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All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Sept. 4th, 2014
Yulon Nissan Motor Co., Ltd.
(2227 TT)
P2 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Safe Harbor Notice
1. This document is provided by Yulon-Nissan Co., Ltd. (the "Company"). Except for the numbers and information
included in the Company's financial statements, the information contained in this document has not been
audited or reviewed by any accountant or independent expert. The Company makes no express or implied
representations or warranties as to the fairness, accuracy, completeness, or correctness of such information
or opinions. This document is provided as of the date herein and will not be updated to reflect any changes
hereafter. The Company, its affiliates and their representatives do not accept any responsibility or liability for
any damage caused by their negligence or any other reasons, nor do they accept responsibility or liability for
any loss or damages arising from the use of this document or the information contained herein or anything
related to this document.
2. This document may contain future prospection statements, including but not limited to all statements that
address activities, events or developments that the Company expects or anticipates to take place in the
future based on the projections of the Company toward the future, and various factors and uncertainness
beyond the Company's control. Therefore, the actual results may differ materially from those contained in the
forward-looking statements.
3. This document is not and cannot be construed as an offer to purchase or sell securities or other financial
instruments or solicitation of an offer.
4. The copy right of this document belongs to the company and its affiliates. This document may not be directly
or indirectly reproduced, redistributed or forwarded to any other person and may not be published in whole or
in part for any purpose.
P3 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
AGENDA
Company ProfileCompany Profile11
Operation BriefingOperation Briefing22
Core StrategyCore Strategy33
Cross-strait Market ForecastCross-strait Market Forecast44
P4 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Company Profile
11
P5 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Yulon-Nissan Motor profile
Company name : Yulon-Nissan Motor Co., Ltd.
Establishment date : Oct. 1st, 2003
Chairman : Kenneth, K.T. Yen
President : Steve, W.R. Tsay
Capital : 3 billion NTD
Shareholder structure:
Nissan MotorNissan Motor
Yulon MotorYulon Motor
OthersOthers
P6 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Full value chain operation of Nissan and Infiniti brand in Taiwan excluding manufacturing process
Full value chain operation of Nissan and Infiniti brand in Taiwan excluding manufacturing process
Overseas InvestmentOverseas InvestmentOverseas InvestmentOverseas Investment
東風裕隆舊車置換有限公司(Used Car )東風裕隆舊車置換有限公司(Used Car )
深圳聯友科技有限公司( IT )深圳聯友科技有限公司( IT )
風神汽車有限公司 (Sales Co.)風神汽車有限公司 (Sales Co.)
廣州風神汽車有限公司 (Plant)( annual capacity 950K units )
廣州風神汽車有限公司 (Plant)( annual capacity 950K units )風神襄陽汽車有限公司 (Plant)( annual capacity 200K units )
風神襄陽汽車有限公司 (Plant)( annual capacity 200K units )
營運範疇創新 ‧ 速度 ‧ 團隊創新 ‧ 速度 ‧ 團隊
Domestic BusinessDomestic BusinessDomestic BusinessDomestic Business
1.Full value chain operation of Nissan and Infiniti brand in Taiwan excluding manufacturing process
2.Joint cooperation with DongFeng Motor for PRC market development
1.Full value chain operation of Nissan and Infiniti brand in Taiwan excluding manufacturing process
2.Joint cooperation with DongFeng Motor for PRC market development
11
2240%40%
16.55%16.55%
33.12%33.12%
45%45%
49%49%
義展海外投資股份有限公司義展海外投資股份有限公司
義華大陸投資股份有限公司義華大陸投資股份有限公司
Operation Scope
