evolving with technology. - rotam.com · 2015, which resulted in high inventory in channels. ......
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Inspired by Customers. Evolving with Technology.
Rotam Global
Agroscience Limited
2016 Q4 Investor Conference
Stock code: 4141
2017.3.31
財務及營運概況 FINANCIAL &
OPERATING
RESULTS
© 2015 Rotam. All rights reserved. 4 Page
第四季合併損益表 CONSOLIDATED P/L (Q4) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited
合併損益表 Consolidated Profit and loss account
單位:仟元( '000) USD NTD USD NTD USD NTD
營業收入Turnover 91,322 2,897,661 104,186 3,382,694 -12.3% -14.3%
營業毛利 Gross profit 42,166 1,340,824 46,584 1,507,576 -9.5% -11.1%
46.17% 46.27% 44.71% 44.57%
營業費用 Operating expenses (34,489) (1,094,816) (32,505) (1,057,158) 6.1% 3.6%
37.77% 37.78% 31.20% 31.25%
營業利益 Operating profit 7,677 246,008 14,079 450,418 -45.5% -45.4%
8.41% 8.49% 13.51% 13.32%
營業外收入及支出 Other income/ expenses 1,972 61,711 (331) (21,420)
稅前淨利 Profit before tax 9,649 307,719 13,748 428,998 -29.8% -28.3%
所得稅 Income tax (2,467) (77,964) (1,584) (50,651) 55.7% 53.9%
稅後淨利 Profit after tax 7,182 229,755 12,164 378,347 -41.0% -39.3%
7.86% 7.93% 11.68% 11.18%
基本每股盈餘 Basic EPS 1.51 2.51
稀釋後每股盈餘 Duiluted EPS 1.47 2.51
2016 Q4 2015 Q4 Q4 16 over Q4 15
© 2015 Rotam. All rights reserved. 5 Page
年度合併損益表 CONSOLIDATED P/L (FY) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited
合併損益表 Consolidated Profit and loss account
單位:仟元( '000) USD NTD USD NTD USD NTD
營業收入Turnover 311,143 10,062,314 346,759 10,973,860 -10.3% -8.3%
營業毛利 Gross profit 132,350 4,280,204 141,162 4,467,334 -6.2% -4.2%
42.54% 42.54% 40.71% 40.71%
營業費用 Operating expenses (115,704) (3,741,846) (113,334) (3,586,679) 2.1% 4.3%
37.19% 37.19% 32.68% 32.68%
營業利益 Operating profit 16,646 538,358 27,828 880,655 -40.2% -38.9%
5.35% 5.35% 8.03% 8.03%
營業外收入及支出 Other income/ expenses 10,240 331,152 (31,250) (988,963)
稅前淨利 Profit before tax 26,886 869,510 (3,422) (108,308)
所得稅 Income tax (9,734) (314,810) (3,139) (99,321) 210.1% 217.0%
稅後淨利 Profit after tax 17,152 554,700 (6,561) (207,629) 轉虧為盈 轉虧為盈5.51% 5.51% -1.89% -1.89% turning profit turning profit
基本每股盈餘 Basic EPS 3.65 -1.38
稀釋後每股盈餘 Duiluted EPS 3.61 -1.38
FY 2016 FY 2015 FY 2016 over FY 2015
© 2015 Rotam. All rights reserved. 6 Page
季度營收 QUARTERLY SALES
Sales (NTD’000)
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4
© 2015 Rotam. All rights reserved. 7 Page
毛利率 GROSS PROFIT MARGIN
USD NTD USD NTD
Unit: '000
營業收入Turnover 311,143 10,062,314 346,759 10,973,860
Sales YoY growth % -10% -8% -2% 3%
營業毛利 Gross profit 132,350 4,280,204 141,162 4,467,334
GP YoY growth % -6% -4% 2% 6%
毛利率 GP% 42.5% 42.5% 40.7% 40.7%
2016 FY 2015 FY
© 2015 Rotam. All rights reserved. 8 Page
費用比率 EXPENSE RATIO
龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited
費用比率 Expense ratio
單位:仟元('000)
USD NTD USD NTD USD NTD
銷售費用
Selling Exp. 64,487 2,085,509 64,575 2,043,609 -0.14% 2.05%
佔營收比 20.7% 20.7% 18.6% 18.6%
Selling Exp./Sales
管理費用
