信昌化學工業股份有限公司 2015 第四季法人說明會 04. 13, 2016
免責聲明 The forward-looking statements contained in this presentation are subject to risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements. Taiwan Prosperity Chemical Corporation makes no representation or warranty as to the accuracy or completeness of these forward-looking statements and nor does Taiwan Prosperity Chemical Corporation undertake any obligation to update any forward-looking statements, whether as a result of new information or future events.
議 程 1. 公司簡介 2. 4Q/2015 財務報告 3. 營運概況 4. 資本支出 5. 2016 業務展望 6. 問題與答覆 3
成立時間 : 總部地點 : 股票上市時間 : 股本 ( 實收股本 ): 背 景 1991 年 5 月台灣, 台北 2007 年 10 月 NTD 2,920 佰萬元 市值 : NTD 4,234 佰萬元 ( 依 2016/4/7, 每股 NTD 14.5 計算 ) ( 約當 USD 131 佰萬元 ) 工廠地點 : 員工人數 : ( 至 2015/12/31 止 ) 台灣, 高雄市林園區 185 人
生產基地 1.Cumene (460 KTA) 2.Phenol/Acetone (360 KTA/221 KTA) 3.Bisphenol-A (107 KTA) Beijing 4.Anone (150 KTA) Shanghai 5.MAN (40 KTA) 5 Kaohsiung () 6.H2-I (7K Nm3/hr) H2-II (8.1K Nm3/hr)
營運動能 成本管控 reduces operation rate to overcome severe over supply situation with following actions: 1.Shutdown the aged line and keep new line operation with higher efficiency in H2,15 2.Keep close control on daily Electricity & Steam consumption 2015 H2 VS H1 Plant cost down 47% Main cost Electricity cost down 64% Steam cost down 50%
營運動能 產品銷售調整 Maximum product margin by adjust sales strategy: 1.Increase Domestic Bulk Sales (Domestic Bulk Sales have better Gross Margin than Export Bulk Sales ) 2.Increase Drum Sales Volume (Drum Sales have better Gross Margin than Bulk Sales ) Volume Phenol Acetone Domestic 30% 16% Drum 38% 24%
營運動能 開發高附加值產品 1.Market survey High Value added Derivative from current product (Phenol Anone & MAn) 2.Explore Electronic cleaning solvent from Acetone & Anone
議 程 1. 公司簡介 2. 4Q/2015 財務報告 3. 營運概況 4. 資本支出 5. 2016 業務展望 6. 問題與答覆 9
4Q/2015 綜合損益表 (In NT millions except otherwise noted) 4Q / 15 3Q / 15 4Q / 14 QoQ % YoY % Net Sales 1,907 2,636 4,237 (27.7) (55.0) COGS (2,268) (2,902) (4,498) 21.8 49.6 Gross Profit (361) (266) (261) (35.7) (38.3) Gross Margin -18.9% -10.1% -6.2% (8.8) (12.7) Operating Expense (64) (89) (111) 28.1 42.1 Operating Income (425) (355) (372) (19.7) (14.4) Operating Margin -22.3% -13.5% -8.8% (8.8) (13.5) Non-operating Income/(Expense) (48) (39) (53) (23.1) 9.0 Income before Tax (473) (394) (424) (20.1) (11.5) Income Tax Benefit/(Expense) 0 0 72 100.0 (100.0) Net Income (Loss) (473) (394) (354) (20.1) (33.7) Net Margin -24.8% -14.9% -8.3% (9.9) (16.5) Other Compresensive Income (Loss) (17) (79) (87) (78.5) (80.5) Total Comprehensive Income (Loss) (490) (473) (440) (3.6) (11.4) Basic EPS (NT$) (1.62) (1.35) (1.21) (20.0) (33.9) ROE -47.5% -35.3% -23.8% -12.2% -23.7% ROA -14.1% -10.9% -8.0% -3.2% -6.1% Free Cash Flow (147) (209) (71) 29.7 (106.8) Free Cash Flow = Operating Cash Flow - CAPEX -LTInvestment 10
