MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
GINTECH ENERGY CORPORATION |
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Registered Office : |
No.21, Kebei 1st Road, Hsinchu Science-Based Industrial Park, Jhunan,
350 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.08.2005 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacture and distribution of solar cells |
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No. of Employees : |
1,669 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government
guidance of investment and foreign trade. In keeping with this trend, some
large, state-owned banks and industrial firms have been privatized. Exports,
led by electronics, machinery, and petrochemicals have provided the primary
impetus for economic development. This heavy dependence on exports exposes the
economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%,
due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%,
as exports returned to the level of previous years, and in 2011, grew 5.2%.
However, 2012 growth will likely be less, according to most forecasters,
because of softening global demand. Taiwan's diplomatic isolation, low birth
rate, and rapidly aging population are major long-term challenges. Free trade
agreements have proliferated in East Asia over the past several years, but so
far Taiwan has been excluded from this greater economic integration largely
because of its diplomatic status with the exception of the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA
administration has said that the ECFA will serve as a stepping stone toward
trade pacts with other regional partners, and negotiations on a deal with
Singapore began this year. Follow-on components of ECFA, including deals on
trade in goods, services, and investment, have yet to be completed. Taiwan's
Total Fertility rate of just over one child per woman is among the lowest in
the world, raising the prospect of future labor shortages, falling domestic
demand, and declining tax revenues. Taiwan's population is aging quickly, with
the number of people over 65 accounting for 10.9% of the island's total
population as of 2011. The island runs a large trade surplus, and its foreign
reserves are the world's fourth largest, behind China, Japan, and Russia. Since
2005 China has overtaken the US to become Taiwan's second-largest source of
imports after Japan. China is also the island's number one destination for
foreign direct investment. Three financial memorandums of understanding,
covering banking, securities, and insurance, took effect in mid-January 2010,
opening the island to greater investments from the mainland's financial firms
and institutional investors, and providing new opportunities for Taiwan
financial firms to operate in China. Closer economic links with the mainland
bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
Source : CIA
Company name & address
Gintech Energy Corporation
No.21, Kebei 1st Road
Hsinchu Science-Based Industrial Park
Jhunan, 350
Taiwan
Tel: 886-2-26562000
Fax: 886-2-26560594
Synthesis
Employees: 1,669
Company Type: Public
Independent
Traded: Taiwan
Stock Exchange: 3514
Incorporation Date:
10-Aug-2005
Auditor: Deloitte
& Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 640.0
1
Net Income: (54.1)
Total Assets: 874.1
2
Market Value: 278.3
(23-Nov-2012)
Business Description
Gintech Energy Corporation is principally engaged in the manufacture and
distribution of solar cells. The Company provides six-inch multi-crystalline
and mono-crystalline solar cells, five-inch multi-crystalline and
mono-crystalline solar cells, and colored solar cells. Its products are applied
in consumer electronics, watches, computers, solar chargers, solar vehicles,
road and transportation systems and electric power generation businesses, among
others. The Company distributes its products in domestic market and to overseas
markets, including the rest of Asia, Europe and the Americas. During the year
ended December 31, 2011, the Company obtained approximately 96.75% of its total
revenue from the sale of solar cell products. For the nine months ended 30
September 2012, Gintech Energy Corporation revenues decreased 22% to NT$11.5B.
Net loss increased from NT$260.9M to NT$724.4M. Revenues reflect Sales
Discounts and Allowances increase from NT$3.7M to NT$13.7M. Higher net loss
reflects Research and Development Expenses increase from NT$93.4M to NT$225M
(expense), Interest Expense increase from NT$27.6M to NT$100.5M (expense).
Industry
Industry Semiconductors
ANZSIC 2006: 2429 - Other
Electronic Equipment Manufacturing
NACE 2002: 3210 - Manufacture
of electronic valves and tubes and other electronic components
NAICS 2002: 334413 -
Semiconductor and Related Device Manufacturing
UK SIC 2003: 3210 - Manufacture
of electronic valves and tubes and other electronic components
UK SIC 2007: 2611 - Manufacture
of electronic components
US SIC 1987: 3674 -
Semiconductors and Related Devices
Key Executives
|
Name |
Title |
|
Wenyan Pan |
Chairman of the Board, Chief Executive Officer |
|
Tongfu Shi |
Chief Financial Officer |
|
Guiwu Huang |
Chief Technology Officer, Assistant General Manager-R&D |
|
Zhongming Li |
Deputy General Manager-Engineering Department |
|
Wen-Whe Pan |
President & COO |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
General Reorganization |
1 |
Gintech Energy Corp Announces to Merge with Subsidiary |
17-Aug-2012 |
|
Equity Investments |
1 |
Gintech Energy Corporation Acquires Equity Shares |
20-Jan-2012 |
|
Dividends |
1 |
Gintech Energy Corporation Announces No Dividend Payment for FY 2011 |
18-Apr-2012 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
TAITRA: Taiwan ICT Industry Backgrounder |
7-Mar-2012 |
|
PV EXPO - An Easy Way to Access the
Growing Japanese Photovoltaic Market |
22-Feb-2012 |
|
PV EXPO - AN EASY WAY TO ACCESS THE
GROWING JAPANESE ... |
13-Feb-2012 |
Financial Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
Corporate Overview
Location
No.21, Kebei 1st Road
Hsinchu Science-Based Industrial Park
Jhunan, 350
Taiwan
Tel: 886-2-26562000
Fax: 886-2-26560594
Quote Symbol - Exchange
3514 - Taiwan
Stock Exchange
Sales TWD(mil): 18,809.6
Assets TWD(mil): 26,466.8
Employees: 1,669
Fiscal Year End: 31-Dec-2011
Industry: Semiconductors
Incorporation Date: 10-Aug-2005
Company Type: Public
Independent
Quoted Status: Quoted
Chairman of the
Board, Chief Executive Officer:
Wenyan Pan
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
NAICS 2002 Codes:
334413 - Semiconductor and Related Device Manufacturing
US SIC 1987:
3674 - Semiconductors and Related Devices
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
UK SIC 2007:
2611 - Manufacture of electronic components
Business
Description
Gintech Energy
Corporation is principally engaged in the manufacture and distribution of solar
cells. The Company provides six-inch multi-crystalline and mono-crystalline
solar cells, five-inch multi-crystalline and mono-crystalline solar cells, and
colored solar cells. Its products are applied in consumer electronics, watches,
computers, solar chargers, solar vehicles, road and transportation systems and
electric power generation businesses, among others. The Company distributes its
products in domestic market and to overseas markets, including the rest of
Asia, Europe and the Americas. During the year ended December 31, 2011, the
Company obtained approximately 96.75% of its total revenue from the sale of
solar cell products. For the nine months ended 30 September 2012, Gintech
Energy Corporation revenues decreased 22% to NT$11.5B. Net loss increased from
NT$260.9M to NT$724.4M. Revenues reflect Sales Discounts and Allowances
increase from NT$3.7M to NT$13.7M. Higher net loss reflects Research and
Development Expenses increase from NT$93.4M to NT$225M (expense), Interest
Expense increase from NT$27.6M to NT$100.5M (expense).
