Integrated Micro-Electronics, Inc. (IMI) Earnings Call Transcript & Summary

Good morning, fellow stockholders, the meeting will now come to order. It is my pleasure to welcome our stockholders to the 2021 Annual Stockholders Meeting of Integrated Micro-Electronics Incorporated. Each year, we all look forward to this opportunity to engage with you all. Because of the restrictions to address the COVID-19 pandemic and the utmost importance to be placed on the health and well-being of our employees, our stockholders and partners, we're holding this meeting in a fully virtual format. Of course, in whatever format we hold our stockholders meeting, we do everything to ensure that our stockholders can freely exercise their right to vote, and of course, be informed. Our stockholders may vote using the electronic voting in absentia and shareholder system until the end of the meeting. And questions may be sent to [email protected]. Joining me in this meeting as presenters are Arthur R. Tan, our CEO and President; Jerome S. Tan, our Global CFO and Treasurer; Solomon M. Hermosura, our Corporate Secretary; Anthony Raymond P. Rodriguez, Head of Investor Relations. Our independent directors, namely Sherisa P. Nuesa, the Chair of the Corporate Governance and Nomination Committee of our Board; and Edgar O. Chua, the Chair of our Audit and Risk Committee of our Board. The other members of the nominees of our Board and our other officers and representatives of SyCip Gorres Velayo & Company, our external auditor, who will also validate the voting results, are joining the meeting through the live webcast. Before we proceed, let us establish that this meeting is duly convened. Mr. Secretary, have the stockholders of the corporation being duly notified of this meeting?

Mr. Chairman, we sent to our stockholders of record as of March 1, 2021, the notice of the Annual Stockholders' Meeting on February 11, 2021, and the definitive information statement on March 26, 2021, in 3 ways. First, by e-mail to all stockholders with e-mail addresses on record; second, by posting on our corporation's website; and third, by disclosure to the Philippine Stock Exchange Ed System. In addition, Mr. Chairman, the notice was published on March 24 and 25, 2021, in both the Philippine Daily Inquirer and the Manila Bulletin. Accordingly, Mr. Chairman, our stockholders have been duly notified of this meeting in accordance with our bylaws, the applicable rules of the Securities and Exchange Commission and our internal guidelines on participation in stockholders' meeting by remote communication and voting in absentia.

Do we have a quorum at this meeting?

Yes, Mr. Chairman. Present in this meeting through participation by remote communication, appointment of a proxy or through voting in absentia, are stockholders owning at least 1,557,037,800 shares, representing 7.22% (sic) [ 70.20%] of the 2,217,293,215 total outstanding shares. Therefore, we have a quorum, and this meeting may proceed. If I may mention, Mr. Chairman, we will reflect in the minutes, the breakdown of the stockholders who are present in terms of their mode of attendance and the percentage of the outstanding shares that they own as well as the number of those joining us in the live webcast of the meeting.

Thank you, Mr. Secretary. Though we're holding this meeting in a virtual format, we have still provide our stockholders the opportunity to participate in this meeting to the same extent possible as an in-person meeting. Our Corporate Secretary, Mr. Hermosura, will share the rules of conduct and voting procedures for this meeting.

