MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FORMOSA LABORATORIES, INC.

 

 

Registered Office :

No.36, Hoping Street, Kengkou Village Lujhu, 338

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.12.1995

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Engaged in the Development, Production and Distribution of Ultraviolet (UV)-Proof Active Ingredients, Vitamin D Derivatives and Anti-Inflammatory Analgesic Drugs

 

 

No. of Employees :

380

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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 31, 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

 

Formosa Laboratories, Inc.

 

 

Company address

 

No.36, Hoping Street, Kengkou Village Lujhu, 338 Taiwan  

Tel: 886-3-3240895

Fax: 886-3-3240945  

www.formosalab.com

 

Employees:                   380

Company Type:             Public Independent

Traded:                          Gre Tai Security Market:            4746

 

Incorporation Date: 29-Dec-1995

Auditor:                         PricewaterhouseCoopers LLP

 

Financials in:                 USD (Mil)           

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Taiwanese New Dollar

Annual Sales:                89.3  1

Net Income:                   7.9

Total Assets:                 102.8  2

Market Value:                129.7

                                    (03-Aug-2012)

 

 

Business Description

 

Formosa Laboratories, Inc. is principally engaged in the development, production and distribution of ultraviolet (UV)-proof active ingredients, vitamin D derivatives and anti-inflammatory analgesic drugs. The Company primarily provides UV-proof active ingredients series products, vitamin D derivative series products, anti-inflammatory analgesic series products, steroid, anti-cancer drugs, cholesterol phosphate binding agents, nuclear magnetic resonance (NMR) reagents, respiratory disease drugs, central nervous system drugs, immune system regulators and weight loss drugs, as well as customized research and development and original equipment manufacturing (OEM) services. During the year ended December 31, 2011, the Company obtained approximately 65.89% of its total revenue from UV-proof active ingredients. The Company distributes its products to Europe, the Americas, Asia and other markets. For the nine months ended 30 September 2010, Formosa Laboratories, Inc.'s revenues increased 47% to NT$1.84B. Net income increased 46% to NT$197.0M. Total revenues reflect an increased in sale volume due to stronger market demand. Net income reflect increased gross profit margin and increased miscellaneous income. Formosa Laboratories, Inc.'s is a Taiwan-based company that produces APIs and UV-filters in its modern facilities near Taipei.

 

 

Industry

 

Industry                                    Chemical Manufacturing

ANZSIC 2006: 1813        -           Basic Inorganic Chemical Manufacturing

NACE 2002: 2413          -           Manufacture of other inorganic basic chemicals

NAICS 2002: 325188      -           All Other Basic Inorganic Chemical Manufacturing

UK SIC 2003: 2413        -           Manufacture of other inorganic basic chemicals

US SIC 1987: 2819        -           Industrial Inorganic Chemicals, Not Elsewhere Classified

 

 

Key Executives

 

 

 

Name                         Title

Bide Bo                       Senior Deputy General Manager-Operation

C. Y. Cheng                CEO

Peter Bircher               President

Michelle Lo                  VP-Finance & Operations Support

Jessica S. J. Liou        VP-Marketing

 

 

Significant Developments

 

 

Topic

#*

Most Recent Headline

Date

Regulatory / Company Investigation

2

Formosa Laboratories Inc Receives Fine

9-Jul-2012

Officer Changes

1

Formosa Laboratories Inc Announces Change of General Manager

8-Dec-2011

New Business / Unit / Subsidiary

1

Formosa Laboratories Inc to Invest in Mainland China

1-Sep-2011

Debt Financing / Related

1

Formosa Laboratories Inc to Issue Unsecured Convertible Corporate Bonds

21-Mar-2012

Dividends

2

Formosa Laboratories Inc Announces FY 2011 Dividend Payment Date

18-Jun-2012

* number of significant developments within the last 12 months

 

 

 

Financial Summary

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.12

 

Quick Ratio (MRQ)

0.62

 

Debt to Equity (MRQ)

0.52

 

Sales 5 Year Growth

14.08

 

Net Profit Margin (TTM) %

7.07

 

Return on Assets (TTM) %

6.54

 

Return on Equity (TTM) %

9.77

 

 

 

Stock Snapshot

 

Traded: Gre Tai Security Market: 4746

As of 3-Aug-2012

Financials in: TWD

 

Recent Price

58.00

 

EPS

3.50

52 Week High

122.00

 

Price/Sales

1.48

52 Week Low

54.20

 

Dividend Rate

3.50

Avg. Volume (mil)

0.19

 

Price/Earnings

26.69

Market Value (mil)

3,889.31

 

Price/Book

2.07

 

 

 

 

 

 

 

 

 

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-11.85%

-10.01%

13 Week

-17.73%

-12.22%

52 Week

-55.04%

-48.19%

Year to Date

-10.91%

-12.71%

 

 

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.36, Hoping Street, Kengkou VillageLujhu, 338 Taiwan

 

Tel:  886-3-3240895

Fax: 886-3-3240945

 

www.formosalab.com

Quote Symbol -                                                                         Exchange

4746 -                                                                                       Gre Tai Security Market

Sales TWD(mil):                                                                              2,625.6

Assets TWD(mil):                                                                            3,113.4

Employees:                                                                                     380

Fiscal Year End:                                                                              31-Dec-2011

 

Industry:                                                                                  Chemical Manufacturing

Incorporation Date:                                                                     29-Dec-1995

Company Type:                                                                         Public Independent

Quoted Status:                                                                          Quoted

CEO :                                                                                       C. Y. Cheng

 

 

Industry Codes

 

ANZSIC 2006 Codes:

6910 -   Scientific Research Services

1813 -   Basic Inorganic Chemical Manufacturing

1841 -   Human Pharmaceutical and Medicinal Product Manufacturing

1812 -   Basic Organic Chemical Manufacturing

 

NACE 2002 Codes:

2413 -   Manufacture of other inorganic basic chemicals

7310 -   Research and experimental development on natural sciences and engineering

2414 -   Manufacture of other organic basic chemicals

2441 -   Manufacture of basic pharmaceutical products

2442 -   Manufacture of pharmaceutical preparations

 

NAICS 2002 Codes:

325412 -   Pharmaceutical Preparation Manufacturing

325411 -   Medicinal and Botanical Manufacturing

325199 -   All Other Basic Organic Chemical Manufacturing

541710 -   Research and Development in the Physical, Engineering, and Life Sciences

325188 -   All Other Basic Inorganic Chemical Manufacturing

 

US SIC 1987:

2833 -   Medicinal Chemicals and Botanical Products

2819 -   Industrial Inorganic Chemicals, Not Elsewhere Classified

2834 -   Pharmaceutical Preparations

2869 -   Industrial Organic Chemicals, Not Elsewhere Classified

8731 -   Commercial Physical and Biological Research

 

UK SIC 2003:

7310  -   Research and experimental development on natural sciences and engineering

2441  -   Manufacture of basic pharmaceutical products

24421 -   Manufacture of medicaments

2413  -   Manufacture of other inorganic basic chemicals

2414  -   Manufacture of other organic basic chemicals

 

 

Business Description

 

Formosa Laboratories, Inc. is principally engaged in the development, production and distribution of ultraviolet (UV)-proof active ingredients, vitamin D derivatives and anti-inflammatory analgesic drugs. The Company primarily provides UV-proof active ingredients series products, vitamin D derivative series products, anti-inflammatory analgesic series products, steroid, anti-cancer drugs, cholesterol phosphate binding agents, nuclear magnetic resonance (NMR) reagents, respiratory disease drugs, central nervous system drugs, immune system regulators and weight loss drugs, as well as customized research and development and original equipment manufacturing (OEM) services. During the year ended December 31, 2011, the Company obtained approximately 65.89% of its total revenue from UV-proof active ingredients. The Company distributes its products to Europe, the Americas, Asia and other markets. For the nine months ended 30 September 2010, Formosa Laboratories, Inc.'s revenues increased 47% to NT$1.84B. Net income increased 46% to NT$197.0M. Total revenues reflect an increased in sale volume due to stronger market demand. Net income reflect increased gross profit margin and increased miscellaneous income. Formosa Laboratories, Inc.'s is a Taiwan-based company that produces APIs and UV-filters in its modern facilities near Taipei.

 

 

More Business Descriptions

 

Development and manufacture of active pharmaceutical ingredients and intermediates

Medical Laboratory Services

Formosa Laboratories, Inc. (Formosa Laboratories) is a private pharmaceutical company involved in the development and manufacture of UV filters, active pharmaceutical ingredients and intermediates. The company also offers custom synthesis services, that range from process development to commercial scale production. Formosa Laboratories manufactures the pharmaceutical products in compliance with current good manufacturing practices. Recently, the company has passed PMDA inspection on Gadodiamide, PAI by FDA on 7 APIs (2 NDAs and 5 ANDAs) and obtained COS certificate of Calcipotriol Anhydrous. The company sells its products across the world including in the US, Japan, and Europe. Formosa Laboratories, Inc. is headquartered in Taoyuan, Taiwan. This major group includes establishments primarily engaged in the wholesale distribution of durable goods.

 

 

Financial Data

 

Financials in:                                                                                                  TWD(mil)

Revenue:                                                                                                        2,625.6

Net Income:                                                                                                    231.1

Assets:                                                                                                          3,113.4

Long Term Debt:                                                                                              0.0                                             

Total Liabilities:                                                                                               1,233.6                                       

Date of Financial Data:                                                                                     31-Dec-2011                               

 

1 Year Growth

NA

-6.3%

31.1%

 

 

Subsidiaries

 

Company                                             Percentage Owned                              Country

Shanghai Epione Enterprise Co Ltd         100%                                        PEOPLE'S REPUBLIC OF CHINA

 

 

 

Key Corporate Relationships

 

Auditor: PricewaterhouseCoopers LLP

Auditor: PricewaterhouseCoopers LLP, Pricewaterhouse Coopers, Taiwan

 

 

Competitors Report

 

CompanyName                                       Location                                  Employees            Ownership

Cesco Bioengineering Inc                           Taichung, Taiwan                                                    Private

Hikal Limited                                             Navi Mumbai, India                    1,023                      Public

Level Biotechnology Inc.                             New Taipei, Taiwan                    101                        Public

Mackay Memorial Hospital                         Taipei, Taiwan                                                         Private

Maxigen Biotech Inc                                  New Taipei, Taiwan                    96                          Public

 

 

Executives Report

 

Board of Directors

 

 

 

Name

Title

Function

 

Chung-Hur Lee

 

Chairman

Chairman

 

Zhonghe Li

 

Chairman of the Board

Chairman

 

Biography:

Li Zhonghe has been Chairman of the Board in FORMOSA LABORATORIES,INC. since May 11, 2010. Li also serves as General Manager in another company. Li was General Manager in two companies and Deputy General Manager in a chemical company. Li holds a Ph.D. in Chemical Engineering from Kansas State University, the United States.

 

Education:

Kansas State University, PHD (Chemical Engineering)

 

Ruian Cai

 

Director Director/Board Member Reuters 

Biography:

Cai Ruian has been Director of FORMOSA LABORATORIES,INC. since August 28, 2006. Cai was Deputy General Manager in another company.

 

 

 

 

Shaohong Chen

 

Director Director/Board Member Reuters 

Biography:

 

Chen Shaohong has been Director of FORMOSA LABORATORIES,INC. since August 28, 2006. Chen also serves as Chairman of the Board in two companies and Director in three companies. Chen was General Manager in another company.

 

 

 

Zhengyu Cheng

General Manager, Director Director/Board Member Reuters 

Biography:

Cheng Zhengyu has been General Manager and Director of FORMOSA LABORATORIES,INC. since January 1, 1996. Cheng also serves as Director in three companies and Chairman of the Board in another company. Cheng holds a Ph.D. in Medicinal Chemistry from University of California, the United States. Cheng was Chairman of the Board in another company and a professor in National Taiwan University.

 

Education:

University of California, PHD

 

 

Mingwen Li

 

Director Director/Board Member Reuters 

Biography:

Li Mingwen has been Director of FORMOSA LABORATORIES,INC. since August 28, 2006. Li also serves as Director in another company. Li holds a Master of Business Administration from Temple University, the United States.

 

Education:

Temple University, MBA

 

 Lujie Wang

 

Director Director/Board Member Reuters 

Biography:

Wang Lujie has been Director of FORMOSA LABORATORIES,INC. since July 17, 2008. Wang also serves as Chairman of the Board in another company. Wang was Deputy General Manager in an international company. Wang holds a Master's degree from National Chung Cheng University.

 

Education:

National Chung Cheng University, M

 

Dingkai Wu

 

Independent Director Director/Board Member Reuters 

Biography:

Wu Dingkai has been Independent Director of FORMOSA LABORATORIES,INC. since May 11, 2010. Wu also serves as Independent Director of two other companies, Chairman of the Board in three companies and Director in another company. Wu holds a Ph.D. in Physical and Chemical from Columbia University, the United States.