More Business
Descriptions
l Development and manufacture of solar cells
l Solar Cells Mfr
l
Gintech Energy
Corporation (Gintech) is a solar energy company, based in Taiwan. The company
operates in the development and manufacture of solar cells. Its product
portfolio includes Hybrid Series, Douro Series, Phoenix Series and Gintech
Onboard. The company produces 870 MW solar cells. It transfers its process
technology from European PV suppliers and employs state-of-the-art automated
production equipment. The products of the company are export to markets in
Germany, Spain, Italy, European countries, the US, Japan, China, and Asian countries.
The company is ISO 9001: 2008, ISO/TS 16949: 2009 Certified. G. D. Development
Corporation (GDDC) is a joint venture between Gintech Energy Corporation and KD
Holding Corporation. Gintech is headquartered in Taipei, Taiwan.The company
reported revenues of (Taiwanese Dollars) TWD 18,809.65 million during the
fiscal year ended December 2011, a decrease of 33.22% from 2010. The operating
loss of the company was TWD 2,044.79 million during the fiscal year 2011, as
against an operating income of TWD 4,529.67 million during 2010. The net loss
of the company was TWD 1,589.19 million during the fiscal year 2011, as against
a net profit of TWD 4,324.74 million during 2010.
l
Solar/Thermal/Wind
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
Delsolar Co Ltd |
Jhunan, Taiwan |
843 |
Public |
|
E-Ton Solar Tech. Co., Ltd |
Tainan, Taiwan |
775 |
Public |
|
Green Energy Technology Inc.
Ltd. |
Kuan-yin, Taoyuan, Taiwan |
2,164 |
Public |
|
Mosel Vitelic Inc. |
Hsinchu, Taiwan |
795 |
Public |
Executive report
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Board of
Directors |
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Chairman |
Chairman |
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Independent Director |
Director/Board Member |
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President & COO |
Director/Board Member |
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General Manager, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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President & COO |
President |
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VP-International Business Division |
Division Head Executive |
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VP-Engineering Division |
Division Head Executive |
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VP-Production Division |
Division Head Executive |
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General Manager, Director |
Division Head Executive |
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VP-Admin & Purchasing |
Administration Executive |
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Chief Financial Officer |
Finance Executive |
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CFO |
Finance Executive |
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Chief Technology Officer, Assistant General Manager-R&D |
Engineering/Technical Executive |
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CTO |
Engineering/Technical Executive |
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Director-Manufacturing Department |
Manufacturing Executive |
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Director-Manufacturing Department |
Manufacturing Executive |
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Supervisory Board of Directors |
Other |
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Deputy General Manager-Engineering Department |
Other |
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Deputy General Manager-Manufacturing Department |
Other |
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Deputy General Manager-Administration Department |
Other |
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Deputy General Manager-Business Department |
Other |
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Significant Developments
Gintech Energy Corp Announces to Merge with Subsidiary Aug 17, 2012
Gintech Energy Corp announced that it will merge with its wholly owned subsidiary, an energy technology company engaged in the manufacturing of electronic parts and components, with the Company to survive and the subsidiary to be dissolved, effective October 1, 2012.
Gintech Energy Corporation Announces No Dividend Payment for FY 2011 Apr 18, 2012
Gintech Energy Corporation announced that it will pay no dividend to shareholders for fiscal year 2011.
Gintech Energy Corporation Acquires Equity Shares Jan 20, 2012
Gintech Energy Corporation announced that it has acquired 21,195,700 shares of a Taiwan-based optical energy company for NTD 305,076,325. After that, the Company holds a 31,75% stake in the target company, by holding 50,795,700 shares.
