Pou Chen Corporation · TWSE:9904
Pou Chen — Investor Presentation (November 2014)
13 slides from Pou Chen's investor presentation, November 2014
Slide 1: November 2014
November 2014 http: //www.pouchen.com E-mail: ir@pouchen.com
Slide 2: Table of Contents
Table of Contents Page 1. PCG’s Profile 2 2. Business Overview 3 3. Footwear Business – Yue Yuen 5 4. Retail Business – Pou Sheng 7 5. Financial Highlights 9 1
Slide 3: PCG's Profile
PCG’s Profile Pou Chen Group -- The largest footwear manufacture Group in the world • Founded in 1969; listed on the TWSE in 1990 • Paid in Capital: US$986 mn (NT$29.44 bn) • Market Cap.: US$3,270 mn (@NT$33.80 as of 2014/09/30) • Turnover: 9M2014 Consolidated Sales US$5,963 mn (NT$179.65 bn) • Prod
Slide 4: Business Overview – Business Segment Mix
Business Overview Business Segment Mix Pou Chen: FY2012 FY2011 FY2013(1) 9M2013 9M2014 (Consolidated) (15M)(1) (NT$mn; %) (NT$mn; %) (NT$mn; %) (NT$mn; %) (NT$mn; %) Footwear 163,009 78.2% 210,951 76.4% 174,264 76.9% 127,767 76.7% 135,204 75.3% Retail 42,353 20.3% 60,705 22.0% 51,249 22.6% 37,866 22
Slide 5: Business Overview – Turnover by Segment
Business Overview Turnover – Footwear Business Turnover - Retail Business (NT$mn) (NT$mn) 60,705 210,951 51,249 174,264 42,353 43,858 163,009 37,866 127,767 135,204 2011 2012(15M) 2013 9M2013 9M2014 2011 2012(15M) 2013 9M2013 9M2014 Turnover – Others Turnover - Total (NT$mn) (NT$mn) 276,108 4,452 22
Slide 6: Footwear Business – Yue Yuen
Footwear Business – Yue Yuen Product Mix FY2012 FY2011 FY2013 9M2013 9M2014 Yue Yuen: (15M)(1) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) Athletic Shoes 3,680 52.2% 4,745 51.6% 3,813 50.3% 2,809 50.5% 2,849 48.0% Casual/Outdoor Shoes 1,240 17.6% 1,562 17.0% 1,357 17.9% 982 17.7% 1,087 18
Slide 7: Financial Highlights – Yue Yuen
Financial Highlights – Yue Yuen Yue Yuen’s 10M2014 unaudited sales ended 2014/10/31 increased Y-o-Y by 6.0% to US$6.6 bn. Turnover Gross Margin (US$mn) (US$mn) 24.0% 3,500 22.8% 9,193 22.1% 23.0% 3,000 21.7% 22.0% 7,582 2,500 2,099 21.3% 22.0% 7,045 5,936 2,000 1,556 1,647 21.0% 5,560 1,500 1,182 1,
Slide 8: Retail Business – Pou Sheng
Retail Business – Pou Sheng Product Mix FY2012 Pou Sheng: FY2011 FY2013 9M2013 9M2014 (15M)(1) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) Retail 1,381 86.8% 1,979 90.7% 1,703 95.8% 1,251 95.5% 1,447 99.1% Brand Licensee 60 3.8% 74 3.4% 24 1.3% 22 1.7% 9 0.6% Manufacturing 149 9.4% 129 5.
Slide 9: Financial Highlights – Pou Sheng
Financial Highlights – Pou Sheng Pou Sheng’s 10M2014 unaudited sales ended 2014/10/31 increased Y-o-Y by 11.0% to US$1.6 bn. Turnover Gross Margin (US$mn) (US$mn) 1,200 30.3% 31.0% 2,182 29.5% 1,000 29.3% 30.0% 1,777 28.9% 1,590 800 644 28.4% 29.0% 1,460 1,310 600 482 514 28.0% 372 428 400 27.0% 200
Slide 10: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) The performance of PCC’s core businesses contracted in FY2013 due to rising input costs as well as the relocation and allocation of production capacity affected short-run operating efficiency. However, benefit from the investments’ contribution, PCC’s net in
Slide 11: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Excluded the non-recurring loss for 9M2014, mainly due to additional provision for contributions to social insurance benefit and housing provident fund for employees in China factories , PCC’s core business maintained a stable growth. (NT$mn) 9M2013 9M2014 G
Slide 12: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Turnover Gross Margin (NT$mn) (NT$mn) 80,000 32.0% 70,000 65,231 30.0% 60,000 50,528 48,841 28.0% 276,108 50,000 40,403 36,437 26.0% 208,439 226,665 40,000 166,572 179,652 30,000 24.0% 20,000 23.4% 23.6% 22.0% 22.3% 21.9% 22.5% 20.0% 10,000 0 18.0% 2011 2012
Slide 13: Dividend Policy
Dividend Policy FY2011(1) FY2012 Per Share (1) FY2013(1) (15M) Dividend - Pou Chen (NT$) 1.30 1.50 1.00 (Cash 1.30) (Cash 1.50) (Cash 1.00) - YY (HK$) 0.90 1.25 1.10 Cash Dividend Yield(2) - Pou Chen 5.2% 4.9% 2.2% (@NT$24.85) (@NT$30.50) (@NT$44.55) - YY 3.7% 4.9% 4.2% (@HK$24.55) (@HK$25.40) (@HK$