Mr. Chairman, the rules of conduct and voting procedures are set forth in our definitive information statement and in the explanation of agenda items, which forms part of the notice of the Annual Stockholders' Meeting. May I just highlight to our stockholders who are joining us on our live webcast the following points. Number one, the agenda for this meeting covers the range of matters requiring stockholders vote, and was included in the notice sent to the stockholders. Stockholders were also provided an opportunity to propose matters for inclusion in the agenda pursuant to applicable laws, rules and regulations and our internal guidelines. Number two, stockholders who registered under the electronic voting in absentia and shareholder system also known as the VR system, and notified the company by e-mail to [email protected] by April 5, 2021, of their intention to participate in this meeting by remote communication, may send their questions or comments to the same e-mail address. Number three, Mr. Anthony Raymond Rodriguez, our Head of Investor Relations, will read the questions or comments received before 9:30 this morning during the question-and-answer period, which will take place after other matters under Item 8 of the agenda stated in the notice. Management will reply to questions and comments not taken up during the meeting by e-mail. Number four, as indicated in the ballot for the voting of shareholders, there are 5 resolutions proposed for adoption by the stockholders in this meeting. Each proposed resolution will be shown on the screen as the same is being taken up. Number five, stockholders could cast their votes on this proposed resolutions and in the election of directors beginning March 20, 2021, through the VR system. Stockholders participating today via a live feed may cast their vote using the same system. The polls will remain open until the end of this meeting for stockholders who have successfully registered in said system. Number six, we have provided the stockholders the option to appoint the Chairman as proxy. Number seven, we have tabulated the votes cast as of April 5, 2021, after the end of the proxy validation process. Those votes are from stockholders owning 1,557,033,514 voting shares, representing 99.99% of the total voting shares represented in this meeting and 7.22% (sic) [ 70.20% ] of the total outstanding voting shares. I will be referring to this preliminary tabulation when I report the voting results throughout this meeting. The results of the final tabulation of votes, with full details of the affirmative and negative votes and abstentions will be reflected in the minutes of this meeting. Mr. Chairman, we thank our stockholders who have already voted through the VR system and by proxy, and we encourage our stockholders who are remotely attending today to vote using the VR system, which will remain open until the end of this meeting. Thank you, Mr. Chairman.

Thank you, Mr. Secretary. The next order of business is the approval of the minutes of the Annual Stockholders Meeting held on April 15, 2020. An electronic copy is available on the website of the corporation. I will now ask our Secretary to present the proposed resolution and the voting results on this item.

Mr. Chairman, management is proposing the adoption of Resolution No. S-01-2021 for the approval of the minutes of the annual meeting on April 15, 2020. The resolution is shown on the screen. Mr. Chairman, stockholders owning 1,557,033,514 or 99.99% of the total voting shares represented in this meeting have voted in favor of Resolution No. S-01-2021. Therefore, Mr. Chairman, the resolution has been approved.

