Green River Holding Apr 01 2016 TPEX CODE: 8444
Outline • Company Data • Product Introduction • Product Introduction • Industry Overview • Operating Performance 1
Company Data Company Data Company Data Company Data 2
1.1 Company Data Establishment…………2011.1.14 • Capital………………… NTD 740 million • Chairman……………… Hsieh, Jung-Hui • President……………… Huang,Teng-Shih President……………… Huang,Teng-Shih • • Office Registration…… Cayman Islands • Operating Location…… Thailand • Main Product………..… Particle Board, Solid wood • 3
1.2 Investment Structure Particle Board Solid wood Green River Holding Co. Ltd Business Business (GRH) 99.99% 99.99% Green River Wood & Lumber Green River Panels (Thailand) Co., Ltd. Manufacturing (Thailand) Co., Ltd. Manufacturing (Thailand) Co., Ltd. (GP) (GP) (GRW) 48.39% Green River Parawood Co., Ltd. (GRP) 99.99% Thailand Nature Resource Co., Ltd. (TNR) 4
1.3 Company Development Event Date Jan 2000 Establishment of GRW (Solid wood) Preparation for Particle Board Business; Establishment of GP Jul 2004 Oct 2006 Inauguration of GP plant construction Sep 2008 Sep 2008 Commercial Operation of GP Commercial Operation of GP Jan 2011 Establishment of Green River Holding Co., Ltd Aug 2011 GP received Environmental Protection Award by Thai Ministry of Industry Dec 2011 GRH owns 99.99% shares of GP through share exchange Feb 2012 GRH owns 99.99% shares of GRW through share exchange Oct 2012 Awarded as Outstanding Overseas Taiwanese SMEs Oct 2015 Officially listed in the Taipei Exchange 5
1.4 Board of Directors Title Education Background Main Experiences Name Green Source Investments Ltd Department of Civil Engineering, Owner of Standard Pallet International Representative: Chairman National Cheng Kung University Hsieh, Jung-Hui Forward Thinking Limited MBA, Ramkhamhaeng University Project Manager, Representative: Evergreen Construction Corp. Director Department of Water Resources Engineering, Huang, Teng-Shih Feng Chia University Sales Engineer, Pro Leasing and Rental Park Island Enterprises President, Kaohsiung Rapid Transit Corporation MS in Mechanical Engineering, Limited Representative: Director Executive Vice General Manager, China Steel Corporation Mississippi State University Chairman, China Ecotek Corporation Du, King-Ling MS in Structural Engineering, Chin Tai Holding Inc. Manager, The University of Arizona Representative: Director Department of Civil Engineering, Continental Engineering Corporation Li, Mu-Wen National Cheng Kung University Ph.D. in Management, UCLA Professor, MBA, National Taiwan University Independent Wu, Ching-Sung College of Management, Director Department of Management Science, National Taiwan University National Chiao Tung University Senior Vice President, Ph.D. in Electrical Engineering, Winbond Electronics Corporation UC Berkeley Vice President, Independent Pai, Pei-Lin Director Electrical Engineering, FocalTech Systems Limited Vice President & Spokesman, National Taiwan University Nanya Technology Corp. Department of Accounting, Special Assistant to President & Spokesman, Independent Lin, Wan-Ling Anji Technology Co., Ltd Director Tunghai University 6 Remark: All of the above are of Taiwanese nationals
1.5 Management Team Position Education Background Main Experiences Name Huang, Chief Project Manager, MBA, Ramkhamhaeng University Teng- Executive Evergreen Construction Corp. Department of Water Resources Engineering, Feng Chia University Shih Officer Sales Engineer, Pro Leasing and Rental MS in Structural Engineering, Chief Li, Mu- The University of Arizona Manager, Sales Wen Department of Civil Engineering, Continental Engineering Corporation Officer National Cheng Kung University Audit Manager, Wang, Chief Department of Accounting, Chialin Precision Industrial Co., Ltd Zheng- Financial Tunghai University Chief Financial Officer, Feng Officer Samya Technology Co., Ltd Wang, Audit Department of Accounting, Assistant Manager, Ping- Manager Aletheia University Deloitte Taiwan Hsun 7
Product Introduction Product Introduction Product Introduction Product Introduction 8
2.1 Main Products Particleboard a.k.a Chipboard Applicable to system furniture, kitchen, flooring, pallets in creating green building and environmental-friendly construction material Green Sustainability Technological Cost Effective Fashionable 9
