MIRA INFORM REPORT

 

 

Report Date :

12.05.2012

 

IDENTIFICATION DETAILS

 

Name :

CHIMEI INNOLUX CORPORATION  

 

 

Registered Office :

No. 160 Kesyue Rd., Hsinchu Science Park, Jhunan, 350

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.01.2003

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacturer of thin film transistor-liquid crystal display (TFT-LCD) panel modules and LCD monitors

 

 

No. of Employees :

116,056

 

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Taiwan

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Chimei Innolux Corporation 

No. 160 Kesyue Rd.

Hsinchu Science Park

Jhunan, 350

Taiwan

Tel:       886-3-7586000

Fax:      886-37-586600

Web:    www.chimei-innolux.com

 

Branch Address

No. 3, Sec 1, Huansi Rd., Tainan County, Southern Taiwan Science Park, 74147, Taiwan   

 

 

Synthesis

 

Employees:                  116,056

Company Type:            Public Parent

Corporate Family:          7 Companies

Traded:                         Taiwan Stock Exchange:            3481

Incorporation Date:         14-Jan-2003

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Taiwanese New Dollar

Annual Sales:               17,355.6  1

Net Income:                  (2,192.6)

Total Assets:                 22,578.9  2

Market Value:                3,098.1

(27-Apr-2012)

 

 

Business Description     

 

Chimei InnoLux Corporation is principally engaged in the manufacture of thin film transistor-liquid crystal display (TFT-LCD) panel modules and LCD monitors. The Company provides TFT-LCD panel modules and LCD monitors, which are applied in the manufacture of desktop monitors, laptops, mobile phones and portable audio/video players. During the year ended December 31, 2010, approximately 46%, 27% and 15% of the Company's total revenue was from large size TFT-LCD panel modules, LCD monitors, as well as middle and small size TFT-LCD panel modules, respectively. The Company distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. For the fiscal year ended 31 December 2010, Chimei Innolux Corporation's revenues totaled NT$493.08B, up from NT$164.73B. The Company's net loss for the period totaled NT$14.84B, up from NT$2.40B. Total revenues reflect a significant increase in sales volume from overall business operation. Net loss suffered from higher selling expense, general & administrative expenses and research & development expenses.

Industry 

Industry

Computer Peripherals

ANZSIC 2006:

2421 - Computer and Electronic Office Equipment Manufacturing

NACE 2002:

3002 - Manufacture of computers and other information processing equipment

NAICS 2002:

334119 - Other Computer Peripheral Equipment Manufacturing

UK SIC 2003:

3002 - Manufacture of computers and other information processing equipment

US SIC 1987:

3577 - Computer Peripheral Equipment, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Xingjian Duan

Chairman of the Board, Chief Executive Officer

Jianming Qiu

Head of Finance

Yaotong Chen

Deputy General Manager

Hsing Chien Tuan

Chairman & CEO

Jyh Chau Wang

President STSP

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Mergers / Acquisitions

3

Chimei Innolux Corporation Acquires Equipment

20-Jun-2011

Officer Changes

1

Chimei Innolux Corp Announces Appointment of Chairman

16-Mar-2012

Equity Investments

1

Chimei Innolux Corporation Subsidiary Sells Equity Shares

26-May-2011

Dividends

1

Chimei Innolux Corp Announces No Dividend Payment for FY 2011

27-Mar-2012

 

* number of significant developments within the last 12 months

 

 

news

 

Title

Date

Taiwan's central bank tackles low marriage rate with dating tours
Dpa English (270 Words)

11-May-2012

Chimei Innolux, University of Central Florida Assigned Patent
Targeted News Service (284 Words)

11-May-2012

U.S. Patents Awarded to Inventors in Florida (May 11)
Targeted News Service (3906 Words)

11-May-2012

Chimei Forecasting 10-20 Percent Rise in Its LCD TV Panel Shipments
Consumer Electronics Daily (756 Words)

1-May-2012

Chimei Innolux Corporation declares unaudited Q1 2012 results
EquityBites (102 Words)

30-Apr-2012

 

 

Financial Summary    

 

As of 31-Dec-2011

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   0.51                  2.64

Quick Ratio (MRQ)                     0.37                  2.06

Debt to Equity (MRQ)                 1.69                  0.22

Sales 5 Year Growth                  37.00                4.79

Net Profit Margin (TTM) %           -12.70               -4.26

Return on Assets (TTM) %          -9.28                 3.24

Return on Equity (TTM) %           -28.33               9.16

 

 

Stock Snapshot

 

 

Traded: Taiwan Stock Exchange: 3481

 

As of 27-Apr-2012

   Financials in: TWD

Recent Price

12.40

 

EPS

-8.78

52 Week High

29.95

 

Price/Sales

0.18

52 Week Low

10.95

 

Price/Book

0.46

Avg. Volume (mil)

47.42

 

Beta

1.59

Market Value (mil)

90,680.84

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-9.82%

-4.37%

13 Week

-4.62%

-7.77%

52 Week

-58.60%

-49.96%

Year to Date

1.64%

-3.91%

 

 

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. 160 Kesyue Rd.

Hsinchu Science Park

Jhunan, 350

Taiwan

Tel:       886-3-7586000

Fax:      886-37-586600

Web:    www.chimei-innolux.com

           

Quote Symbol - Exchange

3481 - Taiwan Stock Exchange

Sales TWD(mil):            510,081.2

Assets TWD(mil):          683,665.1

Employees:                   116,056

Fiscal Year End:            31-Dec-2011

Industry:                        Computer Peripherals

Incorporation Date:         14-Jan-2003

Company Type:             Public Parent

Quoted Status:              Quoted

Previous Name:             Innolux Display Corporation

Chairman of the Board, Chief Executive Officer:    Xingjian Duan

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

ANZSIC 2006 Codes:

2421     -          Computer and Electronic Office Equipment Manufacturing

2429     -          Other Electronic Equipment Manufacturing

6999     -          Other Professional, Scientific and Technical Services Not Elsewhere Classified

 

NACE 2002 Codes:

3002     -          Manufacture of computers and other information processing equipment

7487     -          Other business activities not elsewhere classified

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

 

NAICS 2002 Codes:

561990  -          All Other Support Services

334419  -          Other Electronic Component Manufacturing

334119  -          Other Computer Peripheral Equipment Manufacturing

 

US SIC 1987:

7389     -          Business Services, Not Elsewhere Classified

3679     -          Electronic Components, Not Elsewhere Classified

3577     -          Computer Peripheral Equipment, Not Elsewhere Classified

 

UK SIC 2003:

3002     -          Manufacture of computers and other information processing equipment

7487     -          Other business activities not elsewhere classified

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

 

Business Description

Chimei InnoLux Corporation is principally engaged in the manufacture of thin film transistor-liquid crystal display (TFT-LCD) panel modules and LCD monitors. The Company provides TFT-LCD panel modules and LCD monitors, which are applied in the manufacture of desktop monitors, laptops, mobile phones and portable audio/video players. During the year ended December 31, 2010, approximately 46%, 27% and 15% of the Company's total revenue was from large size TFT-LCD panel modules, LCD monitors, as well as middle and small size TFT-LCD panel modules, respectively. The Company distributes its products in the domestic market and to overseas markets, including the rest of Asia, the Americas and Europe. For the fiscal year ended 31 December 2010, Chimei Innolux Corporation's revenues totaled NT$493.08B, up from NT$164.73B. The Company's net loss for the period totaled NT$14.84B, up from NT$2.40B. Total revenues reflect a significant increase in sales volume from overall business operation. Net loss suffered from higher selling expense, general & administrative expenses and research & development expenses.

 

More Business Descriptions

Manufacture of the full range of TFT-LCD panel modules and LCD display products, including TV panels, desktop monitors and notebook computer panels, AV and mobile panels, desktop monitors and televisions

 

Liquid Crystal Display Screen Mfr

 

Hardware Manufacturing

 

 

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

510,081.2

Net Income:

-64,439.8

Assets:

683,665.1

Long Term Debt:

54,966.3

 

Total Liabilities:

487,484.1

 

Working Capital:

49.1

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

3.4%

NA

-3.9%

Market Data

Quote Symbol:

3481

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

12.4

Stock Price Date:

04-27-2012

52 Week Price Change %:

-58.6

Market Value (mil):

90,680,840.0

 

SEDOL:

B0CC0M5

ISIN:

TW0003481008

 

Equity and Dept Distribution:

Fncls. prior to FY'05 are non-consolidated. 10/2006, Exchange changed from Gre Tai Security Market to Taiwan Stock Exchange. 08/2007, 3.984% stock dividend. 8/2008, 10% stock dividend. FY'07 H1, B/S is being CLA. 8/2009, 3% stock dividend. FY'09 I/S and B/S are CLA. FY'10 Q3 C/F was CLA.

 

Subsidiaries

Company

Percentage Owned

Country

CHI MEI Energy Europe BV

100%

NETHERLANDS

Ningbo Chi Hsin Electronics Co., Ltd

100%

TAIWAN

NingBo Chi Mei Optoelectronics Ltd.

100%

TAIWAN

NingBo ChiMei Logistics Co., Ltd.

100%

TAIWAN

NingBo Chi Mei Electronics Ltd

100%

TAIWAN

CHI MEI Optoelectronics (Singapore) PTE

100%

SINGAPORE

Chi Mei Optoelectronics Japan Co., Ltd.

100%

JAPAN

Chi Mei Optoelectronics Europe B.V.

100%

NETHERLANDS

Gold Union Investments Limited

100%

SAMOA

Golden Achiever International Limited

100%

BRITISH VIRGIN ISLANDS

Innolux Holding Ltd.

100%

SAMOA

TPO Displays Shinepal Ltd.

100%

TAIWAN

Landmark International Ltd.

100%

SAMOA

Leadtek Global Group Limited

100%

BRITISH VIRGIN ISLANDS

TPO Hong Kong Holding Ltd.

100%

HONG KONG SAR

Toppoly Optoelectronics (BVI) Ltd.

100%

BRITISH VIRGIN ISLANDS

Dong Guan Chi Hsin Electronics Co., Ltd.

100%

TAIWAN

Foshan Gi Mei Logistics

100%

TAIWAN

VAP Optoelectronics (NanJing) Corp

100%

TAIWAN

Kunpal Optoelectronics Ltd.

57%

TAIWAN

Nan Hai Chi Mei Optoelectronics Ltd.

100%

TAIWAN

Nan Hai Chi Mei Electronics Ltd.

100%

TAIWAN

TPO Displays (Nanjing) Ltd.

100%

TAIWAN

TPO Displays Shanghai Ltd.

100%

TAIWAN

Innocom Technology Chengdu Ltd.

100%

TAIWAN

Innocom Technology Chongqing Ltd

100%

TAIWAN

Innocom Technology Shenzhen Ltd.

100%

TAIWAN

Innocom Technology Xiamen Ltd

100%

TAIWAN

Innocom Technology Jiashan Ltd.

100%

TAIWAN

Keyway Investment Management Limited

100%

SAMOA

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP, PricewaterhouseCoopers

 

 

 

 

 

 

op

 

 

 

Corporate Family

Corporate Structure News:

 

Chimei Innolux Corporation

Chimei Innolux Corporation 
Total Corporate Family Members: 7 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Chimei Innolux Corporation

Parent

Jhunan

Taiwan

Computer Peripherals

17,355.6

116,056

 

CMO USA, Inc.

Subsidiary

San Jose, CA

United States

Electronic Instruments and Controls

 

55

 

CMO Singapore Pte Ltd.

Subsidiary

Singapore

Singapore

Electronic Instruments and Controls

1.0

11

 

CMO Europe B.V.

Subsidiary

Hoofddorp

Netherlands

Electronic Instruments and Controls

 

10

 

CMO Japan Co, Ltd.

Subsidiary

Tokyo, Chuo-ku

Japan

Electronic Instruments and Controls

1.0

 

 

CMO Germany GmbH

Subsidiary

Willich

Germany

Electronic Instruments and Controls

 

 

 

Ningbo Chi Mei Optoelectronics Ltd.

Subsidiary

Ningbo

China

Electronic Instruments and Controls

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Xingjian Duan

 

Chairman of the Board, Chief Executive Officer

Chairman

 

 

Duan Xingjian is serving as Chief Executive Officer and Chairman of the Board in Chimei InnoLux Corporation. Duan holds a Ph.D. in Electrial Engineering from Stanford University, the United States. Duan used to be Chairman of the Board in the Company. Duan is also Director in Chi Mei Lighting Technology Corp. and Chairman of the Board in 14 companies including Innolux Holding Ltd, Rockets Holding Ltd., Stanford Developments Ltd. and Excel Victory Ltd.

 


Education:

Stanford University, PHD (Electrical Engineering)

 


Compensation/Salary:3,230,000

Compensation Currency: TWD

 

Chin Lung Ting

 

Vice President

Chairman

 

 

Hsing Chien Tuan

 

Chairman

Chairman

 

 

Hsing Chien Tuan

 

Chairman & CEO

Chairman

 

 

Min-Chi Chuo

 

Board Member

Director/Board Member

 

 

Jeff Ting-Chen Hsu

 

VP

Director/Board Member

 

 

Kuo-Hung Hsu

 

Board Member

Director/Board Member

 

 

Shiou-Chuang Huang

 

Board Member

Director/Board Member

 

 

Qingsheng Lin

 

Director

Director/Board Member

 

 

 

Lin Qingsheng has been serving as Director in CHIMEI INNOLUX CORPORATION since December 6, 2011. Lin is also Deputy General Manager in an industrial company.

 

Ing-Dar Liu

 

Board Member

Director/Board Member

 

 

Qilin Wei

 

Independent Director

Director/Board Member

 

 

 

Tingzhen Xu

 

Deputy General Manager, Director

Director/Board Member

 

 

 

Xu Tingzhen has been Deputy General Manager since March 1, 2007 and Director since June 13, 2007 in Chimei InnoLux Corporation. Xu holds a Ph.D. in Electrical Engineering from University of Texas at Austin, the United States. Xu also serves as Director in four other companies, including MinTek Thin Film Corp. and C-TECH Optoelectronics Corporation.

 


Education:

University of Texas at Austin, PHD (Electrical Engineering)

 


Compensation/Salary:2,311,000

Compensation Currency: TWD

 

 

Executives

 

Name

Title

Function

 

Xingjian Duan

 

Chairman of the Board, Chief Executive Officer

Chief Executive Officer

 

 

Duan Xingjian is serving as Chief Executive Officer and Chairman of the Board in Chimei InnoLux Corporation. Duan holds a Ph.D. in Electrial Engineering from Stanford University, the United States. Duan used to be Chairman of the Board in the Company. Duan is also Director in Chi Mei Lighting Technology Corp. and Chairman of the Board in 14 companies including Innolux Holding Ltd, Rockets Holding Ltd., Stanford Developments Ltd. and Excel Victory Ltd.

 


Education:

Stanford University, PHD (Electrical Engineering)

 


Compensation/Salary:3,230,000

Compensation Currency: TWD

 

Hsing Chien Tuan

 

Chairman & CEO

Chief Executive Officer

 

 

Jyh Chau Wang

 

President STSP

President

 

 

Zhichao Wang

 

General Manager

Division Head Executive

 

 

 

Wang Zhichao has been General Manager in Chimei InnoLux Corporation since March 18, 2010. Wang is also General Manager in CMO Japan Co., Ltd., CHIMEI MATERIALS TECHNOLOGY CORP. and an investment company. Wang holds a Master's degree from National Tsing Hua University, Taiwan.

 


Education:

National Tsing Hua University, M 

 


Compensation/Salary:2,566,000

Compensation Currency: TWD

 

Jianming Qiu

 

Head of Finance

Finance Executive

 

 

 

Qiu Jianming has been Head of Finance in Chimei InnoLux Corporation since March 18, 2010. Qiu holds a Master's degree from Tennessee State University, the United States. Qiu is also Director in five companies including Explot Technology CO.,ltd.

 


Education:

Tennessee State University, MBA 

 

Micro Cheng-Hui Chao

 

VP

Other

 

 

Chih-Ming Chen

 

Associate VP

Other

 

 

Eddie Chen

 

Associate VP

Other

 

 

Yaotong Chen

 

Deputy General Manager

Other

 

 

 

Chen Yaotong has been Deputy General Manager in Chimei InnoLux Corporation since March 18, 2010. Chen holds an Executive Master of Business Administration (EMBA) from National Sun Yat-sen University, Taiwan.

 


Education:

National Sun Yat-sen University, MBA 

 


Compensation/Salary:1,956,000

Compensation Currency: TWD

 

Jinglong Ding

 

Deputy General Manager

Other

 

 

 

Ding Jinglong has been Deputy General Manager in Chimei InnoLux Corporation since March 18, 2010. Ding holds a Master's degree from National Taiwan University. Ding is Chairman of the Board in GIO Optoelectronics Corp. and Director in TOA Optronics Corp.

 


Education:

National Taiwan University, M 

 


Compensation/Salary:2,269,000

Compensation Currency: TWD

 

Ruibo Ke

 

Deputy General Manager

Other

Reuters 

 

 

Ke Ruibo has been Deputy General Manager in Chimei InnoLux Corporation since March 18, 2010. Ke is Director in 18 companies including TPO Hong Kong Holding Ltd., TPO Displays Hong Kong Holding Ltd., TPO Displays Hong Kong Ltd., Bright Information Holding Ltd., TPO Displays Japan K.K., TPO Displays Europe B.V., TPO Displays Germany GmbH, TPO Displays USA Inc., Toppoly Optoelectronics (BVI) Ltd., Toppoly Optoelectronics (Cayman) Ltd., Toptech Trading Ltd., Golden Achiever Int'l Lted, Dragon Flame Ltd., Eastern Vision Co. Ltd. and Chairman of the Board in a Shanghai-based company.

