Uni-President Enterprises Corp. (UPEC 1216 TT) January 2009
Agenda 1. Uni-President Group Overview 2. UPEC Financial Summary 3. UP Group s Retailing Business Introduction 4. UP Group s F&B Business in Asian Market 2
1. Uni-President Group Overview 3
The Highlight of Uni-President Group Largest F&B Company in Taiwan Market Cap US$3.23bn, total assets US$8.48bn, and revenue US$9.1bn. Vertical integration from manufacturing, distribution to retailing. Top F&B Company in China No. 2 position in Tea & Juice business & No. 3 position in Instant Noodles business Focusing F&B and Retailing Businesses in Asia Continue divesting the non-core businesses. * Market cap based on the closing price $NT28.6 (US$1=NT$33.033) as of Dec24th, 08 * * Total assets and revenue were consolidated-based in 2007. 44
Major Entities Uni-President and Selected Group Brands Food & Beverage Uni-President Enterprises Corp (UPEC 1216 TT) Taiwan Uni-President China Holdings Ltd. (UPCH 220HK) 73.5% South-eastern Asia (Vietnam, Thailand, Indonesia, and Philippines) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (45.4%) Presicarre Corp.(40%) Trading Nan Lien International Corp.(100%) Investments President International Development Corp. ( PIDC) (62.5%) Financials President Securities (2855 TT) (31.8%) PCSC is the retail arm with the comprehensive exposure in Taiwan and China, including 7-Eleven,Starbucks, Cosmed,Mister Donuts, Cold Stone,and etc. Presicarre Corp. is Taiwan s largest hypermart chains. Importer, distributor and agent of consumer products including Anheuser-Busch (Budweiser)beer, Maxwell House Coffee and Chupa Chups Lollipops Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses 5
2. UPEC Financial Summary 6
UPEC Taiwan F&B Sales Break-down NT$mn 50,000 40,000 30,000 20,000 40,252 7% 9% 11% 31% YOY=7.4% YOY=7.4% 46,026 42,845 6% 7% 9% 9% 10% 10% 32% 35% 50,000 40,000 30,000 20,000 YOY=11.1% 38,930 38,949 35,051 35,070 6% 6% 8% 9% 10% 10% 35% 39% 10,000 42% 42% 40% 10,000 40% 37% - 2005 2006 2007 Dairy and Beverage Group Tea, dairy products, coffee, juice, water, etc Instant Foods Group Instant noodles Health Foods Group Health food products and bakery - 2007 9M 2008 9M Provision Group Food stuff, edible oil, flour and feeds Other (Low Temp) Group Frozen foods, meat products, ice cream, seasoning, etc 7
UPEC Operating Result 25% 20% 15% 18.2% 22.7% 23.3% 22.1% 20.1% One-off disposal gains in 2007 25% 20% 15% 22.1% 14.6% 19.8% 10% 5% 0% 8.0% 6.3% 4.9% 3.2% 3.7% 3.6% -0.3% 2004 2005 2006 2007 10% 5% 0% 8.1% 3.8% 3.9% 2007 9M 2008 9M Gross Margin OP Margin ROE 8
