Green River Holding Co., Ltd. · TPEX:8444
Green River — Q1 2018 Earnings Presentation
44 slides from Green River's earnings presentation, Jun 13, 2018
Slide 1: Results Presentation 2018Q1
oR IA] AN tA DR ZS GREEN RIVER HOLDING CO. LTD. AREZ(KSE: 8444.1T Results +e, Presentation = 2018Q1
Slide 2: A. om
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Slide 3: I OI” ng >
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Slide 4: 8444 company profile
8444 kin-KY peace | 2011 impee se | 2015 wae | mse agers | wt Bi Bep | eH Bl AM | 885.4 (2017.12) BAS | NTD 7.484885 iy 201642: NTD28.31f83t = 2017: NTD 34.60f83¢ : Bah BAR = Ra =E ca raya] (Particle Board) (Solid wood) (Melamine Faced Chipboard) a. ~
Slide 5: Group structure
GRH GPT GP GRW HM GRP TDICs TNR 4
Slide 6: Particle Board
1.2 £24m #8 S tu (Particle Board ) WMARARRA. ARBR. HOBRR. RA wi, wih. BA. BERRIES ANEMS. > screen > Sustainability Fashionable
Slide 7: Solid Wood
1.2 £24m 27K ttt (Solid Wood) ARRAS, Mi, MAK R HEE.
Slide 8: Lae
Lae PaO” ony anne SS) Se SS eee BOE SNe Bree Sy Atay Seema TO De SS ee
Slide 9: Forest resources and population
21 2AM ER ER @ #28:258M3 @ £5:3,9215M3 @AH:6.0448A @XF:7.43f8 A @ Ate FH B:0.004M3 @ A416 FA :0.05M3 @ EEL H):66% @ 2 3:1,51553M2 @AG:39.18f8 A CHEBEKE @ A116 FA &:0.005M? @ #2:3,352M32 @AF:44.3648 A © At FB: 0.008M3 Source:1. FAOSTAT Forestry; @ (ELL GE):14% (SLEKIN 4H 26.2518) 2.4 ElWorld Populati
Slide 10: 2H RIRERKAME
2H RIRERKAME @ SRLIBAKRR SEMANA RH AD MSE CIS MAH AE BIS RMA IRA, Pei TRA. (a1) © ZARBHRARAMEAERAL, ARR ERA EA IR i AZO5%A 5. 40% = we ge =P ssnmua a> “x 30% RAAB 60% Bit Sek = epg SD 150% at 1) BN ASE
Slide 11: Sustainable forest management
2A Wy Ei ARN ak AER ORNAMAERR THORS > (87) 4A th SE (Sustainable forest management) RESHWANHE, RHWSHRRAEKSmIEK Ks, HAMMAR. > RWEKBBARAN1IODEAH, SHRAM A925%, 199056 ike E12 1110.08%( #1). > KHBSRELSMA MAKER, RATEHAKEE Kk, ZVUESKBARR. BK Bs. ae 1) tS 201 SEERA Rar ae 10
Slide 12: Fwy (Ei AR AK AE FR
228 Fwy (Ei AR AK AE FR OMAR Ae RAO > Bai GO Ae Be Yea TE A ih AR A ie AVI, REL T FAURESBIKI Siete, PR A. FBR. RB. MR BBSoNSH, CLARA AKAAM, > DEA, FRB 7E21.63%, (RR EIRI1MAT ET 7k (GE). LAREN Se, PHA 1II9F RT” KAMAE Lig” A, HAEMKPRMHS RY AVESAMARE. 2RERKA ER, HPRETSBRSRalpien, " SmMPikz AMER, HMR M
Slide 13: Forest trends over 40 years
Millions 10 5 1,945% ull 1961 1966 1971 1976 1981 1986 1991 1996 2001 > Source: FAOSTAT Forestry; #xin] 2 5) 2 2 40 Years 2006 2011 2016 12
