MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GINTECH ENERGY CORPORATION

 

 

Registered Office :

No.21, Kebei 1st Road, Hsinchu Science-Based In, Jhunan, 350

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.08.2005

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

Manufacture and distribution of solar cells

 

 

No. of Employees :

1,704

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Taiwan

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Gintech Energy Corporation

No.21

Kebei 1st Road, Hsinchu Science-Based In

Jhunan, 350

Taiwan

Tel:       886-226-562000

Fax:      886-226-560594

Web:     www.gintechenergy.com

           

 

Synthesis

 

Employees:                              1,704

Company Type:                        Public Independent

Traded:

Taiwan Stock Exchange:            3514

Incorporation Date:                    10-Aug-2005

Auditor:                                    Deloitte & Touche LLP   

Financials in:                             USD (millions)

Fiscal Year End:                        31-Dec-2011

Reporting Currency:                   Taiwanese New Dollar

Annual Sales:                           958.4  1

Net Income:                              147.1

Total Assets:                            808.0  2

Market Value:                           362.4

(06-Apr-2012)

 

 

Business Description     

 

Gintech Energy Corporation is principally engaged in the manufacture and distribution of solar cells. The Company provides six-inch multi-crystalline and mono-crystalline solar cells, as well as five-inch multi-crystalline and mono-crystalline solar cells. Its products are applied in consumer electronics, watches, computers, solar chargers, solar vehicles, road and transportation systems and power generation, among others. The Company distributes its products primarily in Asia, Europe, the Americas and Oceania. For the nine months ended 30 September 2010, Gintech EnergyCorporation's revenues totaled NT$20.29B up from NT$9.98B. Net income for the period totaled NT$3.33B, vs. a loss of NT$1.03B. Revenues reflects an increase in sales of the Company's products as a result of favorable market demand. Net income benefited from increased foreign exchange gains and decreased interest expense compared with the corresponding period last year.

 

Industry             

Industry            Semiconductors

ANZSIC 2006:    2429 - Other Electronic Equipment Manufacturing

NACE 2002:      3210 - Manufacture of electronic valves and tubes and other electronic components

NAICS 2002:     334413 - Semiconductor and Related Device Manufacturing

UK SIC 2003:    3210 - Manufacture of electronic valves and tubes and other electronic components

US SIC 1987:    3674 - Semiconductors and Related Devices

 

 

Key Executives

 

Name

Title

Wenyan Pan

Chairman of the Board, Chief Executive Officer

Tongfu Shi

Head of Finance

Zhongming Li

Deputy General Manager-GM's Office

Wen-Whe Pan

President and General Manager

Wenhui Pan

General Manager, Director

 

 

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Equity Investments

1

Gintech Energy Corporation Acquires Equity Shares

20-Jan-2012

Debt Financing / Related

1

Gintech Energy Corporation to Issue Overseas Unsecured Convertible Bonds

24-Aug-2011

Dividends

3

Gintech Energy Corporation Announces No Dividend Payment for FY 2011

18-Apr-2012

 

* number of significant developments within the last 12 months

 

 

News

 

Title

Date

TAITRA: Taiwan ICT Industry Backgrounder
Computer Weekly News (1124 Words)

7-Mar-2012

PV EXPO - An Easy Way to Access the Growing Japanese Photovoltaic Market
Energy Weekly News (451 Words)

22-Feb-2012

PV EXPO - AN EASY WAY TO ACCESS THE GROWING JAPANESE ...
Asia Pulse Businesswire (478 Words)

13-Feb-2012

Studies from S.Y. Kuo et al in the Area of Mineralogy Described
Mining & Minerals (249 Words)

27-Oct-2011

Applied Materials unveils Pegaso solar photovoltaic cell manufacturing platform
Datamonitor TechnologyWire (284 Words)

6-Sep-2011

 

 

 

Financial Summary    

 

As of 30-Sep-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   1.29                  3.90

Quick Ratio (MRQ)                     0.95                  3.02

Debt to Equity (MRQ)                 0.56                  0.21

Net Profit Margin (TTM) %           3.24                  19.30

Return on Assets (TTM) %          2.97                  15.21

Return on Equity (TTM) %           4.60                  21.72

 

 

Stock Snapshot

 

 

Traded: Taiwan Stock Exchange: 3514

 

As of 6-Apr-2012

   Financials in: TWD

Recent Price

31.55

 

EPS

12.51

52 Week High

88.57

 

Price/Sales

0.38

52 Week Low

22.10

 

Dividend Rate

5.71

Avg. Volume (mil)

6.09

 

Price/Earnings

18.42

Market Value (mil)

10,690.77

 

Price/Book

0.61

 

 

 

Beta

1.37

 

Price % Change

Rel S&P 500%

4 Week

-18.48%

-15.21%

13 Week

-12.85%

-19.48%

52 Week

-64.38%

-58.85%

Year to Date

-3.37%

-11.32%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004

2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

 

 

Corporate Overview

 

Location

No.21

Kebei 1st Road, Hsinchu Science-Based In

Jhunan, 350

Taiwan

Tel:       886-226-562000

Fax:      886-226-560594

Web:    www.gintechenergy.com

           

Quote Symbol - Exchange

3514 - Taiwan Stock Exchange

Sales TWD(mil):            28,166.5

Assets TWD(mil):          24,464.5

Employees:                   1,704

Fiscal Year End:            31-Dec-2011

Industry:                        Semiconductors

Incorporation Date:         10-Aug-2005

Company Type:             Public Independent

Quoted Status:              Quoted

Chairman of the Board, Chief Executive Officer:    Wenyan Pan

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2429     -          Other Electronic Equipment Manufacturing

 

NACE 2002 Codes:

3210     -          Manufacture of electronic valves and tubes and other electronic components

 

NAICS 2002 Codes:

334413  -          Semiconductor and Related Device Manufacturing

 

US SIC 1987:

3674     -          Semiconductors and Related Devices

 

UK SIC 2003:

3210     -          Manufacture of electronic valves and tubes and other electronic components

 

Business Description

Gintech Energy Corporation is principally engaged in the manufacture and distribution of solar cells. The Company provides six-inch multi-crystalline and mono-crystalline solar cells, as well as five-inch multi-crystalline and mono-crystalline solar cells. Its products are applied in consumer electronics, watches, computers, solar chargers, solar vehicles, road and transportation systems and power generation, among others. The Company distributes its products primarily in Asia, Europe, the Americas and Oceania. For the nine months ended 30 September 2010, Gintech EnergyCorporation's revenues totaled NT$20.29B up from NT$9.98B. Net income for the period totaled NT$3.33B, vs. a loss of NT$1.03B. Revenues reflects an increase in sales of the Company's products as a result of favorable market demand. Net income benefited from increased foreign exchange gains and decreased interest expense compared with the corresponding period last year.

 

More Business Descriptions

Gintech Energy Corporation (Gintech) is a solar energy company. It engages in the development and manufacture of solar cells. The company transfers its process technology from European PV suppliers and employs state-of-the-art automated production equipment and produces 210 MW solar cells. Gintech’s major products include six-inch multicrystalline and monocrystalline solar cells, five-inch multicrystalline and monocrystalline solar cells. Gintech entered into a 10-year agreement with MEMC, a manufacturer of multi-crystalline and mono-crystalline silicon wafers to supply raw material. The company exports more than 95% of its products to overseas markets, including Germany, Spain, Italy, other European countries, the US, Japan, China, and other Asian countries. Gintech is headquartered in Taipei, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 28,166.46 million during the fiscal year ended December 2010, an increase of 79.15% over 2009. The operating profit of the company was TWD 4,529.67 million during the fiscal year 2010, an increase of 4,388.06% over 2009. The net profit of the company was TWD 4,324.74 million during the fiscal year 2010, an increase of 6,034.65% over 2009.

 

Development and manufacture of solar cells

 

·         This major group includes establishments engaged in manufacturing machinery, apparatus, and supplies for the generation, storage, transmission, transformation, and utilization of electrical energy. Included are the manufacturing of electricity distribution equipment; electrical industrial apparatus; household appliances; electrical lighting and wiring equipment; radio and television receiving equipment; communications equipment; electronic components and accessories; and other electrical equipment and supplies. The manufacture of household appliances is included in this group.

·         Solar/Thermal/Wind

 

p

Financial Data

Financials in:

TWD(mil)

 

Revenue:

28,166.5

Net Income:

4,324.7

Assets:

24,464.5

Long Term Debt:

1,694.7

 

Total Liabilities:

7,001.5

 

Working Capital:

4.8

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

NA

NA

NA

Market Data

Quote Symbol:

3514

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

31.6

Stock Price Date:

04-06-2012

52 Week Price Change %:

-64.4

Market Value (mil):

10,690,770.0

 

SEDOL:

B28TNP8

ISIN:

TW0003514006

 

Equity and Dept Distribution:

The Company is listed on Gre Tai Stock Exchange on 12/22/2006. Pre-IPO shares are stated pro forma. 04/2007, Rights Issue, 7.104 new shares for every 100 shares held @ TWD 125 (Factor: 1.023927). 11/2007, Exchange changed from Gre Tai Security Market to Taiwan Stock Exchange. FY'06 fncls are CLA. 05/2008, 30% stock dividend. 8/09, 40% stock

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche LLP, Deloitte & Touche

 

 

 

 

 

 

 

 

 

Competitors Report

Company Name

Location

Employees

Ownership

DelSolar Co., Ltd.

Baoshan, Taiwan

1,289

Public

E-Ton Solar Tech. Co., Ltd

Tainan, Taiwan

1,073

Public

Green Energy Technology Inc., Ltd.

Taoyuan, Taiwan

 

Public

Mosel Vitelic Inc.

Hsinchu, Taiwan

1,091

Public



 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Wenent P Pan

 

Chairman

Chairman

 

Wenyan Pan

 

Chairman of the Board, Chief Executive Officer

Chairman

 

 

Pan Wenyan has been Chairman of the Board and Chief Executive Officer in Gintech Energy Corporation since June 10, 2009. Pan is Director in Taiwan High Speed Rail Corporation. Pan is also Chairman of the Board of two nother companies. Pan holds a Ph.D in Chemical Engineering from University of Wyoming, the United States.



PHD Chemical Engineering, University of Wyoming

Xiaohui Guo

 

Director

Director/Board Member

 

 

Liangsan Li

 

Independent Director

Director/Board Member

 

 

 

Li Liangsan has been Independent Director in Gintech Energy Corporation since June 10, 2010. Li holds a Ph.D. in Chemcial Engineering from University of Oklahoma, the United States.



PHD Chemical Engineering, University of Oklahoma

Guorong Liao

 

Director

Director/Board Member

 

 

 

Liao Guorong has been Director in Gintech Energy Corporation. Liao was General Manager in the Company. Liao holds a Master of Business Administration (MBA) from University of Tennessee, the United States and a Master of Business Administration (MBA) from Australian National University, Australia. Liao is Chairman of the Board in EVERSOL CORP.



MBA , University of Tennessee
MBA , Australian National University

Wenhui Pan

 

General Manager, Director

Director/Board Member

 

 

 

Pan Wenhui has been General Manager and Director in Gintech Energy Corporation since March 1, 2010. Pan holds a Ph.D. in Fiber Polymer from North Carolina State University, the United States. Pan is Chairman of the Board in three other companies and Vice Chairman of the Board in a Suzhou-based company and Director in an investment company.



PHD , North Carolina State University

Shijun Xu

 

Independent Director

Director/Board Member

 

 

 

Xu Shijun has been Independent Director in Gintech Energy Corporation since June 10, 2010. Xu is Independent Director in United Microelectronics Corp. and Independet Director of Taiwan Chi Cheng Enterprise Co. Xu received a Ph.D. degree in Business Administration from The University of Michigan, the United States. Xu is Guest Professor in Yuan Ze University, Taiwan.



PHD Business Administration, University of Michigan
MBA , University of Michigan
M Law, National Chengchi University

 

Executives

 

Name

Title

Function

 

Wenyan Pan

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

 

Pan Wenyan has been Chairman of the Board and Chief Executive Officer in Gintech Energy Corporation since June 10, 2009. Pan is Director in Taiwan High Speed Rail Corporation. Pan is also Chairman of the Board of two nother companies. Pan holds a Ph.D in Chemical Engineering from University of Wyoming, the United States.



PHD Chemical Engineering, University of Wyoming

Wen-Whe Pan

 

President and General Manager

President

 

 

Wenhui Pan

 

General Manager, Director

Division Head Executive

 

 

 

Pan Wenhui has been General Manager and Director in Gintech Energy Corporation since March 1, 2010. Pan holds a Ph.D. in Fiber Polymer from North Carolina State University, the United States. Pan is Chairman of the Board in three other companies and Vice Chairman of the Board in a Suzhou-based company and Director in an investment company.



