MIRA INFORM REPORT

 

 

Report Date :

30.11.2012

 

IDENTIFICATION DETAILS

 

Name :

FORMOSA PLASTICS CORPORATION

 

 

Registered Office :

No. 39, Jhongshan 3rd Road, Cianjhen District, Kaohsiung, 806

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.10.1954

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Manufacture and distribution of plastic products

 

 

No. of Employees :

6,104

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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 and address

 

Formosa Plastics Corporation

 

 

 

No. 39

Jhongshan 3rd Road, Cianjhen District

 

Kaohsiung, 806

Taiwan

 

Tel:

886-2-27122211

Fax:

886-2-27178108

 

www.fpc.com.tw

 

Employees:

6,104

Company Type:

Public Parent

Corporate Family:

42 Companies

Traded:

Taiwan Stock Exchange:

1301

Incorporation Date:

30-Oct-1954

Auditor:

KPMG LLP

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

7,384.7  1

Net Income:

1,215.5

Total Assets:

11,515.3  2

Market Value:

16,800.1

 

(24-Aug-2012)

 

 

Business Description

 

 

Formosa Plastics Corporation is primarily engaged in the manufacture and distribution of plastic products. The Company operates its businesses through Plastics Division, which provides polyvinyl chloride (PVC) powder and liquid soda; Polyolefin Division, which offers high-density polyethylene (PE), polyvinyl acetate, low-density PE and linear low-density PE; Polypropylene Division, which provides polypropylene products; Tairylan Division, which offers acrylic staple fibers, acrylic ester and carbon fibers; Chemicals Division, which provides acrylonitrile, methyl tert-butyl ether, methacrylic ester and epoxy chloropropane; Calcium Carbide Division, which offers calcium carbonates and calcium carbides, as well as Engineering and Construction Division, which provides water, electricity and steam. For the six months ended 30 June 2011. Formosa Plastics Corporation's revenues increased 1% to NT$169.65B. Net income for the period increased 5% NT$34.90B. Total revenues reflect an increase in sales volume due to stronger market demand and effective business strategy. Net income for the period also benefited from higher interest income, higher foreign exchange gains, as well as higher Dividend Income.

 

Industry

      

 

Industry

Chemicals - Plastics and Rubber

ANZSIC 2006:

1821 - Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002:

2416 - Manufacture of plastics in primary forms

NAICS 2002:

325211 - Plastics Material and Resin Manufacturing

UK SIC 2003:

2416 - Manufacture of plastics in primary forms

UK SIC 2007:

2016 - Manufacture of plastics in primary forms

US SIC 1987:

2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

 

 

Key Executives

 

 

Name

Title

 

Guangming Chen

Deputy General Manager-Polypropylene Department

 

William Wong

Executive Director

 

Jason Lin

President

 

Benny Chang

VP-Finance

 

Fu Shou Hsie

Vice President-Engineering & Construction

 

 

Significant Developments

 

 

Topic

#*

Most Recent Headline

Date

Debt Financing / Related

3

Formosa Plastics Corp to Issue Unsecured Corporate Bonds

27-Aug-2012

Dividends

2

Formosa Plastics Corporation Announces FY 2011 Dividend Payment Date

19-Jun-2012

* number of significant developments within the last 12 months

 

 

News

 

 

Title

Date

ASIA:Asian markets mixed after US, China data
Australian Financial News (655 Words)

10-Sep-2012

Asian markets mixed after US, China data
Agence France-Presse (636 Words)

10-Sep-2012

CNA: Sept. Export Growth To Remain Unchanged At 0% Year On Year: Think Thank
World News Connection (340 Words)

10-Sep-2012

Asian markets mixed on US, China stimulus hopes
Agence France-Presse (578 Words)

10-Sep-2012

FORM 8-K: INTEGRATED SILICON SOLUTION FILES CURRENT REPORT
U.S. Fed News (328 Words)

9-Sep-2012

 

 

Financial Summary

 

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.86

2.03

Quick Ratio (MRQ)

1.58

1.20

Debt to Equity (MRQ)

0.34

0.95

Sales 5 Year Growth

6.92

1.42

Net Profit Margin (TTM) %

6.65

4.60

Return on Assets (TTM) %

3.63

3.98

Return on Equity (TTM) %

5.70

12.15

 

 

Stock Snapshot

 

 

Traded: Taiwan Stock Exchange: 1301

 

As of 31-Aug-2012

   Financials in: TWD

Recent Price

80.70

 

EPS

6.14

52 Week High

93.90

 

Price/Sales

2.28

52 Week Low

73.60

 

Dividend Rate

4.00

Avg. Volume (mil)

6.92

 

Price/Earnings

36.90

Market Value (mil)

493,957.00

 

Price/Book

2.05

 

 

 

Beta

0.79

 

Price % Change

Rel S&P 500%

4 Week

-2.06%

-4.44%

13 Week

4.67%

0.56%

52 Week

-10.83%

-6.48%

Year to Date

-0.12%

-4.51%

 

Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004

Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279

 

 

Corporate Overview

 

 

Location
No. 39
Jhongshan 3rd Road, Cianjhen District
Kaohsiung, 806
Taiwan

 

Tel:

886-2-27122211

Fax:

886-2-27178108

 

www.fpc.com.tw

Quote Symbol - Exchange

1301 - Taiwan Stock Exchange

Sales TWD(mil):

217,037.1

Assets TWD(mil):

348,673.1

Employees:

6,104

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:

30-Oct-1954

Company Type:

Public Parent

Quoted Status:

Quoted

 

Executive Director:

William Wong

 

Industry Codes

 

ANZSIC 2006 Codes:

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

2811

-

Water Supply

1522

-

Paper Bag Manufacturing

1812

-

Basic Organic Chemical Manufacturing

26

-

Electricity Supply

 

NACE 2002 Codes:

2416

-

Manufacture of plastics in primary forms

2112

-

Manufacture of paper and paperboard

4011

-

Production of electricity

4030

-

Steam and hot water supply

2522

-

Manufacture of plastic packing goods

2414

-

Manufacture of other organic basic chemicals

 

NAICS 2002 Codes:

325211

-

Plastics Material and Resin Manufacturing

322221

-

Coated and Laminated Packaging Paper and Plastics Film Manufacturing

2211

-

Electric Power Generation

325199

-

All Other Basic Organic Chemical Manufacturing

326111

-

Plastics Bag Manufacturing

221330

-

Steam and Air-Conditioning Supply

 

US SIC 1987:

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

2671

-

Packaging Paper and Plastics Film, Coated and Laminated

4911

-

Electric Services

4961

-

Steam and Air-Conditioning Supply

2869

-

Industrial Organic Chemicals, Not Elsewhere Classified

2673

-

Plastics, Foil, and Coated Paper Bags

 

UK SIC 2003:

2416

-

Manufacture of plastics in primary forms

2112

-

Manufacture of paper and paperboard

4011

-

Production of electricity

2522

-

Manufacture of plastic packing goods

2414

-

Manufacture of other organic basic chemicals

4030

-

Steam and hot water supply

 

UK SIC 2007:

2016

-

Manufacture of plastics in primary forms

3511

-

Production of electricity

1712

-

Manufacture of paper and paperboard

2014

-

Manufacture of other organic basic chemicals

2222

-

Manufacture of plastic packing goods

3530

-

Steam and air conditioning supply

 

Business Description

Formosa Plastics Corporation is primarily engaged in the manufacture and distribution of plastic products. The Company operates its businesses through Plastics Division, which provides polyvinyl chloride (PVC) powder and liquid soda; Polyolefin Division, which offers high-density polyethylene (PE), polyvinyl acetate, low-density PE and linear low-density PE; Polypropylene Division, which provides polypropylene products; Tairylan Division, which offers acrylic staple fibers, acrylic ester and carbon fibers; Chemicals Division, which provides acrylonitrile, methyl tert-butyl ether, methacrylic ester and epoxy chloropropane; Calcium Carbide Division, which offers calcium carbonates and calcium carbides, as well as Engineering and Construction Division, which provides water, electricity and steam. For the six months ended 30 June 2011. Formosa Plastics Corporation's revenues increased 1% to NT$169.65B. Net income for the period increased 5% NT$34.90B. Total revenues reflect an increase in sales volume due to stronger market demand and effective business strategy. Net income for the period also benefited from higher interest income, higher foreign exchange gains, as well as higher Dividend Income.

 

More Business Descriptions

Production of intermediate raw materials for use in the manufacture of plastics including caustic soda, PVC resin, hydrochloride acid, calcium carbide products and polyethylene

 

Plastics Products Mfr

 

Formosa Plastics Corporation (FPC), a subsidiary of Formosa Plastics Group, produces and supplies intermediate raw materials for plastics. It carries operations in two business segments, namely, plastics segment and petrochemicals segment. Key products offered by the company include poly vinyl chloride (PVC) resins, vinyl chloride monomers (VCM), caustic soda, hydrochloric acid, MBS, high-density polyethylene (HDPE), ethylene-vinyl acetate (EVA)/ low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE). The company also offers processed plastic products developed in coordination with production of HDPE at its Hsinkang complex. FPC conducts its operations through seven subsidiaries in Taiwan and the US, Formosa Plastics Corporation, U.S.A. FPC is headquartered in Taipei, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 217,037.10 million during the fiscal year ended December 2011, a decrease of 3.68% from 2010. The operating profit of the company was TWD 23,145.49 million during the fiscal year 2011, a decrease of 25.73% from 2010. The net profit of the company was TWD 35,724.46 million during the fiscal year 2011, a decrease of 21.56% from 2010.

