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TYG Investor Presentation 2016

May 3, 2016

51775_rns_2016-05-03_b854ce24-2264-4573-a2a0-d85aac3f873c.pdf

Investor Presentation

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Tong Yang Industry 1319.TW 1319 TT Investor Relations Presentation

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Last Updated: 10[th] May 2016

Company Profile

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Tong Yang Industry Company Limited

Reuters – 1319.TW Stock Code: Bloomberg – 1319 TT 1952 – A plant was established by Mr. Kao Wu 1967 – The plant was reorganized and named Tong Yang Industry Co. Ltd. History: 1994 – Tong Yang stocks went public in Taiwan 2010 – Merger with Taiwan KaiYih (effective on 1[st] September) Capital: NT$ 5,914,770,680 ( 591 mn shares in issue, NT$10 par value) Tainan Plant – 429,671 SM (4,624,940 SF) Area: Kuan Yin Plant – 19,990 SM ( 215,172 SF) Number of Employees: 9,044 (Taiwan: 3,978; China: 4,758; Overseas Plants: 308) Scope of Business: Developing, manufacturing, and selling of vehicle parts and accessories Mr. Kao Wu – Founder Mr. Michael (Pingteh Wu) – Chairman of the Board Management: Mr. Raymond Wu – Vice Chairman Mr. Crispin Wu – Chief Executive Officer

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Corporate Structure

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Tong Yang Industry
Co., Ltd.*
(1319.TT/TW)		 58.95% 55% CHINA
Dajiang Yuchyang Plastics Co., Ltd.
Fuzhou Tong Yang Plastics Co., Ltd.
Changchun Faway TY Automobile Plastic Components Co., Ltd.
Dajiang Tong Yang Plastics Co., Ltd.
Daikyo Nishikawa Kaiyang Auto Parts (Nanjing) Co., Ltd.
Wuhan Xiang Xing Auto Parts Co., Ltd.
Changsha GACC Tong Yang Automobile Components Co., Ltd.
Xiangyang Tong Yang Auto Parts Co., Ltd
Foshan Tong Yang Auto Parts Co., Ltd
Guangzhou NP Co., Ltd.
Changchun NP Co., Ltd.
Tianjin NP Co., Ltd.
Wuhan NP Co., Ltd.
Nanjing NP Co., Ltd.
GZ Tong Yang Tatematsu Mold Manufacturing Co., Ltd.
Nanjing Tong Yang Auto Parts Co., Ltd.
TAIWAN
Ru Yang Industry Co., Ltd.
40%
Tung Yang Chemical Plastics Co., Ltd.
19.26%
Pro Fortune
100%
Tong Yang Holding Corporation
(Cayman Islands)
100%
49%
55%
45%
25%
100%
49%
100%
100%
40%
40%
40%
40%
U.S.
 40%
How Bond Investment
 90%
100%
100%
ITALY
TYG Europe

*The Wu family only owns stake in Tong Yang Industry Co., Ltd.