PHD , North Carolina State University

Tongfu Shi

 

Head of Finance

Finance Executive

 

 

 

Shi Tongfu has been Head of Finance in Gintech Energy Corporation since April 1, 2009. Shi is also Finance Manager in the Company and Lite-On IT Corporation Taiwan.

Zhongming Li

 

Deputy General Manager-GM's Office

Other

 

 

 

Li Zhongming has been Deputy General Manager-GM's Office in Gintech Energy Corporation since July 15, 2005. Li holds a Master's degree in Industrial Engineering from National Tsing Hua University, Taiwan. Li is General Manager and Director in another company.



M Industrial Engineering, National Tsing Hua University

Zhenyu Wang

 

Senior Deputy General Manager-Production

Other

 

 

 

Wang Zhenyu has been Senior Deputy General Manager-Production in Gintech Energy Corporation since August 15, 2005. Wang holds a Master of Business Administration (MBA) from Leicester University, the United Kingdom. Wang is Director in two other companies.



MBA , University of Leicester

Zhengyang Xie

 

Deputy General Manager-Business

Other

 

 

 

Xie Zhengyang has been Deputy General Manager-Business in Gintech Energy Corporation since June 1, 2007. Xie holds a Master of Business Administration (MBA) from Rutgers, The State University of New Jersey, the United States. Xie is Director in two other companeis.



MBA , Rutgers, The State University of New Jersey

 

 

Significant Developments

 

Gintech Energy Corporation Announces No Dividend Payment for FY 2011 Apr 18, 2012

 

Gintech Energy Corporation announced that it will pay no dividend to shareholders for fiscal year 2011.

 

Gintech Energy Corporation Acquires Equity Shares Jan 20, 2012

 

Gintech Energy Corporation announced that it has acquired 21,195,700 shares of a Taiwan-based optical energy company for NTD 305,076,325. After that, the Company holds a 31,75% stake in the target company, by holding 50,795,700 shares.

 

Gintech Energy Corporation to Issue Overseas Unsecured Convertible Bonds Aug 24, 2011

 

Gintech Energy Corporation announced that it will issue up to USD 200 million worth of overseas unsecured convertible bonds, each with par value and an issue price of USD 200,000 or its integral multiples, and a term of five years.

 

Gintech Energy Corporation Adjusts FY 2010 Dividend Payment; Announces Dividend Payment Date Jul 08, 2011

 

Gintech Energy Corporation announced that it has adjusted its cash dividend for fiscal year 2010 from NTD 6 per share to NTD 5.99996275 per share, and the stock dividend from NTD 0.5 per share to NTD 0.4999969 per share. The Company will distribute the dividends to shareholders of record on August 3, 2011. The Company's shares will be traded ex-dividend and ex-right on July 28, 2011.

 

Gintech Energy Corporation Announces FY 2010 Dividend Payment Apr 27, 2011

 

Gintech Energy Corporation announced that it will pay a cash dividend of NTD 1,933,378,050 (NTD 6 per share), and distribute stock dividends worth NTD 161,114,840 (NTD 0.5 per share), to shareholders for fiscal year 2010.

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Revenue

-

896.6

481.1

502.6

210.5

    Sales Returns and Allowances

-

-2.3

-5.1

-0.8

-2.6

Revenue

-

894.3

476.1

501.8

207.9

Total Revenue

-

894.3

476.1

501.8

207.9

 

 

 

 

 

 

    Cost of Revenue

-

726.7

459.3

420.7

183.8

Cost of Revenue, Total

-

726.7

459.3

420.7

183.8

Gross Profit

-

167.6

16.7

81.0

24.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

20.8

11.7

12.0

5.4

Total Selling/General/Administrative Expenses

-

20.8

11.7

12.0

5.4

Research & Development

-

3.0

2.0

1.6

1.0

Total Operating Expense

-

750.4

473.0

434.3

190.2

 

 

 

 

 

 

Operating Income

-

143.8

3.1

67.5

17.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-3.8

-6.3

-8.7

-2.3

    Interest Expense, Net Non-Operating

-

-3.8

-6.3

-8.7

-2.3

        Interest Income - Non-Operating

-

0.1

0.2

0.5

0.2

        Investment Income - Non-Operating

-

4.1

3.2

0.8

-0.7

    Interest/Investment Income - Non-Operating

-

4.3

3.3

1.4

-0.5

Interest Income (Expense) - Net Non-Operating Total

-

0.4

-3.0

-7.4

-2.8

Gain (Loss) on Sale of Assets

-

0.0

-

-

0.0

    Other Non-Operating Income (Expense)

-

0.4

1.0

0.1

0.2

Other, Net

-

0.4

1.0

0.1

0.2

Income Before Tax

-

144.7

1.1

60.2

15.0

 

 

 

 

 

 

Total Income Tax

-

7.3

-1.0

-0.3

0.2

Income After Tax

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Net Income Before Extraord Items

-

137.3

2.1

60.5

14.8

Net Income

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

338.1

274.0

221.6

196.2

Basic EPS Excl Extraord Items

-

0.41

0.01

0.27

0.08

Basic/Primary EPS Incl Extraord Items

-

0.41

0.01

0.27

0.08

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

-

137.3

2.1

60.5

14.8

Diluted Weighted Average Shares

-

345.7

275.7

225.3

198.6

Diluted EPS Excl Extraord Items

-

0.40

0.01

0.27

0.07

Diluted EPS Incl Extraord Items

-

0.40

0.01

0.27

0.07

Dividends per Share - Common Stock Primary Issue

-

0.18

0.01

0.00

0.00

Gross Dividends - Common Stock

-

61.4

3.9

0.0

0.0

Interest Expense, Supplemental

-

3.8

6.3

8.7

2.3

Interest Capitalized, Supplemental

-

-0.6

-0.1

-0.2

0.0

Depreciation, Supplemental

-

34.7

23.0

14.8

5.2

Total Special Items

-

0.0

-

-

0.0

Normalized Income Before Tax

-

144.7

1.1

60.2

15.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

-

-

0.0

Inc Tax Ex Impact of Sp Items

-

7.4

-1.0

-0.3

0.2

Normalized Income After Tax

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Basic Normalized EPS

-

0.41

0.01

0.27

0.08

Diluted Normalized EPS

-

0.40

0.01

0.27

0.07

Amort of Intangibles, Supplemental

-

0.6

0.4

0.3

0.1

Research & Development Exp, Supplemental

-

3.0

2.0

1.6

1.0

Normalized EBIT

-

143.8

3.1

67.5

17.7

Normalized EBITDA

-

179.1

26.5

82.6

23.0

    Current Tax - Total

-

7.9

1.9

2.2

0.5

Current Tax - Total

-

7.9

1.9

2.2

0.5

    Deferred Tax - Total

-

-0.6

-3.3

-2.5

-0.3

Deferred Tax - Total

-

-0.6

-3.3

-2.5

-0.3

    Other Tax

-

0.1

0.4

-

-

Income Tax - Total

-

7.3

-1.0

-0.3

0.2

Defined Contribution Expense - Domestic

-

1.1

0.9

0.7

-

Total Pension Expense

-

1.1

0.9

0.7

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

-

119.1

86.9

21.9

3.9

    Short Term Investments

-

0.1

0.2

0.1

0.3

Cash and Short Term Investments

-

119.3

87.1

22.0

4.2

        Accounts Receivable - Trade, Gross

-

79.8

58.5

24.1

-

        Provision for Doubtful Accounts

-

-0.6

-0.6

0.0

-

    Trade Accounts Receivable - Net

-

79.2

58.0

24.1

23.0

    Other Receivables

-

0.7

1.3

2.6

2.1

Total Receivables, Net

-

79.9

59.3

26.7

25.2

    Inventories - Finished Goods

-

12.7

25.3

29.5

7.7

    Inventories - Work In Progress

-

19.4

8.1

6.5

8.7

    Inventories - Raw Materials

-

25.5

18.6

39.0

16.9

    Inventories - Other

-

-

-

-

-1.1

Total Inventory

-

57.7

52.0

75.0

32.2

Prepaid Expenses

-

42.8

37.3

131.5

88.8

    Restricted Cash - Current

-

21.3

13.6

32.3

3.1

    Deferred Income Tax - Current Asset

-

5.9

2.1

1.5

0.4

    Other Current Assets

-

0.2

0.0

0.1

1.6

Other Current Assets, Total

-

27.4

15.7

33.8

5.1

Total Current Assets

-

327.0

251.4

289.1

155.4

 

 

 

 

 

 

        Buildings

-

61.8

50.6

49.1

3.0

        Land/Improvements

-

8.1

-

-

-

        Machinery/Equipment

-

295.1

235.6

141.6

60.2

        Construction in Progress

-

54.5

35.4

70.3

65.8

        Other Property/Plant/Equipment

-

-

0.0

0.0

0.0

    Property/Plant/Equipment - Gross

-

419.4

321.6

261.0

129.1

    Accumulated Depreciation

-

-86.6

-44.9

-20.6

-6.4

Property/Plant/Equipment - Net

-

332.8

276.7

240.4

122.6

Intangibles, Net

-

0.2

0.2

0.2

0.2

    LT Investment - Affiliate Companies

-

0.5

-

-

-

    LT Investments - Other

-

1.1

0.0

2.4

2.5

Long Term Investments

-

1.6

0.0

2.4

2.5

    Deferred Charges

-

1.1

0.7

0.7

0.4

    Deferred Income Tax - Long Term Asset

-

1.6

4.1

1.3

0.0

    Other Long Term Assets

-

174.9

190.6

163.7

88.4

Other Long Term Assets, Total

-

177.5

195.5

165.7

88.8

Total Assets

-

839.1

723.8

697.9

369.5

 

 

 

 

 

 

Accounts Payable

-

19.4

51.6

38.0

20.8

Accrued Expenses

-

38.3

10.8

8.6

5.0

Notes Payable/Short Term Debt

-

61.1

29.7

58.2

39.8

Current Portion - Long Term Debt/Capital Leases

-

43.0

33.7

18.7

4.9

    Customer Advances

-

0.3

0.2

1.8

0.7

    Income Taxes Payable

-

8.5

2.0

1.7

0.5

    Other Payables

-

2.2

12.1

16.3

9.4

    Other Current Liabilities

-

0.3

0.2

0.2

0.2

Other Current liabilities, Total

-

11.2

14.5

20.1

10.7

Total Current Liabilities

-

173.1

140.2

143.6

81.3

 

 

 

 

 

 

    Long Term Debt

-

58.1

162.7

280.5

80.2

    Capital Lease Obligations

-

-

-

-

0.0

Total Long Term Debt

-

58.1

162.7

280.5

80.2

Total Debt

-

162.3

226.1

357.5

124.9

 

 

 

 

 

 

    Other Long Term Liabilities

-

8.9

6.4

11.0

0.6

Other Liabilities, Total

-

8.9

6.4

11.0

0.6

Total Liabilities

-

240.1

309.3

435.1

162.0

 

 

 

 

 

 

    Common Stock

-

110.5

99.5

45.5

35.2

Common Stock

-

110.5

99.5

45.5

35.2

Additional Paid-In Capital

-

299.2

272.5

156.2

157.9

Retained Earnings (Accumulated Deficit)

-

189.5

42.5

61.2

14.4

Unrealized Gain (Loss)

-

-0.2

-0.1

-0.2

0.0

    Other Equity

-

0.0

0.2

0.1

0.0

Other Equity, Total

-

0.0

0.2

0.1

0.0

Total Equity

-

598.9

414.5

262.8

207.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

839.1

723.8

697.9

369.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

338.3

337.4

228.2

227.1

Total Common Shares Outstanding

-

338.3

337.4

228.2

227.1

Treasury Shares - Common Stock Primary Issue

-

0.0

0.0

0.0

-

Employees

-

1,632

1,222

956

494

Number of Common Shareholders

-

50,699

32,326

25,131

3,717

Accumulated Intangible Amort, Suppl.

