Uni-President Enterprises Corp. (UPEC 1216 TT) October 2008
Agenda 1. Uni-President Group Overview 2. The Business Model & Strategies 3. UPEC Financial Summary 4. UP Group s Retailing Business Introduction 5. UP Group s F&B Business in Asian Market 6. Q&A Sessions 2
1. Uni-President Group Overview 3
The Highlight of Uni-President Group Largest F&B Company in Taiwan Market Cap US$3.33bn, total assets US$8.48bn, and revenue US$9.1 bn. Vertical integration from manufacturing, distribution to retailing. Top F&B Company in China No. 2 position in Beverage business & No. 3 position in Instant Noodles business Focusing F&B and Retail Businesses in Asia F&B under own brands & various Retail channels. Continue divesting the non-core businesses. * Market cap and Cash dividend yield were based on the closing price $NT28.55 (US$1=NT$32.029)as of Oct1, 2008 * * Total assets and revenue were consolidated-based in 2007. 44
Major Entities Uni-President and Selected Group Brands Food & Beverage Uni-President Enterprises Corp Taiwan Uni-President China Holdings Ltd. (UPCH 220HK) 73.5% South-eastern Asia (Vietnam, Thailand, Indonesia, and Philippines) Distribution & Retail President Chain Stores Corp. (PCSC 2912TT) (45.4%) Presicarre Corp.(40%) Trading Nan Lien International Corp.(100%) Investments President International Development Corp. ( PIDC) (62.5%) Financials President Securities(31.8%) PCSC is the retail arm with the comprehensive exposure in Taiwan and China, including 7-Eleven,Starbucks, Cosmed,Mister Donuts, Cold Stone,and etc. Presicarre Corp. is Taiwan s largest hypermart chains. Importer, distributor and agent of consumer products including Anheuser-Busch beer, Maxwell House Coffee and Chupa Chups Lollipops Investment arm of the Group in LTPS TFT LCD,shopping mall, and biotechnology businesses 5
2. The Business Model & Strategies 6
Core Competencies Diversification in the Single Industry (the all-weather F&B company ) Multi-brand Strategy Supply Chain Vertical Integration (from F&B manufacturing, distribution, to retail businesses.) 7
The Business Model (I) One Core + Four Pillars Manufacturing+ R&D Trading & Distribution BRAND Retail Operation Strategic Acquisitions & Alliances 8
The Business Model (II) Operational Risk Factors : 1. Price fluctuations in raw materials 2. The macro-economic growth cycle 3. Consumer behaviors & preference How Do We React? 1. Pricing Setter & Operation Efficiency 2. International Presence 3. Brand Management (R&D and Marketing ) 9
3. UPEC Financial Summary 10
UPEC Taiwan F&B Sales Break-down NT$mn 50,000 40,000 30,000 20,000 10,000-40,252 7% 9% 11% 31% 42% YOY=7.4% YOY=7.4% 46,026 42,845 6% 7% 9% 9% 10% 10% 32% 42% 35% 40% 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 50,000 40,000 30,000 20,000 10,000 - YOY=15.12% 22,065 7% 9% 9% 35% 40% 25,402 2007 1H 2008 1H 6% 8% 9% 41% 35% Provision Group Food stuff, edible oil, flour and feeds Other Group Frozen foods, meat products, ice cream, seasoning, etc 11
