Uni-President Enterprises Corp. (UPEC 1216 TT) June 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$3.77bn, QFII ratio41.73%, total assets US$8.1bn, 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 & QFII based on the closing price $NT33.25 (US$1=NT$32.889) as of June 17, 2009 * * Total assets and revenue were consolidated-based in 2008. 44
Major Entities Uni-President and Selected Group Brands Food & Beverage Uni-President Enterprises Corp (UPEC 1216 TT) Taiwan Uni-President China Holdings Ltd.(UPCH 220HK)(73.5%) South-eastern Asia (Vietnam, Thailand, Indonesia, and Philippines) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (45.4%) Presicarre Corp.(40%) Trading Nan Lien International Corp.(100%) Investments President International Development Corp. ( PIDC) (62.5%) Financials President Securities (2855 TT) (31.8%) PCSC is the retail arm with the comprehensive exposure in Taiwan and China, including 7-Eleven,Starbucks, Cosmed,Mister Donuts, Cold Stone,and etc. Presicarre Corp. is Taiwan s largest hypermart chains. Importer, distributor and agent of consumer products including Anheuser-Busch (Budweiser)beer, Maxwell House Coffee and Chupa Chups Lollipops Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses 5
2. Taiwan F&B Business (UPEC 1216TT) 6
Market Position in Taiwan Category Instant Noodles: End Mar,2009 Market Share 48% RTD Tea 47% Source: AC Nielsen Dairy Products: Juice Yogurt Drink Fresh Milk 47% 28% Source: TNS 12% Source:AC Nielsen 7
UPEC Key Financials TWD$mn Revenue (Consolidated) Y 2007 Y 2008 Q1 2008 Q1 2009 Amount % Amount % Amount % Amount % 288,592 299,722 73,360 70,526 Revenue (Parent) Gross Profit 46,026 100.0 10,165 22.1 49,445 100.0 9,655 19.5 12,247 100.0 2,513 20.5 10,232 100.0 2,511 24.5 OP Profit 1,659 3.6 1,836 3.7 590 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) 2.95 0.96 0.32 0.55 ROE 20.1% 6.0% Total Payout Ratio 85% 92% (Cash:Stock ) 80%:20% 50%:50% 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
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 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$2.35bn*, QFII ratio 41.54%. 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 2008, be granted 7-Eleven franchise in Shanghai ; the first 4 stores were opened on Apr 30, 2009. * Market cap & QFII Ratio based on closing price $NT 84.4 as of June 17, 2009, US$1=NT$32.889 13
7-11 (PCSC) s Market Share in Taiwan President Chain Store Corp. (PCSC 2912TT) Number of Convenience Stores in Taiwan 6000 52.11% 4000 2000 0 Dec 2006 Dec 2007 Dec 2008 Mar 2009 Dec 2006 Dec 2007 Dec 2008 Mar 2009 7-ELEVEN Chain 4385 4705 4800 4810 Family Mart Chain 2012 2228 2324 2345 Hi-Life Chain 1261 1296 1244 1250 OK Chain 840 818 826 825 Niko Mart Chain 300 Exited the market 14
