Uni-President Enterprises Corp. (UPEC 1216 TT) May 2009
Agenda 1. Uni-President Overview 2. Taiwan F&B Business (UPEC 1216 TT) 3. CVS & Retail Businesses (PCSC 2912TT) 4. F&B Businesses in China (UPCH 220HK) & Southeast Asia. 2
1. Uni-President Overview 3
The Highlight of Uni-President Group Largest F&B Company in Taiwan Market Cap US$3.45bn, total assets US$8.48bn, and revenue US$9.1bn. Vertical integration from manufacturing, distribution to retailing. Top 3 F&B Company in China No. 2 position in Tea & Juice business & No. 3 position in Instant Noodles business Leading position in Taiwan CVS & Hypermarket Chains 7-11 CVS & Carrefour Hypermarket Chains in Taiwan Focusing F&B and Retailing Businesses in Asia Continue divesting the non-core businesses. * Market cap based on the closing price $NT31.1 (US$1=NT$33.658) as of Apr 29, 2009 * * Total assets and revenue were consolidated-based in 2007. 44
Major Entities Uni-President and Selected Group Brands Food & Beverage Uni-President Enterprises Corp (UPEC 1216 TT) Taiwan Uni-President China Holdings Ltd. (UPCH 220HK)(73.5%) South-eastern Asia (Vietnam, Thailand, Indonesia, and Philippines) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (45.4%) Presicarre Corp.(40%) Trading Nan Lien International Corp.(100%) Investments President International Development Corp. ( PIDC) (62.5%) Financials President Securities (2855 TT) (31.8%) PCSC is the retail arm with the comprehensive exposure in Taiwan and China, including 7-Eleven,Starbucks, Cosmed,Mister Donuts, Cold Stone,and etc. Presicarre Corp. is Taiwan s largest hypermart chains. Importer, distributor and agent of consumer products including Anheuser-Busch (Budweiser)beer, Maxwell House Coffee and Chupa Chups Lollipops Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses 5
2. Taiwan F&B Business (UPEC 1216TT) 6
Market Share in Taiwan Category Instant Noodles: End Mar,2009 Market Share 48% RTD Tea 47% Source: AC Nielsen Dairy Products: Juice Yogurt Drink Fresh Milk 47% 28% Source: TNS 12% Source:AC Nielsen 7
Other F&B Investments in Taiwan Kuang Chuan UPEC owns 31.25% stakes (first acquired in 2004) Taiwan s 3rd largest dairy company with 28% market share * in fresh and flavored milk. Operates Taiwan s 3rd largest convenience store chain under Hi-Life brand. Wei Li Food (1244 TT) UPEC owns 33.3% stakes (first acquired in 2007) Taiwan s 2nd largest instant noodles company with 21% market share *. TTET Union (1232 TT) UPEC owns 38% stakes. Taiwan s largest soybean crushing manufacturer UPEC s OEM partner for edible oil products * Source of the Market Share: TNS & AC Nielsen as of end Mar,2009 8