Thank you, Mr. Secretary. The next item on the agenda is the annual report, consisting of the message from me, your Chairman, the message from the Chief Executive Officer and President, and finally, an audio-visual presentation. My pre-recorded message will now be shown. Thank you. Five years ago, we at the Ayala Group set ambitious growth plans for 2020, viewing it as the next wave point in our long-term strategic planning cycle. No one back then could have foreseen the emergence of COVID-19 and the disruption it would cause across the globe. As of this writing, the virus has claimed over 2.6 million lives globally and caused the global economy to shrink by 4% year-over-year, demonstrating the vulnerability of our increasingly interconnected world. Almost no industry was spared. Unlike previous crisis, which tended to affect certain sectors disproportionately, it was a rare business that did not have to contend with the pandemic's economic, human and technological impact. In addition, across the global manufacturing sector, the industry continued to face several pre-existing headwinds, such as tightening supply chains, intensified competition, and of course, geopolitical conflicts. It was against this unprecedented economic backdrop that IMI proved its resiliency. The company felt the impact of COVID-19 almost immediately. The factories in China cut back dramatically on production through January as the health issues reached crisis proportions. IMI faced varying levels of disruption in all operating sites across the globe. From the United Kingdom to Serbia to Japan and to its global headquarters in the Philippines, the company's financial, operational and technological strengths were put to test. Despite these remarkable challenges, IMI finished 2020 in a better financial position than the previous year, all while retaining its position as a top 20 electronics manufacturing solutions provider and achieving several key milestones that underscore the company's operational flexibility and innovative approach. Business performance recovered strongly in the second half as global manufacturing demand returned close to pre-pandemic levels. IMI deployed its global footprint and suite of capabilities to help mitigate the human an economic impact of the pandemic by leveraging its expertise in high-reliability manufacturing to provide leading-edge medical technology solutions, among these products is a commercialized noninvasive ventilator for COVID-19 patients. A key subsidiary, VIA Optronics, also successfully went public in the third quarter of 2020, helping validate IMI's strategy of creating proprietary platforms to help it remain competitive in an increasingly technology-driven world. And as the core manufacturing platform of AC Industrials, IMI provided a strong base for the group's other portfolio companies, in particular, the KTM joint venture and our Merlin Solar start-up, to continue to develop and grow through this pandemic. As IMI embarks on its fifth decade of operations, allow me to offer a few key reflections as we look ahead. First, the relative swiftness of the recovery in global manufacturing versus other sectors has illustrated how well organized, globally competitive platforms in the industry can add diversity and economic value to individual business groups and to economies. Second, the uncertainty that permeates the medium term as the health issues start to be addressed requires continued prudence as we seek to preserve our gains. Third, as we gradually move into the new normal, we will continue to strengthen our manufacturing capabilities, while remaining aligned with the long-term megatrends of mobility, connectivity and smart energy that hold the key to the company's growth and global competitiveness. And finally, this reset now offers a fresh opportunity to accelerate IMI's ongoing initiatives to integrate sustainability into the fabric of our strategy, our operations and our institutional culture. 2020 was not an easy year for IMI, for the Ayala Group, and the Philippine and global economy. We're eager to move forward and capitalize on the opportunities that have appeared as a result of this economic upheaval. On behalf of the Board, I'd like to thank our over 15,000 employees worldwide for their commitment, their openness and collaboration and to our broader stakeholder community for the trust you continue to show in IMI. Thank you. Thank you. Let us now turn our attention to the prerecorded message of our Chief Executive Officer and President, Mr. Arthur R. Tan.