PCSC s Major Retail Scopes in Taiwan 7-Eleven (PCSC) UP Group holds 100% (UPEC holds 45.4%) Store No. : 4,810 Cosmed Taiwan UP group holds: 100% Store No.: 293 Merchandise Stores MUJI UP group holds 51% Store No.: 14 PLAZA CVS Chains Drugstore UP group holds 100% Store No. :7 * Store No. is as of Mar. 31th 2009 Restaurants Starbucks Taiwan UP Group holds 50% (JV) Store No. : 224 Mister Donut UP group holds 50% (JV) Store No. : 45 Cold Stone Creamery UP group holds 100% Store No.: 13 Department Store Hankyu UP group holds 100% Store No.: 1 Distribution/Logistics Retail Support International UP group holds: 45% Uni-President Cold-Chain UP group holds 80% TAKKYUBIN UP group holds 90% Wisdom Distribution Up Group Holds: 100% 15
CVS Chains Shanghai 7-Eleven UP Group holds 100% (UPEC holds 45.4%) 4 stores opened in end Apr, 09 Drugstore Shenzhen Cosmed UP Group holds 65% Store No.:11 PCSC s Major Retail Scopes Overseas China Businesses Restaurants Shanghai Starbucks UP Group holds 50% Store No.: 167 Cold Stone Creamery UP Group holds 100% Store No.: 34 Other Overseas Businesses Super/Hyper Markets Shandong Uni-mart Supermarket UP Group holds 55% Store No.: 112 Sichuan Uni-mart Hypermarket UP Group holds 100% Store No.: 4 Philippine 7- Eleven Canada T&T Supermarket Vietnam Uni-mart Supermarket UP Group holds 56.59% Store No.: 371 * Store No. is as of Mar 31th 2009 UP Group holds 20% Store No.: 16 UP Group holds 51% Store No.: 2 16
PCSC Key Financials TWD$mn Y 2007 Amount % Y 2008 Amount % 2008 Q1 Amount % 2009 Q1 Amount % Revenue (Consolidated) 141,982 145,899 35,381 35,616 Revenue (Parent) 102,364 100.0 102,191 100.0 24,477 100.0 24,141 100.0 Net Income 3,622 3.5 3,520 3.5 841 3.4 771 3.2 EPS(after tax) 3.96 3.85 0.92 0.84 ROA 9.3 % 8.1% ROE 22.5 % 21.5% Total Payout Ratio 81% 88% (cash:stock) 100%:0% 60%:40% 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) Commenced China F&B operations in 1992. (UPEC holds 73.5% ) Listed on HKSE since Dec 17 th, 2007 with market cap US$1.78bn*. Strong market position : No.2 in RTD Tea & Diluted Juice and No.3 in Instant Noodles. Well-established nationwide manufacturing bases and intensive distribution network. Advertising banners at the stadium of NBA Houston Rockets Sole official instant noodles sponsor of Beijing 2008 Olympics * Market cap based on closing price $3.83HKD as of June 17, 2009, US$1=HK$7.7503 19
Our China Presence 13 production plants, including 53 production lines in Beverage and 50 production lines in instant noodles*. Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on Dec 31, 2008 20
Market Position in China Diluted Juice: No.2 More brand ( 鲜橙多, 蜜桃多 等系列 ) RTD Tea : No.2 Instant Noodles : No.3 Iced brand ( 統一冰紅茶, 冰绿茶 ) Lai Yi Tong ( 来一桶 ) Unif 100 ( 统一 100 ) Qiao Mian Guan ( 巧面馆 ) Unif Green Tea ( 统一绿茶 ) Source: AC Nielsen Dec 2008 21
China Sales Break-down by Products RMB$mn 10,000 8,000 6,000 4,000 Total $7,883 YOY =9.8% 33% 32% Total $8,656 YOY =6.8% 30% 35% Total $9,242 26% 43% 2,000 0 6% 28% 6% 28% Y2006 Y2007 Y2008 7% 25% Juice drinks 2,600 2,588 2,408 RTD tea 2,535 3,046 3,945 Other Beverage 481 509 587 Instant noodles 2,212 2,445 2,255 Other Business 55 68 47 22
