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南六企業股份有限公司 Nan Liu Enterprise CO.,LTD
股票代號:6504 Stock Code:6504.TT
Comfortable
Satisfactory
Joyful
Nan Liu
This report and released message contains information about corporate prospects, financial updates and sales forecasts, established on the basis of internal resources and external reference sharing. The actual performance may be different from expressed or implied predictions due to uncontrollable and/or unpredictable risks. •All prospects reflect Nan Liu’s expectations toward the future, and may be subject to change and Nan Liu reserves the right to alter, update and change relevant information from time to time without prior notice.
Disclaimer
Nan Liu
About Nan Liu
Establishment: Dec, 1, 1978
Chairman: MR. HUANG,CING-SHAN
CEO: MR. HUANG,HUO-CUN
Paid in Capital: NT$726 mn
Total Employee: 768 (as of March, 31, 2014)
TW:277 ;China:491
Production sites:Qiaotou (Kaohsiung), YenChao
(Kaohsiung), Pinghu (Zhejiang, China)
Nan Liu
100%
Location
100%
Qiaotou plant
(Headquarters)
Yenchao plant
Pinghu plant
Shanghai
Pudong
SuZhou
NingBo HangZhou
Nanliu
TaiNan, LiuJia
1.Center of Shanghai and Hangzhou
2.100km away from Pudong airport (1.5 hour drive)
3.10 km away from Jiashan South Railway Station
Nan Liu
Carded Tech
Mechanical Bonding
Hot Air Bonding Thermal Bonding
Spunlance Needlepunch
Chemical Bonding
Spunlaid Tech Airlaid Tech Wetlaid Tech
SpunBond
Production Technology
Meltblown Electrostatic Spinning
Spunlace
Nonwoven Fabrics
Traditiona
Woven Fabrics
A disposable designed
for a single use
Superior strength
and durability
Spunlace NonWoven
23.3%
Air Through NW &
Thermal Bond NW
21.4%
Wet Wipes &
Cosmetics 40.9%
disposable surgical gowns
14.4%
Nan Liu
Revenue Breakdown
2014.Q1 Fabric Only not Finished product
Finished product Fabric Only not Finished product
Source: Company Filings
items 2012 2013
Spunlace NonWoven 37% 26%
Air Through NW & Thermal Bond NW 17% 19%
Wet Wipes & Cosmetics 43% 42%
disposable surgical gowns 3% 13% 211
533
266
358 358
688
805
912
1081
1359 1320 Unit:ton
Nan Liu
Industry View 2012 Nonwovens Sales
company sales country Last
Year company sales country
Last
Year
1 Freudenberg $1.50 billion DEU(Germ
any) 1 22 Buckeye Technologies $228 million U.S. 17
2 Dupont $1.35 billion U.S. 2 23 Japan Vilene $209 million JPN 13
3 Ahlstrom $1.30 billion FIN 5 24 Asahi Kasei $201 million JPN 16
4 Kimberly-Clark $1.25 billion U.S. 3 25 Union Industries $189 million ITA 24
5 Polymer Group, Inc. (PGI) $1.15 billion U.S. 4 26 Mitsui Chemicals $183 million JPN 20
6 Fitesa $712 million U.S. 7 27 Jacob Holm Industries $171 million CHE 23
7 Glatfelter $683 million U.S. 8 28 Fibertex Nonwovens $161 million DEN 35
8 Johns Manville $670 million U.S. 6 29 Gulsan $160 million TUR
9 Suominen $602 million FIN 33 30 Georgia-Pacific $155 million U.S. 27
10 Fiberweb $460 million U.K 9 31 Tenowo $152 million DEU
11 TWE Group $400 million DEU 32 Andrew Industries $150 million U.K 28
12 Bonar $379 million NLD 33 Hassan Group $147 million TUR 34
13 Sandler $326 million DEU 11 34 Precision Custom Coatings $145 million U.S. 32
14 Avgol Nonwovens $315 million ISR 10 35 Propex Holdings $140 million U.S. 30
15 Hollingsworth & Vose $305 million U.S. 12 35 Dalian Ruigang Nonwovens Group $140 million CHN
16 Companhia Providencia $273 million BRA 14 37 Toyobo $129 million JPN 25
17 CECEP New Materials Group $256 million HK(China) 38 Nan Liu Enterprise $128 million Taiwan 38
18 Toray Advanced Materials $251 million JPN 19 39 Spuntech Industries $127 million ISR 39
19 First Quality Nonwovens $250 million U.S. 15 40 Jofo Nonwovens $125 million CHN 37
20 Pegas Nonwovens $248 million U.S. 22 41 Lydall $118 million U.S. 31
21 Fibertex Personal Care $235 million DEN 18
Source: http://www.nonwovens-industry.com/issues/2013-09/ ;Nonwoven Industry magazine, 2013
Nan Liu
Competitive Advantage
Plup/Spunlace nonwoven fabrics
account for 20% of overall medical
use nonwoven. DuPont is the major
supplier with 75-78% of market
share, followed by Nanliu’s 20%.
