2010-2013 Revenue and Net Profit

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Green Seal Holding
4Q2013 Results
#1 BOPA Manufacturer in China, BOPA is A Green Material
Safe Harbor Disclaimer
This presentation contains “ forward-looking” statements, including statements about business outlook and
strategy, and statements about historical results that may suggest trends for our business. These statements are
based on estimates and information available to us at the time of this presentation and are not guarantees of
future performance. Actual results could differ materially from our current expectations as result of many factors,
including: our financial performance, including our net revenue, cost of revenue, operating expenses and ability to
sustain profitability; our planned capital expenditures; our liquidity and working capital requirements; our ability to
expand our customer base; our ability to expand our product and service offerings; our efforts to make our
business more vertically integrated; our ability to develop additional adjacent lines of business; our international
expansion plans, our ability to secure adequate facility space; our ability to retain and hire necessary employees,
including seasonal personnel, and appropriately staff our operations; the impact of seasonality on our business;
our ability to remediate the material weaknesses and significant deficiencies in our internal control over financial
reporting; our ability to stay abreast of modified or new laws applying to our business; and our spending of the net
proceeds from this offering. These and other risks and uncertainties associated with our business are described in
our IPO prospectus.
2
Green Seal (1262.TT) Highlights
http://www.greenseal-group.com/
 Found in 2009, Taiwan Stock Exchange Listing on January
16, 2014, Stock Ticker 1262
 Market Capitalization NT$30.98 Billion (2014/3/14 closing);
IPO priced at NT$17.01 Billion ( NT$126 per share)
 #1 Leader in China BOPA with 36% market share
 Veteran management team leading 634 employees with
60+ R&D
 Only BOPA Chinese BOPA manufacturer with selfdeveloped reaction agents
 Product portfolio increased as a result
 Customized products percentage increased quarter
over quarter, contributing to margin expansion
 Command key processing know-how to reach 99% yeild
 Highest production line run rate per line in the
industry
 Wasted material 100% recycled
 Highest even area (75%) among peers
360
90
 2013 Results(Pro-Forma)
 Revenue:NT$5.171 Billion
 Gross Margin:33%
 Net Profit:NT$1.132 Billion
 Earning Per Share (based on 120m shares):10.22
3
4Q2013 Financial Highlights
Unit: NT$000
Revenue
4Q2013
4Q2012
4Q2013
Over
4Q2012
3Q2013
4Q2013
Over
3Q2013
1,412,918
1,245,601
1,341,663
167,317
71,255
35%
31%
33%
+4%
+2%
73,703
56,309
82,436
17,394
-8,733
Operating Income
414,958
327,710
367,487
87,248
47,471
Operating Margin
29%
26%
27%
+3%
+2%
Non Operating Items
-13,991
-22,011
-15,965
8,020
1,974
Pretax Profit
400,967
305,699
351,522
95,268
49,445
Net Profit
338,829
258,064
296,704
80,765
42,125
21%
22%
+3%
+2%
+305
+250
Gross Margin
Operating Expense
Net Margin
24%
EPS (元)
2.82
2.63
2.47
4.791890
4.684971
4.782558
9,442
9,137
9,192
RMB/NTD Exchange Rate
Shipment (Tons)
NT$35.57億
Note 1: Numbers above are pro-forma based
Note 2: 3Q2013 and 4Q2013 EPS are calculated based on 120,000,000 shares outstanding
Note 3: 4Q2012 EPS is based on 97,978,000 shares
4
