Cayman Engley — Annual Report 2016

Mar 15, 2017

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Best Partner of Automobile Industry ENGLEY - KY Stock Code：2239 開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016

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Catalogue
NO.3 / Industrial Development
NO.1 / Business Performance
P.22~31
P.03~13
NO.2 / Sales Analysis
P.14~21 NO.4 /Future Development
P.32~36
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2 開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016

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1 Business Performance

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Business Performance

*Currency：Accumulated NTD 1,000／All Finance information by CPA

YEAR	OPERATING REVENUE	**GROSS PROFIT **	GROSS PROFIT RATIO	NET INCOME	NET PROFIT RATIO	EPS(NTD YUAN)
2015Q3	9,224,396	1,646,905	17.85%	935,999	10.15%	8.01
2015Q4	12,405,766	2,379,300	19.18%	1,120,107	9.03%	11.20
2016Q1	3,069,697	729,381	23.76%	331,575	10.80%	3.09
2016Q2	7,145,618	1,709,432	23.92%	737,116	10.32%	6.79
2016Q3	10,999,423	2,494,495	22.68%	987,321	8.98%	9.05

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14,000,000 30.00%
12,000,000 25.00%
10,000,000 REVENUE
20.00%
8,000,000
15.00% GROSS PROFIT
6,000,000
4,000,000 10.00% RATE
2,000,000 5.00%
0 0.00%
2015Q3 2015Q4 2016Q1 2016Q2 2016Q3
4
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Business Performance

Business Performance	Business Performance	Business Performance	Business Performance	Business Performance	Business Performance	Business Performance
*Currency：NTD 1,000／All Finance information by CPA
YEAR	OPERATING REVENUE	GROSS PROFIT	GROSS PROFIT RATIO	**NET INCOME **	NET PROFIT RATIO	EPS (NTD YUAN)
2015Q3(Single season)	2,683,610	503,720	18.77%	222,380	8.29%	2.22
2015Q4(Single season)	3,181,370	732,395	23.02%	319,502	9.03%	3.20
2016Q1(Single season)	3,069,697	729,381	23.76%	278,328	9.07%	3.09
2016Q2(Single season)	4,075,921	980,051	24.04%	405,541	9.95%	3.69
2016Q3(Single season)	3,853,805	785,063	20.37%	250,205	6.49%	2.27

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6,000,000 30.00%
25.00%
REVENUE
4,000,000 20.00%
15.00% GROSS PROFIT
2,000,000 10.00% RATE
5.00%
0 0.00%
2015Q3 2015Q4 2016Q1 2016Q2 2016Q3
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Business Performance-Combine L-E Influence

*Currency：Accumulated NTD 1,000 / All Finance information by CPA

		2016Q3	2016Q3	2016Q2	2016Q2	2016Q1	2015Q4	2015Q3
		COMBINE L-E	NOT COMBINE L-E	COMBINE L-E	NOT COMBINE L-E	NOT COMBINE L-E	NOT COMBINE L-E	NOT COMBINE L-E
	OPERATING REVENUE	10,999,423	9,924,868	7,145,618	6,641,416	3,069,697	12,405,766	9,224,396
	GROSS PROFIT	2,494,495	2,109,227	1,709,432	1,543,091	729,381	2,379,300	1,646,905
	GROSS PROFIT RATIO	22.68%	21.25%	23.92%	23.23%	23.76%	19.18%	17.85%
	0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000

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FINANCIAL INDEX-FINANCIAL STRUCTURE ANALYSIS

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All Finance information by CPA
YEAR FINANCIAL STRUCTURE %
RATIO OF LONG-TERM CAPITAL TO
DEBT RATIO
FIXED ASSETS
Y2014 54.21 143.88
Y2015 50.86 162.80
2016Q3 48.20 179.88
200
180
160 RATIO OF LONG-TERM
140
CAPITAL TO FIXED
120
100 ASSETS
80 DEBT RATIO
60
40
20
0
Y2014 Y2015 2016Q3
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FINANCIAL INDEX-SOLVENCY ANALYSIS

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All Finance information by CPA
YEAR SOLVENCY %
CURRENT RATIO （%） QUICK RATIO （%） INTEREST EARNED (TIME)
Y2014 95.14 55.33 16.68
Y2015 103.69 61.93 15.72
2016Q3 124.89 74.89 14.31
130
120
110
100 CURRENT RATIO （ % ）
90
80
70
QUICK RATIO （ % ）
60
50
40
30 INTEREST EARNED （ TIME ）
20
10
0
Y2014 Y2015 2016Q3
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FINANCIAL INDEX-OPERATING PERFORMANCE ANALYSIS