 

Andre Krebbers

 

VP

Other

 

 

S. Y. Lin

 

VP

Other

 

 

Wenzhi Sa

 

Deputy General Manager

Other

 

 

 

Sa Wenzhi has been Deputy General Manager in Chimei InnoLux Corporation since March 18, 2010. Sa holds a Ph.D. in Electrical Engineering from National Taiwan University.

 


Education:

National Taiwan University, PHD (Electrical Engineering)

 


Compensation/Salary:2,115,000

Compensation Currency: TWD

 

Wen-Jyh Sah

 

VP

Other

 

 

S. C. Sheu

 

VP

Other

 

 

Peterson Cheng-Jen Tien

 

VP

Other

 

 

Michel Yuan-Chi Wen

 

Vice President

Other

 

 

Fangkeng Yang

 

Deputy General Manager

Other

 

 


Education:

University of Notre Dame, PHD (Electronics Engineering)

 

Zhenghui Zhao

 

Deputy General Manager

Other

 

 

 

Zhao Zhenghui has been Deputy General Manager in Chimei InnoLux Corporation since January 1, 2004. Zhao holds a Master of Business Administration (MBA) from National Taiwan University of Science and Technology, Taiwan. Zhao also serves as Chairman of the Board in a Shenzhen-based technology company and Director in a Chongqing-based technology company.

 


Education:

National Taiwan University of Science and Technology, MBA 

 


Compensation/Salary:2,171,000

Compensation Currency: TWD

 

 

 

Significant Developments

 

Chimei Innolux Corp Announces No Dividend Payment for FY 2011 Mar 27, 2012

 

Chimei Innolux Corp announced that it will pay no dividend to shareholders for fiscal year 2011.

 

Chimei Innolux Corp Announces Appointment of Chairman Mar 16, 2012

 

Chimei Innolux Corp announced the appointment of Duan Xingjian as Chairman of the Board, effective March 16, 2012.

 

Chimei Innolux Corporation Acquires Equipment Jun 20, 2011

 

Chimei Innolux Corporation announced that it has acquired equipment from Chugai Ro Co.,Ltd, Mirle Automation Corporation and another technology company at totally NTD 1,499,867,769.

 

Chimei Innolux Corporation Subsidiary Sells Equity Shares May 26, 2011

 

Chimei Innolux Corporation announced that its subsidiary, an investment company, has sold 3,149,025 shares of J TOUCH Corporation at NTD 302,310,247. After that, the subsidiary still holds a 4.37% stake in the target company, by holding 4,281,000 shares.

 

Chimei Innolux Corporation Acquires Equipment May 19, 2011

 

Chimei Innolux Corporation announced that it has acquired equipment from V TECHNOLOGY CO., LTD., Mirle Automation Corporation and Marketech International Corp at totally NTD 1,350,765,141.

 

Chimei Innolux Corporation Acquires Equipment May 17, 2011

 

Chimei Innolux Corporation announced that it has acquired a set of equipment from Contrel Technology Co., Ltd., SHIBAURA MECHATRONICS CORPORATION and Systems Technology Incorporated at NTD 1,400,627,040.

 

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

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

17,514.9

15,800.9

5,048.0

5,196.1

4,814.5

    Sales Returns and Allowances

-159.3

-146.0

-59.9

-103.0

-29.8

Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

Total Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

 

 

 

 

 

 

    Cost of Revenue

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

Cost of Revenue, Total

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

Gross Profit

-1,198.0

686.5

127.7

381.3

681.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

582.9

544.2

161.3

135.6

107.0

Total Selling/General/Administrative Expenses

582.9

544.2

161.3

135.6

107.0

Research & Development

352.5

288.2

71.0

64.4

54.2

    Impairment-Assets Held for Sale

12.0

-

-

12.0

0.0

Unusual Expense (Income)

12.0

-

-

12.0

0.0

Total Operating Expense

19,500.9

15,800.9

5,092.7

4,923.8

4,264.8

 

 

 

 

 

 

Operating Income

-2,145.3

-145.9

-104.6

169.3

519.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-200.2

-148.3

-17.5

-33.4

-35.2

    Interest Expense, Net Non-Operating

-200.2

-148.3

-17.5

-33.4

-35.2

        Interest Income - Non-Operating

22.9

12.6

5.1

30.9

6.7

        Investment Income - Non-Operating

85.4

45.8

8.0

2.7

21.4

    Interest/Investment Income - Non-Operating

108.3

58.4

13.1

33.7

28.1

Interest Income (Expense) - Net Non-Operating Total

-91.9

-89.9

-4.4

0.3

-7.1

    Other Non-Operating Income (Expense)

-135.3

-190.0

11.2

1.8

4.4

Other, Net

-135.3

-190.0

11.2

1.8

4.4

Income Before Tax

-2,372.6

-425.8

-97.9

171.3

517.2

 

 

 

 

 

 

Total Income Tax

-169.1

25.4

-25.3

17.6

25.5

Income After Tax

-2,203.5

-451.3

-72.6

153.8

491.7

 

 

 

 

 

 

    Minority Interest

10.9

-19.7

0.0

-

-0.1

Net Income Before Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,203.4

2,870.6

Basic EPS Excl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Basic/Primary EPS Incl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

Diluted Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,270.8

2,964.3

Diluted EPS Excl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Diluted EPS Incl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.01

0.04

Gross Dividends - Common Stock

0.0

0.0

0.0

19.9

126.5

Interest Expense, Supplemental

200.2

148.3

17.5

33.4

35.2

Depreciation, Supplemental

3,178.3

2,324.0

283.9

280.9

243.6

Total Special Items

12.0

-

-

12.0

0.0

Normalized Income Before Tax

-2,360.6

-425.8

-97.9

183.3

517.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

4.2

-

-

1.2

0.0

Inc Tax Ex Impact of Sp Items

-164.9

25.4

-25.3

18.8

25.5

Normalized Income After Tax

-2,195.7

-451.3

-72.6

164.6

491.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2,184.8

-471.0

-72.6

164.6

491.6

 

 

 

 

 

 

Basic Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Diluted Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Amort of Intangibles, Supplemental

189.7

196.1

60.8

39.2

28.5

Research & Development Exp, Supplemental

352.5

288.2

71.0

64.4

54.2

Normalized EBIT

-2,133.4

-145.9

-104.6

181.3

519.9

Normalized EBITDA

1,234.6

2,374.2

240.1

501.4

792.0

    Current Tax - Total

-

-

-

14.2

49.0

Current Tax - Total

-

-

-

14.2

49.0

    Deferred Tax - Total

-

-

-

-0.1

-24.3

Deferred Tax - Total

-

-

-

-0.1

-24.3

    Other Tax

-

-

-

3.5

0.8

Income Tax - Total

-

-

-

17.6

25.5

Interest Cost - Domestic

0.9

0.6

0.1

0.1

0.1

Service Cost - Domestic

0.4

0.4

0.0

0.0

0.0

Expected Return on Assets - Domestic

-0.7

-0.6

-0.1

-0.1

0.0

Actuarial Gains and Losses - Domestic

0.3

0.0

0.1

0.0

0.0

Domestic Pension Plan Expense

0.8

0.5

0.1

0.1

0.1

Defined Contribution Expense - Domestic

30.5

23.0

3.6

-

-

Defined Contribution Expense - Foreign

26.8

21.1

8.3

-

-

Total Pension Expense

58.1

44.5

12.0

0.1

0.1

Discount Rate - Domestic

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return - Domestic

1.90%

1.75%

2.25%

2.50%

2.50%

Compensation Rate - Domestic

3.50%

3.50%

3.00%

3.00%

3.00%

Total Plan Interest Cost

0.9

0.6

0.1

0.1

0.1

Total Plan Service Cost

0.4

0.4

0.0

0.0

0.0

Total Plan Expected Return

-0.7

-0.6

-0.1

-0.1

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

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

1,774.1

2,029.2

1,141.5

1,794.9

1,655.3

    Short Term Investments

483.1

125.9

10.0

0.0

1.0

Cash and Short Term Investments

2,257.2

2,155.1

1,151.5

1,794.9

1,656.3

        Accounts Receivable - Trade, Gross

2,250.5

1,955.7

734.3

493.6

793.1

        Provision for Doubtful Accounts

-18.8

-31.0

-1.7

-3.1

-3.2

    Trade Accounts Receivable - Net

2,462.7

2,223.6

792.8

538.4

868.4

    Other Receivables

234.3

176.6

77.1

73.3

34.0

Total Receivables, Net

2,696.9

2,400.2

870.0

611.7

902.4

    Inventories - Finished Goods

721.6

795.2

338.6

271.7

334.6

    Inventories - Work In Progress

986.4

1,081.3

220.1

198.6

98.6

    Inventories - Raw Materials

469.6

613.1

103.9

80.9

70.0

    Inventories - Other

-219.2

-286.3

-8.4

-13.2

-3.7

Total Inventory

1,958.5

2,203.3

654.1

538.0

499.6

Prepaid Expenses

44.7

29.0

9.9

36.9

54.7

    Deferred Income Tax - Current Asset

20.7

26.8

12.1

18.1

5.8

    Other Current Assets

42.9

9.5

1.6

1.0

1.9

Other Current Assets, Total

63.5

36.3

13.7

19.1

7.6

Total Current Assets

7,020.8

6,823.8

2,699.2

3,000.6

3,120.7

 

 

 

 

 

 

        Buildings

5,548.0

5,554.6

303.6

145.8

146.3

        Land/Improvements

171.3

175.4

-

-

-

        Machinery/Equipment

12,648.8

11,779.5

1,672.9

1,697.7

1,573.6

        Construction in Progress

2,334.2

2,690.6

1,784.7

655.8

77.6

        Leases

34.2

48.4

-

-

-

        Other Property/Plant/Equipment

67.1

60.8

-

-

-

    Property/Plant/Equipment - Gross

20,803.5

20,309.4

3,761.2

2,499.4

1,797.5

    Accumulated Depreciation

-7,438.0

-4,528.9

-1,064.6

-760.1

-477.7

Property/Plant/Equipment - Net

13,365.5

15,780.5

2,696.6

1,739.3

1,319.9

Goodwill, Net

564.6

587.3

-

0.0

5.0

Intangibles, Net

46.9

60.6

0.0

-

-

    LT Investment - Affiliate Companies

158.2

154.5

5.1

-

-

    LT Investments - Other

570.3

305.7

63.3

17.6

16.9

Long Term Investments

728.5

460.2

68.4

17.6

16.9

    Deferred Charges

319.8

329.3

113.1

60.2

46.2

    Deferred Income Tax - Long Term Asset

484.9

282.2

57.1

20.2

32.9

    Other Long Term Assets

47.7

75.2

10.9

12.7

12.1

Other Long Term Assets, Total

852.4

686.7

181.1

93.1

91.2

Total Assets

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

Accounts Payable

3,941.8

3,771.2

952.8

567.2

747.3

Accrued Expenses

432.2

585.7

137.0

119.8

84.7

Notes Payable/Short Term Debt

2,858.9

1,071.9

380.7

501.1

97.2

Current Portion - Long Term Debt/Capital Leases

6,252.8

2,702.4

124.1

171.0

158.5

    Customer Advances

22.4

65.5

25.1

11.9

12.1

    Income Taxes Payable

9.8

16.8

1.8

13.7

49.6

    Other Payables

293.7

359.4

62.3

84.6

30.1

    Other Current Liabilities

32.0

85.4

50.4

34.8

2.3

Other Current liabilities, Total

357.8

527.1

139.7

144.9

94.1

Total Current Liabilities

13,843.6

8,658.3

1,734.3

1,504.0

1,181.7

 

 

 

 

 

 

    Long Term Debt

1,783.0

6,187.5

950.4

408.3

429.5

    Capital Lease Obligations

32.4

101.5

-

-

-

Total Long Term Debt

1,815.3

6,289.0

950.4

408.3

429.5

Total Debt

10,927.1

10,063.3

1,455.2

1,080.4

685.2

 

 

 

 

 

 

Minority Interest

82.1

142.8

0.0

-

-

    Pension Benefits - Underfunded

2.1

3.2

0.0

-

-

    Other Long Term Liabilities

356.5

431.3

0.2

0.1

4.1

Other Liabilities, Total

358.6

434.5

0.2

0.1

4.1

Total Liabilities

16,099.7

15,524.5

2,684.9

1,912.4

1,615.3

 

 

 

 

 

 

    Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

Additional Paid-In Capital

6,335.6

6,557.4

1,590.4

1,542.5

1,560.5

Retained Earnings (Accumulated Deficit)

-2,300.4

-178.9

301.9

416.6

521.6

Treasury Stock - Common

0.0

-0.5

0.0

-

-

Unrealized Gain (Loss)

-69.6

58.3

31.6

-

-

    Translation Adjustment

98.3

-69.7

18.9

27.2

8.0

    Other Equity

0.0

0.3

3.2

3.2

2.7

Other Equity, Total

98.3

-69.4

22.1

30.4

10.7

Total Equity

6,479.1

8,874.7

2,960.4

2,938.2

2,938.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Total Common Shares Outstanding

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Treasury Shares - Common Stock Primary Issue

0.0

0.4

0.0

0.0

0.0

Employees

116,056

108,272

45,680

30,450

29,300

Number of Common Shareholders

-

373,663

407,562

110,402

56,147

Deferred Revenue - Current

22.4

65.5

25.1

11.9

12.1

Total Long Term Debt, Supplemental

-

2,702.4

-

171.0

-

Long Term Debt Maturing within 1 Year

-

2,702.4

-

171.0

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

0.0

-

Total Capital Leases, Supplemental

97.8

169.4

-

-

-

Capital Lease Payments Due in Year 1

65.4

67.9

-

-

-

Capital Lease Payments Due in Year 2

32.4

67.9

-

-

-

Capital Lease Payments Due in Year 3

-

33.6

-

-

-

Capital Lease Payments Due in 2-3 Years

32.4

101.5

-

-

-

Total Operating Leases, Supplemental

166.3

265.8

29.2

28.4

30.4

Operating Lease Payments Due in Year 1

17.8

19.2

5.7

1.8

1.9

Operating Lease Payments Due in Year 2

16.6

69.4

1.6

1.7

2.3

Operating Lease Payments Due in Year 3

16.6

23.1

1.6

1.7

2.3

Operating Lease Payments Due in Year 4

16.6

23.1

1.6

1.7

2.3

Operating Lease Payments Due in Year 5

16.6

23.1

1.6

1.7

-

Operating Lease Pymts. Due in 2-3 Years

33.1

92.5

3.2

3.5

4.7

Operating Lease Pymts. Due in 4-5 Years

33.1

46.2

3.2

3.5

2.3

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

82.3

107.9

17.0

19.7

21.5

Pension Obligation - Domestic

46.1

49.7

3.3

3.1

2.2

Plan Assets - Domestic

42.5

40.1

3.1

2.9

2.3

Funded Status - Domestic

-3.6

-9.6

-0.3

-0.2

0.1

Accumulated Obligation - Domestic

23.4

24.6

2.0

1.8

1.5

Total Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Discount Rate - Domestic

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return - Domestic

1.90%

1.75%

2.25%

2.50%

2.50%

Compensation Rate - Domestic

3.50%

3.50%

3.00%

3.00%

3.00%

Accrued Liabilities - Domestic

-2.1

-3.2

-

-

-

Net Assets Recognized on Balance Sheet

-2.1

-3.2

-

-

-

Total Plan Obligations

46.1

49.7

3.3

3.1

2.2

Total Plan Assets

42.5

40.1

3.1

2.9

2.3

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-2,203.5

-451.3

-72.6

153.8

491.7

    Depreciation

3,368.0

2,520.2

344.7

320.1

272.1

Depreciation/Depletion

3,368.0

2,520.2

344.7

320.1

272.1

Deferred Taxes

-209.5

-11.4

-28.9

-0.1

-24.3

    Unusual Items

89.3

-0.9

-0.2

12.1

-0.1

    Equity in Net Earnings (Loss)

16.4

-11.2

0.5

-

-

    Other Non-Cash Items

-52.8

-2.3

-7.2

10.0

-0.3

Non-Cash Items

52.9

-14.4

-6.8

22.0

-0.4

    Accounts Receivable

-289.1

-39.4

-249.1

311.9

-366.5

    Inventories

125.7

-449.1

-96.8

-54.2

-26.8

    Prepaid Expenses

-17.2

56.8

27.0

17.9

-49.8

    Other Assets

-12.4

-7.2

-4.1

1.0

-1.3

    Accounts Payable

427.4

352.9

375.4

-212.1

203.2

    Accrued Expenses

-135.8

263.5

25.4

34.5

27.9

    Taxes Payable

-6.6

12.1

-11.9

-36.8

42.3

    Other Liabilities

-142.4

247.3

31.2

29.5

6.3

Changes in Working Capital

-50.4

436.9

97.2

91.9

-164.8

Cash from Operating Activities

957.4

2,480.1

333.6

587.7

574.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-1,553.0

-3,046.6

-1,205.0

-634.3

-134.5

    Purchase/Acquisition of Intangibles

-10.9

-

-

-

-

Capital Expenditures

-1,563.9

-3,046.6

-1,205.0

-634.3

-134.5

    Sale of Fixed Assets

124.3

16.8

0.1

0.3

2.9

    Sale/Maturity of Investment

33.2

7.2

0.3

-

-

    Investment, Net

-877.7

7.3

-9.7

0.3

-1.5

    Purchase of Investments

-7.4

-28.7

-19.5

-7.8

-15.2

    Other Investing Cash Flow

-126.1

1,315.8

-107.3

-50.8

-41.3

Other Investing Cash Flow Items, Total

-853.7

1,318.3

-136.2

-58.1

-55.2

Cash from Investing Activities

-2,417.6

-1,728.3

-1,341.2

-692.4

-189.7

 

