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ACC Investor Presentation 2020

Aug 10, 2020

51736_rns_2020-08-10_5c6486dc-4d7d-4cd9-a0a8-d6f050b2bb21.pdf

Investor Presentation

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

IR presentation

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Aug 2020

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.

2

Table of Contents

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  • Company Snapshot

  • Financial Highlights

  • Asia Cement (China) Operating Data

  • Shanshui Cement Operating Data

  • PRC Industry Overview

  • Taiwan Industry Overview

  • Financials

  • CSR Achievements

3

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Company Snapshot

4

Company Snapshot

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Market Cap: US$ 4.9 bn / NT$ 147.2 bn (as of 14 May 2020)

Consolidated Entities

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Asia Cement
(1102 TT)
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•
Established in 1957
ACC •
2 [nd] largest cement producer
Taiwan
•
Cement capacity: 5.0 mtpa.
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• 10 [th] largest cement producer
AC(China) •
In Central and Southwest China
(743 HK)
•
Cement capacity: 33.0 mtpa.
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• LNG fired IPP (8% of revenue) Other • Cold rolled stainless steel Business (6% of revenue)

Equity Investments

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FENC U-Ming Shanshui
(1402 TW) Marine Cement
(2606 TW) (691 HK)
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5

ACC Taiwan & Other Business

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1. Cement: 2nd Largest Cement Player in Taiwan.

2. IPP: Expanding phase II project with 500MW, COD on 1Q21.

3. Stainless Steel: Producing 300 and 400 series products, export oriented.

Cement market share in TW

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TCC (As of 2019)
Import
30%
20%
ACC
Others
27% 23%
Capacity in TW
Hsinchu
plant
Nanhwa Hualian plant
grinding
station
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IPP Phase II project in TW

Phase I：670MW Phase II：500MW

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Phase I：670MW
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2018 1Q21
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6

AC(China) Overview

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1. Located in the Yangtze River Economic Belt.

2. Leading player in top-tier cities of each operating province.

Chengdu market share 42% No. 1

Wuhan

Jiujiang and Nanchang

market share 36% and 25% No. 1 and No.2

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2019 Cement Capacity
33mtpa
Sichuan
11 mt Jiangxi
33% 14 mt
43%
Hubei
8 mt
24%
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market share

23% No. 1

7

Shanshui Cement Overview

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1. One of the major cement producers in Northern China.

2. 7[th] largest National wide and 2[nd] largest in Shandong province.

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2019 Cement Capacity
102mtpa
Xinjiang
4 mt
4%
Northeast
China
27 mt
27%
Shandong
55 mt
Shanxi 54%
16 mt
15%
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Note: Northeast China region includes Liaoning province and Inner Mongolia. Source: China Shanshui Cement Group Ltd. 2019 financial report and 2019 annual report.

8

Investment in Shanshui

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Timeline

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ACC began
to invest
Shanshui
2010
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Reclassified
ACC
the stake as
entered the
equity
BOD
investment
5/2018 10/2018
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Shanshui Shareholder Structure

Prior EGM 2018/10/30

Current

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China
China Shanshui ACC & Voting
Alliance
Shanshui ACC & Voting Investment
20.74%
Investment Alliance 19.47%
25.09% 26.72%
CNBM
Tianrui
12.94%
Group
CNBM
Tianrui
21.85%
16.67%
Group Others
28.16%
Others 25.00%
3.36%
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Note: Asia Cement holds 17.46%, and 3.28% of the interests are held through agreement to acquire interests in the Company, required to be disclosed under s.317(1)(a) and s.318 of the SFO.

Source: http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/1030/LTN20181030956_C.pdf.

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Investment Portfolio in Far Eastern Group

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NT$ mn
Incor-
porated
Year		 Investees Stock
Code		 Holdings Category Company Introduction
2004
1997
1992
1975		 Asia Cement (China) Holdings Corp.
743 HK
67.7%
Consolidation Top 10 cement producer in China
Far EasTone Telecommunications Ltd.
4904 TT
1.0%
FVTOCI
Top 3 telecom company in Taiwan
Far Eastern International Bank
2845 TT
2.4%
FVTOCI
Provide diversified financial services in
Greater China
Oriental Union Chemical Corp.
1710 TT
7.2%
FVTOCI
Important supplier of EG and chemical
products in Asia-Pacific
1968 U-Ming Marine Transport Corp.
2606 TT
39.3%
Equity Method Largest dry bulk carrier in Taiwan
1967 Far Eastern Department Stores Ltd.
2903 TT
5.7%
FVTOCI
Leading retailer of department store and
supermarket in Taiwan
1949 Far Eastern New Century Corp.
1402 TT
23.8%
Equity Method
Holding Company of Far East Group.
Core business integrated from
petrochemical to textile.

