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Our Milestone
1977 PAHSCO formed with a stock Capital of NT$ 1 Million 1980 Started the production & trading of central medical gas equipments
2001 Tong Lo Factories received ISO13485
2002 Tong Lo (F1) received GMP Certification
2004 PAHSCO became a public listed company in the stock market 2005 Tong Lo (F3) formed to expand the production of sterilize medical product 2006 The automatic warehousing system was officially implemented in August
Tong Lo (F2) constructed & expanded the production of gas piping products 1987
2009
Expanded 11,997m2 of production capacity
2008
Constructed New factory (F4) on 15th January
2008
2010
Obtained 7,085 m2 of land
Issued its second series of secured domestic convertible bonds
2011 Implemented Oracle ERP systems
2012 Implemented BPM system
Since 2009, PAHSCO has been awarded with the Top-Ten Class A++ ranking for information transparency and disclosure for 4 consecutive years.
224,103 245,633 256,253 270,349 284,126
0
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011(e) 2012(f) 2013(f)
5
Introduction to the Medical Product Industry and Future Global Market for Medical Devices and Equipments –
Steady growth year by year
Source: Espicom Business Intelligence(2011); IEK(2011/04)
Percentage of Global Market (2010)
Prediction of Global Market
Growth rate maintained between 5%-6% in recent years.
America, 44%
Asia, 19%
Western Europe,
28%
Eestern Europe,
5%
Middle East and Africa,
3%
Unit
:Million (U
SD)
6
Introduction to the Medical Product Industry and Future
Prediction of Global Medical Product Market
Source: Espicom Business Intelligence(2011); IEK(2011/04)
Estimated percentage by category
Estimated percentage of Global Market
by country
Medical Disposal Devices
17% Diagnostic
Imaging Products
24%
Orthodontic Products
6%
Orthopodic and
Implantable Products
17%
Others 36%
2012(f) USD 270.3B
United States 38%
Japan 10% Germany
8%
France 4%
Others 40%
2011(e) USD 256.3B
7
Medical Device and Equipment Industry in Mainland China
Market Proportion Analysis U
nit
:Million (U
SD)
China market has maintained 10% of the growth rate in recent years.
Resource: IEK(2011/04)
6,695 7,446
8,590 9,748
11,013
0%
5%
10%
15%
20%
0
2,000
4,000
6,000
8,000
10,000
12,000
2009 2010 2011E 2012F 2013F
市場規模 Market Proportion 年均成長率 Avg. Annual Growth Rate
9
Overall Index of Geographic Areas
Developed Countries with Subcontract Manufacturing Focus
Countries with Self-Branding Focus
US Japan Germany China Taiwan
Overall Index
Population (Million) 310 127 81.6 1350 23
Age (0~14:15~64:65up) 20 : 67 : 13 13 : 65 : 22 14 : 66 : 20 17.6:73.6:8.9 16 : 73 : 11
Birth Rate:Death Rate 14 : 8 9 : 9 8 : 10 12 : 7 9 : 7
Fertility Rate 2.1 1.4 1.4 1.8 0.94
GDP (Million USD) 14,582,400 5,497,812 3,309,669 5,878,629 430,096
GDP per Capita(USD) 47,084 43,161 40,542 4,393 17,660
Economic Growth Rate 2.90% 5.10% 3.60% 10.3% 4.21%
Medical Industry Index
Health Expenditure per Capita(USD) 7,410 3,321 4,629 169 1,260
Health Expenditure / GDP(%) 16.20% 8.30% 11.30% 4.6% 6.00%
Change of Health Expenditure per Capita
3~4% Steady Growth
Rate
Adjusting (Negative growth approx. in every 5
years)
Positive growth (Growth Rate not
steady)
15% and above High-speed Growth Rate
2~3% Growth Rate
Hospital Beds per 1000 persons (unit) 3.10 13.80 8.20 2.45 6.78
Source: World Bank, Espicom, IEK
10
Population Structure of Geographic Areas Low birth rate in
Taiwan, hence the Population
Structure is aging. Population of age above 65
Country Percentage of population above age 65 Period of time expected
7% 10% 14% 20% 30% 7%→14% 10%→20% 20%→30%
Taiwan 1993 2005 2017 2025 2040 24 20 15
Singapore 2000 2010 2016 2023 2034 16 13 11
South Korea 2000 2007 2017 2026 2040 17 19 14
Japan 1970 1985 1994 2005 2024 24 20 19
China 2001 2010 2026 2036 - 25 20 -
United States 1942 1972 2015 2034 - 73 62 -
Germany 1932 1952 1972 2009 2036 40 57 27
UK 1929 1946 1975 2026 - 46 80 -
Italy 1927 1966 1988 2007 2036 61 41 29
Switzerland 1887 1948 1972 2015 - 85 67 -
France 1864 1943 1979 2020 - 115 77 -
Source: 1. Council for Economic Planning and Development
2.United Nations, World Population Prospects:The 2006 Revision.
