Prosthetic Biomaterials used in the ear Mustafa and Hamel Shelina(Sam)MeganAmritaHoward.
2014 Company Report - PAHSCOtw.pahsco.com.tw/upload/userfiles/files/PAHSCO_2014(1).pdf · 2017. 1....
Transcript of 2014 Company Report - PAHSCOtw.pahsco.com.tw/upload/userfiles/files/PAHSCO_2014(1).pdf · 2017. 1....
2014 Company Report
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Our Milestone
1977 PAHSCO formed with a stock Capital of NT$ 1 Million
1980 Started the production & trading of central medical gas equipment
2001 Tong Lo Factories received ISO9001 & CE Certification
2002 Tong Lo (F0) received GMP Certification
2004 PAHSCO became a public listed company in the stock market
2005 Tong Lo (F0’) formed to expand the production of sterilize medical product
2006 The automatic warehousing system was officially implemented in August
1987
2009
Obtained 11,997m2 of production capacity and expanded Tong Lo (F3)
2008
Tong Lo (F1) constructed on November
2008
2010
Obtained 7,085 m2 of land
Issued its second series of secured domestic convertible bonds
Implemented Oracle ERP systems 2011
Implemented BPM system
PAHSCO has been awarded with Top-Ten (2008~2011) & Top- Five (2012~2013)
ranking for information transparency and disclosure for 6 consecutive years.
2012
Tong Lo (F2) constructed & expanded the production of gas piping products
2013 Established a subsidiary company - Pacific Precision Technology Co., Ltd.
Taichung Office
4 Factories in
Tong-Lo Industrial Park
Taipei Headquarter
Kaohsiung Office
Our Location
Miaoli
Taiwan
Our Certificate
-
50
100
150
200
250
300
350
400
Middle Eastand Africa
OtherEurope Asia Pacific
WesternEurope America
Global
7 14
66 81
137
305
9 19
89 96
179
391
6.5% 8.2%
7.9% 4.2%
6.8%
5
Introduction to Medical Product
Industry and Future
Global Market for Medical Device and Equipment:
2012-2016 CAGR 6.5%
Source: BMI(2014); IEK(2014)
Market size in 2012 and 2016(e)
Unit:Billion (USD) CAGR
6.5%
6 Source: Frost & Sullivan, 2010
Unit: Billion(USD)
5.94
6.53
8.9
12.47
14.25
18.4
20.48
21.07
23.45
24.34
37.1
48.08
55.8
0 10 20 30 40 50 60
Cosmetic Surgery & Lifestyle Products
Neurology & Neuromuscular Devices
Intravenous & Infusion Devices
Urology & Gynecology Devices
Ophthalmic & Optical Devices
General Surgical Therapeutic Devices
Single Use Surgical & Disposables
Minimally Invasive Surgical Devices
Wound Care and Biomaterials
Others
Orthopedic and Prosthetic Devices
Anesthetic and Respiratory Devices
Cardiology and Thoracic Surgery
Introduction to Medical Product
Industry and Future
7
Introduction to Medical Product
Industry and Future
Global Medical Product Market Share
U.S. 38.6%
Japan 9.1% Germany
7.8%
China 5.2%
France 4.5%
Others 34.8%
2013 USD 328 B
Source: BMI(2014); IEK(2014)
Estimated percentage by Country
U.S. 39.0%
Japan 8.7% Germany
7.6%
China 5.9%
France 4.3%
Others 34.5%
2014 (e) USD 346 B
8
Introduction to Medical Product
Industry and Future
Global Medical Product Market Share
Estimated percentage by Category
Diagnostic Imaging Product 25.9%
Medical Disposal Devices 15.4%
Assistive Device 12.4%
Orthopodic and
Implantable Product 11.7%
Orthodontic Product
6.7%
Others 27.9%
2014 (e) USD 346 B
Source: BMI(2014); IEK(2014)
Diagnostic Imaging Product 25.8%
Medical Disposal Devices 15.4%
Assistive Device 12.4%
Orthopodic and
Implantable Product 11.7%
Orthodontic Product
6.8%
Others 27.9%
2013 USD 328 B
9
Main Geographic Areas of
Global Medical Device Market
5X
5X
10
Population Structure of
Geographic Areas Due to the low
birth rate in Taiwan,
the population
structure is aging. Population of age above 65
Country Percentage of population above age 65 Period of time expected
7% 10% 14% 20% 30% 7%→14% 10%→20% 20%→30%
Taiwan 1993 2005 2017 2025 2040 24 20 15
Singapore 2000 2010 2016 2023 2034 16 13 11
South Korea 2000 2007 2017 2026 2040 17 19 14
Japan 1970 1985 1994 2005 2024 24 20 19
China 2001 2010 2026 2036 - 25 20 -
United States 1942 1972 2015 2034 - 73 62 -
Germany 1932 1952 1972 2009 2036 40 57 27
UK 1929 1946 1975 2026 - 46 80 -
Italy 1927 1966 1988 2007 2036 61 41 29
Switzerland 1887 1948 1972 2015 - 85 67 -
France 1864 1943 1979 2020 - 115 77 -
Source:
1. Council for Economic Planning and Development
2.United Nations, World Population Prospects:The 2006
Revision.
