Ezfly International Travel Agent Co.（2734）

Company Profile

Industrial Overview

Product Introduction

Business Achievement

Future Strategy

Outline

1

Company Profile

2

Company Introduction

Establishment Dec., 1999

Chairman Yu wei Chou

General Manager

K.J Lee

Employees 191

Offices Headquarter: Taipei Branch: Taichung, Kaohsiung

Capital 204.5 million NTD

Main Business

•Domestic group tour and individual tour •Outbound group tour and individual tour •Domestic hotel and flight ticket booking service •Global hotel and flight ticket booking service •Inbound tourism service

3

Company History

1999 2010 2011 2012 2013

Established

The first OTA celebrated 10th anniversary in Taiwan

Transferred of management team

Cooperated with Expedia

HQ moved to Hengyang Rd.

Became listed company on Dec. 26th

4

Structure of Stock-Rights

Directors

56%

Major

shareholders

10%

Others

34%

Holding percentage

Resource : M.O.P.S. 2014/Mar.

Total Issued Shares：20,450,000

5

Holding company for China branch

Chinese tourist inbound travel

service

Related Enterprises

Ezfly International Travel Agent

100% 100%

Ezfly Travel Agent

Fresh King Enterprises

Limited

6

Industrial Overview

7

Outbound tourism market overview Resource: Tourism Bureau, ROC(Taiwan),2014

3,262 3,496

4,015 4,323

4,134

3,667

4,371 4,642

4,991 5,200(E)

7,781 8,208

8,671 8,964

8,465

8,143

9,415 9,584

10,240

11,052

-

2,000

4,000

6,000

8,000

10,000

12,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Outbound tourist expenditure (unit:100 mil. NTD) Outbound tourist(unit: 1K visits)

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Destination for outbound, 2013 Resource: Tourism Bureau, ROC(Taiwan),2014

94%

4% 1% 1%

Asia

Asia America Europe

Oceania Africa Others

China

29%

Japan

23%

HK

20%

Korea

5%

Macau

5%

Others

18%

Asia

9

Inbound tourism market overview Resource: Tourism Bureau, ROC(Taiwan),2014

1,340 1,585 1,651 1,712

1,871

2,253

2,759

3,260 3,485

3,660(E)

2,950

3,378 3,520

3,716 3,845

4,395

5,567

6,087

7,311

8,016

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Inbound tourist expenditure(unit:100 mil.NTD) Inbound tourist(unit:1K visits)

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Domestic tourism market overview Resource: Tourism Bureau, ROC(Taiwan),2014

2,181

2,478

1,926

2,243 2,193

1,842 1,828

2,381

3,103

2,699 102

109

93

108 110

96 98

124

152

142

20

40

60

80

100

120

140

160

1,500

2,000

2,500

3,000

3,500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Domestic tourist expenditure(unit:100mil. NTD) Domestic tourist(unit: 1mil. Visits)

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Market size of B2C e-commerce in Taiwan Resource：Institute for Information Industry MIC, 2012

2010 2011 2012 2013 2014 2015

Market Size 2,053 2,501 2,998 3,520 4,058 4,639

Growth Rate 23.6% 22.2% 19.5% 17.4% 15.3% 14.3%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

-

1,000

2,000

3,000

4,000

5,000 UNIT:100mil. NTD

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Product Introduction

13

Main Product

Domestic Tour •Group tour/ Package tour

•Domestic airline package

•Real-time domestic hotel and airline ticket booking service

•Group tour/ Package tour

•Airline package

•Real-time global hotel and airline ticket booking service

Outbound Tour

•China tourist inbound service

•B2E business trip

•B2B service

Other travel service

•HSR Package tour

•Passport & Visa reservation service

•Transportation ticket booking service

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Competitive Advantage

Channel

Component Purchasing

System

Internet Platform

Customized Process

Global Component

platform

15

Business Achievement

16

Unit: Thousand NTD

704,329

945,126

1,290,552

1,489,914

2010 2011 2012 2013

CAGR ≒30%

Net Revenue from 2010 to 2013

17

Consolidated Statements of Income Unit: Thousand NTD, Except EPS

2013 2012 YoY

Amount % Amount % %

Net Revenue 1,489,914 100.00% 1,290,552 100.00% 15.45%

Gross Profit 202,586 13.60% 143,634 11.13% 41.04%

Operating Expenses (156,297) (10.49%) (133,156) (10.32%) 17.38%

Income from Operations

46,289 3.11% 10,478 0.81% 341.77%

Non-operating Income

8,779 0.59% 11,423 0.89% (23.15%)

Income before Income Tax

55,068 3.70% 21,901 1.70% 151.44%

Net Income 55,632 3.74% 20,277 1.57% 174.36%

EPS (Note) 3.01 1.21 148.76%

Note：2013 and 2012 weighted average number of ordinary shares in computation of basic EPS are 18 ,488 thousand shares and 17,625 thousand shares.

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100

200

300

400

500

600

700

800

FIT Northeast Asia Southeast Asia HK, Macau & China

Other regions Domestic Inbound

2012 2013

Revenue YoY comparison by BU

unit: mil. NTD

+35%

+31%

+16% -12%

-32%

-1%

+140%

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Sales proportion in 2013

FIT

5%

Northeast Asia

47%

Southeast Asia

9%

HK, Macau &

China

8%

Other regions

4%

Domestic

21%

Inbound

6%

20

Balance Sheets & Key Indices Selected Items from B/S 2013/12/31 2012/12/31

Amount % Amount %

Cash & Marketable Securities 318,383 45 195,020 35

Account Receivables 72,849 10 49,202 9

Current Assets 458,776 64 326,808 58

Net PP&E 188,282 26 187,663 34

Total Assets 712,566 100 558,665 100

Current Liabilities 202,512 29 181,980 33

Long-term Loans 99,736 14 100,000 18

Total Liabilities 303,287 43 283,523 51

Total Shareholders’ Equity 409,279 57 275,142 49

Key Indices

A/R Turnover Days 15 11

Current Ratio(%) 227 180

Debt Ratio(%) 43 51

ROE(%) 16.3 7.8

Unit: Thousand NTD

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Future Strategy

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Short-term Strategy

Increase market share of Outbound tourism - Diversified product -Leverage B2B & B2E -Membership management -Horizontal alliances

Increase market share of Inbound tourism - New travel act in China -Resource of bank -Domestic tourism component

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Long-term Strategy

FIT Ticket

Domestic Market

Inbound FIT Domestic Tourism

Outbound Market

Outbound FIT

Domestic Tourism

Component

Global Tourism elements

API linkage

Hotel Distribution

System

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www.ezfly.com invest@ezfly.com

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