**Some percentages represent indirect shareholding, refer to financial report for details

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Taiwan

China

**

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Group Company Details

Holding Tong Yang Other Major Shareholders Other Major Shareholders Sales in 2013 Sales in 2014 Sales in 2015 Consolidated
Company Main Product Lines Company Stakes (%) Other Major Holders Shareholding (NT$ mn) (NT$ mn) (NT$ mn)
Ru Yang OEM
Instrument Panel		 Tong Yang 58.95% DNC (Japan) 41.05% 296.57
340.15
295.45
Y
Tung Yang Chemical OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 439.11
442.58
430.85
Pro Fortune AM Plastic parts Tong Yang 19.24% Others 70.00% 956.21
1,061.51
1,242.38
Dajiang YuChyang OEM Plastic parts Tong Yang 55.00% Chong Qing Dajiang 45.00% 635.38
942.37
935.13
Y
Fuzhou Tong Yang OEM Plastic parts Tong Yang 100.00% 1,286.06
1,294.03
1,470.69
Y
Changchun Fawey Tong Yang
***		 OEM Plastic parts Tong Yang 49.00% First Auto Group 51.00% 5,993.65
7,674.37
8,220.79
Dajiang Tong Yang * OEM Plastic parts Tong Yang 55.00% Chong Qing Dajiang 45.00% 1,680.92
1,848.53
1,899.38
Y
Daikyo Nishikawa Kaiyang**** OEM Plastic parts Tong Yang 45.00% Daikyo Nishikawa (Japan) 55.00% 904.13
1,323.11
1,420.28
Wuhan Xiang Xing OEM Plastic parts Tong Yang 25.00% Mistuboshi Belting Kaseihin 75.00% 995.3
1,302.71
1,493.49
Changsha GZ Auto TongYang OEM Plastic parts Tong Yang 49.00% Guangzhou Auto 51.00% 696.67
1,112.49
910.28
Xiangyang TongYang OEM Plastic parts Tong Yang 100.00% -
24.97
364.63
Y
Foshan TongYang OEM Plastic parts Tong Yang 100.00% -
12.80
341.50
Y
NP Guangzhou OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 749.98
847.65
935.70
NP Changchun OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 25.58
21.53
23.60
NP Tianjin OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 459.7
446.25
472.14
NP Wuhan OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 413.57
439.98
575.57
NP Nanjing OEM Plastic coating Tong Yang 40.00% Nippon Paint (Japan) 60.00% 323.61
322.98
274.80
GZ TongYang Tatematsu Mold OEM Tooling Tong Yang 90.00% Tatematsu Mold Works 10.00% 258.02
273.28
294.23
Y
Nanjing Tong Yang Auto Parts AM Plastic parts Tong Yang 100.00% 241.05
291.29
289.85
Y
How Bond Investment AM Plastic parts Tong Yang 100.00% 986.69
1,086.09
1,034.80
Y
TYG Europe AM Plastic parts Tong Yang 100.00% 166.86
162.40
185.22
Y
  • Dajiang YuChyang holds 55%, Tong Yang Holding Corp. holds 25%, Chong Qing Dajiang holds 20%. Therefore Tong Yang directly and indirectly holds 55% of the company.

** Through TY Holding (Cayman), Tong Yang holds 100% of all the China investments.

  • *** Stake reduced to 49% in July 2010. Thus, not accounted into consolidated statements from Aug 2010 onwards

  • **** Stake reduced to 45% in Jan. 2012. Thus, not accounted into consolidated statements from Jan 2012 onwards

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Product Line-up

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Sheet Metal Products

Plastic Products

Group Revenue and Profit Breakdown

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FY2014 Consolidated Revenue

AM is 69% and OEM is 31% of total sales

FY2015 Consolidated Revenue AM is 66% & OEM is 34% of total sales

OEM-China

OEM-China

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AM Taiwan(export)
24%
60%
OEM-TW
10%
AM-China
1%
AM-US & EU
5%
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21% AM Taiwan(export)
60%
OEM-TW
62% OEM-TW
10%
10%
AM-China AM-China
1% 1%
AM-US & EU AM-US & EU
6% 5%
Profit Contribution (NIBT) Breakdown 2011-2015
NT$1,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
-200,000 OEM TW OEM China AM Taiwan(export) AM Overseas Plants
2011 2012 2013 2014 2015
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*Under 2013 IFRS Accounting standard, consolidated profit contribution contains partial contribution from minorities

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Replacement Market

Replacement Market Overview

  • The replacement market for collision parts is composed of OES and AM (non-branded) products

  • Taiwanese producers combined supply 85% to 90% of the global AM collision parts

  • Three main product lines: Plastic Parts, Sheet Metal Parts, Lamps

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AM Plastic Parts Global Market Share

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Others
Y 8% Tong Yang
13% 70%
Pro Fortune
9%
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 AM distribution channel

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Distributor Body Shop
Tong Yang Importer Garage
Wholesaler Independents
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OES vs AM Replacement Market Application Ratio

(Plastic Products)

Europe Europe USA Taiwan
OES 70% 80% 20%
AM (non-branded) 30% 20% 80%

AM Sheet Metal Parts Global Market Share

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Others TongYang
18% 35%
C
10%
A
17% G
20%
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AM Sales is 66% of FY2015 Consolidated Revenue

After Market (AM)

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AM Product Sales Region Breakdown FY2015

AM Product Mix Breakdown FY2015

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Asia Africa Australia
Middle East 5% 2% 1%
5% N. America
63%
Europe
13%
Central &
South
America
11%
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Others 18%
Bumper 43%
Cooling 7%
Hood 13%
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Fender 10%

Grille 9%

AM Products

AM Products

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1.64%
8.37%
11.01%
-0.60%
NT$1,000 14,863,972
14,623,451
13,494,476
14,000,000 12,229,286 12,156,112 5.88%
12,000,000
10,000,000
8,000,000
5,287,018
4,993,283
6,000,000
4,000,000
2,000,000
0
2011 2012 2013 2014 2015 2015 1-4 2016 1-4
YoY Sales Growth
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AM Competitive Advantage & Overseas Strategy

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AM Competitive Advantage

AM Overseas Strategy

  • The ability to offer a complete product line-up of collision parts is required to meet one-stop shopping demands. Tong Yang's tooling library consists of 16,000 producible items , covering 80% of global car models since 1970s

  • Continuous capital expenditure of NT$ 1.5 billion developing new tooling sets annually.

