CMT — Investor Presentation 2021

Sep 27, 2021

股票代號：2612 TT

法人說明會 唐邦正 中國航運公司發言人

日期： 2021年9月29日

報告大綱

海岬型散裝輪營運展望

散裝海運市場最新發展

公司概況

附錄

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 1

營運展望

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

市場營運展望

海岬型散裝輪運價第三季再創新高

• 現貨日租金在九月創今年以來最高US$ 61,683，為2010年以來新高點。今年 一至九月，現貨日租金平均達US$ 29,464

• 鐵礦砂價格於第二季創十年新高，但受中國大陸抑制鋼鐵生產傳聞影響，鐵礦 砂價格一度回落至US$ 94/噸

==> picture [176 x 110] intentionally omitted <==

中國大陸鐵礦砂進口量持平

• 中國大陸今年一至八月鐵礦砂進口量年減約1.7%

• 港口庫存量及價格位處相對低點，有助於推升進口量

全球船隊噸位淨成長率降低

• 今年一至八月加入營運10-40萬載重噸級新船估計約61艘，拆船數量為13艘

==> picture [177 x 131] intentionally omitted <==

• 今年一至八月船舶噸位淨成長率約2.81%

短期市場展望

• 今年上半年各國鋼鐵產量增加，加上地緣政治因素帶動鐵礦砂及煤炭海運需求

• 第三季受疫情及氣候影響，運力吃緊供需呈正面發展，帶動現貨及遠期運費上 漲；長約價格亦同步調漲有助提升公司下半年營收

==> picture [176 x 124] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 3

第四季散裝海運市場關注焦點

==> picture [332 x 248] intentionally omitted <==

==> picture [56 x 55] intentionally omitted <==

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

1
----- End of picture text -----

==> picture [57 x 54] intentionally omitted <==

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

2
----- End of picture text -----

==> picture [57 x 58] intentionally omitted <==

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

3
----- End of picture text -----

==> picture [57 x 57] intentionally omitted <==

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

4
----- End of picture text -----

全球疫情反撲

疫苗施打覆蓋率雖有上升，變種病毒亦趁機 肆虐全球。中國大陸經濟持續增溫，全球 GDP可望於今年成長超過6%

中澳貿易關係緊張

中國大陸去年開始抵制澳洲煤炭，今年以來 仍未有所改善。澳洲增加出口至印度而大陸 持續轉向自印尼、俄羅斯等國進口

中國大陸鋼鐵減產令

大陸當局下令2021年鋼鐵生產總量不得超過 2020年，為市場投下震撼彈導致鋼價及鐵礦 砂價格回落，唯是否趁低價回補鐵礦砂庫存 仍有待觀察

各型散裝輪連動效應

受惠於港口壅塞惡化，各船型散裝輪現貨運 價於七月同步站上三萬美元，海岬型船隨後 更突破六萬美元。雖然運價短線震盪，市場 仍期待新一波的跨界連動效應

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

4

中國大陸重要經濟數據回顧

• 中國大陸2021年一至六月GDP年增率為12.7%，全年預估 成長8.1%

• 2021年一至八月中國大陸粗鋼產量約7億3千3百萬噸，年 增約5.3%；鋼材出口量約4千8百萬噸，年增約31.6%

• 今年八月底中國大陸鋼材綜合價格指數(CSPI)報151.07點， 較去年底上漲21.8％

• 2021年一至八月鐵礦砂總進口量約7億4千6百萬噸，年減 約1.7%；煤炭總進口量約1億9千7百萬噸，年減約10.3%

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

5

市場供需現況- 需求面

鐵礦砂 煤炭 Clarksons公司預估2021年中國大 Clarksons公司預估2021年中國 陸進口量減少2%。巴西出口量增 大陸進口量下滑2% 。澳洲出口量 加6%，澳洲出口量成長0.5%；全 持平，印尼出口量增加7% ；全 球鐵礦砂需求全年成長2% 球海運量預估成長4%