ANALYSIS	ANALYSIS	ANALYSIS	ANALYSIS	ANALYSIS	ANALYSIS
All Financeinformationby CPA
年度	OPERATING PERFORMANCE
	RECEIVABLES TURNOVER RATIO	AVERAGE COLLECTION PERIOD	INVENTORY TURNOVER	DAYS SALES OF INVENTORY	TOTAL ASSETS TURNOVER
Y2014	8.24	44.30	4.51	80.93	1.13
Y2015	4.35	83.91	4.14	88.16	0.88
2016Q3	4.57	79.87	4.24	86.08	0.91

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10
9
8
RECEIVABLES
7
6 TURNOVER RATIO
5
INVENTORY
4
TURNOVER
3
2
TOTAL ASSETS
1
TURNOVER
0
Y2014 Y2015 2016Q3
9
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FINANCIAL INDEX-PROFITABILITY ANALYSIS

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All Finance information by CPA
年度 PROFITABILITY
TETURN ON TOTAL RETURN ON
PROFIT RATIO（%）
ASSETS （%） STOCKHOLDERS’EQUITY（%）
Y2014 9.99 20.81 8.51
Y2015 8.50 16.79 9.03
2016Q3 8.83 16.20 8.98
20
18
16
14 ROA （ % ）
12
10
ROE （ % ）
8
6
4 PROFIT RATIO （ % ）
2
0
Y2014 Y2015 2016Q3
10
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Sales Performance

Sales Ratio in Y2016 by quarter：

Bditd l i Y2016	Bditd l i Y2016
ran-orene saes n ：
BRAND	RATIO
Joint venture brand	52%
High-end brand	43%
Self-owned brand	5%

			**SALES **	**SALES **	RATIO				ran-orene sa	es n ：
	Customer	2016Q1	2016Q2		2016Q3 2016Q4				BRAND	RATIO
	FAW-VW	74.63%	69.23%		65.75% 63.58%			Joint venture brand		52%
	BBAC SVW	9.05% 2.11%	13.80% 2.98%		17.44% 18.60% 3.02% 2.85%				High-end brand	43%
	SHJQ	0.70%	2.61%		2.69% 2.52%			Self-owned brand		5%
	Others	13.51% 11.38% 2.52% 12.45%			11.10% 12.45% FAW-VW				5%	Joint venture brand
		18.60%	63.58%		SVW BBAC		43%		52%	High-end brand
	2.85%				SHJQ					Self-owned
					OTHERS					brand
			開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016								11

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Product Ratio and Sales

*Currency：NTD 1,000／All Finance information by CPA

	Y2014 Y2015 2016Q3
	Sales Sales ratio Gross profit rate Sales Sales ratio Gross profit rate Sales Sales ratio Gross profit rate
Metallic	8,551,208 63.72% 13.95% 8,089,865 65.21% 17.93% 7,440,386 67.64% 22.81%
Non-metallic 4,400,491 32.79% 24.15% 4,153,606 33.48% 21.56% 3,354,941 30.50% 20.48%
Mold & others 468,707 3.49% 18.94% 162,295 1.31% 48.72% 204,096 1.86% 54.09%

Product ：

• Metallic Part：WIB punching part, CCB and safety part

• Non-metallic Part：Underbody shield, frontend, wheel arch liner, spare wheel pan, battery tray and door panel

• Mold & Others：design and manufacturing of mold, and other consultation service

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1.86%
Metallic
30.50%
Non-metallic
67.64% Mold & others
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Main product ratio

*Currency：RMB YUAN / 2016Q4 data by our company

開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016 13 Product Sales Ratio BIW stamping part 1,038,789,797.88 32% Safety part 801,956,304.28 25% Underbody shield 489,848,588.43 15% Cockpit carrier 328,713,201.63 10% Frontend 327,911,499.40 10% Others 225,574,952.89 8% Total 3,212,794,344.51 100% 32.00% 15.00% 10.00% 10.00% 25.00% 8.00% SALES RATIO BIW stamping part Underbody shield Frontend Cockpit carrier Safety part Others *Currency：RMB YUAN / 2016Q4 data by our company

2 Sales Analysis

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PASSENGER VEHICLE SALES COMPARED TO THE SAME PERIOD LAST YEAR

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3,000
2,500
2,000
1,500
1,000
500
0
Vehicle Car MPV SUV Crossover
2016 2,429 1,214 249 894 72
2015 2,111 1,170 211 621 110
Ten thousand units
Resource from China Association of Automobile
Manufacturers and prepared by Engley
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15 開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016

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2015-2017 JANUARY PASSENGER VEHICLE MONTHLY SALES AND COMPARISON OVER THE SAME PERIOD

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Data source ： Ministry of Industry and Information
Technology of the People’s Republic of China
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FAW-VW Enforces Lower-Bundle-Pricing Strategy

• FAW-VW carried out Lower-Bundle-Pricing Strategy of RMB 13 million in 2015, and

• RMB 38 million in 2016.

