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NAN YA PLASTICS CORPORATION

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Nan Ya Plastics : 4Q21 non-audited Consolidated Income Announcement

01/10/2022 | 12:48am EDT
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Provided by: NAN YA PLASTICS CORPORATION
SEQ_NO 3 Date of announcement 2022/01/10 Time of announcement 13:32:09
Subject
 Nan Ya Plastics Corporation 4Q21 non-audited
Consolidated Income Announcement
Date of events 2022/01/10 To which item it meets paragraph 51
Statement
1.Date of occurrence of the event:2022/01/10
2.Company name:Nan Ya Plastics Corporation
3.Relationship to the Company (please enter ��head office�� or
  ��subsidiaries��):head office
4.Reciprocal shareholding ratios:N/A
5.Cause of occurrence:Nan Ya Plastics Corporation 4Q21 non-audited
Consolidated Income Announcement
6.Countermeasures:None
7.Any other matters that need to be specified:
I. QoQ Comparison:
The fourth quarter of 2021 continued the positive momentum. Compared
with the peak of the third quarter, although the margin had narrowed
down due to the market correction of soaring prices of BPA, plasticizers,
and other products, the quarterly consolidated operating revenue and
operating income still achieved the highest record of the fourth quarter
ever.
In summary of the annual performance, as the favors of the economic
recovery from better control of Covid-19 pandemic, the technological
innovation and broad application of electronic materials, the unstable
supply in the industry caused by climate and shipping factors, and the
expansion of the company's production capacity, the results of 2021
full-year revenue and profit both hit new highs. The cumulative EPS
reached NT$10.25, surpassing the highest annual record of NT$7.75 in 2007.
The illustration of QoQ difference is as follows:
1. The consolidated operating revenue of 4Q21 was 108,039 million,
decreased by 1,890 million (1.7% decline) compared with 3Q21, including
399 million increasing in sales volume variance and 2,289 million
decreasing in sales price variance. Mainly resulted from the decline in
the price of raw materials for electronic materials products, leading to
the reduction in the selling price in corresponding, the revenue slightly
reduced. Sales from other products remained even.
2. The consolidated income before tax was 23,211 million, decreased by
6,535 million compared with previous quarter:
(1) Operating income was 19,138 million, a 3,493 million decrease from
3Q21 (-15.4%):
Electronic materials products had contributed the most to the profit
since the profit remained as smooth as the previous quarter. In terms of
chemical products, with the completion of the scheduled turnaround in
BPA and plasticizers plants in the industry, the market supplies increased,
further easing the supply shortage and resulting in the market correction
of the soaring prices in the previous two quarters, leading to a relative
decrease in profits.
As the operation of polyester and plastic products was stable, the profit
remained flat.
(2) Investment income under equity method was 3.9 billion, a 1.6 billion
decrease from previous quarter.
a. Recognized a 1,749 million investment income from FPCC
(a 629 million decrease), which had an effect on Nanya's EPS NT$ 0.22.
b. Recognized a 326 million investment income from Formosa Olefins, L.L.C
(a 350 million decrease), which had an effect on Nanya's EPS NT$ 0.04.
c. Recognized a 1,891 million investment income from NTC
(a 321 million decrease), which had an effect on Nanya's EPS NT$ 0.24.
(3) Dividends income: 1.2 billion less profitable than the 3rd quarter.
a. Recognized 708 million from FPC in last quarter.
b. Recognized 351 million from FCFC in last quarter.
c. Recognized 72 million from Mai Liao Harbor Administration Corp. in
last quarter
(4) Foreign exchange loss: 98 million (267 million less profitable).
The NTD appreciated in 4Q21 (27.866��27.690) caused the exchange loss
mainly.
3. The consolidated net income attributed to shareholders of the parent
company was 17,461 million and the EPS was NT$2.20 in 4Q21.
II. YoY Comparison:
The 2021 full-year consolidated operating revenue of 411,666 million,
operating income of 80,998 million, income before tax of 103,458 million,
and EPS of NT$10.25 all broke the highest record. Since the global
adaptability to the Covid-19 pandemic improved in 2021, the prosperity of
various industries had rebounded strongly. Secondly, the rapid development
of electronic applications increased a substantial demand for related
products. Third, climate and shipping factors also impacted the supply
