MIRA
INFORM REPORT
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Report Date : |
16.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FAR EASTERN NEW CENTURY CORPORATION |
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Formerly Known As : |
Far Eastern Textile Ltd |
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Registered Office : |
36F, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.01.1954 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacture
and |
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No. of Employees : |
26,372 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
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Source : CIA |
Company name & address
Far Eastern New Century Corporation
36F,Taipei Metro Tower No.207
Tun Hwa South Road,Sec.2
Taipei, 106
Taiwan
Tel: 886-2-27338000
Fax: 886-2-27367184
Web: www.fenc.com
Synthesis
Employees: 26,372
Company Type: Public Subsidiary
Corporate Family: 12
Companies
Ultimate Parent: The
Far Eastern Group
Traded: Taiwan
Stock Exchange: 1402
Over The Counter: FREWF
Incorporation Date:
13-Jan-1954
Auditor: Deloitte & Touche LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 8,015.0 1
Net Income: 377.3
Total Assets:
10,865.8 2
Market Value:
5,624.9 (17-Aug-2012)
Business Description
Far Eastern New Century Corporation is principally engaged in the manufacture and sale of fiber and textile products. The Company operates its businesses through Fiber Business Operation Division, which provides solid polyester chips, polyester filaments, industrial filaments, polyester bottles, polyester chips, polyester films, spandex and high denier industrial (HDI) yarns, as well as Textile Business Operation Division, which offers grey yarns, apparels, knitted fabrics, industrial fabrics and grey cloth, among others. The Company offers apparels and underwear with brands named JOHN HENRRY, FET and ACTIVE, among others. It distributes its products primarily in Asia, Europe and the Americas. For the nine months ended 30 September 2011, Far Eastern New Century Corporation's total revenues increased 22% to NT$176.29B. Net income increased 17% to NT$10.27B. Total revenues reflect increased sales volume due to stronger market demand and effective business strategy. Net income was partially offset by higher general and administrative expenses as well as increased research and development expenses.
Industry
Industry Textiles - Non Apparel
ANZSIC 2006: 1332 - Rope,
Cordage and Twine Manufacturing
NACE 2002: 1754 - Manufacture
of other textiles not elsewhere classified
NAICS 2002: 313113 - Thread
Mills
UK SIC 2003: 17549 -
Manufacture of other textiles not elsewhere classified
UK SIC 2007: 1396 - Manufacture
of other technical and industrial textiles
US SIC 1987: 2299 - Textile
goods, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Xiaoyi Wang |
Chief Executive Officer-Public Welfare in Chairman's Office, Director |
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Ruoshan Bai |
Assistant General Manager-Finance |
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Benzao Cheng |
Deputy General Manager-Fiber Operations |
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Douglas Tong Hsu |
Chairman & CEO |
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Joe Pai |
Senior VP-Finance |
Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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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
36F,Taipei Metro Tower No.207
Tun Hwa South Road,Sec.2
Taipei, 106
Taiwan
Tel: 886-2-27338000
Fax: 886-2-27367184
Web: www.fenc.com
Quote Symbol - Exchange
1402 - Taiwan
Stock Exchange
Sales TWD(mil): 235,561.3
Assets TWD(mil): 329,005.2
Employees: 26,372
Fiscal Year End: 31-Dec-2011
Industry: Textiles
- Non Apparel
Incorporation Date: 13-Jan-1954
Company Type: Public Subsidiary
Quoted Status: Quoted
Previous Name: Far Eastern Textile
Ltd
Chief Executive Officer-
Public Welfare in
Chairman's Office, Director: Xiaoyi
Wang
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1332 - Rope, Cordage and Twine Manufacturing
1522 - Paper Bag Manufacturing
1312 - Natural Textile Manufacturing
2411 - Photographic, Optical and Ophthalmic Equipment
Manufacturing
1334 - Textile Finishing and Other Textile Product Manufacturing
1340 - Knitted Product Manufacturing
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
1829 - Other Basic Polymer Manufacturing
NACE 2002 Codes:
1754 - Manufacture of other textiles not elsewhere classified
1760 - Manufacture of knitted and crocheted fabrics
2470 - Manufacture of man-made fibres
2416 - Manufacture of plastics in primary forms
3340 - Manufacture of optical instruments and photographic
equipment
1721 - Cotton-type weaving
2112 - Manufacture of paper and paperboard
1730 - Finishing of textiles
NAICS 2002 Codes:
313113 - Thread Mills
333315 - Photographic and Photocopying Equipment Manufacturing
313210 - Broadwoven Fabric Mills
322221 - Coated and Laminated Packaging Paper and Plastics Film
Manufacturing
325211 - Plastics Material and Resin Manufacturing
325222 - Noncellulosic Organic Fiber Manufacturing
313312 - Textile and Fabric Finishing (except Broadwoven Fabric)
Mills
313241 - Weft Knit Fabric Mills
US SIC 1987:
2299 - Textile goods, Not Elsewhere Classified
2269 - Finishers of Textiles, Not Elsewhere Classified
2824 - Manmade Organic Fibers, Except Cellulosic
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
2671 - Packaging Paper and Plastics Film, Coated and Laminated
2257 - Weft Knit Fabric Mills
3861 - Photographic Equipment and Supplies
2211 - Broadwoven Fabric Mills, Cotton
UK SIC 2003:
17549 - Manufacture of other textiles not elsewhere classified
1760 - Manufacture of knitted and crocheted fabrics
2470 - Manufacture of man-made fibres
2416 - Manufacture of plastics in primary forms
2112 - Manufacture of paper and paperboard
1730 - Finishing of textiles
33403 - Manufacture of photographic and cinematographic equipment
1721 - Cotton-type weaving
UK SIC 2007:
1396 - Manufacture of other technical and industrial textiles
1391 - Manufacture of knitted and crocheted fabrics
2016 - Manufacture of plastics in primary forms
2060 - Manufacture of man-made fibres
1320 - Weaving of textiles
26702 - Manufacture of photographic and cinematographic equipment
1330 - Finishing of textiles
1712 - Manufacture of paper and paperboard
Business
Description
Far Eastern New
Century Corporation is principally engaged in the manufacture and sale of fiber
and textile products. The Company operates its businesses through Fiber
Business Operation Division, which provides solid polyester chips, polyester
filaments, industrial filaments, polyester bottles, polyester chips, polyester
films, spandex and high denier industrial (HDI) yarns, as well as Textile
Business Operation Division, which offers grey yarns, apparels, knitted
fabrics, industrial fabrics and grey cloth, among others. The Company offers
apparels and underwear with brands named JOHN HENRRY, FET and ACTIVE, among
others. It distributes its products primarily in Asia, Europe and the Americas.
For the nine months ended 30 September 2011, Far Eastern New Century
Corporation's total revenues increased 22% to NT$176.29B. Net income increased
17% to NT$10.27B. Total revenues reflect increased sales volume due to stronger
market demand and effective business strategy. Net income was partially offset
by higher general and administrative expenses as well as increased research and
development expenses.
More Business
Descriptions
Far Eastern Textile Ltd. manufactures and sells polyester materials, semi-finished products and finished goods. Its products include cotton, synthetic or blended fabrics, towels and bedsheets, and woven and knitted garments; polyethylene terephthalate (PET) bottles and PET sheets, and natural, synthetic or blended yarns and polyester textured yarns.
The Company does yarn, silk and cloth printing and dyeing, as well as manufactures wide-view film, antiglare film, antireflection film and other optical films. The Company operates in two segments: polyester and apparel manufacturing polyester, and spinning, weaving, and dyeing cloths
Manufacture of cotton yarn, blended yarn, piece goods, shirts, underwear, pyjamas, polyester suits; miscellaneous garments from man-made, natural and composite fibres
Textile Fiber Mfr & Sales
Far Eastern New Century Corporation (FENC) is a fiber and textile products manufacturer. The company, through its subsidiaries, is engaged in the manufacture and sale of fiber products such as polyester chip, polyester staple fiber, polyester filament, cotton fabrics, cotton blended fabrics, yarn-dyed fabrics, woven fabrics and industrial fabrics, textile products and woven products. The company principally operates through six reportable segments namely, Polyester; spinning, weaving and dyeing and apparels; Real Estate development; Investment; Telecommunications; and ConstructionUnder the Polyester segment, the company produces polyester and related products in Asia. It is one of the largest producers of polyester polymer and PET resin in the world. This segment comprises of three product divisions namely, Staple Fiber, Filament and Solid State Polyester (SSP). The Staple Fiber product division is one of the earliest departments in FENC. It has four production factories, 14 production lines and several new production lines are yet to come which produce 22,000 MT staple polyesters per month and one research and development unit. Staple Fiber manufactures more than 150 different types of products. The Filament product division operates through, operating, developing and transforming divisions which are further sub-divided into POY and HDI teams. For the fiscal year ended December 2010, the Polyester segment generated revenue of TWD1,27,194m, indicating an increase of 8.7% over that in 2009. The Polyester segment accounted for 63.5% of the company's total revenue in 2010.Through Spinning, Weaving and Dyeing segment, the company is engaged in product development, yarn spinning, fabric and apparel manufacturing and marketing. This division offers products under six divisions – Spun Yarn which includes ring yarn, OE yarn, specialty yarn and dyed yarn; Woven Greige Fabrics & P/D Woven Fabrics which include woven greige fabrics, P/D woven fabrics, permanent functional fabrics, special materials, interwoven fabrics and spun fabrics; Y/D Woven Fabrics; Knitting Fabrics which include warm tech, fancy fleece, melange, stretch, two side tone, UV-cut, wicking and structures; Industrial Fabrics which include tarpaulin, conveyer (rubber & plastic), filtration (liquid & air) and industrial twisting yarn; and Apparel which include global operation & customer, knit’s sport wear, woven shirt, boxer and sleep wear, baby wear and others. For the fiscal year ended 2010, the Spinning, Weaving and Dyeing segment reported revenue of TWD39,862m, indicating an increase of 46% over that in 2009.The Spinning, Weaving and Dyeing segment accounted for 19% of the company's total revenue in 2010.The company's Real Estate segment and Construction is carried out by FENC subsidiary, Far Eastern Construction Co., Ltd., which uses the completed-contract method for construction projects. Presold real estate is recognized as advances on land and building. After completion of the construction, theownership is transferred to a proprietor or owner, and the proceeds of this transfer are recognized as current revenues. The calculation of the construction cost is based on the size of the land used, the actual size of the house and the construction cost incurred. For the fiscal year ended December 2010, the Real Estate segment generated revenue of TWD472m, indicating an increase of 1.27% over that in 2009. The Real Estate segment accounted for 0.2% of the company's total revenue in 2010.The company's Telecommunication segment is operated by subsidiary Far EasTone Telecommunications Co., Ltd. The segment offers wireless communications, leased circuit, Internet and international simple resale (ISR) services and also sells cellular phone equipment and accessories. It also offers WiMAX services in the southern region of Taiwan. For the fiscal year ended December 2010, the Telecommunication segment generated revenue of TWD64,390m, indicating an increase of 5.4% over that in 2009. The Telecommunications segment accounted for 32% of the company's total revenue in 2010.The investments by the company in various projects for the fiscal year ended December 2010 is TWD750m.The company invested in Mainland China for manufacture of Manufacture and distribution of PET staple, PET filament, polyester top, PET performs, raw textured yarns, spinning yarns, and knitted and woven fabrics and garments.Through construction segment the company under takes many projects such as Construction of a new polymer production line, Construction of a low-melt staple fiber production line, Production line for heat-shrinkage films, Installment of equipments for specialty OE yarn products and among others. The total cost incurred for the projects TWD7,729m.
