Inspired by Customers. Evolving with Technology.

Transcription

1 Inspired by Customers. Evolving with Technology.

2 Rotam Global Agroscience Limited Stock code: Q4 Investor Conference

3 財務及營運概況 FINANCIAL & OPERATING RESULTS

4 第四季合併損益表 CONSOLIDATED P/L (Q4) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited 合併損益表 Consolidated Profit and loss account 2016 Q Q4 Q4 16 over Q4 15 單位 : 仟元 ('000) USD NTD USD NTD USD NTD 營業收入 Turnover 91,322 2,897, ,186 3,382, % -14.3% 營業毛利 Gross profit 42,166 1,340,824 46,584 1,507, % -11.1% 46.17% 46.27% 44.71% 44.57% 營業費用 Operating expenses (34,489) (1,094,816) (32,505) (1,057,158) 6.1% 3.6% 37.77% 37.78% 31.20% 31.25% 營業利益 Operating profit 7, ,008 14, , % -45.4% 8.41% 8.49% 13.51% 13.32% 營業外收入及支出 Other income/ expenses 1,972 61,711 (331) (21,420) 稅前淨利 Profit before tax 9, ,719 13, , % -28.3% 所得稅 Income tax (2,467) (77,964) (1,584) (50,651) 55.7% 53.9% 稅後淨利 Profit after tax 7, ,755 12, , % -39.3% 7.86% 7.93% 11.68% 11.18% 基本每股盈餘 Basic EPS 稀釋後每股盈餘 Duiluted EPS Rotam. All rights reserved. Page 4

5 年度合併損益表 CONSOLIDATED P/L (FY) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited 合併損益表 Consolidated Profit and loss account FY 2016 FY 2015 FY 2016 over FY 2015 單位 : 仟元 ('000) USD NTD USD NTD USD NTD 營業收入 Turnover 311,143 10,062, ,759 10,973, % -8.3% 營業毛利 Gross profit 132,350 4,280, ,162 4,467, % -4.2% 42.54% 42.54% 40.71% 40.71% 營業費用 Operating expenses (115,704) (3,741,846) (113,334) (3,586,679) 2.1% 4.3% 37.19% 37.19% 32.68% 32.68% 營業利益 Operating profit 16, ,358 27, , % -38.9% 5.35% 5.35% 8.03% 8.03% 營業外收入及支出 Other income/ expenses 10, ,152 (31,250) (988,963) 稅前淨利 Profit before tax 26, ,510 (3,422) (108,308) 所得稅 Income tax (9,734) (314,810) (3,139) (99,321) 210.1% 217.0% 稅後淨利 Profit after tax 17, ,700 (6,561) (207,629) 轉虧為盈 轉虧為盈 5.51% 5.51% -1.89% -1.89% turning profit turning profit 基本每股盈餘 Basic EPS 稀釋後每股盈餘 Duiluted EPS Rotam. All rights reserved. Page 5

6 季度營收 QUARTERLY SALES Sales (NTD 000) 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000-10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q Rotam. All rights reserved. Page 6

7 毛利率 GROSS PROFIT MARGIN Unit:' FY 2015 FY USD NTD USD NTD 營業收入 Turnover 311,143 10,062, ,759 10,973,860 Sales YoY growth % -10% -8% -2% 3% 營業毛利 Gross profit 132,350 4,280, ,162 4,467,334 GP YoY growth % -6% -4% 2% 6% 毛利率 GP% 42.5% 42.5% 40.7% 40.7% 2015 Rotam. All rights reserved. Page 7

8 費用比率 EXPENSE RATIO 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited 費用比率 Expense ratio 單位 : 仟元 ('000) 2016 FY 2015 FY FY2016 over FY2015 USD NTD USD NTD USD NTD 銷售費用 Selling Exp. 64,487 2,085,509 64,575 2,043, % 2.05% 佔營收比 20.7% 20.7% 18.6% 18.6% Selling Exp./Sales 管理費用 General and Admin. Exp. 37,100 1,199,813 36,445 1,153, % 4.03% 佔營收比 11.9% 11.9% 10.5% 10.5% General and Admin. Exp./Sales 研發費用 Research and development Exp. 14, ,524 12, , % 17.15% 佔營收比 4.5% 4.5% 3.6% 3.6% Research and development Exp./Sales 總營業費用 Operating expenses 115,704 3,741, ,334 3,586, % 4.33% 佔營收比 37.2% 37.2% 32.7% 32.7% Total SG&A/Sales 2015 Rotam. All rights reserved. Page 8

9 負債比率 GEARING RATIO 負債比率 Gearing ratio Unit: '000 Dec. 31, 2016 Dec. 31, 2015 Variance USD NTD USD NTD USD NTD 負債總額 Total liabilities 392,320 12,683, ,651 11,237,168 15% 13% 資產總額 Total assets 593,949 19,202, ,068 17,467,254 12% 10% 銀行借款 Bank borrowing balance 246,055 7,954, ,828 7,230,345 12% 10% 負債比率 Gearing ratio 66.05% 66.05% 64.33% 64.33% 2015 Rotam. All rights reserved. Page 9

