MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	LEALEA ENTERPRISE CO. LTD.
Registered Office :	11th Floor NO.162, Sung Chiang Road Taipei, 104
Country :	Taiwan
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.1979
Legal Form :	Public Independent
Line of Business :	Manufacture and Distribution of Polyester Materials
No. of Employees :	1,039

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Taiwan	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Lealea Enterprise Co. Ltd.

11th Floor
NO.162, Sung Chiang Road
Taipei, 104
Taiwan
Tel:	886-2-21002888
Fax:	886-2-21001289
www.lealea.com.tw

Employees:

1,039

Company Type:

Public Independent

Traded:

Taiwan Stock Exchange:

1444

Incorporation Date:

15-Jan-1979

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	449.6 ^1
Net Income:	26.2
Total Assets:	561.0 ^2
Market Value:	310.9
	(25-May-2012)

Business Description

Lealea Enterprise Co Ltd is principally engaged in the manufacture and distribution of polyester materials. The Company provides polyester filaments, polyester chips and polyester textured yarns, which are applied in manufacture of knitted fabrics, garment fabrics, household decoration clothing and industrial clothing, among others. It offers its products under the brand named LIBOLON. The Company also involves in construction services. During the year ended December 31, 2010, the Company obtained approximately 78.68% of its total revenue from polyester textured yarns. It distributes its products principally in Taiwan, other Asian markets and Europe. For the six months ended 30 June 2011, Lealea Enterprise Co. Ltd.'s total revenue increased 43% to NT$6.75B. The Company's net income increased 26% to NT$ 895.9M. Total revenues reflect higher sales of the Company's products due to strong market demand. Net income for the period was partially offset by higher operating costs, financial assets evaluation loss as well as foreign exchange loss.

Industry

Industry	Textiles - Non Apparel
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	1721 - Cotton-type weaving
NAICS 2002:	313111 - Yarn Spinning Mills
UK SIC 2003:	1721 - Cotton-type weaving
US SIC 1987:	2211 - Broadwoven Fabric Mills, Cotton

Key Executives

Name	Title
Meiyan Huang	Head of Accounting
Yongchuan Gao	Deputy General Manager
Sho-Yi Kuo	Chairman & President
Cheng-Hsing Ko	Manager-Finance & Accounting
Victor Hung	Manager-Sales & Marketing

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Lealea Enterprise Co. Ltd. Announces FY 2011 Dividend Payment	17-Apr-2012

* number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.00	2.22
Quick Ratio (MRQ)	1.12	1.09
Debt to Equity (MRQ)	0.30	1.83
Sales 5 Year Growth	-10.46	-1.82
Net Profit Margin (TTM) %	4.50	1.34
Return on Assets (TTM) %	3.34	1.80
Return on Equity (TTM) %	4.95	6.70

Stock Snapshot

Traded: Taiwan Stock Exchange: 1444

As of 25-May-2012

   Financials in: TWD

Recent Price	10.40	EPS	0.87
52 Week High	15.60	Price/Sales	0.70
52 Week Low	9.12	Dividend Rate	0.44
Avg. Volume (mil)	3.49	Price/Earnings	19.98
Market Value (mil)	9,205.69	Price/Book	0.85
		Beta	1.14

	Price % Change	Rel S&P 500%
4 Week	-0.95%	4.78%
13 Week	-17.79%	-7.47%
52 Week	-28.34%	-10.95%
Year to Date	7.66%	7.67%

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
11th Floor
NO.162, Sung Chiang Road
Taipei, 104
Taiwan

Tel:	886-2-21002888
Fax:	886-2-21001289

www.lealea.com.tw

Quote Symbol - Exchange
1444 - Taiwan Stock Exchange
Sales TWD(mil):	13,214.5
Assets TWD(mil):	16,987.8
Employees:	1,039
Fiscal Year End:	31-Dec-2011

Industry:	Textiles - Non Apparel

Incorporation Date:	15-Jan-1979
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board, General Manager:	Shaoyi Guo

Company Web Links

Company Contact/E-mail

Home Page

Contents Industry Codes Business Description Financial Data Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing
3019	-	Other Residential Building Construction

NACE 2002 Codes:
1721	-	Cotton-type weaving
4521	-	General construction of buildings and civil engineering works

NAICS 2002 Codes:
313111	-	Yarn Spinning Mills
236116	-	New Multifamily Housing Construction (except Operative Builders)

US SIC 1987:
1522	-	General Contractors-Residential Buildings, Other Than Single-Family
2211	-	Broadwoven Fabric Mills, Cotton

UK SIC 2003:
45212	-	Construction of domestic buildings
1721	-	Cotton-type weaving

Business Description

Lealea Enterprise Co Ltd is principally engaged in the manufacture and distribution of polyester materials. The Company provides polyester filaments, polyester chips and polyester textured yarns, which are applied in manufacture of knitted fabrics, garment fabrics, household decoration clothing and industrial clothing, among others. It offers its products under the brand named LIBOLON. The Company also involves in construction services. During the year ended December 31, 2010, the Company obtained approximately 78.68% of its total revenue from polyester textured yarns. It distributes its products principally in Taiwan, other Asian markets and Europe. For the six months ended 30 June 2011, Lealea Enterprise Co. Ltd.'s total revenue increased 43% to NT$6.75B. The Company's net income increased 26% to NT$ 895.9M. Total revenues reflect higher sales of the Company's products due to strong market demand. Net income for the period was partially offset by higher operating costs, financial assets evaluation loss as well as foreign exchange loss.

More Business Descriptions

Manufacture of polyester and nylon filaments and yarn

This major group includes establishments engaged in performing any of the following operations: (1) preparation of fiber and subsequent manufacturing of yarn, thread, braids, twine, and cordage; (2) manufacturing broadwoven fabrics, narrow woven fabrics, knit fabrics, and carpets and rugs from yarn; (3) dyeing and finishing fiber, yarn, fabrics, and knit apparel; (4) coating, waterproofing, or otherwise treating fabrics; (5) the integrated manufacture of knit apparel and other finished articles from yarn; and (6) the manufacture of felt goods, lace goods, non-woven fabrics, and miscellaneous textiles.

Artificial and Synthetic Fibers and Filaments Manufacturing

Financial Data

Financials in:	TWD(mil)
Revenue:	13,214.5
Net Income:	769.2
Assets:	16,987.8
Long Term Debt:	522.7
Total Liabilities:	6,333.9
Working Capital:	0.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

31.1%

-52.2%

2.6%

Market Data

Quote Symbol:	1444
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	10.4
Stock Price Date:	05-25-2012
52 Week Price Change %:	-28.3
Market Value (mil):	9,205,688.0
SEDOL:	6508939
ISIN:	TW0001444008
Equity and Dept Distribution:
FY'02, 03 are reclassed. 07/2008, 5% stock dividend. FY'07 I/S & B/S; FY'08 Q1 & Q2 & Q3 I/S,; FY'08 Q3 C/F were being CLA. FY'08 Q1& Q2 & Q3 B/S was being restated due to resatement. 07/2010, Scrip Issue, 20.075207 new shares for every 1000 shares held. 08/2011, 13% Stock Dividend.

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche, Deloitte & Touche LLP

Executives Report

Board of Directors

Name	Title	Function
Shaoyi Guo	Chairman of the Board, General Manager	Chairman
Biography Guo Shaoyi has been Chairman of the Board and General Manager in Lealea Enterprise Co., Ltd. since May 9, 1998. Guo also serves as Chairman of the Board in Li Peng Enterprise.
Musheng Guo	Director	Director/Board Member
Biography Guo Musheng has been Director in Lealea Enterprise Co., Ltd. since December 8, 1978. Guo also serves as Director in Li Peng Enterprise.
Tsong Chi Hong	Director	Director/Board Member
Zongqi Hong	Director	Director/Board Member
Biography Hong Zongqi has been Director in Lealea Enterprise Co., Ltd. since June 15, 2007. Hong is also Director in a construction company.
Yaoqin Hong	Director	Director/Board Member
Nen-Tsu Hung	Director	Director/Board Member
Mu-Shen Kuo	Director	Director/Board Member
Haoxuan Yang	Director	Director/Board Member

Executives

Name	Title	Function
Sho-Yi Kuo	Chairman & President	President
Ming-Lang Chan	Vice General Manager-Operations	Division Head Executive
Shaoyi Guo	Chairman of the Board, General Manager	Division Head Executive
Biography Guo Shaoyi has been Chairman of the Board and General Manager in Lealea Enterprise Co., Ltd. since May 9, 1998. Guo also serves as Chairman of the Board in Li Peng Enterprise.
Jui-Chih Chang	Manager-Operations	Operations Executive
Sheng-Hsing Hung	Vice President-Administration	Administration Executive
Cheng-Hsing Ko	Manager-Finance & Accounting	Finance Executive
Meiyan Huang	Head of Accounting	Accounting Executive
Yaqian Jian	Head of Accounting	Accounting Executive
Chin-Fu Lee	Manager-Human Resources	Human Resources Executive
Victor Hung	Manager-Sales & Marketing	Sales Executive
Tshi-Nan Yeh	Manager-Communications	Corporate Communications Executive
Yong-Chuan Kao	Manager-Planning	Planning Executive
Wen-Cong Lin	Legal Counsel	Legal Executive
Chun-Jing Chang	Manager-Business	Other
Yongchuan Gao	Deputy General Manager	Other
Biography Gao Yongchuan has been Deputy General Manager in Lealea Enterprise Co., Ltd. since September 1, 2009. Gao holds a Master's degree.
Minglang Zhan	Deputy General Manager	Other

Significant Developments

Lealea Enterprise Co. Ltd. Announces FY 2011 Dividend Payment

Apr 17, 2012

Lealea Enterprise Co. Ltd. announced that it will pay a cash dividend of NTD 0.5 per share, distribute 30 new shares for every 1,000 shares as stock dividends worth NTD 0.3 per share, and also use additional paid-in capital to distribute 50 new shares for every 1,000 shares, to shareholders for fiscal year 2011.

Lealea Enterprise Co. Ltd. Announces FY 2010 Dividend Payment Date

Jul 15, 2011

Lealea Enterprise Co. Ltd. announced that it will pay a cash dividend of NTD 0.5 per share, and distribute as stock dividends worth NTD 1.3 per share, to shareholders of record on August 8, 2011. The Company's shares will be traded ex-dividend and ex-right on August 2, 2011.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	449.6	320.1	230.1	243.0	862.7
Revenue	449.6	320.1	230.1	243.0	862.7
Total Revenue	449.6	320.1	230.1	243.0	862.7
Cost of Revenue	401.2	271.0	204.0	226.6	807.2
Cost of Revenue, Total	401.2	271.0	204.0	226.6	807.2
Gross Profit	48.5	49.1	26.0	16.4	55.5
Selling/General/Administrative Expense	14.4	15.8	12.8	13.0	29.8
Total Selling/General/Administrative Expenses	14.4	15.8	12.8	13.0	29.8
Research & Development	1.8	2.0	2.0	1.8	2.6
Impairment-Assets Held for Use	-0.3	-	-	-	-
Unusual Expense (Income)	-0.3	-	-	-	-
Other, Net	0.0	-0.1	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	-0.1	0.0	0.0	0.0
Total Operating Expense	417.1	288.7	218.8	241.3	839.6
Operating Income	32.5	31.4	11.2	1.6	23.1
Interest Expense - Non-Operating	-0.3	-0.2	-0.4	-0.9	-6.5
Interest Expense, Net Non-Operating	-0.3	-0.2	-0.4	-0.9	-6.5
Interest Income - Non-Operating	0.3	0.1	0.2	0.4	0.3
Investment Income - Non-Operating	-4.8	25.5	9.1	-12.1	2.9
Interest/Investment Income - Non-Operating	-4.5	25.6	9.3	-11.8	3.2
Interest Income (Expense) - Net Non-Operating Total	-4.8	25.4	8.9	-12.6	-3.3
Gain (Loss) on Sale of Assets	0.1	0.1	0.0	0.1	2.6
Other Non-Operating Income (Expense)	2.5	1.9	1.8	-0.5	-5.4
Other, Net	2.5	1.9	1.8	-0.5	-5.4
Income Before Tax	30.2	58.8	22.0	-11.5	17.0
Total Income Tax	4.0	2.2	0.1	0.1	0.1
Income After Tax	26.3	56.6	21.9	-11.6	16.8
Minority Interest	-0.1	-5.5	-1.1	2.5	-4.6
Net Income Before Extraord Items	26.2	51.1	20.8	-9.1	12.2
Net Income	26.2	51.1	20.8	-9.1	12.2
Income Available to Common Excl Extraord Items	26.2	51.1	20.8	-9.1	12.2
Income Available to Common Incl Extraord Items	26.2	51.1	20.8	-9.1	12.2
Basic/Primary Weighted Average Shares	877.9	863.9	856.4	860.0	816.3
Basic EPS Excl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Basic/Primary EPS Incl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	26.2	51.1	20.8	-9.1	12.2
Diluted Weighted Average Shares	879.3	865.7	858.0	860.0	816.3
Diluted EPS Excl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Diluted EPS Incl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Dividends per Share - Common Stock Primary Issue	0.02	0.01	0.02	0.00	0.00
Gross Dividends - Common Stock	15.1	12.4	18.6	0.0	0.0
Interest Expense, Supplemental	0.3	0.2	0.4	0.9	6.5
Interest Capitalized, Supplemental	-1.0	-0.7	-1.2	-3.2	-2.9
Depreciation, Supplemental	11.9	9.9	10.3	13.1	40.1
Total Special Items	-0.3	-0.1	0.0	-0.1	-2.6
Normalized Income Before Tax	29.9	58.7	22.0	-11.5	14.3
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	3.9	2.2	0.1	0.1	0.1
Normalized Income After Tax	26.0	56.5	21.9	-11.6	14.2
Normalized Inc. Avail to Com.	25.9	51.0	20.8	-9.1	9.6
Basic Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Diluted Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Amort of Intangibles, Supplemental	2.2	1.5	1.0	1.4	3.2
Research & Development Exp, Supplemental	1.8	2.0	2.0	1.8	2.6
Normalized EBIT	32.3	31.4	11.2	1.6	23.1
Normalized EBITDA	46.4	42.9	22.6	16.2	66.4
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Other Tax	0.0	0.3	0.8	-0.5	-2.4
Income Tax - Total	4.0	2.2	0.1	0.1	0.1
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	0.3	0.3	0.3	0.4	0.3
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Transition Costs - Domestic	0.3	0.2	0.2	0.2	0.1
Domestic Pension Plan Expense	0.8	0.7	0.6	0.8	0.5
Defined Contribution Expense - Domestic	0.6	0.5	0.4	0.4	-
Total Pension Expense	1.3	1.2	1.0	1.2	0.5
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.25%	2.25%	2.00%	2.50%	3.00%
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	0.3	0.3	0.3	0.4	0.3
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	15.6	6.5	8.4	4.7	2.8
Short Term Investments	67.8	36.3	8.9	6.1	11.5
Cash and Short Term Investments	83.5	42.8	17.3	10.8	14.3
Accounts Receivable - Trade, Gross	32.3	28.4	16.5	11.6	20.2
Provision for Doubtful Accounts	-0.5	-0.8	-0.3	-0.2	-0.2
Trade Accounts Receivable - Net	34.7	31.9	21.7	14.7	25.1
Notes Receivable - Short Term	8.0	4.5	4.8	3.3	5.5
Total Receivables, Net	42.7	36.4	26.5	18.0	30.6
Inventories - Finished Goods	59.8	31.5	19.5	33.1	22.3
Inventories - Work In Progress	24.5	69.2	54.0	91.1	80.5
Inventories - Raw Materials	48.8	48.2	31.6	27.6	41.6
Inventories - Other	1.2	25.1	13.9	13.3	9.4
Total Inventory	134.2	174.0	119.0	165.0	153.8
Prepaid Expenses	0.9	2.3	0.3	0.4	2.1
Other Current Assets	-	-	-	-	0.1
Other Current Assets, Total	-	-	-	-	0.1
Total Current Assets	261.3	255.5	163.2	194.2	200.8
Buildings	67.0	66.0	54.6	50.7	51.3
Land/Improvements	32.1	31.5	25.8	25.2	22.1
Machinery/Equipment	319.9	317.6	269.7	258.8	268.8
Construction in Progress	5.7	5.8	3.5	3.9	6.5
Leases	18.2	21.1	22.1	21.5	21.4
Other Property/Plant/Equipment	11.7	0.9	0.8	0.8	0.8
Property/Plant/Equipment - Gross	454.6	442.9	376.6	360.8	370.9
Accumulated Depreciation	-295.1	-294.3	-259.1	-243.0	-242.9
Property/Plant/Equipment - Net	159.5	148.6	117.4	117.8	128.0
Intangibles, Net	0.4	0.7	0.7	0.1	0.6
LT Investment - Affiliate Companies	134.9	156.6	112.1	77.6	103.8
LT Investments - Other	0.2	0.2	0.9	0.9	1.5
Long Term Investments	135.1	156.8	113.0	78.4	105.2
Deferred Charges	1.1	0.8	0.7	0.7	1.1
Pension Benefits - Overfunded	-	0.0	0.1	0.1	0.2
Deferred Income Tax - Long Term Asset	3.1	4.8	5.0	4.8	4.9
Other Long Term Assets	0.5	0.8	0.5	0.4	0.8
Other Long Term Assets, Total	4.7	6.5	6.2	6.1	7.0
Total Assets	561.0	568.0	400.4	396.5	441.6
Accounts Payable	37.0	33.9	19.5	11.7	12.1
Notes Payable/Short Term Debt	83.0	78.4	49.2	91.2	114.7
Current Portion - Long Term Debt/Capital Leases	7.7	19.1	0.6	2.2	14.3
Customer Advances	12.4	23.9	16.5	25.5	15.3
Income Taxes Payable	2.3	1.8	0.1	0.1	0.7
Other Payables	12.0	18.2	9.0	6.2	6.8
Other Current Liabilities	1.7	2.6	2.0	1.4	2.2
Other Current liabilities, Total	28.4	46.5	27.6	33.1	24.9
Total Current Liabilities	156.2	177.9	96.9	138.3	166.0
Long Term Debt	17.3	3.6	21.5	29.2	15.7
Total Long Term Debt	17.3	3.6	21.5	29.2	15.7
Total Debt	107.9	101.2	71.3	122.6	144.7
Minority Interest	25.3	23.7	11.3	9.2	15.1
Reserves	3.2	0.2	0.2	0.2	0.2
Pension Benefits - Underfunded	7.2	7.5	6.1	4.8	5.1
Other Long Term Liabilities	0.1	0.1	0.1	0.0	0.1
Other Liabilities, Total	10.4	7.7	6.4	5.0	5.3
Total Liabilities	209.2	213.0	136.1	181.6	202.1
Common Stock	292.3	268.7	240.1	234.0	225.5
Common Stock	292.3	268.7	240.1	234.0	225.5
Additional Paid-In Capital	12.4	7.5	6.7	6.8	64.2
Retained Earnings (Accumulated Deficit)	42.5	66.2	29.2	7.6	-29.4
Treasury Stock - Common	-0.9	-2.0	-4.5	-5.0	-3.7
Unrealized Gain (Loss)	7.0	16.8	-5.7	-28.2	-16.9
Translation Adjustment	0.0	-0.1	0.0	0.0	0.0
Minimum Pension Liability Adjustment	-1.4	-2.1	-1.4	-0.3	-0.3
Other Equity, Total	-1.5	-2.1	-1.4	-0.3	-0.3
Total Equity	351.9	355.1	264.3	214.9	239.5
Total Liabilities & Shareholders’ Equity	561.0	568.0	400.4	396.5	441.6
Shares Outstanding - Common Stock Primary Issue	875.2	866.8	836.4	832.9	841.8
Total Common Shares Outstanding	875.2	866.8	836.4	832.9	841.8
Treasury Shares - Common Stock Primary Issue	10.0	18.3	48.8	52.4	43.4
Employees	1,055	994	934	900	957
Number of Common Shareholders	-	53,016	43,442	43,618	43,041
Deferred Revenue - Current	12.4	23.9	16.5	25.5	15.3
Pension Obligation - Domestic	9.6	10.0	8.3	6.8	7.8
Plan Assets - Domestic	0.3	0.1	0.2	0.0	0.4
Funded Status - Domestic	-9.3	-9.9	-8.1	-6.8	-7.4
Accumulated Obligation - Domestic	7.4	7.6	6.3	4.8	5.5
Total Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.25%	2.25%	2.00%	2.50%	3.00%
Prepaid Benefits - Domestic	-	0.0	0.1	0.1	0.2
Accrued Liabilities - Domestic	-7.2	-7.5	-6.1	-4.8	-5.1
Net Assets Recognized on Balance Sheet	-7.2	-7.5	-6.1	-4.6	-4.9
Total Plan Obligations	9.6	10.0	8.3	6.8	7.8
Total Plan Assets	0.3	0.1	0.2	0.0	0.4