 

Largest industrial group in Taiwan manufacturing PVC, acrylic fibre, polyethylene, calcium carbide and other related products.

 

Other Plastics Product Manufacturing

 

Top

 

 

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

217,037.1

Net Income:

35,724.5

Assets:

348,673.1

Long Term Debt:

57,358.3

 

Total Liabilities:

107,417.6

 

Working Capital:

62.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-3.7%

-21.6%

-1.9%

Top

Market Data

Quote Symbol:

1301

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

82.2

Stock Price Date:

08-24-2012

52 Week Price Change %:

-7.4

Market Value (mil):

503,138,304.0

 

SEDOL:

6348544

ISIN:

TW0001301000

 

Equity and Dept Distribution:

07/06, 3% stock dividend. 06/05, 9% stock dividend. 6/04, 6% stock dividend. 7/03, 6% stock dividend. 7/01, stock split with an adj. factors of 1.0999999. 07/02, performed stock split with an adj factor of 1.0700001. FY'04 fncl Restated/reclassifed. 07/2009,7% Stock dividend. FY'09 Q1,Q2 B/S & C/F are being CLA. FY'09 C/F is CLA.

Top

 

Subsidiaries

Company

Percentage Owned

Country

Formosa Polypropylene (Ningbo) Co., Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Formosa Super Absorbent Polymer (Ningbo) Co., Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Formosa Industries (Ningbo) Co., Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Formosa Electronics (Ningbo) Co., Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Formosa Acrylic Esters (Ningbo) Co., Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

FPC (Cayman) Limited

100%

CAYMAN ISLANDS

 

 

 

Top

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP, KPMG

 

 

 

 

 

 

Top

 

 

Corporate Family

Corporate Structure News:

 

Formosa Plastics Corporation

Formosa Plastics Corporation
Total Corporate Family Members: 42

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Formosa Plastics Corporation

Parent

Kaohsiung

Taiwan

Chemicals - Plastics and Rubber

7,384.7

6,104

Nan Ya Plastics Corporation

Subsidiary

Kaohsiung

Taiwan

Chemicals - Plastics and Rubber

11,262.3

34,309

Nan Ya Plastics Corporation USA

Subsidiary

Livingston, NJ

United States

Fabricated Plastic and Rubber

 

1,200

Nan Ya Plastics Corp

Branch

Lake City, SC

United States

Fabricated Plastic and Rubber

204.5

901

Nan Ya Plastics Corp

Branch

Batchelor, LA

United States

Chemicals - Plastics and Rubber

323.1

300

Nan Ya Plastics Corp

Branch

Point Comfort, TX

United States

Chemical Manufacturing

3.8

4

Hua Ya (Xiamen) Fittings Co., Ltd.

Subsidiary

Fujian

China

Fabricated Plastic and Rubber

1.0

 

Hua Ya (Xiamen) Plastics Co., Ltd.

Subsidiary

Fujian

China

Fabricated Plastic and Rubber

1.0

 

Nan Ya Printed Circuit Board Corporation

Subsidiary

Lujhu

Taiwan

Electronic Instruments and Controls

1,319.6

13,137

Formosa Plastics Corporation, U.S.A.

Subsidiary

Livingston, NJ

United States

Chemicals - Plastics and Rubber

1,750.0

2,100

Inteplast Group, Ltd.

Subsidiary

Livingston, NJ

United States

Fabricated Plastic and Rubber

 

1,550

World-Pak Corp

Branch

Lolita, TX

United States

Fabricated Plastic and Rubber

2,398.0

2,000

Inteplast Amtopp Division

Subsidiary

Lolita, TX

United States

Fabricated Plastic and Rubber

 

2,000

Inteplast Integrated Bagging Systems

Subsidiary

Livingston, NJ

United States

Fabricated Plastic and Rubber

 

1,800

Integrated Bagging Systems Inc

Branch

Lolita, TX

United States

Fabricated Plastic and Rubber

363.2

1,600

Inteplast World-Pak

Subsidiary

Livingston, NJ

United States

Fabricated Plastic and Rubber

 

160

Inteplast Group Limited

Branch

North Dighton, MA

United States

Paper and Paper Products

40.3

125

Nina Plastics Inc

Subsidiary

Orlando, FL

United States

Fabricated Plastic and Rubber

40.0

100

AM Topp Corp

Branch

Livingston, NJ

United States

Chemicals - Plastics and Rubber

53.9

50

Inteplast Group, Ltd./ World-Pak

Division

Livingston, NJ

United States

Chemicals - Plastics and Rubber

 

1,256

Formosa Plastics Corporation, Texas

Branch

Point Comfort, TX

United States

Fabricated Plastic and Rubber

329.8

1,500

Formosa Plastics Corporation, Louisiana

Branch

Baton Rouge, LA

United States

Fabricated Plastic and Rubber

280.3

316

Formosa Plastics Corporation, Delaware

Branch

Delaware City, DE

United States

Fabricated Plastic and Rubber

60.4

130

Neumin Production Company

Subsidiary

Point Comfort, TX

United States

Oil and Gas Operations

4.1

45

Lavaca Pipe Line Company

Subsidiary

Point Comfort, TX

United States

Natural Gas Utilities

4.1

42

Formosa Hydrocarbons Company, Inc.

Subsidiary

Point Comfort, TX

United States

Oil and Gas Operations

 

40

Formosa Plastic Corp

Branch

Illiopolis, IL

United States

Retail (Specialty)

1.2

6

Formosa Heavy Industries Corporation

Subsidiary

Taipei

Taiwan

Miscellaneous Capital Goods

365.0

1,250

Hwa Ya Power Corporation

Subsidiary

Kueishan Hsiang, Taoyuan

Taiwan

Electric Utilities

 

108

Asia Pacific Energy Corporation

Subsidiary

Mabalacat, Pampanga

Philippines

Electric Utilities

 

49

Formosa Plasma Display Corporation

Subsidiary

Taipei

Taiwan

Miscellaneous Capital Goods

 

500

Mai-Liao Power Corporation

Affiliates

Yun-lin

Taiwan

Electric Utilities

 

378

Formosa Petrochemical Transportation Corporation

Subsidiary

Taipei, Yun Lin

Taiwan

Chemical Manufacturing

 

200

Formosa Plastics Marine Corporation

Subsidiary

Taipei City, Taipei

Taiwan

Water Transportation

 

70

Formosa Asahi Spandex Co., Ltd.

Joint Venture

Taipei

Taiwan

Fabricated Plastic and Rubber

 

12

Formosa Plastics Corporation - Linyuan Plant

Facility

Kaohsiung

Taiwan

Fabricated Plastic and Rubber

 

 

Formosa Plastics Corporation - Plastics Division

Division

Taipei

Taiwan

Fabricated Plastic and Rubber

 

 

Formosa Plastics Corporation - Carbide Division

Division

Taipei

Taiwan

Fabricated Plastic and Rubber

 

 

Formosa Plastics Corporation - Polyolefin Division

Division

Taipei

Taiwan

Chemical Manufacturing

 

 

Formosa Plastics Corporation - Polypropylene Division

Division

Taipei

Taiwan

Chemical Manufacturing

 

 

Formosa Plastics Corporation - Tairylan Division

Division

Taipei

Taiwan

Fabricated Plastic and Rubber

 

 

Formosa Plastics Corporation - Chemicals Division

Division

Taipei

Taiwan

Chemical Manufacturing

 

 

 

 

Formosa Plastics Corporation

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

BASF Agro, Ltd.

Tokyo, Japan

170

Private

BASF SE

Ludwigshafen Am Rhein, Germany

111,995

Public

E I Du Pont De Nemours And Co

Wilmington, Delaware, United States

70,000

Public

Eastman Chemical Company

Kingsport, Tennessee, United States

13,500

Public

Equistar Chemicals, LP

Houston, Texas, United States

3,330

Private

Hercules Incorporated

Wilmington, Delaware, United States

4,660

Private

Ineos Group Ltd.

Lyndhurst, United Kingdom

15,500

Private

Jilin Chemical Industries Import & Export Corporation

Jilin Shi, Ji Lin, China

20,445

Private

Lucite International Ltd.

Southampton, United Kingdom

573

Private

Lyondell Chemical Company

Houston, Texas, United States

7,340

Private

Norsk Hydro ASA

Oslo, Norway

22,655

Public

Oxy Vinyls, Lp

Los Angeles, California, United States

1,583

Private

Sinopec Shanghai Petrochemical Co. Ltd.

Shanghai, China

15,655

Public

The Dow Chemical Company

Midland, Michigan, United States

49,505

Public

 

 

 

 

 

Formosa Plastics Corporation

Kaohsiung, , Taiwan, Tel: 886-2-27122211, URL: http://www.fpc.com.tw/, Executives Page

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Chu Tsung Lee

 

Chairman & President

Chairman

 

Chih-Tsuen Lee

 

Chairman

Chairman

 

Zhicun Li

 

Chairman of the Board

Chairman

 

Biography:

Li Zhicun has been Chairman of the Board in Formosa Plastics Corporation since June 5, 2006. Li used to be General Manager and Executive Director in the Company. Li also serves as Chairman of the Board in Formosa Sumco Technology Corporation and another company.

