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Swancor Ind. Co., LTDSwancor Ind. Co., LTD
Copyright © Swancor All Rights Reserved1
Company ProfileCompany Profile
May 2016May 2016
DisclaimerDisclaimer
This document may be deemed to contain forward-looking statements. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Swancor that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results.
Any projections in the document are based on limited internal and external
Copyright © Swancor All Rights Reserved2
Any projections in the document are based on limited internal and external information currently available to Swancor, which is subject to change. Actual events or results could differ materially and no reader of this document should assume later that the information provided today is still valid. Such information speaks only as of the date of this document.
Readers shall rely on self-judgment to makes any investment decision. Readers shall not interpret the information in this document to be investment recommendations.
VisionVision
Copyright © Swancor All Rights Reserved3
Basic InformationBasic Information
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Business Units and ProductsBusiness Units and Products
Swancor
Carbon Fiber New Energy
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Fine Chemical
Anti-corrosion Resin
Wind Turbine Blade Shell
Resin
Other Materials
Carbon Fiber Composite
(Sunwell (Jiangsu) Carbon Fiber Composite)
New Energy Development
(Swancor Renewable)
Off-shore Wind Farm
(Formosa I)
Fine Chemical and Fine Chemical and
Copyright © Swancor All Rights Reserved6
Composite MaterialComposite Material
Desulfurization tank uses around 20 ton of resin.
Wet electrostatic precipitator (WESP) tank uses around 30-80 tons of resin.
Chimney uses around 120-140 ton of resin.
AntiAnti--corrosion Resin in Power Plantscorrosion Resin in Power Plants
Desulfurization tan
k
Chim
ney
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Desulfurization tan
k
AntiAnti--corrosion Resincorrosion Resin Major applications are anti-corrosion tanks and pipes for factories, desulfurization tanks, pipes,
chimneys for power plants.
Broad customer base. Sales through direct sales or distribution, lot by lot.
Major competitors are Ashland (US) and DSM (Holland),
2014 sales revenue was NT$ 2,248MN, 37.6% of total sales. Sales quantity was 24.8 thousand ton.
2015 sales revenue was NT$ 2,347MN, 24.3% of total sales. Sales quantity was 27.1 thousand ton.
2015 China market was about 70 thousand tons. Global market was about 250 thousand tons.Swancor sales quantity was about 11% of global market.
Major components:
Copyright © Swancor All Rights Reserved8
Major components:
乙烯基酯樹脂
(Vinyl ester, VE)
環氧樹脂(Epoxy)
雙酚A(Bisphenol A, BPA)
環氧氯丙烷(Epichlorohydrin, ECH)
苯乙烯 (Styrene Monomer, SM)
乙烯(Ethylene)
苯 (Benzene)
甲基丙烯酸
(Methacrylic acid, MAA)
Wind Turbine BladeWind Turbine Blade
Swancor resin is used to make wind turbine blade shell. 1.5MW wind turbine uses around 6.5 tons while 2MW wind turbine uses around 9 tons.
Structure adhesive is another Swancor product under customer approving. The usage is about 1/10 of shell.
Wind turbine over 6MW might use carbon fiber composite to make spar. For wind turbine with 77.7 meter blade, total blade weight is about 27 tones and spar weight is around 4.3 tons, 16% of total weight.
Copyright © Swancor All Rights Reserved9
Green Energy MaterialGreen Energy Material Most revenue of green energy is from wind turbine blade resin .
Major customers are China wind turbine blade makers, both domestic and international , total 17 companies. Sinoma Science & Technology (SZE: 002080)、Zhongfu composites and TPI Composites are some of the major customers.
Business is direct sales. Entry barriers in technical and customer are high.
Major competitors are Hexion (US), Dow (US), and, BASF(German).
2014 sales revenue was NT$ 3,438MN, 57.5% of total sales. Sales quantity was 28 thousand ton.
2015 sales revenue was NT$ 6,864MN, 73.6% of total sales. Sales quantity was 53 thousand ton.
Estimated per MW of wind turbine uses 4.3 tons of resin, 2015 China market was about 140
Copyright © Swancor All Rights Reserved10
Estimated per MW of wind turbine uses 4.3 tons of resin, 2015 China market was about 140 thousand tons and global market was about 270 thousand tons. Swancor sales quantity was about 38% of China market and 20% of Global market。
Major components:風電葉片基體樹脂
(Resin of wind turbine blade)
環氧樹脂(Epoxy)
雙酚A
(Bisphenol A, BPA)
環氧氯丙烷(Epichlorohydrin, ECH)
硬化劑(Hardener)
New Markets, New Products of Fine Chemical New Markets, New Products of Fine Chemical
Further expanding anti-corrosion resin and wind turbine blade shell resin business into South-East Asia and India.