Clarksons公司預估2021年中國大 陸進口量減少2%。巴西出口量增 加6%，澳洲出口量成長0.5%；全 球鐵礦砂需求全年成長2%

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

6

市場供需現況- 供給面

==> picture [266 x 223] intentionally omitted <==

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

新造船
----- End of picture text -----

==> picture [264 x 222] intentionally omitted <==

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

舊船拆解
----- End of picture text -----

根據IHS Markit統計資料，2021 年10-40萬噸級新船預計交付100 艘，噸位淨成長率3.9%。2022年 新船預計交付53艘

老舊船舶陸續淘汰，2020年1040萬噸級散裝輪拆船數量高達56 艘；2021年預計拆解30-40艘

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

7

散裝海運市場最新發展

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

BDI波羅的海乾散貨運價指數

Baltic Exchange Dry Index

==> picture [613 x 322] intentionally omitted <==

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

4500 23/Sep/2021
BDI: 4,651
4000
3500
3000
10/Feb/2021
2500 BDI: 1,303
6/Oct/2020
BDI: 2,097
2000
1500
1000 BDI Avg.
Year 2019 1,353
500
14/May/2020 Year 2020 1,066
BDI: 393
0 Jan-Sep 2021 2,716
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BDI 2020 BDI 2021 BDI
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 9

BCI波羅的海海岬型運價指數

Baltic Exchange Capesize Index

==> picture [609 x 328] intentionally omitted <==

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

7200 23/Sep/2021
BCI: 7,438
6200
3/Jul/2020
5200 BCI: 4,440
9/Mar/2020
4200 BCI: -372
3200
12/Feb/2021
BCI:1,242
2200
1200 5TC Avg. BCI Avg.
Year 2019 18,025 2,261
200 Year 2020 13,070 1,450
Jan-Sep 2021 29,464 3,553
-800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BCI 2020 BCI 2021 BCI
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 10

2019-2021年各型散裝輪運費變化

Spot TCE (US$)

==> picture [647 x 287] intentionally omitted <==

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

65,000
60,000 Capesize 5TC (180K)
2021/9/24 – US$ 61,309
55,000
50,000
Supra/Ultramax 10TC (58K)
45,000
2021/9/24 – US$ 36,948
40,000
35,000
30,000 Kamsarmax 5TC (82K)
2021/9/24 – US$ 36,104
25,000
20,000
15,000
Handysize 7TC (38K)
10,000
2021/9/24 – US$ 34,650
5,000
0
Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
----- End of picture text -----

Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 7TC (38K)

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 11

全球經濟穩健復甦

 IMF預估2021年全球GDP增長6.0%

 全球乾散貨海運量在2021年可望成長約3.6%

==> picture [565 x 300] intentionally omitted <==

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

14
12.5
12
10
8
6.3
6 5.4 5.8 5.8 5.6 6.0
4.3
4 3.5 3.5 3.5 3.4 3.3 3.8 4 3.5 3.6
2.7 2.8
2 1.4
0.5
0.2
0
-2
-1.6
-3.2
-4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(f)
Global GDP Growth (%) Dry Bulk Trade Growth (%)
----- End of picture text -----

Source: IMF & Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 12

全球乾散貨海運量預估增長3.6%

	1.7% 4.1% 2.8% 2.8% 3.3% 5.8% 5.4% 1.6% 2.9% 5.6% 11.1% 1.4% -6.0% 5.8% 12.2% 2.2% 7.2% 3.6% Iron Ore 1,529 Coal 1,214 Bauxite 149 Capesize focus cargoes total 2,892 Grain 529 Forest Products 386 Steel Products 373 Fertilizer 190 Agribulks 176 Cement 150 Scrap 100 Petroleum Coke 71 Sugar 63 Salt 55 Nickel Ore 55 Manganese Ore 47 Others 269 2021(E) Total Dry Bulk 5,356 YOY Million Tons Cape Focus	1.7% 4.1% 2.8% 2.8% 3.3% 5.8% 5.4% 1.6% 2.9% 5.6% 11.1% 1.4% -6.0% 5.8% 12.2% 2.2% 7.2% 3.6% Iron Ore 1,529 Coal 1,214 Bauxite 149 Capesize focus cargoes total 2,892 Grain 529 Forest Products 386 Steel Products 373 Fertilizer 190 Agribulks 176 Cement 150 Scrap 100 Petroleum Coke 71 Sugar 63 Salt 55 Nickel Ore 55 Manganese Ore 47 Others 269 2021(E) Total Dry Bulk 5,356 YOY Million Tons Cape Focus	1.7% 4.1% 2.8% 2.8% 3.3% 5.8% 5.4% 1.6% 2.9% 5.6% 11.1% 1.4% -6.0% 5.8% 12.2% 2.2% 7.2% 3.6% Iron Ore 1,529 Coal 1,214 Bauxite 149 Capesize focus cargoes total 2,892 Grain 529 Forest Products 386 Steel Products 373 Fertilizer 190 Agribulks 176 Cement 150 Scrap 100 Petroleum Coke 71 Sugar 63 Salt 55 Nickel Ore 55 Manganese Ore 47 Others 269 2021(E) Total Dry Bulk 5,356 YOY Million Tons Cape Focus
		Capesize focus cargoes total 2,892
		-6.0% Grain 529 Forest Products 386 Steel Products 373 Fertilizer 190 Agribulks 176 Cement 150 Scrap 100 Petroleum Coke 71 Sugar 63 Salt 55 Nickel Ore 55 Manganese Ore 47 Others 269
		2021(E) Total Dry Bulk 5,356	3.6%