2015 年綜合損益表 (In NT millions except otherwise noted) 2015 2014 YoY % Net Sales 11,742 23,107 (49.2) COGS (13,008) (23,172) (43.9) Gross Profit (1,266) (65) (1,845.5) Gross Margin -10.8% -0.3% (10.5) Operating Expense (372) (479) 22.3 Operating Income (1,638) (544) (201.3) Operating Margin -13.9% -2.4% (11.6) Non-operating Income/(Expense) (211) (137) (54.3) Income before Tax (1,849) (680) (171.8) Income Tax Benefit/(Expense) (14) 105 113.4 Net Income (Loss) (1,863) (576) (223.6) Net Margin -15.9% -2.5% -13.4% Other Compresensive Income (Loss) (110) (26) 316.8 T otal Comprehensive Income (Loss) (1,973) (602) (227.7) Basic EPS (NT $) (6.38) (1.97) (4.4) ROE -39.4% -9.6% -29.8% ROA -13.0% -2.5% -10.5% Total Assets 13,516 15,854 (14.7) Total Liabilities 8,197 9,655 (15.1) T otal Shareholders' Equity 5,319 6,200 (14.2) Free Cash Flow 376 (892) 142.1 Free Cash Flow = Operating Cash Flow - CAPEX -LTInvestment 11
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4Q/2015 現金流量表 (In NT millions except otherwise noted) 4Q / 15 3Q / 15 4Q / 14 Cash Flows From Operating Activities Income before Tax (472) (394) (425) Adjustments to reconcile income to net cash provided by operating activities 372 221 390 Net cash generated from operating activities (100) (173) (35) Cash Flows From Investing Activities (46) (11) (103) Cash Flows From Financing Activities (350) 819 (1,080) Net Increase In Cash And Cash Equivalents (497) 636 (1,218) Cash And Cash Equivalents, Begining Of Period 813 178 1,358 Cash And Cash Equivalents, End Of Period 316 813 140 13
2015 年現金流量表 (In NT millions except otherwise noted) 2015 2014 Cash Flows From Operating Activities Income before Tax (1,849) (680) Adjustments to reconcile income to net cash provided by operating activities 2,525 33 Net cash generated from operating activities 676 (648) Cash Flows From Investing Activities (370) (317) Cash Flows From Financing Activities (131) 256 Net Increase In Cash And Cash Equivalents 176 (708) Cash And Cash Equivalents, Begining Of Period 140 848 Cash And Cash Equivalents, End Of Period 316 140 14
財務槓桿結構 Current Ratio 80% 60% Leverage Ratios (%) 56.9% 65.0% 2.50 2.00 1.50 1.00 0.50 0.00 2.08 1.07 1.25 1.30 0.92 2011Y 2012Y 2013Y 2014Y 2015Y Debt Ratio (L/A) 40% 20% 30.6% 29.0% 26.3% 25.5% 23.6% 30.5% 30.9% 80% 60% 40% 20% 0% 40.0 68% 58% 59% 45% 38% 2011Y 2012Y 2013Y 2014Y 2015Y Book Value per share 0% 2.5% Net Debt/ Equity Debt/ Asset 2011 2012 2013 2014 2015Y 30.0 20.0 10.0 29.8 21.6 19.6 23.5 12.8 2011Y 2012Y 2013Y 2014Y 2015Y 15
議 程 1. 公司簡介 2. 4Q/2015 財務報告 3. 營運概況 4. 資本支出 5. 2016 業務展望 6. 問題與答覆 16
原料價格趨勢 - 丙烯及苯 ( 美元 / 噸 ) Source : 17
產品價格趨勢 - 酚 丙二酚及環己酮 ( 美元 / 噸 ) 2,500.00 2,000.00 1,500.00 BPA 1,831 1,591 1,932 Anone 1,000.00 Phenol Acetone 1,093 890 966 500.00 717 372 0.00 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 18
