Pou Chen Corporation · TWSE:9904
Pou Chen — Investor Presentation (March 2016)
14 slides from Pou Chen's investor presentation, March 2016
Slide 1: March 2016
March 2016 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$896 mn (NT$29.47 bn) • Market Cap.: US$3,869 mn (@NT$43.10 as of 2015/12/31) • Turnover: 9M2015 Consolidated Sales US$6,324 mn (NT$198.45 bn) • Prod
Slide 4: Business Overview
Business Overview Business Segment Mix Pou Chen: FY2012 FY2013 FY2014 9M2014 9M2015 (Consolidated) (15M)(1) (NT$mn; %) (NT$mn; %) (NT$mn; %) (NT$mn; %) (NT$mn; %) Footwear 210,951 76.4% 174,264 76.9% 183,292 75.1% 135,204 75.3% 143,070 72.1% Retail 60,705 22.0% 51,249 22.6% 59,891 24.6% 43,858 24.4%
Slide 5: Business Overview
Business Overview PCC’s 2M2016 unaudited consolidated sales ended 2016/02/29 increased Y-o-Y by 8.6% to NT$44.8 bn. PCC’s FY2015 unaudited consolidated sales ended 2015/12/31 increased Y-o-Y by 10.3% to NT$269.2 bn. Turnover – Footwear Business Turnover - Retail Business (NT$mn) (NT$mn) 210,951 174,
Slide 6: Footwear Business – Yue Yuen
Footwear Business – Yue Yuen Product Mix FY2012 FY2014 9M2014 9M2015 FY2013 Yue Yuen: (15M)(1) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) (US$mn; %) Athletic Shoes 4,745 51.6% 3,813 50.3% 3,870 48.3% 2,849 48.0% 2,946 46.9% Casual/Outdoor Shoes 1,562 17.0% 1,357 17.9% 1,429 17.8% 1,087 18.3% 1,027
Slide 7: Financial Highlights – Yue Yuen
Financial Highlights – Yue Yuen Yue Yuen’s 2M2016 unaudited sales ended 2016/02/29 increased Y-o-Y by 1.9% to US$1.3 bn. Yue Yuen’s FY2015 unaudited sales ended 2015/12/31 increased Y-o-Y by 5.3% to US$8.4 bn. Turnover Gross Margin (US$mn) (US$mn) 4,000 24.0% 3,500 22.8% 22.7% 9,193 22.1% 23.0% 3,00
Slide 8: Retail Business – Pou Sheng
Retail Business – Pou Sheng Financial Highlights FY2012 FY2013 FY2014 9M2014 9M2015 (US$mn) (15M)(1) Turnover 2,182 1,777 1,981 1,460 1,743 Gross Profit 644 514 581 428 567 Gross Margin 29.5% 28.9% 29.3% 29.3% 32.5% Operating Profit 3 17 34 25 79 Operating Margin 0.1% 1.0% 1.7% 1.7% 4.5% Net Income(
Slide 9: Financial Highlights – Pou Sheng
Financial Highlights – Pou Sheng Pou Sheng’s 2M2016 unaudited sales ended 2016/02/29 increased Y-o-Y by 7.7% to US$0.4 bn. Pou Sheng’s FY2015 unaudited sales ended 2015/12/31 increased Y-o-Y by 16.3% to US$2.3 bn. Turnover Gross Margin (US$mn) (US$mn) 3,000 34.0% 32.5% 2,500 2,182 32.0% 1,981 2,000
Slide 10: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Excluded the non-recurring loss for FY2014, mainly due to additional provision for contributions to social insurance benefit and housing provident fund for employees in China factories , PCC’s core business maintained a stable growth. FY2012 (NT$mn) FY2013 F
Slide 11: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Though footwear manufacturing business still faced the challenge of rising manufacturing cost, retail business had a profit improvement. Besides, benefited from the increase of non-operating income, PCC’s net income for 9M2015 still increased 35.9% compared
Slide 12: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Turnover Gross Margin (NT$mn) (NT$mn) 80,000 26.0% 70,000 65,231 25.0% 276,108 60,000 55,269 243,976 50,528 24.0% 226,665 198,450 50,000 46,105 179,652 40,403 23.6% 23.0% 40,000 23.2% 22.6% 22.0% 30,000 22.3% 22.5% 20,000 21.0% 2012(15M) 2013 2014 9M2014 9M2
Slide 13: Financial Highlights – PCC (Consolidated)
Financial Highlights – PCC (Consolidated) Operating Income Breakdown Turnover Breakdown by Segments by Segments(1) Footwear Retail Other Footwear Retail Other 1.6% 0.5% 0.3% 0.3% 0.3% 5.4% 2.1% 1.8% 1.7% 1.7% 100% 100% 6.8% 10.7% 11.3% 5.6% 22.0% 22.6% 24.6% 24.4% 19.1% 27.6% 80% 80% 60% 60% 89.0% 9
Slide 14: Dividend Policy
Dividend Policy FY2012 Per Share (1) FY2013(1) FY2014(1) (15M) Dividend - Pou Chen (NT$) 1.50 1.00 1.50 (Cash 1.50) (Cash 1.00) (Cash 1.50) - Yue Yuen (HK$) 1.25 1.10 1.15 Cash Dividend Yield(2) - Pou Chen 4.9% 2.2% 3.9% (@NT$30.50) (@NT$44.55) (@NT$38.45) - Yue Yuen 4.9% 4.2% 4.1% (@HK$25.40) (@HK$