 

 

 

 

 

    Other Financing Cash Flow

1.4

-0.6

0.1

-16.5

-14.2

Financing Cash Flow Items

1.4

-0.6

0.1

-16.5

-14.2

    Cash Dividends Paid - Common

0.0

0.0

-19.0

-131.7

-14.2

Total Cash Dividends Paid

0.0

0.0

-19.0

-131.7

-14.2

        Sale/Issuance of Common

-

-

-

0.0

1,325.2

    Common Stock, Net

-

-

-

0.0

1,325.2

    Options Exercised

0.1

3.6

8.1

10.0

5.5

Issuance (Retirement) of Stock, Net

0.1

3.6

8.1

10.0

1,330.6

        Short Term Debt Issued

2,198.5

-

-

408.7

-

        Short Term Debt Reduction

-

-321.2

-122.2

-

-69.8

    Short Term Debt, Net

1,882.2

17.4

-122.2

408.7

-161.2

        Long Term Debt Issued

2,534.4

1,715.7

648.0

348.7

-

        Long Term Debt Reduction

-3,147.5

-1,749.4

-183.3

-356.8

-213.6

    Long Term Debt, Net

-613.1

-33.7

464.6

-8.1

-213.6

Issuance (Retirement) of Debt, Net

1,269.1

-16.3

342.4

400.6

-374.7

Cash from Financing Activities

1,270.5

-13.2

331.6

262.3

927.5

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-19.4

-2.1

-2.0

1.0

Net Change in Cash

-185.3

719.2

-678.2

155.6

1,313.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2,013.0

1,159.2

1,783.7

1,711.9

321.2

Net Cash - Ending Balance

1,827.8

1,878.4

1,105.6

1,867.5

1,634.4

Cash Interest Paid

198.6

131.0

18.9

33.2

36.2

Cash Taxes Paid

46.7

14.9

15.4

54.5

7.4

 

 

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

Reclassified Normal 
31-Dec-2010

Reclassified Normal
31-Dec-2009

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Sales

17,514.9

15,800.9

5,048.0

5,196.1

4,814.5

    Sales Returns

-88.4

-37.6

-7.0

-13.3

-6.1

    Sales Discounts and Allowances

-70.9

-108.4

-53.0

-89.8

-23.7

Total Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

 

 

 

 

 

 

    Cost of Sales

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

    Selling Expenses

261.9

298.3

114.7

91.5

67.5

    General and Administrative Expenses

321.0

245.9

46.6

44.1

39.5

    Research and Development Expenses

352.5

288.2

71.0

64.4

54.2

    Inventory Devaluation & Obsolescence

-

-

-

-

0.0

    Impairment Loss

12.0

-

-

12.0

0.0

Total Operating Expense

19,500.9

15,800.9

5,092.7

4,923.8

4,264.8

 

 

 

 

 

 

    Interest Income

22.9

12.6

5.1

30.9

6.7

    Gain on Financial Assets Revaluation

204.6

112.0

5.0

3.7

1.1

    Gain on Equity Investment

0.0

11.2

0.0

-

-

    Dividend Income

6.1

12.0

0.3

-

-

    Gains on Sale of Investments

15.3

3.6

0.2

-

-

    Gain/Loss on Foreign Exchange

-53.4

-34.6

3.9

8.4

22.6

    Miscellaneous Income

104.7

34.8

13.0

7.7

14.5

    Interest Expense

-200.2

-148.3

-17.5

-33.4

-35.2

    Loss on Financial Assets Revaluation

-

-

-

0.0

0.0

    Loss on Financial Liabilities Revaluatio

-70.8

-58.4

-0.9

-9.3

-2.3

    Loss on Equity Investment

-16.4

0.0

-0.5

0.0

-

    Miscellaneous Disbursements

-240.0

-224.8

-1.9

-5.9

-10.1

Net Income Before Taxes

-2,372.6

-425.8

-97.9

171.3

517.2

 

 

 

 

 

 

Provision for Income Taxes

-169.1

25.4

-25.3

17.6

25.5

Net Income After Taxes

-2,203.5

-451.3

-72.6

153.8

491.7

 

 

 

 

 

 

    Minority Interest

10.9

-19.7

0.0

-

-0.1

Net Income Before Extra. Items

-2,192.6

-471.0

-72.6

153.8

491.6

Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Basic Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,203.4

2,870.6

Basic EPS Excluding ExtraOrdinary Items

-0.30

-0.07

-0.02

0.05

0.17

Basic EPS Including ExtraOrdinary Items

-0.30

-0.07

-0.02

0.05

0.17

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

Diluted Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,270.8

2,964.3

Diluted EPS Excluding ExtraOrd Items

-0.30

-0.07

-0.02

0.05

0.17

Diluted EPS Including ExtraOrd Items

-0.30

-0.07

-0.02

0.05

0.17

DPS-Common Stock

0.00

0.00

0.00

0.01

0.04

Gross Dividends - Common Stock

0.0

0.0

0.0

19.9

126.5

Normalized Income Before Taxes

-2,360.6

-425.8

-97.9

183.3

517.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-164.9

25.4

-25.3

18.8

25.5

Normalized Income After Taxes

-2,195.7

-451.3

-72.6

164.6

491.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2,184.8

-471.0

-72.6

164.6

491.6

 

 

 

 

 

 

Basic Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Diluted Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Interest Expense, Supplemental

200.2

148.3

17.5

33.4

35.2

R&D Expense, Supplemental

352.5

288.2

71.0

64.4

54.2

Depreciation - Operating Cost

3,109.0

2,267.5

265.8

263.2

227.7

Depreciation - Operating Expense

62.0

51.2

18.1

17.7

15.9

Depreciation - Non-operating Expense

7.3

5.4

-

-

-

Amortization - Operating Cost

73.0

90.5

44.2

29.8

20.2

Amortization - Operating Expense

116.7

105.6

16.6

9.4

8.3

    Current Tax

-

-

-

14.2

49.0

Current Tax - Total

-

-

-

14.2

49.0

    Deferred Tax

-

-

-

-0.1

-24.3

Deferred Tax - Total

-

-

-

-0.1

-24.3

    Others

-

-

-

3.5

0.8

Income Tax - Total

-

-

-

17.6

25.5

Service Cost

0.4

0.4

0.0

0.0

0.0

Interest Cost

0.9

0.6

0.1

0.1

0.1

Expected Return on Plan Assets

-0.7

-0.6

-0.1

-0.1

0.0

Amort. of Actuarial Gain/Loss

0.3

0.0

0.1

0.0

0.0

Domestic Pension Plan Expense

0.8

0.5

0.1

0.1

0.1

Defined Contribution Expense - Domestic

30.5

23.0

3.6

-

-

Defined Contribution Expense - Foreign

26.8

21.1

8.3

-

-

Total Pension Expense

58.1

44.5

12.0

0.1

0.1

Discount Rate

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return on Plan Assets

1.90%

1.75%

2.25%

2.50%

2.50%

Rate of Compensation Increase

3.50%

3.50%

3.00%

3.00%

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

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

1,774.1

2,029.2

1,141.5

1,794.9

1,655.3

    Financial Assets-Fair Value,Current

21.2

17.3

0.0

0.0

1.0

    Financial Assets-Available for Sale

0.6

99.2

0.0

-

-

    Note Receivable

2.1

9.3

-

-

-

    Accounts Receivable, Gross

2,250.5

1,955.7

734.3

493.6

793.1

    Provision for Doubtful Accounts

-5.8

-10.2

-1.7

-3.1

-3.2

    Provision for Sales Discount

-13.1

-20.9

-

-

-

    Accounts Receivable - Related Parties

231.0

298.9

60.2

48.0

78.4

    Other Receivables

234.3

176.6

77.1

73.3

34.0

    Other Financial Assets - Current

459.2

0.1

10.0

-

-

    Raw Material

469.6

613.1

103.9

80.9

70.0

    Work-in-Process

986.4

1,081.3

220.1

198.6

98.6

    Finished Goods

721.6

795.2

338.6

271.7

334.6

    Provision for Inventory

-219.2

-286.3

-8.4

-13.2

-3.7

    Prepayment

44.7

29.0

9.9

36.9

54.7

    Assets for Sale,Non-current

21.6

-

-

-

-

    Deferred Income Tax Assets - Current

20.7

26.8

12.1

18.1

5.8

    Other Current Assets

21.2

9.5

1.6

1.0

1.9

Total Current Assets

7,020.8

6,823.8

2,699.2

3,000.6

3,120.7

 

 

 

 

 

 

    Financial Assets, Fair Value - Non-Curr.

6.5

6.6

7.6

6.7

0.0

    Financial Assets Held for Sale

114.6

151.0

36.1

-

-

    Financial Assets - Cost Method, Non-Cur.

42.3

148.1

18.2

9.6

12.4

    Debt Investments without Active Market,

-

0.0

1.4

1.3

0.0

    Long Term Equity Investment

158.2

154.5

5.1

-

-

    Prepayments for Long Term Investment

-

-

-

0.0

3.1

    Other Financial Assets - Non-Current

406.9

0.0

0.0

0.0

1.5

    Land

171.3

175.4

-

-

-

    Buildings and Structures

5,542.6

5,547.7

302.8

144.8

145.3

    Machinery and Equipment

12,101.9

11,278.7

1,495.4

1,388.5

1,296.6

    Laboratory Equipment

204.4

187.5

102.9

236.6

220.6

    Transportation Equipment

32.9

32.2

2.1

1.8

1.6

    Office Equipment

69.7

63.3

20.5

18.4

14.8

    Leased Assets

67.1

60.8

-

-

-

    Leasehold Improvement

5.4

6.9

0.8

1.0

1.0

    Miscellaneous Equipment

239.8

217.8

52.0

52.4

40.1

    Accumulated Depreciation

-7,433.1

-4,525.4

-1,064.6

-760.1

-477.7

    Construction in Progress & Prepaid Equip

2,334.2

2,690.6

1,784.7

655.8

77.6

    Goodwill, Net

564.6

587.3

-

0.0

5.0

    Other Intangible Assets

46.9

60.6

0.0

-

-

    Rental Assets

34.2

48.4

-

-

-

    Accumulated Depreciation - Assets for Le

-4.9

-3.4

-

-

-

    Idled Assets

6.2

35.1

-

-

-

    Security Deposits Paid

-

-

-

12.7

12.1

    Deferred Charges

319.8

329.3

113.1

60.2

46.2

    Deferred Income Tax Assets - Non Current

484.9

282.2

57.1

20.2

32.9

    Other Assets - Other

41.5

40.1

10.9

-

-

Total Assets

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    Short Term Borrowings

2,780.6

671.5

380.7

501.0

96.4

    Short Term Notes & Bills Payable

75.9

397.7

0.0

-

-

    Financial Liability - Fair Value, Curr.

2.4

2.7

-

0.1

0.8

    Accounts Payable

3,300.9

3,347.8

884.7

538.3

697.8

    Accounts Payable - Related Parties

641.0

423.3

68.1

28.8

49.5

    Income Tax Payables

9.8

16.8

1.8

13.7

49.6

    Accrued Expenses

432.2

585.7

137.0

119.8

84.7

    Equipment Payable

104.9

271.7

57.0

84.3

19.1

    Other Payables

188.8

87.7

5.3

0.4

11.0

    Advance Receipts

22.4

65.5

25.1

11.9

12.1

    Current Portion of Long Term Debt

6,187.4

2,634.5

124.1

171.0

158.5

    Current Portion of Lease Payment

65.4

67.9

0.0

-

-

    Other Current Liabilities

32.0

85.4

50.4

34.8

2.3

Total Current Liabilities

13,843.6

8,658.3

1,734.3

1,504.0

1,181.7

 

 

 

 

 

 

    Long Term Borrowings

1,716.9

6,050.3

950.4

408.3

429.5

    Corporate Bonds Payable

66.1

137.2

0.0

-

-

    Lease Payable

32.4

101.5

-

-

-

Total Long Term Debt

1,815.3

6,289.0

950.4

408.3

429.5

 

 

 

 

 

 

    Hedging Derivative Liabilities - Non-cur

24.3

40.2

0.0

-

-

    Accrued Pension Liabilities

2.1

3.2

0.0

-

-

    LT Security Deposits Received

-

-

-

0.1

0.1

    Other Long Term Liabilities

332.2

391.1

0.2

0.0

4.0

    Minority Interest

82.1

142.8

0.0

-

-

Total Liabilities

16,099.7

15,524.5

2,684.9

1,912.4

1,615.3

 

 

 

 

 

 

    Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

    Advance Receipt for Common Stock

0.0

0.3

3.2

3.2

2.7

    Paid-In Capital

6,294.8

1,734.9

1,581.5

1,533.8

1,551.8

    Capital Gain on LT Investments

9.4

0.9

0.4

0.4

0.4

    Consolidated Excess

-

4,802.2

8.5

8.2

8.3

    Employee Stock Option

31.4

19.3

0.0

-

-

    Legal Reserve

76.9

79.9

72.8

56.2

7.1

    Retained Earnings

-2,377.4

-258.7

229.1

360.4

514.5

    Unrealized G/L of Financial Products

-69.6

58.3

31.6

-

-

    Cumulative Translation Adjustment

98.3

-69.7

18.9

27.2

8.0

    Treasury Stock

0.0

-0.5

0.0

-

-

Total Equity

6,479.1

8,874.7

2,960.4

2,938.2

2,938.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    S/O-Common Stock

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Total Common Shares Outstanding

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

T/S-Common Stock

0.0

0.4

0.0

0.0

0.0

Deferred Revenue, Current

22.4

65.5

25.1

11.9

12.1

Full-Time Employees

116,056

108,272

45,680

30,450

29,300

Number of Common Shareholders

-

373,663

407,562

110,402

56,147

Current maturities

-

2,702.4

-

171.0

-

Total Long Term Debt, Supplemental

-

2,702.4

-

171.0

-

Capital Lease Payments Due within 1 Year

65.4

67.9

-

-

-

Capital Lease Payments Due in Year 2

32.4

67.9

-

-

-

Capital Lease Payments Due in Year 3

-

33.6

-

-

-

Total Capital Leases

97.8

169.4

-

-

-

Operating Lease Due Within 1 year

17.8

19.2

5.7

1.8

1.9

Operating Lease Due Within 2 years

-

69.4

-

-

-

Operating Lese Due Within 2-4 years

-

-

-

-

7.0

Operating Lease Due Within 5 years

66.2

69.4

6.5

6.9

-

Operating Lease - Remaining years

82.3

107.9

17.0

19.7

21.5

Total Operating Leases

166.3

265.8

29.2

28.4

30.4

Accumulated Benefit Obligation

23.4

24.6

2.0

1.8

1.5

Benefit Obligation

46.1

49.7

3.3

3.1

2.2

Fair Value of Plan Assets

42.5

40.1

3.1

2.9

2.3

Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Total Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Discount Rate

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return on Plan Assets

1.90%

1.75%

2.25%

2.50%

2.50%

Rate of Compensation Increase

3.50%

3.50%

3.00%

3.00%

3.00%

Accrued Pension Liabilities

-2.1

-3.2

-

-

-

Net Assets Recognized on Balance Sheet

-2.1

-3.2

-

-

-

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-2,203.5

-451.3

-72.6

153.8

491.7

    Depreciation

3,368.0

2,520.2

344.7

320.1

272.1

    Bad Debts

-4.2

-2.1

-1.5

-

0.0

    Reversal of Inventory Devaluation

-52.1

-0.4

-4.9

-

-

    Inventory Devaluation & Obsolescence

-

-

-

9.9

0.0

    Stock Option Transferrd to Employees

13.2

8.0

-

-

-

    Obsolete Loss on Inventories

94.5

-

-

-

-

    Impairment Loss

12.0

-

0.0

12.0

-

    Gain on Sale of Investments

-15.3

-3.6

-0.2

-

-

    Amort. on Disc. of Bond Invest. Inact. M

0.0

0.0

-0.1

-0.1

-

    Net Gain on Fncl. Assets/Liab. Valuation

-19.5

-12.0

-0.7

0.1

-0.3

    Bank-sponsored Loans Amortization

5.6

-

-

-

-

    Equity Investment Gain/Loss

16.4

-11.2

0.5

-

-

    Cash Dividends from Equity Subsidiaries

4.1

4.3

-

-

-

    Disposal of Fixed Assets

-1.9

2.8

0.1

0.1

-0.1

    Accounts Receivable

-281.4

24.2

-224.8

309.0

-288.2

    Accounts Receivable - Related Parties

58.5

-69.5

-20.9

42.9

-60.8

    Other Receivables

-66.2

5.9

-3.4

-40.0

-17.5

    Inventories

125.7

-449.1

-96.8

-54.2

-26.8

    Prepayment

-17.2

56.8

27.0

17.9

-49.8

    Deferred Income Tax Assets/Liabilities

-209.5

-11.4

-28.9

-0.1

-24.3

    Other Current Assets

-12.4

-7.2

-1.0

1.0

-1.3

    Other Assets - Other

-

0.0

-3.1

-

-

    Accounts Payable

79.5

339.2

325.9

-160.9

19.3

    Accounts Payable - Related Parties

240.4

32.4

44.6

-40.2

185.5

    Accrued Expenses

-135.8

263.5

25.4

34.5

27.9

    Other Payables

107.5

-18.7

4.8

-10.9

-1.6

    Taxes Payables

-6.6

12.1

-11.9

-36.8

42.3

    Advance Receipts

-41.9

34.2

16.8

-0.1

5.1

    Other Current Liabilities

-52.3

-1.1

14.4

33.7

1.2

    Other Liabilities - Other

-47.2

214.0

0.0

-4.1

-

    Accrued Pension Liabilities

-1.0

0.2

-

-

0.0

Cash from Operating Activities

957.4

2,480.1

333.6

587.7

574.3

 

 

 

 

 

 

    Financial Lia. at Fair Value - Current

14.5

-6.9

-0.1

-

-

    Hedging Derivative Financial Liabilities

-12.8

13.6

-

-

-

    Financial Assets at Fair Value - Current

-

-

-

0.3

-

    Fncl. Asst. at FV-Non-Current, Increase

-

-

0.0

-7.0

-

    Purchase of Financial Assets for Sale

-4.4

-

-

-

-

    Other Financial Assets

-892.2

14.2

-9.7

0.0

-1.5

    Sale of Financial Assets HFS, Non-Curr.

