#1Vinda International Holdings Limited (Incorporated in the Cayman Islands with limited liability) (Stock code: 3331) 2020 Annual Results Healthy Lifestyle Starts with Vinda Vinda#2Chairman's Highlights 1 Vinda Sound business fundamentals remained, continuous margin expansion • Strong growth in profitability (GPM & NPM) Focus on innovation and value creation Favorable market trend 2 Growth driver Successful premium positioning Strong momentum in personal care (in particular, feminine care in China). Outstanding e-commerce performance 3 Key Achievement • MSCI Global Standard Indexes MSCI China All Shares Index Hang Seng Composite Index Hang Seng Stock Connect Greater Bay Area Composite Index 2#3Financial Highlights Vinda#4Revenue Growth Total Revenue (HK$M) Revenue Mix (%) 18 % 3.7%1 16,512 16,074 2019 2020 1 YoY growth at constant exchange rate: 3.7%, YoY growth at reported rate: 2.7%. 2019 18% 2020 Vinda 82% % Tissue Personal Care Solid topline growth in a challenging environment China business regained strong momentum in Q4 Continuous strong performance in personal care Increasing contribution from premium portfolio 4#5Revenue by Channels China e-commerce contributed 46% of China revenue 36% 27% 29% 31% 2020 2019 13% 25% 15% 24% • Traditional channels (i.e. Distributors) . B2B (i.e. Corporate client) . • . Key accounts (i.e. Hypermarkets, Supermarkets) E-commerce • Vinda Strong growth in e-commerce Good recovery of offline channels in Q4 5#6Gross Profit Margin Gross Profit (HK$M) 24.8% Gross Profit Margin (%) 31.0% 6.7ppts Vinda 37.7% 4,985 2019 Pulp Price Movement USD/ton 1000 900 800 700 600 500 400 6,223 2020 Long Fibre Short Fibre Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 2019 2020 GPM expansion: • • Continuous improvement in product mix Increasing contribution from personal care business Disciplined pricing management Lower raw material prices 6#7Operating Profit & EBITDA Operating Profit (HK$M) EBITDA (HK$M) 34.5% 1,570 2019 56.3% Operating Margin (%) 2,453 2020 9.8% 14.9% 2,678 2019 EBITDA Margin (%) 3,601 2020 16.7% 21.8% 2019 2020 2019 2020 Vinda 7#8Net Profit & Dividend Net Profit (HK$M) 64.7% 1,874 1,138 2019 Net Profit Margin (%) 4.3ppts 2020 Basic Earnings Per Share (HK cents per share) 64.2% 156.5 95.3 2019 Total Dividend (HK cents per share) 2020 Vinda 47.0 11.4% 28.0 7.1% 37.0 Proposed final dividend 21.0 7.0 10.0 Interim dividend 2019 2020 2019 2020 8#9Segment Performance Tissue 3.6%1 Personal Care 4.3%1 Vinda Revenue 2,820 2,904 13,608 (HK$M) 13,254 2019 2020 38.3% 2019 2020 34.7% Gross profit 31.4% 29.1% margin (%) 2019 2020 2019 2020 10.6% Segment 16.5% results margin* 6.6% 11.6% (%) 2019 2020 2019 2020 *Segment profit before amortisation of trademarks, licenses & contractual customer relationship 1 YoY growth at constant exchange rate 9#10SG&A SG&A as a % of Sales Vinda 23.7% 21.3% 5.3% 5.8% 17.9% 16.0% 2019 2020 Administrative expenses ratio Selling & marketing expenses ratio Continuous long term brand building investment Prioritizing investment for premium brands and products Increased investment in personal care KEN'S 亲肤先生纸宠你 维达棉韧立体美 Vinda Libresse MER Libresse 薇尔 V型剪裁 更贴合 周冬雨 Libresse薇尔品牌代言人 Libresse 专利科技 贴合人体曲线 10 10#11Tax Rate & Interest Rate Effective Tax Rate (%) 17.0% 19.4% Effective Interest Rate (%) 4.1% 3.2% 2019 2020 2019 2020 Vinda 11#12Key Indicators (HK$M) Debtors turnover days¹ Creditors turnover days² Finished goods turnover days³ Working capital to sales ratio4 (HK$M) Cash and cash equivalents Total debt Net debt Net gearing ratio Net debt/EBITDA Vinda As at 31 Dec 2020 As at 31 Dec 2019 44 42 93 90 49 46 11.0% 4.5% As at 31 Dec 2020 As at 31 Dec 2019 749 460 4,934 4,339 4,184 3,879 35.9% 41.0% 1.2 1.4 1 Multiplying 12-month average account receivables by 360 days and dividing the result by the revenue for the last 12 months Multiplying 12-month average account payables by 360 days, and dividing the result by the cost of sales for the last 12 months 2 3 Multiplying 12-month average finished goods by 360 days, and dividing the result by the cost of sales for the last 12 months 4 Total working capital (excl. cash & cash equivalents)/total revenue 12#13• Environmental, Social & Governance 1 Health & Safety LTA (case) LTA: Lost Time Accidents 2 Green Production 20% Vinda 2020 2019 14 17 2020 2019 • Avg. overall energy consumption