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Far Eastern New Century (TWSE: 1402) Far Eastern New Century (TWSE: 1402) IR publication – April 2019 About FENC Far Eastern New Century (“FENC”) is a publicly traded company (http://www.fenc.com/?lang=en) in Taiwan with a market capitalization of approximately US$6 billion. It’s a constituent of the MSCI ESG Leaders Indexes and FTSE4Good Emerging Index. FENC is also the flagship company of Far Eastern Group and has diversified businesses ranging from production business, to property development and investments. The production business spans the petrochemical, polyester, and textiles businesses. Regarding its production business, FENC aims to expand its green material business by increasing its scale of recycled products. After expanding its capacities in Taiwan and Japan, FENC has become one of the world’s largest post-consumer recycled polyester producers. With high quality and speed to market, FENC’s products have been accepted and adopted by well-known global brands including Coca-Cola, Nike and Adidas. FENC is a global top-three PET producer in terms of capacity and the leading PET producer in Asia. Currently, FENC has production sites in Taiwan, China, and Vietnam. From an Asian producer to a global producer, FENC grew via organic and inorganic growth, including asset acquisitions in the United States in 2018. FENC’s strategy is to strengthen its position as a leading polyester producer by maintaining long-term client partnerships, upgrading its product mix and enhancing research and development capabilities. Currently FENC has total investment properties of 200,000 pings (662,000 square meters) in Taiwan, the majority of which are located in prime areas of northern Taiwan. The Taipei Far Eastern Telecom Park (Tpark) project in Banqiao, New Taipei City is one of FENC’s development priorities. The majority of the Company’s investment portfolio is listed companies on the Taiwan Stock Exchange with proven track records, including Asia Cement Co., Far EasTone Telecommunications Co., Far Eastern International Bank, Oriental Union Chemical Co., Far Eastern Department Stores Limited, and Everest Textile Co. Limited, thus providing the Company consistent dividend and investment income each year. 1 Table of Contents • Company Highlights • Company Overview • Strategic Summary – Production business strategy – Property development plan – Dividend policy – CAPEX • Financials • Recent Achievements & CSR 2 Company Highlights • A constituent of the MSCI ESG Leaders Indexes, FTSE4Good Emerging Index & TWSE CG 100 Index • Consistent Dividends Payout (refer to page 18) • Management Efforts on the Production Business (refer to page 7-13) • With a fully integrated polyester value chain, the combined operating margin of the Production Business turned a loss of NT$ -2.2 bn in 2012 to a profit of NT$ 3.5 bn in 2018. The turnaround in operating margin is attributable to: − Long term client partnerships and a better product mix. − R&D efforts: The Taiwan in-house R&D center is able to leverage the vertically integrated production line, e.g. recycled-PET, and also cooperates with well-known brand clients to customize specialty products. − From an Asian to a global producer: FENC grew via organic growth or acquisitions in order to better service existing clients locally, such as Coca Cola, Nike, Columbia, and avoid antidumping duties imposed across borders. (refer to page 8) − Asia’s largest recycled PET producer: FENC has invested deeply in the recycled PET industry for over 30 years. Capacity expansion starting in Taiwan then Japan to meet strong demand from the brands green missions.(refer to page 12) • Investment Properties (refer to page 14-17) • Investments & Others (refer to page 6) 3 Company Overview • Year of establishment: 1954 • Employees: 32,089 • Asset allocation as of Dec 31, 2018 (Total assets: NT$ 566 billion / Book value per share: NT$ 38.0 /share) Business Segments Production Sites Capacity (As of Dec 31 2017) Investment Petrochemical Taiwan & Shanghai PTA: 1.58 mm tons/yr Production & Others 32% Polymer: 2.07 mm tons/yr (Including PET: 1.36 mm tons/yr Telecom) Taiwan, PSF: 494K tons/yr 41% Shanghai, Polyester Filament: 92K tons/yr Suzhou, Polyester Others Property Wuhan, 27% Japan, Nylon 6,6 filaments: 21K tons/yr Malaysia PET Sheets: 132K tons/yr PET films: 20K tons/yr Production Recycled-PET(R-PET): 225K tons/yr • Revenue breakdown in 2018 Yarn: 513K spindles/yr Taiwan, Knitted Fabrics: 25K tons/yr Textiles Suzhou, Industrial Fabrics: 21K tons/yr Wuxi, Industrial Yarn: 124K tons/yr Vietnam Investment Apparels: 6 mm dozens/yr & Others Various locations in Total size: 200k pings (Including Property Telecom) Production Northern Taiwan (662k sq meters) 38% 59% Telecom Integrated service provider - mobile, # of subs: 7.2 mm (As of Feb 