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龍燈環球農業科技有限公司 股票代號: 4141
2015年第四季法人說明會
2016.3.31
Inspired by Customers. Evolving with Technology.
USA CROP
PROTECTION
BUSINESS
Future outlook by Rotam
© 2015 Rotam. All rights reserved. 4 Page
NORTH AMERICAN CROP PROTECTION MARKET
北美植物保護劑市場概況
Canada $1762
Crop Protection Total T&O market
Overall market is steady or varies slightly Source: Phillip McDougal
© 2015 Rotam. All rights reserved. 5 Page
VALUE PER HECTARE IN US CROP MARKET (BROAD IDEA)
在美國市場上每公頃的作物價值(廣義)
Source: Phillip McDougal
© 2015 Rotam. All rights reserved. 6 Page
NET FARM INCOME 農業淨收入
Liquidity will be reduced; Pre Pay levels lower; Acres expected to be flat or down; so crop inputs can be pressured in future
流動性降低;預付的比重減少;可耕地預期為持平或下降; 所以壓縮未來作物相關的投入費用
© 2015 Rotam. All rights reserved. 7 Page
TOP 25 AGROCHEMICAL COMPANIES 排名前25的植物保護劑企業
MERGERS ARE INEVITABLE! 合併是不可避免的!
Source: Phillip McDougal and others
© 2015 Rotam. All rights reserved. 8 Page
So, Rotam has planned for new market
access strategy and implemented
龍燈在切入新的市場已備妥策略和實施計畫
WAY FORWARD 未來之路
© 2015 Rotam. All rights reserved. 9 Page
Rotam • Market access
進入市場
• Portfolio
產品組合
• Loyalty programs (DP)
忠誠度方案
• Profitability
獲利能力
• Footprint
歷史實績
• T&O presence
JV PURPOSE : ANALYSIS OF DIFFICULTIES
合資公司源由:面對挑戰
Sipcam • Market access
進入市場
• Portfolio
產品組合
• Loyalty Programs (Syngenta)
忠誠度方案
• Profitability
獲利能力
• Footprint
歷史實績
© 2015 Rotam. All rights reserved. 10 Page
Rotam • Strong (Specific) Distributor
Relationships
良好的通路關係
• Formulation
劑型
• Packaging
包裝
• Manufacturing
生產
• Mesotrione
硝草酮
• Pipeline
開發中的新產品
JV PURPOSE : CAPTURING OPPORTUNITIES
合資公司目的:獲取機會
Sipcam • Distributor (Specific) Relationships
特定的通路關係
• T&O presence
• Formulation
劑型
• Manufacturing
生產
• Tetraconazole
四克利
• Pipeline
開發中的新產品
© 2015 Rotam. All rights reserved. 11 Page
ROTAM SIPCAMHelena Helena
Tenkoz Tenkoz
IAP IAP
Pinnacle CPS
Westlink Winfield
United Suppliers MVA
DW Whole salers Southerns
Champion CC Chemnut
Sims FC Growmark
Ag Supplies Jimmysa
Heftry Seed Primeso
BH griffin Aurora
Glades Innvict
Common ~3
Additional access
of ~10 new
customers each
Existing customers & Synergy
CUSTOMER BASE INCREASE 增加客源
© 2015 Rotam. All rights reserved. 12 Page
SALES FORCE COVERAGE 強化銷售的覆蓋面
Rotam: Blue Sipcam: Green
© 2015 Rotam. All rights reserved. 13 Page
1. Choose other as the Master distributor
2. Strategic Alliance
3. Enhanced presence 2 side by side
4. Sales & Marketing JV
RANGE OF CHOICES AVAILABLE 可供合作的方式
1. 選擇對方作為主要的經銷商
2. 策略聯盟
3. 強化彼此合作關係
4. 成立業務及行銷之合資公司
© 2015 Rotam. All rights reserved. 14 Page
PRE-JV
合作與磨合
© 2015 Rotam. All rights reserved. 15 Page
EXPERIMENTAL RELATIONSHIP SINCE LAST YEAR
雙方已於2015年互為實驗合作夥伴
US Turf & Ornamental Business
US Turf & Ornamental Business
© 2015 Rotam. All rights reserved. 16 Page
1. A broader product offer for our most valuable business partners - our
customers.