Note: Asia Cement comprehensively holds 72.0% of Asia Cement(China) Holdings. (100%-owned AC(Singapore) holds a 4.1% stake and Asia Engineering Pte. holds a 0.2% stake of Asia Cement(China))

10

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Financial Highlights

11

Asia Cement (1102 TW): Robust financial structure and high dividend payout

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NT$ mn NT$ mn CAPEX Operating Cash Flow
CAPEX Operating Cash Flow
120,000 Net Debt Net Gearing Ratio 60% 37,272
37,272
48%
90,000 39% 45%
60,763 27% 28%
60,000 54,341 30%
12,817
39,538 39,966 10,711
8,139 10,711
8,139
30,000 15% 4,275 3,755
1,250 1,157 4,275 3,755
1,157 1,684 2,095
0 0% 2016 2017 2018 2019
2017 2018 2019 1Q20
2017 2018 2019 1Q20
NT$/share, % NT$/share
8
50 16%
Book Value ROE
6
45 12.3% 12%
43.5
10.7%
4
42.3
41.0
8.4%
40 8%
37.9 2
35 4.4% 4% 0
2017 2018 2019 1Q20
EPS 1.63 3.31 5.19 0.22
DPS 1.20 2.80 3.00
30 0%
2017 2018 2019 1Q20 12
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Note: EPS is calculated using total outstanding shares.

Asia Cement (China)(743 HK): Excellent rofitabilit and rich cash flow p y

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R$ mn R$ mn CAPEX Operating Cash Flow
Net Debt Net Gearing Ratio
7,500 50%
40.0%
4,883
6,000 40%
4,500 3,963 30%
3,000 13.4% 20% 2,908
1,621
1,500 10%
(1,728) (2,270) 1,520
0 0%
1,169
-1,500 -10%
135 154 228 143
-12.1%
-3,000 -15.8% -20%
2017 2018 2019 2Q20 2017 2018 2019 1H20
R$/share
R$/share, %
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15 Book Value ROE 30%
23.9%
25%
12 22.0%
18.6%
9.1 20%
9 7.7 9.2
6.3 15%
6
10%
3 6.3%
5%
0 0%
2017 2018 2019 2Q20
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3.0
2.5
2.0
1.5
1.0
0.5
0.0
2017 2018 2019 1H20
EPS 0.38 1.55 2.01 0.56
DPS 0.155 0.62 0.5
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Asia Cement (China) Operating Data

14

AC(China): Regional P.O42.5 Price & Inventory Level

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Unit: R$/t ; %

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Jiangxi (Nanchang)
R$/t Inventory Level Market Price %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Sichuan (Chengdu)
R$/t Inventory Level Market Price %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Hubei (Wuhan)
R$/t Inventory Level Market Price %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Jiangsu (Nanjing)
Inventory Level Market Price
R$/t %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Source: Digit Cement. Inventory level is based on the average of province.

15

AC(China): Quarterly ASP and GP/t

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R$/t
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ASP by Quarter
1Q171Q17 2Q172Q17 3Q173Q17 4Q174Q17 1Q181Q18 2Q182Q18 3Q183Q18 4Q184Q18 1Q191Q19 2Q192Q19 3Q193Q19 4Q194Q19 1Q201Q20 2Q202Q20
221 233 230 285 314 319 339 391 368 380 366 403 385 344
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R$/t
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GP/t by Quarter

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1Q171Q17 2Q172Q17 3Q173Q17 4Q174Q17 1Q181Q18 2Q182Q18 3Q183Q18 4Q184Q18 1Q191Q19 2Q192Q19 3Q193Q19 4Q194Q19 1Q201Q20 2Q202Q20
23 55 48 99 104 127 133 167 149 186 151 178 178 144
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Note: According to IFRS, losses on work stoppages, which is the fixed operating cost RMB 115mn in 1Q20, were recognized as operating expense.

16

AC(China): 2Q20 Operating Data

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R$/t
RMC:R$/mm [3]
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ASP

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2Q19 2Q20
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485
462
380
344 346
281
68 62
Cement Clinker RMC Aggregate
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mt
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Shipment

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----- Start of picture text -----

RMC:mm [3]
2Q19 2Q20
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8.1
7.7
1.0 1.1
0.3 0.4 0.5 0.4
Cement Clinker RMC Aggregate
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Note: Net of VAT
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Gross Margin

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2Q19 2Q20
82%
76%
53%
49%
42%
39%
16%
14%
Cement Clinker RMC
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Aggregate

17

AC(China): 2Q20 Operating Data

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Cement Product by Regions

ASP

Shipment

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R$/t
2Q19 2Q20
415
388
354 366 357 355
342 336
Jiangxi Hubei Sichuan Jiangsu
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mt
2Q19 2Q20
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2.9 2.9
2.6 2.6
1.8
1.5
0.8 0.8
Jiangxi Hubei Sichuan Jiangsu
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Product Type

18

AC(China): 1H20 Operating Data

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R$/t
ASP
RMC:R$/mm [3]
1H19 1H20
489
469
375
355
309
292
63 63
Cement Clinker RMC Aggregate
Note: Net of VAT
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mt
Shipment
RMC:mm [3]
13.6 1H19 1H20
10.3
2.0 1.9
1.1 0.8 0.8 0.5
Cement Clinker RMC Aggregate
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Gross Margin

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1H19 1H20
80%
74%
46%
43% 43%
37%
16%
14%
Cement Clinker RMC
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Aggregate

19

AC(China): 1H20 Operating Data

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Cement Product by Regions

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R$/t
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ASP

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mt
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Shipment

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----- Start of picture text -----

