FDC — Interim / Quarterly Report 2017

Nov 16, 2017

主講人：發言人 曾景宏處長

Disclaimer

• The information of current expectations and estimates are forward-looking statements subject to significant known and unknown risks and uncertainties and actual results may differ materially from those contained or implied in the forwardlooking statements. These forward-looking statements are not guarantees of future performance and therefore one should not place undue reliance on them.

• We’re under no obligation to update any information according to its future changes or adjustments.

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Agenda

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Introduction Operation Performance Market Trend Outlook

Introduction

Founded 2012/11/22 Chairman Emile C. J, Sheng President David Din g Number of 620 employees Paid in Ca ital NTD 656 Million p Service Fleur de Chine Giardino Gala de Chine 5 Star Buffet Wedding & Meetings Leisure hotel 211 Rooms 650 Seats 620 Tables

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Hotel with the best view of Sun Moon Lake. Location

Fleur de Chine -Awards

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• 天下雜誌CSR企業公民獎│ 2017

• TripAdvisor評選Travelers’ Choice 「臺灣十大最奢華飯店 第一名」 及「臺灣最佳服務飯店」 │ 2017

• • Hotels.com評選為全球十大親子飯店│2017

• World Luxury Hotel Awards 「Luxury Family Hotel」│2016

• • 遠見服務業大調查「頂級度假飯店冠軍」│2016

• • SmartTravelAsia 「 2016 Best in Travel Poll」 │2016

• • 工商時報台灣服務業大評鑑雲品溫泉酒店「金牌之最 2016評鑑年度大 賞」(跨39個產業別)│2016

• 遠見服務業大調查 跨產業總冠軍(跨17個產業別)│2015

• Agoda ‘s Gold Circle Award│2015

• 蕃薯藤2015年度十大必住溫泉飯店 第 1名│2015

• 遠見雜誌服務獎項「頂級休閒旅館」第 1名│2015

• 經理人月刊雜誌評選雲品溫泉酒店「度假休閒飯店類 優選獎」│2015

• • TripAdvisor 「2015 Travelers' Choice award : Family Hotels、Top Hotels、Luxury Hotels」│2015

• • 交通部觀光局評選雲品溫泉酒店「104優良觀光旅館業」│2015

• • Agoda 「Gold Circle Award」│2014

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Expansion of Gala de Chine

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Gala de Chine
Xinzhuang Jingguan Splendor Taoyuan Mingsheng
380 Tables 120 Tables 120 Tables
＄13,990+10% ＄15,990+10% ＄13,800+10%
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• Joined From 2017/5/1

• Joined From 2017/5/1

Expansion of Gala de Chine on 2017/5/1

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PALAIS DE CHINE
CHATEAU DE CHINE Taoyuan
LDC
雲朗
MAISON DE CHINE
ITALY
Lease
69.3%
FDC(2748)
Lease
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Acquisition 100% SPLENDOR

The benefit of resource integration with LDC

Taiwan 14 Hotels 2,705 rooms Italy 6 Hotels 4 Entities of Restaurants - 9,200 seats

- Income Statement Operation Performance

Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％	Year 2017/3Q 2016/3QYoY 2017/ Q1-Q3 2016/ Q1-Q3 YoY 2016 2015 Revenues 331,964 300,740 10% 1,065,384 954,313 12% 1,331,993 1,216,621 Costs 239,160 200,482 19% 734,819 636,491 15% 890,474 822,511 Gross profit 92,804 100,258 -7% 330,565 317,822 4% 441,519 394,110 Gross profit ratio 28% 33% － 31％ 33％ － 33% 32% Expenses 51,808 49,117 5% 152,279 141,603 8% 199,172 170,701 Net Income 33,160 40,162 -17% 144,645 $138,149 5% 192,549 181,332 EPS 0.50 0.67 -25% 2.20 2.30 -4% 3.18 3.02 Unit：Thousands of NTD，％
Year	2017/3Q	2016/3Q	YoY	2017/ Q1-Q3	2016/ Q1-Q3	YoY	2016	2015
Revenues	331,964	300,740	10%	1,065,384	954,313	12%	1,331,993	1,216,621
Costs	239,160	200,482	19%	734,819	636,491	15%	890,474	822,511
Gross profit	92,804	100,258	-7%	330,565	317,822	4%	441,519	394,110
Gross profit ratio	28%	33%	－	31％	33％	－	33%	32%
Expenses	51,808	49,117	5%	152,279	141,603	8%	199,172	170,701
Net Income	33,160	40,162	-17%	144,645	$138,149	5%	192,549	181,332
EPS	0.50	0.67	-25%	2.20	2.30	-4%	3.18	3.02

