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Themegallery Powertemplate Enterex International Limited (Stock Code：1592) 2Q16 IR Report 0 AGENDA Operating Summary Company Profile Strategy and Layout • Sales performance and • Introduction analysis • Development • Holding structure and • Top 5 customers • China OE development worldwide locations • Cambodia plant • Main product • Japanese OE experts • Competitive Advantage • EU market 1 Introduction Stock Code： Enterex-KY 1592.TW Milestone： 1996–Established in Yangzhou city, Jiangsu, China 2014–Listed on October 16th in Taiwan Stock Exchange Capital： NT$1,004,332,500 (100.4mn stocks;NT$10/per share) Manufacture Plant： Yangzhou plant( approximately 190,000 square meter) Cambodia plant(approximately 120,000 square meter ) Number of Employees： 1,580 Business：RD, manufacturing and sales of car radiator, heavy duty radiator and condenser Management Team： President and General Manager – Wen-Chung, Wong China& Cambodia Subsidiary Company GM– Toshimasa Yamane USA Subsidiary Company General Manager– Kevin O'Connor 2 Holding Structure Enterex International Limited (Cayman) Capital USD 31,938,210 (NTD 1,004,332,500 元) 100% FRUITAGE INTERNATIONAL CO.,LTD (Belize) Capital USD 31,938,210 100% MERIT WISE INTERNATIONAL 99% 100% 100% AUTOMOTIVE LIMITED (HK) ENTEREX ENTEREX FRUITAGE PARTS AMERICA (CAMBODIA) INTERNATIO Capital USD 55,500,000 DISTRIBUTION LLC (USA) INDUSTRIAL NAL CO.,LTD INTERNATION CO. LTD TAIWAN AL, LLC(USA) BRANCH 100% 100% 100% Capital Capital Capital Capital USD USD NTD USD YANGZHOU YANGZHOU YANGZHOU 1,966,344 20,000,000 30,000,000 ENTEREX AUTO ENTEREX 10,000,000 ENTEREX PARTS AUTOMOTIVE INDUSTRIAL MANUFACTURING AIR- CO., LTD CO.,LTD CONDITIONING Capital INDUSTRIAL CO., Capital LTD USD USD Capital 9,000,000 19,700,000 USD 23,800,000 3 Worldwide Organizations Design Center- Connecticut Manufacturing- Yangzhou Distribution Headquarter- Center- Texas Taiwan Manufacturing - Sihanoukville Sales flow Transaction model Subsidiaries 4 Factory Image in Yangzhou Area of land : 194,932.5 Square meter 5 Factory Image in Cambodia Area of land : 120,000 Square meter 6 Selling Center in North America Area of land: Approximately 350,000 square feet Distribution Center - Arlington, Texas 7 Main Products Air-conditioning system Radiator condenser 8 China OE Production Line 9 Competitive Advantage • From product design to tooling's development and production, Enterex offers one stop One-Stop Production solution with cost reduction and vertical integration. • Set up R&D team both in China and in US to R & D Team meet the requirement from customers for developing and adjusting products they need. Completed • Build entry barrier by offering more than 2,300 AM radiator numbers and 900 condenser Production lines numbers. • Set up NA distribution channel to establish long Exclusive -term and stable relationship with customers, Distribution in NA stands for approximately 25% market share of AM radiator market 10 AM Car Radiator Sales in North America Unit: Piece(thousand) 2013 2014 2015 AM Car Radiator volume in NA 7,723 7,963 8,228 Enterex Volume in NA 1,954 2,108 2,077 Market Share 25% 26% 25% Source: AUTOMOTIVE RADIATORS (Global Industry Analysts, Inc.) 11 Operating Summary • Sales performance and analysis • Top 5 customers 12 Consolidated P&L(A) 單位: 新台幣千元 2015 1Q16 2Q16 1H16 Account Amount % Amount % Amount % QoQ Amount % Total Revenue 5,186,008 100.0% 1,524,337 100.0% 1,435,484 100.0% -5.8% 2,959,821 100.0% COGS 3,508,490 67.7% 1,009,479 66.2% 934,063 65.1% -7.5% 1,943,542 65.7% Gross Profit 1,677,518 32.3% 514,858 33.8% 501,421 34.9% -2.6% 1,016,279 34.3% Operating Exp. 1,337,132 25.8% 335,733 22.0% 321,484 22.4% -4.2% 657,217 22.2% Operating Profit 340,381 6.6% 179,125 11.8% 179,701 12.5% 0.3% 358,826 12.1% Other revenue (44,102) -0.9% (23,154) -1.5% (6,157) -0.4% -73.4% (29,311) -1.0% and exp. Profit Before Tax 296,279 5.7% 155,971 10.2% 173,544 12.1% 11.3% 329,515 11.1% Tax Exp. 104,992 2.0% 34,374 2.3% 45,844 3.2% 33.4% 80,218 2.7% Profit After Tax 191,287 3.7% 121,597 8.0% 127,700 8.9% 5.0% 249,297 8.4% EPS (NT$) 1.91 1.23 1.29 4.9% 2.52 Consolidated P&L(B) 單位: 新台幣千元 2Q16 2Q15 1H16 1H15 YoY YoY % % % % Account Amount Amount % Amount Amount % 100.0 Total Revenue 1,435,484 100.0% 1,268,332 13.2% 2,959,821 100.0% 2,584,653 100.0% 14.5% % COGS 934,063 65.1% 857,510 67.6% 8.9% 1,943,542 65.7% 1,750,428 67.7% 11.0% Gross Profit 501,421 34.9% 410,822 32.4% 22.1% 1,016,279 34.3% 834,225 32.3% 