Far Eastern New Century Corporation (FENC), formerly Far Eastern Textile Ltd., is a Taiwan based company engaged in fiber and textile business. The company, through its subsidiaries, manufactures and sells fiber and textile products which include polyester chip, polyester staple fiber, polyester filament, cotton fabrics, cotton blended fabrics, yarn-dyed fabrics, woven fabrics and industrial fabrics, textile products and woven products. It also manufactures and sells polyethylene terephthalate (PET) bottles and PET sheets. The company principally operates through six reportable segments, namely, Polyester; spinning, weaving and dyeing and apparels; Real Estate development; Investment; Telecommunications; and Construction. FENC is headquartered at Taipei in Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 235,561.25 million during the fiscal year ended December 2011, an increase of 17.66% over 2010. The operating profit of the company was TWD 17,209.24 million during the fiscal year 2011, a decrease of 17.39% from 2010. The net profit of the company was TWD 11,087.50 million during the fiscal year 2011, a decrease of 13.72% from 2010.
This major group includes establishments engaged in performing any of the following operations: (1) preparation of fiber and subsequent manufacturing of yarn, thread, braids, twine, and cordage; (2) manufacturing broadwoven fabrics, narrow woven fabrics, knit fabrics, and carpets and rugs from yarn; (3) dyeing and finishing fiber, yarn, fabrics, and knit apparel; (4) coating, waterproofing, or otherwise treating fabrics; (5) the integrated manufacture of knit apparel and other finished articles from yarn; and (6) the manufacture of felt goods, lace goods, non-woven fabrics, and miscellaneous textiles.
Textile and Fabric Finishing Mills
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Strategic Initiatives
Partnerships
Meanwhile, a new PTA joint-venture has been formed based on an alliance with Sinopec Yizheng Chemical Fiber Company Limited, a subsidiary of the Sinopec Group. The said plant is located at the Yangzhou Chemical Industrial park and is expected to increase the total PTA capacity of the Company by 36% upon its completion at end 2012. Polyester – Continual upgrade of product mix One of the essential elements that constitute FENC strategy is consistent R&D efforts, and that lead to a continual upgrade of the product mix which we believe is a must to maintain the Company’s leading position in the polyester industry. The total polyester capacity of the Company in both Taiwan and China reached 1.6 million tons in 2010, and PET resins represent more than 50% of the said capacity. Applications of PET products have extended into various end uses, while two major applications are food-grade and industrial-grade PET.
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Corporate
Family |
Corporate
Structure News: |
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The Far Eastern
Group |
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Far Eastern New Century Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Taipei |
Taiwan |
Miscellaneous Financial Services |
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40,000 |
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Subsidiary |
Taipei |
Taiwan |
Textiles - Non Apparel |
8,015.0 |
26,372 |
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Subsidiary |
Kuanyin Hsiang, Taoyuan |
Taiwan |
Chemical Manufacturing |
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246 |
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Subsidiary |
Kaohsiung City |
Taiwan |
Apparel and Accessories |
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40 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Construction Services |
339.1 |
10 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Construction Services |
247.9 |
20 |
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Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Business Services |
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Subsidiary |
Taipei |
Taiwan |
Communications Services |
2,577.4 |
6,734 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Retail (Specialty) |
164.4 |
717 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Communications Services |
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70 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Communications Services |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Computer Hardware |
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75 |
Executive report
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Board of
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Chairman & CEO |
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Senior Executive Vice President Chairman Office |
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Senior Vice President Chairman Office |
Chairman |
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Chairman of the Board |
Chairman |
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Vice Chairman & Senior Executive VP |
Vice-Chairman |
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Vice Chairman & President |
Vice-Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Director |
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Director |
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Director |
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Chief Executive Officer-Public Welfare in Chairman's Office, Director |
Director/Board Member |
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Senior Executive VP |
Director/Board Member |
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Director |
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Director |
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Director/Board Member |
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General Manager-Fiber Operations, Director |
Director/Board Member |
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Executives |
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Chairman & CEO |
Chief Executive Officer |
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Chief Executive Officer-Public Welfare in
Chairman's Office, Director |
Chief Executive Officer |
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Assistant General Manager-Finance |
Division Head Executive |
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General Manager-Textile Operation Group |
Division Head Executive |
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Assistant General Manager-Finance |
Division Head Executive |
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Assistant General Manager-Finance |
Division Head Executive |
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General Manager-Petrochemical Division |
Division Head Executive |
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General Manager-Fiber Operations, Director |
Division Head Executive |
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General Manager-Administration |
Division Head Executive |
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Executive Vice President Fiber Business Operation Center |
Operations Executive |
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Executive Vice President Polyester Business Operation Center |
Operations Executive |
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Executive Vice President Textile Business Operation Center |
Operations Executive |
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Executive Vice President Textile Business Operation Center |
Operations Executive |
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Executive Vice President Polyester Business Operation Center |
Operations Executive |
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Senior Vice President Finance Department |
Finance Executive |
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Senior VP-Finance |
Finance Executive |
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Senior Vice President Finance Department |
Finance Executive |
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Senior Vice President Accounting Department |
Accounting Executive |
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Manager-Accounting |
Accounting Executive |
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Manager-Communications |
Corporate Communications Executive |
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Supervisory Board of Directors |
Other |
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President-Corporate Management Department |
Other |
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Deputy General Manager-Fiber Operations |
Other |
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Deputy General Manager-Fiber Operations |
Other |
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Deputy General Manager-Textile Operations |
Other |
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Supervisory Board of Directors |
Other |
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Senior Executive Vice President |
Other |
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Senior VP |
Other |
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Deputy General Manager-Textile Operations |
Other |
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Executive Vice President |
Other |
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Deputy General Manager-Fiber Operations |
Other |
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Senior Vice President President Office |
Other |
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Executive Vice President |
Other |
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Executive VP |
Other |
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Deputy General Manager-Administration |
Other |
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Executive Vice president |
Other |
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Senior Vice President President Office |
Other |
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Deputy General Manager-Research Institute |
Other |
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Deputy General Manager-Fiber Operations |
Other |
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Significant Developments
Far Eastern New Century Corporation Announces FY 2011 Dividend Payment Date Jun 28, 2012
Far Eastern New Century Corporation announced that it will pay a cash dividend of NTD 1.7 per share, or NTD 8,325,269,509, and distribute stock dividends worth NTD 0.3 per share, or NTD 1,469,165,210, to shareholders of record on August 28, 2012. The Company's shares will be traded ex-right and ex-dividend on August 22, 2012.
Far Eastern New Century Corporation to Invest in Mainland China Mar 21, 2012
Far Eastern New Century Corporation announced that it will invest USD 100 million to indirectly set up subsidiary (Subsidiary A) in Yangzhou, Mainland China, and will invest USD 19 million to indirectly set up another subsidiary (Subsidiary b) in Yangzhou, Mainland China. Subsidiary A will be engaged in the ethylene glycol, diethylene glycol dibenzoate, other diols and ethylene oxide, Subsidiary B will be engaged in the bottle grade polyester chips, polyester film, polyester preform.
Far Eastern New Century Corporation Announces FY 2011 Dividend Payment Mar 21, 2012
Far Eastern New Century Corporation announced that it will pay a cash dividend of NTD 1.7 per share, or NTD 8,325,269,509, and distribute stock dividends worth NTD 0.3 per share, or NTD 1,469,165,210, to shareholders for fiscal year 2011.