UPEC Operating Result 25% 20% 15% 18.22% 22.65% 23.27% 22.09% 20.06% 25% 20% 15% 22.34% 20.08% 10% 5% 0% 6.26% 8.00% 4.91% 3.19% 3.71% 3.60% -0.28% 2004 2005 2006 2007 10% 5% 0% 3.34% 1H2007 9.88% 1H2008 4.98% 4.18% Gross Margin OP Margin ROE 12
UPEC Key Financials NT$mn Y 2006 Amount % Y 2007 Amount % 1H 2007 Amount % 1H 2008 Amount % Revenue 42,845 100.0 46,026 100.0 22,065 100.0 25,402 100.0 Gross Profit 9,971 23.3 10,165 22.1 4,929 22.3 5,102 20.1 OP Profit 1,588 3.7 1,659 3.6 736 3.3 1,061 4.2 Net Income 3,607 8.4 11,017 23.9 4,976 22.6 2,983 11.7 EPS(after tax) 1.08 3.10 1.4 0.84 ROA 5.14% 13.03% 6.12% 3.36% ROE 8.00% 20.06% 9.88% 4.98% 13
UPEC s Market Position in Taiwan Category Dairy Products: Yogurt Drink Fresh Milk End July, 08 Market Share 44.2% 26.7% Non-carbonated Drinks: RTD Tea Juice 43.5% 13.9% Source: TNS Instant Noodles 48.3% 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. 14
Other F&B Investments in Taiwan Kuang Chuan Acquired 31% holdings in 2004 Taiwan s 3 rd largest dairy company with around 27% market share in fresh and flavored milk. Operates 3 rd largest convenience store chain under Hi-Life brand. Wei Li Food Acquired 32% holdings in 2007 Taiwan s 2 nd largest instant noodles manufacturer with around 20% market share. TTET Union 38% holding Taiwan s largest soybean crushing manufacturer 15
4. UP Group s Retailing Business Introduction 16
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 capitalization US$2.66 bn*, 2007 cash dividend yield 3~4%. US$mn 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Taiwan CVS Sales 2004 2005 2006 2007 51.7% Total 5,024 5,470 5,955 6,074 PCSC 2,483 2,874 3,067 3,140 Source : Taiwan Ministry of Economic * Market cap and cash dividend yield were based on closing price NT$93 as of Oct 1, 2008, US$1=NT$32.029 17
Leading Retail Business (II) President Chain Store Corp. Strengthen the leading Position in Taiwan CVS market. On May 29 th, 2008, be granted 7-Eleven franchise in Shanghai. 10,000 Number of Convenience Stores in Taiwan 8,000 6,000 4,000 2,000 0 50.7% 52.01% 52.55% 2005 2006 2007 July 2008 Niko Mart Chain 360 300 Exited Exited OK Chain 873 840 818 828 Hi-Life Chain 1,160 1,261 1,296 1,215 Family Mart Chain 1,851 2,012 2,228 2,291 7-ELEVEN Chain 4,037 4,385 4,705 4,800 18
Leading Retail Business (III) President Coffee Corp. US$mn 120 100 80 60 50% Joint Venture ( UPEC holds 20% and PCSC holds 30%) with the U.S based Starbucks Coffee Operate Starbucks Coffee Franchise in Taiwan and in China (including Shanghai, Jiangsu, and Zhejiang areas) Sales Taiwan / China 97 62 250 200 150 Number of Stores Taiwan / China 217 146 40 100 20 50 0 2004 2005 2006 2007 0 2005 2006 2007 2008 June 19
PCSC s Major Retail Scopes in Taiwan 7-Eleven (PCSC) UPEC holds 45.4% Number of Stores : 4,794 Cosmed Taiwan UP group holds: 100% Store No.: 273 Life Style (GMS) MUJI UP group holds 51% Store No.: 12 PLAZA CVS Chains Drugstore UP group holds 100% Store No. : 3 * Store No. is as of June 30th 2008 Restaurants Starbucks Taiwan UP Group holds 50% (JV) Store No. : 217 Mister Donut UP group holds 50% (JV) Store No. : 42 Cold Stone Creamery UP group holds 100% Store No.: 11 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% 20