Taiwan F&B Sales Break-down by Segments 60,000 50,000 40,000 30,000 20,000 TWD$mn $42,845 7% 9% 10% 32% YOY=7.4% $49,445 $46,026 6% 6% 8% 9% 10% 10% 35% 38% 15,000 12,000 9,000 6,000 $12,248 YOY=-16.5% 7% 8% $10,232 35,0 10% 8% 51 9% 13% 42% 30% 15,000 12,000 9,000 6,000 YoY growth excluding provision : 0.5% $7,120 $7,152 10,000-2006 42% 40% 2007 2008 38% Dairy and Beverage Group Tea, dairy products, coffee, juice, bottled water, etc Instant Foods Group Instant noodles 3,000 Health Foods Group Bakery & Health food products - 2008Q1 33% 2009Q1 40% 3,000 Provision Group Soft commodity, edible oil, flour,feeds, etc. Other (Low Temperature) Group Seasonings, meat products, frozen foods, ice cream, etc - 2008Q1 2009Q1 9
Taiwan F&B Business Margin Analysis 30% 25% 20% 18.2% 22.7% 23.3% One-off disposal gains in 2007 23.9% 22.1% One-off disposal gains in 2007 19.5% 30% 25% 20% 20.55% 24.50% 20.20% 15% 15% 10% 5% 6.4% 8.4% 7.3% 5.2% 3.2% 3.7% 3.6% 3.7% 10% 5% 9.61% 4.84% 4.90% 0% -0.3% 2004 2005 2006 2007 2008 0% 2008 Q1 2009 Q1 Gross Margin OP Margin Net Profit Margin 10
UPEC Key Financials TWD$mn Revenue (Consolidated) Y 2007 Y 2008 Q1 2008 Amount % Amount % Amount % 288,592 299,722 73,360 Q1 2009 Amount % Revenue (Parent) Gross Profit 46,026 100.0 10,165 22.1 49,445 100.0 9,655 19.5 12,247 100.0 2,517 20.6 10,232 100.0 2,511 24.5 OP Profit 1,659 3.6 1,836 3.7 594 4.8 505 4.9 Net Income 11,017 23.9 3,601 7.3 1,178 9.6 2,070 20.2 EPS(after tax) 3.10 0.96 0.33 0.55 ROA 13.0% 4.4% 1.36% 2.31% ROE 20.1% 6.0% 1.86% 3.54% Total Payout Ratio 81% 92% (Cash:Stock ) 80%:20% 50%:50% 11
3. CVS & Retail Businesses (PCSC 2912TT) 12
CVS & Retail Businesses President Chain Store Corp. (PCSC 2912TT) (UPEC holds 45.4% ) History: Opened the first 7-11 in Taiwan in 1980 & Listed on TWSE since 1997. Valuation: Market cap US$2.03bn*, QFII ratio 40%. Geographic Scope: Taiwan, China, and Overseas (Philippine, Vietnam, and Canada). China Retail Businesses: - First entered China retail market through shanghai starbucks in Year 2000. - On May 29 th, 08, be granted 7-Eleven franchise in Shanghai ; the first four stores were open in end Apr,09. * Market cap & QFII Ratio based on closing price $NT 74.5 as of Apr29, 2009, US$1=NT$33.658 13
7-11 (PCSC) s Market Share in Taiwan President Chain Store Corp. (PCSC 2912TT) Number of Convenience Stores in Taiwan 6000 5000 52.11% 4000 3000 2000 1000 0 Dec 2006 Dec 2007 Dec 2008 Mar 2009 Dec 2006 Dec 2007 Dec 2008 Mar 2009 7-ELEVEN Chain 4385 4705 4800 4810 Family Mart Chain 2012 2228 2324 2345 Hi-Life Chain 1261 1296 1244 1250 OK Chain 840 818 826 825 Niko Mart Chain 300 Exited the market 14