chain, increasing product prices. In addition, the company had been
planning to increase capacity globally, such as the expansion in Taiwan,
China, and the United States to enhance momentum. As a result, in the
review of this year, the substantial operating income and the significant
growth of non-operating investment income resulted in the overall
performance remarkably surpassing the past with fruitful results.
The illustration of the YoY difference is as follows.
1. The consolidated operating revenue in 2021 was 411,666 million, increased
by 138,312 million, grew 50.6% compared with last year, including 44,651
million increasing in sales volume variance and 93,661 million increasing in
sales price variance.
(1) The revenue of electronic material products increased by 62.5 billion
(+52.2%):
Following the favors of 5G construction and AI development since 2019
and the stay-home economy like widespread use of the remote connection
during the Covid-19 pandemic in 2020, electronic material products had
been on a sound foundation since the beginning of 2021. Also, the rapid
expansion of demand for electric vehicles and various AI products and
the new production capacities such as the Copper foil plant and ABF
substrates plant further resulted in the rapid growth of revenue. In
2021, the revenue of electronic materials products reached 182.3
billion, accounting for more than 40% of the company, a substantial
contribution.
(2) The revenue of chemical products increased by 52.3 billion (+80.6%):
With the significant increase in global consumption and unstable market
supply caused by climate and shipping issues and the completion of the
EG-2 plant expansion in Texas, the revenue of products such as BPA, 1.4BG,
EG, plasticizer, PA, and 2EH increased significantly.
(3) The revenue of polyester products increased by 14.7 billion (+33.8%),
and plastics increased by 7.7 billion (+18.8%). Both were significantly
superior to 2020.
2. The consolidated income before tax in 2021 was 103,458 million,
increased by 73,021 million compared with last year:
(1) Operating income was 80,998 million, a 59,777 million increase from
last year (+281.7%):
Electronic material products accounted for the highest profit ratio (49.4%).
With the vigorous development in the global electronic industry, profits of
CCL, PCB, Epoxy resin, Copper foils, and other products had grown
significantly. Chemical products accounted for the second-highest profit
(40.3%). Due to the strong recovery of the global economy in 2021, the
demand for various products increased significantly, driving a substantial
increase in profits. Besides, the profit of polyester products also
increased distinctly.
(2) Investment income under equity method was 20,742 million, a 14,099
million increase from last year:
a. Recognized a 11,408 million investment income from FPCC
(a 9,691 million increase), which had an effect on Nanya's EPS NT$ 1.44.
b. Recognized a 6,711 million investment income from NTC
(a 4,437 million increase), which had an effect on Nanya's EPS NT$ 0.85.
c. Recognized a 1,597 million investment income from Formosa Olefins, L.L.C
(a 1,035 million increase), which had an effect on Nanya's EPS NT$ 0.20.
(3) Dividends income: 1,268 million (959 million less profitable than the
last year).
a. 590 million less profitable from FPC than last year.
b. 183 million less profitable from FCFC than last year.
c. 96 million less profitable from ASIA Pacific Investment Co. than last
year.
(4) Foreign exchange loss was 621 million (621 million more profitable
compared with last year). As the appreciation of NTD in 2021 was lower
than in 2020, exchange loss decreased.
3. The consolidated net income attributed to shareholders of the parent
company was 81,294 million and the EPS was NT$ 10.25. Both are the
highest records in history.

Disclaimer

Nan Ya Plastics Corporation published this content on 10 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2022 05:47:09 UTC.


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Sales 2022 415 B 14 027 M 14 027 M
Net income 2022 73 058 M 2 467 M 2 467 M
Net Debt 2022 73 374 M 2 477 M 2 477 M
P/E ratio 2022 8,83x
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Nbr of Employees 32 271
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Number of Analysts 9
Last Close Price 81,30 TWD
Average target price 98,88 TWD
Spread / Average Target 21,6%
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Managers and Directors
Ming Jen Tsou President & Director
Ming Chung Yeh Head-Finance
Chia Chao Wu Chairman
Chih Kang Wang Independent Executive Director
Yun Peng Chu Independent Director
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