-

-

0.3

0.2

0.1

Deferred Revenue - Current

-

0.3

0.2

1.8

0.7

Total Long Term Debt, Supplemental

-

43.0

33.7

-

4.9

Long Term Debt Maturing within 1 Year

-

43.0

33.7

-

4.9

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

-

0.0

Total Capital Leases, Supplemental

-

-

-

-

0.0

Capital Lease Payments Due in Year 1

-

-

-

-

0.0

Capital Lease Payments Due in Year 2

-

-

-

-

0.0

Capital Lease Payments Due in 2-3 Years

-

-

-

-

0.0

Total Operating Leases, Supplemental

-

7.7

6.0

6.6

7.5

Operating Lease Payments Due in Year 1

-

1.1

0.8

0.9

0.6

Operating Lease Payments Due in Year 2

-

0.9

0.6

0.8

0.5

Operating Lease Payments Due in Year 3

-

0.8

0.5

-

0.5

Operating Lease Payments Due in Year 4

-

0.8

0.3

-

3.0

Operating Lease Pymts. Due in 2-3 Years

-

1.7

1.0

0.8

1.0

Operating Lease Pymts. Due in 4-5 Years

-

0.8

0.3

-

3.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

4.1

3.8

5.0

3.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

137.3

2.1

60.5

14.8

    Depreciation

-

34.7

23.0

14.8

5.2

Depreciation/Depletion

-

34.7

23.0

14.8

5.2

    Amortization of Intangibles

-

0.6

0.4

0.3

0.1

Amortization

-

0.6

0.4

0.3

0.1

Deferred Taxes

-

-0.6

-3.3

-2.5

-0.3

    Unusual Items

-

0.0

0.0

0.0

0.0

    Other Non-Cash Items

-

0.0

3.1

7.2

1.0

Non-Cash Items

-

0.1

3.1

7.2

0.9

    Accounts Receivable

-

-13.7

-31.4

-3.4

-22.5

    Inventories

-

0.4

23.0

-49.5

-10.5

    Prepaid Expenses

-

29.0

21.8

-82.1

-83.1

    Other Assets

-

-0.1

0.0

-1.9

-2.7

    Accounts Payable

-

-36.7

14.3

18.2

2.6

    Accrued Expenses

-

24.5

3.8

3.8

4.0

    Taxes Payable

-

5.9

0.2

1.3

0.5

    Other Liabilities

-

0.0

-1.6

1.2

0.8

Changes in Working Capital

-

9.3

30.2

-112.4

-110.8

Cash from Operating Activities

-

181.4

55.5

-32.0

-90.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-69.8

-58.9

-131.5

-81.7

    Purchase/Acquisition of Intangibles

-

-0.1

-0.2

-0.1

-0.1

Capital Expenditures

-

-69.9

-59.1

-131.7

-81.8

    Sale of Fixed Assets

-

-

-

0.0

0.0

    Sale/Maturity of Investment

-

-

0.0

0.5

70.2

    Investment, Net

-

0.0

4.9

-

-

    Purchase of Investments

-

-1.4

-2.5

-0.5

-72.8

    Other Investing Cash Flow

-

-6.7

68.5

-71.4

-64.3

Other Investing Cash Flow Items, Total

-

-8.1

70.9

-71.4

-67.0

Cash from Investing Activities

-

-78.0

11.8

-203.0

-148.8

 

 

 

 

 

 

    Other Financing Cash Flow

-

1.7

-4.7

10.7

0.6

Financing Cash Flow Items

-

1.7

-4.7

10.7

0.6

    Cash Dividends Paid - Common

-

-4.0

0.0

-0.4

-

Total Cash Dividends Paid

-

-4.0

0.0

-0.4

-

        Sale/Issuance of Common

-

0.0

135.7

0.0

139.2

    Common Stock, Net

-

0.0

135.7

0.0

139.2

    Options Exercised

-

0.3

0.4

-

-

Issuance (Retirement) of Stock, Net

-

0.3

136.0

0.0

139.2

    Short Term Debt, Net

-

26.5

-29.1

19.7

10.6

    Long Term Debt, Net

-

-105.8

-107.2

223.8

60.3

Issuance (Retirement) of Debt, Net

-

-79.3

-136.3

243.5

70.8

Cash from Financing Activities

-

-81.4

-4.9

253.8

210.6

 

 

 

 

 

 

Net Change in Cash

-

22.0

62.4

18.8

-28.2

 

 

 

 

 

 

Net Cash - Beginning Balance

-

88.3

21.8

4.0

32.1

Net Cash - Ending Balance

-

110.3

84.2

22.8

3.8

Cash Interest Paid

-

2.8

5.9

6.9

2.1

Cash Taxes Paid

-

2.1

2.1

0.9

0.0

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

31.497037

33.023867

31.543497

32.848802

32.525305

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sales

896.6

481.1

502.6

210.5

17.3

    Sales Returns

-1.0

-4.6

-0.8

-2.6

-

    Sales Discounts & Allowance

-1.3

-0.4

-0.1

-

-

Total Revenue

894.3

476.1

501.8

207.9

17.3

 

 

 

 

 

 

    Cost of Sales

726.7

459.3

420.7

183.0

14.3

    Selling Expenses

7.4

3.6

1.9

1.1

0.3

    General and Administrative Expenses

13.5

8.1

10.1

4.2

2.3

    Research and Development Expenses

3.0

2.0

1.6

1.0

0.7

    Loss on Physical Inventory

-

-

-

0.0

0.0

    Inventory Devaluation & Obsolescence

-

-

-

0.9

0.2

Total Operating Expense

750.4

473.0

434.3

190.2

17.8

 

 

 

 

 

 

    Interest Income

0.1

0.2

0.5

0.2

0.1

    Gain on Sale of Fixed Assets

-

-

-

0.0

-

    Loss on Sale of Fixed Assets

0.0

-

-

0.0

-

    Gain on Sale of Investment

-

-

-

0.2

-

    Loss on Sale of Investment

0.0

0.0

-0.1

-

-

    Gain/Loss on Foreign Exchange

4.1

3.2

0.9

-0.9

0.3

    Miscellaneous Income

0.4

1.1

0.1

0.2

0.3

    Interest Expense

-2.6

-5.1

-7.9

-2.3

-0.3

    Finance Expenses

-1.3

-1.2

-0.8

-

-

    Miscellaneous Disbursements

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

144.7

1.1

60.2

15.0

0.0

 

 

 

 

 

 

Provision for Income Taxes

7.3

-1.0

-0.3

0.2

0.0

Net Income After Taxes

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Net Income Before Extra. Items

137.3

2.1

60.5

14.8

0.0

Net Income

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Basic Weighted Average Shares

338.1

274.0

221.6

196.2

142.4

Basic EPS Excluding ExtraOrdinary Items

0.41

0.01

0.27

0.08

0.00

Basic EPS Including ExtraOrdinary Items

0.41

0.01

0.27

0.08

0.00

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

137.3

2.1

60.5

14.8

0.0

Diluted Weighted Average Shares

345.7

275.7

225.3

198.6

142.4

Diluted EPS Excluding ExtraOrd Items

0.40

0.01

0.27

0.07

0.00

Diluted EPS Including ExtraOrd Items

0.40

0.01

0.27

0.07

0.00

DPS-Common Stock

0.18

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

61.4

3.9

0.0

0.0

0.0

Normalized Income Before Taxes

144.7

1.1

60.2

15.1

0.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

7.4

-1.0

-0.3

0.2

0.0

Normalized Income After Taxes

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Basic Normalized EPS

0.41

0.01

0.27

0.08

0.00

Diluted Normalized EPS

0.40

0.01

0.27

0.07

0.00

Interest Expense, Supplemental

2.6

5.1

7.9

2.3

0.3

Finance Expense

1.3

1.2

0.8

-

-

Interest Capitalized

-0.6

-0.1

-0.2

0.0

-

R&D Expense, Supplemental

3.0

2.0

1.6

1.0

0.7

Depreciation - Operating Cost

33.6

22.4

14.3

4.9

1.1

Depreciation - Operating Expense

1.1

0.6

0.5

0.3

0.1

Amortization - Operating Cost

0.5

0.4

0.2

0.1

0.0

Amortization - Operating Expense

0.1

0.1

0.1

0.1

0.0

    Current Tax

7.9

1.9

2.2

0.5

0.0

Current Tax - Total

7.9

1.9

2.2

0.5

0.0

    Deferred Tax

-0.6

-3.3

-2.5

-0.3

0.0

Deferred Tax - Total

-0.6

-3.3

-2.5

-0.3

0.0

    Other Tax

0.1

0.4

-

-

-

Income Tax - Total

7.3

-1.0

-0.3

0.2

0.0

Defined Contribution Expense - Domestic

1.1

0.9

0.7

-

-

Total Pension Expense

1.1

0.9

0.7

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.1565

31.985

32.818

32.4345

32.585

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

119.1

86.9

21.9

3.9

32.3

    Financial Assets for Sale

0.1

0.2

0.1

0.3

0.0

    Account Receivables

-

-

-

23.0

0.3

    Accounts Receivable, Gross

79.8

58.5

24.1

-

-

    Accounts Receivable - Related Parties

0.0

-

-

-

-

    Provision for Doubtful Accounts

-0.6

-0.6

0.0

-

-

    Tax Refund Receivable

-

-

-

2.1

0.0

    Other Receivables

0.7

1.3

2.6

0.0

0.0

    Materials

0.0

0.1

0.1

2.0

0.0

    Raw Materials

16.3

13.3

34.7

2.7

18.3

    Supplies

9.1

5.2

4.2

2.2

0.5

    Work in Process

19.4

8.1

6.5

8.7

0.8

    Finished Products

12.7

25.3

29.5

7.7

2.8

    Materials in Transit

-

-

-

10.0

0.0

    Provision/Allowance for Inventory

-

-

-

-1.1

-0.2

    Prepaid Expense

3.5

2.3

1.4

2.3

0.4

    Prepayment

39.3

35.0

130.1

86.4

4.2

    Deferred Income Tax Assets - Current

5.9

2.1

1.5

0.4

0.1

    Restricted Assets

21.3

13.6

32.3

3.1

4.5

    Othe Current Assets

0.2

0.0

0.1

1.6

0.9

Total Current Assets

327.0

251.4

289.1

155.4

64.9

 

 

 

 

 

 

    Long-Term Equity Investments

0.5

-

-

-

-

    Financial Assets at Cost, Non-current

1.1

0.0

2.4

2.5

0.0

    Land

8.1

-

-

-

-

    Buildings and Structures

57.4

47.3

45.8

-

-

    Machinery and Equipment

283.9

227.1

135.1

56.1

16.5

    Transportation Equipment

0.3

0.2

0.2

0.1

0.0

    Office Equipment

2.6

2.0

1.8

0.8

0.5

    Leasehold Assets

-

0.0

0.0

0.0

0.0

    Leasehold Improvement

4.3

3.4

3.3

3.0

2.7

    Miscellaneous Equipment

8.3

6.3

4.5

3.1

5.8

    Accumulated Depreciation

-86.6

-44.9

-20.6

-6.4

-1.2

    Cons. in Progress & Prepayment for Equip

54.5

35.4

70.3

65.8

14.9

    Intangible Assets(Computer Software Cost

0.2

0.2

0.2

0.2

0.1

    Security Deposits Paid

65.9

61.0

125.4

88.4

22.3

    Deferred Charges

1.1

0.7

0.7

0.4

0.1

    Deferred Income Tax

1.6

4.1

1.3

0.0

0.0

    Other Non-Current Assets

109.0

129.6

38.4

-

-

Total Assets

839.1

723.8

697.9

369.5

126.7

 

 

 

 

 

 

    Short Term Borrowing

61.1

29.7

58.2

39.8

28.9

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

19.4

51.6

38.0

20.8

1.3

    Accounts Payable - Related Parties

0.0

-

-

0.0

16.6

    Tax Payable

8.5

2.0

1.7

0.5

0.0

    Accrued Expenses

38.3

10.8

8.6

5.0

1.0

    Other Payables

2.2

12.1

16.3

9.4

3.8

    Advance Receipts

0.3

0.2

1.8

0.7

0.0

    Current Portion of LT Debt

43.0

33.7

18.7

4.9

0.0

    Current Portion of Lease Payable

-

0.0

0.0

0.0

0.0

    Other Current Liabilities

0.3

0.2

0.2

0.2

0.0

Total Current Liabilities

173.1

140.2

143.6

81.3

51.6

 

 

 

 

 

 

    Long Term Borrowings

58.1

162.7

280.5

80.2

23.9

    Lease Payable

-

-

-

0.0

0.0

Total Long Term Debt

58.1

162.7

280.5

80.2

24.0

 

 

 

 

 

 

    Security Deposits Received

8.9

6.4

11.0

0.6

0.0

Total Liabilities

240.1

309.3

435.1

162.0

75.6

 

 

 

 

 

 

    Common Stock

110.5

99.5

45.5

35.2

24.0

    Advances for Capital

0.0

0.2

0.1

0.0

27.7

    Share Premium

299.1

272.0

155.9

157.7

0.0

    Employee Stock Option

0.1

0.5

0.4

0.2

0.1

    Legal Reserve

8.4

7.4

1.4

-

-

    Special Reserve

0.2

0.2

0.0

-

-

    Retained Earnings

180.9

34.9

59.7

14.4

-0.6

    Unrealized G/L on Fin. Assets

-0.2

-0.1

-0.2

0.0

0.0

Total Equity

598.9

414.5

262.8

207.5

51.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

839.1

723.8

697.9

369.5

126.7

 

 

 

 

 

 