Developed Countries
with Subcontract Manufacturing Focus
(ODM/OEM)
Emerging Countries
with Self-Branding Focus
(OBM)
US Japan Germany China Taiwan
Ove
rall In
de
x
Population (Million) 319 127 81 1354 23
Age
(0~14:15~64:65up) 19 : 67 : 14 13 : 62 : 25 13 : 66 : 21 17:74:9 14 : 74 : 12
Birth Rate:Death Rate 13 : 8 8 : 9 8 : 11 12 : 7 9 : 7
Fertility Rate 2.0 1.4 1.4 1.6 1.1
Life Expectancy at Birth 79.6 84.5 80.4 75.2 79.8
2012 GDP (Million USD) 16,244,575 5,937,767 3,427,853 8,229,381 475,327
GDP per Capita(USD) 51,709 46,530 42,569 6,078 20,386
GDP Growth Rate 2.8% 1.4% 0.7% 7.7% 1.5%
Me
dic
al In
du
stry
Ind
ex
Health Expenditure per
Capita(USD) 8,895 4,752 4,683 322 2,479
Change of Health
Expenditure per Capita
(2009 ~ 2012)
3 ~ 5%
Steady
2 ~ 13%
Steady
-6% ~ 7%
Fluctuated
14 ~ 27%
Fast Growing
2 ~ 3%
Steady
Health Expenditure / GDP
(%) 17.9 10.1 11.3 5.4 6.6
Hospital Beds per 1000
persons (unit) 2.9 13.7 8.2 3.8 6.4
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Overall Index of Geographic Areas
Source: World Bank(2012); Country Economy(2012);CIA World Fact book; AmCham TW
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Our Major Exporting Countries
Japan 25%
Taiwan 18%
China 11%
U.S. & Canada
10%
Germany 6%
Saudi Arabia
3%
PAHSCO 2014
Others
27%
Japan 23%
Taiwan 19%
China 10%
U.S. & Canada
7%
Germany 7%
Saudi Arabia
5%
PAHSCO 2013
Others
29%
13
80% 85% 90% 95% 100%
2009
2010
2011
2012
2013
2014
87.3%
90.5%
91.0%
90.5%
90.90%
92.0%
5.00%
6.6%
5.9%
6.9%
7.00%
7.1%
7.7%
2.9%
3.1%
2.6%
2.10%
0.9%
Medical Device Medical Equipment Piping System
Percentage of Product Categories
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Disposable Medical Device
Tubes
Sales Revenue:375 Million(NTD)
% of Product TR: 26% (2nd )
Closed Suction System (CSS)
Sales Revenue:394 Million(NTD)
% of Product TR: 27% (1st )
Bags
Sales Revenue:175 Million(NTD)
% of Product TR: 12% (3rd)
PAHSCO 2013
CSS, 27%
Tubes, 26%
Bags, 12%
Others, 24%
Wound Drainage
System, 7% Bottles, 2%
Respiratory, 2%
Wound Drainage System
Sales Revenue:106 Million(NTD)
% of Product TR: 7%
15
Tubes, 27%
CSS, 24%
Bags, 13%
Others, 22%
Wound Drainage
System, 9%
Bottles, 3% Respiratory
, 2%
Disposable Medical Device
Closed Suction System (CSS)
Sales Revenue:363 Million(NTD)
% of Product TR: 24% (2nd )
Tubes
Sales Revenue:415 Million(NTD)
% of Product TR: 27% (1st )
Bags
Sales Revenue:189 Million(NTD)
% of Product TR: 13% (3rd)
PAHSCO 2014
Wound Drainage System
Sales Revenue:129 Million(NTD)
% of Product TR: 9%
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Client Type of Medical Device & Equipment
Unit: Thousand (NTD)
2013
Domestic: 18.7 % Export: 81.3%