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Revenue |
646.9 |
896.6 |
481.1 |
502.6 |
210.5 |
|
Sales Returns and Allowances |
-6.9 |
-2.3 |
-5.1 |
-0.8 |
-2.6 |
|
Revenue |
640.0 |
894.3 |
476.1 |
501.8 |
207.9 |
|
Total Revenue |
640.0 |
894.3 |
476.1 |
501.8 |
207.9 |
|
|
|
|
|
|
|
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Cost of Revenue |
687.6 |
726.7 |
459.3 |
420.7 |
183.8 |
|
Cost of Revenue, Total |
687.6 |
726.7 |
459.3 |
420.7 |
183.8 |
|
Gross Profit |
-47.6 |
167.6 |
16.7 |
81.0 |
24.1 |
|
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|
|
|
|
|
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Selling/General/Administrative Expense |
16.2 |
20.8 |
11.7 |
12.0 |
5.4 |
|
Total Selling/General/Administrative Expenses |
16.2 |
20.8 |
11.7 |
12.0 |
5.4 |
|
Research & Development |
5.8 |
3.0 |
2.0 |
1.6 |
1.0 |
|
Total Operating Expense |
709.6 |
750.4 |
473.0 |
434.3 |
190.2 |
|
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|
|
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Operating Income |
-69.6 |
143.8 |
3.1 |
67.5 |
17.7 |
|
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|
|
|
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Interest Expense -
Non-Operating |
-1.7 |
-2.6 |
-5.1 |
-7.9 |
-2.3 |
|
Interest Expense, Net Non-Operating |
-1.7 |
-2.6 |
-5.1 |
-7.9 |
-2.3 |
|
Interest Income -
Non-Operating |
0.2 |
0.1 |
0.2 |
0.5 |
0.2 |
|
Investment Income - Non-Operating |
1.8 |
4.1 |
3.2 |
0.8 |
-0.7 |
|
Interest/Investment Income - Non-Operating |
1.9 |
4.3 |
3.3 |
1.4 |
-0.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
0.3 |
1.7 |
-1.8 |
-6.6 |
-2.8 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
- |
- |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
-0.8 |
-0.2 |
-0.7 |
0.2 |
|
Other, Net |
0.0 |
-0.8 |
-0.2 |
-0.7 |
0.2 |
|
Income Before Tax |
-69.3 |
144.7 |
1.1 |
60.2 |
15.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
-15.2 |
7.3 |
-1.0 |
-0.3 |
0.2 |
|
Income After Tax |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Net Income |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
338.6 |
338.1 |
274.0 |
221.6 |
196.2 |
|
Basic EPS Excl Extraord Items |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Basic/Primary EPS Incl Extraord Items |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Diluted Weighted Average Shares |
338.6 |
345.3 |
275.7 |
225.3 |
198.6 |
|
Diluted EPS Excl Extraord Items |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
Diluted EPS Incl Extraord Items |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.18 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
61.4 |
3.9 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
1.7 |
2.6 |
5.1 |
7.9 |
2.3 |
|
Interest Capitalized, Supplemental |
-1.2 |
-0.6 |
-0.1 |
-0.2 |
0.0 |
|
Depreciation, Supplemental |
41.7 |
34.7 |
23.0 |
14.8 |
5.2 |
|
Total Special Items |
0.0 |
0.0 |
- |
- |
0.0 |
|
Normalized Income Before Tax |
-69.3 |
144.7 |
1.1 |
60.2 |
15.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
- |
- |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
-15.2 |
7.4 |
-1.0 |
-0.3 |
0.2 |
|
Normalized Income After Tax |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Diluted Normalized EPS |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
Amort of Intangibles, Supplemental |
0.9 |
0.6 |
0.4 |
0.3 |
0.1 |
|
Research & Development Exp, Supplemental |
5.8 |
3.0 |
2.0 |
1.6 |
1.0 |
|
Normalized EBIT |
-69.6 |
143.8 |
3.1 |
67.5 |
17.7 |
|
Normalized EBITDA |
-26.9 |
179.1 |
26.5 |
82.6 |
23.0 |
|
Current Tax - Total |
0.4 |
7.9 |
1.9 |
2.2 |
0.5 |
|
Current Tax - Total |
0.4 |
7.9 |
1.9 |
2.2 |
0.5 |
|
Deferred Tax - Total |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Deferred Tax - Total |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Other Tax |
-0.1 |
0.1 |
0.4 |
- |
- |
|
Income Tax - Total |
-15.2 |
7.3 |
-1.0 |
-0.3 |
0.2 |
|
Defined Contribution Expense - Domestic |
1.4 |
1.1 |
0.9 |
0.7 |
- |
|
Total Pension Expense |
1.4 |
1.1 |
0.9 |
0.7 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
106.2 |