    S/O-Common Stock

338.3

337.4

228.2

227.1

159.3

Total Common Shares Outstanding

338.3

337.4

228.2

227.1

159.3

T/S-Common Stock

0.0

0.0

0.0

-

-

Accumulated Intangible Amortization

-

0.3

0.2

0.1

0.0

Deferred Revenue, Current

0.3

0.2

1.8

0.7

0.0

Full-Time Employees

1,632

1,222

956

494

196

Number of Common Shareholders

50,699

32,326

25,131

3,717

872

Current maturities

43.0

33.7

-

4.9

-

Total Long Term Debt, Supplemental

43.0

33.7

-

4.9

-

Capital Lease Pymts. Maturing in 1 Year

-

-

-

0.0

-

Capital Lease Pymts. Maturing in Year 2

-

-

-

0.0

-

Total Capital Leases

-

-

-

0.0

-

Operating Lease due in 1 year

1.1

0.8

0.9

0.6

0.3

Operating Lease due in 2 years

0.9

0.6

0.8

0.5

0.3

Operating Lease due in 3 years

0.8

0.5

-

0.5

0.2

Operating Lease due in 4 years

0.8

0.3

-

3.0

0.2

Operating Lease due in 5 years

-

-

-

-

0.2

Operating Lease - Remaining Payments

4.1

1.9

5.0

3.0

-

Total Operating Leases

7.7

6.0

6.6

7.5

1.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

31.497037

33.023867

31.543497

32.848802

32.525305

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

137.3

2.1

60.5

14.8

0.0

    Depreciation

34.7

23.0

14.8

5.2

1.2

    Amortization of Intangibles

0.6

0.4

0.3

0.1

0.0

    Bad Debt

0.0

1.1

1.6

-

-

    Option Cost

0.0

0.1

0.2

0.1

0.1

    Loss on Inventory Devaluation

-

1.8

5.4

0.9

0.2

    Gain/Loss on Sale of Investment

0.0

0.0

0.0

-0.1

-

    Loss on Sale of Fixed Assets

0.0

-

0.0

0.0

0.0

    Deferred Tax

-0.6

-3.3

-2.5

-0.3

0.0

    Accounts Receivables

-14.5

-32.7

-1.4

-22.5

-0.3

    Accounts Receivable-Related Parties

0.0

-

-

-

-

    Refunded Tax Receivable

-

-

-0.1

-2.0

0.0

    Other Receivables

0.7

1.3

-2.0

0.0

0.0

    Inventories

0.4

23.0

-49.5

-10.5

-21.7

    Prepaid Expense

-0.9

-0.8

0.9

-1.9

-4.2

    Prepayment

29.9

22.5

-83.0

-81.1

-0.4

    Other Current Assets

-0.1

0.0

-1.8

-0.7

-0.8

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

-34.4

12.2

18.2

19.3

1.3

    Accounts Payable,Related Parties

0.0

-

0.0

-16.5

16.6

    Tax Payable

5.9

0.2

1.3

0.5

0.0

    Accrued Expenses

24.5

3.8

3.8

4.0

0.9

    Other Payables

-2.2

2.1

0.0

-0.2

0.2

    Advance Receipts

0.0

-1.6

1.2

0.6

0.0

    Other Current Liabilities

0.0

0.0

0.0

0.2

0.0

Cash from Operating Activities

181.4

55.5

-32.0

-90.1

-6.9

 

 

 

 

 

 

    Fin. Assets for Sale Increase

-

0.0

-0.5

-70.4

-

    Fin. Assets for Sale Decrease

-

0.0

0.5

70.2

-

    Fin. Assets at Cost Increase

-1.0

-2.5

0.0

-2.4

-

    Equity Investment Increase

-0.4

-

-

-

-

    Restricted Assets

-6.0

19.0

-30.4

1.4

7.4

    Non-Current Assets Pending for Sale

0.0

4.9

-

-

-

    Capital Expenditure

-69.8

-58.9

-131.5

-81.7

-31.7

    Sale of Fixed Assets

-

-

0.0

0.0

-

    Intangible Assets Increase

-0.1

-0.2

-0.1

-0.1

-0.2

    Security Deposit Paid

0.0

49.6

-40.5

-65.3

-22.3

    Deferred Charges

-0.7

-0.3

-0.5

-0.4

-0.1

    Fixed Assets Claim

-

0.2

-

-

-

Cash from Investing Activities

-78.0

11.8

-203.0

-148.8

-46.8

 

 

 

 

 

 

    Short Term Borrowing Increase

26.5

-29.1

19.7

10.6

29.0

    Long Term Borrowing Increase

-105.8

-107.2

223.8

60.3

24.0

    Cash Dividend - Common Stock

-4.0

0.0

-0.4

-

-

    Directors' Remuneration

-

0.0

-0.2

-

-

    Security Deposit Received

1.7

-4.7

10.8

0.6

-

    Cash Capital

0.0

135.7

0.0

139.2

31.5

    Employee Option Excercised

0.3

0.4

-

-

-

    Capital Received in Advance

-

-

0.1

-

-

Cash from Financing Activities

-81.4

-4.9

253.8

210.6

84.5

 

 

 

 

 

 

Net Change in Cash

22.0

62.4

18.8

-28.2

30.7

 

 

 

 

 

 

Net Cash - Beginning Balance

88.3

21.8

4.0

32.1

1.7

Net Cash - Ending Balance

110.3

84.2

22.8

3.8

32.4

    Cash Interest Paid

2.8

5.9

6.9

2.1

0.3

    Cash Taxes Paid

2.1

2.1

0.9

0.0

0.0

 

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End

1 Year
Growth

3 Year
Growth

5 Year
Growth

Utility Industry Specific USD (mil)

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

 

Deferred Charges

1.1

0.7

0.7

0.4

 

 

3-ExchangeRate: TWD to USD Period End Date

29.156500

31.985000

32.818000

32.434500

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

18.74%

3.51%

16.15%

11.58%

Operating Margin

16.08%

0.64%

13.45%

8.50%

Pretax Margin

16.18%

0.23%

12.00%

7.23%

Net Profit Margin

15.35%

0.45%

12.06%

7.13%

Financial Strength

Current Ratio

1.89

1.79

2.01

1.91

Long Term Debt/Equity

0.10

0.39

1.07

0.39

Total Debt/Equity

0.27

0.55

1.36

0.60

Management Effectiveness

Return on Assets

18.17%

0.31%

10.94%

6.04%

Return on Equity

28.15%

0.64%

24.86%

11.60%

Efficiency

Receivables Turnover

13.33

11.34

18.69

16.51

Inventory Turnover

13.68

7.36

7.57

6.85

Asset Turnover

1.18

0.68

0.91

0.85

Market Valuation USD (mil)

P/E (TTM)

15.58

.

Enterprise Value

596.1

Price/Sales (TTM)

0.47

.

Enterprise Value/Revenue (TTM)

0.81

Price/Book (MRQ)

0.70

.

Enterprise Value/EBITDA (TTM)

9.43

Market Cap as of 06-Apr-2012

362.4

.

 

 

1-ExchangeRate: TWD to USD on 6-Apr-2012

29.499086

 

 

 

2-ExchangeRate: TWD to USD on 30-Sep-2011

30.475000

 

 

 

 

© 1983-2012 Reuters Research Inc. All Rights Reserved.

Published by OneSource Information Services, Inc., April, 2012.

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

1.89

1.79

2.01

1.91

Quick/Acid Test Ratio

1.15

1.04

0.34

0.36

Working Capital1

153.9

111.2

145.5

74.1

Long Term Debt/Equity

0.10

0.39

1.07

0.39

Total Debt/Equity

0.27

0.55

1.36

0.60

Long Term Debt/Total Capital

0.08

0.25

0.45

0.24

Total Debt/Total Capital

0.21

0.35

0.58

0.38

Payout Ratio

44.68%

146.60%

0.00%

0.00%

Effective Tax Rate

5.08%

-91.43%

-0.49%

1.37%

Total Capital1

761.2

640.6

620.2

332.3

 

 

 

 

 

Efficiency

Asset Turnover

1.18

0.68

0.91

0.85

Inventory Turnover

13.68

7.36

7.57

6.85

Days In Inventory

26.67

49.63

48.19

53.31

Receivables Turnover

13.33

11.34

18.69

16.51

Days Receivables Outstanding

27.38

32.20

19.53

22.11

Revenue/Employee2

591,939

402,245

504,483

426,222

Operating Income/Employee2

95,194

2,582

67,835

36,241

EBITDA/Employee2

118,557

22,402

83,059

47,094

 

 

 

 

 

Profitability

Gross Margin

18.74%

3.51%

16.15%

11.58%

Operating Margin

16.08%

0.64%

13.45%

8.50%

EBITDA Margin

20.03%

5.57%

16.46%

11.05%

EBIT Margin

16.08%

0.64%

13.45%

8.50%

Pretax Margin

16.18%

0.23%

12.00%

7.23%

Net Profit Margin

15.35%

0.45%

12.06%

7.13%

R&D Expense/Revenue

0.33%

0.42%

0.31%

0.49%

COGS/Revenue

81.26%

96.49%

83.85%

88.42%

SG&A Expense/Revenue

2.33%

2.45%

2.39%

2.58%

 

 

 

 

 

Management Effectiveness

Return on Assets

18.17%

0.31%

10.94%

6.04%

Return on Equity

28.15%

0.64%

24.86%

11.60%

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.36

-0.01

-0.69

-0.77

Operating Cash Flow/Share 2

0.58

0.17

-0.13

-0.40

1-ExchangeRate: TWD to USD Period End Date

29.1565

31.985

32.818

32.4345

2-ExchangeRate: TWD to USD Average for Period

29.1565

31.985

32.818

32.4345

 

Current Market Multiples

Market Cap/Earnings (TTM)

15.58

Market Cap/Equity (MRQ)

0.70

Market Cap/Revenue (TTM)

0.47

Market Cap/EBIT (TTM)

15.19

Market Cap/EBITDA (TTM)

5.55

Enterprise Value/Earnings (TTM)

26.48

Enterprise Value/Equity (MRQ)

1.19

Enterprise Value/Revenue (TTM)

0.81

Enterprise Value/EBIT (TTM)

25.82

Enterprise Value/EBITDA (TTM)

9.43

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Revenue

-

896.6

481.1

502.6

210.5

    Sales Returns and Allowances

-

-2.3

-5.1

-0.8

-2.6

Revenue

-

894.3

476.1

501.8

207.9

Total Revenue

-

894.3

476.1

501.8

207.9

 

 

 

 

 

 

    Cost of Revenue

-

726.7

459.3

420.7

183.8

Cost of Revenue, Total

-

726.7

459.3

420.7

183.8

Gross Profit

-

167.6

16.7

81.0

24.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

20.8

11.7

12.0

5.4

Total Selling/General/Administrative Expenses

-

20.8

11.7

12.0

5.4

Research & Development

-

3.0

2.0

1.6

1.0

Total Operating Expense

-

750.4

473.0

434.3

190.2

 

 

 

 

 

 

Operating Income

-

143.8

3.1

67.5

17.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-3.8

-6.3

-8.7

-2.3

    Interest Expense, Net Non-Operating

-

-3.8

-6.3

-8.7

-2.3

        Interest Income - Non-Operating

-

0.1

0.2

0.5

0.2

        Investment Income - Non-Operating

-

4.1

3.2

0.8

-0.7

    Interest/Investment Income - Non-Operating

-

4.3

3.3

1.4

-0.5

Interest Income (Expense) - Net Non-Operating Total

-

0.4

-3.0

-7.4

-2.8

Gain (Loss) on Sale of Assets

-

0.0

-

-

0.0

    Other Non-Operating Income (Expense)

-

0.4

1.0

0.1

0.2

Other, Net

-

0.4

1.0

0.1

0.2

Income Before Tax

-

144.7

1.1

60.2

15.0

 

 

 

 

 

 

Total Income Tax

-

7.3

-1.0

-0.3

0.2

Income After Tax

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Net Income Before Extraord Items

-

137.3

2.1

60.5

14.8

Net Income

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

338.1

274.0

221.6

196.2

Basic EPS Excl Extraord Items

-

0.41

0.01

0.27

0.08

Basic/Primary EPS Incl Extraord Items

-

0.41

0.01

0.27

0.08

Dilution Adjustment

-

-

0.0

0.0

0.0

Diluted Net Income

-

137.3

2.1

60.5

14.8

Diluted Weighted Average Shares

-

345.7

275.7

225.3

198.6

Diluted EPS Excl Extraord Items

-

0.40

0.01

0.27

0.07

Diluted EPS Incl Extraord Items

-

0.40

0.01

0.27

0.07

Dividends per Share - Common Stock Primary Issue

-

0.18

0.01

0.00

0.00

Gross Dividends - Common Stock

-

61.4

3.9

0.0

0.0

Interest Expense, Supplemental

-

3.8

6.3

8.7

2.3

Interest Capitalized, Supplemental

-

-0.6

-0.1

-0.2

0.0

Depreciation, Supplemental

-

34.7

23.0

14.8

5.2

Total Special Items

-

0.0

-

-

0.0

Normalized Income Before Tax

-

144.7

1.1

60.2

15.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

-

-

0.0

Inc Tax Ex Impact of Sp Items

-

7.4

-1.0

-0.3

0.2

Normalized Income After Tax

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

137.3

2.1

60.5

14.8

 