UPEC Key Financials NT$mn Y 2006 Amount % Y 2007 Amount % 9M 2007 Amount % 9M 2008 Amount % Revenue (Parent) 42,845 100.0 46,026 100.0 35,070 100.0 38,949 100.0 Gross Profit 9,971 23.3 10,165 22.1 7,759 22.1 7,704 19.8 OP Profit 1,588 3.7 1,659 3.6 1,346 3.8 1,519 3.9 Net Income 3,607 8.4 11,017 23.9 7,515 21.4 4,936 12.7 EPS(after tax) 1.01 3.10 2.01 1.32 ROA 5.1% 13.0% 9.3% 5.6% ROE 8.0% 20.1% 14.6% 8.1% 9
UPEC s Market Position in Taiwan Category Dairy Products: Non-carbonated Drinks: Instant Noodles Yogurt Drink Fresh Milk RTD Tea Juice End Sep,2008 Market Share 46% 27% 42% 13% 48% Source: TNS Successfully target the various consumers through the multi-brand strategy Source: AC Nielsen Competitive R&D and marketing capability to remain the predominating position in the market. 10
Other F&B Investments in Taiwan Kuang Chuan Acquired 31% holdings in 2004 Taiwan s top 3 largest dairy company with around 27% market share * in fresh and flavored milk. Operates Taiwan s 3 rd largest convenience store chain under Hi-Life brand. Wei Li Food (1244TT) Acquired 32% holdings in 2007 Taiwan s 2 nd largest instant noodles manufacturer with around 20.2% market share *. TTET Union (1232TT) 38% holding Taiwan s largest soybean crushing manufacturer * Source of the Market Share: AC Nielsen as of end September,08 11
3. UP Group s Retailing Business Introduction 12
Leading Retail Business (I) President Chain Store Corp. (UPEC holds 45.4% ) Taiwan s largest convenience store (CVS) chains operator. Various retail and distribution businesses in Asia. Listed on Taiwan Stock Exchange with market cap US$2.14bn*, cash dividend yield 4~5%. 7,000 6,000 3,000 2,000 1,000 - Taiwan CVS Sales 5,000 US$mn 4,000 50.8% 2004 2005 2006 2007 2008 9M Total 4,963 5,403 5,882 6,000 4,573 PCSC 2,453 2,839 3,030 3,102 2,324 Source : Taiwan Ministry of Economic * Market capitalization based on closing price $NT77.4 as of Dec24th, 2008, US$1=NT$33.033 13
Leading Retail Business (II) President Chain Store Corp. Strengthen the leading Position in Taiwan CVS market. On May 29 th, 2008, be granted 7-Eleven franchise in Shanghai. 10,000 8,000 6,000 Number of Convenience Stores in Taiwan 4,000 2,000 0 52.01% 52.44% 2005 2006 2007 Sep. 2008 Niko Mart Chain 360 300 Exited the market OK Chain 873 840 818 823 Hi-Life Chain 1,160 1,261 1,296 1,232 Family Mart Chain 1,851 2,012 2,228 2,301 7-ELEVEN Chain 4,037 4,385 4,705 4,803 14