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 13

乾散貨海運量與運力成長率對比

==> picture [675 x 305] intentionally omitted <==

Source: Arrow

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 14

乾散貨海運量中各型散裝輪佔比

==> picture [175 x 250] intentionally omitted <==

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

% of Dry Bulk Cargoes
Minor Bulks
26% Iron Ore
33%
Grain
14%
Coal
27%
----- End of picture text -----

	Handysize	Supramax	**Panamax **	Capesize	Total
Coal Iron Ore Agricultural goods Alumina / Bauxite Steel Products Fertilizers Minerals Minor Ores Semi-Processed Biomass Construction Wood Products Other Other Ferrous	10% 24% 51% 19% 2% 7% 8% 76% 25% 16% 27% 0% 4% 4% 6% 4% 16% 7% 0% 0% 12% 8% 1% 0% 7% 6% 1% 0% 5% 8% 1% 0% 5% 5% 0% 0% 3% 6% 1% 0% 5% 5% 2% 0% 5% 0% 0% 0% 1% 1% 0% 0% 1% 1% 0% 0%				27% 33% 14% 5% 4% 4% 3% 3% 2% 2% 3% 1% 0% 1%

Source: Maersk Broker

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 15

全球鐵礦砂/煤炭出口量預測

2021全年，全球鐵礦砂出口量成長2%，煤炭出口量成長4%

Iron Ore

Coal

Million Tons

==> picture [298 x 244] intentionally omitted <==

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

1529
1600 1503
1476 1456
1400
1200
1000
867 871
835 836
800
600
387
348 340 361
400
200
0
2018 2019 2020 2021(f)
Brazil Australia Total
----- End of picture text -----

Million Tons

==> picture [310 x 244] intentionally omitted <==

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

1600
1400 1264 1284
1214
1165
1200
1000
800
600
380422 383 457 360 404 360 433
400
200
0
2018 2019 2020 2021(f)
Australia Indonesia Total
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 16

Vale鐵礦砂產能展望

==> picture [670 x 341] intentionally omitted <==

Source: Vale

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 17

鐵礦砂價格大幅波動

==> picture [624 x 261] intentionally omitted <==

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

240
220 February 2011 May 2021
US$ 233.10/MT
US$ 193.00/MT
200
180
160
140
120
100
80
60
40
December 2015 Sep 2021
20 US$ 37.00/MT US$ 94.00/MT
0 62% FE CFR China, US$/MT
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21
----- End of picture text -----

Source: SSY

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 18

中國大陸粗鋼價格趨勢

==> picture [615 x 304] intentionally omitted <==

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

250 7500
200 6700
150 5900
100 5100
50 4300
0 3500
1-Jan-2021 1-Mar-2021 1-May-2021 1-Jul-2021 1-Sep-2021
62% FE CFR China, US$/mt Hot Roll Steel Plate (SPHC), RMB/mt
62% FE CFR China, US$/mt
Hot Roll Steel Plate (SPHC), RMB/mt
----- End of picture text -----

