Formosa Plastics Corporation (台灣塑膠工業股份有限公司) - 2024 Q1 Operating Performance Summary
Company Overview
- Company Name: Formosa Plastics Corporation (台灣塑膠工業股份有限公司)
- Report Date: 2024年3月31日
Financial Highlights
- Net Sales (IFRSs consolidated):
- 2023 Q1: NT$52 billion
- 2024 Q1: NT$48 billion
- Consolidated Revenue (IFRSs) (NT$ million):
- 2023 Q1: NT$52,213
- 2023 Q2: NT$48,447
- 2023 Q3: NT$50,736
- 2023 Q4: NT$47,743
- 2024 Q1: NT$48,108
- Pre-tax Income (NT$ million):
- 2023 Q1: NT$2,466
- 2023 Q2: NT$1,073
- 2023 Q3: NT$6,838
- 2023 Q4: NT$-3,380
- 2024 Q1: NT$361
Recent Performance and Results
- Revenue Performance (2024 Q1 vs. 2023 Q1):
- Revenue in 2024 Q1 fell 7.9% from 2023 Q1.
- Mainly due to decreasing Average Selling Price (ASP) of most products.
- Also due to decreasing sales volume of several products, including HDPE, EVA, LLDPE, MTBE, and ECH.
- Revenue Performance (2024 Q1 vs. 2023 Q4):
- Revenue in 2024 Q1 rose 0.8% from 2023 Q4.
- Mainly due to increasing sales volume of most products.
- Also due to increasing ASP of AE, LLDPE, and MMA.
- Pre-tax Income Performance (2024 Q1 vs. 2023 Q4):
- Pre-tax income rose in 2024 Q1 from 2023 Q4.
- Mainly due to increasing operating income and investment income from FPCC.
Future Outlook and Guidance
- Capacity Expansion Plan:
| Location | Products | Current Company Capacity (p.a.) | Expansion (p.a.) | Completion Date | Investment (US$ mn) |
|---|---|---|---|---|---|
| Mailiao, Taiwan | PVC | 1,338KMT | 35KMT | 2027Q1 | 10 |
| Renwu, Taiwan | PVC | 1,373KMT | 10KMT | 2027Q2 | 4 |
| Linyuan, Taiwan | PVC | 1,383KMT | 13KMT | 2028Q1 | 3 |
| Texas, USA | 1-Hexene | - | 100KMT | 2025Q4 | 208 |
| Renwu, Taiwan | Carbon Fiber | 7,650MT | 1,600MT | 2025Q1 | 116 |
Products & Technologies
- Products:
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Caustic Soda
- Ethylene Vinyl Acetate (EVA)
- Acrylic Esters (AE) / Acrylic Acid & Esters
- Linear Low-Density Polyethylene (LLDPE)
- High-Density Polyethylene (HDPE)
- Acrylonitrile (AN)
- Super Absorbent Polymer (SAP)
- Methyl Tert-Butyl Ether (MTBE)
- Methyl Methacrylate (MMA)
- N-Butanol (NBA)
- Epichlorohydrin (ECH)
- Polyethylene (PE) (a group including HDPE, EVA, LLDPE)
- Specialty Chemicals (a group including AN, MTBE, MMA, ECH)
- Carbon Fiber
- 1-Hexene
Clients & Markets
- Not explicitly detailed in the provided slides.
ESG / Sustainability
- Not explicitly detailed in the provided slides.
Outlook & Strategy
- The company is undertaking capacity expansion projects for PVC in Taiwan, 1-Hexene in the USA, and Carbon Fiber in Taiwan, with completion dates ranging from 2025 Q1 to 2028 Q1.
Additional Data
- 營業收入-產品別(IFRSs consolidated) (Operating Revenue - By Product (IFRSs consolidated))
- 2023 Q1 Net Sales (NT$52 billion) Product Mix:
- PVC: 20%
- PP: 11%
- Caustic Soda: 10%
- EVA: 10%
- Acrylic Esters: 8%
- LLDPE: 7%
- HDPE: 6%
- AN: 5%
- SAP: 4%
- MTBE: 2%
- MMA: 2%
- NBA: 2%
- ECH: 1%
- Others: 12%
- 2024 Q1 Net Sales (NT$48 billion) Product Mix:
- PVC: 22%
- PP: 13%
- Caustic Soda: 10%
- Acrylic Esters: 9%
- EVA: 8%
- LLDPE: 7%
- HDPE: 5%
- AN: 5%
- SAP: 4%
- MTBE: 1%
- MMA: 1%
- NBA: 1%
- ECH: 1%
- Others: 11%
- 2023 Q1 Net Sales (NT$52 billion) Product Mix:
- 營業利益-產品別 (Operating Profit - By Product)
- Main Profit Sources: Polyvinyl Chloride (PVC) and Ethylene Vinyl Acetate (EVA) Copolymer are identified as main sources of profit.
- 2024 Q1 Operating Profits (NT$Million):
- PVC, PE, EVA, Acrylic Acid & Esters, Specialty Chemicals, and Carbon Fiber showed positive operating profits.
- Caustic Soda, PP, and SAP showed negative operating profits.