 

Education:

Columbia University, PHD
Columbia University, M

 

Zhaoshun Zhang

 

Independent Director Director/Board Member Reuters 

Biography:

Zhang Zhaoshun has been Independent Director of FORMOSA LABORATORIES,INC. since May 11, 2010. Zhang also serves as Chairman of the Board and Independent Director in two other companies. Zhang was Chairman of the Board in another company. Zhang holds a Master's degree from National Chengchi University.

 

Education:

National Chengchi University, M (Public Finance)

 

Zhihan Zhong

 

Director Director/Board Member Reuters 

Biography:

Zhong Zhihan has been Director of FORMOSA LABORATORIES,INC. since July 17, 2008. Zhong also serves as Chairman of the Board in another company, where Zhong served as General Manager previously. Zhong holds a Master's degree from National Taiwan University.

 

Education:

National Taiwan University, M

 

Executives

 

 

 

Name

Title

Function

 

C. Y. Cheng

 

CEO

Chief Executive Officer

 

Peter Bircher

 

President

President

 

Zhengyu Cheng

 

General Manager, Director

Division Head Executive

 

Biography:

Cheng Zhengyu has been General Manager and Director of FORMOSA LABORATORIES,INC. since January 1, 1996. Cheng also serves as Director in three companies and Chairman of the Board in another company. Cheng holds a Ph.D. in Medicinal Chemistry from University of California, the United States. Cheng was Chairman of the Board in another company and a professor in National Taiwan University.

 

Education:

University of California, PHD

 

Michelle Lo

 

VP-Finance & Operations Support Operations Executive 

Jessica S. J. Liou

 

VP-Marketing Marketing Executive 

Daniel Juan

 

Head of Marketing Marketing Executive

Bide Bo

 

Senior Deputy General Manager-Operation Other

Biography:

Bo Bide has been Senior Deputy General Manager-Operation in FORMOSA LABORATORIES,INC. since November 1, 2003. Bo was General Manager in another company. Bo holds a Ph.D. in Physical and Chemical from University of Zurich, Switzerland.

 

Education:

University of Zurich, PHD

 

David Chao

 

Assistant VP Other

Hank Chen

 

Manager Other 

Benren Chen

 

Deputy General Manager-Quality Assurance Division Other 

Mark Hsu

 

Manager Other 

Jianmin Lin

 

Deputy General Manager-Project and Official Business Other

Shanzhen Liu

 

Deputy General Manager-Business Division Other 

Biography:

Liu Shanzhen has been Deputy General Manager-Business Division in FORMOSA LABORATORIES,INC. since January 1, 1996. Liu also serves as Director in another company. Liu holds a Master's degree from Providence University.

 

Education:

Providence University, M

 

Yuzhen Luo

 

Deputy General Manager-Operations Support and Finance Other

Biography:

Luo Yuzhen has been Deputy General Manager-Operations Support and Finance in FORMOSA LABORATORIES,INC. since April 14, 2003. Luo was Finance Manager in another company and Deputy General Manager-Operations Support and Finance in a biotechnology company.

 

C. S. Ng

 

Manager Other 

Patrick C. P. Wei

 

VP-R&D Other 

Qingpeng Wei

 

Deputy General Manager-Research and Development Other

Biography:

Wei Qingpeng has been Deputy General Manager-Research and Development of FORMOSA LABORATORIES,INC. since June 1, 1996. Wei also serves as Director in another company. Wei holds a Ph.D. from National Tsing Hua University.

 

Education:

National Tsing Hua University, PHD

 

 

Significant Developments

 

Formosa Laboratories Inc Receives Fine

Jul 09, 2012


Formosa Laboratories Inc announced that it was imposed a fine of NTD 0.34 million, due to its violation of Water Pollution Control Act.

Formosa Laboratories Inc Announces FY 2011 Dividend Payment Date

Jun 18, 2012


Formosa Laboratories, Inc. announced that it will pay a cash dividend of NTD 234,699,500 in total to shareholders of record on July 20, 2012. The Company's shares will be traded ex-dividend on July 12, 2012.

Formosa Laboratories Inc Announces FY 2011 Dividend Payment

Mar 21, 2012


Formosa Laboratories, Inc. announced that it will pay a cash dividend of NTD 3.5 per share, or NTD 234,699,500 in total to shareholders for fiscal year 2011.

Formosa Laboratories Inc to Issue Unsecured Convertible Corporate Bonds

Mar 21, 2012


Formosa Laboratories Inc announced that it will issue NTD 500 million worth of unsecured convertible corporate bonds, each with par value of NTD 100,000, an annual interest rate of 0% and a term of three years.

Formosa Laboratories Inc Announces Change of General Manager

Dec 08, 2011


Formosa Laboratories Inc announced the change of General Manager from Bo Bide to Cheng Zhengyu, effective December 8, 2011.

Formosa Laboratories Inc Receives Fine

Nov 22, 2011


Formosa Laboratories Inc announced that it was imposed a fine of NTD 100,000 by Taoyuan County Environmental Protection Bureau, due to its violation of Air Pollution Control Act.

Formosa Laboratories Inc to Invest in Mainland China

Sep 01, 2011


Formosa Laboratories Inc announced that it will invest USD 500,000 to indirectly set up a subsidiary in Shanghai, Mainland China.

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

2.1

1.2

1.1

0.4

0.1

    Gross Revenue

87.9

79.0

56.8

65.4

51.9

    Sales Returns and Allowances

-0.7

-0.7

-0.4

-0.9

0.0

Revenue

89.3

79.6

57.5

64.8

52.0

Total Revenue

89.3

79.6

57.5

64.8

52.0

 

 

 

 

 

 

    Cost of Revenue

69.4

60.6

42.9

52.8

45.2

Cost of Revenue, Total

69.4

60.6

42.9

52.8

45.2

Gross Profit

19.9

19.0

14.6

12.0

6.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.8

5.6

3.9

3.8

1.7

Total Selling/General/Administrative Expenses

6.8

5.6

3.9

3.8

1.7

Research & Development

4.8

3.2

3.0

1.2

0.4

Total Operating Expense

81.0

69.4

49.8

57.8

47.3

 

 

 

 

 

 

Operating Income

8.3

10.2

7.7

7.0

4.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.1

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

-0.1

-0.1

0.0

0.0

0.0

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

0.3

-1.3

-0.1

0.3

0.1

    Interest/Investment Income - Non-Operating

0.3

-1.3

-0.1

0.4

0.1

Interest Income (Expense) - Net Non-Operating Total

0.2

-1.4

-0.2

0.4

0.1

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.2

0.2

0.6

0.4

0.2

Other, Net

0.2

0.2

0.6

0.4

0.2

Income Before Tax

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Total Income Tax

0.8

1.2

1.2

0.8

0.6

Income After Tax

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Net Income Before Extraord Items

7.9

7.8

6.8

6.9

4.3

Net Income

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

66.2

60.5

58.7

46.8

35.6

Basic EPS Excl Extraord Items

0.12

0.13

0.12

0.15

0.12

Basic/Primary EPS Incl Extraord Items

0.12

0.13

0.12

0.15

0.12

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.9

7.8

6.8

6.9

4.3

Diluted Weighted Average Shares

66.2

61.0

59.2

47.3

35.6

Diluted EPS Excl Extraord Items

0.12

0.13

0.12

0.15

0.12

Diluted EPS Incl Extraord Items

0.12

0.13

0.12

0.15

0.12

Dividends per Share - Common Stock Primary Issue

0.12

0.11

0.00

0.00

0.00

Gross Dividends - Common Stock

8.0

7.5

0.0

0.0

0.0

Interest Expense, Supplemental

0.1

0.1

0.0

0.0

0.0

Depreciation, Supplemental

3.6

3.0

2.3

1.9

1.3

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.8

1.2

1.2

0.8

0.6

Normalized Income After Tax

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.13

0.12

0.15

0.12

Diluted Normalized EPS

0.12

0.13

0.12

0.15

0.12

Research & Development Exp, Supplemental

4.8

3.2

3.0

1.2

0.4

Normalized EBIT

8.3

10.2

7.7

7.0

4.7

Normalized EBITDA

11.9

13.2

10.0

8.9

6.1

    Current Tax - Total

1.5

1.5

2.0

1.9

1.2

Current Tax - Total

1.5

1.5

2.0

1.9

1.2

    Other Tax

-0.7

-0.3

-0.8

-1.1

-0.6

Income Tax - Total

0.8

1.2

1.2

0.8

0.6

Interest Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Service Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.1

0.0

0.0

Defined Contribution Expense - Domestic

0.3

0.2

0.2

0.2

0.1

Total Pension Expense

0.4

0.3

0.3

0.2

0.1

Discount Rate - Domestic

1.90%

2.00%

2.00%

2.50%

3.00%

Expected Rate of Return - Domestic

1.75%

1.75%

1.50%

2.00%

3.00%

Compensation Rate - Domestic

1.90%

2.00%

2.00%

2.50%

2.25%

Total Plan Interest Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Service Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

2.4

3.4

2.6

0.9

1.1

    Short Term Investments

0.0

0.0

-

-

-

Cash and Short Term Investments

2.4

3.5

2.6

0.9

1.1

        Accounts Receivable - Trade, Gross

24.9

20.3

13.2

14.2

7.6

        Provision for Doubtful Accounts

-0.1

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

25.1

20.9

13.3

14.2

9.0

    Notes Receivable - Short Term

0.0

0.0

0.1

0.0

0.0

    Other Receivables

0.7

0.7

0.5

0.7

0.4

Total Receivables, Net

25.8

21.6

13.8

14.9

9.4

    Inventories - Finished Goods

6.5

5.5

4.4

5.9

0.2

    Inventories - Work In Progress

4.7

2.9

1.7

3.5

1.1

    Inventories - Raw Materials

8.1

7.7

4.2

4.6

2.9

    Inventories - Other

-

-

-

-1.8

-0.5

Total Inventory

19.3

16.1

10.4

12.1

3.7

Prepaid Expenses

2.4

0.9

0.8

2.7

0.1

    Deferred Income Tax - Current Asset

0.4

0.4

0.5

0.7

0.1

    Other Current Assets

0.1

0.2

0.1

0.3

0.0

Other Current Assets, Total

0.5

0.7

0.6

0.9

0.1

Total Current Assets

50.4

42.7

28.2

31.6

14.4

 

 

 

 

 

 

        Buildings

18.0

17.4

6.9

5.3

5.1

        Land/Improvements

5.0

5.2

4.7

2.8

0.5

        Machinery/Equipment

33.0

32.9

22.7

22.5

14.3

        Construction in Progress

12.2

2.8

6.6

1.6

0.7

        Other Property/Plant/Equipment

1.0

-

-

-

-

    Property/Plant/Equipment - Gross

69.1

58.3

41.0

32.3

20.6

    Accumulated Depreciation

-21.7

-20.7

-16.8

-15.9

-10.6

Property/Plant/Equipment - Net

47.4

37.6

24.2

16.4

10.0

    LT Investment - Affiliate Companies

0.0

0.0

-

-

-

    LT Investments - Other

1.2

-

-

-

-

Long Term Investments

1.2

0.0

-

-

-

    Deferred Charges

0.9

0.9

0.3

0.2

0.1

    Pension Benefits - Overfunded

0.2

0.1

0.1

-

-

    Deferred Income Tax - Long Term Asset

-

-

0.0

0.1

0.0

    Other Long Term Assets

2.7

0.1

0.1

0.1

0.0

Other Long Term Assets, Total

3.8

1.1

0.5

0.3

0.1

Total Assets

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

Accounts Payable

1.9

5.3

3.2

3.7

1.5

Accrued Expenses

6.1

4.8

3.6

3.3

1.4

Notes Payable/Short Term Debt

25.3

16.1

1.7

7.4

3.5

Current Portion - Long Term Debt/Capital Leases

3.3

-

0.2

0.2

0.2

    Customer Advances

0.4

0.4

0.6

0.4

0.0

    Income Taxes Payable

0.1

0.4

0.1

1.2

0.3

    Other Payables

2.8

1.4

1.8

0.2

0.1

    Other Current Liabilities

0.1

0.1

0.1

0.1

0.0

Other Current liabilities, Total

3.4

2.3

2.6

1.8

0.5

Total Current Liabilities

40.1

28.5

11.2

16.4

7.0

 

 

 

 

 

 

    Long Term Debt

0.0

5.1

0.0

0.4

0.4

Total Long Term Debt

0.0

5.1

0.0

0.4

0.4

Total Debt

28.6

21.2

1.9

8.0

4.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

-

-

-

-

Deferred Income Tax

0.0

-

-

-

-

    Reserves

0.5

-

-

-

-

    Pension Benefits - Underfunded

0.1

0.0

0.0

-

-

    Other Long Term Liabilities

0.0

0.0

-

-

-

Other Liabilities, Total

0.6

0.0

0.0

-

-

Total Liabilities

40.7

33.7

11.2

16.8

7.4

 

 

 

 

 

 