  • High capital costs and long development time of tooling sets: Cost to develop one tooling set is up to NT$5 million and development time is at least 6 to 8 months.

  • Limited available capacity of tooling plants: It is therefore difficult for competitors to secure available tooling development capacity.

  • AM manufacturing plants in US and Italy gives customers easier access to products

  • Overseas plants compete directly with local players

  • Due to severe competition, Unicar (largest player in Europe) announced bankruptcy in 2004. The company’s assets were acquired by Tong Yang.

  • Continuous consolidation of AM industry controls competition

  • Started developing AM in China in 2007. Tong Yang has a competitive edge over existing local competitors, in mould development technology and years of experience in the AM industry.

  • All major manufacturers have more than 20 years experiences in this industry and have accumulated thousands of moulds.

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OEM Sales is 34% of FY2015 Consolidated Revenue

OEM

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OEM FY2015

OEM Product Mix Breakdown FY2015

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OEM China
71%
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OEM Taiwan
29%
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Others 52% Bumper 24%
Instrument
Panel 10%
Grille 5%
Moulds 9%
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OEM Revenue

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Daikyo Nishikawa Kaiyang did not
account into consolidated statement .
Sold Hafei Kaiyih in April. 6.47% 16.53%
NT$1,000 -19.87% 26.26%
8,000,000 7,595,822
1.56%
7,000,000 6,050,760 6,121,882 6,518,207
6,000,000
4,848,710
5,000,000
4,000,000 2,534,308 2,573,907
3,000,000
2,000,000
1,000,000
0
2011 2012 2013 2014 2015 2015 1-4 2016 1-4
YoY Sales Growth
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OEM Taiwan Sales is 10% of FY2015 Consolidated Revenue

OEM Taiwan

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Taiwan OEM Customer Breakdown FY2014

Taiwan OEM Customer Breakdown FY2015

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Fengyue Others
Yulon (Toyota) 1%
(Nissan) 6% OEM
8% Exports
Honda 43%
13%
Ford
16%
China Motor
(Mitsubishi)
13%
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Fengyue Others
Yulon (Toyota) 1%
(Nissan) 7% OEM
10% Exports
Honda
48%
9%
Ford
14%
China Motor
(Mitsubishi)
11%
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Taiwan OEM Revenue

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7.20%
NT$1,000 2.08%
18.07%
-3.97%
2,500,000
2,228,509
2,036,445 2,078,786
2,000,000 1,796,162 1,724,778 -16.09%
1,500,000
1,000,000 767,891
644,302
500,000
0
2011 2012 2013 2014 2015 2015 1-4 2016 1-4
YoY Sales Growth
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China Operations I

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  • Tong Yang invested in China from 1994; currently it has 15 OEM and 1 AM plants in China

  • The 16 operations have a combined total investment of USD 144 Million

OEM Plastic Component Plants Component Plants
# Company Established Location Stake
Investment Amt		 JV Partner Customer
Changan Suzuki / Motor
1 Dajiang Yuchyang Apr-94 Chongqing 55% USD 8.15mn Changan Auto
Group		 Chengdu Toyota
Beijing Auto
South East Motor Investment
2 Fuzhou
Tong Yang		 Dec-95 Fuzhou 100%
USD 17.5mn		 - Daimler
Dongfeng Nissan		 Phase 1
GZ Toyota / Honda
3-1
3-2		 Changchun
Faway Tong Yang		 Jan-03
2012		 Changchun
Foshan		 49% USD 13.23mn First Auto Group First Auto Group / Faw-VW
Faw-Volkswagen		 Investment
Phase 2
4 Dajiang
Tong Yang		 Apr-04 Chongqing 55% USD 7.15mn Changan Auto
Group		 Changan Ford
Chengdu Toyota
5 Daikyo Nishikawa
Kaiyang		 2005 Nanjing 45% USD 12.37mn Daikyo Nishikawa Changan Mazda Investment
Phase 3
6 Wuhan
Xiang Xing		 2007 Wuhan 25% USD 3mn Mitsuboshi Belting
Kaseihin		 Dongfeng Nissan / Honda
7 Changsha GACC
Tong Yang		 Mar-11 Changsha 49% USD 17.15mn Guangzhou Auto Guangzhou Fiat
Guangzhou Mitsubishi
8 Xiangyang
Tong Yang		 Nov-11 Xiangyang 100%
USD 20mn		 - Dongfeng Nissan / Honda
Zhengzhou Nissan		 Investment
Phase 4
Foshan GZ Toyota / Honda
9 Tong Yang Sep-12 Guangzhou 100%
USD 18.5mn		 - Dongfeng Nissan
First Auto Faw-Volkswagen