2014
Domestic: 17.8 % Export: 82.2%
ITEM OBM ODM/OEM Total OBM ODM/OEM Total
Device 568,302 744,556 1,312,858 626,512 759,355 1,385,867
Equipment 77,350 28,863 101,213 84,623 22,514 107,137
Total 645,652 768,419 1,414,071 711,135 781,869 1,493,004
% 45.7% 54.3% 100.0% 47.6% 52.4% 100.00%
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Sales by Quarter
Unit: Thousand (NTD)
YEAR 2008 2009 2010 2011 2012 2013 2014
Q1 222,680 246,505 299,794 325,890 342,607 357,542 371,812
Q2 221,649 282,752 319,461 372,298 341,626 382,503 362,975
Q3 240,016 294,085 310,737 342,243 369,016 351,901 376,479
Q4 276,562 311,086 318,310 303,188 385,459 351.950 395,398
Total 960,906 1,134,428 1,248,302 1,343,619 1,438,708 1,443,896 1,506,664
Growth 15.4% 18.1% 10.0% 7.64% 7.08% 0.36% 4.35%
Gross
Margin 33.25% 39.37% 41.07% 38.67% 39.24% 37.46% 36.06%
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Financial Information
ITEM 2008 2009 2010 2011 2012 2013 2014
EPS 2.73 (0.23) 5.49 5.39 4.75 4.88 4.95
ROE % 19.27 (1.40) 28.14 22.62 19.89 19.49 18.55
ROA % 12.88 (0.93) 22.20 18.93 16.68 16.06 15.33
Net Profit
Margin 13.60 (1.12) 27.55 24.06 21.79 22.29 21.70
Net Cash
per Share 7.20 8.00 9.84 10.44 12.37 12.64 11.82
*2010EPS 5.49 in the weighted average capital ; 2010EPS 6.37 in the year-end capital.
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1 .00Stock Dividend presented at the Shareholders’ Meeting.
*2012Pay-out: $4 Cash Dividend presented at the Shareholders’ Meeting .
*2013Pay-out: $2.5 Cash Dividend presented at the Shareholders’ Meeting.
19
Financial Information
* Ignore the evaluation loss of financial liabilities
*2010EPS 5.44 in the weighted average capital ; 2010EPS 6.31 in the year-end of capital.
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1.00Stock Dividend presented at the Shareholders’ Meeting.
*2012Pay-out: $4 Cash Dividend presented at the Shareholders’ Meeting .
*2013Pay-out: $2.5 Cash Dividend presented at the Shareholders’ Meeting.
ITEM 2008 2009 2010 2011 2012 2013 2014
EPS 3.53 4.24 5.44 5.39 4.75 4.88 4.95
ROE % 22.23 22.71 27.85 22.62 19.89 19.49 18.55
ROA % 14.00 16.15 22.02 18.93 16.68 16.06 15.33
Net Profit
Margin 17.60 20.69 27.27 24.06 21.79 22.29 21.70
Net Cash
per Share 7.20 8.00 9.84 10.44 12.37 12.64 11.82
20
Revenue
(NTD) 2008 2009 2010 2011 2012 2013 2014
Total 0. 96 B 1.13 B 1.25 B 1.34 B 1.44 B 1.44 B 1.51B
China 49 M 73 M 83 M 115 M 130 M 143 M 165M
% 5.1 % 6.5 % 6.7 % 8.5 % 9.0 % 9.9% 11.0%
49 M
73 M 83 M
115 M 130 M
143 M
165 M
2008 2009 2010 2011 2012 2013 2014
(NTD) 14%
50% 13%
38%
Our Sales in China
10%
yoy
15%
21
Thank you
for your attention & patience!