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	26.3	56.6	21.9	-11.6	16.8
Depreciation	12.2	10.3	10.7	13.6	40.5
Depreciation/Depletion	12.2	10.3	10.7	13.6	40.5
Amortization of Intangibles	2.2	1.5	1.0	1.4	3.2
Amortization	2.2	1.5	1.0	1.4	3.2
Deferred Taxes	1.5	0.6	0.0	0.0	-0.1
Accounting Change	-	-	-	-	0.0
Unusual Items	-0.3	-0.1	0.0	-0.1	0.1
Equity in Net Earnings (Loss)	-1.1	-12.6	-8.5	14.8	-0.7
Other Non-Cash Items	17.4	-8.8	-0.6	3.8	3.4
Non-Cash Items	16.0	-21.5	-9.2	18.6	2.9
Accounts Receivable	-7.9	-6.8	-7.8	9.6	-20.1
Inventories	34.3	-40.2	48.7	-19.5	-44.7
Prepaid Expenses	1.3	-1.7	0.0	1.8	4.7
Other Assets	-46.5	-14.9	-1.9	5.4	6.6
Accounts Payable	-2.4	15.6	12.3	-2.7	1.7
Taxes Payable	0.5	1.6	0.0	-0.6	-1.2
Other Liabilities	-3.7	5.6	-8.6	11.0	3.5
Changes in Working Capital	-24.3	-40.9	42.8	4.9	-49.5
Cash from Operating Activities	33.9	6.7	67.4	26.9	13.8
Purchase of Fixed Assets	-21.8	-24.8	-7.4	-5.9	-42.6
Capital Expenditures	-21.8	-24.8	-7.4	-5.9	-42.6
Sale of Fixed Assets	0.1	0.1	0.0	0.1	0.0
Sale/Maturity of Investment	0.3	0.0	0.2	-	0.0
Investment, Net	-	0.0	0.1	0.4	0.1
Purchase of Investments	-1.7	-0.7	-0.6	-0.5	-1.3
Other Investing Cash Flow	-1.9	-0.9	-0.8	0.1	-2.3
Other Investing Cash Flow Items, Total	-3.3	-1.5	-1.0	0.1	-3.4
Cash from Investing Activities	-25.1	-26.3	-8.4	-5.8	-46.0
Other Financing Cash Flow	7.7	0.5	-2.6	3.7	-0.3
Financing Cash Flow Items	7.7	0.5	-2.6	3.7	-0.3
Cash Dividends Paid - Common	-13.3	-19.5	-	-	-
Total Cash Dividends Paid	-13.3	-19.5	-	-	-
Sale/Issuance of Common	0.6	0.3	0.5	-1.4	0.7
Repurchase/Retirement of Common	2.6	14.1	-	-	-
Common Stock, Net	3.2	14.4	0.5	-1.4	0.7
Issuance (Retirement) of Stock, Net	3.2	14.4	0.5	-1.4	0.7
Short Term Debt Issued	4.2	11.5	-	-	43.1
Short Term Debt, Net	0.2	23.0	-4.4	-6.0	52.1
Long Term Debt Reduction	-	-	-39.4	-16.0	-
Long Term Debt, Net	3.2	-1.4	-49.2	-14.2	-27.2
Issuance (Retirement) of Debt, Net	3.3	21.6	-53.5	-20.2	24.9
Cash from Financing Activities	0.9	17.0	-55.5	-17.9	25.3
Foreign Exchange Effects	-	-	-	-	0.0
Net Change in Cash	9.7	-2.5	3.4	3.2	-6.8
Net Cash - Beginning Balance	6.4	8.5	4.7	1.7	9.6
Net Cash - Ending Balance	16.1	6.0	8.1	4.9	2.8
Cash Interest Paid	0.3	0.3	0.6	0.9	6.6
Cash Taxes Paid	1.9	0.0	0.0	0.6	1.9

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	419.7	289.8	187.2	212.0	830.1
Construction Income	29.9	30.3	42.8	31.0	32.6
Total Revenue	449.6	320.1	230.1	243.0	862.7
Cost of Sales	386.1	252.4	172.4	226.6	779.4
Cost of Construction	15.0	18.5	31.6	-	28.1
Gains between Related Parties	0.0	-0.1	0.0	0.0	0.0
Prov./Reversal of Inventory Devaluation	-	-	-	-	-0.1
Gain/Loss on Physical Inventory	-	-	-	-	-0.2
Selling Expenses	10.9	11.1	8.6	9.3	21.2
General and Administrative Expenses	3.5	4.7	4.2	3.7	8.7
Research and Development Expenses	1.8	2.0	2.0	1.8	2.6
Gain on Reversal of Impairment Loss	-0.3	-	-	-	-
Total Operating Expense	417.1	288.7	218.8	241.3	839.6
Interest Income	0.3	0.1	0.2	0.4	0.3
Gain/loss on Foreign Exchange	0.9	-1.1	-0.3	0.2	0.3
Gain/Loss on Equity Investment	1.1	12.6	8.5	-14.8	0.7
Dividend Income	1.0	0.1	0.0	0.1	0.3
Gain on Sale of Fixed Assets	0.1	0.1	0.0	0.1	0.0
Gain on Sale of Investments	4.8	4.4	0.0	2.4	4.7
Rent Income	1.2	1.3	1.3	1.4	0.9
Gain on Sale of Scrap & Waste	-	-	-	-	2.7
Fin. Asset Revaluation Gain/Loss	-12.6	9.6	0.8	0.1	-3.1
Fin. Liabilities Revaluation	-	-	-	-	0.1
Miscellaneous Income	1.7	1.1	1.1	0.7	1.7
Interest Expense	-0.3	-0.2	-0.4	-0.9	-6.5
Investment Loss	-	-	-	-	-0.1
Loss on Sale of Fixed Assets	-	-	-	-	-0.1
Miscellaneous Disbursements	-0.4	-0.5	-0.6	-2.6	-8.1
Net Income Before Taxes	30.2	58.8	22.0	-11.5	17.0
Provision for Income Taxes	4.0	2.2	0.1	0.1	0.1
Net Income After Taxes	26.3	56.6	21.9	-11.6	16.8
Minority Interest	-0.1	-5.5	-1.1	2.5	-4.6
Net Income Before Extra. Items	26.2	51.1	20.8	-9.1	12.2
Net Income	26.2	51.1	20.8	-9.1	12.2
Income Available to Com Excl ExtraOrd	26.2	51.1	20.8	-9.1	12.2
Income Available to Com Incl ExtraOrd	26.2	51.1	20.8	-9.1	12.2
Basic Weighted Average Shares	877.9	863.9	856.4	860.0	816.3
Basic EPS Excluding ExtraOrdinary Items	0.03	0.06	0.02	-0.01	0.01
Basic EPS Including ExtraOrdinary Items	0.03	0.06	0.02	-0.01	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	26.2	51.1	20.8	-9.1	12.2
Diluted Weighted Average Shares	879.3	865.7	858.0	860.0	816.3
Diluted EPS Excluding ExtraOrd Items	0.03	0.06	0.02	-0.01	0.01
Diluted EPS Including ExtraOrd Items	0.03	0.06	0.02	-0.01	0.01
DPS-Common Stock	0.02	0.01	0.02	0.00	0.00
Gross Dividends - Common Stock	15.1	12.4	18.6	0.0	0.0
Normalized Income Before Taxes	29.9	58.7	22.0	-11.5	14.3
Inc Tax Ex Impact of Sp Items	3.9	2.2	0.1	0.1	0.1
Normalized Income After Taxes	26.0	56.5	21.9	-11.6	14.2
Normalized Inc. Avail to Com.	25.9	51.0	20.8	-9.1	9.6
Basic Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Diluted Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Interest Expense	0.3	0.2	0.4	0.9	6.5
Capitalized Interest	-1.0	-0.7	-1.2	-3.2	-2.9
R&D Expense	1.8	2.0	2.0	1.8	2.6
Depreciation - Operating Cost	11.6	9.7	10.1	12.8	39.4
Depreciation - Operating Expense	0.3	0.3	0.3	0.3	0.7
Amortization - Operating Cost	2.1	1.4	0.9	1.2	2.3
Amortization - Operating Expense	0.2	0.1	0.1	0.3	0.9
Current Tax Payable	4.1	3.8	0.8	-0.8	3.0
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Deferred Tax	-0.1	-1.9	-1.6	1.4	-0.4
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Other	0.0	0.3	0.8	-0.5	-2.4
Income Tax - Total	4.0	2.2	0.1	0.1	0.1
Service Cost	0.3	0.3	0.3	0.4	0.3
Interest Cost	0.2	0.2	0.2	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amort. Transitional Benefit Obligation	-	0.1	0.1	0.1	0.1
Amort. of Benefit Obligation	0.3	0.2	0.1	0.1	0.0
Domestic Pension Plan Expense	0.8	0.7	0.6	0.8	0.5
Defined Contribution Expense - Domestic	0.6	0.5	0.4	0.4	-
Total Pension Expense	1.3	1.2	1.0	1.2	0.5
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
Rate of Compensation Increase	2.25%	2.25%	2.00%	2.50%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.75%	2.75%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	15.6	6.5	8.4	4.7	2.8
Fin. Assets at Fair Value	62.9	33.9	6.4	3.6	8.4
Financial Assets, Hold to Maturity	-	-	0.0	0.1	0.0
Other Current Financial Assets	4.9	2.4	2.5	2.4	3.1
Notes Receivable	5.4	3.9	4.6	3.3	5.3
Notes Receivable - Related Parties	2.6	0.7	0.2	0.0	0.2
Accounts Receivable, Gross	32.3	28.4	16.5	11.6	20.2
Provision for Doubtful Accounts	-0.5	-0.3	-0.2	-0.2	-0.2
Prov. forGain/Loss on Foreign Exchange	0.0	-0.5	-0.1	0.0	0.0
Accounts Receivable - Related Parties	2.9	4.3	5.5	3.4	5.1
Raw Material	19.3	22.0	8.5	5.5	8.6
Supplies	2.7	2.4	1.5	1.6	1.7
Materials in Transit	3.3	0.0	0.2	0.0	-
Work-in-Process	1.4	1.5	1.1	0.5	1.1
Semi-Finished Goods	2.3	2.5	0.8	0.6	3.0
Finished Goods	26.9	26.7	14.3	19.8	22.2
Merchandise	0.3	-	0.0	0.0	0.0
Provision/Allowance for Inventory	-	-	-	-	-1.0
House & Land, Sold Out without Transfer	24.6	0.0	0.8	-	-
Land & House, Hold for Sale	3.1	-	-	13.3	0.0
Parking Spot for Sale	4.8	4.8	4.5	-	-
Land under Construction	19.8	43.6	39.4	61.0	55.8
Project in Progress	1.0	21.6	12.7	28.9	20.6
Deferred Selling Expenses	-	1.2	2.5	3.9	2.7
Construction Profit	-	22.7	10.2	8.3	4.6
Construction Land	23.5	23.8	21.4	20.4	31.3
Prepayment for Construction	1.2	1.3	1.1	1.1	1.0
Inventories, Other	-	-	-	-	2.1
Prepayment	0.9	2.3	0.3	0.4	2.1
Other Current Assets	-	-	-	-	0.1
Total Current Assets	261.3	255.5	163.2	194.2	200.8
Long Term Equity Investment	134.9	156.6	112.1	77.6	103.8
Fin. Assets-Hold to Maturity	-	-	-	-	0.2
Fin. Assets at Cost	0.2	0.2	0.9	0.9	1.2
Fin. Assets at Fair Value	-	-	-	-	0.1
Land and Improvements	32.1	31.5	25.8	25.2	22.1
Buildings and Structures	67.0	66.0	54.6	50.7	51.3
Machinery and Equipment	270.0	267.2	225.0	215.3	221.2
Transportation Equipment	2.7	2.6	2.1	2.0	2.0
Miscellaneous Equipment	47.3	47.9	42.6	41.5	45.6
Assets Revaluation Increment	11.7	0.9	0.8	0.8	0.8
Accumulated Depreciation on Fixed Assets	-292.9	-291.7	-256.9	-241.2	-241.5
Constr. in Prog. & Prep. for Equip.	5.7	5.8	3.5	3.9	6.5
Computer & Software	0.4	0.7	0.7	0.1	0.6
Deferred Pension Cost	-	0.0	0.1	0.1	0.2
Leased Assets	18.2	21.1	22.1	21.5	21.4
Accumulated Depreciation	-2.2	-2.6	-2.3	-1.8	-1.4
Deferred Charges	1.1	0.8	0.7	0.7	1.1
Deferred Income Tax Assets - Non Current	3.1	4.8	5.0	4.8	4.9
Other Long Term Assets	0.5	0.8	0.5	0.4	0.8
Total Assets	561.0	568.0	400.4	396.5	441.6
Short Term Borrowings	60.3	58.5	42.0	80.6	97.0
Short Term Notes & Bills Payable	13.3	17.8	4.9	9.2	15.1
Notes Payable	7.6	2.1	2.0	1.5	1.9
Notes Payable - Related Parties	1.7	0.0	0.4	0.0	0.6
Accounts Payable	27.5	31.8	15.5	7.6	9.8
Accounts Payable - Related Parties	4.2	2.1	3.5	1.1	1.9
Income Tax Payable	2.3	1.8	0.1	0.1	0.7
Payment on Behalf-Related Parties	5.4	0.0	0.5	3.1	0.3
Other Payable	12.0	18.2	9.0	6.2	6.8
Advance Receipts	12.4	23.9	16.5	25.5	15.3
Current Portion of Long Term Debt	7.7	19.1	0.6	2.2	14.3
Other Current Liabilities	1.7	2.6	2.0	1.4	2.2
Total Current Liabilities	156.2	177.9	96.9	138.3	166.0
Long Term Borrowings	17.3	3.6	21.5	29.2	15.7
Total Long Term Debt	17.3	3.6	21.5	29.2	15.7
Land Revaluation Increment Tax Reserve	3.2	0.2	0.2	0.2	0.2
Accrued Pension Liabilities	7.2	7.5	6.1	4.8	5.1
Long Term Security Deposits Received	0.0	0.1	0.0	0.0	0.0
Other LT Liabilities	0.0	0.0	0.0	0.0	0.0
Minority Interest	25.3	23.7	11.3	9.2	15.1
Total Liabilities	209.2	213.0	136.1	181.6	202.1
Common Stock	292.3	268.7	240.1	234.0	225.5
Share Premium	1.2	1.2	5.9	5.8	63.3
Cap. Surplus, Treasury Stock Transaction	7.8	6.0	-	-	0.2
LT Equity Investment Incre./Decre.	3.5	0.3	0.8	1.0	0.6
Gain from Aquisation	-	-	-	-	0.1
Other Comprehensive Income	-	-	-	-	0.0
Legal Reserve	6.6	1.3	-	-	11.2
Special Reserve	2.0	8.1	17.4	16.9	32.3
Retained Earnings	33.9	56.8	11.9	-9.4	-72.9
Cumulative Translation Adjustment	0.0	-0.1	0.0	0.0	0.0
Unrealized Gain/Loss on Pension Fund	-1.4	-2.1	-1.4	-0.3	-0.3
Unrealized G/L on Fncl. Instruments	-1.1	16.6	-5.9	-28.4	-17.1
Unrealized Revaluation Increment	8.1	0.2	0.2	0.2	0.2
Treasury Stock	-0.9	-2.0	-4.5	-5.0	-3.7
Total Equity	351.9	355.1	264.3	214.9	239.5
Total Liabilities & Shareholders' Equity	561.0	568.0	400.4	396.5	441.6
S/O-Common Stock	875.2	866.8	836.4	832.9	841.8
Total Common Shares Outstanding	875.2	866.8	836.4	832.9	841.8
T/S-Common Stock	10.0	18.3	48.8	52.4	43.4
Deferred Revenue, Current	12.4	23.9	16.5	25.5	15.3
Full-Time Employees	1,055	994	934	900	957
Number of Common Shareholders	-	53,016	43,442	43,618	43,041
Accumulated Benefit Obligation	7.4	7.6	6.3	4.8	5.5
Benefit Obligation	9.6	10.0	8.3	6.8	7.8
Fair Value of Plan Assets	0.3	0.1	0.2	0.0	0.4
Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Total Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
Rate of Compensation Increase	2.25%	2.25%	2.00%	2.50%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.75%	2.75%
Deferred Pension Cost	-	0.0	0.1	0.1	0.2
Accrued Pension Liabilities	-7.2	-7.5	-6.1	-4.8	-5.1
Net Assets Recognized on Balance Sheet	-7.2	-7.5	-6.1	-4.6	-4.9