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FAW-VW pay out Materials-derived Compensation

• Engley received Materials-derived Compensation approximately RMB 33 million in 2015 from FAW-VW while returned RMB 6.2 million back to FAW-VW in 2016.

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Accumulative Amount in 2016
Accumulative Amount in 2015
RMB$ Million
6.2 6.2
-1.7 -1.7
20.0
10.0 -14.1 -14.1
-32.7 -32.7
-
-10.0
-20.0
Q1 Q2 Q3 Q4
Quarterly Amount
-1.7 - 7.9 -
in 2016
Quarterly Amount
-14.1 - -18.5 -
in 2015
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The Movement of Steel Price

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Steel prices rallied strongly in 2016 and foresee to continue into the Q1 of 2017. The most dominant factors driving the recent steel price rally include rising raw material price and tightening supply of iron ore and coking coal, which increases the cost of steel production. In addition, steel capacity cuts and sticker

environmental policy also contribute to slow daily crude steel output, and low plate inventory regardless strong demand. For instance, Baostell in 2016 raised future price of

Cold-formed and H.D.G steel respectively to RMB 1,110 and RMB 1,230.The direct impact of rising raw metal prices to manufacturers foresees in Q1 0f 2017.

Source：bsteel.com.cn, sort by Engley

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The Movement of Crude Oil Price

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To deal with the oil glut and help stabilize oil prices, OPEC and non-OPEC nations agreed in late 2016 to trim production by 1.2 million barrels per day (bpd), which has stabilized oil prices above 50 US dollars per barrel. The accord became effective on Jan. 1, 2017. The recovery of oil price expects leading to sameto-higher level cost of non-metal material and transportation in 2017.

Source：www.cngold.org, sort by Engley

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Exchange Rate Movement of 2016

RMB:NTD

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5.00
4.40
16Q1 16Q2 16Q3 16Q4 17-Feb.
RMB:NTD 5.05 5.00 4.92 4.85 4.57
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The financial statement of 2016 greatly subjected to the increased volatility of exchange rate, particularly in net income and earing per share.

The accumulative exchange loss in the first 3 quarters of 2016 is NTD 124 million, approximately equivalent to RMB 25 million.

USD:NTD

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33.20
31.20
16Q1 16Q2 16Q3 16Q4 17-Feb.
USD：NTD 33.14 32.78 32.43 32.26 31.31
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USD:RMB

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7.00
6.50
1 2 3 4 5
USD:RMB 6.54 6.54 6.58 6.64 6.88
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3 Industrial Development

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Industrial Development
Automobile sales in China in recent decade
Production(10,000) Sales(10,000) Growth Rate(%)
3000 50.00%
45.40% 2812
45.00%
2450
2500 2372
40.00%
2211
32.40%
1927 35.00%
2000
Production / 1826 1842 30.00% Growth Rate
Sales 25.40%
1500 21.90% 1379 25.00%
2803
2349 2460 20.00%
1000 14.20% 13.40% 728 888 934 1806 1850 1930 2198 13.90% 15.00%
13.90%
508 571 6.70% 1364 6.90% 10.00%
500 879 938 4.30% 4.70%
507 575 721 2.40% 5.00%
0 0.00%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Resource from :Marklines
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Industrial Development
Automobile sales in China in recent year
350
305.73
293.9
300
265
250.1 256.4 252
244
250
212.2 209.2 207.1 207.1
Sales volume/
ten thousand units 200 185.2
158.1
150
100
50
0
2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017
Jan. Feb. Mar. Apr. May Jun. July Aug. Sep. Oct. Nov. Dec. Jan.
Data resource ： China Automobile
Industry Association
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Industrial Development Annual output prediction of China automobile Output prediction of mainland China automobile market for 2000~2020:

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10,000
5000 4661
4470
4500 4094
4000
3500 3130
3000
2500 2127
1826
2000
1500
1022
1000 572
471
500 207
0
2000 2000 2005 2005 2010 2010 2015 2015 2020 2020
Productivity 471 1022 2127 4094 4661
Annual Output 207 572 1826 3130 4470
Input Rate 44.00% 56.00% 86.00% 76.00% 90.00%
Resource from: China Automobile Association, FORURIN, IEK
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Industrial Development
Sales prediction of global electric vehicle market for 2013~2020 ：
Growth rate
Resource from: IEK
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Industrial Development
New Energy Vehicle
Energy Saving
&New energy
Industry
Development License
Plan(2012- Priority
2020)
Purchase
Orders from
Government
Exemption Electricity
and Public
of Purchase price
Institutions Tax ;
Discount
Purchase
Subsidy
Traffic
Priority
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Industrial Development
Output prediction of China’s electric vehicle ：
成長率
Resource from: IEK, FORURIN
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2016 Automobile Sales Ranking

