Nien Made March StockCode:8464 · Balance Sheet Summary NT$ mn 2015 2016 2017 2018 2019 YoY (%)...
Transcript of Nien Made March StockCode:8464 · Balance Sheet Summary NT$ mn 2015 2016 2017 2018 2019 YoY (%)...
![Page 1: Nien Made March StockCode:8464 · Balance Sheet Summary NT$ mn 2015 2016 2017 2018 2019 YoY (%) 2016 2017 2018 2019 TOTAL ASSETS 17,63916,58916,70218,623 22,158-6.0% 0.7% 11.5% 19.0%](https://reader036.fdocuments.net/reader036/viewer/2022071422/611c009f7c79eb116e191463/html5/thumbnails/1.jpg)
March 2020
Nien MadeStock Code : 8464
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Source : Nien Made
SmartDrapeTM
Shades2
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MotorizationSystem
Source : Nien Made 3
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P&L Summary
NT$ mn 2015 2016 2017 2018 2019YoY (%)
2016 2017 2018 2019
Sales Revenue 16,821 18,864 19,696 21,878 23,929 12.1% 4.4% 11.1% 9.4%
Gross Profit 7,466 9,142 9,463 9,884 12,150 22.5% 3.5% 4.4% 22.9%
Operating Profit 3,585 4,660 4,895 4,670 6,154 29.9% 5.0% -4.6% 31.8%
Income Before Tax 3,496 4,888 4,771 4,941 6,111 39.8% -2.4% 3.5% 23.7%
Net Income to Parent Shareholders 2,641 3,689 3,595 3,630 4,504 39.7% -2.5% 1.0% 24.1%
EPS (NT$)* 10.09 12.59 12.27 12.39 15.37
Gross Margin 44.4% 48.5% 48.0% 45.2% 50.8%
Operating Margin 21.3% 24.7% 24.8% 21.4% 25.7%
Net Margin** 15.7% 19.6% 18.3% 16.6% 18.8%
* 2015 EPS of NT$10.09 is derived from 2015 average shares. Based on year end share count (293mn), 2015 EPS would be NT$9.01. Historical EPS is retrospective/updated number.
** Net Margin % = Net Income (attributed to parent shareholders)/Sales Revenue. 4
What’s NEW
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Balance Sheet Summary
NT$ mn 2015 2016 2017 2018 2019YoY (%)
2016 2017 2018 2019
TOTAL ASSETS 17,639 16,589 16,702 18,623 22,158 -6.0% 0.7% 11.5% 19.0%
Cash 5,989 4,274 4,258 4,573 7,474 -28.6% -0.4% 7.4% 63.4%
NR & AR 2,037 2,258 2,301 3,027 2,460 10.8% 1.9% 31.5% -18.7%
Inventory 2,739 2,893 3,150 3,565 3,354 5.6% 8.9% 13.2% -5.9%
Fixed Asset 4,796 4,761 4,759 5,060 6,197 -0.7% 0.0% 6.3% 22.5%
TOTAL LIABILITIES* 6,659 4,896 4,604 5,895 8,204 -26.5% -5.9% 28.0% 39.2%
Loan 2,315 0 0 790 2,583 -100.0% n.a. n.a. 227.0%
NP & AP 807 828 735 832 718 2.6% -11.2% 13.1% -13.7%
TOTAL EQUITY 10,980 11,693 12,098 12,727 13,953 6.5% 3.5% 5.2% 9.6%
A/R turnover days 39 42 42 44 42
Inventory turnover days 106 106 108 102 107
A/P turnover days 32 31 28 24 24 5
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7% 10% 7% 6% 5% 4% 4%
74%
48%42% 40% 39% 41% 41%
19%
42%51% 54% 56% 55% 55%
0%
50%
100%
2004 2011 2015 2016 2017 2018 20190
3,000
6,000
9,000
12,000
15,000
2013 2014 2015 2016 2017 2018 2019
(NT$mn)
Historical SalesCustom-Made Window Coverings
Custom Made
Ready Made
Others
BreakdownNien Made’s Sales
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American Sales YoY (%) European Sales YoY (%)
Sales YoY (%) Sales by Region (%)
1,186 1,260 1,5402,059 2,367
2,8203,200
3,7104,392
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
(NT$mn)+19.2%
Sales CAGR (2014-2018)
+18.4% YoY (2019)
6,650 7,927 9,30110,716
13,31214,910 15,494
17,227 18,507
0
4,000
8,000
12,000
16,000
20,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
(NT$mn)+13.1%
Sales CAGR (2014-2018)
+7.4% YoY (2019)
9,218 10,595 12,123 13,85916,821 18,864 19,696
21,878 23,929
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
2011 2012 2013 2014 2015 2016 2017 2018 2019
(NT$mn)
+12.5%Sales CAGR (2014-2018)
+9.4% YoY(2019)
7
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79% 79% 79% 77%
15% 16% 17% 18%
6% 5% 4% 5%
0%
50%
100%
2016 2017 2018 2019
America Europe Asia/Others
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Shandong
Guangdong
Cambodia
Wood Shutters & Blinds
Parts & Wood Products
Ready- Made Blinds
Shades
Ready- Made Blinds
Dallas, Texas
Blinds & Shades(Light Assembly Factory)
Shutters & Faux Wood Blinds
Mexican Custom-Made CapacityPilot run in 2020Q2
Mexico
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CustomMade
ReadyMade
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Norman Mexico500 Workers (2020)Shutters & Faux Wood BlindsBenefits of Shorter Lead Time & Freight Cost Reduction
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Norman Australia3D Showroom Tour (Online)
10
What’s NEW
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https://my.matterport.com/show/?m=DRVpivqHFmC
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Exhibition for Hospitality, Food service
Catering industriesJapan
