CHENG SHIN RUBBER IND. CO., LTD.

Transcription

1 HENG HIN RUBBER IND. O., LD. Investor onference

2 afe Harbor Notice his presentation is based on the information obtained from various sources which the ompany believes to be reliable. But at some point in the future, there are a variety of factors which could cause actual results to differ materially from those statements. herefore, please refer to the information on MOP website as the main basis if any adjustment has been made. ( 2

3 Agenda Opening Mr. Wu, Hsuan Miao / Vice President Operating Results Mr. Lo, Yung Li / Director Outlook Mr. Lo, Yung Li / Director Q & A Mr. Wu, Hsuan Miao / Vice President Mr. Lo, Yung Li / Director 3

4 Operating Results

5 ompany Introduction Foundation: Jan, 1967 IPO: Dec, 1987 Headquarters: hunghwa, W apital: N$ billion hairman: Luo, Jye President: hen, Yun-Hwa Number of employees: 4,700 (aiwan) 28,900 (Global) F Z X MI V Base Date :

6 Organization hart 97% 100% 100% 100% 100% 100% 100% IAO HIN o., Ltd. HENG HIN RUBBER ANADA HENG HIN RUBBER UA rading Ltd. MAXXI International o., Ltd. MAXXI rading Ltd. MAXXI ech enter Europe B.V. heng hin International (HK) Ltd. 100% 60% 100% 100% 100% P F MAXXI International (HK) Ltd. MAXXI Holdings (BVI) o., Ltd. HENG HIN-OYO (KUNHAN) MAHINERY O., LD. 50% 30% 100% -Production & Marketing -Marketing -Investment or Holding ompany -ech. enter -Others 70% 100% HENG HIN LABOR O., LD. 40% 100% 100% 100% X HIN HOU (GUANGXI) O., LD. E 95% 49% 75% HENG HIN LOGII (XIAMEN) O.,LD. HEN HIN (XIAMEN) INERNAIONAL AUOMOBILE ULURE ENER O.,LD. Z 25% 100% 100% MI V Base Date :

7 Income tatement Overview (Unconsolidated) Unit:N$ million Amount % Amount % NE ALE 25, , O OF GOOD OLD (20,118) (80) (20,568) (84) GRO PROFI BEFORE AFFILIAE ELIMINAION , , GRO PROFI 4, , OPERAING EXPENE (3,380) (14) (2,943) (12) INOME FROM OPERAION 1, ,013 4 NON-OPERAING INOME AND GAIN 16, , NON-OPERAING EXPENE AND LOE (580) (2) (351) (2) INOME BEFORE INOME AX 17, , NE INOME 15, , EARNING PER HARE (N$) ource : Financial Report 7

8 Balance heet Overview (Unconsolidated) Unit:N$ million Amount % Amount % ash and cash equivalents 4, ,994 3 Inventories 2, ,714 3 Long-term investments 63, , Net property,plant and equipment 17, , otal Assets 92, , Amount % Amount % urrent Liabilities 7, ,846 6 Long-erm Liabilities 19, , otal hareholders' Equity 62, , otal Liabilities and hareholders' Equity 92, , ource : Financial Report 8

9 ash Flow tatement Overview (Unconsolidated) Unit:N$ million AH FLOW FROM OPERAING AIVIIE 5,935 3,951 Net Income 15,894 8,536 Depreciation and amortization 1,251 1,036 ash dividends received from equity method investees Equity in earnings of equity method investees,net 3,173 3,717 (14,737) (7,290) AH FLOW FROM INVEING AIVIIE (3,628) (5,389) Acquisitions of Property, plant and equipment (4,767) (5,664) AH FLOW FROM FINANING AIVIIE (273) 849 Increase (decrease) in loans 3,188 4,970 ash dividends (3,461) (4,121) ource : Financial Report 9

10 Revenues (Unconsolidated) Unit:N$ million 24,461 25,094 17,826 16,727 20,927 ource : Financial Report

11 Gross Profit and Operating Income (Unconsolidated) Unit:N$ million & % of sales Gross Profit & % of sales 3,276 19% 4,976 4,324 4,026 3,893 26% 19% 16% 20% Operating Income & % of sales 862 5% 1,601 10% 1,144 1,013 1,544 6% 4% 6% ource : Financial Report 11

12 Income tatement Overview (onsolidated) Unit:N$ million Amount % Amount % NE ALE 130, , O OF GOOD OLD (99,601) (76) (98,867) (82) GRO PROFI 30, , OPERAING EXPENE (11,550) (9) (9,478) (8) INOME FROM OPERAION 19, , NON-OPERAING INOME AND GAIN 1, NON-OPERAING EXPENE AND LOE (1,460) (1) (1,396) (1) INOME BEFORE INOME AX 19, ,863 9 NE INOME 15, ,536 7 EARNING PER HARE (N$) ource : Financial Report 12