    Common Stock

22.1

20.9

18.8

16.3

10.9

Common Stock

22.1

20.9

18.8

16.3

10.9

Additional Paid-In Capital

25.2

12.0

10.5

5.9

0.0

Retained Earnings (Accumulated Deficit)

14.2

14.9

12.4

9.3

6.2

Unrealized Gain (Loss)

0.5

-

-

-

-

    Translation Adjustment

0.0

-

-

-

-

Other Equity, Total

0.0

-

-

-

-

Total Equity

62.1

47.8

41.7

31.5

17.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

67.1

60.9

60.0

53.6

35.2

Total Common Shares Outstanding

67.1

60.9

60.0

53.6

35.2

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

380

310

268

250

-

Number of Common Shareholders

3,039

2,402

466

-

-

Deferred Revenue - Current

0.4

0.4

0.6

0.4

0.0

Pension Obligation - Domestic

1.1

1.1

0.9

0.9

0.4

Plan Assets - Domestic

0.8

0.8

0.7

0.7

0.6

Funded Status - Domestic

-0.3

-0.2

-0.2

-0.2

0.2

Accumulated Obligation - Domestic

1.0

0.9

0.7

0.7

0.3

Total Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Discount Rate - Domestic

1.90%

2.00%

2.00%

2.50%

3.00%

Expected Rate of Return - Domestic

1.75%

1.75%

1.50%

2.50%

3.00%

Compensation Rate - Domestic

1.90%

2.00%

2.00%

2.00%

2.50%

Prepaid Benefits - Domestic

0.2

0.1

0.1

-

-

Accrued Liabilities - Domestic

-0.1

0.0

0.0

-

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

-

-

Total Plan Obligations

1.1

1.1

0.9

0.9

0.4

Total Plan Assets

0.8

0.8

0.7

0.7

0.6

 

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-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

7.9

7.8

6.8

6.9

4.3

    Depreciation

4.1

3.4

2.5

2.0

1.4

Depreciation/Depletion

4.1

3.4

2.5

2.0

1.4

Deferred Taxes

0.0

0.1

0.3

-0.3

0.3

    Unusual Items

0.0

0.0

0.0

0.1

0.0

    Equity in Net Earnings (Loss)

0.0

0.0

-

-

-

    Other Non-Cash Items

0.6

-0.2

0.3

1.0

0.0

Non-Cash Items

0.6

-0.2

0.3

1.0

0.0

    Accounts Receivable

-5.1

-6.1

1.3

0.4

-1.9

    Inventories

-4.4

-4.0

1.7

-4.4

-1.2

    Prepaid Expenses

-1.6

-0.2

1.9

-1.4

0.0

    Other Assets

0.1

-0.1

0.1

0.0

0.3

    Accounts Payable

-3.3

1.7

-0.5

0.5

0.4

    Accrued Expenses

1.6

0.8

0.2

0.4

0.3

    Taxes Payable

-0.3

0.3

-1.0

0.6

0.2

    Other Liabilities

0.0

-0.2

0.0

-0.1

0.0

Changes in Working Capital

-12.9

-7.9

3.8

-3.9

-1.9

Cash from Operating Activities

-0.4

3.2

13.8

5.7

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-12.7

-13.8

-8.0

-2.7

-1.6

Capital Expenditures

-12.7

-13.8

-8.0

-2.7

-1.6

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Purchase of Investments

-1.2

0.0

-

-

-

    Other Investing Cash Flow

-3.2

-0.6

-0.3

0.0

0.0

Other Investing Cash Flow Items, Total

-4.4

-0.7

-0.3

0.0

0.0

Cash from Investing Activities

-17.1

-14.5

-8.2

-2.8

-1.7

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.8

0.0

-0.3

-0.2

Financing Cash Flow Items

0.0

0.8

0.0

-0.3

-0.2

    Cash Dividends Paid - Common

-8.0

-6.7

-3.2

-3.3

-1.9

Total Cash Dividends Paid

-8.0

-6.7

-3.2

-3.3

-1.9

        Sale/Issuance of Common

16.2

-

5.3

-

-

    Common Stock, Net

16.2

-

5.3

-

-

Issuance (Retirement) of Stock, Net

16.2

-

5.3

-

-

        Short Term Debt Issued

6.8

-

-

-

-

    Short Term Debt, Net

10.1

13.2

-5.6

0.0

-0.1

        Long Term Debt Issued

4.0

4.8

0.0

0.2

0.0

        Long Term Debt Reduction

-5.7

-0.2

-0.4

-0.2

-0.2

    Long Term Debt, Net

-1.7

4.5

-0.4

-0.1

-0.2

Issuance (Retirement) of Debt, Net

8.4

17.7

-5.9

-0.1

-0.3

Cash from Financing Activities

16.5

11.8

-3.9

-3.8

-2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

-0.9

0.5

1.6

-0.8

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

3.4

2.7

0.9

1.8

1.0

Net Cash - Ending Balance

2.5

3.2

2.5

1.0

1.1

Cash Interest Paid

0.1

0.1

0.0

0.1

0.1

Cash Taxes Paid

1.1

0.9

2.0

0.6

0.1

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

87.9

79.0

56.8

65.4

51.9

    Sales Returns

-0.6

-0.7

-0.4

-0.9

0.0

    Sales Discounts and Allowances

-0.1

0.0

0.0

0.0

0.0

    Service Revenue

2.1

1.2

1.1

0.4

0.1

Total Revenue

89.3

79.6

57.5

64.8

52.0

 

 

 

 

 

 

    Cost of Sales

68.2

59.9

42.3

51.8

45.2

    Cost of Services

1.2

0.7

0.6

0.1

0.0

    Selling expense

3.0

2.7

1.7

2.0

0.9

    General and Administrative Expenses

3.8

2.9

2.3

1.8

0.8

    Research and Development Expenses

4.8

3.2

3.0

1.2

0.4

    Loss on Physical Inventory

-

-

-

0.0

0.0

    Inventory Devaluation & Obsolescence

-

-

-

1.0

0.0

Total Operating Expense

81.0

69.4

49.8

57.8

47.3

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Revaluation Gain on Fin. Liabilities

0.0

-

-

-

-

    Revaluation G/L on Financial Assets

-0.2

0.0

-

-

-

    Gains/Loss on Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Foreign Exchange Losses

0.0

-1.3

-0.1

-

-

    Foreign Exchange Gains

0.5

-

-

0.3

0.1

    Rent Income

-

-

0.0

0.1

0.1

    Miscellaneous Income

0.2

0.2

0.6

0.5

0.1

    Interest Expense

-0.1

-0.1

0.0

0.0

0.0

    Loss on Equity Investment

0.0

0.0

-

-

-

    Miscellaneous Disbursements

0.0

0.0

0.0

-0.1

0.0

Net Income Before Taxes

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Provision for Income Taxes

0.8

1.2

1.2

0.8

0.6

Net Income After Taxes

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Net Income Before Extra. Items

7.9

7.8

6.8

6.9

4.3

Net Income

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Basic Weighted Average Shares

66.2

60.5

58.7

46.8

35.6

Basic EPS Excluding ExtraOrdinary Items

0.12

0.13

0.12

0.15

0.12

Basic EPS Including ExtraOrdinary Items

0.12

0.13

0.12

0.15

0.12

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.9

7.8

6.8

6.9

4.3

Diluted Weighted Average Shares

66.2

61.0

59.2

47.3

35.6

Diluted EPS Excluding ExtraOrd Items

0.12

0.13

0.12

0.15

0.12

Diluted EPS Including ExtraOrd Items

0.12

0.13

0.12

0.15

0.12

DPS-Common Stock

0.12

0.11

0.00

0.00

0.00

Gross Dividends - Common Stock

8.0

7.5

0.0

0.0

0.0

Normalized Income Before Taxes

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.8

1.2

1.2

0.8

0.6

Normalized Income After Taxes

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.13

0.12

0.15

0.12

Diluted Normalized EPS

0.12

0.13

0.12

0.15

0.12

Interest Expense, Supplemental

0.1

0.1

0.0

0.0

0.0

Research and Development

4.8

3.2

3.0

1.2

0.4

Depreciation - Operating Cost

2.7

2.4

1.9

1.6

1.2

Depreciation - Operating Expense

0.9

0.6

0.5

0.3

0.1

    Current Tax Payable

1.5

1.5

2.0

1.9

1.2

Current Tax - Total

1.5

1.5

2.0

1.9

1.2

    Other Tax

-0.7

-0.3

-0.8

-1.1

-0.6

Income Tax - Total

0.8

1.2

1.2

0.8

0.6

Service Cost

0.0

0.0

0.0

0.0

0.0

Interest Cost

0.0

0.0

0.0

0.0

0.0

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Amortization of Transition Cost

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.1

0.0

0.0

Porvision for Defined Contribution Plan-

0.3

0.2

0.2

0.2

0.1

Total Pension Expense

0.4

0.3

0.3

0.2

0.1

Discount Rate

1.90%

2.00%

2.00%

2.50%

3.00%

Rate of Compensation Increaase

1.90%

2.00%

2.00%

2.50%

2.25%

Expected Rate of Return on Plan Assets

1.75%

1.75%

1.50%

2.00%

3.00%

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalents

2.4

3.4

2.6

0.9

1.1

    Notes Receivable

0.0

0.0

0.1

0.0

0.0

    Accounts Receivable, Gross

24.9

20.3

13.2

14.2

7.6

    Provision for Doubtful Accounts

-0.1

-0.2

-0.1

-0.1

-0.1

    Accounts Receivable - Related Parties

0.4

0.7

0.2

0.1

1.5

    Other Receivable

0.7

0.7

0.5

0.7

0.4

    Merchandise

0.5

0.9

0.7

0.5

0.0

    Raw Materials / Supplies

8.1

7.7

4.2

4.6

2.9

    Work-in-Process

4.7

2.9

1.7

3.5

1.1

    Finished Goods

6.0

4.6

3.7

5.5

0.2

    Provision/Allowance for Inventory

-

-

-

-1.8

-0.5

    Prepaid Expenses

0.7

0.2

0.4

0.3

0.1

    Prepayment

1.7

0.6

0.4

2.5

0.0

    Deferred Income Tax Assets - Current

0.4

0.4

0.5

0.7

0.1

    Financial Assets-Fair Value,Current

0.0

0.0

-

-

-

    Other Current Assets

0.1

0.2

0.1

0.3

0.0

Total Current Assets

50.4

42.7

28.2

31.6

14.4

 

 

 

 

 

 

    Financial Assets-Cost Method,Non-Current

1.2

-

-

-

-

    Long-Term Equity Investments

0.0

0.0

-

-

-

    Land

5.0

5.2

4.7

2.8

0.5

    Buildings and Structures

17.8

17.3

6.8

5.2

5.1

    Machinery and Equipment

21.0

20.6

15.5

15.2

10.8

    Utilities Equipment

4.5

5.1

1.9

2.0

1.5

    Office Equipment

1.4

1.6

1.0

1.1

0.4

    Testing Equipment

3.2

2.9

2.4

2.4

0.6

    Anti-Pollution Equipment

1.0

1.0

0.9

0.7

0.6

    Leasehold Improvements

0.1

0.1

0.1

0.1

0.0

    Miscellaneous Equipment

2.0

1.7

1.0

1.0

0.3

    Revaluation Increment

1.0

-

-

-

-

    Accumulated Depreciation

-21.7

-20.7

-16.8

-15.9

-10.6

    Construction in Pro. & Prepay. for Equip

12.2

-

6.6

1.6

0.7

    Deferred Pension Cost

0.2

0.1

0.1

-

-

    Prepayment for Equipment

-

2.8

-

-

-

    Security Deposits Paid

0.1

0.1

0.1

0.1

0.0

    Deferred Charges

0.9

0.9

0.3

0.2

0.1

    Deferred Income Tax Assets

-

-

0.0

0.1

0.0

    Other Assets - Other

2.6

-

-

-

-

Total Assets

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    Short Term Borrowings

18.6

16.0

1.6

7.2

3.5

    Short Term Notes & Bills Payable

6.6

-

-

-

-

    Notes Payable

0.0

0.0

0.0

0.2

0.0

    Accounts Payable

1.8

5.3

3.2

3.7

1.2

    Accounts Payable - Related Parties

0.1

-

-

0.0

0.2

    Accrued Expenses

6.1

4.8

3.6

3.3

1.4

    Income Tax Payable

0.1

0.4

0.1

1.2

0.3

    Other Payables

2.8

1.4

1.8

0.2

0.1

    Advance Receipts

0.4

0.4

0.6

0.4

0.0

    Long-term Liabilities - Current Portion

3.3

-

0.2

0.2

0.2

    Other Current Liabilities

0.1

0.1

0.1

0.1

0.0

Total Current Liabilities

40.1

28.5

11.2

16.4

7.0

 

 

 

 

 

 

    Long Term Borrowings

0.0

5.1

0.0

0.4

0.4

Total Long Term Debt

0.0

5.1

0.0

0.4

0.4

 

 

 

 

 

 