119.1 |
86.9 |
21.9 |
3.9 |
|
Short Term Investments |
4.0 |
0.1 |
0.2 |
0.1 |
0.3 |
|
Cash and Short Term Investments |
110.2 |
119.3 |
87.1 |
22.0 |
4.2 |
|
Accounts Receivable -
Trade, Gross |
103.6 |
79.8 |
58.5 |
24.1 |
- |
|
Provision for Doubtful
Accounts |
-2.7 |
-0.6 |
-0.6 |
0.0 |
- |
|
Trade Accounts Receivable - Net |
100.9 |
79.2 |
58.0 |
24.1 |
23.0 |
|
Notes Receivable - Short Term |
0.0 |
- |
- |
- |
- |
|
Other Receivables |
0.5 |
0.7 |
1.3 |
2.6 |
2.1 |
|
Total Receivables, Net |
101.5 |
79.9 |
59.3 |
26.7 |
25.2 |
|
Inventories - Finished Goods |
23.3 |
12.7 |
25.3 |
29.5 |
7.7 |
|
Inventories - Work In Progress |
6.6 |
19.4 |
8.1 |
6.5 |
8.7 |
|
Inventories - Raw Materials |
28.3 |
25.5 |
18.6 |
39.0 |
16.9 |
|
Inventories - Other |
- |
- |
- |
- |
-1.1 |
|
Total Inventory |
58.2 |
57.7 |
52.0 |
75.0 |
32.2 |
|
Prepaid Expenses |
53.6 |
42.8 |
37.3 |
131.5 |
88.8 |
|
Restricted Cash - Current |
7.9 |
21.3 |
13.6 |
32.3 |
3.1 |
|
Deferred Income Tax - Current Asset |
12.9 |
5.9 |
2.1 |
1.5 |
0.4 |
|
Other Current Assets |
0.2 |
0.2 |
0.0 |
0.1 |
1.6 |
|
Other Current Assets, Total |
20.9 |
27.4 |
15.7 |
33.8 |
5.1 |
|
Total Current Assets |
344.5 |
327.0 |
251.4 |
289.1 |
155.4 |
|
|
|
|
|
|
|
|
Buildings |
60.2 |
61.8 |
50.6 |
49.1 |
3.0 |
|
Land/Improvements |
7.8 |
8.1 |
- |
- |
- |
|
Machinery/Equipment |
309.2 |
295.1 |
235.6 |
141.6 |
60.2 |
|
Construction in
Progress |
135.2 |
54.5 |
35.4 |
70.3 |
65.8 |
|
Other
Property/Plant/Equipment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
512.3 |
419.4 |
321.6 |
261.0 |
129.1 |
|
Accumulated Depreciation |
-123.9 |
-86.6 |
-44.9 |
-20.6 |
-6.4 |
|
Property/Plant/Equipment - Net |
388.5 |
332.8 |
276.7 |
240.4 |
122.6 |
|
Intangibles, Net |
0.7 |
0.2 |
0.2 |
0.2 |
0.2 |
|
LT Investment - Affiliate Companies |
14.8 |
0.5 |
- |
- |
- |
|
LT Investments - Other |
1.1 |
1.1 |
0.0 |
2.4 |
2.5 |
|
Long Term Investments |
15.8 |
1.6 |
0.0 |
2.4 |
2.5 |
|
Deferred Charges |
1.3 |
1.1 |
0.7 |
0.7 |
0.4 |
|
Deferred Income Tax - Long Term Asset |
9.4 |
1.6 |
4.1 |
1.3 |
0.0 |
|
Other Long Term Assets |
113.9 |
174.9 |
190.6 |
163.7 |
88.4 |
|
Other Long Term Assets, Total |
124.6 |
177.5 |
195.5 |
165.7 |
88.8 |
|
Total Assets |
874.1 |
839.1 |
723.8 |
697.9 |
369.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
33.9 |
19.4 |
51.6 |
38.0 |
20.8 |
|
Accrued Expenses |
12.5 |
38.3 |
10.8 |
8.6 |
5.0 |
|
Notes Payable/Short Term Debt |
88.2 |
61.1 |
29.7 |
58.2 |
39.8 |
|
Current Portion - Long Term Debt/Capital Leases |
48.0 |
43.0 |
33.7 |
18.7 |
4.9 |
|
Customer Advances |
6.8 |
0.3 |
0.2 |
1.8 |
0.7 |
|
Income Taxes Payable |
0.4 |
8.5 |
2.0 |
1.7 |
0.5 |
|
Other Payables |
1.8 |
2.2 |
12.1 |
16.3 |
9.4 |
|
Other Current Liabilities |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Other Current liabilities, Total |
9.2 |
11.2 |
14.5 |
20.1 |
10.7 |
|
Total Current Liabilities |
191.8 |
173.1 |
140.2 |
143.6 |
81.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
218.3 |
58.1 |
162.7 |
280.5 |
80.2 |
|
Capital Lease Obligations |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
218.3 |
58.1 |
162.7 |
280.5 |
80.2 |
|
Total Debt |
354.5 |
162.3 |
226.1 |
357.5 |
124.9 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
2.2 |
8.9 |
6.4 |
11.0 |
0.6 |
|
Other Liabilities, Total |
2.2 |
8.9 |
6.4 |
11.0 |
0.6 |
|
Total Liabilities |
412.2 |
240.1 |
309.3 |
435.1 |
162.0 |
|
|
|
|
|
|
|
|
Common Stock |
111.9 |
110.5 |
99.5 |
45.5 |
35.2 |
|
Common Stock |
111.9 |
110.5 |
99.5 |
45.5 |
35.2 |
|
Additional Paid-In Capital |
288.9 |
299.2 |
272.5 |
156.2 |
157.9 |
|
Retained Earnings (Accumulated Deficit) |
60.8 |
189.5 |
42.5 |
61.2 |
14.4 |
|
Unrealized Gain (Loss) |
0.3 |
-0.2 |
-0.1 |
-0.2 |
0.0 |
|
Translation Adjustment |
0.0 |
- |
- |
- |
- |
|
Other Equity |
0.0 |
0.0 |
0.2 |
0.1 |
0.0 |
|
Other Equity, Total |
0.0 |
0.0 |
0.2 |
0.1 |
0.0 |
|
Total Equity |
461.9 |
598.9 |
414.5 |
262.8 |
207.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
874.1 |
839.1 |
723.8 |
697.9 |
369.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
338.9 |
