Green River Holding Co., Ltd. · TPEX:8444
Green River — Investor Presentation (October 2015)
37 slides from Green River's investor presentation, Oct 7, 2015
Slide 1: Green River Holding
Green River Holding Oct 7th 2015 TPEX CODE: 8444
Slide 2: Outline
Outline • Company Data • Product Introduction • Industry Overview • Operating Performance 2
Slide 3: Company Data
Company Data 3
Slide 4: 1.1 Company Data
1.1 Company Data • Establishment…………2011.1.14 • Capital………………… USD 20 million (NTD 666 million ) • Chairman……………… Hsieh, Jung-Hui • President……………… Huang,Teng-Shih • Office Registration…… Cayman Islands • Operating Location…… Thailand • Main Product………..… Particle Board, Solid wood 4
Slide 5: 1.2 Investment Structure
1.2 Investment Structure Plain Board Solid wood Business Green River Holding Co. Ltd Business (GRH) 99.99% 99.99% Green River Panels (Thailand) Co., Ltd. Green River Wood & Lumber (GP) Manufacturing (Thailand) Co., Ltd. (GRW) 48.39% Green River Parawood Co., Ltd. (GRP) 99.99% Thailand Nature Resourc
Slide 6: 1.3 Company Development
1.3 Company Development Date Event Jan 2000 Establishment of GRW (Solid wood) Jul 2004 Preparation for Plain Board Business; Establishment of GP Oct 2006 Inauguration of GP plant construction Sep 2008 Commercial Operation of GP Jan 2011 Establishment of Green River Holding Co., Ltd Aug 2011 GP recei
Slide 7: 1.4 Board of Directors
1.4 Board of Directors Name Title Education Background Main Experiences Green Source Investments Ltd Department of Civil Engineering, Representative: Chairman Owner of Standard Pallet International Hsieh, Jung-Hui National Cheng Kung University Forward Thinking Limited MBA, Ramkhamhaeng University P
Slide 8: 1.5 Management Team
1.5 Management Team Name Position Education Background Main Experiences Huang, Chief MBA, Ramkhamhaeng University Project Manager, Teng- Executive Department of Water Resources Engineering, Evergreen Construction Corp. Shih Officer Feng Chia University Sales Engineer, Pro Leasing and Rental Chief Li
Slide 9: Product Introduction
Product Introduction 9
Slide 10: 2.1 Main Products
2.1 Main Products Particleboard a.k.a Chipboard Applicable to system furniture, kitchen, flooring, pallets in creating green building and environmental-friendly construction material Green Sustainability Technological Cost Effective Fashionable 10
Slide 11: 2.1 Main Products
2.1 Main Products Solid wood With application to various types of furniture, flooring, construction material and other building accessories. 11
Slide 12: 2.3 Rubber Wood Utilization
2.3 Rubber Wood Utilization By applying over 90% of a rubber tree, GRH maximizes rubber wood resource utilization Engineered-Wood Wood- Branches Production Plant based 40% Panels Slabs Wood 30% Fuel Solid wood Logs 30% 60% Sawmill 12
Slide 13: 2.3 Production of Particleboard
2.3 Production of Particleboard Chips Branches & Slabs Chipping Flaking Rubber Tree waste Flakers Conti Forming Press Blending Pre-Press Particleboard Eco-friendly Furniture & Wood-Panel Construction Material 13
Slide 14: 2.3 Production of Solid Wood
2.3 Production of Solid Wood Fresh Rubber Wood Logs Sawing Rubber Tree waste Impregnation Drying Grading Solid wood Furniture, Flooring and other wooden products 14
Slide 15: Industry Overview
Industry Overview 15
Slide 16: 3.1 Rubber Latex
3.1 Rubber Latex • Natural latex is widely used, from daily life to industrial application • Rubber woods are planted as high value cash crops rather than ordinary forestry. Rubber trees are fell and replanted as latex productivity declines and becomes uneconomical, which usually after 25 years. Pla
Slide 17: 3.1 Rubber Wood Resource
3.1 Rubber Wood Resource The world’s largest natural rubber producing country -- Thailand Thailand Indonesia Vietnam India Malaysia China Others UNIT: 10,000 tons Source: International Rubber Study Group (IRSG) World’s 90% of rubber wood plantation is occupied by only 6 countries: Thailand, Indonesi
Slide 18: 3.1 Rubber Wood Resource
3.1 Rubber Wood Resource Southern Thailand – North East the main rubber wood plantation 17.99% region of Thailand Northern 3.65% Region Area (km2) Northern 1,055 North East 5,206 Central 3,468 Central Southern 19,204 11.98% TOTAL 28,933 Thailand’s total plantation = Green 80% of Taiwan’s total area
Slide 19: 3.2 Upstream and Downstream