PCSC Key Financials NT$mn Y 2005 Amount % Y 2006 Amount % Y 2007 Amount % 9M 2008 Amount % Revenue (Consolidated) 119,941 132,945 141,982 109,968 Revenue (Parent) 93,674 100.0 99,980 100.0102,364 100.0 76,694 100.0 Net Income 3,653 3.9 3,822 3.8 3,622 3.5 3,031 4.0 EPS(after tax) 3.99 4.18 3.96 3.31 ROA 11.8% 11.1% 9.3 % ROE 24.7% 24.5% 22.5 % 15
PCSC s Major Retail Scopes in Taiwan 7-Eleven (PCSC) UPEC holds 45.4% Stores No. : 4,803 Cosmed Taiwan UP group holds: 100% Store No.: 278 Life Style (GMS) MUJI UP group holds 51% Store No.: 13 PLAZA CVS Chains Drugstore UP group holds 100% Store No. :7 * Store No. is as of Sep. 30th 2008 Restaurants Starbucks Taiwan UP Group holds 50% (JV) Store No. : 221 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 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 China Businesses Drugstore Shenzhen Cosmed UP Group holds 65% Store No.: 16 Restaurants Shanghai Starbucks UP Group holds 50% Store No.: 157 Cold Stone Creamery UP Group holds 100% Store No.: 29 Super/Hyper Markets Shandong Uni-mart Supermarket UP Group holds 55% Store No.: 93 Sichuan Uni-mart Hypermarket UP Group holds 100% Store No.: 4 Other Overseas Businesses Philippine 7- Eleven UP Group holds 56.59% Store No.: 344 Canada T&T Supermarket UP Group holds 20% Store No.: 16 Vietnam Uni-mart Supermarket UP Group holds 51% Store No.: 2 * Store No. is as of Sep. 30th 2008 17
4. UP Group s F&B Business in Asian Market China South-Eastern Asia 18
F&B Business in China Uni-President China Holdings Ltd. Strong presence in beverage and instant noodles in China (commenced operations in 1992.) Listed on HKSE on Dec 17 th, 2007 with market cap US$887mn* (UPEC holds 73.5%) Market position in China : Product Juice Drinks More brand ( 鲜橙多, 蜜桃多 等系列 ) RTD Tea Iced brand ( 統一冰紅茶, 冰绿茶 ), Unif Green Tea ( 统一绿茶 ) Instant Noodles Lai Yi Tong ( 来一桶 ) Unif 100 ( 统一 100 ) Qiao Mian Guan ( 巧面馆 ) Position No.2 No.2 No.3 * Market cap based on closing price $1.91HKD as of Dec 24, 2008, US$1=HK$7.75 Market Share 20% 24% 10% Source: AC Nielsen 1~6, 2008 Sole official instant noodles sponsor of Beijing 2008 Olympics 19
UPCH Presence 13 production plants, including 53 production lines in Beverage and 50 production lines in instant noodles*. Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on October 30, 2008 20
UPCH Sales Break-down RMB$mn 10,000 8,000 6,000 2005 2007 CAGR= 15.1% 28.2% YOY growth =13.1 % 4,000 35.2% 25.9% 2,000 0 42.9% 29.9% 24.5% 2005 2006 2007 1H2007 1H2008 Other Business 23 55 68 28 16 Instant noodles 2,291 2,212 2,445 1,140 1,307 Other Beverage 243 481 509 229 321 RTD tea 1,771 2,535 3,046 1,617 2,160 Juice drinks 2,210 2,600 2,588 1,441 1,233 21