21.8% Operating Exp. 321,484 22.4% 344,511 27.2% -6.7% 657,217 22.2% 679,742 26.3% -3.3% Operating 179,701 12.5% 66,311 5.2% 171.0% 358,826 12.1% 154,483 6.0% 132.3% Profit Other revenue (6,157) -0.4% (14,272) -1.1% -56.9% (29,311) -1.0% (24,447) -0.9% 19.9% and exp. Profit Before 173,544 12.1% 52,039 4.1% 233.5% 329,515 11.1% 130,036 5.0% 153.4% Tax Tax Exp. 45,844 3.2% 10,423 0.8% 339.8% 80,218 2.7% 40,506 1.6% 98.0% Profit After Tax 127,700 8.9% 41,616 3.3% 206.9% 249,297 8.4% 89,530 3.5% 178.5% EPS (NT$) 1.29 0.41 214.6% 2.52 0.89 183.1% Sales Performance by Quarters 1Q16 and 2Q16 both have double digit growth NT$,000 1Q 2Q 3Q 4Q YTD 2013 1,107,301 1,011,401 1,125,632 1,064,223 4,308,557 2014 1,225,609 1,346,186 1,132,767 1,094,181 4,798,743 2015 1,316,321 1,268,332 1,343,497 1,257,858 5,186,008 2016 1,524,337 1,435,484 2,959,821 15 GP Margin Performance GP margin performance is over 30% and continues to show positive trend since 2015 Sales Contribution by Region 2015 1H16 1H15 NT$,000 Amount % Amount % Amount % America 4,406,193 85 2,376,818 80 2,204,978 85 Europe 302,280 6 213,985 7 179,912 7 China 255,611 5 267,715 9 88,315 4 Others 221,924 4 101,303 4 111,448 4 Total sales 5,186,008 100 2,959,821 100 2,584,653 100 17 Sales Contribution by Product 2015 1H16 1H15 NT$,000 Amount % Amount % Amount % Car Radiator 4,291,919 83 2,344,495 79 2,110,736 81 Heavy Duty Radiator 168,588 3 69,547 2 100,649 4 Condenser 364,065 7 286,822 10 195,331 8 Others 361,436 7 258,957 9 177,938 7 Total Sales 5,186,008 100 2,959,821 100 2,584,653 100 18 Top 5 Customers 2015 % 1H16% Name of of Summary Sales Sales Advance Auto Listing in NYSE from 2001 Parts Top 1 auto parts chain store in NA, included Advance Auto Parts(AAP)、 Auto-part International(AI)、B.W.P Distributors Inc.(BWP) and General Parts 32% 31% International(GPI)) DIY and DIFM customers oriented Over 5,000 stores worldwide and continue to open 65-75 stores in 2016 O’Reilly/Ozark Listing in NASDAQ from 1993 21% 18% Top 3 auto parts chain store in NA, with 4,660 stores DIY customers oriented Spectra Located in Montreal Canada Premium (SPI) Own manufacturing plants in Canada 9% 11% Distributor in North America(the main customer is AutoZone, the top 2 auto parts retailer 1-800 Located in California US. Chain store of cooling system 7% 7% RADIATOR Chain stores in US and Canada, with more than 1000 stores NRF Established in 1927 and the top2 channel brand in Europe has manufacturing background and the main production and - 2% development base in Western Europe Parent company is BANCO Holdings in India and listed in NSE Note: CARQUEST had merged with AAP since 2014 19 Strategy and Layout • Development • China OE development • Cambodia plant • Japanese OE experts • EU market 20 Development Develop Cambodia China OE Plant Market Growth and Risk diversification European AM Market Layout Japan Experts Team Management 21 Strategy and Layout: China OE Market • Enter into small independent First brand market Stage • Develop big independent brand Second market Stage • Cooperate with joint venture Third brands Stage 22 Multi brands and Multi items • Kubota • HOWO • Tailift Group • Nanjing Yuhua • Anhui Jianghuai-Yinlian • Nanjing King Long Heavy Duty Electric • Baic Motor Foton • Kion Baoli HEAVY - • CRRC Times ELEC • Foton Lovol Vehicle DUTY • DONG FENG Bus Co. • XGMA Cooling • YANGTSE • WORLD GROUP RADIATOR • MEIHUA Bus • LONKING System • KOBELCO • HANGCHA • ZOOMLIAN Electric Vehicle Cooling System • Baic Motor • Chery Motor • Hunan Changfeng Motor • Calsonic Air-Conditioning • Joylong Motor • Dandong Huanghai Motor • JAC Motor • Air-International Shanghai • Brilliance Auto • Nanjing King Long 23 Develop China OE Market Cooperate Items with Beijing Automotive Group Co., Ltd. It has been in the mass production stage 24 Japanese OE Professional Team Japanese OE Professional Manufacturing team Technical and process Innovation improvement and R&D Technique level up Lower cost Higher Efficiency 25 Strategy and Layout: Cambodia Plant Time：Board meeting approved Cambodia investment plan on 03/27/2015 Location：Cambodia Sihanoukville Special Economy Zone Land：120,000 square meters Plant : 90,000 square meters Capital：USD20,000,000 Product：Brazed radiator、Mechanical Bonded radiator、Condenser、 Intercooler Current Progress 26 Strategy and Layout: Cambodia Plant • Sihanoukville is a coastal city located in the southwest of Cambodia and very close to the Gulf of Thailand.
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