 

Tze-Fong Chang

 

VP-Polyolefin Division

Director/Board Member

 

 

Guang-Bi Chang

 

Director

Director/Board Member

 

 

Wen Pin Chen

 

Director

Director/Board Member

 

 

T. J. Huang

 

Senior VP

Director/Board Member

 

 

Ruo-Tao Huang

 

Director

Director/Board Member

 

 

Zongjing Huang

 

Senior Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Huang Zongjing has been Senior Deputy General Manager and Director in Formosa Plastics Corporation. Huang was Assistant General Manager in the Company.

 

Jilang Ke

 

Director

Director/Board Member

Reuters 

 

Biography:

Ke Jilang has been Director in Formosa Plastics Corporation since April 29, 1988. Ke was Assistant General Manager in the Company.

 

Chi Liang Ko

 

Director

Director/Board Member

 

 

Jerome C.L. Ko

 

Board Member

Director/Board Member

 

 

Tsung-Chang Lee

 

Director

Director/Board Member

 

 

Jason Lin

 

President

Director/Board Member

 

 

Chen-Jung Lin

 

Senior VP

Director/Board Member

 

 

Jiannan Lin

 

General Manager, Director

Director/Board Member

 

 

Biography:

Lin Jiannan has been General Manager and Director in Formosa Plastics Corporation since March 22, 2011. Lin holds a Master's degree from an University in Netherlands. Lin is also General Manager in another company. Lin was Deputy General Manager in the Company.

 

Fing Chin Lin

 

Director

Director/Board Member

 

 

Zhenrong Lin

 

Senior Deputy General Manager, Director

Director/Board Member

 

 

Wenyuan Wang

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Wang Wenyuan has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He holds a Master's degree from University of Houston, the United States. He also serves as Chairman of the Board in Formosa Chemicals & Fibre Corporation and Formosa Taffeta Co Ltd.

 

Education:

University of Houston, M

 

Ruihua Wang

 

Managing Director

Director/Board Member

 

 

Biography:

Ms. Wang Ruihua has been Managing Director in Formosa Plastics Corporation since June 5, 2006. She also serves as Managing Director in Formosa Petrochemical Corporation.

 

Education:

Barnard College, B (Economics)

 

Wenchao Wang

 

Managing Director

Director/Board Member

 

 

Biography:

Mr. Wang Wenchao has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He is also Managing Director in Formosa Petrochemical Corporation.

 

Susan Wang

 

Board Member

Director/Board Member

 

 

Deshan Wang

 

Independent Director

Director/Board Member

 

 

Biography:

Wang Deshan serves as Independent Director in Formosa Plastics Corporation. Wang also serves as Independent Director in PhytoHealth Corporation. Wang was Director in the Company. Wang holds a Master's degree from National Chengchi University, Taiwan.

 

Education:

National Chengchi University, M
National Chengchi University, B

 

Xuehong Wang

 

Director

Director/Board Member

Reuters 

 

Biography:

Ms. Wang Xuehong has been Director in Formosa Plastics Corporation since June 5, 2009. She also serves as Chairman of the Board in two other companies.

 

T. S. Wang

 

Board Member

Director/Board Member

 

 

H. H. Wang

 

Board Member

Director/Board Member

 

 

Wilfred Wang

 

Board Member

Director/Board Member

 

 

Qilin Wei

 

Independent Director

Director/Board Member

 

 

Biography:

Wei Qilin serves as Independent Director in Formosa Plastics Corporation. Wei is also Chairman of the Board in another company. Wei holds a Ph.D. in Economics from University of Paris, France.

 

Education:

University of Paris, PHD (Economics)
Imperial College, University of London, M (Management)

 

C. L. Wei

 

Board Member

Director/Board Member

 

 

Spencer White

 

Director

Director/Board Member

 

 

Qingzhang Yan

 

Managing Director, Independent Director

Director/Board Member

 

 

Biography:

Yan Qingzhang serves as Managing Director and Independent Director in Formosa Plastics Corporation. Yan is also Chairman of the Board in Yuanta Financial Holding Co., Ltd. Yan holds a Master's degree in Law from the University of Michigan, the United States.

 

Education:

University of Michigan, M (Law)
National Taiwan University, M

 

Zhaolin Yang

 

Director

Director/Board Member

 

 

Biography:

Yang Zhaolin serves as Director in Formosa Plastics Corporation. Yang is also Managing Director in Formosa Petrochemical Corporation. Yang was Managing Director in the Company.

 

Education:

National Cheng Kung University, B (Accounting and Statistics)

 

C. C. Yen

 

Board Member

Director/Board Member

 

 

Yurui Zhang

 

Director

Director/Board Member

 

 

Zifeng Zhang

 

Deputy General Manager-Polyolefin Department, Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Tsong Ching Huang

 

Co-Executive Director

Chief Executive Officer

 

William Wong

 

Executive Director

Chief Executive Officer

 

Chu Tsung Lee

 

Chairman & President

President

 

Jason Lin

 

President

President

 

Tze-Fong Chang

 

VP-Polyolefin Division

Division Head Executive

 

Bing-Chin Chen

 

Vice President-Tairylan Division

Division Head Executive

 

Kwang-Ming Chen

 

VP-Polypropylene Division

Division Head Executive

 

Cheng-Chung Cheng

 

VP-Plastics Division

Division Head Executive

 

Wen-Chin Hsiao

 

VP-Tairylan Division

Division Head Executive

 

Tien Hsiang Lee

 

Vice President Chemicals Division

Division Head Executive

 

Han-Fu Lin

 

Vice President-Polypropylene Division

Division Head Executive

 

Jiannan Lin

 

General Manager, Director

Division Head Executive

 

Biography:

Lin Jiannan has been General Manager and Director in Formosa Plastics Corporation since March 22, 2011. Lin holds a Master's degree from an University in Netherlands. Lin is also General Manager in another company. Lin was Deputy General Manager in the Company.

 

Guo-Horng Wei

 

Vice President-Chemical Division

Division Head Executive

 

 

Wenyuan Wang

 

Managing Director

Managing Director

 

 

Biography:

Mr. Wang Wenyuan has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He holds a Master's degree from University of Houston, the United States. He also serves as Chairman of the Board in Formosa Chemicals & Fibre Corporation and Formosa Taffeta Co Ltd.

 

Education:

University of Houston, M

 

Ruihua Wang

 

Managing Director

Managing Director

 

 

Biography:

Ms. Wang Ruihua has been Managing Director in Formosa Plastics Corporation since June 5, 2006. She also serves as Managing Director in Formosa Petrochemical Corporation.

 

Education:

Barnard College, B (Economics)

 

Wenchao Wang

 

Managing Director

Managing Director

 

 

Biography:

Mr. Wang Wenchao has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He is also Managing Director in Formosa Petrochemical Corporation.

 

Qingzhang Yan

 

Managing Director, Independent Director

Managing Director

 

 

Biography:

Yan Qingzhang serves as Managing Director and Independent Director in Formosa Plastics Corporation. Yan is also Chairman of the Board in Yuanta Financial Holding Co., Ltd. Yan holds a Master's degree in Law from the University of Michigan, the United States.

 

Education:

University of Michigan, M (Law)
National Taiwan University, M

 

Benny Chang

 

VP-Finance

Finance Executive

 

 

Ray Lei

 

Vice President Finance

Finance Executive

 

 

Dah-Jye Yu

 

Assistant Vice President-Accounting

Accounting Executive

 

 

Fu Shou Hsie

 

Vice President-Engineering & Construction

Engineering/Technical Executive

 

 

Guangming Chen

 

Deputy General Manager-Polypropylene Department

Other

 

 

Chengzhong Cheng

 

Deputy General Manager-Plastic Department

Other

 

 

Ralph Ho

 

Supervisory Board of Directors

Other

 

 

C. F. Ho

 

Supervisory Board of Directors

Other

 

 

W H Huang

 

Assistant Vice President

Other

 

 

Zhenxiao Lei

 

Deputy General Manager-Finance

Other

 

 

Tianxiang Li

 

Deputy General Manager-Chemicals Department

Other

 

 

Z H Wang

 

Director

Other

 

 

K. H. Wu

 

Supervisory Board of Directors

Other

 

 

Wenqin Xiao

 

Deputy General Manager-TAIRYLAN Department

Other

 

 

Fushou Xie

 

Deputy General Manager-Public Works Department

Other

 

 

Wensong Zhang

 

Deputy General Manager-Calcium Carbide Department

Other

 

 

 

 

Formosa Plastics Corporation

 

 

 

Significant Developments

 

 

 

Formosa Plastics Corp to Issue Unsecured Corporate Bonds

Aug 27, 2012


Formosa Plastics Corp announced that it will issue NTD 9,000 million worth of unsecured corporate bonds, each with par value of NTD 1 million and a term of up to ten years.