16.6

0.0

0.3

-

-

    Financial Assets - Cost Method, Non-Cur.

-2.7

-14.7

-14.1

-0.8

-12.2

    Disposal of Financial Assets-Cost Method

5.2

0.5

-

-

-

    LT Equity Investment Increase

-0.3

-14.0

-5.5

-

-

    Disposal of LT Equity Investment

11.4

6.7

-

-

-

    Cap. Return of Fin. Assets-Cost Method

0.3

-

-

-

-

    Capital Expenditure

-1,553.0

-3,046.6

-1,205.0

-634.3

-134.5

    Disposal of Fixed Assets

124.3

16.8

0.1

0.3

2.9

    Security Deposit Paid

1.3

0.6

4.9

-0.1

-2.9

    Purchase of Intangible Assets

-10.9

-

-

-

-

    Deferred Charges

-114.9

-50.9

-112.3

-50.7

-40.9

    Prepayments for Long Term Investment

-

-

-

0.0

-3.0

    Gain from Consolidation

0.0

1,352.6

-

0.0

2.5

Cash from Investing Activities

-2,417.6

-1,728.3

-1,341.2

-692.4

-189.7

 

 

 

 

 

 

    Short Term Borrowings Increase

2,198.5

-

-

408.7

-

    Repayment of Short Term Borrowings

-

-321.2

-122.2

-

-69.8

    Short Term Notes Increase/Decrease

-316.3

338.7

-

0.0

-91.3

    Long Term Borrowings Increase

2,534.4

1,715.7

648.0

348.7

-

    Repayment of Long Term Borrowings

-3,080.1

-1,210.3

-183.3

-356.8

-213.6

    Repayment of Lease Payable

-67.4

-62.9

-

-

-

    Preferred Stock Liabilities Decrease

0.0

-476.2

-

-

-

    Security Deposit Received

1.4

-0.6

0.1

-0.1

-0.1

    Cash Capital

-

-

-

0.0

1,325.2

    Shares Issued - Options Exercised

0.1

3.6

8.1

10.0

5.5

    Minority Interest

-

-

-

0.0

-12.8

    Employees Bonus & Directors Remuneration

-

-

0.0

-16.5

-1.3

    Cash Dividend

0.0

0.0

-19.0

-131.7

-14.2

Cash from Financing Activities

1,270.5

-13.2

331.6

262.3

927.5

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-19.4

-2.1

-2.0

1.0

Net Change in Cash

-185.3

719.2

-678.2

155.6

1,313.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2,013.0

1,159.2

1,783.7

1,711.9

321.2

Net Cash - Ending Balance

1,827.8

1,878.4

1,105.6

1,867.5

1,634.4

    Cash Interest Paid

198.6

131.0

18.9

33.2

36.2

    Cash Taxes Paid

46.7

14.9

15.4

54.5

7.4

 

 

Financial Health

 

Financials in: USD (mil)          

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

4,547.4

0.80%

17,355.6

3.45%

46.98%

37.00%

Research & Development1

85.1

-14.86%

352.5

14.13%

72.12%

44.10%

Operating Income1

-559.7

-

-2,145.3

-

-

-

Income Available to Common Excl Extraord Items1

-660.7

-

-2,192.6

-

-

-

Basic EPS Excl Extraord Items1

-0.09

-

-0.30

-

-

-

Capital Expenditures2

1,563.9

-52.10%

1,563.9

-52.10%

31.94%

37.44%

Cash from Operating Activities2

957.4

-63.98%

957.4

-63.98%

14.93%

22.41%

Free Cash Flow

-588.7

-

-588.7

-

-

-

Total Assets3

22,578.9

-3.90%

22,578.9

-3.90%

62.55%

49.53%

Total Liabilities3

16,099.7

7.70%

16,099.7

7.70%

98.04%

54.15%

Total Long Term Debt3

1,815.3

-70.02%

1,815.3

-70.02%

60.08%

21.55%

Employees3

-

-

116056

7.19%

56.20%

40.50%

Total Common Shares Outstanding3

7,313.0

0.02%

7,313.0

0.02%

31.63%

21.84%

1-ExchangeRate: TWD to USD Average for Period

30.256909

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.390040

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

319.8

329.3

113.1

60.2

46.2

 

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

-6.90%

4.39%

2.56%

7.49%

14.24%

Operating Margin

-12.36%

-0.93%

-2.10%

3.32%

10.87%

Pretax Margin

-13.67%

-2.72%

-1.96%

3.36%

10.81%

Net Profit Margin

-12.63%

-3.01%

-1.46%

3.02%

10.27%

Financial Strength

Current Ratio

0.51

0.79

1.56

2.00

2.64

Long Term Debt/Equity

0.28

0.71

0.32

0.14

0.15

Total Debt/Equity

1.69

1.13

0.49

0.37

0.23

Management Effectiveness

Return on Assets

-9.28%

-3.19%

-1.41%

3.16%

13.51%

Return on Equity

-28.33%

-8.39%

-2.51%

5.06%

24.70%

Efficiency

Receivables Turnover

6.73

10.08

6.88

6.51

6.79

Inventory Turnover

8.83

11.07

8.32

8.78

8.59

Asset Turnover

0.73

1.11

0.97

1.05

1.31

Market Valuation USD (mil)

Enterprise Value2

11,746.9

.

Price/Sales (TTM)

0.18

Enterprise Value/Revenue (TTM)

0.70

.

Price/Book (MRQ)

0.46

Enterprise Value/EBITDA (TTM)

9.90

.

Market Cap1

3,098.1

1-ExchangeRate: TWD to USD on 27-Apr-2012

29.270000

 

 

 

2-ExchangeRate: TWD to USD on 31-Dec-2011

30.279000

 

 

 

 

 

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

0.51

0.79

1.56

2.00

2.64

Quick/Acid Test Ratio

0.36

0.53

1.17

1.60

2.17

Working Capital1

-6,822.8

-1,834.5

964.8

1,496.6

1,939.0

Long Term Debt/Equity

0.28

0.71

0.32

0.14

0.15

Total Debt/Equity

1.69

1.13

0.49

0.37

0.23

Long Term Debt/Total Capital

0.10

0.33

0.22

0.10

0.12

Total Debt/Total Capital

0.63

0.53

0.33

0.27

0.19

Payout Ratio

0.00%

0.00%

0.00%

12.82%

25.89%

Effective Tax Rate

-

-

-

10.25%

4.93%

Total Capital1

17,406.2

18,938.0

4,415.6

4,018.6

3,623.5

 

 

 

 

 

 

Efficiency

Asset Turnover

0.73

1.11

0.97

1.05

1.31

Inventory Turnover

8.83

11.07

8.32

8.78

8.59

Days In Inventory

41.35

32.97

43.86

41.58

42.47

Receivables Turnover

6.73

10.08

6.88

6.51

6.79

Days Receivables Outstanding

54.26

36.20

53.07

56.05

53.76

Revenue/Employee2

145,154

156,196

112,743

160,765

165,386

Operating Income/Employee2

-17,943

-1,456

-2,364

5,344

17,971

EBITDA/Employee2

10,225

23,689

5,426

15,448

27,376

 

 

 

 

 

 

Profitability

Gross Margin

-6.90%

4.39%

2.56%

7.49%

14.24%

Operating Margin

-12.36%

-0.93%

-2.10%

3.32%

10.87%

EBITDA Margin

7.04%

15.17%

4.81%

9.61%

16.55%

EBIT Margin

-12.36%

-0.93%

-2.10%

3.32%

10.87%

Pretax Margin

-13.67%

-2.72%

-1.96%

3.36%

10.81%

Net Profit Margin

-12.63%

-3.01%

-1.46%

3.02%

10.27%

R&D Expense/Revenue

2.03%

1.84%

1.42%

1.26%

1.13%

COGS/Revenue

106.90%

95.62%

97.44%

92.51%

85.76%

SG&A Expense/Revenue

3.36%

3.48%

3.23%

2.66%

2.24%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-9.28%

-3.19%

-1.41%

3.16%

13.51%

Return on Equity

-28.33%

-8.39%

-2.51%

5.06%

24.70%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.08

-0.08

-0.28

-0.01

0.14

Operating Cash Flow/Share 2

0.13

0.37

0.11

0.18

0.19

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)

-1.41

Market Cap/Equity (MRQ)

0.46

Market Cap/Revenue (TTM)

0.18

Market Cap/EBIT (TTM)

-1.44

Market Cap/EBITDA (TTM)

2.52

Enterprise Value/Earnings (TTM)

-5.52

Enterprise Value/Equity (MRQ)

1.81

Enterprise Value/Revenue (TTM)

0.70

Enterprise Value/EBIT (TTM)

-5.64

Enterprise Value/EBITDA (TTM)

9.90

 

 

 

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

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

17,514.9

15,800.9

5,048.0

5,196.1

4,814.5

    Sales Returns and Allowances

-159.3

-146.0

-59.9

-103.0

-29.8

Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

Total Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

 

 

 

 

 

 

    Cost of Revenue

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

Cost of Revenue, Total

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

Gross Profit

-1,198.0

686.5

127.7

381.3

681.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

582.9

544.2

161.3

135.6

107.0

Total Selling/General/Administrative Expenses

582.9

544.2

161.3

135.6

107.0

Research & Development

352.5

288.2

71.0

64.4

54.2

    Impairment-Assets Held for Sale

12.0

-

-

12.0

0.0

Unusual Expense (Income)

12.0

-

-

12.0

0.0

Total Operating Expense

19,500.9

15,800.9

5,092.7

4,923.8

4,264.8

 

 

 

 

 

 

Operating Income

-2,145.3

-145.9

-104.6

169.3

519.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-200.2

-148.3

-17.5

-33.4

-35.2

    Interest Expense, Net Non-Operating

-200.2

-148.3

-17.5

-33.4

-35.2

        Interest Income - Non-Operating

22.9

12.6

5.1

30.9

6.7

        Investment Income - Non-Operating

85.4

45.8

8.0

2.7

21.4

    Interest/Investment Income - Non-Operating

108.3

58.4

13.1

33.7

28.1

Interest Income (Expense) - Net Non-Operating Total

-91.9

-89.9

-4.4

0.3

-7.1

    Other Non-Operating Income (Expense)

-135.3

-190.0

11.2

1.8

4.4

Other, Net

-135.3

-190.0

11.2

1.8

4.4

Income Before Tax

-2,372.6

-425.8

-97.9

171.3

517.2

 

 

 

 

 

 

Total Income Tax

-169.1

25.4

-25.3

17.6

25.5

Income After Tax

-2,203.5

-451.3

-72.6

153.8

491.7

 

 

 

 

 

 

    Minority Interest

10.9

-19.7

0.0

-

-0.1

Net Income Before Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,203.4

2,870.6

Basic EPS Excl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Basic/Primary EPS Incl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

Diluted Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,270.8

2,964.3

Diluted EPS Excl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Diluted EPS Incl Extraord Items

-0.30

-0.07

-0.02

0.05

0.17

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.01

0.04

Gross Dividends - Common Stock

0.0

0.0

0.0

19.9

126.5

Interest Expense, Supplemental

200.2

148.3

17.5

33.4

35.2

Depreciation, Supplemental

3,178.3

2,324.0

283.9

280.9

243.6

Total Special Items

12.0

-

-

12.0

0.0

Normalized Income Before Tax

-2,360.6

-425.8

-97.9

183.3

517.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

4.2

-

-

1.2

0.0

Inc Tax Ex Impact of Sp Items

-164.9

25.4

-25.3

18.8

25.5

Normalized Income After Tax

-2,195.7

-451.3

-72.6

164.6

491.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2,184.8

-471.0

-72.6

164.6

491.6

 

 

 

 

 

 

Basic Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Diluted Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Amort of Intangibles, Supplemental

189.7

196.1

60.8

39.2

28.5

Research & Development Exp, Supplemental

352.5

288.2

71.0

64.4

54.2

Normalized EBIT

-2,133.4

-145.9

-104.6

181.3

519.9

Normalized EBITDA

1,234.6

2,374.2

240.1

501.4

792.0

    Current Tax - Total

-

-

-

14.2

49.0

Current Tax - Total

-

-

-

14.2

49.0

    Deferred Tax - Total

-

-

-

-0.1

-24.3

Deferred Tax - Total

-

-

-

-0.1

-24.3

    Other Tax

-

-

-

3.5

0.8

Income Tax - Total

-

-

-

17.6

25.5

Interest Cost - Domestic

0.9

0.6

0.1

0.1

0.1

Service Cost - Domestic

0.4

0.4

0.0

0.0

0.0

Expected Return on Assets - Domestic

-0.7

-0.6

-0.1

-0.1

0.0

Actuarial Gains and Losses - Domestic

0.3

0.0

0.1

0.0

0.0

Domestic Pension Plan Expense

0.8

0.5

0.1

0.1

0.1

Defined Contribution Expense - Domestic

30.5

23.0

3.6

-

-

Defined Contribution Expense - Foreign

26.8

21.1

8.3

-

-

Total Pension Expense

58.1

44.5

12.0

0.1

0.1

Discount Rate - Domestic

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return - Domestic

1.90%

1.75%

2.25%

2.50%

2.50%

Compensation Rate - Domestic

3.50%

3.50%

3.00%

3.00%

3.00%

Total Plan Interest Cost

0.9

0.6

0.1

0.1

0.1

Total Plan Service Cost

0.4

0.4

0.0

0.0

0.0

Total Plan Expected Return

-0.7

-0.6

-0.1

-0.1

0.0

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

30.256909

29.146237

28.855204

29.305764

30.350199

 

 

 

 

 

 

    Gross Revenue

4,618.7

4,272.9

4,255.4

4,357.1

4,564.2

    Sales Returns and Allowances

-71.3

-23.4

-19.9

-43.2

-66.7

Revenue

4,547.4

4,249.5

4,235.4

4,313.9

4,497.5

Total Revenue

4,547.4

4,249.5

4,235.4

4,313.9

4,497.5

 

 

 

 

 

 

    Cost of Revenue

4,887.0

4,682.1

4,453.4

4,519.7

4,805.7

Cost of Revenue, Total

4,887.0

4,682.1

4,453.4

4,519.7

4,805.7

Gross Profit

-339.6

-432.6

-218.0

-205.8

-308.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

135.0

154.7

138.8

154.7

172.2

Total Selling/General/Administrative Expenses

135.0

154.7

138.8

154.7

172.2

Research & Development

85.1

89.0

84.2

94.2

99.7

    Impairment-Assets Held for Use

0.0

0.0

12.2

-

-

Unusual Expense (Income)

0.0

0.0

12.2

-

-

Total Operating Expense

5,107.1

4,925.8

4,688.7

4,768.6

5,077.6

 

 

 

 

 

 

Operating Income

-559.7

-676.3

-453.2

-454.8

-580.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-58.0

-50.8

-47.9

-43.3

-42.1

    Interest Expense, Net Non-Operating

-58.0

-50.8

-47.9

-43.3

-42.1

        Interest Income - Non-Operating

-4.4

18.3

5.9

3.5

4.3

        Investment Income - Non-Operating

-1.3

41.9

31.2

14.6

22.5

    Interest/Investment Income - Non-Operating

-5.7

60.2

37.1

18.1

26.8

Interest Income (Expense) - Net Non-Operating Total

-63.7

9.4

-10.7

-25.2

-15.3

    Other Non-Operating Income (Expense)

-109.1

12.5

-31.0

-5.0

-215.0

Other, Net

-109.1

12.5

-31.0

-5.0

-215.0

Income Before Tax

-732.5

-654.4

-495.0

-485.0

-810.3

 

 

 

 

 

 

Total Income Tax

-61.1

-57.6

-30.9

-18.7

-16.6

Income After Tax

-671.3

-596.8

-464.0

-466.2

-793.7

 

 

 

 

 

 