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	26.3	56.6	21.9	-11.6	16.8
Depreciation	12.2	10.3	10.7	13.6	40.5
Accounting Change	-	-	-	-	0.0
Amortization of Intangibles	2.2	1.5	1.0	1.4	3.2
Treasury Stock Transfer Expense	1.1	0.3	-	-	-
Equity Investment Gain/Loss	-1.1	-12.6	-8.5	14.8	-0.7
Gain/Loss on Disposal of Properties	-0.1	-0.1	0.0	-0.1	0.1
Financial Liability Revaluation G/L	-	-	-	0.0	-0.1
G/L on Sale of LT Equity Investment	0.0	0.0	0.0	0.0	0.0
Dividend from LT Equity Investment	3.7	0.5	0.1	0.5	0.7
Fncl. Assets at Cost - Capital Reduction	-	-	-	0.0	0.1
Prov./Reversal for Inventory Devaluation	-	-	-	3.5	-0.1
Impairment /Revesal on Assets	-0.3	-	-	-	-
Fin. Assets Revaluation Gain/Loss	12.6	-9.6	-0.8	-0.1	3.1
Prov. for Unrea./Realiz. Profit btw. RP.	0.0	-0.1	0.0	0.0	0.0
Fin. Assets at Cost-Eternal Devaluation	-	-	-	-	0.0
Reversal of Idle Assets	-	-	-	0.0	-0.1
Fin. Assets Fair Value Change	-43.9	-15.2	-1.9	4.7	8.0
Notes and Accounts Receivable	-	-	-5.6	7.6	-15.5
Notes & Accounts Receivable, Rela. Party	-	-	-2.1	2.0	-
Notes Receivable	-1.7	1.1	-	-	-
Notes Receivable-Related Parties	-2.1	-0.5	-	-	-4.6
Accounts Receivable	-5.4	-9.1	-	-	-
Accounts Receivable-Related Parties	1.3	1.6	-	-	-
Other Financial Assets-Current	-2.6	0.3	-0.1	0.7	0.6
Inventories	-	-	48.7	-19.5	-44.7
Inventories-Spinning	-3.3	-24.2	-	-	-
Inventories-Construction	37.6	-16.1	-	-	-
Prepayment	1.3	-1.7	0.0	1.8	4.7
Deferred Pension Cost	-	0.1	0.1	-	-
Other Current Assets	-	-	0.0	0.0	-2.0
Deferred Tax Assets	1.5	0.6	0.0	0.0	-0.1
Other Assets	0.0	0.0	0.0	0.0	0.0
Fin. Liabilities-Fair Value Change	-	-	-	-	0.0
Notes & Accounts Payable	-	-	10.6	-3.3	-3.9
Notes Payable	5.8	-0.1	-	-	-
Notes Payable,Related Parties	1.7	-0.4	-	-	-
Accounts Payable	-3.2	13.6	-	-	-
Accounts Payable,Related Parties	2.2	-1.6	-	-	-
Tax Payable	0.5	1.6	0.0	-0.6	-1.2
Other Payables	-1.4	3.6	1.6	0.6	5.6
Advance Receipts-Real Estate	-10.9	5.4	-9.3	10.8	5.3
Other Current Liabilities	-0.7	0.4	0.5	0.4	-1.9
Other Liabilities	0.5	0.2	0.3	-0.3	0.1
Cash from Operating Activities	33.9	6.7	67.4	26.9	13.8
Capital Return on LT Eq. Investment	-	-	-	-	0.0
Capital Reduction of FA, Cost Method	0.0	0.7	0.0	0.0	-
Purchase of LT Equity Investment	-1.7	-0.7	-0.6	-0.5	-1.3
LT Equity Investment at Cost	-	-	-	-	0.0
Disposal of Equity Investment	0.3	0.0	0.2	-	-
Fin. Assets at Cost	-	-	0.0	0.3	0.0
Fin. Assets-Hold to Maturity	-	0.0	0.1	0.1	0.1
Capital Expenditure	-21.8	-24.8	-7.4	-5.9	-42.6
Sale of Fixed Asset	0.1	0.1	0.0	0.1	0.0
Deferred Charges	-2.2	-1.3	-0.7	-0.8	-
Unrealized Depreciation	-	-	-	-	-2.2
Restricted Asset	0.0	0.0	0.0	0.0	0.3
Security Deposit Paid	0.3	-0.3	0.0	0.9	-0.4
Cash from Investing Activities	-25.1	-26.3	-8.4	-5.8	-46.0
Short Term Borrowings Decrease	-	-	-39.4	-16.0	-
Short Term Borrowings Increase	4.2	11.5	-	-	43.1
Net Change Short Term Notes	-4.0	11.5	-4.4	-6.0	9.0
Payable-Related Parties	5.5	-0.5	-2.6	2.9	-4.0
Shares Hold by Subsidies	2.6	14.1	-	-	-
Cash Dividend Received-Subsidies	0.1	1.0	-	-	-
Disposal of Treasury Stock	-	-	-	-	0.7
Trea. Transferred to Employees	0.6	0.3	0.5	-1.4	-
Net Change in LT Borrowing	3.2	-1.4	-9.8	1.8	-27.2
Security Deposit Received, Change	0.0	0.0	0.0	0.0	5.9
Minority Interest	2.0	-	0.0	0.8	-2.2
Cash Dividend - Common Stock	-13.3	-19.5	-	-	-
Cash from Financing Activities	0.9	17.0	-55.5	-17.9	25.3
Foreign Exchange Effects	-	-	-	-	0.0
Net Change in Cash	9.7	-2.5	3.4	3.2	-6.8
Net Cash - Beginning Balance	6.4	8.5	4.7	1.7	9.6
Net Cash - Ending Balance	16.1	6.0	8.1	4.9	2.8
Cash Interest Paid	0.3	0.3	0.6	0.9	6.6
Cash Taxes Paid	1.9	0.0	0.0	0.6	1.9

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	111.1	-9.00%	449.6	31.07%	19.91%	-10.46%
Research & Development1	0.5	30.38%	1.8	-14.94%	-2.00%	-10.75%
Operating Income1	3.2	-83.15%	32.5	-3.31%	165.57%	23.20%
Income Available to Common Excl Extraord Items1	16.3	-31.17%	26.2	-52.19%	-	-
Basic EPS Excl Extraord Items1	0.02	-31.55%	0.03	-52.95%	-	-
Capital Expenditures2	8.1	34.27%	21.8	-17.75%	50.98%	-11.65%
Cash from Operating Activities2	11.8	195.26%	33.9	369.41%	5.47%	227.02%
Free Cash Flow	3.7	-	11.7	-	-18.89%	-
Total Assets3	577.0	-3.12%	561.0	2.58%	9.29%	-6.69%
Total Liabilities3	200.3	-9.52%	209.2	2.01%	2.05%	-17.70%
Total Long Term Debt3	29.8	864.22%	17.3	395.59%	-18.26%	-31.00%
Employees3	-	-	1055	6.14%	5.44%	-13.82%
Total Common Shares Outstanding3	875.2	0.91%	875.2	0.97%	1.67%	3.61%
1-ExchangeRate: TWD to USD Average for Period	29.710200	Â	29.390040	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.710200	Â	29.390040	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.565976	Â	30.279000	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Deferred Charges3	1.1	0.8	0.7	0.7	1.1
3-ExchangeRate: TWD to USD Period End Date	30.279000	29.156500	31.985000	32.818000	32.434500

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	10.78%	15.34%	11.32%	6.74%	6.43%
Operating Margin	7.23%	9.81%	4.89%	0.67%	2.67%
Pretax Margin	6.72%	18.37%	9.56%	-4.73%	1.97%
Net Profit Margin	5.82%	15.96%	9.04%	-3.73%	1.42%
Financial Strength
Current Ratio	1.67	1.44	1.68	1.40	1.21
Long Term Debt/Equity	0.05	0.01	0.08	0.14	0.07
Total Debt/Equity	0.31	0.28	0.27	0.57	0.60
Management Effectiveness
Return on Assets	4.60%	12.14%	5.61%	-2.67%	2.89%
Return on Equity	7.32%	17.11%	8.86%	-3.86%	5.35%
Efficiency
Receivables Turnover	11.22	10.56	10.57	9.68	14.93
Inventory Turnover	2.58	1.92	1.46	1.37	4.99
Asset Turnover	0.79	0.69	0.59	0.56	1.48

Market Valuation USD (mil)
P/E (TTM)	16.67	.	Enterprise Value2	353.6
Price/Sales (TTM)	0.71	.	Enterprise Value/Revenue (TTM)	0.81
Price/Book (MRQ)	0.82	.	Enterprise Value/EBITDA (TTM)	11.36
Market Cap as of 25-May-20121		.
1-ExchangeRate: TWD to USD on 25-May-2012	Â
2-ExchangeRate: TWD to USD on 31-Mar-2012	29.565976

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.67	1.44	1.68	1.40	1.21
Quick/Acid Test Ratio	0.81	0.45	0.45	0.21	0.27
Working Capital1	105.2	77.6	66.2	55.9	34.8
Long Term Debt/Equity	0.05	0.01	0.08	0.14	0.07
Total Debt/Equity	0.31	0.28	0.27	0.57	0.60
Long Term Debt/Total Capital	0.04	0.01	0.06	0.09	0.04
Total Debt/Total Capital	0.23	0.22	0.21	0.36	0.38
Payout Ratio	57.06%	23.76%	86.52%	0.00%	0.00%
Effective Tax Rate	13.16%	3.74%	0.33%	-	0.83%
Total Capital1	459.8	456.2	335.7	337.5	384.2
Efficiency
Asset Turnover	0.79	0.69	0.59	0.56	1.48
Inventory Turnover	2.58	1.92	1.46	1.37	4.99
Days In Inventory	141.44	189.87	249.83	265.66	73.07
Receivables Turnover	11.22	10.56	10.57	9.68	14.93
Days Receivables Outstanding	32.54	34.56	34.55	37.72	24.44
Revenue/Employee2	413,673	347,872	254,307	259,468	912,994
Operating Income/Employee2	29,925	34,115	12,427	1,728	24,419
EBITDA/Employee2	42,927	46,573	24,994	17,292	70,228
Profitability
Gross Margin	10.78%	15.34%	11.32%	6.74%	6.43%
Operating Margin	7.23%	9.81%	4.89%	0.67%	2.67%
EBITDA Margin	10.38%	13.39%	9.83%	6.66%	7.69%
EBIT Margin	7.23%	9.81%	4.89%	0.67%	2.67%
Pretax Margin	6.72%	18.37%	9.56%	-4.73%	1.97%
Net Profit Margin	5.82%	15.96%	9.04%	-3.73%	1.42%
R&D Expense/Revenue	0.40%	0.62%	0.85%	0.74%	0.30%
COGS/Revenue	89.22%	84.66%	88.68%	93.26%	93.57%
SG&A Expense/Revenue	3.20%	4.93%	5.57%	5.34%	3.46%
Management Effectiveness
Return on Assets	4.60%	12.14%	5.61%	-2.67%	2.89%
Return on Equity	7.32%	17.11%	8.86%	-3.86%	5.35%
Valuation
Free Cash Flow/Share2	0.01	-0.02	0.07	0.02	-0.03
Operating Cash Flow/Share 2	0.04	0.01	0.08	0.03	0.02
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)	16.86
Market Cap/Equity (MRQ)	0.83
Market Cap/Revenue (TTM)	0.71
Market Cap/EBIT (TTM)	19.03
Market Cap/EBITDA (TTM)	10.00
Enterprise Value/Earnings (TTM)	19.14
Enterprise Value/Equity (MRQ)	0.94
Enterprise Value/Revenue (TTM)	0.81
Enterprise Value/EBIT (TTM)	21.61
Enterprise Value/EBITDA (TTM)	11.36