General and Admin. Exp. 37,100 1,199,813 36,445 1,153,370 1.80% 4.03%
佔營收比 11.9% 11.9% 10.5% 10.5%
General and Admin. Exp./Sales
研發費用
Research and development Exp. 14,117 456,524 12,314 389,700 14.64% 17.15%
佔營收比 4.5% 4.5% 3.6% 3.6%
Research and development Exp./Sales
總營業費用
Operating expenses 115,704 3,741,846 113,334 3,586,679 2.09% 4.33%
佔營收比 37.2% 37.2% 32.7% 32.7%
Total SG&A/Sales
2016 FY 2015 FY FY2016 over FY2015
© 2015 Rotam. All rights reserved. 9 Page
負債比率 GEARING RATIO
負債比率Gearing ratio
Unit: '000
USD NTD USD NTD USD NTD
負債總額
Total liabilities 392,320 12,683,664 341,651 11,237,168 15% 13%
資產總額
Total assets 593,949 19,202,355 531,068 17,467,254 12% 10%
銀行借款
Bank borrowing balance 246,055 7,954,966 219,828 7,230,345 12% 10%
負債比率Gearing ratio 66.05% 66.05% 64.33% 64.33%
Dec. 31, 2016 Dec. 31, 2015 Variance
© 2015 Rotam. All rights reserved. 10 Page
負債比率與競爭者比較
GEARING RATIO COMPARE TO
COMPETITORS
Note:*Adama:2016Q3 result 、*UPL:2016Q2 result
© 2015 Rotam. All rights reserved. 11 Page
藥證 REGISTRATIONS
647 728
811 888 1,035
1,247
1,473
100
300
500
700
900
1,100
1,300
1,500
1,700
Dec, 31 2010 Dec, 31 2011 Dec, 31 2012 Dec, 31 2013 Dec, 31 2014 Dec, 31 2015 Dec,31 2016
藥證數量 Quantity of registrations
單位:仟元('000)
藥證相關的無形資產 USD NTD USD NTD
Intangible assets relating to Registration 158,343 5,208,040 177,895 5,751,367
Dec,31 2015 Dec,31 2016
© 2015 Rotam. All rights reserved. 12 Page
2016 CROP PROTECTION MARKET REVIEW
Key Factors
• Weak glyphosate prices
• High stocks of all major crops
except rice
• Persisting weak crop prices:
potential for rapid change
• Farm incomes on the decline
• El Niño effect. Weak monsoon
climate
Source:PhillipsMcdougall
Static to Decline
Crop Protection Market Change from Previous Year(%) 2014-2016
($m) Nominal CAGR
2014 56,655 +4.5
2015 51,210 -9.6
2016 49,985 -2.4
Year
-6.1%
© 2015 Rotam. All rights reserved. 13 Page
2014 2015 2016 CAGR
Rotam 353 347 312 -5.99%
Bayer 12,592 11,237 10,970 -6.66%
BASF 7,223 6,457 6,161 -7.64%
Monsanto 15,855 15,001 13,502 -7.72%
Dow 7,290 6,381 6,174 -7.97%
Syngenta 15,134 13,411 12,790 -8.07%
Dupont 11,296 9,798 9,516 -8.22%
FMC 4,484 3,639 3,283 -14.43%
SalesCompany \ Year
2014-2016 COMPETITORS SALES
Source: annual reports
unit: $m unit: $m
© 2015 Rotam. All rights reserved. 14 Page
2014-2016 ROTAM SALES BY REGION
FY2015 Sales
USD 347M NTD 11.0Bn
FY2016 Sales
USD 311M NTD 10.1Bn
USD YoY-10.3%
TWD YoY-8.3%
FY2014 Sales
USD 353M NTD 10.7Bn
USD YoY-1.8%
TWD YoY+2.9%
© 2015 Rotam. All rights reserved. 15 Page
2016FY龍燈地區別銷售成長
Growth on Sales by Region
北美 NAFTA + 12%
歐洲 Europe
-27%
中國 China -16%
2016 FY over 2015 FY
拉丁美洲 Latin America
-11%
中東+非洲
Middle East+Afirca 4%
亞太
Asia Pacific 4%
© 2015 Rotam. All rights reserved. 16 Page
Europe floods : In late May and early June 2016, the central and western
Europe was affected by low-pressure and the unstable weather caused heavy
rain for days; Germany, France, and other countries were all affected by the
heavy rain.