Fellow shareholders, our Board members, colleagues and guests, good morning. I would like to welcome everyone to IMI's Annual Stockholders Meeting for 2021. Over the last 40 years, IMI has lived through several major challenges, both at a global macro level and within the electronics manufacturing markets where we operate. These experiences have allowed our company to anticipate other disruptions, set up the structures and systems to weather them, and emerge stronger and wiser. Our experience in 2020, though severe, was no different. With this backdrop, IMI responded with both agility and prudence to the challenges and the opportunities brought about by the current crisis. The year 2020 was a period of sweeping change all over the world. To date, nearly 3 million lives and counting has been lost and more than 130 million have been affected. The pandemic has brought the global economy to its knees, halting mobility, commerce, travel and manufacturing at an unprecedented scale. By the end of 2020, global GDP shrank by 3.5% compared to the previous year. In manufacturing, the global manufacturing PMI, or Purchasing Managers Index, contracted to its lowest level in May with a global index of 39.6. To put it into perspective, anything above 50 is in an expansion mode and anything below 50 is a contraction. The global electronics industry was heavily impacted by the multiple national lockdowns in 2020. Shipments, orders, deliveries, inventories and purchase orders were either canceled or delayed for weeks and/or months. One of the most affected was the mobility sector. Global light vehicles sales fell by 14%, which also affected demand for all the related components and systems in the supply chain. IMI's performance thus was a tale of 2 halves. Although the first half presented much uncertainty, we were able to rebound strongly in the second half, allowing us to deliver full revenues of USD 1.14 billion, down by just 8.8% from the previous year. By the second half of the year, business activity started to pick up. And by the end of December, the PMI index was already on an expansion mode at 53.8. In addition, we streamlined our operating structure and focused on manufacturing efficiency. We were able to reduce our net loss to only $3.5 million, an improvement of 55% from 2019. This is a significant upturn from our net loss of $21.5 million in the first half and reversing that to a positive $18 million in the second half. This is a true testament to IMI's continuing efforts to quickly respond in times of business disruptions. This also goes to show that IMI's manufacturing platform is resilient and truly adaptable. Our wholly owned businesses posted USD 867 million of revenue, led by our focus segments, with Automotive at $490 million and Industrial at $262 million. Although first to be affected by the pandemic, our manufacturing teams in China responded swiftly and effectively to minimize impact and even exceed their budgets for the year. We likewise managed to turn in positive bottom lines in Europe and North America via cost-saving measures and rapid recovery of the automotive sector. Subsidiaries, VIA Optronics and STI, finished the year with USD 269 million in combined revenue, a 9% growth from the previous year. This is buoyed by expanded capabilities for the emerging demand within the global pandemic. Despite COVID-19 halting most global travel throughout the year, we secured new business wins amounting to USD 234 in annual revenue potential for IMI's wholly owned subsidiaries. The mega trends within our key markets remained in place despite the overhang of the pandemic. In the automotive space, global electric vehicle sales still rose by 44%. Plug-in hybrids and full electric vehicles accounted for more than 1 in 10 vehicle registrations in 2020. This is up from 1 -- from -- within 30 in 2019. Consumer demand for EVs were further propped up by the need to be safe and protected while being conscious of the environment. We were thus able to capture opportunities related to the electric vehicles in power management, automotive cameras and motor drives. Other areas that had positive impacts included the computing sector, IoT systems related to contactless transactions, medical devices related to COVID-19 and system infrastructure for remote access. We won new programs in the areas of industrial IoT, EV charging and medical devices related to the pandemic through a strategic move to diversify within IMI target segments. Project wins in the Industrial segment now take up 40% share of our total annual revenue potential. This is from 22% in 2019. Meanwhile, STI Limited overcame the uncertainty of the Brexit situation and won new manufacturing programs worth USD 118 of total project revenues. Even before the pandemic unfolded, IMI had already begun implementing several transformation initiatives that aim to strengthen the organization's adaptability and boost its long-term competitiveness. Organizationally, senior management firmed up global key functions at the top level and expanded the scope of the support groups in the areas of finance, human resources, information and communication technology, and of course, sustainability. Another initiative also prior to the health crisis was our decision to embark on a digital transformation journey. COVID-19 has only hastened the implementation of these plans, to build a robust infrastructure to support a broad range of new demands, while keeping in mind strategic priorities, business productivity, infrastructure optimization, security and compliance and a mature community. Other milestones included the completion of a real-time dashboard to aid management to monitor and decide on critical and predictive matters that will further drive efficiency and profitability. In the area of corporate quality, global IPB, or incidents per billion, has improved with a 74% reduction from the previous year with CSAT, our customer satisfaction rating index, well within our global targets. The year 2020 has also gave us an opportunity to reassess our global supply chain strategies. As we responded to immediate challenges, we also made strategic initiatives to adopt digital supply chain network and capabilities. We made sure that our supply chain become more resilient without sacrificing competitiveness by keeping close communication with our customers and suppliers. We mapped the full extent of our supply network and identified