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Consumer Durables

Yulon Motor Co., Ltd.

Company Background

Yulon is a major Taiwanese carmaker and distributor. It manufactures and markets Luxgen-brand vehicles, and operates dealerships for Nissan via a joint venture in Taiwan and China. It also distributes Mitsubishi vehicles through affiliate China Motor.

The company was founded by Shanghai-born entrepreneur Yen Tjing-ling in 1953 when Taiwan was trying to establish its own automotive industry after World War II. Yulon started out making car components. After Yen died in 1981, his wife, Vivian Wu Shun-wen, took over the company. She was considered one of Taiwan's most influential business leaders before she died in 2008.

Yulon was one of the first major Taiwanese companies to expand into China in the 1990s, setting up facilities in the southern province of Fujian at a time when Chinese President Xi Jinping, then a senior Communist Party official in the region, was aggressively wooing Taiwanese investment.

Current Chairman Kenneth Yen is the only son of Tjing-ling and Wu. He succeeded Wu as Yulon's chairman in 2007. He has a bachelor's degree in business administration from Rider University in the U.S.

Business Summary

Yulon Motor Co., Ltd. engages in the manufacture and sale of vehicles and related components. It also provides multi-brand original equipment manufacturer, professional manufacturing and green manufacturing services. The company was founded by Ching Ling Yen on September 10, 1953 and is headquartered in Miaoli, Taiwan.

Financial Highlights

Dec 2019 TWDUSD
Revenue85,804.93M2,775.71M
Gross Profit2,042.95M66.08M
Operating income-31,518.44M-1,019.59M
Income before tax-29,737.19M-961.97M
Net income-25,030.12M-809.70M
EBITDA-21,248.64M-687.37M
Diluted EPS-26.13-0.84
Dividends Per Share----
Total Assets313,891.54M10,471.07M
Total liabilities256,810.39M8,566.91M
Total equity45,836.40M1,529.05M
Operating cash flow-19,006.77M-614.85M
Currency in TWDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 122,526.90M 112,166.84M 94,107.43M 88,121.27M 85,804.93M
Gross Profit 17,284.62M 18,475.22M 19,093.21M 16,472.95M 2,042.95M
Operating income 279.95M 2,223.89M 1,897.02M 2,018.34M -31,518.44M
Income before tax 613.64M 2,443.83M 2,977.00M 2,691.77M -29,737.19M
Net income 3,352.07M 1,334.70M 2,288.30M 2,037.03M -25,030.12M
EBITDA 7,626.62M 9,808.62M 9,377.51M 10,938.40M -21,248.64M
Diluted EPS 3.60 1.43 2.45 2.18 -26.13
Dividends Per Share 1.41 0.78 0.91 1.05 --
Total Assets 212,002.09M 221,271.64M 258,416.50M 319,860.55M 313,891.54M
Total liabilities 130,795.43M 142,204.80M 179,294.95M 235,436.58M 256,810.39M
Total equity 71,477.92M 69,714.54M 70,432.15M 72,301.84M 45,836.40M
Operating cash flow 2,359.40M -7,744.92M -18,145.78M -37,795.82M -19,006.77M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 3,858.62M 3,477.95M 3,093.32M 2,922.32M 2,775.71M
Gross Profit 544.32M 572.86M 627.59M 546.28M 66.08M
Operating income 8.81M 68.95M 62.35M 66.93M -1,019.59M
Income before tax 19.32M 75.77M 97.85M 89.26M -961.97M
Net income 105.56M 41.38M 75.21M 67.55M -809.70M
EBITDA 240.17M 304.13M 308.24M 362.74M -687.37M
Diluted EPS 0.11 0.04 0.08 0.07 -0.84
Dividends Per Share 0.04 0.02 0.02 0.03 --
Total Assets 6,454.22M 6,865.60M 8,683.78M 10,406.36M 10,471.07M
Total liabilities 3,981.95M 4,412.32M 6,025.00M 7,659.71M 8,566.91M
Total equity 2,176.08M 2,163.09M 2,366.79M 2,352.27M 1,529.05M
Operating cash flow 74.30M -240.14M -596.45M -1,253.40M -614.85M

Valuation Measures

Dec 2019
PER--
ROA-7.89%
ROE-42.37%
Operating margin-36.73%
Profit margin-29.17%

Key executives

  • President, General Manager & Director: Chen Hsiang Yao
  • Manager, Spokesman, Head-Finance & Accounting: Wen Yi Lo

Shareholders

  • Tai Yuen Textile Co., Ltd. (18.1%)
  • China Motor Corp. (17.4%)
  • YEN KAI TAI KENNETH (10.1%)
  • Mercuries Life Insurance Co., Ltd. (Investment Portfolio) (5.1%)
  • The Vanguard Group, Inc. (1.9%)
  • Dimensional Fund Advisors LP (1.7%)
  • Fan Te Investment Co., Ltd. (1.5%)
  • Norges Bank Investment Management (1.1%)
  • Yen Ching Ling Industrial Development Foundation (1.0%)
  • Allianz Global Investors Taiwan Ltd. (0.9%)

Contact Details

Related Companies

  • Yuanwen Investment Co., Ltd.
  • Pei Tu Tobe Motor Co. Ltd.
  • Yu Chang Automobile Co., Ltd.
  • Yu Chi Industrial Co. Ltd.
  • Yulon Power Co., Ltd.
  • Tobe Motor Co., Ltd.
  • Ying Tung Automobile Co., Ltd.
  • Ching-Tong Motor Co., Ltd.
  • Chung Tung Automobile Co. Ltd.
  • Chih Tung Automobile Co., Ltd.
  • Ta Tung Automobile Co., Ltd.
  • Yuhsin Motor
  • Yu Shin Motor Co., Ltd.
  • Hsing Chi Co., Ltd.
  • Yulon Oversea Investment Co., Ltd.
  • China Casting Plant Co., Ltd.
  • Pac-Link Management Co.
  • Singan Co., Ltd.
  • Luxgen Motor Co., Ltd.
  • Yu Peng Industrial Co., Ltd.
  • Uni-Auto Parts Manufacture Co., Ltd.
  • Yulon GM Co., Ltd.
  • Tokio Marine Newa Insurance Co., Ltd.
  • Yung Han Investment Corp.
  • Yue Hung Investment Corp.
  • Yu Ching Industrial Corp.
  • Li Ta Investment Corp.
  • Yulon Nissan Motor Co., Ltd.

Competitors

  • Hotai Motor Co., Ltd.
  • Hotai Finance Co., Ltd.
Last Updated on 20 Oct, 2020

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