    Accrued Pension Liabilities

0.1

0.0

0.0

-

-

    Long Term Security Deposits Received

0.0

0.0

-

-

-

    Land Revaluation Increment Tax Reserve

0.5

-

-

-

-

    Deferred Income Tax Liabilities

0.0

-

-

-

-

    Other Long Term Liabilities

0.0

-

-

-

-

Total Liabilities

40.7

33.7

11.2

16.8

7.4

 

 

 

 

 

 

    Common Stock

22.1

20.9

18.8

16.3

10.9

    Capital Surplus, Additional Paid in Capi

25.2

12.0

10.5

5.9

0.0

    Legal Reserve

3.7

3.0

2.0

1.3

0.9

    Retained Earnings

10.5

11.9

10.4

8.0

5.3

    Cumulative Translation Adjustment

0.0

-

-

-

-

    Unrealized Revaluation Increment

0.5

-

-

-

-

Total Equity

62.1

47.8

41.7

31.5

17.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    S/O-Common Stock

67.1

60.9

60.0

53.6

35.2

Total Common Shares Outstanding

67.1

60.9

60.0

53.6

35.2

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

0.4

0.4

0.6

0.4

0.0

Employees

380

310

268

250

-

Number of Common Shareholders

3,039

2,402

466

-

-

Benefit Obligation

1.1

1.1

0.9

0.9

0.4

Fair Value of Plan Assets

0.8

0.8

0.7

0.7

0.6

Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Accumulated Benefit Obligation

1.0

0.9

0.7

0.7

0.3

Total Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Discount rate

1.90%

2.00%

2.00%

2.50%

3.00%

Rate of Compensation Increase

1.90%

2.00%

2.00%

2.00%

2.50%

Expected Rate of Return on Plan Assets

1.75%

1.75%

1.50%

2.50%

3.00%

Deferred Pension Cost

0.2

0.1

0.1

-

-

Accrued Pension Liabilities

-0.1

0.0

0.0

-

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

-

-

 

 

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-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

7.9

7.8

6.8

6.9

4.3

    Depreciation

4.1

3.4

2.5

2.0

1.4

    Provision for Doubtful Accounts

0.0

0.1

0.1

-

-

    Inventory Devaluation & Obsolescence

0.6

-0.3

0.3

1.0

0.0

    Equity Investment Gain/Loss

0.0

0.0

-

-

-

    G/L on Disposal&Write-off of Properties

0.0

0.0

0.0

0.0

0.0

    Losses on Fire of Properties

-

-

0.0

0.1

0.0

    Financial Assets-Trading

0.0

0.0

-

-

-

    Employee Stock Option Cost

0.0

-

-

-

-

    Deferred Tax Assets

0.0

0.1

0.3

-0.3

0.3

    Accounts Receivable - Related Parties

0.3

-0.5

-0.1

1.4

-1.1

    Notes Receivable & Accounts Receivable

-5.4

-5.4

1.2

-0.7

-0.5

    Other Receivables

0.0

-0.2

0.2

-0.3

-0.3

    Inventories

-4.4

-4.0

1.7

-4.4

-1.2

    Prepaid Expense&Prepayment

-1.6

-0.2

1.9

-1.4

0.0

    Other Current Assets

0.1

-0.1

0.1

0.0

0.3

    Notes Payable

0.0

0.0

-0.2

0.1

0.0

    Accounts Payable

-3.4

1.7

-0.6

0.8

0.1

    Accounts Payable - Related Parties

0.1

-

0.0

-0.2

0.2

    Tax Payable

-0.3

0.3

-1.0

0.6

0.2

    Accrued Expenses

1.6

0.8

0.2

0.4

0.3

    Advance Receipts

0.0

-0.2

0.2

-0.1

0.0

    Other Payables

0.0

0.0

0.1

-

-

    Other Current Liabilities

0.0

0.0

0.0

-0.1

0.0

    Accrued Pension Liabilities

0.0

0.0

-

-

-

Cash from Operating Activities

-0.4

3.2

13.8

5.7

4.2

 

 

 

 

 

 

    Purchase of Financial Assets-Cost Method

-1.2

-

-

-

-

    Capital Expenditure

-12.7

-13.8

-8.0

-2.7

-1.6

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Security Deposit Paid

0.0

0.0

0.0

0.1

0.0

    Deferred Charges

-0.5

-0.6

-0.3

-0.1

0.0

    Other Assets

-2.7

-

-

-

-

    Equity Investment Increase

0.0

0.0

-

-

-

Cash from Investing Activities

-17.1

-14.5

-8.2

-2.8

-1.7

 

 

 

 

 

 

    Short Term Borrowings

3.3

13.2

-5.6

0.0

-0.1

    Short Term Notes&Bills Payable Increase

6.8

-

-

-

-

    Repayment of Long Term Borrowings

-5.7

-0.2

-0.4

-0.2

-0.2

    Long Term Borrowings Increase

4.0

4.8

0.0

0.2

0.0

    Cash Dividend - Common Stock

-8.0

-6.7

-3.2

-3.3

-1.9

    Cash Capital

16.2

-

5.3

-

-

    Directors Remuneration

-

-

0.0

-0.1

-0.1

    Employee Stock Option Exercised

0.0

0.8

0.0

-0.2

-0.1

    Security Deposit Received

0.0

0.0

-

-

-

Cash from Financing Activities

16.5

11.8

-3.9

-3.8

-2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

-0.9

0.5

1.6

-0.8

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

3.4

2.7

0.9

1.8

1.0

Net Cash - Ending Balance

2.5

3.2

2.5

1.0

1.1

    Cash Interest Paid

0.1

0.1

0.0

0.1

0.1

    Cash Taxes Paid

1.1

0.9

2.0

0.6

0.1

 

 

Financial Health

 

Financials in: USD (mil)                                                                

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

21.3

4.86%

89.3

4.78%

8.70%

14.08%

Research & Development1

1.2

37.85%

4.8

39.21%

54.35%

60.29%

Operating Income1

1.2

-54.23%

8.3

-24.08%

3.40%

12.63%

Income Available to Common Excl Extraord Items1

0.8

-64.61%

7.9

-6.31%

1.78%

15.99%

Basic EPS Excl Extraord Items1

0.01

-66.45%

0.12

-14.32%

-9.29%

2.24%

Capital Expenditures2

4.0

82.09%

12.7

-14.10%

62.99%

56.35%

Cash from Operating Activities2

6.6

360.86%

-0.4

-

-

-

Free Cash Flow

2.7

-

-12.7

-

-

-

Total Assets3

111.7

35.56%

102.8

31.08%

25.21%

34.46%

Total Liabilities3

47.3

179.52%

40.7

25.63%

30.84%

40.34%

Total Long Term Debt3

2.4

-16.91%

0.0

-

-

-

Employees3

-

-

380

22.58%

14.98%

21.76%

Total Common Shares Outstanding3

67.1

0.00%

67.1

10.05%

7.73%

15.95%

1-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.565976

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

0.9

0.9

0.3

0.2

0.1

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

29.156500

31.985000

32.818000

32.434500

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

22.29%

23.86%

25.33%

18.55%

13.18%

Operating Margin

9.29%

12.82%

13.31%

10.79%

9.06%

Pretax Margin

9.71%

11.38%

14.06%

12.00%

9.52%

Net Profit Margin

8.80%

9.84%

11.90%

10.72%

8.33%

Financial Strength

Current Ratio

1.26

1.50

2.51

1.92

2.05

Long Term Debt/Equity

0.00

0.11

0.00

0.01

0.03

Total Debt/Equity

0.46

0.44

0.04

0.25

0.24

Management Effectiveness

Return on Assets

8.42%

12.13%

13.78%

18.42%

18.96%

Return on Equity

14.12%

18.10%

19.08%

27.60%

27.52%

Efficiency

Receivables Turnover

3.72

4.67

4.08

5.16

6.28

Inventory Turnover

3.88

4.76

3.89

6.44

14.74

Asset Turnover

0.96

1.23

1.16

1.72

2.27

Market Valuation USD (mil)

P/E (TTM)

20.75

.

Enterprise Value2

160.7

Price/Sales (TTM)

1.46

.

Enterprise Value/Revenue (TTM)

1.79

Price/Book (MRQ)

2.04

.

Enterprise Value/EBITDA (TTM)

14.72

Market Cap as of 03-Aug-20121

129.7

.

 

 

1-ExchangeRate: TWD to USD on 3-Aug-2012

29.982424

 

 

 

2-ExchangeRate: TWD to USD on 31-Mar-2012

29.565976

 

 

 

 

 

Annual Ratios

 

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

Financial Strength

Current Ratio

1.26

1.50

2.51

1.92

2.05

Quick/Acid Test Ratio

0.70

0.88

1.46

0.96

1.49

Working Capital1

10.3

14.2

17.0

15.1

7.4

Long Term Debt/Equity

0.00

0.11

0.00

0.01

0.03

Total Debt/Equity

0.46

0.44

0.04

0.25

0.24

Long Term Debt/Total Capital

0.00

0.07

0.00

0.01

0.02

Total Debt/Total Capital

0.32

0.31

0.04

0.20

0.20

Payout Ratio

100.20%

85.85%

0.00%

0.00%

0.00%

Effective Tax Rate

9.35%

13.51%

15.37%

10.69%

12.47%

Total Capital1

90.7

69.0

43.5

39.5

21.2

 

 

 

 

 

 

Efficiency

Asset Turnover

0.96

1.23

1.16

1.72

2.27

Inventory Turnover

3.88

4.76

3.89

6.44

14.74

Days In Inventory

94.09

76.63

93.87

56.67

24.76

Receivables Turnover

3.72

4.67

4.08

5.16

6.28

Days Receivables Outstanding

98.15

78.18

89.46

70.72

58.11

Revenue/Employee2

228,198

277,248

221,483

249,184

-

Operating Income/Employee2

21,200

35,547

29,490

26,893

-

EBITDA/Employee2

30,468

46,033

38,537

34,153

-

 

 

 

 

 

 

Profitability

Gross Margin

22.29%

23.86%

25.33%

18.55%

13.18%

Operating Margin

9.29%

12.82%

13.31%

10.79%

9.06%

EBITDA Margin

13.35%

16.60%

17.40%

13.71%

11.64%

EBIT Margin

9.29%

12.82%

13.31%

10.79%

9.06%

Pretax Margin

9.71%

11.38%

14.06%

12.00%

9.52%

Net Profit Margin

8.80%

9.84%

11.90%

10.72%

8.33%

R&D Expense/Revenue

5.39%

4.06%

5.18%

1.88%

0.76%

COGS/Revenue

77.71%

76.14%

74.67%

81.45%

86.82%

SG&A Expense/Revenue

7.61%

6.98%

6.84%

5.88%

3.36%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

8.42%

12.13%

13.78%

18.42%

18.96%

Return on Equity

14.12%

18.10%

19.08%

27.60%

27.52%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.19

-0.19

0.10

0.05

0.07

Operating Cash Flow/Share 2

-0.01

0.06

0.24

0.10

0.12

1-ExchangeRate: TWD to USD Period End Date

30.279

29.1565

31.985

32.818

32.4345

2-ExchangeRate: TWD to USD Average for Period

30.279

29.1565

31.985

32.818

32.4345

 

 

Current Market Multiples

Market Cap/Earnings (TTM)

20.75

Market Cap/Equity (MRQ)

2.04

Market Cap/Revenue (TTM)

1.46

Market Cap/EBIT (TTM)

19.36

Market Cap/EBITDA (TTM)

12.05

Enterprise Value/Earnings (TTM)

25.35

Enterprise Value/Equity (MRQ)

2.50

Enterprise Value/Revenue (TTM)

1.79

Enterprise Value/EBIT (TTM)

23.65

Enterprise Value/EBITDA (TTM)

14.72

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

2.1

1.2

1.1

0.4

0.1

    Gross Revenue

87.9

79.0

56.8

65.4

51.9

    Sales Returns and Allowances

-0.7

-0.7

-0.4

-0.9

0.0

Revenue

89.3

79.6

57.5

64.8

52.0

Total Revenue

89.3

79.6

57.5

64.8

52.0

 

 

 

 

 

 

    Cost of Revenue

69.4

60.6

42.9

52.8

45.2

Cost of Revenue, Total

69.4

60.6

42.9

52.8

45.2

Gross Profit

19.9

19.0

14.6

12.0

6.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.8

5.6

3.9

3.8

1.7

Total Selling/General/Administrative Expenses

6.8

5.6

3.9

3.8

1.7

Research & Development

4.8

3.2

3.0

1.2

0.4

Total Operating Expense

81.0

69.4

49.8

57.8

47.3

 

 

 

 

 

 

Operating Income

8.3

10.2

7.7

7.0

4.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.1

-0.1

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

-0.1

-0.1

0.0

0.0

0.0

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

0.3

-1.3

-0.1

0.3

0.1

    Interest/Investment Income - Non-Operating

0.3

-1.3

-0.1

0.4

0.1

Interest Income (Expense) - Net Non-Operating Total

0.2

-1.4

-0.2

0.4

0.1

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.2

0.2

0.6

0.4

0.2

Other, Net

0.2

0.2

0.6

0.4

0.2

Income Before Tax

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Total Income Tax

0.8

1.2

1.2

0.8

0.6

Income After Tax

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Net Income Before Extraord Items

