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Far Eastern New Century (TWSE: 1402)

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Far Eastern New Century (TWSE: 1402) Far Eastern New Century (TWSE: 1402) IR publication – Aug 2021 1 Table of Contents • Market Update • Company Highlights • Company Overview • Strategic Summary – Production business strategy – Investment portfolio – Property development plan – Dividend policy – CAPEX • Financials • Recent Achievements & CSR • Appendix 2 Market Update(I): Governments’ New Mandates Post-consumer Recycled (PCR) Resin will become a mandatory 2025 / 2030 component of future plastic bottles New PCR goals In many places Min. 2025 2030 requirement EU 25% 30% California, US 25% 50% 2022 ~ (Washington is one year later) 2021 ~ Mandatory recycled-content bill in the US 2018 ~ Plastic tax in EU Plastic waste import bans in Asia California Washington Including China, Japan, South Korea, Effective year 2022 2023 Malaysia, Thailand, India, Philippines, Vietnam (from 2025), etc. • Effective: Jan 2021 Penalty rate US$0.2/lb (≈US$440/T) Developed countries have to • Tax rate: €0.8/kg Min. requirement 15% of PCR plastic content deal with their own waste (≈US$950/T) Market Update 3 Market Update(II): Brands’ Sustainability Commitments Three major types of brands set various recycled content targets Beverage Lifestyle Apparel 25% 50% 100% e.g. Coca-Cola, e.g. IKEA, e.g. Nike, Adidas, Pepsi, Nestle, Unilever, H&M, Uniqlo, Danone, Suntory, L’Oreal, Colgate, Timberland, Asahi, etc. Method, etc. Under Armour, etc. New closed-loop business model in Japan New partnership & business model with Coca-Cola & 7-eleven in Japan Overall goal 7- eleven Individual consumers recycle PET bottles at WASTE Reduction in 7-eleven stores Shipped Selling Japan’s domestic market waste in FENC produces PET stores food-grade R-PET Mutual benefits for Coca-Cola Coca-Cola Secure feedstock for FENC & packaging materials Coca- products shipped Coca-Cola, and solving the FENC Produced to 7-eleven stores trash problem for 7-Eleven Coke’s Cola bottles Market Update 4 Company Highlights (I) FENC is a world leading integrated polyester producer (incl. virgin & recycled PET), the only supplier providing integrated production and total solution services ranging from upstream feedstock to downstream daily necessities (A constituent of the MSCI ESG Leaders Indexes, FTSE4Good Emerging Index & TWSE CG 100 Index) PE/PET & PE/PP Bicomponent Recycled Recycled Recycled Nonwoven PET Nylon 6,6 PET Staple Fiber Filament Ocean Polyester PET PSF Resin Filament Sheet WORLDWIDE WORLDWIDE WORLDWIDE WORLDWIDE WORLDWIDE WORLDWIDE ASIA PACIFIC ASIA TOP 1 TOP 1 TOP 1 TOP 2 TOP 3 TOP 3 TOP 1 TOP1 Company highlights 5 Company Highlights (II) • Consistent dividends payout (refer to page 21) • FENC is a leading polyester recycling company (refer to page 9-12) FENC’s polyester recycling business • Global leader in the recycled PET (R-PET) business • Technological breakthrough in R-PET FENC has invested heavily in the R-PET industry since No.1 plastic (PET) waste can be 1988 in Taiwan and then globally. recycled & returned to its original uses, 1 while other types of plastics may not PET have the same mature recycling & manufacturing systems. Waste Reduction FENC has reduced waste by 21 billion PET bottles per year, enough bottles to circle the Earth 120.5 times. Target to be the global No.1 R-PET supplier 1,500 R-PET Annual Capacity 1,000 GHG Reduction 482 Compared to conventional production 390 247 of virgin PET bottles, producing 90 20 R-PET bottles reduces 2012 2015 2018 2019 2020 2025(E) 2030(E) GHG emissions by 63%. Company highlights 6 FENC Strategic Summary FENC has three key businesses – Production, Investments, and Property Development. Monetization Profit increase driven by of organic growth plus M& A Property Development Business Transformation of Go Production Green Business Local Empower to Strategy Stable Local Possibilities Investment Income Go Integrated Sound Financials & Stable Dividend Policy Company overview 7 Company Overview • Year of establishment: 1954 • Employees: 29,259 • Asset allocation as of Jun 30, 2021 (Total assets: NT$ 633 billion / Book value per share: NT$ 37.9 /share) Business Segments Production Sites Capacity (As of Dec 31 2020) Petrochemical Taiwan & China PTA: 2.75 mm tons/yr Investments Production Polymer: 2.67 mm tons/yr (Including 33% Taiwan, PET: 2.20 mm tons/yr Far EasTone) China, PSF: 445K tons/yr 41% Vietnam, Polyester Filament: 93K tons/yr Polyester United States, Others Property Japan, Nylon 6,6 filaments: 21K tons/yr 26% Malaysia PET Sheets: 124K tons/yr PET films: 21K tons/yr Production Recycled-PET(R-PET): 482K tons/yr • Revenue breakdown: Yarn: 303K spindles/yr Taiwan, Knitted Fabrics: 42K tons/yr (NT$ bn) Textile China, Industrial Fabrics: 22K tons/yr 250 Vietnam Industrial Yarn: 144K tons/yr 229 216 218 207 Apparels: 86 mm pieces/yr Various locations in Total size: 220k