both direct and indirect sources while addressing vulnerabilities by rallying our suppliers and stockpiling essential materials to continue to support our critical customers. Apart from our strategic sourcing, we ensured that our manufacturing and platform solutions remain at the cutting edge of technology. In the Mobility segment, we developed key product solutions for critical and environmentally focused systems, including pump ECUs, motor controls as well as full telemetry systems, utilizing an internally developed platform that provides automotive grade traceability and system monitoring for all vehicles. We also continued to provide vision system solutions into the new era of mobility, including surround view cameras, e-mirrors, ADAS, driver monitoring as well as technical platform for LiDAR. Our progress on the Internet of Things have been extensive. With increasing platform solutions, we continue to develop while we operate a fast response to our customers' projects. These include key partnerships with global platform providers and service needs, including 4G and 5G NB-IoT, CAT-M1, GPS satellite and a multitude of sensors that provide real-time data solutions. We also continue to provide fast delivery of industrial and human machine interface solutions, supporting high-volume product lines and various project involving sensors. As we continue to invest in the power management side, which also includes the power module, a complex component we manufacture in our Laguna facility in the Philippines for our global customers. In anticipation of the previously mentioned growth in vehicle electrification and power needs across multiple segments, our power module business carried on providing high reliability modules and solutions, while our technology group focuses on ensuring that our service offerings and capabilities are aligned and supported with our key customers' technology road maps. With STI Limited in the U.K., we were able to respond to the country's call to aim in the manufacturing of life-saving medical equipment related to COVID-19, particularly in the ventilator challenge program. Aside from being able to deliver more than 11,000 units of full ventilators in the U.K., IMI and STI worked on a low-cost CPAP ventilator system for use in the Philippines and other developing regions. Amidst the crisis in 2020, VIA Optronics was able to raise almost $100 million of gross proceeds through an initial public offering in September 2020, which listed via on the New York Stock Exchange. In addition, the company forged a strategic commercial-related partnership with Corning Research and Development Corporation as a testament to the company's capability to provide cutting-edge display technologies. This relationship fortifies VIA's position in being able to support the next-generation displays necessary in the mobility and industrial and computing markets. Amidst these operational achievements, we had our utmost priority clearly in mind, our people. From the onset of the pandemic, our priorities were clearly established to get through the crisis; protecting our employees' health and safety, ensuring business continuity and supporting our partners and the community around us. To protect our employees' physical health and financial security during this period of heightened uncertainty, we invested in monitoring our employees' health and implemented safety measures across the different sites. Business continuity through on-site accommodation, last-mile transportation were arranged. Furthermore, we strengthened our IT networks and adopted virtual solutions to support work-from-home arrangements and other online transactions. We also made sure that different courses and modules were created and offered to the employees through IMI's learning management system to ensure that the employees remain competent, well trained and skilled in their respective processes. Other programs in the areas of self-reliance and mental health were also conducted to support and boost the morale of our employees and their families. We look ahead as a worldwide vaccination program gain momentum. We see that the pandemic has drastically changed the way we live our lives. We see the technology filling in the gaps, with more organization adjusting to accommodate remote working facilities. Many have resorted to online transactions, with the e-commerce activities surging by 28% globally. Electric vehicle unit sales are projected to further grow 70% in 2021, driven primarily by the direction to reduce fossil fuel dependence. By 2025, EV growth will hit a combined annual growth rate of 52%. This massive growth rate will trickle down to other markets in the ecosystem, which IMI is directly involved with, such as EV charging modules, which are projected to have a combined annual growth rate of 26% up to 2025, and the power module market, which is also estimated to have a combined annual growth rate of more than 12.2% up to 2025. IMI's other key markets will also continue to have high double-digit growth rates such as IoT systems and devices, medical support devices related to the pandemic and smart home networks that are 5G-ready. Lastly, I attribute our success to how the organization lives out its core values of integrity, excellence, customer focus, and of course, concern for others. From the executive team, to the operators in our production line, our understanding is one and the same. We now have a company more delivered in building up our advocacy for sustainability, from how inputs of materials, equipment and labor are utilized, to how output such as product, services and waste management are then delivered and tracked. As one of the top 20 largest electronic manufacturing service company in the world, IMI commits to align with the UN Sustainability Development Goals, believing that what we do will have a long-term implication on society and the environment. We are ensuring that our legacy can be sustainably measured under a quadruple bottom line of people, planet, purpose and prosperity. May this global pandemic further strengthen us all, as we all face it squarely with a higher degree of collaboration and interdependence across our global sites and offices. As a parting thought, let me share with you a short video on how we in IMI have and continue to respond to the ongoing global crisis. Thank you. And have a good day. Stay safe, everyone. God bless. [Presentation]

