MIRA INFORM REPORT

 

 

Report Date :

10.11.2012

 

IDENTIFICATION DETAILS

 

Name :

CHINA MAN-MADE FIBER CORPORATION

 

 

Registered Office :

10F, No. 50, Section 1, Xinsheng South Road, Jhongjheng District, Taipei, 100

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.05.1955

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacture and distribution of chemical products and chemical fiber products

 

 

No. of Employees :

3,376

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Taiwan

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

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 & address 

 

China Man-Made Fiber Corporation

10F, No. 50, Section 1

Xinsheng South Road

Jhongjheng District

Taipei, 100

Taiwan

Tel:       886-2-23937111

Fax:      886-2-23972549

Web:    www.cmfc.com.tw

           

 

Synthesis

 

Employees:                  3,376

Company Type:            Public Independent

Traded:                         Taiwan Stock Exchange:            1718

Incorporation Date:         11-May-1955

Auditor:                        Deloitte & Touche LLP   

Financials in:                 usd (Millions)

Fiscal Year End:                        31-Dec-2011

Reporting Currency:       Taiwanese New Dollar

Annual Sales:               981.7  1

Net Income:                   30.0

Total Assets:                 13,492.4  2

Market Value:                446.4 (27-Jul-2012)        

 

 

Business Description   

 

China Man-Made Fiber Corporation is principally engaged in the manufacture and distribution of chemical products and chemical fiber products. The Company provides chemical products, including mono ethylene glycol (MEG), diethylene glycol (DEG), tri ethylene glycol (TEG), ethylene oxide (EO) and nonyl phenol (NP), which are applied in antifreeze agents, refrigerants, ice and snow removers, explosives, brake oils, solvent naphtha, deicers, regulators, air finishing and moistening agents, promoting agents, antioxidants, stabilizers and lubricants, as well as chemical fiber products, including polyester chips and polyester filaments, which are applied in weaving cloth, bags, industrial cloth and shoes materials. It distributes its products primarily in Taiwan and other Asian markets. For the nine months ended 30 September 2010, China Man-Made Fiber Corporation's revenues increased 36% to NT$20.67B. The Company's net income for the period totaled NT$2.96B, vs. a loss of NT$917.3M. Revenues reflect an increase in the sales due to stronger market demand. Net income also benefited from increased gains on disposal of fixed assets and inclusion of gains on disposal of investment as well as decreased other deposit with bank.

Industry             

Industry            Chemical Manufacturing

ANZSIC 2006:    1812 - Basic Organic Chemical Manufacturing

NACE 2002:      2414 - Manufacture of other organic basic chemicals

NAICS 2002:     325199 - All Other Basic Organic Chemical Manufacturing

UK SIC 2003:    2414 - Manufacture of other organic basic chemicals

US SIC 1987:    2869 - Industrial Organic Chemicals, Not Elsewhere Classified

 

           

Key Executives   

 

Name

Title

Guifeng Wang

Managing Director, General Manager

Bonian Lin

Head of Finance

Wenlong Yan

Manager-Construction

Kuei-Fong Wang

General Manager

Xiaoyu Lin

Manager-Finance

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

1

China Man-Made Fiber Co., Ltd. Acquires Equipment

29-Aug-2011

Dividends

1

China Man-Made Fiber Co., Ltd. Announces No Dividend Payment for FY 2011

26-Mar-2012

 

* number of significant developments within the last 12 months   

 

 

News

 

Title

Date

Fitch affirms Taichung Bank at 'BB+'; outlook stable
Daily Pak Banker (Pakistan) (374 Words)

14-Oct-2011

 

 

 

Financial Summary   

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

4.15

2.18

Quick Ratio (MRQ)

4.02

1.35

Debt to Equity (MRQ)

1.23

0.82

Sales 5 Year Growth

3.57

6.26

Net Profit Margin (TTM) %

6.33

10.56

Return on Assets (TTM) %

0.46

8.26

Return on Equity (TTM) %

3.38

22.07

 

 

Stock Snapshot

             

 

Traded: Taiwan Stock Exchange: 1718

 

As of 27-Jul-2012

   Financials in: TWD

Recent Price

9.53

 

EPS

0.86

52 Week High

14.65

 

Price/Sales

0.47

52 Week Low

8.38

 

Price/Earnings

21.05

Avg. Volume (mil)

1.61

 

Price/Book

0.62

Market Value (mil)

13,442.92

 

Beta

1.19

 

Price % Change

Rel S&P 500%

4 Week

5.19%

7.72%

13 Week

-3.64%

1.18%

52 Week

-30.69%

-14.71%

Year to Date

6.12%

5.34%

 

 

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

10F, No. 50, Section 1

Xinsheng South Road

Jhongjheng District

Taipei, 100

Taiwan

Tel:       886-2-23937111

Fax:      886-2-23972549

Web:    www.cmfc.com.tw

           


 

Quote Symbol - Exchange

1718 - Taiwan Stock Exchange

Sales TWD(mil):                        28,852.9

Assets TWD(mil):          408,536.5

Employees:                   3,376

Fiscal Year End:                        31-Dec-2011

Industry:                                    Chemical Manufacturing

Incorporation Date:         11-May-1955

Company Type:             Public Independent

Quoted Status:              Quoted

Chairman of the Board:   Guixian Wang

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Investor Relations

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1821     -          Synthetic Resin and Synthetic Rubber Manufacturing

1812     -          Basic Organic Chemical Manufacturing

1829     -          Other Basic Polymer Manufacturing

 

NACE 2002 Codes:

2416     -          Manufacture of plastics in primary forms

2414     -          Manufacture of other organic basic chemicals

2470     -          Manufacture of man-made fibres

 

NAICS 2002 Codes:

325199  -          All Other Basic Organic Chemical Manufacturing

325211  -          Plastics Material and Resin Manufacturing

325222  -          Noncellulosic Organic Fiber Manufacturing

 

US SIC 1987:

2821     -          Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

2869     -          Industrial Organic Chemicals, Not Elsewhere Classified

2824     -          Manmade Organic Fibers, Except Cellulosic

UK SIC 2003:

2414     -          Manufacture of other organic basic chemicals

2470     -          Manufacture of man-made fibres

2416     -          Manufacture of plastics in primary forms

 

Business Description

China Man-Made Fiber Corporation is principally engaged in the manufacture and distribution of chemical products and chemical fiber products. The Company provides chemical products, including mono ethylene glycol (MEG), diethylene glycol (DEG), tri ethylene glycol (TEG), ethylene oxide (EO) and nonyl phenol (NP), which are applied in antifreeze agents, refrigerants, ice and snow removers, explosives, brake oils, solvent naphtha, deicers, regulators, air finishing and moistening agents, promoting agents, antioxidants, stabilizers and lubricants, as well as chemical fiber products, including polyester chips and polyester filaments, which are applied in weaving cloth, bags, industrial cloth and shoes materials. It distributes its products primarily in Taiwan and other Asian markets. For the nine months ended 30 September 2010, China Man-Made Fiber Corporation's revenues increased 36% to NT$20.67B. The Company's net income for the period totaled NT$2.96B, vs. a loss of NT$917.3M. Revenues reflect an increase in the sales due to stronger market demand. Net income also benefited from increased gains on disposal of fixed assets and inclusion of gains on disposal of investment as well as decreased other deposit with bank.

 

More Business Descriptions

·         Manufacture of viscose rayon filament, cellophane, ethylene glycol and nonyl phenol

Fiber Products Mfr

China Man-Made Fiber Corporation (CMFC) is a Taiwan based petrochemical manufacturing company. It principally operates through a single business segment for developing, manufacturing and selling chemical products and chemical fiber across the domestic market. CMFC's manufacturing facilities are located at Da-She Industrial Zone, Kaohsiung. The company principally operates in Taiwan.The company's chemical business primarily produces two types of chemicals, namely, chemicals derived from petroleum and chemical fiber called polyester. In the petrochemical, the company manufactures wide range of products such as ethylene glycol, ethylene oxide and nonyl-phenol. Ethylene glycol is available in three varieties, namely, mono-ethylene glycol, di-ethylene glycol and tri-ethylene glycol. Mono-ethylene glycol is used mainly in producing various other products like polyesters. The product is also used as an antifreeze agent, defrosting and deicing agent, high temperature coolant and explosives. Di-ethylene glycol has varied usage such as raw materials for manufacturing plastics, solvent for printing ink, soluble oil, brake oil, fiber and plasticizer binding agent, and also dehydrating agent for gas. Tri-ethylene glycol usage varies from conditioning agent, air treatment to moisturizer. These products are available in different packaging bags with varied weights. CMFC's Ethylene oxide, has varied industrial usage such as manufacturing glycol ethers, ethanolamines, polyethylene glycols, polyols and choline. It is also used as surfactants. Nonyl-Phenol product of the company has wide chemical manufacturing usage, such as NP Ethoxylates, ink resins and phenolic resins. In addition, Nonyl-Phenol is used as a stabilizing agent, lubricant additives and an anti-oxidant. The company also manufactures fiber products, namely, polyester spin drawn yarn, polyester partial-oriented yarn (POY), polyester filaments and polyester chips. These products have varied industrial usage such as packaging of empty paper cone, weaving materials for cloth and bags, industrial cloth and shoes materials, and they are available in varied textures like luster, semi dull and bright. In addition, the company operates a joint venture entity, Pan Asia Chemical Corporation, producing varied range of chemicals. China Man-Made Fiber has business interests in three other entities, namely, Reliance Securities Investment Trust Corp., Reliance Securities Co., Ltd. and Formosa Imperial Wineseller Corp. Reliance Securities Investment Trust Corp. is primarily engaged in the business of financial services providing mutual funds, private funds and discretionary investments to individuals and corporate. Reliance Securities Co., Ltd. also engages in financial services business offering services in brokerage, underwriting, fixed income, proprietary trading, futures and options brokerage. Formosa Imperial Wineseller Corp. is engaged in the retailing of worldwide wines to Taiwan consumers.

China Man-Made Fiber Corporation (CMFC) is chemical manufacturing company based in Taiwan. It is primarily engaged in the business of manufacturing and selling wide range of chemical products and chemical fiber products. The portfolio includes mono ethylene glycol, diethylene glycol, tri-ethylene glycol, ethylene oxide and nonyl phenol, with varied usage such as air finishing and moistening agents, deicers, antifreeze agents, brake oils, refrigerants, regulators, ice and snow removers, explosives, solvent naphtha, and promoting agents among others. In addition, the company produces chemical fiber products which include polyester chips and polyester filaments. These fiber products are widely used in weaving cloths, bags, industrial cloth and shoes materials. China Man-Made Fiber offers its products to the domestic market through its offices spread across the country. The company is headquartered at Taipei in Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 28,852.89 million during the fiscal year ended December 2011, an increase of 4.48% over 2010. The operating profit of the company was TWD 3,071.05 million during the fiscal year 2011, an increase of 85.16% over 2010. The net profit of the company was TWD 882.01 million during the fiscal year 2011, a decrease of 67.86% from 2010.

 

·         Establishments primarily engaged in manufacturing miscellaneous fabricated products, including beauty shop and barber shop equipment; hair work; tobacco pipes and cigarette holders; coin-operated amusement machines; matches; candles; lamp shades; feathers; artificial trees and flowers made from all materials, except glass; dressed and dyed furs; umbrellas, parasols, and canes; and other articles, not elsewhere classified.

 

·         Artificial and Synthetic Fibers and Filaments Manufacturing

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

28,852.9

Net Income:

882.0

Assets:

408,536.5

Long Term Debt:

14,193.9

 

Total Liabilities:

391,216.2

 

Working Capital:

49.7

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

4.5%

-67.9%

11.7%

Market Data

Quote Symbol:

1718

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

9.5

Stock Price Date:

07-27-2012

52 Week Price Change %:

-30.7

Market Value (mil):

13,442,920.0

 

SEDOL:

6191005

ISIN:

TW0001718005

 

Equity and Dept Distribution:

01/1998, 10% stock dividend. 08/1998, 16.50% stock dividend. Fncls prior FY'05 are non-consol. FY'02-03 IS adjusted. FY'06 fncls. reclassified. FY'07 Qs B/S restated and I/S & C/F reclassified.FY'09 B/S is RES. FY'10 Q3 B/S and C/F have been CLA.

 

 

Subsidiaries

Company

Percentage Owned

Country

Moonstone Investment Limted

100%

SAMOA

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche LLP, Deloitte & Touche

 

 

 

 

 

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Dandong Chemical Fibre Co., Ltd

Dandong, China

11

Public

PT Polychem Indonesia Tbk

Tangerang, Indonesia

1,913

Public

Sinopec Yizheng Chemical Fibre Co., Ltd.

Yangzhou, China

7,773

Public



executive report

 

Board of Directors

 

Name

Title

Function

 

Kuei-Hsien Wang

 

Chairman

Chairman

 

Guixian Wang

 

Chairman of the Board

Chairman

 

Biography:

Wang Guixian is Chairman of the Board in China Man-Made Fiber Corporation. Wang was Managing Director, Head of Finance, Director and General Manager of the Company. Wang is also Director in TAICHUNG COMMERCIAL BANK Co., Ltd. and a petrochemical company, as well as Chairman of the Board in three other companies.

 

Kuei-Tseng Wang

 

Chairman

Chairman

 

 

Mingshan Zhuang

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Zhuang Mingshan has been Vice Chairman of the Board in China Man-Made Fiber Corporation since May 6, 2011. Zhuang also serves as Director in TAICHUNG COMMERCIAL BANK Co., Ltd. Zhuang used to be Vice Chairman of the Board in Pan Asia Chemical Co.

 

Guoqing Chen

 

Director

Director/Board Member

 

 

Biography:

Chen Guoqing has been Director in China Man-Made Fiber Corporation since June 15, 2011. Chen is also Deputy General Manager in PAN ASIA CHEMICAL CO. Chen used to be Deputy General Manager-Technology in the Company.

 

Compensation/Salary:925,000

Compensation Currency: TWD

 

Chia Chun Chiang

 

Director

Director/Board Member

 

 

Mingxiong Huang

 

Director

Director/Board Member

 

 

Biography:

Huang Mingxiong has been Director in China Man-Made Fiber Corporation since May 6, 2011. Huang also serves as Director in TAICHUNG COMMERCIAL BANK Co., Ltd. Huang used to be Deputy General Manager in COSMOS Bank.

 

Beng-Yi Lin

 

Director

Director/Board Member

 

 

Yongda Liu

 

Deputy General Manager-Production Business, Director

Director/Board Member

 

 

Biography:

Liu Yongda has been Deputy General Manager-Production Business and Director in China Man-Made Fiber Corporation since February 1, 2008. Liu used to be Assistant General Manager-Operation of the Company. Liu also serves as Director in another company, and Vice Chairman of the Board in PAN ASIA CHEMICAL CO.

 

Compensation/Salary:1,405,000

Compensation Currency: TWD

 

Guifeng Wang

 

Managing Director, General Manager

Director/Board Member

 

 

Biography:

Wang Guifeng has been Managing Director and General Manager in China Man-Made Fiber Corporation since September 10, 2010. Wang is also Chairman of the Board in two other compaines inlcuding PAN ASIA CHEMICAL CO., and Director in two other companies, and Vice Chairman of the Board in TAICHUNG COMMERCIAL BANK Co., Ltd. Wang used to be Director in TAICHUNG COMMERCIAL BANK Co., Ltd. and Deputy General Manager of Coporate Finance in another company. Wang holds a Master of Business Administration from New York University, the United States.

 

Education:

New York University, MBA 

 

Compensation/Salary:2,438,000

Compensation Currency: TWD

 

Jieyi Wang

 

Director

Director/Board Member

 

 

Hongyang Wu

 

Director, Assistant General Manager- General Services

Director/Board Member

 

 

Biography:

Wu Hongyang has been Director and Assistant General Manager- General Services in China Man-Made Fiber Corporation since June 28, 2011. Wu is also Director in two other companies. Wu used to be Director in Reliance Securities Co., LTD.

 

Wanquan Xu

 

Deputy General Manager-Production Business, Director

Director/Board Member

 

 

Biography:

Xu Wanquan has been Deputy General Manager-Production Business and Director in China Man-Made Fiber Corporation since January 1, 2004. Xu holds a Ph.D. in Chemical Engineering from University of California, the United States. Xu also serves as Director in another company.

 

Education:

University of California, PHD (Chemical Engineering)

 

Compensation/Salary:1,183,000

Compensation Currency: TWD

 

 

Executives

 

Name

Title

Function

 

Kuei-Fong Wang

 

General Manager

Division Head Executive

 

Guifeng Wang

 

Managing Director, General Manager

Division Head Executive

 

Biography:

Wang Guifeng has been Managing Director and General Manager in China Man-Made Fiber Corporation since September 10, 2010. Wang is also Chairman of the Board in two other compaines inlcuding PAN ASIA CHEMICAL CO., and Director in two other companies, and Vice Chairman of the Board in TAICHUNG COMMERCIAL BANK Co., Ltd. Wang used to be Director in TAICHUNG COMMERCIAL BANK Co., Ltd. and Deputy General Manager of Coporate Finance in another company. Wang holds a Master of Business Administration from New York University, the United States.

 

Education:

New York University, MBA 

 

Compensation/Salary:2,438,000

Compensation Currency: TWD

 

Hongyang Wu

 

Director, Assistant General Manager- General Services

Division Head Executive

 

 

Biography:

Wu Hongyang has been Director and Assistant General Manager- General Services in China Man-Made Fiber Corporation since June 28, 2011. Wu is also Director in two other companies. Wu used to be Director in Reliance Securities Co., LTD.

 

Kuo-Hua Lin

 

Manager-Accounting

Finance Executive

 

 

Bonian Lin

 

Head of Finance

Finance Executive

 

 

Xiaoyu Lin

 

Manager-Finance

Finance Executive

 

 

Hsiao-Yu Lin

 

General Accounting Department Director

Accounting Executive

 

 

Wan-Chuan Hsu

 

Vice President - Production Services Department

Manufacturing Executive

 

 

Kuo-Ching Chen

 

VP

Other

 

 

Wenlong Yan

 

Manager-Construction

Other

 

 

Wen-Lung Yen

 

Construction Department Manager

Other

 

 

 

 

Significant Developments

 

China Man-Made Fiber Co., Ltd. Announces No Dividend Payment for FY 2011 Mar 26, 2012

 

China Man-Made Fiber Co., Ltd. announced that it will pay no dividend to shareholders for fiscal year 2011.

China Man-Made Fiber Co., Ltd. Acquires Equipment Aug 29, 2011

 

China Man-Made Fiber Co., Ltd. announced that it has acquired a set of equipment from Fu-Tai Engineering Co., Ltd. and SHAN HORNG PRECISION INDUSTRIAL CO.,LTD at approximately NTD 1.6 billion.