Structural adhesive
The most critical part of wind turbine blade.
Resin usage is about 1/10 of shell.
In the process of customer approving.
Copyright © Swancor All Rights Reserved11
In the process of customer approving.
Carbon fiber composite
Resin of carbon fiber is Swancor’s existing business. New product line is carbon fiber composite.
Target applications are spar of wind turbine blade and car parts. International customers are evaluating Swancor products.
New factory was open on 2016/4/26.
OffOff--shore Wind Farmshore Wind Farm
Copyright © Swancor All Rights Reserved12
Developer and Power PlantDeveloper and Power Plant
Taiwan Energy Market OutlookTaiwan Energy Market Outlook Total market
2015, total electric power was 40.6GW and electricity production was 258TWh.
2015, nuclear electric power was 5.14GW(12.7%) and electricity production was 36.4 TWh (14.1%).
Renewable energy
2015, total electric power was 4.3GW (10.6%) and electricity production was 10.4 TWh (4.1%).
2015, solar and wind electric power was 1.5GW in total, electricity production was 2.3 TWh.
2030, target of renewable electricity power is 17.3GW, electricity production was 40 TWh.
Copyright © Swancor All Rights Reserved13
36TWh
39TWh
2030, target of renewable electricity power is 17.3GW, electricity production was 40 TWh.
New government set a more aggressive target for renewable energy to produce 50 TWh, or 20% of total electricity production, by 2025.
Offshore Wind Power in TaiwanOffshore Wind Power in Taiwan
In 2012, Bureau of Energy set a target to build 1,000 wind turbines by 2030.
In 2015, Bureau of Energy announced 36 sectors for off-shore wind farm developing.
Unit:MW
2016 2020 2025 2030
Off-shore wind turbine
8 520 3,000 4,000
Estimated market value (NT$ BN)
3 78 450 600
Copyright © Swancor All Rights Reserved14
MiaoLi
x
Swancor OffSwancor Off--Shore Wind FarmShore Wind Farm
Swancor wind farm, Formosa I, located 2-6 kilo meters from Miaoli coast with 18-31 meters water depths. The location provides low risk and low cost advantages.
In phase I, Formosa I will build two wind turbines with 8MW capacity by 2016. In phase II, will build additional wind turbines with 128 MW total capacity by 2019.
Copyright © Swancor All Rights Reserved15
Phase I
Structure of Swancor OSWFStructure of Swancor OSWF
Founder
NT$200 MN
Swancor
Swancor Renewable Formosa I
NT$ 855 MN
Copyright © Swancor All Rights Reserved16
Wind farm developer
Swancor Renewable
Wind farm. Special purpose vehicle.
Formosa I
Perm
it
Fu
nd
ing
Bu
ild
Op
erate
Develop service
Business Model of Swancor OSWFBusiness Model of Swancor OSWF
Formosa I is a offshore wind farm, 95% owned by Swancor. The business model is:
Will generate revenue by producing electricity. In phase I, with 8 MW capacity, estimated average monthly revenue is around NT$12 MN to NT$ 14 MN.
The needed capital for power plant is enormous. Formosa I will seek international investors.
Swancor owner will be diluted to 10%-15% after phase II financial close.
Swancor Renewable is a developer, 100% owned by Swancor. The business model is :
Charge power company management fee in the developing stage.
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Charge power company management fee in the developing stage.
After wind farm developed, receive success fee from power company. The industry standard for success fee is 4% to 7% of total investment, paid by milestones.
The management fee and success fee will be the operating income of Swancor renewable.
Basic plan and milestones
Swancor 4733Swancor 4733
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FinancialsFinancials
Income StatementIncome Statement
NT$ Thousand
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2016Q1 Income Statement 2016Q1 Income Statement
Copyright © Swancor All Rights Reserved2020
* ROE is annualized.
2016Q1 Sales Revenue by Product 2016Q1 Sales Revenue by Product
Copyright © Swancor All Rights Reserved2121
NT$
Mu
llion
2016Q1 Sales Revenue by Region 2016Q1 Sales Revenue by Region
Copyright © Swancor All Rights Reserved2222
NT$
Mu
llion
Balance SheetBalance Sheet
NT$ Thousand
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2016Q1 Balance Sheet and Financial Indexes2016Q1 Balance Sheet and Financial Indexes
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2016Q1 Cash Flow2016Q1 Cash Flow
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Free cash flow = operating cash flow - investment cash flow
SWANCOR IND. CO., SWANCOR IND. CO., LTDLTD
Copyright © Swancor All Rights Reserved2626
Green Energy &Green Energy &EnvironmentalEnvironmental
ProtectionProtection
LTDLTD
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