Annual Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	449.6	320.1	230.1	243.0	862.7
Revenue	449.6	320.1	230.1	243.0	862.7
Total Revenue	449.6	320.1	230.1	243.0	862.7
Cost of Revenue	401.2	271.0	204.0	226.6	807.2
Cost of Revenue, Total	401.2	271.0	204.0	226.6	807.2
Gross Profit	48.5	49.1	26.0	16.4	55.5
Selling/General/Administrative Expense	14.4	15.8	12.8	13.0	29.8
Total Selling/General/Administrative Expenses	14.4	15.8	12.8	13.0	29.8
Research & Development	1.8	2.0	2.0	1.8	2.6
Impairment-Assets Held for Use	-0.3	-	-	-	-
Unusual Expense (Income)	-0.3	-	-	-	-
Other, Net	0.0	-0.1	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	-0.1	0.0	0.0	0.0
Total Operating Expense	417.1	288.7	218.8	241.3	839.6
Operating Income	32.5	31.4	11.2	1.6	23.1
Interest Expense - Non-Operating	-0.3	-0.2	-0.4	-0.9	-6.5
Interest Expense, Net Non-Operating	-0.3	-0.2	-0.4	-0.9	-6.5
Interest Income - Non-Operating	0.3	0.1	0.2	0.4	0.3
Investment Income - Non-Operating	-4.8	25.5	9.1	-12.1	2.9
Interest/Investment Income - Non-Operating	-4.5	25.6	9.3	-11.8	3.2
Interest Income (Expense) - Net Non-Operating Total	-4.8	25.4	8.9	-12.6	-3.3
Gain (Loss) on Sale of Assets	0.1	0.1	0.0	0.1	2.6
Other Non-Operating Income (Expense)	2.5	1.9	1.8	-0.5	-5.4
Other, Net	2.5	1.9	1.8	-0.5	-5.4
Income Before Tax	30.2	58.8	22.0	-11.5	17.0
Total Income Tax	4.0	2.2	0.1	0.1	0.1
Income After Tax	26.3	56.6	21.9	-11.6	16.8
Minority Interest	-0.1	-5.5	-1.1	2.5	-4.6
Net Income Before Extraord Items	26.2	51.1	20.8	-9.1	12.2
Net Income	26.2	51.1	20.8	-9.1	12.2
Income Available to Common Excl Extraord Items	26.2	51.1	20.8	-9.1	12.2
Income Available to Common Incl Extraord Items	26.2	51.1	20.8	-9.1	12.2
Basic/Primary Weighted Average Shares	877.9	863.9	856.4	860.0	816.3
Basic EPS Excl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Basic/Primary EPS Incl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	26.2	51.1	20.8	-9.1	12.2
Diluted Weighted Average Shares	879.3	865.7	858.0	860.0	816.3
Diluted EPS Excl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Diluted EPS Incl Extraord Items	0.03	0.06	0.02	-0.01	0.01
Dividends per Share - Common Stock Primary Issue	0.02	0.01	0.02	0.00	0.00
Gross Dividends - Common Stock	15.1	12.4	18.6	0.0	0.0
Interest Expense, Supplemental	0.3	0.2	0.4	0.9	6.5
Interest Capitalized, Supplemental	-1.0	-0.7	-1.2	-3.2	-2.9
Depreciation, Supplemental	11.9	9.9	10.3	13.1	40.1
Total Special Items	-0.3	-0.1	0.0	-0.1	-2.6
Normalized Income Before Tax	29.9	58.7	22.0	-11.5	14.3
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	3.9	2.2	0.1	0.1	0.1
Normalized Income After Tax	26.0	56.5	21.9	-11.6	14.2
Normalized Inc. Avail to Com.	25.9	51.0	20.8	-9.1	9.6
Basic Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Diluted Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Amort of Intangibles, Supplemental	2.2	1.5	1.0	1.4	3.2
Research & Development Exp, Supplemental	1.8	2.0	2.0	1.8	2.6
Normalized EBIT	32.3	31.4	11.2	1.6	23.1
Normalized EBITDA	46.4	42.9	22.6	16.2	66.4
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Other Tax	0.0	0.3	0.8	-0.5	-2.4
Income Tax - Total	4.0	2.2	0.1	0.1	0.1
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	0.3	0.3	0.3	0.4	0.3
Expected Return on Assets - Domestic	0.0	0.0	0.0	0.0	0.0
Transition Costs - Domestic	0.3	0.2	0.2	0.2	0.1
Domestic Pension Plan Expense	0.8	0.7	0.6	0.8	0.5
Defined Contribution Expense - Domestic	0.6	0.5	0.4	0.4	-
Total Pension Expense	1.3	1.2	1.0	1.2	0.5
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.25%	2.25%	2.00%	2.50%	3.00%
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	0.3	0.3	0.3	0.4	0.3
Total Plan Expected Return	0.0	0.0	0.0	0.0	0.0

Interim Income Statement

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Net Sales	111.1	93.1	125.2	108.2	123.7
Revenue	111.1	93.1	125.2	108.2	123.7
Total Revenue	111.1	93.1	125.2	108.2	123.7
Cost of Revenue	103.3	87.9	114.7	99.3	99.7
Cost of Revenue, Total	103.3	87.9	114.7	99.3	99.7
Gross Profit	7.8	5.2	10.4	8.9	24.1
Selling/General/Administrative Expense	4.0	1.9	4.9	3.4	4.2
Total Selling/General/Administrative Expenses	4.0	1.9	4.9	3.4	4.2
Research & Development	0.5	0.5	0.4	0.4	0.4
Depreciation	-	-0.1	0.1	0.0	-
Depreciation/Amortization	-	-0.1	0.1	0.0	-
Impairment-Assets Held for Use	-	0.1	-0.1	-0.3	-
Unusual Expense (Income)	-	0.1	-0.1	-0.3	-
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	107.9	90.3	120.1	102.9	104.4
Operating Income	3.2	2.9	5.1	5.3	19.4
Interest Expense - Non-Operating	-0.1	-0.1	-0.1	0.0	-0.1
Interest Expense, Net Non-Operating	-0.1	-0.1	-0.1	0.0	-0.1
Interest Income - Non-Operating	0.1	0.1	0.1	0.0	0.1
Investment Income - Non-Operating	13.8	-11.9	-0.9	1.9	6.6
Interest/Investment Income - Non-Operating	13.9	-11.8	-0.8	1.9	6.6
Interest Income (Expense) - Net Non-Operating Total	13.8	-11.9	-1.0	1.9	6.6
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.8	0.4	0.4	1.1	0.7
Other, Net	0.8	0.4	0.4	1.1	0.7
Income Before Tax	17.8	-8.7	4.5	8.4	26.6
Total Income Tax	0.7	0.8	0.2	0.3	2.7
Income After Tax	17.1	-9.5	4.3	8.1	23.9
Minority Interest	-0.8	1.2	0.0	-1.4	0.1
Net Income Before Extraord Items	16.3	-8.3	4.3	6.7	24.0
Net Income	16.3	-8.3	4.3	6.7	24.0
Income Available to Common Excl Extraord Items	16.3	-8.3	4.3	6.7	24.0
Income Available to Common Incl Extraord Items	16.3	-8.3	4.3	6.7	24.0
Basic/Primary Weighted Average Shares	880.1	879.7	880.2	877.2	875.2
Basic EPS Excl Extraord Items	0.02	-0.01	0.00	0.01	0.03
Basic/Primary EPS Incl Extraord Items	0.02	-0.01	0.00	0.01	0.03
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	16.3	-8.3	4.3	6.7	24.0
Diluted Weighted Average Shares	881.9	879.7	882.3	877.2	877.8
Diluted EPS Excl Extraord Items	0.02	-0.01	0.00	0.01	0.03
Diluted EPS Incl Extraord Items	0.02	-0.01	0.00	0.01	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	14.6	0.0	0.0	0.0
Interest Expense, Supplemental	0.1	0.1	0.1	0.0	0.1
Interest Capitalized, Supplemental	-0.2	-0.2	-0.3	-0.3	-0.2
Depreciation, Supplemental	3.3	3.1	3.2	3.0	2.9
Total Special Items	0.0	0.1	-0.1	-0.3	0.0
Normalized Income Before Tax	17.8	-8.6	4.4	8.0	26.6
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	0.7	0.8	0.2	0.3	2.7
Normalized Income After Tax	17.1	-9.4	4.2	7.7	23.9
Normalized Inc. Avail to Com.	16.3	-8.2	4.2	6.3	24.0
Basic Normalized EPS	0.02	-0.01	0.00	0.01	0.03
Diluted Normalized EPS	0.02	-0.01	0.00	0.01	0.03
Amort of Intangibles, Supplemental	0.6	0.6	0.6	0.6	0.5
Research & Development Exp, Supplemental	0.5	0.5	0.4	0.4	0.4
Normalized EBIT	3.2	3.0	5.0	5.0	19.4
Normalized EBITDA	7.1	6.6	8.7	8.6	22.8

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	15.6	6.5	8.4	4.7	2.8
Short Term Investments	67.8	36.3	8.9	6.1	11.5
Cash and Short Term Investments	83.5	42.8	17.3	10.8	14.3
Accounts Receivable - Trade, Gross	32.3	28.4	16.5	11.6	20.2
Provision for Doubtful Accounts	-0.5	-0.8	-0.3	-0.2	-0.2
Trade Accounts Receivable - Net	34.7	31.9	21.7	14.7	25.1
Notes Receivable - Short Term	8.0	4.5	4.8	3.3	5.5
Total Receivables, Net	42.7	36.4	26.5	18.0	30.6
Inventories - Finished Goods	59.8	31.5	19.5	33.1	22.3
Inventories - Work In Progress	24.5	69.2	54.0	91.1	80.5
Inventories - Raw Materials	48.8	48.2	31.6	27.6	41.6
Inventories - Other	1.2	25.1	13.9	13.3	9.4
Total Inventory	134.2	174.0	119.0	165.0	153.8
Prepaid Expenses	0.9	2.3	0.3	0.4	2.1
Other Current Assets	-	-	-	-	0.1
Other Current Assets, Total	-	-	-	-	0.1
Total Current Assets	261.3	255.5	163.2	194.2	200.8
Buildings	67.0	66.0	54.6	50.7	51.3
Land/Improvements	32.1	31.5	25.8	25.2	22.1
Machinery/Equipment	319.9	317.6	269.7	258.8	268.8
Construction in Progress	5.7	5.8	3.5	3.9	6.5
Leases	18.2	21.1	22.1	21.5	21.4
Other Property/Plant/Equipment	11.7	0.9	0.8	0.8	0.8
Property/Plant/Equipment - Gross	454.6	442.9	376.6	360.8	370.9
Accumulated Depreciation	-295.1	-294.3	-259.1	-243.0	-242.9
Property/Plant/Equipment - Net	159.5	148.6	117.4	117.8	128.0
Intangibles, Net	0.4	0.7	0.7	0.1	0.6
LT Investment - Affiliate Companies	134.9	156.6	112.1	77.6	103.8
LT Investments - Other	0.2	0.2	0.9	0.9	1.5
Long Term Investments	135.1	156.8	113.0	78.4	105.2
Deferred Charges	1.1	0.8	0.7	0.7	1.1
Pension Benefits - Overfunded	-	0.0	0.1	0.1	0.2
Deferred Income Tax - Long Term Asset	3.1	4.8	5.0	4.8	4.9
Other Long Term Assets	0.5	0.8	0.5	0.4	0.8
Other Long Term Assets, Total	4.7	6.5	6.2	6.1	7.0
Total Assets	561.0	568.0	400.4	396.5	441.6
Accounts Payable	37.0	33.9	19.5	11.7	12.1
Notes Payable/Short Term Debt	83.0	78.4	49.2	91.2	114.7
Current Portion - Long Term Debt/Capital Leases	7.7	19.1	0.6	2.2	14.3
Customer Advances	12.4	23.9	16.5	25.5	15.3
Income Taxes Payable	2.3	1.8	0.1	0.1	0.7
Other Payables	12.0	18.2	9.0	6.2	6.8
Other Current Liabilities	1.7	2.6	2.0	1.4	2.2
Other Current liabilities, Total	28.4	46.5	27.6	33.1	24.9
Total Current Liabilities	156.2	177.9	96.9	138.3	166.0
Long Term Debt	17.3	3.6	21.5	29.2	15.7
Total Long Term Debt	17.3	3.6	21.5	29.2	15.7
Total Debt	107.9	101.2	71.3	122.6	144.7
Minority Interest	25.3	23.7	11.3	9.2	15.1
Reserves	3.2	0.2	0.2	0.2	0.2
Pension Benefits - Underfunded	7.2	7.5	6.1	4.8	5.1
Other Long Term Liabilities	0.1	0.1	0.1	0.0	0.1
Other Liabilities, Total	10.4	7.7	6.4	5.0	5.3
Total Liabilities	209.2	213.0	136.1	181.6	202.1
Common Stock	292.3	268.7	240.1	234.0	225.5
Common Stock	292.3	268.7	240.1	234.0	225.5
Additional Paid-In Capital	12.4	7.5	6.7	6.8	64.2
Retained Earnings (Accumulated Deficit)	42.5	66.2	29.2	7.6	-29.4
Treasury Stock - Common	-0.9	-2.0	-4.5	-5.0	-3.7
Unrealized Gain (Loss)	7.0	16.8	-5.7	-28.2	-16.9
Translation Adjustment	0.0	-0.1	0.0	0.0	0.0
Minimum Pension Liability Adjustment	-1.4	-2.1	-1.4	-0.3	-0.3
Other Equity, Total	-1.5	-2.1	-1.4	-0.3	-0.3
Total Equity	351.9	355.1	264.3	214.9	239.5
Total Liabilities & Shareholders’ Equity	561.0	568.0	400.4	396.5	441.6
Shares Outstanding - Common Stock Primary Issue	875.2	866.8	836.4	832.9	841.8
Total Common Shares Outstanding	875.2	866.8	836.4	832.9	841.8
Treasury Shares - Common Stock Primary Issue	10.0	18.3	48.8	52.4	43.4
Employees	1,055	994	934	900	957
Number of Common Shareholders	-	53,016	43,442	43,618	43,041
Deferred Revenue - Current	12.4	23.9	16.5	25.5	15.3
Pension Obligation - Domestic	9.6	10.0	8.3	6.8	7.8
Plan Assets - Domestic	0.3	0.1	0.2	0.0	0.4
Funded Status - Domestic	-9.3	-9.9	-8.1	-6.8	-7.4
Accumulated Obligation - Domestic	7.4	7.6	6.3	4.8	5.5
Total Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Expected Rate of Return - Domestic	2.00%	2.00%	2.00%	2.75%	2.75%
Compensation Rate - Domestic	2.25%	2.25%	2.00%	2.50%	3.00%
Prepaid Benefits - Domestic	-	0.0	0.1	0.1	0.2
Accrued Liabilities - Domestic	-7.2	-7.5	-6.1	-4.8	-5.1
Net Assets Recognized on Balance Sheet	-7.2	-7.5	-6.1	-4.6	-4.9
Total Plan Obligations	9.6	10.0	8.3	6.8	7.8
Total Plan Assets	0.3	0.1	0.2	0.0	0.4