Far Eastern New Century Corporation to Issues Unsecured Corporate Bonds Mar 21, 2012
Far Eastern New Century Corporation announced that it will issue NTD 12 billion worth of unsecured corporate bonds, each with par value of NTD 1 million or its integral multiples, and a term of up to five years.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
7,906.7 |
6,293.6 |
5,001.8 |
5,447.7 |
4,940.9 |
|
Revenue |
7,906.7 |
6,293.6 |
5,001.8 |
5,447.7 |
4,940.9 |
|
Other Revenue |
108.3 |
62.7 |
54.4 |
36.7 |
46.0 |
|
Other Revenue, Total |
108.3 |
62.7 |
54.4 |
36.7 |
46.0 |
|
Total Revenue |
8,015.0 |
6,356.3 |
5,056.1 |
5,484.5 |
4,986.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
6,439.3 |
4,850.3 |
3,875.4 |
4,245.2 |
3,720.8 |
|
Cost of Revenue, Total |
6,439.3 |
4,850.3 |
3,875.4 |
4,245.2 |
3,720.8 |
|
Gross Profit |
1,467.4 |
1,443.3 |
1,126.4 |
1,202.5 |
1,220.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
946.0 |
792.0 |
686.4 |
746.3 |
703.8 |
|
Total Selling/General/Administrative Expenses |
946.0 |
792.0 |
686.4 |
746.3 |
703.8 |
|
Research & Development |
24.9 |
21.6 |
20.7 |
22.9 |
24.6 |
|
Impairment-Assets Held for Use |
19.3 |
31.0 |
12.7 |
2.9 |
6.6 |
|
Unusual Expense (Income) |
19.3 |
31.0 |
12.7 |
2.9 |
6.6 |
|
Other, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
7,429.5 |
5,694.9 |
4,595.2 |
5,017.3 |
4,455.8 |
|
|
|
|
|
|
|
|
Operating Income |
585.5 |
661.4 |
460.9 |
467.2 |
531.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-45.8 |
-34.1 |
-43.9 |
-88.5 |
-72.2 |
|
Interest Expense, Net Non-Operating |
-45.8 |
-34.1 |
-43.9 |
-88.5 |
-72.2 |
|
Interest Income -
Non-Operating |
11.2 |
5.6 |
6.4 |
17.4 |
14.7 |
|
Investment Income -
Non-Operating |
170.0 |
127.4 |
130.2 |
24.9 |
175.2 |
|
Interest/Investment Income - Non-Operating |
181.2 |
133.0 |
136.6 |
42.3 |
189.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
135.3 |
98.9 |
92.7 |
-46.2 |
117.6 |
|
Gain (Loss) on Sale of Assets |
-6.1 |
-22.6 |
-9.4 |
-13.4 |
-15.7 |
|
Other Non-Operating Income (Expense) |
8.9 |
-10.1 |
3.4 |
10.6 |
-4.7 |
|
Other, Net |
8.9 |
-10.1 |
3.4 |
10.6 |
-4.7 |
|
Income Before Tax |
723.7 |
727.6 |
547.7 |
418.2 |
628.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
122.3 |
94.8 |
104.8 |
92.8 |
100.7 |
|
Income After Tax |
601.4 |
632.7 |
442.8 |
325.4 |
527.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-224.1 |
-224.7 |
-197.9 |
-180.6 |
-181.6 |
|
Net Income Before Extraord Items |
377.3 |
408.0 |
244.9 |
144.8 |
346.0 |
|
Extraord Items |
- |
- |
- |
1.7 |
0.0 |
|
Total Extraord Items |
- |
- |
- |
1.7 |
0.0 |
|
Net Income |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
377.3 |
408.0 |
244.9 |
144.8 |
346.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
Basic EPS Excl Extraord Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
Diluted Weighted Average Shares |
4,915.1 |
4,916.3 |
4,910.5 |
4,907.2 |
4,897.2 |
|
Diluted EPS Excl Extraord Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.06 |
0.04 |
0.02 |
0.05 |
|
Gross Dividends - Common Stock |
283.3 |
301.9 |
183.5 |
115.9 |
245.5 |
|
Interest Expense, Supplemental |
45.8 |
34.1 |
43.9 |
88.5 |
72.2 |
|
Interest Capitalized, Supplemental |
-3.0 |
-2.4 |
-1.6 |
-5.9 |
-7.1 |
|
Depreciation, Supplemental |
504.9 |
481.5 |
482.4 |
483.4 |
453.2 |
|
Total Special Items |
25.4 |
53.7 |
22.1 |
16.3 |
22.3 |
|
Normalized Income Before Tax |
749.1 |
781.2 |
569.8 |
434.4 |
650.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
4.3 |
7.0 |
4.2 |
3.6 |
3.6 |
|
Inc Tax Ex Impact of Sp Items |
126.6 |
101.8 |
109.1 |
96.4 |
104.3 |
|
Normalized Income After Tax |
622.5 |
679.4 |
460.7 |
338.1 |
546.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
398.4 |
454.6 |
262.8 |
157.5 |
364.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.09 |
0.05 |
0.03 |
0.07 |
|
Diluted Normalized EPS |
0.08 |
0.09 |
0.05 |
0.03 |
0.07 |
|
Amort of Intangibles, Supplemental |
16.1 |
10.8 |
11.9 |
8.2 |
7.2 |
|
Research & Development Exp, Supplemental |
24.9 |
21.6 |
20.7 |
22.9 |
24.6 |
|
Normalized EBIT |
604.9 |
692.4 |
473.7 |
470.1 |
537.7 |
|
Normalized EBITDA |
1,125.9 |
1,184.7 |
968.0 |
961.6 |
998.1 |
|
Current Tax - Total |
- |
- |
78.1 |
120.7 |
80.0 |
|
Current Tax - Total |
- |
- |
78.1 |
120.7 |
80.0 |
|
Deferred Tax - Total |
- |
- |
25.0 |
-31.6 |
19.8 |
|
Deferred Tax - Total |
- |
- |
25.0 |
-31.6 |
19.8 |
|
Other Tax |
- |
- |
1.7 |
3.7 |
0.9 |
|
Income Tax - Total |
- |
- |
104.8 |
92.8 |
100.7 |
|
Interest Cost - Domestic |
5.3 |
4.7 |
4.9 |
5.5 |
4.8 |
|
Service Cost - Domestic |
4.8 |
5.1 |
5.5 |
4.6 |
5.0 |
|
Expected Return on Assets - Domestic |
-9.1 |
-7.1 |
-4.5 |
-7.0 |
-4.6 |
|
Curtailments & Settlements - Domestic |
0.0 |
-0.6 |
- |
- |
- |
|
Transition Costs - Domestic |
3.8 |
3.6 |
5.9 |
3.9 |
4.5 |
|
Domestic Pension Plan Expense |
4.9 |
5.7 |
11.8 |
7.0 |
9.6 |
|
Defined Contribution Expense - Domestic |
11.6 |
8.8 |
7.4 |
6.6 |
- |
|
Total Pension Expense |
16.5 |
14.5 |
19.2 |
13.6 |
9.6 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
1.50% |
1.50% |
6.00% |
2.00% |
|
Compensation Rate - Domestic |
4.00% |
3.75% |
3.50% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
5.3 |
4.7 |
4.9 |
5.5 |
4.8 |
|
Total Plan Service Cost |
4.8 |
5.1 |
5.5 |
4.6 |
5.0 |
|
Total Plan Expected Return |
-9.1 |
-7.1 |
-4.5 |
-7.0 |
-4.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
935.7 |
900.5 |
661.0 |
699.2 |
746.3 |
|
Short Term Investments |
147.0 |
208.6 |
144.0 |
76.2 |
84.4 |
|
Cash and Short Term Investments |
1,082.7 |
1,109.2 |
805.0 |
775.4 |
830.7 |
|
Trade Accounts Receivable - Net |
1,111.3 |
924.5 |
721.3 |
761.7 |
733.1 |
|
Other Receivables |
35.2 |
46.7 |
32.2 |
47.2 |
35.9 |
|
Total Receivables, Net |
1,146.4 |
971.3 |
753.5 |
808.8 |
769.0 |
|
Inventories - Finished Goods |
333.2 |
215.2 |
145.5 |
186.2 |
244.5 |
|
Inventories - Work In Progress |
148.1 |
354.3 |
206.1 |
148.2 |
160.2 |
|
Inventories - Raw Materials |
359.4 |
260.6 |
206.9 |
193.7 |
231.4 |
|
Inventories - Other |
- |
- |
- |
- |
-33.6 |
|
Total Inventory |
840.7 |
830.1 |
558.4 |
528.1 |
602.5 |
|
Prepaid Expenses |
166.5 |
162.6 |
106.3 |
75.9 |
113.4 |
|
Restricted Cash - Current |
105.3 |
98.3 |
59.5 |
11.6 |
- |
|
Deferred Income Tax - Current Asset |
10.4 |
15.2 |
19.0 |
27.9 |
29.5 |
|
Other Current Assets |
0.0 |
7.9 |
7.6 |
0.2 |
0.0 |
|
Other Current Assets, Total |
115.8 |
121.5 |
86.1 |
39.8 |
29.5 |
|
Total Current Assets |
3,352.0 |
3,194.6 |
2,309.3 |
2,228.1 |
2,345.2 |
|
|
|
|
|
|
|
|