P7 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Become the benchmark company of
“Product Innovation” & “Service
Innovation”
in the Cross-strait Auto Industry
Become the benchmark company of
“Product Innovation” & “Service
Innovation”
in the Cross-strait Auto Industry
Corporate Vision
P8 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
QX50
QX70
Q60 Q70
QX60
INFINITI- Imported Luxury Models
P9 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
QX60 HYBRIDQX60 HYBRID
Q50Q50(2.0 Turbo/ 3.5
Hybrid)(2.0 Turbo/ 3.5
Hybrid)
INFINITI -New Model Campaigns
P10 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
370Z COUPE
MURANO
GT-R 370Z ROADSTER
ROGUE JUKE
NISSAN- Imported Models
P11 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
ALL NEW LIVINA
ALL NEW TEANA
TIIDA
BIG TIIDA
NEW MARCH
SUPER SENTRA
NISSAN- Domestic Models
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ALL NEW LIVINA ALL NEW LIVINA Small RV with outstanding Small RV with outstanding
fuel efficiency and huge fuel efficiency and huge spacespace
JUKE JUKE Star special editionStar special edition
BIG TIIDA BIG TIIDA SR limited editionSR limited edition
NISSAN -New Model Campaigns
P13 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
22 Operation Briefing
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Consolidated Income StatementsCurrency:K$NTD
Net Sales 27,455,696 100.0% 32,115,351 100.0% 29,134,530 100.0% 31,486,050 100.0% 18,276,721 100.0%
Gross Profit 3,784,639 13.8% 4,735,148 14.7% 3,670,937 12.6% 5,448,850 17.3% 2,201,172 12.0%
Operating Expenses 3,280,085 11.9% 3,686,435 11.5% 3,158,729 10.8% 3,616,656 11.5% 1,851,021 10.1%
Operating Income 504,554 1.8% 1,048,713 3.3% 512,388 1.8% 1,832,179 5.8% 350,151 1.9%
Income before Taxes 3,344,247 12.2% 4,597,907 14.3% 6,101,134 20.9% 8,806,890 28.0% 3,121,378 17.1%
Tax Expenses 460,349 1.7% 766,342 2.4% 1,162,064 4.0% 1,506,893 4.8% 645,846 3.5%
Income after Taxes 2,883,898 10.5% 3,831,565 11.9% 4,939,070 17.0% 7,299,997 23.2% 2,475,532 13.5%
Earings Per Share 9.61 ─ 12.77 ─ 16.46 ─ 24.33 ─ 8.25 ─
Cash Dividend (NTD) 5.6 ─ 10.2 ─ 13.3 ─ 19.47 ─ ─ ─
Dividend Paid Out Ratio 58.3% ─ 79.9% ─ 80.8% ─ 80.0% ─ ─ ─
2014H12010 2011 2012 2013
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Consolidated Balance SheetsCurrency:K$NTD
2010 2011 2012 2013 2014H1
Current Assets 4,391,683 13,848,011 14,954,714 18,135,802 21,617,572
Fund and Investmemt (Long-term Equity) 14,876,477 9,310,797 10,379,966 14,989,267 12,905,436
Property, Plant and Equipment 40,840 37,166 37,182 39,962 42,750
Other Assets 1,443,401 1,459,680 1,958,517 2,153,934 2,630,132
Total Assets 20,752,401 24,655,654 27,330,379 35,318,965 37,195,890
Current Liabilities 1,843,485 2,698,570 3,150,089 5,172,523 10,978,126
Other Liabilities 1,743,572 2,393,600 3,564,997 5,105,965 4,647,166
Total Liabilities 3,587,057 5,092,170 6,715,086 10,278,488 15,625,292
Capital Stock 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Capital Surplus 5,988,968 5,988,968 6,129,405 6,129,405 6,129,405
Retained Earnings 7,958,797 10,110,362 12,389,954 15,700,634 12,335,177
Other Adjustments 217,579 464,154 -904,066 210,438 106,016
Total Shareholders' Equity 17,165,344 19,563,484 20,615,293 25,040,477 21,570,598
Book Value / Share 57.22 65.21 68.72 83.47 71.90
P16 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Market Share Status
11.3% 11.6% 12.0% 12.0% 11.5%11.9%
12.3%
35.7%
38.9%
32.2% 32.8%
35.5% 35.0%
16.4% 15.9% 15.2% 14.9%13.7%
11.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
'08 '09 '10 '11 '12 '13 '14
Nissan
Toyota
Mitsubishi
Mazda
Hyundai
Honda
Ford
Luxgen
P17 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
33 Core Strategy
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6-Year Midterm Plan (2011~2016)
PowerBrand & sales power
8%Global market share
by FY16