PCSC Key Financials TWD$mn Y 2005 Amount % Y 2006 Amount % Y 2007 Amount % Y 2008 Amount % Revenue (Consolidated) 119,941 132,945 141,982 145,899 Revenue (Parent) Net Income 93,674 100.0 3,653 3.9 99,980 100.0 102,364 100.010,2191 100.0 3,822 3.8 3,622 3.5 3,520 3.5 EPS(after tax) 3.99 4.18 3.96 3.85 ROA 11.8% 11.1% 9.3 % 8.1% ROE 24.7% 24.5% 22.5 % 21.5% Total Payout Ratio 85% 84% 81% 88% (cash:stock) 100%:0% 100%:0% 100%:0% 60%:40% 15
PCSC s Major Retail Scopes in Taiwan 7-Eleven (PCSC) UP Group holds 100% (UPEC holds 45.4%) Store No. : 4,800 Cosmed Taiwan UP group holds: 100% Store No.: 289 Merchandise Stores MUJI UP group holds 51% Store No.: 14 PLAZA CVS Chains Drugstore UP group holds 100% Store No. :7 * Store No. is as of Dec. 31th 2008 Restaurants Starbucks Taiwan UP Group holds 50% (JV) Store No. : 222 Mister Donut UP group holds 50% (JV) Store No. : 46 Cold Stone Creamery UP group holds 100% Store No.: 13 Department Store Hankyu UP group holds 100% Store No.: 1 Distribution/Logistics Retail Support International UP group holds: 45% Uni-President Cold-Chain UP group holds 80% TAKKYUBIN UP group holds 90% Wisdom Distribution Up Group Holds: 100% 16
PCSC s Major Retail Scopes Overseas CVS Chains Shanghai 7-Eleven UP Group holds 100% (UPEC holds 45.4%) 4 stores opened in end Apr, 09 Drugstore Shenzhen Cosmed UP Group holds 65% Store No.:14 China Businesses Restaurants Shanghai Starbucks UP Group holds 50% Store No.: 167 Cold Stone Creamery UP Group holds 100% Store No.: 34 Super/Hyper Markets Shandong Uni-mart Supermarket UP Group holds 55% Store No.: 102 Sichuan Uni-mart Hypermarket UP Group holds 100% Store No.: 4 Philippine 7- Eleven Other Overseas Businesses Canada T&T Supermarket Vietnam Uni-mart Supermarket UP Group holds 56.59% Store No.: 368 * Store No. is as of Dec 31th 2008 UP Group holds 20% Store No.: 16 UP Group holds 51% Store No.: 2 17
4. F&B Businesses in China (UPCH 220HK) & Southeast Asia 18
F&B Business in China Uni-President China Holdings Ltd. (UPCH 220 HK) Top 3 market position in beverage and instant noodles in China (commenced operations in 1992.) Listed on HKSE since Dec 17 th, 2007 with market cap US$1.66bn*. Proposed dividend for 2008: - Final dividend RMB2.866 cents ; Special dividend RMB 1.910 cents - Total: RMB4.796 cents ; Payout ratio : 30%+ 20% Net cash position as of Dec 31th, 08 : RMB3.2B Position Uni-President as Brand & Marketing company. (UPEC holds 73.5% ) Advertising banners at the stadium of NBA Houston Rockets Sole official instant noodles sponsor of Beijing 2008 Olympics * Market cap based on closing price $3.58HKD as of Apr 29, 2009, US$1=HK$7.7505 19