 

 

 

 

 

Basic Normalized EPS

-

0.41

0.01

0.27

0.08

Diluted Normalized EPS

-

0.40

0.01

0.27

0.07

Amort of Intangibles, Supplemental

-

0.6

0.4

0.3

0.1

Research & Development Exp, Supplemental

-

3.0

2.0

1.6

1.0

Normalized EBIT

-

143.8

3.1

67.5

17.7

Normalized EBITDA

-

179.1

26.5

82.6

23.0

    Current Tax - Total

-

7.9

1.9

2.2

0.5

Current Tax - Total

-

7.9

1.9

2.2

0.5

    Deferred Tax - Total

-

-0.6

-3.3

-2.5

-0.3

Deferred Tax - Total

-

-0.6

-3.3

-2.5

-0.3

    Other Tax

-

0.1

0.4

-

-

Income Tax - Total

-

7.3

-1.0

-0.3

0.2

Defined Contribution Expense - Domestic

-

1.1

0.9

0.7

-

Total Pension Expense

-

1.1

0.9

0.7

-

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.146237

28.855204

29.305764

30.350199

 

 

 

 

 

    Gross Revenue

163.2

133.2

213.4

260.1

    Sales Returns and Allowances

-1.6

-4.6

0.0

-0.5

Revenue

161.5

128.7

213.4

259.6

Total Revenue

161.5

128.7

213.4

259.6

 

 

 

 

 

    Cost of Revenue

162.1

147.8

192.4

218.9

Cost of Revenue, Total

162.1

147.8

192.4

218.9

Gross Profit

-0.6

-19.1

21.0

40.6

 

 

 

 

 

    Selling/General/Administrative Expense

3.2

2.4

5.6

4.3

Total Selling/General/Administrative Expenses

3.2

2.4

5.6

4.3

Research & Development

1.1

1.2

0.8

0.9

Total Operating Expense

166.4

151.4

198.9

224.1

 

 

 

 

 

Operating Income

-4.9

-22.7

14.6

35.5

 

 

 

 

 

        Interest Expense - Non-Operating

-0.5

-0.5

-0.6

-0.2

    Interest Expense, Net Non-Operating

-0.5

-0.5

-0.6

-0.2

        Interest Income - Non-Operating

0.0

0.1

0.0

0.1

        Investment Income - Non-Operating

1.5

1.4

1.3

0.3

    Interest/Investment Income - Non-Operating

1.5

1.5

1.4

0.4

Interest Income (Expense) - Net Non-Operating Total

1.0

1.0

0.8

0.2

Gain (Loss) on Sale of Assets

0.0

0.0

-

0.0

    Other Non-Operating Income (Expense)

0.0

0.3

0.2

0.2

Other, Net

0.0

0.3

0.2

0.2

Income Before Tax

-3.9

-21.5

15.5

35.8

 

 

 

 

 

Total Income Tax

-1.1

-0.5

1.0

3.1

Income After Tax

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Net Income Before Extraord Items

-2.8

-21.0

14.5

32.7

Net Income

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Income Available to Common Excl Extraord Items

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Income Available to Common Incl Extraord Items

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Basic/Primary Weighted Average Shares

339.8

338.5

338.3

338.3

Basic EPS Excl Extraord Items

-0.01

-0.06

0.04

0.10

Basic/Primary EPS Incl Extraord Items

-0.01

-0.06

0.04

0.10

Dilution Adjustment

0.0

0.0

-

0.0

Diluted Net Income

-2.8

-21.0

14.5

32.7

Diluted Weighted Average Shares

339.8

338.5

345.3

351.6

Diluted EPS Excl Extraord Items

-0.01

-0.06

0.04

0.09

Diluted EPS Incl Extraord Items

-0.01

-0.06

0.04

0.09

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.19

Gross Dividends - Common Stock

0.0

0.0

0.0

63.7

Interest Expense, Supplemental

0.5

0.3

0.8

0.2

Interest Capitalized, Supplemental

-0.1

-0.5

-0.2

-0.6

Depreciation, Supplemental

10.8

10.4

10.1

9.5

Total Special Items

0.0

0.0

-

0.0

Normalized Income Before Tax

-3.9

-21.5

15.5

35.8

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

0.0

Inc Tax Ex Impact of Sp Items

-1.1

-0.5

1.0

3.1

Normalized Income After Tax

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.8

-21.0

14.5

32.7

 

 

 

 

 

Basic Normalized EPS

-0.01

-0.06

0.04

0.10

Diluted Normalized EPS

-0.01

-0.06

0.04

0.09

Amort of Intangibles, Supplemental

0.2

0.2

0.2

0.2

Research & Development Exp, Supplemental

1.1

1.2

0.8

0.9

Normalized EBIT

-4.9

-22.7

14.6

35.5

Normalized EBITDA

6.1

-12.1

24.9

45.2

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

-

119.1

86.9

21.9

3.9

    Short Term Investments

-

0.1

0.2

0.1

0.3

Cash and Short Term Investments

-

119.3

87.1

22.0

4.2

        Accounts Receivable - Trade, Gross

-

79.8

58.5

24.1

-

        Provision for Doubtful Accounts

-

-0.6

-0.6

0.0

-

    Trade Accounts Receivable - Net

-

79.2

58.0

24.1

23.0

    Other Receivables

-

0.7

1.3

2.6

2.1

Total Receivables, Net

-

79.9

59.3

26.7

25.2

    Inventories - Finished Goods

-

12.7

25.3

29.5

7.7

    Inventories - Work In Progress

-

19.4

8.1

6.5

8.7

    Inventories - Raw Materials

-

25.5

18.6

39.0

16.9

    Inventories - Other

-

-

-

-

-1.1

Total Inventory

-

57.7

52.0

75.0

32.2

Prepaid Expenses

-

42.8

37.3

131.5

88.8

    Restricted Cash - Current

-

21.3

13.6

32.3

3.1

    Deferred Income Tax - Current Asset

-

5.9

2.1

1.5

0.4

    Other Current Assets

-

0.2

0.0

0.1

1.6

Other Current Assets, Total

-

27.4

15.7

33.8

5.1

Total Current Assets

-

327.0

251.4

289.1

155.4

 

 

 

 

 

 

        Buildings

-

61.8

50.6

49.1

3.0

        Land/Improvements

-

8.1

-

-

-

        Machinery/Equipment

-

295.1

235.6

141.6

60.2

        Construction in Progress

-

54.5

35.4

70.3

65.8

        Other Property/Plant/Equipment

-

-

0.0

0.0

0.0

    Property/Plant/Equipment - Gross

-

419.4

321.6

261.0

129.1

    Accumulated Depreciation

-

-86.6

-44.9

-20.6

-6.4

Property/Plant/Equipment - Net

-

332.8

276.7

240.4

122.6

Intangibles, Net

-

0.2

0.2

0.2

0.2

    LT Investment - Affiliate Companies

-

0.5

-

-

-

    LT Investments - Other

-

1.1

0.0

2.4

2.5

Long Term Investments

-

1.6

0.0

2.4

2.5

    Deferred Charges

-

1.1

0.7

0.7

0.4

    Deferred Income Tax - Long Term Asset

-

1.6

4.1

1.3

0.0

    Other Long Term Assets

-

174.9

190.6

163.7

88.4

Other Long Term Assets, Total

-

177.5

195.5

165.7

88.8

Total Assets

-

839.1

723.8

697.9

369.5

 

 

 

 

 

 

Accounts Payable

-

19.4

51.6

38.0

20.8

Accrued Expenses

-

38.3

10.8

8.6

5.0

Notes Payable/Short Term Debt

-

61.1

29.7

58.2

39.8

Current Portion - Long Term Debt/Capital Leases

-

43.0

33.7

18.7

4.9

    Customer Advances

-

0.3

0.2

1.8

0.7

    Income Taxes Payable

-

8.5

2.0

1.7

0.5

    Other Payables

-

2.2

12.1

16.3

9.4

    Other Current Liabilities

-

0.3

0.2

0.2

0.2

Other Current liabilities, Total

-

11.2

14.5

20.1

10.7

Total Current Liabilities

-

173.1

140.2

143.6

81.3

 

 

 

 

 

 

    Long Term Debt

-

58.1

162.7

280.5

80.2

    Capital Lease Obligations

-

-

-

-

0.0

Total Long Term Debt

-

58.1

162.7

280.5

80.2

Total Debt

-

162.3

226.1

357.5

124.9

 

 

 

 

 

 

    Other Long Term Liabilities

-

8.9

6.4

11.0

0.6

Other Liabilities, Total

-

8.9

6.4

11.0

0.6

Total Liabilities

-

240.1

309.3

435.1

162.0

 

 

 

 

 

 

    Common Stock

-

110.5

99.5

45.5

35.2

Common Stock

-

110.5

99.5

45.5

35.2

Additional Paid-In Capital

-

299.2

272.5

156.2

157.9

Retained Earnings (Accumulated Deficit)

-

189.5

42.5

61.2

14.4

Unrealized Gain (Loss)

-

-0.2

-0.1

-0.2

0.0

    Other Equity

-

0.0

0.2

0.1

0.0

Other Equity, Total

-

0.0

0.2

0.1

0.0

Total Equity

-

598.9

414.5

262.8

207.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

839.1

723.8

697.9

369.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

338.3

337.4

228.2

227.1

Total Common Shares Outstanding

-

338.3

337.4

228.2

227.1

Treasury Shares - Common Stock Primary Issue

-

0.0

0.0

0.0

-

Employees

-

1,632

1,222

956

494

Number of Common Shareholders

-

50,699

32,326

25,131

3,717

Accumulated Intangible Amort, Suppl.

-

-

0.3

0.2

0.1

Deferred Revenue - Current

-

0.3

0.2

1.8

0.7

Total Long Term Debt, Supplemental

-

43.0

33.7

-

4.9

Long Term Debt Maturing within 1 Year

-

43.0

33.7

-

4.9

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

-

0.0

Total Capital Leases, Supplemental

-

-

-

-

0.0

Capital Lease Payments Due in Year 1

-

-

-

-

0.0

Capital Lease Payments Due in Year 2

-

-

-

-

0.0

Capital Lease Payments Due in 2-3 Years

-

-

-

-

0.0

Total Operating Leases, Supplemental

-

7.7

6.0

6.6

7.5

Operating Lease Payments Due in Year 1

-

1.1

0.8

0.9

0.6

Operating Lease Payments Due in Year 2

-

0.9

0.6

0.8

0.5

Operating Lease Payments Due in Year 3

-

0.8

0.5

-

0.5

Operating Lease Payments Due in Year 4

-

0.8

0.3

-

3.0

Operating Lease Pymts. Due in 2-3 Years

-

1.7

1.0

0.8

1.0

Operating Lease Pymts. Due in 4-5 Years

-

0.8

0.3

-

3.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

-

4.1

3.8

5.0

3.0

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

Exchange Rate

30.475

28.7235

29.4065

29.1565

 

 

 

 

 

    Cash & Equivalents

33.8

72.0

75.0

119.1

    Short Term Investments

3.6

3.8

1.2

0.1

Cash and Short Term Investments

37.4

75.8

76.2

119.3

        Accounts Receivable - Trade, Gross

95.1

60.9

91.5

79.8

        Provision for Doubtful Accounts

-0.6

-0.6

-0.6

-0.6

    Trade Accounts Receivable - Net

94.5

60.3

90.9

79.2

    Notes Receivable - Short Term

4.1

2.6

-

-

    Other Receivables

5.3

0.9

8.4

0.7

Total Receivables, Net

103.9

63.8

99.3

79.9

    Inventories - Finished Goods

31.5

23.9

19.7

12.7

    Inventories - Work In Progress

12.3

14.1

18.6

19.4

    Inventories - Raw Materials

39.0

45.1

33.6

25.5

Total Inventory

82.8

83.0

71.8

57.7

Prepaid Expenses

65.9

59.2

45.1

42.8

    Restricted Cash - Current

7.8

14.6

19.6

21.3

    Deferred Income Tax - Current Asset

8.6

8.7

5.6

5.9

    Other Current Assets

0.2

0.2

0.8

0.2

Other Current Assets, Total

16.6

23.5

26.0

27.4

Total Current Assets

306.5

305.3

318.4

327.0

 

 

 

 

 

        Buildings

59.5

63.1

61.5

61.8

        Land/Improvements

7.7

8.2

8.0

8.1

        Machinery/Equipment

306.2

309.2

300.7

295.1

        Construction in Progress

125.9

108.4

76.6

54.5

    Property/Plant/Equipment - Gross

499.3

489.0

446.8

419.4

    Accumulated Depreciation

-112.7

-108.6

-95.9

-86.6

Property/Plant/Equipment - Net

386.7

380.4

350.9

332.8

Intangibles, Net

0.7

0.7

0.6

0.2

    LT Investment - Affiliate Companies

0.2

0.2

-

0.5

    LT Investments - Other

15.4

12.6

5.3

1.1

Long Term Investments

15.6

12.8

5.3

1.6

    Deferred Charges

1.2

1.4

1.4

1.1

    Deferred Income Tax - Long Term Asset

1.6

1.6

1.6

1.6

    Other Long Term Assets

124.8

147.8

158.5

174.9

Other Long Term Assets, Total

127.5

150.8

161.5

177.5

Total Assets

837.0

849.9

836.6

839.1

 

