CHROMA ATE INC. 2023.3Q Earnings Conference Call
Paul Ying, CFO
31st October, 2023
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Disclaimer
This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "plan", "forecast", "project", "predict", "potential", "continue", "may", "should", "will", and "would" or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.
This presentation and the information contained herein are the property of Chroma Ate Inc.
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Agenda
- Financial Review
- Operation Highlights
- Q&A
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FINANCIAL REVIEW
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Year 2023.3Q Condensed Consolidated Income Statement
Condensed Consolidated P&L | 2023.3Q | % | 2023.2Q | % | QoQ % | 2022.3Q | % | YoY % | |||
(In Million NTD, except for EPS in NTD) | |||||||||||
Net Sales | 4,847 | 100% | 4,416 | 100% | 10% | 6,660 | 100% | (27%) | |||
Consolidated Sales of Testing Equipment Business | 4,627 | 96% | 4,198 | 95% | 10% | 6,341 | 95% | (27%) | |||
Consolidated Sales of MAS | 165 | 3% | 167 | 4% | (1%) | 233 | 4% | (29%) | |||
Others | 55 | 1% | 51 | 1% | 8% | 86 | 1% | (36%) | |||
Cost of Goods Sold | (2,084) | (43%) | (1,666) | (38%) | 25% | (3,163) | (47%) | (34%) | |||
Gross Profit | 2,763 | 57% | 2,750 | 62% | - | 3,497 | 53% | (21%) | |||
Operating Expenses: | |||||||||||
General & Administration | (1,088) | (22%) | (1,103) | (25%) | (1%) | (1,192) | (18%) | (9%) | |||
Research & Development | (437) | (9%) | (433) | (10%) | - | (524) | (8%) | (17%) | |||
Operating Income | 1,238 | 26% | 1,214 | 27% | 2% | 1,781 | 27% | (30%) | |||
Non-Operating Income (Expenses), net | 307 | 6% | 144 | 3% | 113% | 475 | 7% | (35%) | |||
Income (Loss) Before Tax | 1,545 | 32% | 1,358 | 30% | 14% | 2,256 | 34% | (32%) | |||
Income Tax | (291) | (6%) | (304) | (6%) | (4%) | (491) | (7%) | (41%) | |||
Net Income | 1,254 | 26% | 1,054 | 24% | 19% | 1,765 | 27% | (29%) | |||
Other Comprehensive Income (Losses) | 280 | 6% | (11) | - | n/a | 229 | 3% | 22% | |||
Comprehensive Income | $ | 1,534 | 32% | $ | 1,043 | 24% | 47% | $ | 1,994 | 30% | (23%) |
Net Income (Losses) Attributable To: | |||||||||||
Shareholders of the Parent | 1,225 | 25% | 1,018 | 23% | 20% | 1,731 | 26% | (29%) | |||
Noncontrolling Interests | 29 | 1% | 36 | 1% | (19%) | 34 | 1% | (15%) | |||
$ | 1,254 | 26% | $ | 1,054 | 24% | 19% | $ | 1,765 | 27% | (29%) | |
EPS (Basic) | $ | 2.91 | $ | 2.42 | 20% | $ | 4.11 | (29%) | |||
EPS (Diluted) | $ | 2.89 | $ | 2.42 | 19% | $ | 4.07 | (29%) | |||
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Year 2023.1~3Q Condensed Consolidated Income Statement
Condensed Consolidated P&L | 2023.1~3Q | % | 2022.1~3Q | % | YoY % | |||
(In Million NTD, except for EPS in NTD) | ||||||||
Net Sales | 13,652 | 100% | 15,994 | 100% | (15%) | |||
Consolidated Sales of Testing Equipment Business | 12,875 | 94% | 14,459 | 90% | (11%) | |||
Consolidated Sales of MAS | 615 | 5% | 642 | 4% | (4%) | |||
Consolidated Sales of New Material | 0 | 0% | 635 | 4% | n/a | |||
Others | 162 | 1% | 258 | 2% | (37%) | |||
Cost of Goods Sold | (5,473) | (40%) | (7,410) | (46%) | (26%) | |||
Gross Profit | 8,179 | 60% | 8,584 | 54% | (5%) | |||
Operating Expenses: | ||||||||
General & Administration | (3,233) | (24%) | (3,231) | (20%) | - | |||
Research & Development | (1,307) | (10%) | (1,368) | (9%) | (4%) | |||
Operating Income | 3,639 | 27% | 3,985 | 25% | (9%) | |||