1H19 1H20
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1H19 1H20

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408
383
350 353 363 366 348 366
Jiangxi Hubei Sichuan Jiangsu
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4.9
4.5
3.9
3.6
2.9
1.8
1.3
1.1
Jiangxi Hubei Sichuan Jiangsu
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Product Type

20

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Shanshui Cement Operating Data

21

Shanshui: Regional P.O42.5 Price & Inventory Level

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Unit: R$/t ; %

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Shandong (Jinan)
R$/t Inventory Level Market Price %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Inner Mongolia (Hohhot)

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Inventory Level Market Price
R$/t %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Shanxi (Taiyuan)
R$/t Inventory Level Market Price %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
Liaoning (Shenyang)
Inventory Level Market Price
R$/t %
600 90
550
80
500
70
450
400 60
350
50
300
40
250
200 30
Jan-19 Apr-19 Jul-19 Sep-19 Dec-19 Apr-20 Jun-20
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Source: Digit Cement. Inventory level is based on the average of province.

22

Shanshui: 2019 Operating Data

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R$/t ASP mt Shipment
RMC:R$/mm [3] 2018 2019 RMC:mm [3 ] 2018 2019
47.5
493
39.2
456
361
335
269 276
10.0
8.2
Cement Clinker RMC Cement Clinker
Note: Net of sales tax and surcharge.
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Shipment

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10.0
8.2
2.9 3.2
Clinker RMC
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25

Source: China Shanshui Cement Group Ltd. 2019 annual report.

Shanshui: 2019 Operating Data

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Cement Product by Regions

Shipment

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R$/t ASP mt Shipment
2018 2019 2018 2019
28.3
466
418 410 24.8
372
253 285 272 262
12.2
9.1
5.7
4.2
1.1 1.4
Shandong Shanxi Northeast Xinjinag Shandong Shanxi Northeast Xinjinag
Note: Net of sales tax and surcharge.
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Product Type

Source: China Shanshui Cement Group Ltd. 2019 annual report

26

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PRC Industry Overview

27

China Cement Demand Outlook

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Infrastructure :

  • RMB$3.75 tn local government special bond for 2020 (RMB$2.15 tn for 2019) and RMB$1 tn special central government bond all indicate sufficient funding for infrastructure investment growth in 2H20 and 2021.

: Property

  • Housing demand is benefiting from policy easing.

  • Construction activities are expected to continue to accelerate in 2H20.

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mt 2021-2023: Plateau Period with Well-controlled Supply and Stable Demand
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3,000
2,476
2,414 2,403
2,500 2,348 2,316 2,330
2,184 2,177
2,063
1,868
2,000
1,629
2016-2020:
1,388
1,500 2012-2015: YoY-4.8%
“New Normal Economy”
2009-2011: Demand slowed urges Supply-Side 998
1,000
Demand boosted by down and oversupply Reform and industry
R$4 trillion stimulus weakened ASP evolution.
500
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 6M20
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Source: ccement, National Bureau of Statistics

28

China Cement Industry Policy Trend

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Control capacity expansion

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  1. Prohibit using outdated pipelines for capacity swap.

  2. Tightening regulation for crossprovincial capacity swap.

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Phase out capacities by lifting industry standards

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  1. Raise UT rate from 70% to 80%.

  2. Eliminate PC 32.5R grade of cement.

  3. Promote intelligent manufacturing.

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Blue sky protection campaign carries on

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  1. Production halt has continued to contribute to supply discipline since 2016.

  2. Stricter regulations developing into ultra low emission and differentiation.

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Encourage consolidation

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  1. M&A, cross holding, JVs, sales platform

  2. Subsidizing the exiting capacity with decapacity funds.

Source: China Cement Association “De-capacity action plan”, ”Cement industry 13[th] five year plan”, PRC State Council “Guiding policies to facilitate structural upgrade of building materials industry”

29

Jiangxi: Guaranteed Mid-long Term Demand

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Beijing
Nanchang-Jiujiang to be 1. 2020 annual investment plan reached
an important section of
RMB$239 bn, YoY+16.5%.
the national project
Jiujiang
Beijing-HK HSR 2. Major projects:
construction started in 2020
Estimated
Nanchang
Projects Construction
Period
Jian Nanchang-Jiujiang High-speed
2020~2023
Ganzhou Railway
Anqing-Jiujiang High-speed Railway 2018~2022
Nanchang-Huangshan High-speed
2019~2023
Railway
Shenzhen Expansion of Nanchang City Ring
2020~TBD
Expressway
Hong Kong
Nanchang-Huangshan
High-speed Railway
Huangshan
Jingdezhen
Jiujiang
Nanchang
Nanchang
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30
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Source: Jiangxi Provincial Development and Reform Commission, Sina news, people.cn

Sichuan: Gateway to the West

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Sichuan-Tibet Railway

  1. Hub of coordinated development between eastern and western regions.

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  1. Primary beneficiary of Western Development.