3.2 Upstream and Downstream Rubber Wood Rubber Wood Wood Wood Plantation Trading Engineering Processing Petrochemical Undeveloped Particle Board Plant (Resin Plant) Developed Future Plan Value-Added Wooden Panel Processing Plants Flooring, furniture (cabinets, shelves, bed frames, desks, tables, par
Slide 20: 3.3 Global Furniture Trade on Constant Rise
3.3 Global Furniture Trade on Constant Rise Global furniture trading doubled in 10 years US$128 billion in 2014, new high in global furniture trading Global Furniture Trade 160 149 141 140 128 122 124 Revenue (US Billion) 117 117 120 109 106 100 93 94 84 77 80 60 40 20 0 2004 2005 2006 2007 2008
Slide 21: 3.3 Characteristics in Comparison
3.3 Characteristics in Comparison Particle Board vs. MDF;Plywood;Wood PB MDF Plywood Wood Eco- Friendliness Waste Application - - Investment Technology Requirement Automaticity Quality Consistency Price Lowest Low High
Slide 22: 3.3 Particleboard Industry Overview
3.3 Particleboard Industry Overview Stable growth in Asia – 10.03% CAGR in 2000~2013 million m³ 35 30 25 20 15 10 5 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Source: FAOSTAT Forestry (2000~2013) Particleboard Demand in Asia million m³ CAGR 2011~2020 40 8.6% 30 CAGR 2000~2011 20 8.7% 10 0 2000
Slide 23: 3.3 Life Surrounded by Wooden Panels
3.3 Life Surrounded by Wooden Panels Kitchen Flooring Playroom Living Room Particle Board Office Bathroom 23 Bedroom Walk-in Closet
Slide 24: 3.3 Invincible Sales Channel
3.3 Invincible Sales Channel Retail Stores Local Chained Stores Independent Stores Designer Studios 24
Slide 25: 3.3 Asian Market's Potential
3.3 Asian Market’s Potential Engineered Wood Panel Distribution (2013) Europe Asia North America PLY 11% PB PLY 19% PLY 30% MDF 39% 18% PB PB MDF 60% MDF 71% 42% 10% 25 Source: FAOSTAT Forestry
Slide 26: Operating Performance
Operating Performance 26
Slide 27: 4.1 Sales Market (2014)
4.1 Sales Market (2014) Particle Board Solid Wood Thailand 0.4% Taiwan 0.1% Thailand 10.5% Indonesia 33.4% Malaysia China 57.5% 89.4% China 3.9% Korea 4.7% 27 Source: 本公司
Slide 28: 4.1 Operating Performance
4.1 Operating Performance 仟元 1,000 NTD 營業收入 Revenue 仟元 NTD 1,000 Net Profit 本期淨利 2,500 2,325 2,338 300,000 261,604 2,015 2,000 250,000 200,000 185,099 1,500 157,118 1,079 150,000 1,000 100,000 500 50,000 37,938 0 - 2012 2013 2014 2015H1 2012 2013 2014 2015H1 % Gross 毛利率 ROE NTD 元 EPS 每股盈餘 現金股利 Cash
Slide 29: 4.1 Financial Report
4.1 Financial Report Statements of Comprehensive Income Expressed in thousands of NTD Statements of Balance Sheet Expressed in thousands of NTD 29
Slide 30: 4.1 Financial Ratios
4.1 Financial Ratios Financial Ratios 30
Slide 31: 4.2 Business Concept
4.2 Business Concept Maximizing utilization of rubber wood by-product Utilization of rubber tree up to over 95% Making good use of natural resource Green Eco-Friendly Wooden Panel R&D Oriented EN and CARB standards Qualified Balancing environmental protection and cost saving River Single species in
Slide 32: 4.3 Company Strength
4.3 Company Strength Abundance • Rich in rubber wood, raw material supply chain assurance Material Supply •Connections well established, network thoroughly built Network Quality • Consistency in quality, winning trust from customers •Latest technology meets management yields high production Producti
Slide 33: 4.3 Company Strength
4.3 Company Strength 2014 throughput of over 300,000 m3 Expecting to double after expansion, reaching 600,000 m3 。 Local Particleboard Plants Sahachai Particleboard S. Kitchai Pang-Nga Parawood Siam Riso Wood SPB Green Panel 2nd Line Rayong Particleboard Green River Panels Panel Plus Metro Vanachai
Slide 34: 4.4 Prospect
4.4 Prospect • Particle board line II, increasing output Short- • Continuous R&D in search for environmental protection and quality assurance Run • Downstream development, creating higher value • Expanding sales market: Northeast Asia and Middle East Long- • Vertical integration, full utilization of
Slide 35: 4.4 Constant Development
4.4 Constant Development 2016~2107 GP2 MFC 2 & 3 2015 Resin 2015 2008 MFC IPO 2001 GP GRW Value added Strengthen Finance Capital-Intensive Labor-Intensive 35
Slide 36: Vision
Vision • Local green resource • European advanced technology and method • Taiwanese outstanding management • Investor’s high reward • Leader of Asia’s particle board 36
Slide 37: Quality wood products from sustainable plantation forests
Quality wood products from sustainable plantation forests 37
Green River Holding — Investor Presentation (October 2015) on 6ix