Slide 14: 12 years
28 FR 4 rR Bs Ke att oe ie = f= =I ane 7; Oar me} rS oO fe) ca a 2 vm) IS © jae 40,000,000 35,000,000 30,000,000 25,000,000 Source: FAOSTAT Forestry ;Axin] 2 5) 2 2 20,000,000 15,000,000 10,000,000 5,000,000 12 years 13
Slide 15: Reduce Recycle Recover Reuse
Reduce Recycle Recover Reuse 14
Slide 16: Reduce
2.3 SRSA Reduce: BARU RR AMA EME RET AAA, ASEH ASCs SEH, AULTDRBSRAAR, RAMNAS AS EE ow(ct1). PRES, Sahm ma wae cr) —> ig ie (812 RNIB) Skat > Eke Sa > Bri a1 dt $2 4 AH B(The Composite Panel Association, CPA) 15
Slide 17: Recover
2.3 SRSA @Recover: + ENE PAE SOME, TAB SEEBRTELNAE MEER PRIS, BLS FAG CRS Pa ie AST, + SEN SILKE LEA A SK SBIR, 7B SHORE LABSMREERIER. + KEM RSHRDHRMA, PARSER, Flt er BAER, 16
Slide 18: Reuse
2.3 FRA SH (HREAY votes. inspiration new ores services new tower rc Sach Qnd Reuse: © ERMBARAR, Mid ELS ALAS BY Lh Se eM Baha he. KUNGSBACKA 2-p door/corner base cabinet set, anthracite $78.00 Article Number: 903.379.41 Design on the environment's terms. We made this durable kitchen door out of recy
Slide 19: Recycle / Green Seal
2.3 SRSA Recycle: & 4EIEH, AAA ECC Sustainability Standard(#1)Z#Aih, (fA BY75% AY Eee HE; Bi BD 50% TL BY a AE BE 5 AI BE AAT. co ARR SET, SESE ELT HE i 95 00 NA BY 7 Be A ZK At AE AEE te ESE FA. (BE) > UNA REAR RR a ae Se EPS, AREER eB Le RE AK, haem bE MASHES, BEKREMTE, SNAMMDOAIL FHM. (3) < ae z£
Slide 20: Asian particle board market outlook
2.4 亞洲塑合板市場前景看好 million m³ 44M 45 40 12% 35 7% 30 25 2% 20 71% 15 10 5 0 2000 2012 2020f Source: POYRY(forecast 2012~2020) 19
Slide 21: Asian particle board market
2.4 fo 28 Sty 3S Bl ee ERBRB A FE ie aR-2 Stk Aa = BES 50 53M3 20164 HEIPBzES 2016% err Bilal 22 PB n -256 2,572E3M3 (#2) a Q:2016 Ee} IPB BAER aA Ie? = 2S2016F/K, MARRS EBAREBRAIIOO, MAR REAEA 163033M?/S- Source: BY 7X47 48), @27F] 23 i] SEB 20
Slide 22: @ HME TT ERIM
@ HME TT ERIM > PRI2042A 75)" REAL KR" Phimieteik’ : HE A th. 22 HA EAR A imi 5 OR mi LR HE ESR, ee AL Ra en RETA RKB ER, #6) 4) = 8 BY ARIE (Bl EA. > MBIA th esate ia BSR: Be Fill Est 2.5 5 M3/SE A Pt 2 A A A i Ee, BR 1 M3/ TB AMAA Lint ERR. iA BREREORABA, UR HRERIGETRATA h, Aa A 2S FRR (GE1) 31:48
Slide 23: Asian particle board market outlook
2.4 亞洲塑合板市場前景看好 MDF 25% PLY PB 9% 66% Europe Asia 22
Slide 24: 2.4 co N22 S thrall a
2.4 co N22 S thrall a 3 CER ebm eid hss Pv h=| H > DNBARHKSEREK, HMAWEZEARAKEREA. > KBRAKRERNELMA A MT: Del al, Agr able RRA SAEs; Th BARARARARKARRZ, FRSA, MET.