7.9

7.8

6.8

6.9

4.3

Net Income

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

66.2

60.5

58.7

46.8

35.6

Basic EPS Excl Extraord Items

0.12

0.13

0.12

0.15

0.12

Basic/Primary EPS Incl Extraord Items

0.12

0.13

0.12

0.15

0.12

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.9

7.8

6.8

6.9

4.3

Diluted Weighted Average Shares

66.2

61.0

59.2

47.3

35.6

Diluted EPS Excl Extraord Items

0.12

0.13

0.12

0.15

0.12

Diluted EPS Incl Extraord Items

0.12

0.13

0.12

0.15

0.12

Dividends per Share - Common Stock Primary Issue

0.12

0.11

0.00

0.00

0.00

Gross Dividends - Common Stock

8.0

7.5

0.0

0.0

0.0

Interest Expense, Supplemental

0.1

0.1

0.0

0.0

0.0

Depreciation, Supplemental

3.6

3.0

2.3

1.9

1.3

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.8

1.2

1.2

0.8

0.6

Normalized Income After Tax

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.13

0.12

0.15

0.12

Diluted Normalized EPS

0.12

0.13

0.12

0.15

0.12

Research & Development Exp, Supplemental

4.8

3.2

3.0

1.2

0.4

Normalized EBIT

8.3

10.2

7.7

7.0

4.7

Normalized EBITDA

11.9

13.2

10.0

8.9

6.1

    Current Tax - Total

1.5

1.5

2.0

1.9

1.2

Current Tax - Total

1.5

1.5

2.0

1.9

1.2

    Other Tax

-0.7

-0.3

-0.8

-1.1

-0.6

Income Tax - Total

0.8

1.2

1.2

0.8

0.6

Interest Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Service Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.1

0.0

0.0

Defined Contribution Expense - Domestic

0.3

0.2

0.2

0.2

0.1

Total Pension Expense

0.4

0.3

0.3

0.2

0.1

Discount Rate - Domestic

1.90%

2.00%

2.00%

2.50%

3.00%

Expected Rate of Return - Domestic

1.75%

1.75%

1.50%

2.00%

3.00%

Compensation Rate - Domestic

1.90%

2.00%

2.00%

2.50%

2.25%

Total Plan Interest Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Service Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

 

 

Interim Income Statement

 

Standardized

 

Financials in: USD (mil)

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

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

30.256909

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Net Sales

0.2

0.4

0.2

0.5

1.0

    Gross Revenue

21.3

23.4

24.7

20.0

19.7

    Sales Returns and Allowances

-0.2

-0.2

-0.1

-0.3

-0.1

Revenue

21.3

23.6

24.9

20.3

20.6

Total Revenue

21.3

23.6

24.9

20.3

20.6

 

 

 

 

 

 

    Cost of Revenue

17.2

18.6

19.7

15.7

15.3

Cost of Revenue, Total

17.2

18.6

19.7

15.7

15.3

Gross Profit

4.1

4.9

5.1

4.5

5.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.6

1.6

2.0

1.6

1.7

Total Selling/General/Administrative Expenses

1.6

1.6

2.0

1.6

1.7

Research & Development

1.2

1.6

1.2

1.1

0.9

Total Operating Expense

20.0

21.8

22.9

18.4

17.9

 

 

 

 

 

 

Operating Income

1.2

1.8

1.9

1.9

2.7

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

0.0

0.0

0.0

0.0

0.0

        Interest Income - Non-Operating

0.0

0.0

0.0

0.0

0.0

        Investment Income - Non-Operating

-0.3

0.0

0.6

-0.2

-0.1

    Interest/Investment Income - Non-Operating

-0.3

0.0

0.6

-0.2

-0.1

Interest Income (Expense) - Net Non-Operating Total

-0.3

0.0

0.5

-0.2

-0.1

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

0.0

0.1

0.0

0.0

0.0

Other, Net

0.0

0.1

0.0

0.0

0.0

Income Before Tax

0.9

1.9

2.5

1.7

2.6

 

 

 

 

 

 

Total Income Tax

0.1

0.1

0.3

0.1

0.3

Income After Tax

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Net Income Before Extraord Items

0.8

1.8

2.2

1.6

2.3

Net Income

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

67.1

67.1

67.1

66.9

63.6

Basic EPS Excl Extraord Items

0.01

0.03

0.03

0.02

0.04

Basic/Primary EPS Incl Extraord Items

0.01

0.03

0.03

0.02

0.04

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

0.8

1.8

2.2

1.6

2.3

Diluted Weighted Average Shares

67.2

67.1

67.3

66.9

63.8

Diluted EPS Excl Extraord Items

0.01

0.03

0.03

0.02

0.04

Diluted EPS Incl Extraord Items

0.01

0.03

0.03

0.02

0.04

Dividends per Share - Common Stock Primary Issue

0.00

0.12

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

7.8

0.0

0.0

0.0

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

1.1

1.1

0.8

1.1

1.1

Total Special Items

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Tax

0.9

1.9

2.5

1.7

2.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.1

0.1

0.3

0.1

0.3

Normalized Income After Tax

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.03

0.03

0.02

0.04

Diluted Normalized EPS

0.01

0.03

0.03

0.02

0.04

Research & Development Exp, Supplemental

1.2

1.6

1.2

1.1

0.9

Normalized EBIT

1.2

1.8

1.9

1.9

2.7

Normalized EBITDA

2.3

2.9

2.8

3.0

3.8

 

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

2.4

3.4

2.6

0.9

1.1

    Short Term Investments

0.0

0.0

-

-

-

Cash and Short Term Investments

2.4

3.5

2.6

0.9

1.1

        Accounts Receivable - Trade, Gross

24.9

20.3

13.2

14.2

7.6

        Provision for Doubtful Accounts

-0.1

-0.2

-0.1

-0.1

-0.1

    Trade Accounts Receivable - Net

25.1

20.9

13.3

14.2

9.0

    Notes Receivable - Short Term

0.0

0.0

0.1

0.0

0.0

    Other Receivables

0.7

0.7

0.5

0.7

0.4

Total Receivables, Net

25.8

21.6

13.8

14.9

9.4

    Inventories - Finished Goods

6.5

5.5

4.4

5.9

0.2

    Inventories - Work In Progress

4.7

2.9

1.7

3.5

1.1

    Inventories - Raw Materials

8.1

7.7

4.2

4.6

2.9

    Inventories - Other

-

-

-

-1.8

-0.5

Total Inventory

19.3

16.1

10.4

12.1

3.7

Prepaid Expenses

2.4

0.9

0.8

2.7

0.1

    Deferred Income Tax - Current Asset

0.4

0.4

0.5

0.7

0.1

    Other Current Assets

0.1

0.2

0.1

0.3

0.0

Other Current Assets, Total

0.5

0.7

0.6

0.9

0.1

Total Current Assets

50.4

42.7

28.2

31.6

14.4

 

 

 

 

 

 

        Buildings

18.0

17.4

6.9

5.3

5.1

        Land/Improvements

5.0

5.2

4.7

2.8

0.5

        Machinery/Equipment

33.0

32.9

22.7

22.5

14.3

        Construction in Progress

12.2

2.8

6.6

1.6

0.7

        Other Property/Plant/Equipment

1.0

-

-

-

-

    Property/Plant/Equipment - Gross

69.1

58.3

41.0

32.3

20.6

    Accumulated Depreciation

-21.7

-20.7

-16.8

-15.9

-10.6

Property/Plant/Equipment - Net

47.4

37.6

24.2

16.4

10.0

    LT Investment - Affiliate Companies

0.0

0.0

-

-

-

    LT Investments - Other

1.2

-

-

-

-

Long Term Investments

1.2

0.0

-

-

-

    Deferred Charges

0.9

0.9

0.3

0.2

0.1

    Pension Benefits - Overfunded

0.2

0.1

0.1

-

-

    Deferred Income Tax - Long Term Asset

-

-

0.0

0.1

0.0

    Other Long Term Assets

2.7

0.1

0.1

0.1

0.0

Other Long Term Assets, Total

3.8

1.1

0.5

0.3

0.1

Total Assets

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

Accounts Payable

1.9

5.3

3.2

3.7

1.5

Accrued Expenses

6.1

4.8

3.6

3.3

1.4

Notes Payable/Short Term Debt

25.3

16.1

1.7

7.4

3.5

Current Portion - Long Term Debt/Capital Leases

3.3

-

0.2

0.2

0.2

    Customer Advances

0.4

0.4

0.6

0.4

0.0

    Income Taxes Payable

0.1

0.4

0.1

1.2

0.3

    Other Payables

2.8

1.4

1.8

0.2

0.1

    Other Current Liabilities

0.1

0.1

0.1

0.1

0.0

Other Current liabilities, Total

3.4

2.3

2.6

1.8

0.5

Total Current Liabilities

40.1

28.5

11.2

16.4

7.0

 

 

 

 

 

 

    Long Term Debt

0.0

5.1

0.0

0.4

0.4

Total Long Term Debt

0.0

5.1

0.0

0.4

0.4

Total Debt

28.6

21.2

1.9

8.0

4.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

-

-

-

-

Deferred Income Tax

0.0

-

-

-

-

    Reserves

0.5

-

-

-

-

    Pension Benefits - Underfunded

0.1

0.0

0.0

-

-

    Other Long Term Liabilities

0.0

0.0

-

-

-

Other Liabilities, Total

0.6

0.0

0.0

-

-

Total Liabilities

40.7

33.7

11.2

16.8

7.4

 

 

 

 

 

 

    Common Stock

22.1

20.9

18.8

16.3

10.9

Common Stock

22.1

20.9

18.8

16.3

10.9

Additional Paid-In Capital

25.2

12.0

10.5

5.9

0.0

Retained Earnings (Accumulated Deficit)

14.2

14.9

12.4

9.3

6.2

Unrealized Gain (Loss)

0.5

-

-

-

-

    Translation Adjustment

0.0

-

-

-

-

Other Equity, Total

0.0

-

-

-

-

Total Equity

62.1

47.8

41.7

31.5

17.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

67.1

60.9

60.0

53.6

35.2

Total Common Shares Outstanding

67.1

60.9

60.0

53.6

35.2

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

380

310

268

250

-

Number of Common Shareholders

3,039

2,402

466

-

-

Deferred Revenue - Current

0.4

0.4

0.6

0.4

0.0

Pension Obligation - Domestic

1.1

1.1

0.9

0.9

0.4

Plan Assets - Domestic

0.8

0.8

0.7

0.7

0.6

Funded Status - Domestic

-0.3

-0.2

-0.2

-0.2

0.2

Accumulated Obligation - Domestic

1.0

0.9

0.7

0.7

0.3

Total Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Discount Rate - Domestic

1.90%

2.00%

2.00%

2.50%

3.00%

Expected Rate of Return - Domestic

1.75%

1.75%

1.50%

2.50%

3.00%

Compensation Rate - Domestic

1.90%

2.00%

2.00%

2.00%

2.50%

Prepaid Benefits - Domestic

0.2

0.1

0.1

-

-

Accrued Liabilities - Domestic

-0.1

0.0

0.0

-

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

-

-

Total Plan Obligations

1.1

1.1

0.9

0.9

0.4

Total Plan Assets

0.8

0.8

0.7

0.7

0.6

 

 

Interim Balance Sheet

 

Standardized

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash & Equivalents

4.3

2.4

1.4

1.6

5.0

    Short Term Investments

0.0

0.0

-

0.0

0.1

Cash and Short Term Investments

4.3

2.4

1.4

1.6

5.1

        Accounts Receivable - Trade, Gross

19.9

24.9

23.4

19.2

19.3

        Provision for Doubtful Accounts

-0.1

-0.1

-0.2

-0.2

-0.2

    Trade Accounts Receivable - Net

20.0

25.1

23.6

19.4

19.8

    Notes Receivable - Short Term

0.0

0.0

0.0

0.3

0.3

    Other Receivables

0.8

0.7

0.8

0.7

0.5

Total Receivables, Net

20.8

25.8

24.4

20.4

20.5

    Inventories - Finished Goods

9.1

6.5

6.1

6.2

5.6

    Inventories - Work In Progress

4.8

4.7

5.2

6.3

3.9

    Inventories - Raw Materials

7.9

8.1

8.6

9.6

6.3

Total Inventory

21.8

19.3

19.9

22.2

15.7

Prepaid Expenses

2.0

2.4

2.5

1.5

1.7

    Deferred Income Tax - Current Asset

0.5

0.4

0.3

0.4

0.3

    Other Current Assets

0.1

0.1

0.3

0.1

0.0

Other Current Assets, Total

0.6

0.5

0.6

0.5

0.4

Total Current Assets

49.4

50.4

48.7

46.2

43.5

 

 

 

 

