Ticker:1216 TT 2009 3 rd Quarterly Result 2009 3 rd Quarterly Result
Agenda 1. Uni-President Overview 2. Taiwan F&B Business (UPEC 1216 TT) 3. CVS & Retail Business (PCSC 2912TT) 4. China (UPCH 220HK) & Southeast Asia F&B Business 2
1. Uni-President Overview 3
The Highlight of Uni-President Group Largest F&B Company in Taiwan Market Cap US$4.37bn, QFII ratio39.86%, 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. Largest CVS& Hypermarket Retailers in Taiwan 7-11 Convenience Store Chains & Carrefour Hypermarket Chains in Taiwan Focusing F&B and Retail Businesses in Asia Continue divesting the non-core businesses. * Market cap & QFII based on the closing price $NT37.7 (US$1=NT$32.185) as of Nov 30, 2009 * * Total assets and revenue were consolidated-based in 2008. 44
The Major Structure Entities of and Uni-President Selected Brands Group Taiwan (UPEC 1216TT) Food & Beverage Uni-President Enterprises Corp (UPEC 1216 TT) Uni-President China Holdings Ltd.(UPCH 220HK)(UPEC holds 73.5%) South-eastern Asia Holdings (Vietnam, Thailand, Indonesia, and Philippines) (UPEC holds 100%) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (UPEC holds 45.4%) Presicarre Corp. (UP Group holds 40%) 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. Trading Nan Lien International Corp. (UPEC holds 100%) Importer, distributor and agent of consumer products including Anheuser-Busch (Budweiser)beer, Maxwell House Coffee and Chupa Chups Lollipops Investments President International Development Corp (PIDC). (UPEC holds 62.5%) Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses Financials President Securities (2855 TT) (UP Group holds32.6%) 5
F&B Categories of UP Group All weather, all age F&B products strategy. Provision Categories Main Products Taiwan China Southeast Asia Foodstuff Soybean corn organic fertilizer Animal Feeds Feeds for hogs chickens ducks geese,cattle dogs and cats. Aquatic Business Aquatic feeds Edible Oil Cooking oil for commercial and family use Flour Flour wheat bran Instant Food Food Instant noodles noodles Beverage Juice bottled water coffee sports drinks chinese traditional drinks Dairy&Beverage Tea Beverage RTD Tea Dairy Products Fresh milk flavored milk yogurt drink soya milk desserts Meat Products Processed meat products General Food Health Food Sauce&Seasoning Soy sauce and seasonings Frozen Prepared Foods Frozen dumplings buns hotpot dishes fish&meat balls, etc Ice Cream Ice cream bars cones snack, etc. Health Food Chicken essence grains and oatmeal powder and health food Bread Toast bread cake frozen paste, etc 6
2. Taiwan F&B Businesses (UPEC 1216TT) 7
UPEC Key Financials TWD$mn Revenue (Consolidated) Revenue (Parent) Y 2007 Y 2008 2008 1-9M Amount % Amount % Amount % 288,592 299,722 232,479 46,026 100.0 49,445 100.0 38,949 100.0 2009 1-9M Amount % 224,452 33,970 100.0 Gross Profit 10,165 22.1 9,655 19.5 7,685 19.7 8,483 25.0 OP Profit 1,659 3.6 1,836 3.7 1,519 3.9 1,412 4.2 Net Income 11,017 23.9 3,601 7.3 4,936 12.7 7,220 21.3 EPS(after tax) 2.95 0.96 1.27 1.85 ROE 20.1% 6.0% Total Payout Ratio 85% 92% Cash:stock dividend 80%:20% 50%:50% 8