Source: SSY & MarcoMicro

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 19

全球鋼鐵產量續增

中國大陸2020年全年粗鋼產量成長率6.9%，2021年預估成長1.6%

==> picture [619 x 326] intentionally omitted <==

Source: World Steel Association

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 20

國際煤炭價格持續創高

200 180 160 August 2021 US$ 168.75/MT 140 July 2008 US$ 180.00/MT 120 100 80 60 40 20 0 Australian Steam Coal, US$/mt

Source: World Bank

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 21

幾內亞鋁礬土出口概況

==> picture [469 x 193] intentionally omitted <==

Source: Arrow

==> picture [460 x 189] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 22

中國大陸原物料進口量

• 鐵礦砂：全年預估進口量減少約2%，達到 11億1千萬噸

• 煤炭：全年預估進口量減少約2%，達到 2億3千萬噸

• 鋁礬土：全年預估進口量成長約8%，達到 1億3千萬噸

Iron Ore

==> picture [268 x 223] intentionally omitted <==

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

Million Tons
1400 78%
1200 76%
1000 74%
800 72%
600 70%
400 68%
200 66%
0 64%
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Iron Ore Import % of global imports
----- End of picture text -----

Coal

==> picture [273 x 223] intentionally omitted <==

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

Million Tons
300 25%
250
% 20%
200
15%
150
10%
100
5%
50
0 0%
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Coal Import % of global imports
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 23

中國大陸鐵礦砂進口量

Million	Tons
120
0 10 20 30 40 50 60 70 80 90 100 110
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
						2020	2021

Source: Thurlestone Research

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 24

中國大陸鐵礦砂港口庫存量

==> picture [628 x 306] intentionally omitted <==

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

165
152
139
126
Inventory
113
Average 2018
100
Average 2019
Average 2020
Million Tons
Jan 18 Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21
----- End of picture text -----

Source: Drewry Maritime Research

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 25

中國大陸煤炭進口量

Million Tons

350

==> picture [583 x 282] intentionally omitted <==

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

300
250
200
150
100
50
0
Australia Indonesia Russia Mongolia Philippines All origins
2019 2020 Jan-Jul/2021
----- End of picture text -----

Source: PRC Customs

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 26

環保法規趨嚴新船訂單縮減

Capesize Orderbook

==> picture [263 x 183] intentionally omitted <==

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

No.
140
120
100
80
60
40
20
0
Delivered in Remaining 2021 2022 2023
Aug 2021 2021
----- End of picture text -----

==> picture [320 x 204] intentionally omitted <==

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

Dry Bulk New Ship Ordering
% of Fleet (DWT)
100% 91%
81%
80%
62%
60%
37%
40%
[24%]
20% 17% [21%] 18% 13% [15%] [16%] 13%
7% 6%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jul
2021
Capesize Ordering (100,000 + dwt) Total Bulk Fleet Ordering
----- End of picture text -----

	ORDERBOOK AS % OF EXISTING FLEET	AVERAGE AGE	OVER 20 YEARS	OLD	JAN-JUL 2021 SCRAPPING AS % OF EXISTING FLEET	JAN-JUL 2021 SCRAPPING AS % OF EXISTING FLEET
Handysize (10,000 - 40,000 dwt)	5%	12.1	13%		0.46%
Handymax (incl. Supramax & Ultramax)	6%	10.4	8%		0.23%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax) (65,000 - 100,000 dwt)	7%	10.6	11%		0.26%
Capesize (100,000 + dwt)	6%	8.9	1%		0.84%
Total Dry Bulk > 10,000 dwt	6%	10.8	7%		0.50%

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 27

海岬型船隊噸位增長趨緩

Capesize Supply Development

Million DWT

==> picture [570 x 298] intentionally omitted <==

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

25.00
25 6.00%
20
3.76% 4.00%
15
13.10
10
2.81 % 2.00%
5
0 0.00%
-5 2.95
-2.00%
-10
11.40
-15
-4.00%
-20
-25 -6.00%
2016 2017 2018 2019 2020 Jan-Aug 2021
Scrapping New Deliveries Net Fleet Growth
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 28

新造船/二手船價格上漲

TYPE	TYPE	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)
YEAR		2019	2020		SEP 2021
208,000 DWT	NB	54.5	52.0	-5%	65.0	25%
180,000 DWT	NB	49.5	46.5	-6%	59.5	28%
180,000 DWT (ECO)	5-YR	37.5	35.5	-5%	45.0	27%
180,000 DWT	10-YR	22.0	19.5	-11%	33.8	73%
176,000 DWT	15-YR	13.5	12.8	-5%	21.0	64%