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Developing small independent channels in 19 years
11 subsidiaries (Regional Business Center, RBCs)
200+programs/road shows (Certification of Dealers/Designers annually)
483 staffs in US4,500+ effective accounts (Dealers/Designers/Specialty Stores)
D
RBC (Regional Business Center)
DealersDesigners
12
What’s NEW
CustomMade
ReadyMade
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National AccountIntroducing Simplified Custom-Made Assortments
13http://www.venetawindowfashions.com/
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873 975 1,118 1,051 1,138
7,189 6,791 6,635 6,642 5,718
1,586 2,473 3,226 3,807 4,257
9,64810,239
10,97911,500 11,113
2015 2016 2017 2018 2019
Cambodian Ready-Made CapacityContinuous Expansion
Unit: Person
Cambodia
China
Others
Total
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Myanmar Ready-Made CapacityStart Construction in Late 2020
YangonMyanmar
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Ready-Made(OEM)
1974- 2000
Custom-Made(OBM)
Ready-Made(ODM)
2001 - now
Shutters2001 - now
BlindsShades
2011 - now
Ready-Made
Since19 46
Years74
16
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Global Market SizeEst. US$11bn
US Custom-Made Market SizeEst. US$4.5+bn
Global WindowTreatmentsMarket
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DealersDesigners
Small specialty storesChannel Big Box Retailers
(Home Depot, Walmart)
Less sensitive Price Sensitivityof Users Sensitive
Local fabricatorsHunter Douglas
Springs Window FashionsMajor Players
Local makers in ChinaSprings Window Fashions
LEVOLOR
Ready-MadeWindow Coverings
Custom-MadeWindow Coverings
Channel WindowTreatmentsBrief
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CustomMade
ReadyMade
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Blinds and Shades
Cellular Shades
Blinds
Roller Shades
Other Window Coverings
NM’s market share
US$1,000|
US$300
US$100|
US$10 Blinds and Shades
Quantities of Window Coverings
Shutters
Motorization Shutters
North WindowTreatmentsAmerica
Retailing Price/Window
Custom-Made
Ready-Made
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What’s NEW
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NEW
NEW
SmartDrapeTM ShadesPerfectSheerTM Shades
NEW
US$700|
US$200
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Highly IntegratedVertically
Parts Produced In-HouseMetal parts: 70+% Injection plastic parts: 90+%Pull cords & corrugated board/boxes: 100%
20
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From To Finished Shutters Logs
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15 LeanProductionYears
Continuous Improvement2,000+ proposals made by employees annually
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Name Position Description of responsibility Experience Education Profile
Howard Nien Chairman & CEO
Setting/ implementing the organization‘s vision/ operating decisions.
20 ■ L.L.M. - Southern Methodist University, US
Benson Pong Executive Vice President
Planning and implementation of the Toyota Production System (TPS) through out the entire organization.
43 ■ B.S. - Hsiuping University of Science and Technology
Michael Nien Vice President
Developing business for Big-box stores/retailers. Responsibilities include: product R&D, operation, sales marketing and strategies.
19
■ M.B.A. - Boston University, US
■ B.S. - Electrical engineering, National Taiwan University, Taiwan
Ken Chuang Vice President Establishment and ongoing development of the entire Cambodian operation.
37 ■ B.S. - National Chung Hsin University, Taiwan
Ron Nien Vice President Responsible for developing the Japanese market. 15
■ M.B.A. - Kellogg School of Management, Northwestern University
■ M.E.M (Master of Engineering Management) -Northwestern University
Edward Jok CFO
Responsible for finance operations, profit/costanalysis, forecasting needs and the securing of new funding.
32
■ M.B.A. - University of British Columbia
■ B.S. - University of California Berkeley, Computer Science
Ranjan Mada President-USOverseeing the complete operation for the American Custom-made sector.
40 ■ M.B.A. - University of Western Ontario, Canada
Dr. Harjit Singh President-USOverseeing the complete operation of the Sales & Marketing for the Big-box / large chain sectors.
32
■ Ph.D. - Strategic Management, University of Tennessee
■M.B.A. - University of South Carolina
IR Calendar2019
Financials Mar 2020
1Q20Financials May 2020
Investor Meeting 2020H1
2Q20Financials Aug 2020
Investor Meeting 2020H2
3Q20Financials Nov 2020
About The LeadershipNM
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THEEND