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.565976	30.279	30.475	28.7235	29.4065
Cash & Equivalents	12.3	15.6	10.1	6.5	5.7
Short Term Investments	84.5	67.8	59.5	38.1	43.4
Cash and Short Term Investments	96.8	83.5	69.5	44.7	49.1
Accounts Receivable - Trade, Gross	39.8	32.3	40.4	33.5	40.6
Provision for Doubtful Accounts	-0.7	-0.5	0.3	-0.4	-0.4
Trade Accounts Receivable - Net	42.5	34.7	44.0	38.9	44.3
Notes Receivable - Short Term	7.9	8.0	6.1	5.3	6.5
Total Receivables, Net	50.4	42.7	50.1	44.2	50.7
Inventories - Finished Goods	42.2	59.8	91.0	52.7	68.3
Inventories - Work In Progress	23.1	24.5	22.7	52.8	46.0
Inventories - Raw Materials	48.4	45.5	47.8	52.9	56.7
Inventories - Other	4.1	4.5	1.4	20.3	17.6
Total Inventory	117.8	134.2	163.0	178.7	188.6
Prepaid Expenses	1.0	0.9	1.1	0.7	1.9
Total Current Assets	266.0	261.3	283.8	268.3	290.3
Buildings	69.7	67.0	65.9	68.5	66.7
Land/Improvements	32.9	32.1	31.9	34.1	33.3
Machinery/Equipment	327.7	319.9	311.4	323.9	314.9
Construction in Progress	11.2	5.7	9.9	9.5	7.8
Leases	19.9	18.2	18.1	16.7	18.8
Other Property/Plant/Equipment	12.0	11.7	0.8	0.9	0.9
Property/Plant/Equipment - Gross	473.3	454.6	438.1	453.7	442.3
Accumulated Depreciation	-305.4	-295.1	-290.1	-302.5	-294.7
Property/Plant/Equipment - Net	167.9	159.5	148.0	151.2	147.7
Intangibles, Net	0.4	0.4	0.4	0.5	0.6
LT Investment - Affiliate Companies	138.2	134.9	146.9	159.1	155.4
LT Investments - Other	0.2	0.2	0.2	0.2	0.2
Long Term Investments	138.4	135.1	147.1	159.2	155.6
Deferred Charges	0.9	1.1	0.9	1.0	0.9
Deferred Income Tax - Long Term Asset	2.9	3.1	3.7	4.3	3.2
Other Long Term Assets	0.6	0.5	0.8	0.6	0.6
Other Long Term Assets, Total	4.4	4.7	5.4	5.8	4.6
Total Assets	577.0	561.0	584.7	585.1	598.8
Accounts Payable	34.7	37.0	41.9	34.2	46.8
Notes Payable/Short Term Debt	71.0	83.0	80.6	79.2	83.8
Current Portion - Long Term Debt/Capital Leases	11.4	7.7	14.9	13.4	13.1
Dividends Payable	-	-	-	13.6	-
Customer Advances	0.4	12.4	18.7	15.9	24.7
Income Taxes Payable	2.7	2.3	2.1	2.4	2.9
Other Payables	11.1	12.0	11.6	11.7	14.7
Other Current Liabilities	1.7	1.7	2.1	1.9	2.3
Other Current liabilities, Total	15.8	28.4	34.4	45.5	44.5
Total Current Liabilities	132.9	156.2	171.9	172.3	188.2
Long Term Debt	29.8	17.3	19.5	2.7	3.1
Total Long Term Debt	29.8	17.3	19.5	2.7	3.1
Total Debt	112.2	107.9	115.0	95.3	100.0
Minority Interest	26.8	25.3	26.5	25.9	23.5
Reserves	3.3	3.2	0.2	0.2	0.2
Pension Benefits - Underfunded	7.4	7.2	7.5	7.8	7.5
Other Long Term Liabilities	0.1	0.1	0.1	0.1	0.1
Other Liabilities, Total	10.8	10.4	7.8	8.1	7.8
Total Liabilities	200.3	209.2	225.6	209.0	222.5
Common Stock	299.4	292.3	290.5	308.2	266.4
Common Stock	299.4	292.3	290.5	308.2	266.4
Additional Paid-In Capital	12.7	12.4	9.9	10.1	7.6
Retained Earnings (Accumulated Deficit)	59.9	42.5	50.5	49.3	89.5
Treasury Stock - Common	-0.9	-0.9	-0.9	-1.1	-1.9
Unrealized Gain (Loss)	7.1	7.0	11.2	11.9	16.7
Translation Adjustment	0.0	0.0	-0.1	-0.1	-0.1
Minimum Pension Liability Adjustment	-1.5	-1.4	-2.0	-2.1	-2.1
Other Equity, Total	-1.5	-1.5	-2.0	-2.2	-2.1
Total Equity	376.7	351.9	359.1	376.1	376.2
Total Liabilities & Shareholders’ Equity	577.0	561.0	584.7	585.1	598.8
Shares Outstanding - Common Stock Primary Issue	875.2	875.2	875.2	874.1	867.3
Total Common Shares Outstanding	875.2	875.2	875.2	874.1	867.3
Treasury Shares - Common Stock Primary Issue	10.0	10.0	10.0	11.0	17.8
Employees	1,039	1,055	1,040	1,023	1,011
Deferred Revenue - Current	0.4	12.4	18.7	15.9	24.7
Accrued Liabilities - Domestic	-7.4	-7.2	-7.5	-7.8	-7.5
Net Assets Recognized on Balance Sheet	-7.4	-7.2	-7.5	-7.8	-7.5

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.39004	31.497037	33.023867	31.543497	32.848802
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	26.3	56.6	21.9	-11.6	16.8
Depreciation	12.2	10.3	10.7	13.6	40.5
Depreciation/Depletion	12.2	10.3	10.7	13.6	40.5
Amortization of Intangibles	2.2	1.5	1.0	1.4	3.2
Amortization	2.2	1.5	1.0	1.4	3.2
Deferred Taxes	1.5	0.6	0.0	0.0	-0.1
Accounting Change	-	-	-	-	0.0
Unusual Items	-0.3	-0.1	0.0	-0.1	0.1
Equity in Net Earnings (Loss)	-1.1	-12.6	-8.5	14.8	-0.7
Other Non-Cash Items	17.4	-8.8	-0.6	3.8	3.4
Non-Cash Items	16.0	-21.5	-9.2	18.6	2.9
Accounts Receivable	-7.9	-6.8	-7.8	9.6	-20.1
Inventories	34.3	-40.2	48.7	-19.5	-44.7
Prepaid Expenses	1.3	-1.7	0.0	1.8	4.7
Other Assets	-46.5	-14.9	-1.9	5.4	6.6
Accounts Payable	-2.4	15.6	12.3	-2.7	1.7
Taxes Payable	0.5	1.6	0.0	-0.6	-1.2
Other Liabilities	-3.7	5.6	-8.6	11.0	3.5
Changes in Working Capital	-24.3	-40.9	42.8	4.9	-49.5
Cash from Operating Activities	33.9	6.7	67.4	26.9	13.8
Purchase of Fixed Assets	-21.8	-24.8	-7.4	-5.9	-42.6
Capital Expenditures	-21.8	-24.8	-7.4	-5.9	-42.6
Sale of Fixed Assets	0.1	0.1	0.0	0.1	0.0
Sale/Maturity of Investment	0.3	0.0	0.2	-	0.0
Investment, Net	-	0.0	0.1	0.4	0.1
Purchase of Investments	-1.7	-0.7	-0.6	-0.5	-1.3
Other Investing Cash Flow	-1.9	-0.9	-0.8	0.1	-2.3
Other Investing Cash Flow Items, Total	-3.3	-1.5	-1.0	0.1	-3.4
Cash from Investing Activities	-25.1	-26.3	-8.4	-5.8	-46.0
Other Financing Cash Flow	7.7	0.5	-2.6	3.7	-0.3
Financing Cash Flow Items	7.7	0.5	-2.6	3.7	-0.3
Cash Dividends Paid - Common	-13.3	-19.5	-	-	-
Total Cash Dividends Paid	-13.3	-19.5	-	-	-
Sale/Issuance of Common	0.6	0.3	0.5	-1.4	0.7
Repurchase/Retirement of Common	2.6	14.1	-	-	-
Common Stock, Net	3.2	14.4	0.5	-1.4	0.7
Issuance (Retirement) of Stock, Net	3.2	14.4	0.5	-1.4	0.7
Short Term Debt Issued	4.2	11.5	-	-	43.1
Short Term Debt, Net	0.2	23.0	-4.4	-6.0	52.1
Long Term Debt Reduction	-	-	-39.4	-16.0	-
Long Term Debt, Net	3.2	-1.4	-49.2	-14.2	-27.2
Issuance (Retirement) of Debt, Net	3.3	21.6	-53.5	-20.2	24.9
Cash from Financing Activities	0.9	17.0	-55.5	-17.9	25.3
Foreign Exchange Effects	-	-	-	-	0.0
Net Change in Cash	9.7	-2.5	3.4	3.2	-6.8
Net Cash - Beginning Balance	6.4	8.5	4.7	1.7	9.6
Net Cash - Ending Balance	16.1	6.0	8.1	4.9	2.8
Cash Interest Paid	0.3	0.3	0.6	0.9	6.6
Cash Taxes Paid	1.9	0.0	0.0	0.6	1.9

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	29.39004	29.099862	29.074238	29.305764
Net Income/Starting Line	17.1	26.3	36.4	32.1	23.9
Depreciation	3.3	12.2	9.1	5.9	2.9
Depreciation/Depletion	3.3	12.2	9.1	5.9	2.9
Amortization of Intangibles	0.6	2.2	1.7	1.1	0.5
Amortization	0.6	2.2	1.7	1.1	0.5
Deferred Taxes	0.3	1.5	0.9	0.5	1.6
Unusual Items	0.0	0.0	0.0	0.0	0.0
Equity in Net Earnings (Loss)	-	-1.1	-4.9	-4.9	-
Other Non-Cash Items	-14.2	17.1	8.7	1.7	-5.9
Non-Cash Items	-14.2	16.0	3.8	-3.2	-5.9
Accounts Receivable	-3.4	-7.9	-16.0	-7.2	-14.7
Inventories	6.8	34.3	3.7	-2.1	-16.1
Prepaid Expenses	-0.1	1.3	1.1	1.5	0.3
Other Assets	-0.7	-46.5	-30.2	-2.3	3.7
Accounts Payable	4.4	5.1	0.7	-10.0	5.8
Taxes Payable	0.3	0.5	0.3	0.5	1.1
Other Liabilities	-2.7	-11.2	-4.4	-8.7	0.8
Changes in Working Capital	4.7	-24.3	-44.8	-28.2	-19.0
Cash from Operating Activities	11.8	33.9	7.1	8.3	4.0
Purchase of Fixed Assets	-8.1	-21.8	-19.3	-10.2	-6.1
Capital Expenditures	-8.1	-21.8	-19.3	-10.2	-6.1
Sale of Fixed Assets	0.0	0.1	0.1	0.1	0.0
Sale/Maturity of Investment	0.0	0.3	0.3	0.3	0.3
Purchase of Investments	0.0	-1.7	-1.2	-0.8	-5.7
Other Investing Cash Flow	-0.4	-1.9	-1.5	-0.7	-0.2
Other Investing Cash Flow Items, Total	-0.4	-3.3	-2.4	-1.2	-5.6
Cash from Investing Activities	-8.6	-25.1	-21.7	-11.3	-11.7
Other Financing Cash Flow	-5.5	7.7	10.1	7.4	7.3
Financing Cash Flow Items	-5.5	7.7	10.1	7.4	7.3
Cash Dividends Paid - Common	-	-13.3	-13.5	-	-
Total Cash Dividends Paid	-	-13.3	-13.5	-	-
Sale/Issuance of Common	0.0	0.6	0.6	0.4	0.1
Repurchase/Retirement of Common	-	2.6	2.7	2.7	-
Common Stock, Net	0.0	3.2	3.2	3.0	0.1
Issuance (Retirement) of Stock, Net	0.0	3.2	3.2	3.0	0.1
Short Term Debt, Net	-17.0	0.2	5.5	-0.5	5.9
Long Term Debt, Net	15.6	3.2	13.3	-6.9	-6.3
Issuance (Retirement) of Debt, Net	-1.4	3.3	18.8	-7.4	-0.4
Cash from Financing Activities	-6.9	0.9	18.7	3.0	7.0
Net Change in Cash	-3.7	9.7	4.0	0.0	-0.7
Net Cash - Beginning Balance	15.9	6.4	6.5	6.5	6.4
Net Cash - Ending Balance	12.3	16.1	10.5	6.5	5.7
Cash Interest Paid	0.1	0.3	0.2	0.1	0.1
Cash Taxes Paid	0.0	1.9	1.9	1.9	0.0

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	419.7	289.8	187.2	212.0	830.1
Construction Income	29.9	30.3	42.8	31.0	32.6
Total Revenue	449.6	320.1	230.1	243.0	862.7
Cost of Sales	386.1	252.4	172.4	226.6	779.4
Cost of Construction	15.0	18.5	31.6	-	28.1
Gains between Related Parties	0.0	-0.1	0.0	0.0	0.0
Prov./Reversal of Inventory Devaluation	-	-	-	-	-0.1
Gain/Loss on Physical Inventory	-	-	-	-	-0.2
Selling Expenses	10.9	11.1	8.6	9.3	21.2
General and Administrative Expenses	3.5	4.7	4.2	3.7	8.7
Research and Development Expenses	1.8	2.0	2.0	1.8	2.6
Gain on Reversal of Impairment Loss	-0.3	-	-	-	-
Total Operating Expense	417.1	288.7	218.8	241.3	839.6
Interest Income	0.3	0.1	0.2	0.4	0.3
Gain/loss on Foreign Exchange	0.9	-1.1	-0.3	0.2	0.3
Gain/Loss on Equity Investment	1.1	12.6	8.5	-14.8	0.7
Dividend Income	1.0	0.1	0.0	0.1	0.3
Gain on Sale of Fixed Assets	0.1	0.1	0.0	0.1	0.0
Gain on Sale of Investments	4.8	4.4	0.0	2.4	4.7
Rent Income	1.2	1.3	1.3	1.4	0.9
Gain on Sale of Scrap & Waste	-	-	-	-	2.7
Fin. Asset Revaluation Gain/Loss	-12.6	9.6	0.8	0.1	-3.1
Fin. Liabilities Revaluation	-	-	-	-	0.1
Miscellaneous Income	1.7	1.1	1.1	0.7	1.7
Interest Expense	-0.3	-0.2	-0.4	-0.9	-6.5
Investment Loss	-	-	-	-	-0.1
Loss on Sale of Fixed Assets	-	-	-	-	-0.1
Miscellaneous Disbursements	-0.4	-0.5	-0.6	-2.6	-8.1
Net Income Before Taxes	30.2	58.8	22.0	-11.5	17.0
Provision for Income Taxes	4.0	2.2	0.1	0.1	0.1
Net Income After Taxes	26.3	56.6	21.9	-11.6	16.8
Minority Interest	-0.1	-5.5	-1.1	2.5	-4.6
Net Income Before Extra. Items	26.2	51.1	20.8	-9.1	12.2
Net Income	26.2	51.1	20.8	-9.1	12.2
Income Available to Com Excl ExtraOrd	26.2	51.1	20.8	-9.1	12.2
Income Available to Com Incl ExtraOrd	26.2	51.1	20.8	-9.1	12.2
Basic Weighted Average Shares	877.9	863.9	856.4	860.0	816.3
Basic EPS Excluding ExtraOrdinary Items	0.03	0.06	0.02	-0.01	0.01
Basic EPS Including ExtraOrdinary Items	0.03	0.06	0.02	-0.01	0.01
Dilution Adjustment	-	0.0	0.0	0.0	-
Diluted Net Income	26.2	51.1	20.8	-9.1	12.2
Diluted Weighted Average Shares	879.3	865.7	858.0	860.0	816.3
Diluted EPS Excluding ExtraOrd Items	0.03	0.06	0.02	-0.01	0.01
Diluted EPS Including ExtraOrd Items	0.03	0.06	0.02	-0.01	0.01
DPS-Common Stock	0.02	0.01	0.02	0.00	0.00
Gross Dividends - Common Stock	15.1	12.4	18.6	0.0	0.0
Normalized Income Before Taxes	29.9	58.7	22.0	-11.5	14.3
Inc Tax Ex Impact of Sp Items	3.9	2.2	0.1	0.1	0.1
Normalized Income After Taxes	26.0	56.5	21.9	-11.6	14.2
Normalized Inc. Avail to Com.	25.9	51.0	20.8	-9.1	9.6
Basic Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Diluted Normalized EPS	0.03	0.06	0.02	-0.01	0.01
Interest Expense	0.3	0.2	0.4	0.9	6.5
Capitalized Interest	-1.0	-0.7	-1.2	-3.2	-2.9
R&D Expense	1.8	2.0	2.0	1.8	2.6
Depreciation - Operating Cost	11.6	9.7	10.1	12.8	39.4
Depreciation - Operating Expense	0.3	0.3	0.3	0.3	0.7
Amortization - Operating Cost	2.1	1.4	0.9	1.2	2.3
Amortization - Operating Expense	0.2	0.1	0.1	0.3	0.9
Current Tax Payable	4.1	3.8	0.8	-0.8	3.0
Current Tax - Total	4.1	3.8	0.8	-0.8	3.0
Deferred Tax	-0.1	-1.9	-1.6	1.4	-0.4
Deferred Tax - Total	-0.1	-1.9	-1.6	1.4	-0.4
Other	0.0	0.3	0.8	-0.5	-2.4
Income Tax - Total	4.0	2.2	0.1	0.1	0.1
Service Cost	0.3	0.3	0.3	0.4	0.3
Interest Cost	0.2	0.2	0.2	0.2	0.2
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amort. Transitional Benefit Obligation	-	0.1	0.1	0.1	0.1
Amort. of Benefit Obligation	0.3	0.2	0.1	0.1	0.0
Domestic Pension Plan Expense	0.8	0.7	0.6	0.8	0.5
Defined Contribution Expense - Domestic	0.6	0.5	0.4	0.4	-
Total Pension Expense	1.3	1.2	1.0	1.2	0.5
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
Rate of Compensation Increase	2.25%	2.25%	2.00%	2.50%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.75%	2.75%