UPCH Operating Result Gross Margin Breakdown by Products : 50.0% 40.0% 30.0% 20.0% 37.5% 33.0% 24.4% 38.2% 37.9% 38.7% 32.7% 33.7% 34.3% 33.4% 29.5% 23.0% 21.4% 20.8% 22.4% Total Beverage Instant Noodles 10.0% Operating Profit & Net Income : RMB$ mn 0.0% 600 500 400 300 200 100 2005 2006 2007 1H2007 1H2008 543 OP OP YoY=104% 424 YoY=24.4% 382 304 307 7.6% 254 266 260 212 4.7% 146 6.3% 6.9% 3.4% 333 OP Profit Net Income OP Margin 0 2005 2006 2007 1H2007 1H2008 9M 2008 22
Strategic Alliances/Investments in China With leading domestic and international beverage companies to : Build up distribution channels Gain production capacity Obtain reliable sources of key raw materials Jinmailang Drink ( Beijing ) 50% JV with Nissin Hualong Food to focus on beverage market Yantai North Andre Juice (Ticker: 8259 HK) Wondersun Dairy 15% holding, China s largest apple juice concentrate supplier. 9% holding, China s leading milk powder brand. 23
Other Food Business in China Provision business Under several JVs in soybean crushing, margarine, seasoning, animal feeds, etc. RMB$mn Provision Sales* 5,000 4,000 3,000 2,000 1,000 0 2005 2006 2007 1H2008 9M2008 * By internal report 24
F&B Business in South-eastern Asia Uni-President Vietnam Uni-President Thailand (owned 100% ) (owned 100% ) Aquatic Feeds, Instant Noodles Beverages Uni-President Indonesia (owned 49% ) Instant Noodles, Beverage NT$mn 12,000 10,000 Uni-President Philippines (owned 100% ) Instant Noodles Southeast Asia food Sales* 10,000 Vietnam YOY = 59 % 8,000 Vietnam YOY = 31 % Philippines Thailand Indonesia 8,000 6,000 6,000 4,000 Vietnam 4,000 2,000 2,000-0 2007 9M 2006 * By internal report 2007 2008 9M 25
Divestment of Non-core Investments What have been done: 2003 Grand Commercial Bank 2005 Allianz Property and casualty Insurance 2006 Sinopharm 2006 Xinglu Petrochem 2007 Q1 Accuray* 2007 Q2 Allianz Life Insurance 2007 Mospec Semiconductor Profit realized (NT$mn) 176 71 64 487 2,000 200 391 2008 Mospec Semiconductor * Attributed to UPEC 396 3,785 26
Uni-President Enterprises Corp. (UPEC 1216 TT) January 2009 27
議 程 1. 統一集團介紹 2. 統一企業營運表現 3. 統一集團流通事業介紹 4. 亞洲地區食品業發展 28
1. 統一企業集團介紹 29
公司簡介 台灣最大食品公司 市值 $3.23*, 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 大陸領導食品廠商之一 在冷飲茶及果汁市場排名第二 & 方便麵排名第三 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 Dec 24th,08 收盤價 $NT28.6 計算, 匯率 US$1=NT$33.033 * * 總資產及年營收資料擷取自 2007 年合併報表 30
Major Entities 集團主要企業及品牌 and Selected Brands 食品統一企業 (UPEC 1216 TT) 台灣 中國大陸 ( 統一中控 220HK) 73.5% 東南亞 ( 越南 泰國 印尼及菲律賓 ) 零售通路 統一超商 (PCSC 2912TT) (45.4%) 家福 (40%) 貿易南聯國際貿易 (100%) 投資統一國際開發 ( PIDC) (62.5%) 金融統一證券 (2855 TT) (31.8%) 統一集團之零售通路工具, 主要投資如 : 星巴克 康是美 統一多拿滋等 家樂福為台灣最大之量販連鎖 進口及代理經銷商民生消費商品, 包括百威啤酒 麥斯威爾咖啡 Chupa Chups 棒棒糖等 統一集團之轉投資工具, 主要投資如 : LTPS TFT LCD 購物商場 生物科技等 31