13 Balance heet Overview (onsolidated) Unit:N$ million Amount % Amount % ash and cash equivalents 15, , Inventories 20, , Advance payments and construction in progress , , Net property,plant and equipment 96, , otal Assets 151, , Amount % Amount % urrent Liabilities 39, , Long-erm Liabilities 44, , otal hareholders' Equity 63, , otal Liabilities and hareholders' Equity , , ource : Financial Report 13

14 tatement of ash Flow Overview (onsolidated) Unit:N$ million AH FLOW FROM OPERAING AIVIIE 26,862 6,452 Net income 15,967 8,587 Depreciation and amortization 7,613 6,588 hanges in operating assets and liabilities (note) 1,223 (7,628) AH FLOW FROM INVEING AIVIIE (23,579) (28,836) Acquisitions of Property, plant and equipment (24,514) (27,272) AH FLOW FROM FINANING AIVIIE (5,359) 21,919 Increase (decrease) in loans (1,910) 25,923 ash dividends (3,461) (4,121) Note:including Notes and accounts receivable, Receivables from related parties, inventories, Notes and accounts payable, income tax payable, accrued expenses ource : Financial Report 14

15 Revenues (onsolidated) Unit:N$ million 119, ,269 73,726 84,501 99, ource : Financial Report 15

16 Gross Profit and Operating Income (onsolidated) Unit:N$ million & % of sales 14,013 Gross Profit & % of sales 30,668 25,087 20,940 21,093 30% 19% 21% 18% 24% ,493 9% Operating Income & % of sales 17,345 19,118 11,928 11,615 21% 12% 10% 15% ource : Financial Report 16

17 Net Income - Attributable to shareholders of the parent (onsolidated) & EP Unit:N$ million & % of sales Net Income - Attributable to shareholders of the parent & % of sales 3,547 5% 13,431 16% 15,894 10,315 8,536 10% 7% 12% Unit:N$ EP ource : Financial Report Based on issued shares each year 17

18 Revenues by ubsidiary OHER, 14.4% M I, 12.9% X, 21.9%, 16.0% P, 16.2%, 18.6% ource : Financial Report (onsolidated)(2012) 18

19 Revenues by Product B, 8% OHER, 16% PR, 35% UBE, 9% M, 11% BR, 21% ource : Non-audited Financial Report (2012) 19

20 Revenues by Region Europe America 12% 4% M. East & Africa 5% Greater hina 65% Asia Pacific 14% ource : Non-audited Financial Report (2012) 20

21 Revenues by Domestic & Foreign ales Domestic ales Foreign ales 75.8% 62.3% 33.7% 34.2% 85.5% 99.9% 100.0% 100.0% 100.0% 100.0% 68.8% 66.3% 65.8% 37.7% 24.2% 14.5% 0.1% 31.2% M I V X P E F Z O A ource : Non-audited Financial Report (2012) L 21

22 Revenues by OE & RE ustomer OE 49.5% RE 62.7% 64.3% 78.5% 90.1% 94.6% 95.1% 99.8% 100.0% 100.0% 77.5% 50.5% 37.3% 35.7% 21.5% 9.9% 5.4% 4.9% 0.2% 22.5% X F ource : Non-audited Financial Report (2012) V M I P E Z O A L 22

23 23 Base Date : Production onfiguration X P F M I E V Z PR BR M B UBE OHER

24 Production apacity Unit:thousand pcs / day Product apacity Base Date : PR 131 BR 14 M 173 B 449 UBE 616 OHER 85 OAL 1,468 24

25 ❷ Outlook

26 Market hare of Global op 75 ire Makers (2011) ontinental, 4 th 5.65% Michelin, 2 nd 14.56% Bridgestone, 1 st 15.11% Goodyear, 3 rd 10.88% Others, 34.94% Pirelli, 5 th 4.14% umitomo, 6 th 3.94% Yokohama, 7 th 3.20% Hankook, 8 th 3.05% heng hin, 9 th 2.27% Hangzhou Zhongce, 10 th 2.26% heng hin 2.27% 9 th ource:ire Business heng hin has surpassed ooper and ranked 9th in the global rankings. 26

27 Revenues of Global op 10 ire Makers (2011) Revenues (U$ million) Net Income Margin(%) 9 th 7.06% 7.80% 7.16% 3.40% 1.51% 4.34% 4.19% 2.39% 5.47% 4.55% 28,450 27,414 20,490 10,645 7,802 7,413 6,028 5,744 4,268 4,263 Bridgestone Michelin Goodyear ontinental Pirelli umitomo Yokohama Hankook henghin Hangzhou ource: ire Business Zhongce 27

28 Outlook Develop expansion program continually, and keep looking for new investment sites. ontinually set up goals in developing higher quality products that meet safety and environmental standards. 28

29 ❸ Q & A

30 hanks for coming and kindly appreciate your support. website : MOP website :