SMMS Nonwoven still accounts for
80% of medical use nonwoven
market given lower price
Source:CNITA 2012
outsourcing Finishing Processing
Longer lead-time and more costly
Garment OEMs
Nanliu’s one-stop production:
From manufacture of spunlace NW
to finishing processing
Pros:Shorter lead-time
Nan Liu
Core Competance (on Spunlace Fabric)
Before fine tune
Nanliu's experienced senior engineers and RDs with over
20+ years in operations enjoying a very good reputation
on quality and quick delivery around the world.
After Nanliu’s fine tune
What is
Nanliu’s
advantage if
competitors
in China
purchase the
same
equipments?
High Quality production:
100-10,000 class Clean room
One-stop production:
From NW to end product (mask, wet wipe)
(we say “one dragon style”)
EDI pure water lab (for wet wipe)
Spunlace NW:
Application includes surgical gown and repetitive use wipes
The widest Spunlace production line of 6.2M of the world
Automated production machines
(for face mask and baby wipes)
Nan Liu
Core Competance (on Spunlace Fabric、Wet wipes)
Nan Liu
Industry Overview
Source:ANFA 2011
Nan Liu
Industry Overview
Rural couples in
Shanghai and
Guangzhou have
been entitled to have
a second child
Potential National
Deployment Debate Over One-Child Policy
Source:Frost & Sullivan
China's urban population 0-3 years old, 2006~2015
Unit:people
Nan Liu
Industry Overview
13
According to China regulations, name and
address of the local manufacturer must be
highlighted on the outer packing, which
helps Nanliu to gain increasing traction
from new customers.
Nan Liu
Industry Overview
Diaper sales Diaper Consumer structure
2011 China’s Diaper Consumer Ratio
Baby Diaper
Adult Diaper
Baby Diaper Adult Diaper
Unit:hundred million piece
source:China paper Association、GF securities
Nan Liu
Industry Overview
source:China paper Association、GF securities
source:China paper Association、GF securities
Baby Diaper Market penetration
Adult Diaper Market penetration
China
Japan
North America
2011 TOP 10 Baby Diaper brand name in China 2011 Diaper Market penetration
10.68 11.66
13.07 14.25
15.39 16.95
19.04
23.06
28.67
35.33 37
45.68
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Revenue(unit:NT$ hundred million)
Nan Liu
Source: Company Filings
Financial Highlights (by year)
Including China Revenue
Net profit(unit:NT$ hundred million)
Taiwan Revenue Only
Ramp-up period for China site
1.Material price Soaring 2. Flooding hurt us
Nan Liu
10.68 11.66 13.07
14.25 15.39 16.95
19.04
23.06
28.67
35.33 37
45.68
17.07% 14.33%
19.38% 21.05% 18.71% 18.11% 17.51%
19.80%
13.72% 12.11% 14.35%
19.77%
6.46% 5.15% 7.50% 8.35%
2.79% 6.43% 5.25%
2.04% 0.18%
3.93% 5.30% 8.25%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
0
4
8
12
16
20
24
28
32
36
40
44
48
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
營收(億) 毛利率% 稅後淨利率% Revenue NT$
hundred million
Gross Margin
Net Margin
Source: Company Filings
Financial Highlights (by year)
5.61% 4.03% 3.88% 4.43% 3.80%
4.57%
3.92% 4.41% 4.22% 4.31%
0.90%
0.63% 0.47% 0.51% 0.57%
2009 2010 2011 2012 2013
Operating Expenses as % of Revenues
General and Administrative expenses Selling expenses R & D expenses
8.76% 9.16% 8.68%
Nan Liu
Source: Company Filings
Financial Highlights (Disciplined Cost Structure)
11.08%
8.58%
