PowerPoint 簡報 1Q 法說會英文版.pdf · Specialty Carbon Black Overview Source:...
Transcript of PowerPoint 簡報 1Q 法說會英文版.pdf · Specialty Carbon Black Overview Source:...
2018China Synthetic Rubber Corporation
Investors’ ConferenceMay / 2018
Carbon,
source of life,
foundation of civilization
碳乃生命之源,文明之本
Carbon Black
moves civilization
碳黑是文明進步的滾輪
CSRC Group Carbon Black Business Overview
Capacity of Major Carbon Black Makers
Source : Notch Consulting Group, 2016
MT (‘000)
2,133 2,010 1,285 1,145 790 495 472 465 451 445
CABOT BIRLA OEC JBCCB CSRC LongXing PCBL OCG TOKAI SRCE
Agenda
• Industry Overview
• Business Outlook
• Q1/2018 Operating Results
Industry Overview
1/
Carbon Black Industry Overview
Expansion will be the inevitable trend
Source: Future Markets “The Global Market for Carbon Black 2018”
MT (‘000)
4.0%
3.1% 3.1% 3.2% 3.2%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
0
5,000
10,000
15,000
20,000
25,000
2017 2018 2019 2020 2021Demand Growth %
1.1%
3.5%3.0% 3.0% 3.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
0
500
1,000
1,500
2,000
2,500
3,000
2017 2018 2019 2020 2021
North America
Demand Growth %
5.5%
3.0% 3.0% 3.1% 3.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
1,000
2,000
3,000
4,000
5,000
2017 2018 2019 2020 2021
ASIA
Demand Growth %
Specialty Carbon Black Overview
Source: Lucintel-Global Specialty Carbon Black Market Trends Forecast and Opportunity Analysis 2018
Developing high value Specialty CB Products
1692 1832 1975 2133 2292
1037 1094 1148 1208 1265
9%8% 8% 8% 7%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
0
500
1000
1500
2000
2500
3000
3500
2017 2018 2019 2020 2021
SCB Worldwide
Value (USD M) Volume (kt) Value Growth Rate
0
200
400
600
800
1000
1200
1400
1600
2017 2018 2019 2020 2021
Value (USD M)SCB by Application
Plastics Inks Coatings Other
0
200
400
600
800
1000
1200
2017 2018 2019 2020 2021
Value (USD M) SCB by Region
N. America Europe APAC ROW
BusinessOutlook
2/
Beyond Circular Economy
Globalization
The Future is Worth It
Beyond Circular Economy
Globalization
The Future is Worth It
Carbon Black is Circular Economy
• Petrochemical industry• Coking industry / Steel industry
• Recycling Energy from Production • Steam• Power
• Dramatic reducing Sox, NOx, PM
Transfer industrial waste as raw material
Emission Control SystemRecycle Energy
Application:• Tire:
Passenger Car Radial, Truck Tire…
• Mechanical Rubber: Belt, Hose, Auto parts…
• Plastic: Agricultural film, pipe, wire and cable…
• Ink: Package printing…
• Coating: Automotive coating, architectural coating…
• Conductivity: batteries…
Carbon Black is Circular Economy
The source of life Foundation of civilization
Beyond Circular Economy
Globalization
The Future is Worth It
Globalizing
Global R & D Integration
Global Management System
Global Account Service
Global Feedstock Sources
Global Talent Global Brand
Beyond Circular Economy
Globalization
The Future is Worth It
• Effective Internal
Management
• Industry Transparency
• Enhancing expanding
strategies of each
business unit to higher
level
Industry Holding Company
Industry Holding Company
中國合成橡膠股份有限公司
(CSRC)
Synpac(North Carolina),Inc.
中橡炭黑大陸三廠(鞍山、馬鞍山、重慶)
中橡炭黑美國廠CCC USA Corp.
中橡炭黑印度廠CCIL
能元科技
全循環經濟(股)(名稱暫定)
Synpac(North Carolina),Inc.
中橡炭黑大陸三廠(鞍山、馬鞍山、重慶)
中橡炭黑美國廠CCC USA Corp.