2.1 Main Products Solid wood With application to various types of furniture, flooring, construction material and other building accessories. 10
2.3 Rubber Wood Utilization By applying over 95% of a rubber tree, GRH maximizes rubber wood resource utilization Wood- Engineered-Wood based Branches Production Plant Panels 40% Slabs Wood 30% Fuel Solid wood Logs 30% 60% Sawmill 11
2.3 Production of Particleboard Chips Branches & Slabs Chipping Flaking Rubber Tree waste Flakers Conti Forming Press Particleboard Pre-Press Blending Eco-friendly Furniture & Wood-Panel Construction Material 12
2.3 Production of Solid Wood Fresh Rubber Wood Logs Sawing Rubber Tree waste Impregnation Drying Grading Solid wood Furniture, Flooring and other wooden products 13
Industry Overview Industry Overview Industry Overview Industry Overview 14
3.1 Rubber Latex • Natural latex is widely used, from daily life to industrial application • Rubber woods are planted as high value cash crops rather than ordinary forestry. Rubber trees are fell and replanted as latex productivity declines and becomes uneconomical, which usually after 25 years. Planting Harvesting Felling Immature Declining Phase Productive Phase Phase Year 1~8 Year 7~25 Year 25+ 15
3.1 Rubber Wood Resource The world’s largest natural rubber producing country -- Thailand UNIT: 10,000 tons 2014 Nnatural rubber producing 500 432.4 450 400 315.3 350 300 250 200 200 140.97 150 95.37 85.7 70.45 66.81 100 50 0 Thailand Indonesia Vietnam China India Malaysia Others Source: International Rubber Study Group (IRSG) World’s 90% of rubber wood plantation is occupied by only 6 countries: Thailand, Indonesia, Malaysia, India, Vietnam and China. Source: Statista 16
3.1 Rubber Wood Resource Southern Thailand – North East the main rubber wood plantation 17.99% region of Thailand Northern 3.65% Region Area (km 2 ) Northern Northern 1,055 North East 5,206 Central 3,468 Central Southern 11.98% 19,204 TOTAL 28,933 Green Thailand’s total plantation = 80% of Taiwan’s total area River Southern Southern’s total plantation = 66.38% 53% of Taiwan’s total area 17 Source: The Thai Rubber Association(2014)
3.1 Materials & Logistics Materials Logistics Bangkok Green River Holding 18
3.2 Upstream and Downstream Rubber Wood Rubber Wood Wood Wood Plantation Trading Engineering Processing Petrochemical Particle Board Plant Particle Board Plant (Resin Plant) (Resin Plant) Undeveloped Undeveloped Developed Future Plan Value-Added Wooden Panel Processing Plants Flooring, furniture (cabinets, shelves, bed frames, desks, tables, partitions etc) doors, amplifying speakers and other building materials 19
3.3 Particleboard Industry Overview Stable growth in Asia – 10.03% CAGR in 2000~2013 million m³ 35 30 25 20 15 10 5 5 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Source: FAOSTAT Forestry (2000~2013) Particleboard Demand in Asia million m³ CAGR 2011~2020 40 8.6% 30 CAGR 2000~2011 20 8.7% 10 0 2000 2012 2020f 20 Source: POYRY(forecast 2012~2020)
3.3 Life Surrounded by Wooden Panels Flooring Kitchen Living Playroom Room Particle Board Office Bathroom 21 Bedroom Walk-in Closet
3.3 Asian Market’s Potential Engineered Wood Panel Distribution (2014) Europe Europe Asia Asia North America North America PLY PB 8% 14% PLY MDF 28% 22% PLY PB MDF 55% MDF 62% 31% PB 10% 70% Source: FAOSTAT Forestry 22
Operating Performance Operating Performance Operating Performance Operating Performance 23
4.1 Sales Market (2015) Particle Board Solid Wood India 0.01% Malaysia Taiwan Thailand 0.21% 0.31% Thailand 13.23% 9.52% 9.52% Indonesia Indonesia 24.08% China 2.42% Korea 7.45% China Malaysia 86.25% 56.52% 24 Source: 本公司
4.1 Operating Performance NTD 1,000 Net Profit NTD million Revenue 285,590 300,000 261,604 2,338 2,325 2,500 250,000 2,015 1,948 2,000 200,000 157,118 1,500 150,000 1,000 100,000 37,938 500 50,000 0 - 2012 2013 2014 2015 2012 2013 2014 2015 EPS Cash Dividends NTD % Gross Margin ROE 元 4.20 4.50 35 3.93 30 4.00 30 26 3.50 25 3.00 2.60 21 2.20 2.50 20 16.9 2.00 16 14.31 2.00 15 11.67 1.50 10 1.00 0.65 0.45 0.32 5 1.37 0.50 0.00 0 2012 2013 2014 2015 2012 2013 2014 2015 25
4.1 Financial Report Statements of Comprehensive Income UNIT：NTD 1,000 Statements of Balance Sheet UNIT：NTD 1,000 26
4.1 Financial Ratios Financial Ratios 27
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