 

 

 

 

Accounts Payable

32.6

23.0

22.7

19.4

Accrued Expenses

11.0

31.7

32.8

38.3

Notes Payable/Short Term Debt

140.0

113.2

57.3

61.1

Current Portion - Long Term Debt/Capital Leases

47.2

28.7

37.8

43.0

    Customer Advances

0.5

0.5

0.3

0.3

    Income Taxes Payable

2.5

3.4

9.2

8.5

    Other Payables

1.9

69.8

2.1

2.2

    Other Current Liabilities

1.0

0.3

0.3

0.3

Other Current liabilities, Total

5.9

73.9

11.9

11.2

Total Current Liabilities

236.7

270.6

162.5

173.1

 

 

 

 

 

    Long Term Debt

95.5

38.3

60.4

58.1

Total Long Term Debt

95.5

38.3

60.4

58.1

Total Debt

282.7

180.2

155.5

162.3

 

 

 

 

 

    Other Long Term Liabilities

2.7

5.5

5.4

8.9

Other Liabilities, Total

2.7

5.5

5.4

8.9

Total Liabilities

334.9

314.3

228.2

240.1

 

 

 

 

 

    Common Stock

111.2

118.0

109.6

110.5

Common Stock

111.2

118.0

109.6

110.5

Additional Paid-In Capital

287.0

304.5

296.6

299.2

Retained Earnings (Accumulated Deficit)

104.0

113.1

202.3

189.5

Unrealized Gain (Loss)

-0.1

0.0

-0.1

-0.2

    Other Equity

0.0

0.0

0.0

0.0

Other Equity, Total

0.0

0.0

0.0

0.0

Total Equity

502.0

535.6

608.4

598.9

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

837.0

849.9

836.6

839.1

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

338.9

338.8

338.3

338.3

Total Common Shares Outstanding

338.9

338.8

338.3

338.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

Employees

1,704

1,697

1,829

1,632

Deferred Revenue - Current

0.5

0.5

0.3

0.3

Total Long Term Debt, Supplemental

-

-

37.8

43.0

Long Term Debt Maturing within 1 Year

-

-

37.8

43.0

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

0.0

Total Operating Leases, Supplemental

7.9

8.3

8.4

7.7

Operating Lease Payments Due in Year 1

0.3

0.6

0.9

1.1

Operating Lease Payments Due in Year 2

1.0

1.1

1.0

0.9

Operating Lease Payments Due in Year 3

0.8

0.9

0.9

0.8

Operating Lease Payments Due in Year 4

0.7

0.8

0.8

0.8

Operating Lease Pymts. Due in 2-3 Years

1.9

2.0

1.9

1.7

Operating Lease Pymts. Due in 4-5 Years

0.7

0.8

0.8

0.8

Oper. Lse. Pymts. Due in Year 6 & Beyond

5.0

5.0

4.8

4.1

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

 

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

 

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

137.3

2.1

60.5

14.8

    Depreciation

-

34.7

23.0

14.8

5.2

Depreciation/Depletion

-

34.7

23.0

14.8

5.2

    Amortization of Intangibles

-

0.6

0.4

0.3

0.1

Amortization

-

0.6

0.4

0.3

0.1

Deferred Taxes

-

-0.6

-3.3

-2.5

-0.3

    Unusual Items

-

0.0

0.0

0.0

0.0

    Other Non-Cash Items

-

0.0

3.1

7.2

1.0

Non-Cash Items

-

0.1

3.1

7.2

0.9

    Accounts Receivable

-

-13.7

-31.4

-3.4

-22.5

    Inventories

-

0.4

23.0

-49.5

-10.5

    Prepaid Expenses

-

29.0

21.8

-82.1

-83.1

    Other Assets

-

-0.1

0.0

-1.9

-2.7

    Accounts Payable

-

-36.7

14.3

18.2

2.6

    Accrued Expenses

-

24.5

3.8

3.8

4.0

    Taxes Payable

-

5.9

0.2

1.3

0.5

    Other Liabilities

-

0.0

-1.6

1.2

0.8

Changes in Working Capital

-

9.3

30.2

-112.4

-110.8

Cash from Operating Activities

-

181.4

55.5

-32.0

-90.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-69.8

-58.9

-131.5

-81.7

    Purchase/Acquisition of Intangibles

-

-0.1

-0.2

-0.1

-0.1

Capital Expenditures

-

-69.9

-59.1

-131.7

-81.8

    Sale of Fixed Assets

-

-

-

0.0

0.0

    Sale/Maturity of Investment

-

-

0.0

0.5

70.2

    Investment, Net

-

0.0

4.9

-

-

    Purchase of Investments

-

-1.4

-2.5

-0.5

-72.8

    Other Investing Cash Flow

-

-6.7

68.5

-71.4

-64.3

Other Investing Cash Flow Items, Total

-

-8.1

70.9

-71.4

-67.0

Cash from Investing Activities

-

-78.0

11.8

-203.0

-148.8

 

 

 

 

 

 

    Other Financing Cash Flow

-

1.7

-4.7

10.7

0.6

Financing Cash Flow Items

-

1.7

-4.7

10.7

0.6

    Cash Dividends Paid - Common

-

-4.0

0.0

-0.4

-

Total Cash Dividends Paid

-

-4.0

0.0

-0.4

-

        Sale/Issuance of Common

-

0.0

135.7

0.0

139.2

    Common Stock, Net

-

0.0

135.7

0.0

139.2

    Options Exercised

-

0.3

0.4

-

-

Issuance (Retirement) of Stock, Net

-

0.3

136.0

0.0

139.2

    Short Term Debt, Net

-

26.5

-29.1

19.7

10.6

    Long Term Debt, Net

-

-105.8

-107.2

223.8

60.3

Issuance (Retirement) of Debt, Net

-

-79.3

-136.3

243.5

70.8

Cash from Financing Activities

-

-81.4

-4.9

253.8

210.6

 

 

 

 

 

 

Net Change in Cash

-

22.0

62.4

18.8

-28.2

 

 

 

 

 

 

Net Cash - Beginning Balance

-

88.3

21.8

4.0

32.1

Net Cash - Ending Balance

-

110.3

84.2

22.8

3.8

Cash Interest Paid

-

2.8

5.9

6.9

2.1

Cash Taxes Paid

-

2.1

2.1

0.9

0.0

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.099862

29.074238

29.305764

31.497037

 

 

 

 

 

Net Income/Starting Line

-9.0

-6.2

14.5

137.3

    Depreciation

31.3

20.5

10.1

34.7

Depreciation/Depletion

31.3

20.5

10.1

34.7

    Amortization of Intangibles

0.7

0.4

0.2

0.6

Amortization

0.7

0.4

0.2

0.6

Deferred Taxes

-3.1

-2.8

0.2

-0.6

    Unusual Items

0.0

0.0

-

0.0

    Other Non-Cash Items

0.0

0.0

-

0.0

Non-Cash Items

0.0

0.0

-

0.1

    Accounts Receivable

-28.7

17.1

-20.1

-13.7

    Inventories

-28.4

-23.9

-14.5

0.4

    Prepaid Expenses

18.6

14.3

12.9

29.0

    Other Assets

-0.1

0.0

-0.6

-0.1

    Accounts Payable

14.7

3.3

3.5

-36.7

    Accrued Expenses

-25.8

-6.1

-5.2

24.5

    Taxes Payable

-6.0

-5.2

0.7

5.9

    Other Liabilities

1.1

0.3

0.1

0.0

Changes in Working Capital

-54.6

-0.3

-23.3

9.3

Cash from Operating Activities

-34.8

11.7

1.8

181.4

 

 

 

 

 

    Purchase of Fixed Assets

-103.5

-62.7

-31.5

-69.8

    Purchase/Acquisition of Intangibles

-0.5

-0.3

-0.2

-0.1

Capital Expenditures

-104.0

-63.0

-31.7

-69.9

    Sale of Fixed Assets

0.0

0.0

0.0

-

    Investment, Net

-

-

-

0.0

    Purchase of Investments

-18.3

-14.5

-4.8

-1.4

    Other Investing Cash Flow

12.1

5.7

0.2

-6.7

Other Investing Cash Flow Items, Total

-6.1

-8.8

-4.5

-8.1

Cash from Investing Activities

-110.1

-71.8

-36.2

-78.0

 

 

 

 

 

    Other Financing Cash Flow

-6.1

-3.5

-3.5

1.7

Financing Cash Flow Items

-6.1

-3.5

-3.5

1.7

    Cash Dividends Paid - Common

-66.4

-

-

-4.0

Total Cash Dividends Paid

-66.4

-

-

-4.0

        Sale/Issuance of Common

-

-

-

0.0

    Common Stock, Net

-

-

-

0.0

    Options Exercised

0.0

0.0

0.0

0.3

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.3

        Short Term Debt Issued

85.4

50.5

-

26.5

        Short Term Debt Reduction

-

-

-3.3

-

    Short Term Debt, Net

85.4

50.5

-3.3

26.5

        Long Term Debt Issued

48.1

-

-

-

        Long Term Debt Reduction

0.0

-35.2

-2.1

-105.8

    Long Term Debt, Net

48.1

-35.2

-2.1

-105.8

Issuance (Retirement) of Debt, Net

133.5

15.3

-5.4

-79.3

Cash from Financing Activities

61.0

11.8

-8.9

-81.4

 

 

 

 

 

Net Change in Cash

-84.0

-48.3

-43.3

22.0

 

 

 

 

 

Net Cash - Beginning Balance

119.4

119.5

118.5

88.3

Net Cash - Ending Balance

35.4

71.2

75.2

110.3

Cash Interest Paid

1.0

1.3

0.5

2.8

Cash Taxes Paid

8.5

8.5

0.1

2.1

 

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

31.497037

33.023867

31.543497

32.848802

32.525305

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sales

896.6

481.1

502.6

210.5

17.3

    Sales Returns

-1.0

-4.6

-0.8

-2.6

-

    Sales Discounts & Allowance

-1.3

-0.4

-0.1

-

-

Total Revenue

894.3

476.1

501.8

207.9

17.3

 

 

 

 

 

 

    Cost of Sales

726.7

459.3

420.7

183.0

14.3

    Selling Expenses

7.4

3.6

1.9

1.1

0.3

    General and Administrative Expenses

13.5

8.1

10.1

4.2

2.3

    Research and Development Expenses

3.0

2.0

1.6

1.0

0.7

    Loss on Physical Inventory

-

-

-

0.0

0.0

    Inventory Devaluation & Obsolescence

-

-

-

0.9

0.2

Total Operating Expense

750.4

473.0

434.3

190.2

17.8

 

 

 

 

 

 

    Interest Income

0.1

0.2

0.5

0.2

0.1

    Gain on Sale of Fixed Assets

-

-

-

0.0

-

    Loss on Sale of Fixed Assets

0.0

-

-

0.0

-

    Gain on Sale of Investment

-

-

-

0.2

-

    Loss on Sale of Investment

0.0

0.0

-0.1

-

-

    Gain/Loss on Foreign Exchange

4.1

3.2

0.9

-0.9

0.3

    Miscellaneous Income

0.4

1.1

0.1

0.2

0.3

    Interest Expense

-2.6

-5.1

-7.9

-2.3

-0.3

    Finance Expenses

-1.3

-1.2

-0.8

-

-

    Miscellaneous Disbursements

0.0

0.0

0.0

0.0

0.0

Net Income Before Taxes

144.7

1.1

60.2

15.0

0.0

 

 

 

 

 

 

Provision for Income Taxes

7.3

-1.0

-0.3

0.2

0.0

Net Income After Taxes

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Net Income Before Extra. Items

137.3

2.1

60.5

14.8

0.0

Net Income

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Basic Weighted Average Shares

338.1

274.0

221.6

196.2

142.4

Basic EPS Excluding ExtraOrdinary Items

0.41

0.01

0.27

0.08

0.00

Basic EPS Including ExtraOrdinary Items

0.41

0.01

0.27

0.08

0.00

Dilution Adjustment

-

0.0

0.0

0.0

-

Diluted Net Income

137.3

2.1

60.5

14.8

0.0

Diluted Weighted Average Shares

345.7

275.7

225.3

198.6

142.4

Diluted EPS Excluding ExtraOrd Items

0.40

0.01

0.27

0.07

0.00

Diluted EPS Including ExtraOrd Items

0.40

0.01

0.27

0.07

0.00

DPS-Common Stock

0.18

0.01

0.00

0.00

0.00

Gross Dividends - Common Stock

61.4

3.9

0.0

0.0

0.0

Normalized Income Before Taxes

144.7

1.1

60.2

15.1

0.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

7.4

-1.0

-0.3

0.2

0.0

Normalized Income After Taxes

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

137.3

2.1

60.5

14.8

0.0

 