11
Japan 28%
Taiwan 19% US
8%
Others 30%
China 9%
Germany 6%
Major Exporting Countries
80% 85% 90% 95% 100%
2009
2010
2011
2012
87.30%
90.50%
91.03%
90.50%
5%
6.60%
5.85%
6.90%
7.70%
2.90%
3.12%
2.60%
Percentage of Product Categories
Medical Device Medical Equipment Piping System
Major Exporting Countries and Percentage of Product Categories
12
Tubes, 30%
CSS, 25% Bags, 13%
Others, 23%
Wound Drainage
System, 5% Bottles, 2%
Respiratory, 2%
Disposable Medical Devices
Close Suction System (CSS) Sales Revenue:382 Million % of Product TR: 25% (2nd )
Tubes Sales Revenue:400 Million % of Product TR: 30% (1st )
Respiratory Sales Revenue:25 Million % of Product TR: 2%
Bags Sales Revenue:185 Million % of Product TR: 13% (3rd)
13
Client Types of Medical Devices & Equipment 2011
Thousand of NTD
2011/Q1-Q4
Item Hospital Distributor Manufacturer Other TOTAL
AMT % AMT % AMT % AMT % AMT %
Domestic 76,527 5.88% 109,170 8.39% 46,543 3.58% 232,240 17.84%
Export 0.00% 370,055 28.43% 682,599 52.44% 16,761 1.29% 1,069,415 82.16%
TOTAL 76,527 5.88% 479,225 36.82% 682,599 52.44% 63,304 4.86% 1,301,655 100.00%
14
Client Types of Medical Devices & Equipment 2012
Thousand of NTD
2012/Q1-Q4
Item Hospital Distributor Manufacturer Other TOTAL
AMT % AMT % AMT % AMT % AMT %
Domestic 85,407 6.10% 120,323 8.59% 26,907 1.92% 232,637 16.61%
Export 0.00% 438,911 31.33% 722,329 51.56% 7,014 0.50% 1,168,254 83.39%
TOTAL 85,407 6.10% 559,234 39.92% 722,329 51.56% 33,921 2.42% 1,400,891 100.00%
15
Sales by Quarter Thousand of NTD
YEAR 2006 2007 2008 2009 2010 2011 2012
Q1 131,736 192,669 222,680 246,505 299,794 325,890 342,607
Q2 204,176 218,285 221,649 282,752 319,461 372,298 341,626
Q3 236,581 204,471 240,016 294,085 310,737 342,243 369,016
Q4 166,433 217,421 276,562 311,086 318,310 303,188 385,459
Total 738,926 832,847 960,906 1,134,428 1,248,302 1,343,619 1,438,708
Growth 39.2% 12.7% 15.4% 18.1% 10.0% 7.64% 7.08%
Gross Margin 27.26% 28.92% 33.25% 39.37% 41.07% 38.67% 39.14%
16
Financial Information
ITEM 2006 2007 2008 2009 2010 2011 2012
EPS 2.03 2.45 2.73 (0.23) 5.49 5.39 4.74
ROE % 14.52 19.13 19.27 (1.4) 28.14 22.62 19.86
ROA % 10.43 14.24 12.88 (0.93) 22.20 18.93 16.66
Pay-out % 79 28.5 56.4 Nil 75 74.21 -
Net Profit Margin
10.7 14.1 13.6 (1.12) 27.55 24.06 21.76
Net Cash per Share
4.9 4.2 7.2 8.0 9.84 10.44 12.37
*2010EPS 5.49 in the weighted average capital ; *2010EPS 6.37 in the year-end capital
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1 .00Stock Dividend presented at the Shareholders’ Meeting.