    Minority Interest

10.6

4.7

0.1

-4.8

-1.3

Net Income Before Extraord Items

-660.7

-592.1

-463.9

-471.0

-795.0

Net Income

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

7,313.0

7,313.0

7,312.4

7,312.4

7,363.0

Basic EPS Excl Extraord Items

-0.09

-0.08

-0.06

-0.06

-0.11

Basic/Primary EPS Incl Extraord Items

-0.09

-0.08

-0.06

-0.06

-0.11

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-660.7

-592.1

-463.9

-471.0

-795.0

Diluted Weighted Average Shares

7,313.0

7,313.0

7,312.4

7,312.4

7,363.0

Diluted EPS Excl Extraord Items

-0.09

-0.08

-0.06

-0.06

-0.11

Diluted EPS Incl Extraord Items

-0.09

-0.08

-0.06

-0.06

-0.11

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

58.0

50.8

47.9

43.3

42.1

Depreciation, Supplemental

753.2

863.9

879.3

875.0

809.2

Total Special Items

0.0

0.0

12.2

-

-

Normalized Income Before Tax

-732.5

-654.4

-482.8

-485.0

-810.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

4.3

-

-

Inc Tax Ex Impact of Sp Items

-61.1

-57.6

-26.7

-18.7

-16.6

Normalized Income After Tax

-671.3

-596.8

-456.1

-466.2

-793.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-660.7

-592.1

-456.0

-471.0

-795.0

 

 

 

 

 

 

Basic Normalized EPS

-0.09

-0.08

-0.06

-0.06

-0.11

Diluted Normalized EPS

-0.09

-0.08

-0.06

-0.06

-0.11

Research & Development Exp, Supplemental

85.1

89.0

84.2

94.2

99.7

Normalized EBIT

-559.7

-676.3

-441.0

-454.8

-580.0

Normalized EBITDA

193.5

187.6

438.2

420.3

229.1

 

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

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

1,774.1

2,029.2

1,141.5

1,794.9

1,655.3

    Short Term Investments

483.1

125.9

10.0

0.0

1.0

Cash and Short Term Investments

2,257.2

2,155.1

1,151.5

1,794.9

1,656.3

        Accounts Receivable - Trade, Gross

2,250.5

1,955.7

734.3

493.6

793.1

        Provision for Doubtful Accounts

-18.8

-31.0

-1.7

-3.1

-3.2

    Trade Accounts Receivable - Net

2,462.7

2,223.6

792.8

538.4

868.4

    Other Receivables

234.3

176.6

77.1

73.3

34.0

Total Receivables, Net

2,696.9

2,400.2

870.0

611.7

902.4

    Inventories - Finished Goods

721.6

795.2

338.6

271.7

334.6

    Inventories - Work In Progress

986.4

1,081.3

220.1

198.6

98.6

    Inventories - Raw Materials

469.6

613.1

103.9

80.9

70.0

    Inventories - Other

-219.2

-286.3

-8.4

-13.2

-3.7

Total Inventory

1,958.5

2,203.3

654.1

538.0

499.6

Prepaid Expenses

44.7

29.0

9.9

36.9

54.7

    Deferred Income Tax - Current Asset

20.7

26.8

12.1

18.1

5.8

    Other Current Assets

42.9

9.5

1.6

1.0

1.9

Other Current Assets, Total

63.5

36.3

13.7

19.1

7.6

Total Current Assets

7,020.8

6,823.8

2,699.2

3,000.6

3,120.7

 

 

 

 

 

 

        Buildings

5,548.0

5,554.6

303.6

145.8

146.3

        Land/Improvements

171.3

175.4

-

-

-

        Machinery/Equipment

12,648.8

11,779.5

1,672.9

1,697.7

1,573.6

        Construction in Progress

2,334.2

2,690.6

1,784.7

655.8

77.6

        Leases

34.2

48.4

-

-

-

        Other Property/Plant/Equipment

67.1

60.8

-

-

-

    Property/Plant/Equipment - Gross

20,803.5

20,309.4

3,761.2

2,499.4

1,797.5

    Accumulated Depreciation

-7,438.0

-4,528.9

-1,064.6

-760.1

-477.7

Property/Plant/Equipment - Net

13,365.5

15,780.5

2,696.6

1,739.3

1,319.9

Goodwill, Net

564.6

587.3

-

0.0

5.0

Intangibles, Net

46.9

60.6

0.0

-

-

    LT Investment - Affiliate Companies

158.2

154.5

5.1

-

-

    LT Investments - Other

570.3

305.7

63.3

17.6

16.9

Long Term Investments

728.5

460.2

68.4

17.6

16.9

    Deferred Charges

319.8

329.3

113.1

60.2

46.2

    Deferred Income Tax - Long Term Asset

484.9

282.2

57.1

20.2

32.9

    Other Long Term Assets

47.7

75.2

10.9

12.7

12.1

Other Long Term Assets, Total

852.4

686.7

181.1

93.1

91.2

Total Assets

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

Accounts Payable

3,941.8

3,771.2

952.8

567.2

747.3

Accrued Expenses

432.2

585.7

137.0

119.8

84.7

Notes Payable/Short Term Debt

2,858.9

1,071.9

380.7

501.1

97.2

Current Portion - Long Term Debt/Capital Leases

6,252.8

2,702.4

124.1

171.0

158.5

    Customer Advances

22.4

65.5

25.1

11.9

12.1

    Income Taxes Payable

9.8

16.8

1.8

13.7

49.6

    Other Payables

293.7

359.4

62.3

84.6

30.1

    Other Current Liabilities

32.0

85.4

50.4

34.8

2.3

Other Current liabilities, Total

357.8

527.1

139.7

144.9

94.1

Total Current Liabilities

13,843.6

8,658.3

1,734.3

1,504.0

1,181.7

 

 

 

 

 

 

    Long Term Debt

1,783.0

6,187.5

950.4

408.3

429.5

    Capital Lease Obligations

32.4

101.5

-

-

-

Total Long Term Debt

1,815.3

6,289.0

950.4

408.3

429.5

Total Debt

10,927.1

10,063.3

1,455.2

1,080.4

685.2

 

 

 

 

 

 

Minority Interest

82.1

142.8

0.0

-

-

    Pension Benefits - Underfunded

2.1

3.2

0.0

-

-

    Other Long Term Liabilities

356.5

431.3

0.2

0.1

4.1

Other Liabilities, Total

358.6

434.5

0.2

0.1

4.1

Total Liabilities

16,099.7

15,524.5

2,684.9

1,912.4

1,615.3

 

 

 

 

 

 

    Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

Additional Paid-In Capital

6,335.6

6,557.4

1,590.4

1,542.5

1,560.5

Retained Earnings (Accumulated Deficit)

-2,300.4

-178.9

301.9

416.6

521.6

Treasury Stock - Common

0.0

-0.5

0.0

-

-

Unrealized Gain (Loss)

-69.6

58.3

31.6

-

-

    Translation Adjustment

98.3

-69.7

18.9

27.2

8.0

    Other Equity

0.0

0.3

3.2

3.2

2.7

Other Equity, Total

98.3

-69.4

22.1

30.4

10.7

Total Equity

6,479.1

8,874.7

2,960.4

2,938.2

2,938.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Total Common Shares Outstanding

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Treasury Shares - Common Stock Primary Issue

0.0

0.4

0.0

0.0

0.0

Employees

116,056

108,272

45,680

30,450

29,300

Number of Common Shareholders

-

373,663

407,562

110,402

56,147

Deferred Revenue - Current

22.4

65.5

25.1

11.9

12.1

Total Long Term Debt, Supplemental

-

2,702.4

-

171.0

-

Long Term Debt Maturing within 1 Year

-

2,702.4

-

171.0

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

0.0

-

Total Capital Leases, Supplemental

97.8

169.4

-

-

-

Capital Lease Payments Due in Year 1

65.4

67.9

-

-

-

Capital Lease Payments Due in Year 2

32.4

67.9

-

-

-

Capital Lease Payments Due in Year 3

-

33.6

-

-

-

Capital Lease Payments Due in 2-3 Years

32.4

101.5

-

-

-

Total Operating Leases, Supplemental

166.3

265.8

29.2

28.4

30.4

Operating Lease Payments Due in Year 1

17.8

19.2

5.7

1.8

1.9

Operating Lease Payments Due in Year 2

16.6

69.4

1.6

1.7

2.3

Operating Lease Payments Due in Year 3

16.6

23.1

1.6

1.7

2.3

Operating Lease Payments Due in Year 4

16.6

23.1

1.6

1.7

2.3

Operating Lease Payments Due in Year 5

16.6

23.1

1.6

1.7

-

Operating Lease Pymts. Due in 2-3 Years

33.1

92.5

3.2

3.5

4.7

Operating Lease Pymts. Due in 4-5 Years

33.1

46.2

3.2

3.5

2.3

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

82.3

107.9

17.0

19.7

21.5

Pension Obligation - Domestic

46.1

49.7

3.3

3.1

2.2

Plan Assets - Domestic

42.5

40.1

3.1

2.9

2.3

Funded Status - Domestic

-3.6

-9.6

-0.3

-0.2

0.1

Accumulated Obligation - Domestic

23.4

24.6

2.0

1.8

1.5

Total Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Discount Rate - Domestic

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return - Domestic

1.90%

1.75%

2.25%

2.50%

2.50%

Compensation Rate - Domestic

3.50%

3.50%

3.00%

3.00%

3.00%

Accrued Liabilities - Domestic

-2.1

-3.2

-

-

-

Net Assets Recognized on Balance Sheet

-2.1

-3.2

-

-

-

Total Plan Obligations

46.1

49.7

3.3

3.1

2.2

Total Plan Assets

42.5

40.1

3.1

2.9

2.3

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

30.475

28.7235

29.4065

29.1565

 

 

 

 

 

 

    Cash & Equivalents

1,774.1

2,028.5

2,465.1

1,794.2

2,029.2

    Short Term Investments

481.0

220.1

196.9

148.9

116.6

Cash and Short Term Investments

2,255.1

2,248.6

2,662.0

1,943.1

2,145.8

        Accounts Receivable - Trade, Gross

2,250.5

2,162.1

2,141.2

1,986.0

1,955.7

        Provision for Doubtful Accounts

-18.8

-26.3

-20.1

-49.4

-31.0

    Trade Accounts Receivable - Net

2,462.7

2,473.7

2,477.3

2,373.9

2,223.6

    Notes Receivable - Short Term

2.1

14.3

8.0

6.1

9.3

    Other Receivables

234.3

258.8

275.4

182.9

176.6

Total Receivables, Net

2,699.0

2,746.8

2,760.8

2,562.8

2,409.5

    Inventories - Finished Goods

721.6

919.0

942.7

888.8

795.2

    Inventories - Work In Progress

986.4

1,024.8

1,247.0

1,256.2

1,081.3

    Inventories - Raw Materials

469.6

510.5

598.0

557.8

613.1

    Inventories - Other

-219.2

-258.9

-322.5

-323.9

-286.3

Total Inventory

1,958.5

2,195.3

2,465.3

2,378.9

2,203.3

Prepaid Expenses

44.7

46.9

40.0

35.2

29.0

    Deferred Income Tax - Current Asset

20.7

26.3

58.3

44.5

26.8

    Other Current Assets

42.9

44.0

38.6

17.3

9.5

Other Current Assets, Total

63.5

70.3

96.8

61.8

36.3

Total Current Assets

7,020.8

7,308.0

8,024.9

6,981.9

6,823.8

 

 

 

 

 

 

        Buildings

5,548.0

5,509.8

5,750.0

5,602.9

5,554.6

        Land/Improvements

171.3

170.6

177.9

173.7

175.4

        Machinery/Equipment

12,648.8

12,555.2

12,911.9

12,357.4

11,779.5

        Construction in Progress

2,334.2

2,260.7

2,341.9

2,355.8

2,690.6

        Leases

34.2

40.2

42.6

47.0

48.4

        Other Property/Plant/Equipment

67.1

65.5

67.9

63.5

60.8

    Property/Plant/Equipment - Gross

20,803.5

20,601.9

21,292.2

20,600.3

20,309.4

    Accumulated Depreciation

-7,438.0

-6,689.0

-6,200.8

-5,288.0

-4,528.9

Property/Plant/Equipment - Net

13,365.5

13,912.8

15,091.4

15,312.3

15,780.5

Goodwill, Net

564.6

561.0

595.2

581.4

587.3

Intangibles, Net

46.9

48.6

47.7

47.9

60.6

    LT Investment - Affiliate Companies

158.2

177.2

185.6

157.1

154.5

    LT Investments - Other

570.3

598.4

686.1

725.0

305.7

Long Term Investments

728.5

775.6

871.8

882.1

460.2

    Deferred Charges

319.8

353.6

393.0

408.8

329.3

    Deferred Income Tax - Long Term Asset

484.9

412.2

323.1

291.2

282.2

    Other Long Term Assets

47.7

36.5

42.1

76.2

75.2

Other Long Term Assets, Total

852.4

802.2

758.1

776.3

686.7

Total Assets

22,578.9

23,408.3

25,389.1

24,581.8

24,399.2

 

 

 

 

 

 

Accounts Payable

3,941.8

3,523.5

3,804.0

3,910.0

3,771.2

Accrued Expenses

432.2

451.8

380.2

466.2

585.7

Notes Payable/Short Term Debt

2,858.9

2,902.7

2,381.6

1,305.8

1,071.9

Current Portion - Long Term Debt/Capital Leases

6,252.8

2,330.1

2,420.9

2,347.1

2,702.4

    Customer Advances

22.4

25.3

73.7

64.7

65.5

    Income Taxes Payable

9.8

14.1

8.9

14.3

16.8

    Other Payables

293.7

227.3

258.8

301.8

359.4

    Other Current Liabilities

32.0

80.2

65.1

91.8

85.4

Other Current liabilities, Total

357.8

347.0

406.6

472.7

527.1

Total Current Liabilities

13,843.6

9,555.2

9,393.3

8,501.7

8,658.3

 

 

 

 

 

 

    Long Term Debt

1,783.0

6,162.1

7,332.0

7,058.0

6,187.5

    Capital Lease Obligations

32.4

64.6

68.6

100.7

101.5

Total Long Term Debt

1,815.3

6,226.7

7,400.6

7,158.6

6,289.0

Total Debt

10,927.1

11,459.6

12,203.1

10,811.5

10,063.3

 

 

 

 

 

 

Minority Interest

82.1

75.6

78.5

149.8

142.8

    Pension Benefits - Underfunded

2.1

2.1

2.0

2.5

3.2

    Other Long Term Liabilities

356.5

432.1

459.0

393.2

431.3

Other Liabilities, Total

358.6

434.2

461.0

395.7

434.5

Total Liabilities

16,099.7

16,291.7

17,333.4

16,205.9

15,524.5

 

 

 

 

 

 

    Common Stock

2,415.2

2,399.6

2,545.9

2,486.8

2,507.8

Common Stock

2,415.2

2,399.6

2,545.9

2,486.8

2,507.8

Additional Paid-In Capital

6,335.6

6,287.6

6,666.4

6,504.7

6,557.4

Retained Earnings (Accumulated Deficit)

-2,300.4

-1,629.6

-1,128.2

-646.8

-178.9

Treasury Stock - Common

0.0

0.0

0.0

-0.4

-0.5

Unrealized Gain (Loss)

-69.6

-55.2

6.1

46.2

58.3

    Translation Adjustment

98.3

114.1

-34.6

-14.7

-69.7

    Other Equity

0.0

0.0

0.0

0.0

0.3

Other Equity, Total

98.3

114.2

-34.6

-14.7

-69.4

Total Equity

6,479.1

7,116.6

8,055.7

8,375.9

8,874.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

22,578.9

23,408.3

25,389.1

24,581.8

24,399.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

7,313.0

7,312.9

7,312.8

7,312.3

7,311.4

Total Common Shares Outstanding

7,313.0

7,312.9

7,312.8

7,312.3

7,311.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.4

0.4

Employees

116,056

121,160

139,739

124,205

108,272

Deferred Revenue - Current

22.4

25.3

73.7

64.7

65.5

Total Capital Leases, Supplemental

97.8

129.6

137.5

-

169.4

Capital Lease Payments Due in Year 1

65.4

32.5

34.5

-

67.9

Capital Lease Payments Due in Year 2

32.4

65.0

68.9

-

67.9

Capital Lease Payments Due in Year 3

-

32.2

34.1

-

33.6

Capital Lease Payments Due in 2-3 Years

32.4

97.1

103.1

-

101.5

Total Operating Leases, Supplemental

166.3

151.6

180.3

181.4

265.8

Operating Lease Payments Due in Year 1

17.8

13.7

16.8

17.8

19.2

Operating Lease Payments Due in Year 2

16.6

13.7

16.8

16.5

69.4

Operating Lease Payments Due in Year 3

16.6

13.7

16.8

16.5

23.1

Operating Lease Payments Due in Year 4

16.6

13.7

16.8

16.5

23.1

Operating Lease Payments Due in Year 5

16.6

13.7

16.8

16.5

23.1

Operating Lease Pymts. Due in 2-3 Years

33.1

27.5

33.6

32.9

92.5

Operating Lease Pymts. Due in 4-5 Years

33.1

27.5

33.6

32.9

46.2

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

82.3

82.9

96.2

97.7

107.9

Accrued Liabilities - Domestic

-2.1

-2.1

-2.0

-2.5

-3.2

Net Assets Recognized on Balance Sheet

-2.1

-2.1

-2.0

-2.5

-3.2

 

 

 

 Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-2,203.5

-451.3

-72.6

153.8

491.7

    Depreciation

3,368.0

2,520.2

344.7

320.1

272.1

Depreciation/Depletion

3,368.0

2,520.2

344.7

320.1

272.1

Deferred Taxes

-209.5

-11.4

-28.9

-0.1

-24.3

    Unusual Items

89.3

-0.9

-0.2

12.1

-0.1

    Equity in Net Earnings (Loss)