2. It allows golf course superintendents to maximize efficiencies associated
with sourcing more products from a single, trusted source.
3. It creates the opportunity for product collaboration and innovation.
EXPERIMENTAL STAGE: BENEFITS ACHIEVED 實驗成果及效益
1. 為我們雙方的客戶提供更廣泛的產品項目。
2. 讓高爾夫球場管理者可從單一可信賴之供應商中更有效率的採購更多元的產品。
3. 為產品合作及創新上創造更大商機。
© 2015 Rotam. All rights reserved. 17 Page
• Both Companies face similar challenges
• Both companies are open to Partnership/Co-operation
• Business units are compatible
• Account strengths are largely compatible
• Geographic coverage is compatible
• Portfolio is compatible
• 兩家公司都面臨著相似的挑戰
• 兩家公司對於合作夥伴/合作關係皆持開放態度
• 雙方互補性高:
− 業務部門
− 客戶
− 銷售區域
− 產品組合
CONCLUSION 結論
© 2015 Rotam. All rights reserved. 18 Page
•Combine both Ag and T&O sales and marketing forces (commercial
operations)
•Combine both portfolios
• Single unified Price List and Program
•One face to customer
• Sales forces under a new identity
• Sipcam and Rotam retain individual identity and assets
•同時結合農藝及園藝的銷售和行銷力(商業運作)
•整合雙方的產品組合
•統一的售價及行銷方案
•提供客戶專屬單一窗口
•將銷售整合在新的合資公司下進行
• Sipcam和龍燈兩家公司仍保留個別身份和資產
WAY FORWARD….. 未來之路…..
© 2015 Rotam. All rights reserved. 19 Page
MORE COMPLETE COVERAGE OF USA
更完整覆蓋美國區銷售
Open
1
2
3
4
5
6
7
8
10
Key strategy: Combination of Push & PULL; Focus: Regional Distribution and Key Retail Partners
主要策略:推拉結合; 重點:區域分佈和主要零售合作夥伴
9
© 2015 Rotam. All rights reserved. 20 Page
COMBINED BENEFITS 綜合優勢
• 優於同級商品
• 有利於業務推廣
• 卓越的運營
• 以客為尊
• 優化的產品與服務
• 1 + 1=>2的效益
• 更廣泛的產品組合
• 國際化的品牌
• 多樣化 – 農藝,草皮,觀賞植物,保鮮劑
• 受外界矚目
• Best in class • Easy to do business with • Operationally excellent • Customer centric
• Quality products & service
• Synergy: 1 + 1 = >2
• Broader portfolio
• National footprint • Diverse – Ag, Turf, Ornamental,
Material Preservation
• Outwardly focused
© 2015 Rotam. All rights reserved. 21 Page
PRODUCT PORTFOLIO SYNERGIES 產品組合的互助效應 H
erb
icid
es
Inse
ctic
ides
Fu
ngi
cid
es
© 2015 Rotam. All rights reserved. 22 Page
CROP-WISE: EXPANDED PORTFOLIO
作物方面:擴展產品組合
© 2015 Rotam. All rights reserved. 23 Page
JV portfolio medium term – Key Crops
Crop Herbicide Fungicide Insecticide Other
Atrazine , Metolachlor, Dicamba,Rimsulfuron ,Nicosulfuron , Mesotrione, Diquat , Simazine
Tetraconazole, Azoxystrobin Lambda Humic acid, Amino acid
Soybean Metolachlor + Sulfentrazone, Metribuzin , Dicamba
Tetraconazole, Tebuconazole Chlorothalonil, Azoxystrobin , Thiophanate Methyl , Contans
Methomyl Humic acid, Amino acid
Cotton Metolachlor , Diquat Humic acid, Amino acid
Sugar Beet Tetraconazole , Azoxystrobin, Chlorothalonil, Thiophante Methyl
Humic Acid , Amino acid
Peanuts Metolachlor Tetraconazole, Chlorothalonil, Tebucoanzole, Azoxystrobin, Thiphanate Methyl
Methomyl Humic acid, Amino acid
Potatoes Metolachlor , Diquat Tetraconazole , Azoxystrobin , cymoxynil Lambda, Imadacloprid Humic acid, Amino acid
Vegetables Metolachlor , Diquat , Rimsulfuron Chlorothalonil , Azoxytstrobin, Cymoxanil, Contans
Methomyl , Abamectin Humic acid, Amino acid
TNV Diquat , Simazine Chlorothalonil, Azoxystrobin , Tetraconazole , Tebuconazole
Abamectin, Methomyl, Imadacloprid
Humic acid, Amino acid, Coccoon
23
© 2015 Rotam. All rights reserved. 24 Page
General Manager
Sales Marketing T&O F&A CS
JV Board (4 members) 合資公司董事會(4席) 2 each from Rotam & Sipcam 龍燈&Sipcam各2席
© 2015 Rotam. All rights reserved. 25 Page
New LOGO
One company with Full solutions
THANK YOU!