	BRAND	SALES (10,000 )	Quarterly growth rate
1	AUDI	53.63	-7.6%
2	BMW	51.63	-6.16%
3	MERCEDES- BENZ	47.28	-1.14%
4	JAGUAR- LAND ROVER	11.90	23.48%
5	Cadillac	11.64	26.17%

Sales ranking for high-end car Sales ranking for passenger car
		BRAND	SALES (10,000)	Quarterly growth rate
	1	VW	387.26	14.33%
	2	SAIC-GM	188.00	29.30%
	3	SGMW	187.82	58.99%
	4	HONDA	124.77	41.79%
	5	CHANGAN	121.96	18.84%
	6	TOYOTA	121.42	66.29%
	7	Hyundai	114.20	41.69%
	8	Nissan	111.79	21.66%
	9	GREATWALL	96.89	64.15%
	10	CHANGAN- FORD	94.38	8.54%

Resource from：Automobile Sales Ranking Web, CPCA, China Automobile Industry Association

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	Predicted Output for Customers	Predicted Output for Customers	Predicted Output for Customers	Predicted Output for Customers	Predicted Output for Customers	Predicted Output for Customers	Predicted Output for Customers
	Car Maker	Output for 2016	Output for 2017	Output for 2018	Output for 2019	Output for 2020	Growth Rate
	FAW-VW	1,921,262	1,822,592	1,913,722	2,105,093	2,158,246	12.33%
	FAW	197,027	250,780	275,000	301,000	322,000	63.43%
	SVW	1,983,374	1,976,011	2,074,812	2,116,308	2,158,634	8.84%
	VOLVO	76,100	125,000	163,000	244,000	309,000	306.04%
	BBAC	336,305	379,265	550,065	600,065	614,465	82.71%

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Customer Occupancy of Main Product
120.00%
100.00%
80.00%
Frontend
60.00%
UBS
CCB
40.00%
20.00%
0.00%
BBAC AUDI FAW-VW SVW VOLVO
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4 Future Development

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Outlook-Capital Expenditure

Currency：NTD 1,000 / Y2014-2016Q3 Information by CPA ，2016Q4~Y2017are forecast.

	YEAR	CAPITAL EXPENDITURE	GROWTH RATE	FIX ASSET	GROWTH RATE	LONG-TERM EQUITY
	2014	1,689,358		1,311,362		377,996
	2015	1,107,645	-34.43%	1,107,645	-15.53%	-
	2016	2,239,217	102.16%	1,082,686	-2.25%	1,156,531
	2017	1,576,203	-29.61%	1,276,203	17.87%	300,000

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Outlook- Production Boost by Engley-Qingdao

Following FAW-VW building a new factory, and a new automotive clustered developed in Qingdao , Engley also makes it step in Qingdao for brand new car model production. Below table underlines the fair forecast of productivity, volume of sales, revenue, gross profits, and operating profits contributed by Engley Qingdao NT$ thousand, Unit thousand

NT$ thousand, Unit thousand

	Year	Item	Volume of Productivity	Volume of Sales	Revenue	Gross Profits	Operating Profits
	2016	Auto parts	0	0	0	0	(7,000)
	2017	Auto parts	0	0	0	0	(17,500)
	2018	Auto parts	2,343	2,343	319,276	57,215	24,967
	2019	Auto parts	9,240	9,240	1,212,960	217,363	94,854
	2020	Auto parts	11,233	11,233	1,420,796	254,589	111,098
	2021	Auto parts	12,807	12,807	1,560,511	279,677	122,046
		Total	35,623	35,623	4,513,543	808,844	328,465

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Outlook- New Investment

		Ningbo Maoxiang Material Co., Ltd.	Taizhou Maoqi Metal Co., Ltd.
	Capital	USD 18 Millions	RMB 140 Millions
	Revenue of 2016 (Yet certified by CPA)	RMB 136,220 Thousand	RMB 27,215 Thousand
	Employee	280	170
	Products	Design and manufacture of press die & stamping and assembly parts for automobiles	Stamping and assembly parts for automobiles

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Outlook- Partnership with Smart Automation Leader Kranendonk

Kranendonk Beheersmaaschappij B.V. EUR$ 2,619,000

Capital EUR$ 2,619,000

Revenue of 2016 EUR$ 9,203,000 (Yet certified by CPA) Employee 65 Products and Services KRANENDONK is the robot technology leader for nonrepetitive production. It develops and implements advanced robotic production systems for shipbuilding, offshore and structural steel industries. Their service is to robotizing non-repetitive production flow, including robot welding, cutting and assembly. A world-class robotics solution provider from consultancy, engineering, maintenance of high-end robot solutions, and customer support are tailored based on each customer’s unique needs.

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開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016

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Thank you!
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開曼英利工業股份有限公司CaymanEngleyIndustrialCo.,Ltd.2016
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