Evolving with Technology. - rotam.com · 2015, which resulted in high inventory in channels. ... Noposion 002215.SZ 2210 352 1975 297 -15.46% Rotam China region 4141.TT 798 127 711

Inspired by Customers. Evolving with Technology.

Rotam Global

Agroscience Limited

2016 Q4 Investor Conference

Stock code： 4141

2017.3.31

財務及營運概況 FINANCIAL &

OPERATING

RESULTS

© 2015 Rotam. All rights reserved. 4 Page

第四季合併損益表 CONSOLIDATED P/L (Q4) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited

合併損益表 Consolidated Profit and loss account

單位：仟元（ '000） USD NTD USD NTD USD NTD

營業收入Turnover 91,322 2,897,661 104,186 3,382,694 -12.3% -14.3%

營業毛利 Gross profit 42,166 1,340,824 46,584 1,507,576 -9.5% -11.1%

46.17% 46.27% 44.71% 44.57%

營業費用 Operating expenses (34,489) (1,094,816) (32,505) (1,057,158) 6.1% 3.6%

37.77% 37.78% 31.20% 31.25%

營業利益 Operating profit 7,677 246,008 14,079 450,418 -45.5% -45.4%

8.41% 8.49% 13.51% 13.32%

營業外收入及支出 Other income/ expenses 1,972 61,711 (331) (21,420)

稅前淨利 Profit before tax 9,649 307,719 13,748 428,998 -29.8% -28.3%

所得稅 Income tax (2,467) (77,964) (1,584) (50,651) 55.7% 53.9%

稅後淨利 Profit after tax 7,182 229,755 12,164 378,347 -41.0% -39.3%

7.86% 7.93% 11.68% 11.18%

基本每股盈餘 Basic EPS 1.51 2.51

稀釋後每股盈餘 Duiluted EPS 1.47 2.51

2016 Q4 2015 Q4 Q4 16 over Q4 15


年度合併損益表 CONSOLIDATED P/L (FY) 龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited

合併損益表 Consolidated Profit and loss account

單位：仟元（ '000） USD NTD USD NTD USD NTD

營業收入Turnover 311,143 10,062,314 346,759 10,973,860 -10.3% -8.3%

營業毛利 Gross profit 132,350 4,280,204 141,162 4,467,334 -6.2% -4.2%

42.54% 42.54% 40.71% 40.71%

營業費用 Operating expenses (115,704) (3,741,846) (113,334) (3,586,679) 2.1% 4.3%

37.19% 37.19% 32.68% 32.68%

營業利益 Operating profit 16,646 538,358 27,828 880,655 -40.2% -38.9%

5.35% 5.35% 8.03% 8.03%

營業外收入及支出 Other income/ expenses 10,240 331,152 (31,250) (988,963)

稅前淨利 Profit before tax 26,886 869,510 (3,422) (108,308)

所得稅 Income tax (9,734) (314,810) (3,139) (99,321) 210.1% 217.0%

稅後淨利 Profit after tax 17,152 554,700 (6,561) (207,629) 轉虧為盈轉虧為盈5.51% 5.51% -1.89% -1.89% turning profit turning profit

基本每股盈餘 Basic EPS 3.65 -1.38

稀釋後每股盈餘 Duiluted EPS 3.61 -1.38

FY 2016 FY 2015 FY 2016 over FY 2015


季度營收 QUARTERLY SALES

Sales (NTD’000)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4


毛利率 GROSS PROFIT MARGIN

USD NTD USD NTD

Unit： '000

營業收入Turnover 311,143 10,062,314 346,759 10,973,860

Sales YoY growth % -10% -8% -2% 3%

營業毛利 Gross profit 132,350 4,280,204 141,162 4,467,334

GP YoY growth % -6% -4% 2% 6%

毛利率 GP% 42.5% 42.5% 40.7% 40.7%

2016 FY 2015 FY


費用比率 EXPENSE RATIO

龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited

費用比率 Expense ratio

單位：仟元（'000）

USD NTD USD NTD USD NTD

銷售費用

Selling Exp. 64,487 2,085,509 64,575 2,043,609 -0.14% 2.05%

佔營收比 20.7% 20.7% 18.6% 18.6%

Selling Exp./Sales

管理費用

General and Admin. Exp. 37,100 1,199,813 36,445 1,153,370 1.80% 4.03%

佔營收比 11.9% 11.9% 10.5% 10.5%

General and Admin. Exp./Sales

研發費用

Research and development Exp. 14,117 456,524 12,314 389,700 14.64% 17.15%

佔營收比 4.5% 4.5% 3.6% 3.6%

Research and development Exp./Sales

總營業費用

Operating expenses 115,704 3,741,846 113,334 3,586,679 2.09% 4.33%

佔營收比 37.2% 37.2% 32.7% 32.7%

Total SG&A/Sales

2016 FY 2015 FY FY2016 over FY2015


負債比率 GEARING RATIO

負債比率Gearing ratio

Unit： '000

USD NTD USD NTD USD NTD

負債總額

Total liabilities 392,320 12,683,664 341,651 11,237,168 15% 13%

資產總額

Total assets 593,949 19,202,355 531,068 17,467,254 12% 10%

銀行借款

Bank borrowing balance 246,055 7,954,966 219,828 7,230,345 12% 10%

負債比率Gearing ratio 66.05% 66.05% 64.33% 64.33%

Dec. 31, 2016 Dec. 31, 2015 Variance


負債比率與競爭者比較

GEARING RATIO COMPARE TO

COMPETITORS

Note：*Adama：2016Q3 result 、*UPL:2016Q2 result


藥證 REGISTRATIONS

647 728

811 888 1,035

1,247

1,473

100

300

500

700

900

1,100

1,300

1,500

1,700

Dec, 31 2010 Dec, 31 2011 Dec, 31 2012 Dec, 31 2013 Dec, 31 2014 Dec, 31 2015 Dec,31 2016

