FPC — Interim / Quarterly Report 2021

May 19, 2021

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Formosa Plastics Corporation 台灣塑膠工業股份有限公司 2021 Q1 Operation Performance Highlights

March 31, 2021

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Revenue Breakdown by Product (IFRSs consolidated)

2020 Q1 Net Sales: NT$42 billion

2021 Q1 Net Sales: NT$60 billion

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NBA ECH MMA
2% 2% 1%
SAP MTBE Others
3% 1% 10% PVC
Caustic
26%
Soda AN
4% 6%
PP
HDPE
LLDPE 15%
6% Acrylic
6% EVA Esters
8% 10%
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NBA MMA
ECH 1% 1%
3% MTBE Others
SAP 1% 12% PVC
4% 24%
AN
4%
LLDPE PP
6% 15%
Acrylic Caustic
Esters EVA HDPE Soda
6% 7% 8% 8%
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 PVC accounted for 26% and 24% of revenue in 2021 Q1 and 2020 Q1 respectively  PE (HDPE/EVA/LLDPE) accounted for 20% and 21% of revenue in 2021 Q1 and 2020 Q1 respectively

 Specialty Chemicals (AN/MMA/ECH/MTBE) accounted for 10% and 9% of revenue in 2021 Q1 and 2020 Q1 respectively

 Revenue in 2021 Q1 rose 44.2% from 2020 Q1, mainly due to increasing ASP of all products except for Caustic Soda, MTBE, ECH and increasing sales volume of all products except for HDPE, NBA ,SAP and ECH

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Operating Profits Breakdown by Product
PVC & PE are the key profit contributors in 2021 Q1
Operating Profits Operating Margins
% %
36%
150%
24%
100%
27% 12%
34%
24%
16%
50% 17% 0%
54%
52% 47% 38%
41%
-12%
0%
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
-24%
-50%
-36%
PVC PE PVC PE
Acrylic Acid & Esters Caustic Soda Acrylic Acid & Esters Caustic Soda
Specialty Chemicals PP Specialty Chemicals PP
SAP Others SAP
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Note : Specialty Chemicals include AN, MTBE, MMA and ECH
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Capacity Expansion Plan

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|||||||
|---|---|---|---|---|---|
|Current|
|Expansion|Completion|Investment|
|Location|Products|Capacity|
|(p.a.)|Date|(US$ mn)|
|(p.a.)|
|Ningbo, China|Propylene*|-|600KMT|2021Q3|800|
|EVA|72KMT|28KMT|2023Q1|44|
|Renwu, Taiwan|PVC|1,315KMT|27KMT|2021Q4|2|
|Linyuan, Taiwan|PVC|1,342KMT|37KMT|2021Q4|2|
|Mailiao, Taiwan|PVC|1379KMT|36KMT|2022Q4|3|

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*Note: PDH (propane dehydrogenation) process.

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Consolidated Revenue (IFRSs)

NT$ million

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60,602
64,000
54,635
46,175
48,000 42,984
42,019
32,000
16,000
0
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
 Revenue rose 10.9% in 2021 Q1 from 2020 Q4 mainly due to
increasing ASP of all products except for Caustic Soda
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Pre-tax Income

NT$million 20,000 18,062 15,000 12,962 11,181 10,000 5,000 130 0 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 -107 -5,000

 Pre-tax income rose in 2021 Q1 due to operating income was 45.9% higher than 2020 Q4

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