PCSC s Major Retail Scopes Overseas China Businesses Drugstore Shenzhen Cosmed UP Group holds 65% Store No.: 15 Restaurants Shanghai Starbucks UP Group holds 50% Store No.: 146 Cold Stone Creamery UP Group holds 100% Store No.: 24 Super/Hyper Markets Shandong Uni-mart Supermarket UP Group holds 55% Store No.: 82 Sichuan Uni-mart Hypermarket UP Group holds 100% Store No.: 4 Other Overseas Businesses Philippine 7- Eleven UP Group holds 56.59% Store No.: 329 Canada T&T Supermarket UP Group holds 20% Store No.: 16 Vietnam Uni-mart Supermarket UP Group holds 51% Store No.: 1 * Store No. is as of June 30th 2008 21
5. UP Group s F&B Business in Asian Market China South-Eastern Asia 22
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$1.02bn* (UPEC holds 73.5%) Market position in China : Product Juice Drinks More brand ( 多 系列 ) RTD Tea Iced brand ( 冰 系列 ), Unif Green Tea ( 统一绿茶 ) Instant Noodles Lai Yi Tong ( 来一桶 ) Position No.2 No.2 No.3 Market Share 22.2% 24.3% 10.0% Source: AC Nielsen 1~3, 2008 Sole official instant noodles sponsor of Beijing 2008 Olympics * Market cap based on closing price $2.2 HKD as of Sep 30, 2008, US$1=HK$7.7677 23
UPCH Presence With 13 production plants, 53 production lines in Beverage and 50 production lines in instant noodles*. 530 sales offices and over 1,000,000 distribution points distributing over 300 different products.* Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on August 20, 2008 24
UPCH Sales Break-down RMB$mn 10,000 2005 2007 CAGR= 15.1% 8,000 6,000 4,000 28.2% YOY growth =13.1 % 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 25
Margin : 40% 35% 30% 25% 20% 15% 10% 5% 0% UPCH Operating Result 34.3% 33.0% 33.7% 33.4% 29.5% 6.9% 7.6% 6.3% 4.7% 3.4% 2005 2006 2007 1H2007 1H2008 Gross Margin OP Margin Net Income : RMB$mn 450 2006 ~ 2007 YOY = 190 % 424 300 254 260 212 Net Income Net Margin 150 3.9% 146 4.9% 5.8% 4.2% 0 1.9% 2005 2006 2007 1H2007 1H2008 26
Strategic Alliances/Investments in China With leading domestic and international beverage companies to : Build up distribution channels Gain production capacity Obtain reliable sources of key raw materials Jinmailang Drink ( Beijing ) Yantai North Andre Juice Wondersun Dairy Beijing Kirin 50% JV with Nissin Hualong Food to focus on beverage market 4.37% holding, China s largest apple juice concentrate supplier 9% holding, leading milk powder brand in China 50% holding, leading Japanese beverage brand 27
Other Food Business in China Provision business Under several JVs in soybean crushing, margarine, seasoning, animal feeds, etc. RMB$mn 5,000 Provision Sales* 4,000 3,000 2,000 1,000 0 2005 2006 2007 1H2008 * By internal report 28
F&B Business in South-eastern Asia Uni-President Thailand (owned 100% ) Beverages Uni-President Indonesia (owned 49% ) Instant Noodles, Beverage Uni-President Vietnam (owned 100% ) Aquatic Feeds, Instant Noodles Uni-President Philippines (owned 100% ) Instant Noodles 12,000 10,000 NT$mn 8,000 6,000 4,000 2,000 - Vietnam YOY = 59 % 2006 2007 * By internal report Southeast Asia food Sales* 8,000 6,000 4,000 2,000 0 1H2007 Vietnam YOY = 47 % 1H2008 Philippines Thailand Indonesia Vietnam 29
