26 April 2022

To:The President

The Stock Exchange of ThailandSubject: Q1-2022 Operating Results

Delta Electronics (Thailand) Public Company Limited (the "Company") would like to notify the Company's Q1-2022 (January-March 2022) operating results based on its reviewed consolidated financial statements ended 31 March 2022 as follows.

Highlights on Q1-2022 Operating Results

Q4-21 Amount

% Change

%

Q1-22 VS Q1-21

Q1-22 VS Q4-21

Sales revenue Gross profit Operating profit Net profit

24,623 5,137 2,194 2,780

100.0 20.9 8.9 11.3

19,039 4,103 1,372 1,756

100.0 21.6 7.2 9.2

  • 23,366 100.0

  • 4,693 20.1

  • 2,129 9.1

  • 2,096 9.0

29.3 25.2 59.9 58.3

5.4 9.4 3.0 32.7

EPS (Baht)

1.68

Sales revenues and Service income of this quarter equal to Baht 24,623 million, increased by 29.3% from the same quarter of last year due to strong customer demand in cloud storage and data center-related products along with the steadily growth of Electric Vehicle Solutions as well as Fan & Thermal Managements.

Gross profit of this quarter equal to Baht 5,137 million, increased by 25.2% from the same quarter of last year. The increase was driven by remarkable growth of Sales Revenue in the three main business segments mentioned earlier especially in custom design data center segment.

Selling and administrative expenses (including research and development) totaled Baht 2,943 million, a rise of 7.8% Y-o-Y and 14.8% Q-o-Q due to the increased R&D activity in Europe and North America.

Insurance recoverage from flood incident in August 2021, whereby some of the Company's warehouses located in Bangpoo Industrial Estate in Samutprakarn province were flooded, leading to some of the inventories damaged amounting to Baht 331 million. Currently, the company have received a letter from the insurer confirming the refund of the claims to be paid amounting USD 9.9 million or THB 331 million. The company recorded such amount as insurance compensation income in Q1'22 Statement of Comprehensive Income.

Operating profit in Q1'22 stood at Baht 2,194 million, with corresponding profit margin of 8.9%, higher from 7.2% in the same quarter last year, thanks to a healthy growth of sales revenues. Meanwhile the recorded insurance compensation income attributed to an all-time high net profit amounting Baht 2,780 million in this quarter, with net profit margin rose from 9.2% in the same period last year to 11.3%, leading to an EPS growth from Baht 1.41 in Q1'21 to Baht 2.23 this year.

Highlights on Financial Position

Unit : Million Baht

31 March 2022

31 December 2021

% Change

Cash and cash equivalents

6,639

6,572

1.0

Trade and other receivables

20,654

20,593

0.3

Inventories

19,617

19,581

0.2

Other current assets

2,451

2,019

21.4

Property, plant and equipment

19,090

18,583

2.7

Right-of-use assets

521

529

(1.7)

Consolidation goodwill

439

443

(1.0)

Other assets

888

1,018

(12.8)

Total Assets

70,299

69,338

1.4

Short-term loans from financial institutions Trade and other payables

Income tax payable & Provision from tax assessments Other current liabilities

Provision for long-term employee benefits Other non-current liabilities

273

21,884

407

583

1,577

1,631

1,594

22,049

258

834

1,596

1,603

(82.9)

(0.7)

57.7

(30.2)

(1.2)

1.8

Total Liabilities

26,355

27,934

(5.7)

Total Shareholders' Equity

43,944

41,404

6.1

Total Liabilities and Shareholders' Equity

70,299

69,338

1.4

Total Assets

As at 31 March 2022, the Company and its subsidiaries reported total assets at Baht 70,299 million, an increase of Baht 961 million or 1.4% from 31 December 2021. Some changes in key assets are summarized below.

Net trade and other receivables as at 31 March 2022 were Baht 20,654 million, a rise of Baht 61 million or 0.3% from 31 December 2021 due to effective AR control over this quarter.

Inventory (net) as at 31 March 2022 were Baht 19,617 million, an increase of Baht 36 million or 0.2% from 31 December 2021 based on effective inventory management this quarter.

Property, plant and equipment as at 31 March 2022 amounted to Baht 19,090 million, rose by Baht 507 million or 2.7% from 31 December 2021, following the investment in Research & Development centers as well as new factories in the south of India and Bangpoo Industrial Estate Thailand.

Total Liabilities

As at 31 March 2022, total liabilities of the Company and its subsidiaries amounted Baht 26,355 million, a drop of Baht 1,579 million or 5.7% from 31 December 2021, mainly driven by the repayment of short-term bank loan.

Shareholders' Equity

As at 31 March 2022, shareholders' equity of the Company and its subsidiaries were Baht 43,944 million, an increase of Baht 2,280 million or 6.1% from 31 December 2021, contributed by interim net profit over the first quarter of this year.

Please be informed accordingly.

____________________ Chang Tsai-hsing Director

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Delta Electronics (Thailand) pcl published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 09:34:02 UTC.