China Operations II

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OEM Plastic Coating Plants OEM Plastic Coating Plants OEM Plastic Coating Plants
# Company Established Location Stake Investment Amt JV Partner Customer
10 NP Guangzhou Oct-99 Panyu 40% USD 2.16mn Nippon Paint Guangzhou Honda
Guangzhou Toyota
11 NP Changchun May-00 Changchun
40%		 USD 0.6mn Nippon Paint First Auto
12 NP Tianjin Nov-01 Tianjin 40% USD 2.08mn Nippon Paint Tianjin Toyota
Tianjin Auto
13 NP Wuhan Sep-04 Wuhan 40% USD 0.6mn Nippon Paint Wuhan Honda
Xiangfan Nissan
14 NP Nanjing 2005 Nanjing 40% USD 1.2mn Nippon Paint Changan Mazda
Chery Auto
OEM Mould Plant
# Company Established Location Stake Investment Amt JV Partner Customer
15 GZ Tong Yang
Tatematsu		 May-05 Guangzhou
90%		 USD 1.4mn Tatematsu Mold
Works		 Japanese & Local
Car Makers
AM Plastic Plant
# Company Established Location Stake Investment Amt JV Partner Customer
1 Nanjing Tong Yang 2007 Nanjing 100% USD 19mn Local AM distributors

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China Auto Sector

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FY2014 FY2015 YoY 2015 Tong Yang Plants Tong Yang Plants
Rank
Group/Company		 Unit Sold Unit Sold % Market
Share
%
Dajiang
YuChyang
Fuzhou
TY		 Fawer
TY		 Dajiang
TY
Daikyo
Nishikawa
Kaiyang
Wuhan
Xiangxing
Changsha
GZ TY
Xiangyang
TY
Foshan
TY		 TY NBCs
1 Shanghai Auto Group 5,583,699 5,863,497
5.01%		 23.84%
2 Dongfeng Auto 3,802,530 3,872,502
1.84%		 15.74% ☆ ★ ☆ ☆ ☆
3 First Auto Group 3,086,134 2,843,774
-7.85%		 11.56% ★ ☆ ☆
4 ChangAn Auto 2,547,751 2,776,523
8.98%		 11.29%
★		 ★ ★ ☆
5 Beijing Automotive Industry 2,400,901 2,488,970
3.67%		 10.12%
☆
6 Guangzhou Automobile 1,172,264 1,303,108 11.16%
5.30%		 ☆ ★ ☆ ☆ ☆
7 GreatWall Motors 730,772
852,693		 16.68%
3.47%
8 Brilliance China 801,670
856,067
6.79%
3.48%
9 Anhui Jianghuai Automobile 464,728
587,943		 26.51%
2.39%
10 Zhejiang Geely Group 432,881
561,853		 29.79%
2.28%
11 Chery 486,061
517,797
6.53%
2.11%		 ☆
12 BYD Auto 437,857
444,888
1.61%
1.81%
13 Chongqing LiFan 233,486
276,114		 18.26%
1.12%
14 Hunan Jiangnan Auto 166,252
222,899		 34.07%
0.91%
15 China Heavy Duty Truck 176,078
158,174		 -10.17%
0.64%
Top 15 Companies Total Sales 22,523,064 23,626,802
4.90%		 96.05%
Others (50 makers)
975,937
970,781
-0.53%
3.95%		 ★
Main		 Supplier

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Market Total 23,499,001 24,597,583 4.68%

OEM China Sales

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China OEM Customer Breakdown FY2014