Source: Clarksons Platou & Internal Assessment

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 29

公司概況

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

公司簡介

==> picture [163 x 157] intentionally omitted <==

==> picture [163 x 157] intentionally omitted <==

==> picture [163 x 157] intentionally omitted <==

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

物流
----- End of picture text -----

==> picture [163 x 157] intentionally omitted <==

海運業務 ：

中國航運公司的核心經營項目，主要管理自有十艘海岬型散裝輪船隊，經營國際大宗物資運輸等多元化業務

內陸貨櫃運輸 ：

偉聯運輸是台灣規模最大貨櫃運輸業者之一，主要提供貨櫃內陸運輸之所有相關作業及服務

倉儲物流 ：

中航物流在北台灣擁有兩大貨櫃集散站，具有直通南北大港等優越地理位置，提供客戶貨櫃、貨物進出口的快捷服務

代理空運業務 ：

中國航運公司空運部為沙烏地阿拉伯航空在台灣地區客運及貨運業務總代理（GSA）

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

31

中航海岬型散裝輪船隊

==> picture [659 x 347] intentionally omitted <==

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

China Peace China Progress China Pride China Triumph China Prosperity China Pioneer
中華和平輪 中華富進輪 中華榮耀輪 中華光輝輪 中華鴻運輪 中華先鋒輪
174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT 206,079 DWT
2005 2006 2009 2011 2012 2012
2023 2023 2017 2017 2016 2013
China Honour China Enterprise China Harmony China Fortune
Newbuilding Newbuilding
中華名望輪 中華偉業輪 中華和諧輪 中華偉運輪
210,000 DWT 210,000 DWT
179,562 DWT 207,986 DWT 179,505 DWT 206,061 DWT
----- End of picture text -----

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 32

投入環保新能源車產業

• 中航於2021年4月取得航偉汽車股 份有限公司70%股權，積極投入銷 售電動與六期環保曳引車

• 公司在台灣內陸運輸界具有領導地 位，擁有龐大的曳引車隊，未來將 致力於為電動車產業發展做出貢獻

• 已與著名電動車技術研發單位合作 開發重型電動曳引車，待完成實測 後申請引進輸入

• 航偉汽車已經取得東風商用車有限 公司在台灣經銷的授權，將引進最 新符合歐洲與台灣第六期環保法規 的重型曳引車投入台灣車市

==> picture [228 x 36] intentionally omitted <==

==> picture [354 x 232] intentionally omitted <==

2021 9月法人說明會 33

新世代電動與六期環保曳引車

==> picture [182 x 116] intentionally omitted <==

==> picture [182 x 116] intentionally omitted <==

==> picture [181 x 116] intentionally omitted <==

==> picture [180 x 117] intentionally omitted <==

福田【純電動曳引車 福田【純電動曳引車 東風【天龍D320六 東風【天龍D320六 4X2 GCW 35噸】 4X2 GCW 35噸】 期環保曳引車– 4X2 期環保曳引車– 4X2 - 道路試行 GCW 35噸】 GCW 35噸】- 到港

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 34

2021年上半年營收佔比

==> picture [676 x 366] intentionally omitted <==

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

海運業務 47%
內陸貨櫃運輸及
52%
物流業務
代理空運及
1%
其他業務
----- End of picture text -----

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 35

五年財務概況

單位：新台幣百萬元

年度	105	106	107	108	109	110年 1月至6月
營業收入	3,295	3,218	3,820	3,763	3,131	1,600
本期淨利(損)	48	98	514	324	329	1,021
每股盈餘(新台幣)	0.21	0.50	2.60	1.64	1.67	5.20
現金及約當現金	3,686	2,940	3,345	3,288	3,742	2,831
負債總額	11,148	10,652	10,237	10,022	9,734	7,889
權益總額	10,323	9,427	10,187	9,934	9,750	11,176
權益報酬率(%)	0.5%	1.0%	5.2%	3.2%	3.3%	9.7%
資產報酬率(%)	0.9%	1.3%	3.5%	2.5%	2.3%	5.5%
負債占資產比率(%)	52%	53%	50%	50%	50%	41%

