SWANCOR HOL. CO., LTD
Transcript of SWANCOR HOL. CO., LTD
SWANCOR HOL. CO., LTD
1 Copyright © Swancor All Rights Reserved
SWANCOR HOL. CO., LTD
2018Q3 Results
2018/11/13
Meeting Agenda
Financials
Business Update
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Q&A
2018Q3 Income Statement
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•ROE is annualized. •Sales volume included anti-corrosion material and wind blade material. Other products are not included
2018Q3 Sales Revenues by Business Unit
93.8%
1.5% 4.7%
Fine Chemical
Carbon Fiber
Offshore Wind Power
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NT$
Millio
n
1,425
1,284
-
200
400
600
800
1,000
1,200
1,400
1,600
2018Q3 2017Q3
Fine Chemical
22
5
-
5
10
15
20
25
2018Q3 2017Q3
Carbon Fiber
72
39
-
10
20
30
40
50
60
70
80
2018Q3 2017Q3
Offshore Wind Power
2018Q3 Fine Chemical Sales Revenues by Product Line
51%38%
11%Anti-Corrosion Material
Wind Turbine Material
Others
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NT$
Millio
n
721
649
-
100
200
300
400
500
600
700
800
2018Q3 2017Q3
Anti-Corrosion Material
549
470
-
100
200
300
400
500
600
2018Q3 2017Q3
Wind Turbine Material
156 164
-
20
40
60
80
100
120
140
160
180
2018Q3 2017Q3
Others
2018Q3 Sales Revenues by Region
14%
75%
11%
Taiwan
China
International
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NT$
Millio
n
210 198
-
50
100
150
200
250
2018Q3 2017Q3
Taiwan
1,146
1,006
-
200
400
600
800
1,000
1,200
1,400
2018Q3 2017Q3
China
163
124
-
20
40
60
80
100
120
140
160
180
2018Q3 2017Q3
International
Balance Sheet and Financial Indexes
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Account Receivable and Changes of Bad Debt Reserve
2,046 2,023 1,825 1,717
1,301 1,332 1,319 1,460 1,368
1,713 1,651
-
500
1,000
1,500
2,000
2,500
2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3
Account Receivable
113
110
0 50 100 150
2018Q3
2018Q2
AR turnover days
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NT$ Million
2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3
79 66
44
-84 -1
91
-4 -88 1 16 -15
-100
-50
-
50
100
2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3
Changes of Bad Debt Reserve
0 50 100 150
89
85
0 50 100
2018Q3
2018Q2
AP turnover days
2018Q3 Cash Flow
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Fine Chemical – Anti-Corrosion Material
TaiwanMarketTaiwanMarket
ChinaMarket ChinaMarket
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MarketMarket
InternationalMarket
InternationalMarket
Market Market
(Fine Chemical – Wind Blade Material)Global Wind Power New Installation
40.0
50.0
60.0
70.0
80.0
Latin American
Off shore
N. American
Europe
11
Source: Bloomberg NEF 2018
Unit: GW
22.0 16.8
21.3 23.1 22.9
5.5
6.8
9.3
16.4 14.9
-
10.0
20.0
30.0
2016 2017 2018F 2019F 2020F
Europe
Other Places
China
(Fine Chemical – Wind Blade Material)2017 Major Wind Turbine Makers
5.2 5.8
China Market
Goldwind
Envisiom
Uninted Power
Mingyang
Shanghai Electric
9.4
7.8
15.1
Global Market
Vestas
Siemens Gamesa
Goldwind
GE
Enercon
12
Source of wind turbines: Bloomberg 2018.
Unit: GW
We estimated the usage of blade resin for wind turbine per MW is roughly 4.7 ton.
The ASPs of blade resin over the years were between NT$90,000-110,000 per ton.
2.7
1.3 1.1
1.1
0.9
Shanghai Electric
CSIC Haizhuang
Others 5.7
4.7 3.1
3.1
3.1 Envision
Nordex
Others
Carbon Fiber Composite
Spar for wind blade
Thermal-plastic plate
Pre-Peg
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Offshore Wind Power
• Located in the northwest of Taiwan, 128MW.Formosa I
• Located in the west and south of Formosa I, 378MW.Formosa II
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• Located in the central-west of Taiwan, 1,900MW. Formosa III
• Started from management and will expand work scope to turbine and non-turbine inspection and maintenance.
Operating and Maintenance
(O&M)
Thank You!
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Thank You!
Q&A
Disclaimer
This document may be deemed to contain forward-looking statements. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Swancor that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results.
Any projections in the document are based on limited internal and external
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Any projections in the document are based on limited internal and external information currently available to Swancor, which is subject to change. Actual events or results could differ materially and no reader of this document should assume later that the information provided today is still valid. Such information speaks only as of the date of this document.
Readers shall rely on self-judgment to makes any investment decision. Readers shall not interpret the information in this document to be investment recommendations.