Buildings |
1,090.0 |
815.0 |
621.6 |
595.8 |
566.1 |
|
Land/Improvements |
371.8 |
378.7 |
160.6 |
157.7 |
123.9 |
|
Machinery/Equipment |
9,287.0 |
8,906.0 |
7,191.1 |
6,671.4 |
5,850.0 |
|
Construction in
Progress |
498.0 |
423.6 |
212.7 |
331.9 |
282.0 |
|
Other
Property/Plant/Equipment |
1,064.9 |
652.0 |
594.8 |
600.5 |
677.9 |
|
Property/Plant/Equipment - Gross |
12,311.7 |
11,175.2 |
8,780.8 |
8,357.2 |
7,499.8 |
|
Accumulated Depreciation |
-7,310.0 |
-6,835.3 |
-5,295.3 |
-4,685.3 |
-3,934.7 |
|
Property/Plant/Equipment - Net |
5,001.7 |
4,339.9 |
3,485.5 |
3,671.8 |
3,565.1 |
|
Goodwill, Net |
395.4 |
407.2 |
366.5 |
337.8 |
345.2 |
|
Intangibles, Net |
258.8 |
268.5 |
243.1 |
261.6 |
283.3 |
|
LT Investment - Affiliate Companies |
1,457.9 |
1,424.3 |
1,562.5 |
1,483.4 |
1,732.8 |
|
LT Investments - Other |
182.4 |
220.2 |
189.5 |
57.3 |
64.9 |
|
Long Term Investments |
1,640.2 |
1,644.5 |
1,752.0 |
1,540.7 |
1,797.7 |
|
Deferred Charges |
24.0 |
27.7 |
19.9 |
22.9 |
11.7 |
|
Pension Benefits - Overfunded |
1.5 |
1.9 |
0.5 |
2.8 |
0.2 |
|
Deferred Income Tax - Long Term Asset |
12.6 |
23.0 |
31.7 |
35.5 |
3.8 |
|
Restricted Cash - Long Term |
3.8 |
14.5 |
13.2 |
0.5 |
- |
|
Other Long Term Assets |
175.8 |
151.7 |
150.6 |
150.7 |
61.8 |
|
Other Long Term Assets, Total |
217.7 |
218.8 |
215.9 |
212.3 |
77.6 |
|
Total Assets |
10,865.8 |
10,073.5 |
8,372.2 |
8,252.2 |
8,414.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
759.7 |
644.7 |
385.8 |
396.5 |
444.2 |
|
Accrued Expenses |
316.2 |
329.1 |
230.1 |
238.1 |
202.9 |
|
Notes Payable/Short Term Debt |
1,259.7 |
1,229.3 |
915.0 |
1,006.7 |
646.2 |
|
Current Portion - Long Term Debt/Capital Leases |
83.4 |
171.3 |
374.0 |
279.6 |
419.4 |
|
Customer Advances |
162.8 |
145.5 |
90.7 |
56.7 |
53.6 |
|
Security Deposits |
16.7 |
23.3 |
17.6 |
21.7 |
25.8 |
|
Income Taxes Payable |
56.2 |
70.2 |
43.7 |
76.1 |
51.2 |
|
Other Payables |
73.0 |
77.1 |
53.0 |
60.6 |
53.1 |
|
Deferred Income Tax - Current Liability |
0.1 |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
91.5 |
85.7 |
77.4 |
38.7 |
62.7 |
|
Other Current liabilities, Total |
400.2 |
401.8 |
282.4 |
253.8 |
246.5 |
|
Total Current Liabilities |
2,819.1 |
2,776.2 |
2,187.3 |
2,174.7 |
1,959.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,029.5 |
1,785.7 |
1,431.6 |
1,694.7 |
1,734.4 |
|
Capital Lease Obligations |
- |
- |
- |
0.4 |
7.0 |
|
Total Long Term Debt |
2,029.5 |
1,785.7 |
1,431.6 |
1,695.0 |
1,741.5 |
|
Total Debt |
3,372.6 |
3,186.3 |
2,720.5 |
2,981.3 |
2,807.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
36.5 |
7.2 |
11.4 |
- |
- |
|
Deferred Income Tax |
36.5 |
7.2 |
11.4 |
- |
- |
|
Minority Interest |
1,877.9 |
1,766.3 |
1,531.9 |
1,470.8 |
1,571.9 |
|
Reserves |
286.0 |
216.1 |
197.3 |
198.4 |
200.7 |
|
Pension Benefits - Underfunded |
70.2 |
64.8 |
54.1 |
78.3 |
51.1 |
|
Other Long Term Liabilities |
62.5 |
77.2 |
66.3 |
58.8 |
54.8 |
|
Other Liabilities, Total |
418.7 |
358.1 |
317.7 |
335.5 |
306.7 |
|
Total Liabilities |
7,181.7 |
6,693.5 |
5,479.9 |
5,676.1 |
5,579.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,617.4 |
1,630.7 |
1,457.4 |
1,392.5 |
1,381.4 |
|
Common Stock |
1,617.4 |
1,630.7 |
1,457.4 |
1,392.5 |
1,381.4 |
|
Additional Paid-In Capital |
342.2 |
350.8 |
318.3 |
306.6 |
287.6 |
|
Retained Earnings (Accumulated Deficit) |
910.6 |
936.0 |
666.2 |
541.4 |
719.7 |
|
Treasury Stock - Common |
-0.8 |
- |
- |
- |
- |
|
Unrealized Gain (Loss) |
722.7 |
482.8 |
375.1 |
243.1 |
395.7 |
|
Translation Adjustment |
96.3 |
-16.9 |
77.8 |
112.6 |
52.6 |
|
Minimum Pension Liability Adjustment |
-4.3 |
-3.4 |
-2.5 |
-20.0 |
-2.2 |
|
Other Equity, Total |
92.0 |
-20.3 |
75.3 |
92.6 |
50.4 |
|
Total Equity |
3,684.1 |
3,380.0 |
2,892.3 |
2,576.1 |
2,834.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
10,865.8 |
10,073.5 |
8,372.2 |
8,252.2 |
8,414.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
4,896.5 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
Total Common Shares Outstanding |
4,896.5 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
26,372 |
23,875 |
20,834 |
21,170 |
18,434 |
|
Number of Common Shareholders |
102,795 |
96,101 |
101,451 |
97,904 |
93,867 |
|
Accumulated Intangible Amort, Suppl. |
166.9 |
148.3 |
112.3 |
87.2 |
65.7 |
|
Deferred Revenue - Current |
130.1 |
99.5 |
59.8 |
56.7 |
53.6 |
|
Deferred Revenue - Long Term |
5.0 |
33.3 |
32.0 |
32.9 |
34.8 |
|
Total Long Term Debt, Supplemental |
2,112.9 |
1,957.1 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
83.4 |
171.3 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
2,029.5 |
1,785.7 |
- |
- |
- |
|
Total Operating Leases, Supplemental |
545.2 |
522.8 |
442.2 |
481.9 |
446.4 |
|
Operating Lease Payments Due in Year 1 |
107.5 |
103.1 |
86.2 |
91.8 |
86.8 |
|
Operating Lease Payments Due in Year 2 |
107.8 |
102.7 |
86.2 |
92.7 |
87.5 |
|
Operating Lease Payments Due in Year 3 |
108.6 |
103.7 |
87.6 |
101.8 |
88.7 |
|
Operating Lease Payments Due in Year 4 |
110.8 |
105.6 |
89.7 |
97.0 |
90.5 |
|
Operating Lease Payments Due in Year 5 |
110.5 |
107.8 |
92.5 |
98.7 |
92.9 |
|
Operating Lease Pymts. Due in 2-3 Years |
216.4 |
206.4 |
173.9 |
194.5 |
176.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
221.3 |
213.4 |
182.1 |
195.6 |
183.4 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
249.9 |
244.3 |
201.1 |
214.9 |
203.1 |
|
Plan Assets - Domestic |
167.6 |
180.7 |
135.9 |
91.8 |
125.1 |
|
Funded Status - Domestic |
-82.2 |
-63.7 |
-65.2 |
-123.1 |
-78.0 |
|
Accumulated Obligation - Domestic |
211.7 |
192.5 |
156.7 |
161.6 |
158.0 |
|
Total Funded Status |
-82.2 |
-63.7 |
-65.2 |
-123.1 |
-78.0 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.25% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
1.50% |
1.50% |
6.00% |
2.00% |
|
Compensation Rate - Domestic |
4.00% |
3.75% |
3.50% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
1.5 |
1.9 |
0.5 |
2.8 |
0.2 |
|
Accrued Liabilities - Domestic |
-70.2 |
-64.8 |
-54.1 |
-78.3 |
-51.1 |
|
Net Assets Recognized on Balance Sheet |
-68.7 |
-62.9 |
-53.6 |
-75.6 |
-50.9 |
|
Total Plan Obligations |
249.9 |
244.3 |
201.1 |
214.9 |
203.1 |
|
Total Plan Assets |
167.6 |
180.7 |
135.9 |
91.8 |
125.1 |
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 |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
601.4 |
632.7 |
442.8 |
327.1 |
527.6 |
|
Depreciation |
524.2 |
500.3 |
501.3 |
497.6 |
465.0 |
|
Depreciation/Depletion |
524.2 |
500.3 |
501.3 |
497.6 |
465.0 |
|
Amortization of Intangibles |
24.9 |
23.2 |