Formosa Plastics Corporation Announces FY 2011 Dividend Payment Date

Jun 19, 2012


Formosa Plastics Corporation announced that it will pay cash dividends of NTD 4 per share) to shareholders of record on July 15, 2012. The Company's shares will be traded ex-dividend on July 9, 2012.

Formosa Plastics Corporation Announces FY 2011 Dividend Payment

Mar 20, 2012


Formosa Plastics Corporation announced that it will pay a cash dividend of NTD 4.0 per share, to shareholders for fiscal year 2011.

Formosa Plastics Corporation to Issues Unsecured Corporate Bonds

Mar 20, 2012


Formosa Plastics Corporation announced that it will issue NTD 12 billion worth of unsecured corporate bonds, each with par value and issue price of NTD 1 million, a term of up to seven years.

Formosa Plastics Corporation to Issues Unsecured Corporate Bonds

Sep 28, 2011


Formosa Plastics Corporation announced that it will issue NTD 6 billion worth of unsecured corporate bonds, each with par value of NTD 1 million, an annual interest rate of 1.34% and a term of five years.

 

 

 

 

News

 

 

ASIA:Asian markets mixed after US, China data
Danny McCord, Australian Financial News (655 Words)

10-Sep-2012

 

 

Asian markets mixed after US, China data
Agence France-Presse (636 Words)

10-Sep-2012

 

 

CNA: Sept. Export Growth To Remain Unchanged At 0% Year On Year: Think Thank
World News Connection (340 Words)

10-Sep-2012

 

 

Asian markets mixed on US, China stimulus hopes
Agence France-Presse (578 Words)

10-Sep-2012

 

 

FORM 8-K: INTEGRATED SILICON SOLUTION FILES CURRENT REPORT
U.S. Fed News (328 Words)

09-Sep-2012

 

 

ISSI Makes Strategic Investment in Nanya Technology Corporation
Associated Press (952 Words)

07-Sep-2012

 

 

Isaac affects resin production.
Frank Esposito, Plastics News (683 Words)

03-Sep-2012

 

 

Former Taiwan official detained over unexplained gold bars
Xinhua News Agency (379 Words)

30-Aug-2012

 

 

Asian shares drift lower, Samsung tumbles
Agence France-Presse (816 Words)

27-Aug-2012

 

 

ASIA:Asian shares drift lower, Samsung tumbles
Australian Financial News (623 Words)

27-Aug-2012

 



 

Articles

 

 

Fitch to Rate Calhoun County Nav District (Formosa Plastics, TX) Series 2004 Environ Fac Revs 'A/F1'
Professional Services Close-Up (589 Words) (1 Page)

17-Aug-2012

 

 

Ministry of Commerce of the People's Republic of China: Mainland Business Delegation Reaped Bumper Harvest in Taiwan
Hong Kong Government News (698 Words) (1 Page)

15-Aug-2012

 

 

Traditional enterprises major borrowers of syndicated loans this year
Li, Judy, The Taiwan Economic News (305 Words) (1 Page)

08-Aug-2012

 

 

Formosa plastic group's main affiliates see revenues rally in July
Chuang, Steve, The Taiwan Economic News (518 Words) (1 Page)

07-Aug-2012

 

 

Formosa Plastic Group gears up to upgrade product mixes
Chuang, Steve, The Taiwan Economic News (307 Words) (1 Page)

31-Jul-2012

 

 

Fitch Takes Rating Action on The Calhoun County Navigation District Bonds (Formosa Plastics Corp)
Professional Services Close-Up (131 Words) (1 Page)

31-Jul-2012

 

 

EPA conditionally passes FPG's HSBC factory plan
Liu, Ken, The Taiwan Economic News (234 Words) (1 Page)

30-Jul-2012

 

 

FPG and Lanyang develop 60Ah power cells for e-bus application
Liang, Quincy, The Taiwan Economic News (281 Words) (1 Page)

27-Jul-2012

 

 

BOT Taiwan's largest syndicated lender in first half
Li, Judy, The Taiwan Economic News (183 Words) (1 Page)

25-Jul-2012

 

 

Petrochemical Boom Fuels Hopes and Concerns
The Texas Tribune (1400 Words) (1 Page)

15-Jul-2012

 



Formosa Plastics Corporation

 

Kaohsiung, Taiwan, Tel: 886-2-27122211, URL: http://www.fpc.com.tw/

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

Reclassified Normal
31-Dec-2011

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

KPMG LLP

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

7,390.1

7,160.3

5,460.1

6,354.6

5,899.1

    Sales Returns and Allowances

-5.4

-6.6

-7.2

-8.6

-6.0

Revenue

7,384.7

7,153.7

5,452.9

6,346.1

5,893.1

Total Revenue

7,384.7

7,153.7

5,452.9

6,346.1

5,893.1

 

 

 

 

 

 

    Cost of Revenue

6,178.5

5,852.2

4,761.5

5,899.6

5,030.8

Cost of Revenue, Total

6,178.5

5,852.2

4,761.5

5,899.6

5,030.8

Gross Profit

1,206.2

1,301.5

691.4

446.5

862.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

303.8

286.1

253.0

263.4

260.4

Total Selling/General/Administrative Expenses

303.8

286.1

253.0

263.4

260.4

Research & Development

38.3

26.0

22.1

29.1

24.5

    Impairment-Assets Held for Use

76.6

0.0

-

-

-

Unusual Expense (Income)

76.6

0.0

-

-

-

Total Operating Expense

6,597.2

6,164.3

5,036.6

6,192.1

5,315.7

 

 

 

 

 

 

Operating Income

787.5

989.4

416.3

154.0

577.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-42.5

-40.8

-50.0

-65.7

-63.7

    Interest Expense, Net Non-Operating

-42.5

-40.8

-50.0

-65.7

-63.7

        Interest Income - Non-Operating

25.4

8.2

7.8

14.9

14.1

        Investment Income - Non-Operating

589.9

658.2

510.6

446.4

986.2

    Interest/Investment Income - Non-Operating

615.3

666.5

518.4

461.3

1,000.3

Interest Income (Expense) - Net Non-Operating Total

572.8

625.7

468.3

395.6

936.6

Gain (Loss) on Sale of Assets

5.1

8.6

-3.2

1.6

6.0

    Other Non-Operating Income (Expense)

27.5

14.9

16.0

23.7

23.1

Other, Net

27.5

14.9

16.0

23.7

23.1

Income Before Tax

1,392.9

1,638.5

897.5

575.0

1,543.1

 

 

 

 

 

 

Total Income Tax

177.4

192.5

63.7

-49.9

87.6

Income After Tax

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Net Income Before Extraord Items

1,215.5

1,446.1

833.7

624.8

1,455.5

Net Income

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Basic EPS Excl Extraord Items

0.20

0.24

0.14

0.10

0.24

Basic/Primary EPS Incl Extraord Items

0.20

0.24

0.14

0.10

0.24

Diluted Net Income

1,215.5

1,446.1

833.7

624.8

1,455.5

Diluted Weighted Average Shares

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Diluted EPS Excl Extraord Items

0.20

0.24

0.14

0.10

0.24

Diluted EPS Incl Extraord Items

0.20

0.24

0.14

0.10

0.24

Dividends per Share - Common Stock Primary Issue

0.14

0.22

0.12

0.05

0.19

Gross Dividends - Common Stock

833.1

1,321.5

741.4

326.4

1,166.8

Interest Expense, Supplemental

42.5

40.8

50.0

65.7

63.7

Interest Capitalized, Supplemental

-1.8

-1.9

-4.1

-22.6

-21.2

Depreciation, Supplemental

378.9

350.8

364.8

354.7

305.4

Total Special Items

71.5

-8.6

3.2

-1.6

-6.0

Normalized Income Before Tax

1,464.4

1,629.9

900.7

573.4

1,537.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

9.1

-1.0

0.2

-0.6

-0.3

Inc Tax Ex Impact of Sp Items

186.5

191.5

64.0

-50.4

87.3

Normalized Income After Tax

1,277.9

1,438.5

836.7

623.8

1,449.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1,277.9

1,438.5

836.7

623.8

1,449.8

 

 

 

 

 

 

