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Far Eastern New Century (TWSE: 1402) Far Eastern New Century (TWSE: 1402) IR publication – May 2020 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$5 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, Japan and the United States, 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. The Company remains agile and flexible in business operations, maintaining its ability to expand and thrive in the global landscape. The production sites of FENC, located in Taiwan, the United States, Vietnam, China, Japan and Southeast Asia, have been vertically integrated into a streamlined system from production to sale. 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 19) • Management Efforts on the Production Business (refer to page 7-13) • Increasing demand for the nonwoven staple fiber due to the COVID-19 pandemic: FENC is currently the largest global PE/PP and PE/PET medical material supplier, and the only local supplier of inner layer materials to Taiwan medical facemask manufacturers. (http://news.fenc.com/news_detail.aspx?lang=en&id=5144) • 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$ 3.2 bn in 2019. 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 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 (R-PET) producer: R-PET capacity expansion in Taiwan, Japan and U.S. to meet strong demand from the brands green missions.(refer to page 10) Operating Margin of Production Business Green Products Revenues & Percentage (NT$ Billion) 2.3% 1.7% -0.1% 0.5% 0.7% 27% 30% 32% 28% -1.3% -1.0% -0.9% 126 (NT$ Billion) 108 0.6 0.8 3.5 3.2 93 96 -2.2 -1.6 -1.4 -0.08 26 29 34 35 2012 2013 2014 2015 2016 2017 2018 2019 2016 2017 2018 2019 Operating margin Operating margin (%) Green Product Revenues Revenues of Polyester & Textiles BU % • Investment Properties (refer to page 14-18) • Investments & Others (refer to page 6) 3 Company Overview • Year of establishment: 1954 • Employees: 33,636 • Asset allocation as of Mar 31, 2020 (Total assets: NT$ 620 billion / Book value per share: NT$ 38.1 /share) Business Segments Production Sites Capacity (As of Dec 31 2018) Petrochemical Taiwan & China PTA: 1.99 mm tons/yr Investment Production Polymer: 1.96 mm tons/yr & Others 31% PET: 1.49 mm tons/yr (Including Taiwan, PSF: 451K tons/yr Telecom) China, Polyester Filament: 97K tons/yr 43% Vietnam, Polyester United States, Others Property Japan, Nylon 6,6 filaments: 21K tons/yr 26% Malaysia PET Sheets: 145K tons/yr PET films: 20K tons/yr Production Recycled-PET(R-PET): 247K tons/yr • Revenue breakdown: Yarn: 391K spindles/yr (NT$ bn) Taiwan, Knitted Fabrics: 31K tons/yr Textiles 216 218 229 250 China, Industrial Fabrics: 22K tons/yr Vietnam Industrial Yarn: 144K tons/yr Apparels: 7 mm dozens/yr Various locations in Total size: 200k pings Property 52 Northern Taiwan (662k sq meters) Integrated service Telecom provider - mobile, # of subs: 7.07 mm (As of Apr 2020) (Far EasTone) fixed line, ISP, etc. Investment & Cement, retail, financial services…etc. Others Company Overview 4 Strategic Summary Monetization of Property Business Transformation of Production Go Business Integrated Go Stable Go Strategy Investment Green Global Income Empowering Sound Financials & Stable Dividend Policy Possibilities Company Overview 5 Value of Major Investments - Listed Companies (NT$ million) Stock code Investees Holdings Book value Market value (2020.3.31) (2020.5.14) 1102 TT Asia Cement 27% 24,417 39,487 1460 TT Everest Textile 26% 1,033 1,051 1710 TT Oriental Union Chemical 31% 5,420 4,542 2606 TT U Ming Marine 0% - - 2845 TT Far Eastern International Bank 16% 6,998 5,876 2903 TT Far Eastern Department Stores 28% 8,743 8,798 4904 TT Far EasTone 38% 28,698 82,214 Total 75,309 141,968 Note: 5,353 million shares of FENC common stock were issued and outstanding as of 31 Mar 2020. Company Overview 6 A Leading Integrated Polyester Producer WORLDWIDE ASIA WORLDWIDE WORLDWIDE ASIA PACIFIC TOP 3 TOP 1 TOP 2 TOP 2 TOP 1 PET Resin PET Sheet Nonwoven Polyester Recycled PET Nylon 6,6 Filament Staple Fiber Production business strategy 7 Go Global: From An Asian to A Global Producer • Globalization of the de-globalization era: production site diversification and flexible sales & distribution to mitigate the effects of trade barriers. Exports 5 4 2 4 1 3 6 • FENC’s production sites are in Taiwan, China, Vietnam, United States, Japan and Malaysia. 1 Taiwan 2 China 3 Vietnam 4 U.S. 5 Japan PTA / PET PTA / PET PET Via M&A(Note) R-PET PSF HTY PSF HTY PSF (Trial run) PET (2018) 6 Filament / Fabric Filament / Fabric Fabric CCP JV (2018) Malaysia R-PET Apparel Apparel R-PET (2019) PET (Note) :The CCP JV project with Alpek & Indorama, annual planned capacity of PET 1.1 MM & PTA 1.3 MM tons, is currently under construction. Each party has the right to off-take one-third of the capacity and to source its feedstock independently. Polyester Staple Fiber(PSF) High Tenacity Polyester Yarn (HTY) Production business strategy 8 Go Integrated: What Differentiates FENC from Peers? • 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. • Single pellet solution: To provide international brand customers total solution with ready to use resin combining virgin & recycled PET. Outsourced Feedstock Production Business (Smart from the Start : R&D Efforts) Naphtha PX PTA PET Food Resin Packaging Polyester Polymer Non-food Natural Polyester Packaging Ethylene MEG Staple Fiber Gas Non- Polyester Apparel Virgin polyester Virgin Nylon 6,6 Nylon 6,6 Filament Flake Filament Apparel Circular Economy Post-consumer Bottles Recycled Shredded & ecycled polyester ecycled bricks Cleaned flakes R R-PET chips Production business strategy 9 Go Green: Asia’s Largest Recycled PET Producer FENC R-PET business FENC R-PET expansion plan • Leading in the R-PET business: FENC has • To expand R-PET capacity through organic invested deeply for over 30 years. growth or M&A. • Key milestones for brand supply: R-PET Annual Capacity (K tons/year) 507 Green products certifications received: 403 Safe for food packaging use 247 90 20 2012 2015 2018 2019 2020(E) FENC successful circular economy projects • R-PET market: Strong demand from the brands green missions Secure feedstock supply: − Sourcing globally: closed loop locally − Production sites outside China: Benefit from the China’s plastic waste import ban began in Jan 2018 (Nike’s jerseys: 2019 European Football League &2018 World Cup & 2017~2019 NBA games / Adidas’s “For the Oceans” program) Production business strategy 10 (I):Close Customer Partnerships 2017 & 2018: H&M Selected as “Gold Supplier” for two consecutive years 2018: Adidas Performance Awards Global: awards for “Sustainability” & “People” North Asia: award for “Speed” 2018: Coca-Cola Awarded “Supplier Guiding Principles (SGP) Greater China Sustainability Award” 2018: Nike Selected as one of the key apparel suppliers for global digitalization & manufacturing modernization projects. 2017: Hasbro Awarded “Hasbro Excellence in Sustainability” 2016~2019 ISPO Munich Textrends Exhibition Winner of 35+ awards for innovative, functional and sustainable textiles over four successive years Production business strategy 11 (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.
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