亞洲聚合股份有限公司 說明簡報 · 2018-11-21 · autoclave production lines annual ......
TRANSCRIPT
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USI Corporation(No.:1304)
Investor Conference
2018.11.21
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General Information of USIBusiness Review and Outlook
Financial Information
Q&A
Agenda
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General Information of USI
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May 26, 1965Established Date
NT$11,888M(2018.9.30)Capital
485 (up to Sep. 30, 2018)Employees
Individual:NT$11,600M
Consolidated:NT$58,100MRevenue(2017)
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Production Facility
• 4 High-Pressure
Autoclave
Production Lines
Annual
Capacity
• LDPE/EVA Total:
150KMT
Main
Products
• Low Density
Polyethylene Resin
(Injection/Film
Grades)
• Ethylene Vinyl
Acetate Copolymer
Resin
(Foaming/HMA/PV
Grades)
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High Pressure LDPE/EVA Plant
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Production Facility
• 1 Gas Phase
Production Line
Annual
Capacity
• HDPE/LLDPE Total:
130KMT
Main
Products
• High Density
Polyethylene Resin
(Injection/Yarn/
Rotation Grades)
• Linear Low Density
Polyethylene Resin
(Blown Film/Casting
Grades)
Low Pressure HDPE/LLDPE Plant
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Business Review and Outlook
Reported By: Mark Wu, Vice President of Sales & Marketing Dept.
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Source from: IMF 2018
GDP Growth (%)
3.7
2.22.5
6.8
3.2
3.7
2.9
2.0
6.6
2.7
3.7
2.5
1.9
6.2
2.4
0.0
2.0
4.0
6.0
8.0
Global US EU China Taiwan
2017 2018(F) 2019(F)%
1. US-China trade war
2. Higher volatility of oil price
3. Political / economic risks of EU
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Crude Oil & Ethylene• Crude Oil:upward since H2 2017 and maintained high in 2018
• Ethylene:tight supply pushed the price up from H2 2017 to
Q3 2018
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900
1000
1100
1200
1300
1400
20
30
40
50
60
70
80
90
100
Brent C2 NEA
($/b)($/MT)
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PE Prices Review
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Source from: ICIS, Platts
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EVA Prices Review
Source from: ICIS, Platts
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Business Review Between 2016 to 2018 Jan. ~ Sep.
Sales Volume 2016 2017 2018 Jan. ~ Sep.
LDPE 8 9 6
EVA 124 140 102
HDPE 105 103 72
LLDPE 22 8 8
Total 260 262 188
Comparison of Sales Volume
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Unit: KMT
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Sales Volume 2016~2018 Q3
59,323 61,453 62,587
67,575 63,120 63,255
64,500 70,753 62,903
68,677 66,362
0
60,000
120,000
180,000
240,000
300,000
2016
1Q
4Q
3Q
2Q
2017 2018 Jan.~Sep.
260,075MT 261,688MT 188,745MT
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Unit: MT
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• Due to tight supply of ethylene in Asia the spot ethylene price is even higher than
PE market price. Even with our brand prestige we are also suffering from
expensive raw material cost which resulted in 3.4 % total sales volume dropped
compared with last year from Jan. to Sep..
• LDPE Sales volume Jan.-Sep. 2018 : 6.35KMT, reduced by 3.1% as in 2017.
• EVA Sales volume Jan.-Sep. 2018 : 101.7KMT, reduced by 4.2% as in 2017.
• HDPE Sales volume Jan.-Sep. 2018 : 72.3KMT, reduced by 5.5% as in 2017.
• LLDPE Sales volume Jan.-Sep. 2018 : 8.37KMT, reduced by 36.54% as in 2017.
• Total Sales volume Jan.-Sep. 2018 : 188.7KMT, reduced by 3.4% as in 2017.
Business Review:Jan. ~ Sep. 2018
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Foam Market:
• - Weak demand and ample supply led intensive market competition in China.
- Below-seasonality in peak season from Apr. to May.
- Weak demand in low season from Jun. to first half of Sep..
- Buying sentiment recovered since second half of Sep..
- Supported by high ethylene cost, China domestic price maintained stable;
however, import price dropped due to RMB depreciation .
• - Taiwanese sports shoes OEM factories kept migrating out from China to
South East Asia due to increasing production cost.
- China based shoes manufacturers also started to migrate since H2 2018 due
to US-China trade war.
- USI Strategy → To focus on international well-known brands and develop
high performance EVA foam grades.
EVA Market: Jan. ~ Sep. 2018
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EVA Solar Market :
• - Demand was good from Jan. to May; however, it was suddenly frozen after
China FIT policy announced in early Jun..
- Demand slightly improved in Jul. ~ Aug. and recovered from Sep..
EVA Hot Melt Market :
• - Multiple grades for hot melt requirements meet USI strategy.
- Sales volume maintained stable.
