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Chiun Yu Works Co., Ltd. Interim / Quarterly Report 2015

May 28, 2015

51848_rns_2015-05-28_57fd4a64-1dd7-446d-9887-b90d8e50aeb9.pdf

Interim / Quarterly Report

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Kian Shen Corporation Investors’ Conference 2015/5/28

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Disclaimer

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Kian Shen Corporation (the "Company"). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations, assumptions, involve known, unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither the Company nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.

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Agenda

Agenda Items

Time Presenters

Welcome Remarks

5 min. Mai, General Manager

Company Profile and Overview of the Joint Venture in China

[5 min.] Chang, Finance Manager

Q1 2015 Financial Highlights

Future Prospects Q & A

10 min. Chang, Finance Manager 10 min. Mai, General Manager Mai, General Manager 25 min. / Chang, Finance Manager

3

Company Profile and Overview of the Joint Venture in China

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Company Profile - Kian Shen Co.

1. Est. Date: October 1955 Listing Date: May 1999

2. Capital: NT$ 692 million

3. Land: 62,800 M[2] Building: 30,113 M[2] 4.

(38%), RR Body (27%), Die & Jig (1%) 5. Main Customers: China Motors (43%), Kuozui Motors

(31%), Yulon Nissan Motor (9%), King Long (4%), Shung Ye (3%)

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Investment Structure

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3.7%
Fuzhou Fushiang
Asteer Japan
Motor Co.,Ltd
China
43.9% 61.3% Wuu Shiang
Motors 35% Guangzhou Industrial
NTN-Yulon Co., Ltd. (Taiwan)
Kuozui Kian Drivetrain Co.,Ltd 12%
32.9% Kian Shen 40% NTN (China)
Motors Shen
Investment
Xiangyang 60%
Inv. NTN-Yulon Corporation
100% 40%
The general Hong Drivetrain Co.,Ltd 48% 100%
23.2%
public Kian Kong 9%
Beijing 40% NTN Japan
Shen Co.,
NTN-SEOHAN
100%
50%
Ltd
Inv. Co., Driveshaft Co.,Ltd.
51%
Ltd
Xiamen KOFCO
(BVI) King-Long
Korea
Kian-Shen
50%
Frame Co.,Ltd.
100% Xiamen King Long
Motor Group
CCRE Kian-Shen
Co., Ltd. (China)
(HangZhou) Co.,Ltd.
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Joint Venture in China

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Xiangyang
NTN-Yulon
Drivetrain Co., Ltd
Beijing NTN-SEOHAN
Driveshaft Co., Ltd.
Beijing
CCRE Kian-Shen
(HangZhou) Co., Ltd
Xiangyang
China
HangZhou Fuzhou Fushiang
Motor Co., Ltd
Fuzhou
Xiamen
Guangzhou
Guangzhou NTN-Yulon
Drivetrain Co., Ltd
Xiamen King-Long
Kian-Shen Frame
Co., Ltd
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福州福享

Fuzhou Fushiang Co.

1. Est. Date : December 1995

2. Capital : US$ 17.78 million

3. Ownership Structure Asteer Japan (3.7%)

4. Main Products : Body Panel Parts, Chassis Parts…etc.

5. Main Customers : Soueast Motor (56%), Wuushiang Changsha (26%), Wuushiang Taicang (5%), Fujian Benz (2%), Other (11%)

6. Capacity : 160, 000 unit/year

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- NTN YULON

Guangzhou NTN-Yulon Co.

1. Est. Date : September 2002

2. Capital

: US$ 12.5 million

3. Ownership Structure

  • : Kian Shen (40%), NTN Japan (48%), NTN (China) Investment (12%)

4. Main Products

  • : Constant Velocity Joints (CVJ)

5. Main Customers : Dong Feng Nissan (32%), Beijing NTNSeohan (18%), Nissan-Export (22%), NDI (7%), Dongfeng Honda (5%), Other (16%)

6. Capacity

  • : 400,000 unit/month

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KKSP Xiamen King-Long Kian-Shen Co.

1. Est. Date

: March 2006

2. Capital

: RMB$ 96 million

3. Ownership Structure

  • : Kian Shen(50%), Xiamen King Long Motor Group (50%)

4. Main Products

  • : Frame for Heavy Bus (51%), Public Bus (34%), Medium Bus (10%), Other (5%)

5. Main Customers : King Long United Automotive Industry Co., Ltd

6. Capacity

: 10,000 unit/year

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海翼江申

Hangzhou CCRE Kian-Shen Co.

1. Est. Date

  • : June 2011

2. Capital

  • : RMB$ 60 million

3. Ownership Structure

  • : Xiamen King-Long Kian-Shen (100%)

4. Main Products

  • : Frame for Heavy / Medium Bus

5.

  • Shanghai Sunwin, Soochow King-Long, Shaohsing King Long

6. Capacity

  • : Frame: 12,000 unit/year; Parts of Chassis: 100,000 unit/year; Electrophoresis: 22,000 time/year

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- NTN YULON

Xiangyang NTN-Yulon Co.

1. Est. Date : January 2014 2. Capital : US$ 34 million

  • : US$ 34 million

3. Ownership : Kian Shen (40%), NTN (China) Investment Structure (60%)

4. Main Products : Constant Velocity Joints (CVJ) 6. Capacity : 30,000 unit/month

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Beijing NTN-Seohan Co.