Divestment of Non-core Investments What have been done: 2003 Grand Commercial Bank 2005 Allianz Property and casualty Insurance 2006 Sinopharm 2006 Xinglu Petrochem 2007 Q1 Accuray* 2007 Q2 Allianz Life Insurance 2007 Mospec Semiconductor Profit realized (NT$mn) 176 71 64 487 2,000 200 391 2008 Mospec Semiconductor * Attributed to UPEC 396 3,785 30
6. Q&A Sessions 31
統一企業股份有限公司 (UPEC 1216 TT) 2008 年 10 月
議 程 1. 統一集團介紹 2. 營運模式及策略 3. 統一企業財務摘要 4. 統一集團流通事業版圖 5. 亞洲地區食品飲料本業營運 6. 投資人問與答 33
1. 統一企業集團介紹 34
公司簡介 台灣最大食品飲料公司 市值 US$3.33bn*, 2007 現金股利殖利率 6.85%, 總資產 US$8.48bn**, 以及年營收 US$9.1bn**. 垂直整合食品業製造 通路及零售之規模經濟 大陸領導食品飲料廠商 在飲料市場排名第二大 & 方便麵排名第三大 亞洲聚焦之食品及流通事業 擁有知名自有品牌及廣大零售通路發展食品事業 持續出售處分非核心事業. * 市值及現金殖利率以 Oct 1, 2008 收盤價 $NT28.55 計算, 匯率 US$1=NT$32.029 * * 總資產及年營收資料擷取自 2007 年合併報表 35
Major Entities 集團主要企業及品牌 and Selected Brands 食品飲料統一企業 台灣 中國大陸 ( 統一中控 220HK) 73.5% 東南亞 ( 越南 泰國 印尼及菲律賓 ) 零售通路 統一超商 (PCSC2912TT) (45.4%) 家福 (40%) 貿易南聯國際貿易 (100%) 投資統一國際開發 ( PIDC) (62.5%) 金融統一證券 (31.8%) 統一集團之零售通路工具, 主要投資如 : 星巴克 康是美 統一多拿滋等 家樂福為台灣最大之量販連鎖 進口及代理經銷商民生消費商品, 包括 Anheuser-Busch 啤酒, Maxwell House 咖啡 and Chupa Chups 棒棒糖 統一集團之轉投資工具, 主要投資如 : LTPS TFT LCD 購物商場 生物科技 36
2. 營運模式及策略 37
核心競爭優勢 建立於單一產業的多角化營運 : 一個全天候 (all weather) 的食品飲料公司單一品類的多品牌操作能力 同時具備製造及零售的管理能力 38
製造 + 研發 營運模式 (I) 統一企業的大亞洲發展戰略 : 一個核心 軸 品牌價值 一個核心 + 四個主 貿易流通 零售通路 策略併購 + 策略聯盟 39
營運模式 (II) 主要營運風險來源 : 1. 原物料價格波動 2. 經濟成長之週期性變動 3. 消費習性與偏好變動 因應對策 1. 建立自主性高的訂價能力 優化供應鏈運作效率 2. 國際化佈局, 規避單一市場風險 3. 以良好的產品與品牌組合管理能力掌握消費趨勢 409
3. 統一企業財務摘要 41
台灣食品本業營收組成 NT$mn 50,000 40,000 30,000 20,000 10,000-40,252 2005 7% 9% 11% 31% 42% YOY=7.4% YOY=7.4% 46,026 42,845 6% 7% 9% 9% 10% 10% 32% 42% 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 35% 40% 2006 2007 50,000 40,000 30,000 20,000 10,000 - YOY=15.12% 22,065 7% 9% 9% 35% 40% 25,402 2007 1H 2008 1H 食糧群 大宗食材 食用油 麵粉 飼料 綜食群 6% 8% 9% 41% 35% 冷凍食品 肉品 冰品 調味品等 42
統一企業營運表現 25% 20% 15% 18.22% 22.65% 23.27% 22.09% 20.06% 25% 20% 15% 22.34% 20.08% 10% 5% 0% 6.26% 8.00% 4.91% 3.19% 3.71% 3.60% -0.28% 2004 2005 2006 2007 10% 5% 0% 3.34% 1H2007 9.88% 1H2008 4.98% 4.18% Gross Margin OP Margin ROE 43
統一企業財務摘要 NT$ 佰萬 Y 2006 金 額 % Y 2007 金 額 % 1H 2007 金額 % 1H 2008 金額 % 營 收 42,845 100.0 46,026 100.0 22,065 100.0 25,402 100.0 營業毛利 9,971 23.3 10,165 22.1 4,929 22.3 5,102 20.1 營業淨利 1,588 3.7 1,659 3.6 736 3.3 1,061 4.2 本期淨利 3,607 8.4 11,017 23.9 4,976 22.6 2,983 11.7 稅後 EPS 1.08 3.10 1.4 0.84 ROA 5.14% 13.03% 6.12% 3.36% ROE 8.00% 20.06% 9.88% 4.98% 44
統一企業台灣市佔率 品 項 乳製品 : 優酪乳鮮乳 2008 年 7 月市佔率 44.2% 26.7% 非碳酸飲料 : 茶飲果汁 43.5% 13.9% 資料來源 : TNS 速麵 食 48.3% 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 45
台灣重要食品轉投資 Kuang Chuan 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 於 2007 年取得 32% 股權 台灣第二大速食麵公司, 市佔率約 20% TTET Union 持股 38% 台灣最大之黃豆製油公司 46
4. 統一集團流通事業版圖 47
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$2.66bn*, 2007 現金股利殖利率 3~4% US$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 51.7% Total 5,024 5,470 5,955 6,074 PCSC 2,483 2,874 3,067 3,140 資料來源 : 經濟部統計數據 * 市值及現金殖利率以 Oct 1, 2008 收盤價 NT$93 元計算, 匯率 US$1=NT$32.029 48