Slide 25: 2.4 co N22 S thrall a
2.4 co N22 S thrall a OTHERKAARE, PHABRKAARAL SRK > 1GEBHAERLRA TE: BHPRABRRAESRAMDPRis, BUERUCRAREL, ASA BAaRRis, ALERCAAKRRA PSS RHE RIM, MAA ASM, PRGA BRRABMAL AREA. > ERULRARREARIE: 1. PBUICAT a T ESE TS Se 1S A AMA AE: Kitizt RA AReM Sas, MESARIESACRAERAA, Aci ep eERARAMR, Wh20200F ERR iy Miz i
Slide 26: 2.4 WA SRhiBA=aaey
2.4 WA SRhiBA=aaey O#ARMBRARNARAR RS caeo i AR BER Gh BR wv wv wv wv th ty wv wv wv be Rate wv 25
Slide 27: oprennl fase Y, Sore
oprennl fase Y, 4 Sore Et ee ee apyf Reese j er
Slide 28: EME
Ir EME HE Be BS Be RAK Ii keas at HE BE Win te 4 {cE 301 1 A, ARO 27
Slide 29: GPT design capacity
GPT 設計產能 Green River 300,000 420,000 Vanachai 950,000 MIECO 600,000 HeveaBoard 460,000 0 400,000 800,000 1,200,000 Source: Panel Products Industry Club(2017/July) 28
Slide 30: Panels & Furniture Asia article link
http://www.panelsfurnitureasia.com/ebook/PFA_JanFeb2018/22/index.html 29
Slide 31: 3, SEES
3, SEES ORE ih--FizRH PABA S IR ABS iil AROREMSRtES HE BBS ih, 4 say BeABRE SMI ASEM, IER. ‘ HERB BIH, SEMPRA RBM, {eS RES AM AIR. REPABANES SRA. 30
Slide 32: Rubber plantation area in Thailand
North East 520,699(ha) Northern 105,462(ha) Central 346,736(ha) Southern GPT GP The Thai Rubber Association(2015) 1,920,407(ha) 31
Slide 33: Design vs actual capacity GP1 GP2 GPT
產量/M3 600,000 設計產能 實際產能 500000 500,000 420,000 400,000 300,000 300,000 200,000 100,000 - GP1 GP2 GPT 32
Slide 34: Export markets map
© (LE 3015 HAL, FBS / Japan seo China South Korea — rc “> East China Nepali. le Stns a Gianll " fn Mose F f ti 4 India eT re \ U Myanmar ei \ C 5 i 2 & < ] a Thailand Ba\Ngf Bengal ) a / © Pony ; y, : / Gulf of adive Sea Philippine Sea Philippines Indonesia
Slide 35: 34.61 28.31 23.25 23.38 20.15 19.48 7.90
34.61 28.31 23.25 23.38 20.15 19.48 7.90 34
Slide 36: 3.2 SRW zm iSbe
3.2 SRW zm iSbe 100% 22% 15% 20% 80% 33% = 60% —= 85% 80% 40% 78% 67% 20% — 0% 2015 2016 2017 2018Q1 35
Slide 37: Sales by region
印度 印度 中東 越南 4.90% 1.32% 中東 1.60% 3.21% 印尼 1.09% 越南 中國 印尼 17.53% 1.10% 7.60% 中國 其他 15.10% 0.61% 18.94% 其他 1.20% 韓國 韓國 22.50% 9.88% 馬來西亞 馬來西亞 47.41% 46.00% 36
Slide 38: 3.2 SERR-EA ERS RE ,
3.2 SERR-EA ERS RE , 40% 30% 20% 10% 0% -10% -20% 2013 2014 2015 2016 2017 1Q-2018 37
Slide 39: F468 7.14 3.93 4.2 0.13 2013 2014 2015 2016 2017. ~—-:10-2018 38
F468 7.14 3.93 4.2 26 0.13 2013 2014 2015 2016 2017. ~—-:10-2018 38
Slide 40: 3.2 SB RWS ae 7]
3.2 SB RWS ae 7] air: RAeTT 2015 2016 2017 =a RERNERS 405,065 703,964 3,591,049 3,165,142 iS {i Se BA (CCC) 21 days 18 days 22 days 26 days EBIT 304,671 652,026 825,898 20,616 Fl FARA EL 10.20 10.64 10.85 1.42 39
Slide 41: 3.2 SRE AA BMH
3.2 SRE AA BMH Hii: HAM: % 2015 2016 2017 are a es 49% 51% 66% 65% ARSE 2538 mH 14% 23% 26% 1.31% EPS 4.20 7.14 9.48 0.13 ALARA -T 2.20 3.1 4.2 - AAR F-AL= - 0.1 = E BSF) 38 Hil 3E 52% 45% 44% = 40
Slide 42: 9.48 NTD 0.64 Baht MYR MYR
25.88 11.92 11.86 14.38 6.58 -6.82 8.15 0.0913 0.1194 0.0364 9.48 NTD 0.64 Baht 0.13 CYN -0.3CYN MYR MYR HKD 15.66 14.76 5.15 6.76 34.67 - 11.91 370.1M 446.70M 62.34M 109M 698.33M 571.64M 32.88M 17.12 9.29 14.58 11.35 5.67 -53.8 6.02 *ROE is calculated on an annualised basis 41
Slide 43: Q&A
Q&A
Slide 44: (tax, ELAR Meas MA Heaths ee (0 A) Be RB AR 2S a] AYES
© AHRASHRARS ENA. BEARKARN ALEK ats (tax, ELAR Meas MA Heaths ee (0 A) Be RB AR 2S a] AYES Hl BG, Alltis 7a AR BRA ae te. © AADARERHARERS ABERDARE, mE FERRE MMAZELER. © AGRPAARHRE, REAAAAS AWA KARNA (ELAN REE 43