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裕隆汽車製造(股)有限公司
法人說明會
2020/05/20
創
新
‧
速
度
‧ 團隊
Copyright © Yulon Motor, All rights reserved.
Notes:
免責聲明
1. 本文件係由裕隆汽車製造股份有限公司（以下簡稱「本公司」）所提供，除財務報表
所含之數字及資訊外，本文件所含資料並未經會計師或獨立專家審核或審閱，本公司 對該等資料或意見之允當性、完整性及正(準)確性，不作任何明示或默示之聲明與擔 保。本文件所含資料僅以提供當時之情況為準，本公司不會就本文件提供後所發生之 任何變動而更新其內容。本公司及關係企業及各該負責人，無論係因過失或其他原因， 均不對因使用本文件或其內容所致之任何損害負任何法律責任。
2. 本文件可能包含本公司對未來可能發生之業務活動、事件或發展之陳述，而該等陳述 係基於本公司對未來營運之假設，及/或種種本公司無法控制之政治、經濟、市場等 因素所做成，故實際經營結果可能與該等陳述有重大差異。
- 本文件不得視為買賣有價證券或其他金融商品之要約或要約之引誘。
- 本文件之著作權歸本公司及/或本公司關係企業所有，本文件之任何部分不得直接或 間接複製或傳送給任何第三人，且不得為任何目的出版刊印本文件之全部或一部。
Copyright © Yulon Motor, All rights reserved.
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會議議程
| 議程 | 時間 | |
| --- | --- | --- |
| 致歡迎詞 | ─ | 羅文邑協理 |
| 2020年第一季營運成果報告 | 10分鐘 | 羅文邑協理 |
| Q&A | 20分鐘 | 羅文邑協理 |
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2020年1~4月台灣汽車市場銷售台數(不含重車)
2020年1~4月整體市場銷售台數成長3.1%，國產車與進口車之佔比約48%：52%。經研究進口車因(1)匯率因素及車型量產規模使進口車售價競爭力提昇 (2)進口車產品線佈局較廣。
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Notes:
台灣汽車市場歷年銷售狀況及展望
42.2 (F)
2020年1~4月台灣汽車市場總銷量13.1萬台，較去年同期成長3.1%。
2020年台灣經濟成長率，中經院、台經院及主計處(4月)分別下修預估為1.03%、1.58%及1.3%~1.8%，惟全球新冠肺炎(COVID-19)疫情未獲有效控制，下修機率大。
預估2020年整體台灣汽車市場約42.2萬台，較2019年42.7萬台衰退約1.1%，惟近期受新冠肺炎(COVID-19)疫情在全球延燒，各項防疫措施影響經濟活動及消費需求，而汽車屬高單價產品，衝擊力道應不小，台灣車市受影響程度需繼續觀察。
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Notes:
中國大陸汽車市場歷年銷售狀況及展望
Chart
| Category | 銷售(萬輛) | 銷售成長率(%) |
|---|---|---|
| 2005 | 575.8 | 0.13547623742851495 |
| 2006 | 721.6 | 0.25321292115317834 |
| 2007 | 879.1 | 0.2182649667405765 |
| 2008 | 938.1 | 0.06711409395973154 |
| 2009 | 1364.5 | 0.4545357637778488 |
| 2010 | 1806.2 | 0.3237083180652254 |
| 2011 | 1850.5 | 0.024526630494961774 |
| 2012 | 1930.6 | 0.04328559848689539 |
| 2013 | 2198.4 | 0.13871335336164933 |
| 2014 | 2349.19 | 0.06859079330422123 |
| 2015 | 2459.8 | 0.04708431416786217 |
| 2016 | 2802.8 | 0.1394422310756972 |
| 2017 | 2888.0 | 0.030398173255316047 |
| 2018 | 2808.1 | -0.027666204986149617 |
| 2019 | 2576.9 | -0.082333250240376 |
| 2020 | ||
| 1~4月 | 576.1 | -0.22387364662967132 |
2020年1~4月中國大陸汽車市場總銷量為576.1萬台(同期衰退31.1%)，其中乘用車銷量443.3萬台(同期衰退35.3% )。
2020年中國大陸經濟成長率IMF預估為1.2%、IHS Markit預估2%，主係新冠肺炎(COVID-19)疫情持續蔓延，衝擊內需與金融體系，對外又面臨美中貿易戰第二階段談判，經濟前景具高度不確定性。
目前新冠肺炎(COVID-19)疫情持續蔓延，短期內勢必衝擊汽車產銷，並打亂全球零組件供應體系，推估2020年中國大陸整體汽車市場銷量較2019年可能衰退約22.4%，約為2,000萬台。
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Notes:
2020 Q1合併綜合損益表
營業收入較去年同期下降13%，主因裕隆日產、納智捷銷量衰退所致。(裕隆日產減少2,891台、納智捷減少367台)。另裕融企業營收增加約9%，主要為應收帳款收買及放款業務穩定成長。
營業淨利較去年同期成長15%，其中納智捷較去年有利1.56億元，因為19年底提列車型減損，故20年單台攤提成本下降。
稅前淨利較去年同期下降45%，主要受營業外淨收益下降影響。
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Notes:
附件增董事會版
增TAC營收/OP/稅前,以稅前標示/標示EPS(裕隆營收/OP/稅前惡化解釋原因)
