TNC — Investor Presentation 2019

Sep 16, 2019

台灣航業股份有限公司 Taiwan Navigation Co., Ltd

業務說明會

2019.9.16

股票代號 2617

業務範疇 Business Scope

租賃及其他 1.51% 代營 7.2% 港勤 4.16% 客運 3.94% 散裝 71.08% 貨櫃 12.11%

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)

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Fleet 現有船隊

現有船隊Fleet
乾散貨船Dry Bulker	18’	17’	16’
77K ~ 84K x 7(Avg. 7.4 yrs)	10	6	6
51K ~ 62K x 10(Avg. 8.3 yrs)	11	13	10
NB (64K) x 2
NB (81K) x 2
NB (84K) x 2
港勤拖輪Harbour Tug x 4(Avg.	13 yrs)
客貨輪Ro-Ro/Ferry x 1(30 yrs)

• 1800 Teu x 1

• 貨櫃輪

• MR Tanker x 5

• 油輪

• 港勤拖輪 Harbour Tug x 5

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資產 Assets (~ 30 June 2019)

Total Assets 總資產 15,378

新台幣百萬元 mn-NT$

投資性不動產 *** Investment Property**

1,097

• 土地 Lands 18,712 ㎡

建物 Buildings 11,192 ㎡

其他資產 Other Assets

2,661

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船舶 Owned Fleet 11,384

自用房地 Property

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236

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營業收入 Revenue vs. Dry Market

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新台幣百萬元 日租金
mn-NT$ USD / Day
1
4000 20000
18000
3500 3,367
3,167
16000
3000 2,898
2,818
2,773
2,682 14000
營收 Revenue
2,458
2500
12000
PANAMAX
4TC
2000 10000 AVERAGE
1,545 SUPRAMAX
8000 6TC
1500 AVERAGE
6000
1000
4000
500
2000
0 0
2012 2013 2014 2015 2016 2017 2018 2019H1
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Financial Performance 歷年損益

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2014 2015 2016 2017 2018 19H1
營收
2,898 2,682 2,458 2,818 3,367 1,545
Revenue
(mn-NT$)
稅後淨利(損)
306 94 (91) 466 958 266
Net P/L
(mn-NT$)
每股盈餘
0.73 0.22 (0.22) 1.12 2.29 0.64
EPS
(NT$)
負債比率
22 22 30 38 31 34
Debt Ratio
(%)
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乾散貨船市場 Dry Bulk Market Review

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2650 9/4
2518
2450 9/13
2312
2250
2050
12/12
1850
1743
2019
1650
7/24 12/21
1/2 2018
1450 1774 1430
1282
2017
1250 11/18 12/24
1/2 1257 1364 2016
1050 1230
4/6
850 1/3 2/14 948 12/21
953 685 926
650
2/11
1/4
450 595
473
2/10
250 290
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average 2016 2017 2018 2019 (~Sept. 13)
BDI 673 1145 1353 1235
BCI 1032 2082 2104 1960
BPI 696 1217 1453 1325
BSI 596 844 1031 829
BDI
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主力貨載 Commodity Dry bulker carries

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短中期展望 Short-Term Prospect

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長水路糧運持續 低硫油議題白熱化 Long-haul grain still on VLSFO issue exploding 供給有控 持穩可期 Supply under control Sustainable market expected 政經情勢難料 Wobbling global politics & economy

• 中美貿易戰 China – US trade war  香港動亂 Hong-Kong unrest

• 硬脫歐 Hard Brexit ? 伊美矛盾 Iran – US conflict

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中長期關注 Mid-Term Monitoring Points

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全球經濟持穩 Growth continue？ 中國大陸經濟軟著陸 China soft-landing ? 供給節制 Supply Disciplined ?

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Economic Indicators 經濟指標

	Gh R %	17’	18’	19’	20’
	rowt ate (, y-o-y)
	World GDP	3.8	3.6	3.2	3.5
	- Advanced Economy	2.4	2.2	1.9	1.7
	- Developg Economy	4.8	4.5	4.1	4.7
	Global Import	3.9	3.1	1.3	2.5
	Seaborne Trade - Dry	4.0	2.5	1.1
	Fleet	4.1	2.6	1.9

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船噸變化 Fleet Development

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Take Action 行動

靈活業務規劃 Hedging Market Exposure

拓展業務 Diversifying Business Scope

加速船隊換新 Modernizing Operation Fleet 資訊化管理 Data-supported Management

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Thank you for your attention

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台灣航業股份有限公司 Taiwan Navigation Co., Ltd