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FH Interim / Quarterly Report 2017

Aug 11, 2017

51946_rns_2017-08-11_d90147c2-77c2-40bc-be08-e8fc56ae80f6.pdf

Interim / Quarterly Report

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Date: 2017/08/10

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Company Profile

(1) Company Founded: January, 1969

(2) Capitial: NTD5.8 Billion

(3) Number of Employees: About 800

(4) Location: Houli,Taichung, Taiwan (5) Facilities: 85 MT DC Arc Furnace x 1 100 MT AC Arc Furance x 1 Rolling Line x 3

(6) 2016 Annual Production: Semi-Finished Proudct: Billet 1,498,306 MT Finished Product : Merchart Bar 441,818 MT Round Bar 430,097 MT Re-bar 588,752 MT Total 1,460,667 MT (7) 2016 Net Sales: NTD 20,932,650 Thousand

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World Key Countries Crude Steel Production 2002-2016

Unit: million ton

Country 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Mainland
China		 182 222 273 356 421 490 512 577 639 702 731 822 823 804 808
Japan 108 111 113 112 116 120 119 88 110 108 107 111 111 105 105
U.S.A 92 94 100 95 98 98 92 59 80 86 89 87 88 79 79
India 29 32 33 46 49 53 58 64 69 73 77 81 87 89 96
S. Korea 45 46 48 48 48 52 54 49 59 69 69 66 72 70 69
Russia 60 61 66 66 71 72 69 60 67 69 70 69 71 71 71
Germany 45 45 46 45 47 49 46 33 44 44 43 43 43 43 42
Others 345 360 385 380 399 414 395 310 365 386 373 371 346 337 335
Global 906 971 1,064 1,148 1,249 1,348 1,345 1,240 1,433 1,537 1,559 1,650 1,641 1,598 1,604

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Date Source: World Steel Association

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World Key Countries Crude Steel Production Percentage 2002-2016

Country 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Mainland
China		 20% 23% 26% 31% 34% 36% 38% 47% 45% 46% 47% 50% 50% 50% 50%
Japan 12% 11% 11% 10% 9% 9% 9% 7% 8% 7% 7% 7% 7% 7% 7%
U.S.A 10% 10% 9% 8% 8% 7% 7% 5% 6% 6% 6% 5% 5% 5% 5%
India 3% 3% 3% 4% 4% 4% 4% 5% 5% 5% 5% 5% 5% 6% 6%
S. Korea 5% 5% 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Russia 7% 6% 6% 6% 6% 5% 5% 5% 5% 4% 4% 4% 4% 4% 4%
Germany 5% 5% 4% 4% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Others 38% 37% 36% 33% 32% 31% 29% 25% 25% 25% 24% 22% 21% 21% 21%
Global **100% ** 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Date Source: World Steel Association

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Taiwan Steel Product Import Statistic

Item
Product		 2017 Jan-June Monthly Average 2017 Jan-June Monthly Average 2017 Jan-June Monthly Average 2016 Monthly Average 2016 Monthly Average 2015 Monthly Average 2015 Monthly Average
Quantity
(MT)		 Growth Unit Price
(NT$/kg)		 Quantity
(MT)		 Unit Price
(NT$/kg)		 Quantity
(MT)		 Unit Price
(NT$/kg)
Scrap 226,936 -4.8% 7.72 238,323 6.64 259,005 7.63
Billet 90,868 -27.8% 13.36 125,824 10.59 94,717 12.34
Rebar 210 150.0% 22.6 84 21.29 97 27.19
Merchart Bar 4,241 -19.9% 24.24 5,293 20.59 2,286 28.02
H-beam 8,327 -9.6% 16.1 9,209 14.40 10,741 16.95
Coil(14mm↓) 47,351 19.6% 16.47 39,593 13.82 33,841 16.21
Coil(14mm↑) 4,706 15.9% 20.92 4,060 19.06 3,838 21.93
Bar 28,898 33.7% 27.13 21,612 27.99 21,707 33.12

Date Source : TSIIA (Taiwan Steel & Iron Industries Association)

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Taiwan Steel Product Export Statistic

Item
Product		 2017 Jan-June Monthly Average 2017 Jan-June Monthly Average 2017 Jan-June Monthly Average 2016 Monthly Average 2016 Monthly Average 2015 Monthly Average 2015 Monthly Average
Quantity
(MT)		 Growth Unit Price
(NT$/kg)		 Quantity
(MT)		 Unit Price
(NT$/kg)		 Quantity
(MT)		 Unit Price
(NT$/kg)
Billet 12,779 14.9% 13.1 11,124 11.61 15,295 11.79
Rebar 7,360 -67.2% 14.73 22,431 12.99 12,616 14.11
Merchart Bar 19,294 15.0% 16.7 16,782 15.47 17,428 18.19
H-beam 14,566 -6.2% 17.7 15,533 15.14 15,792 18.59
Coil(14mm↓) 13,352 -1.5% 20.79 13,560 18.23 12,227 20.5
Coil(14mm↑) 5,574 4.9% 19.6 5,314 17.38 5,031 19.62
Bar 13,892 -4.7% 37.9 14,579 33.97 14,934 38.02