Basic Normalized EPS

0.21

0.24

0.14

0.10

0.24

Diluted Normalized EPS

0.21

0.24

0.14

0.10

0.24

Amort of Intangibles, Supplemental

34.7

30.7

28.4

22.5

14.2

Research & Development Exp, Supplemental

38.3

26.0

22.1

29.1

24.5

Normalized EBIT

864.1

989.4

416.3

154.0

577.4

Normalized EBITDA

1,277.7

1,370.8

809.6

531.3

896.9

    Current Tax - Total

87.4

88.6

21.5

39.5

43.7

Current Tax - Total

87.4

88.6

21.5

39.5

43.7

    Deferred Tax - Total

90.0

103.9

42.2

-89.4

43.9

Deferred Tax - Total

90.0

103.9

42.2

-89.4

43.9

Income Tax - Total

177.4

192.5

63.7

-49.9

87.6

Interest Cost - Domestic

9.0

7.7

7.6

7.7

7.3

Service Cost - Domestic

3.7

6.6

7.0

8.0

8.0

Expected Return on Assets - Domestic

-0.1

-0.3

-0.1

-0.3

-0.4

Actuarial Gains and Losses - Domestic

-0.1

0.1

-0.2

0.0

0.2

Transition Costs - Domestic

5.9

5.4

5.4

5.9

5.8

Domestic Pension Plan Expense

18.4

19.5

19.7

21.4

20.9

Defined Contribution Expense - Domestic

6.3

4.7

3.1

3.1

-

Total Pension Expense

24.7

24.2

22.9

24.4

20.9

Discount Rate - Domestic

2.00%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return - Domestic

2.00%

3.00%

3.00%

-

3.00%

Compensation Rate - Domestic

2.50%

3.00%

3.00%

3.00%

3.00%

Total Plan Interest Cost

9.0

7.7

7.6

7.7

7.3

Total Plan Service Cost

3.7

6.6

7.0

8.0

8.0

Total Plan Expected Return

-0.1

-0.3

-0.1

-0.3

-0.4

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

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

KPMG LLP

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

260.7

445.1

255.6

124.9

88.5

    Short Term Investments

2,053.8

2,620.4

1,872.9

1,040.1

2,477.5

Cash and Short Term Investments

2,314.5

3,065.4

2,128.5

1,165.1

2,566.0

        Accounts Receivable - Trade, Gross

244.6

292.2

228.9

158.6

271.4

        Provision for Doubtful Accounts

-0.2

-7.8

-6.9

-4.7

-8.4

    Trade Accounts Receivable - Net

372.6

408.3

352.0

200.7

402.2

    Notes Receivable - Short Term

23.8

28.8

11.4

13.5

16.3

    Other Receivables

900.2

568.1

403.2

390.7

417.5

Total Receivables, Net

1,296.6

1,005.2

766.6

604.8

835.9

    Inventories - Finished Goods

479.8

333.9

254.5

306.8

280.2

    Inventories - Work In Progress

115.7

95.1

88.0

89.3

91.4

    Inventories - Raw Materials

133.7

146.0

116.0

95.8

263.1

    Inventories - Other

26.6

22.1

8.9

6.2

2.3

Total Inventory

755.8

597.2

467.4

498.1

636.9

Prepaid Expenses

131.0

101.7

67.1

111.6

69.3

    Deferred Income Tax - Current Asset

3.8

51.1

36.2

21.5

43.7

    Other Current Assets

5.9

-

0.0

0.5

2.3

Other Current Assets, Total

9.6

51.1

36.2

22.0

46.0

Total Current Assets

4,507.6

4,820.6

3,465.8

2,401.6

4,154.2

 

 

 

 

 

 

        Buildings

814.3

835.6

759.8

715.3

627.8

        Land/Improvements

223.4

229.8

206.2

200.9

120.9

        Machinery/Equipment

4,922.6

4,898.6

4,457.6

4,226.5

3,459.3

        Construction in Progress

215.4

258.0

262.5

338.3

1,021.7

        Leases

-

-

1.9

-

-

        Other Property/Plant/Equipment

15.5

16.3

15.4

15.0

15.6

    Property/Plant/Equipment - Gross

6,191.2

6,238.4

5,703.4

5,496.0

5,245.4

    Accumulated Depreciation

-3,587.9

-3,340.2

-2,726.5

-2,300.1

-1,983.7

Property/Plant/Equipment - Net

2,603.3

2,898.2

2,977.0

3,196.0

3,261.7

Goodwill, Net

4.1

4.3

3.9

3.8

3.8

Intangibles, Net

43.0

59.0

73.1

89.2

101.3

    LT Investment - Affiliate Companies

3,847.6

4,017.0

3,436.2

2,890.7

3,527.5

    LT Investments - Other

262.2

148.2

137.6

80.1

81.3

Long Term Investments

4,109.8

4,165.2

3,573.8

2,970.8

3,608.8

    Deferred Charges

40.6

32.1

29.1

33.3

22.8

    Pension Benefits - Overfunded

-

-

-

-

10.8

    Deferred Income Tax - Long Term Asset

-

0.0

56.5

111.3

3.6

    Other Long Term Assets

206.9

206.8

174.0

164.9

12.9

Other Long Term Assets, Total

247.5

238.9

259.5

309.4

50.2

Total Assets

11,515.3

12,186.2

10,353.2

8,970.8

11,180.1

 

 

 

 

 

 

Accounts Payable

400.3

515.0

440.0

210.4

484.1

Accrued Expenses

163.0

163.8

130.7

113.1

132.4

Notes Payable/Short Term Debt

282.1

259.8

325.8

463.1

483.7

Current Portion - Long Term Debt/Capital Leases

295.5

330.4

458.8

486.0

379.9

    Other Payables

74.7

102.6

104.1

69.1

93.5

    Other Current Liabilities

72.3

88.8

68.4

68.7

62.7

Other Current liabilities, Total

146.9

191.4

172.5

137.7

156.2

Total Current Liabilities

1,287.7

1,460.4

1,527.9

1,410.2

1,636.5

 

 

 

 

 

 

    Long Term Debt

1,894.3

1,451.0

1,559.9

1,870.8

1,660.6

Total Long Term Debt

1,894.3

1,451.0

1,559.9

1,870.8

1,660.6

Total Debt

2,471.9

2,041.2

2,344.6

2,819.8

2,524.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

105.9

61.7

-

-

-

Deferred Income Tax

105.9

61.7

-

-

-

    Pension Benefits - Underfunded

251.4

252.6

216.0

194.6

191.4

    Other Long Term Liabilities

8.2

14.2

4.5

4.2

5.3

Other Liabilities, Total

259.6

266.8

220.5

198.8

196.7

Total Liabilities

3,547.6

3,239.9

3,308.3

3,479.8

3,493.8

 

 

 

 

 

 

    Common Stock

2,021.5

2,099.3

1,913.7

1,743.1

1,763.7

Common Stock

2,021.5

2,099.3

1,913.7

1,743.1

1,763.7

Additional Paid-In Capital

423.7

439.9

400.6

390.5

395.1

Retained Earnings (Accumulated Deficit)

3,939.3

4,293.2

3,255.0

2,769.2

3,381.2

Unrealized Gain (Loss)

1,496.3

2,112.1

1,369.8

461.0

2,057.4

    Translation Adjustment

87.0

1.7

105.8

127.3

88.8

Other Equity, Total

87.0

1.7

105.8

127.3

88.8

Total Equity

7,967.7

8,946.3

7,044.9

5,491.0

7,686.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

11,515.3

12,186.2

10,353.2

8,970.8

11,180.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Total Common Shares Outstanding

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

5,925

5,570

5,519

5,562

5,463

Number of Common Shareholders

233,834

239,663

289,185

302,952

254,174

Total Long Term Debt, Supplemental

998.5

604.8

721.5

-

-

Long Term Debt Maturing within 1 Year

34.2

51.4

92.1

-

-

Long Term Debt Maturing in Year 2

770.5

35.5

296.9

-

-

Long Term Debt Maturing in Year 3

184.3

488.1

282.5

-

-

Long Term Debt Maturing in Year 4

9.6

19.9

22.8

-

-

Long Term Debt Maturing in Year 5

-

9.9

18.1

-

-

Long Term Debt Maturing in 2-3 Years

954.8

523.5

579.4

-

-

Long Term Debt Maturing in 4-5 Years

9.6

29.8

41.0

-

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

9.1

-

-

Pension Obligation - Domestic

303.3

304.7

254.5

254.1

251.8

Plan Assets - Domestic

9.3

8.1

7.4

8.6

9.3

Funded Status - Domestic

-294.0

-296.6

-247.1

-245.5

-242.4

Accumulated Obligation - Domestic

238.9

232.4

191.6

189.1

200.7

Total Funded Status

-294.0

-296.6

-247.1

-245.5

-242.4

Discount Rate - Domestic

2.00%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return - Domestic

2.00%

3.00%

3.00%

3.00%

3.00%

Compensation Rate - Domestic

2.50%

3.00%

3.00%

3.00%

3.00%

Prepaid Benefits - Domestic

-

-

-

-

10.8

Accrued Liabilities - Domestic

-251.4

-252.6

-216.0

-194.6

-191.4

Net Assets Recognized on Balance Sheet

-251.4

-252.6

-216.0

-194.6

-180.5

Total Plan Obligations

303.3

304.7

254.5

254.1

251.8

Total Plan Assets

9.3

8.1

7.4

8.6

9.3

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

KPMG LLP

KPMG Peat Marwick LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

1,215.5

1,446.1

833.7

624.8

1,455.5

    Depreciation

378.9

350.8

364.8

354.7

305.4

Depreciation/Depletion

378.9

350.8

364.8

354.7

305.4

    Amortization of Intangibles

34.7

30.7

28.4

22.5

14.2

Amortization

34.7

30.7

28.4

22.5

14.2

Deferred Taxes

90.0

103.9

42.2

-89.4

43.9

    Unusual Items

71.5

-8.6

-2.2

-5.8

-37.1

    Equity in Net Earnings (Loss)