16.4

-11.2

0.5

-

-

    Other Non-Cash Items

-52.8

-2.3

-7.2

10.0

-0.3

Non-Cash Items

52.9

-14.4

-6.8

22.0

-0.4

    Accounts Receivable

-289.1

-39.4

-249.1

311.9

-366.5

    Inventories

125.7

-449.1

-96.8

-54.2

-26.8

    Prepaid Expenses

-17.2

56.8

27.0

17.9

-49.8

    Other Assets

-12.4

-7.2

-4.1

1.0

-1.3

    Accounts Payable

427.4

352.9

375.4

-212.1

203.2

    Accrued Expenses

-135.8

263.5

25.4

34.5

27.9

    Taxes Payable

-6.6

12.1

-11.9

-36.8

42.3

    Other Liabilities

-142.4

247.3

31.2

29.5

6.3

Changes in Working Capital

-50.4

436.9

97.2

91.9

-164.8

Cash from Operating Activities

957.4

2,480.1

333.6

587.7

574.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-1,553.0

-3,046.6

-1,205.0

-634.3

-134.5

    Purchase/Acquisition of Intangibles

-10.9

-

-

-

-

Capital Expenditures

-1,563.9

-3,046.6

-1,205.0

-634.3

-134.5

    Sale of Fixed Assets

124.3

16.8

0.1

0.3

2.9

    Sale/Maturity of Investment

33.2

7.2

0.3

-

-

    Investment, Net

-877.7

7.3

-9.7

0.3

-1.5

    Purchase of Investments

-7.4

-28.7

-19.5

-7.8

-15.2

    Other Investing Cash Flow

-126.1

1,315.8

-107.3

-50.8

-41.3

Other Investing Cash Flow Items, Total

-853.7

1,318.3

-136.2

-58.1

-55.2

Cash from Investing Activities

-2,417.6

-1,728.3

-1,341.2

-692.4

-189.7

 

 

 

 

 

 

    Other Financing Cash Flow

1.4

-0.6

0.1

-16.5

-14.2

Financing Cash Flow Items

1.4

-0.6

0.1

-16.5

-14.2

    Cash Dividends Paid - Common

0.0

0.0

-19.0

-131.7

-14.2

Total Cash Dividends Paid

0.0

0.0

-19.0

-131.7

-14.2

        Sale/Issuance of Common

-

-

-

0.0

1,325.2

    Common Stock, Net

-

-

-

0.0

1,325.2

    Options Exercised

0.1

3.6

8.1

10.0

5.5

Issuance (Retirement) of Stock, Net

0.1

3.6

8.1

10.0

1,330.6

        Short Term Debt Issued

2,198.5

-

-

408.7

-

        Short Term Debt Reduction

-

-321.2

-122.2

-

-69.8

    Short Term Debt, Net

1,882.2

17.4

-122.2

408.7

-161.2

        Long Term Debt Issued

2,534.4

1,715.7

648.0

348.7

-

        Long Term Debt Reduction

-3,147.5

-1,749.4

-183.3

-356.8

-213.6

    Long Term Debt, Net

-613.1

-33.7

464.6

-8.1

-213.6

Issuance (Retirement) of Debt, Net

1,269.1

-16.3

342.4

400.6

-374.7

Cash from Financing Activities

1,270.5

-13.2

331.6

262.3

927.5

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-19.4

-2.1

-2.0

1.0

Net Change in Cash

-185.3

719.2

-678.2

155.6

1,313.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2,013.0

1,159.2

1,783.7

1,711.9

321.2

Net Cash - Ending Balance

1,827.8

1,878.4

1,105.6

1,867.5

1,634.4

Cash Interest Paid

198.6

131.0

18.9

33.2

36.2

Cash Taxes Paid

46.7

14.9

15.4

54.5

7.4

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

29.099862

29.074238

29.305764

31.497037

 

 

 

 

 

 

Net Income/Starting Line

-2,203.5

-1,527.4

-930.5

-466.2

-451.3

    Depreciation

3,368.0

2,618.3

1,754.6

875.0

2,520.2

Depreciation/Depletion

3,368.0

2,618.3

1,754.6

875.0

2,520.2

Deferred Taxes

-209.5

-147.5

-73.2

-29.5

-11.4

    Unusual Items

89.3

1.0

5.7

-0.6

-0.9

    Equity in Net Earnings (Loss)

16.4

-1.4

-1.4

-

-11.2

    Other Non-Cash Items

-52.8

-57.4

37.3

46.5

-2.3

Non-Cash Items

52.9

-57.8

41.6

45.9

-14.4

    Accounts Receivable

-289.1

-410.9

-358.0

-175.4

-39.4

    Inventories

125.7

-102.0

-284.1

-223.5

-449.1

    Prepaid Expenses

-17.2

-20.0

-10.4

-6.5

56.8

    Other Assets

-12.4

-14.0

-9.9

-8.0

-7.2

    Accounts Payable

427.4

-88.2

-39.6

122.1

352.9

    Accrued Expenses

-135.8

-113.7

-211.8

-115.0

263.5

    Taxes Payable

-6.6

-2.0

-8.1

-2.4

12.1

    Other Liabilities

-142.4

-13.3

-13.5

-18.3

247.3

Changes in Working Capital

-50.4

-764.2

-935.4

-426.9

436.9

Cash from Operating Activities

957.4

121.4

-142.8

-1.7

2,480.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-1,553.0

-1,342.6

-923.4

-545.1

-3,046.6

    Purchase/Acquisition of Intangibles

-10.9

-9.5

-2.3

-

-

Capital Expenditures

-1,563.9

-1,352.0

-925.6

-545.1

-3,046.6

    Sale of Fixed Assets

124.3

87.0

64.6

3.0

16.8

    Sale/Maturity of Investment

33.2

33.2

33.2

3.8

7.2

    Investment, Net

-877.7

-601.8

-493.7

-412.4

7.3

    Purchase of Investments

-7.4

-7.4

-7.4

-0.9

-28.7

    Other Investing Cash Flow

-126.1

-125.8

-109.9

-113.2

1,315.8

Other Investing Cash Flow Items, Total

-853.7

-614.9

-513.2

-519.8

1,318.3

Cash from Investing Activities

-2,417.6

-1,966.9

-1,438.8

-1,064.8

-1,728.3

 

 

 

 

 

 

    Other Financing Cash Flow

1.4

1.5

0.5

0.3

-0.6

Financing Cash Flow Items

1.4

1.5

0.5

0.3

-0.6

    Cash Dividends Paid - Common

0.0

-

-

-

0.0

Total Cash Dividends Paid

0.0

-

-

-

0.0

    Options Exercised

0.1

0.1

0.1

0.0

3.6

Issuance (Retirement) of Stock, Net

0.1

0.1

0.1

0.0

3.6

        Short Term Debt Issued

2,198.5

2,087.9

-

174.6

-

        Short Term Debt Reduction

-

-

-56.7

-

-321.2

    Short Term Debt, Net

1,882.2

1,968.4

1,277.5

231.3

17.4

        Long Term Debt Issued

2,534.4

2,155.5

1,983.6

1,230.0

1,715.7

        Long Term Debt Reduction

-3,147.5

-2,203.2

-1,297.4

-638.1

-1,749.4

    Long Term Debt, Net

-613.1

-47.7

686.3

591.9

-33.7

Issuance (Retirement) of Debt, Net

1,269.1

1,920.7

1,963.8

823.2

-16.3

Cash from Financing Activities

1,270.5

1,922.3

1,964.4

823.6

-13.2

 

 

 

 

 

 

Foreign Exchange Effects

4.4

14.4

17.7

24.5

-19.4

Net Change in Cash

-185.3

91.2

400.5

-218.4

719.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2,013.0

2,033.1

2,034.9

2,018.8

1,159.2

Net Cash - Ending Balance

1,827.8

2,124.3

2,435.4

1,800.4

1,878.4

Cash Interest Paid

198.6

137.6

79.5

58.4

131.0

Cash Taxes Paid

46.7

26.8

24.4

12.7

14.9

 

 

 

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

Reclassified Normal 
31-Dec-2010

Reclassified Normal
31-Dec-2009

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Gross Sales

17,514.9

15,800.9

5,048.0

5,196.1

4,814.5

    Sales Returns

-88.4

-37.6

-7.0

-13.3

-6.1

    Sales Discounts and Allowances

-70.9

-108.4

-53.0

-89.8

-23.7

Total Revenue

17,355.6

15,655.0

4,988.1

5,093.1

4,784.7

 

 

 

 

 

 

    Cost of Sales

18,553.6

14,968.5

4,860.4

4,711.7

4,103.6

    Selling Expenses

261.9

298.3

114.7

91.5

67.5

    General and Administrative Expenses

321.0

245.9

46.6

44.1

39.5

    Research and Development Expenses

352.5

288.2

71.0

64.4

54.2

    Inventory Devaluation & Obsolescence

-

-

-

-

0.0

    Impairment Loss

12.0

-

-

12.0

0.0

Total Operating Expense

19,500.9

15,800.9

5,092.7

4,923.8

4,264.8

 

 

 

 

 

 

    Interest Income

22.9

12.6

5.1

30.9

6.7

    Gain on Financial Assets Revaluation

204.6

112.0

5.0

3.7

1.1

    Gain on Equity Investment

0.0

11.2

0.0

-

-

    Dividend Income

6.1

12.0

0.3

-

-

    Gains on Sale of Investments

15.3

3.6

0.2

-

-

    Gain/Loss on Foreign Exchange

-53.4

-34.6

3.9

8.4

22.6

    Miscellaneous Income

104.7

34.8

13.0

7.7

14.5

    Interest Expense

-200.2

-148.3

-17.5

-33.4

-35.2

    Loss on Financial Assets Revaluation

-

-

-

0.0

0.0

    Loss on Financial Liabilities Revaluatio

-70.8

-58.4

-0.9

-9.3

-2.3

    Loss on Equity Investment

-16.4

0.0

-0.5

0.0

-

    Miscellaneous Disbursements

-240.0

-224.8

-1.9

-5.9

-10.1

Net Income Before Taxes

-2,372.6

-425.8

-97.9

171.3

517.2

 

 

 

 

 

 

Provision for Income Taxes

-169.1

25.4

-25.3

17.6

25.5

Net Income After Taxes

-2,203.5

-451.3

-72.6

153.8

491.7

 

 

 

 

 

 

    Minority Interest

10.9

-19.7

0.0

-

-0.1

Net Income Before Extra. Items

-2,192.6

-471.0

-72.6

153.8

491.6

Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-2,192.6

-471.0

-72.6

153.8

491.6

 

 

 

 

 

 

Basic Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,203.4

2,870.6

Basic EPS Excluding ExtraOrdinary Items

-0.30

-0.07

-0.02

0.05

0.17

Basic EPS Including ExtraOrdinary Items

-0.30

-0.07

-0.02

0.05

0.17

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-2,192.6

-471.0

-72.6

153.8

491.6

Diluted Weighted Average Shares

7,312.7

6,478.2

3,237.1

3,270.8

2,964.3

Diluted EPS Excluding ExtraOrd Items

-0.30

-0.07

-0.02

0.05

0.17

Diluted EPS Including ExtraOrd Items

-0.30

-0.07

-0.02

0.05

0.17

DPS-Common Stock

0.00

0.00

0.00

0.01

0.04

Gross Dividends - Common Stock

0.0

0.0

0.0

19.9

126.5

Normalized Income Before Taxes

-2,360.6

-425.8

-97.9

183.3

517.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-164.9

25.4

-25.3

18.8

25.5

Normalized Income After Taxes

-2,195.7

-451.3

-72.6

164.6

491.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2,184.8

-471.0

-72.6

164.6

491.6

 

 

 

 

 

 

Basic Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Diluted Normalized EPS

-0.30

-0.07

-0.02

0.05

0.17

Interest Expense, Supplemental

200.2

148.3

17.5

33.4

35.2

R&D Expense, Supplemental

352.5

288.2

71.0

64.4

54.2

Depreciation - Operating Cost

3,109.0

2,267.5

265.8

263.2

227.7

Depreciation - Operating Expense

62.0

51.2

18.1

17.7

15.9

Depreciation - Non-operating Expense

7.3

5.4

-

-

-

Amortization - Operating Cost

73.0

90.5

44.2

29.8

20.2

Amortization - Operating Expense

116.7

105.6

16.6

9.4

8.3

    Current Tax

-

-

-

14.2

49.0

Current Tax - Total

-

-

-

14.2

49.0

    Deferred Tax

-

-

-

-0.1

-24.3

Deferred Tax - Total

-

-

-

-0.1

-24.3

    Others

-

-

-

3.5

0.8

Income Tax - Total

-

-

-

17.6

25.5

Service Cost

0.4

0.4

0.0

0.0

0.0

Interest Cost

0.9

0.6

0.1

0.1

0.1

Expected Return on Plan Assets

-0.7

-0.6

-0.1

-0.1

0.0

Amort. of Actuarial Gain/Loss

0.3

0.0

0.1

0.0

0.0

Domestic Pension Plan Expense

0.8

0.5

0.1

0.1

0.1

Defined Contribution Expense - Domestic

30.5

23.0

3.6

-

-

Defined Contribution Expense - Foreign

26.8

21.1

8.3

-

-

Total Pension Expense

58.1

44.5

12.0

0.1

0.1

Discount Rate

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return on Plan Assets

1.90%

1.75%

2.25%

2.50%

2.50%

Rate of Compensation Increase

3.50%

3.50%

3.00%

3.00%

3.00%

 

 

 

Interim Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

30.256909

29.146237

28.855204

29.305764

30.350199

 

 

 

 

 

 

    Gross Sales

4,618.7

4,272.9

4,255.4

4,357.1

4,564.2

    Sales Returns

-57.2

-12.0

-10.9

-6.9

-27.6

    Sales Discounts and Allowances

-14.1

-11.5

-9.0

-36.2

-39.1

Total Revenue

4,547.4

4,249.5

4,235.4

4,313.9

4,497.5

 

 

 

 

 

 

    Cost of Sales

4,887.0

4,682.1

4,453.4

4,519.7

4,805.7

    Selling Expenses

60.4

69.8

54.3

77.5

83.1

    General and Administrative Expenses

74.6

84.9

84.6

77.2

89.1

    Research and Development Expenses

85.1

89.0

84.2

94.2

99.7

    Impairment Loss on Assets

0.0

0.0

12.2

-

-

Total Operating Expense

5,107.1

4,925.8

4,688.7

4,768.6

5,077.6

 

 

 

 

 

 

    Interest Income

-4.4

18.3

5.9

3.5

4.3

    Revaluation Gain on Financial Assets

31.9

115.6

39.3

18.6

26.8

    Gains on Sale of Investments

3.8

0.0

11.6

-

0.2

    Dividend Income

-2.0

8.3

-

-

4.4

    Foreign Exchange Gains/Losses

-5.1

-81.5

19.3

13.9

16.1

    Miscellaneous Income

2.3

23.8

72.5

7.6

11.3

    Interest Expense

-58.0

-50.8

-47.9

-43.3

-42.1

    Revaluation Loss on Fin. Liabilities

-12.5

-0.4

-40.4

-17.9

-30.7

    Gain/Loss on Equity Investment

-17.3

0.0

1.5

-

5.6

    Miscellaneous Disbursements

-111.4

-11.3

-103.5

-12.6

-226.3

Net Income Before Taxes

-732.5

-654.4

-495.0

-485.0

-810.3

 

 

 

 

 

 

Provision for Income Taxes

-61.1

-57.6

-30.9

-18.7

-16.6

Net Income After Taxes

-671.3

-596.8

-464.0

-466.2

-793.7

 

 

 

 

 

 

    Minority Interest

10.6

4.7

0.1

-4.8

-1.3

Net Income Before Extra. Items

-660.7

-592.1

-463.9

-471.0

-795.0

Net Income

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-660.7

-592.1

-463.9

-471.0

-795.0

 

 

 

 

 

 

Basic Weighted Average Shares

7,313.0

7,313.0

7,312.4

7,312.4

7,363.0

Basic EPS Excluding ExtraOrdinary Items

-0.09

-0.08

-0.06

-0.06

-0.11

Basic EPS Including ExtraOrdinary Items

-0.09

-0.08

-0.06

-0.06

-0.11

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-660.7

-592.1

-463.9

-471.0

-795.0

Diluted Weighted Average Shares

7,313.0

7,313.0

7,312.4

7,312.4

7,363.0

Diluted EPS Excluding ExtraOrd Items

-0.09

-0.08

-0.06

-0.06

-0.11

Diluted EPS Including ExtraOrd Items

-0.09

-0.08

-0.06

-0.06

-0.11

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-732.5

-654.4

-482.8

-485.0

-810.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-61.1

-57.6

-26.7

-18.7

-16.6

Normalized Income After Taxes

-671.3

-596.8

-456.1

-466.2

-793.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-660.7

-592.1

-456.0

-471.0

-795.0

 

 

 

 

 

 

Basic Normalized EPS

-0.09

-0.08

-0.06

-0.06

-0.11

Diluted Normalized EPS

-0.09

-0.08

-0.06

-0.06

-0.11

Interest Expense, Supplemental

58.0

50.8

47.9

43.3

42.1

R&D Expense, Supplemental

85.1

89.0

84.2

94.2

99.7

Depreciation & Amortization

753.2

863.9

879.3

875.0

809.2

 

 

 

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

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified 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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

1,774.1

2,029.2

1,141.5

1,794.9

1,655.3

    Financial Assets-Fair Value,Current

21.2

17.3

0.0

0.0

1.0

    Financial Assets-Available for Sale

0.6

99.2

0.0

-

-

    Note Receivable

2.1

9.3

-

-

-

    Accounts Receivable, Gross

2,250.5

1,955.7

734.3

493.6

793.1

    Provision for Doubtful Accounts

-5.8

-10.2

-1.7

-3.1

-3.2

    Provision for Sales Discount

-13.1

-20.9

-

-

-

    Accounts Receivable - Related Parties

231.0

298.9

60.2

48.0

78.4

    Other Receivables

234.3

176.6

77.1

73.3

34.0

    Other Financial Assets - Current

459.2

0.1

10.0

-

-

    Raw Material

469.6

613.1

103.9

80.9

70.0

    Work-in-Process

986.4

1,081.3

220.1

198.6

98.6

    Finished Goods

721.6

795.2

338.6

271.7

334.6

    Provision for Inventory

-219.2

-286.3

-8.4

-13.2

-3.7

    Prepayment

44.7

29.0

9.9

36.9

54.7

    Assets for Sale,Non-current

21.6

-

-

-

-

    Deferred Income Tax Assets - Current

20.7

26.8

12.1

18.1

5.8

    Other Current Assets

21.2

9.5

1.6

1.0

1.9

Total Current Assets

7,020.8

6,823.8

2,699.2

3,000.6

3,120.7

 

 

 

 

 

 

    Financial Assets, Fair Value - Non-Curr.