 

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

673.0

575.8

399.9

613.9

592.3

Revenue

673.0

575.8

399.9

613.9

592.3

    Other Revenue

308.8

301.0

220.2

354.2

351.4

Other Revenue, Total

308.8

301.0

220.2

354.2

351.4

Total Revenue

981.7

876.8

620.1

968.1

943.7

 

 

 

 

 

 

    Cost of Revenue

721.5

668.8

488.0

764.6

688.9

Cost of Revenue, Total

721.5

668.8

488.0

764.6

688.9

Gross Profit

-48.6

-93.1

-88.1

-150.7

-96.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

154.3

134.1

137.4

161.1

125.5

Total Selling/General/Administrative Expenses

154.3

134.1

137.4

161.1

125.5

    Impairment-Assets Held for Use

1.4

21.2

-1.0

32.7

11.3

Unusual Expense (Income)

1.4

21.2

-1.0

32.7

11.3

Total Operating Expense

877.2

824.1

624.3

958.4

825.7

 

 

 

 

 

 

Operating Income

104.5

52.7

-4.3

9.7

117.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-6.4

-3.7

-7.0

-12.7

-4.7

    Interest Expense, Net Non-Operating

-6.4

-3.7

-7.0

-12.7

-4.7

        Interest Income - Non-Operating

2.6

1.7

4.7

5.5

0.9

        Investment Income - Non-Operating

-20.8

32.3

22.4

-55.5

10.1

    Interest/Investment Income - Non-Operating

-18.3

34.0

27.0

-50.0

11.0

Interest Income (Expense) - Net Non-Operating Total

-24.7

30.3

20.0

-62.7

6.2

Gain (Loss) on Sale of Assets

-2.8

40.7

0.1

-3.5

-1.9

    Other Non-Operating Income (Expense)

6.1

-13.0

-28.5

5.7

-1.3

Other, Net

6.1

-13.0

-28.5

5.7

-1.3

Income Before Tax

83.0

110.7

-12.6

-50.8

120.9

 

 

 

 

 

 

Total Income Tax

17.4

16.3

10.5

-0.5

15.5

Income After Tax

65.7

94.4

-23.1

-50.3

105.5

 

 

 

 

 

 

    Minority Interest

-35.7

-7.3

-2.4

-3.0

-45.9

Net Income Before Extraord Items

30.0

87.1

-25.5

-53.2

59.5

Net Income

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

1,146.1

1,116.2

1,111.1

1,140.1

1,177.3

Basic EPS Excl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Basic/Primary EPS Incl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

30.0

87.1

-25.5

-53.2

59.5

Diluted Weighted Average Shares

1,147.0

1,116.6

1,111.1

1,140.1

1,177.3

Diluted EPS Excl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Diluted EPS Incl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.02

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

33.9

Interest Expense, Supplemental

6.4

3.7

7.0

12.7

4.7

Interest Capitalized, Supplemental

0.0

-0.2

-0.4

-0.4

0.0

Depreciation, Supplemental

23.4

20.2

21.2

22.0

21.3

Total Special Items

4.3

-19.6

-1.1

36.2

13.2

Normalized Income Before Tax

87.3

91.2

-13.7

-14.6

134.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.9

-2.9

-0.4

12.7

1.7

Inc Tax Ex Impact of Sp Items

18.2

13.4

10.1

12.1

17.2

Normalized Income After Tax

69.0

77.7

-23.8

-26.8

116.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

33.4

70.4

-26.2

-29.7

71.0

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Diluted Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Amort of Intangibles, Supplemental

1.9

1.8

1.8

2.2

8.2

Normalized EBIT

105.9

73.8

-5.3

42.4

129.2

Normalized EBITDA

131.3

95.8

17.7

66.5

158.8

    Current Tax - Domestic

-

-

1.5

1.4

5.1

Current Tax - Total

-

-

1.5

1.4

5.1

    Deferred Tax - Domestic

-

-

9.7

-1.1

6.5

Deferred Tax - Total

-

-

9.7

-1.1

6.5

    Other Tax

-

-

-0.7

-0.9

3.9

Income Tax - Total

-

-

10.5

-0.5

15.5

Interest Cost - Domestic

1.0

0.9

1.3

1.7

1.3

Service Cost - Domestic

0.9

0.9

1.1

1.4

1.3

Prior Service Cost - Domestic

0.8

0.8

0.8

0.9

-

Expected Return on Assets - Domestic

-0.6

-0.6

-0.9

-1.0

-0.8

Actuarial Gains and Losses - Domestic

0.3

0.4

0.0

0.3

0.8

Transition Costs - Domestic

0.9

1.3

1.2

1.3

1.2

Domestic Pension Plan Expense

3.3

3.8

3.6

4.6

3.9

Defined Contribution Expense - Domestic

4.0

2.6

2.4

2.4

-

Total Pension Expense

7.3

6.4

6.1

7.0

3.9

Discount Rate - Domestic

2.00%

2.00%

2.75%

3.50%

2.75%

Expected Rate of Return - Domestic

2.00%

2.00%

2.75%

3.50%

2.50%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.50%

1.50%

Total Plan Interest Cost

1.0

0.9

1.3

1.7

1.3

Total Plan Service Cost

0.9

0.9

1.1

1.4

1.3

Total Plan Expected Return

-0.6

-0.6

-0.9

-1.0

-0.8

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated 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

309.7

217.0

225.0

361.8

177.9

    Short Term Investments

70.5

134.7

106.9

88.4

87.2

Cash and Short Term Investments

380.2

351.7

331.9

450.2

265.1

        Accounts Receivable - Trade, Gross

113.5

120.1

95.6

105.6

127.5

        Provision for Doubtful Accounts

-8.4

-8.6

-7.6

-7.4

-3.7

    Trade Accounts Receivable - Net

105.1

111.6

88.0

98.2

123.9

    Notes Receivable - Short Term

12.5

8.5

4.5

4.4

5.4

    Other Receivables

65.0

87.7

87.8

66.7

55.6

Total Receivables, Net

182.6

207.8

180.3

169.3

184.9

    Inventories - Finished Goods

50.4

27.2

18.7

17.3

29.0

    Inventories - Work In Progress

4.3

3.2

1.4

0.6

2.0

    Inventories - Raw Materials

25.5

18.2

13.2

14.6

8.3

    Inventories - Other

0.1

0.0

0.0

0.1

-1.0

Total Inventory

80.3

48.6

33.3

32.6

38.3

Prepaid Expenses

24.1

18.6

13.5

21.0

24.5

    Restricted Cash - Current

3.3

10.1

12.1

33.3

14.4

    Deferred Income Tax - Current Asset

2.8

2.1

2.0

2.4

1.1

    Other Current Assets

2,455.5

2,359.8

2,016.6

1,648.4

1,347.9

Other Current Assets, Total

2,461.5

2,372.0

2,030.7

1,684.1

1,363.4

Total Current Assets

3,128.7

2,998.7

2,589.7

2,357.2

1,876.2

 

 

 

 

 

 

        Buildings

131.4

145.5

131.5

113.9

106.1

        Land/Improvements

86.3

73.3

67.0

74.9

71.8

        Machinery/Equipment

272.2

295.8

378.6

355.2

342.0

        Construction in Progress

61.1

8.4

68.8

60.3

23.4

        Leases

-

-

-

8.3

0.6

        Other Property/Plant/Equipment

124.3

129.1

117.7

115.1

116.5

    Property/Plant/Equipment - Gross

675.4

652.1

763.6

727.7

660.4

    Accumulated Depreciation

-234.5

-245.6

-383.1

-357.3

-333.0

Property/Plant/Equipment - Net

441.0

406.5

380.6

370.3

327.4

    Goodwill - Gross

-

-

-

12.6

11.7

Goodwill, Net

-

-

-

12.6

11.7

    Intangibles - Gross

-

-

-

5.7

5.0

    Accumulated Intangible Amortization

-

-

-

-17.4

-4.9

Intangibles, Net

10.9

12.9

13.3

-11.7

0.1

    LT Investment - Affiliate Companies

24.5

25.8

29.3

24.8

38.0

    LT Investments - Other

541.2

494.8

524.5

542.5

434.6

Long Term Investments

565.7

520.6

553.8

567.3

472.6

    Deferred Charges

-

-

-

4.7

4.7

    Pension Benefits - Overfunded

-

-

-

9.7

13.7

    Deferred Income Tax - Long Term Asset

-

-

-

55.7

56.3

    Restricted Cash - Long Term

-

-

-

140.1

163.7

    Other Long Term Assets

9,346.2

8,600.7

7,020.2

6,186.9

6,018.5

Other Long Term Assets, Total

9,346.2

8,600.7

7,020.2

6,397.1

6,257.0

Total Assets

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

Accounts Payable

53.8

51.5

57.8

40.4

41.2

Accrued Expenses

34.3

29.1

21.2

27.5

30.0

Notes Payable/Short Term Debt

209.5

249.9

312.4

422.6

168.3

Current Portion - Long Term Debt/Capital Leases

20.1

16.7

19.4

19.0

7.2

    Other Payables

235.9

124.1

102.7

137.1

72.3

    Other Current Liabilities

122.4

91.0

231.0

130.5

103.6

Other Current liabilities, Total

358.3

215.1

333.7

267.6

175.9

Total Current Liabilities

676.1

562.3

744.6

777.1

422.5

 

 

 

 

 

 

    Long Term Debt

468.8

362.1

241.2

115.8

137.9

Total Long Term Debt

468.8

362.1

241.2

115.8

137.9

Total Debt

698.4

628.7

573.0

557.5

313.3

 

 

 

 

 

 

Minority Interest

614.4

543.1

418.8

414.1

414.8

    Reserves

35.0

39.0

35.1

36.7

46.0

    Pension Benefits - Underfunded

13.4

13.8

13.7

10.7

14.8

    Other Long Term Liabilities

11,112.7

10,433.1

8,650.0

7,885.0

7,331.7

Other Liabilities, Total

11,161.1

10,485.8

8,698.8

7,932.4

7,392.5

Total Liabilities

12,920.4

11,953.2

10,103.3

9,239.4

8,367.7

 

 

 

 

 

 

    Common Stock

465.9

483.8

441.0

437.4

451.4

Common Stock

465.9

483.8

441.0

437.4

451.4

Additional Paid-In Capital

61.2

52.2

41.5

36.9

33.8

Retained Earnings (Accumulated Deficit)

64.3

36.3

-52.7

-25.7

65.1

Treasury Stock - Common

-53.2

-43.1

-49.8

-54.2

-49.4

Unrealized Gain (Loss)

35.8

58.0

47.6

32.4

76.6

    Translation Adjustment

-0.7

-0.4

0.2

0.4

0.1

    Minimum Pension Liability Adjustment

-1.2

-0.6

-0.5

-0.2

-0.4

    Other Comprehensive Income

-

0.0

26.9

26.2

0.0

Other Equity, Total

-2.0

-1.0

26.6

26.5

-0.3

Total Equity

572.0

586.3

454.3

453.3

577.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Total Common Shares Outstanding

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Treasury Shares - Common Stock Primary Issue

280.1

266.7

304.6

323.8

279.4

Employees

3,376

3,450

3,510

3,669

3,121

Number of Common Shareholders

127,559

130,660

125,708

125,167

125,353

Accumulated Intangible Amort, Suppl.

18.9

19.6

17.9

17.4

4.9

Total Long Term Debt, Supplemental

-

16.7

-

-

-

Long Term Debt Maturing within 1 Year

-

16.7

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

-

-

Total Capital Leases, Supplemental

-

0.0

0.1

0.1

-

Capital Lease Payments Due in Year 1

-

0.0

0.1

0.1

-

Capital Lease Payments Due in Year 2

-

-

0.0

0.1

-

Capital Lease Payments Due in Year 3

-

-

-

0.0

-

Capital Lease Payments Due in 2-3 Years

-

-

0.0

0.1

-

Pension Obligation - Domestic

48.3

48.9

45.3

48.7

52.5

Plan Assets - Domestic

30.1

30.4

26.1

31.8

29.5

Funded Status - Domestic

-18.1

-18.5

-19.2

-16.9

-23.0

Accumulated Obligation - Domestic

40.9

40.7

37.1

38.1

42.4

Total Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Discount Rate - Domestic

2.00%

2.00%

2.75%

3.50%

2.75%

Expected Rate of Return - Domestic

2.00%

2.00%

2.75%

3.50%

2.50%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.50%

1.50%

Prepaid Benefits - Domestic

10.0

12.2

12.5

9.7

13.7

Accrued Liabilities - Domestic

-13.4

-13.8

-13.7

-10.7

-14.8

Net Assets Recognized on Balance Sheet

-3.4

-1.6

-1.2

-1.0

-1.1

Total Plan Obligations

48.3

48.9

45.3

48.7

52.5

Total Plan Assets

30.1

30.4

26.1

31.8

29.5

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated 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 Income/Starting Line

65.7

94.4

-23.1

-50.3

105.5

    Depreciation

25.3

22.0

23.2

24.3

29.7

Depreciation/Depletion

25.3

22.0

23.2

24.3

29.7

Deferred Taxes

17.5

13.7

9.7

-1.1

6.5

    Unusual Items

1.7

-19.9

-2.6

32.8

12.9

    Equity in Net Earnings (Loss)

-0.5

-1.3

5.6

4.2

-1.2

    Other Non-Cash Items

13.1

65.9

-10.0

23.4

23.8

Non-Cash Items

14.3

44.7

-7.0

60.4

35.6

    Accounts Receivable

9.8

-7.7

-11.5

12.5

-8.7

    Inventories

-34.5

-11.2

0.1

5.5

1.7

    Prepaid Expenses

-6.5

-3.5

7.7

3.4

-

    Other Assets

26.7

-23.5

-7.3

-11.3

-0.5

    Accounts Payable

122.0

10.8

-30.6

28.0

-113.0

    Accrued Expenses

6.6

5.4

-6.8

-2.2

5.4

    Other Liabilities

0.2

-12.3

-15.5

48.6

-11.7

    Other Operating Cash Flow

0.1

0.1

-0.2

-0.1

-

Changes in Working Capital

124.3

-42.0

-64.1

84.3

-126.9

Cash from Operating Activities

247.1

132.9

-61.3

117.7

50.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-91.8

-19.7

-36.1

-44.3

-26.1

Capital Expenditures

-91.8

-19.7

-36.1

-44.3

-26.1

    Sale of Fixed Assets

6.2

42.2

10.7

8.1

10.1

    Sale/Maturity of Investment

31.3

49.4

93.8

54.1

96.8

    Investment, Net

46.6

4.6

32.1

-11.2

13.0

    Purchase of Investments

-126.0

-47.2

-68.5

-180.4

-235.2

    Other Investing Cash Flow

-1,345.1

-1,022.4

-770.2

-593.4

-135.0

Other Investing Cash Flow Items, Total

-1,387.1

-973.4

-702.2

-722.7

-250.3

Cash from Investing Activities

-1,478.9

-993.1

-738.2

-766.9

-276.4

 

 

 

 

 

 

    Other Financing Cash Flow

1,205.1

822.8

632.1

654.2

73.8

Financing Cash Flow Items

1,205.1

822.8

632.1

654.2

73.8

Total Cash Dividends Paid

-

-

-

-35.3

0.0

        Sale/Issuance of Common

9.2

10.7

0.0

-

-

        Repurchase/Retirement of Common

-19.1

0.0

-

-19.2

0.0

    Common Stock, Net

-9.9

10.7

0.0

-19.2

0.0

Issuance (Retirement) of Stock, Net

-9.9

10.7

0.0

-19.2

0.0

        Short Term Debt Issued

-

-

5.8

-1.6

-

    Short Term Debt, Net

-17.6

-83.7

-92.9

225.3

7.4

        Long Term Debt Issued

74.8

54.0

127.2

0.0

73.1

        Long Term Debt Reduction

-

-

-8.7

-9.0

-

    Long Term Debt, Net

127.7

86.0

118.5

-9.0

30.6

Issuance (Retirement) of Debt, Net

110.0

2.3

25.5

216.3

38.0

Cash from Financing Activities

1,305.2

835.8

657.6

816.0

111.8

 

 

 

 

 

 

Foreign Exchange Effects

1.1

-3.2

0.3

0.9

0.0

Net Change in Cash

74.5

-27.6

-141.6

167.6

-114.3

 

 

 

 

 

 

Net Cash - Beginning Balance

244.6

228.5

359.6

208.8

289.9

Net Cash - Ending Balance

319.1

200.9

217.9

376.4

175.7

Cash Interest Paid

88.7

55.7

84.1

135.9

110.5

Cash Taxes Paid

5.0

2.6

0.8

5.0

4.8

 

 

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

Unqualified

 

 

 

 

 

 

    Net Sales

673.0

575.8

399.9

613.9

592.3

    Other Operating Income

10.3

66.5

10.9

10.0

56.6

    Foreign Exchange Income

11.0

-

0.0

21.8

0.0

    Interest Income, Bank

252.3

194.0

181.7

295.8

267.7

    Commission Fees, Bank

35.2

40.5

27.6

26.5

27.2

Total Revenue

981.7

876.8

620.1

968.1

943.7

 

 

 

 

 

 

    Interest Expenses

84.1

54.8

71.7

123.7

105.3

    Bad Debts Expenses

22.6

29.6

10.6

56.7

30.0

    Cost of Sales

611.1

536.8

388.3

578.0

512.0

    Foreign Exchange Gain/Loss - Bank

0.0

25.6

12.7

0.0

1.5

    Other Operating Cost

3.7

22.0

4.7

6.2

40.0

    Inventory Devaluation & Obsolescence

-

-

-

-

0.1

    Gain on Reversal of Impairment Loss

-

0.0

-1.0

0.0

0.0

    Impairment Losses

1.4

21.2

0.0

32.7

11.3

    General and Administrative Expenses

48.7

44.2

36.5

44.0

40.4

    Selling Expenses

105.5

89.9

100.9

117.1

85.1

Total Operating Expense

877.2

824.1

624.3

958.4

825.7

 

 

 

 

 

 

    Interest Income

2.6

1.7

4.7

5.5

0.9

    Gain on Equity Investment

0.5

1.3

-

-

4.3

    Gain on Financial Ast.&Lia At Fair value

0.0

15.9

41.5

0.0

-

    Gain on Sale of Investments

0.0

21.9

-

-

7.0

    Gain on Sale of Fixed Assets

0.0

42.1

1.1

0.4

0.0

    Gain on Foreign Exchange

3.5

-

-

-

1.0

    Miscellaneous Income

7.2

5.8

13.3

10.8

3.1

    Interest Expenses

-6.4

-3.7

-7.0

-12.7

-4.7

    Loss on Financial Ast.&Lia At Fair Value

-22.2

-

0.0

-26.4

-2.2

    Loss on Equity Investment

-

0.0

-5.6

-0.1

0.0

    Loss on Sale of Fixed Assets

-2.8

-1.4

-1.0

-3.9

-1.9

    Losses on Sale of Investments

-2.6

0.0

-11.4

-20.3

0.0

    Losses on Foreign Exchange

-

-6.8

-2.1

-8.7

0.0

    Other Deposit with Bank

-0.2

-15.3

-39.9

0.0

-

    Loss on Work Stoppages

-

-

-

-

-4.0

    Miscellaneous Disbursements

-0.9

-3.5

-1.9

-5.1

-0.4

Net Income Before Taxes

83.0

110.7

-12.6

-50.8

120.9

 