Taiwan F&B Business Margin Analysis 30% 25% 20% 15% 10% 5% 0% 18.2% 6.4% -0.3% One-off disposal & IPO gains in 2007 22.7% 23.3% 23.9% 22.1% 19.5% One-off disposal gains in 2007 8.4% 7.3% 5.2% 3.2% 3.7% 3.6% 3.7% 2004 2005 2006 2007 2008 30% 25% 20% 15% 10% 5% 0% 24.97% 19.73% 21.25% 12.67% 3.85% 4.16% 2008 1-9M 2009 1-9M Gross Margin OP Margin Net Profit Margin 9
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 22% 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 Sep,2009 10
3. CVS & Retail Businesses (PCSC 2912TT) 11
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$2.15bn*, QFII ratio 40.02%. Geographic Scope: Taiwan China Southeast Asia (Philippine Vietnam). 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 8 stores opened as of end Sep,2009. * Market cap & QFII Ratio based on closing price $NT75.5 as of Nov 30, 2009, US$1=NT$32.185 12
7-11 (PCSC) s Market Share in Taiwan President Chain Store Corp. (PCSC 2912TT) Number of Convenience Stores in Taiwan 6000 5000 4000 3000 2000 1000 0 52% Dec 2006 Dec 2007 Dec 2008 Sep 2009 Dec 2006 Dec 2007 Dec 2008 Sep 2009 7-ELEVEN Chain 4,385 4,705 4,800 4,765 Family Mart Chain 2,012 2,228 2,324 2,379 Hi-Life Chain 1,261 1,296 1,244 1,262 OK Chain 840 818 826 829 Niko Mart Chain 300 Exited the market 13
PCSC s Major Retail Scopes in Taiwan Convenience Store 7-ELEVEN PCSC holds 100% # of stores: 4,765 Drugstore Cosmed Taiwan Restaurants Starbucks Taiwan PCSC holds 30% UPEC holds 20% # of stores: 222 PCSC (2912TT) Distribution& Logistics Retail Support International UP Group holds 45% Online Retailer Rakuten PCSC holds 49% PCSC holds 100% # of stores: 300 Merchandise Stores MUJI PCSC holds 41% UPEC holds 10% # of stores: 17 Cold Stone Creamery PCSC holds 100% # of stores: 18 Afternoon Tea Department Store Hankyu PCSC holds 70% UPEC holds30% # of store: 1 Mister Donut Shopping Mall Dream Mall PCSC holds 19% UPEC holds 40.5% PIDC holds 40.5% # of store: 1 PCSC holds 51% # of stores: 10 PCSC holds 50% # of stores: 43 Uni-President Cold-Chain UP Group holds 80% Wisdom Distribution UP Group holds 100% TAKKYUBIN PCSC holds 70% UPEC holds 20% Books.com.tw PCSC holds 50.03% Unimall PCSC holds 100% * Store No. is as of end Sep, 2009 14
PCSC s Major Retail Scopes Overseas PCSC (2912TT) Convenience Store Shanghai 7-ELEVEN PCSC holds 100% # of stores: 8 Drugstore Shenzhen Cosmed PCSC holds 65% # of stores: 8 Supermarket Shandong Uni-Mart PCSC holds 55% # of stores: 118 Hypermarket Sichuan Uni-Mart China Restaurants Shanghai Starbucks PCSC holds: 30% UPEC holds: 20% # of stores: 172 Cold Stone Creamery PCSC holds 100% # of stores: 37 Shanghai Afternoon Tea PCSC holds 51% # of stores: 3 Shanghai Mister Donut Southeast Asia Convenience Store Philippine 7-ELEVEN PCSC holds 56.59% # of stores: 401 Supermarket Vietnam Uni-Mart PCSC holds 51% # of stores: 1 PCSC holds 100% # of stores: 4 * Store No. is as of end Sep, 2009 PCSC holds 50% # of stores: 7 15