Compared with the same period last year, operating income decreased by 13%, mainly due to decrease of Nissan and Luxgen vehicles sold. (Nissan decreased by 2,891units sold; Luxgen decreased by 367 units sold) However, operating income of TAC (Yulon Finance Corporation) increased by 9%, mainly because of the steadily growth of A/R purchase and loan business.
Compared with the same period last year, operating profit increased by 15%. The main reason is that impairment loss of Luxgen has been fully recognized in 2019 Q4. Therefore, the amortization cost can be decreased significantly in 2020.
Compared with the same period of last year, net profit before tax decreased by 45% mainly due to the decline in non-operating profit.
2020 Q1合併資產負債表
本公司合併負債比為82%，如不含裕融企業承作融資業務短期借款及應付短期票劵等金額後，負債比為24%。
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Notes:
The debt ratio for the current period is 82%. If the amount of short-term borrowings and short-term notes payable by TAC (Yulon Finance Corporation) is deducted, the debt ratio will be reduced to 64%.
2020 Q1合併現金流量表
本期營業活動現金流出較去年同期減少60.99億，主係：
(1)裕融企業本期營業及融資放款較去年同期減少46億元。
(2)其他應收款較去年同期減少14億元。
(3)其他流動資產增加數較去年同期減少16億元。
本期投資活動現金流入較去年同期增加37.43億元。
本期籌資活動現金流入較去年同期減少49.32億元，因裕融企業短期借款及應付短期票券較去年同期減少90億元，且本期發行公司債增加現金流入43億元。
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Notes:
Note 1 Business activities:?Compared with the previous period, the current cash outflow decreased by $NT6.099 billion, mainly due to :? (a) Notes and accounts receivables decreased by $NT1.6 billion, mainly attributable to the decrease in commercial loans of TAC (Yulon Finance Corporation) by $NT1.8 billion.
(b) Finance lease receivables decreased by $NT2.8 billion, mainly due the decrease in finance loans of TAC (Yulon Finance Corporation) by $NT2.8 billion.? (c) Other receivables decreased by $NT1.4 billion, due to the increase in finance loans of TAC (Yulon Finance Corporation) by $NT1.0 billion last year.? (d) Other current assets decreased by $NT1.6 billion, due to the increase in prepayments of TAC (Yulon Finance Corporation) by $NT0.9 billion, and Hangzhou Luxgen increasing prepayments to Dongfeng Yulon by $NT0.5 billion last year.??Note 2 Investment activities:?Compared with the previous period, the current cash inflow increased by $NT3.743 billion, mainly due to Yulon Motor disposing term deposits with an initial maturity of more than three months by $NT3.8 billion.
?Note 3 Fundraising activities:?Compared with the previous period, the current cash inflow decreased by $NT4.932 billion, mainly due to the decrease in short-term borrowings and short-term notes & bills payables of TAC (Yulon Finance Corporation) by $NT5.1 billion and $NT3.9 billion, while the increase of corporate bonds issued by 4.3 billion.
公司治理實績說明
1.2020/04 榮獲台灣證券交易所第六屆公司治理評鑑 901 家上市公司前5%，並連續6年獲得此項殊榮。
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Notes:
Q & A
人 ‧ 車 ‧ 生活
人 ‧ 車 ‧ 生活
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