 

 

 

 

 

Provision for Income Taxes

17.4

16.3

10.5

-0.5

15.5

Net Income After Taxes

65.7

94.4

-23.1

-50.3

105.5

 

 

 

 

 

 

    Minority Interest

-35.7

-7.3

-2.4

-3.0

-45.9

Net Income Before Extra. Items

30.0

87.1

-25.5

-53.2

59.5

Net Income

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Basic Weighted Average Shares

1,146.1

1,116.2

1,111.1

1,140.1

1,177.3

Basic EPS Excluding ExtraOrdinary Items

0.03

0.08

-0.02

-0.05

0.05

Basic EPS Including ExtraOrdinary Items

0.03

0.08

-0.02

-0.05

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

30.0

87.1

-25.5

-53.2

59.5

Diluted Weighted Average Shares

1,147.0

1,116.6

1,111.1

1,140.1

1,177.3

Diluted EPS Excluding ExtraOrd Items

0.03

0.08

-0.02

-0.05

0.05

Diluted EPS Including ExtraOrd Items

0.03

0.08

-0.02

-0.05

0.05

DPS-Common Stock

0.00

0.00

0.00

0.00

0.02

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

33.9

Normalized Income Before Taxes

87.3

91.2

-13.7

-14.6

134.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

18.2

13.4

10.1

12.1

17.2

Normalized Income After Taxes

69.0

77.7

-23.8

-26.8

116.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

33.4

70.4

-26.2

-29.7

71.0

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Diluted Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Interest Expense, Supplemental

6.4

3.7

7.0

12.7

4.7

Interest Capitalized

0.0

-0.2

-0.4

-0.4

0.0

Depreciation - Operating Cost

19.4

15.8

16.8

17.4

16.3

Depreciation - Operating Expense

4.0

4.4

4.4

4.6

5.0

Amortization - Operating Cost

0.0

0.0

0.0

0.5

6.7

Amortization - Operating Expense

1.9

1.7

1.8

1.6

1.5

    Current Tax

-

-

1.5

1.4

5.1

Current Tax - Total

-

-

1.5

1.4

5.1

    Deferred Tax

-

-

9.7

-1.1

6.5

Deferred Tax - Total

-

-

9.7

-1.1

6.5

    Other Tax

-

-

-0.7

-0.9

3.9

Income Tax - Total

-

-

10.5

-0.5

15.5

Service Cost

0.9

0.9

1.1

1.4

1.3

Interest Cost

1.0

0.9

1.3

1.7

1.3

Expected Return on Plan Assets

-0.6

-0.6

-0.9

-1.0

-0.8

Amortization

0.9

1.3

1.2

1.3

1.2

Prior Service Cost - Domestic

0.8

0.8

0.8

0.9

-

Unrecognized Pension Gain/Loss

0.3

0.4

0.0

0.3

0.8

Realized Return on Plan Assets

-

-

0.0

0.0

0.0

Domestic Pension Plan Expense

3.3

3.8

3.6

4.6

3.9

Defined Contribution Expense - Domestic

4.0

2.6

2.4

2.4

-

Total Pension Expense

7.3

6.4

6.1

7.0

3.9

Discount Rate

2.00%

2.00%

2.75%

3.50%

2.75%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.50%

1.50%

Expected Rate of Return on Plan Assets

2.00%

2.00%

2.75%

3.50%

2.50%

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated 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

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

309.7

217.0

225.0

361.8

177.9

    Due from Banks and Central Bank

2,452.8

2,353.2

1,975.9

1,608.7

1,347.8

    Financial Assets At Fair Value- Current

70.5

134.1

100.1

86.4

86.3

    Financial Assets-Available for Sale

0.0

0.5

6.7

2.0

0.0

    Security under REPO

-

-

-

-

0.8

    Notes Receivable

12.5

8.5

4.5

4.4

5.4

    Accounts Receivable, Gross

113.5

120.1

95.6

105.6

127.5

    Provision for Doubtful Accounts

-7.6

-7.9

-7.1

-7.0

-3.5

    Pro. for Doubt. Accounts - Taizhong Bank

-0.8

-0.7

-0.5

-0.4

-0.2

    Other Receivables

65.0

87.7

87.8

66.7

55.6

    Commodities

17.6

2.1

6.9

1.4

7.4

    Finished Goods

32.8

25.1

11.8

15.9

21.6

    Work-in-Process

4.3

3.2

1.4

0.6

2.0

    Raw Material

23.5

15.4

9.8

9.4

6.2

    Supplies

2.0

2.8

3.4

5.2

2.1

    Subcontracted Goods

0.1

0.0

0.0

0.1

0.0

    Land & Estate Held-for-Sale

-

-

-

-

1.7

    Provision for Inventory

-

-

-

-

-2.7

    Prepayment

24.1

18.6

13.5

21.0

24.5

    Restricted Assets

3.3

10.1

12.1

33.3

14.4

    Deferred Income Tax Assets - Current

2.8

2.1

2.0

2.4

1.1

    Non-current Assets Pending for Sale

1.4

5.2

40.6

39.5

0.0

    Other Current Assets

1.3

1.3

0.1

0.2

0.1

Total Current Assets

3,128.7

2,998.7

2,589.7

2,357.2

1,876.2

 

 

 

 

 

 

    Notes Discounted & Loans

9,173.2

8,384.5

6,806.0

6,147.3

5,934.1

    Financial Assets At Fair Value- Non-Curr

-

-

-

2.9

2.9

    Financial Assets For Sale- Non-Curren

176.0

71.6

46.8

22.4

26.0

    Financial Assets- Held to Maturity

311.7

366.1

406.9

450.1

349.8

    Financial Assets At Cost

16.9

19.2

16.8

15.4

18.2

    Long Term Equity Investment

24.5

25.8

29.3

24.8

38.0

    Real Estate Investments

36.5

37.9

54.0

51.6

37.6

    Land

86.3

73.3

67.0

74.9

71.8

    Buildings and Structures

124.1

137.5

124.3

113.3

105.9

    Computer/ Machinery and Equipment

239.0

252.6

344.0

327.2

293.1

    Transportation Equipment

4.1

5.0

4.7

4.2

3.9

    Office Equipment

6.3

8.0

10.1

7.1

8.2

    Leasehold Improvement

7.3

7.9

7.2

0.6

0.2

    Other Equipment

22.8

30.2

19.8

16.7

36.9

    Assets Revaluation Increment

124.3

129.1

117.7

115.1

116.5

    Accumulated Depreciation

-213.0

-221.1

-364.1

-336.5

-313.8

    Accumulated Impairment

-21.4

-24.4

-19.0

-17.6

-19.1

    Constr.in Progress and Prepay. for Equip

61.1

8.4

68.8

60.3

23.4

    Goodwill, Gross

-

-

-

12.6

11.7

    Deferred Pension Cost

-

-

-

9.7

13.7

    Other Intangible Assets-Gross

-

-

-

5.7

5.0

    Accumulated Impairment of Intangibles

-

-

-

-17.4

-4.9

    Intangible Assets-Net

10.9

12.9

13.3

-

-

    Assets for Lease

-

-

-

8.3

0.6

    Accumulated Depre. - Assets for Lease

-

-

-

-2.1

-0.1

    Accumulated Impairment-Assets for Lease

-

-

-

-1.1

0.0

    Idle Assets

-

-

-

-

40.0

    Provision for Trust Fund Deposit

-

-

-

1.5

-

    Operating Guarantee Funds

-

-

-

12.9

13.0

    Loans Purchase/Sold on Behalf

-

-

-

0.2

0.1

    Foreclosed Properties

-

-

-

0.6

13.3

    Security Deposits Paid

-

-

-

37.1

44.3

    Deferred Charges

-

-

-

4.7

4.7

    Deferred Income Tax Assets - Non Current

-

-

-

55.7

56.3

    Restricted Assets

-

-

-

126.6

137.3

    Other Assets

172.9

216.2

214.3

0.9

0.1

Total Assets

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    Short Term Borrowings

205.6

177.3

282.7

360.1

144.7

    Short Term Notes & Bills Payable

0.0

5.1

5.9

0.0

1.5

    Notes Issued under REPO

0.0

61.4

16.0

24.9

22.7

    Financial Liabilities-Fair Value,Current

3.8

10.5

13.7

37.6

0.7

    Due to Banks

114.4

79.1

202.3

105.2

97.7

    Notes Payable

0.1

0.8

0.1

0.0

0.1

    Accounts Payable

53.8

46.4

51.9

40.4

39.6

    Accrued Expenses

34.3

29.1

21.2

27.5

30.0

    Other Payables

235.9

124.1

102.7

137.1

72.3

    Current Portion of Long Term Debt

20.1

16.7

19.4

19.0

7.2

    Non-curr. Assets Pend Dis. Related Lia.

-

0.0

10.7

10.4

0.0

    Other Current Liabilities

8.1

11.9

18.0

14.9

6.0

Total Current Liabilities

676.1

562.3

744.6

777.1

422.5

 

 

 

 

 

 

    Financial Debentures Payable

347.0

284.7

206.3

73.1

74.0

    Long Term Borrowings

121.8

77.4

34.8

42.7

63.9

Total Long Term Debt

468.8

362.1

241.2

115.8

137.9

 

 

 

 

 

 

    Deposits Accepted and Remittances Payabl

11,014.9

10,374.0

8,636.2

7,882.2

7,328.3

    Central Bank and Other Banks

95.0

55.0

10.0

0.0

-

    Land Revaluation Increment Tax Reserve

33.9

35.2

32.0

31.4

42.2

    Long Term Payables

-

0.0

0.0

0.2

0.0

    Reserves- Operating and Liabilities Loss

1.2

3.8

3.0

5.3

3.8

    Accrued Pension Liabilities

13.4

13.8

13.7

10.7

14.8

    Long term equity investment inventory

0.1

0.1

-

-

-

    Long Term Security Deposits Received

2.5

3.8

3.6

2.5

2.9

    Other Long Term Liabilities

0.2

0.2

0.2

0.2

0.5

    Minority Interest

614.4

543.1

418.8

414.1

414.8

Total Liabilities

12,920.4

11,953.2

10,103.3

9,239.4

8,367.7

 

 

 

 

 

 

    Common Stock

465.9

483.8

441.0

437.4

451.4

    Paid-In Capital

20.2

21.0

19.1

19.0

19.6

    Capital Gain on LT Investments

11.0

7.3

5.6

3.1

2.2

    Treasury Stock Transaction

29.8

23.8

16.7

14.8

12.0

    Donated Assets Received

0.1

0.1

0.1

0.1

0.0

    Capital Surplus, Other

0.1

0.1

0.0

-

-

    Legal Reserve

8.3

6.7

6.1

6.0

0.0

    Special Reserve

10.6

10.8

9.8

9.6

4.8

    Retained Earnings

45.5

18.8

-68.6

-41.2

60.3

    Cumulative Translation Adjustment

-0.7

-0.4

0.2

0.4

0.1

    Unrealized Gain/Loss on Pension Fund

-1.2

-0.6

-0.5

-0.2

-0.4

    Non-curr. Assets Pend Dis. Related Gain

-

0.0

26.9

26.2

0.0

    Unrealized Financial Instrumt. Gain/Loss

-27.8

-8.0

-12.6

-26.3

-9.3

    Unrealized Revaluation Increment

63.6

66.1

60.2

58.7

85.9

    Treasury Stock

-53.2

-43.1

-49.8

-54.2

-49.4

Total Equity

572.0

586.3

454.3

453.3

577.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    S/O-Common Stock

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Total Common Shares Outstanding

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

T/S-Common Stock

280.1

266.7

304.6

323.8

279.4

Accumulated Impairment of Intangibles

18.9

19.6

17.9

17.4

4.9

Full-Time Employees

3,376

3,450

3,510

3,669

3,121

Number of Common Shareholders

127,559

130,660

125,708

125,167

125,353

Current maturities

-

16.7

-

-

-

Total Long Term Debt, Supplemental

-

16.7

-

-

-

Capital Lease Pymt. due within 1 Year

-

0.0

0.1

0.1

-

Capital Lease Pymt. due in Year 2

-

-

0.0

0.1

-

Capital Lease Pymt. due in Year 3

-

-

-

0.0

-

Total Capital Leases

-

0.0

0.1

0.1

-

Accumulated Benefit Obligation

40.9

40.7

37.1

38.1

42.4

Benefit Obligation

48.3

48.9

45.3

48.7

52.5

Fair Value of Plan Assets

30.1

30.4

26.1

31.8

29.5

Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Total Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Discount Rate

2.00%

2.00%

2.75%

3.50%

2.75%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.50%

1.50%

Expected Rate of Return on Plan Assets

2.00%

2.00%

2.75%

3.50%

2.50%

Deferred Pension Cost

10.0

12.2

12.5

9.7

13.7

Accrued Pension Liabilities

-13.4

-13.8

-13.7

-10.7

-14.8

Net Assets Recognized on Balance Sheet

-3.4

-1.6

-1.2

-1.0

-1.1

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated 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

Unqualified

 

 

 

 

 

 

Net Income

65.7

94.4

-23.1

-50.3

105.5

    Depreciation

25.3

22.0

23.2

24.3

29.7

    Employee Stock Option Cost

7.1

5.1

-

-

-

    Provision for Bank Bad Debts

22.6

29.6

10.1

55.7

29.1

    Revrsal of Bank Bad Debts

7.8

7.4

9.1

9.3

15.3

    Bank Bad Debts Write-off

-18.8

-35.4

-32.7

-47.0

-25.2

    Real estate trans to other operating cos

0.0

19.7

-

-

-

    Provision for Various Reserve

0.0

0.4

0.7

1.6

0.7

    Equity Investment Gain/Loss

-0.5

-1.3

5.6

0.1

-4.3

    Cash Dividends - Equity Investments

-

-

-

4.1

3.2

    Sale of Financial Assets for Sale

-0.3

-0.2

-0.6

0.0

-0.2

    G/L on Financial Assets for Sale Valuati

0.2

0.0

0.0

0.0

-

    Sale of Financial Assets at Cost

-0.4

-0.1

-

-3.4

0.0

    Disposal of Fncl. Assets HTM

-0.1

0.0

-

-

-

    Amort. of Bond Issuance Discount

0.7

0.0

-

-

-

    Disposal of Fixed Assets

2.8

-40.7

-1.0

3.5

1.9

    Impairment Loss on Assets

1.4

21.2

-1.0

32.7

11.3

    Realised Gain- F.A- HTM

-

-

-

-0.2

0.0

    Amort. of Fncl. Assets HTM Premium

1.9

3.4

3.3

3.9

3.8

    G/L on Disposal of Equity Investments

-1.7

0.0

-

-

-

    Financial Assets for Sale

26.2

-22.5

-8.2

-1.2

-12.6

    Unreal G/L on Foreign Exchange

-8.7

36.8

-

-

-

    Notes & Accounts Receivable

-3.7

-17.0

12.3

-0.7

-4.5

    Other Receivables

13.4

9.3

-23.8

13.2

-4.2

    Inventories

-34.5

-11.2

0.1

5.5

1.7

    Prepayment

-6.5

-3.5

7.7

3.4

-

    Other Current Assets

0.0

-1.1

0.1

-9.4

12.0

    Other Assets

0.5

0.1

0.8

-0.8

0.0

    Financial Liabilities for Trading

-6.4

-4.3

-24.0

38.3

0.7

    Notes & Accounts Payable

10.0

-

10.1

1.2

-11.6

    Notes Payable

-

-9.0

-

-

-

    Other Payables

122.0

10.8

-30.6

28.0

-113.0

    Accrued Expenses

6.6

5.4

-6.8

-2.2

5.4

    Other Current Liabilities

-3.4

1.0

-1.6

9.4

-0.7

    Debt-Trade on behalf of

0.1

0.1

-0.2

-0.1

-

    Deferred Tax Assets

17.5

13.7

9.7

-1.1

6.5

    Pension Fund

0.3

-1.2

-0.5

0.2

-

    Loans Purchase/Sold on Behalf

-

-

-

-

0.1

    Accrued Pension Liabilities

-

-

-

-

1.7

    Other Liabilities

0.0

0.0

0.0

-0.4

-1.9

Cash from Operating Activities

247.1

132.9

-61.3

117.7

50.3

 

 

 

 

 

 

    Due from Banks and Central Bank

-192.4

-171.9

-315.1

-287.8

78.7

    Deposits and Remittances

-1,142.2

-851.9

-473.1

-310.4

-205.7

    Security under REPO

-

-

-

0.9

4.7

    Other Receivable Dec.-Rel. parties

-

-

5.1

0.8

-

    Financial Assets HFS, Increase

-125.8

-15.7

-53.4

-2.0

-8.8

    Financial Assets HFS, Decrease

0.9

9.2

28.3

1.3

8.1

    Financial Assets At Cost

0.4

1.6

0.0

4.3

0.0

    Financial Assets- HTM, Non-Current,Decr

30.4

40.2

65.5

52.8

88.7

    Financial Assets- HTM, Non-Current,Incr

0.0

-29.3

-14.3

-178.4

-226.4

    Purchase of Financial Assets-Cost Method

-0.2

-2.2

-0.9

0.0

-

    Real Estate Investments, Net

0.0

0.0

-1.1

-6.0

-4.0

    Disposal of F.A and Financial Assets

6.2

42.2

10.7

8.1

10.1

    Capital Expenditure

-91.8

-19.7

-36.1

-44.3

-26.1

    Restricted Assets, Net

46.1

2.9

33.1

-10.3

12.4

    Settlemt and Clearing Funds & Sec Dep P

-0.1

0.0

1.0

0.0

0.2

    Security Deposit Paid

-6.4

1.4

11.3

5.3

-8.1

    Other Overdue Accounts

-

-

0.7

-1.2

-

    Other Assets

-4.0

0.0

-

-

-

Cash from Investing Activities

-1,478.9

-993.1

-738.2

-766.9

-276.4

 

 

 

 

 

 