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	30.256909	29.146237	28.855204	29.305764
Net Sales	111.0	-	114.9	101.9	110.2
Construction Revenue	0.0	-	10.2	6.4	13.6
Total Sales	-	93.1	-	-	-
Total Revenue	111.1	93.1	125.2	108.2	123.7
Cost of Sales	103.2	87.6	111.0	95.5	92.4
Cost of Construction	0.1	0.3	3.8	3.8	7.3
Unreal/Realized Gains,Related Parties	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.0	2.3	3.4	2.3	2.9
General and Administrative Expenses	1.0	-0.5	1.5	1.2	1.3
Research and Development Expenses	0.5	0.5	0.4	0.4	0.4
G on Rev. of Impairment L on Idle Assets	-	0.1	-0.1	-0.3	-
Depreciation of Idle Assets	-	-0.1	0.1	0.0	-
Total Operating Expense	107.9	90.3	120.1	102.9	104.4
Interest Income	0.1	0.1	0.1	0.0	0.1
Gain/Loss on Equity Investment	-	-3.7	0.0	5.0	-
Dividend Income/Loss	-	0.0	1.0	0.0	-
Gains on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Sale of Investments	0.3	0.0	-0.2	4.5	0.6
Foreign Exchange Gain/Losses	-0.7	-0.1	1.5	-0.6	0.1
Rent Income	0.3	0.3	0.3	0.3	0.3
Revaluation G/L on Financial Assets	14.2	-8.2	-3.2	-7.1	5.9
Financial Liab. Revaluation Gain/Los	-	0.1	-0.1	0.0	0.0
Miscellaneous Income	0.6	0.2	0.1	0.9	0.5
Interest Expense	-0.1	-0.1	-0.1	0.0	-0.1
Miscellaneous Disbursements	-0.1	-0.1	-0.1	-0.1	-0.1
Net Income Before Taxes	17.8	-8.7	4.5	8.4	26.6
Provision for Income Taxes	0.7	0.8	0.2	0.3	2.7
Net Income After Taxes	17.1	-9.5	4.3	8.1	23.9
Minority Interest	-0.8	1.2	0.0	-1.4	0.1
Net Income Before Extra. Items	16.3	-8.3	4.3	6.7	24.0
Net Income	16.3	-8.3	4.3	6.7	24.0
Income Available to Com Excl ExtraOrd	16.3	-8.3	4.3	6.7	24.0
Income Available to Com Incl ExtraOrd	16.3	-8.3	4.3	6.7	24.0
Basic Weighted Average Shares	880.1	879.7	880.2	877.2	875.2
Basic EPS Excluding ExtraOrdinary Items	0.02	-0.01	0.00	0.01	0.03
Basic EPS Including ExtraOrdinary Items	0.02	-0.01	0.00	0.01	0.03
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	16.3	-8.3	4.3	6.7	24.0
Diluted Weighted Average Shares	881.9	879.7	882.3	877.2	877.8
Diluted EPS Excluding ExtraOrd Items	0.02	-0.01	0.00	0.01	0.03
Diluted EPS Including ExtraOrd Items	0.02	-0.01	0.00	0.01	0.03
DPS-Common Stock	0.00	0.02	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	14.6	0.0	0.0	0.0
Normalized Income Before Taxes	17.8	-8.6	4.4	8.0	26.6
Inc Tax Ex Impact of Sp Items	0.7	0.8	0.2	0.3	2.7
Normalized Income After Taxes	17.1	-9.4	4.2	7.7	23.9
Normalized Inc. Avail to Com.	16.3	-8.2	4.2	6.3	24.0
Basic Normalized EPS	0.02	-0.01	0.00	0.01	0.03
Diluted Normalized EPS	0.02	-0.01	0.00	0.01	0.03
Interest Expense	0.1	0.1	0.1	0.0	0.1
Interest Capitalized	-0.2	-0.2	-0.3	-0.3	-0.2
R&D Expense	0.5	0.5	0.4	0.4	0.4
Depreciation	3.3	3.1	3.2	3.0	2.9
Amortization	0.6	0.6	0.6	0.6	0.5

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	15.6	6.5	8.4	4.7	2.8
Fin. Assets at Fair Value	62.9	33.9	6.4	3.6	8.4
Financial Assets, Hold to Maturity	-	-	0.0	0.1	0.0
Other Current Financial Assets	4.9	2.4	2.5	2.4	3.1
Notes Receivable	5.4	3.9	4.6	3.3	5.3
Notes Receivable - Related Parties	2.6	0.7	0.2	0.0	0.2
Accounts Receivable, Gross	32.3	28.4	16.5	11.6	20.2
Provision for Doubtful Accounts	-0.5	-0.3	-0.2	-0.2	-0.2
Prov. forGain/Loss on Foreign Exchange	0.0	-0.5	-0.1	0.0	0.0
Accounts Receivable - Related Parties	2.9	4.3	5.5	3.4	5.1
Raw Material	19.3	22.0	8.5	5.5	8.6
Supplies	2.7	2.4	1.5	1.6	1.7
Materials in Transit	3.3	0.0	0.2	0.0	-
Work-in-Process	1.4	1.5	1.1	0.5	1.1
Semi-Finished Goods	2.3	2.5	0.8	0.6	3.0
Finished Goods	26.9	26.7	14.3	19.8	22.2
Merchandise	0.3	-	0.0	0.0	0.0
Provision/Allowance for Inventory	-	-	-	-	-1.0
House & Land, Sold Out without Transfer	24.6	0.0	0.8	-	-
Land & House, Hold for Sale	3.1	-	-	13.3	0.0
Parking Spot for Sale	4.8	4.8	4.5	-	-
Land under Construction	19.8	43.6	39.4	61.0	55.8
Project in Progress	1.0	21.6	12.7	28.9	20.6
Deferred Selling Expenses	-	1.2	2.5	3.9	2.7
Construction Profit	-	22.7	10.2	8.3	4.6
Construction Land	23.5	23.8	21.4	20.4	31.3
Prepayment for Construction	1.2	1.3	1.1	1.1	1.0
Inventories, Other	-	-	-	-	2.1
Prepayment	0.9	2.3	0.3	0.4	2.1
Other Current Assets	-	-	-	-	0.1
Total Current Assets	261.3	255.5	163.2	194.2	200.8
Long Term Equity Investment	134.9	156.6	112.1	77.6	103.8
Fin. Assets-Hold to Maturity	-	-	-	-	0.2
Fin. Assets at Cost	0.2	0.2	0.9	0.9	1.2
Fin. Assets at Fair Value	-	-	-	-	0.1
Land and Improvements	32.1	31.5	25.8	25.2	22.1
Buildings and Structures	67.0	66.0	54.6	50.7	51.3
Machinery and Equipment	270.0	267.2	225.0	215.3	221.2
Transportation Equipment	2.7	2.6	2.1	2.0	2.0
Miscellaneous Equipment	47.3	47.9	42.6	41.5	45.6
Assets Revaluation Increment	11.7	0.9	0.8	0.8	0.8
Accumulated Depreciation on Fixed Assets	-292.9	-291.7	-256.9	-241.2	-241.5
Constr. in Prog. & Prep. for Equip.	5.7	5.8	3.5	3.9	6.5
Computer & Software	0.4	0.7	0.7	0.1	0.6
Deferred Pension Cost	-	0.0	0.1	0.1	0.2
Leased Assets	18.2	21.1	22.1	21.5	21.4
Accumulated Depreciation	-2.2	-2.6	-2.3	-1.8	-1.4
Deferred Charges	1.1	0.8	0.7	0.7	1.1
Deferred Income Tax Assets - Non Current	3.1	4.8	5.0	4.8	4.9
Other Long Term Assets	0.5	0.8	0.5	0.4	0.8
Total Assets	561.0	568.0	400.4	396.5	441.6
Short Term Borrowings	60.3	58.5	42.0	80.6	97.0
Short Term Notes & Bills Payable	13.3	17.8	4.9	9.2	15.1
Notes Payable	7.6	2.1	2.0	1.5	1.9
Notes Payable - Related Parties	1.7	0.0	0.4	0.0	0.6
Accounts Payable	27.5	31.8	15.5	7.6	9.8
Accounts Payable - Related Parties	4.2	2.1	3.5	1.1	1.9
Income Tax Payable	2.3	1.8	0.1	0.1	0.7
Payment on Behalf-Related Parties	5.4	0.0	0.5	3.1	0.3
Other Payable	12.0	18.2	9.0	6.2	6.8
Advance Receipts	12.4	23.9	16.5	25.5	15.3
Current Portion of Long Term Debt	7.7	19.1	0.6	2.2	14.3
Other Current Liabilities	1.7	2.6	2.0	1.4	2.2
Total Current Liabilities	156.2	177.9	96.9	138.3	166.0
Long Term Borrowings	17.3	3.6	21.5	29.2	15.7
Total Long Term Debt	17.3	3.6	21.5	29.2	15.7
Land Revaluation Increment Tax Reserve	3.2	0.2	0.2	0.2	0.2
Accrued Pension Liabilities	7.2	7.5	6.1	4.8	5.1
Long Term Security Deposits Received	0.0	0.1	0.0	0.0	0.0
Other LT Liabilities	0.0	0.0	0.0	0.0	0.0
Minority Interest	25.3	23.7	11.3	9.2	15.1
Total Liabilities	209.2	213.0	136.1	181.6	202.1
Common Stock	292.3	268.7	240.1	234.0	225.5
Share Premium	1.2	1.2	5.9	5.8	63.3
Cap. Surplus, Treasury Stock Transaction	7.8	6.0	-	-	0.2
LT Equity Investment Incre./Decre.	3.5	0.3	0.8	1.0	0.6
Gain from Aquisation	-	-	-	-	0.1
Other Comprehensive Income	-	-	-	-	0.0
Legal Reserve	6.6	1.3	-	-	11.2
Special Reserve	2.0	8.1	17.4	16.9	32.3
Retained Earnings	33.9	56.8	11.9	-9.4	-72.9
Cumulative Translation Adjustment	0.0	-0.1	0.0	0.0	0.0
Unrealized Gain/Loss on Pension Fund	-1.4	-2.1	-1.4	-0.3	-0.3
Unrealized G/L on Fncl. Instruments	-1.1	16.6	-5.9	-28.4	-17.1
Unrealized Revaluation Increment	8.1	0.2	0.2	0.2	0.2
Treasury Stock	-0.9	-2.0	-4.5	-5.0	-3.7
Total Equity	351.9	355.1	264.3	214.9	239.5
Total Liabilities & Shareholders' Equity	561.0	568.0	400.4	396.5	441.6
S/O-Common Stock	875.2	866.8	836.4	832.9	841.8
Total Common Shares Outstanding	875.2	866.8	836.4	832.9	841.8
T/S-Common Stock	10.0	18.3	48.8	52.4	43.4
Deferred Revenue, Current	12.4	23.9	16.5	25.5	15.3
Full-Time Employees	1,055	994	934	900	957
Number of Common Shareholders	-	53,016	43,442	43,618	43,041
Accumulated Benefit Obligation	7.4	7.6	6.3	4.8	5.5
Benefit Obligation	9.6	10.0	8.3	6.8	7.8
Fair Value of Plan Assets	0.3	0.1	0.2	0.0	0.4
Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Total Funded Status	-9.3	-9.9	-8.1	-6.8	-7.4
Discount Rate	2.00%	2.00%	2.00%	2.75%	2.75%
Rate of Compensation Increase	2.25%	2.25%	2.00%	2.50%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	2.00%	2.75%	2.75%
Deferred Pension Cost	-	0.0	0.1	0.1	0.2
Accrued Pension Liabilities	-7.2	-7.5	-6.1	-4.8	-5.1
Net Assets Recognized on Balance Sheet	-7.2	-7.5	-6.1	-4.6	-4.9