2. 統一企業營運表現 32
台灣食品營收 NT$mn 50,000 40,000 30,000 20,000 40,252 7% 9% 11% 31% YOY=7.4% YOY=7.4% 46,026 42,845 6% 7% 9% 9% 10% 10% 32% 35% 50,000 40,000 30,000 20,000 YOY=11.1% 38,949 35,070 6% 6% 8% 9% 10% 10% 35% 39% 10,000 42% 42% 40% 10,000 40% 37% - 2005 乳飲群 茶 乳品 咖啡 果汁 包裝水等 速食群 速食麵 保健群 保健食品及麵包 2006 2007-2007 9M 2008 9M 食糧群 大宗食材 食用油 麵粉 飼料 綜食群 冷凍食品 肉品 冰品 調味品等 33
統一企業營運表現 25% 20% 15% 18.2% 22.7% 23.3% 22.1% 20.1% 一次性處分業外資產 25% 20% 15% 22.1% 14.6% 19.8% 10% 5% 0% 8.0% 6.3% 4.9% 3.2% 3.7% 3.6% -0.3% 2004 2005 2006 2007 10% 5% 0% 8.1% 3.8% 3.9% 2007 9M 2008 9M Gross Margin OP Margin ROE 34
統一企業營運表現 Y 2006 Y 2007 9M 2007 9M 2008 NT$ 佰萬 金額 % 金額 % 金額 % 金額 % 母公司營收 42,845 100.0 46,026 100.0 35,070 100.0 38,949 100.0 營業毛利 9,971 23.3 10,165 22.1 7,759 22.1 7,704 19.8 營業淨利 1,588 3.7 1,659 3.6 1,346 3.8 1,519 3.9 本期淨利 3,607 8.4 11,017 23.9 7,515 21.4 4,936 12.7 稅後 EPS 1.01 3.10 2.01 1.32 ROA 5.14% 13.03% 9.28% 5.56% ROE 8.00% 20.06% 14.63% 8.12% 35
統一企業台灣市佔率 品 項 乳製品 : 優酪乳鮮乳 2008 年 9 月市佔率 46% 27% 非碳酸飲料 : 茶飲果汁 42% 13% 資料來源 : TNS 速麵 食 48% 資料來源 : AC Nielsen 透過多品牌策略, 發展出豐富的產品品項, 滿足不同年齡 不同族群的消費者 堅強的研發團隊及行銷能力, 強化了產品的市場競爭力 36
台灣重要食品轉投資 Kuang Chuan 於 2004 年取得 31% 股權 台灣前三大乳品公司, 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) 於 2007 年取得 32% 股權 台灣第二大速食麵公司, 市佔率約 20.2% * TTET Union ( 大統益 1232TT) 持股 38% 台灣最大之黃豆製油公司 * 資料來源 : AC Nielsen 2008 年 9 月 37
3. 統一集團流通事業介紹 38
台灣卓越的流通事業 (I) 統一超商 ( 統一企業持有 45.4% ) 台灣最大之連鎖便利商店, 獲 7-ELEVEN 台灣區永久授權, 旗下擁有多項流通事業轉投資, 布局台灣及亞洲市場 市值 US$2.14bn*, 現金股利殖利率 4~5% US$mn 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 台灣便利商店銷售統計 2004 2005 2006 2007 2008 9M 50.8% Total 4,963 5,403 5,882 6,000 4,573 PCSC 2,453 2,839 3,030 3,102 2,324 資料來源 : 經濟部統計數據 * 市值以 Dec 24th, 2008 收盤價 77.4 計算, 匯率 US$1=NT$33.033 39
台灣卓越的流通事業 (II) 統一超商 在台灣便利商店市場具有領導地位 在 2008 年 5 月 29 日, 取得上海地區 7-ELEVEN 授權 10,000 台灣便利商店數 8,000 6,000 4,000 2,000 0 52.01% 52.44% 2005 2006 2007 Sep. 2008 Niko Mart Chain 360 300 退出市場 OK Chain 873 840 818 823 Hi-Life Chain 1,160 1,261 1,296 1,232 Family Mart Chain 1,851 2,012 2,228 2,301 7-ELEVEN Chain 4,037 4,385 4,705 4,803 40
統一超商營運表現 NT$mn Y 2005 Amount % Y 2006 Amount % Y 2007 Amount % 9M 2008 Amount % 合併營收 119,941 132,945 141,982 109,968 母公司營收 93,674 100.0 99,980 100.0102,364 100.0 76,694 100.0 淨利 3,653 3.9 3,822 3.8 3,622 3.5 3,031 4.0 稅後每股盈餘 3.99 4.18 3.96 3.31 資產報酬率 11.8% 11.1% 9.3 % 股東權益報酬率 24.7% 24.5% 22.5 % 41