Operation Performance

The Proportion of Revenue Type of 1-9,2016

The Proportion of Revenue Type of 1-9,2017

Room F & B Other 3% 36% 61%

Room F & B Other

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3%
33%
64%
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Affiliated restaurants season

Banquet

Buffet

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
40% 30%
35% 28% 26%
30% 23% 23%
30%
20%
20%
20% 15%
10%
10%
0% 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
By tables By people
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Market Trends- Domestic Catering Industry

F & B Restaurant

Unit：NTD hundred million

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4394
4241
4129
4007
3945
3720
3587
3492
3360 3384
2012 2013 2014 2015 2016
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Source： Department of Statistics, MOEA

Market Trends- International Hotels in Scenic Area of Taiwan

Revenue Rankings

Unit：NTD hundred million

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7
6.02
6
5.26 5.22
5
4.49
4
3.19
2.96
3
2.08
1.78 1.74
2 1.63
1
0
1-9,2017
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Source：Statistics of the Tourism Bureau, MOTC. There are 18 tourism hotels in Scenic Area with a total revenue at NT$3.936 billion. The top 10 revenue of hotels are shown above.

High Growth of Booking Online

By Rooms

Guests by type of 1-9,2016

Guests by type of 1-9,2017

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FIT Booking
Group 56% Online
44% 22%
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FIT Booking
Group 58% Online
42% 25%
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The Main Guests of Fleur de Chine is form Taiwan

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Southeast
Southeast Japan and
Japan and China
Asia
Korea America Asia Other 2% Korea America Other
2%
China 3% 3% 2% 2% 3% 3%
2%
3%
Hong Kong
6%
Hong Kong
8%
Taiwan
Taiwan
79%
82%
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Guests by Region of 1-9,2016

Guests by Region of 1-9,2017

By Rooms

Market Trends- International Hotels in Scenic Area of Taiwan

No. of Taiwan residents taking domestic trip (billion) No. of Taiwan residents staying at international hotels in Scenic Area (10 thousands) No. of rooms of international hotels in scenic area Occupancy rate of Fleur de Chine (%)

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1.903
1.785
1.563
1.420 1.426
23370 23553 24511 23467 244560
96.30 98.97 96.34 99.07
91.54
76% 78% 79%
70% 70% 72% 76%
2012 2013 2014 2015 2016 1-9,16 1-9,17
Source：Statistics of the Tourism Bureau, MOTC.
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Market Trends- International Hotels in Scenic Area of Taiwan

Contribution of domestic travel to revenue Average room rate of international hotels in scenic area Average room rate of Fleur de Chine

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139710
3601
3092
2699 2721
7680 7909 8293
7173 7271 7425
5461 5618 5693 5351
4998 5169
2012 2013 2014 2015 2016 1-9,17
1-9,16 $8,044
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Outlook

Fleur de Chine

• To strengthen the opportunities of mice、 company trip and Taiwan travel card.

• To increase our order from the booking online and customer adjustments.

Giardino

• More people are dining here after Taoyuan Airport MRT was launched.

• The benefit of resource integration with LDC and issue joint voucher.

Gala de Chine

• Driving banquet doubledigit percentage growth by adding 2 wedding venues, Splendor and Gala de Chine - Taoyuan Mingsheng.

• The future will be targeted for high regional complementarity and revenue contribution to continue to expand the market share of Gala de Chine.

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Outlook- High ROE & EBITDA

Unit： Thousands of NTD 2015 2016 ROE 24.13% 20.08% EBITDA 327,060 337,447

Outlook- Dividend Policy

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3.5
3
2.5
2
1.5
1
0.5
0
2014 2015 2016
EPS Cash Dividends
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Fleur de Chine Promotions

Taipei International Travel Fair

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Wedding
Shopping
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