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.565976	30.279	30.475	28.7235	29.4065
Cash and Cash Equivalents	12.3	15.6	10.1	6.5	5.7
Financial Assets-Fair Value,Current	80.3	62.9	53.0	31.4	36.1
Other Financial Assets - Current	4.2	4.9	6.5	6.7	7.3
Notes Receivable	5.4	5.4	4.9	3.6	5.1
Notes Receivable - Related Parties	2.5	2.6	1.3	1.7	1.3
Accounts Receivable, Gross	39.8	32.3	40.4	33.5	40.6
Provision for Doubtful Accounts	-0.6	-0.5	-0.6	-0.4	-0.4
Prov. for Gain/Loss on Foreign Exchange	-0.1	0.0	0.9	-0.1	0.0
Accounts Receivable - Related Parties	3.4	2.9	3.2	5.8	4.1
Raw Material	21.3	19.3	22.1	25.7	30.3
Supplies	2.9	2.7	2.5	2.6	2.5
Work-in-Process	0.9	1.4	1.0	1.3	1.0
Semi-Finished Goods	0.9	2.3	1.2	1.0	1.4
Finished Goods	31.3	26.9	32.3	45.9	45.0
Merchandise	0.3	0.3	-	-	-
Inventory in Transit	2.8	3.3	0.2	0.1	0.3
House & Land, Sold Out without Transfer	2.6	24.6	49.8	1.3	17.6
Land & House, Hold for Sale	3.2	3.1	3.1	-	-
Parking Lots, Hold for Sale	4.9	4.8	5.8	5.6	5.6
Land under Construction	20.2	19.8	19.6	37.6	32.3
Construction in Progress	1.1	1.0	0.9	13.0	11.3
Deferred Selling Expenses	-	-	-	0.5	0.7
Construction Profit	-	-	-	18.5	15.4
Construction Land	24.2	23.5	23.3	24.6	23.9
Prepayment for Construction	1.3	1.2	1.2	1.3	1.3
Prepayment	1.0	0.9	1.1	0.7	1.9
Total Current Assets	266.0	261.3	283.8	268.3	290.3
Long Term Equity Investment	138.2	134.9	146.9	159.1	155.4
Financial Assets-Cost Method,Non-Current	0.2	0.2	0.2	0.2	0.2
Land and Improvements	32.9	32.1	31.9	34.1	33.3
Buildings and Structures	69.7	67.0	65.9	68.5	66.7
Machinery and Equipment	276.6	270.0	262.1	272.1	265.0
Transportation Equipment	2.7	2.7	2.7	2.8	2.5
Miscellaneous Equipment	48.4	47.3	46.6	49.0	47.4
Revaluation Increment	12.0	11.7	0.8	0.9	0.9
Accumulated Depreciation	-303.1	-292.9	-288.0	-302.5	-292.4
Constr. in Prog. & Prep. for Equip.	11.2	5.7	9.9	9.5	7.8
Computer Software Cost	0.4	0.4	0.4	0.5	0.6
Leased Assets	19.9	18.2	18.1	16.7	18.8
Accumulated Depreciation	-2.3	-2.2	-2.1	-	-2.3
Deferred Charges	0.9	1.1	0.9	1.0	0.9
Deferred Income Tax Assets - Non Current	2.9	3.1	3.7	4.3	3.2
Other Long Term Assets	0.6	0.5	0.8	0.6	0.6
Total Assets	577.0	561.0	584.7	585.1	598.8
Short Term Borrowings	41.4	60.3	52.9	52.2	48.6
Fin. Liabilities-FV through P/L, Current	-	-	0.1	0.0	0.0
Short Term Notes & Bills Payable	16.9	13.3	25.4	24.7	33.0
Notes Payable	10.2	7.6	2.1	2.3	2.1
Notes Payable - Related Parties	2.4	1.7	0.1	0.0	0.1
Accounts Payable	30.5	27.5	30.3	23.2	35.5
Accounts Payable - Related Parties	4.2	4.2	4.2	3.5	4.0
Income Tax Payable	2.7	2.3	2.1	2.4	2.9
Payment on Behalf-Related Parties	0.0	5.4	7.5	7.5	7.3
Cash Dividends Payable	-	-	-	13.6	-
Other Payable	11.1	12.0	11.6	11.7	14.7
Advance Receipts on Land/Building	0.4	12.4	18.7	15.9	24.7
Current Portion of Long Term Debt	11.4	7.7	14.9	13.4	13.1
Other Current Liabilities	1.7	1.7	2.1	1.9	2.3
Total Current Liabilities	132.9	156.2	171.9	172.3	188.2
Long Term Borrowings	29.8	17.3	19.5	2.7	3.1
Total Long Term Debt	29.8	17.3	19.5	2.7	3.1
Land Revaluation Increment Tax Reserve	3.3	3.2	0.2	0.2	0.2
Accrued Pension Liabilities	7.4	7.2	7.5	7.8	7.5
Long Term Security Deposits Received	0.0	0.0	0.0	0.1	0.0
Other Long Term Liability	0.0	0.0	0.0	0.0	0.0
Minority Interest	26.8	25.3	26.5	25.9	23.5
Total Liabilities	200.3	209.2	225.6	209.0	222.5
Common Stock	299.4	292.3	290.5	272.7	266.4
Stock Dividend for Distribution	-	-	-	35.5	-
Capital Surplus, Additional Paid in Capi	1.2	1.2	1.2	1.2	1.2
Cap. Surplus, Treasury Stock Transaction	7.9	7.8	7.7	7.8	6.2
Capital Surplus, LT Equity Investments	3.5	3.5	1.0	1.1	0.3
Legal Reserve	6.7	6.6	6.5	6.9	1.3
Special Reserve	2.1	2.0	2.0	2.2	8.0
Retained Earnings	51.1	33.9	41.9	40.2	80.2
Cumulative Translation Adjustment	0.0	0.0	-0.1	-0.1	-0.1
Net Loss Not Recognized as Pension Cost	-1.5	-1.4	-2.0	-2.1	-2.1
Unrealized LT Invest./Fncl/Pro Asset G/L	-1.1	-1.1	10.9	11.6	16.4
Unrealized Fixed Assets Revaluation	8.3	8.1	0.2	0.2	0.2
Treasury Stock	-0.9	-0.9	-0.9	-1.1	-1.9
Total Equity	376.7	351.9	359.1	376.1	376.2
Total Liabilities & Shareholders' Equity	577.0	561.0	584.7	585.1	598.8
S/O-Common Stock	875.2	875.2	875.2	874.1	867.3
Total Common Shares Outstanding	875.2	875.2	875.2	874.1	867.3
T/S-Common Stock	10.0	10.0	10.0	11.0	17.8
Deferred Revenue, Current	0.4	12.4	18.7	15.9	24.7
Full-Time Employees	1,039	1,055	1,040	1,023	1,011
Accrued Pension Liabilities	-7.4	-7.2	-7.5	-7.8	-7.5
Net Assets Recognized on Balance Sheet	-7.4	-7.2	-7.5	-7.8	-7.5

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	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	26.3	56.6	21.9	-11.6	16.8
Depreciation	12.2	10.3	10.7	13.6	40.5
Accounting Change	-	-	-	-	0.0
Amortization of Intangibles	2.2	1.5	1.0	1.4	3.2
Treasury Stock Transfer Expense	1.1	0.3	-	-	-
Equity Investment Gain/Loss	-1.1	-12.6	-8.5	14.8	-0.7
Gain/Loss on Disposal of Properties	-0.1	-0.1	0.0	-0.1	0.1
Financial Liability Revaluation G/L	-	-	-	0.0	-0.1
G/L on Sale of LT Equity Investment	0.0	0.0	0.0	0.0	0.0
Dividend from LT Equity Investment	3.7	0.5	0.1	0.5	0.7
Fncl. Assets at Cost - Capital Reduction	-	-	-	0.0	0.1
Prov./Reversal for Inventory Devaluation	-	-	-	3.5	-0.1
Impairment /Revesal on Assets	-0.3	-	-	-	-
Fin. Assets Revaluation Gain/Loss	12.6	-9.6	-0.8	-0.1	3.1
Prov. for Unrea./Realiz. Profit btw. RP.	0.0	-0.1	0.0	0.0	0.0
Fin. Assets at Cost-Eternal Devaluation	-	-	-	-	0.0
Reversal of Idle Assets	-	-	-	0.0	-0.1
Fin. Assets Fair Value Change	-43.9	-15.2	-1.9	4.7	8.0
Notes and Accounts Receivable	-	-	-5.6	7.6	-15.5
Notes & Accounts Receivable, Rela. Party	-	-	-2.1	2.0	-
Notes Receivable	-1.7	1.1	-	-	-
Notes Receivable-Related Parties	-2.1	-0.5	-	-	-4.6
Accounts Receivable	-5.4	-9.1	-	-	-
Accounts Receivable-Related Parties	1.3	1.6	-	-	-
Other Financial Assets-Current	-2.6	0.3	-0.1	0.7	0.6
Inventories	-	-	48.7	-19.5	-44.7
Inventories-Spinning	-3.3	-24.2	-	-	-
Inventories-Construction	37.6	-16.1	-	-	-
Prepayment	1.3	-1.7	0.0	1.8	4.7
Deferred Pension Cost	-	0.1	0.1	-	-
Other Current Assets	-	-	0.0	0.0	-2.0
Deferred Tax Assets	1.5	0.6	0.0	0.0	-0.1
Other Assets	0.0	0.0	0.0	0.0	0.0
Fin. Liabilities-Fair Value Change	-	-	-	-	0.0
Notes & Accounts Payable	-	-	10.6	-3.3	-3.9
Notes Payable	5.8	-0.1	-	-	-
Notes Payable,Related Parties	1.7	-0.4	-	-	-
Accounts Payable	-3.2	13.6	-	-	-
Accounts Payable,Related Parties	2.2	-1.6	-	-	-
Tax Payable	0.5	1.6	0.0	-0.6	-1.2
Other Payables	-1.4	3.6	1.6	0.6	5.6
Advance Receipts-Real Estate	-10.9	5.4	-9.3	10.8	5.3
Other Current Liabilities	-0.7	0.4	0.5	0.4	-1.9
Other Liabilities	0.5	0.2	0.3	-0.3	0.1
Cash from Operating Activities	33.9	6.7	67.4	26.9	13.8
Capital Return on LT Eq. Investment	-	-	-	-	0.0
Capital Reduction of FA, Cost Method	0.0	0.7	0.0	0.0	-
Purchase of LT Equity Investment	-1.7	-0.7	-0.6	-0.5	-1.3
LT Equity Investment at Cost	-	-	-	-	0.0
Disposal of Equity Investment	0.3	0.0	0.2	-	-
Fin. Assets at Cost	-	-	0.0	0.3	0.0
Fin. Assets-Hold to Maturity	-	0.0	0.1	0.1	0.1
Capital Expenditure	-21.8	-24.8	-7.4	-5.9	-42.6
Sale of Fixed Asset	0.1	0.1	0.0	0.1	0.0
Deferred Charges	-2.2	-1.3	-0.7	-0.8	-
Unrealized Depreciation	-	-	-	-	-2.2
Restricted Asset	0.0	0.0	0.0	0.0	0.3
Security Deposit Paid	0.3	-0.3	0.0	0.9	-0.4
Cash from Investing Activities	-25.1	-26.3	-8.4	-5.8	-46.0
Short Term Borrowings Decrease	-	-	-39.4	-16.0	-
Short Term Borrowings Increase	4.2	11.5	-	-	43.1
Net Change Short Term Notes	-4.0	11.5	-4.4	-6.0	9.0
Payable-Related Parties	5.5	-0.5	-2.6	2.9	-4.0
Shares Hold by Subsidies	2.6	14.1	-	-	-
Cash Dividend Received-Subsidies	0.1	1.0	-	-	-
Disposal of Treasury Stock	-	-	-	-	0.7
Trea. Transferred to Employees	0.6	0.3	0.5	-1.4	-
Net Change in LT Borrowing	3.2	-1.4	-9.8	1.8	-27.2
Security Deposit Received, Change	0.0	0.0	0.0	0.0	5.9
Minority Interest	2.0	-	0.0	0.8	-2.2
Cash Dividend - Common Stock	-13.3	-19.5	-	-	-
Cash from Financing Activities	0.9	17.0	-55.5	-17.9	25.3
Foreign Exchange Effects	-	-	-	-	0.0
Net Change in Cash	9.7	-2.5	3.4	3.2	-6.8
Net Cash - Beginning Balance	6.4	8.5	4.7	1.7	9.6
Net Cash - Ending Balance	16.1	6.0	8.1	4.9	2.8
Cash Interest Paid	0.3	0.3	0.6	0.9	6.6
Cash Taxes Paid	1.9	0.0	0.0	0.6	1.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.7102	29.39004	29.099862	29.074238	29.305764
Net Income	17.1	26.3	36.4	32.1	23.9
Depreciation	3.3	12.2	9.1	5.9	2.9
Amortization of Intangibles	0.6	2.2	1.7	1.1	0.5
Financial Asset Revaluation Gain/Loss	-14.2	12.6	4.3	1.1	-5.9
Treasury Stock Transfer Expense	0.0	1.1	1.1	0.7	0.2
Equity Investment Gain/Loss	-	-1.1	-4.9	-4.9	-
Gain/Loss on Disposal of Properties	0.0	-0.1	-0.1	-0.1	0.0
G/L on Disposal of Equity Investments	0.0	0.0	0.0	0.0	0.0
Financial Liab. Revaluation Gain/Loss	-	-	0.1	0.0	-
Impairment Loss on Assets/ Reversal	-	-0.3	-0.4	-0.3	-0.3
Dividend from LT Equity Investment	-	3.7	3.7	0.2	-
Unrealized Income-Related Parties	0.0	-	0.0	-	0.0
Realized Income - Related Parties	-	0.0	-	-	-
Financial Assets-Fair Value, Current	-1.5	-43.9	-25.9	1.8	3.4
Notes Receivable	0.1	-1.7	-1.2	0.3	-1.3
Notes Receivable-Related Parties	0.2	-2.1	-0.6	-1.0	-0.7
Accounts Receivable	-3.3	-5.4	-15.0	-5.0	-12.8
Accounts Receivable-Related Parties	-0.4	1.3	0.9	-1.4	0.2
Other Financial Assets-Current	0.8	-2.6	-4.3	-4.2	0.4
Inventories-Spinning	-2.7	-3.3	-6.9	-20.4	-25.9
Inventories-Construction	9.5	37.6	10.6	18.3	9.8
Prepayment	-0.1	1.3	1.1	1.5	0.3
Deferred Tax Assets	0.3	1.5	0.9	0.5	1.6
Other Assets	0.0	0.0	0.0	0.0	0.0
Fin. Liabilities-Fair Value Change	-	-	-	-	0.0
Notes Payable	2.4	5.8	0.2	0.2	0.0
Notes Payable,Related Parties	0.7	1.7	0.0	0.0	0.1
Accounts Payable	2.3	-3.2	-0.2	-8.9	4.0
Accounts Payable,Related Parties	0.0	2.2	2.3	1.3	2.0
Tax Payable	0.3	0.5	0.3	0.5	1.1
Other Payables	-0.9	-1.4	-1.6	-2.5	-0.3
Advanced Receipt for Real Estate	-2.7	-10.9	-4.4	-8.3	1.0
Other Current Liabilities	-0.1	-0.7	-0.3	-0.7	-0.3
Accrued Pension Liabilities	-	-	-	0.2	-
Other Liabilities	0.1	0.5	0.4	-	0.1
Cash from Operating Activities	11.8	33.9	7.1	8.3	4.0
Receiveble Parties Borrowing Increased	-	-	-	-	-5.3
Capital Reduction of FA, Cost Method	-	0.0	-	-	-
Purchase of LT Equity Investment	0.0	-1.7	-1.2	-0.8	-0.4
Disposal of Equity Investment	0.0	0.3	0.3	0.3	0.3
Capital Expenditure	-8.1	-21.8	-19.3	-10.2	-6.1
Sale of Fixed Asset	0.0	0.1	0.1	0.1	0.0
Deferred Charge	-0.4	-2.2	-1.6	-1.0	-0.5
Cash from Selling Deferred Charges	0.0	-	-	-	-
Restricted Asset	-	0.0	0.0	0.0	0.0
Security Deposit Paid	-0.1	0.3	0.0	0.3	0.3
Cash from Investing Activities	-8.6	-25.1	-21.7	-11.3	-11.7
Short Term Borrowings	-20.3	4.2	-3.2	-7.1	-9.5
Short Term Notes/Bills Change	3.3	-4.0	8.7	6.5	15.4
Payment on Behalf-Related Parties	-5.5	5.5	7.9	7.4	7.3
Net Change in LT Borrowings	15.6	3.2	13.3	-6.9	-6.3
Cash Dividend - Common Stock	-	-13.3	-13.5	-	-
Cash Dividend Received -Subsidies	-	0.1	0.2	-	-
Minority Interest	-	2.0	2.1	-	-
Treasury Stock Transfer to Employee	-	0.6	0.6	0.4	0.1
Disposal of Treasury Stock	0.0	-	-	-	-
Shares Hold by Subsidies	-	2.6	2.7	2.7	-
Security Deposit Received, Change	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-6.9	0.9	18.7	3.0	7.0
Net Change in Cash	-3.7	9.7	4.0	0.0	-0.7
Net Cash - Beginning Balance	15.9	6.4	6.5	6.5	6.4
Net Cash - Ending Balance	12.3	16.1	10.5	6.5	5.7
Cash Interest Paid	0.1	0.3	0.2	0.1	0.1
Cash Taxes Paid	0.0	1.9	1.9	1.9	0.0