The western and southeastern Germany and the central and northern parts of
France were particularly devastating.
EUROPE
Source:BBC、水利災害應變中心
Figure: flooding in Paris, France Figure: flooding in Germany
High inventory in Europe channels
© 2015 Rotam. All rights reserved. 17 Page
BRAZIL Control FX risks of EM market :Rotam has been reducing low
margin products and third parties sales in order to increase regional
margin and financial flexibility.
Low insect pressure:Insect pressure has been low in Brazil since
2015, which resulted in high inventory in channels. Furthermore,
insecticide sales of Rotam has been also affected.
Source:PhillipsMcdougall
© 2015 Rotam. All rights reserved. 18 Page
Floods in southern areas: From June 15 to July 14, China's
Yangtze River Basin experienced 27 times of heavy rains, monthly
cumulative rainfall was about 400-800 mm, which is higher than
historical records, covering the middle and lower reaches of the
Yangtze River coastal more than 10 provinces, about 4.17 million
hectares of crops area was affected.
2016 CHINA FLOODS
Figure: flooding in southern China
Source:BBC、災害防救科技中心
© 2015 Rotam. All rights reserved. 19 Page
On July 9, 2016, Super Typhoon "Nepal" landed in Quanzhou,
Fujian Province, heavy rains triggered a rare flash flood and debris
flow. According to official news, it caused to more than 9.9 billion
RMB of losses in Fujian Province, and it was the most serious
economic losses in Fujian Province.
October 18, 2016, strong typhoon "Sarika " hit Hainan, China,
resulted in serious traffic problems.
October 22, 2016, strong typhoon "Haima" hit Guangdong.
TYPHOONS CONSECUTIVELY HIT SOUTHERN CHINA
Source:中時電子報
© 2015 Rotam. All rights reserved. 20 Page
2016 CHINA CROP PROTECTION COMPANIES
Company Ticker 2015FY 2016FY
Sales
Growth
LCY M $M LCY M $M %($)
Huifeng 002496.SZ 3333 530 5930 893 68.30%
Lier Chemical 002258.SZ 1489 237 1982 298 25.91%
Jiangsu
Changqing 002391.SZ 1820 290 1833 276 -4.73%
Nanjing Red Sun 000525.SZ 4557 725 4558 686 -5.39%
Jiangsu Yangnong 600486.SH 3114 495 2929 441 -11.03%
Noposion 002215.SZ 2210 352 1975 297 -15.46%
Rotam China
region 4141.TT 798 127 711 107 -15.75%
Source:巨潮資訊網、各公司業績快報
Average Sales of Post-generic companies in China decreased 15%
Supplier P
ost-g
ener
ic
© 2015 Rotam. All rights reserved. 21 Page
Facing the challenge of upstream raw material prices.
Focus on the balance of regional business , and continuously
improve the financial structure.
As the political and economic situation getting stable in Brazil, we
will increase the high-value products sales of applications on
maize, sugarcane.
Develop deeply in China and Europe markets to stabilize market
share.
Launch new mixtures products, optimize formulations, increase
product’s value and maintain product’s gross margin.
2017 CHALLENGE AND OUTLOOK
THANK YOU!