財務及營運概況 Financial & Operating Results
27
28
第四季合併損益表 Consolidated P/L (Q4)
龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited
合併損益表 Consolidated Profit and loss account
單位:仟元( '000) USD NTD USD NTD USD NTD
營業收入Turnover 104,186 3,382,694 111,525 3,398,963 -6.6% -0.5%
營業毛利 Gross profit 46,584 1,507,576 48,054 1,463,029 -3.1% 3.0%
44.71% 44.57% 43.09% 43.04%
營業費用 Operating expenses (32,505) (1,057,158) (27,905) (851,784) 16.5% 24.1%
31.20% 31.25% 25.02% 25.06%
營業利益 Operating profit 14,079 450,418 20,149 611,245 -30.1% -26.3%
13.51% 13.32% 18.07% 17.98%
營業外收入及支出 Other income/ expenses (331) (21,420) (10,632) (322,402) -96.9% -93.4%
稅前淨利 Profit before tax 13,748 428,998 9,517 288,843 44.5% 48.5%
所得稅 Income tax (1,584) (50,651) (3,879) (117,462) -59.2% -56.9%
稅後淨利 Profit after tax 12,164 378,347 5,638 171,381 115.8% 120.8%
11.68% 11.18% 5.06% 5.04%
基本每股盈餘 Basic EPS 2.51 1.22
稀釋後每股盈餘 Duiluted EPS 2.51 1.19
2015 Q4 2014 Q4 Q4 15 over Q4 14
29
年度合併損益表 Consolidated P/L (Full Year)
龍燈環球農業科技有限公司 Rotam Global AgroSciences Limited
合併損益表 Consolidated Profit and loss account
單位:仟元( '000) USD NTD USD NTD USD NTD
營業收入Turnover 346,759 10,973,860 352,684 10,659,866 -1.7% 2.9%
營業毛利 Gross profit 141,162 4,467,334 139,060 4,203,082 1.5% 6.3%
40.71% 40.71% 39.43% 39.43%
營業費用 Operating expenses (113,334) (3,586,679) (99,719) (3,013,996) 13.7% 19.0%
32.68% 32.68% 28.27% 28.27%
營業利益 Operating profit 27,828 880,655 39,341 1,189,086 -29.3% -25.9%
8.03% 8.03% 11.15% 11.15%
營業外收入及支出 Other income/ expenses (31,250) (988,963) (19,453) (587,974) 60.6% 68.2%
稅前淨利 Profit before tax (3,422) (108,308) 19,888 601,112 -117.2% -118.0%
所得稅 Income tax (3,139) (99,321) (5,830) (176,212) -46.2% -43.6%
稅後淨利 Profit after tax (6,561) (207,629) 14,058 424,900 -146.7% -148.9%
-1.89% -1.89% 3.99% 3.99%
基本每股盈餘 Basic EPS -1.38 3.03
稀釋後每股盈餘 Duiluted EPS -1.38 2.99
FY 2015 FY 2014 FY 2015 over FY 2014
30
地區別銷售 Sales by region
2014 FY sales
USD 353m NTD 10.66bn
2015 FY sales
USD 347m NTD 10.97bn
亞太Asia Pacific
2%
中國 China
37%
北美 NAFTA
12%
中東+非洲 Middle East
+ Africa 3%
拉丁美洲 Latin America
35%
歐洲 Europe
11%
亞太Asia Pacific
2%
中國 China
29%
北美 NAFTA
10%
中東+非洲 Middle
East + Africa 4%
拉丁美洲 Latin
America 46%
歐洲 Europe
9%
31
地區別銷售成長
Growth on sales by region
拉丁美洲 Latin America
- 25 %
北美 NAFTA
+ 13 %
歐洲 Europe
+ 14 %
中國 China
+ 24 %
2015 FY over 2014 FY
32
季度營收 Quarterly Sales
Sales (NTD'000)
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4
33
