ACC — Investor Presentation 2017

Dec 1, 2017

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亞洲水泥股份有限公司 Asia Cement Corporation Stock code: 1102 TT

投資人關係簡報

Nov 2017

Disclaimer

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This presentation contains forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from those expressed or implied by these forward-looking statements. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation might not occur in the way we expect, or at all. You should not place undue reliance on any forward-looking information.

In preparing the information herein, ACC have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to ACC or which was otherwise reviewed by ACC. Neither ACC nor its advisors have made any representation or warranty as to the accuracy or completeness of such information and nor do they assume any undertaking to supplement such information as further information becomes available or in light of changing circumstances. None of ACC, nor any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Neither this presentation nor any of its contents may be reproduced to a third party without the prior written consent of ACC.

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目錄

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• 最新動態

• 公司簡介

• 中國市場

• 台灣市場

• 財務資訊

• 附件

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公司簡介

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Market Cap: US$ 3.0 billion (as of 14[th] Nov 2017)

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•
1957 三月建立
•
Taiwan 第二大水泥廠商
•
(1102 TT) 年產能 500 萬噸
•
2008 在香港掛牌
•
China 第 12 大水泥廠商
China
Asia Cement •
(743 HK) 布局中部、西部
(743 HK)
•
年產能 3300 萬噸
•
合併個體：電力、運輸、不鏽鋼、其他水泥
相關產業
Investment
•
轉投資：裕民航運、遠東新
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•
合併個體：電力、運輸、不鏽鋼、其他水泥
相關產業
Investment
•
轉投資：裕民航運、遠東新
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遠東集團交叉持股

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NT$ million

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Incor- Equity Income
Equity Stock Holdings Market
Hold (3) porated Investees code (1) Value (2) 2015 2016 1~3Q17
Year
2004 Asia Cement (China) Holdings Corp. 743 HK 67.7% 11,650
1997 Far EasTone Telecommunications Ltd. 4904 TT 1.0% 2,204
1992 Far Eastern International Bank 2845 TT 2.4% 700
1975 Oriental Union Chemical Corp. 1710 TT 7.2% 1,901
ˇ 1968 U-Ming Marine Transport Corp. 2606 TT 39.3% 11,610 298 (345) 236
1967 Far Eastern Department Stores Ltd. 2903 TT 5.7% 1,189
ˇ 1949 Far Eastern New Century Corp. 1402 TT 23.8% 32,577 1,733 1,347 1,392
Others (unlisted investees) 955 347 259
Total 61,832 2,986 1,350 1,887
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註1: 亞泥對亞泥中國之綜合持股比例為72.5%。(其中，100%持有子公司亞泥(新加坡)公司持有4.1%、亞洲工程持有0.2%) 註2: 上述各投資公司之市值係根據2017年11月14日收盤價計算之。

註3: 自2013年1月1日起，所有上市公司適用IFRSs準則，亞泥中國以及其他大部分轉投資被納入合併主體，以營業部門損益表達之。

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最新消息

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• 前三季獲利達 NT$ 3,778 百萬元，第三季單季 NT$1,925 百萬元 (EPS NT$0.61/sh) 年增 106% 。本業獲利及業外轉投資獲利皆大幅度改善。

• 亞泥中國受惠營運區水泥價格增長，噸毛利明顯優於去年同期表現。

• 亞泥中國營運區在 2017 年由於環保督察及錯峰生產政策運作下，水泥庫存降至降 康水位，旺季價格得以維持強勁成長。

亞泥中國水泥噸毛利

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水泥價格

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Hubei (Wuhan)
Unit: RMB/t %
Jiangxi (Nanchang)
Unit: RMB/t %
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Sichuan (Chengdu)
Unit: RMB/t %
Jiangsu (Nanjing)
Unit: RMB/t %
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Source ：數字水泥

亞泥中國 : 3Q17 營運數據

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RMB / t
m tonnes %
RMC:RMB / mm [3]
ASP RMC:mm [3] Shipment Gross Margin
500 10 40%
3Q16 3Q17 3Q16
395 3Q16 30%
400 8 7.3 30%
341 7.0 3Q17
3Q17 20% 21%
300 269 266 6 20%
14%
217 12%
200 163 4 10%
100 2 0%
0.4 0.5 0.3 0.2
-4%
0 0 -10%
Cement Clinker RMC Cement Clinker RMC Cement Clinker RMC
Note: VAT included
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分區水泥價格、銷量