PCSC Key Financials TWD$mn Y 2007 Amount % Y 2008 Amount % 2008 1-9M Amount % 2009 1-9M Amount % Revenue PCSC Consolidated) 141,982 145,899 109,968 110,800 Revenue (PCSC Parent) 102,364 100.0 102,191 100.0 76,694 100.0 75,853 100.0 Gross Profit 31,744 31.0 32,735 32.0 24,417 31.8 24,550 32.4 Net Income 3,622 3.5 3,520 3.5 3,031 4.0 3,405 4.5 EPS(after tax) 3.96 3.85 2.92 3.28 ROA 9.3 % 8.1% ROE 22.5 % 21.5% Total Payout Ratio 81% 88% (cash:stock) 100%:0% 60%:40% 16
4. China (UPCH 220HK) & Southeast Asia F&B Business 17
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$2.46bn*. Strong market position : No.2 in RTD Tea & Diluted Juice. 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 $5.29HKD as of Nov 30, 2009, US$1=HK$7.7498 18
UPCH 1 st ~3rd Quarterly Results Highlight USD in millions 2009. 1-9M 2008. 1-9M YoY Reported Net Profit 94.537 48.663 94% FX loss 0 21.983 Recurring Net Profit 94.537 70.646 34% RMB in millions 2009H1 2008H1 Change Revenue 4,512 5,037-10.4% Gross Profit 1,890 1,730 9.2% Gross Margin 41.9% 34.3% +7.6ppt Operating Profit 454 382 18.8% Operating Margin 10.1% 7.6% +2.5ppt Pre-tax Profit 531 283 87.6% Reported Net Profit 427 212 101.4% FX loss 2 128 Recurrring Net Profit 427 340 25.6% Reported EPS (cents) 11.86 5.90 +5.96 Reported Net Margin 9.5% 4.2% +5.2ppt Recurring N et Margin 9.5% 6.8% +2.8ppt 19
Strategy of China Instant Noodle Business Higher End Target as Nation-wide flavor position. 20
UPCH Margin Analysis Gross Margin Breakdown by Products : 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 45.1% 38.2% 38.4% 38.7% 32.7% 41.9% 33.7% 33.7% 29.5% 34.1% 30.5% 22.9% 21.4% 21.6% 22.4% Y2006 Y2007 Y2008 08H1 09H1 Total Beverage Instant Noodles 21
UPCH Capex Plan Capex Budget for 2009: RMB580mn 2009H1 Capex: RMB286mn Net Cash Position RMB1.4bns as at June 30,2009: * Cash&cash equivalents:rmb3.3bn * Total Liabilities: RMB1.9B 22
Strategic Alliances & Partnerships in China Company Stake Remark Area of cooperation Jinmailang JV 50% Nissin Hualong Food (Jinmailang brand) is 2nd largest instant noodle manufacturer in China. Jinmailang is UPCH s OEM partner in manufacturing bottled water. The JV is in China beverages segment. 15% Andre Juice (8259 HK) One of the largest apple juice concentrate suppliers in China Raw material supply Wondersun Dairy 9% Leading milk powder brand in China Exposure to dairy market 23