  2. Major projects:

Projects Estimated
Construction
Period
Sichuan-Tibet Railway 2013~2026
High-speedrailways along theYangtzeRiver 2020~2025
Xian-ChengduHigh-SpeedRailway 2019~2025
Transportation Integration of Chengdu-
ChongqingTwin Cities Economic Circle		 2020~2022

High-speed Railways along the Yangtze River

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Nanjing
Hefei
Chengdu
Jingzhou
Shanghai
Wuhan
Chongqing
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----- Start of picture text -----

Chengdu
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Source: National Development and Reform Commission, Xinhua news agency, ccement, itw01.com

31

Hubei: Post-pandemic Surge of Infrastructure Projects

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Two Great Bridges to Be Constructed in Wuhan

infrastructure after Covid-19

  1. 14[th] Five-Year Comprehensive Transportation Plan of Wuhan 3. Major projects:

Shuangliu Bridge

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Wuhan
City
Guanggu Bridge
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Estimated Projects Construction Period Wuhan west railway station 2021~TBD Wuhan-Dawu Highway 2018~2021 Wuhan-Yangxin Expressway 2018~2020 Shuangliu Yangtze Great Bridge 2020~TBD Guanggu Yangtze Great Bridge 2020~TBD Expansion of Tianhe International Airport 2020~TBD

Wuhan West Railway Station

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Wuhan
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Source: Hubei Provincial Development and Reform Commission, ccement, Fang.com, Tencent news

32

==> picture [54 x 49] intentionally omitted <==

Taiwan Industry Overview

33

Taiwan Cement Market

==> picture [54 x 49] intentionally omitted <==

Demand getting warm since 2018

ASP remain steady

mt

NT$/t

91.58% Anti-dumping tariff

==> picture [699 x 198] intentionally omitted <==

----- Start of picture text -----

20 Cement Consumption 5% 8% 2,600
imposed on cement products from China
YoY(%)
2011/5/30~2022/2/19
4%
2,500
15
2,400
12.5
11.7 11.4 0% 2,400
10.7
10.3 10.2
2,279
10 -4% 2,300
6.0
-8% 2,200
5
-12% 2,100
2,100
0 -16% 2,000
2014 2015 2016 2017 2018 2019 1H20 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q20
----- End of picture text -----

  1. Central government proposed the Forward-looking Infrastructure Development Program (2018-2021) with a budget of NT$420 bn.

  2. ASP remains steady since antidumping tariff blocked import from China.

  3. Trade frictions prompt Taiwanese corporate to return to invest in Taiwan.

Note: consumption ＝ local ＋ imports

Source: National Development Council, Taiwan Cement Manufacturers’ Association

34

ACC Taiwan Outlook: Improving sales and margins

==> picture [54 x 49] intentionally omitted <==

Domestic market shares

  1. Local sales improved in 2020.

  2. Gross margin continued to pick up on lower coal cost.

==> picture [330 x 155] intentionally omitted <==

----- Start of picture text -----

40%
30% 27% 27%
26% 24% 24%
23%
22%
20%
10%
0%
2014 2015 2016 2017 2018 2019 1H20
----- End of picture text -----

==> picture [340 x 213] intentionally omitted <==

----- Start of picture text -----

mt Cement and Clinker Sales
Local sales
YoY +0.9% Export sales
2.6 2.6
YoY +9.5%
1.3 1.4
1.3 1.3
0.7
0.5
2018 2019 1H19 1H20
----- End of picture text -----

ACC(Taiwan) Gross Margin

==> picture [339 x 177] intentionally omitted <==

----- Start of picture text -----

14%
12%
10%
8%
6%
4%
2%
0%
2014 2015 2016 2017 2018 2019 1Q20
----- End of picture text -----

35

==> picture [54 x 49] intentionally omitted <==

Financials

36

Steady Payout with Enjoyable Yields

==> picture [54 x 49] intentionally omitted <==

Note1: Payable EPS= Net income – Investment property adjustment Note2: Dividend yield= Cash dividend / Last 12-month average share price

37

Summary of P&L

==> picture [54 x 49] intentionally omitted <==

NT$ mn

1Q20 1Q19 YoY 2019
2018		 YoY
Operating Revenue
Operating Cost
Net Gross Profit
SG&A expenses
Operating profit		 13,139
10,441
2,698
676
2,022		 19,386
14,727
4,659
881
3,778		 -32%
89,348
82,741
-29%
63,747
61,585
-42%
25,601
21,156
-23%
3,523
3,018
-46%
22,063
18,153
6,330
2,217
-53%
5,490
4,144
1,638
2,343
637
655
2,212
377
1,004
770
(695)
(1,303)
451
435
(260)
91
1,129
(256)
198
98
16
(992)
28,393
20,370
-70%
22,244
14,889
-75%
17,460
11,117
-75%
5.56
3.54
28.7%
25.6%
24.7%
21.9%
19.5%
13.4%		 8%
4%
21%
17%
22%
32%
49%
57%
57%
Non-operating income(net)
Equity Income		 (453)
158		 966
335
Far Eastern New Century Corp.
U-Ming Marine Transport Corp.
Shanshui Cement Co. Ltd.
Others		 333
(152)
(342)
319		 331
37
(169)
136
Net Interest Expense
Dividend Income
Gain (loss) on exchange
Gain (loss) on FVTPL Financial Assets and Liabilities
Gain (loss) on Investment Property
Others
Pre tax Income
Net income		 (81) (262)
3
22
760
35
3
77
(641)
34
(3) 73
1,568 4,743
1,131 3,810
Profit Attributable to Owners of Parent
EPS (NT$/share)		 744
0.24		 2,929
0.93
Gross margin 20.5% 24.0%
Operating margin 15.4% 19.5%
Net margin 5.7% 15.1%