Date Source: TSIIA

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Mainland China Steel Product Import Statistic

Item
Product		 2017 Jan-May Monthly
Average		 2017 Jan-May Monthly
Average		 2016 Monthly
Average		 2015 Monthly
Average
Quantity(MT) Growth Quantity(MT) Quantity(MT)
Raw Material 229,951 21.7% 188,970 208,010
Semi-Finished
Product		 23,458 3.1% 22,744 21,340
Finished
Product		 1,133,552 3.0% 1,100,766 1,069,280
Total 1,386,961 5.7% 1,312,480 1,298,630

Date Source: MYSTEEL

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Mainland China Steel Product Export Statistic

Item
Product		 2017 Jan-May Monthly
Average		 2017 Jan-May Monthly
Average		 2016 Monthly
Average		 2015 Monthly
Average
Quantity(MT) Growth Quantity(MT) Quantity(MT)
Raw Material 25,787 123.8% 11,521 14,212
Semi-Finished
Product		 572 -47.2% 1,084 557
Finished
Product		 6,824,440 -24.5% 9,040,253 9,366,513
Total 6,850,799 -24.3% 9,052,858 9,381,282

Date Source: MYSTEEL

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Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17

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2008 - 2017 Domestic Scrap(T1H) & Rebar Price Trend

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NTD
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
Jan-08 Jan-10 Jan-12 Jan-14 Jan-16
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Domestic T1H Domestic Rebar

Date Source: Feng Hsin

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Rebar Apparent Consumption Over the Past 10 Years

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Thousand ton
6,500
6,060
6,000 5,807 5,730 5,794
5,661 5,621
5,500
4,988
5,000 4,692
4,498
4,500
3,896
4,000
3,500
3,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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Unit: Thousand ton Unit: Thousand ton Unit: Thousand ton
Year 2007
2008
2009
2010
2011
2012
2013
2014
2015		 2016
Production (A)
Import (B)
Export ©
Apparent Consumption
(D=A+B-C)
Growth of Apparent
Consumption%
Production Capacity(E)		 6,144
4,865
4,312
5,126
5,843
5,779
5,870
6,162
5,772
52
8
2
4
3
3
2
5
1
389
375
418
142
185
53
78
107
151
5,807
4,498
3,896
4,988
5,661
5,730
5,794
6,060
5,621
BASE
77
67
86
97
99
100
104
97
7,888
7,542
8,260
8,600
9,066
9,066
9,066
9,066
9,066		 4,960
1
269
4,692
81
9,066
(A)/(E)
Self-Sufficiency %
(A)/(D)		 78
65
52
60
64
64
65
68
64
106
108
111
103
103
101
101
102
103		 55
106

1.Date Souce: TSIIA Website(Production 、 Delivey, Inventroy,Product tpye Import/Export date search) 2.Apperant Consumption is calculated by using 2006 figures as base.

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Feng Hsin 2007 - 2016 Product Sales Percentage

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Date Source: Feng Hsin

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Feng Hsin 2007 - 2016 Production & Sales Comparison

MT

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1,800,000
Finished
1,600,000 Product
Production
1,400,000 Quantity
1,200,000
Finished
Product Sales
1,000,000
Quantity
800,000
600,000
400,000
200,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Date Source: Feng Hsin
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Feng Hsin 2007 - 2016 Operating Profit

Million

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Date Source: Feng Hsin

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2016-2017 First Half Production/Sales Analysis

unit: MT unit: MT
Year 2016 2017 First Half
Q'ty
Main Product		 Production
Quantity		 Sales
Quantity		 Production
Quantity		 Sales
Quantity
Semi-Finished
Product		 Billet 1,498,306 815,634
Finished
Product		 Merchart Bar 441,818 424,115 210,330 201,227
Round Bar 430,097 426,227 237,734 238,705
Re-Bar 588,752 595,055 308,545 303,955
Total 1,460,667 1,445,397 756,609 743,887

Date Source: Feng Hsin

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2017/2016 First Half Operating Income & Pretax Profit Comparison