China OEM Customer Breakdown FY2015

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Southeast Auto Beijing Auto Others
Guangzhou 4% 1% First Auto
Automobile 5% Group
9% 45%
Changan Auto
23%
Dongfeng Auto
13%
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Southeast Auto Beijing Auto Others
Guangzhou 3% 2% First Auto
Automobile 5% Group
43%
10%
Changan Auto
20%
Dongfeng Auto
17%
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China OEM Sales ( not consolidated)

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9.76%
NT$1,000
23.81%
25,000,000 23.87%
-11.36% 19.31% 19,632,198
20,000,000 17,887,031
13,661,445 14,446,907
12,108,918
5,517,255
15,000,000 4,454,237
10,000,000
5,000,000
0
2011 2012 2013 2014 2015 2015 Q1 2016 Q1
YoY Sales Growth
 Sales figure sold Hafei Kaiyih in April 2012
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2010 .9 merged Taiwan KaiYih

Financials & Gross Margin

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AM Plastic AM Plastic OEM TW OEM TW Total Average Consolidated
Parent Sales
Year Products Trading Business Products Tooling
NTD : 1000 External Taiwan Kai Yih
2010 Average Monthly Sales
Share to Sales		 498,425
56.68%		 179,690
71,841
112,432
16,981
879,368
1,744,166
20.43%
8.17%
12.79%
1.93%
100.00%
Gross Margin 33.36% 14.37%
7.12%
24.02%
39.33%
26.20%
24.34%
AM Product (Plastic & Sheet metal) OEM TW Total Average Consolidated
Parent Sales
Year NTD : 1000 Products Trading Products Tooling
2011 Average Monthly Sales
Share to Sales		 708,690
231,859
114,321
22,050
1,076,920
1,523,276
65.81%
21.53%
10.62%
2.05%
100.00%
Gross Margin 24.86%
15.33%
19.85%
29.97%
22.49%
22.61%
2012 Average Monthly Sales
Share to Sales		 726,059
213,910
116,504
26,920
1,083,393
1,426,762
67.02%
19.74%
10.75%
2.48%
100.00%
Gross Margin 24.90%
16.26%
16.70%
32.13%
22.42%
21.96%
AM OEM Consolidated Number (IFRS)
Year NTD : 1000
2013 Average Monthly Sales
Share to Sales		 1,124,540
510,157
1,634,697
68.79%
31.21%
100.00%
Gross Margin 25.54%
17.52%
23.05%
2014 Average Monthly Sales
Share to Sales		 1,218,621
543,184
1,761,805
69.17%
30.83%
100.00%
Gross Margin 24.62%
17.24%
22.37%
2015 Average Monthly Sales
Share to Sales		 1,238,664
632,690
1,871,354
66.19%
33.81%
100.00%
Gross Margin 25.72%
17.85%
23.07%
AM OEM Non-Audited
Consolidated Number (IFRS)
2016 Q1 Average Monthly Sales
Share to Sales		 1,338,373
649,403
1,987,776
67.33%
32.67%
100.00%
Gross Margin 29.91%
17.98%
26.02%

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Cost Breakdown & Raw Material Prices

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Cost Breakdown
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2014 2015
AM OEM Overall AM OEM Overall
Raw and other Materials 39.21% 57.41% 46.86% 34.53% 53.97% 42.87%
Semi -finished product 11.19% 1.07% 6.94% 12.79% 3.45% 8.78%
Labour and Overhead 10.34% 11.48% 10.82% 10.96% 12.11% 11.46%
Mould Depreciation 17.84% 3.03% 11.61% 19.30% 2.81% 12.22%
Other Manufacturing Expenses 21.42% 27.01% 23.77% 22.42% 27.66% 24.67%
Sum 100% 100% 100% 100% 100% 100%

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ABS, Polypropylene (PP) & Crude Oil Prices
US$/mt US$/bbl
2500 150
125
2000
100
1500
75
1000
50
500
25
0 0
Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16
PP (LH) ABS (LH) Crude Oil (RH)
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Strategic Direction

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OEM AM
STRATEGY Strengthen Research & Development
and Mould technology improvement, shift
toward Tier 1 supplier role		 Consolidate AM market through
mergers & acquisition
PRODUCT RANGE Focus on higher value-added products,
such as instrument panels, chromed
parts and mould products		 Increase product mix (cooling system,
fan set), product coverage and expand
market share
MARKETS Increase export orders and focus on
emerging market such as China and
South-East Asian Nations.		 Cultivate AM Market in China, India and
Eastern Europe