38

Performance by Segments

==> picture [54 x 49] intentionally omitted <==

Note: Cement revenue= Taiwan cement operation(cement, RMC and other downstream value chain) + China cement operation
NT$ mn
1Q20
1Q19
YoY
2019
2018
YoY
Operating Revenue
13,139
19,386

-32%
89,348
82,741
8%
Cement business
10,116
15,641

-35%
73,849
67,340
10%
Power business
1,390
1,577

-12%
7,115
6,682
6%
Stainless Steel business
1,007
1,649

-39%
5,439
5,677
-4%
Others
626
519

21%
2,945
3,042
-3%
Operating Cost
10,441
14,727
-29%
63,747
61,585
4%
Net Gross Profit
2,698
4,659
-42%
25,601
21,156
21%
SG&A expenses
676
881
-23%
3,523
3,018
17%
Operating profit
2,022
3,778
-46%
22,063
18,153
22%
Cement business
1,663
3,550
-53%
19,974
15,952
25%
Power business
292
245
19%
1,382
1,206
15%
Stainless Steel business
(24)
30
NA
85
120
-29%
Others
90

(48)
NA
622
876
-29%		 Note: Cement revenue= Taiwan cement operation(cement, RMC and other downstream value chain) + China cement operation
NT$ mn
1Q20
1Q19
YoY
2019
2018
YoY
Operating Revenue
13,139
19,386

-32%
89,348
82,741
8%
Cement business
10,116
15,641

-35%
73,849
67,340
10%
Power business
1,390
1,577

-12%
7,115
6,682
6%
Stainless Steel business
1,007
1,649

-39%
5,439
5,677
-4%
Others
626
519

21%
2,945
3,042
-3%
Operating Cost
10,441
14,727
-29%
63,747
61,585
4%
Net Gross Profit
2,698
4,659
-42%
25,601
21,156
21%
SG&A expenses
676
881
-23%
3,523
3,018
17%
Operating profit
2,022
3,778
-46%
22,063
18,153
22%
Cement business
1,663
3,550
-53%
19,974
15,952
25%
Power business
292
245
19%
1,382
1,206
15%
Stainless Steel business
(24)
30
NA
85
120
-29%
Others
90

(48)
NA
622
876
-29%		 Note: Cement revenue= Taiwan cement operation(cement, RMC and other downstream value chain) + China cement operation
NT$ mn
1Q20
1Q19
YoY
2019
2018
YoY
Operating Revenue
13,139
19,386

-32%
89,348
82,741
8%
Cement business
10,116
15,641

-35%
73,849
67,340
10%
Power business
1,390
1,577

-12%
7,115
6,682
6%
Stainless Steel business
1,007
1,649

-39%
5,439
5,677
-4%
Others
626
519

21%
2,945
3,042
-3%
Operating Cost
10,441
14,727
-29%
63,747
61,585
4%
Net Gross Profit
2,698
4,659
-42%
25,601
21,156
21%
SG&A expenses
676
881
-23%
3,523
3,018
17%
Operating profit
2,022
3,778
-46%
22,063
18,153
22%
Cement business
1,663
3,550
-53%
19,974
15,952
25%
Power business
292
245
19%
1,382
1,206
15%
Stainless Steel business
(24)
30
NA
85
120
-29%
Others
90

(48)
NA
622
876
-29%		 Note: Cement revenue= Taiwan cement operation(cement, RMC and other downstream value chain) + China cement operation
NT$ mn
1Q20
1Q19
YoY
2019
2018
YoY
Operating Revenue
13,139
19,386

-32%
89,348
82,741
8%
Cement business
10,116
15,641

-35%
73,849
67,340
10%
Power business
1,390
1,577

-12%
7,115
6,682
6%
Stainless Steel business
1,007
1,649

-39%
5,439
5,677
-4%
Others
626
519

21%
2,945
3,042
-3%
Operating Cost
10,441
14,727
-29%
63,747
61,585
4%
Net Gross Profit
2,698
4,659
-42%
25,601
21,156
21%
SG&A expenses
676
881
-23%
3,523
3,018
17%
Operating profit
2,022
3,778
-46%
22,063
18,153
22%
Cement business
1,663
3,550
-53%
19,974
15,952
25%
Power business
292
245
19%
1,382
1,206
15%
Stainless Steel business
(24)
30
NA
85
120
-29%
Others
90

(48)
NA
622
876
-29%		 Note: Cement revenue= Taiwan cement operation(cement, RMC and other downstream value chain) + China cement operation
NT$ mn
1Q20
1Q19
YoY
2019
2018
YoY
Operating Revenue
13,139
19,386