22.1 |
23.2 |
22.2 |
|
Amortization |
24.9 |
23.2 |
22.1 |
23.2 |
22.2 |
|
Deferred Taxes |
45.3 |
15.8 |
25.0 |
-31.4 |
19.8 |
|
Unusual Items |
26.7 |
38.7 |
-25.1 |
-83.4 |
-42.9 |
|
Equity in Net Earnings (Loss) |
-135.6 |
-103.7 |
-118.7 |
5.3 |
-136.2 |
|
Other Non-Cash Items |
108.3 |
94.3 |
43.5 |
130.9 |
102.6 |
|
Non-Cash Items |
-0.6 |
29.3 |
-100.3 |
52.8 |
-76.5 |
|
Accounts Receivable |
-203.2 |
-108.3 |
51.8 |
-51.4 |
-162.6 |
|
Inventories |
-116.8 |
-168.6 |
16.4 |
63.9 |
-70.6 |
|
Prepaid Expenses |
-4.4 |
-17.6 |
-27.8 |
7.1 |
-5.4 |
|
Other Assets |
59.7 |
17.9 |
-38.9 |
12.2 |
-24.9 |
|
Accounts Payable |
131.1 |
150.3 |
0.0 |
-59.1 |
113.7 |
|
Accrued Expenses |
-9.7 |
47.6 |
-13.9 |
14.1 |
-11.8 |
|
Taxes Payable |
-12.6 |
20.5 |
-33.3 |
26.5 |
-10.9 |
|
Other Liabilities |
39.9 |
13.8 |
65.7 |
-3.2 |
1.8 |
|
Changes in Working Capital |
-116.0 |
-44.5 |
20.0 |
10.1 |
-170.7 |
|
Cash from Operating Activities |
1,079.1 |
1,156.8 |
911.0 |
879.3 |
787.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-618.1 |
-568.2 |
-300.0 |
-392.3 |
-500.4 |
|
Purchase/Acquisition of Intangibles |
-0.5 |
-1.7 |
-1.5 |
-0.1 |
-3.9 |
|
Capital Expenditures |
-618.6 |
-569.9 |
-301.4 |
-392.4 |
-504.2 |
|
Acquisition of Business |
-8.0 |
-472.3 |
- |
- |
- |
|
Sale of Fixed Assets |
4.3 |
10.6 |
11.5 |
3.4 |
4.6 |
|
Sale/Maturity of Investment |
124.1 |
170.3 |
168.2 |
284.0 |
173.6 |
|
Purchase of Investments |
-193.2 |
-99.4 |
-148.8 |
-192.3 |
-103.2 |
|
Other Investing Cash Flow |
-35.4 |
-18.3 |
-56.6 |
-8.5 |
28.1 |
|
Other Investing Cash Flow Items, Total |
-108.3 |
-409.0 |
-25.7 |
86.6 |
103.2 |
|
Cash from Investing Activities |
-726.9 |
-978.9 |
-327.1 |
-305.7 |
-401.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-67.8 |
13.6 |
-63.3 |
-14.3 |
18.1 |
|
Financing Cash Flow Items |
-67.8 |
13.6 |
-63.3 |
-14.3 |
18.1 |
|
Cash Dividends Paid - Common |
-540.6 |
-365.8 |
-279.6 |
-475.7 |
-405.5 |
|
Total Cash Dividends Paid |
-540.6 |
-365.8 |
-279.6 |
-475.7 |
-405.5 |
|
Sale/Issuance of
Common |
52.2 |
0.0 |
5.0 |
19.7 |
26.4 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-144.6 |
0.0 |
|
Common Stock, Net |
52.2 |
0.0 |
5.0 |
-125.0 |
26.4 |
|
Issuance (Retirement) of Stock, Net |
52.2 |
0.0 |
5.0 |
-125.0 |
26.4 |
|
Short Term Debt, Net |
23.7 |
203.8 |
-111.6 |
361.8 |
-32.9 |
|
Long Term Debt Issued |
223.4 |
30.8 |
- |
- |
168.8 |
|
Long Term Debt
Reduction |
- |
- |
-213.2 |
-375.4 |
- |
|
Long Term Debt, Net |
223.4 |
30.8 |
-213.2 |
-375.4 |
168.8 |
|
Issuance (Retirement) of Debt, Net |
247.1 |
234.6 |
-324.8 |
-13.5 |
135.8 |
|
Cash from Financing Activities |
-309.0 |
-117.7 |
-662.8 |
-628.5 |
-225.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.6 |
-45.6 |
22.2 |
10.4 |
25.6 |
|
Net Change in Cash |
39.5 |
14.7 |
-56.7 |
-44.5 |
186.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
924.4 |
818.9 |
696.9 |
771.9 |
550.0 |
|
Net Cash - Ending Balance |
964.0 |
833.6 |
640.2 |
727.5 |
736.9 |
|
Cash Interest Paid |
45.8 |
30.3 |
43.1 |
91.3 |
86.3 |
|
Cash Taxes Paid |
91.8 |
60.1 |
121.9 |
107.1 |
93.4 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
5,440.2 |
4,145.6 |
3,118.2 |
3,414.3 |
3,001.8 |
|
Transportation Revenue |
2,146.1 |
1,794.6 |
1,646.2 |
1,805.6 |
1,773.1 |
|
Sale of Securities |
0.0 |
14.3 |
46.9 |
97.6 |
60.8 |
|
Construction Income |
320.4 |
339.1 |
190.5 |
130.2 |
105.2 |
|
Other Operating Income |
108.3 |
62.7 |
54.4 |
36.7 |
46.0 |
|
Total Revenue |
8,015.0 |
6,356.3 |
5,056.1 |
5,484.5 |
4,986.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
5,103.6 |
3,673.6 |
2,849.3 |
3,236.7 |
2,771.0 |
|
Cost of Travel Service |
1,032.6 |
890.1 |
818.4 |
863.4 |
822.5 |
|
Loss on Sale of Securities |
1.9 |
- |
- |
- |
- |
|
Construction Cost |
255.0 |
235.9 |
172.3 |
122.7 |
92.1 |
|
Other Operating Cost |
46.2 |
50.7 |
35.3 |
22.5 |
38.0 |
|
Realized Construction Gain |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Selling Expenses |
673.0 |
550.0 |
454.8 |
491.4 |
464.3 |
|
General and Administrative Expenses |
272.9 |
242.0 |
231.7 |
254.8 |
239.5 |
|
Research and Development Expenses |
24.9 |
21.6 |
20.7 |
22.9 |
24.6 |
|
Gain from Revaluation of Inventory |
- |
- |
- |
- |
-2.8 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
0.0 |
|
Impairment of Assets |
19.3 |
31.0 |
12.7 |
2.9 |
4.1 |
|
Impairment of Idle Assets |
- |
- |
- |
- |
2.5 |
|
Total Operating Expense |
7,429.5 |
5,694.9 |
4,595.2 |
5,017.3 |
4,455.8 |
|
|
|
|
|
|
|
|
Interest Income |
11.2 |
5.6 |
6.4 |
17.4 |
14.7 |
|
Gain on Equity Investment |
135.6 |
103.7 |
118.7 |
0.0 |
136.2 |
|
Dividend Income |
10.6 |
11.1 |
6.3 |
8.5 |
13.4 |
|
Gain/Loss on Foreign Exchange |
27.7 |
2.1 |
-6.3 |
21.0 |
21.4 |
|
Rent Income |
2.8 |
2.9 |
1.9 |
1.5 |
0.8 |
|
Revaluation Gain on Financial Assets |
0.0 |
9.9 |
8.6 |
0.0 |
5.8 |
|
Gain on Revaluation of Fin. Liab. |
1.2 |
0.6 |
2.8 |
13.1 |
0.0 |
|
Miscellaneous Income |
22.8 |
15.7 |
25.7 |
50.8 |
25.6 |
|
Interest Expense |
-45.8 |
-34.1 |
-43.9 |
-88.5 |
-72.2 |
|
Loss on Fin. Assets/ST Inv. Revaluation |
-5.1 |
- |
0.0 |
-12.4 |
0.0 |
|
Loss on Equity Investment |
- |
- |
0.0 |
-5.3 |
0.0 |
|
Loss on Revaluation of Fin. Liab. |
- |
- |
- |
- |
-1.5 |
|
Loss on Sale of Fixed Assets |
-6.1 |
-22.6 |
-9.4 |
-13.4 |
-15.7 |
|
Miscellaneous Disbursements |
-16.6 |
-28.7 |
-24.2 |
-41.8 |
-31.1 |
|
Net Income Before Taxes |
723.7 |
727.6 |
547.7 |
418.2 |
628.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
122.3 |
94.8 |
104.8 |
92.8 |
100.7 |
|
Net Income After Taxes |
601.4 |
632.7 |
442.8 |
325.4 |
527.6 |
|
|
|
|
|
|
|
|
Minority Interest |
-224.1 |
-224.7 |
-197.9 |
-180.6 |
-181.6 |
|
Net Income Before Extra. Items |
377.3 |
408.0 |
244.9 |
144.8 |
346.0 |
|
Extraordinary Gains |
- |
- |
- |
1.7 |
0.0 |
|
Net Income |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
377.3 |
408.0 |
244.9 |
144.8 |
346.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Basic EPS Including ExtraOrdinary Item |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
377.3 |
408.0 |
244.9 |
146.5 |
346.0 |
|
Diluted Weighted Average Shares |
4,915.1 |
4,916.3 |
4,910.5 |
4,907.2 |
4,897.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.08 |
0.08 |
0.05 |
0.03 |
0.07 |
|
DPS-Common Stock |
0.06 |
0.06 |
0.04 |
0.02 |
0.05 |
|
Gross Dividends - Common Stock |
283.3 |
301.9 |
183.5 |
115.9 |
245.5 |
|
Normalized Income Before Taxes |
749.1 |
781.2 |
569.8 |
434.4 |
650.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
126.6 |
101.8 |