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Financials

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Consolidated Income Statement

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Unit: NTD mn
Net Sales
COGS
Gross Profits
Op. Expenses
Op. Income
Investment
Income
Non-Op. Income
NIBT
Tax
NIAT
Parent
Minorities
Pre-tax EPS
EPS		 4Q15
Amount
%		 3Q15
Amount
%








2Q15
Amount
%
5,485
100%
(4,271) -77.86%
1,214
22.14%
(844)-15.39%
370
6.75%
99
1.80%
(258)
-4.70%
211
3.85%
(77)
-1.40%
135
2.45%
129
2.36%
5
0.10%
0.36
0.22		 1Q15
Amount
%
5,613
100%
(4,308) -76.75%
1,305
23.25%
(823)-14.67%
481
8.58%
77
1.37%
(56)
-1.00%
502
8.95%
(72)
-1.27%
431
7.67%
413
7.35%
18
0.32%
0.81
0.70		 4Q14
Amount
%
5,544
100%
(4,332) -78.14%
1,212
21.86%
(970)-17.50%
242
4.36%
141
2.54%
(342)
-6.17%
41
0.75%
(3)
-0.06%
38
0.69%
25
0.46%
13
0.23%
0.07
0.04		 2015 2014 2013
Amount
%
 Amount
%
 Amount
%
6,121
100%
(4,621) -75.49%
5,237
100%
(4,075) -77.82%
22,456
100%		 21,142
100%		 19,616
100%
(17,275) -76.93% (16,413) -77.63% (15,095) -76.95%
1,500
24.51%
(838)-13.69%
1,162
22.18%

(822)-15.70%		 5,18123.07% 4,72922.37% 4,52223.05%
(3,327)-14.82% (3,641)-17.22% (3,130)-15.96%
662
10.82%
172
2.81%
(24)
-0.39%
340
6.49%

65
1.23%
163
3.12%		 1,854
8.26%		 1,088
5.15%		 1,392
7.10%
412
1.84%		 423
2.00%		 243
1.24%
(175)
-0.78%		 (311)
-1.47%		 64
0.33%
810
13.24%
(127)
-2.08%
568
10.84%

(85)
-1.62%		 2,091
9.31%		 1,200
5.68%		 1,698
8.66%
(360)
-1.61%		 (247)
-1.17%		 (300)
-1.53%
683
11.16%
669
10.93%
14
0.23%
1.37
1.13
483
9.21%

485
9.25%

(2)
-0.04%
0.96
0.82		 1,731
7.71%		 953
4.51%		 1,398
7.13%
1,696
7.55%		 910
4.30%		 1,347
6.87%
35
0.16%		 43
0.20%		 51
0.26%
3.50 2.03 2.87
2.87 1.54 2.28

==> picture [16 x 11] intentionally omitted <==

Consolidated Balance Sheet

==> picture [66 x 36] intentionally omitted <==

Unit: NTD mn
Cash
A/R
Inventory
Current Assets
Investments under Equity Method
Property, plant, Equipment
Non-Current Assets
Total Assets		 2Q15
Amount
%

1,276
3.69%

5,33115.40%

2,712
7.83%

10,15329.33%

3,340
9.65%

19,18655.43%

24,46070.67%

34,613
100%

 1Q15
Amount
%
1,288
3.70%
5,38715.49%
2,809
8.07%
10,58930.44%
3,315
9.53%
19,05454.78%
24,19569.56%
34,784
100%
 4Q14
Amount
%
1,195
3.46%
5,31415.36%
2,768
8.00%
10,26329.67%
3,58010.35%
18,84554.47%
24,33370.33%
34,596
100%
 2015 2014 2013
4Q15
Amount
%		 3Q15
Amount
%
Amoun
t
%		 Amoun
t
%
 Amount
%
2,061
5.68%
5,01413.82%
2,634
7.26%
10,61829.27%