-32%
89,348
82,741
8%
Cement business
10,116
15,641

-35%
73,849
67,340
10%
Power business
1,390
1,577

-12%
7,115
6,682
6%
Stainless Steel business
1,007
1,649

-39%
5,439
5,677
-4%
Others
626
519

21%
2,945
3,042
-3%
Operating Cost
10,441
14,727
-29%
63,747
61,585
4%
Net Gross Profit
2,698
4,659
-42%
25,601
21,156
21%
SG&A expenses
676
881
-23%
3,523
3,018
17%
Operating profit
2,022
3,778
-46%
22,063
18,153
22%
Cement business
1,663
3,550
-53%
19,974
15,952
25%
Power business
292
245
19%
1,382
1,206
15%
Stainless Steel business
(24)
30
NA
85
120
-29%
Others
90

(48)
NA
622
876
-29%
1Q20 1Q19 YoY
Operating Revenue
Cement business
Power business
Stainless Steel business
Others
Operating Cost
Net Gross Profit
SG&A expenses
Operating profit		 13,139
10,116
1,390
1,007
626
10,441
2,698
676
2,022		 19,386

15,641

1,577

1,649

519

14,727
4,659
881
3,778
Cement business
Power business
Stainless Steel business
Others		 1,663
292
(24)
90
 3,550
245
30
(48)

Revenue (1Q20)

39

Summary of Balance Sheets

==> picture [54 x 49] intentionally omitted <==

NT$ mn
1Q20 2019
2018
Current Assets
Cash&Cash equivalents
Short-term Investments
Others
Non-Current Assets
Long-term Investment
Fixed Assets
Intangible Assets
Other Assets
Total Assets
Current Liabilities
Short-term debt
Others
Non-Current Liabilities
Bonds Payable
Bank Loans
Others
Total Liabilities
Total Shareholders’ Equity
Book Value(NT$/Share)		 98,317
29,628
39,551
29,138
205,122
92,957
87,357
6,897
17,912
303,439
71,389
56,236
15,153
66,218
19,303
33,606
13,309
137,607
165,832
42.3		 89,242
80,359
24,735
14,929
31,724
27,170
32,783
38,259
208,036
198,829
96,140
88,646
86,858
88,515
7,000
3,695
18,038
17,975
297,279
279,188
74,336
62,804
55,895
50,655
18,440
12,150
53,494
57,335
19,281
12,193
20,821
33,594
13,392
11,549
127,829
120,140
169,449
159,048
43.5
41.0
ROE 10.7% 12.3%
8.4%
Net Debt
Net Gearing Ratio
Net Debt/EBITDA		 39,966
28.1%
1.5		 39,538
54,341
27.1%
39.4%
1.4
2.4

Note: Net gearing = Nebt debt / (total shareholders' equity - minority interest)

40

Summary of Cash Flow Statement

==> picture [54 x 49] intentionally omitted <==

NT$ mn 1Q19
YoY
2,929
1,239
3,852
(436)
(1,300)
6,285
-67%
(679)
(2,448)
(57)
(2,296)
(5,479)
NA
(56)
0
116
60
21396%
203
1,069
358%
5,606
-93%		 2018
YoY
11,117
4,919
(7,479)
(3,051)
5,205
10,711
248%
(4,275)
(9,538)
(556)
(90)
(14,459)
NA
15,793
(4,034)
(768)
10,992
NA
(54)
7,190
36%
6,436
421%		 YoY
1Q20 1Q19 2019 2018
Net Income
Depr&Amort
Changes of non-cash WC
Disposal/(Acquisition) of FVTPL FA(1)
Other Ope. CF Items
Operating Cash Flow
CAPEX
Disposal/(Acquisition) of AC FA(2)
Disposal/(Acquisition) of FVTOCI FA
Other Inv. CF Items
Investing Cash Flow
Changes in Debt/Borrowings
Dividends Paid
Other Fin. CF Items
Financing Cash Flow
Effect of FX
Net Changes in Cash
Free Cash Flow		 744
1,228
2,119
(834)
(1,163)
2,095
(1,684)
(7,159)
(1,145)
(81)
(10,070)
13,018
0
(57)
12,961
(93)
4,893
410		 2,929
1,239
3,852
(436)
(1,300)
6,285
(679)
(2,448)
(57)
(2,296)
(5,479)
(56)
0
116
60
203
1,069
5,606		 17,460
6,120
5,798
5,660
2,234
37,272
(3,755)
(8,716)
(275)
(2,721)
(15,466)
254
(9,412)
(2,005)
(11,163)
(836)
9,806
33,517		 11,117
4,919
(7,479)
(3,051)
5,205
10,711
(4,275)
(9,538)
(556)
(90)
(14,459)
15,793
(4,034)
(768)
10,992
(54)
7,190
6,436

Note1: Under the IFRS 9 applied since 2018, mutual fund investment has been classified as operating activities. Note2: Mainly over 3 months time deposit.