    Short Term Borrowings, Net

37.7

-123.0

-84.1

225.8

46.6

    Short Term Notes, Net

-5.1

-1.3

-5.3

-1.6

0.0

    Short Term Notes Increase

-

-

5.8

-1.6

-

    Long Term Borrowings, Net

52.9

32.0

-

-

-42.5

    Long Term Borrowings Decrease

-

-

-8.7

-9.0

-

    Due to Banks and Central Bank

39.3

-132.2

91.4

9.0

-4.5

    Financing from Central Bank & Others

43.4

40.7

9.7

-

-

    Issuance of Financial Debentures

74.8

54.0

127.2

0.0

73.1

    Security under REPO

-50.3

40.6

-9.3

2.6

-39.2

    Deposits and Remittances

1,056.5

833.1

531.5

665.4

-62.4

    Security Deposits Received

-1.2

-0.1

1.0

-0.4

0.0

    Repurchase of Treasury Stock

-19.1

0.0

-

-19.2

0.0

    Cash Dividend

-

-

-

-35.3

0.0

    Long Term Payable Increase

-

-

-

-

0.0

    Long Term Payables Decrease

0.0

0.0

-0.3

0.0

-

    Minority Interest

67.2

82.1

-0.4

-18.8

140.7

    Employees Bonus

-

-

-

-

0.0

    Directors Remuneration

-

-

-

-

0.0

    Employees Bonus/Directors Remuneration

0.0

-0.7

-0.8

-1.0

-

    Disposal of Treasury Stock

9.2

10.7

0.0

-

-

Cash from Financing Activities

1,305.2

835.8

657.6

816.0

111.8

 

 

 

 

 

 

Foreign Exchange Effects

1.1

-3.2

0.3

0.9

0.0

Net Change in Cash

74.5

-27.6

-141.6

167.6

-114.3

 

 

 

 

 

 

Net Cash - Beginning Balance

244.6

228.5

359.6

208.8

289.9

Net Cash - Ending Balance

319.1

200.9

217.9

376.4

175.7

    Cash Interest Paid

88.7

55.7

84.1

135.9

110.5

    Cash Taxes Paid

5.0

2.6

0.8

5.0

4.8

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

249.7

0.74%

981.7

4.48%

-1.87%

3.57%

Operating Income1

24.6

-46.07%

104.5

85.16%

115.58%

-

Income Available to Common Excl Extraord Items1

7.0

-57.84%

30.0

-67.86%

-

-

Basic EPS Excl Extraord Items1

0.01

-57.48%

0.03

-68.69%

-

-

Capital Expenditures2

29.3

162.10%

91.8

335.25%

24.57%

40.43%

Cash from Operating Activities2

31.4

-

247.1

73.51%

25.07%

47.38%

Free Cash Flow

2.1

-

150.7

27.99%

25.37%

52.67%

Total Assets3

14,188.2

10.84%

13,492.4

11.74%

8.70%

7.31%

Total Liabilities3

13,590.0

11.35%

12,920.4

12.25%

8.86%

7.69%

Total Long Term Debt3

489.5

30.74%

468.8

34.45%

55.14%

46.05%

Employees3

-

-

3376

-2.14%

-2.74%

2.29%

Total Common Shares Outstanding3

1,129.3

-0.98%

1,130.5

-1.17%

0.57%

-0.84%

1-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.710200

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.565976

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2008

31-Dec-2007

 

 

 

 

Deferred Charges3

4.7

4.7

 

 

 

 

3-ExchangeRate: TWD to USD Period End Date

32.818000

32.434500

 

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

-7.22%

-16.16%

-22.03%

-24.54%

-16.32%

Operating Margin

10.64%

6.01%

-0.69%

1.00%

12.50%

Pretax Margin

8.46%

12.63%

-2.04%

-5.25%

12.81%

Net Profit Margin

3.06%

9.94%

-4.12%

-5.50%

6.31%

Financial Strength

Current Ratio

4.63

5.33

3.48

3.03

4.44

Long Term Debt/Equity

0.82

0.62

0.53

0.26

0.24

Total Debt/Equity

1.22

1.07

1.26

1.23

0.54

Management Effectiveness

Return on Assets

0.50%

0.85%

-0.23%

-0.52%

1.20%

Return on Equity

5.13%

17.35%

-5.74%

-9.99%

10.98%

Efficiency

Receivables Turnover

4.98

4.67

3.62

5.29

5.30

Inventory Turnover

11.02

16.97

15.10

20.88

17.81

Asset Turnover

0.07

0.08

0.06

0.10

0.11

Market Valuation USD (mil)

P/E (TTM)

18.34

.

Enterprise Value2

1,395.7

Price/Sales (TTM)

0.47

.

Enterprise Value/Revenue (TTM)

1.43

Price/Book (MRQ)

0.61

.

Enterprise Value/EBITDA (TTM)

12.92

Market Cap as of 27-Jul-20121

446.4

.

 

 

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

30.113438

 

 

 

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

4.63

5.33

3.48

3.03

4.44

Quick/Acid Test Ratio

0.83

1.00

0.69

0.80

1.07

Working Capital1

2,452.6

2,436.5

1,845.1

1,580.1

1,453.8

Long Term Debt/Equity

0.82

0.62

0.53

0.26

0.24

Total Debt/Equity

1.22

1.07

1.26

1.23

0.54

Long Term Debt/Total Capital

0.37

0.30

0.23

0.11

0.15

Total Debt/Total Capital

0.55

0.52

0.56

0.55

0.35

Payout Ratio

0.00%

0.00%

0.00%

0.00%

30.11%

Effective Tax Rate

20.90%

14.73%

-

-

12.80%

Total Capital1

1,270.5

1,215.0

1,027.3

1,010.8

890.6

 

 

 

 

 

 

Efficiency

Asset Turnover

0.07

0.08

0.06

0.10

0.11

Inventory Turnover

11.02

16.97

15.10

20.88

17.81

Days In Inventory

33.11

21.51

24.17

17.48

20.49

Receivables Turnover

4.98

4.67

3.62

5.29

5.30

Days Receivables Outstanding

73.29

78.15

100.93

69.04

68.89

Revenue/Employee2

282,257

274,548

182,394

253,610

306,225

Operating Income/Employee2

30,043

16,488

-1,259

2,546

38,271

EBITDA/Employee2

37,328

23,380

5,505

8,865

47,869

 

 

 

 

 

 

Profitability

Gross Margin

-7.22%

-16.16%

-22.03%

-24.54%

-16.32%

Operating Margin

10.64%

6.01%

-0.69%

1.00%

12.50%

EBITDA Margin

13.22%

8.52%

3.02%

3.50%

15.63%

EBIT Margin

10.64%

6.01%

-0.69%

1.00%

12.50%

Pretax Margin

8.46%

12.63%

-2.04%

-5.25%

12.81%

Net Profit Margin

3.06%

9.94%

-4.12%

-5.50%

6.31%

COGS/Revenue

73.50%

76.28%

78.69%

78.98%

73.01%

SG&A Expense/Revenue

15.71%

15.30%

22.16%

16.64%

13.30%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

0.50%

0.85%

-0.23%

-0.52%

1.20%

Return on Equity

5.13%

17.35%

-5.74%

-9.99%

10.98%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.13

0.11

-0.09

0.06

0.02

Operating Cash Flow/Share 2

0.21

0.13

-0.06

0.10

0.04

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)

22.90

Market Cap/Equity (MRQ)

0.76

Market Cap/Revenue (TTM)

0.47

Market Cap/EBIT (TTM)

5.47

Market Cap/EBITDA (TTM)

4.21

Enterprise Value/Earnings (TTM)

70.30

Enterprise Value/Equity (MRQ)

2.33

Enterprise Value/Revenue (TTM)

1.43

Enterprise Value/EBIT (TTM)

16.80

Enterprise Value/EBITDA (TTM)

12.92

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2009

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

673.0

575.8

399.9

613.9

592.3

Revenue

673.0

575.8

399.9

613.9

592.3

    Other Revenue

308.8

301.0

220.2

354.2

351.4

Other Revenue, Total

308.8

301.0

220.2

354.2

351.4

Total Revenue

981.7

876.8

620.1

968.1

943.7

 

 

 

 

 

 

    Cost of Revenue

721.5

668.8

488.0

764.6

688.9

Cost of Revenue, Total

721.5

668.8

488.0

764.6

688.9

Gross Profit

-48.6

-93.1

-88.1

-150.7

-96.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

154.3

134.1

137.4

161.1

125.5

Total Selling/General/Administrative Expenses

154.3

134.1

137.4

161.1

125.5

    Impairment-Assets Held for Use

1.4

21.2

-1.0

32.7

11.3

Unusual Expense (Income)

1.4

21.2

-1.0

32.7

11.3

Total Operating Expense

877.2

824.1

624.3

958.4

825.7

 

 

 

 

 

 

Operating Income

104.5

52.7

-4.3

9.7

117.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-6.4

-3.7

-7.0

-12.7

-4.7

    Interest Expense, Net Non-Operating

-6.4

-3.7

-7.0

-12.7

-4.7

        Interest Income - Non-Operating

2.6

1.7

4.7

5.5

0.9

        Investment Income - Non-Operating

-20.8

32.3

22.4

-55.5

10.1

    Interest/Investment Income - Non-Operating

-18.3

34.0

27.0

-50.0

11.0

Interest Income (Expense) - Net Non-Operating Total

-24.7

30.3

20.0

-62.7

6.2

Gain (Loss) on Sale of Assets

-2.8

40.7

0.1

-3.5

-1.9

    Other Non-Operating Income (Expense)

6.1

-13.0

-28.5

5.7

-1.3

Other, Net

6.1

-13.0

-28.5

5.7

-1.3

Income Before Tax

83.0

110.7

-12.6

-50.8

120.9

 

 

 

 

 

 

Total Income Tax

17.4

16.3

10.5

-0.5

15.5

Income After Tax

65.7

94.4

-23.1

-50.3

105.5

 

 

 

 

 

 

    Minority Interest

-35.7

-7.3

-2.4

-3.0

-45.9

Net Income Before Extraord Items

30.0

87.1

-25.5

-53.2

59.5

Net Income

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

1,146.1

1,116.2

1,111.1

1,140.1

1,177.3

Basic EPS Excl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Basic/Primary EPS Incl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

30.0

87.1

-25.5

-53.2

59.5

Diluted Weighted Average Shares

1,147.0

1,116.6

1,111.1

1,140.1

1,177.3

Diluted EPS Excl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Diluted EPS Incl Extraord Items

0.03

0.08

-0.02

-0.05

0.05

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.02

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

33.9

Interest Expense, Supplemental

6.4

3.7

7.0

12.7

4.7

Interest Capitalized, Supplemental

0.0

-0.2

-0.4

-0.4

0.0

Depreciation, Supplemental

23.4

20.2

21.2

22.0

21.3

Total Special Items

4.3

-19.6

-1.1

36.2

13.2

Normalized Income Before Tax

87.3

91.2

-13.7

-14.6

134.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.9

-2.9

-0.4

12.7

1.7

Inc Tax Ex Impact of Sp Items

18.2

13.4

10.1

12.1

17.2

Normalized Income After Tax

69.0

77.7

-23.8

-26.8

116.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

33.4

70.4

-26.2

-29.7

71.0

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Diluted Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Amort of Intangibles, Supplemental

1.9

1.8

1.8

2.2

8.2

Normalized EBIT

105.9

73.8

-5.3

42.4

129.2

Normalized EBITDA

131.3

95.8

17.7

66.5

158.8

    Current Tax - Domestic

-

-

1.5

1.4

5.1

Current Tax - Total

-

-

1.5

1.4

5.1

    Deferred Tax - Domestic

-

-

9.7

-1.1

6.5

Deferred Tax - Total

-

-

9.7

-1.1

6.5

    Other Tax

-

-

-0.7

-0.9

3.9

Income Tax - Total

-

-

10.5

-0.5

15.5

Interest Cost - Domestic

1.0

0.9

1.3

1.7

1.3

Service Cost - Domestic

0.9

0.9

1.1

1.4

1.3

Prior Service Cost - Domestic

0.8

0.8

0.8

0.9

-

Expected Return on Assets - Domestic

-0.6

-0.6

-0.9

-1.0

-0.8

Actuarial Gains and Losses - Domestic

0.3

0.4

0.0

0.3

0.8

Transition Costs - Domestic

0.9

1.3

1.2

1.3

1.2

Domestic Pension Plan Expense

3.3

3.8

3.6

4.6

3.9

Defined Contribution Expense - Domestic

4.0

2.6

2.4

2.4

-

Total Pension Expense

7.3

6.4

6.1

7.0

3.9

Discount Rate - Domestic

2.00%

2.00%

2.75%

3.50%

2.75%

Expected Rate of Return - Domestic

2.00%

2.00%

2.75%

3.50%

2.50%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.50%

1.50%

Total Plan Interest Cost

1.0

0.9

1.3

1.7

1.3

Total Plan Service Cost

0.9

0.9

1.1

1.4

1.3

Total Plan Expected Return

-0.6

-0.6

-0.9

-1.0

-0.8

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Reclassified Normal 
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

30.256909

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Net Sales

169.0

219.9

176.6

249.4

170.5

Revenue

169.0

219.9

176.6

249.4

170.5

    Other Revenue

80.8

-

84.5

-

80.9

Other Revenue, Total

80.8

-

84.5

-

80.9

Total Revenue

249.7

219.9

261.0

249.4

251.3

 

 

 

 

 

 

    Cost of Revenue

189.1

177.9

193.2

182.9

166.2

Cost of Revenue, Total

189.1

177.9

193.2

182.9

166.2

Gross Profit

-20.1

41.9

-16.7

66.5

4.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

36.7

33.1

41.8

40.5

39.1

Total Selling/General/Administrative Expenses

36.7

33.1

41.8

40.5

39.1

    Impairment-Assets Held for Use

-0.7

-5.7

0.4

7.2

-0.2

Unusual Expense (Income)

-0.7

-5.7

0.4

7.2

-0.2

Total Operating Expense

225.1

205.3

235.5

230.6

205.1

 

 

 

 

 

 

Operating Income

24.6

14.5

25.5

18.8

46.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.9

-1.8

-2.3

-1.3

-1.1

    Interest Expense, Net Non-Operating

-1.9

-1.8

-2.3

-1.3

-1.1

        Interest Income - Non-Operating

0.3

0.4

1.4

0.4

0.4

        Investment Income - Non-Operating

5.4

5.5

-10.9

-2.9

-13.1

    Interest/Investment Income - Non-Operating

5.7

5.8

-9.5

-2.5

-12.8

Interest Income (Expense) - Net Non-Operating Total

3.8

4.0

-11.7

-3.8

-13.8

Gain (Loss) on Sale of Assets

-0.3

-1.4

0.0

-0.1

-1.3

    Other Non-Operating Income (Expense)

0.1

-0.1

3.1

2.3

0.8

Other, Net

0.1

-0.1

3.1

2.3

0.8

Income Before Tax

28.2

17.0

17.0

17.2

31.9

 

 

 

 

 

 

Total Income Tax

5.0

5.6

4.4

2.5

4.9

Income After Tax

23.2

11.4

12.6

14.8

27.0

 

 

 

 

 

 

    Minority Interest

-16.2

-10.8

-5.5

-9.1

-10.2

Net Income Before Extraord Items

7.0

0.6

7.1

5.7

16.8

Net Income

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

1,130.5

1,128.6

1,159.8

1,155.5

1,140.5

Basic EPS Excl Extraord Items

0.01

0.00

0.01

0.00

0.01

Basic/Primary EPS Incl Extraord Items

0.01

0.00

0.01

0.00

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

7.0

0.6

7.1

5.7

16.8

Diluted Weighted Average Shares

1,130.6

1,129.9

1,161.3

1,156.1

1,140.8

Diluted EPS Excl Extraord Items

0.01

0.00

0.01

0.00

0.01

Diluted EPS Incl Extraord Items

0.01

0.00

0.01

0.00

0.01

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

26.6

1.8

2.3

1.3

19.6

Interest Capitalized, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

6.1

6.0

6.2

6.6

6.5

Total Special Items

-0.4

-4.3

0.4

7.3

1.1

Normalized Income Before Tax

27.9

12.7

17.4

24.5

33.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

-1.4

0.1

1.0

0.2

Inc Tax Ex Impact of Sp Items

4.9

4.2

4.5

3.5

5.0

Normalized Income After Tax

22.9

8.6

12.9

21.0

28.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

6.7

-2.2

7.4

11.9

17.8

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.00

0.01

0.01

0.02

Diluted Normalized EPS

0.01

0.00

0.01

0.01

0.02

Normalized EBIT

23.9

8.9

26.0

26.0

46.0

Normalized EBITDA

30.1

14.9

32.2

32.6

52.5

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated 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

309.7

217.0

225.0

361.8

177.9

    Short Term Investments

70.5

134.7

106.9

88.4

87.2

Cash and Short Term Investments

380.2

351.7

331.9

450.2

265.1

        Accounts Receivable - Trade, Gross

113.5

120.1

95.6

105.6

127.5

        Provision for Doubtful Accounts

-8.4

-8.6

-7.6

-7.4

-3.7

    Trade Accounts Receivable - Net

105.1

111.6

88.0

98.2

123.9

    Notes Receivable - Short Term

12.5

8.5

4.5

4.4

5.4

    Other Receivables

65.0

87.7

87.8

66.7

55.6

Total Receivables, Net

182.6

207.8

180.3

169.3

184.9

    Inventories - Finished Goods

50.4

27.2

18.7

17.3

29.0

    Inventories - Work In Progress

4.3

3.2

1.4

0.6

2.0

    Inventories - Raw Materials

25.5

18.2

13.2

14.6

8.3

    Inventories - Other

0.1

0.0

0.0

0.1

-1.0

Total Inventory

80.3

48.6

33.3

32.6

38.3

Prepaid Expenses

24.1

18.6

13.5

21.0

24.5

    Restricted Cash - Current

3.3

10.1

12.1

33.3

14.4

    Deferred Income Tax - Current Asset

2.8

2.1

2.0

2.4

1.1

    Other Current Assets

2,455.5

2,359.8

2,016.6

1,648.4

1,347.9

Other Current Assets, Total

2,461.5

2,372.0

2,030.7

1,684.1

1,363.4

Total Current Assets

3,128.7

2,998.7

2,589.7

2,357.2

1,876.2

 

 

 

 

 

 