6.5

6.6

7.6

6.7

0.0

    Financial Assets Held for Sale

114.6

151.0

36.1

-

-

    Financial Assets - Cost Method, Non-Cur.

42.3

148.1

18.2

9.6

12.4

    Debt Investments without Active Market,

-

0.0

1.4

1.3

0.0

    Long Term Equity Investment

158.2

154.5

5.1

-

-

    Prepayments for Long Term Investment

-

-

-

0.0

3.1

    Other Financial Assets - Non-Current

406.9

0.0

0.0

0.0

1.5

    Land

171.3

175.4

-

-

-

    Buildings and Structures

5,542.6

5,547.7

302.8

144.8

145.3

    Machinery and Equipment

12,101.9

11,278.7

1,495.4

1,388.5

1,296.6

    Laboratory Equipment

204.4

187.5

102.9

236.6

220.6

    Transportation Equipment

32.9

32.2

2.1

1.8

1.6

    Office Equipment

69.7

63.3

20.5

18.4

14.8

    Leased Assets

67.1

60.8

-

-

-

    Leasehold Improvement

5.4

6.9

0.8

1.0

1.0

    Miscellaneous Equipment

239.8

217.8

52.0

52.4

40.1

    Accumulated Depreciation

-7,433.1

-4,525.4

-1,064.6

-760.1

-477.7

    Construction in Progress & Prepaid Equip

2,334.2

2,690.6

1,784.7

655.8

77.6

    Goodwill, Net

564.6

587.3

-

0.0

5.0

    Other Intangible Assets

46.9

60.6

0.0

-

-

    Rental Assets

34.2

48.4

-

-

-

    Accumulated Depreciation - Assets for Le

-4.9

-3.4

-

-

-

    Idled Assets

6.2

35.1

-

-

-

    Security Deposits Paid

-

-

-

12.7

12.1

    Deferred Charges

319.8

329.3

113.1

60.2

46.2

    Deferred Income Tax Assets - Non Current

484.9

282.2

57.1

20.2

32.9

    Other Assets - Other

41.5

40.1

10.9

-

-

Total Assets

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    Short Term Borrowings

2,780.6

671.5

380.7

501.0

96.4

    Short Term Notes & Bills Payable

75.9

397.7

0.0

-

-

    Financial Liability - Fair Value, Curr.

2.4

2.7

-

0.1

0.8

    Accounts Payable

3,300.9

3,347.8

884.7

538.3

697.8

    Accounts Payable - Related Parties

641.0

423.3

68.1

28.8

49.5

    Income Tax Payables

9.8

16.8

1.8

13.7

49.6

    Accrued Expenses

432.2

585.7

137.0

119.8

84.7

    Equipment Payable

104.9

271.7

57.0

84.3

19.1

    Other Payables

188.8

87.7

5.3

0.4

11.0

    Advance Receipts

22.4

65.5

25.1

11.9

12.1

    Current Portion of Long Term Debt

6,187.4

2,634.5

124.1

171.0

158.5

    Current Portion of Lease Payment

65.4

67.9

0.0

-

-

    Other Current Liabilities

32.0

85.4

50.4

34.8

2.3

Total Current Liabilities

13,843.6

8,658.3

1,734.3

1,504.0

1,181.7

 

 

 

 

 

 

    Long Term Borrowings

1,716.9

6,050.3

950.4

408.3

429.5

    Corporate Bonds Payable

66.1

137.2

0.0

-

-

    Lease Payable

32.4

101.5

-

-

-

Total Long Term Debt

1,815.3

6,289.0

950.4

408.3

429.5

 

 

 

 

 

 

    Hedging Derivative Liabilities - Non-cur

24.3

40.2

0.0

-

-

    Accrued Pension Liabilities

2.1

3.2

0.0

-

-

    LT Security Deposits Received

-

-

-

0.1

0.1

    Other Long Term Liabilities

332.2

391.1

0.2

0.0

4.0

    Minority Interest

82.1

142.8

0.0

-

-

Total Liabilities

16,099.7

15,524.5

2,684.9

1,912.4

1,615.3

 

 

 

 

 

 

    Common Stock

2,415.2

2,507.8

1,014.4

948.6

845.5

    Advance Receipt for Common Stock

0.0

0.3

3.2

3.2

2.7

    Paid-In Capital

6,294.8

1,734.9

1,581.5

1,533.8

1,551.8

    Capital Gain on LT Investments

9.4

0.9

0.4

0.4

0.4

    Consolidated Excess

-

4,802.2

8.5

8.2

8.3

    Employee Stock Option

31.4

19.3

0.0

-

-

    Legal Reserve

76.9

79.9

72.8

56.2

7.1

    Retained Earnings

-2,377.4

-258.7

229.1

360.4

514.5

    Unrealized G/L of Financial Products

-69.6

58.3

31.6

-

-

    Cumulative Translation Adjustment

98.3

-69.7

18.9

27.2

8.0

    Treasury Stock

0.0

-0.5

0.0

-

-

Total Equity

6,479.1

8,874.7

2,960.4

2,938.2

2,938.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

22,578.9

24,399.2

5,645.3

4,850.5

4,553.7

 

 

 

 

 

 

    S/O-Common Stock

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

Total Common Shares Outstanding

7,313.0

7,311.4

3,244.6

3,206.5

3,107.1

T/S-Common Stock

0.0

0.4

0.0

0.0

0.0

Deferred Revenue, Current

22.4

65.5

25.1

11.9

12.1

Full-Time Employees

116,056

108,272

45,680

30,450

29,300

Number of Common Shareholders

-

373,663

407,562

110,402

56,147

Current maturities

-

2,702.4

-

171.0

-

Total Long Term Debt, Supplemental

-

2,702.4

-

171.0

-

Capital Lease Payments Due within 1 Year

65.4

67.9

-

-

-

Capital Lease Payments Due in Year 2

32.4

67.9

-

-

-

Capital Lease Payments Due in Year 3

-

33.6

-

-

-

Total Capital Leases

97.8

169.4

-

-

-

Operating Lease Due Within 1 year

17.8

19.2

5.7

1.8

1.9

Operating Lease Due Within 2 years

-

69.4

-

-

-

Operating Lese Due Within 2-4 years

-

-

-

-

7.0

Operating Lease Due Within 5 years

66.2

69.4

6.5

6.9

-

Operating Lease - Remaining years

82.3

107.9

17.0

19.7

21.5

Total Operating Leases

166.3

265.8

29.2

28.4

30.4

Accumulated Benefit Obligation

23.4

24.6

2.0

1.8

1.5

Benefit Obligation

46.1

49.7

3.3

3.1

2.2

Fair Value of Plan Assets

42.5

40.1

3.1

2.9

2.3

Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Total Funded Status

-3.6

-9.6

-0.3

-0.2

0.1

Discount Rate

1.90%

1.75%

2.25%

2.50%

3.50%

Expected Rate of Return on Plan Assets

1.90%

1.75%

2.25%

2.50%

2.50%

Rate of Compensation Increase

3.50%

3.50%

3.00%

3.00%

3.00%

Accrued Pension Liabilities

-2.1

-3.2

-

-

-

Net Assets Recognized on Balance Sheet

-2.1

-3.2

-

-

-

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

30.279

30.475

28.7235

29.4065

29.1565

 

 

 

 

 

 

    Cash and Cash Equivalent

1,774.1

2,028.5

2,465.1

1,794.2

2,029.2

    Financial Assets-Fair Value through P/L

21.2

55.3

5.2

1.0

17.3

    Financial Assets-Available for Sale

0.6

0.6

111.8

147.9

99.2

    Other Financial Assets - Current

459.2

164.2

79.9

0.0

0.1

    Notes Receivable

2.1

14.3

8.0

6.1

9.3

    Accounts Receivable, Gross

2,250.5

2,162.1

2,141.2

1,986.0

1,955.7

    Provision for Doubtful Accounts

-5.8

-7.3

-8.0

-11.0

-10.2

    Provision for Sales Return & Discount

-13.1

-19.0

-12.1

-38.4

-20.9

    Accounts Receivable - Related Parties

231.0

337.9

356.2

437.3

298.9

    Other Receivables

234.3

258.8

275.4

182.9

176.6

    Raw Material

469.6

510.5

598.0

557.8

613.1

    Work-in-Process

986.4

1,024.8

1,247.0

1,256.2

1,081.3

    Finished Goods

721.6

919.0

942.7

888.8

795.2

    Provision for Inventory

-219.2

-258.9

-322.5

-323.9

-286.3

    Assets for Sale,Non-current

21.6

21.5

18.9

-

-

    Prepayment

44.7

46.9

40.0

35.2

29.0

    Deferred Income Tax Assets - Current

20.7

26.3

58.3

44.5

26.8

    Other Current Assets

21.2

22.5

19.7

17.3

9.5

Total Current Assets

7,020.8

7,308.0

8,024.9

6,981.9

6,823.8

 

 

 

 

 

 

    Financial Assets-Fair Value through P/L

6.5

6.3

6.7

6.6

6.6

    Fin. Assets-for Sale,Non-Current

114.6

126.1

200.6

147.3

151.0

    Financial Assets at Cost- Non-Current

42.3

41.4

43.9

145.5

148.1

    Debt Investments Non-active, Non-current

-

-

0.0

0.0

0.0

    Long Term Equity Investment

158.2

177.2

185.6

157.1

154.5

    Other Financial Assets - Non Current

406.9

424.6

434.8

425.6

0.0

    Land

171.3

170.6

177.9

173.7

175.4

    Buildings and Structures

5,542.6

5,503.7

5,743.8

5,596.5

5,547.7

    Machinery and Equipment

12,101.9

12,012.0

12,368.2

11,842.8

11,278.7

    Laboratory Equipment

204.4

206.2

213.8

196.7

187.5

    Transportation Equipment

32.9

32.5

32.4

32.6

32.2

    Office Equipment

69.7

68.7

67.3

64.5

63.3

    Leased Assets

67.1

65.5

67.9

63.5

60.8

    Leasehold Improvement

5.4

6.1

6.2

6.5

6.9

    Miscellaneous Equipment

239.8

235.7

230.2

220.7

217.8

    Accumulated Depreciation

-7,433.1

-6,684.8

-6,197.1

-5,283.7

-4,525.4

    Construction in Progress & Prepaid Equip

2,334.2

2,260.7

2,341.9

2,355.8

2,690.6

    Goodwill

564.6

561.0

595.2

581.4

587.3

    Other Intangible Assets

46.9

48.6

47.7

47.9

60.6

    Assets for Lease

34.2

40.2

42.6

47.0

48.4

    Accum. Depreciation-Assets for Lease

-4.9

-4.2

-3.7

-4.3

-3.4

    Idle Assets

6.2

0.0

0.0

32.6

35.1

    Deferred Charges

319.8

353.6

393.0

408.8

329.3

    Deferred Income Tax Assets - Non Current

484.9

412.2

323.1

291.2

282.2

    Other Assets

41.5

36.5

42.1

43.6

40.1

Total Assets

22,578.9

23,408.3

25,389.1

24,581.8

24,399.2

 

 

 

 

 

 

    Short Term Borrowings

2,780.6

2,636.1

2,032.2

839.9

671.5

    Short Term Notes & Bills Payable

75.9

266.4

346.3

450.8

397.7

    Fin. Liabilities-FV through P/L, Current

2.4

0.2

3.1

15.0

2.7

    Hedging Derivative Liabilities, Current

-

-

-

0.0

-

    Preferred Stock Liabilities-Current

-

0.0

-

-

-

    Accounts Payable

3,300.9

3,042.4

3,281.6

3,382.9

3,347.8

    Accounts Payable - Related Parties

641.0

481.1

522.4

527.0

423.3

    Income Taxes Payable

9.8

14.1

8.9

14.3

16.8

    Accrued Expenses

432.2

451.8

380.2

466.2

585.7

    Equipment Payables

104.9

143.2

185.9

252.1

271.7

    Other Payables

188.8

84.1

72.9

49.7

87.7

    Advance Receipts

22.4

25.3

73.7

64.7

65.5

    Current Portion of Long Term Debt

6,187.4

2,265.2

2,352.0

2,279.8

2,634.5

    Current Portion of Lease Payable

65.4

65.0

68.9

67.3

67.9

    Other Current Liabilities

32.0

80.2

65.1

91.8

85.4

Total Current Liabilities

13,843.6

9,555.2

9,393.3

8,501.7

8,658.3

 

 

 

 

 

 

    Corporate Bonds Payable

66.1

131.3

139.3

136.0

137.2

    Long Term Borrowings

1,716.9

6,030.8

7,192.8

6,921.9

6,050.3

    Lease Payable

32.4

64.6

68.6

100.7

101.5

    Preferred Stock Liabilities-Non Current

-

-

0.0

0.0

-

Total Long Term Debt

1,815.3

6,226.7

7,400.6

7,158.6

6,289.0

 

 

 

 

 

 

    Accrued Pension Liabilities

2.1

2.1

2.0

2.5

3.2

    Other Long Term Liabilities

332.2

403.1

420.0

351.6

391.1

    Minority Interest

82.1

75.6

78.5

149.8

142.8

    Hedging Derivative Liabilities - Non-cur

24.3

29.0

39.0

41.6

40.2

Total Liabilities

16,099.7

16,291.7

17,333.4

16,205.9

15,524.5

 

 

 

 

 

 

    Common Stock

2,415.2

2,399.6

2,545.9

2,486.8

2,507.8

    Advance Receipt for Common Stock

0.0

0.0

0.0

0.0

0.3

    Paid-In Capital

6,294.8

1,659.8

1,761.1

1,720.2

1,734.9

    Capital Surplus, Long-term Investments

9.4

5.0

5.2

1.2

0.9

    Capital Surplus, Premium from Merger

-

4,594.4

4,874.6

4,761.4

4,802.2

    Employee Stock Option

31.4

28.3

25.6

22.1

19.3

    Legal Reserve

76.9

76.4

81.1

79.2

79.9

    Retained Earnings

-2,377.4

-1,706.1

-1,209.3

-726.0

-258.7

    Unrealized G/L on Financial Instruments

-69.6

-55.2

6.1

46.2

58.3

    Cumulative Translation Adjustment

98.3

114.1

-34.6

-14.7

-69.7

    Treasury Stock

0.0

0.0

0.0

-0.4

-0.5

Total Equity

6,479.1

7,116.6

8,055.7

8,375.9

8,874.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

22,578.9

23,408.3

25,389.1

24,581.8

24,399.2

 

 

 

 

 

 

    S/O-Common Stock

7,313.0

7,312.9

7,312.8

7,312.3

7,311.4

Total Common Shares Outstanding

7,313.0

7,312.9

7,312.8

7,312.3

7,311.4

T/S-Common Stock

0.0

0.0

0.0

0.4

0.4

Deferred Revenue, Current

22.4

25.3

73.7

64.7

65.5

Full-Time Employees

116,056

121,160

139,739

124,205

108,272

Capital Lease Payment within 1 Year

65.4

32.5

34.5

-

67.9

Capital Lease Payment in 2 Years

32.4

65.0

68.9

-

67.9

Capital Lease Payment in 3 Years

-

32.2

34.1

-

33.6

Total Capital Leases

97.8

129.6

137.5

-

169.4

Operating Lease due within 1 Year

17.8

13.7

16.8

17.8

19.2

Operating Lease due in 2 Years

-

-

-

-

69.4

Operating Lease due in 5 Years

66.2

55.0

67.3

65.8

69.4

Operating Lease - Remaining Years

82.3

82.9

96.2

97.7

107.9

Total Operating Leases

166.3

151.6

180.3

181.4

265.8

Accrued Pension Liabilities

-2.1

-2.1

-2.0

-2.5

-3.2

Net Assets Recognized on Balance Sheet

-2.1

-2.1

-2.0

-2.5

-3.2

 

 

 

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-2007

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 with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-2,203.5