41

AC(China): Summary of P&L

==> picture [54 x 49] intentionally omitted <==

RMB$ mn
2Q20 2Q19 YoY
1H20
1H19
YoY
Operating revenue
Operating cost
Gross Profit
Other net income/(loss)
Selling&marketing costs
Administative expenses
Operating income
Finance costs
Shares of results of jointly controlled entities
Pre tax Income
Tax
Net Income		 3,027
1,799
1,228
17
115
66
1,063
42
3
1,024
335
690		 3,531
1,873
1,658
48
122
130
1,453
75
2
1,380
414
966		 -14%
4,314
6,043
-29%
-4%
2,528
3,400
-26%
-26%
1,786
2,643
-32%
74
93
179
221
251
242
-27%
1,431
2,274
-37%
95
143
1
2
1,337
2,134
427
585
-29%
910
1,549
-41%
-29%
878
1,510
-42%
31
38
-29%
0.56
0.96
-42%
41.4%
43.7%
33.2%
37.6%
20.4%
25.6%
43.8%
44.5%
-22%
1,888
2,690
-30%
Profit Attributable to Owners of Parent
Minority interests
EPS (RMB$/share)		 668
21
0.43		 942
24
0.60
Gross margin 40.6% 47.0%
Operating margin 35.1% 41.2%
Net margin 22.1% 27.4%
EBITDA margin 43.0% 47.2%
EBITDA 1,302 1,667

Note: According to IFRS, losses on work stoppages, which is the fixed operating cost RMB 115mn in 1Q20, were recognized as operating expense.

42

AC(China): Summary of Balance Sheets

==> picture [54 x 49] intentionally omitted <==

RMB$ mn
2Q20 1Q20
2019
Current Assets
Inventories
Trade and other receivables
Bank balances and cash
Non-Current Assets
Property,Plant&Equipment
Total Assets
Current Liabilities
Borrowings- due within one year
Trade and other payables
Non-Current Liabilities
Borrowings- due after one year
Total Liabilities
Total Equity
Equity Attributable to Parent
Book Value(RMB/Share)		 12,274
726
2,367
9,157
11,112
7,803
23,387
6,199
4,592
1,246
2,497
2,295
8,696
14,690
14,359
9.2		 14,490
12,620
803
674
3,079
3,963
10,583
7,943
11,239
11,366
7,918
8,077
25,729
23,986
6,539
7,695
4,387
4,770
1,807
2,174
4,327
1,647
4,105
1,444
10,866
9,343
14,863
14,643
14,474
14,264
9.2
9.1
ROE 18.6% 20.6%
23.9%
ROA 11.1% 12.0%
14.1%
Net Gearing Ratio -15.8% -14.4%
-12.1%
Net Debt (2,270) (2,091)
(1,728)

Note: Net gearing = Net debt / (total shareholders’ equity – minority interests)

43

AC(China): Summary of Cash Flow Statement

==> picture [54 x 49] intentionally omitted <==

RMB$ mn 2Q19
YoY
1,394
-23%
(617)
NA
574
NA
1,351
NA		 1H20
1H19
YoY
1,520
2,307
-34%
(143)
(54)
NA
(21)
(207)
NA
(285)
(231)
NA
1,214
1,869
-35%
2Q20 2Q19
Net Income
Depr&Amort
Changes of non-cash WC
Other Ope. CF Items
Operating Cash Flow
CAPEX
Other Inv. CF Items
Investing Cash Flow
Changes in Debt/Borrowings
Dividends Paid
Other Fin. CF Items
Financing Cash Flow
Net Changes in Cash
Free Cash Flow		 1,073
(1)
(2,498)
(1,426)		 1,394
(617)
574
1,351

44

Shanshui: Summary of P&L

==> picture [54 x 49] intentionally omitted <==

RMB$ mn YoY
1H20
1H19
1%
8,747
9,441
2%
5,725
6,159
-1%
3,022
3,282
295
115
251
274
1,107
1,184
17%
1,959
1,939
185
244
9
19
1,783
1,714
459
508
20%
1,324
1,206
19%
1,297
1,196
27
9
0.30
0.27
34.5%
34.8%
22.4%
20.5%
14.8%
12.8%		 YoY
2Q20 2Q19
-7%
-7%
-8%
1%
10%
8%
Operating revenue
Operating cost
Gross Profit
Other net income/(loss)
Selling&marketing costs
Administative expenses
Operating income
Finance costs
Shares of results of jointly controlled entities
Pre tax Income
Tax
Net Income		 6,914
4,331
2,583
247
170
374
2,286
101
7
2,191
414
1,778		 6,865
4,265
2,600
103
175
570
1,958
62
16
1,912
434
1,478
Profit Attributable to Owners of Parent
Minority interests
EPS (RMB/share)		 1,679
98
0.39		 1,407
71
0.40
Gross margin 37.4% 37.9%
Operating margin 33.1% 28.5%
Net margin 24.3% 21.5%

45

Shanshui: Summary of Balance Sheets

==> picture [54 x 49] intentionally omitted <==

RMB$ mn
2Q20 2019
2018
Current Assets
Inventories
Trade and other receivables
Bank balances and cash
Non-Current Assets
Property,Plant&Equipment
Total Assets
Current Liabilities
Borrowings- due within one year
Trade and other payables
Non-Current Liabilities
Borrowings- due after one year
Total Liabilities
Total Equity
Equity Attributable to Parent
Book Value(RMB/Share)		 7,421
2,226
2,427
1,754
20,364
17,982
27,784
11,105
3,372
4,011
2,770
2,021
13,876
13,909
13,778
3.2		 6,217
5,858
1,995
1,459
1,937
2,127
1,364
1,304
20,611
20,215
18,331
18,131
26,828
26,073
11,182
13,228
3,911
5,919
3,742
3,240
3,046
3,258
2,249
2,501
14,227
16,486
12,600
9,586
12,497
9,522
2.9
2.2
ROE 25.1% 27.0%
32.7%
ROA 11.3% 11.2%
8.6%
Net Gearing Ratio 24.2% 36.5%
71.8%
Net Debt 3,329 4,567
6,839

