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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 2018 TWDUSD
Revenue88,121.27M2,922.32M
Gross Profit16,472.95M546.28M
Operating income2,018.34M66.93M
Income before tax2,691.77M89.26M
Net income2,037.03M67.55M
EBITDA10,938.40M362.74M
Diluted EPS1.390.04
Dividends Per Share0.670.02
Total Assets305,673.09M9,944.79M
Total liabilities222,612.80M7,242.50M
Total equity71,737.12M2,333.90M
Operating cash flow-37,795.82M-1,253.40M
Currency in TWDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 120,611.26M 122,526.90M 112,166.84M 94,107.43M 88,121.27M
Gross Profit 16,451.59M 17,284.62M 18,475.22M 19,093.21M 16,472.95M
Operating income 408.37M 279.95M 2,223.89M 1,897.02M 2,018.34M
Income before tax 530.90M 613.64M 2,443.83M 2,977.00M 2,691.77M
Net income 2,210.34M 3,352.07M 1,334.70M 2,288.30M 2,037.03M
EBITDA 7,253.23M 7,626.62M 9,808.62M 9,377.51M 10,938.40M
Diluted EPS 1.51 2.29 0.91 1.56 1.39
Dividends Per Share 0.70 0.90 0.50 0.58 0.67
Total Assets 202,842.68M 212,002.09M 221,271.64M 258,416.50M 305,673.09M
Total liabilities 122,663.40M 130,795.43M 142,204.80M 179,294.95M 222,612.80M
Total equity 70,001.02M 71,477.92M 69,714.54M 70,432.15M 71,737.12M
Operating cash flow -4,369.25M 2,359.40M -7,744.92M -18,145.78M -37,795.82M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 3,980.14M 3,858.62M 3,477.95M 3,093.32M 2,922.32M
Gross Profit 542.89M 544.32M 572.86M 627.59M 546.28M
Operating income 13.47M 8.81M 68.95M 62.35M 66.93M
Income before tax 17.51M 19.32M 75.77M 97.85M 89.26M
Net income 72.94M 105.56M 41.38M 75.21M 67.55M
EBITDA 239.35M 240.17M 304.13M 308.24M 362.74M
Diluted EPS 0.04 0.07 0.02 0.05 0.04
Dividends Per Share 0.02 0.02 0.01 0.01 0.02
Total Assets 6,418.66M 6,454.22M 6,865.60M 8,683.78M 9,944.79M
Total liabilities 3,881.50M 3,981.95M 4,412.32M 6,025.00M 7,242.50M
Total equity 2,215.08M 2,176.08M 2,163.09M 2,366.79M 2,333.90M
Operating cash flow -144.18M 74.30M -240.14M -596.45M -1,253.40M

Valuation Measures

Dec 2018
PER13.06
ROA0.72%
ROE2.86%
Operating margin2.29%
Profit margin2.31%

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) (3.1%)
  • Dimensional Fund Advisors LP (1.9%)
  • The Vanguard Group, Inc. (1.8%)
  • Fan Te Investment Co., Ltd. (1.5%)
  • Norges Bank Investment Management (1.1%)
  • Yen Ching Ling Industrial Development Foundation (1.0%)
  • BlackRock Fund Advisors (0.5%)

Contact Details

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  • Yuhsin Motor
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  • 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.
Last Updated on 18 Oct, 2019

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