 

 

        Buildings

18.3

18.0

17.6

18.5

18.0

        Land/Improvements

5.1

5.0

4.9

5.2

5.1

        Machinery/Equipment

33.8

33.0

32.6

32.9

32.2

        Construction in Progress

15.3

12.2

7.2

5.7

4.4

        Other Property/Plant/Equipment

1.0

1.0

1.0

-

-

    Property/Plant/Equipment - Gross

73.6

69.1

63.3

62.4

59.7

    Accumulated Depreciation

-21.4

-21.7

-20.6

-21.4

-21.4

Property/Plant/Equipment - Net

52.2

47.4

42.7

41.0

38.3

    LT Investment - Affiliate Companies

0.0

0.0

-

-

0.0

    LT Investments - Other

1.2

1.2

1.2

-

-

Long Term Investments

1.2

1.2

1.2

-

0.0

    Deferred Charges

0.8

0.9

0.8

0.9

0.8

    Pension Benefits - Overfunded

0.2

0.2

0.1

0.1

0.1

    Deferred Income Tax - Long Term Asset

0.0

-

-

-

-

    Other Long Term Assets

7.8

2.7

0.1

0.1

0.1

Other Long Term Assets, Total

8.9

3.8

1.0

1.1

1.1

Total Assets

111.7

102.8

93.6

88.3

82.8

 

 

 

 

 

 

Accounts Payable

3.5

1.9

2.4

2.8

3.8

Accrued Expenses

5.3

6.1

4.7

4.6

3.5

Notes Payable/Short Term Debt

27.7

25.3

20.6

6.5

4.5

Current Portion - Long Term Debt/Capital Leases

3.4

3.3

-

-

-

    Customer Advances

0.6

0.4

0.4

1.3

0.5

    Income Taxes Payable

0.3

0.1

-

0.4

0.6

    Other Payables

3.5

2.8

2.0

9.5

1.2

    Other Current Liabilities

0.0

0.1

0.1

0.1

0.1

Other Current liabilities, Total

4.4

3.4

2.5

11.3

2.4

Total Current Liabilities

44.3

40.1

30.2

25.1

14.1

 

 

 

 

 

 

    Long Term Debt

2.4

0.0

2.9

2.4

2.9

Total Long Term Debt

2.4

0.0

2.9

2.4

2.9

Total Debt

33.4

28.6

23.5

8.9

7.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

0.0

-

-

-

Deferred Income Tax

-

0.0

-

-

-

    Reserves

0.5

0.5

0.5

-

-

    Pension Benefits - Underfunded

0.1

0.1

0.0

0.0

0.0

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Other Liabilities, Total

0.7

0.6

0.5

0.0

0.0

Total Liabilities

47.3

40.7

33.7

27.5

17.0

 

 

 

 

 

 

    Common Stock

22.7

22.1

22.0

23.3

22.8

Common Stock

22.7

22.1

22.0

23.3

22.8

Additional Paid-In Capital

25.8

25.2

25.1

26.6

26.0

Retained Earnings (Accumulated Deficit)

15.3

14.2

12.3

10.9

17.0

Unrealized Gain (Loss)

0.5

0.5

0.5

-

-

    Translation Adjustment

0.0

0.0

0.0

-

-

Other Equity, Total

0.0

0.0

0.0

-

-

Total Equity

64.4

62.1

59.9

60.8

65.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

111.7

102.8

93.6

88.3

82.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

67.1

67.1

67.1

67.1

67.1

Total Common Shares Outstanding

67.1

67.1

67.1

67.1

67.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

380

380

350

340

310

Deferred Revenue - Current

0.6

0.4

0.4

1.3

0.5

Prepaid Benefits - Domestic

0.2

0.2

0.1

0.1

0.1

Accrued Liabilities - Domestic

-0.1

-0.1

0.0

0.0

0.0

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

0.1

0.1

 

 

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-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

7.9

7.8

6.8

6.9

4.3

    Depreciation

4.1

3.4

2.5

2.0

1.4

Depreciation/Depletion

4.1

3.4

2.5

2.0

1.4

Deferred Taxes

0.0

0.1

0.3

-0.3

0.3

    Unusual Items

0.0

0.0

0.0

0.1

0.0

    Equity in Net Earnings (Loss)

0.0

0.0

-

-

-

    Other Non-Cash Items

0.6

-0.2

0.3

1.0

0.0

Non-Cash Items

0.6

-0.2

0.3

1.0

0.0

    Accounts Receivable

-5.1

-6.1

1.3

0.4

-1.9

    Inventories

-4.4

-4.0

1.7

-4.4

-1.2

    Prepaid Expenses

-1.6

-0.2

1.9

-1.4

0.0

    Other Assets

0.1

-0.1

0.1

0.0

0.3

    Accounts Payable

-3.3

1.7

-0.5

0.5

0.4

    Accrued Expenses

1.6

0.8

0.2

0.4

0.3

    Taxes Payable

-0.3

0.3

-1.0

0.6

0.2

    Other Liabilities

0.0

-0.2

0.0

-0.1

0.0

Changes in Working Capital

-12.9

-7.9

3.8

-3.9

-1.9

Cash from Operating Activities

-0.4

3.2

13.8

5.7

4.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-12.7

-13.8

-8.0

-2.7

-1.6

Capital Expenditures

-12.7

-13.8

-8.0

-2.7

-1.6

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Purchase of Investments

-1.2

0.0

-

-

-

    Other Investing Cash Flow

-3.2

-0.6

-0.3

0.0

0.0

Other Investing Cash Flow Items, Total

-4.4

-0.7

-0.3

0.0

0.0

Cash from Investing Activities

-17.1

-14.5

-8.2

-2.8

-1.7

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.8

0.0

-0.3

-0.2

Financing Cash Flow Items

0.0

0.8

0.0

-0.3

-0.2

    Cash Dividends Paid - Common

-8.0

-6.7

-3.2

-3.3

-1.9

Total Cash Dividends Paid

-8.0

-6.7

-3.2

-3.3

-1.9

        Sale/Issuance of Common

16.2

-

5.3

-

-

    Common Stock, Net

16.2

-

5.3

-

-

Issuance (Retirement) of Stock, Net

16.2

-

5.3

-

-

        Short Term Debt Issued

6.8

-

-

-

-

    Short Term Debt, Net

10.1

13.2

-5.6

0.0

-0.1

        Long Term Debt Issued

4.0

4.8

0.0

0.2

0.0

        Long Term Debt Reduction

-5.7

-0.2

-0.4

-0.2

-0.2

    Long Term Debt, Net

-1.7

4.5

-0.4

-0.1

-0.2

Issuance (Retirement) of Debt, Net

8.4

17.7

-5.9

-0.1

-0.3

Cash from Financing Activities

16.5

11.8

-3.9

-3.8

-2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

-0.9

0.5

1.6

-0.8

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

3.4

2.7

0.9

1.8

1.0

Net Cash - Ending Balance

2.5

3.2

2.5

1.0

1.1

Cash Interest Paid

0.1

0.1

0.0

0.1

0.1

Cash Taxes Paid

1.1

0.9

2.0

0.6

0.1

 

 

Interim Cash Flows

 

Standardized

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.39004

29.099862

29.074238

29.305764

 

 

 

 

 

 

Net Income/Starting Line

0.8

7.9

6.1

3.9

2.3

    Depreciation

1.1

4.1

3.0

2.2

1.1

Depreciation/Depletion

1.1

4.1

3.0

2.2

1.1

Deferred Taxes

0.0

0.0

0.1

0.0

0.1

    Unusual Items

-

0.0

0.0

0.0

0.0

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

0.0

0.0

    Other Non-Cash Items

0.1

0.6

0.6

0.5

0.0

Non-Cash Items

0.1

0.6

0.6

0.5

0.0

    Accounts Receivable

5.6

-5.1

-3.9

1.5

0.9

    Inventories

-2.2

-4.4

-5.1

-6.2

0.2

    Prepaid Expenses

0.4

-1.6

-1.7

-0.6

-0.9

    Other Assets

0.0

0.1

-0.1

0.2

0.1

    Accounts Payable

1.5

-3.3

-2.9

-2.6

-1.5

    Accrued Expenses

-1.0

1.6

0.2

-0.3

-1.3

    Taxes Payable

0.1

-0.3

-0.4

0.0

0.2

    Other Liabilities

0.1

0.0

0.5

0.9

0.2

Changes in Working Capital

4.6

-12.9

-13.4

-7.2

-2.0

Cash from Operating Activities

6.6

-0.4

-3.7

-0.6

1.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-4.0

-12.7

-8.0

-4.9

-2.2

Capital Expenditures

-4.0

-12.7

-8.0

-4.9

-2.2

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Purchase of Investments

0.0

-1.2

-1.2

0.0

-

    Other Investing Cash Flow

-5.0

-3.2

-0.3

-0.2

0.0

Other Investing Cash Flow Items, Total

-5.0

-4.4

-1.5

-0.2

0.0

Cash from Investing Activities

-9.0

-17.1

-9.5

-5.1

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

0.0

0.0

0.0

0.0

Financing Cash Flow Items

0.0

0.0

0.0

0.0

0.0

    Cash Dividends Paid - Common

-

-8.0

-8.1

-

-

Total Cash Dividends Paid

-

-8.0

-8.1

-

-

        Sale/Issuance of Common

0.0

16.2

16.3

16.3

16.2

    Common Stock, Net

0.0

16.2

16.3

16.3

16.2

    Options Exercised

-

0.0

0.0

-

-

Issuance (Retirement) of Stock, Net

0.0

16.2

16.3

16.3

16.2

    Short Term Debt, Net

1.8

10.1

5.1

-9.7

-11.6

        Long Term Debt Issued

2.4

4.0

3.6

2.9

2.9

        Long Term Debt Reduction

-

-5.7

-5.7

-5.7

-5.1

    Long Term Debt, Net

2.4

-1.7

-2.1

-2.8

-2.2

Issuance (Retirement) of Debt, Net

4.2

8.4

2.9

-12.6

-13.8

Cash from Financing Activities

4.2

16.5

11.2

3.8

2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

-

Net Change in Cash

1.8

-0.9

-2.0

-1.9

1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

2.5

3.4

3.4

3.4

3.4

Net Cash - Ending Balance

4.3

2.5

1.4

1.5

5.0

Cash Interest Paid

0.0

0.1

0.1

0.0

0.0

Cash Taxes Paid

0.0

1.1

1.1

0.4

-

 

 

Annual Income Statement

 

As Reported

 

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-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

87.9

79.0

56.8

65.4

51.9

    Sales Returns

-0.6

-0.7

-0.4

-0.9

0.0

    Sales Discounts and Allowances

-0.1

0.0

0.0

0.0

0.0

    Service Revenue

2.1

1.2

1.1

0.4

0.1

Total Revenue

89.3

79.6

57.5

64.8

52.0

 

 

 

 

 

 

    Cost of Sales

68.2

59.9

42.3

51.8

45.2

    Cost of Services

1.2

0.7

0.6

0.1

0.0

    Selling expense

3.0

2.7

1.7

2.0

0.9

    General and Administrative Expenses

3.8

2.9

2.3

1.8

0.8

    Research and Development Expenses

4.8

3.2

3.0

1.2

0.4

    Loss on Physical Inventory

-

-

-

0.0

0.0

    Inventory Devaluation & Obsolescence

-

-

-

1.0

0.0

Total Operating Expense

81.0

69.4

49.8

57.8

47.3

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Revaluation Gain on Fin. Liabilities

0.0

-

-

-

-

    Revaluation G/L on Financial Assets

-0.2

0.0

-

-

-

    Gains/Loss on Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Foreign Exchange Losses

0.0

-1.3

-0.1

-

-

    Foreign Exchange Gains

0.5

-

-

0.3

0.1

    Rent Income

-

-

0.0

0.1

0.1

    Miscellaneous Income

0.2

0.2

0.6

0.5

0.1

    Interest Expense

-0.1

-0.1

0.0

0.0

0.0

    Loss on Equity Investment

0.0

0.0

-

-

-

    Miscellaneous Disbursements

0.0

0.0

0.0

-0.1

0.0

Net Income Before Taxes

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Provision for Income Taxes

0.8

1.2

1.2

0.8

0.6

Net Income After Taxes

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Net Income Before Extra. Items

7.9

7.8

6.8

6.9

4.3

Net Income

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.9

7.8

6.8

6.9

4.3

 

 

 

 

 

 

Basic Weighted Average Shares

66.2

60.5

58.7

46.8

35.6

Basic EPS Excluding ExtraOrdinary Items

0.12

0.13

0.12

0.15

0.12

Basic EPS Including ExtraOrdinary Items

0.12

0.13

0.12

0.15

0.12

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

7.9

7.8

6.8

6.9

4.3

Diluted Weighted Average Shares

66.2

61.0

59.2

47.3

35.6

Diluted EPS Excluding ExtraOrd Items

0.12

0.13

0.12

0.15

0.12

Diluted EPS Including ExtraOrd Items

0.12

0.13

0.12

0.15

0.12

DPS-Common Stock

0.12

0.11

0.00

0.00

0.00

Gross Dividends - Common Stock

8.0

7.5

0.0

0.0

0.0

Normalized Income Before Taxes

8.7

9.1

8.1

7.8

5.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.8

1.2

1.2

0.8

0.6

Normalized Income After Taxes

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

7.9

7.8

6.8

6.9

4.4

 