Note: Net gearing = Net debt / (total shareholders’ equity – minority interests)

46

Shanshui: Summary of Cash Flow Statement

==> picture [54 x 49] intentionally omitted <==

RMB$ mn 2019
2018
YoY
2,973
2,197
1,533
1,395
(181)
(1,645)
(158)
234
4,167
2,180
91%
(1,105)
(713)
(461)
(136)
(1,567)
(849)
NA
(2,563)
(1,639)
0
339
0
0
9
952
(2,554)
(349)
NA
14
13
46
983
-95%
3,061
1,467
1H20
1H19
YoY
Net Income
1,196
Depr&Amort
721
Changes of non-cash WC
(401)
Other Ope. CF Items
126
Operating Cash Flow
1,602
1,642
-2%
CAPEX
(682)
Other Inv. CF Items
(76)
Investing Cash Flow
(456)
(758)
NA
Changes in Debt/Borrowings
(819)
Issuance of Common Stock
0
Dividends Paid
0
Other Fin. CF Items(1)
(11)
Financing Cash Flow
(742)
(830)
NA
Effect of FX
(14)
(2)
Net Changes in Cash
404
54
647%
Free Cash Flow
960

47

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CSR Achievements

48

ACC: Sustainable Mining Mountain

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Mining Monitoring

• 24/7 vibration monitoring to make explosion feelingless.

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Green Manufacturing

• Realizing waste reduction and energy reuse in production.

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Safe Mining Technique

• Inward stepping down method to lower the impact to the landscape.

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Flood Detention

• No landslide caused by the mining for 40 years.

49

Source: ACC CSR report

ACC: Local Care and Interactions

Providing job opportunities to local aboriginal people

Type Total Local Employees Local Employees Aboriginal People Aboriginal People
Number % Number %
Employee 306 293 96% 86 28%
Subcontractor 898 268 30% 446 50%
Total 1,204 561 47% 532 44%

Satisfying the needs of the community by applying the engineering expertise

Offering house repairing service, installing water tank and mountain spring water pipes, and electricity bill subsidy free of charge Source: ACC CSR report

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Communicating with outside and eliminating the doubts A global model mining mountain

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Periodically inviting local people to visit the limestone quarry and reporting water/soil preservation work, greening with vegetation, mining site safety Highly recognized by scholars from Japan, Australia, etc Supporting the education for aboriginal youth

Aboriginal students’ after-school learning

50

ACC: ESG Awards

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Taiwan & Global Corporate Sustainability Award: 2019 TCSA Top 50 2019 GCSA Great Practice

6 years listed in

“Taiwan Corporate Governance 100 Index” and “Taiwan High Salary 100 Index” by TWSE

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2019 Included as a member of the FTSE4Good TIP Taiwan Index by FTSE Russel

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TWSE Corporate Governance Evaluation: Top 6%~20%

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Asia Responsible Entrepreneurship Awards: 2019 Winner of Green Leadership

Carbon Disclosure Project:

2019 B List Ministry of Economics Affairs:

6 times award winner of Excellent Company in GHG Voluntary Reduction

51

Source: ACC CSR report

AC(China): Sustainable Green Cycling

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Strive to improve energy
•
4 mines listed as 2019 National
efficiency
Green Mine mcal / t 水泥耗能Energy consumption of cement
661.5
• Jiangxi Yadong awarded the 2 [nd] 662 658.8
658 654.3
prize of Green Mine Techniques
654
by Zhongguancun Green Mine 650
2017 2018 2019
Industry Alliance
Low-carbon
Sustainable
Mines Green Intelligent
Manufacturing
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Circular Social Economy Care

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Performance of Waste Disposal
廢棄物處置量
Amount of waste disposed
t
19,616
20,000
10,000 5,268
1,200
0
2017 2018 2019
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Assisting in community
infrastructure
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Source: AC(China) CSR report

52

AC(China): Lower Emissions and Energy Consumption

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Emissions
mg/m [3]
ACC Jiangxi ACC Hubei ACC Sichuan superior to ultra-low standard
267
198
85
63
25
6 9 8 5
SOSO22 NOXNOx Dust ParticlesDust Particles
Note: Averaged by capacity
Energy Consumption
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National standard

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120
110
110.3
100
103.3
90 93.7
80
78.6
70
60
50 57.1
40
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Coal consumption of Power consumption of Energy consumption of Power consumption of Energy consumption of clinker (kgce/t) clinker (kWh/t) clinker (kgce/t) cement (kWh/t) cement (kgce/t) Source: AC(China) CSR report

53

Capacity in Jiangxi, China

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54

Capacity in Hualien, Taiwan Capacity in Jiangxi, China

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55

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Thank you

[email protected] http:// www.acc.com.tw

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Q&A: Mining Concerns

ACC Eco-friendly Achievements

Download: ACC Financials

56

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