per ton of paper (ton of stand coal) (Mainland China) 0.321 0.331 • CO2 emission intensity (per HK$10,000 of sales) 0.69 0.68 • Water recycling rate >95% Wood pulp sourcing 3 Sustainable Development Hong Kong Sustainable Finance Awards 2020 Outstanding Award for Green Loan Issuer The Asset ESG Corporate Awards 2020 Gold Award >99% environmentally certified United Nations (UN) Women 2020 Asia Pacific Women's Empowerment Principles (WEPS) Awards Gender-Responsive Marketplace category Obtained the "Green Finance Pre-Issuance Stage Certificate" issued by HKQAA ¹below national standard upper limit of 0.42 13#14Summary of Key Opportunities W Continuous growth opportunities Tissue market: Low per capita consumption, premiumization and professional hygiene Feminine: Driving towards double digit market share Incontinence: Catering for the aging demographics Leveraging channel strength with focus on e-commerce $ Profitability enhancement Portfolio management in tissue with focus on premium Higher contribution from Personal Care Continuous cost management Vinda Consumer relevant ESG innovations Excellent customer and consumer insight Focused innovation strategy and execution Focus on sustainability: certified fiber, emission and waste reduction Developing our people: health and safety, training & career development Excellent corporate governance: code of conduct, transparency & compliance 14 ±#15Vinda Appendix 15#16Leading Market Positions Mainland China 18.1% No.1 Tissue1 Vinda Tempo TORK Hong Kong, China 46.1% Taiwan, China 26% Germany 多康 No.1 Tissue² נורך Tempo Vinda TORK Vinda No.2 Incontinence³ 添寧 『包大人 TENA Dr. P Kantar, value share YTD Dec 2020 Nielsen, value share FY 2020 Notes: 2. 123456 6. 1. 3. Nielsen, volume share YTD Dec 2020 Internal estimates, value share, YTD Nov 2020 5. Internal estimates, value share, FY 2020 Kantar Worldpanel, value share YTD Dec 2020 Vinda No.1 Incontinence4 Malaysia 46% TENA 包大ãoxP 46% No.1 Baby Care6 Drypers No.1 Feminine6 35% Libresse No.1 Incontinence5 Singapore 70% TENA 包大人orP 16#17Production Capacity Plan Beijing China Pinggu 2 Liaoning China Anshan Shandong China Jinan Vinda Tissue annual designed capacity 1.25 M tons (2020) 140,000 tons (2021) Sichuan China Deyang Hubei China Xiaogan Guangdong China Jiangmen (Xinhui, Shuangshui, Sanjiang) Guangdong China Yangjiang Zhejiang China Quzhou (Longyou) Taiwan China Kaohsiung Completion of tissue capacity expansion in Yangjiang, Zhejiang and Hubei in 2021 In the future CAPEX focus on premium tissue capacity Malaysia No.1 factory No.2 factory Personal Care facility SEA Hub in Malaysia focus on cost reduction and capacity expansion The first phrase (Warehouse) will be completed in 2021 17#18Financial Highlights Summary Vinda (HK$M) Revenue 2020 2019 YOY 16,512 16,074 +2.7% Constant exchange rate +3.7%1 +11.6%1 Gross profit 6,223 4,985 +24.8% Gross margin Operating profit Operating margin 37.7% 31.0% +6.7ppts 2,453 1,570 +56.3% 14.9% 9.8% +5.1ppts EBITDA EBITDA margin 3,601 2,678 +34.5% 21.8% 16.7% +5.1ppts Net profit 1,874 1,138 +64.7% Net margin 11.4% 7.1% +4.3ppts Basic EPS (HK cents) 156.5 95.3 64.2% Proposed total dividend per share (HK cents) 47.0 28.0 67.9% 1 Growth at constant exchange rate 18#19Quarterly Financial Highlights Revenue (HK$M) & YOY (growth at constant exchange rate) Vinda +12.7% +13.4% +12.7% +14.6% +6.8% +14.9% -0.7% -12.4% 5,048 4,079 3,812 3,838 4,346 4,215 3,419 3,830 2019Q1 2019Q2 Gross Profit Margin (%) 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 36.0% 37.5% 39.4% 36.9% 37.0% 26.3% 30.0% 31.3% 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 EBITDA Margin (%) 15.0% 2019Q1 23.7% 23.9% 14.8% 16.8% 19.6% 21.7% 18.9% 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 Operating Margin (%) 8.3% 13.2% 15.4% 17.3% 14.2% 12.9% 7.6% 9.6% 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 19#20Q&A Vinda#21Disclaimer Vinda Information contained in our presentation is intended solely for your personal reference and is strictly confidential. 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In addition, the information contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those projected. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. We accept no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. 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