2010-2013 Solid Growth Indicators
Unit: NT$000
Revenue
2010
2011
2012
2013
1,086,421
100%
3,556,581
100%
5,577,804
100%
5,170,768
100%
Gross Profit
363,451
33%
825,469
23%
1,478,920
27%
1,716,463
33%
Operating Profit
319,381
29%
689,810
20%
1,268,648
23%
1,414,314
27%
Pretax Profit
290,918
27%
654,904
19%
1,133,246
20%
1,344,711
26%
Net Profit
212,374
20%
551,839
16%
953,458
17%
1,131,852
22%
Earning Per Share
2.17
Shipment (Tons)
7,027
NT$35.57億5.63
22,529
9.73
10.22
37,279
35,813
Note 1: Numbers above are pro-forma based
Note 2:2012 and 2013 Financial Reports are based on IFRS reporting while 2010 and 2011 are based on ROC reporting
5
Consistent Growth in Revenue and Net
Profit
2010-2013 Revenue and Net Profit (NT$Billion)
5.578
5.171
3.557
Revenue
营业收入
1.086
2010
0.953
0.552
0.212
1.132
2011
2012
2013
2010-2013 Earning Per Share
15
10
5
9.73
10.22
5.63
2.17
0
2010
2011
2012
2013
Note 1:2010~2012 EPS are calculated based on pro-forma 97,978,000 shares
Note 2: 2013 EPS is calculated based on weighted average of the year, 110,769,000 shares
6
税后纯益
Net Profit
BOPA Applications
Food
Household Products
Energy Saving
Electronics
Pharmaceuticals
7
Revenue Breakdown by Key Product
Applications
2013 Revenue Breakdown by Products
8
Monthly Revenue and Margin Trends
600,000
50%
45%
500,000
40%
35%
400,000
30%
300,000
25%
20%
200,000
15%
10%
100,000
5%
NT$35.57億
-
0%
Revenue (NT$000)
營業收入(新臺幣千元)
9
Gross Margin
Gross Margin
營業毛利率
Balance Sheets and Key Indices
Unit : NT$000
Current Assets
2010
2011
2012
2013
1,389,348
44%
2,234,512
45%
2,351,815
42%
3,676,095
46%
Cash
211,122
7%
109,487
2%
189,562
3%
1,681,382
21%
Account Receivables
371,762
12%
1,056,382
21%
1,411,934
25%
1,388,072
17%
Inventories
138,184
4%
406,658
8%
156,565
3%
159,913
2%
Non Current Assets
1,768,124
56%
2,743,919
55%
3,313,523
58%
4,374,260
54%
Total Assets
3,157,472
100%
4,978,431
100%
5,665,338
100%
8,050,355
100%
Current Liabilities
1,108,062
35%
1,776,627
35%
2,686,268
47%
1,718,686
21%
Non Current Liabilities
1,642,573
52%
2,175,667
44%
1,053,369
19%
731,963
9%
Total Liabilities
2,750,635
87%
3,952,294
79%
3,739,637
66%
2,450,649
30%
406,837
13%
1,026,137
21%
1,925,701
34%
5,599,706
70%
Shareholders Equity
Return on Asset
Return on Equity
8%
85%
NT$35.57億
15%
20%
18%
77%
65%
30%
A/R Turnover Days
85
74
82
99
Inventory Turnover Days
47
37
26
17
Current Ratio
125%
126%
88%
214%
Quick Ratio
97%
84%
70%
194%
Note:2012 and 2013 Financial Reports are based on IFRS reporting while 2010 and 2011 are based on ROC reporting
10
Cash Flows
Unit: NT$000
2010
2011
2012
2013
Cash Flow from
Operations
110,647
330,075
986,216
1,639,247
Cash Flow from
Investments
-1,430,302
-1,156,693
-1,052,115
-1,040,760
Cash Flow from
Financing
1,578,742
647,979
181,144
841,703
Exchange Rate Effect on
Cash
-54,080
77,004
-35,170
51,630
Cash Increase
205,007
NT$35.57億
-101,635
80,075
1,491,820
6,115
211,122
109,487
189,562
211,122
109,487
189,562
1,681,382
Beginning Balance
Ending Balance
Note:2012 and 2013 Financial Reports are based on IFRS reporting while 2010 and 2011 are based on ROC reporting
11
China CPL Supply and Demand (BOPA
Upstream)
Unit:10,000 tons
250
90%
82%
200
80%
70%
71%
60%
150
51%
50%
40%
41%
100
35%
30%
NT$35.57億
20%
50
10%
0
0%
2009
2010
Demand
需求量
2011
Capacity
產量
12
2012
Import
進口量
China Self-sufficient Rate
自給率
2013
Rapid CPL Expansion Brought Down
PA6 Price Quote
45,000
40,000
BOPA銷售價格
35,000
30,000
25,000
PA6採購價格
20,000
NT$35.57億