全世界酚產能與需求展望 Unit:KT/YR 2014 2015 2016 ( E ) 2017 ( E ) Phenol Effective Capacity 12,536 12,876 13,151 13,657 Bisphenol A 4,233 4,514 4,635 4,897 Phenolic Resins 2,567 2,640 2,723 2,889 Anone 1,221 1,176 1,153 1,142 Others 1,409 1,442 1,485 1,561 Phenol Demand 9,430 9,772 9,996 10,489 Capacity - Demand 3,106 3,104 3,155 3,168 Utilization Rate, % 75% 76% 76% 77% Year 2012 2013 2014 2015 2016 2017 2018 Total New Phenol Plant 2 2 1 3 2 2 1 13 Name Plate Capacity (KT/YR) 420 700 75 800 550 675 200 3,420 Over supply situation will be improved gradually after 2018 19
中國酚產能及需求 3,000 Capacity Demand 2,500 2,000 1,500 1,000 500 0 2014 2015 2016 2017 E E Capacity Annual Growth Rate:11.6% Demand Annual Growth Rate:8.6% 20
銷售數量趨勢 (Unit : MT) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2011 2012 2013 2014 2015 1H 2016(E) 2011 2012 2013 2014 2015 1H 2016(E) 601,101 624,392 527,039 538,790 446,866 169,548 21
出貨地區別 2014 vs 2015 50.0% 2014 45.0% 40.0% 2015 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Taiwan India America North Asia China Others South & Middle- East Asia East 2014 43.1% 15.4% 13.5% 8.4% 6.1% 6.1% 5.4% 2.0% 2015 47.9% 20.7% 0.8% 3.7% 17.4% 1.0% 4.5% 4.0% 22
議 程 1. 公司簡介 2. 4Q/2015 財務報告 3. 營運概況 4. 資本支出 5. 2016 業務展望 6. 問題與答覆 23
資本支出 Million NT$ 700 600 500 400 300 200 100 0 2011 2012 2013 2014 2015 2016E
議 程 1. 公司簡介 2. 4Q/2015 財務報告 3. 營運概況 4. 資本支出 5. 2016 業務展望 6. 問題與答覆 25
Benzene 2016 上半年業務展望 1 1. Benzene supply in Asia will be stable in 1H/2016. 2. Because several plants in Asia have scheduled turnaround in 2Q/2016 and crude oil price goes up recently, Benzene price increases slightly. Propylene 1. Because CPC Taoyuan Refinery has scheduled turnaround over April- May, CPC cut Propylene supply to 60% contract volume. Refinery will be restart since June. 2. Several Naphtha crackers in Asia have scheduled turnaround in 2Q/2016. 3. In China, some PDH and MTO plants keep low operating rates and some plants defer their schedule to start up. Shell, Singapore also has declared a force majeure resulted from facilities damage. Tight supply in 1H might trigger firm price for Propylene. 26
2016 上半年業務展望 2 Phenol Chain Market Macro economics in U.S. and Europe recover gradually, but macro economics in China still stay slow. Demand growth rate will be weak in 2016. In Asia, three new plants (800,000 MT) have commenced operation in 2015, another two new plants, PTT and Kumho (550,000 MT), will commence operation in Q2 2016. Keep low utilization rate due to oversupply. However, most new expansion capacity has been put in service over2012-2017. The over-supply situation will be improved gradually after 2018. Corporate strategy To cope with threats in over supply market, take following actions to achieve minimum loss in 1H/2016. Minimize Acetone export sales by reducing operation rate Reduce Feedstock cost by minimizing Offshore procurement Continue to reduce Plant related cost and expenses Aim better profits markets and concentrate local market Business strategy Our strategy is to increase our sales to different countries/areas to reduce the dependence on China market. 27
Thank You 28