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 36

歷年股利分配

年份	年份	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
現金股利/減資(新台幣)		2.00	1.00	1.50	1.30	2.50 *	* 0.50	0.50	1.60	0.80	1.60
每股盈餘(新台幣)		3.92	2.23	1.55	1.30	1.30	0.21	0.50	2.60	1.64	1.67
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50	2.00 1.00 1.50 1.30 ~~0.20~~ 0.50 0.50 1.60 0.80 1.60 2.30 51% 45% 97% 100% 192% 238% 100% 62% 49% 96% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0% 50% 100% 150% 200% 250% Cash Dividend Caital Reduction Dividend Paout Ratio *

*本公司於2016年分配2015年現金股利為新台幣0.20元，另於2016年度為提升股東權益報酬率，辦理現金減資退還股東股款，每股退還新台幣2.30元，共計新台幣2.50元

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會

37

附錄一：簡明資產負債表

單位：新台幣百萬元

資產		110.6.30	109.12.31	109.6.30
流動資產		4,116	5,152	4,108
不動產、廠房及設備		11,740	12,108	13,035
無形資產		10	10	10
其他資產		3,199	2,273	2,393
資產總額		19,065	19,543	19,546
負債及權益
流動負債		2,332	3,506	5,508
非流動負債		5,557	6,229	4,205
負債總額		7,889	9,735	9,713
屬母公司業主之權益
股本		1,975	1,975	1,975
資本公積		53	53	53
保留盈餘		9,306	8,606	8,419
其他權益		(180) (884) (676)
非控制權益		22	58	62
權益總額		11,176	9,808	9,833
負債及權益總額		19,065 19,543 19,546

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 38

附錄二：簡明綜合損益表

	單位：新台幣千元	單位：新台幣千元	單位：新台幣千元
	110年1月至6月	109年度	109年1月至6月
營業收入	1,600,228	3,131,115	1,552,647
營業成本	1,353,884	2,583,263	1,275,708
營業毛利	246,344	547,852	276,939
營業費用	211,534	376,341	190,323
營業損益	34,810	171,511	86,616
營業外收入(支出)	997,353	180,548	57,786
稅前淨利(損)	1,032,163	352,059	144,402
減：所得稅費用	11,421	23,020	13,157
本期淨利(損)(全數歸屬於母公司業主)	1,020,742	329,039	131,245
本期其他綜合損益(稅後淨額)	696,166	(355,480)	(140,493)
本期綜合損益總額(全數歸屬於母公司業主)	1,716,908	(26,441)	(9,248)
每股盈餘	5.20 1.67 0.68

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 39

附錄三：公司債明細

期別	106年	109年-1	109年-2
發行總額 (新台幣億)	8	15	10
發行期間	5 年期	5 年期	5 年期
到期日	111/4/10*	114/8/28	114/8/28
年利率	1.13%	0.64%	0.66%
付息方式	年付息一次	年付息一次	年付息一次
保證銀行	上海商業儲蓄銀行	兆豐國際商業銀行	上海商業儲蓄銀行

*發行總額中新台幣4億已於109年4月償還

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 40

免責聲明

The information and opinions in this report were prepared by CMT. Though the information herein is believed to be reliable and has been obtained from market sources believed to be reliable, CMT makes no representation as to its accuracy or completeness.

The material and the information contained herein are provided for general information purposes, and may not be reproduced without the written permission of CMT. CMT shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance on the information whether in contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. This disclaimer shall be governed by and construed in accordance with Laws of Taiwan, R.O.C.

We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

聯絡資訊：

公司網站 ：www.cmt.tw

總公司：

台北市10051濟南路1段15號 電話：+886(0)2 2396 3282 傳真：+886(0)2 2391 6165

投資者關係： 發言人：唐邦正協理 電話：+886(0)2 2397 6670 傳真：+886(0)2 2356 8085 電子郵件：inv.rel@agcmt.com.tw

==> picture [298 x 200] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

2021 9月法人說明會 41

感謝您的出席！

==> picture [630 x 275] intentionally omitted <==

==> picture [300 x 125] intentionally omitted <==