15,000
2010 avg
2011 avg
2012 avg
13
2013 avg
2014 avg
2015 avg
Confidential
Green Seal Strategy
o Green Seal is dedicated
only to BOPA thin film
o Given its superior
characteristics compared
to other thin films, BOPA
has great growth potentials
Industry
Leader
Superior
Characteristics
High
Growth
Application
Industries
o Developing High ASP/High
end products (Import
Substitution, Price, 2-4x of
standard product ASP)
o Higher end products leads
the industry (only Chinese
manufacturer to procure
the equipment
o Upstream environment is
favorable to Green Seal
margins as CPL price is
trending down
o #1 Market Share
o Processing know-how and
scales surpass Chinese
peers
o Deep-rooted ground work
done on developing Food,
Household Products,
Pharmaceutical and
Electronics industries
o
High
Growth
Momentum
High Margin
Business
Model
14
o
o
In-house developed
reaction agents
Efficiency Improvements
(Industry Leader)
Direct Sale
Expanding Product Portfolio to Higher
End BOPA
Developed
Simultaneous
Process
Developed In-house
Reaction Agents leading to
Different BOPA Products




From Standard
BOPA 15цm to
12/20/25цm
Differentiated
BOPA

Developing
High Insulation
Hybrid Products
(BOPA+EVOH)
Developed Reaction Agents
for: High separability, High
insulation, Ultra thin,
Bubble hood etc.
In Development Processes:
M-Nylon, Book Cover Film,
Linear Tear Film, Ultra Ray
Resistance, Winter Only,
Summer Only, EVOH Hybrid
etc.
2012
2013
15
After relocation of
Wuxi Line to Xiamen
and after production
line alteration to
simultaneous process,
Green Seal’s product
portfolio is now
complete.
When 5-layer
production line 6, 7, 8
is ready, Green Seal
will migrate into
higher end hybrid
products such as
BOPA+EVOH and
BOPA+MXD
2014
Capacity Expansion Plan for Next 2
Years
 Via new equipment purchase and M&A opportunities, Green Seal obtained the necessary capacity
combined with its improved process know-how to emerge as the #1 manufacturer of BOPA in China
 Green Seal will continue to migrate to advanced process and processes to maintain its industry
leadership position
80,000
10
9
9
8 75,600
8
70,000
60,000
7
50,000
6
40,000
5
5
30,000
35,400
3
20,000
10,000
6
1
5,500
32,500
5
35,400
40,900
41,600
51,600
63,600
7
6
5
4
產能(噸)
Capacity (Tons)
3
Number of
生產線數量
2
17,900
1
-
0
16
Production
Lines
Equipments, Capacity and Product
Types
Production
Lines
Plant
Location
Production
Date
Machine
Width
(M )
Line 1
Xin Yang
2010.11
4.2
Line 2
Xin Yang
2010.11
4.2
Line 3
Dong Fu
2011.08
5.1
Line 4
Dong Fu
2011.10
Line 5
Dong Fu
Line 6
Annual
Capacity
(Tons)
Equipment
Vendor
Machine
Layers
Product
Types
Bruckner
3 Layers
Standard, Customized
Bruckner
3 Layers
Standard, Customized
8,400
Bruckner
3 Layers
Standard, Customized
5.1
8,400
Bruckner
3 Layers
Standard, Customized
2013.06
4.2
6,200
Mitsubishi
3 Layers
Standard, Customized
Relocation from Wuxi and
Process Alteration
Dong Fu
2013.10
4.2
6,200
Bruckner
3 Layers
Standard, Customized
Relocation from Wenzhou
and Equipment Upgrade
Line 7
Dong Fu
2014Q4
5.1
NT$35.57億
10,000
Bruckner
5 Layers
Standard, Customized
& Hybrid
Line 8
Dong Fu
2015Q2
6.6
12,000
Bruckner
5 Layers
Standard, Customized
& Hybrid
Line 9
Dong Fu
2015Q4
Total Capacity (Tons)
6,200
6,200
6.6
12,000
Bruckner
75,600
17
5 Layers
Standard, Customized
& Hybrid
Note
Current Capacity:
41,600 Tons
Confidential
Q&A
Yilin Yan, CEO
Email: [email protected]
18
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