中橡炭黑印度廠CCIL
能元科技
Organizational Chart
轉型前
生技事業群
碳煙事業群
鋰電池事業群
林園先進材料科技股份有限公司
國際中橡投資控股
股份有限公司
Commitment to Eco-friendly
High Pollution Control Standard
Advanced Pollution Control System
Taiwan Nox, PM SNCR SCR
China Sox, Nox, PM De-Sox, SNCRSCR
USASox, Nox, PM
(consent decree)De-Sox, SCR
India NCR zone PM issueset new plant and invest
advanced system(De-Sox, SCR)
Commitment to Eco-friendly
Expanding in India833.8
3
901.6
1
922.3
6
665.6
4
879.2
6
939.3
3
1,0
06.0
5
1,0
82.6
1
1,1
69.6
5
1,2
68.8
7
1,3
80.1
3
1,5
06.8
0
1,6
51.6
4
1,8
17.3
7
2,0
03.1
4
CAGR 2017E-2026F
By Value: 8.78%
Figure 1: India Carbon Black Market Size, By Value, 2012 - 2026F (USD Million)
Source: TechSci Research Private Limited
Figure 2: India Carbon Black Market Size, By Volume, 2012 - 2026F (‘000 Metric Ton)
645.7
6
690.1
2
720.2
3
760.7
7
806.4
9
852.2
2
903.6
2
962.5
6
1,0
29.3
5
1,1
05.1
8
1,1
89.6
0
1,2
85.1
5
1,3
93.7
7
1,5
17.2
4
1,6
54.3
1
CAGR 2012-2016
By Volume: 5.71%
• Current CCIL capacity is 85,000 Mt
• Through further capacity expansion to track profit and market
share growth
New Tire Expansion in Gujarat
Current Carbon Black deployment
Source: All India Tire Manufacturer Association
Expanding in India
Expanding in India
Capacity 450,000 Mt
Production
Sector
• Carbon Black (Rubber Carbon Black and
Specialty Carbon Black)
• Steam
• Power
Expected
CapexUSD 200 Million
Expected
Timeline
Three Phases
Phase I will complete in
2021
Battery Power
24
Focusing on Cylindrical cell
• Cylindrical cell Size: Current: 18650/20700Development: 21700
• Applied Field:
ESS, Power Tool, EV, Vacuum Cleaner, Medical….
Q3'17 Q1'18 Q3'18 Q1'19 Q3'19
K cellsE-ONE MOLI Capacity
21700 Characteristics:
• Dimension increase 10%• Energy cost decrease 20%• Capacity increase 30~40%• Cell amount in the pack
decrease 30%
: 18 20 or 21mm
L:
65
70m
m
25
• Establishing R&D Center
• Investing in Talent and Technology Development
• Investing in pharmaceutical
• Integrating global resources and technologies
• High-performance CB
• Specialty CB• New generation
CB for EV tire
R & D Investment
ResourceConsolidation
Niche Product Development
Investing in Future
Q1/2018 Operating Results
3/
3,876 4,701
1,099 1,317
24% 23% 23% 24%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY2016
FY2017
Q1/2017
Q1/2018
EBITDA EBITDA / Sales
4,570 5,570
1,299 1,511
29% 28% 26% 28%
FY2016
FY2017
Q1/2017
Q1/2018
Gross Margin Gross Margin %
Q1/2018 ResultsSale Revenue Gross Margin & %
EBITDA Net Income& EPS
15,889
20,114
4,857 5,435
FY2016
FY2017
Q1/2017
Q1/2018
NTD million
NTD million
1,414
2,300
495 822
2.39
3.69
0.78 1.29
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY2016
FY2017
Q1/2017
Q1/2018
Net Income Basic EPS (NT$)NTD million
NTD million
Operating Income by Business Units
28
NTD Million
Y2016 Y2017
Q1/2018
Carbon Black
Biotech
Energy
Others
3233
-20919-108
3134
-2118
510
915
15-5
181
Carbon Black Sales & GM%
29
NTD millionGM %
2,493
2,639 2,807 2,667
3,444 3,514 3,405
3,719 3,849
7.1%3.5%
10.6%15.4%
11.5%15.8%
10.4%9.2% 12.2%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
0
1,000
2,000
3,000
4,000
5,000
6,000
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Financial Structure
30
29.4%27.6% 28.4%
26.9%
32.1%
29.6%
16.9%
-0.3%-6.1% -6.0%
-0.5% -4.8%
-10%
0%
10%
20%
30%
40%
2013 2014 2015 2016 2017 2018Q1
Debt/ Asset (consolidated) Net Debt/ Equity (consolidated)
Leverage Ratios (%)1.9 2.0 2.0
2.3 2.2 2.2
1
2
3
2013 2014 2015 2016 2017 2018Q1
Current Ratio
32.8
36.2
29.0
31.4 31.8
34.7
20
30
40
2013 2014 2015 2016 2017 2018Q1
Book Value / share
39 37 38 37
44 42
30
35
40
45
50
2013 2014 2015 2016 2017 2018Q1
Debt Ratio ( L/A)
END OF PRESENTATION
THANK YOU
Disclaimer
32
The forward-looking statements contained in this presentation are subject to risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements.
China Synthetic Rubber Corporation makes no representation or warranty as to the accuracy or completeness of these forward-looking statements and nor does China Synthetic Rubber Corporation undertake any obligation to update any forward-looking statements, whether as a result of new information or future events.