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ASP
RMB / t
3Q16 3Q17
350
292
284
300 276
249
250 222 228
203 210
200
150
100
50
0
Jiangxi Hubei Sichuan Jiangsu
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Shipment

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m tonnes
3.5 3Q16 3Q17
2.9
3.0 2.7
2.5
2.1
2.0 1.8 1.7 1.7
1.5
1.0 0.7 0.7
0.5
0.0
Jiangxi Hubei Sichuan Jiangsu
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亞泥中國 : 9M17 營運數據

RMB / t m tonnes RMC:RMB / mm[3] RMC:mm[3]

%

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Note: VAT included

分區水泥價格、銷量

RMB / t

m tonnes

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中國市場

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中國水泥市場

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2016-2018:

2009-2011:

2012-2015:

供過於求壓抑價格 去產能政策陸續出台

需求進入新常態 供給側改革

四萬億投資刺激水泥 需求

13-5 期間需求刺激 :

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• 基礎建設加速

• 房地產去庫存帶動新開工

供給側改革

• 行業標準提高

• 產業兼併重組

Source: Ministry of Industry and Information Technology(MIIT), National Development and Reform Commission(NDRC), China Cement Association(CCA)

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供給側改革

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受惠行業標準提高

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空汙排放標準趨嚴
階梯電價上路
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淘汰低標水泥 淘汰生產效率低 & ≦ 2500 t/d 熟料產線

Advantage of ACC(C)

• 全產能配有脫消脫硫設備

• 全產能配有餘熱發電

• 80% 高標水泥

• 產能利用率高於 90% ，無 ≦ 2500 t/d 產線

Threaten to Others

• 無上限罰鍰、強制整改

• 最高達 RMB 0.4/kw 額外電費

• 高度依賴政府補貼及低標水泥者將陷入 困境

• 整改成本提高

Source: National Development and Reform Commission(NDRC),

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穩定的市場需求

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Source: National Development and Reform Commission(NDRC),

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擴大區域話語權與市占率

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產能： 11 mt / year
產能： 14 mt / year
成都
九江
40%
45%
35% 31% 32% 40% 38% 38%
28% 35% 35%
30%
35%
25% 21% 30%
20%
25%
2013 2014 2015 2016
2013 2014 2015 2016
產能： 8 mt / year 南昌
武漢 40%
40% 35%
35% 30% 27% 26% 26% 26%
30% 27% 27% 27% 27% 25%
25% 20%
2013 2014 2015 2016
20%
2013 2014 2015 2016
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Source: ACC(C) annual report

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台灣市場

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高度集中的市場與穩定的價格

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• 房地產需求疲弱影響市場需求

• 前瞻基礎建設投入 NT$4200 億元，預計推動 2018~2021 水泥需求增長

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91.58% 對中國水泥反傾銷稅

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2011/5/30~2022/2/19
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• 前兩大業者佔有 75% 產量

• 對中國反傾銷稅延展至 2022 年，有助於維持價格 穩定

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Source: Taiwan Cement Manufacturers’ Association, TCMA

穩定的銷量與市占率

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• 國內市占率介於 26%-28%

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Cement & Clinker Sales
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• 不包含外購貿易量 , 2017 前三季約 0.1mt

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Anti-dumping
Market Share(%)
30%
28%
28% 27% 27% 27%
26%
26%
24%
24%
22%
20%
2012 2013 2014 2015 2016 1-3Q17
•
外銷市場區域分布
Export Area & Distribution
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股利政策

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穩定配息與殖利率

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Payout ratio(%)
120%
股利政策：
100%
98% 100% 100% 99% 至少發放可分配盈餘
90%
80%
81% 83% 80% 84% 81% 之80%
60%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
4.0
NT$/share
Total dividend
Cash dividend
3.0
Stock dividend
3.0
2.6
2.2
2.1 2.1 2.1
2.0
1.9
2.0
1.1
2.2 0.9
1.0 2.4 2.3
1.8 1.8 1.9 1.7 1.8
1.1
0.9
0.0
8%
Dividend yield(%)
6%
6.4%
6.2%
5.9%
5.6%
5.4%
4% 4.3% 4.7% 4.8% * 殖利率計算方式以現金股利除以過
去 12 個月平均股價
3.1% 3.3%
2%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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Appendix