 

 

 

 

 

Basic Normalized EPS

0.41

0.01

0.27

0.08

0.00

Diluted Normalized EPS

0.40

0.01

0.27

0.07

0.00

Interest Expense, Supplemental

2.6

5.1

7.9

2.3

0.3

Finance Expense

1.3

1.2

0.8

-

-

Interest Capitalized

-0.6

-0.1

-0.2

0.0

-

R&D Expense, Supplemental

3.0

2.0

1.6

1.0

0.7

Depreciation - Operating Cost

33.6

22.4

14.3

4.9

1.1

Depreciation - Operating Expense

1.1

0.6

0.5

0.3

0.1

Amortization - Operating Cost

0.5

0.4

0.2

0.1

0.0

Amortization - Operating Expense

0.1

0.1

0.1

0.1

0.0

    Current Tax

7.9

1.9

2.2

0.5

0.0

Current Tax - Total

7.9

1.9

2.2

0.5

0.0

    Deferred Tax

-0.6

-3.3

-2.5

-0.3

0.0

Deferred Tax - Total

-0.6

-3.3

-2.5

-0.3

0.0

    Other Tax

0.1

0.4

-

-

-

Income Tax - Total

7.3

-1.0

-0.3

0.2

0.0

Defined Contribution Expense - Domestic

1.1

0.9

0.7

-

-

Total Pension Expense

1.1

0.9

0.7

-

-

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.146237

28.855204

29.305764

30.350199

31.911435

 

 

 

 

 

 

    Gross Sales

163.2

133.2

213.4

260.1

242.3

    Sales Return

-1.6

-4.5

0.0

-0.5

0.0

    Sales Discounts and Allowances

0.0

-0.1

0.0

0.0

0.0

Total Revenue

161.5

128.7

213.4

259.6

242.3

 

 

 

 

 

 

    Cost of Sales

162.1

147.8

192.4

218.9

191.3

    Selling Expenses

1.3

1.2

1.8

2.2

1.7

    General and Administrative Expenses

1.9

1.2

3.8

2.1

4.6

    Research and Development Expenses

1.1

1.2

0.8

0.9

0.7

Total Operating Expense

166.4

151.4

198.9

224.1

198.4

 

 

 

 

 

 

    Interest Income

0.0

0.1

0.0

0.1

0.0

    Dividends Income

0.2

-

-

0.0

0.0

    Loss on Sale of Investment

-

-

-

0.0

0.0

    Foreign Exchange Gain/Loss

1.2

1.4

1.3

0.3

1.3

    Rent Income

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Income

0.0

0.3

0.2

0.2

0.1

    Interest Expense

-0.3

-0.2

-0.4

-0.1

-0.8

    Finance Expenses

-0.2

-0.2

-0.2

-0.1

-0.4

    Loss on Sale of Fixed Assets

0.0

0.0

-

0.0

-

    Miscellaneous Disbursements

-

-

-

0.0

0.0

Net Income Before Taxes

-3.9

-21.5

15.5

35.8

44.2

 

 

 

 

 

 

Provision for Income Taxes

-1.1

-0.5

1.0

3.1

3.7

Net Income After Taxes

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Net Income Before Extra. Items

-2.8

-21.0

14.5

32.7

40.5

Net Income

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Basic Weighted Average Shares

339.8

338.5

338.3

338.3

338.1

Basic EPS Excluding ExtraOrdinary Items

-0.01

-0.06

0.04

0.10

0.12

Basic EPS Including ExtraOrdinary Items

-0.01

-0.06

0.04

0.10

0.12

Dilution Adjustment

0.0

0.0

-

0.0

0.0

Diluted Net Income

-2.8

-21.0

14.5

32.7

40.5

Diluted Weighted Average Shares

339.8

338.5

345.3

351.6

347.1

Diluted EPS Excluding ExtraOrd Items

-0.01

-0.06

0.04

0.09

0.12

Diluted EPS Including ExtraOrd Items

-0.01

-0.06

0.04

0.09

0.12

DPS-Common Stock

0.00

0.00

0.00

0.19

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

63.7

0.0

Normalized Income Before Taxes

-3.9

-21.5

15.5

35.8

44.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-1.1

-0.5

1.0

3.1

3.7

Normalized Income After Taxes

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.8

-21.0

14.5

32.7

40.5

 

 

 

 

 

 

Basic Normalized EPS

-0.01

-0.06

0.04

0.10

0.12

Diluted Normalized EPS

-0.01

-0.06

0.04

0.09

0.12

Interest Expense, Supplemental

0.3

0.0

0.6

0.1

0.8

Finance Expense

0.2

0.2

0.2

0.1

0.4

R&D Expense, Supplemental

1.1

1.2

0.8

0.9

0.7

Interest Capitalized

-0.1

-0.5

-0.2

-0.6

0.0

Depreciation, Supplemental

10.8

10.4

10.1

9.5

9.0

Amortization

0.2

0.2

0.2

0.2

0.2

 

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.1565

31.985

32.818

32.4345

32.585

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

119.1

86.9

21.9

3.9

32.3

    Financial Assets for Sale

0.1

0.2

0.1

0.3

0.0

    Account Receivables

-

-

-

23.0

0.3

    Accounts Receivable, Gross

79.8

58.5

24.1

-

-

    Accounts Receivable - Related Parties

0.0

-

-

-

-

    Provision for Doubtful Accounts

-0.6

-0.6

0.0

-

-

    Tax Refund Receivable

-

-

-

2.1

0.0

    Other Receivables

0.7

1.3

2.6

0.0

0.0

    Materials

0.0

0.1

0.1

2.0

0.0

    Raw Materials

16.3

13.3

34.7

2.7

18.3

    Supplies

9.1

5.2

4.2

2.2

0.5

    Work in Process

19.4

8.1

6.5

8.7

0.8

    Finished Products

12.7

25.3

29.5

7.7

2.8

    Materials in Transit

-

-

-

10.0

0.0

    Provision/Allowance for Inventory

-

-

-

-1.1

-0.2

    Prepaid Expense

3.5

2.3

1.4

2.3

0.4

    Prepayment

39.3

35.0

130.1

86.4

4.2

    Deferred Income Tax Assets - Current

5.9

2.1

1.5

0.4

0.1

    Restricted Assets

21.3

13.6

32.3

3.1

4.5

    Othe Current Assets

0.2

0.0

0.1

1.6

0.9

Total Current Assets

327.0

251.4

289.1

155.4

64.9

 

 

 

 

 

 

    Long-Term Equity Investments

0.5

-

-

-

-

    Financial Assets at Cost, Non-current

1.1

0.0

2.4

2.5

0.0

    Land

8.1

-

-

-

-

    Buildings and Structures

57.4

47.3

45.8

-

-

    Machinery and Equipment

283.9

227.1

135.1

56.1

16.5

    Transportation Equipment

0.3

0.2

0.2

0.1

0.0

    Office Equipment

2.6

2.0

1.8

0.8

0.5

    Leasehold Assets

-

0.0

0.0

0.0

0.0

    Leasehold Improvement

4.3

3.4

3.3

3.0

2.7

    Miscellaneous Equipment

8.3

6.3

4.5

3.1

5.8

    Accumulated Depreciation

-86.6

-44.9

-20.6

-6.4

-1.2

    Cons. in Progress & Prepayment for Equip

54.5

35.4

70.3

65.8

14.9

    Intangible Assets(Computer Software Cost

0.2

0.2

0.2

0.2

0.1

    Security Deposits Paid

65.9

61.0

125.4

88.4

22.3

    Deferred Charges

1.1

0.7

0.7

0.4

0.1

    Deferred Income Tax

1.6

4.1

1.3

0.0

0.0

    Other Non-Current Assets

109.0

129.6

38.4

-

-

Total Assets

839.1

723.8

697.9

369.5

126.7

 

 

 

 

 

 

    Short Term Borrowing

61.1

29.7

58.2

39.8

28.9

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

19.4

51.6

38.0

20.8

1.3

    Accounts Payable - Related Parties

0.0

-

-

0.0

16.6

    Tax Payable

8.5

2.0

1.7

0.5

0.0

    Accrued Expenses

38.3

10.8

8.6

5.0

1.0

    Other Payables

2.2

12.1

16.3

9.4

3.8

    Advance Receipts

0.3

0.2

1.8

0.7

0.0

    Current Portion of LT Debt

43.0

33.7

18.7

4.9

0.0

    Current Portion of Lease Payable

-

0.0

0.0

0.0

0.0

    Other Current Liabilities

0.3

0.2

0.2

0.2

0.0

Total Current Liabilities

173.1

140.2

143.6

81.3

51.6

 

 

 

 

 

 

    Long Term Borrowings

58.1

162.7

280.5

80.2

23.9

    Lease Payable

-

-

-

0.0

0.0

Total Long Term Debt

58.1

162.7

280.5

80.2

24.0

 

 

 

 

 

 

    Security Deposits Received

8.9

6.4

11.0

0.6

0.0

Total Liabilities

240.1

309.3

435.1

162.0

75.6

 

 

 

 

 

 

    Common Stock

110.5

99.5

45.5

35.2

24.0

    Advances for Capital

0.0

0.2

0.1

0.0

27.7

    Share Premium

299.1

272.0

155.9

157.7

0.0

    Employee Stock Option

0.1

0.5

0.4

0.2

0.1

    Legal Reserve

8.4

7.4

1.4

-

-

    Special Reserve

0.2

0.2

0.0

-

-

    Retained Earnings

180.9

34.9

59.7

14.4

-0.6

    Unrealized G/L on Fin. Assets

-0.2

-0.1

-0.2

0.0

0.0

Total Equity

598.9

414.5

262.8

207.5

51.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

839.1

723.8

697.9

369.5

126.7

 

 

 

 

 

 

    S/O-Common Stock

338.3

337.4

228.2

227.1

159.3

Total Common Shares Outstanding

338.3

337.4

228.2

227.1

159.3

T/S-Common Stock

0.0

0.0

0.0

-

-

Accumulated Intangible Amortization

-

0.3

0.2

0.1

0.0

Deferred Revenue, Current

0.3

0.2

1.8

0.7

0.0

Full-Time Employees

1,632

1,222

956

494

196

Number of Common Shareholders

50,699

32,326

25,131

3,717

872

Current maturities

43.0

33.7

-

4.9

-

Total Long Term Debt, Supplemental

43.0

33.7

-

4.9

-

Capital Lease Pymts. Maturing in 1 Year

-

-

-

0.0

-

Capital Lease Pymts. Maturing in Year 2

-

-

-

0.0

-

Total Capital Leases

-

-

-

0.0

-

Operating Lease due in 1 year

1.1

0.8

0.9

0.6

0.3

Operating Lease due in 2 years

0.9

0.6

0.8

0.5

0.3

Operating Lease due in 3 years

0.8

0.5

-

0.5

0.2

Operating Lease due in 4 years

0.8

0.3

-

3.0

0.2

Operating Lease due in 5 years

-

-

-

-

0.2

Operating Lease - Remaining Payments

4.1

1.9

5.0

3.0

-

Total Operating Leases

7.7

6.0

6.6

7.5

1.2

 

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.475

28.7235

29.4065

29.1565

31.2415

 

 

 

 

 

 

    Cash and Cash Equivalent

33.8

72.0

75.0

119.1

84.2

    Financial Assets for Sale

3.6

3.8

1.2

0.1

0.1

    Notes Receivable

4.1

2.6

-

-

-

    Accounts Receivable, Gross

95.1

60.9

91.5

79.8

75.7

    Provision for Doubtful Accounts

-0.6

-0.6

-0.6

-0.6

-0.6

    Accounts Receivable - Related Parties

-

0.0

0.0

0.0

-

    Other Receivables

5.3

0.9

8.4

0.7

7.6

    Other Receivables - Related Parties

-

0.0

-

-

-

    Materials

0.0

0.0

0.0

0.0

0.0

    Raw Materials

27.1

34.0

22.1

16.3

24.9

    Supplies

11.8

11.1

11.4

9.1

8.3

    Work in Progress

12.3

14.1

18.6

19.4

12.2

    Finished Goods

31.5

23.9

19.7

12.7

12.3

    Merchandise

-

0.0

-

-

-

    Prepaid Expense

2.5

1.7

4.2

3.5

3.3

    Prepayment

63.4

57.5

40.9

39.3

28.2

    Non-Current Assets for Sale

-

-

-

-

0.0

    Deferred Income Tax

8.6

8.7

5.6

5.9

2.0

    Restricted Assets

7.8

14.6

19.6

21.3

24.3

    Other Current Assets

0.2

0.2

0.8

0.2

0.1

Total Current Assets

306.5

305.3

318.4

327.0

282.6

 