 

 

 

 

 

Basic Normalized EPS

0.12

0.13

0.12

0.15

0.12

Diluted Normalized EPS

0.12

0.13

0.12

0.15

0.12

Interest Expense, Supplemental

0.1

0.1

0.0

0.0

0.0

Research and Development

4.8

3.2

3.0

1.2

0.4

Depreciation - Operating Cost

2.7

2.4

1.9

1.6

1.2

Depreciation - Operating Expense

0.9

0.6

0.5

0.3

0.1

    Current Tax Payable

1.5

1.5

2.0

1.9

1.2

Current Tax - Total

1.5

1.5

2.0

1.9

1.2

    Other Tax

-0.7

-0.3

-0.8

-1.1

-0.6

Income Tax - Total

0.8

1.2

1.2

0.8

0.6

Service Cost

0.0

0.0

0.0

0.0

0.0

Interest Cost

0.0

0.0

0.0

0.0

0.0

Expected Return on Plan Assets

0.0

0.0

0.0

0.0

0.0

Amortization of Transition Cost

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.1

0.0

0.0

Porvision for Defined Contribution Plan-

0.3

0.2

0.2

0.2

0.1

Total Pension Expense

0.4

0.3

0.3

0.2

0.1

Discount Rate

1.90%

2.00%

2.00%

2.50%

3.00%

Rate of Compensation Increaase

1.90%

2.00%

2.00%

2.50%

2.25%

Expected Rate of Return on Plan Assets

1.75%

1.75%

1.50%

2.00%

3.00%

 

 

Interim Income Statement

 

As Reported

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

30.256909

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Gross Sales

21.3

23.4

24.7

20.0

19.7

    Sales Returns

-0.2

-0.2

-0.1

-0.3

-0.1

    Sales Discounts and Allowances

-0.1

-0.1

0.0

0.0

0.0

    Service Revenue

0.2

0.4

0.2

0.5

1.0

Total Revenue

21.3

23.6

24.9

20.3

20.6

 

 

 

 

 

 

    Cost of Sales

17.1

18.4

19.6

15.5

14.8

    Cost of Services

0.1

0.3

0.2

0.3

0.5

    Selling Expense

0.6

0.7

1.0

0.7

0.7

    General and Administrative Expenses

1.0

0.8

1.0

0.9

1.0

    Research and Development Expenses

1.2

1.6

1.2

1.1

0.9

Total Operating Expense

20.0

21.8

22.9

18.4

17.9

 

 

 

 

 

 

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Gains/Loss on Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Revaluation G/L on Financial Assets

0.0

-0.2

-0.1

0.1

0.0

    Foreign Exchange Gains/Losses

-0.3

-0.1

1.0

-0.3

-0.1

    Miscellaneous Income

0.0

0.1

0.0

0.0

0.0

    Interest Expense

0.0

0.0

0.0

0.0

0.0

    Loss on Equity Investment

0.0

0.0

0.0

0.0

0.0

    Revaluation G/L on Fin. Liabilities

0.0

0.3

-0.3

0.1

-0.1

    Miscellaneous Disbursements

-

0.0

0.0

0.0

0.0

Net Income Before Taxes

0.9

1.9

2.5

1.7

2.6

 

 

 

 

 

 

Provision for Income Taxes

0.1

0.1

0.3

0.1

0.3

Net Income After Taxes

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Net Income Before Extra. Items

0.8

1.8

2.2

1.6

2.3

Net Income

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Basic Weighted Average Shares

67.1

67.1

67.1

66.9

63.6

Basic EPS Excluding ExtraOrdinary Items

0.01

0.03

0.03

0.02

0.04

Basic EPS Including ExtraOrdinary Items

0.01

0.03

0.03

0.02

0.04

Dilution Adjustment

-

0.0

0.0

0.0

0.0

Diluted Net Income

0.8

1.8

2.2

1.6

2.3

Diluted Weighted Average Shares

67.2

67.1

67.3

66.9

63.8

Diluted EPS Excluding ExtraOrd Items

0.01

0.03

0.03

0.02

0.04

Diluted EPS Including ExtraOrd Items

0.01

0.03

0.03

0.02

0.04

DPS-Common Stock

0.00

0.12

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

7.8

0.0

0.0

0.0

Normalized Income Before Taxes

0.9

1.9

2.5

1.7

2.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.1

0.1

0.3

0.1

0.3

Normalized Income After Taxes

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.8

1.8

2.2

1.6

2.3

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.03

0.03

0.02

0.04

Diluted Normalized EPS

0.01

0.03

0.03

0.02

0.04

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

R&D Expense, Supplemental

1.2

1.6

1.2

1.1

0.9

Depreciation & Amortization

1.1

1.1

0.8

1.1

1.1

 

 

Annual Balance Sheet

 

As Reported

 

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

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

29.1565

31.985

32.818

32.4345

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalents

2.4

3.4

2.6

0.9

1.1

    Notes Receivable

0.0

0.0

0.1

0.0

0.0

    Accounts Receivable, Gross

24.9

20.3

13.2

14.2

7.6

    Provision for Doubtful Accounts

-0.1

-0.2

-0.1

-0.1

-0.1

    Accounts Receivable - Related Parties

0.4

0.7

0.2

0.1

1.5

    Other Receivable

0.7

0.7

0.5

0.7

0.4

    Merchandise

0.5

0.9

0.7

0.5

0.0

    Raw Materials / Supplies

8.1

7.7

4.2

4.6

2.9

    Work-in-Process

4.7

2.9

1.7

3.5

1.1

    Finished Goods

6.0

4.6

3.7

5.5

0.2

    Provision/Allowance for Inventory

-

-

-

-1.8

-0.5

    Prepaid Expenses

0.7

0.2

0.4

0.3

0.1

    Prepayment

1.7

0.6

0.4

2.5

0.0

    Deferred Income Tax Assets - Current

0.4

0.4

0.5

0.7

0.1

    Financial Assets-Fair Value,Current

0.0

0.0

-

-

-

    Other Current Assets

0.1

0.2

0.1

0.3

0.0

Total Current Assets

50.4

42.7

28.2

31.6

14.4

 

 

 

 

 

 

    Financial Assets-Cost Method,Non-Current

1.2

-

-

-

-

    Long-Term Equity Investments

0.0

0.0

-

-

-

    Land

5.0

5.2

4.7

2.8

0.5

    Buildings and Structures

17.8

17.3

6.8

5.2

5.1

    Machinery and Equipment

21.0

20.6

15.5

15.2

10.8

    Utilities Equipment

4.5

5.1

1.9

2.0

1.5

    Office Equipment

1.4

1.6

1.0

1.1

0.4

    Testing Equipment

3.2

2.9

2.4

2.4

0.6

    Anti-Pollution Equipment

1.0

1.0

0.9

0.7

0.6

    Leasehold Improvements

0.1

0.1

0.1

0.1

0.0

    Miscellaneous Equipment

2.0

1.7

1.0

1.0

0.3

    Revaluation Increment

1.0

-

-

-

-

    Accumulated Depreciation

-21.7

-20.7

-16.8

-15.9

-10.6

    Construction in Pro. & Prepay. for Equip

12.2

-

6.6

1.6

0.7

    Deferred Pension Cost

0.2

0.1

0.1

-

-

    Prepayment for Equipment

-

2.8

-

-

-

    Security Deposits Paid

0.1

0.1

0.1

0.1

0.0

    Deferred Charges

0.9

0.9

0.3

0.2

0.1

    Deferred Income Tax Assets

-

-

0.0

0.1

0.0

    Other Assets - Other

2.6

-

-

-

-

Total Assets

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    Short Term Borrowings

18.6

16.0

1.6

7.2

3.5

    Short Term Notes & Bills Payable

6.6

-

-

-

-

    Notes Payable

0.0

0.0

0.0

0.2

0.0

    Accounts Payable

1.8

5.3

3.2

3.7

1.2

    Accounts Payable - Related Parties

0.1

-

-

0.0

0.2

    Accrued Expenses

6.1

4.8

3.6

3.3

1.4

    Income Tax Payable

0.1

0.4

0.1

1.2

0.3

    Other Payables

2.8

1.4

1.8

0.2

0.1

    Advance Receipts

0.4

0.4

0.6

0.4

0.0

    Long-term Liabilities - Current Portion

3.3

-

0.2

0.2

0.2

    Other Current Liabilities

0.1

0.1

0.1

0.1

0.0

Total Current Liabilities

40.1

28.5

11.2

16.4

7.0

 

 

 

 

 

 

    Long Term Borrowings

0.0

5.1

0.0

0.4

0.4

Total Long Term Debt

0.0

5.1

0.0

0.4

0.4

 

 

 

 

 

 

    Accrued Pension Liabilities

0.1

0.0

0.0

-

-

    Long Term Security Deposits Received

0.0

0.0

-

-

-

    Land Revaluation Increment Tax Reserve

0.5

-

-

-

-

    Deferred Income Tax Liabilities

0.0

-

-

-

-

    Other Long Term Liabilities

0.0

-

-

-

-

Total Liabilities

40.7

33.7

11.2

16.8

7.4

 

 

 

 

 

 

    Common Stock

22.1

20.9

18.8

16.3

10.9

    Capital Surplus, Additional Paid in Capi

25.2

12.0

10.5

5.9

0.0

    Legal Reserve

3.7

3.0

2.0

1.3

0.9

    Retained Earnings

10.5

11.9

10.4

8.0

5.3

    Cumulative Translation Adjustment

0.0

-

-

-

-

    Unrealized Revaluation Increment

0.5

-

-

-

-

Total Equity

62.1

47.8

41.7

31.5

17.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

102.8

81.5

52.9

48.3

24.5

 

 

 

 

 

 

    S/O-Common Stock

67.1

60.9

60.0

53.6

35.2

Total Common Shares Outstanding

67.1

60.9

60.0

53.6

35.2

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

0.4

0.4

0.6

0.4

0.0

Employees

380

310

268

250

-

Number of Common Shareholders

3,039

2,402

466

-

-

Benefit Obligation

1.1

1.1

0.9

0.9

0.4

Fair Value of Plan Assets

0.8

0.8

0.7

0.7

0.6

Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Accumulated Benefit Obligation

1.0

0.9

0.7

0.7

0.3

Total Funded Status

-0.3

-0.2

-0.2

-0.2

0.2

Discount rate

1.90%

2.00%

2.00%

2.50%

3.00%

Rate of Compensation Increase

1.90%

2.00%

2.00%

2.00%

2.50%

Expected Rate of Return on Plan Assets

1.75%

1.75%

1.50%

2.50%

3.00%

Deferred Pension Cost

0.2

0.1

0.1

-

-

Accrued Pension Liabilities

-0.1

0.0

0.0

-

-

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

-

-

 

 

Interim Balance Sheet

 

As Reported

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash and Cash Equivalents

4.3

2.4

1.4

1.6

5.0

    Financial Assets-Fair Value,Current

0.0

0.0

-

0.0

0.1

    Notes Receivable - Related Parties

0.0

-

-

0.3

0.3

    Notes Receivable

0.0

0.0

0.0

0.1

0.0

    Accounts Receivable, Gross

19.9

24.9

23.4

19.2

19.3

    Provision for Doubtful Accounts

-0.1

-0.1

-0.2

-0.2

-0.2

    Accounts Receivable - Related Parties

0.2

0.4

0.5

0.4

0.7

    Other Receivables

0.8

0.7

0.8

0.7

0.5

    Prepaid Expenses

0.9

0.7

0.8

0.6

0.3

    Prepayment

1.1

1.7

1.7

0.9

1.4

    Deferred Income Tax Assets - Current

0.5

0.4

0.3

0.4

0.3

    Other Current Assets

0.1

0.1

0.3

0.1

0.0

    Merchandise

0.7

0.5

0.8

1.0

1.2

    Raw Materials / Supplies

7.9

8.1

8.6

9.6

6.3

    Work-in-Process

4.8

4.7

5.2

6.3

3.9

    Finished Goods

8.4

6.0

5.3

5.2

4.4

Total Current Assets

49.4

50.4

48.7

46.2

43.5

 

 

 

 

 

 