Mr. Chairman, and the rest of the shareholders and stakeholders, as you have seen in the videos, we tried our best to swiftly and diligently respond to the global pandemic. We couldn't have done it without the strong support of our Board, our management, and of course, our employees and our stakeholders. Once again, thank you. Good day, everyone.

Thank you very much, Art. If I could now ask the secretary to present the proposed resolution of this item and the voting results.

Mr. Chairman, management is proposing the adoption of Resolution No. S-02-2021 for the noting of the corporation's annual report and the approval of the consolidated audited financial statements of the corporation and its subsidiaries as of December 31, 2020, as audited by our external auditor, SyCip Gorres Velayo & Company. The resolution is shown on the screen, Mr. Chairman. Stockholders owning 1,556,528,456 shares or 70.20% of the total outstanding shares and 99.97% of the shares represented in this meeting have voted for the adoption of the resolution. Therefore, Mr. Chairman, resolution No. S-02-2021 has been approved

Thank you. Thank you, Mr. Secretary. We now move to the next item in the agenda: the ratification and approval of all acts of our Board of Directors and officers since our Annual Stockholders Meeting on April 15, 2020, until today. Mr. Hermosura will explain this matter and present the proposed resolution, together with the voting results thereon.

Mr. Chairman, our Board and management seek ratification of all acts and resolutions of the Board, the Executive Committee and other Board committees exercising powers delegated by the Board, which were adopted from April 15, 2020, until today. These acts and resolutions are reflected in the minutes of the meetings. And they include the election of officers and members of the various Board committees, approval of amendments to the bylaws, reconstitution of the Compensation Committee as the Personnel and Compensation Committee, revision of the charters of some of the Board committees, availment of credit facilities, closure of the IMI Cavite plant and the redundancy program for employees, sale of a building, appointment of authorized representatives and bank signatories, treasury transactions and acts and resolutions covered by disclosures to the Securities and Exchange Commission and the Philippine Stock Exchange. Stockholders' ratification is also being sought, Mr. Chairman, for all the acts of the corporation's officers performed in accordance with our bylaws, and with the resolutions of the Board, the Executive Committee and other Board committees from April 15, 2020, to date. Those acts were performed to implement the resolutions of the Board or its committees or as part of the corporation's general conduct of its business. Mr. Chairman, we are showing on the screen Resolution No. S-03-2021. I'm pleased to report, Mr. Chairman, that stockholders owning 1,556,528,456 shares or 70.20% of the total outstanding shares and 99.97% of the shares represented in this meeting have voted for the adoption of Resolution No. S-03-2021. Therefore, the resolution has been adopted.

Thank you. Thank you, Mr. Secretary. The next order of business is the election of the 11 members of the Board of Directors for the ensuing year. Mrs. Sherisa P. Nuesa, Chairperson of the Corporate Governance and Nomination Committee, will explain this item.

IMI recognizes the importance of having a well-balanced and diverse Board that addresses the needs of the corporation, has the necessary expertise and experience and maintains its independence. With this in mind, Mr. Chairman, The Corporate Governance and Nomination Committee of the Board, in accordance with our bylaws and the manual of corporate governance, has ascertained that all the following 11 duly nominated stockholders, including the nominees for independent directors, are qualified to serve as directors of the corporation for the ensuing term: Jaime Augusto Zobel de Ayala, Fernando Zobel de Ayala; Arthur R. Tan, Diosdado P. Banatao, Jose Ignacio A. Carlos, Edgar O. Chua, Alberto M. de Larrazabal, Delfin L. Lazaro, Hiroshi Nishimura, Rafael C. Romualdez and yours truly, Sherisa P. Nuesa. Mr. Chua, Mr. Banatao, Ms. Nishimura-san and yours truly have been nominated as independent directors. All the nominees have given their concept to their respective nominations. That's all, Mr. Chairman.

Thank you, Sherisa. Mr. Secretary, may we have the results of the election?

Mr. Chairman, I'm pleased to report that each of the 11 nominees for directors has garnered at least 1,557,026,914 votes. Given this, I certify, Mr. Chairman, that each of the nominees has received enough votes for election to the Board, and that resolution No. S-04-2021 has been approved. We are showing the resolution number S-04-2021 on the screen.

Before we proceed, let me take this opportunity to thank TG for the support and insights he has provided to the Board and management. We wish you all the best, TG, in your new role as the incoming CEO of BPI. I'd also like to warmly welcome Albert de Larrazabal. On behalf of the Board of the other directors, we're delighted to have you as a new member of the Board, Albert. The next item on the agenda is the election of the corporation's external auditor. May I request Mr. Edgar O. Chua, Chairman of the Audit and Risk Committee, to please present?

Thank you, Mr. Chairman. In the performance of its oversight function over IMI's external auditor, the Audit and Risk Committee evaluated the performance of our present auditor, the firm of SyCip Gorres Velayo & Company during the past year, and the committee was satisfied with their performance. The committee and the Board of Directors have thus agreed to endorse for our stockholders' approval the election of SyCip Gorres Velayo & Company as the corporation's external auditor for the present fiscal year, for an audit fee of PHP 4,300,000.