EVA Market: Jan. ~ Sep. 2018
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LDPE/HDPE/LLDPE Market:Jan. ~ Sep. 2018
• High feedstock cost due to limited contract ethylene supply and high spot
ethylene price enlarged price gap between USI’s and international market
price.
• Domestic HDPE sales was relatively stable while export sales volume
reduced by 13.5% compared with the same time frame.
• Poor LLDPE margin with price oriented strategy made the sales mainly
maintain the supply to regular customers.
• Limited LDPE supply was only able to offer to loyal regular customers.
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Source from:1.IEA (International Energy Association)2.Energy trend3.SOLARSTAR4.Bloomberg New Energy Finance
Global PV Demand
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Domestic Export Total
2012 59 28,682 28,741
2013 145 46,583 46,728
2014 33 47,613 47,646
2015 285 42,796 43,081
2016 477 65,617 66,094
2017 416 78,891 79,307
Q1~Q3 2018 368 51,272 51,640
PV Grade EVA Sales Volume
Unit: MT
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China EVA Demand
Year Production Import Export Demand Self-sufficiency rate
2013 337 526 52 811 42%
2014 341 700 45 996 34%
2015 340 892 52 1,110 30%
2016 420 940 60 1,300 32%
2017 555 1,035 64 1,526 36%
0
200
400
600
800
1000
1200
1400
1600
1800
2013 2014 2015 2016 2017
Production Import Export Demand
Reference: Chem99,
China Customs Data
Unit: KMT
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Ratio of EVA Dom./Exp. Sales
2017 Jan. ~ Sep. 2018
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Exp: 120.6KMT; Dom: 19.6KMT Exp: 85.6KMT; Dom: 16.0KMT
Dom
14%
Exp
86%
Dom
16%
Exp
84%
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2017 Jan. ~ Sep. 2018
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Exp: 28.6KMT; Dom: 74.0KMT Exp: 18.0KMT; Dom: 54.2KMT
Dom
72%
Exp
28%Dom
75%
Exp
25%
Ratio of HDPE Dom./Exp. Sales
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2017 Jan. ~ Sep. 2018
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Exp: 0.8KMT; Dom: 8.8KMT Exp: 0.5KMT; Dom: 7.8KMT
Dom
91%
Exp
9%
Dom
94%
Exp
6%
Ratio of LLDPE Dom./Exp. Sales
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2017 Jan. ~ Sep. 2018
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CHINA/HK: 104.0KMT;
SOUTH EAST ASIA: 13.1KMT
CHINA/HK: 70.2KMT;
SOUTH EAST ASIA: 10.17KMT
CHINA/HK
86%
SOUTH
EAST
ASIA
11%
AMERICA
0%
OTHERS
3%
CHINA/HK
82%
SOUTH
EAST
ASIA
12%
RUSSIA
2%
OTHERS
4%
EVA Export Sales by Area
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2017 Jan. ~ Sep. 2018
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CHINA/HK: 14.2KMT;
SOUTH EAST ASIA : 2.1KMTCHINA/HK: 24.7KMT;
SOUTH EAST ASIA : 2.4KMT
CHINA/HK
86%
SOUTH
EAST
ASIA
9%
MEXICO
2%
OTHERS
3%
CHINA/HK
79%
SOUTH
EAST
ASIA
12%
MEXICO
7%
OTHERS
2%
HDPE Export Sales by Area
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2017 Jan. ~ Sep. 2018
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CHINA/HK: 0.3KMT;
SOUTH EAST ASIA : 0.1KMT
CHINA/HK: 0.6KMT;
SOUTH EAST ASIA : 0.2KMT
CHINA/HK
58%
SOUTH
EAST
ASIA
19%
OTHERS
23%
CHINA/HK
61%
SOUTH
EAST
ASIA
37%
OTHERS
2%
LLDPE Export Sales by Area
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The Volume of EVA Production & Sales
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0
20
40
60
80
100
120
140
2014 2015 2016 2017 2018 1~9Production 91 92 112 139 100Sales 101 104 124 140 102
Unit: KMT
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0
20
40
60
80
100
120
2014 2015 2016 2017 2018 1~9Production 96 110 103 100 75Sales 93 105 105 103 72
Unit: KMT
The Volume of HDPE Production & Sales
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0
5
10
15
20
25
2014 2015 2016 2017 2018 1~9Production 21 17 21 10 10Sales 21 20 22 10 8
Unit: KMT
The Volume of LLDPE Production & Sales
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Crude oil / Ethylene:
Crude oil:OPEC to reduce oil production will support sustainable market
stability. The US-China trade war and strong US Dollar may diminish the
demand of crud oil in China and emerging countries. The possibility of
downtrend Crude oil price could be expected.
Ethylene:
2018 Q4:The US-China trade war and depressed purchase momentum lead to
plummeted spot price.
Year 2019:Ample supply is expected - less annual maintenances comparing to
those in 2018 for crackers in Asia; ethylene from US tends to be sold
to Taiwan while its import tariff to China increases. US-China trade
war impact toward ethylene derivatives retains to be evaluated.