338.3 |
337.4 |
228.2 |
227.1 |
|
Total Common Shares Outstanding |
338.9 |
338.3 |
337.4 |
228.2 |
227.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
1,650 |
1,632 |
1,222 |
956 |
494 |
|
Number of Common Shareholders |
60,942 |
50,699 |
32,326 |
25,131 |
3,717 |
|
Accumulated Intangible Amort, Suppl. |
- |
- |
0.3 |
0.2 |
0.1 |
|
Deferred Revenue - Current |
6.8 |
0.3 |
0.2 |
1.8 |
0.7 |
|
Total Long Term Debt, Supplemental |
- |
43.0 |
33.7 |
- |
4.9 |
|
Long Term Debt Maturing within 1 Year |
- |
43.0 |
33.7 |
- |
4.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
- |
0.0 |
|
Total Capital Leases, Supplemental |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
- |
- |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
- |
- |
0.0 |
|
Total Operating Leases, Supplemental |
7.4 |
7.7 |
4.1 |
6.6 |
7.5 |
|
Operating Lease Payments Due in Year 1 |
1.1 |
1.1 |
0.8 |
0.9 |
0.6 |
|
Operating Lease Payments Due in Year 2 |
0.8 |
0.9 |
0.6 |
0.8 |
0.5 |
|
Operating Lease Payments Due in Year 3 |
0.7 |
0.8 |
0.5 |
- |
0.5 |
|
Operating Lease Payments Due in Year 4 |
0.7 |
0.8 |
0.3 |
- |
3.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
1.6 |
1.7 |
1.0 |
0.8 |
1.0 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.7 |
0.8 |
0.3 |
- |
3.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
4.0 |
4.1 |
1.9 |
5.0 |
3.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Depreciation |
41.7 |
34.7 |
23.0 |
14.8 |
5.2 |
|
Depreciation/Depletion |
41.7 |
34.7 |
23.0 |
14.8 |
5.2 |
|
Amortization of Intangibles |
0.9 |
0.6 |
0.4 |
0.3 |
0.1 |
|
Amortization |
0.9 |
0.6 |
0.4 |
0.3 |
0.1 |
|
Deferred Taxes |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Unusual Items |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Equity in Net Earnings (Loss) |
1.6 |
- |
- |
- |
- |
|
Other Non-Cash Items |
0.0 |
0.0 |
3.1 |
7.2 |
1.0 |
|
Non-Cash Items |
1.6 |
0.1 |
3.1 |
7.2 |
0.9 |
|
Accounts Receivable |
-25.3 |
-13.7 |
-31.4 |
-3.4 |
-22.5 |
|
Inventories |
-2.1 |
0.4 |
23.0 |
-49.5 |
-10.5 |
|
Prepaid Expenses |
42.7 |
29.0 |
21.8 |
-82.1 |
-83.1 |
|
Other Assets |
-0.1 |
-0.1 |
0.0 |
-1.9 |
-2.7 |
|
Accounts Payable |
15.7 |
-36.7 |
14.3 |
18.2 |
2.6 |
|
Accrued Expenses |
-24.2 |
24.5 |
3.8 |
3.8 |
4.0 |
|
Taxes Payable |
-8.1 |
5.9 |
0.2 |
1.3 |
0.5 |
|
Other Liabilities |
6.7 |
0.0 |
-1.6 |
1.2 |
0.8 |
|
Changes in Working Capital |
5.4 |
9.3 |
30.2 |
-112.4 |
-110.8 |
|
Cash from Operating Activities |
-20.0 |
181.4 |
55.5 |
-32.0 |
-90.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-112.5 |
-69.8 |
-58.9 |
-131.5 |
-81.7 |
|
Purchase/Acquisition of Intangibles |
-0.6 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Capital Expenditures |
-113.0 |
-69.9 |
-59.1 |
-131.7 |
-81.8 |
|
Sale of Fixed Assets |
0.0 |
- |
- |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.5 |
70.2 |
|
Investment, Net |
- |
0.0 |
4.9 |
- |
- |
|
Purchase of Investments |
-19.9 |
-1.4 |
-2.5 |
-0.5 |
-72.8 |
|
Other Investing Cash Flow |
12.3 |
-6.7 |
68.5 |
-71.4 |
-64.3 |
|
Other Investing Cash Flow Items, Total |
-7.6 |
-8.1 |
70.9 |
-71.4 |
-67.0 |
|
Cash from Investing Activities |
-120.6 |
-78.0 |
11.8 |
-203.0 |
-148.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.6 |
1.7 |
-4.7 |
10.7 |
0.6 |
|
Financing Cash Flow Items |
-6.6 |
1.7 |
-4.7 |
10.7 |
0.6 |
|
Cash Dividends Paid - Common |
-65.8 |
-4.0 |
0.0 |
-0.4 |
- |
|
Total Cash Dividends Paid |
-65.8 |
-4.0 |
0.0 |
-0.4 |
- |
|
Sale/Issuance of
Common |
- |
0.0 |
135.7 |
0.0 |
139.2 |
|
Common Stock, Net |
- |
0.0 |
135.7 |
0.0 |
139.2 |
|
Options Exercised |
0.0 |
0.3 |
0.4 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.3 |
136.0 |
0.0 |
139.2 |
|
Short Term Debt, Net |
30.2 |
26.5 |
-29.1 |
19.7 |
10.6 |
|
Long Term Debt, Net |
174.0 |
-105.8 |
-107.2 |
223.8 |
60.3 |
|
Issuance (Retirement) of Debt, Net |
204.2 |
-79.3 |
-136.3 |
243.5 |
70.8 |
|
Cash from Financing Activities |
131.8 |
-81.4 |
-4.9 |
253.8 |
210.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.8 |
22.0 |
62.4 |
18.8 |
-28.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