 

 

 

 

 

    Long-Term Equity Investments

0.2

0.2

-

0.5

-

    Financial Assets at Cost, Non-current

15.4

12.6

5.3

1.1

1.0

    Land

7.7

8.2

8.0

8.1

7.5

    Buildings and Structures

55.3

58.7

57.2

57.4

53.1

    Machinery and Equipment

291.6

295.1

287.7

283.9

262.4

    Transportation Equipment

0.5

0.5

0.4

0.3

0.2

    Office Equipment

3.1

3.1

2.8

2.6

2.3

    Leasehold Assets

-

-

-

-

0.0

    Leasehold Improvement

4.2

4.5

4.3

4.3

3.5

    Other Equipment

10.9

10.6

9.9

8.3

7.5

    Accumulated Depreciation

-112.7

-108.6

-95.9

-86.6

-71.7

    Cons. in Progress & Prepayment for Equip

125.9

108.4

76.6

54.5

30.7

    Computer Software Cost

0.7

0.7

0.6

0.2

0.2

    Security Deposits Paid

63.2

67.3

65.9

65.9

61.6

    Deferred Charges

1.2

1.4

1.4

1.1

1.1

    Deferred Income Tax Assets - Non Current

1.6

1.6

1.6

1.6

5.7

    Other Assets, Non-current

61.6

80.4

92.5

109.0

112.3

Total Assets

837.0

849.9

836.6

839.1

760.1

 

 

 

 

 

 

    Short Term Borrowings

140.0

113.2

57.3

61.1

56.1

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

32.6

22.7

22.6

19.4

17.2

    Accounts Payable - Related Parties

0.0

0.3

0.1

0.0

0.0

    Tax Payable

2.5

3.4

9.2

8.5

5.7

    Accrued Expenses

11.0

31.7

32.8

38.3

29.9

    Cash dividend payable

-

67.3

-

-

-

    Other Payables

1.9

2.5

2.1

2.2

4.4

    Advance Receipts

0.5

0.5

0.3

0.3

4.3

    Current Portion of LT Debt

47.2

28.7

37.8

43.0

44.7

    Current Portion of Lease Payable

-

-

-

-

0.0

    Other Current Liabilities

1.0

0.3

0.3

0.3

0.2

Total Current Liabilities

236.7

270.6

162.5

173.1

162.6

 

 

 

 

 

 

    Long Term Borrowings

95.5

38.3

60.4

58.1

64.0

Total Long Term Debt

95.5

38.3

60.4

58.1

64.0

 

 

 

 

 

 

    Security Deposits Received

2.7

5.5

5.4

8.9

6.3

Total Liabilities

334.9

314.3

228.2

240.1

232.8

 

 

 

 

 

 

    Common Stock

111.2

112.2

109.6

110.5

103.1

    Stock Dividend for Distribution

-

5.8

-

-

-

    Advances for Capital

0.0

0.0

0.0

0.0

0.1

    Share Premium

287.0

303.6

296.5

299.1

279.1

    Employee Stock Option

0.0

0.1

0.1

0.1

0.1

    Capital Surplus, Other

-

0.8

-

-

-

    Legal Reserve

22.2

23.6

8.3

8.4

7.8

    Special Reserve

0.2

0.2

0.2

0.2

0.2

    Retained Earnings

81.6

89.3

193.8

180.9

137.1

    Unrealized G/L on Fin. Assets

-0.1

0.0

-0.1

-0.2

-0.2

Total Equity

502.0

535.6

608.4

598.9

527.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

837.0

849.9

836.6

839.1

760.1

 

 

 

 

 

 

    S/O-Common Stock

338.9

338.8

338.3

338.3

338.1

Total Common Shares Outstanding

338.9

338.8

338.3

338.3

338.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

0.5

0.5

0.3

0.3

4.3

Accumulated Intangibles Amortization

-

-

-

-

0.5

Full-Time Employees

1,704

1,697

1,829

1,632

1,461

Current maturities

-

-

37.8

43.0

44.7

Total Long Term Debt, Supplemental

-

-

37.8

43.0

44.7

Operating Lease due in 1 year

0.3

0.6

0.9

1.1

0.3

Operating Lease due in 2 years

1.0

1.1

1.0

0.9

0.9

Operating Lease due in 3 years

0.8

0.9

0.9

0.8

0.8

Operating Lease due in 4 years

0.7

0.8

0.8

0.8

0.6

Operating Lease - Remaining Payments

5.0

5.0

4.8

4.1

4.4

Total Operating Leases, Supplemental

7.9

8.3

8.4

7.7

6.9

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

31.497037

33.023867

31.543497

32.848802

32.525305

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

137.3

2.1

60.5

14.8

0.0

    Depreciation

34.7

23.0

14.8

5.2

1.2

    Amortization of Intangibles

0.6

0.4

0.3

0.1

0.0

    Bad Debt

0.0

1.1

1.6

-

-

    Option Cost

0.0

0.1

0.2

0.1

0.1

    Loss on Inventory Devaluation

-

1.8

5.4

0.9

0.2

    Gain/Loss on Sale of Investment

0.0

0.0

0.0

-0.1

-

    Loss on Sale of Fixed Assets

0.0

-

0.0

0.0

0.0

    Deferred Tax

-0.6

-3.3

-2.5

-0.3

0.0

    Accounts Receivables

-14.5

-32.7

-1.4

-22.5

-0.3

    Accounts Receivable-Related Parties

0.0

-

-

-

-

    Refunded Tax Receivable

-

-

-0.1

-2.0

0.0

    Other Receivables

0.7

1.3

-2.0

0.0

0.0

    Inventories

0.4

23.0

-49.5

-10.5

-21.7

    Prepaid Expense

-0.9

-0.8

0.9

-1.9

-4.2

    Prepayment

29.9

22.5

-83.0

-81.1

-0.4

    Other Current Assets

-0.1

0.0

-1.8

-0.7

-0.8

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

-34.4

12.2

18.2

19.3

1.3

    Accounts Payable,Related Parties

0.0

-

0.0

-16.5

16.6

    Tax Payable

5.9

0.2

1.3

0.5

0.0

    Accrued Expenses

24.5

3.8

3.8

4.0

0.9

    Other Payables

-2.2

2.1

0.0

-0.2

0.2

    Advance Receipts

0.0

-1.6

1.2

0.6

0.0

    Other Current Liabilities

0.0

0.0

0.0

0.2

0.0

Cash from Operating Activities

181.4

55.5

-32.0

-90.1

-6.9

 

 

 

 

 

 

    Fin. Assets for Sale Increase

-

0.0

-0.5

-70.4

-

    Fin. Assets for Sale Decrease

-

0.0

0.5

70.2

-

    Fin. Assets at Cost Increase

-1.0

-2.5

0.0

-2.4

-

    Equity Investment Increase

-0.4

-

-

-

-

    Restricted Assets

-6.0

19.0

-30.4

1.4

7.4

    Non-Current Assets Pending for Sale

0.0

4.9

-

-

-

    Capital Expenditure

-69.8

-58.9

-131.5

-81.7

-31.7

    Sale of Fixed Assets

-

-

0.0

0.0

-

    Intangible Assets Increase

-0.1

-0.2

-0.1

-0.1

-0.2

    Security Deposit Paid

0.0

49.6

-40.5

-65.3

-22.3

    Deferred Charges

-0.7

-0.3

-0.5

-0.4

-0.1

    Fixed Assets Claim

-

0.2

-

-

-

Cash from Investing Activities

-78.0

11.8

-203.0

-148.8

-46.8

 

 

 

 

 

 

    Short Term Borrowing Increase

26.5

-29.1

19.7

10.6

29.0

    Long Term Borrowing Increase

-105.8

-107.2

223.8

60.3

24.0

    Cash Dividend - Common Stock

-4.0

0.0

-0.4

-

-

    Directors' Remuneration

-

0.0

-0.2

-

-

    Security Deposit Received

1.7

-4.7

10.8

0.6

-

    Cash Capital

0.0

135.7

0.0

139.2

31.5

    Employee Option Excercised

0.3

0.4

-

-

-

    Capital Received in Advance

-

-

0.1

-

-

Cash from Financing Activities

-81.4

-4.9

253.8

210.6

84.5

 

 

 

 

 

 

Net Change in Cash

22.0

62.4

18.8

-28.2

30.7

 

 

 

 

 

 

Net Cash - Beginning Balance

88.3

21.8

4.0

32.1

1.7

Net Cash - Ending Balance

110.3

84.2

22.8

3.8

32.4

    Cash Interest Paid

2.8

5.9

6.9

2.1

0.3

    Cash Taxes Paid

2.1

2.1

0.9

0.0

0.0

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Updated Normal 
30-Sep-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.099862

29.074238

29.305764

31.497037

31.886422

 

 

 

 

 

 

Net Income

-9.0

-6.2

14.5

137.3

104.5

    Depreciation

31.3

20.5

10.1

34.7

25.2

    Amortization of Intangibles

0.7

0.4

0.2

0.6

0.5

    Bad Debt

-

-

-

0.0

0.0

    Employee Option Cost

0.0

0.0

-

0.0

0.0

    Gain/Loss on Sale of Investment

-

-

-

0.0

-

    Loss on Disposal of Fixed Assets

0.0

0.0

-

0.0

-

    Deferred Tax

-3.1

-2.8

0.2

-0.6

-1.3

    Notes Receivable

-4.2

-2.6

-

-

-

    Account Receivable

-19.6

19.9

-12.4

-14.5

-15.4

    Accounts Receivable-Related Parties

0.0

0.0

0.0

0.0

0.0

    Other Receivables

-4.9

-0.2

-7.7

0.7

-6.1

    Other Receivables-Related Parties

-

0.0

-

-

-

    Inventories

-28.4

-23.9

-14.5

0.4

-3.6

    Prepaid Expense

0.9

1.9

-0.7

-0.9

-1.0

    Prepayment

17.7

12.4

13.6

29.9

27.5

    Other Current Asset

-0.1

0.0

-0.6

-0.1

-0.1

    Notes Payable

0.0

0.0

0.0

0.0

0.0

    Accounts Payable

14.7

3.0

3.4

-34.4

-34.8

    Accounts Payable - Related Parties

0.0

0.3

0.1

0.0

-

    Tax Payable

-6.0

-5.2

0.7

5.9

3.5

    Accrued Expenses

-25.8

-6.1

-5.2

24.5

18.5

    Other Payables

0.0

0.0

0.0

-2.2

-2.2

    Advance Receipts

0.3

0.2

0.1

0.0

4.0

    Other Current Liabilities

0.8

0.1

0.0

0.0

0.0

Cash from Operating Activities

-34.8

11.7

1.8

181.4

119.2

 

 

 

 

 

 

    Financial Assets for Sale Increase

-3.6

-3.4

-1.0

-

-

    Fin. Assets at Cost Increase

-14.6

-10.9

-3.8

-1.0

-1.0

    Equity Investment Increase

-0.2

-0.2

-

-0.4

-

    Restricted Assets

13.2

7.0

1.5

-6.0

-10.2

    Non-Current Assets Pending for Sale

-

-

-

0.0

-

    Capital Expenditure

-103.5

-62.7

-31.5

-69.8

-42.7

    Disposal of Fixed Assets

0.0

0.0

0.0

-

-

    Intangible Assets Increase

-0.5

-0.3

-0.2

-0.1

-0.1

    Security Deposit Paid

-0.5

-0.8

-0.8

0.0

0.0

    Deferred Charges

-0.6

-0.6

-0.5

-0.7

-0.7

    Fixed Assets Claim

-

-

-

-

0.0

Cash from Investing Activities

-110.1

-71.8

-36.2

-78.0

-54.6

 

 

 

 

 

 

    Short Term Borrowings

85.4

50.5

-

26.5

25.2

    Repayment of Short Term Borrowings

-

-

-3.3

-

-

    Long Term Borrowings

48.1

-

-

-

-

    Repayment of LT Borrowings

0.0

-35.2

-2.1

-105.8

-90.5

    Security Deposit Received

-6.1

-3.5

-3.5

1.7

-0.3

    Cash Capital

-

-

-

0.0

0.0

    Employee Option Excercised

0.0

0.0

0.0

0.3

0.2

    Cash Dividend - Common Stock

-66.4

-

-

-4.0

-4.0

Cash from Financing Activities

61.0

11.8

-8.9

-81.4

-69.3

 

 

 

 

 

 

Net Change in Cash

-84.0

-48.3

-43.3

22.0

-4.7

 

 

 

 

 

 

Net Cash - Beginning Balance

119.4

119.5

118.5

88.3

87.2

Net Cash - Ending Balance

35.4

71.2

75.2

110.3

82.5

    Cash Interest Paid

1.0

1.3

0.5

2.8

2.7

    Cash Taxes Paid

8.5

8.5

0.1

2.1

2.0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.