毛利率 Gross Profit Margin
USD NTD USD NTD
Unit: '000
營業收入Turnover 346,759 10,973,860 352,684 10,659,866
Sales YoY growth % -2% 3%
營業毛利 Gross profit 141,162 4,467,334 139,060 4,203,082
GP YoY growth % 2% 6%
毛利率 GP% 40.7% 40.7% 39.4% 39.4%
2015 FY 2014 FY
34
過去五年,植物保護劑市場平均年增率約5%,然於2015年卻下滑了8%。
主要受到美元走強,新興市場匯率與歐元匯率相對美元貶值,以及聖嬰現象對北美及南美洲乾旱、蟲害減少所造成的影響。
若屏除美元走強的匯率因素,整體植物保護劑市場於2015年約當下滑0.8%。
全球植物保護劑市場產值(2010– 2015)
35
US Dollar : Brazilian Real (5 years) 35
36
競爭對手比較(農業化學品的銷售)
Source: Phillips McDougall and Rotam
註:FMC 2015年1月購併Cheminova,2014年為調整後營收計算。
Growth
Local $m Local $m %(Local) %($)
Rotam NTD 10,660 353 10,990 347 3.10% -1.70% Total sales
Adama USD 3,221 3,221 3,064 3,064 -4.87% -4.87% Total sales
Nufarm AUD 2,478 2,278 2,578 2,099 4.04% -7.86%2013.08~2014.07 & 2014.08~2015.07
Corp Protection
Bayer EUR 8,390 11,142 9,090 10,089 8.34% -9.45% Agrochemical
Syngenta USD 12,074 12,074 10,653 10,653 -11.77% -11.77% Corp Protection + Lawn & Garden
BASF EUR 5,446 7,232 5,820 6,459 6.87% -10.69% Agricultural Solutions
DOW USD 7,290 7,290 6,381 6,381 -12.47% -12.47% Agricultural segment
DuPont USD 11,304 11,304 9,798 9,798 -13.32% -13.32% Agricultural segment
Platform USD 2,173 2,173 1,829 1,829 -15.83% -15.83% Agricultural Solutions
FMC USD 3,401 3,401 2,615 2,615 -23.10% -23.10% Agricultural Solutions
2014 2015Local
CurrencyCompany
37
US Dollar: Brazilian Real (3 months) 37
38
費用比率 Expense ratio
39
營收與費用 39
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2010 2011 2012 2013 2014 2015
expense sales-A sales-F
40
負債比率 Gearing ratio
負債比率Gearing ratio
Unit: '000
USD NTD USD NTD USD NTD
負債總額
Total liabilities 341,651 11,237,168 366,634 11,638,231 -7% -3%
資產總額
Total assets 531,068 17,467,254 563,590 17,890,282 -6% -2%
銀行借款
Bank borrowing balance 219,828 7,230,345 275,706 8,751,833 -20% -17%
負債比率Gearing ratio 64.33% 64.33% 65.05% 65.05%
Dec. 31, 2015 Dec. 31, 2014 Variance
41
負債比率與競爭者比較
Gearing ratio compare to competitors
58.0%
60.0%
62.0%
64.0%
66.0%
68.0%
70.0%
72.0%
74.0%
76.0%
78.0%
龍燈 杜邦 FMC Adama 興農
2015 Year End
42
藥證 Registrations
單位:仟元('000)
藥證相關的無形資產 USD NTD USD NTD
Intangible assets relating to Registration 140,465 4,458,850 158,343 5,208,040
647 728 811 888 1,035
1,247
100
300
500
700
900
1,100
1,300
1,500
Dec, 31 2010 Dec, 31 2011 Dec, 31 2012 Dec, 31 2013 Dec, 31 2014 Dec, 31 2015
藥證數量 Quantity of registrations
Q&A
Rotam Global AgroSciences Limited
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