F&B Business in Southeast Asia Uni-President Thailand (owned 100% ) Beverages Uni-President Indonesia (owned 49% ) Instant Noodles, Beverages Uni-President Vietnam (owned 100% ) Aquatic Feeds, Instant Noodles, Beverages Uni-President Philippines (owned 100% ) Instant Noodles NT$mn Southeast Asia F&B Sales* 12,000 10,000 8,000 6,000 4,000 2,000 - P T I V * By internal report Vietnam YOY = 22% Vietnam YoY=2.4% due to the high base in 08H1 Y2006 Y2007 Y2008 1-9M 2008 1-9M 2009 The Philippines Thailand Indonesia Vietnam 24
股票代碼 :1216 2009 前三季財報發表 2009 3 rd Quarterly Result
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 26
1. 統一集團介紹 27
公司簡介 台灣最大食品公司 市值 $4.37*, 外資持股率 39.86%, 總資產 $8.1*, 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 在即飲茶及稀釋果汁市場排名第二 擁有台灣市場兩大零售通路 :7-11 統一超商及台灣家樂福 聚焦亞洲市場之食品及零售流通事業 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 Nov 30, 09 收盤價 $NT37.7 計算, 匯率 US$1=NT$32.185 * * 總資產及年營收資料擷取自 2008 年合併報表 28
Major Entities 集團主要企業及品牌 and Selected Brands 食品飲料統一企業 (UPEC 1216 TT) 台灣 中國大陸 ( 統一中控 220HK) (73.5%) 東南亞控股 ( 越南 泰國 印尼及菲律賓 ) (100%) 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) (32.6%) 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) 30
統一企業財務摘要 台幣 $ 百萬 Y 2007 Y 2008 2008 前三季金額 % 金額 % 金額 % 集團合併營收 288,592 299,722 232,479 2009 前三季 金額 % 224,452 母公司營收 46,026 100.0 49,445 100.0 38,949 100.0 33,970 100.0 毛利額 10,165 22.1 9,655 19.5 7,685 19.7 8,483 25.0 營業利益 1,659 3.6 1,836 3.7 1,519 3.9 1,412 4.2 稅後淨利 11,017 23.9 3,601 7.3 4,936 12.7 7,220 21.3 稅後每股盈餘 2.95 0.96 1.27 1.85 資產報酬率 20.1% 6.0% 股利發放率 85% 92% 現金 v.s 股票股利比率 80%:20% 50%:50% 31
台灣食品事業 : 毛利率分析 30% 25% 20% 15% 10% 5% 0% 18.2% 6.4% -0.3% 07 年一次性收益 ( 含 IPO 收益及處分業外資產 ) 22.7% 23.3% 23.9% 22.1% 19.5% One-off disposal gains in 2007 8.4% 7.3% 5.2% 3.2% 3.7% 3.6% 3.7% 2004 2005 2006 2007 2008 30% 25% 20% 15% 10% 5% 0% 24.97% 19.73% 21.25% 12.67% 3.85% 4.16% 2008 1-9M 2009 1-9M 毛利率 營業利益率 稅後淨利率 32
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 22% * 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 9 月 33
3. 統一超商零售及流通事業 (2912TT) 34
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$2.15bn*, 外資持股比率 40.02% 地域性分布 : 台灣, 中國及海外 ( 菲律賓 越南 ) 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,2008 取得開設上海 7-Eleven 超商之授權 ; 截至 09 年 9 月底於上海開設 8 間 7-Eleven * 市值及外資持股率是根據 Nov 30,2009 之收盤價 $NT75.5 (US$1=NT$32.185) 35
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 4000 3000 2000 1000 0 52% Dec 2006 Dec 2007 Dec 2008 Sep 2009 Dec 2006 Dec 2007 Dec 2008 Sep 2009 7-ELEVEN 4,385 4,705 4,800 4,765 全家 2,012 2,228 2,324 2,379 萊爾富 1,261 1,296 1,244 1,262 OK 840 818 826 829 福客多 300 Exited the market 36
便利超商 台灣 7-ELEVEN PCSC holds 100% # of stores: 4,765 藥妝店 台灣康是美 台灣流通事業版圖 餐飲 台灣星巴克 PCSC holds 30% UPEC holds 20% # of stores: 222 統一超商 (2912TT) 物流 捷盟國際 UP Group holds 45% 網路零售 樂天拍賣 PCSC holds 49% PCSC holds 100% # of stores: 300 生活用品店台灣無印良品 PCSC holds 41% UPEC holds 10% # of stores: 17 百貨公司版急百貨 PCSC holds 70% UPEC holds30% 台灣 Cold Stone PCSC holds 100% # of stores: 18 台灣 Afternoon Tea PCSC holds 51% # of stores: 10 # of stores: 1 台灣 Mister Donut 購物中心夢時代 PCSC holds 19% UPEC holds 40.5% PIDC holds 40.5% # of stores: 1 PCSC holds 50% # of stores: 43 統昶 UP Group holds 80% 大智通 UP Group holds 100% 統一速達 PCSC holds 70% UPEC holds 20% 博客來網路書店 PCSC holds 50.03% 統一購物便 PCSC holds 100% * Store No. is as of Sep 30th 2009 37