REMARK: Some accounts are not yet audited or certified by our CPAs; therefore, the quarterly financial statements certified (reviewed) by our CPAs are final.
17
Financial Information
ITEM 2006 2007 2008 2009 2010 2011 2012
EPS 2.03 2.45 3.53 4.24 5.44 5.39 4.74
ROE % 14.52 19.13 22.23 22.71 27.85 22.62 19.86
ROA % 10.43 14.24 14 16.15 22.02 18.93 16.66
Pay-out % 79 28.5 43.6 Nil 75.7 74.21 -
Net Profit Margin
10.7 14.1 17.6 20.69 27.27 24.06 21.76
Net Cash per share
4.9 4.2 7.2 8.0 9.84 10.44 12.37
* Ignore the evaluation loss of financial liabilities
*2010EPS 5.44 in the weighted average capital , 2010EPS 6.31 in the year-end of capital
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1.00Stock Dividend presented at the Shareholders’ Meeting.
REMARK: Some accounts are not yet audited or certified by our CPAs; therefore, the quarterly financial statements certified (reviewed) by our CPAs are final.
Medical Device Market Revenue – World
18
Source: Frost & Sullivan, 2010
Total Revenue ($Billion)
5.94 6.53
8.9 12.47
14.25 18.4
20.48 21.07
23.45 24.34
37.1 48.08
55.8
0 10 20 30 40 50 60
Cosmetic Surgery & Lifestyle ProductsNeurology & Neuromuscular Devices
Intravenous & Infusion DevicesUrology & Gynecology Devices
Ophthalmic & Optical DevicesGeneral Surgical Therapeutic Devices
Single Use Surgical & DisposablesMinimally Invasive Surgical Devices
Wound Care and BiomaterialsOthers
Orthopedic and Prosthetic DevicesAnethetic and Respiratory Devices
Cardiology and Thoracic Surgery
Medical Device Market Revenue – China
19
6.7 7.4 8.9
10.2 11.6
13.2 14.9
02468
10121416
2009 2010 2011(e) 2012(e) 2013(f) 2014(f) 2015(f)
($ Billion)
Resource: IMS Health, Espicom, 2011醫材年鑑, IEK
20
Respiratory Disposable Market Size – Facts And Figures in China
Inpatients % of Respiratory System Diseases
City
Hospital
County-level
Hospital Average
2009 12.23% 16.46% 14.35%
2010 12.41% 16.43% 14.42%
21
2008 2009 2010 2011 2012 Total
Revenue (PAHSCO)
0. 96 B 1.13 B 1.25 B 1.34 B 1.44 B
% of China 5.1 % 6.5 % 6.7 % 8.5 % 9.0 %
~ 49 M
~ 73 M ~ 83 M
~ 115 M ~ 130 M
2008 2009 2010 2011 2012
Sales Revenue in China (PAHSCO)
14%
50%
13% 38%
Sale Revenue in China
Information about the Leading Firms
22
Revenue in Respiratory
Devices (% of TR)
400M** (2%)
752M (6%)
699M (56%)
176M** (5%)
Kimberly Clark Covidien Resmed CareFusion
Headquarter Texas
Dublin
SD,CA
SD,CA
Stock Exchange NYSE, BMV NYSE NYSE, ASX NYSE Stock Price
(Jun. 29) 83.77 53.50 31.20 25.68
Market Cap 32.85B 26.16B 4.42B 5.70B EPS(ttm) 4.31 3.82 1.49 1.65
Sales Revenue (million) 20,846 11,574 1,243 3,528
Profit Margin 29.5% 56.83% 59.61% 51.16% Net Profit Margin 7.63% 16.14% 23.90% 6.91%
Source: Yahoo Finance, FR of the companies, *Global Data **estimated
Mask and Tubings for NIV
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& Tubing
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23