Thank you, Ed. I'll now ask our secretary to present the proposed resolution of this item and the voting results.

Mr. Chairman, management is proposing the adoption of Resolution No. S-05-2021 for the election of the corporation's external auditor and fixing of its remuneration. The resolution is on the screen. I am pleased to report, Mr. Chairman, that shareholders owning 1,557,033,514 shares or 99.99% of the total voting shares represented in this meeting have voted for the adoption of Resolution No. S-05-2021. Therefore, Resolution No. S-05-2021 is now approved.

Thank you. Thank you, Mr. Secretary. Mr. Secretary, are there any other matters that require consideration by the stockholders?

There is none, Mr. Chairman. Anyway, I mention, we gave our stockholders time to propose items for inclusion in the agenda, but we received no proposal, Mr. Chairman.

I see. So there are no -- are there any questions and comments then from the stockholders?

Our Investor Relations head, Mr. Chairman, Mr. Rodriguez, will read the questions that we received.

Very good. Thank you.

Anthony?

Question from [ Fernando Dizon ]. What role does IMI play in the shift towards electric vehicles and autonomous driving?

If we could ask Mr. Tan to answer this question.

Thank you, Mr. Chairman. Yes, actually, the IMI has always been focused over the last decade in this mega trend of mobility and the autonomous driving part of it. And it actually comes in 2 folds. One is the electrification of the vehicle, which we're actually seeing a significant change that's happening now, and this exacerbated by the pandemic, as well as the autonomous side of the vehicle itself. And in these 2 fronts, IMI has been geared and developing manufacturing technologies and also acquiring different types of intellectual property along the way in order to fit its role in that particular segment. So there are 2 major pieces that we have currently on hand. One of which was, as I have explained, is the power module, which is actually involved not only in vehicle, but also in the infrastructure itself that's necessary in order to deliver an electrified vehicle platform. And then the second part there is on the human machine interface side, which is the vision system and the display system, which we have used our [ BL product ] and our camera development platform in order to touch on that particular market. So I would say that on those 2 major technology road map that IMI has forged, we are very much positioned to take advantage of these emerging platforms that's happening on a global basis. Thank you, Chairman.

Thank you. Mr. Rodriguez, are there any other questions?

Yes, Mr. Chairman. From [ Joy Bondoc ]. Your subsidiary, VIA Optronic, had a successful listing on the New York Stock Exchange. Are there any plans of listing IMI or its subsidiary in other markets.

Thank you. If I could ask Mr. Tan to answer that question.

Thank you, Mr. Chairman. Yes. First of all, we would like to thank the Board and the shareholders for supporting IMI in being able to prove that its strategy of being able to nurture -- find, nurture and develop these technology platforms can actually be value realized in a global setting. And this is actually shown by the success of being able to take VIA Optronics, a German-based display company into the New York Stock Exchange. We see that this particular value realization strategy can actually be expanded beyond the VIA Optronics and into the other subsidiaries of IMI, including IMI. And so we're always exploring and looking at possibilities, especially when we're seeing that the uptake of technology firms with very strong background in intellectual property, both in manufacturing and in different parts of the technology road map, is very -- is actually very positive in listing in other exchanges in the world, especially the United States. Thank you, Mr. Chairman.

Yes. Thank you, Art. Are there other questions, Mr. Rodriguez?

That was the last question received prior to cutoff time, Mr. Chairman.

Thank you, Mr. Rodriguez, for that. That concludes this morning's proceedings. The meeting is hereby adjourned. The link to the audio and the video recording of this meeting will be posted on our website. Stockholders may raise any issue, clarification and concern about this meeting within 2 weeks from the posting of the link by sending an e-mail to [email protected]. Thank you very much for joining us today. We join the nation in remaining hopeful that things will improve despite the recent surge, and that we will soon see the effects of the vaccination program, which the group has been actively supporting in any way it can. Please continue to take care. Stay safe, and thank you again for joining us here today.