Our China Presence 13 production plants, including 53 production lines in Beverage and 50 production lines in instant noodles*. Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on Dec 31, 2008 20
Product Lines & Market Position in China Diluted Juice: No.2 RTD Tea : No.2 Instant Noodles : No.3 More brand ( 鲜橙多, 蜜桃多 等系列 ) Iced brand ( 統一冰紅茶, 冰绿茶 ) Lai Yi Tong ( 来一桶 ) Unif 100 ( 统一 100 ) Qiao Mian Guan ( 巧面馆 ) Unif Green Tea ( 统一绿茶 ) * The market position is based on the AC Nielsen statistics as of Dec 2008 21
Restructured the China Noodle Segment Focus on mid to high end Products New Brand rolled out in Jan 2009 Higher End Reposition the low end noodles to snack food (with higher margin). Brands Repositioned: Current Brands: Mid End 22
China Sales Break-down by Products RMB$mn 10,000 8,000 6,000 4,000 2,000 Total $6,538 YOY =20.6% 34% 27% 4% 35% YOY =9.8% Total $7,883 33% 32% 6% 28% YOY =6.8% Total $8,656 30% 35% 6% 28% Total $9,242 26% 43% 7% 25% 0 Y2005 Y2006 Y2007 Y2008 Juice drinks 2,210 2,600 2,588 2,408 RTD tea 1,771 2,535 3,046 3,945 Other Beverage 243 481 509 587 Instant noodles 2,291 2,212 2,445 2,255 Other Business 23 55 68 47 23
China F&B Operating Result Gross Margin Breakdown by Products : Operating Profit & Net Income : R MB$ mn 700 600 500 400 300 200 100 0 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 37.5% 33.0% 32.7% 24.4% 21.4% 38.2% 29.5% 33.7% 22.9% 38.4% 34.1% 21.6% Y2005 Y2006 Y2007 Y2008 543 520 543 OP YoY=+104% 424 424 304 344 254 266 4.7% 146 6.3% 6.3% 3.4% One-off items included: OP YoY=-4.3% ; NI YoY=-18.9% 5.6% 620 596 Y2005 Y2006 Y2007 Y2008 Y2007 Y2008 6.7% Total Beverage Instant Noodles Normalized Results : OP YoY=+14.1% ; NI YoY=+40.5% OP Profit Net Income OP Margin 24
Strategic Alliances & Partnerships in China Company Stake Remark Area of cooperation Jinmailang JV 50% JV with Nissin Hualong Food (2nd largest instant noodle manufacturer in China) to focus on beverage market Contract manufacturer for bottled water. Collaboration in beverages 15% Andre Juice (8259 HK) One of the largest apple juice concentrate suppliers in China Raw material supply Wondersun Dairy 9% Leading milk powder brand in China Exposure to dairy market 18 25
Provision Business in China China Provision business: Under several JVs in soybean crushing, margarine, seasoning, animal feeds, etc. RMB$mn * China Provision Sales (the business is not included under UPCH (220HK)) 6,000 5,000 4,000 3,000 2,000 1,000 0 Y2005 Y2006 Y2007 Y2008 * By internal report 26