藥證數量 Quantity of registrations

單位：仟元（'000）

藥證相關的無形資產 USD NTD USD NTD

Intangible assets relating to Registration 158,343 5,208,040 177,895 5,751,367

Dec,31 2015 Dec,31 2016


2016 CROP PROTECTION MARKET REVIEW

Key Factors

• Weak glyphosate prices

• High stocks of all major crops

except rice

• Persisting weak crop prices:

potential for rapid change

• Farm incomes on the decline

• El Niño effect. Weak monsoon

climate

Source:PhillipsMcdougall

Static to Decline

Crop Protection Market Change from Previous Year(%) 2014-2016

($m) Nominal CAGR

2014 56,655 +4.5

2015 51,210 -9.6

2016 49,985 -2.4

Year

-6.1%


2014 2015 2016 CAGR

Rotam 353 347 312 -5.99%

Bayer 12,592 11,237 10,970 -6.66%

BASF 7,223 6,457 6,161 -7.64%

Monsanto 15,855 15,001 13,502 -7.72%

Dow 7,290 6,381 6,174 -7.97%

Syngenta 15,134 13,411 12,790 -8.07%

Dupont 11,296 9,798 9,516 -8.22%

FMC 4,484 3,639 3,283 -14.43%

SalesCompany \ Year

2014-2016 COMPETITORS SALES

Source: annual reports

unit: $m unit: $m


2014-2016 ROTAM SALES BY REGION

FY2015 Sales

USD 347M NTD 11.0Bn

FY2016 Sales

USD 311M NTD 10.1Bn

USD YoY-10.3%

TWD YoY-8.3%

FY2014 Sales

USD 353M NTD 10.7Bn

USD YoY-1.8%

TWD YoY+2.9%


2016FY龍燈地區別銷售成長

Growth on Sales by Region

北美 NAFTA + 12%

歐洲 Europe

-27%

中國 China -16%

2016 FY over 2015 FY

拉丁美洲 Latin America

-11%

中東+非洲

Middle East+Afirca 4%

亞太

Asia Pacific 4%


Europe floods : In late May and early June 2016, the central and western

Europe was affected by low-pressure and the unstable weather caused heavy

rain for days; Germany, France, and other countries were all affected by the

heavy rain.

The western and southeastern Germany and the central and northern parts of

France were particularly devastating.

EUROPE

Source:BBC、水利災害應變中心

Figure: flooding in Paris, France Figure: flooding in Germany

High inventory in Europe channels


BRAZIL Control FX risks of EM market ：Rotam has been reducing low

margin products and third parties sales in order to increase regional

margin and financial flexibility.

Low insect pressure：Insect pressure has been low in Brazil since

2015, which resulted in high inventory in channels. Furthermore,

insecticide sales of Rotam has been also affected.

Source:PhillipsMcdougall


Floods in southern areas: From June 15 to July 14, China's

Yangtze River Basin experienced 27 times of heavy rains, monthly

cumulative rainfall was about 400-800 mm, which is higher than

historical records, covering the middle and lower reaches of the

Yangtze River coastal more than 10 provinces, about 4.17 million

hectares of crops area was affected.

2016 CHINA FLOODS

Figure: flooding in southern China

Source：BBC、災害防救科技中心


On July 9, 2016, Super Typhoon "Nepal" landed in Quanzhou,

Fujian Province, heavy rains triggered a rare flash flood and debris

flow. According to official news, it caused to more than 9.9 billion

RMB of losses in Fujian Province, and it was the most serious

economic losses in Fujian Province.

October 18, 2016, strong typhoon "Sarika " hit Hainan, China,

resulted in serious traffic problems.

October 22, 2016, strong typhoon "Haima" hit Guangdong.

TYPHOONS CONSECUTIVELY HIT SOUTHERN CHINA

Source：中時電子報


2016 CHINA CROP PROTECTION COMPANIES

Company Ticker 2015FY 2016FY

Sales

Growth

LCY M $M LCY M $M %($)

Huifeng 002496.SZ 3333 530 5930 893 68.30%

Lier Chemical 002258.SZ 1489 237 1982 298 25.91%

Jiangsu

Changqing 002391.SZ 1820 290 1833 276 -4.73%

Nanjing Red Sun 000525.SZ 4557 725 4558 686 -5.39%

Jiangsu Yangnong 600486.SH 3114 495 2929 441 -11.03%

Noposion 002215.SZ 2210 352 1975 297 -15.46%

Rotam China

region 4141.TT 798 127 711 107 -15.75%

Source：巨潮資訊網、各公司業績快報

Average Sales of Post-generic companies in China decreased 15%

Supplier P

ost-g

ener

ic


Facing the challenge of upstream raw material prices.

Focus on the balance of regional business , and continuously

improve the financial structure.

As the political and economic situation getting stable in Brazil, we

will increase the high-value products sales of applications on

maize, sugarcane.

Develop deeply in China and Europe markets to stabilize market

share.

Launch new mixtures products, optimize formulations, increase

product’s value and maintain product’s gross margin.

2017 CHALLENGE AND OUTLOOK

THANK YOU!

Documents

Evolving with Technology. - rotam.com · 2015, which resulted in high inventory in channels. ... Noposion 002215.SZ 2210 352 1975 297 -15.46% Rotam China region 4141.TT 798 127 711