3,65510.08%
19,88854.83%
25,65270.73%
36,270
100%
 1,370
3.91%
5,05114.43%
2,756
7.88%
9,88828.25%
3,53310.09%
19,49555.70%
25,11571.75%
35,003
100%
2,061
5.68%		 1,195
3.46%		 1,0723.43%
5,01413.82% 5,31415.36% 4,54214.54%
2,634
7.26%		 2,768
8.00%		 2,6278.41%
10,61829.27% 10,26329.67% 8,86228.37%
3,65510.08% 3,58010.35% 3,34010.69%
19,88854.83% 18,84554.47% 17,33155.48%
25,65270.73% 24,33370.33% 22,37571.63%
36,270
100%		 34,596
100%		 31,238
100%
ST&LT Borrowings within 1 yr
3,79810.47%
A/P
5,21614.38%
Current Liabilities
9,28025.59%
Bonds Payable
1,700
4.69%
LT Borrowings
4,68112.91%
Non-Current Liabilities
7,86021.67%
Total Liabilities
17,14047.26%
Common Stocks
5,91516.31%
Total Equity
19,13052.74%		 3,79810.47%
5,21614.38%
9,28025.59%
1,700
4.69%
4,68112.91%
7,86021.67%
17,14047.26%
5,91516.31%
19,13052.74%		 4,20912.03%
4,22812.08%
8,70124.86%
1,700
4.86%
4,56913.05%
7,66721.91%
16,36846.76%
5,91516.90%
18,63553.24%
3,52210.18%

5,04214.57%

8,84025.54%

2,200
6.36%

4,32912.51%

7,87022.74%

16,70948.28%

5,91517.09%

17,90451.73%		 4,43712.76%
4,51212.97%
9,21626.49%
2,200
6.32%
3,73310.73%
7,27820.92%
16,49447.42%
5,91517.00%
18,29052.58%		 3,269
9.45%
5,17514.96%
8,74825.29%
2,481
7.17%
4,02611.64%
7,88522.79%
16,63348.08%
5,91517.10%
17,96351.92%		 3,79810.47% 3,269
9.45%		 2,6118.36%
5,21614.38% 5,17514.96% 4,11113.16%
9,28025.59% 8,74825.29% 6,95822.27%
1,700
4.69%		 2,481
7.17%		 1,5004.80%
4,68112.91% 4,02611.64% 3,59511.51%
7,86021.67% 7,88522.79% 6,43620.60%
17,14047.26% 16,63348.08% 13,39442.88%
5,91516.31% 5,91517.10% 5,91518.93%
19,13052.74% 17,96351.92% 17,84457.12%

==> picture [16 x 11] intentionally omitted <==

Consolidated Cash Flow Statement

==> picture [66 x 36] intentionally omitted <==

Unit: NTD mn
Operating Activities
Net Income
Dep. & Amortization
Investment Gain
Others
Investing Activities
LT Investments
Purchases/Disposal F.A.
Others
Financing Activities
S/L borrowing
Bonds Payable
Convertible bond
Dividends
Others		 4Q15 3Q15
Amount
1,232
568
723
(65)
6
(1,088)
11
(924)
(175)
(39)
422
0
0
(438)
(23)		 2Q15
Amount
1,168
211
700
(99)
356
(817)
0
(772)
(45)
(359)
(324)
0
0
0
(35)		 1Q15
Amount
670
502
701
(77)
(456)
(1,076)
0
(983)
(93)
504
(611)
1,200
0
0
(85)		 4Q14
Amount
842
41
680
(142)
263
(1,113)
0
(989)
(124)
233
255
0
0
0
(22)		 2015 2014 2013 2013
Amount Amount Amount Amount
2,032
810
783
(172)
611
(983)
0
(896)
(87)
(327)
(304)
0
0
0
(23)
5,103 3,306 3,036
2,091 1,200 1,698
2,907 2,620 2,401
(412) (423) (243)
517 (92) (821)
(3,964) (4,069) (3,350)
11 37 (78)
(3,575) (3,863) (2,968)
(400) (243) (304)
(221) 916 (46)
(817) 2,052 490
1,200 0 0
0 0 0
(438) (651) (202)
(166) (486) (334)
1,390
Cash at the beginning
Cash at the end period		 1,370
2,061		 1,276
1,370		 1,288
1,276		 1,195
1,288		 1,233
1,195		 1,195 1,072 1,390
2,061 1,195 1,072

==> picture [16 x 11] intentionally omitted <==

==> picture [66 x 36] intentionally omitted <==

==> picture [646 x 336] intentionally omitted <==

TYG IR Web-Site: http://www.tyg.com.tw/en/ir.html Please check on our web-site for more updates Confidentiality

The information provided to you in this presentation is given on a confidential basis and must not be passed to, or their contents disclosed to, any other person and no copy shall be taken thereof.

==> picture [16 x 11] intentionally omitted <==

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