10 負債比率與競爭者比較 GEARING RATIO COMPARE TO COMPETITORS Note:*Adama:2016Q3 result *UPL:2016Q2 result 2015 Rotam. All rights reserved. Page 10

11 藥證 REGISTRATIONS 藥證數量 Quantity of registrations 1,700 1,500 1,300 1,473 1,100 1, , Dec, Dec, Dec, Dec, Dec, Dec, Dec, 單位 : 仟元 ('000) Dec, Dec, 藥證相關的無形資產 USD NTD USD NTD Intangible assets relating to Registration 158,343 5,208, ,895 5,751, Rotam. All rights reserved. Page 11

12 2016 CROP PROTECTION MARKET REVIEW Key Factors Weak glyphosate prices High stocks of all major crops except rice Persisting weak crop prices: potential for rapid change Farm incomes on the decline El Niño effect. Weak monsoon climate Year Crop Protection Market Change from Previous Year(%) ($m) Nominal CAGR , , % , Static to Decline Source:PhillipsMcdougall 2015 Rotam. All rights reserved. Page 12

13 COMPETITORS SALES unit: $m unit: $m Company \ Year Sales CAGR Rotam % Bayer 12,592 11,237 10, % BASF 7,223 6,457 6, % Monsanto 15,855 15,001 13, % Dow 7,290 6,381 6, % Syngenta 15,134 13,411 12, % Dupont 11,296 9,798 9, % FMC 4,484 3,639 3, % Source: annual reports 2015 Rotam. All rights reserved. Page 13

14 ROTAM SALES BY REGION FY2014 Sales USD 353M NTD 10.7Bn USD YoY-1.8% TWD YoY+2.9% FY2015 Sales USD 347M NTD 11.0Bn USD YoY-10.3% TWD YoY-8.3% FY2016 Sales USD 311M NTD 10.1Bn 2015 Rotam. All rights reserved. Page 14

15 2016FY 龍燈地區別銷售成長 Growth on Sales by Region 2016 FY over 2015 FY 北美 NAFTA + 12% 歐洲 Europe -27% 中國 China -16% 拉丁美洲 Latin America -11% 中東 + 非洲 Middle East+Afirca 4% 亞太 Asia Pacific 4% 2015 Rotam. All rights reserved. Page 15

16 EUROPE Europe floods : In late May and early June 2016, the central and western Europe was affected by low-pressure and the unstable weather caused heavy rain for days; Germany, France, and other countries were all affected by the heavy rain. The western and southeastern Germany and the central and northern parts of France were particularly devastating. Figure: flooding in Paris, France Figure: flooding in Germany High inventory in Europe channels Source:BBC 水利災害應變中心 2015 Rotam. All rights reserved. Page 16

17 BRAZIL Control FX risks of EM market :Rotam has been reducing low margin products and third parties sales in order to increase regional margin and financial flexibility. Low insect pressure:insect pressure has been low in Brazil since 2015, which resulted in high inventory in channels. Furthermore, insecticide sales of Rotam has been also affected. Source:PhillipsMcdougall 2015 Rotam. All rights reserved. Page 17

18 2016 CHINA FLOODS Floods in southern areas: From June 15 to July 14, China's Yangtze River Basin experienced 27 times of heavy rains, monthly cumulative rainfall was about mm, which is higher than historical records, covering the middle and lower reaches of the Yangtze River coastal more than 10 provinces, about 4.17 million hectares of crops area was affected. Figure: flooding in southern China Source:BBC 災害防救科技中心 2015 Rotam. All rights reserved. Page 18

19 TYPHOONS CONSECUTIVELY HIT SOUTHERN CHINA On July 9, 2016, Super Typhoon "Nepal" landed in Quanzhou, Fujian Province, heavy rains triggered a rare flash flood and debris flow. According to official news, it caused to more than 9.9 billion RMB of losses in Fujian Province, and it was the most serious economic losses in Fujian Province. October 18, 2016, strong typhoon "Sarika " hit Hainan, China, resulted in serious traffic problems. October 22, 2016, strong typhoon "Haima" hit Guangdong. Source: 中時電子報 2015 Rotam. All rights reserved. Page 19

20 2016 CHINA CROP PROTECTION COMPANIES Company Ticker 2015FY 2016FY Sales Growth LCY M $M LCY M $M %($) Huifeng SZ % Supplier Post-generic Lier Chemical SZ % Jiangsu Changqing SZ % Nanjing Red Sun SZ % Jiangsu Yangnong SH % Noposion SZ % Rotam China region 4141.TT % Average Sales of Post-generic companies in China decreased 15% Source: 巨潮資訊網 各公司業績快報 2015 Rotam. All rights reserved. Page 20

21 2017 CHALLENGE AND OUTLOOK Facing the challenge of upstream raw material prices. Focus on the balance of regional business, and continuously improve the financial structure. As the political and economic situation getting stable in Brazil, we will increase the high-value products sales of applications on maize, sugarcane. Develop deeply in China and Europe markets to stabilize market share. Launch new mixtures products, optimize formulations, increase product s value and maintain product s gross margin Rotam. All rights reserved. Page 21

22 THANK YOU!