118.2 |
88.3 |
21.8 |
4.0 |
32.1 |
|
Net Cash - Ending Balance |
109.4 |
110.3 |
84.2 |
22.8 |
3.8 |
|
Cash Interest Paid |
1.7 |
2.8 |
5.9 |
6.9 |
2.1 |
|
Cash Taxes Paid |
8.4 |
2.1 |
2.1 |
0.9 |
0.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
646.9 |
896.6 |
481.1 |
502.6 |
210.5 |
|
Sales Returns |
-6.8 |
-1.0 |
-4.6 |
-0.8 |
-2.6 |
|
Sales Discounts & Allowance |
-0.1 |
-1.3 |
-0.4 |
-0.1 |
- |
|
Total Revenue |
640.0 |
894.3 |
476.1 |
501.8 |
207.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
687.6 |
726.7 |
459.3 |
420.7 |
183.0 |
|
Selling Expenses |
5.6 |
7.4 |
3.6 |
1.9 |
1.1 |
|
General and Administrative Expenses |
10.7 |
13.5 |
8.1 |
10.1 |
4.2 |
|
Research and Development Expenses |
5.8 |
3.0 |
2.0 |
1.6 |
1.0 |
|
Loss on Physical Inventory |
- |
- |
- |
- |
0.0 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.9 |
|
Total Operating Expense |
709.6 |
750.4 |
473.0 |
434.3 |
190.2 |
|
|
|
|
|
|
|
|
Interest Income |
0.2 |
0.1 |
0.2 |
0.5 |
0.2 |
|
Gain on Sale of Fixed Assets |
- |
- |
- |
- |
0.0 |
|
Loss on Sale of Fixed Assets |
0.0 |
0.0 |
- |
- |
0.0 |
|
Gain on Sale of Investment |
- |
- |
- |
- |
0.2 |
|
Loss on Sale of Investment |
- |
0.0 |
0.0 |
-0.1 |
- |
|
Rent Income |
0.1 |
- |
- |
- |
- |
|
Gain/Loss on Foreign Exchange |
3.4 |
4.1 |
3.2 |
0.9 |
-0.9 |
|
Loss on Equity Investment |
-1.6 |
- |
- |
- |
- |
|
Miscellaneous Income |
0.7 |
0.4 |
1.1 |
0.1 |
0.2 |
|
Interest Expense |
-1.7 |
-2.6 |
-5.1 |
-7.9 |
-2.3 |
|
Finance Expenses |
-0.7 |
-1.3 |
-1.2 |
-0.8 |
- |
|
Miscellaneous Disbursements |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
-69.3 |
144.7 |
1.1 |
60.2 |
15.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-15.2 |
7.3 |
-1.0 |
-0.3 |
0.2 |
|
Net Income After Taxes |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Net Income |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
338.6 |
338.1 |
274.0 |
221.6 |
196.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Basic EPS Including ExtraOrdinary Items |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Diluted Weighted Average Shares |
338.6 |
345.3 |
275.7 |
225.3 |
198.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
DPS-Common Stock |
0.00 |
0.18 |
0.01 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
61.4 |
3.9 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-69.3 |
144.7 |
1.1 |
60.2 |
15.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-15.2 |
7.4 |
-1.0 |
-0.3 |
0.2 |
|
Normalized Income After Taxes |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.16 |
0.41 |
0.01 |
0.27 |
0.08 |
|
Diluted Normalized EPS |
-0.16 |
0.40 |
0.01 |
0.27 |
0.07 |
|
Interest Expense, Supplemental |
1.7 |
2.6 |
5.1 |
7.9 |
2.3 |
|
Interest Capitalized |
-1.2 |
-0.6 |
-0.1 |
-0.2 |
0.0 |
|
R&D Expense, Supplemental |
5.8 |
3.0 |
2.0 |
1.6 |
1.0 |
|
Depreciation - Operating Cost |
39.2 |
33.6 |
22.4 |
14.3 |
4.9 |
|
Depreciation - Operating Expense |
2.6 |
1.1 |
0.6 |
0.5 |
0.3 |
|
Amortization - Operating Cost |
0.8 |
0.5 |
0.4 |
0.2 |
0.1 |
|
Amortization - Operating Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Current Tax |
0.4 |
7.9 |
1.9 |
2.2 |
0.5 |
|
Current Tax - Total |
0.4 |
7.9 |
1.9 |
2.2 |
0.5 |
|
Deferred Tax |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Deferred Tax - Total |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Other Tax |
-0.1 |
0.1 |
0.4 |
- |
- |
|
Income Tax - Total |
-15.2 |
7.3 |
-1.0 |
-0.3 |
0.2 |
|
Defined Contribution Expense - Domestic |
1.4 |
1.1 |
0.9 |
0.7 |
- |
|
Total Pension Expense |
1.4 |
1.1 |
0.9 |
0.7 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
106.2 |
119.1 |
86.9 |
21.9 |
3.9 |
|
Financial Assets for Sale |
4.0 |
0.1 |
0.2 |
0.1 |
0.3 |
|
Account Receivables |
- |
- |
- |
- |
23.0 |
|
Notes Receivable |
0.0 |
- |
- |
- |
- |
|
Accounts Receivable, Gross |
103.0 |
79.8 |
58.5 |
24.1 |
- |
|
Accounts Receivable - Related Parties |
0.6 |
0.0 |
- |
- |
- |
|
Provision for Doubtful Accounts |
-2.7 |
-0.6 |
-0.6 |
0.0 |
- |
|
Tax Refund Receivable |
- |
- |
- |
- |
2.1 |
|
Other Receivables |
0.5 |
0.7 |
