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Far Eastern New Century (TWSE: 1402) Far Eastern New Century (TWSE: 1402) IR publication – Dec 2020 1 Table of Contents • Company Highlights • Company Overview • Strategic Summary – Production business strategy – Investment portfolio – Property development plan – Dividend policy – CAPEX • Financials • Recent Achievements & CSR • Appendix 2 Company Highlights (I) • A constituent of the MSCI ESG Leaders Indexes, FTSE4Good Emerging Index & TWSE CG 100 Index • Consistent Dividends Payout (refer to page 19) FENC responds to UN SDGs (United Nations’ Sustainable Development Goals) Responds 16 out of the 17 SDGs: FENC is committed and has aligned its sustainability objectives with the UN SDGs. Recycled PET (R-PET) meets 5 SDGs: #12~15, #17. Company highlights 3 Company Highlights (II) FENC is a leading polyester recycling company (refer to page 7-12) FENC green business New green trends from governments & brands • Green product is ~30% of polyester & textile BU • Plastic waste import bans in Asia: e.g. China, Green Products Revenues & Percentage Japan, South Korea, Malaysia, Thailand, India, (NT$ Bn) Philippines, Vietnam (from 2025), etc. 27% 30% 32% 28% 126 108 • Plastic tax in EU 93 96 34 35 26 29 Effective from Jan 2021 2016 2017 2018 2019 Tax rate: €0.8/kg (≈US$950/T) Green Product Revenues Revenues of Poly. & Textile BU % EU proposed a min. 25% of recycled plastic content in plastic bottles by 2025 & 30% by 2030 • Recycled PET (R-PET) capacity expansion target: more than double the capacity in 5 years via • Mandatory recycled-content bill in California, US organic growth or M&A globally to meet strong Effective from Jan 2022 demand from the brands’ green missions Penalty rate: US$0.2/lb (≈US$440/T) R-PET Annual Capacity 15% of post-consumer recycled plastic content 1,000 729 before 2022 390 463 247 20 90 • Brands’ green missions for transitioning to R-PET: 2012 2015 2018 2019 2020(E) 2021(E) 2025(E) e.g. Nike, Adidas, Coca-Cola, L'Oréal, P&G, Unilever, Hasbro, IKEA, etc. Company highlights 4 FENC Strategic Summary FENC has three key businesses – Production, Investments, and Property Development. Monetization Profit increase driven by of organic growth plus M& A Property Development Business Transformation of Go Production Green Business Go Strategy Empower Stable Global Possibilities Investment Income Go Integrated Sound Financials & Stable Dividend Policy Company overview 5 Company Overview • Year of establishment: 1954 • Employees: 32,450 • Asset allocation as of Sep 30, 2020 (Total assets: NT$ 606 billion / Book value per share: NT$ 37.5 /share) Business Segments Production Sites Capacity (As of Dec 31 2019) Petrochemical Taiwan & China PTA: 2.75 mm tons/yr Investments Production (Including 28% Polymer: 2.57 mm tons/yr Far EasTone) Taiwan, PET: 2.13 mm tons/yr 46% China, PSF: 391K tons/yr Vietnam, Polyester Filament: 99K tons/yr Property Polyester United States, Others 26% Japan, Nylon 6,6 filaments: 21K tons/yr Malaysia PET Sheets: 139K tons/yr PET films: 20K tons/yr Production Recycled-PET(R-PET): 390K tons/yr • Revenue breakdown: Yarn: 373K spindles/yr Taiwan, Knitted Fabrics: 43K tons/yr (NT$ bn) 250 Textile China, Industrial Fabrics: 22K tons/yr 218 229 Vietnam Industrial Yarn: 144K tons/yr 216 Apparels: 7.5 mm dozens/yr 151 Various locations in Total size: 203k pings Property Northern Taiwan (672k sq meters) Integrated service Far EasTone provider - mobile, # of subs: 7.09mm (As of Nov 2020) (Consolidated) fixed line, ISP, etc. Equity method & Cement, retail, financial services…etc. (refer to page 13) Investments Others Company overview 6 Global Leading Integrated Polyester Producer FENC is a leading polyester recycling company, the only global polyester supplier providing integrated production and total solution services ranging from upstream feedstock to downstream daily necessities 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 Production business strategy 7 Go Green: The R-PET Circular Economy Plastic #1 can be returned to original uses R-PET is more eco-friendly • 7 types of plastic: check the number on the back Compared to conventional production of or bottom of a plastic product, and #1(PET) can be virgin PET bottles, producing R-PET returned to its original uses. bottles reduces GHG emissions by 63% . 1 FENC is Asia’s largest recycled PET producer PET • Leading in the R-PET business: FENC has (waste) invested deeply for over 30 years. • Waste Reduction: FENC has reduced waste by Output 8.1 billion PET bottles/year, enough bottles to circle the Earth 46.5 times. Various Recycled polyester Recycled Production business strategy 8 (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 1 Safe for food packaging use our R-PET products, with a bar code allowing a trace of the waste’s origin. Closed-loop business model • Secure feedstock supply: New partnership & business model with Coca-Cola & 7-eleven in Japan. Overall goal: eco-friendly and reduce the waste in Japan’s domestic market 2 Recycled content certifications Mutual benefits: secure feedstock for FENC & Coca-Cola, and solve the trash problem for 7-Eleven Individual consumers recycle PET bottles at 03 7- eleven 7-eleven stores 3 Other green certifications Shipped Selling FENC waste in Coca-Cola stores produces PET Partner products food-grade -ship shipped to R-PET for 7-eleven Coca-Cola FENC Produced Coca- stores packaging Coke’s Cola materials bottles Production business strategy 9 (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 10 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: More details please refer to http://news.fenc.com/news_detail.aspx?lang=en&id=5228 Production business strategy 11 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 12 Value of Major Investments - Listed Companies (NT$ million) Stock code Investees Holdings Book value Market value (2020.9.30) (2020.12.15) 1102 TT Asia Cement 27% 24,382 38,782 1460 TT Everest Textile 26% 974 1,249 1710 TT Oriental Union Chemical 31% 5,323 5,074 2606 TT U Ming Marine 0% - - 2845 TT Far Eastern International Bank 16% 7,215 5,953 2903 TT Far Eastern Department Stores 33% 10,637 11,086 4904 TT Far EasTone 38% 26,239 75,861 Total 74,770 138,004 Note: 5,353 million shares of FENC common stock were issued and outstanding as of 30 Sep 2020. Investment portfolio 13 Land Holdings Owned by FENC • Total land holdings: approximately 570k pings (1,887k sq meters) • Investment properties as at Sep 30, 2020: approximately 200k pings (662k sq meters) After disposing investment properties Gain on disposal of investment properties NT$ 135 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 Sep 30, 2020) Property development plan 14 Investment Properties – Major Landholdings of Land Taoyuan City Banqiao Size: 43,070 pings (142,562 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: 60~65% 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: 2,057 pings (6,809 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: 11,454 pings (37,913 sq meters) University & the underground railway
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