-361.1

-579.6

-472.8

-172.4

-767.7

    Other Non-Cash Items

431.5

422.3

74.6

736.3

430.2

Non-Cash Items

141.9

-165.9

-400.3

558.1

-374.6

    Accounts Receivable

30.2

-45.8

-152.3

229.4

-115.7

    Inventories

-177.3

-61.4

107.3

-124.6

-53.7

    Prepaid Expenses

-34.1

-21.7

45.9

-8.9

-24.8

    Other Assets

-9.0

-15.5

-6.0

-18.5

-5.5

    Accounts Payable

-98.6

29.9

217.0

-274.9

77.7

    Accrued Expenses

5.4

18.9

14.3

-17.7

15.6

    Other Liabilities

-48.2

56.5

-0.7

-

-

    Other Assets & Liabilities, Net

-1.1

2.6

2.1

2.1

-

Changes in Working Capital

-332.7

-36.5

227.6

-213.2

-106.3

Cash from Operating Activities

1,528.3

1,728.9

1,096.5

1,257.5

1,337.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-123.3

-81.2

-98.2

-250.7

-487.0

    Purchase/Acquisition of Intangibles

-1.9

0.0

-0.7

0.0

-

Capital Expenditures

-125.1

-81.2

-99.0

-250.7

-487.0

    Sale of Fixed Assets

0.5

7.1

2.1

2.1

18.5

    Sale/Maturity of Investment

-

0.0

1.6

0.0

9.4

    Investment, Net

-

0.0

-57.5

5.6

-

    Purchase of Investments

-312.3

-76.3

-26.0

-13.9

-9.6

    Sale of Intangible Assets

-

-

-

0.6

0.0

    Other Investing Cash Flow

-386.3

-115.3

7.4

-11.2

60.2

Other Investing Cash Flow Items, Total

-698.1

-184.5

-72.5

-16.8

78.4

Cash from Investing Activities

-823.3

-265.7

-171.4

-267.4

-408.6

 

 

 

 

 

 

    Other Financing Cash Flow

11.6

-44.8

24.1

-25.5

-112.3

Financing Cash Flow Items

11.6

-44.8

24.1

-25.5

-112.3

    Cash Dividends Paid - Common

-1,414.6

-786.2

-302.6

-1,214.4

-765.0

Total Cash Dividends Paid

-1,414.6

-786.2

-302.6

-1,214.4

-765.0

    Short Term Debt, Net

34.0

-90.1

-145.2

-15.4

232.3

        Long Term Debt Issued

1,370.3

364.6

196.4

655.5

-

        Long Term Debt Reduction

-882.9

-761.4

-580.9

-305.9

-

    Long Term Debt, Net

487.4

-396.7

-384.5

349.6

-208.4

Issuance (Retirement) of Debt, Net

521.4

-486.8

-529.7

334.1

23.9

Cash from Financing Activities

-881.6

-1,317.8

-808.1

-905.7

-853.4

 

 

 

 

 

 

Foreign Exchange Effects

3.6

7.0

6.4

-45.4

-31.9

Net Change in Cash

-172.9

152.4

123.4

39.0

44.0

 

 

 

 

 

 

Net Cash - Beginning Balance

441.5

259.5

124.2

91.0

43.3

Net Cash - Ending Balance

268.6

412.0

247.5

130.0

87.4

Cash Interest Paid

45.1

42.5

64.4

63.8

68.5

Cash Taxes Paid

118.4

48.2

21.2

34.2

77.0

 

 

 

Formosa Plastics Corporation

 

Kaohsiung, Taiwan, Tel: 886-2-27122211, URL: http://www.fpc.com.tw/

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

Reclassified Normal
31-Dec-2011

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

KPMG LLP

KPMG LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

7,390.1

7,160.3

5,460.1

6,354.6

5,899.1

    Sales Returns & Allowance

-5.4

-6.6

-7.2

-8.6

-6.0

Total Revenue

7,384.7

7,153.7

5,452.9

6,346.1

5,893.1

 

 

 

 

 

 

    Cost of Sales

6,178.5

5,852.2

4,761.5

5,899.6

5,042.7

    Selling Expenses

163.7

174.9

159.9

158.1

167.2

    General and Administrative Expenses

140.1

111.1

93.0

105.3

93.2

    Research and Development Expenses

38.3

26.0

22.1

29.1

24.5

    Gain on Physical Inventory

-

-

-

-

-0.4

    Loss on Physical Inventory

-

-

-

-

0.5

    Inventory Devaluation

-

-

-

-

-12.0

    Impairment Loss

76.6

0.0

-

-

-

Total Operating Expense

6,597.2

6,164.3

5,036.6

6,192.1

5,315.7

 

 

 

 

 

 

    Interest Income

25.4

8.2

7.8

14.9

14.1

    Gain on Equity Investment

361.1

579.6

472.8

172.4

767.7

    Dividend Income

182.1

83.2

34.4

220.5

154.3

    Gain on Sale of Assets

5.3

8.7

0.4

1.7

6.6

    Gain on Sale of Investments

0.0

0.4

4.6

4.2

32.6

    Gain on Foreign Exchange

45.4

0.0

0.0

59.6

26.3

    Rent Income

3.4

3.1

3.0

3.5

3.6

    G/L on Financial Assets Revaluation

0.2

-2.0

0.1

-6.4

5.5

    G/L on Fin. Liabilities Revaluation

1.1

1.3

0.5

-3.8

0.7

    Miscellaneous Income

30.9

20.0

14.9

26.5

24.0

    Interest Expense

-42.5

-40.8

-50.0

-65.7

-63.7

    Loss on Sale of Assets

-0.1

-0.1

-3.6

-0.1

-0.6

    Loss on Other Investments

-

-

-

-

-1.0

    Foreign Exchange Losses

0.0

-4.2

-1.9

0.0

-

    Miscellaneous Disbursements

-6.8

-8.2

-1.9

-6.4

-4.5

Net Income Before Taxes

1,392.9

1,638.5

897.5

575.0

1,543.1

 

 

 

 

 

 

Provision for Income Taxes

177.4

192.5

63.7

-49.9

87.6

Net Income After Taxes

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Net Income Before Extra. Items

1,215.5

1,446.1

833.7

624.8

1,455.5

Net Income

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

1,215.5

1,446.1

833.7

624.8

1,455.5

 

 

 

 

 

 

Basic Weighted Average Shares

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Basic EPS Excluding ExtraOrdinary Items

0.20

0.24

0.14

0.10

0.24

Basic EPS Including ExtraOrdinary Item

0.20

0.24

0.14

0.10

0.24

Diluted Net Income

1,215.5

1,446.1

833.7

624.8

1,455.5

Diluted Weighted Average Shares

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Diluted EPS Excluding ExtraOrd Items

0.20

0.24

0.14

0.10

0.24

Diluted EPS Including ExtraOrd Items

0.20

0.24

0.14

0.10

0.24

DPS-Common Stock

0.14

0.22

0.12

0.05

0.19

Gross Dividends - Common Stock

833.1

1,321.5

741.4

326.4

1,166.8

Normalized Income Before Taxes

1,464.4

1,629.9

900.7

573.4

1,537.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

186.5

191.5

64.0

-50.4

87.3

Normalized Income After Taxes

1,277.9

1,438.5

836.7

623.8

1,449.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

1,277.9

1,438.5

836.7

623.8

1,449.8

 

 

 

 

 

 

Basic Normalized EPS

0.21

0.24

0.14

0.10

0.24

Diluted Normalized EPS

0.21

0.24

0.14

0.10

0.24

R&D Expense, Supplemental

38.3

26.0

22.1

29.1

24.5

Interest Expense

42.5

40.8

50.0

65.7

63.7

Interest Capitalized

-1.8

-1.9

-4.1

-22.6

-21.2

Depreciation, Operating Cost

368.9

341.0

354.5

342.1

294.7

Depreciation, Operating Expense

10.0

9.8

10.3

12.6

10.7

Depreciation, Non-Operating Expense

-

0.0

0.0

0.0

0.0

Amortization, Operating Cost

34.4

30.3

27.6

22.2

12.9

Amortization, Operating Expense

0.3

0.3

0.8

0.1

0.7

Amortization, Non-Operating Expense

-

0.0

0.1

0.2

0.5

    Current Tax Payable

87.4

88.6

21.5

39.5

43.7

Current Tax - Total

87.4

88.6

21.5

39.5

43.7

    Deferred Tax

90.0

103.9

42.2

-89.4

43.9

Deferred Tax - Total

90.0

103.9

42.2

-89.4

43.9

Income Tax - Total

177.4

192.5

63.7

-49.9

87.6

Service Cost

3.7

6.6

7.0

8.0

8.0

Interest Cost

9.0

7.7

7.6

7.7

7.3

Expected Return on Plan Assets

-0.1

-0.3

-0.1

-0.3

-0.4

Plan Assets Gains/Losses

-0.1

0.1

-0.2

0.0

0.2

Amort. Transitional Benefit Obligation

5.8

5.4

5.2

5.4

5.2

Amort. of Transition Cost

0.1

-

0.3

0.5

0.6

Domestic Pension Plan Expense

18.4

19.5

19.7

21.4

20.9

Pro. for Defined Contribution Plan

6.3

4.7

3.1

3.1

-

Total Pension Expense

24.7

24.2

22.9

24.4

20.9

Discount Rate

2.00%

3.00%

3.00%

3.00%

3.00%

Rate of Compensation Increase

2.50%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return on Plan Assets

2.00%

3.00%

3.00%

-

3.00%

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified 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

