powerpoint 簡報 - rotam · top 25 agrochemical companies ... jv purpose : analysis of...

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


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


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


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


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


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


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


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


SALES FORCE COVERAGE 強化銷售的覆蓋面

Rotam: Blue Sipcam: Green


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


PRE-JV

合作與磨合


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

http://www.clipartsheep.com/arrows-pointing-down-red-arrow-clipart/dT1hSFIwY0RvdkwzZDNkeTUzWldac2FYQm9iM1Z6WlhNMFkyRnphQzVqYjIwdmQzQXRZMjl1ZEdWdWRDOTFjR3h2WVdSekx6SXdNVE12TVRJdlZHaHlaV1V0Y21Wa0xXRnljbTkzY3kxd2IybHVkR2x1Wnkxa2IzZHVMbXB3Wnd8dz0yNzB8aD0xODd8dD1qcGVnfA/

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiEiJn8prvJAhWGPCYKHSqTCcEQjRwIBw&url=http://www.clipartsheep.com/curved-arrow-clip-art1png-390&215698-clipart/dT1hSFIwY0RvdkwzWmxZM1J2Y2kxdFlXZDZMbU52YlM5M2NDMWpiMjUwWlc1MEwzVndiRzloWkhNdk1qQXhNeTh3T1M5amRYSjJaV1F0WVhKeWIzY3RZMnhwY0MxaGNuUXhMbkJ1Wnd8dz0zOTB8aD02OTh8dD1wbmd8/&bvm=bv.108194040,d.eWE&psig=AFQjCNFh_LwlkBux2NIMwS18E_LaPtgdZA&ust=1449081349000758


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。


• 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


•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…..


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


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


PRODUCT PORTFOLIO SYNERGIES 產品組合的互助效應 H

erb

icid

es

Inse

ctic

ides

Fu

ngi

cid

es


CROP-WISE: EXPANDED PORTFOLIO

作物方面：擴展產品組合


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


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


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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