海外流通事業版圖 統一超商 (2912TT) 便利超商 上海 7-ELEVEN PCSC holds 100% # of stores: 8 藥妝店 深圳康是美 PCSC holds 65% # of stores: 8 超市 山東 Uni-Mart PCSC holds 55% # of stores: 118 量販超市 四川 Uni-Mart 中國市場 餐飲上海星巴克 PCSC holds: 30% UPEC holds: 20% # of stores: 172 上海 Cold Stone PCSC holds 100% # of stores: 37 上海 Afternoon Tea PCSC holds 51% # of stores: 3 上海 Mister Donut 便利超商 菲律賓 7-ELEVEN PCSC holds 56.59% # of stores: 401 超市 東南亞市場 越南 Uni-Mart PCSC holds 51% # of stores: 1 PCSC holds 100% # of stores: 4 * Store No. is as of Sep 30th 2009 PCSC holds 50% # of stores: 7 38
統一超商財務摘要 台幣 $ 百萬 2007 年度 金額 % 2008 年度 金額 % 2008 前三季 金額 % 2009 前三季 金額 % 統一超合併營收 141,982 145,899 109,968 110,800 一超母公司營收 102,364 100.0 102,191 100.0 76,694 100.0 75,853 100.0 毛利額 31,744 31.0 32,735 32.0 24,417 31.8 24,550 32.4 稅後淨利 3,622 3.5 3,520 3.5 3,031 4.0 3,405 4.5 稅後每股淨利 3.96 3.85 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% (cash:stock) 100%:0% 60%:40% 2.92 3.28 39
4. 統一集團中國 (220HK) 及東南亞事業 40
統一於中國之營運 統一中控. (220 HK) 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$2.46bn*. 三大事業體及領先之市佔率 : - 稀釋果汁 No.2 ; 即飲茶 No.2 分布全國性之生產基地及通路系統 ( 統一企業持有 73.5% ) 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 $5.29HKD 為 Nov 30, 2009 當日收盤價, US$1=HK$7.7498 41
統一中控 09 年前三季之財務摘要 美金百萬 2009. 1-9 月 2008. 1-9 月 YoY 稅後淨利 (Reported) 94.537 48.663 94% 外匯損失 0 21.983 稅後淨利 (Recurring) 94.537 70.646 34% 人民幣百萬 2009H1 2008H1 Change 營業收入 4,512 5,037-10.4% 毛利額 1,890 1,730 9.2% 毛利率 41.9% 34.3% +7.6ppt 營業利益 454 382 18.8% 營業利益率 10.1% 7.6% +2.5ppt 稅前淨利 531 283 87.6% 稅後淨利 (Reported) 427 212 101.4% 外匯損失 2 128 稅後淨利 (Recurring) 427 340 25.6% Reported 每股盈餘 (cents) 11.86 5.90 +5.96 Reported Net Margin 9.5% 4.2% +5.2ppt Recurring Net Margin 9.5% 6.8% +2.8ppt 42
統一於中國方便麵之策略 高價位 打造為全國性口味. 43
統一於中國之營運毛利分析 產品別之毛利率 : 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 45.1% 38.2% 38.4% 38.7% 32.7% 41.9% 33.7% 33.7% 29.5% 34.1% 30.5% 22.9% 21.4% 21.6% 22.4% Y2006 Y2007 Y2008 08H1 09H1 Total Beverage Instant Noodles 44
統一中控之資本支出及淨現金部位 2009 年預計之資本支出 : 人民幣 5.8 億 *09 上半年已支出 : 人民幣 2.86 億 截至 09 年 6 月底之淨現金部位 : 人民幣 14 億 * 現金及約當現金 : 人民幣 33 億 * 總負債 : 人民幣 19 億 45
統一於中國之策略聯盟 策略聯盟公司持股率聯盟公司背景介紹 與統一合作之領域 今麥郎 JV 50% 日清華龍食品 ( 今麥郎 品牌 ) 為中國之第二大方便麵公司 ). 今麥郎為統一於中國瓶裝水產品之代工廠商. 與統一之 JV 合作領域於中國之飲料市場. 15% 安德利果汁 (8259 HK) 中國最大之果汁濃縮原料供應商之一 濃縮果汁之供應商 完達山乳業 9% 中國之領導奶粉品牌 藉由進入中國乳製品市場 46
統一於東南亞之事業體 泰國統一 (100% 持有 ) 飲料 印尼統一 (49% 持有 ) 速食麵, 飲料 料 越南統一 (100% 持有 ) 水產飼料, 速食麵, 飲菲律賓統一 (100% 持有 ) 速食麵 NT$mn 12,000 10,000 8,000 6,000 4,000 2,000 - 菲泰印 越 * By internal report 東南亞之營收 * 越南 YOY = 22% 越南 YoY=2.4% ( 因去年之基期高 ) Y2006 Y2007 Y2008 2008.1-9M 2009.1-9M The Philippines Thailand Indonesia Vietnam 47