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損益表

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NT$百萬
	3Q17 3Q16	YoY	1-3Q17 1-3Q16	YoY
營業收入 營業成本 營業毛利	16,538 15,037 10% 45,349 44,104 14,055 12,966 8% 39,387 38,443 2,484 2,071 20% 5,962 5,662 659 591 11% 1,763 1,624 1,825 1,480 23% 4,197 4,039 814,735. (101) 1,031,659. (714) 1,085 375 1,887 652 (405) (384) (1,356) (1,199) 15 4 321 393 81 49 183 203 (15) (142) (356) (437) 54,282. 3,361.00 - 353,000. 326,418.00 - 2,639 1,378,506. 5,229 3,325 405 208 900 623 2,235 1,170,163. -91% 4,329 2,702			3% 2% 5%
營業費用 營業利益				9% 4%
業外損益 權益法投資 財務成本 股利收入 投資性不動產利益(損失) 匯兌利益(損失) 其他 稅前淨利 所得稅 稅後淨利				60%
歸屬於母公司 少數股權	1,925 937 106% 3,778 2,342 309 233,579. 552 360,365.			61%
EPS (NT$/share)	0.61 0.30 106% 1.20 0.75			61%
毛利率	15.0% 13.8% 13.1% 12.8%
營業利益率	11.0% 9.8% 9.3% 9.2%
EBITDA margin	18.2% 19.8% 17.5% 18.8%

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分部門營運表現

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NT$ 百萬

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3Q17 3Q16 YoY 1-3Q17 1-3Q16 YoY
營業收入 16,538 15,037 10% 45,349 44,104 3%
水泥 11,907 11,196 6% 34,011 33,469 2%
電力 2,096 1,818 15% 4,604 4,598 0%
不鏽鋼 1,643 1,236 33% 4,459 3,664 22%
其他 892 787 13% 2,275 2,373 -4%
營業成本 14,055 12,966 8% 39,387 38,443 2%
營業毛利 2,484 2,071 20% 5,962 5,662 5%
營業費用 659 591 11% 1,763 1,624 9%
營業利益 1,825 1,480 23% 4,197 4,039 4%
水泥 1,063 682 56% 2,639 2,103 26%
電力 490 534 -8% 851 1,158 -27%
不鏽鋼 20 61,615. 68% 137 176,738. 23%
其他 252 203 25% 571 601 -5%
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Operating Revenue Breakdown, 1-3Q16

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資產負債表

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NT$ 百萬

	3Q17	2016
流動資產	47,912	42,149
現金及約當現金	7,620	7,450
短期投資	11,367	9,182
其他	28,925	25,517
非流動資產	198,340	196,322
長期投資	84,799	80,698
固定資產	90,457	94,114
無形資產	4,731	4,867
其他	18,353	16,643
總資產	246,252	238,471
流動負債	53,007	40,858
短期債務	44,358	31,758
其他	8,649	9,099
非流動負債	49,217	56,950
應付公司債	10,000	14,095
銀行借款	29,370	32,843
其他	9,847	10,013
總負債	102,224	97,808
總股東權益	144,028	140,663
淨值/股(NT$)	37.6	36.5
ROE	4.0%	3.1%
Net Gearing Ratio	51.3%	50.6%
Note: Net gearing =淨負債/ (總股東權益-少數股權)

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亞泥中國損益表

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RMB 百萬

3Q17 3Q16	YoY	1-3Q17 1-3Q16	YoY
營業收入 1,830 1,530 20% 5,189 4,339 20% 營業成本 1,435 1,249 15% 4,176 3,604 16% 營業毛利 395 281 41% 1,014 735 38% 營業外利益(損失) 4 11 -65% 53 (9) -702% 銷售費用 103 112 -7% 293 320 -8% 行政費用 67 66 2% 195 204 -4% 營業利益 228 115 99% 578 202 186% 財務成本 59 56 5% 214 154 39% 權益法投資 1 (0) 2 2 稅前淨利 170 58 195% 365 50 636% 所得稅 61 30 165 82 稅後淨利 109 28 292% 200 (33) -711% 歸屬於母公司 104 24 185 (41) -555% 少數股權 6 4 -45% 15 8 87% EPS (RMB/share) 0.07 0.01 0.12 (0.03) -552%
毛利率 21.6% 18.3% 19.5% 16.9%
營業利益率 12.5% 7.5% 11.1% 4.7%
稅後淨利率 6.0% 1.8% 3.9% -0.8%
EBITDA margin 0.0% 21.7% 0.0% 19.8%

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Capacity in Jiangxi, China

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Capacity in Hualien, Taiwan Capacity in Jiangxi, China

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Thank you

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ir@acc.com.tw http:// www.acc.com.tw

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