2017 First Half 2016 First Half Growth%
Net Sales 12,392,463 9,923,870 24.88%
Cost of Sales 10,519,763 8,361,356 25.81%
Gross Profit 1,872,700 1,562,514 19.85%
Operating Expense 378,323 388,377 -2.59%
Operating Income 1,494,377 1,174,137 27.27%
Non-Operating Income 55,765 11,843 370.87%
Income from Continuing
Operation before
Income Tax		 1,550,142 1,185,980 30.71%

Date Source: Feng Hsin

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Feng Hsin 2007 - 2016E.P.S. And Dividend Trend

5.00
4.59
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50		 4.44
3.39
2.63
4.06
3.00
2.00
2.00
2.75
0.30		 2.78
2.49
2.87
3.45
3.12
3.00
2.50
3.00
2.50
2.50
3.00		 Eearning
Per Shaer
Cash
Dividend
Stock
Dividend
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00		 0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Date Source: Feng Hsin

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Feng Hsin 2007 – 2016 Dividend Rate

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Date Source: Feng Hsin

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Feng Hsin Profit and Loss Exhibition for Recent Two Year

單位：NTD Million 單位：NTD Million
Item\Year 2016年 2015年 Comparison
Amount % Amount % Amount %
Net Sales 20,933 100.00 23,380 100.00 (2,447) (10.47)
Cost of Sales 17,770 84.89 20,364 87.10 (2,594) (12.74)
Gross Profit 3,163 15.11 3,016 12.90 147 4.87
Operating Income 2,342 11.19 2,255 9.64 87 3.86
Non-operating Income &
Expense		 (145) (0.69) 144 0.62 (289) (200.69)
Income from Continuing
operation before Income
tax		 2,197 10.50 2,399 10.26 (202) (8.42)
Earnings per Share(NTD)
after tax		 3.12 3.45 (0.33)

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Date Source: Feng Hsin

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P19

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Feng Hsin Consolidated Balance Sheets Unit: NTD Thousand


Unit: NTD Thousand
Unit: NTD Thousand
Date Source: Feng Hsin
Year
Item
Current Assets
Non-current Assets
Property, Plant and Equipment
Other Non-current Assets
Total Assets
Current Liabilites
Long-term Liabilities
Non-current Liabilities
Total Liabilities
Capital Stock
Additional Paid-in Capital
Legal Reserve
Special Reserve
Retained Earnings,
Unappropriated
Retained Earnings
Other Equities
Total Equities
PE		 Year
Item		 2016 2015
金額 % 金額 %
Current Assets 9,630,784 49.04% 8,268,197 43.42%
Non-current Assets 2,107,790 10.73% 2,569,010 13.49%
Property, Plant and Equipment 7,407,102 37.72% 7,881,155 41.38%
Other Non-current Assets 491,508 2.50% 325,158 1.71%
Total Assets 19,637,184 100.00% 19,043,520 100.00%
Current Liabilites 2,866,499 14.60% 2,504,534 13.15%
Long-term Liabilities 0.00% 0.00%
Non-current Liabilities 187,062 0.95% 247,656 1.30%
Total Liabilities 3,053,561 15.55% 2,752,190 14.45%
Capital Stock 5,815,994 29.62% 5,815,994 30.54%

Additional Paid-in Capital		 447,280 2.28% 447,280 2.35%
Legal Reserve 3,409,772 17.36% 3,209,408 16.85%
Special Reserve 56,150 0.29% 37,145 0.20%
Retained Earnings,
Unappropriated		 6,953,138 35.41% 6,837,652 35.91%
Retained Earnings 10,419,060 53.06% 10,084,205 52.95%
Other Equities (98,711) -0.50% (56,149) -0.29%
Total Equities 16,583,623 84.45% 16,291,330 85.55%
28.51

P20

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Company Production, Marketing and Future Development Strategies

  • 1) Production

  • A. Continuous development and expansion of new products with flexibility in production to accommodate the needs of our customers.

  • B. Introducing VD (Vacuum Degas) in our melting mill to expand SBQ product applications to increase competitiveness.

  • C. Addition of RSB (Reduction Sizing Block) and a new Coil Machine at our SBQ rolling mill to improve the quality of our round bars.

  • D. The new rebar mill to utilize an advanced low temperature low alloy production method to save on energy, increase efficiency and to improve product quality.

  • 2) Sales

  • A. Active participation in public contract bidding, aiming to improve FH’s market share to over 12%.

  • B. Keeping long term relationship and contracts with scrap suppliers to have stable supply and quality.

  • C. Maintaining well-established relationship with distributors to provide better customer service to support steady sales and market share.

  • D. With newly invested melting mill equipment, FH’s product is expanding into the field of higher application.

  • 3) Future

FH’s goal for the year is to complete all equipment upgrades to increase value added of our products and to maximize profit.

P21

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Thank You for Your Attention

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