1.3 |
2.6 |
0.0 |
|
Materials |
- |
0.0 |
0.1 |
0.1 |
2.0 |
|
Raw Materials |
- |
16.3 |
13.3 |
34.7 |
2.7 |
|
Supplies |
28.3 |
9.1 |
5.2 |
4.2 |
2.2 |
|
Work in Process |
6.6 |
19.4 |
8.1 |
6.5 |
8.7 |
|
Finished Products |
23.3 |
12.7 |
25.3 |
29.5 |
7.7 |
|
Materials in Transit |
- |
- |
- |
- |
10.0 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-1.1 |
|
Prepaid Expense |
2.5 |
3.5 |
2.3 |
1.4 |
2.3 |
|
Prepayment |
51.2 |
39.3 |
35.0 |
130.1 |
86.4 |
|
Deferred Income Tax Assets - Current |
12.9 |
5.9 |
2.1 |
1.5 |
0.4 |
|
Restricted Assets |
7.9 |
21.3 |
13.6 |
32.3 |
3.1 |
|
Othe Current Assets |
0.2 |
0.2 |
0.0 |
0.1 |
1.6 |
|
Total Current Assets |
344.5 |
327.0 |
251.4 |
289.1 |
155.4 |
|
|
|
|
|
|
|
|
Long-Term Equity Investments |
14.8 |
0.5 |
- |
- |
- |
|
Financial Assets at Cost, Non-current |
1.1 |
1.1 |
0.0 |
2.4 |
2.5 |
|
Land |
7.8 |
8.1 |
- |
- |
- |
|
Buildings and Structures |
55.9 |
57.4 |
47.3 |
45.8 |
- |
|
Machinery and Equipment |
293.9 |
283.9 |
227.1 |
135.1 |
56.1 |
|
Transportation Equipment |
0.5 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Office Equipment |
3.4 |
2.6 |
2.0 |
1.8 |
0.8 |
|
Leasehold Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Leasehold Improvement |
4.2 |
4.3 |
3.4 |
3.3 |
3.0 |
|
Miscellaneous Equipment |
11.4 |
8.3 |
6.3 |
4.5 |
3.1 |
|
Accumulated Depreciation |
-123.9 |
-86.6 |
-44.9 |
-20.6 |
-6.4 |
|
Cons. in Progress & Prepayment for Equip |
135.2 |
54.5 |
35.4 |
70.3 |
65.8 |
|
Intangible Assets(Computer Software Cost |
0.7 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Security Deposits Paid |
62.8 |
65.9 |
61.0 |
125.4 |
88.4 |
|
Deferred Charges |
1.3 |
1.1 |
0.7 |
0.7 |
0.4 |
|
Deferred Income Tax |
9.4 |
1.6 |
4.1 |
1.3 |
0.0 |
|
Other Non-Current Assets |
51.1 |
109.0 |
129.6 |
38.4 |
- |
|
Total Assets |
874.1 |
839.1 |
723.8 |
697.9 |
369.5 |
|
|
|
|
|
|
|
|
Short Term Borrowing |
88.2 |
61.1 |
29.7 |
58.2 |
39.8 |
|
Notes Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
24.3 |
19.4 |
51.6 |
38.0 |
20.8 |
|
Accounts Payable - Related Parties |
9.6 |
0.0 |
- |
- |
0.0 |
|
Tax Payable |
0.4 |
8.5 |
2.0 |
1.7 |
0.5 |
|
Accrued Expenses |
12.5 |
38.3 |
10.8 |
8.6 |
5.0 |
|
Other Payables |
1.8 |
2.2 |
12.1 |
16.3 |
9.4 |
|
Advance Receipts |
6.8 |
0.3 |
0.2 |
1.8 |
0.7 |
|
Current Portion of LT Debt |
48.0 |
43.0 |
33.7 |
18.7 |
4.9 |
|
Current Portion of Lease Payable |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
0.3 |
0.3 |
0.2 |
0.2 |
0.2 |
|
Total Current Liabilities |
191.8 |
173.1 |
140.2 |
143.6 |
81.3 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
218.3 |
58.1 |
162.7 |
280.5 |
80.2 |
|
Lease Payable |
- |
- |
- |
- |
0.0 |
|
Total Long Term Debt |
218.3 |
58.1 |
162.7 |
280.5 |
80.2 |
|
|
|
|
|
|
|
|
Security Deposits Received |
2.2 |
8.9 |
6.4 |
11.0 |
0.6 |
|
Total Liabilities |
412.2 |
240.1 |
309.3 |
435.1 |
162.0 |
|
|
|
|
|
|
|
|
Common Stock |
111.9 |
110.5 |
99.5 |
45.5 |
35.2 |
|
Advances for Capital |
0.0 |
0.0 |
0.2 |
0.1 |
0.0 |
|
Share Premium |
288.9 |
299.1 |
272.0 |
155.9 |
157.7 |
|
Employee Stock Option |
0.0 |
0.1 |
0.5 |
0.4 |
0.2 |
|
Legal Reserve |
22.4 |
8.4 |
7.4 |
1.4 |
- |
|
Special Reserve |
0.2 |
0.2 |
0.2 |
0.0 |
- |
|
Retained Earnings |
38.2 |
180.9 |
34.9 |
59.7 |
14.4 |
|
Cumulative Translation Adjustment |
0.0 |
- |
- |
- |
- |
|
Unrealized G/L on Fin. Assets |
0.3 |
-0.2 |
-0.1 |
-0.2 |
0.0 |
|
Total Equity |
461.9 |
598.9 |
414.5 |
262.8 |
207.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
874.1 |
839.1 |
723.8 |
697.9 |
369.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
338.9 |
338.3 |
337.4 |
228.2 |
227.1 |
|
Total Common Shares Outstanding |
338.9 |
338.3 |
337.4 |
228.2 |
227.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Accumulated Intangible Amortization |
- |
- |
0.3 |
0.2 |
0.1 |
|
Deferred Revenue, Current |
6.8 |
0.3 |
0.2 |
1.8 |
0.7 |
|
Full-Time Employees |
1,650 |
1,632 |
1,222 |
956 |
494 |
|
Number of Common Shareholders |
60,942 |
50,699 |
32,326 |
25,131 |
3,717 |
|
Current maturities |
- |
43.0 |
33.7 |
- |
4.9 |
|
Total Long Term Debt, Supplemental |