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Business Outlook
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PE and EVA:Market price of ethylene collapsed from early Oct. and PE price
dropped a little. EVA price is relatively stable. The spread between
PE/EVA and ethylene becomes optimistic.
New announcement from China government on the solar cell policy
remains supported. Market outlook optimistic for solar cell.
No new EVA capacity joins before the 2nd half of 2020. The pressure
of EVA oversupply expected to be eased.
New PE capacity in North America continuously joins the market
which will gain pressure on Asian petrochemical industries.
Consistently developing tailor-made products with niche.
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Business Outlook
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Major Equipment Improvements
ItemCompletion
DateExpected Benefits
Effluent Walter Continuous
Monitoring and Recovery System2018/11
Water saving and recycle
economyCost: 15 million $NTD
Saving: 1.55 million $NTD/year
ROI: 10 year
Plant 1 Thermal Oxidizer Project 2019/08(F)
Environment protection and
operational safety
improvementCost: 65 million $NTD
Plant 2 Finishing Area Filtration
System Project2019/10(F)
Quality improvementCost: 22.3 million $NTD
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Gulei Petrochemical Project
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Iterms
Investment
Fujian Gulei Petrochemical Co. Ltd.
Milestone
Ethylene、Propylene、Butadiene、
Ethylene Vinyl Acetate copolymers(
EVA)、Ethylene Oxide(EO)、
Ethylene Glycol(EG), etc.
Taiwan and China each holds
50 % of the joint venture
company's shares.
• Total investment (Taiwan and China) : approximately 30.39 billion RMB
• According to USI Board’s FID (March 2016), USI will indirectly invest the Gulei Project in Fujian Province, China, via a third place. The amount of investment will not exceed NT $ 8 billion. Capital will be in place consecutively after government’s approval.
• Registration of Fujian Gulei
Petrochemical Co. Ltd. was complete in
November 2016.
• Opening ceremony of Fujian Gulei
Petrochemical Co. Ltd. was launched in
December 2017.
• Overall design of Gulei Petrochemical
Project was approval in August 2018.
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Progress in Cyclic Block Copolymer (CBC)• Production Status: Trial is on going. Small trial orders sold in Nov..
• Major Applications:
Short Term:Step into packaging, light guide plate, lens for eye
glasses and bio-diagnostic applications.
Mid Term: Targeting in optical film (retardation film or ITO
transparent film) and medical applications.
Long term: Based on CBC’s unique features to develop new
applications.
MedicalOptical Packaging 34/41
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USI Corporation and Subsidiaries
Consolidated Financial Information
Reporter :Amy Kuo, Manager
Date : Nov. 21, 2018
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45,648 42,866 6.5% 58,134 53,102 52,374
40,719 37,559 8.4% 51,007 46,221 46,936
4,929 5,307 -7.1% 7,127 6,881 5,438
11% 12% 12% 13% 10%
2,473 2,459 0.6% 3,360 3,248 3,190
310 291 6.4% 389 471 476
2,146 2,557 -16.1% 3,378 3,161 1,772
5% 6% 6% 6% 3%
499 59 744.5% 108 (68) 184
Income before income taxes 2,645 2,616 1.1% 3,486 3,093 1,956
622 579 7.5% 776 714 419
2,023 2,037 -0.7% 2,710 2,379 1,537
4% 5% 5% 4% 3%
641 880 -27.1% 1,111 1,190 880
1,382 1,157 19.4% 1,599 1,190 657
0.60 0.84 -28.6% 1.06 1.15 0.85
adjusted 0.82 1.03 1.13 0.84
*Note:Non-operating income(loss) included discontinued operations income(loss)
USI Corporation
Consolidated Statements of Income
YoY%2017
FY
2016
FY
2015
FY
(In millions of NTD, except per share data)
2018
1/1-9/30
2017
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Sales
Cost of goods sold
Gross profit
gross profit ratio
R&D expenses
Selling and administrative expenses
Earnings per share
Operating income
operating income ratio
- USI Corporation
- non-controlling interests
Net income attributable to
Net income
net income ratio
Non-operating income(loss) *
Income taxes
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Operating income margin(%) 4.7 6.0 5.8 6.0 3.4
Net income margin(%) 4.4 4.8 4.7 4.5 2.9
Debt ratio(%) 47 46 46 48 46
Current ratio(%) 238 207 237 237 208
Quick ratio(%) 174 154 178 185 156
Accounts receivable turnover days 48 46 48 49 53
Inventory turnover days 52 49 48 54 61
2015
FY
USI Corporation
Financial ratio analysis-Consolidated
2018
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2017
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2017
FY
2016
FY
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EPS vs DPS
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This presentation includes the Company’s current
information and any development or adjustments
thereof will be published according to laws, regulations
or rulings. The Company is not obligated to update or
revise this presentation.
The information in this presentation is not for
investment advices.
Disclaimer
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Thanks for coming and kindly appreciate your
support.
Company Website :http://www.usife.com.tw
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