F&B Business in Southeast Asia Uni-President Thailand (owned 100% ) Beverages Uni-President Indonesia (owned 49% ) Instant Noodles, Beverages Uni-President Vietnam (owned 100% ) Aquatic Feeds, Instant Noodles, Beverages Uni-President Philippines (owned 100% ) Instant Noodles NT$mn 12,000 Southeast Asia F&B Sales* 10,000 8,000 6,000 4,000 2,000 Vietnam YOY = 22% The Philippines Thailand Indonesia Vietnam - * By internal report Y2006 Y2007 Y2008 27
Divestiture of the Non-core Investments TWD$mn What have been done: 2003 Grand Commercial Bank Profit UPEC realized (based on the ownership) 176 2005 Allianz Property and casualty Insurance 71 2006 Sinopharm 64 2006 Xinglu Petrochem 487 2007 Q1 Accuray 2,000 2007 Q2 Allianz Life Insurance 200 2007 Mospec Semiconductor 391 2008 2009Q1 On-going. Mospec Semiconductor (fully disposed) 396 Accuray 180 3,965 28
Uni-President Enterprises Corp. (UPEC 1216 TT) 中文版本 May 2009
議 程 1. 統一集團介紹 2. 統一企業台灣事業 (1216TT) 3. 統一超商零售及流通事業 (2912TT) 4. 統一集團中國 (220HK) 及東南亞事業 30
1. 統一集團介紹 31
公司簡介 台灣最大食品公司 市值 $3.45*, 總資產 $8.48*, 以及年營收 $9.1* * ( 單位 :US$bn) 整合食品 零售及流通業, 在台灣擁有領先地位 大陸前三大食品廠商之一 在冷飲茶及果汁市場排名第二 & 方便麵排名第三 擁有台灣市場兩大零售通路 :7-11 統一超商及家樂福 於亞洲聚焦發展食品及流通事業 透過知名品牌及廣大通路發展食品事業 持續處分非核心事業. * 市值以 Apr 29, 09 收盤價 $NT31.1 計算, 匯率 US$1=NT$33.658 * * 總資產及年營收資料擷取自 2007 年合併報表 32
Major Entities 集團主要企業及品牌 and Selected Brands 食品統一企業 (UPEC 1216 TT) 台灣 中國大陸 ( 統一中控 220HK) (73.5%) 東南亞 ( 越南 泰國 印尼及菲律賓 ) 零售通路 統一超商 (PCSC 2912TT) (45.4%) 家福 (40%) 貿易南聯國際貿易 (100%) 投資統一國際開發 ( PIDC) (62.5%) 金融統一證券 (2855 TT) (31.8%) 統一集團之零售通路工具, 主要投資如 : 星巴克 康是美 統一多拿滋等 家樂福為台灣最大之量販連鎖 進口及代理經銷商民生消費商品, 包括百威啤酒 麥斯威爾咖啡 Chupa Chups 棒棒糖等 統一集團之轉投資工具, 主要投資如 : LTPS TFT LCD 購物商場 生物科技等 31
2. 統一企業台灣事業 (1216TT) 34
統一企業在台灣之市佔率 品項 速食麵 截至 09 年 3 月之市佔率 48% 冷飲茶 47% 資料來源 : AC Nielsen 乳製品 : 果汁 優酪乳鮮乳 47% 28% 資料來源 : TNS 12% 資料來源 :AC Nielsen 35
台灣事業部門別營收 60,000 50,000 40,000 30,000 20,000 台幣 $ 百萬 15,000 YOY=7.4% $12,248 YOY=-16.5% $49,445 12,000 7% $46,026 6% $42,845 6% 8% $10,232 7% 8% 9% 9% 10% 35,0 10% 8% 9,000 10% 51 9% 10% 13% 35% 38% 42% 6,000 32% 30% 15,000 12,000 9,000 6,000 YoY growth excluding provision : 0.5% $7,120 $7,152 10,000-2006 42% 40% 2007 2008 38% 乳飲群茶 乳品 咖啡 果汁 包裝水等速食群 速食麵 保健群 麵包及保健食品 3,000-2008Q1 33% 2009Q1 40% 3,000 食糧群 - 2008Q1 大宗食材 食用油 麵粉 飼料 綜食群 醬油及調味品 肉品 冷凍食品 冰品等 2009Q1 36
台灣重要食品轉投資 Kuang Chuan 統一企業於 2004 年取得 31% 股權 台灣第三大乳品公司, 於鮮乳及調味乳的市佔率約 27% * 台灣領先的飲料公司之一 營運台灣第三大便利商店連鎖 - 萊爾富 Wei Li Food (1244TT) TTET Union ( 大統益 1232TT) 統一企業於 2007 年取得 32% 股權 ; 截至 2009 年 3 月共持有 33.3% 股權 台灣第二大速食麵公司, 市佔率約 20.2% * 統一企業持股 38% 台灣最大之黃豆製油公司 * 資料來源 : AC Nielsen 2008 年 12 月 37