UPCH Key Financials: Reported Basis Reported Results* RMB mn 2008 2007 Change Revenue 9,242 8,657 +6.8% Gross Profit 3,156 2,915 +8.3% Gross Margin 34.1% 33.7% 0.48ppt Operating Profit 520 543-4.3% Foreign Exchange (152) (11) EBIT 442 484-8.7% Net Profit 344 424-18.9% EPS (cents) 9.56 14.04-32.0% Net Margin 3.7% 4.9% -1.18ppt Net Cash Position ** 1.9B 1.6B Proposed dividend per share Total 4.796 cents None (final 2.866 cents ; special 1.91 cents) Payout ratio 30%+20% None ** Net Cash Position is defined as cash & cash equivalent minus total liabilities as of end fiscal year 23
UPCH Key Financials: Recurring Basis Recurring Results : excluded sugar contracts default RMB 100million and FX loss RMB152million (RMB mn) 2008 2007 Change Operating Profit 620 543 +14.1% Operating Margin 6.7% 6.3% +0.43ppt EBIT 694 484 +43.3% Net Profit 596 424 +40.5% Net Margin 6.4% 4.9% +1.55ppt 24
China F&B Operating Result Gross Margin Breakdown by Products : 50.0% 37.5% 38.4% 32.7% 38.2% 40.0% 34.1% 30.0% 33.0% 29.5% 33.7% 20.0% 10.0% 24.4% 21.4% 22.9% 21.6% 0.0% Y2005 Y2006 Y2007 Y2008 Total Beverage Instant Noodles Net Income : R MB$ mn 250 200 Reported Result 254% 234 Excluded FX loss in 08Q1 49.8% 234 150 156 Y2008Q1 100 50 66 Y2009Q1 0 Y2008Q1 Y2009Q1 Y2008Q1 Y2009Q1 25
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 26
F&B Business in Southeast Asia Uni-President Vietnam Uni-President Thailand (owned 100% ) (owned 100% ) Aquatic Feeds, Instant Noodles, Beverages Beverages Uni-President Indonesia (owned 49% ) Instant Noodles, Beverages NT$mn 12,000 10,000 Uni-President Philippines (owned 100% ) Instant Noodles Southeast Asia F&B Sales* The Philippines Vietnam YOY = 22% 8,000 6,000 Thailand Indonesia 4,000 Vietnam 2,000 Y2006 * By internal report Y2007 Y2008 27
Divestiture of the Non-core Investments TWD$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 June 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 $3.77*, 外資持股率 41.73%, 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 June 17, 09 收盤價 $NT33.25 計算, 匯率 US$1=NT$32.889 * * 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 不含食糧群之 YoY growth : 0.5% $7,120 $7,152 10,000 42% 40% 38% 3,000 33% 40% 3,000-2006 2007 2008 乳飲群 茶 乳品 咖啡 果汁 包裝水等 速食群 速食麵 保健群 - 2008Q1 2009Q1 食糧群 - 2008Q1 大宗食材 食用油 麵粉 飼料 綜食 ( 低溫 ) 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 統一企業持股光泉 31.25% 股權 ( 於 2004 年首次取得股權 ) 台灣第三大乳品公司, 於鮮乳及調味乳的市佔率約 28% * 營運台灣第三大便利商店連鎖 - 萊爾富 Wei Li Food (1244TT) 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 21% * TTET Union ( 大統益 1232TT) 統一企業持股 38% 台灣最大之黃豆製油公司 長期替統一企業代工統一品牌之食用油 * 資料來源 : AC Nielsen 2009 年 3 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) ( 統一企業持有 45.4% ) 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$2.35bn*, 外資持股比率 41.54%. 地域性分布 : 台灣, 中國及海外 ( 菲律賓, 越南, 加拿大 ). 中國零售事業 : - 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 2009/4/30 於上海開設四間 7-Eleven. * 市值及外資持股率是根據 June 17, 2009 之收盤價 $NT84.4 (US$1=NT$32.889) 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