        Buildings

131.4

145.5

131.5

113.9

106.1

        Land/Improvements

86.3

73.3

67.0

74.9

71.8

        Machinery/Equipment

272.2

295.8

378.6

355.2

342.0

        Construction in Progress

61.1

8.4

68.8

60.3

23.4

        Leases

-

-

-

8.3

0.6

        Other Property/Plant/Equipment

124.3

129.1

117.7

115.1

116.5

    Property/Plant/Equipment - Gross

675.4

652.1

763.6

727.7

660.4

    Accumulated Depreciation

-234.5

-245.6

-383.1

-357.3

-333.0

Property/Plant/Equipment - Net

441.0

406.5

380.6

370.3

327.4

    Goodwill - Gross

-

-

-

12.6

11.7

Goodwill, Net

-

-

-

12.6

11.7

    Intangibles - Gross

-

-

-

5.7

5.0

    Accumulated Intangible Amortization

-

-

-

-17.4

-4.9

Intangibles, Net

10.9

12.9

13.3

-11.7

0.1

    LT Investment - Affiliate Companies

24.5

25.8

29.3

24.8

38.0

    LT Investments - Other

541.2

494.8

524.5

542.5

434.6

Long Term Investments

565.7

520.6

553.8

567.3

472.6

    Deferred Charges

-

-

-

4.7

4.7

    Pension Benefits - Overfunded

-

-

-

9.7

13.7

    Deferred Income Tax - Long Term Asset

-

-

-

55.7

56.3

    Restricted Cash - Long Term

-

-

-

140.1

163.7

    Other Long Term Assets

9,346.2

8,600.7

7,020.2

6,186.9

6,018.5

Other Long Term Assets, Total

9,346.2

8,600.7

7,020.2

6,397.1

6,257.0

Total Assets

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

Accounts Payable

53.8

51.5

57.8

40.4

41.2

Accrued Expenses

34.3

29.1

21.2

27.5

30.0

Notes Payable/Short Term Debt

209.5

249.9

312.4

422.6

168.3

Current Portion - Long Term Debt/Capital Leases

20.1

16.7

19.4

19.0

7.2

    Other Payables

235.9

124.1

102.7

137.1

72.3

    Other Current Liabilities

122.4

91.0

231.0

130.5

103.6

Other Current liabilities, Total

358.3

215.1

333.7

267.6

175.9

Total Current Liabilities

676.1

562.3

744.6

777.1

422.5

 

 

 

 

 

 

    Long Term Debt

468.8

362.1

241.2

115.8

137.9

Total Long Term Debt

468.8

362.1

241.2

115.8

137.9

Total Debt

698.4

628.7

573.0

557.5

313.3

 

 

 

 

 

 

Minority Interest

614.4

543.1

418.8

414.1

414.8

    Reserves

35.0

39.0

35.1

36.7

46.0

    Pension Benefits - Underfunded

13.4

13.8

13.7

10.7

14.8

    Other Long Term Liabilities

11,112.7

10,433.1

8,650.0

7,885.0

7,331.7

Other Liabilities, Total

11,161.1

10,485.8

8,698.8

7,932.4

7,392.5

Total Liabilities

12,920.4

11,953.2

10,103.3

9,239.4

8,367.7

 

 

 

 

 

 

    Common Stock

465.9

483.8

441.0

437.4

451.4

Common Stock

465.9

483.8

441.0

437.4

451.4

Additional Paid-In Capital

61.2

52.2

41.5

36.9

33.8

Retained Earnings (Accumulated Deficit)

64.3

36.3

-52.7

-25.7

65.1

Treasury Stock - Common

-53.2

-43.1

-49.8

-54.2

-49.4

Unrealized Gain (Loss)

35.8

58.0

47.6

32.4

76.6

    Translation Adjustment

-0.7

-0.4

0.2

0.4

0.1

    Minimum Pension Liability Adjustment

-1.2

-0.6

-0.5

-0.2

-0.4

    Other Comprehensive Income

-

0.0

26.9

26.2

0.0

Other Equity, Total

-2.0

-1.0

26.6

26.5

-0.3

Total Equity

572.0

586.3

454.3

453.3

577.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Total Common Shares Outstanding

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Treasury Shares - Common Stock Primary Issue

280.1

266.7

304.6

323.8

279.4

Employees

3,376

3,450

3,510

3,669

3,121

Number of Common Shareholders

127,559

130,660

125,708

125,167

125,353

Accumulated Intangible Amort, Suppl.

18.9

19.6

17.9

17.4

4.9

Total Long Term Debt, Supplemental

-

16.7

-

-

-

Long Term Debt Maturing within 1 Year

-

16.7

-

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

-

-

Total Capital Leases, Supplemental

-

0.0

0.1

0.1

-

Capital Lease Payments Due in Year 1

-

0.0

0.1

0.1

-

Capital Lease Payments Due in Year 2

-

-

0.0

0.1

-

Capital Lease Payments Due in Year 3

-

-

-

0.0

-

Capital Lease Payments Due in 2-3 Years

-

-

0.0

0.1

-

Pension Obligation - Domestic

48.3

48.9

45.3

48.7

52.5

Plan Assets - Domestic

30.1

30.4

26.1

31.8

29.5

Funded Status - Domestic

-18.1

-18.5

-19.2

-16.9

-23.0

Accumulated Obligation - Domestic

40.9

40.7

37.1

38.1

42.4

Total Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Discount Rate - Domestic

2.00%

2.00%

2.75%

3.50%

2.75%

Expected Rate of Return - Domestic

2.00%

2.00%

2.75%

3.50%

2.50%

Compensation Rate - Domestic

3.00%

3.00%

3.00%

3.50%

1.50%

Prepaid Benefits - Domestic

10.0

12.2

12.5

9.7

13.7

Accrued Liabilities - Domestic

-13.4

-13.8

-13.7

-10.7

-14.8

Net Assets Recognized on Balance Sheet

-3.4

-1.6

-1.2

-1.0

-1.1

Total Plan Obligations

48.3

48.9

45.3

48.7

52.5

Total Plan Assets

30.1

30.4

26.1

31.8

29.5

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Reclassified Normal 
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash & Equivalents

362.0

309.7

212.6

224.2

230.1

    Short Term Investments

77.4

70.5

81.4

121.7

147.6

Cash and Short Term Investments

439.4

380.2

294.0

345.9

377.6

        Accounts Receivable - Trade, Gross

119.5

113.5

124.7

121.8

117.4

        Provision for Doubtful Accounts

-8.8

-8.4

-8.2

-8.9

-8.6

    Trade Accounts Receivable - Net

110.7

105.1

116.4

112.9

108.8

    Notes Receivable - Short Term

14.7

12.5

13.4

4.6

6.2

    Other Receivables

67.4

65.0

61.3

46.2

69.7

Total Receivables, Net

192.9

182.6

191.1

163.7

184.7

    Inventories - Finished Goods

67.7

50.4

50.4

57.5

50.8

    Inventories - Work In Progress

1.8

4.3

4.2

7.5

5.4

    Inventories - Raw Materials

23.3

25.5

25.3

21.9

27.3

    Inventories - Other

0.0

0.1

0.1

0.1

0.1

Total Inventory

92.9

80.3

80.0

87.0

83.6

Prepaid Expenses

21.9

24.1

27.6

20.4

18.6

    Restricted Cash - Current

3.3

3.3

13.9

9.3

10.6

    Deferred Income Tax - Current Asset

2.8

2.8

2.3

4.7

1.6

    Other Current Assets

2,422.7

2,455.5

2,175.3

2,357.0

2,432.3

Other Current Assets, Total

2,428.9

2,461.5

2,191.5

2,371.0

2,444.5

Total Current Assets

3,176.0

3,128.7

2,784.1

2,988.0

3,108.9

 

 

 

 

 

 

        Buildings

135.4

131.4

129.7

142.5

143.6

        Land/Improvements

89.0

86.3

84.3

89.1

72.4

        Machinery/Equipment

279.1

272.2

270.4

303.2

293.7

        Construction in Progress

90.2

61.1

32.2

12.2

15.9

        Other Property/Plant/Equipment

127.3

124.3

123.5

131.1

128.0

    Property/Plant/Equipment - Gross

721.0

675.4

640.1

678.2

653.6

    Accumulated Depreciation

-247.3

-234.5

-229.8

-253.0

-246.2

Property/Plant/Equipment - Net

473.7

441.0

410.3

425.2

407.4

Intangibles, Net

1.0

10.9

13.8

13.9

1.5

    LT Investment - Affiliate Companies

24.1

24.5

27.4

24.9

28.7

    LT Investments - Other

757.9

541.2

447.7

481.2

492.9

Long Term Investments

782.0

565.7

475.1

506.1

521.6

    Other Long Term Assets

9,755.6

9,346.2

8,884.1

9,170.0

8,830.8

Other Long Term Assets, Total

9,755.6

9,346.2

8,884.1

9,170.0

8,830.8

Total Assets

14,188.2

13,492.4

12,567.5

13,103.3

12,870.2

 

 

 

 

 

 

Accounts Payable

67.7

53.8

53.3

57.9

61.8

Accrued Expenses

36.6

34.3

36.2

32.3

30.9

Notes Payable/Short Term Debt

224.7

209.5

198.4

250.4

251.8

Current Portion - Long Term Debt/Capital Leases

22.1

20.1

11.5

23.0

19.5

    Other Payables

234.2

235.9

104.6

90.3

109.8

    Other Current Liabilities

180.7

122.4

170.8

139.9

138.0

Other Current liabilities, Total

414.9

358.3

275.4

230.2

247.8

Total Current Liabilities

766.0

676.1

574.8

593.8

611.8

 

 

 

 

 

 

    Long Term Debt

489.5

468.8

450.6

453.1

376.4

Total Long Term Debt

489.5

468.8

450.6

453.1

376.4

Total Debt

736.3

698.4

660.5

726.5

647.7

 

 

 

 

 

 

Minority Interest

644.1

614.4

522.6

555.9

539.6

    Reserves

35.9

35.0

34.8

36.9

36.2

    Pension Benefits - Underfunded

14.0

13.4

13.6

13.0

13.7

    Other Long Term Liabilities

11,640.5

11,112.7

10,395.8

10,834.7

10,693.1

Other Liabilities, Total

11,690.4

11,161.1

10,444.3

10,884.6

10,743.0

Total Liabilities

13,590.0

12,920.4

11,992.2

12,487.4

12,270.7

 

 

 

 

 

 

    Common Stock

477.1

465.9

462.9

491.1

479.7

Common Stock

477.1

465.9

462.9

491.1

479.7

Additional Paid-In Capital

63.1

61.2

58.1

60.6

54.7

Retained Earnings (Accumulated Deficit)

72.9

64.3

63.2

59.9

53.8

Treasury Stock - Common

-55.1

-53.2

-49.2

-45.2

-43.5

Unrealized Gain (Loss)

42.3

35.8

40.6

50.2

55.6

    Translation Adjustment

-0.8

-0.7

0.1

-0.3

-0.3

    Minimum Pension Liability Adjustment

-1.3

-1.2

-0.4

-0.4

-0.6

    Other Comprehensive Income

-

-

-

0.0

-

Other Equity, Total

-2.1

-2.0

-0.4

-0.7

-0.9

Total Equity

598.2

572.0

575.2

615.9

599.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

14,188.2

13,492.4

12,567.5

13,103.3

12,870.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

1,129.3

1,130.5

1,141.5

1,149.4

1,140.5

Total Common Shares Outstanding

1,129.3

1,130.5

1,141.5

1,149.4

1,140.5

Treasury Shares - Common Stock Primary Issue

281.3

280.1

269.1

261.2

270.1

Employees

-

3,376

-

3,355

-

Accumulated Intangible Amort, Suppl.

19.3

18.9

18.7

19.9

-

Prepaid Benefits - Domestic

-

10.0

-

12.3

-

Accrued Liabilities - Domestic

-14.0

-13.4

-

-13.0

-13.7

Net Assets Recognized on Balance Sheet

-14.0

-3.4

-

-0.6

-13.7

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated 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 Income/Starting Line

65.7

94.4

-23.1

-50.3

105.5

    Depreciation

25.3

22.0

23.2

24.3

29.7

Depreciation/Depletion

25.3

22.0

23.2

24.3

29.7

Deferred Taxes

17.5

13.7

9.7

-1.1

6.5

    Unusual Items

1.7

-19.9

-2.6

32.8

12.9

    Equity in Net Earnings (Loss)

-0.5

-1.3

5.6

4.2

-1.2

    Other Non-Cash Items

13.1

65.9

-10.0

23.4

23.8

Non-Cash Items

14.3

44.7

-7.0

60.4

35.6

    Accounts Receivable

9.8

-7.7

-11.5

12.5

-8.7

    Inventories

-34.5

-11.2

0.1

5.5

1.7

    Prepaid Expenses

-6.5

-3.5

7.7

3.4

-

    Other Assets

26.7

-23.5

-7.3

-11.3

-0.5

    Accounts Payable

122.0

10.8

-30.6

28.0

-113.0

    Accrued Expenses

6.6

5.4

-6.8

-2.2

5.4

    Other Liabilities

0.2

-12.3

-15.5

48.6

-11.7

    Other Operating Cash Flow

0.1

0.1

-0.2

-0.1

-

Changes in Working Capital

124.3

-42.0

-64.1

84.3

-126.9

Cash from Operating Activities

247.1

132.9

-61.3

117.7

50.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-91.8

-19.7

-36.1

-44.3

-26.1

Capital Expenditures

-91.8

-19.7

-36.1

-44.3

-26.1

    Sale of Fixed Assets

6.2

42.2

10.7

8.1

10.1

    Sale/Maturity of Investment

31.3

49.4

93.8

54.1

96.8

    Investment, Net

46.6

4.6

32.1

-11.2

13.0

    Purchase of Investments

-126.0

-47.2

-68.5

-180.4

-235.2

    Other Investing Cash Flow

-1,345.1

-1,022.4

-770.2

-593.4

-135.0

Other Investing Cash Flow Items, Total

-1,387.1

-973.4

-702.2

-722.7

-250.3

Cash from Investing Activities

-1,478.9

-993.1

-738.2

-766.9

-276.4

 

 

 

 

 

 

    Other Financing Cash Flow

1,205.1

822.8

632.1

654.2

73.8

Financing Cash Flow Items

1,205.1

822.8

632.1

654.2

73.8

Total Cash Dividends Paid

-

-

-

-35.3

0.0

        Sale/Issuance of Common

9.2

10.7

0.0

-

-

        Repurchase/Retirement of Common

-19.1

0.0

-

-19.2

0.0

    Common Stock, Net

-9.9

10.7

0.0

-19.2

0.0

Issuance (Retirement) of Stock, Net

-9.9

10.7

0.0

-19.2

0.0

        Short Term Debt Issued

-

-

5.8

-1.6

-

    Short Term Debt, Net

-17.6

-83.7

-92.9

225.3

7.4

        Long Term Debt Issued

74.8

54.0

127.2

0.0

73.1

        Long Term Debt Reduction

-

-

-8.7

-9.0

-

    Long Term Debt, Net

127.7

86.0

118.5

-9.0

30.6

Issuance (Retirement) of Debt, Net

110.0

2.3

25.5

216.3

38.0

Cash from Financing Activities

1,305.2

835.8

657.6

816.0

111.8

 

 

 

 

 

 

Foreign Exchange Effects

1.1

-3.2

0.3

0.9

0.0

Net Change in Cash

74.5

-27.6

-141.6

167.6

-114.3

 

 

 

 

 

 

Net Cash - Beginning Balance

244.6

228.5

359.6

208.8

289.9

Net Cash - Ending Balance

319.1

200.9

217.9

376.4

175.7

Cash Interest Paid

88.7

55.7

84.1

135.9

110.5

Cash Taxes Paid

5.0

2.6

0.8

5.0

4.8

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

29.39004

29.099862

29.074238

29.305764

 

 

 

 

 

 

Net Income/Starting Line

23.2

65.7

54.5

41.9

27.0

    Depreciation

6.1

25.3

19.3

13.1

6.5

Depreciation/Depletion

6.1

25.3

19.3

13.1

6.5

    Amortization of Intangibles

0.3

-

-

-

-

Amortization

0.3

-

-

-

-

Deferred Taxes

4.8

17.5

11.8

7.5

4.5

    Unusual Items

-0.2

3.4

8.5

7.7

1.4

    Equity in Net Earnings (Loss)

-1.3

-0.5

-1.9

-1.8

-2.5

    Other Non-Cash Items

3.4

11.3

-4.2

-7.3

-10.8

Non-Cash Items

2.0

14.3

2.4

-1.5

-11.9

    Accounts Receivable

-6.1

9.8

-14.7

25.1

1.6

    Inventories

-10.6

-34.5

-35.0

-37.2

-35.5

    Prepaid Expenses

2.7

-6.5

-10.4

-1.0

-0.1

    Other Assets

-6.4

26.7

22.8

-12.4

-15.2

    Accounts Payable

-7.2

122.0

-12.7

-33.0

-13.3

    Accrued Expenses

1.5

6.6

8.9

2.7

2.1

    Other Liabilities

21.1

0.3

15.9

9.1

20.1

Changes in Working Capital

-5.0

124.3

-25.2

-46.7

-40.3

Cash from Operating Activities

31.4

247.1

62.8

14.4

-14.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-29.3

-91.8

-61.7

-37.3

-11.3

Capital Expenditures

-29.3

-91.8

-61.7

-37.3

-11.3

    Sale of Fixed Assets

0.7

6.2

3.4

2.6

2.3

    Sale/Maturity of Investment

15.1

31.7

24.1

5.0

7.0

    Investment, Net

16.1

46.1

11.8

-0.4

-0.5

    Purchase of Investments

-218.0

-126.0

-15.1

-4.6

-4.1

    Other Investing Cash Flow

-97.2

-1,345.1

-619.6

-384.1

-365.5

Other Investing Cash Flow Items, Total

-283.3

-1,387.1

-595.5

-381.5

-360.9

Cash from Investing Activities

-312.6

-1,478.9

-657.2

-418.8

-372.3

 

 

 

 

 

 

    Other Financing Cash Flow

305.6

1,205.1

510.0

282.1

376.6

Financing Cash Flow Items

305.6

1,205.1

510.0

282.1

376.6

        Sale/Issuance of Common

0.0

9.2

9.2

9.3

3.5

        Repurchase/Retirement of Common

-0.4

-19.1

-15.6

-6.0

-

    Common Stock, Net

-0.4

-9.9

-6.4

3.3

3.5

Issuance (Retirement) of Stock, Net

-0.4

-9.9

-6.4

3.3

3.5

        Short Term Debt Issued

-

-

-

-

0.0

        Short Term Debt Reduction

0.0

-5.1

-5.2

-5.2

-

    Short Term Debt, Net

10.1

-17.6

-36.2

4.1

1.2

        Long Term Debt Issued

0.0

74.8

75.5

75.3

0.0

    Long Term Debt, Net

10.5

127.7

104.4

90.6

20.5

Issuance (Retirement) of Debt, Net

20.6

110.0

68.2

94.6

21.6

Cash from Financing Activities

325.8

1,305.2

571.9

380.0

401.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

1.1

-1.9

-0.7

-0.4

Net Change in Cash

44.6

74.5

-24.5

-25.1

14.9

 

 

 

 

 

 