109.1 |
96.4 |
104.3 |
|
Normalized Income After Taxes |
622.5 |
679.4 |
460.7 |
338.1 |
546.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
398.4 |
454.6 |
262.8 |
157.5 |
364.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.09 |
0.05 |
0.03 |
0.07 |
|
Diluted Normalized EPS |
0.08 |
0.09 |
0.05 |
0.03 |
0.07 |
|
R&D Expense, Supplemental |
24.9 |
21.6 |
20.7 |
22.9 |
24.6 |
|
Interest Expense |
45.8 |
34.1 |
43.9 |
88.5 |
72.2 |
|
Interest Capitalized |
-3.0 |
-2.4 |
-1.6 |
-5.9 |
-7.1 |
|
Depreciation, Operating Cost |
459.0 |
443.1 |
443.5 |
436.4 |
401.2 |
|
Depreciation, Operating Expense |
46.0 |
38.4 |
38.9 |
47.0 |
51.9 |
|
Amortization, Operating Cost |
9.7 |
7.6 |
8.1 |
4.0 |
0.8 |
|
Amortization, Operating Expense |
6.4 |
3.2 |
3.8 |
4.2 |
6.5 |
|
Current Tax Payable |
- |
- |
78.1 |
120.7 |
80.0 |
|
Current Tax - Total |
- |
- |
78.1 |
120.7 |
80.0 |
|
Deferred Tax |
- |
- |
25.0 |
-31.6 |
19.8 |
|
Deferred Tax - Total |
- |
- |
25.0 |
-31.6 |
19.8 |
|
Other Tax |
- |
- |
1.7 |
3.7 |
0.9 |
|
Income Tax - Total |
- |
- |
104.8 |
92.8 |
100.7 |
|
Service Cost |
4.8 |
5.1 |
5.5 |
4.6 |
5.0 |
|
Interest Cost |
5.3 |
4.7 |
4.9 |
5.5 |
4.8 |
|
Expected Return on Plan Assets |
-9.1 |
-7.1 |
-4.6 |
-7.0 |
-4.6 |
|
Amortization |
3.8 |
3.6 |
5.9 |
3.9 |
4.5 |
|
Curtailment & Settlement Gain/Loss |
0.0 |
-0.6 |
- |
- |
- |
|
Deferred Gain/Loss on Plan Assets |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Domestic Pension Plan Expense |
4.9 |
5.7 |
11.8 |
7.0 |
9.6 |
|
Provision for Defined Contribution Plan |
11.6 |
8.8 |
7.4 |
6.6 |
- |
|
Total Pension Expense |
16.5 |
14.5 |
19.2 |
13.6 |
9.6 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
4.00% |
3.75% |
3.50% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
1.50% |
1.50% |
6.00% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
935.7 |
900.5 |
661.0 |
699.2 |
746.3 |
|
Financial Asset at Fair Value |
31.5 |
92.9 |
56.0 |
15.5 |
27.8 |
|
Financial Assets, Hedge |
0.0 |
2.7 |
0.1 |
0.2 |
0.0 |
|
Financial Asset for Sale |
115.5 |
115.7 |
88.0 |
60.6 |
56.5 |
|
Inactive Market Bond Investments |
- |
- |
- |
0.1 |
0.1 |
|
Notes and Accounts Receivable, Net |
1,050.0 |
881.0 |
681.7 |
720.3 |
692.4 |
|
Due from Related Parties |
61.2 |
43.6 |
39.5 |
41.3 |
40.7 |
|
Merchandise |
102.9 |
51.0 |
32.3 |
40.4 |
39.2 |
|
Finished Goods |
174.5 |
163.1 |
112.2 |
144.9 |
204.7 |
|
Work-in-Process |
83.2 |
70.2 |
45.4 |
57.2 |
73.8 |
|
Raw Material |
315.4 |
219.4 |
169.7 |
152.8 |
181.4 |
|
Supplies |
23.5 |
20.0 |
17.8 |
22.0 |
30.9 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-33.6 |
|
Property Pending Sale |
55.8 |
1.0 |
0.9 |
0.9 |
0.6 |
|
Land for Construction |
20.5 |
21.3 |
19.4 |
18.9 |
19.1 |
|
Construction in Progress |
64.9 |
284.1 |
160.6 |
91.0 |
86.5 |
|
Other Receivables |
35.2 |
46.7 |
32.2 |
47.2 |
35.9 |
|
LT Equity Investment , HFS |
- |
0.0 |
7.6 |
0.0 |
- |
|
Noncurrent Assets Classified, HFS |
0.0 |
5.2 |
0.0 |
- |
- |
|
Deferred Income Tax Assets, Current |
10.4 |
15.2 |
19.0 |
27.9 |
29.5 |
|
Restricted Assets |
105.3 |
98.3 |
59.5 |
11.6 |
- |
|
Prepayment and Other Current Assets |
166.5 |
162.6 |
106.3 |
75.9 |
113.4 |
|
Total Current Assets |
3,352.0 |
3,194.6 |
2,309.3 |
2,228.1 |
2,345.2 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
1,457.9 |
1,424.3 |
1,562.5 |
1,483.4 |
1,732.8 |
|
Financial Asset for Sale - Non Current |
133.2 |
150.7 |
81.1 |
1.7 |
3.6 |
|
Fin.Assets-Held to Maturity, Non-Current |
6.6 |
6.8 |
6.2 |
0.0 |
- |
|
Financial Asset at Cost - Non Current |
34.0 |
53.8 |
93.0 |
55.5 |
61.3 |
|
Debt Invest. Non-Active, Non-current |
8.6 |
8.9 |
9.2 |
0.0 |
- |
|
Land |
371.8 |
378.7 |
160.6 |
157.7 |
123.9 |
|
Buildings and Structures |
985.9 |
710.3 |
559.1 |
542.8 |
512.6 |
|
Machinery and Equipment |
3,424.3 |
3,296.1 |
3,003.0 |
2,750.8 |
2,000.7 |
|
Telecom Equipment |
4,586.9 |
4,577.4 |
3,443.5 |
3,238.9 |
3,197.2 |
|
Computers Equipment |
761.5 |
747.5 |
542.0 |
487.9 |
464.2 |
|
Leasehold Improvement |
104.1 |
104.7 |
62.5 |
53.0 |
53.6 |
|
Operating/Miscellaneous Equipment |
514.3 |
285.0 |
202.6 |
193.8 |
187.9 |
|
Revaluation Increments |
1,064.9 |
652.0 |
594.8 |
600.5 |
677.9 |
|
Accumulated Depreciation |
-7,115.3 |
-6,637.4 |
-5,214.3 |
-4,685.3 |
-3,934.7 |
|
Provision for Impairment of Fixed Assets |
-194.7 |
-197.9 |
-81.0 |
- |
- |
|
Construction in Prog. & Prepay for Equip |
498.0 |
423.6 |
212.7 |
331.9 |
282.0 |
|
Deferred Pension Cost |
1.5 |
1.9 |
0.5 |
2.8 |
0.2 |
|
Goodwill |
395.4 |
407.2 |
366.5 |
337.8 |
345.2 |
|
Franchise Rights |
168.9 |
200.5 |
205.6 |
222.7 |
247.8 |
|
Land Use Right |
61.5 |
46.3 |
34.7 |
34.4 |
29.6 |
|
Other Intangible Assets |
28.4 |
21.8 |
2.8 |
4.5 |
5.9 |
|
Non-Operating Assets |
143.0 |
119.3 |
116.2 |
115.7 |
36.9 |
|
Deferred Income Tax Assets |
12.6 |
23.0 |
31.7 |
35.5 |
3.8 |
|
Security Deposits Paid |
16.5 |
18.5 |
14.7 |
14.8 |
14.9 |
|
Deferred Charges |
24.0 |
27.7 |
19.9 |
22.9 |
11.7 |
|
Restricted Assets |
3.8 |
14.5 |
13.2 |
0.5 |
- |
|
Farmland |
9.1 |
9.5 |
8.6 |
8.4 |
8.5 |
|
Other Long Term Assets |
7.1 |
4.4 |
11.0 |
11.8 |
1.5 |
|
Total Assets |
10,865.8 |
10,073.5 |
8,372.2 |
8,252.2 |
8,414.2 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
904.0 |
982.1 |
754.9 |
844.0 |
539.5 |
|
Short Term Notes & Bills Payable |
355.5 |
247.0 |
159.4 |
159.5 |
94.4 |
|
Financial Liab., Fair Value - Current |
0.2 |
0.2 |
0.6 |
3.2 |
12.4 |
|
Hedging Fin. Derivatives - Current |
0.1 |
- |
- |
0.2 |
0.7 |
|
Notes and Account Payable |
721.8 |
591.8 |
354.7 |
345.0 |
331.8 |
|
Due to Related Parties |
37.9 |
52.9 |
31.1 |
51.5 |
112.4 |
|
Income Taxes Payable |
56.2 |
70.2 |
43.7 |
76.1 |
51.2 |
|
Accrued Expenses |
316.2 |
329.1 |
230.1 |
238.1 |
202.9 |
|
Security Deposit Received |
16.7 |
23.3 |
17.6 |
21.7 |
25.8 |
|
Construction Payable |
73.0 |
77.1 |
53.0 |
60.6 |
53.1 |
|
Advance Receipts |
38.4 |
31.5 |
22.1 |
21.2 |
19.0 |
|
Advanced Receipt for Property |
32.7 |
45.9 |
30.9 |
0.3 |
3.8 |
|
Advance Income |
91.7 |
68.0 |
37.7 |
35.2 |
30.8 |
|
Advanced Receipt for Construction |
16.7 |
30.7 |
9.1 |
0.9 |
0.6 |
|
Current Portion of Long Term Debt |
83.4 |
171.3 |
374.0 |
279.6 |
419.4 |
|
Deferred Income Tax Liabilities, Current |
0.1 |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
74.7 |
54.9 |
68.3 |
37.5 |
61.4 |
|
Total Current Liabilities |
2,819.1 |
2,776.2 |
2,187.3 |
2,174.7 |
1,959.3 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
1,094.0 |
1,127.4 |
1,125.5 |
1,271.7 |
1,323.7 |
|
Corporate Bonds Payable |
