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.