Net Cash - Beginning Balance

315.7

244.6

247.1

217.7

215.9

Net Cash - Ending Balance

360.3

319.1

222.6

221.5

230.9

Cash Interest Paid

21.9

88.7

59.3

39.0

14.3

Cash Taxes Paid

0.8

5.0

4.3

2.2

0.8

 

 

 

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

Unqualified

 

 

 

 

 

 

    Net Sales

673.0

575.8

399.9

613.9

592.3

    Other Operating Income

10.3

66.5

10.9

10.0

56.6

    Foreign Exchange Income

11.0

-

0.0

21.8

0.0

    Interest Income, Bank

252.3

194.0

181.7

295.8

267.7

    Commission Fees, Bank

35.2

40.5

27.6

26.5

27.2

Total Revenue

981.7

876.8

620.1

968.1

943.7

 

 

 

 

 

 

    Interest Expenses

84.1

54.8

71.7

123.7

105.3

    Bad Debts Expenses

22.6

29.6

10.6

56.7

30.0

    Cost of Sales

611.1

536.8

388.3

578.0

512.0

    Foreign Exchange Gain/Loss - Bank

0.0

25.6

12.7

0.0

1.5

    Other Operating Cost

3.7

22.0

4.7

6.2

40.0

    Inventory Devaluation & Obsolescence

-

-

-

-

0.1

    Gain on Reversal of Impairment Loss

-

0.0

-1.0

0.0

0.0

    Impairment Losses

1.4

21.2

0.0

32.7

11.3

    General and Administrative Expenses

48.7

44.2

36.5

44.0

40.4

    Selling Expenses

105.5

89.9

100.9

117.1

85.1

Total Operating Expense

877.2

824.1

624.3

958.4

825.7

 

 

 

 

 

 

    Interest Income

2.6

1.7

4.7

5.5

0.9

    Gain on Equity Investment

0.5

1.3

-

-

4.3

    Gain on Financial Ast.&Lia At Fair value

0.0

15.9

41.5

0.0

-

    Gain on Sale of Investments

0.0

21.9

-

-

7.0

    Gain on Sale of Fixed Assets

0.0

42.1

1.1

0.4

0.0

    Gain on Foreign Exchange

3.5

-

-

-

1.0

    Miscellaneous Income

7.2

5.8

13.3

10.8

3.1

    Interest Expenses

-6.4

-3.7

-7.0

-12.7

-4.7

    Loss on Financial Ast.&Lia At Fair Value

-22.2

-

0.0

-26.4

-2.2

    Loss on Equity Investment

-

0.0

-5.6

-0.1

0.0

    Loss on Sale of Fixed Assets

-2.8

-1.4

-1.0

-3.9

-1.9

    Losses on Sale of Investments

-2.6

0.0

-11.4

-20.3

0.0

    Losses on Foreign Exchange

-

-6.8

-2.1

-8.7

0.0

    Other Deposit with Bank

-0.2

-15.3

-39.9

0.0

-

    Loss on Work Stoppages

-

-

-

-

-4.0

    Miscellaneous Disbursements

-0.9

-3.5

-1.9

-5.1

-0.4

Net Income Before Taxes

83.0

110.7

-12.6

-50.8

120.9

 

 

 

 

 

 

Provision for Income Taxes

17.4

16.3

10.5

-0.5

15.5

Net Income After Taxes

65.7

94.4

-23.1

-50.3

105.5

 

 

 

 

 

 

    Minority Interest

-35.7

-7.3

-2.4

-3.0

-45.9

Net Income Before Extra. Items

30.0

87.1

-25.5

-53.2

59.5

Net Income

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

30.0

87.1

-25.5

-53.2

59.5

 

 

 

 

 

 

Basic Weighted Average Shares

1,146.1

1,116.2

1,111.1

1,140.1

1,177.3

Basic EPS Excluding ExtraOrdinary Items

0.03

0.08

-0.02

-0.05

0.05

Basic EPS Including ExtraOrdinary Items

0.03

0.08

-0.02

-0.05

0.05

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

30.0

87.1

-25.5

-53.2

59.5

Diluted Weighted Average Shares

1,147.0

1,116.6

1,111.1

1,140.1

1,177.3

Diluted EPS Excluding ExtraOrd Items

0.03

0.08

-0.02

-0.05

0.05

Diluted EPS Including ExtraOrd Items

0.03

0.08

-0.02

-0.05

0.05

DPS-Common Stock

0.00

0.00

0.00

0.00

0.02

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

33.9

Normalized Income Before Taxes

87.3

91.2

-13.7

-14.6

134.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

18.2

13.4

10.1

12.1

17.2

Normalized Income After Taxes

69.0

77.7

-23.8

-26.8

116.9

 

 

 

 

 

 

Normalized Inc. Avail to Com.

33.4

70.4

-26.2

-29.7

71.0

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Diluted Normalized EPS

0.03

0.06

-0.02

-0.03

0.06

Interest Expense, Supplemental

6.4

3.7

7.0

12.7

4.7

Interest Capitalized

0.0

-0.2

-0.4

-0.4

0.0

Depreciation - Operating Cost

19.4

15.8

16.8

17.4

16.3

Depreciation - Operating Expense

4.0

4.4

4.4

4.6

5.0

Amortization - Operating Cost

0.0

0.0

0.0

0.5

6.7

Amortization - Operating Expense

1.9

1.7

1.8

1.6

1.5

    Current Tax

-

-

1.5

1.4

5.1

Current Tax - Total

-

-

1.5

1.4

5.1

    Deferred Tax

-

-

9.7

-1.1

6.5

Deferred Tax - Total

-

-

9.7

-1.1

6.5

    Other Tax

-

-

-0.7

-0.9

3.9

Income Tax - Total

-

-

10.5

-0.5

15.5

Service Cost

0.9

0.9

1.1

1.4

1.3

Interest Cost

1.0

0.9

1.3

1.7

1.3

Expected Return on Plan Assets

-0.6

-0.6

-0.9

-1.0

-0.8

Amortization

0.9

1.3

1.2

1.3

1.2

Prior Service Cost - Domestic

0.8

0.8

0.8

0.9

-

Unrecognized Pension Gain/Loss

0.3

0.4

0.0

0.3

0.8

Realized Return on Plan Assets

-

-

0.0

0.0

0.0

Domestic Pension Plan Expense

3.3

3.8

3.6

4.6

3.9

Defined Contribution Expense - Domestic

4.0

2.6

2.4

2.4

-

Total Pension Expense

7.3

6.4

6.1

7.0

3.9

Discount Rate

2.00%

2.00%

2.75%

3.50%

2.75%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.50%

1.50%

Expected Rate of Return on Plan Assets

2.00%

2.00%

2.75%

3.50%

2.50%

 

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

Reclassified Normal 
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.7102

30.256909

29.146237

28.855204

29.305764

 

 

 

 

 

 

    Interest Income, Bank

68.7

-

65.7

-

58.7

    Commission Fees, Bank

10.2

-

8.5

-

8.8

    Net Sales

169.0

-

176.6

-

170.5

    Foreign Exchange Income

-

-

9.3

-

9.7

    Other Operating Revenue

1.9

-

1.0

-

3.6

    Total Revenue

-

219.9

-

249.4

-

Total Revenue

249.7

219.9

261.0

249.4

251.3

 

 

 

 

 

 

    Cost of Revenue

-

177.9

193.2

-

-

    Interest Expenses

24.7

-

-

20.3

18.5

    Bad Debts Expenses

0.1

-

-

1.4

0.5

    Cost of Sales

161.1

-

-

157.9

145.9

    Foreign Exchange Gain/Loss - Bank

3.0

-

-

-

-

    Other Operating Costs

0.2

-

-

3.3

1.3

    Selling Expense

25.0

27.9

26.7

26.5

24.4

    General and Administrative Expenses

11.7

5.2

15.1

14.0

14.7

    Gain on Reversal of Impairment Loss

-0.7

0.0

0.0

0.2

-0.2

    Impairment Loss

-

-5.7

0.4

7.0

-

Total Operating Expense

225.1

205.3

235.5

230.6

205.1

 

 

 

 

 

 

    Interest Income

0.3

0.4

1.4

0.4

0.4

    Gain/Loss on Equity Investment

1.3

-1.3

0.1

-0.6

2.5

    Reval. G/L on Financial Ast.&Lia. at FV

-0.6

5.2

-9.7

-3.0

-15.4

    Gains on Sale of Investments

6.4

-1.7

0.0

1.8

0.0

    Gains on Disposal of Fixed Assets

-

0.0

0.0

0.0

-

    G/L on Foreign Exchange

-1.6

-0.6

5.4

-2.1

0.8

    Miscellaneous Income

0.4

0.2

3.4

2.6

1.0

    Interest Expenses

-1.9

-1.8

-2.3

-1.3

-1.1

    Other Deposit with Bank

-0.1

-0.1

0.0

0.0

-0.1

    Loss on Sale of Investment

-

3.8

-6.6

0.9

-0.9

    Loss on Disposal of Fixed Assets

-0.3

-1.4

0.0

-0.1

-1.3

    Miscellaneous Disbursements

-0.2

-0.3

-0.3

-0.3

-0.1

Net Income Before Taxes

28.2

17.0

17.0

17.2

31.9

 

 

 

 

 

 

Provision for Income Taxes

5.0

5.6

4.4

2.5

4.9

Net Income After Taxes

23.2

11.4

12.6

14.8

27.0

 

 

 

 

 

 

    Minority Interest

-16.2

-10.8

-5.5

-9.1

-10.2

Net Income Before Extra. Items

7.0

0.6

7.1

5.7

16.8

Net Income

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

7.0

0.6

7.1

5.7

16.8

 

 

 

 

 

 

Basic Weighted Average Shares

1,130.5

1,128.6

1,159.8

1,155.5

1,140.5

Basic EPS Excluding ExtraOrdinary Items

0.01

0.00

0.01

0.00

0.01

Basic EPS Including ExtraOrdinary Items

0.01

0.00

0.01

0.00

0.01

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

7.0

0.6

7.1

5.7

16.8

Diluted Weighted Average Shares

1,130.6

1,129.9

1,161.3

1,156.1

1,140.8

Diluted EPS Excluding ExtraOrd Items

0.01

0.00

0.01

0.00

0.01

Diluted EPS Including ExtraOrd Items

0.01

0.00

0.01

0.00

0.01

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

27.9

12.7

17.4

24.5

33.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

4.9

4.2

4.5

3.5

5.0

Normalized Income After Taxes

22.9

8.6

12.9

21.0

28.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

6.7

-2.2

7.4

11.9

17.8

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.00

0.01

0.01

0.02

Diluted Normalized EPS

0.01

0.00

0.01

0.01

0.02

Interest Expense, Supplemental

26.6

1.8

2.3

1.3

19.6

Interest Capitalized

0.0

0.0

0.0

0.0

0.0

Depreciation & Amortization

6.1

6.0

6.2

6.6

6.5

 

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

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Restated 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

Unqualified

 

 

 

 

 

 

    Cash and Cash Equivalent

309.7

217.0

225.0

361.8

177.9

    Due from Banks and Central Bank

2,452.8

2,353.2

1,975.9

1,608.7

1,347.8

    Financial Assets At Fair Value- Current

70.5

134.1

100.1

86.4

86.3

    Financial Assets-Available for Sale

0.0

0.5

6.7

2.0

0.0

    Security under REPO

-

-

-

-

0.8

    Notes Receivable

12.5

8.5

4.5

4.4

5.4

    Accounts Receivable, Gross

113.5

120.1

95.6

105.6

127.5

    Provision for Doubtful Accounts

-7.6

-7.9

-7.1

-7.0

-3.5

    Pro. for Doubt. Accounts - Taizhong Bank

-0.8

-0.7

-0.5

-0.4

-0.2

    Other Receivables

65.0

87.7

87.8

66.7

55.6

    Commodities

17.6

2.1

6.9

1.4

7.4

    Finished Goods

32.8

25.1

11.8

15.9

21.6

    Work-in-Process

4.3

3.2

1.4

0.6

2.0

    Raw Material

23.5

15.4

9.8

9.4

6.2

    Supplies

2.0

2.8

3.4

5.2

2.1

    Subcontracted Goods

0.1

0.0

0.0

0.1

0.0

    Land & Estate Held-for-Sale

-

-

-

-

1.7

    Provision for Inventory

-

-

-

-

-2.7

    Prepayment

24.1

18.6

13.5

21.0

24.5

    Restricted Assets

3.3

10.1

12.1

33.3

14.4

    Deferred Income Tax Assets - Current

2.8

2.1

2.0

2.4

1.1

    Non-current Assets Pending for Sale

1.4

5.2

40.6

39.5

0.0

    Other Current Assets

1.3

1.3

0.1

0.2

0.1

Total Current Assets

3,128.7

2,998.7

2,589.7

2,357.2

1,876.2

 

 

 

 

 

 

    Notes Discounted & Loans

9,173.2

8,384.5

6,806.0

6,147.3

5,934.1

    Financial Assets At Fair Value- Non-Curr

-

-

-

2.9

2.9

    Financial Assets For Sale- Non-Curren

176.0

71.6

46.8

22.4

26.0

    Financial Assets- Held to Maturity

311.7

366.1

406.9

450.1

349.8

    Financial Assets At Cost

16.9

19.2

16.8

15.4

18.2

    Long Term Equity Investment

24.5

25.8

29.3

24.8

38.0

    Real Estate Investments

36.5

37.9

54.0

51.6

37.6

    Land

86.3

73.3

67.0

74.9

71.8

    Buildings and Structures

124.1

137.5

124.3

113.3

105.9

    Computer/ Machinery and Equipment

239.0

252.6

344.0

327.2

293.1

    Transportation Equipment

4.1

5.0

4.7

4.2

3.9

    Office Equipment

6.3

8.0

10.1

7.1

8.2

    Leasehold Improvement

7.3

7.9

7.2

0.6

0.2

    Other Equipment

22.8

30.2

19.8

16.7

36.9

    Assets Revaluation Increment

124.3

129.1

117.7

115.1

116.5

    Accumulated Depreciation

-213.0

-221.1

-364.1

-336.5

-313.8

    Accumulated Impairment

-21.4

-24.4

-19.0

-17.6

-19.1

    Constr.in Progress and Prepay. for Equip

61.1

8.4

68.8

60.3

23.4

    Goodwill, Gross

-

-

-

12.6

11.7

    Deferred Pension Cost

-

-

-

9.7

13.7

    Other Intangible Assets-Gross

-

-

-

5.7

5.0

    Accumulated Impairment of Intangibles

-

-

-

-17.4

-4.9

    Intangible Assets-Net

10.9

12.9

13.3

-

-

    Assets for Lease

-

-

-

8.3

0.6

    Accumulated Depre. - Assets for Lease

-

-

-

-2.1

-0.1

    Accumulated Impairment-Assets for Lease

-

-

-

-1.1

0.0

    Idle Assets

-

-

-

-

40.0

    Provision for Trust Fund Deposit

-

-

-

1.5

-

    Operating Guarantee Funds

-

-

-

12.9

13.0

    Loans Purchase/Sold on Behalf

-

-

-

0.2

0.1

    Foreclosed Properties

-

-

-

0.6

13.3

    Security Deposits Paid

-

-

-

37.1

44.3

    Deferred Charges

-

-

-

4.7

4.7

    Deferred Income Tax Assets - Non Current

-

-

-

55.7

56.3

    Restricted Assets

-

-

-

126.6

137.3

    Other Assets

172.9

216.2

214.3

0.9

0.1

Total Assets

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    Short Term Borrowings

205.6

177.3

282.7

360.1

144.7

    Short Term Notes & Bills Payable

0.0

5.1

5.9

0.0

1.5

    Notes Issued under REPO

0.0

61.4

16.0

24.9

22.7

    Financial Liabilities-Fair Value,Current

3.8

10.5

13.7

37.6

0.7

    Due to Banks

114.4

79.1

202.3

105.2

97.7

    Notes Payable

0.1

0.8

0.1

0.0

0.1

    Accounts Payable

53.8

46.4

51.9

40.4

39.6

    Accrued Expenses

34.3

29.1

21.2

27.5

30.0

    Other Payables

235.9

124.1

102.7

137.1

72.3

    Current Portion of Long Term Debt

20.1

16.7

19.4

19.0

7.2

    Non-curr. Assets Pend Dis. Related Lia.