pings Property 115 Northern Taiwan (728k sq meters) Integrated service Far EasTone provider - mobile, # of subs: 7.05mm (As of Jul 2021) (Consolidated) fixed line, ISP, etc. Equity method & Cement, retail, financial services…etc. (refer to page 14) Investments Others Company overview 8 World Leading Integrated Polyester Producer 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 PHASE Polymer 1 Non-food Natural Polyester Packaging Ethylene MEG Gas Staple Fiber Non- Apparel Virgin polyester Virgin Polyester Filament PHASE Nylon 6,6 Nylon 6,6 2 Flake Filament Apparel Circular Economy R-PET Preform Shredded & R-PET Chips Recycled polyester Recycled Post-consumer Cleaned Flakes Polyester Wastes Recycled Filament Production business strategy 9 (I) : From Reaction to Creation Key milestones of FENC’s R-PET products Creating solutions for clients • Green products certifications received • Adding product traceability: For a premium, on client’s request, FENC can put a tracer in our R-PET 1 Safe for food packaging use products, with a bar code allowing a trace of the waste’s origin. • Brands’ green missions for transitioning to R- PET: e.g. Nike, Adidas, Coca-Cola, L'Oréal, P&G, Unilever, Hasbro, IKEA, etc. 2 Recycled content certifications 3 Other green certifications Production business strategy 10 (II):Close Customer Partnerships 2020: Coca-Cola Bottlers Japan A new joint project for chemical recycling (TopGreen® ChemCycle) 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” 2016~2020 ISPO Munich Textrends Exhibition Winner of 40+ awards for innovative, functional and sustainable textiles over four successive years Production business strategy 11 Invest in the Future: Post Consumer Textile Recycling TopGreen® ChemCycle: FENC’s PET recycling technology breakthrough “chemical recycling” 1 To chemically convert used PET bottles/other polyester wastes (regardless of colors and printing inks) into recycled PTA (rPTA) 2 Using rPTA to produce “ChemCycle Resins”, chemically recycled PET resins, with a quality equal to that of virgin PET resins. TopGreen® ChemCycle ~ 70% of the ~ 30% of the polyester polyester output output PET Commercial Run From Lab to Trial Run Note: Video please refer to https://www.youtube.com/watch?v=JJiKyIZuSzE Production business strategy 12 The New Normal post COVID-19 Pandemic •A new business opportunity for hygiene & safety materials to enhance FENC’s product portfolio − Standing on the frontline to protect people’s health & empowering a better and safer life. •FENC® protective life wear to meet new demands from travelers − Meets medical apparel AAMI PB 70 Level 4 standard (US standard) − Prevents blood and microbial contamination, abrasion resistant − Repeatedly washable − Breathable and excellent texture feel − Can be styled just like regular fabrics into jackets, pants, etc. Production business strategy 13 Value of Major Investments - Listed Companies (NT$ million) Stock code Investees Holdings Book value Market value (2021.6.30) (2021.8.13) 1102 TT Asia Cement 27% 23,935 41,179 1710 TT Oriental Union Chemical 31% 5,458 5,865 2606 TT U Ming Marine 0% - - 2845 TT Far Eastern International Bank 16% 7,360 6,038 2903 TT Far Eastern Department Stores 35% 11,499 11,064 4904 TT Far EasTone 38% 24,371 76,686 Total 72,623 140,832 Note 1: 5,353 million shares of FENC common stock were issued and outstanding as of 30 Jun 2021. Note 2: The AGM of Everest Textile has approved a financial improvement plan on 4 May 2021. Currently, FENC owns Everest Textile 26% of its outstanding common shares. Investment portfolio 14 Land Holdings Owned by FENC • Total land holdings: approximately 570k pings (1,887k sq meters) • Investment properties as at Jun 30, 2021: approximately 220k pings (728k sq meters) After disposing investment properties Gain on disposal of investment properties NT$ 118 BN (P&L) Special reserve Unappropriated earnings (Balance sheet) NT$ 35.3 BN Total distributable Old Book Value New Book Value Market Value income (Market value using (After future “fair value model” under land development) TW IFRS on Jun 30, 2021) Property development plan 15 Investment Properties – Major Landholdings of Land Taoyuan City Banqiao Size: 59,067 pings (195,512 sq meters) (Including part of the land area for a new land Taipei Far Eastern Telecom Park development plan) Size: 82,966 pings (274,617 sq meters) A new land development plan Book value: ~60% of investment properties Size: around 30k pings (99k sq meters) Status: applied for government’s approval for Mega Tower land rezoning.(estimated 2-3 years) Size: 2,097 pings (6,941 sq meters) Design concept: an integrated district tailored for residential zones, a commercial zone, a medical zone and green parks. Others Neighborhood: is adjacent to Yuan Ze Size: 16,987 pings (56,227 sq meters) University & the underground railway project for Neili station, part of the ongoing Taoyuan urban renewal plan.
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