    Financial Assets-Cost Method,Non-Current

1.2

1.2

1.2

-

-

    Prepayment for Long Term Investment

0.0

-

-

-

-

    Long-Term Equity Investments

0.0

0.0

-

-

0.0

    Land

5.1

5.0

4.9

5.2

5.1

    Buildings and Structures

18.2

17.8

17.4

18.4

17.8

    Machinery and Equipment

22.6

21.0

20.7

20.3

19.9

    Utilities Equipment

5.0

4.5

4.5

4.8

5.0

    Testing Equipment

2.4

3.2

3.1

3.3

3.0

    Anti-Pollution Equipment

0.6

1.0

1.0

1.0

1.0

    Office Equipment

1.2

1.4

1.3

1.5

1.6

    Leasehold Improvements

0.1

0.1

0.1

0.1

0.1

    Miscellaneous Equipment

2.0

2.0

2.0

2.1

1.7

    Revaluation Increment

1.0

1.0

1.0

-

-

    Accumulated Depreciation on Fixed Assets

-21.4

-21.7

-20.6

-21.4

-21.4

    Con. in Pro. & Prepay. for Equipment

15.3

12.2

7.2

5.7

4.4

    Deferred Pension Cost

0.2

0.2

0.1

0.1

0.1

    Security Deposits Paid

0.2

0.1

0.1

0.1

0.1

    Deferred Charges

0.8

0.9

0.8

0.9

0.8

    Deferred Income Tax Assets

0.0

-

-

-

-

    Other Assets - Other

7.7

2.6

-

-

-

Total Assets

111.7

102.8

93.6

88.3

82.8

 

 

 

 

 

 

    Short Term Borrowings

21.2

18.6

15.9

6.4

4.4

    Short Term Notes & Bills Payable

6.4

6.6

4.3

-

-

    Financial Liabilities-Fair Value,Current

0.0

-

0.4

0.0

0.1

    Notes Payable

0.0

0.0

0.1

0.1

0.0

    Accounts Payable

3.3

1.8

2.4

2.8

3.8

    Accounts Payable - Related Parties

0.2

0.1

-

-

-

    Income Tax Payable

0.3

0.1

-

0.4

0.6

    Accrued Expenses

5.3

6.1

4.7

4.6

3.5

    Other Payables

3.5

2.8

2.0

9.5

1.2

    Advance Receipts

0.6

0.4

0.4

1.3

0.5

    Current Portion of Long Term Debt

3.4

3.3

-

-

-

    Other Current Liabilities

0.0

0.1

0.1

0.1

0.1

Total Current Liabilities

44.3

40.1

30.2

25.1

14.1

 

 

 

 

 

 

    Long Term Borrowings

2.4

0.0

2.9

2.4

2.9

Total Long Term Debt

2.4

0.0

2.9

2.4

2.9

 

 

 

 

 

 

    Land Revaluation Increment Tax Reserve

0.5

0.5

0.5

-

-

    Accrued Pension Liabilities

0.1

0.1

0.0

0.0

0.0

    Long Term Security Deposits Received

-

0.0

-

-

0.0

    Other Long Term Liabilities

0.0

0.0

0.0

0.0

-

    Deferred Income Tax Liabilities

-

0.0

-

-

-

Total Liabilities

47.3

40.7

33.7

27.5

17.0

 

 

 

 

 

 

    Common Stock

22.7

22.1

22.0

23.3

22.8

    Cap.Surplus, Additional Paid in Capital

25.8

25.2

25.1

26.6

26.0

    Legal Reserve

3.8

3.7

3.7

3.9

3.0

    Retained Earnings

11.6

10.5

8.7

7.0

14.1

    Cumulative Translation Adjustment

0.0

0.0

0.0

-

-

    Unrealized Revaluation Increment

0.5

0.5

0.5

-

-

Total Equity

64.4

62.1

59.9

60.8

65.8

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

111.7

102.8

93.6

88.3

82.8

 

 

 

 

 

 

    S/O-Common Stock

67.1

67.1

67.1

67.1

67.1

Total Common Shares Outstanding

67.1

67.1

67.1

67.1

67.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

0.6

0.4

0.4

1.3

0.5

Full-Time Employees

380

380

350

340

310

Deferred Pension Cost

0.2

0.2

0.1

0.1

0.1

Accrued Pension Liabilities

-0.1

-0.1

0.0

0.0

0.0

Net Assets Recognized on Balance Sheet

0.1

0.1

0.1

0.1

0.1

 

 

Annual Cash Flows

 

As Reported

 

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-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

7.9

7.8

6.8

6.9

4.3

    Depreciation

4.1

3.4

2.5

2.0

1.4

    Provision for Doubtful Accounts

0.0

0.1

0.1

-

-

    Inventory Devaluation & Obsolescence

0.6

-0.3

0.3

1.0

0.0

    Equity Investment Gain/Loss

0.0

0.0

-

-

-

    G/L on Disposal&Write-off of Properties

0.0

0.0

0.0

0.0

0.0

    Losses on Fire of Properties

-

-

0.0

0.1

0.0

    Financial Assets-Trading

0.0

0.0

-

-

-

    Employee Stock Option Cost

0.0

-

-

-

-

    Deferred Tax Assets

0.0

0.1

0.3

-0.3

0.3

    Accounts Receivable - Related Parties

0.3

-0.5

-0.1

1.4

-1.1

    Notes Receivable & Accounts Receivable

-5.4

-5.4

1.2

-0.7

-0.5

    Other Receivables

0.0

-0.2

0.2

-0.3

-0.3

    Inventories

-4.4

-4.0

1.7

-4.4

-1.2

    Prepaid Expense&Prepayment

-1.6

-0.2

1.9

-1.4

0.0

    Other Current Assets

0.1

-0.1

0.1

0.0

0.3

    Notes Payable

0.0

0.0

-0.2

0.1

0.0

    Accounts Payable

-3.4

1.7

-0.6

0.8

0.1

    Accounts Payable - Related Parties

0.1

-

0.0

-0.2

0.2

    Tax Payable

-0.3

0.3

-1.0

0.6

0.2

    Accrued Expenses

1.6

0.8

0.2

0.4

0.3

    Advance Receipts

0.0

-0.2

0.2

-0.1

0.0

    Other Payables

0.0

0.0

0.1

-

-

    Other Current Liabilities

0.0

0.0

0.0

-0.1

0.0

    Accrued Pension Liabilities

0.0

0.0

-

-

-

Cash from Operating Activities

-0.4

3.2

13.8

5.7

4.2

 

 

 

 

 

 

    Purchase of Financial Assets-Cost Method

-1.2

-

-

-

-

    Capital Expenditure

-12.7

-13.8

-8.0

-2.7

-1.6

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Security Deposit Paid

0.0

0.0

0.0

0.1

0.0

    Deferred Charges

-0.5

-0.6

-0.3

-0.1

0.0

    Other Assets

-2.7

-

-

-

-

    Equity Investment Increase

0.0

0.0

-

-

-

Cash from Investing Activities

-17.1

-14.5

-8.2

-2.8

-1.7

 

 

 

 

 

 

    Short Term Borrowings

3.3

13.2

-5.6

0.0

-0.1

    Short Term Notes&Bills Payable Increase

6.8

-

-

-

-

    Repayment of Long Term Borrowings

-5.7

-0.2

-0.4

-0.2

-0.2

    Long Term Borrowings Increase

4.0

4.8

0.0

0.2

0.0

    Cash Dividend - Common Stock

-8.0

-6.7

-3.2

-3.3

-1.9

    Cash Capital

16.2

-

5.3

-

-

    Directors Remuneration

-

-

0.0

-0.1

-0.1

    Employee Stock Option Exercised

0.0

0.8

0.0

-0.2

-0.1

    Security Deposit Received

0.0

0.0

-

-

-

Cash from Financing Activities

16.5

11.8

-3.9

-3.8

-2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-

-

-

-

Net Change in Cash

-0.9

0.5

1.6

-0.8

0.1

 

 

 

 

 

 

Net Cash - Beginning Balance

3.4

2.7

0.9

1.8

1.0

Net Cash - Ending Balance

2.5

3.2

2.5

1.0

1.1

    Cash Interest Paid

0.1

0.1

0.0

0.1

0.1

    Cash Taxes Paid

1.1

0.9

2.0

0.6

0.1

 

 

Interim Cash Flows

 

As Reported

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.39004

29.099862

29.074238

29.305764

 

 

 

 

 

 

Net Income

0.8

7.9

6.1

3.9

2.3

    Depreciation

1.1

4.1

3.0

2.2

1.1

    Provision/Reversal for Doubtful Accounts

0.0

0.0

0.1

0.0

0.0

    Inventory Devaluation & Obsolescence

0.1

0.6

0.5

0.5

-

    Equity Investment Gain/Loss

0.0

0.0

0.0

0.0

0.0

    G/L on Disposal&Write-off of Properties

-

0.0

0.0

0.0

0.0

    Cost of Employee Stock

-

0.0

0.0

0.0

0.0

    Financial Assets-Trading

-

0.0

0.0

-

-

    Financial Assets-Fair Value, Current

0.0

-

-

0.0

-0.1

    Notes Receivable-Related Parties

-

-

-

-0.3

-0.3

    Notes Receivable & Accounts Receivable

5.5

-5.4

-4.1

1.4

0.9

    Accounts Receivable-Related Parties

0.2

0.3

0.2

0.3

0.0

    Other Receivables

-0.1

0.0

-0.1

0.1

0.3

    Inventories

-2.2

-4.4

-5.1

-6.2

0.2

    Prepaid Expense&Prepayment

0.4

-1.6

-1.7

-0.6

-0.9

    Deferred Tax Assets

0.0

0.0

0.1

0.0

0.1

    Other Current Assets

0.0

0.1

-0.1

0.1

0.2

    Financial Liablity-Fair Value, Current

0.0

-

0.4

0.0

0.1

    Notes Payable

0.0

0.0

0.0

0.1

0.0

    Accounts Payable

1.4

-3.4

-2.9

-2.6

-1.5

    Accounts Payable,Related Parties

0.1

0.1

-

-

-

    Other Payables

-

0.0

0.0

-

-

    Tax Payable

0.1

-0.3

-0.4

0.0

0.2

    Accrued Expenses

-1.0

1.6

0.2

-0.3

-1.3

    Advance Receipts

0.2

0.0

0.1

0.9

0.1

    Other Current Liabilities

0.0

0.0

0.0

0.0

0.0

    Accrued Pension Liabilities

0.0

0.0

0.0

0.0

0.0

Cash from Operating Activities

6.6

-0.4

-3.7

-0.6

1.5

 

 

 

 

 

 

    Prepayment for LT Investment

0.0

-

-

-

-

    Purchase of Financial Assets-Cost Method

-

-1.2

-1.2

-

-

    Capital Expenditure

-4.0

-12.7

-8.0

-4.9

-2.2

    Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Security Deposit Paid

0.0

0.0

0.0

0.0

0.0

    Deferred Charges Increase

0.0

-0.5

-0.3

-0.2

0.0

    Equity Investment Increase

-

0.0

0.0

0.0

-

    Other Assets

-5.0

-2.7

-

-

-

Cash from Investing Activities

-9.0

-17.1

-9.5

-5.1

-2.2

 

 

 

 

 

 

    Short Term Borrowings

2.1

3.3

0.6

-9.7

-11.6

    Short Term Notes&Bills Payable Increase

-0.3

6.8

4.5

-

-

    Long Term Borrowings Increase

2.4

4.0

3.6

2.9

2.9

    Repayment of Long Term Borrowings

-

-5.7

-5.7

-5.7

-5.1

    Security Deposit Received

0.0

0.0

0.0

0.0

0.0

    Cash Capital

0.0

16.2

16.3

16.3

16.2

    Cash Dividend - Common Stock

-

-8.0

-8.1

-

-

    Employee Stock Option Exercised

-

0.0

0.0

-

-

Cash from Financing Activities

4.2

16.5

11.2

3.8

2.4

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

-

Net Change in Cash

1.8

-0.9

-2.0

-1.9

1.6

 

 

 

 

 

 

Net Cash - Beginning Balance

2.5

3.4

3.4

3.4

3.4

Net Cash - Ending Balance

4.3

2.5

1.4

1.5

5.0

    Cash Interest Paid

0.0

0.1

0.1

0.0

0.0

    Cash Taxes Paid

0.0

1.1

1.1

0.4

-

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

Annual

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

4.3

4.8 %

4.2

5.3 %

Switzerland

57.8

64.7 %

49.1

61.7 %

Canada

8.5

9.5 %

7.2

9 %

India

6.0

6.7 %

4.4

5.6 %

Other Foreign

12.8

14.3 %

14.6

18.3 %

Segment Total

89.3

100 %

79.6

100 %

Consolidated Total

89.3

100 %

79.6

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

4.3

4.8 %

4.2

5.3 %

Switzerland

57.8

64.7 %

49.1

61.7 %

Canada

8.5

9.5 %

7.2

9 %

India

6.0

6.7 %

4.4

5.6 %

Other Foreign

12.8

14.3 %

14.6

18.3 %

Segment Total

89.3

100 %

79.6

100 %

Consolidated Total

89.3

100 %

79.6

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

 

Long Lived Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

51.0

100 %

38.5

100 %

Segment Total

51.0

100 %

38.5

100 %

Consolidated Total

51.0

100 %

38.5

100 %

Exchange Rate: TWD to USD

30.279000

 

29.156500

 


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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.