1. Est. Date : September 2003

2. Capital

: US$ 6 million

3. Ownership Structure

  • : Kian Shen (9%), NTN Japan(40%), KOFCO Korea (51%)

4. Main Products : Constant Velocity Joints (CVJ)

5. Main Customers : Beijing Hyundai

6. Capacity

: 770,000 unit/year

13

Operating Performance - Kian Shen Co.

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Sales and Profit Status in the Past Five Years

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NT$100 million
NT$
4.62
4.44 4.44
4.30
14.3
13.1
12.3
11.9
1.31
●
3.1 3.1 3.2
3.0 2.9
0.9
.
Note: IFRS adoption from 2013
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Consolidated Statement of Comprehensive Income
Unit: NT$ thousand
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AccountingTitle
Q1 2015
Q1 2014
Diff. (%)
Net Sales
286,592
244,487
17.2
Gross Profit from Operations
29,452
16,446
79.1
Profit Margin
10.3%
6.7%
3.6
Net Operating Income
5,476
(7,385)
174.2
Operating Profit Margin
1.9%
-3.0%
4.9
Net Non-Operating Income
87,900
87,915
(0.0)
Net Investment Income
from Equity Method
86,340
79,651
8.4
Other
1,560
8,264
(81.1)
Income before Income Tax
93,376
80,530
16.0
Net Income
90,863
72,957
24.5
Net Profit Margin
31.7%
29.8%
1.9

BasicEPS (NT$)
1.31
1.05
24.5

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Sales by Product
Unit: NT$ thousand
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Products
Frame
RR Body
Suspension /
Stamping parts
Die & Jig
Other
Total
 Q1 2015
96,562
76,717
108,721
4,512
80

286,592		 %
33.7
26.8
37.9
1.6
0.0
100.0		 Q1 2014
68,420
73,117
94,971
-
7,979
244,487		 %
28.0
29.9
38.8
0.0
3.3
100.0		 Diff. (%)
41.1
4.9
14.5
-
(99.0)
17.2

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Income Recognized from Joint Ventures

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Unit: NT$ thousand
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Joint Ventures
Fuzhou Fushiang
Guangzhou NTN-Yulon
Xiamen King-Long Kian-Shen
Xiangyang NTN-Yulon
Total
 Q1 2015
6,825
70,577
18,588
(9,650)

86,340		 %
7.9
81.7
21.5
(11.1)
100.0		 Q1 2014
12,345
50,005
17,301
-
79,651		 %
15.5
62.8
21.7
-
100.0		 Diff. (%)
(44.7)
41.1
7.4
-
8.4

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Quarterly Consolidated Income Statement

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Unit: NT$ thousand
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2015Q1 2014Q4 2014Q3 2014Q2 2014Q1
Accounting Title Amount % Amount % Amount % Amount % Amount %
Net Sales 286,592 100
346,140		 100
297,703		 100 297,384 100
244,487		 100
Gross Profit from
Operations		 29,452 10
46,473		 13
38,517		 13
31,809		 11
16,446		 7
Net Operating Income
(Loss)
5,476		 2
15,116		 5
7,332		 3
7,602		 3
(7,385)		 (3)
Net Non-Operating
Income		 87,900 31
80,636		 23
78,632		 26
86,456		 29
87,915		 36
Net Investment Income
from Equity Method

86,340		 30
76,310		 22
76,378		 26
84,969		 29
79,651		 33
Other
1,560		 1
4,326		 1
2,254		 0
1,487		 0
8,264		 3
Income before Income
Tax		 93,376 33
95,752		 28
85,964		 29
94,058		 32
80,530		 33
Net Income 90,863 32
86,567		 25
83,745		 28
76,321		 26
72,957		 30
Basic EPS(NT$)
1.31
1.26
1.21
1.10
1.05

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Quarterly Consolidated Balance Sheet

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Unit: NT$ thousand
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2015/3/31 2014/12/31 2014/12/31 2014/9/30 2014/6/30 2014/3/31
Accounting Title Amount % Amount % Amount % Amount % Amount %
Current Assets 725,762 19
703,685		 18
821,049		 22
1,003,958		 28
955,182		 27
Non-Current Assets 3,132,363 81
3,114,874		 82
2,851,732		 78
2,576,434		 72
2,605,170		 73
Total Assets 3,858,125 100 3,818,559 100 3,672,781 100 3,580,392 100 3,560,352 100
Current Liabilities 448,483 12
461,493		 12
480,225		 13
528,041		 15
435,478		 12
Non-Current Liabilities 247,245 6
251,746		 7
263,076		 7
267,284		 7
264,851		 8
Total Liabilities 695,728 18
713,239		 19
743,301		 20
795,325		 22
700,329		 20
Ordinary Share 692,454 18
692,454		 18
692,454		 19
692,454		 19
692,454		 19
Capital Surplus 1,251 0
1,251		 0
1,251		 0
1,251		 0
1,251		 0
Retained Earnings 2,350,270 61
2,259,407		 59
2,172,964		 59
2,089,219		 59
2,123,691		 60
Other Equity Interest 118,422 3
152,208		 4
62,811		 2
2,143		 0
42,627		 1
Total Equity 3,162,397 82 3,105,320 81 2,929,480 80 2,785,067 78 2,860,023 80
Book Value Per Share 45.67 44.85 42.31 40.22 41.30

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Future Prospects

  • 2015 Taiwan Commercial Vehicles Market

Outlook

  • Operation Prospect for Kian Shen China

Joint Ventures

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