SWANCOR HOL. CO., LTD

SWANCOR HOL. CO., LTD

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SWANCOR HOL. CO., LTD

2018Q3 Results

2018/11/13

Meeting Agenda

Financials

Business Update


Q&A

2018Q3 Income Statement


•ROE is annualized. •Sales volume included anti-corrosion material and wind blade material. Other products are not included

2018Q3 Sales Revenues by Business Unit

93.8%

1.5% 4.7%

Fine Chemical

Carbon Fiber

Offshore Wind Power


NT$

Millio

n

1,425

1,284

-

200

400

600

800

1,000

1,200

1,400

1,600

2018Q3 2017Q3

Fine Chemical

22

5

-

5

10

15

20

25

2018Q3 2017Q3

Carbon Fiber

72

39

-

10

20

30

40

50

60

70

80

2018Q3 2017Q3

Offshore Wind Power

2018Q3 Fine Chemical Sales Revenues by Product Line

51%38%

11%Anti-Corrosion Material

Wind Turbine Material

Others


NT$

Millio

n

721

649

-

100

200

300

400

500

600

700

800

2018Q3 2017Q3

Anti-Corrosion Material

549

470

-

100

200

300

400

500

600

2018Q3 2017Q3

Wind Turbine Material

156 164

-

20

40

60

80

100

120

140

160

180

2018Q3 2017Q3

Others

2018Q3 Sales Revenues by Region

14%

75%

11%

Taiwan

China

International


NT$

Millio

n

210 198

-

50

100

150

200

250

2018Q3 2017Q3

Taiwan

1,146

1,006

-

200

400

600

800

1,000

1,200

1,400

2018Q3 2017Q3

China

163

124

-

20

40

60

80

100

120

140

160

180

2018Q3 2017Q3

International

Balance Sheet and Financial Indexes


Account Receivable and Changes of Bad Debt Reserve

2,046 2,023 1,825 1,717

1,301 1,332 1,319 1,460 1,368

1,713 1,651

-

500

1,000

1,500

2,000

2,500

2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3

Account Receivable

113

110

0 50 100 150

2018Q3

2018Q2

AR turnover days


NT$ Million

2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3

79 66

44

-84 -1

91

-4 -88 1 16 -15

-100

-50

-

50

100

2016Q1 Q2 Q3 Q4 2017Q1 Q2 Q3 Q4 2018Q1 Q2 Q3

Changes of Bad Debt Reserve

0 50 100 150

89

85

0 50 100

2018Q3

2018Q2

AP turnover days

2018Q3 Cash Flow


Fine Chemical – Anti-Corrosion Material

TaiwanMarketTaiwanMarket

ChinaMarket ChinaMarket


MarketMarket

InternationalMarket

InternationalMarket

Market Market

(Fine Chemical – Wind Blade Material)Global Wind Power New Installation

40.0

50.0

60.0

70.0

80.0

Latin American

Off shore

N. American

Europe

11

Source: Bloomberg NEF 2018

Unit: GW

22.0 16.8

21.3 23.1 22.9

5.5

6.8

9.3

16.4 14.9

-

10.0

20.0

30.0

2016 2017 2018F 2019F 2020F

Europe

Other Places

China

(Fine Chemical – Wind Blade Material)2017 Major Wind Turbine Makers

5.2 5.8

China Market

Goldwind

Envisiom

Uninted Power

Mingyang

Shanghai Electric

9.4

7.8

15.1

Global Market

Vestas

Siemens Gamesa

Goldwind

GE

Enercon

12

Source of wind turbines: Bloomberg 2018.

Unit: GW

We estimated the usage of blade resin for wind turbine per MW is roughly 4.7 ton.

The ASPs of blade resin over the years were between NT$90,000-110,000 per ton.

2.7

1.3 1.1

1.1

0.9

Shanghai Electric

CSIC Haizhuang

Others 5.7

4.7 3.1

3.1

3.1 Envision

Nordex

Others

Carbon Fiber Composite

Spar for wind blade

Thermal-plastic plate

Pre-Peg


Offshore Wind Power

• Located in the northwest of Taiwan, 128MW.Formosa I

• Located in the west and south of Formosa I, 378MW.Formosa II


• Located in the central-west of Taiwan, 1,900MW. Formosa III

• Started from management and will expand work scope to turbine and non-turbine inspection and maintenance.

Operating and Maintenance

(O&M)

Thank You!


Thank You!

Q&A

Disclaimer

This document may be deemed to contain forward-looking statements. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Swancor that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results.

Any projections in the document are based on limited internal and external


Any projections in the document are based on limited internal and external information currently available to Swancor, which is subject to change. Actual events or results could differ materially and no reader of this document should assume later that the information provided today is still valid. Such information speaks only as of the date of this document.

Readers shall rely on self-judgment to makes any investment decision. Readers shall not interpret the information in this document to be investment recommendations.

SWANCOR HOL. CO., LTD

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