8%Sustainable COP
Brand Power
Sales Power
Enhancing Quality
Zero-Emission
Leadership
Business Expansion
Cost Leadership
Pillar 1 Pillar 2 Pillar 3 Pillar 4 Pillar 5 Pillar 6
P19 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Operation Strategy
Product Strategy
Marketing Strategy
Customer Satisfaction
Strategy
Profit Enhancement Strategy
HR strategy
Smart-Decision Support System(S-DSS)
2016 objective
2016 objective
Market Share 15%Market Share 15%
P20 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Strengthening Service Competitiveness
J.D. Power SSI (Sales Satisfaction Index)
NO.1 among domestic manufacturers
J.D. Power SSI (Sales Satisfaction Index)
NO.1 among domestic manufacturers
2013-2014
Heartwork service
Interactive touch panel system
NISSAN PAD
Test driving to your home
Smart-Dealer Management
System
Elite sales Female customer treatments
J.D. Power CSI (Customer Satisfaction Index)
NO.2 among domestic manufacturers
J.D. Power CSI (Customer Satisfaction Index)
NO.2 among domestic manufacturers
2013
Customer resting area upgrade
Service triangle
業代
接待
技師
P21 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Corporate Social Responsibility
Charity cookies in dealers Donation of accident insurances for Taipei City EPA contract workers
Automobile design contest for college students
Environmental education from childhood
P22 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
44 Cross-strait Market
Forecast
P23 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
1. Major brands introduced new models in FY13-FY14 period to stimulate purchase intensions
2. 10-year replacement wave (last peak in FY04-FY05)
1. Private consumption growth rate is less than 3%
2. Overall consumer confidence "CCI” shows positive, but future expectation of "family economic situation" and "domestic economy" decline in confidence
3. Political instability and the end of year election influence purchase intention
Risks
Opportunities
Taiwan automobile market status
47.4 50.5
35.7 31.9
22.2 28.8
31.9 36.8 35.5 37.0
27.3 17.1%
8.3%
-28.8%
-11.6%
-30.0%
28.4%
11.6%15.2%
-3.2%
4.3%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
0
10
20
30
40
50
60
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
銷售(萬輛) 銷售成長率TIV volume (unit: 10K) Growth rate (%)
(40.0)
( Jan.~Aug. )
P24 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
PRC automobile market status
507.1 575.8 721.6
879.1 938.1
1,364.5
1,806.2 1,850.5 1,930.6 2,198.4
1330.2
15.5%
13.5%
25.3%
21.8%
6.7%
45.5%
32.4%
2.5%4.3%
13.9%
0%
10%
20%
30%
40%
50%
0
500
1000
1500
2000
2500
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(1-7)
銷售(萬輛) 銷售成長率
※sales volume including passenger and commercial vehicles
TIV volume (unit: 10K) Growth rate (%) (2,400)
( Jan.~Jul. )
P25 All right reserved by Yulon Nissan Motor Co., Ltd. Do not use without any permission. Confidentiality classification : Confidential
Dongfeng Nissan Passenger Vehicle Company - Sales performance
Jan.~Jul. : 533,802
units
(changes vs. FY13 : +14.7%)
Jan.~Jul. : 533,802
units
(changes vs. FY13 : +14.7%)
926 K units
1,100 K units
18.8%
2013 2014
1. YNM investment income recognition is mainly accountable from OEM income in
Mainland China. Income recognition is in positive correlation with the sales
volume. Starting from this year, Zhenzhou plant is combined with GuangZhou
FengShen Motor. Therefore income recognition will increase from Q1 onwards.
2. In addition to the successful introduction of New X-trail in the end of Q1 with
plausible sales performance, Venucia is also introducing new model, R30, with
MSRP lower than 50K RMB in H2. Considerable sales volume growth is expected.
Furthermore,, new production plant in Dalian will start to operate soon.
Therefore, the achievement of 1.1million sales volume objective should be
cautiously optimistic.