-

0.0

10.7

10.4

0.0

    Other Current Liabilities

8.1

11.9

18.0

14.9

6.0

Total Current Liabilities

676.1

562.3

744.6

777.1

422.5

 

 

 

 

 

 

    Financial Debentures Payable

347.0

284.7

206.3

73.1

74.0

    Long Term Borrowings

121.8

77.4

34.8

42.7

63.9

Total Long Term Debt

468.8

362.1

241.2

115.8

137.9

 

 

 

 

 

 

    Deposits Accepted and Remittances Payabl

11,014.9

10,374.0

8,636.2

7,882.2

7,328.3

    Central Bank and Other Banks

95.0

55.0

10.0

0.0

-

    Land Revaluation Increment Tax Reserve

33.9

35.2

32.0

31.4

42.2

    Long Term Payables

-

0.0

0.0

0.2

0.0

    Reserves- Operating and Liabilities Loss

1.2

3.8

3.0

5.3

3.8

    Accrued Pension Liabilities

13.4

13.8

13.7

10.7

14.8

    Long term equity investment inventory

0.1

0.1

-

-

-

    Long Term Security Deposits Received

2.5

3.8

3.6

2.5

2.9

    Other Long Term Liabilities

0.2

0.2

0.2

0.2

0.5

    Minority Interest

614.4

543.1

418.8

414.1

414.8

Total Liabilities

12,920.4

11,953.2

10,103.3

9,239.4

8,367.7

 

 

 

 

 

 

    Common Stock

465.9

483.8

441.0

437.4

451.4

    Paid-In Capital

20.2

21.0

19.1

19.0

19.6

    Capital Gain on LT Investments

11.0

7.3

5.6

3.1

2.2

    Treasury Stock Transaction

29.8

23.8

16.7

14.8

12.0

    Donated Assets Received

0.1

0.1

0.1

0.1

0.0

    Capital Surplus, Other

0.1

0.1

0.0

-

-

    Legal Reserve

8.3

6.7

6.1

6.0

0.0

    Special Reserve

10.6

10.8

9.8

9.6

4.8

    Retained Earnings

45.5

18.8

-68.6

-41.2

60.3

    Cumulative Translation Adjustment

-0.7

-0.4

0.2

0.4

0.1

    Unrealized Gain/Loss on Pension Fund

-1.2

-0.6

-0.5

-0.2

-0.4

    Non-curr. Assets Pend Dis. Related Gain

-

0.0

26.9

26.2

0.0

    Unrealized Financial Instrumt. Gain/Loss

-27.8

-8.0

-12.6

-26.3

-9.3

    Unrealized Revaluation Increment

63.6

66.1

60.2

58.7

85.9

    Treasury Stock

-53.2

-43.1

-49.8

-54.2

-49.4

Total Equity

572.0

586.3

454.3

453.3

577.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

13,492.4

12,539.5

10,557.6

9,692.6

8,945.0

 

 

 

 

 

 

    S/O-Common Stock

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

Total Common Shares Outstanding

1,130.5

1,143.9

1,106.0

1,111.5

1,184.7

T/S-Common Stock

280.1

266.7

304.6

323.8

279.4

Accumulated Impairment of Intangibles

18.9

19.6

17.9

17.4

4.9

Full-Time Employees

3,376

3,450

3,510

3,669

3,121

Number of Common Shareholders

127,559

130,660

125,708

125,167

125,353

Current maturities

-

16.7

-

-

-

Total Long Term Debt, Supplemental

-

16.7

-

-

-

Capital Lease Pymt. due within 1 Year

-

0.0

0.1

0.1

-

Capital Lease Pymt. due in Year 2

-

-

0.0

0.1

-

Capital Lease Pymt. due in Year 3

-

-

-

0.0

-

Total Capital Leases

-

0.0

0.1

0.1

-

Accumulated Benefit Obligation

40.9

40.7

37.1

38.1

42.4

Benefit Obligation

48.3

48.9

45.3

48.7

52.5

Fair Value of Plan Assets

30.1

30.4

26.1

31.8

29.5

Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Total Funded Status

-18.1

-18.5

-19.2

-16.9

-23.0

Discount Rate

2.00%

2.00%

2.75%

3.50%

2.75%

Rate of Compensation Increase

3.00%

3.00%

3.00%

3.50%

1.50%

Expected Rate of Return on Plan Assets

2.00%

2.00%

2.75%

3.50%

2.50%

Deferred Pension Cost

10.0

12.2

12.5

9.7

13.7

Accrued Pension Liabilities

-13.4

-13.8

-13.7

-10.7

-14.8

Net Assets Recognized on Balance Sheet

-3.4

-1.6

-1.2

-1.0

-1.1

 

 

Interim Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Reclassified Normal 
31-Mar-2012

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate

29.565976

30.279

30.475

28.7235

29.4065

 

 

 

 

 

 

    Cash and Cash Equivalent

362.0

309.7

212.6

224.2

230.1

    Due from Banks and Central Bank

2,418.7

2,452.8

2,171.1

2,349.3

2,425.5

    Financial Assets at FV - Current

77.4

70.5

71.4

111.7

147.0

    Financial Assets HFS - Current

0.0

0.0

0.0

0.0

0.6

    Financial Assets-Held to Maturity,Curren

-

-

10.0

10.0

-

    Security under REPO

-

-

0.0

-

-

    Notes Receivable

14.7

12.5

13.4

4.6

6.2

    Accounts Receivable, Gross

100.9

113.5

106.7

121.8

98.7

    Interest Payable - Banks

18.6

-

17.9

-

18.7

    Provision for Doubtful Accounts

-7.8

-7.6

-7.5

-8.0

-7.8

    Pro. for Doubt. Accounts - Taizhong Bank

-1.0

-0.8

-0.7

-0.9

-0.8

    Other Receivables

67.4

65.0

61.3

46.2

69.7

    Merchandise

20.9

17.6

16.9

11.6

19.5

    Finished Goods

46.8

32.8

33.4

45.9

31.3

    Work-in-Process

1.8

4.3

4.2

7.5

5.4

    Raw Material

21.0

23.5

22.6

18.4

24.8

    Supplies

2.3

2.0

2.6

3.5

2.5

    Subcontracted Goods

0.0

0.1

0.1

0.1

0.1

    Prepayment

21.9

24.1

27.6

20.4

18.6

    Restricted Assets - Current

3.3

3.3

13.9

9.3

10.6

    Deferred Income Tax Assets - Current

2.8

2.8

2.3

4.7

1.6

    Non-current Assets Pending for Sale

1.4

1.4

3.2

4.3

4.2

    Other Current Assets

2.6

1.3

0.9

3.4

2.5

Total Current Assets

3,176.0

3,128.7

2,784.1

2,988.0

3,108.9

 

 

 

 

 

 

    Notes Discounted and Loans

9,589.8

9,173.2

8,687.9

8,949.0

8,588.4

    Financial Assets HFS - Non Current

400.3

176.0

71.0

70.1

72.6

    Financial Assets HTM - Non Current

300.8

311.7

323.6

354.7

365.3

    Financial Assets At Cost - Non Current

19.4

16.9

16.8

17.8

17.4

    Long Term Equity Investment

24.1

24.5

27.4

24.9

28.7

    Real Estate Investments

37.4

36.5

36.3

38.5

37.6

    Land

89.0

86.3

84.3

89.1

72.4

    Buildings and Structures

127.9

124.1

122.4

134.5

135.7

    Machinery and Equipment

244.9

239.0

231.1

260.4

250.5

    Transportation Equipment

4.2

4.1

4.2

4.7

5.1

    Office Equipment

6.5

6.3

6.4

7.2

7.9

    Leasehold Improvement

7.5

7.3

7.3

8.1

7.9

    Other Equipment

23.4

22.8

28.7

31.0

30.2

    Assets Revaluation Increment

127.3

124.3

123.5

131.1

128.0

    Accumulated Depreciation

-223.6

-213.0

-208.4

-230.3

-222.2

    Accumulated Impairment

-23.8

-21.4

-21.3

-22.6

-24.1

    Constr.in Progress and Prepay. for Equip

90.2

61.1

32.2

12.2

15.9

    Intangible Assets-Net

1.0

10.9

13.8

13.9

1.5

    Other Assets - Other

165.8

172.9

196.2

221.1

242.4

Total Assets

14,188.2

13,492.4

12,567.5

13,103.3

12,870.2

 

 

 

 

 

 

    Short Term Borrowings

220.8

205.6

183.5

192.9

199.0

    Short Term Notes & Bills Payable

0.0

0.0

0.0

0.0

5.1

    Notes Issued under REPO

0.0

0.0

3.3

46.1

38.7

    Due to Banks and Central Bank

164.1

114.4

155.4

125.5

116.3

    Financial Liabilities at FV - Current

4.0

3.8

11.5

11.5

14.0

    Notes Payable

-

0.1

0.1

0.0

-

    Accounts Payable

-

53.8

53.3

57.9

-

    Accounts & notes Payable

67.7

-

-

-

56.7

    Accrued Expenses

36.6

34.3

36.2

32.3

30.9

    Other Payables

234.2

235.9

104.6

90.3

109.8

    Current Portion of Long Term Debt

22.1

20.1

11.5

23.0

19.5

    Non-curr. Assets Pend Dis. Related Lia.

-

-

-

0.0

-

    Other Current Liabilities

16.6

8.1

15.4

14.3

21.7

Total Current Liabilities

766.0

676.1

574.8

593.8

611.8

 

 

 

 

 

 

    Financial Debentures Payable

355.6

347.0

344.5

365.1

282.3

    Long Term Borrowings

133.8

121.8

106.2

88.0

94.2

    Long Term Accounts Payable

-

-

0.0

-

-

Total Long Term Debt

489.5

468.8

450.6

453.1

376.4

 

 

 

 

 

 

    Deposits Accepted and Remittance Payable

11,540.2

11,014.9

10,327.7

10,765.8

10,624.2

    Central Bank and Other Banks

94.9

95.0

65.1

65.0

65.0

    Reserves- Operating and Liabilities Loss

1.2

1.2

1.2

1.2

1.3

    Land Revaluation Increment Tax Reserve

34.7

33.9

33.6

35.7

34.9

    Accrued Pension Liabilities

14.0

13.4

13.6

13.0

13.7

    Long Term stock equity investment balan

0.2

-

-

0.2

0.1

    Long Term Security Deposit Received

5.0

2.5

2.8

3.5

3.7

    Other Long Term Liabilities

0.2

0.3

0.3

0.2

0.2

    Minority Interest

644.1

614.4

522.6

555.9

539.6

Total Liabilities

13,590.0

12,920.4

11,992.2

12,487.4

12,270.7

 

 

 

 

 

 

    Common Stock

477.1

465.9

462.9

491.1

479.7

    Paid-In Capital

20.7

20.2

20.1

21.3

20.8

    Treasury Stock Transaction

30.5

29.8

29.6

27.2

23.6

    Capital Gain on LT Equity Investments

11.8

11.0

8.3

7.7

7.2

    Donated Assets Received

0.1

0.1

0.1

0.1

0.1

    Employee Stock Option

0.0

-

0.0

4.2

3.0

    Capital Surplus, Other

0.1

0.1

0.1

0.1

0.1

    Legal Reserve

8.5

8.3

8.2

8.7

6.6

    Special Reserve

10.8

10.6

10.5

11.1

11.7

    Retained Earnings

53.6

45.5

44.5

40.1

35.5

    Cumulative Translation Adjustment

-0.8

-0.7

0.1

-0.3

-0.3

    Unrealized Gain/Loss on Pension Fund

-1.3

-1.2

-0.4

-0.4

-0.6

    Non-curr. Assets Pend Dis. Related Gain

-

-

-

0.0

-

    Unrealized Financial Assets Gain/Loss

-22.9

-27.8

-22.6

-16.9

-9.9

    Unrealised Revaluation Increment

65.2

63.6

63.2

67.1

65.5

    Treasury Stock

-55.1

-53.2

-49.2

-45.2

-43.5

Total Equity

598.2

572.0

575.2

615.9

599.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

14,188.2

13,492.4

12,567.5

13,103.3

12,870.2

 

 

 

 

 

 

    S/O-Common Stock

1,129.3

1,130.5

1,141.5

1,149.4

1,140.5

Total Common Shares Outstanding

1,129.3

1,130.5

1,141.5

1,149.4

1,140.5

T/S-Common Stock

281.3

280.1

269.1

261.2

270.1

Accumulated Impairment of Intangibles

19.3

18.9

18.7

19.9

-

Full-Time Employees

-

3,376

-

3,355

-

Deferred Pension Cost

-

10.0

-

12.3

-

Accrued Pension Liabilities

-14.0

-13.4

-

-13.0

-13.7

Net Assets Recognized on Balance Sheet

-14.0

-3.4

-

-0.6

-13.7

 

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

Reclassified Normal 
31-Dec-2011

Reclassified Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Restated 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

Unqualified

 

 

 

 

 

 

Net Income

65.7

94.4

-23.1

-50.3

105.5

    Depreciation

25.3

22.0

23.2

24.3

29.7

    Employee Stock Option Cost

7.1

5.1

-

-

-

    Provision for Bank Bad Debts

22.6

29.6

10.1

55.7

29.1

    Revrsal of Bank Bad Debts

7.8

7.4

9.1

9.3

15.3

    Bank Bad Debts Write-off

-18.8

-35.4

-32.7

-47.0

-25.2

    Real estate trans to other operating cos

0.0

19.7

-

-

-

    Provision for Various Reserve

0.0

0.4

0.7

1.6

0.7

    Equity Investment Gain/Loss

-0.5

-1.3

5.6

0.1

-4.3

    Cash Dividends - Equity Investments

-

-

-

4.1

3.2

    Sale of Financial Assets for Sale

-0.3

-0.2

-0.6

0.0

-0.2

    G/L on Financial Assets for Sale Valuati

0.2

0.0

0.0

0.0

-

    Sale of Financial Assets at Cost

-0.4

-0.1

-

-3.4

0.0

    Disposal of Fncl. Assets HTM

-0.1

0.0

-

-

-

    Amort. of Bond Issuance Discount

0.7

0.0

-

-

-

    Disposal of Fixed Assets

2.8

-40.7

-1.0

3.5

1.9

    Impairment Loss on Assets

1.4

21.2

-1.0

32.7

11.3

    Realised Gain- F.A- HTM

-

-

-

-0.2

0.0

    Amort. of Fncl. Assets HTM Premium

1.9

3.4

3.3

3.9

3.8

    G/L on Disposal of Equity Investments

-1.7

0.0

-

-

-

    Financial Assets for Sale

26.2

-22.5

-8.2

-1.2

-12.6

    Unreal G/L on Foreign Exchange

-8.7

36.8

-

-

-

    Notes & Accounts Receivable

-3.7

-17.0

12.3

-0.7

-4.5

    Other Receivables

13.4

9.3

-23.8

13.2

-4.2

    Inventories

-34.5

-11.2

0.1

5.5

1.7

    Prepayment

-6.5

-3.5

7.7

3.4

-

    Other Current Assets

0.0

-1.1

0.1

-9.4

12.0

    Other Assets

0.5

0.1

0.8

-0.8

0.0

    Financial Liabilities for Trading

-6.4

-4.3

-24.0

38.3

0.7

    Notes & Accounts Payable

10.0

-

10.1

1.2

-11.6

    Notes Payable

-

-9.0

-

-

-

    Other Payables

122.0

10.8

-30.6

28.0

-113.0

    Accrued Expenses

6.6

5.4

-6.8

-2.2

5.4

    Other Current Liabilities

-3.4

1.0

-1.6

9.4

-0.7

    Debt-Trade on behalf of

0.1

0.1

-0.2

-0.1

-

    Deferred Tax Assets

17.5

13.7

9.7

-1.1

6.5

    Pension Fund

0.3

-1.2

-0.5

0.2

-

    Loans Purchase/Sold on Behalf

-

-

-

-

0.1

    Accrued Pension Liabilities

-

-

-

-

1.7

    Other Liabilities

0.0

0.0

0.0

-0.4

-1.9

Cash from Operating Activities

247.1

132.9

-61.3

117.7

50.3

 

 

 

 

 

 

    Due from Banks and Central Bank

-192.4

-171.9

-315.1

-287.8

78.7

    Deposits and Remittances

-1,142.2

-851.9

-473.1

-310.4

-205.7

    Security under REPO

-

-

-

0.9

4.7

    Other Receivable Dec.-Rel. parties

-

-

5.1

0.8

-

    Financial Assets HFS, Increase

-125.8

-15.7

-53.4

-2.0

-8.8

    Financial Assets HFS, Decrease

0.9

9.2

28.3

1.3

8.1

    Financial Assets At Cost

0.4

1.6

0.0

4.3

0.0

    Financial Assets- HTM, Non-Current,Decr

30.4

40.2

65.5

52.8

88.7

    Financial Assets- HTM, Non-Current,Incr

0.0

-29.3

-14.3

-178.4

-226.4

    Purchase of Financial Assets-Cost Method

-0.2

-2.2

-0.9

0.0

-

    Real Estate Investments, Net

0.0

0.0

-1.1

-6.0

-4.0

    Disposal of F.A and Financial Assets

6.2

42.2

10.7

8.1

10.1

    Capital Expenditure

-91.8

-19.7

-36.1

-44.3

-26.1

    Restricted Assets, Net

46.1

2.9

33.1

-10.3

12.4

    Settlemt and Clearing Funds & Sec Dep P

-0.1

0.0

1.0

0.0

0.2

    Security Deposit Paid

-6.4

1.4

11.3

5.3

-8.1

    Other Overdue Accounts

-

-

0.7

-1.2

-

    Other Assets

-4.0

0.0

-

-

-

Cash from Investing Activities

-1,478.9

-993.1

-738.2

-766.9

-276.4

 

 

 

 

 

 

    Short Term Borrowings, Net

37.7

-123.0

-84.1

225.8

46.6

    Short Term Notes, Net

-5.1

-1.3

-5.3

-1.6

0.0

    Short Term Notes Increase

-

-

5.8

-1.6

-

    Long Term Borrowings, Net

52.9

32.0

-

-

-42.5

    Long Term Borrowings Decrease

-

-

-8.7

-9.0

-

    Due to Banks and Central Bank

39.3

-132.2

91.4

9.0

-4.5

    Financing from Central Bank & Others

43.4

40.7

9.7

-

-

    Issuance of Financial Debentures

74.8

54.0

127.2

0.0

73.1

    Security under REPO

-50.3

40.6

-9.3

2.6

-39.2

    Deposits and Remittances

1,056.5

833.1

531.5

665.4

-62.4

    Security Deposits Received

-1.2

-0.1

1.0

-0.4

0.0

    Repurchase of Treasury Stock

-19.1

0.0

-

-19.2

0.0

    Cash Dividend

-

-

-

-35.3

0.0

    Long Term Payable Increase

-

-

-

-

0.0

    Long Term Payables Decrease

0.0

0.0

-0.3

0.0

-

    Minority Interest

67.2

82.1

-0.4

-18.8

140.7

    Employees Bonus

-

-

-

-

0.0

    Directors Remuneration

-

-

-

-

0.0

    Employees Bonus/Directors Remuneration

0.0

-0.7

-0.8

-1.0

-

    Disposal of Treasury Stock

9.2

10.7

0.0

-

-

Cash from Financing Activities

1,305.2

835.8

657.6

816.0

111.8

 

 

 

 

 

 

Foreign Exchange Effects

1.1

-3.2

0.3

0.9

0.0

Net Change in Cash

74.5

-27.6

-141.6

167.6

-114.3

 

 

 

 

 

 

Net Cash - Beginning Balance

244.6

228.5

359.6

208.8

289.9

Net Cash - Ending Balance

319.1

200.9

217.9

376.4

175.7

    Cash Interest Paid

88.7

55.7

84.1

135.9

110.5

    Cash Taxes Paid

5.0

2.6

0.8

5.0

4.8

 