台灣事業體毛利分析 30% 25% 20% 18.2% 22.7% 23.3% 一次性處分業外資產 23.9% 22.1% One-off disposal gains in 2007 19.5% 30% 25% 20% 20.55% 24.50% 20.20% 15% 15% 10% 5% 6.4% 8.4% 7.3% 5.2% 3.2% 3.7% 3.6% 3.7% 10% 5% 9.61% 4.84% 4.90% 0% -0.3% 2004 2005 2006 2007 2008 0% 2008 Q1 2009 Q1 毛利率營業利益比率淨利率 38
統一企業財務摘要 台幣 $ 百萬 Y 2007 金額 % Y 2008 金額 % Q1 2008 金額 % Q1 2009 金額 % 合併營收 288,592 299,722 73,360 母公司營收 46,026 100.0 49,445 100.0 12,247 100.0 10,232 100.0 毛利額 10,165 22.1 9,655 19.5 2,517 20.6 2,511 24.5 營業利益 1,659 3.6 1,836 3.7 594 4.8 505 4.9 淨利 11,017 23.9 3,601 7.3 1,178 9.6 2,070 20.2 稅後每股盈餘 3.10 0.96 0.33 0.55 資產報酬率 13.0% 4.4% 1.36% 2.31% 股東權益報酬率 20.1% 6.0% 1.86% 3.54% 總股利發放率 81% 92% ( 現金 : 股票 ) 80%:20% 50%:50% 39
3. 統一超商零售及流通事業 (2912TT) 40
統一超商零售事業 統一超商. (2912TT) 歷史 : 1980 於台灣開設第一間 7-Eleven 便利超商 & 1997 於台灣證交所上市. 市場評價 : 市值 US$2.1bn*, 外資持股比率 40.11%. 地域性分布 : Taiwan, China, and Overseas (Philippine, Vietnam, and Canada). 中國零售事業 : ( 統一企業持有 45.4% ) - 第一個進軍中國零售市場之事業 : 於 2000 年開始經營於上海之星巴克 - 於 May 29 th,08, 取得開設上海 7-Eleven 超商之授權 ; 於 09 年四月底於上海開設四間 7-Eleven. * 市值及外資持股率是根據 Apr22, 2009 之收盤價 $NT 77.7 (US$1=NT$33.86) 41
7-Eleven 在台灣之市佔率 統一超商. (2912TT) 以台灣市場之超商店數之市佔率 6000 5000 52.11% 4000 3000 2000 1000 0 Dec 2006 Dec 2007 Dec 2008 Mar 2009 Dec 2006 Dec 2007 Dec 2008 Mar 2009 7-ELEVEN 4385 4705 4800 4810 全家 2012 2228 2324 2345 萊爾富 1261 1296 1244 1250 OK 840 818 826 825 福克多 300 Exited the market 42
統一超商財務摘要 TWD$mn Y 2005 金額 % Y 2006 金額 % Y 2007 金額 % Y 2008 金額 % 合併營收 119,941 132,945 141,982 145,899 母公司營收 93,674 100.0 99,980 100.0 102,364 100.010,2191 100.0 淨利益 3,653 3.9 3,822 3.8 3,622 3.5 3,520 3.5 稅後每股盈餘 3.99 4.18 3.96 3.85 資產報酬率 11.8% 11.1% 9.3 % 8.1% 股東權益報酬率 24.7% 24.5% 22.5 % 21.5% 總股利發放率 85% 84% 81% 88% ( 現金 : 股票 ) 100%:0% 100%:0% 100%:0% 60%:40% 43
台灣流通事業版圖 超 7-Eleven (PCSC) 統一集團持有 100% ( 統一企業持有 : 45.4%) 店數 : 4,800 藥 Cosmed Taiwan 統一集團持有 : 100% 店數 : 289 商 妝 生活雜貨禮品店 廳 餐 Starbucks Taiwan 統一集團持有 : 50% (JV) 店數 : 222 Mister Donut 統一集團持有 : 50% (JV) 店數 : 46 Cold Stone Creamery 物流通路 Retail Support International 統一集團持有 : 45% Uni-President Cold-Chain 統一集團持有 : 80% TAKKYUBIN MUJI 統一集團持有 : 51% 店數 : 14 PLAZA 統一集團持有 : 100% 店數 : 13 Hankyu 百貨公司 統一集團持有 : 90% Wisdom Distribution 統一集團持有 : 100% 店數 : 7 統一集團持有 : 100% 店數 : 1 統一集團持有 : 100% 44 店數資料截自 2008 年 12 月 31 日