KPMG LLP

KPMG LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash and Cash Equivalent

260.7

445.1

255.6

124.9

88.5

    Notes Receivable

23.8

28.8

11.4

13.5

16.3

    Accounts Receivable, Gross

244.6

292.2

228.9

158.6

271.4

    Provision for Doubtful Accounts

-0.2

-7.8

-6.9

-4.7

-8.4

    Accounts Receivable, Related Parties

128.1

123.9

130.0

46.8

139.1

    Other Receivables

39.9

37.6

31.2

20.7

35.1

    Other Receivables - Related Parties

860.3

530.5

372.0

369.9

382.4

    Finished Goods

479.8

333.9

254.5

306.8

280.2

    Half-Finished Goods

91.6

73.1

62.2

57.2

-

    Raw Materials

105.2

118.1

90.5

71.4

69.5

    Supplies

28.5

27.9

25.6

24.3

193.6

    Work-in-Process Parts

24.1

22.0

25.7

32.1

28.9

    Inventory in Transit

28.1

25.2

10.6

7.7

5.0

    Other Inventory

0.1

0.9

0.0

0.1

0.0

    Unrealized Valuation Difference

-1.6

-3.9

-1.7

-1.5

-2.2

    Work-in-Process

-

-

-

-

62.4

    Provision/Allowance for Inventory

-

-

-

-

-0.6

    Prepayment & Other Current Assets

131.0

101.7

67.1

111.6

69.3

    Noncurrent Assets Classified, Held for S

5.9

-

-

-

-

    Deferred Income Tax Assets, Current

3.8

51.1

36.2

21.5

43.7

    Current Fin. Assets at Fair Value

0.4

0.4

1.8

2.0

1.9

    Current Fin. Assets - Held for Sale

2,053.4

2,620.0

1,871.2

1,038.1

2,475.6

    Financial Derivatives - Hedging

-

-

0.0

0.5

2.3

Total Current Assets

4,507.6

4,820.6

3,465.8

2,401.6

4,154.2

 

 

 

 

 

 

    Financial Derivatives - Non-Current

-

-

-

-

2.1

    Long Term Equity Investment

3,847.6

4,017.0

3,436.2

2,890.7

3,527.5

    Financial Assets-Available for Sale,Non-

162.4

-

-

-

-

    Financial Assets Valuation - Cost Method

99.8

148.0

135.0

75.1

77.5

    Financial Assets - Fair Value, Non-Curr.

0.0

0.2

2.6

5.0

3.9

    Land

223.4

229.8

206.2

200.9

120.9

    Buildings and Structures

814.3

835.6

759.8

715.3

627.8

    Machinery and Equipment

4,750.9

4,730.7

4,308.0

4,085.3

3,346.1

    Miscellaneous Equipment

171.7

167.9

149.6

141.2

113.2

    Revaluation Increments

15.5

16.3

15.4

15.0

15.6

    Accumulated Depreciation

-3,587.9

-3,340.2

-2,726.2

-2,300.1

-1,983.7

    Construction in Progress

208.8

252.4

256.1

330.1

958.4

    Prepayment for Land & Construction

6.7

5.6

6.4

8.1

63.3

    Goodwill

4.1

4.3

3.9

3.8

3.8

    Deferred Pension Cost

-

-

-

-

10.8

    Technological Cooperation Costs

19.6

24.4

29.9

35.6

37.4

    Land Use Right

18.8

18.2

17.8

18.7

18.2

    Other Intangible Assets

4.6

16.3

25.4

35.0

45.7

    Idle Assets & Assets for Lease

-

-

-

8.1

8.2

    Idle Assets

6.0

7.2

6.7

-

-

    Assets Leased to Others

-

-

1.9

-

-

    Accum. Depreciation for Leased Assets

-

-

-0.3

-

-

    Security Deposits Paid

2.3

2.5

2.8

2.5

2.7

    Deferred Income Tax Assets, Non-Current

-

0.0

56.5

111.3

3.6

    Deferred Charges

40.6

32.1

29.1

33.3

22.8

    Other Assets

198.6

197.2

164.5

154.3

0.0

Total Assets

11,515.3

12,186.2

10,353.2

8,970.8

11,180.1

 

 

 

 

 

 

    ST Borrowings

276.3

254.2

321.4

290.0

475.0

    Notes Payable

-

-

0.0

109.6

0.0

    Employee Borrowings

5.8

4.5

3.5

63.4

8.7

    Financial Liabilities at Fair Value

0.0

1.1

0.9

0.0

0.1

    Hedging Derivative Liabilities, Current

-

-

0.0

0.5

2.1

    Accounts Payable

114.7

105.6

99.5

78.6

186.5

    Accounts Payable - Related Parties

285.5

409.4

340.5

131.8

297.6

    Accrued Expenses

163.0

163.8

130.7

113.1

132.4

    Other Payables,Related Parties

15.8

8.0

54.3

29.4

45.8

    Other Payables

58.8

94.6

49.8

39.6

47.7

    Current Portion of Corporate Bonds

198.2

171.5

250.1

271.2

191.2

    Current Portion of Long Term Debt

97.3

158.9

208.7

214.8

188.8

    Other Current Liabilities

72.3

88.8

68.4

68.2

60.6

Total Current Liabilities

1,287.7

1,460.4

1,527.9

1,410.2

1,636.5

 

 

 

 

 

 

    Long Term Borrowings

970.9

628.8

840.2

1,106.9

986.0

    Corporate Bonds Payable

922.9

821.6

717.7

760.5

674.6

    Fncl. Liab. - Fair Value, Non-Current

0.5

0.6

2.0

3.4

0.0

Total Long Term Debt

1,894.3

1,451.0

1,559.9

1,870.8

1,660.6

 

 

 

 

 

 

    Financial Derivatives - Hedging

-

-

-

-

2.1

    Accrued Pension Liabilities

251.4

252.6

216.0

194.6

191.4

    Deferred Income Tax Liabilities

105.9

61.7

-

-

-

    Other Long Term Liabilities

8.2

14.2

4.5

4.2

3.2

Total Liabilities

3,547.6

3,239.9

3,308.3

3,479.8

3,493.8

 

 

 

 

 

 

    Common Stock

2,021.5

2,099.3

1,913.7

1,743.1

1,763.7

    Share Premium

268.5

278.8

254.2

247.7

250.7

    Capital Surplus, Other

155.2

161.1

146.4

142.7

144.4

    Legal Reserve

1,196.5

1,086.4

904.2

821.2

683.5

    Special Reserve

815.0

887.0

864.5

1,022.1

1,074.2

    Retained Earnings

1,927.8

2,319.9

1,486.3

926.0

1,623.5

    Cumulative Translation Adjustment

87.0

1.7

105.8

127.3

88.8

    Unrealized Gain on Financial Products

1,490.3

2,105.9

1,364.1

455.5

2,051.8

    Unrealized Gain on FA Revaluation

6.0

6.2

5.6

5.5

5.6

Total Equity

7,967.7

8,946.3

7,044.9

5,491.0

7,686.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

11,515.3

12,186.2

10,353.2

8,970.8

11,180.1

 

 

 

 

 

 

    S/O-Common Stock

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

Total Common Shares Outstanding

6,120.9

6,120.9

6,120.9

6,120.9

6,120.9

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

5,925

5,570

5,519

5,562

5,463

Shareholdere Number

233,834

239,663

289,185

302,952

254,174

LT Borrowing within 1 Year

34.2

51.4

92.1

-

-

LT Borrowing within 2 Years

770.5

35.5

296.9

-

-

LT Borrowing within 3 Years

184.3

488.1

282.5

-

-

LT Borrowing within 4 Years

9.6

19.9

22.8

-

-

LT Borrowing within 5 Years

-

9.9

18.1

-

-

LT Borrowing in Remaining Years

-

-

9.1

-

-

Total Long Term Debt, Supplemental

998.5

604.8

721.5

-

-

Accumulated Benefit Obligation

238.9

232.4

191.6

189.1

200.7

Benefit Obligation

303.3

304.7

254.5

254.1

251.8

Fair Value of Plan Assets

9.3

8.1

7.4

8.6

9.3

Funded Status

-294.0

-296.6

-247.1

-245.5

-242.4

Total Funded Status

-294.0

-296.6

-247.1

-245.5

-242.4

Discount Rate

2.00%

3.00%

3.00%

3.00%

3.00%

Rate of Compensation Increase

2.50%

3.00%

3.00%

3.00%

3.00%

Expected Rate of Return on Plan Assets

2.00%

3.00%

3.00%

3.00%

3.00%

Deferred Pension Cost

-

-

-

-

10.8

Accrued Pension Liabilities

-251.4

-252.6

-216.0

-194.6

-191.4

Net Assets Recognized on Balance Sheet

-251.4

-252.6

-216.0

-194.6

-180.5

 

 

 