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

23.2

65.7

54.5

41.9

27.0

    Depreciation

6.1

25.3

19.3

13.1

6.5

    Employee Stock Option Expense

0.0

7.1

7.2

7.2

3.0

    Provision Bad Debts

0.1

22.6

11.3

1.8

0.5

    Revrsal of Bank Bad Debts

1.9

7.8

5.9

4.1

2.4

    Bank Bad Debts Write-off

-2.3

-18.8

-14.2

-13.4

-7.0

    Dep./Amort. of Financial Assets HFS

0.3

-

0.0

0.0

0.0

    Amort. of Fncl. Assets HTM Premium

0.3

1.9

1.3

1.4

0.5

    G/L on Disposal Financial Assets-Cost

-

0.2

-0.4

-

-

    Real Estate Investment Losses

-

0.0

0.0

-

-

    Sale of Financial Assets for Sale

0.0

-0.3

-0.3

-0.3

-0.2

    Equity Investment Gain/Loss

-1.3

-0.5

-1.9

-1.8

-2.5

    Sale of Financial Assets at Cost

-

-0.4

-

-0.4

-

    G/L on Disposal of Equity Investments

-0.9

-1.7

-1.7

-1.7

-

    Amortization of Intangibles

0.3

-

-

-

-

    Amort. of Bond Issuance Discount

-

0.7

-

-

-

    Disposal of Fixed Assets & Collaturals

0.5

2.8

1.4

1.4

1.8

    Impairment Loss on Assets

-

1.4

7.3

6.9

-

    Sale of Financial Assets at Cost

-

-0.1

-

-

-

    Reversal of Impairment Loss

-0.7

-

-

-

-0.2

    Provision for Various Reserve

0.0

0.0

0.0

-

0.0

    Deferred Tax Assets

4.8

17.5

11.8

7.5

4.5

    Accrued Pension Liabilities

0.2

-

-

-0.2

0.0

    Unrealized G/L on foreign exchange

3.9

-8.7

-14.7

-6.7

-10.1

    Financial Assets for Trading

-5.2

26.2

25.1

-10.4

-14.0

    Notes & Accounts Receivable

-5.2

-3.7

-19.1

2.0

2.1

    Other Receivables

-0.9

13.4

4.4

23.1

-0.5

    Inventories

-10.6

-34.5

-35.0

-37.2

-35.5

    Prepayment

2.7

-6.5

-10.4

-1.0

-0.1

    Other Current Assets

-1.3

0.0

0.4

-2.0

-1.2

    Other Assets

0.1

0.5

-2.6

0.0

0.0

    Loans Purchase/Sold on Behalf

0.0

0.1

0.1

0.1

0.1

    Pension Fund

-

0.3

1.3

-

-

    Financial Liabilities for Trading

0.0

-6.4

1.6

0.8

3.7

    Notes & Accounts Payable

12.5

10.0

10.0

10.2

9.9

    Accrued Expenses

1.5

6.6

8.9

2.7

2.1

    Other Payable

-7.2

122.0

-12.7

-33.0

-13.3

    Other Current Liabilities

8.3

-3.4

4.3

-1.8

6.5

    Other Liabilities

0.1

0.0

-0.1

-

-

Cash from Operating Activities

31.4

247.1

62.8

14.4

-14.2

 

 

 

 

 

 

    Long Term Equity Investments, Net

3.5

-

-

-

-

    Purchase of Financial Assets-Cost Method

0.0

-0.2

-0.2

-0.2

-0.2

    Disposal of Fina. Assets HFS

-

-

0.0

-

-

    Due from Banks and Central Banks

92.8

-192.4

84.1

38.9

-92.6

    Security under REPO

-

-

0.0

-

-

    Deposits and Remittance

-193.7

-1,142.2

-698.5

-423.0

-269.9

    Financial Assets HFS, Increase

-218.0

-125.8

-14.9

-4.4

-3.9

    Financial Assets HFS, Decrease

0.0

0.9

0.9

0.9

0.3

    Financial Assets- HTM, Non-Current, Incr

-

0.0

0.0

0.0

-

    Financial Assets- HTM, Non-Current, Dec

15.1

30.4

22.7

3.7

6.7

    Disposal of Financial Assets at Cost

-

0.4

0.4

0.4

-

    Real Estate Investment, Decrease

0.0

0.0

0.0

0.0

0.0

    Capital Expenditure&Deferred Charges

-29.3

-91.8

-61.7

-37.3

-11.3

    Disposal of FA & Collateral

0.7

6.2

3.4

2.6

2.3

    Restricted Assets, Decrease

12.6

46.1

11.8

-0.4

-0.5

    Settlemt and Clearing Funds & Sec Dep P

3.7

-0.1

-5.2

0.9

-3.0

    Security Deposit Paid

-

-6.4

-

-1.0

-

    Other Financial Assets, Net

-

-

-

0.0

-

    Other Assets

-

-4.0

-

-

-

Cash from Investing Activities

-312.6

-1,478.9

-657.2

-418.8

-372.3

 

 

 

 

 

 

    Short Term Borrowings, Net

10.1

37.7

16.2

14.5

23.4

    Short Term Notes Increase

-

-

-

-

0.0

    Short Term Notes Decrease

0.0

-5.1

-5.2

-5.2

-

    Securities Under REPO

0.0

-50.3

-47.3

-5.3

-22.2

    Long Term Borrowings, Net

10.5

52.9

28.9

15.3

20.5

    Due to Banks and Central banks

46.8

39.3

83.5

44.7

38.0

    Financing from Central Bank & Others

-2.4

43.4

13.1

9.1

10.6

    Issuance of Financial Debentures

0.0

74.8

75.5

75.3

0.0

    Repurchase of Treasury Stock

-0.4

-19.1

-15.6

-6.0

-

    Employees Bonus/Directors Remuneration

-0.4

0.0

0.0

-

-

    Deposits and Remittances

258.5

1,056.5

421.6

232.6

339.6

    Long Term Payable, Net

0.0

0.0

0.0

0.0

0.0

    Security Deposits Received

2.5

-1.2

-0.9

-0.3

-0.1

    Transfer of Treasury Stock

0.0

9.2

9.2

9.3

3.5

    Minority Interest

0.7

67.2

-7.3

-3.9

-11.4

Cash from Financing Activities

325.8

1,305.2

571.9

380.0

401.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

1.1

-1.9

-0.7

-0.4

Net Change in Cash

44.6

74.5

-24.5

-25.1

14.9

 

 

 

 

 

 

Net Cash - Beginning Balance

315.7

244.6

247.1

217.7

215.9

Net Cash - Ending Balance

360.3

319.1

222.6

221.5

230.9

    Cash Interest Paid

21.9

88.7

59.3

39.0

14.3

    Cash Taxes Paid

0.8

5.0

4.3

2.2

0.8

 

 

 

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

Petrol Chemical

475.7

48.1 %

408.2

46.6 %

237.7

38.3 %

381.5

39.4 %

430.7

45.6 %

Polyester

221.0

22.4 %

192.8

22 %

134.2

21.6 %

150.8

15.6 %

198.8

21.1 %

Construction

-

-

53.3

6.1 %

-

-

-

-

-

-

Banking

287.5

29.1 %

234.5

26.7 %

209.3

33.7 %

344.1

35.5 %

294.8

31.2 %

Other

3.9

0.4 %

41.3

4.7 %

38.9

6.3 %

91.6

9.5 %

19.3

2 %

Segment Total

988.1

100 %

876.8

100 %

620.1

100 %

968.1

100 %

943.7

100 %

Intercompany Eliminations

-

-

-

-

0.0

0 %

0.0

0 %

-

-

Consolidated Total

988.1

100 %

876.8

100 %

620.1

100 %

968.1

100 %

943.7

100 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

33.023867

 

31.543497

 

32.848802

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Petrol Chemical

-

-

1.9

380.7 %

28.2

53.8 %

40.4

61.4 %

Polyester

-

-

0.0

0 %

0.0

0 %

-

-

Banking

0.0

17.7 %

0.0

4.5 %

0.0

0 %

-

-

Other

0.1

82.3 %

0.5

95.5 %

24.2

46.2 %

25.4

38.6 %

Segment Total

0.1

100 %

0.5

100 %

52.4

100 %

65.8

100 %

Intercompany Eliminations

-0.1

-100 %

-0.5

-100 %

-52.4

-100 %

-65.8

-100 %

Adjustment

-

-

0.1

19.5 %

-

-

-

-

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: TWD to USD

31.497037

 

33.023867

 

31.543497

 

32.848802

 

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Petrol Chemical

475.7

48.1 %

408.2

46.6 %

237.7

38.3 %

409.7

40.2 %

471.1

46.7 %

Polyester

221.0

22.4 %

192.8

22 %

134.2

21.6 %

150.8

14.8 %

198.8

19.7 %

Construction

-

-

53.3

6.1 %

-

-

-

-

-

-

Banking

287.5

29.1 %

234.5

26.7 %

209.3

33.7 %

344.1

33.7 %

294.8

29.2 %

Other

3.9

0.4 %

41.3

4.7 %

39.4

6.4 %

115.8

11.3 %

44.7

4.4 %

Segment Total

988.1

100 %

876.8

100 %

620.6

100 %

1,020.5

100 %

1,009.4

100 %

Intercompany Eliminations

-

-

-0.1

0 %

-0.5

-0.1 %

-52.4

-5.1 %

-65.8

-6.5 %

Adjustment

-

-

-

-

0.1

0 %

-

-

-

-

Consolidated Total

988.1

100 %

876.8

100 %

620.1

99.9 %

968.1

94.9 %

943.7

93.5 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

33.023867

 

31.543497

 

32.848802

 

Depreciation   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Petrol Chemical

5.7

25.9 %

2.8

12.4 %

2.9

12 %

9.3

31.5 %

Polyester

5.9

26.7 %

8.6

37.5 %

9.3

38.7 %

11.0

37.3 %

Banking

5.1

23 %

5.1

22.1 %

5.1

21.1 %

5.4

18.3 %

Other

5.4

24.4 %

6.4

28 %

6.8

28.3 %

3.8

13 %

Segment Total

22.0

100 %

23.0

100 %

24.1

100 %

29.6

100 %

Consolidated Total

22.0

100 %

23.0

100 %

24.1

100 %

29.6

100 %

Exchange Rate: TWD to USD

31.497037

 

33.023867

 

31.543497

 

32.848802

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Petrol Chemical

17.7

24 %

-7.7

145.4 %

11.2

26.5 %

Polyester

-3.7

-5 %

-9.6

182.6 %

-13.3

-31.3 %

Construction

33.7

45.6 %

-

-

-

-

Banking

36.6

49.6 %

33.1

-628.2 %

65.0

153.3 %

Other

-10.5

-14.3 %

-21.1

400.3 %

-20.6

-48.5 %

Segment Total

73.8

100 %

-5.3

100 %

42.4

100 %

Consolidated Total

73.8

100 %

-5.3

100 %

42.4

100 %

Exchange Rate: TWD to USD

31.497037

 

33.023867

 

31.543497

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

Petrol Chemical

4.6

-

-3.2

-

2.7

-

Polyester

-1.9

-

-7.2

-

-8.8

-

Construction

63.3

-

-

-

-

-

Banking

15.6

-

15.8

-

18.9

-

Other

-81.9

-

-53.6

-

-17.8

-

Segment Total

8.4

-

-0.8

-

4.2

-

Consolidated Total

8.4

-

-0.9

-

4.4

-

 

Income Before Tax   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-08

31-Dec-07

Petrol Chemical

42.3

39.9 %

17.7

24 %

12.8

25.9 %

53.6

43.3 %

Polyester

-2.4

-2.2 %

-3.7

-5 %

-12.2

-24.7 %

1.5

1.2 %

Construction

-

-

33.7

45.6 %

-

-

-

-

Banking

72.5

68.5 %

36.6

49.6 %

64.3

130.3 %

65.8

53.2 %

Other

-6.6

-6.2 %

-10.5

-14.3 %

-15.5

-31.5 %

2.9

2.4 %

Segment Total

105.9

100 %

73.8

100 %

49.4

100 %

123.7

100 %

Corporate Expense

-22.9

-21.6 %

36.9

50 %

-100.2

-202.9 %

-2.8

-2.3 %

Consolidated Total

83.0

78.4 %

110.7

150 %

-50.8

-102.9 %

120.9

97.7 %

Exchange Rate: TWD to USD

29.390040

 

31.497037

 

31.543497

 

32.848802

 

Pre-Tax Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-08

31-Dec-07

Petrol Chemical

8.9

-

4.3

-

3.1

-

11.4

-

Polyester

-1.1

-

-1.9

-

-8.1

-

0.7

-

Banking

25.2

-

15.6

-

18.7

-

22.3

-

Other

-168.4

-

-25.5

-

-13.4

-

6.5

-

Segment Total

10.7

-

8.4

-

4.8

-

12.3

-

Consolidated Total

8.4

-

12.6

-

-5.2

-

12.8

-

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Petrol Chemical

226.4

1.9 %

197.1

2 %

173.3

1.9 %

162.0

1.9 %

Polyester

42.5

0.4 %

48.4

0.5 %

57.3

0.6 %

66.3

0.8 %

Construction

37.9

0.3 %

54.0

0.5 %

-

-

-

-

Banking

11,670.0

96.8 %

9,672.1

96.2 %

8,704.4

95.6 %

8,095.8

95.6 %

Other

80.0

0.7 %

86.2

0.9 %

174.2

1.9 %

148.3

1.8 %

Segment Total

12,056.8

100 %

10,057.8

100 %

9,109.2

100 %

8,472.4

100 %

Corporate Expense

-

-

553.8

5.5 %

583.4

6.4 %

472.6

5.6 %

Consolidated Total

12,056.8

100 %

10,057.8

100 %

9,692.6

106.4 %

8,945.0

105.6 %

Exchange Rate: TWD to USD

29.156500

 

31.985000

 

32.818000

 

32.434500

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

Petrol Chemical

8.5

-

-4.0

-

6.2

-

Polyester

-9.3

-

-20.5

-

-22.2

-

Construction

95.9

-

-

-

-

-

Banking

0.3

-

0.4

-

0.7

-

Other

-14.2

-

-25.3

-

-11.3

-

Segment Total

0.7

-

-0.1

-

0.4

-

Consolidated Total

0.7

-

-0.1

-

0.4

-

 

 

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

Petrol Chemical

705.3

83.4 %

117.9

53 %

357.9

46.7 %

245.5

48.5 %

114.5

45.6 %

Polyester

58.7

6.9 %

54.0

24.3 %

167.1

21.8 %

114.0

22.5 %

61.4

24.4 %

Banking

78.9

9.3 %

72.3

32.5 %

215.2

28.1 %

141.7

28 %

77.2

30.7 %

Other

3.2

0.4 %

-21.7

-9.7 %

26.5

3.5 %

4.5

0.9 %

-1.8

-0.7 %

Segment Total

846.2

100 %

222.5

100 %

766.7

100 %

505.7

100 %

251.3

100 %

Adjustment

-

-

3.6

1.6 %

-3.8

-0.5 %

-

-

-

-

Consolidated Total

846.2

100 %

226.1

101.6 %

762.9

99.5 %

505.7

100 %

251.3

100 %

Exchange Rate: TWD to USD

29.710200

 

30.256909

 

29.099862

 

28.855204

 

29.305764

 

Total Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Petrol Chemical

705.3

83.4 %

117.9

53 %

357.9

46.7 %

245.5

48.5 %

114.5

45.6 %

Polyester

58.7

6.9 %

54.0

24.3 %

167.1

21.8 %

114.0

22.5 %

61.4

24.4 %

Banking

78.9

9.3 %

72.3

32.5 %

215.2

28.1 %

141.7

28 %

77.2

30.7 %

Other

3.2

0.4 %

-21.7

-9.7 %

26.5

3.5 %

4.5

0.9 %

-1.8

-0.7 %

Segment Total

846.2

100 %

222.5

100 %

766.7

100 %

505.7

100 %

251.3

100 %

Adjustment

-

-

3.6

1.6 %

-3.8

-0.5 %

-

-

-

-

Consolidated Total

846.2

100 %

226.1

101.6 %

762.9

99.5 %

505.7

100 %

251.3

100 %

Exchange Rate: TWD to USD

29.710200

 

30.256909

 

29.099862

 

28.855204

 

29.305764

 

 

Operating Income/Loss   USD (mil)

 

31-Mar-12

30-Sep-11

30-Jun-11

31-Mar-11

Petrol Chemical

2.5

10.4 %

36.2

37 %

26.1

36.1 %

15.6

33.8 %

Polyester

-1.9

-8 %

-4.5

-4.6 %

-0.5

-0.7 %

1.0

2.2 %

Banking

23.6

98.5 %

71.4

73 %

51.6

71.3 %

30.1

65.3 %

Other

-0.2

-0.9 %

-5.3

-5.4 %

-4.9

-6.7 %

-0.6

-1.3 %

Segment Total

23.9

100 %

97.8

100 %

72.4

100 %

46.0

100 %

Consolidated Total

23.9

100 %

97.8

100 %

72.4

100 %

46.0

100 %

Exchange Rate: TWD to USD

29.710200

 

29.099862

 

28.855204

 

29.305764

 

Operating Margin (%)  

 

31-Mar-12

30-Sep-11

30-Jun-11

31-Mar-11

Petrol Chemical

0.4

-

10.1

-

10.6

-

13.6

-

Polyester

-3.3

-

-2.7

-

-0.5

-

1.6

-

Banking

29.9

-

33.2

-

36.4

-

38.9

-

Other

-6.7

-

-19.9

-

-108.2

-

32.8

-

Segment Total

2.8

-

12.8

-

14.3

-

18.3

-

Consolidated Total

2.8

-

12.8

-

14.3

-

18.3

-

 

Income Before Tax   USD (mil)

 

31-Dec-11

Petrol Chemical

41.1

39.9 %

Polyester

-2.3

-2.2 %

Banking

70.5

68.5 %

Other

-6.4

-6.2 %

Segment Total

102.9

100 %

Adjustment

-22.2

-21.6 %

Consolidated Total

80.7

78.4 %

Exchange Rate: TWD to USD

30.256909

 

Pre-Tax Margin (%)  

 

31-Dec-11

Petrol Chemical

34.9

-

Polyester

-4.2

-

Banking

97.5

-

Other

29.5

-

Segment Total

46.2

-

Adjustment

-616.2

-

Consolidated Total

35.7

-

 

Total Assets   USD (mil)

 

31-Mar-12

30-Sep-11

30-Jun-11

31-Mar-11

Petrol Chemical

708.8

5 %

228.3

1.8 %

245.7

1.9 %

242.9

1.9 %

Polyester

71.3

0.5 %

54.5

0.4 %

47.6

0.4 %

35.9

0.3 %

Constrution

37.4

0.3 %

36.3

0.3 %

38.5

0.3 %

37.6

0.3 %

Banking

13,342.8

94 %

11,739.0

93.4 %

12,201.9

93.1 %

11,938.7

92.8 %

Other

27.9

0.2 %

509.4

4.1 %

569.5

4.3 %

615.1

4.8 %

Segment Total

14,188.2

100 %

12,567.5

100 %

13,103.3

100 %

12,870.2

100 %

Consolidated Total

14,188.2

100 %

12,567.5

100 %

13,103.3

100 %

12,870.2

100 %

Exchange Rate: TWD to USD

29.565976

 

30.475000

 

28.723500

 

29.406500

 

Operating Return on Assets (%)  

 

31-Mar-12

30-Sep-11

30-Jun-11

31-Mar-11

Petrol Chemical

0.4

-

15.1

-

10.7

-

6.4

-

Polyester

-2.7

-

-7.9

-

-1.1

-

2.8

-

Banking

0.2

-

0.6

-

0.4

-

0.3

-

Other

-0.8

-

-1.0

-

-0.9

-

-0.1

-

Segment Total

0.2

-

0.7

-

0.6

-

0.4

-

Consolidated Total

0.2

-

0.7

-

0.6

-

0.4

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.86.96

Euro

1

Rs.69.42

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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

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

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