935.5 |
658.4 |
306.0 |
423.0 |
410.7 |
|
Lease Payable |
- |
- |
- |
0.4 |
7.0 |
|
Total Long Term Debt |
2,029.5 |
1,785.7 |
1,431.6 |
1,695.0 |
1,741.5 |
|
|
|
|
|
|
|
|
Hedging Fin. Derivatives - Non Current |
- |
- |
- |
- |
2.0 |
|
Land Revaluation Increment Tax Reserve |
286.0 |
216.1 |
197.3 |
198.4 |
200.7 |
|
Accrued Pension Liabilities |
70.2 |
64.8 |
54.1 |
78.3 |
51.1 |
|
Long Term Security Deposits Received |
20.8 |
11.5 |
14.7 |
9.7 |
7.8 |
|
Deferred Income Tax Liabilities |
36.5 |
7.2 |
11.4 |
- |
- |
|
Deferred Income |
5.0 |
33.3 |
32.0 |
32.9 |
34.8 |
|
Other Long Term Liabilities |
36.7 |
32.4 |
19.5 |
16.2 |
10.1 |
|
Minority Interest |
1,877.9 |
1,766.3 |
1,531.9 |
1,470.8 |
1,571.9 |
|
Total Liabilities |
7,181.7 |
6,693.5 |
5,479.9 |
5,676.1 |
5,579.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,617.4 |
1,630.7 |
1,457.4 |
1,392.5 |
1,381.4 |
|
Paid-In Capital |
30.8 |
32.0 |
29.2 |
28.4 |
28.8 |
|
Capital Gain on LT Investments |
311.1 |
318.5 |
288.9 |
277.9 |
258.6 |
|
Other |
0.3 |
0.3 |
0.2 |
0.2 |
0.3 |
|
Legal Reserve |
353.7 |
322.9 |
268.9 |
249.7 |
217.7 |
|
Special Reserve |
104.1 |
104.1 |
94.9 |
92.5 |
93.6 |
|
Retained Earning |
452.8 |
509.0 |
302.4 |
199.1 |
408.4 |
|
Cumulative Translation Adjustment |
96.3 |
-16.9 |
77.8 |
112.6 |
52.6 |
|
Unrealized Gain/Loss on Pension Fund |
-4.3 |
-3.4 |
-2.5 |
-20.0 |
-2.2 |
|
Unrealized LT Inv/Fin. Product Gain/Loss |
89.7 |
184.2 |
102.4 |
-26.4 |
131.6 |
|
Unrealized Revaluation Gain |
633.0 |
298.6 |
272.7 |
269.5 |
264.1 |
|
Treasury Stock |
-0.8 |
- |
- |
- |
- |
|
Total Equity |
3,684.1 |
3,380.0 |
2,892.3 |
2,576.1 |
2,834.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
10,865.8 |
10,073.5 |
8,372.2 |
8,252.2 |
8,414.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
4,896.5 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
Total Common Shares Outstanding |
4,896.5 |
4,897.2 |
4,897.2 |
4,897.2 |
4,897.2 |
|
T/S-Common Stock |
0.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance Receipts |
38.4 |
31.5 |
22.1 |
56.7 |
53.6 |
|
Advance Income |
91.7 |
68.0 |
37.7 |
- |
- |
|
Deferred Income |
5.0 |
33.3 |
32.0 |
32.9 |
34.8 |
|
Accumulated Intangible Amort., Franchise |
166.9 |
148.3 |
112.3 |
87.2 |
65.7 |
|
Full-Time Employees |
26,372 |
23,875 |
20,834 |
21,170 |
18,434 |
|
Number of Common Shareholders |
102,795 |
96,101 |
101,451 |
97,904 |
93,867 |
|
Long Term Debt Due in 1 Year |
83.4 |
171.3 |
- |
- |
- |
|
Long Term Debt, Remaining |
2,029.5 |
1,785.7 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
2,112.9 |
1,957.1 |
- |
- |
- |
|
Operating Lease Maturing in 1 year |
107.5 |
103.1 |
86.2 |
91.8 |
86.8 |
|
Operating Lease Maturing in 2 years |
107.8 |
102.7 |
86.2 |
92.7 |
87.5 |
|
Operating Lease Maturing in 3 years |
108.6 |
103.7 |
87.6 |
101.8 |
88.7 |
|
Operating Lease Maturing in 4 years |
110.8 |
105.6 |
89.7 |
97.0 |
90.5 |
|
Operating Lease Maturing in 5 years |
110.5 |
107.8 |
92.5 |
98.7 |
92.9 |
|
Total Operating Leases |
545.2 |
522.8 |
442.2 |
481.9 |
446.4 |
|
Accumulated Benefit Obligation |
211.7 |
192.5 |
156.7 |
161.6 |
158.0 |
|
Benefit Obligation |
249.9 |
244.3 |
201.1 |
214.9 |
203.1 |
|
Fair Value of Plan Assets |
167.6 |
180.7 |
135.9 |
91.8 |
125.1 |
|
Funded Status |
-82.2 |
-63.7 |
-65.2 |
-123.1 |
-78.0 |
|
Total Funded Status |
-82.2 |
-63.7 |
-65.2 |
-123.1 |
-78.0 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.25% |
2.75% |
|
Rate of Compensation Increase |
4.00% |
3.75% |
3.50% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
1.50% |
1.50% |
6.00% |
2.00% |
|
Deferred Pension Cost |
1.5 |
1.9 |
0.5 |
2.8 |
0.2 |
|
Accrued Pension Liabilities |
-70.2 |
-64.8 |
-54.1 |
-78.3 |
-51.1 |
|
Net Assets Recognized on Balance Sheet |
-68.7 |
-62.9 |
-53.6 |
-75.6 |
-50.9 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
601.4 |
632.7 |
442.8 |
327.1 |
527.6 |
|
Depreciation |
524.2 |
500.3 |
501.3 |
497.6 |
465.0 |
|
Amort. of Franchise Rights |
24.9 |
23.2 |
22.1 |
23.2 |
22.2 |
|
Inventory Devaluation & Obsolescence |
11.8 |
-0.6 |
-32.4 |
22.8 |
-2.8 |
|
Gain on Sale of Securities |
1.3 |
-14.9 |
-47.2 |
-97.8 |
-61.1 |
|
Provision for Bad Debts |
6.9 |
14.7 |
14.9 |
21.6 |
20.9 |
|
Unrealized G/L on Foreign Exchange |
0.0 |
1.1 |
- |
- |
- |
|
Cash Dividend from Equity Investment |
91.9 |
76.6 |
68.0 |
105.3 |
77.5 |
|
Impairment Loss on Non-financial Assets |
19.3 |
31.0 |
12.7 |
2.9 |
2.5 |
|
Deferred Gain on Financial Assets, Hedge |
-0.2 |
2.5 |
0.2 |
0.0 |
- |
|
Equity Investment Gain/Loss |
-135.6 |
-103.7 |
-118.7 |
5.3 |
-136.2 |
|
Exchange Convertible Bond Loss |
0.0 |
0.9 |
- |
- |
- |
|
Gain/Loss on Disposal of Fixed Assets |
6.1 |
22.6 |
9.4 |
13.4 |
15.7 |
|
Deferred Revenue Transfer Rental Income |
-1.7 |
-1.7 |
-1.6 |
-1.7 |
-1.4 |
|
Accrued Pension Liabilities |
-0.7 |
0.7 |
-5.5 |
1.6 |
4.2 |
|
Deferred Tax |
45.3 |
15.8 |
25.0 |
-31.4 |
19.8 |
|
Discard Deferred Charges |
0.1 |
- |
- |
- |
- |
|
Real. Construction Gain |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LT Equity Investment, Donated |
- |
- |
0.0 |
-18.7 |
0.0 |
|
Extraordinary Gains |
- |
- |
0.0 |
-1.9 |
0.0 |
|
Impairment Loss on Fin. Assets/LT Inv. |
- |
- |
- |
- |
4.1 |
|
Financial Assets-Trading |
59.7 |
17.9 |
-38.9 |
12.5 |
-7.7 |
|
Financial Liabilities-Trading |
0.0 |
0.4 |
-2.6 |
9.4 |
11.8 |
|
Notes&Accounts Receivable |
-209.1 |
- |
- |
- |
- |
|
Accounts Receivable |
- |
-107.1 |
40.8 |
-40.5 |
-188.9 |
|
Accounts Receivable-Related Parties |
-5.8 |
9.4 |
-4.6 |
1.2 |
31.8 |
|
Inventories |
-187.1 |
-96.0 |
81.5 |
69.7 |
-114.5 |
|
Property for Sale |
- |
- |
- |
-0.3 |
-0.6 |
|
Land for Construction |
- |
- |
- |
- |
-16.6 |
|
Construction in Process Net |
70.3 |
-72.7 |
-65.1 |
-5.8 |
44.0 |
|
Other Receivable |
11.7 |
-10.5 |
15.7 |
-12.1 |
-5.5 |
|
Prepayment & Other Current Assets |
-4.4 |
-17.6 |
-27.8 |
7.1 |
-5.4 |
|
Notes&Accounts Payable |
141.1 |
- |
- |
- |
- |
|
Notes Payable,Related Parties |
- |
170.5 |
-4.8 |
-22.9 |
119.7 |
|
Accounts Payable,Related Parties |
-10.0 |
-20.2 |
4.8 |
-36.2 |
-5.9 |
|
Tax Payable |
-12.6 |
20.5 |
-33.3 |
26.5 |
-10.9 |
|
Accrued Expenses |
-9.7 |
47.6 |
-13.9 |
14.1 |
-11.8 |
|
Advance Receipts |
6.4 |
6.8 |
0.3 |
2.5 |
-0.3 |
|
Advance Receipts for Property |
-11.9 |
11.1 |
29.6 |
-3.6 |
-7.8 |
|
Advance Income |
25.6 |
14.4 |
1.6 |
4.9 |
-2.5 |
|
Advance Receipts for Construction |
-13.3 |
19.2 |
7.9 |
0.3 |
0.5 |
|
Other Current Liabilities |
33.0 |
-38.1 |
28.8 |
-16.7 |
0.1 |
|