unit: NT$ Thousand 2009 2010 2011 2012 2013
Net Revenues 2,315,098 2,858,430 3,519,826 3,700,620 4,568,214
General and Administrative expenses 129,793 115,073 136,443 164,112 173,807
Selling expenses 105,864 112,029 155,107 156,033 197,097
R & D expenses 20,830 18,096 16,621 18,934 25,856
Operating Expenses 256,487 245,198 308,171 339,079 396,760
Note : 2012 and 2013 be used IFRS;
Nan Liu
2.33
1.86
2.81 3.09
1.03
2.58 2.38
1.45
0.10
2.32
3.19
5.39
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Earning Per Share (NT$)
1.Material price Soaring 2. Flooding hurt us
Source: Company Filings
Financial Highlights (by year)
※EPS:Earning Per Share after tax. (2013 weighted average of outstanding shares=69,90,000)
Nan Liu
12.04%
8.45%
15.22%
12.28%
17.38%
19.32%
7.06%
15.64%
13.72%
6.12%
0.69%
16.72% 18.26%
23.45%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Return on Equity (ROE)
1.Material price Soaring 2. Flooding hurt us
Ramp-up period for China site
Source: Company Filings
Financial Highlights (by year)
32
63
41
60 63
77
124
113
-
25
50
75
100
125
150
8.35
9.67
8.81
10.15 9.72
11.88
11.06
13.02
3.83%
6.51%
4.65%
5.91% 6.49% 6.48% 6.47%
8.67%
0.00%
5.00%
10.00%
15.00%
0
3
6
9
12
15營收(億) 稅後淨利率%
Nan Liu
Net profit single-season (unit:NT$ million)
52.5
pre-
tax
71.5
扣除 預付所得稅
single-season (unit:NT$ million)
Net Margin % Revenue
Source: Company Filings
Financial Highlights (by quarter)
Nan Liu
Unit: NT$ hundred million
Con.Sales Q1 Q2 Q3 Q4 All year
2013 9.71 11.88 11.05 13.02 45.68
YOY (%) 16.29% 22.85% 25.43% 28.27% 23.44%
Unit: NT$ hundred million
Acc.Sales Jan Feb Mar Q1
2014 3.96 3.8 4.83 12.60
YOY (%) 11.76% 44.81% 36.3% 29.65%
Financial Highlights (by month)
2.17
3.16 3.01 3.17 3.06 3.42
2.78 3.00 3.03 3.15 3.18
3.82 3.54
2.62
3.54 3.81
3.99 4.08
3.57 3.80 3.68
4.00 4.30
4.71
3.96 3.80
4.83
2012.Jan~2014.March Revenue
CN
Y
CN
Y
25
da
ys
25
da
ys
25
da
ys
25
da
ys
CN
Y
25
da
ys
China,
25.14%
Japan,
17.79%
Asia,
16.43%
Other,
1.95%2011
Nan Liu
23
China,
34.19%Japan,
14.25%
Asia,
15.44%
Other,
2.00%2012
total 61.31% total 65.88%
China,
43.29% Japan,
13.75%
Asia,
15.75%
Other,
2.39% 2013
total 75.81%
Source: Company Filings
Financial Highlights (by year)
9.30
6.58 6.08
0.72
14.32 12.65
5.27 5.71
0.74
12.62
20.06
6.28 7.19
1.09
11.05
China Japan Asia Other Taiwan
Revenue by country
2011 2012 2013 Unit:NT$ thousand million
Nan Liu
Financial Highlights (by year)
Selected Balance Sheet Items
NT$ mm 2009 2010 2011 2012 2013
Cash and Cash Equivalents 136 201 260 210 398
Short-Term Borrowings 744 743 780 452 688
Long-Term Debt 656 722 713 1121 467
(Short+Long) term Debt 1400 1465 1493 1573 1155
Net Debt (1264) (1264) (1233) (1363) (757)
Total Equity 784 738 929 1217 1996
Net Debt / Total Equity 161.22% 171.27% 132.72% 112.00% 37.93%
Note : 2012 and 2013 be used IFRS;
Selected Cash Flow Statement Items
NT$ mm 2009 2010 2011 2012 2013
Net profit 47 53 139 272* 482*
Cash from Operations 52 182 279 471 692
Cash from Investing (134) (173) (207) (687) (387)
Cash from Financing 106 81 (20) 168 (137)
Capex 115 150 169 592 474
Depreciation & Amortization 150 145 157 193 216
Note : 2012 and 2013 be used IFRS;* is Net profit before tax Source: Company Filings
Source: Company Filings
Nan Liu
Thank you for your attention.
Have a great day.
The End
Thank you