台灣卓越的流通事業 (II) 統一超商 持續擴張之台灣便利商店市場領導地位 在 2008 年 5 月 29 日, 取得上海地區 7-ELEVEN 授權 10,000 全台灣便利商店總數 8,000 6,000 4,000 2,000 0 50.7% 52.01% 52.55% 2005 2006 2007 July 2008 Niko Mart Chain 360 300 Exited Exited OK Chain 873 840 818 828 Hi-Life Chain 1,160 1,261 1,296 1,215 Family Mart Chain 1,851 2,012 2,228 2,291 7-ELEVEN Chain 4,037 4,385 4,705 4,800 49
台灣卓越的流通事業 (III) 統一星巴客咖啡 與美國 Starbucks 合資 50%, 統一企業持股 20%, 統一超商持有 30% 獲授權經營台灣及中國大陸 : 上海 江蘇及浙江地區 120 100 80 60 40 US$mn 営收台灣 / 中國大陸 97 62 250 200 150 100 總店數台灣 / 中國大陸 217 146 20 50 0 2004 2005 2006 2007 0 2005 2006 2007 2008 June 50
台灣卓越的流通事業 超 7-Eleven (PCSC) 統一企業持有 : 45.4% 店數 : 4,794 藥 Cosmed Taiwan 統一集團持有 : 100% 店數 : 273 生 商 妝 活 廳 餐 Starbucks Taiwan 統一集團持有 : 50% (JV) 店數 : 217 Mister Donut 統一集團持有 : 50% (JV) 店數 : 42 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 : 12 PLAZA 統一集團持有 : 100% 店數 : 11 Hankyu 百貨公司 統一集團持有 : 90% Wisdom Distribution 統一集團持有 : 100% 店數 : 3 統一集團持有 : 100% 店數 : 1 統一集團持有 : 100% 51 店數資料截自 2008 年 6 月 30 日
海外卓越的流通事業 大陸市場 藥 Shenzhen Cosmed 妝 餐 Shanghai Starbucks 統一集團持有 : 50% 店數 : 146 廳 量販店 Shandong Uni-mart Supermarket 統一集團持有 : 55% 店數 : 82 統一集團持有 : 65% 店數 : 15 Cold Stone Creamery 統一集團持有 : 100% 店數 : 24 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 : 329 統一集團持有 : 20% 店數 : 16 統一集團持有 : 51% 店數 : 1 店數資料截自 2008 年 6 月 30 日 52
5. 亞洲地區食品飲料本業營運 中國大陸 東南亞 53
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$1.02bn* 為中國大陸的知名品牌, 並有領先的市場地位 : 產品果汁 多 系列 即飲茶 冰 系列 统一绿茶 速食麵 来一桶 排名 No.2 No.2 No.3 市佔率 22.2% 24.3% 10.0% Source: AC Nielsen 1~3, 2008 獲選為 2008 北京奧運的速食麵獨家贊助商 * 市值以 Sep 30, 2008 收盤價 $2.2HKD 計算, 匯率 US$1=HK $7.7677 54
UPCH 佈局 13 座廠, 共 53 條飲料生產線 50 條速食麵生產線 * Harbin Xinjiang Shenyang Beijing Headquarter Chengdu Zhengzhou Wuhan Hefei Shanghai Kunshan Beverages Instant Noodles Nanchang Fuzhou Guangzhou * According to the data on August 20, 2008 55
UPCH 營收分析 RMB$mn 10,000 2005 2007 CAGR= 15.1% 8,000 6,000 4,000 28.2% YOY growth =13.1 % 35.2% 2,000 0 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 56
毛利率 : 40% 35% 30% 25% 20% 15% 10% 5% 0% UPCH 營運分析 34.3% 33.0% 33.7% 33.4% 29.5% 6.9% 7.6% 6.3% 4.7% 3.4% 2005 2006 2007 1H2007 1H2008 Gross Margin OP Margin 淨利 : RMB$mn 450 2006 ~ 2007 YOY = 190 % 424 300 254 260 212 Net Income Net Margin 150 3.9% 146 4.9% 5.8% 4.2% 0 1.9% 2005 2006 2007 1H2007 1H2008 57
大陸策略聯盟 / 投資 聯合當地領先企業及國際飲料公司 : 建立銷售通路 獲取產能 確保主要原料取得 今麥郎 安德利 50% 與華龍日清合資發展飲料 持股 4.37%, 中國最大的蘋果濃縮原汁供應商 完達山 北京麒麟 持股 9%, 大陸領先的奶粉品牌公司持股 50%, 日本卓越的飲料公司 58
大陸其他食品事業 食糧 有多個合資公司在黃豆製油 人工奶油 調味品 飼料生產等方面 RMB$mn 5,000 食糧營收 * 4,000 3,000 2,000 1,000 0 2005 2006 2007 1H2008 * 內部自結報表 59
泰國統一 ( 持有 100% ) 飲料 速食麵, 飲料 東南亞食品事業 越南統一 ( 持有 100% ) 水產飼料, 速食麵 印尼統一 ( 持有 49% ) 菲律賓統一 ( 持有 100% ) 速食麵 NT$mn 12,000 10,000 8,000 6,000 4,000 2,000 - 越南 YOY = 59 % 2006 2007 * 內部自結報表 東南亞食品營收 * 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1H2007 越南 YOY = 47 % 1H2008 菲律賓統一泰國統一印尼統一越南統一 60
處分非核心事業 * 已 處 分 : 2003 萬通銀行 2005 統一安聯產險 2006 神隆製藥 2006 翔鷺石化 2007 Q1 愛可瑞 * 2007 Q2 統一安聯人壽 2007 統懋半導體 2008 統懋半導體 * 以統一企業實際控制股權計算 獲利認列 (NT$mn) 176 71 64 487 2,000 200 391 396 3,785 61
6. 投資人問與答 62