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 : 4,810 藥 Cosmed Taiwan 統一集團持有 : 100% 店數 : 293 商 妝 生活雜貨禮品店 餐 Starbucks Taiwan 統一集團持有 : 50% (JV) 店數 : 224 Mister Donut 統一集團持有 : 50% (JV) 店數 : 45 Cold Stone Creamery 廳 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% 43 店數資料截自 2009 年 3 月 31 日
藥 超 妝 Shenzhen Cosmed 統一集團持有 : 65% 店數 : 11 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 : 112 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% 統一集團持有 : 20% 店數 : 371 店數 : 16 * 店數資料截自 2009 年 3 月 31 日 統一集團持有 : 51% 店數 : 2 44
統一超商財務摘要 新台幣 $ 百萬 Y 2007 金額 % Y 2008 金額 % 2008 Q1 金額 % 2009 Q1 金額 % 合併營收 141,982 145,899 35,381 35,616 母公司營收 102,364 100.0 102,191 100.0 24,477 100.0 24,141 100.0 稅後淨利 3,622 3.5 3,520 3.5 841 3.4 771 3.2 稅後每股盈餘 3.96 3.85 0.92 0.84 資產報酬率 9.3 % 8.1% 股東權益報酬率 22.5 % 21.5% 股利發放率 81% 88% ( 現金 : 股票 ) 100%:0% 60%:40% 45
4. 統一集團中國 (220HK) 及東南亞事業 46
統一於中國之營運 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$1.78bn*. 三大事業體及領先之市佔率 : - 稀釋果汁 No.2 ; 即飲茶 No.2 ; 方便麵 No.3 分布全國性之生產基地及通路系統 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 $3.83HKD 為 June 17, 2009 當日收盤價, US$1=HK$7.7503 47
統一於中國之分佈力 13 座廠, 共 53 條飲料生產線 50 條速食麵生產線 * Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on Dec 31, 2008 48
統一於中國之產品線及市佔率 稀釋果汁 : No.2 即飲茶 : No.2 方便麵 : No.3 多 系列品牌 ( 鲜橙多, 蜜桃多 等系列 ) 冰 系列品牌 ( 統一冰紅茶, 冰绿茶 ) 来一桶 统一 100 巧面馆 統一綠茶 品牌 * 市佔率排名是根據 AC Nielsen 截至 Dec 2008 之數據 49
統一於中國之產品別營收 RMB$mn 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Total $7,883 YOY =9.8% 33% 32% 6% 28% Total $8,656 33% 28% YOY =6.8% 30% 35% 6% 28% Y2006 Y2007 Y2008 Total $9,242 26% 43% 7% 25% 果汁 2,600 2,588 2,408 即飲茶 2,535 3,046 3,945 其他飲料 481 509 587 方面麵 2,212 2,445 2,255 其他事業 55 68 47 50
財簽基礎 * 摘要統一中控 08 年度之財簽數字 人民幣百萬 2008 2007 差異 收入 9,242 8,657 +6.8% 毛利額 3,156 2,915 +8.3% 毛利率 34.1% 33.7% 0.48ppt 營業利益 520 543-4.3% 外匯交易利得 ( 損失 ) (152) (11) EBIT 442 484-8.7% 淨利額 344 424-18.9% 每股盈餘 (cents) 9.56 14.04-32.0% 淨利率 3.7% 4.9% -1.18ppt 淨現金部位 ** 1.9B 1.6B 每股股利 Total 4.796 cents None (final 2.866 cents ; special 1.91 cents) 股利發放率 30%+20% None ** 淨現金部位是以當年度年底之現金及約當現金餘額, 減除總負債之金額 51
摘要統一中控 08 年度經常性營運表現 經常性營運表現 * 人民幣百萬 2008 2007 Change 營業利益額 620 543 +14.1% 營業利率 6.7% 6.3% +0.43ppt EBIT 694 484 +43.3% 淨利額 596 424 +40.5% 淨利率 6.4% 4.9% +1.55ppt 經常性營運表現不包括一次性項目 : 中谷糖業預付貨款違約 RMB 100million, 及外匯損失 RMB152million 52
產品別之毛利率 : 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 統一於中國之營運毛利分析 37.5% 32.7% 38.2% 38.4% 33.0% 34.1% 29.5% 33.7% 24.4% 21.4% 22.9% 21.6% Y2005 Y2006 Y2007 Y2008 Total Beverage Instant Noodles 稅後淨利 : 人民幣百萬 250 254% 財簽基礎 234 去除 08Q1 之外匯損失 49.8% 234 200 150 156 Y2008Q1 100 50 66 Y2009Q1 0 Y2008Q1 Y2009Q1 Y2008Q1 Y2009Q1 53
統一於中國之策略聯盟 策略聯盟公司持股率聯盟公司背景介紹 與統一合作之領域 今麥郎 JV 50% 日清華龍食品 JV ( 中國之第二大方便麵公司 ). 往中國飲料市場發展. 為統一於中國瓶裝水產品之代工廠商. JV 之合作領域於中國之飲料市場. 15% 安德利果汁 (8259 HK) 中國最大之果汁濃縮原料供應商之一 濃縮果汁之供應商 完達山乳業 9% 中國之領導奶粉品牌 藉由進入中國乳製品市場 18 54
統一於東南亞之事業體 越南統一 (100% 持有 ) 泰國統一 (100% 持有 ) 飲料 水產飼料, 速食麵, 飲 料 菲律賓統一 (100% 持有 ) 印尼統一 (49% 持有 ) 速食麵 速食麵, 飲料 NT$mn 東南亞之營收 * 12,000 10,000 8,000 菲律賓 越南 YOY = 22% 6,000 泰國 印尼 越南 4,000 2,000 - * 為內部報表之數字 Y2006 Y2007 Y2008 55
TWD$mn 已處分 : 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