台灣流通事業版圖 超 7-Eleven (PCSC) 統一企業持有 : 45.4% 店數 : 4,803 藥 Cosmed Taiwan 統一集團持有 : 100% 店數 : 278 生 商 妝 活 廳 餐 Starbucks Taiwan 統一集團持有 : 50% (JV) 店數 : 221 Mister Donut 統一集團持有 : 50% (JV) 店數 : 45 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 : 13 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% 42 店數資料截自 2008 年 9 月 30 日
海外流通事業版圖 大陸市場 藥 Shenzhen Cosmed 妝 餐 Shanghai Starbucks 統一集團持有 : 50% 店數 : 157 廳 量販店 Shandong Uni-mart Supermarket 統一集團持有 : 55% 店數 : 93 統一集團持有 : 65% 店數 : 16 Cold Stone Creamery 統一集團持有 : 100% 店數 : 29 Sichuan Uni-mart Hypermarket 統一集團持有 : 100% 店數 : 4 海外市場 Philippine 7- Eleven Canada T&T Supermarket Vietnam Uni-mart Supermarket 統一集團持有 : 56.59% 店數 : 344 統一集團持有 : 20% 店數 : 16 統一集團持有 : 51% 店數 : 2 店數資料截自 2008 年 9 月 30 日 43
4. 亞洲地區食品業版圖 中國大陸 東南亞 44
統一企業中國控股 大陸食品事業 為中國大陸飲料及速食麵領先的製造商之一, 1992 年開始在大陸投資經營, 於 2007 年 12 月 17 日於在香港上市, 市值 US$887mn* 為中國大陸的知名品牌, 並有領先的市場地位 : 產品 果汁 鲜橙多, 蜜桃多 等系列 即飲茶 統一冰紅茶, 冰绿茶, 统一绿茶 速食麵 来一桶, 统一 100, 巧面馆 獲選為 2008 北京奧運的速食麵獨家贊助商 排名 No.2 No.2 No.3 * 市值以 Dec24th, 2008 收盤價 $1.91HKD 計算, 匯率 US$1=HK $7.75 市佔率 20% 24% 10% Source: AC Nielsen 1~6, 2008 45
UPCH 佈局 13 座廠, 共 53 條飲料生產線 50 條速食麵生產線 * Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on October 30, 2008 46
UPCH 營收分析 RMB$mn 10,000 2005 2007 CAGR= 15.1% 8,000 6,000 4,000 2,000 0 28.2% YOY growth =13.1 % 35.2% 29.9% 2005 2006 2007 1H2007 1H2008 其他 23 55 68 28 16 速食麵 2,291 2,212 2,445 1,140 1,307 其他飲料 243 481 509 229 321 即飲茶 1,771 2,535 3,046 1,617 2,160 果汁 2,210 2,600 2,588 1,441 1,233 25.9% 42.9% 24.5% 47
UPCH 營運分析 毛利率 ( 按產品別 ) : 50.0% 40.0% 30.0% 20.0% 37.5% 33.0% 24.4% 38.2% 37.9% 38.7% 32.7% 33.7% 34.3% 33.4% 29.5% 23.0% 21.4% 20.8% 22.4% Total Beverage Instant Noodles 10.0% 0.0% 2005 2006 2007 1H2007 1H2008 營業利益與淨利益 : RMB$ mn 600 500 400 300 200 100 543 OP OP YoY=104% 424 YoY=24.4% 382 304 307 7.6% 254 266 260 212 4.7% 146 6.3% 6.9% 3.4% 333 OP Profit Net Income OP Margin 0 2005 2006 2007 1H2007 1H2008 9M 2008 48
大陸策略聯盟 / 投資 聯合當地領先企業及國際飲料公司 : 建立銷售通路 獲取產能 確保主要原料取得 今麥郎飲品 50% 與華龍日清合資發展飲料 安德利果汁 ( 代碼 : 8259HK) 完達山乳業 持股 15%, 中國最大的蘋果濃縮原汁供應商 持股 9%, 大陸領先的奶粉品牌公司 49
大陸其他食品事業 食糧 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$mn 食糧營收 * 5,000 4,000 3,000 2,000 1,000 0 2005 2006 2007 1H2008 9M2008 * 內部自結報表 50
東 南 亞 食 品 事 業 越南統一 ( 持有 100% ) 水產飼料, 速食麵 泰國統一 ( 持有 100% ) 飲料 印尼統一 ( 持有 49% ) 菲律賓統一 ( 持有 100% ) 速食麵 速食麵, 飲料 NT$mn 東南亞食品營收 * 12,000 10,000 越南 YOY = 59 % 10,000 8,000 8,000 越南 YOY = 31 % 菲律賓統一 6,000 菲律賓統一 6,000 印尼統一 4,000 4,000 越南統一 2,000 2,000-0 2007 9M 2006 * 內部自結報表 2007 2008 9M 51
處分非核心事業 * 已 處 分 : 2003 萬通銀行 2005 統一安聯產險 2006 神隆製藥 2006 翔鷺石化 2007 Q1 愛可瑞 * 2007 Q2 統一安聯人壽 2007 統懋半導體 2008 統懋半導體 * 以統一企業實際控制股權計算 獲利認列 (NT$mn) 176 71 64 487 2,000 200 391 396 3,785 52