TNC — Investor Presentation 2017

Sep 11, 2017

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台灣航業股份有限公司 Taiwan Navigation Co., Ltd. (2617)

11th Sep, 2017

大綱 Agenda

 業務簡介 Business Introduction

 產業現況 Market Review  展望與策略 Prospect & Actions

2

業務範疇 Business Scope

租賃及其他 1.9% 代營 10.7% 港勤 4.9% 散裝 60.9% 客運 4.9% 貨櫃 16.7%

Revenue Jan-Jun/2017

散裝(Dry Bulk) 貨櫃(Cross Strait Feeder) 客運(Ro-Ro/Ferry) 港勤( Harbour Tug ) 代營(Ship Management) 租賃及其他(Lease & Others)

3

船隊 Our Fleet

• 自有船隊Owned

• 乾散貨船 Bulk Carrier x 22

• 港勤拖輪 Harbour Tug x 4

 客貨輪 Ro-Ro/Ferry x 1

• 傭入船Chartered-in

 貨櫃船 Container Ship (1,500TEU) x 1

• 代營船 Managing

 油輪 Oil Tanker x 4

• 港勤拖輪 Harbour Tug x 5

• 運煤輪 Coal Carrier x 1

4

資產 Assets (30 June 2017)

新台幣百萬元 mn-NT$

資產總計 Total Assets

船舶 Owned Fleet

投資性不動產* Investment Property 自用房地 Property

其他資產 Other Assets

13,228 10,283

1,099

240

1,606

• 土地 Lands 18,712㎡ 建物 Buildings 11,192㎡

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營業收入 Revenue vs. Dry market

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新台幣百萬元
In Millions New Taiwan
Dollars
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In Millions New Taiwan 指數
Indices
Dollars
3,500 2,400
3,167
2,200
2,898
3,000 2,773 2,000
2,682
2,458 1,800
2,500
1,600
1,400
2,000
1,200
1,500 1,298 1,000
營業收入
800
Revenue
1,000
600
BPI
400
500
200
BSI
0 -
2012 2013 2014 2015 2016 2017H1
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歷年損益 Financial Performance

	2012	2013	2014	2015	2016	2017H1
營收 Revenue(mn-NT$)	3,167	2,773	2,898	2,682	2,458	1,298
稅後淨利(損) Net Profit(Loss)(mn-NT$)	633	542	306	94	(91)	48
每股盈餘 EPS(NT$)	1.52	1.30	0.73	0.22	(0.22)	0.11
負債比率 Debt Ratio(%)	23	24	22	22	30	30

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乾散貨船市場走勢 Dry Bulker Review

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近3年船租 Recent Years Hire

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US$
16000
PANAMAX
SUPRAMAX
14000
12000
10000
8000
6000
4000
2000
0 │ │ │
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全球乾散貨船噸船齡分佈

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Resource: P7, Dry Bulk Fleet Update Status as per March 1[st] 2017, Maersk Broker

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散貨船市況 vs. 2016 Dry Market Review

• 需求 Demand 3.0%↑

• 中國大陸經濟升速趨緩

China’s growth is getting slower.

• 印度需求漸增，但短期影響尚不明顯 India’s demand is emerging.

• 全球景氣逐步擺脫低迷

Global economy is bottoming out.

• 保護主義與地緣政治不確定性增加

Protectionism and geopolitical uncertainties are big concerns.

• 供給 Supply 2.6%↑

• 新船訂單有限，拆船量大

• Short order book with healthy demolition.

• 造船速度快 Escalating yard efficiency.

• 游資充斥

Hot money flooding.

(資料來源Data Resource: Shipping Intelligence Weekly, Clarksons Research)

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中國大陸進出口總值(China Exports & Imports) vs. BDI Monthly Avg.

中國大陸GDP環比增長速度(與上ㄧ季度對比) China GDP Growth QoQ

12

兩岸貨櫃班輪 Cross-Strait Feeder Service

• 特許航線 Quasi-Cabotage.

• 兩岸經濟分工模式逐漸改變 Changing business model across the strait.

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展望與策略 Prospect & Actions

 代營業務平穩 Stable revenue ex ship management.

 兩岸貿易走平 Less excitement on cross-strait trade.  乾散貨船漸感春意 Light stands firmly at the end of dry tunnel.

 船舶年輕化、效能至上 Competent fleet.  績效化管理 Efficiency tops the agenda.

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衷心感謝 Thank you

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