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-05		31-Dec-04		31-Dec-03
Asia	371.3	82.6 %	257.1	80.3 %	-	-	-	-	-	-
North America/Central America/South America	23.7	5.3 %	17.6	5.5 %	-	-	-	-	-	-
Europe	32.3	7.2 %	25.3	7.9 %	61.7	55.8 %	55.5	49.7 %	16.5	16.4 %
Hong Kong	-	-	-	-	16.5	14.9 %	18.8	16.9 %	7.4	7.3 %
Asia (Except Hongkong)	-	-	-	-	14.2	12.9 %	18.7	16.8 %	44.4	44.1 %
Other Foreign	22.4	5 %	20.1	6.3 %	18.2	16.4 %	18.6	16.7 %	32.3	32.1 %
Segment Total	449.6	100 %	320.1	100 %	110.6	100 %	111.7	100 %	100.6	100 %
Consolidated Total	449.6	100 %	320.1	100 %	110.6	100 %	111.7	100 %	100.6	100 %
Exchange Rate: TWD to USD	29.390040		31.497037		32.152549		33.355981		34.406803
Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-05		31-Dec-04		31-Dec-03
Asia	371.3	82.6 %	257.1	80.3 %	-	-	-	-	-	-
North America/Central America/South America	23.7	5.3 %	17.6	5.5 %	-	-	-	-	-	-
Europe	32.3	7.2 %	25.3	7.9 %	61.7	55.8 %	55.5	49.7 %	16.5	16.4 %
Hong Kong	-	-	-	-	16.5	14.9 %	18.8	16.9 %	7.4	7.3 %
Asia (Except Hongkong)	-	-	-	-	14.2	12.9 %	18.7	16.8 %	44.4	44.1 %
Other Foreign	22.4	5 %	20.1	6.3 %	18.2	16.4 %	18.6	16.7 %	32.3	32.1 %
Segment Total	449.6	100 %	320.1	100 %	110.6	100 %	111.7	100 %	100.6	100 %
Consolidated Total	449.6	100 %	320.1	100 %	110.6	100 %	111.7	100 %	100.6	100 %
Exchange Rate: TWD to USD	29.390040		31.497037		32.152549		33.355981		34.406803

Long Lived Assets   USD (mil)
	31-Dec-11		31-Dec-10
Asia	161.0	100 %	150.1	100 %
Segment Total	161.0	100 %	150.1	100 %
Consolidated Total	161.0	100 %	150.1	100 %
Exchange Rate: TWD to USD	30.279000		29.156500

Business 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
Textile	288.3	47 %	253.2	56.6 %	187.2	81.4 %	209.0	86 %	852.2	95.2 %
Chemical Fiber	295.5	48.1 %	163.6	36.6 %	-	-	-	-	-	-
Construction	29.9	4.9 %	30.3	6.8 %	42.8	18.6 %	31.0	12.7 %	32.6	3.6 %
Investment & Other	0.1	0 %	-	-	0.0	0 %	3.1	1.3 %	10.4	1.2 %
Segment Total	613.9	100 %	447.1	100 %	230.1	100 %	243.0	100 %	895.3	100 %
Intercompany Elimination	-164.2	-26.8 %	-127.0	-28.4 %	0.0	0 %	-0.1	0 %	-32.5	-3.6 %
Consolidated Total	449.6	73.2 %	320.1	71.6 %	230.1	100 %	243.0	100 %	862.7	96.4 %
Exchange Rate: TWD to USD	29.390040		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
Textile	288.3	47 %	253.2	56.6 %	187.2	81.4 %	209.0	86 %	852.2	95.2 %
Chemical Fiber	295.5	48.1 %	163.6	36.6 %	-	-	-	-	-	-
Construction	29.9	4.9 %	30.3	6.8 %	42.8	18.6 %	31.0	12.7 %	32.6	3.6 %
Investment & Other	0.1	0 %	-	-	0.0	0 %	3.1	1.3 %	10.4	1.2 %
Segment Total	613.9	100 %	447.1	100 %	230.1	100 %	243.0	100 %	895.3	100 %
Intercompany Elimination	-164.2	-26.8 %	-127.0	-28.4 %	0.0	0 %	-0.1	0 %	-32.5	-3.6 %
Consolidated Total	449.6	73.2 %	320.1	71.6 %	230.1	100 %	243.0	100 %	862.7	96.4 %
Exchange Rate: TWD to USD	29.390040		31.497037		33.023867		31.543497		32.848802

Cost of Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Textile	265.0	46.9 %	233.3	58.6 %
Chemical Fiber	285.2	50.4 %	146.1	36.7 %
Construction	15.0	2.7 %	18.5	4.7 %
Investment & Other	0.1	0 %	-	-
Segment Total	565.4	100 %	397.9	100 %
Intercompany Elimination	-164.2	-29.1 %	-127.0	-31.9 %
Consolidated Total	401.1	70.9 %	270.9	68.1 %
Exchange Rate: TWD to USD	29.390040		31.497037
Gross Profit   USD (mil)
	31-Dec-11		31-Dec-10
Textile	23.3	48 %	19.9	40.5 %
Chemical Fiber	10.3	21.2 %	17.5	35.6 %
Construction	14.9	30.7 %	11.7	23.9 %
Investment & Other	0.0	0 %	-	-
Segment Total	48.5	100 %	49.2	100 %
Consolidated Total	48.5	100 %	49.2	100 %
Exchange Rate: TWD to USD	29.390040		31.497037

Gross Margin (%)
				31-Dec-11				31-Dec-10
Textile				8.1		-		7.9	-
Chemical Fiber				3.5		-		10.7	-
Construction				49.8		-		38.8	-
Investment & Other				8.8		-		-	-
Segment Total				7.9		-		11.0	-
Consolidated Total				10.8		-		15.4	-
Depreciation   USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08		31-Dec-07
Textile	11.8	99.9 %	11.8		99.9 %	15.0	99.8 %	43.2	99.8 %
Construction	-	-	0.0		0 %	0.0	0 %	0.1	0.2 %
Investment & Other	0.0	0.1 %	0.0		0.1 %	0.0	0.2 %	-	-
Segment Total	11.8	100 %	11.8		100 %	15.0	100 %	43.3	100 %
Intercompany Elimination	-	-	0.0		0 %	0.0	0 %	-	-
Consolidated Total	11.8	100 %	11.8		100 %	15.0	100 %	43.3	100 %
Exchange Rate: TWD to USD	31.497037		33.023867			31.543497		32.848802

Total Operating Expense   USD (mil)
		31-Dec-11				31-Dec-10
Textile		7.9		48.7 %		11.5		64.7 %
Chemical Fiber		5.7		35.1 %		4.7		26.2 %
Construction		2.2		13.3 %		1.6		8.7 %
Investment & Other		0.5		2.9 %		0.1		0.4 %
Segment Total		16.2		100 %		17.8		100 %
Consolidated Total		16.2		100 %		17.8		100 %
Exchange Rate: TWD to USD		29.390040				31.497037
Operating Income/Loss   USD (mil)
	31-Dec-11			31-Dec-10			31-Dec-09
Textile	15.4		47.7 %	8.4	26.9 %		14.8	57.1 %
Chemical Fiber	4.6		14.2 %	12.8	40.9 %		-	-
Construction	12.7		39.4 %	10.2	32.5 %		11.2	42.9 %
Investment & Other	-0.5		-1.4 %	-0.1	-0.2 %		-	-
Segment Total	32.3		100 %	31.4	100 %		26.0	100 %
Consolidated Total	32.3		100 %	31.4	100 %		26.0	100 %
Exchange Rate: TWD to USD	29.390040			31.497037			33.023867

Operating Margin (%)
		31-Dec-11			31-Dec-10				31-Dec-09
Textile		5.3		-	3.3		-		7.9		-
Chemical Fiber		1.6		-	7.8		-		-		-
Construction		42.6		-	33.7		-		26.1		-
Investment & Other		-385.1		-	-		-		-		-
Segment Total		5.3		-	7.0		-		11.3		-
Consolidated Total		7.2		-	9.8		-		11.3		-
Income Before Tax   USD (mil)
	31-Dec-09			31-Dec-08				31-Dec-07
Textile	14.8		57.1 %	10.3		62.5 %		48.0		86 %
Construction	11.2		42.9 %	5.3		32.1 %		4.5		8.1 %
Investment & Other	0.0		0 %	0.9		5.3 %		3.3		5.9 %
Segment Total	26.0		100 %	16.5		100 %		55.9		100 %
Intercompany Elimination	0.0		0 %	-0.1		-0.4 %		-0.7		-1.2 %
Corporate Expense/Other	-4.0		-15.4 %	-34.3		-208.5 %		-38.2		-68.4 %
Consolidated Total	22.0		84.6 %	16.4		99.6 %		17.0		30.4 %
Exchange Rate: TWD to USD	33.023867			31.543497				32.848802

Pre-Tax Margin (%)
			31-Dec-09		31-Dec-08				31-Dec-07
Textile			7.9	-	4.9		-		5.6		-
Construction			26.1	-	17.1		-		13.9		-
Investment & Other			-	-	28.2		-		31.6		-
Segment Total			11.3	-	6.8		-		6.2		-
Intercompany Elimination			-	-	83.0		-		2.1		-
Consolidated Total			9.6	-	6.8		-		2.0		-
Total Assets   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07
Textile	238.8	64.2 %	168.4	63.2 %	126.6	47.3 %		143.7		53.4 %
Construction	120.2	32.3 %	94.5	35.5 %	136.9	51.1 %		116.0		43.1 %
Investment & Other	12.7	3.4 %	3.3	1.3 %	4.2	1.6 %		9.5		3.5 %
Segment Total	371.8	100 %	266.2	100 %	267.8	100 %		269.2		100 %
Intercompany Elimination	-	-	-2.1	-0.8 %	-1.8	-0.7 %		-0.2		-0.1 %
Corporate Expense/Other	196.3	52.8 %	136.3	51.2 %	130.5	48.8 %		172.6		64.1 %
Consolidated Total	568.0	152.8 %	400.4	150.4 %	396.5	148.1 %		441.6		164 %
Exchange Rate: TWD to USD	29.156500		31.985000		32.818000			32.434500

Operating Return on Assets (%)
				31-Dec-10				31-Dec-09
Textile				16.9		-		9.1	-
Construction				10.6		-		12.2	-
Segment Total				14.3		-		10.1	-
Consolidated Total				9.4		-		6.7	-
Purchase of Fixed Assets   USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08		31-Dec-07
Textile	26.1	100 %	8.1		100 %	6.8	100 %	36.3	100 %
Construction	-	-	0.0		0 %	0.0	0 %	-	-
Investment & Other	-	-	-		-	0.0	0 %	-	-
Segment Total	26.1	100 %	8.1		100 %	6.8	100 %	36.3	100 %
Intercompany Elimination	-	-	0.0		0 %	0.0	0 %	-	-
Consolidated Total	26.1	100 %	8.1		100 %	6.8	100 %	36.3	100 %
Exchange Rate: TWD to USD	31.497037		33.023867			31.543497		32.848802

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Silk Mill	68.9	46.6 %	67.0	51 %	72.4	42.8 %	72.6	49.8 %	76.5	45.5 %
Chemical Fibre Factory	79.0	53.4 %	64.3	49 %	86.5	51.1 %	66.9	45.9 %	78.1	46.4 %
Construction	0.0	0 %	0.0	0 %	10.2	6 %	6.4	4.4 %	13.6	8.1 %
Investment & Other	0.1	0 %	0.1	0.1 %	0.0	0 %	-	-	-	-
Segment Total	148.1	100 %	131.4	100 %	169.2	100 %	145.8	100 %	168.2	100 %
Intercompany Eliminations	-37.0	-25 %	-38.2	-29.1 %	-44.1	-26 %	-37.6	-25.8 %	-44.4	-26.4 %
Consolidated Total	111.1	75 %	93.1	70.9 %	125.2	74 %	108.2	74.2 %	123.7	73.6 %
Exchange Rate: TWD to USD	29.710200		30.256909		29.146237		28.855204		29.305764
Total Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Silk Mill	68.9	46.6 %	67.0	51 %	72.4	42.8 %	72.6	49.8 %	76.5	45.5 %
Chemical Fibre Factory	79.0	53.4 %	64.3	49 %	86.5	51.1 %	66.9	45.9 %	78.1	46.4 %
Construction	0.0	0 %	0.0	0 %	10.2	6 %	6.4	4.4 %	13.6	8.1 %
Investment & Other	0.1	0 %	0.1	0.1 %	0.0	0 %	-	-	-	-
Segment Total	148.1	100 %	131.4	100 %	169.2	100 %	145.8	100 %	168.2	100 %
Intercompany Eliminations	-37.0	-25 %	-38.2	-29.1 %	-44.1	-26 %	-37.6	-25.8 %	-44.4	-26.4 %
Consolidated Total	111.1	75 %	93.1	70.9 %	125.2	74 %	108.2	74.2 %	123.7	73.6 %
Exchange Rate: TWD to USD	29.710200		30.256909		29.146237		28.855204		29.305764

Cost of Revenue   USD (mil)
	31-Mar-12		31-Mar-11
Silk Mill	64.4	45.9 %	68.5	68.7 %
Chemical Fibre Factory	75.8	54 %	68.3	68.5 %
Construction	0.1	0.1 %	7.3	7.3 %
Investment & Other	0.1	0.1 %	-44.4	-44.5 %
Segment Total	140.3	100 %	99.7	100 %
Intercompany Eliminations	-37.0	-26.4 %	-	-
Consolidated Total	103.3	73.6 %	99.7	100 %
Exchange Rate: TWD to USD	29.710200		29.305764
Gross Profit   USD (mil)
	31-Mar-12		31-Mar-11
Silk Mill	4.6	58.9 %	8.0	33.3 %
Chemical Fibre Factory	3.3	41.8 %	9.7	40.5 %
Construction	0.0	-0.4 %	6.3	26.3 %
Investment & Other	0.0	-0.2 %	-	-
Segment Total	7.8	100 %	24.1	100 %
Consolidated Total	7.8	100 %	24.1	100 %
Exchange Rate: TWD to USD	29.710200		29.305764

Gross Margin (%)
						31-Mar-12				31-Mar-11
Silk Mill						6.6		-		10.5	-
Chemical Fibre Factory						4.1		-		12.5	-
Construction						-90.0		-		46.5	-
Investment & Other						-28.6		-		-	-
Segment Total						5.3		-		14.3	-
Consolidated Total						7.0		-		19.4	-
Operating Income/Loss   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11			30-Jun-11		31-Mar-11
Silk Mill	2.4	73.7 %	3.6	126.8 %	1.5		30.5 %	4.4	88 %	5.8	29.8 %
Chemical Fibre Factory	1.3	41.7 %	0.0	-0.1 %	-2.0		-40.2 %	-1.6	-31.4 %	8.2	42.3 %
Construction	-0.2	-5.4 %	-0.6	-20.1 %	5.8		114.6 %	2.2	43.5 %	5.4	27.9 %
Investment & Other	-0.3	-10 %	-0.2	-6.6 %	-0.2		-4.9 %	0.0	-0.2 %	0.0	0 %
Segment Total	3.2	100 %	2.9	100 %	5.1		100 %	5.1	100 %	19.4	100 %
Consolidated Total	3.2	100 %	2.9	100 %	5.1		100 %	5.1	100 %	19.4	100 %
Exchange Rate: TWD to USD	29.710200		30.256909		29.146237			28.855204		29.305764

Operating Margin (%)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Silk Mill	3.4	-	5.4	-	2.1	-	6.1	-	7.5	-
Chemical Fibre Factory	1.7	-	0.0	-	-2.4	-	-2.4	-	10.5	-
Construction	-465.1	-	3,119.3	-	56.8	-	34.6	-	39.9	-
Investment & Other	-475.9	-	-190.7	-	-1,377.9	-	-	-	-	-
Segment Total	2.2	-	2.2	-	3.0	-	3.5	-	11.5	-
Consolidated Total	2.9	-	3.1	-	4.0	-	4.7	-	15.7	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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