藥 超 妝 Shenzhen Cosmed 統一集團持有 : 65% 店數 : 14 商 Shanghai 7-Eleven 統一集團持有 100% ( 統一企業持有 45.4%) 4 stores opened in end Apr, 09 海外流通事業版圖 大陸市場 餐 Shanghai Starbucks 統一集團持有 : 50% 店數 : 167 Cold Stone Creamery 統一集團持有 : 100% 店數 : 34 廳 Shandong Uni-mart Supermarket 統一集團持有 : 55% 店數 : 102 量販店 Sichuan Uni-mart Hypermarket 統一集團持有 : 100% 店數 : 4 Philippine 7- Eleven 海外市場 Canada T&T Supermarket Vietnam Uni-mart Supermarket 統一集團持有 : 56.59% 店數 : 368 * 店數資料截自 2008 年 12 月 31 日 統一集團持有 : 20% 店數 : 16 統一集團持有 : 51% 店數 : 2 45
4. 統一集團中國 (220HK) 及東南亞事業 46
統一中控於中國之營運 統一中控. (220 HK) ( 統一企業持有 73.5% ) 中國前三大飲料及方便麵公司 ( 於 1992 年進入中國市場 ) Dec 17 th, 2007 於香港證交所掛牌上市, 市值 US$1.66bn*. 建議發放 2008 年之股利政策 : - 期末股息 RMB2.866 分 ; 特別之股息 RMB 1.910 分 - 總計 : RMB4.796 分 ; 股利發放率 : 30% +20% 截至 2008 年底之淨現金 : RMB3.2B 以 品牌及行銷 為核心價值. 於 NBA 火箭隊主球場之廣告標語 2008 年北京奧運之獨家方便麵贊助商 * 市值 $3.58HKD 為 Apr 29, 2009 當日收盤價, US$1=HK$7.7505 47
統一於中國之產品線及市佔率 稀釋果汁 : No.2 即飲茶 : No.2 方便麵 : No.3 多 系列品牌 ( 鲜橙多, 蜜桃多 等系列 ) 冰 系列品牌 ( 統一冰紅茶, 冰绿茶 ) 来一桶 统一 100 巧面馆 統一綠茶 品牌 * 市佔率排名是根據 AC Nielsen 截至 Dec 2008 之數據 48
重整中國之方便麵部門 聚焦中高價位產品組合 於 Jan 2009 推出之新品牌 較高價 將低價麵重新定位為較高毛利之休閒零食產品 重新定位之品牌 : 現有品牌 : 中價位 49
統一於中國之分佈力 13 座廠, 共 53 條飲料生產線 50 條速食麵生產線 * Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on Dec 31, 2008 50
RMB$mn 10,000 8,000 6,000 4,000 2,000 0 統一於中國之產品別營收 Total $6,538 YOY =20.6% 34% 27% 4% 35% YOY =9.8% Total $7,883 33% 32% 6% 28% YOY =6.8% Total $8,656 30% 35% 6% 28% Total $9,242 Y2005 Y2006 Y2007 Y2008 26% 43% 7% 25% 果汁 2,210 2,600 2,588 2,408 即飲茶 1,771 2,535 3,046 3,945 其他飲料 243 481 509 587 方面麵 2,291 2,212 2,445 2,255 其他事業 23 55 68 47 51
產品別之毛利分析 : 統一於中國之營運毛利分析 營業利益及淨利 : RMB$mn 700 600 500 400 300 200 100 0 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 304 254 4.7% 37.5% 33.0% 32.7% 24.4% 21.4% 38.2% 29.5% 33.7% 22.9% 38.4% 34.1% 21.6% Y2005 Y2006 Y2007 Y2008 OP 266 YoY=+104% 146 3.4% 包含一次性損失 : OP YoY=-4.3% ; NI YoY=-18.9% 543 520 543 424 424 344 6.3% 5.6% 6.3% 620 Y2005 Y2006 Y2007 Y2008 Y2007 Y2008 總計 飲料 方便麵 OP YoY=+14.1% ; NI YoY=+40.5% 596 營業利益 6.7% 不含一次性損失 : 淨利營業利益 比率 52
統一於中國之策略聯盟 策略聯盟公司持股率聯盟公司背景介紹 與統一合作之領域 今麥郎 JV 50% 日清華龍食品 JV ( 中國之第二大方便麵公司 ). 往中國飲料市場發展. 為統一於中國瓶裝水產品之代工廠商. JV 之合作領域於中國之飲料市場. 15% 安德利果汁 (8259 HK) 中國最大之果汁濃縮原料供應商之一 濃縮果汁之供應商 完達山乳業 9% 中國之領導奶粉品牌 藉由進入中國乳製品市場 18 53
中國之食糧事業 中國食糧事業 : 有多個合資公司在黃豆製油 人工奶油 調味品 飼料生產等方面 RMB$mn * 中國之食糧營收此事業體並無涵蓋於中控 (220HK) 項下 6,000 5,000 4,000 3,000 2,000 1,000 0 Y2005 Y2006 Y2007 Y2008 * 為內部報表之數字 54
統一於東南亞之事業體 泰國統一 (100% 持有 ) 越南統一 (100% 持有 ) 飲料 水產飼料, 速食麵, 飲 料 印尼統一 (49% 持有 ) 菲律賓統一 (100% 持有 ) 速食麵, 飲料 速食麵 NT$mn 12,000 10,000 東南亞之營收 * 8,000 6,000 4,000 2,000 越南 YOY = 22% 菲律賓泰國印尼越南 * 為內部報表之數字 - Y2006 Y2007 Y2008 55
TWD$mn 以處分 : 持續處分非核心事業 * 統一企業依持股率認列 2003 萬通銀行 176 2005 統一安聯產險 71 2006 神隆製藥 64 2006 翔鷺石化 487 2007 Q1 愛可瑞 2,000 2007 Q2 統一安聯人壽 200 2007 統懋半導體 391 2008 2009Q1 On-going. 統懋半導體 ( 全部股份處分完成 ) 396 愛可瑞 180 3,965 56