2019) Property (Far EasTone) fixed line, ISP, etc. 3% Investment & Cement, retail, financial services…etc. Others Company Overview 4 Strategic Summary In 2017, 26% of the Production Business revenues is derived Monetization from green products. of Property Business Transformation of Production Total Solution Business (Products + Services) Go Stable Go Strategy Investment Green Global Income Invest in the Sound Financials & Stable Dividend Policy Future Company Overview 5 Value of Major Investments - Listed Companies (NT$ million) Stock code Investees Holdings Book value Market value (2018.12.31) (2019.4.2) 1102 TT Asia Cement 26% 21,972 35,628 1460 TT Everest Textile 26% 1,185 1,454 1710 TT Oriental Union Chemical 31% 6,095 7,092 2606 TT U Ming Marine 0% - - 2845 TT Far Eastern International Bank 16% 6,412 5,965 2903 TT Far Eastern Department Stores 24% 7,320 5,515 4904 TT Far EasTone 38% 29,230 91,446 Total 72,215 147,100 Note: 5,353 million shares of FENC common stock were issued and outstanding as of 31 Dec 2018. Company Overview 6 A Leading Integrated Polyester Producer ASIA TOP 1 WORLDWIDE TOP 2 PET Sheet Recycled-PET WORLDWIDE TOP 3 WORLDWIDE TOP 2 ASIA PACIFIC TOP 1 PET Resin Nonwoven Polyester Staple Fiber Nylon 6,6 Filament Production business strategy 7 Go Global: From An Asian to A Global Producer • FENC’s production sites: Taiwan, China, Vietnam, United States, Japan and Malaysia. • New expansion plans via organic growth or acquisitions: New Capacity Starts Nameplate Capacity Location Unit Commercial Run 2017 2018 2019(E) 2020(E) Petrochemical PTA Taiwan K Tons/year 1,000* United States 360 PET K Tons/year Polyester Vietnam 400 R-PET Japan K Tons/year 50 Fabrics Vietnam K Tons/year 10.8 Textiles Apparel Vietnam MM Dozens/year 4 Note : * One old PTA line was phased out while the new PTA line in commercial operations, thus the net increase in capacity is 1 million tons/year. ** The Corpus Christi (CC) JV project with Alpek & Indorama is excluded in the above table. CC JV project with an annual planned capacity of PET 1.1 MM and PTA 1.3 MM tons has received FTC approval and has completed the acquisition on 28 Dec. 2018 (EST). Each party has the right to off-take one-third of the capacity and to source its feedstock independently. Production business strategy 8 Total Solution (I) : Close Customer Partnerships Production business strategy 9 Total Solution (II) : From Reaction to Creation • What’s changed? Before: One way communication clients decided materials – Marketing to brands directly: 1) Pull-through strategy: to anticipate future trends by creating Many Many innovative filaments Push fabric clients apparel clients 2) “FEX”: FENC’s B2B total solution Brands Filaments brand Award winning innovations provider raised its profile amongst brands. fabric apparel – Scale-up of the downstream capacity: Vietnam expansion project is to fill the gap in limited fabric & Currently: Two way communication partnership with brand clients apparel capacity (Capacity) Fabric clients Apparel clients Pull Fabric Filaments Brands provider Apparel New New fabric apparel capacity capacity Production business strategy 10 What Differentiates FENC from Peers? • Vertical integration: the only producer manufacturing from raw material PTA to providing total solution services to brand clients • Award winning innovations: modifying polymer “gene” (technology built in) by R&D team and thus producing textiles difficult for peers to clone. Smart, functional & sustainable textiles. • Close customer partnerships: chosen as their strategic partners by well-known brands. Outsourced Feedstock Production Business (Smart from the Start : R&D Efforts) Green products please refer to page 12 PET Food • Germanium (鍺觸媒) & Naphtha PX PTA titanium catalyst (鈦觸媒) Resin Packaging PET to replace antimony Polyester catalyst (銻觸媒) PET Polymer Non-food • PET heat shrinkable films Natural Packaging • A-PET (Amorphous) sheets Gas Ethylene MEG Polyester Staple Fiber • Nonwoven Non- −Low melt fibers Apparel −Hygiene Polyester • Industrial use −Airbag / safety belt Filament −Tire cord / conveyor belt Nylon Nylon 6,6 6,6 Flake Filament Apparel TopDry® Note: 1 Polyester = 0.83 PTA + 0.33 MEG 1 PTA = 0.67 PX + 0.03 acetic acid 1 MEG = 0.6 Ethylene + oxygen + water Production business strategy 11 Go Green: Asia’s Largest Recycled PET Producer Post-consumer Bottles Recycled Shredded & bricks Cleaned flakes R-PET chips • R-PET market: Strong demand from the brands green missions • Key milestones for brand supply: Green products certification: Secure feedstock supply & add new capacity – Safe for food packaging use – Cooperation with Brands & NGOs to collect waste plastic bottles, e.g. Adidas’s “For the Oceans” program. – China’s plastic waste import ban began in Jan 2018. R-PET
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