-451.3

-72.6

153.8

491.7

    Depreciation

3,368.0

2,520.2

344.7

320.1

272.1

    Bad Debts

-4.2

-2.1

-1.5

-

0.0

    Reversal of Inventory Devaluation

-52.1

-0.4

-4.9

-

-

    Inventory Devaluation & Obsolescence

-

-

-

9.9

0.0

    Stock Option Transferrd to Employees

13.2

8.0

-

-

-

    Obsolete Loss on Inventories

94.5

-

-

-

-

    Impairment Loss

12.0

-

0.0

12.0

-

    Gain on Sale of Investments

-15.3

-3.6

-0.2

-

-

    Amort. on Disc. of Bond Invest. Inact. M

0.0

0.0

-0.1

-0.1

-

    Net Gain on Fncl. Assets/Liab. Valuation

-19.5

-12.0

-0.7

0.1

-0.3

    Bank-sponsored Loans Amortization

5.6

-

-

-

-

    Equity Investment Gain/Loss

16.4

-11.2

0.5

-

-

    Cash Dividends from Equity Subsidiaries

4.1

4.3

-

-

-

    Disposal of Fixed Assets

-1.9

2.8

0.1

0.1

-0.1

    Accounts Receivable

-281.4

24.2

-224.8

309.0

-288.2

    Accounts Receivable - Related Parties

58.5

-69.5

-20.9

42.9

-60.8

    Other Receivables

-66.2

5.9

-3.4

-40.0

-17.5

    Inventories

125.7

-449.1

-96.8

-54.2

-26.8

    Prepayment

-17.2

56.8

27.0

17.9

-49.8

    Deferred Income Tax Assets/Liabilities

-209.5

-11.4

-28.9

-0.1

-24.3

    Other Current Assets

-12.4

-7.2

-1.0

1.0

-1.3

    Other Assets - Other

-

0.0

-3.1

-

-

    Accounts Payable

79.5

339.2

325.9

-160.9

19.3

    Accounts Payable - Related Parties

240.4

32.4

44.6

-40.2

185.5

    Accrued Expenses

-135.8

263.5

25.4

34.5

27.9

    Other Payables

107.5

-18.7

4.8

-10.9

-1.6

    Taxes Payables

-6.6

12.1

-11.9

-36.8

42.3

    Advance Receipts

-41.9

34.2

16.8

-0.1

5.1

    Other Current Liabilities

-52.3

-1.1

14.4

33.7

1.2

    Other Liabilities - Other

-47.2

214.0

0.0

-4.1

-

    Accrued Pension Liabilities

-1.0

0.2

-

-

0.0

Cash from Operating Activities

957.4

2,480.1

333.6

587.7

574.3

    Financial Lia. at Fair Value - Current

14.5

-6.9

-0.1

-

-

    Hedging Derivative Financial Liabilities

-12.8

13.6

-

-

-

    Financial Assets at Fair Value - Current

-

-

-

0.3

-

    Fncl. Asst. at FV-Non-Current, Increase

-

-

0.0

-7.0

-

    Purchase of Financial Assets for Sale

-4.4

-

-

-

-

    Other Financial Assets

-892.2

14.2

-9.7

0.0

-1.5

    Sale of Financial Assets HFS, Non-Curr.

16.6

0.0

0.3

-

-

    Financial Assets - Cost Method, Non-Cur.

-2.7

-14.7

-14.1

-0.8

-12.2

    Disposal of Financial Assets-Cost Method

5.2

0.5

-

-

-

    LT Equity Investment Increase

-0.3

-14.0

-5.5

-

-

    Disposal of LT Equity Investment

11.4

6.7

-

-

-

    Cap. Return of Fin. Assets-Cost Method

0.3

-

-

-

-

    Capital Expenditure

-1,553.0

-3,046.6

-1,205.0

-634.3

-134.5

    Disposal of Fixed Assets

124.3

16.8

0.1

0.3

2.9

    Security Deposit Paid

1.3

0.6

4.9

-0.1

-2.9

    Purchase of Intangible Assets

-10.9

-

-

-

-

    Deferred Charges

-114.9

-50.9

-112.3

-50.7

-40.9

    Prepayments for Long Term Investment

-

-

-

0.0

-3.0

    Gain from Consolidation

0.0

1,352.6

-

0.0

2.5

Cash from Investing Activities

-2,417.6

-1,728.3

-1,341.2

-692.4

-189.7

    Short Term Borrowings Increase

2,198.5

-

-

408.7

-

    Repayment of Short Term Borrowings

-

-321.2

-122.2

-

-69.8

    Short Term Notes Increase/Decrease

-316.3

338.7

-

0.0

-91.3

    Long Term Borrowings Increase

2,534.4

1,715.7

648.0

348.7

-

    Repayment of Long Term Borrowings

-3,080.1

-1,210.3

-183.3

-356.8

-213.6

    Repayment of Lease Payable

-67.4

-62.9

-

-

-

    Preferred Stock Liabilities Decrease

0.0

-476.2

-

-

-

    Security Deposit Received

1.4

-0.6

0.1

-0.1

-0.1

    Cash Capital

-

-

-

0.0

1,325.2

    Shares Issued - Options Exercised

0.1

3.6

8.1

10.0

5.5

    Minority Interest

-

-

-

0.0

-12.8

    Employees Bonus & Directors Remuneration

-

-

0.0

-16.5

-1.3

    Cash Dividend

0.0

0.0

-19.0

-131.7

-14.2

Cash from Financing Activities

1,270.5

-13.2

331.6

262.3

927.5

 

 

 

 

 

 

Foreign Exchange Effects

4.4

-19.4

-2.1

-2.0

1.0

Net Change in Cash

-185.3

719.2

-678.2

155.6

1,313.2

 

 

 

 

 

 

Net Cash - Beginning Balance

2,013.0

1,159.2

1,783.7

1,711.9

321.2

Net Cash - Ending Balance

1,827.8

1,878.4

1,105.6

1,867.5

1,634.4

    Cash Interest Paid

198.6

131.0

18.9

33.2

36.2

    Cash Taxes Paid

46.7

14.9

15.4

54.5

7.4

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

29.099862

29.074238

29.305764

31.497037

 

 

 

 

 

 

Net Income

-2,203.5

-1,527.4

-930.5

-466.2

-451.3

    Depreciation

3,368.0

2,618.3

1,754.6

875.0

2,520.2

    Bank-sponsored Loans Amortization

5.6

4.2

-

-

-

    Prov. for Bad Debts

-4.2

-2.6

-2.3

0.9

-2.1

    Inventory Devaluation & Obsolescence

-52.1

-15.9

31.7

28.5

-0.4

    Impairment Loss

12.0

12.1

12.1

-

-

    Obsolete Loss on Inventories

94.5

-

-

-

-

    Employee Stock Option Cost

13.2

10.3

5.9

2.9

8.0

    Amort. on Disc. of Bond Invest. Inactive

0.0

0.0

0.0

0.0

0.0

    G/L on Revaluation of Fincl. Ass/Liabi.

-19.5

-57.7

-2.1

14.1

-12.0

    Cash Dividends from Equity Subsidiaries

4.1

4.2

4.2

-

4.3

    Equity Investment Gain/Loss

16.4

-1.4

-1.4

-

-11.2

    Gain on Sale of Investments

-15.3

-11.5

-11.5

-2.3

-3.6

    G/L on Disposal&Write-off of Properties

-1.9

0.4

5.1

1.7

2.8

    Accounts Receivable

-281.4

-262.4

-210.8

-26.2

24.2

    Accounts Receivable - Related Parties

58.5

-54.4

-52.2

-141.4

-69.5

    Other Receivables

-66.2

-94.1

-95.0

-7.8

5.9

    Inventories

125.7

-102.0

-284.1

-223.5

-449.1

    Prepayment

-17.2

-20.0

-10.4

-6.5

56.8

    Deferred Tax Assets

-209.5

-147.5

-73.2

-29.5

-11.4

    Other Current Assets

-12.4

-14.0

-9.9

-8.0

-7.2

    Other Assets - Other

-

-

-

0.0

-

    Accounts Payable

79.5

-168.2

-115.3

63.8

339.2

    Accounts Payable - Related Parties

240.4

79.7

91.6

107.6

32.4

    Tax Payable

-6.6

-2.0

-8.1

-2.4

12.1

    Accrued Expenses

-135.8

-113.7

-211.8

-115.0

263.5

    Other Payables

107.5

0.3

-15.9

-49.4

-18.7

    Advance Receipts

-41.9

-39.1

7.1

-0.2

34.2

    Other Current Liabilities

-52.3

-2.0

-41.5

19.2

-1.1

    Accrued Pension Liabilities

-1.0

-1.0

-1.2

-0.7

0.2

    Other Liabilities

-47.2

28.7

22.1

-36.6

214.0

Cash from Operating Activities

957.4

121.4

-142.8

-1.7

2,480.1

 

 

 

 

 

 

    Fin.Assets&Liability-Fair Value, Current

14.5

14.7

14.7

14.6

-6.9

    Hedging Derivative Financial Liabilities

-12.8

-10.6

-1.7

-1.2

13.6

    Fin. Assets-Cost Method Inc.

-2.7

-2.7

-2.7

-0.8

-14.7

    Sale of Financial Assets-Cost

5.2

5.3

5.3

1.3

0.5

    Equity Investment Increase

-0.3

-0.2

-0.2

-0.1

-14.0

    Disposal of LT Equity Investment

11.4

11.2

11.2

0.0

6.7

    Financial Assets for Sale Increase

-4.4

-4.5

-4.5

-

-

    Sale of Finl. Assets for Sale

16.6

16.7

16.7

2.5

0.0

    Other Financial Assets

-892.2

-616.5

-508.4

-427.0

14.2

    Capital Expenditure

-1,553.0

-1,342.6

-923.4

-545.1

-3,046.6

    Disposal of Fixed Assets

124.3

87.0

64.6

3.0

16.8

    Cap. Return of Fin. Assets-Cost Method

0.3

-

-

-

-

    Purchase of Intangible Assets

-10.9

-9.5

-2.3

-

-

    Security Deposit Paid

1.3

1.6

1.1

-0.1

0.6

    Deferred Charges & Other Assets

-114.9

-116.8

-109.2

-111.9

-50.9

    Consolidation Adjustments

0.0

-

-

-

1,352.6

Cash from Investing Activities

-2,417.6

-1,966.9

-1,438.8

-1,064.8

-1,728.3

 

 

 

 

 

 

    Short Term Borrowings Increase

2,198.5

2,087.9

-

174.6

-

    Repayment of Short Term Borrowings

-

-

-56.7

-

-321.2

    STNotes Increase/Decrease

-316.3

-119.5

1,334.3

56.7

338.7

    Long Term Borrowings Increase

2,534.4

2,155.5

1,983.6

1,230.0

1,715.7

    Repayment of LT Borrowings

-3,080.1

-2,169.1

-1,263.3

-638.1

-1,210.3

    Lease Payable Decrease

-67.4

-34.0

-34.1

-

-62.9

    Preferred Stock Liabilities Decrease

0.0

-

-

-

-476.2

    Security Deposit Received

1.4

1.5

0.5

0.3

-0.6

    Shares Issued - Options Exercised

0.1

0.1

0.1

0.0

3.6

    Cash Dividend

0.0

-

-

-

0.0

Cash from Financing Activities

1,270.5

1,922.3

1,964.4

823.6

-13.2

 

 

 

 

 

 

Foreign Exchange Effects

4.4

14.4

17.7

24.5

-19.4

Net Change in Cash

-185.3

91.2

400.5

-218.4

719.2

Net Cash - Beginning Balance

2,013.0

2,033.1

2,034.9

2,018.8

1,159.2

Net Cash - Ending Balance

1,827.8

2,124.3

2,435.4

1,800.4

1,878.4

    Cash Interest Paid

198.6

137.6

79.5

58.4

131.0

    Cash Taxes Paid

46.7

26.8

24.4

12.7

14.9

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

           

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

3,918.0

22.6 %

3,971.5

25.4 %

3,739.9

74.6 %

3,790.8

73.6 %

3,541.7

74 %

Hong Kong

3,201.0

18.4 %

3,131.8

20 %

-

-

-

-

-

-

China

3,558.2

20.5 %

3,679.4

23.5 %

-

-

-

-

-

-

United States

2,870.4

16.5 %

1,770.9

11.3 %

-

-

-

-

-

-

Asia

-

-

2,297.3

14.7 %

-

-

-

-

-

-

America

-

-

-

-

707.9

14.1 %

817.0

15.9 %

817.5

17.1 %

Other Foreign

3,808.0

21.9 %

3,101.3

19.8 %

567.8

11.3 %

541.5

10.5 %

425.5

8.9 %

Segment Total

17,355.6

100 %

15,655.0

100 %

5,015.7

100 %

5,149.4

100 %

4,784.7

100 %

Intercompany Eliminations

-

-

-

-

-

-

-

-

0.0

0 %

Consolidated Total

17,355.6

100 %

15,655.0

100 %

5,015.7

100 %

5,149.4

100 %

4,784.7

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

33.023867

 

31.543497

 

32.848802

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

1,883.4

28.3 %

1,229.6

58.9 %

1,296.2

66 %

1,206.5

81.3 %

Asia

4,779.1

71.7 %

-

-

-

-

-

-

America

-

-

-

-

-

-

0.0

0 %

Other Foreign

-

-

859.3

41.1 %

667.3

34 %

278.3

18.7 %

Segment Total

6,662.6

100 %

2,088.9

100 %

1,963.5

100 %

1,484.8

100 %

Intercompany Eliminations

-6,662.6

-100 %

-2,088.9

-100 %

-1,963.5

-100 %

-1,484.8

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: TWD to USD

31.497037

 

33.023867

 

31.543497

 

32.848802

 

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

3,918.0

22.6 %

3,971.5

25.4 %

4,969.4

69.9 %

5,087.0

71.5 %

4,748.2

75.7 %

Hong Kong

3,201.0

18.4 %

3,131.8

20 %

-

-

-

-

-

-

China

3,558.2

20.5 %

3,679.4

23.5 %

-

-

-

-

-

-

United States

2,870.4

16.5 %

1,770.9

11.3 %

-

-

-

-

-

-

Asia

-

-

7,076.4

45.2 %

-

-

-

-

-

-

America

-

-

-

-

707.9

10 %

817.0

11.5 %

817.5

13 %

Other Foreign

3,808.0

21.9 %

3,101.3

19.8 %

1,427.1

20.1 %

1,208.9

17 %

703.8

11.2 %

Segment Total

17,355.6

100 %

15,655.0

100 %

7,104.5

100 %

7,112.9

100 %

6,269.5

100 %

Intercompany Eliminations

-

-

-6,662.6

-42.6 %

-2,088.9

-29.4 %

-1,963.5

-27.6 %

-1,484.8

-23.7 %

Consolidated Total

17,355.6

100 %

15,655.0

100 %

5,015.7

70.6 %

5,149.4

72.4 %

4,784.7

76.3 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

33.023867

 

31.543497

 

32.848802

 

Income Before Tax   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

460.2

53.8 %

21.5

13.6 %

315.2

73.3 %

614.2

89.9 %

Asia

395.4

46.2 %

-

-

-

-

-

-

America

-

-

7.0

4.5 %

6.6

1.5 %

7.9

1.2 %

Other Foreign

-

-

128.8

81.9 %

108.4

25.2 %

61.2

9 %

Segment Total

855.6

100 %

157.3

100 %

430.1

100 %

683.3

100 %

Intercompany Eliminations

3.6

0.4 %

-2.0

-1.3 %

1.9

0.4 %

-2.2

-0.3 %

Corporate Expense/Other

-1,285.0

-150.2 %

-253.1

-161 %

-260.7

-60.6 %

-163.9

-24 %

Consolidated Total

-425.8

-49.8 %

-97.9

-62.2 %

171.3

39.8 %

517.2

75.7 %

Exchange Rate: TWD to USD

31.497037

 

33.023867

 

31.543497

 

32.848802

 

 

Pre-Tax Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

3.0

-

0.4

-

6.2

-

12.9

-

Asia

5.6

-

-

-

-

-

-

-

America

-

-

1.0

-

0.8

-

1.0

-

Other Foreign

-

-

9.0

-

9.0

-

8.7

-

Segment Total

3.8

-

2.2

-

6.0

-

10.9

-

Intercompany Eliminations

-0.1

-

0.1

-

-0.1

-

0.1

-

Consolidated Total

-2.7

-

-2.0

-

3.3

-

10.8

-

Long Lived Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Taiwan

12,437.9

86.7 %

14,789.5

87.9 %

Hong Kong

0.0

0 %

0.1

0 %

China

1,892.3

13.2 %

1,924.4

11.4 %

United States

0.2

0 %

0.6

0 %

Other Foreign

14.2

0.1 %

118.4

0.7 %

Segment Total

14,344.6

100 %

16,833.0

100 %

Consolidated Total

14,344.6

100 %

16,833.0

100 %

Exchange Rate: TWD to USD

30.279000

 

29.156500

 

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Taiwan

6,194.3

50.9 %

2,443.0

71.3 %

2,877.7

78.7 %

2,956.8

82.3 %

Asia

5,986.8

49.1 %

-

-

-

-

-

-

America

-

-

150.0

4.4 %

150.9

4.1 %

268.5

7.5 %

Other Foreign

-

-

832.8

24.3 %

628.3

17.2 %

369.5

10.3 %

Segment Total

12,181.1

100 %

3,425.8

100 %

3,656.9

100 %

3,594.8

100 %

Intercompany Eliminations

-5,357.3

-44 %

-726.6

-21.2 %

-656.4

-17.9 %

-474.0

-13.2 %

Corporate Expense/Other

17,575.4

144.3 %

2,946.2

86 %

1,850.0

50.6 %

1,432.9

39.9 %

Consolidated Total

24,399.2

200.3 %

5,645.3

164.8 %

4,850.5

132.6 %

4,553.7

126.7 %

Exchange Rate: TWD to USD

29.156500

 

31.985000

 

32.818000

 

32.434500

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.29

 

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

----

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.