Non-Operating Income (Expenses), net | 509 | 3% | 1,337 | 8% | (62%) | |||
Income (Loss) Before Tax | 4,148 | 30% | 5,322 | 33% | (22%) | |||
Income Tax | (878) | (6%) | (1,014) | (6%) | (13%) | |||
Net Income | 3,270 | 24% | 4,308 | 27% | (24%) | |||
Other Comprehensive Income (Losses) | 233 | 2% | 679 | 4% | (66%) | |||
Comprehensive Income | $ | 3,503 | 26% | $ | 4,987 | 31% | (30%) | |
Net Income (Losses) Attributable To: | ||||||||
Shareholders of the Parent | 3,180 | 23% | 4,243 | 27% | (25%) | |||
Noncontrolling Interests | 90 | 1% | 65 | - | 38% | |||
$ | 3,270 | 24% | $ | 4,308 | 27% | (24%) | ||
EPS (Basic) | $ | 7.56 | $ | 10.09 | (25%) | |||
EPS (Diluted) | $ | 7.50 | $ | 10.01 | (25%) | |||
2022/2Q included the gain from disposal of investment (ADLINK) of NTD 414 million plus revert the gain from disposal of property to ADLINK of NTD 90m. | 6 |
Balance Sheet Highlights & Financial Ratio
Consolidated (In Million NTD) | 2023. Sept | 2022. Dec | + / - % | |
Balance Sheet Highlights | ||||
Cash & Short Term Investments | 5,107 | 6,685 | - 24% | |
Inventory | 5,182 | 4,753 | 9% | |
Short Term Debt | 3,564 | 2,024 | 76% | |
Long Term Debt | 511 | 1,165 | - 56% | |
Shareholders Equity | 22,058 | 21,873 | 1% | |
Total Assets | 34,170 | 33,828 | 1% | |
Inventory Turnover (Day) | 245 | 148 | ||
AR Turnover (Day) | 91 | 72 | ||
AP Turnover (Day) | 140 | 101 | ||
Net Debt to Equity (%) | Net Cash | Net Cash | ||
ROE (%) | 19% | 25% | ||
ROA (%) | 12% | 16% | ||
Cash Position | 2023.1~3Q | 2022.1~3Q | YoY | |
EBITDA | 4,719 | 5,869 | (20%) | |
Cash Flow from Operation | 1,911 | 2,681 | (29%) | |
Free Cash Flow | 1,192 | 2,597 | (54%) | |
All ROE + ROA has been annualized.
Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)
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OPERATION
HIGHLIGHT
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2023.3Q & 1~3Q Annual Product Mix and Consolidated Sales Breakdown
(Unit: Million NTD) | 2023.3Q | % | QoQ | YoY | 2023.1~3Q | % | YoY | 2022 | % | ||
Test Instruments & Automatic Testing | 1,938 | 59% | (16%) | (5%) | 6,578 | 68% | 26% | 7,052 | 52% | ||
System (ATS) | |||||||||||
Semiconductor / Photonics Test Solutions | 1,072 | 33% | 70% | (35%) | 2,098 | 22% | (47%) | 4,523 | 34% | ||
Turnkey Solutions | 66 | 2% | (54%) | 12% | 283 | 3% | (45%) | 578 | 4% | ||
Service & Others | 194 | 6% | (22%) | (55%) | 669 | 7% | (37%) | 1,308 | 10% | ||
Total of Parent Company Sales | 3,270 | 100% | (2%) | (22%) | 9,628 | 100% | (10%) | 13,461 | 100% | ||
+ Sales from Overseas Operations & | 1,357 | 59% | (37%) | 3,247 | (12%) | 6,808 | |||||
Related Subsidiaries | |||||||||||
Chroma Consolidated Testing Equipment | 4,627 | 96% | 10% | (27%) | 12,875 | 94% | (10%) | 20,269 | 92% | ||
Business | |||||||||||
MAS | 165 | 3% | (1%) | (29%) | 615 | 5% | (4%) | 830 | 4% | ||
Other Subsidiaries | 55 | 1% | 8% | (36%) | 162 | 1% | (37%) | 333 | 1% | ||
Consolidated Sales | 4,847 | 100% | 10% | (27%) | 13,652 | 100% | (11%) | 21,432 | 97% | ||
(Continued Business Units) | |||||||||||
New Material - Discontinued Business | 0 | - | n/a | n/a | 0 | - | n/a | 635 | 3% | ||
Consolidated Sales | 4,847 | 100% | 10% | (27%) | 13,652 | 100% | (15%) | 22,067 | 100% |
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Thank You
10 Copyright © 2023 Chroma ATE Inc. All rights reserved.
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Chroma Ate Inc. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 08:51:43 UTC.