Cash from Operating Activities |
1,079.1 |
1,156.8 |
911.0 |
879.3 |
787.5 |
|
|
|
|
|
|
|
|
Other Receivables-Related Parties |
-10.9 |
-2.2 |
7.4 |
-2.3 |
-2.0 |
|
Sale of LT Equity Investments |
9.1 |
20.8 |
95.6 |
170.1 |
121.1 |
|
Equity Investment Increase |
-68.9 |
-33.0 |
-41.1 |
-66.4 |
-21.8 |
|
Financial Asset for Sale Decrease |
114.6 |
133.5 |
72.6 |
111.1 |
51.9 |
|
Cap. Reduction of Fin. Assets Available |
-115.1 |
-65.4 |
-85.7 |
-125.9 |
-76.8 |
|
Fncl. Assets HTM, Increase |
- |
0.0 |
-6.0 |
0.0 |
- |
|
Disposal of Financial Assets-Cost Method |
0.4 |
16.0 |
0.0 |
2.8 |
0.5 |
|
Purchase of Financial Assets-Cost Method |
-9.2 |
-1.0 |
-7.1 |
0.0 |
-4.6 |
|
Bonds Investment, Inactive Market, Dec. |
- |
0.0 |
0.1 |
0.0 |
- |
|
Bonds Investment, Inactive Market, Inc. |
- |
0.0 |
-8.9 |
0.0 |
- |
|
Disposal of Fixed Assets |
4.3 |
10.6 |
11.5 |
3.4 |
4.6 |
|
Capital Expenditure |
-618.1 |
-568.2 |
-300.0 |
-392.3 |
-500.4 |
|
Purchase of Intangible Assets |
-0.5 |
-1.7 |
-1.5 |
-0.1 |
-3.9 |
|
Purchase of Subsidiary |
-8.0 |
-472.3 |
- |
- |
- |
|
Advance Payment in Property |
-13.3 |
- |
- |
- |
- |
|
Increase in Advance Receipts |
0.0 |
13.6 |
- |
- |
- |
|
Restricted Assets |
1.2 |
-21.5 |
-58.3 |
1.9 |
-1.8 |
|
Decrease in Refundable Deposits |
0.4 |
0.2 |
1.0 |
0.7 |
-0.3 |
|
Deferred Charges Increase |
-8.6 |
-7.0 |
-4.7 |
-3.6 |
-2.5 |
|
Other Assets |
-4.3 |
-1.4 |
-2.0 |
-5.1 |
-2.9 |
|
Capital Reduction in Investee Company |
- |
- |
- |
- |
37.6 |
|
Cash from Investing Activities |
-726.9 |
-978.9 |
-327.1 |
-305.7 |
-401.1 |
|
|
|
|
|
|
|
|
ST Borrowings, Net |
-54.0 |
137.1 |
-107.6 |
292.9 |
3.7 |
|
Short Term Notes, Net |
77.7 |
66.8 |
-4.1 |
68.9 |
-36.7 |
|
Other Payables-Related Parties |
-5.0 |
21.2 |
-20.5 |
-16.8 |
31.2 |
|
Long Term Borrowings Increase |
223.4 |
30.8 |
- |
- |
168.8 |
|
LT Borrowing Decrease |
- |
- |
-213.2 |
-375.4 |
- |
|
Security Deposit Received |
-1.5 |
-1.5 |
0.0 |
-1.9 |
-5.2 |
|
Cash Dividend - Common Stock |
-540.6 |
-365.8 |
-279.6 |
-475.7 |
-405.5 |
|
Cash Capital |
52.2 |
0.0 |
5.0 |
19.7 |
26.4 |
|
Minority Interest |
-57.7 |
-2.8 |
-42.3 |
-0.3 |
0.0 |
|
Other Liabilities, Increase |
-3.6 |
-3.4 |
-0.5 |
4.7 |
7.2 |
|
Capital Reduction, Subsidiary |
- |
- |
0.0 |
-144.6 |
0.0 |
|
Acquistion of Subsidairy |
- |
- |
- |
- |
-15.1 |
|
Cash from Financing Activities |
-309.0 |
-117.7 |
-662.8 |
-628.5 |
-225.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.6 |
-45.6 |
22.2 |
10.4 |
25.6 |
|
Net Change in Cash |
39.5 |
14.7 |
-56.7 |
-44.5 |
186.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
924.4 |
818.9 |
696.9 |
771.9 |
550.0 |
|
Net Cash - Ending Balance |
964.0 |
833.6 |
640.2 |
727.5 |
736.9 |
|
Cash Interest Paid |
45.8 |
30.3 |
43.1 |
91.3 |
86.3 |
|
Cash Taxes Paid |
91.8 |
60.1 |
121.9 |
107.1 |
93.4 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Ratio Comparisons
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
18.27 |
28.39 |
24.19 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
23.11 |
- |
29.06 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
15.00 |
- |
9.37 |
10.71 |
|
Beta |
0.92 |
2.10 |
1.71 |
1.00 |
|
Price/Revenue (TTM) |
0.71 |
0.76 |
1.29 |
2.57 |
|
Price/Book (MRQ) |
1.49 |
2.56 |
3.76 |
3.67 |
|
Price to Tangible Book (MRQ) |
1.80 |
2.96 |
6.82 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
5.27 |
10.36 |
15.89 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
10.86 |
19.46 |
22.86 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
4.93% |
0.49% |
1.69% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
1.45 |
0.42 |
1.64 |
1.99 |
|
Dividend 5 Yr Growth |
8.04% |
-100.00% |
-29.80% |
0.08% |
|
Payout Ratio (TTM) |
89.80% |
0.96% |
13.41% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
5.63% |
2.49% |
17.88% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
11.78% |
1.96% |
15.15% |
17.69% |
|
Revenue 5 Yr Growth |
10.43% |
-1.82% |
1.89% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-38.08% |
61.11% |
-0.73% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
-40.57% |
15.18% |
48.61% |
32.55% |
|
EPS 5 Yr Growth |
5.87% |
7.68% |
0.58% |
9.86% |
|
Capital Spending 5 Yr Growth |
7.51% |
-1.55% |
-1.26% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
0.94 |
1.09 |
1.36 |
1.24 |
|
Current Ratio (MRQ) |
1.24 |
2.22 |
2.26 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.55 |
0.62 |
0.52 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.90 |
1.83 |
0.65 |
0.73 |
|
Interest Coverage (TTM) |
- |
2.20 |
7.89 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
17.96% |
26.63% |
26.74% |
45.21% |
|
Gross Margin - 5 Yr Avg |
21.92% |
26.32% |
29.20% |
44.91% |
|
EBITD Margin (TTM) |
13.40% |
9.85% |
8.96% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
17.37% |
7.61% |
9.28% |
22.84% |
|
Operating Margin (TTM) |
6.58% |
4.58% |
6.73% |
20.63% |
|
Operating Margin - 5 Yr Avg |
9.09% |
3.36% |
5.31% |
18.28% |
|
Pretax Margin (TTM) |
7.99% |
1.64% |
6.58% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
10.23% |
0.77% |
5.03% |
17.10% |
|
Net Profit Margin (TTM) |
6.59% |
1.34% |
4.89% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
8.50% |
-0.55% |
3.66% |
12.10% |
|
Effective Tax Rate (TTM) |
17.54% |
26.81% |
24.56% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
16.94% |
34.22% |
31.05% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
4.97% |
1.80% |
5.40% |
8.54% |
|
Return on Assets - 5 Yr Avg |
5.72% |
-0.30% |
5.11% |
8.40% |
|
Return on Investment (TTM) |
8.91% |
1.40% |
5.61% |
7.90% |
|
Return on Investment - 5 Yr Avg |
10.14% |
-0.26% |
4.46% |
8.27% |
|
Return on Equity (TTM) |
8.56% |
6.70% |
13.72% |
19.72% |
|
Return on Equity - 5 Yr Avg |
10.33% |
0.23% |
15.21% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
9,056,007.00 |
222,694.67 |
495,155.30 |
927,613.77 |
|
Net Income/Employee (TTM) |
596,927.90 |
6,762.15 |
35,593.51 |
116,121.92 |
|
Receivables Turnover (TTM) |
7.24 |
7.63 |
7.92 |
13.25 |
|
Inventory Turnover (TTM) |
7.16 |
4.90 |
12.48 |
14.53 |
|
Asset Turnover (TTM) |
0.75 |
1.01 |
1.11 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock report
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Traded: |
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|
As
of 17-Aug-2012 US Dollars |
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Stock
History
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.93 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.69.93 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.