- |
43.0 |
33.7 |
- |
4.9 |
|
Capital Lease Pymts. Maturing in 1 Year |
- |
- |
- |
- |
0.0 |
|
Capital Lease Pymts. Maturing in Year 2 |
- |
- |
- |
- |
0.0 |
|
Total Capital Leases |
- |
- |
- |
- |
0.0 |
|
Operating Lease due in 1 year |
1.1 |
1.1 |
0.8 |
0.9 |
0.6 |
|
Operating Lease due in 2 years |
0.8 |
0.9 |
0.6 |
0.8 |
0.5 |
|
Operating Lease due in 3 years |
0.7 |
0.8 |
0.5 |
- |
0.5 |
|
Operating Lease due in 4 years |
0.7 |
0.8 |
0.3 |
- |
3.0 |
|
Operating Lease - Remaining Payments |
4.0 |
4.1 |
1.9 |
5.0 |
3.0 |
|
Total Operating Leases |
7.4 |
7.7 |
4.1 |
6.6 |
7.5 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
-54.1 |
137.3 |
2.1 |
60.5 |
14.8 |
|
Depreciation |
41.7 |
34.7 |
23.0 |
14.8 |
5.2 |
|
Amortization of Intangibles |
0.9 |
0.6 |
0.4 |
0.3 |
0.1 |
|
Bad Debt |
- |
0.0 |
1.1 |
1.6 |
- |
|
Option Cost |
0.0 |
0.0 |
0.1 |
0.2 |
0.1 |
|
Loss on Inventory Devaluation |
- |
- |
1.8 |
5.4 |
0.9 |
|
Gain/Loss on Sale of Investment |
- |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Loss on Sale of Fixed Assets |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Deferred Tax |
-15.6 |
-0.6 |
-3.3 |
-2.5 |
-0.3 |
|
Accounts Receivables |
-24.7 |
-14.5 |
-32.7 |
-1.4 |
-22.5 |
|
Accounts Receivable-Related Parties |
-0.7 |
0.0 |
- |
- |
- |
|
Refunded Tax Receivable |
- |
- |
- |
-0.1 |
-2.0 |
|
Other Receivables |
0.1 |
0.7 |
1.3 |
-2.0 |
0.0 |
|
Inventories |
-2.1 |
0.4 |
23.0 |
-49.5 |
-10.5 |
|
Prepaid Expense |
0.9 |
-0.9 |
-0.8 |
0.9 |
-1.9 |
|
Prepayment |
41.8 |
29.9 |
22.5 |
-83.0 |
-81.1 |
|
Other Current Assets |
-0.1 |
-0.1 |
0.0 |
-1.8 |
-0.7 |
|
Notes Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
5.8 |
-34.4 |
12.2 |
18.2 |
19.3 |
|
Equity Investment Gain/Loss |
1.6 |
- |
- |
- |
- |
|
Accounts Payable,Related Parties |
9.9 |
0.0 |
- |
0.0 |
-16.5 |
|
Tax Payable |
-8.1 |
5.9 |
0.2 |
1.3 |
0.5 |
|
Accrued Expenses |
-24.2 |
24.5 |
3.8 |
3.8 |
4.0 |
|
Notes Receivable |
0.0 |
- |
- |
- |
- |
|
Other Payables |
0.0 |
-2.2 |
2.1 |
0.0 |
-0.2 |
|
Advance Receipts |
6.7 |
0.0 |
-1.6 |
1.2 |
0.6 |
|
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.2 |
|
Cash from Operating Activities |
-20.0 |
181.4 |
55.5 |
-32.0 |
-90.1 |
|
|
|
|
|
|
|
|
Fin. Assets for Sale Increase |
-3.5 |
- |
0.0 |
-0.5 |
-70.4 |
|
Fin. Assets for Sale Decrease |
- |
- |
0.0 |
0.5 |
70.2 |
|
Fin. Assets at Cost Increase |
0.0 |
-1.0 |
-2.5 |
0.0 |
-2.4 |
|
Equity Investment Increase |
-16.4 |
-0.4 |
- |
- |
- |
|
Restricted Assets |
13.1 |
-6.0 |
19.0 |
-30.4 |
1.4 |
|
Non-Current Assets Pending for Sale |
- |
0.0 |
4.9 |
- |
- |
|
Capital Expenditure |
-112.5 |
-69.8 |
-58.9 |
-131.5 |
-81.7 |
|
Sale of Fixed Assets |
0.0 |
- |
- |
0.0 |
0.0 |
|
Intangible Assets Increase |
-0.6 |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
|
Security Deposit Paid |
0.0 |
0.0 |
49.6 |
-40.5 |
-65.3 |
|
Deferred Charges |
-0.8 |
-0.7 |
-0.3 |
-0.5 |
-0.4 |
|
Fixed Assets Claim |
- |
- |
0.2 |
- |
- |
|
Cash from Investing Activities |
-120.6 |
-78.0 |
11.8 |
-203.0 |
-148.8 |
|
|
|
|
|
|
|
|
Short Term Borrowing Increase |
30.2 |
26.5 |
-29.1 |
19.7 |
10.6 |
|
Long Term Borrowing Increase |
174.0 |
-105.8 |
-107.2 |
223.8 |
60.3 |
|
Cash Dividend - Common Stock |
-65.8 |
-4.0 |
0.0 |
-0.4 |
- |
|
Directors' Remuneration |
- |
- |
0.0 |
-0.2 |
- |
|
Security Deposit Received |
-6.6 |
1.7 |
-4.7 |
10.8 |
0.6 |
|
Cash Capital |
- |
0.0 |
135.7 |
0.0 |
139.2 |
|
Employee Option Excercised |
0.0 |
0.3 |
0.4 |
- |
- |
|
Capital Received in Advance |
- |
- |
- |
0.1 |
- |
|
Cash from Financing Activities |
131.8 |
-81.4 |
-4.9 |
253.8 |
210.6 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-8.8 |
22.0 |
62.4 |
18.8 |
-28.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
118.2 |
88.3 |
21.8 |
4.0 |
32.1 |
|
Net Cash - Ending Balance |
109.4 |
110.3 |
84.2 |
22.8 |
3.8 |
|
Cash Interest Paid |
1.7 |
2.8 |
5.9 |
6.9 |
2.1 |
|
Cash Taxes Paid |
8.4 |
2.1 |
2.1 |
0.9 |
0.0 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.56 |
|
UK Pound |
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.