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

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.39004

31.497037

33.023867

31.543497

32.848802

Auditor

KPMG LLP

KPMG LLP

KPMG Peat Marwick LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

1,215.5

1,446.1

833.7

624.8

1,455.5

    Depreciation

378.9

350.8

364.8

354.7

305.4

    Amortization

34.7

30.7

28.4

22.5

14.2

    Unrealized Loss on Foreign Exchange

0.4

6.0

0.4

-5.7

-0.6

    Provision for Doubtful Accounts

-7.7

0.3

2.1

-

-

    Amortization of Corporate Bonds Payable

0.6

0.5

0.4

0.2

0.2

    Inventory Devaluation & Obsolescence

-4.9

-3.4

-63.2

-

-

    Equity Investment Gain/Loss

-361.1

-579.6

-472.8

-172.4

-767.7

    Cash Dividends from Equity Subsidiaries

435.0

404.7

120.9

650.6

431.7

    Gain/Loss on Disposal of Properties

-0.2

-6.9

3.4

-1.6

-6.0

    Other Expenses-Construction in Progress

0.1

0.0

0.1

0.0

0.0

    GL on Disposal of Idle & Rental Assets

-5.0

-1.4

0.0

-

-

    Disposal of Other Assets-Land

-

0.0

-1.2

0.0

-

    Gain/Loss on Disposal of Land Use Right

0.0

-0.4

0.0

-

-

    G/L on Sale of Investments

-

0.0

-4.6

-4.2

0.0

    Impairment on Financial Assets

76.6

0.0

0.2

-

-

    Amort. of Provisions

-

-

-

74.4

-9.8

    Deferred Tax

90.0

103.9

42.2

-89.4

43.9

    Unrealized Gain on Fin. Assets - Cost

-

-

-

-

1.0

    Impairment-Fin. Assets for Sale

-

-

-

0.0

-

    Impairment-Fin. Assets-Cost

-

-

-

0.0

0.6

    Gain on Sale of Fin. Asset-Held for Sale

-

-

-

-

0.0

    Sale of Fncl. Ast., Equity & Cost Method

-

-

-

-

-32.6

    Deferred Directors Renumeration Transfer

-0.4

-0.4

-1.8

-0.1

0.0

    Fin. Assets Revaluation at Fair Value

-

-

-

-

-5.5

    Fin. A ssets&Liabilities at Fair Value

-1.1

2.6

2.1

2.1

-

    Accounts & Notes Receivable

-

-

-

212.2

-110.5

    Notes Receivable

4.2

-15.1

2.3

-

-

    Accounts Receivable

38.4

-46.4

-65.5

-

-

    Accounts Receivable-Related Parties

-9.0

17.3

-79.4

-

-

    Other Receivables

-3.8

-3.1

-9.6

17.2

-5.2

    Other Receivables-Related Parties

0.4

1.5

-0.1

-

-

    Inventories

-177.3

-61.4

107.3

-124.6

-53.7

    Prepayment&Other Current Assets

-34.1

-21.7

45.9

-8.9

-24.8

    Other Assets

-9.0

-15.5

-6.0

-18.5

-

    Accounts Payable

13.4

-3.3

18.3

-277.4

135.1

    Accounts Payable,Related Parties

-112.0

33.2

198.7

-

-

    Accrued Expenses

5.4

18.9

14.3

-17.7

15.6

    Other Payables

-34.5

46.3

1.4

-

-

    Other Payables,Related Parties

-1.5

-2.5

-0.6

-

-

    Other Current Liabilities

-13.6

12.7

-1.5

-

-

    Other Payable & Current Liabilities

-

-

-

2.4

-57.4

    Accrued Pension Liabilities

8.4

14.5

15.8

16.8

8.7

    Deferred Credits

1.4

-

-

-

-

Cash from Operating Activities

1,528.3

1,728.9

1,096.5

1,257.5

1,337.9

 

 

 

 

 

 

    Fin. Assets Decrease - Held for Sale

-

-

-

-

0.0

    Purchase of Financial Assets for Sale

-204.2

-14.2

-23.1

0.0

-8.5

    Fin. Assets at Cost Net

-

0.0

-57.5

5.6

-

    Sale of LT Equity Investment

-

0.0

1.6

0.0

9.3

    Disposal of Fixed Assets

0.5

7.1

2.1

2.1

18.5

    Disposal of Idle Assets&Leased Assets

5.9

3.1

0.0

-

-

    Sale of Other Assets-Land

-

0.0

1.2

0.0

-

    Capital Expenditure

-123.3

-81.2

-98.2

-250.7

-487.0

    LT/Equity Investment Increase

-108.1

-62.1

-2.8

-13.9

-1.1

    Security Deposit Paid

0.0

0.6

-0.3

0.3

1.2

    Deferred Charges

-25.0

-13.0

-5.8

-19.4

-0.7

    Sale of Deferred Charges

-

-

0.0

0.0

0.0

    Technology Increase

-1.9

0.0

-0.7

0.0

-

    Sale of Land Use Right

-

-

-

0.6

0.0

    Due from Related Parties

-367.3

-106.0

7.2

7.8

55.2

    Cap.Reduction of Fin. Assets-Cost Method

-

0.0

3.1

0.0

4.4

    Cap. Return of Fin. Assets-Cost Method

0.0

0.0

1.9

0.0

0.1

Cash from Investing Activities

-823.3

-265.7

-171.4

-267.4

-408.6

 

 

 

 

 

 

    ST & Employee Borrowing, Net

-

-

-

-129.5

232.3

    Short Term Borrowings

32.4

-90.6

23.4

-

-

    Employee Borrowings

1.6

0.6

-59.6

-

-

    ST Notes, Net

-

0.0

-109.0

114.1

0.0

    Issuance of Corporate Bonds

339.3

190.0

181.2

-

-

    Repayment of Corporate Bonds

-170.1

-254.0

-269.5

-

-

    Long Term Borrowings, Net

-

-

-

-

-208.4

    Long Term Borrowings

1,031.0

174.6

15.1

-

-

    Repayment of LT Borrowings

-712.7

-507.4

-311.4

-

-

    Long Term Borrowings&Coporate Bonds

-

-

-

655.5

-

    Repay. of LT Borrowings&Corporate Bonds

-

-

-

-305.9

-

    Cash Dividend

-1,414.6

-786.2

-302.6

-1,214.4

-765.0

    Directors Remuneration&Employees Bonus

-

-

-

-5.2

-5.3

    Other Liabilities

1.7

0.4

0.2

1.1

0.0

    Accounts Payables-Related Parties

9.8

-45.2

23.9

-21.3

-107.0

Cash from Financing Activities

-881.6

-1,317.8

-808.1

-905.7

-853.4

 

 

 

 

 

 

Foreign Exchange Effects

3.6

7.0

6.4

-45.4

-31.9

Net Change in Cash

-172.9

152.4

123.4

39.0

44.0

 

 

 

 

 

 

Net Cash - Beginning Balance

441.5

259.5

124.2

91.0

43.3

Net Cash - Ending Balance

268.6

412.0

247.5

130.0

87.4

    Cash Interest Paid

45.1

42.5

64.4

63.8

68.5

    Cash Taxes Paid

118.4

48.2

21.2

34.2

77.0

 

 

 

Formosa Plastics Corporation

 

Kaohsiung, Taiwan, Tel: 886-2-27122211, URL: http://www.fpc.com.tw/

Financial Health

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

1,569.3

-18.62%

7,384.7

-3.68%

2.73%

6.92%

Research & Development1

9.9

-4.38%

38.3

37.28%

7.04%

16.01%

Operating Income1

58.2

-78.76%

787.5

-25.73%

68.26%

16.57%

Income Available to Common Excl Extraord Items1

-40.1

-

1,215.5

-21.56%

21.93%

2.80%

Basic EPS Excl Extraord Items1

-0.01

-

0.20

-21.56%

21.93%

2.80%

Capital Expenditures2

96.2

70.00%

125.1

43.83%

-22.52%

-27.73%

Cash from Operating Activities2

267.2

-55.51%

1,528.3

-17.52%

4.23%

6.01%

Free Cash Flow

169.5

-68.56%

1,362.0

-20.54%

9.10%

22.59%

Total Assets3

11,497.8

-10.73%

11,515.3

-1.87%

5.80%

2.67%

Total Liabilities3

4,331.3

-4.70%

3,547.6

13.71%

-2.02%

-1.01%

Total Long Term Debt3

1,577.8

26.27%

1,894.3

35.58%

-2.24%

-1.84%

Employees3

-

-

5925

6.37%

2.13%

1.79%

Total Common Shares Outstanding3

6,120.9

0.00%

6,120.9

0.00%

0.00%

0.00%

1-ExchangeRate: TWD to USD Average for Period

29.610205

 

29.390040

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.664318

 

29.390040

 

 

 

3-ExchangeRate: TWD to USD Period End Date

29.938308

 

30.279000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

 

Deferred Charges3

40.6

32.1

29.1

33.3

22.8

 

3-ExchangeRate: TWD to USD Period End Date

30.279000

29.156500

31.985000

32.818000

32.434500

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

16.33%

18.19%

12.68%

7.04%

14.63%

Operating Margin

10.66%

13.83%

7.63%

2.43%

9.80%

Pretax Margin

18.86%

22.90%

16.46%

9.06%

26.18%

Net Profit Margin

16.46%

20.21%

15.29%

9.85%

24.70%

Financial Strength

Current Ratio

3.50

3.30

2.27

1.70

2.54

Long Term Debt/Equity

0.24

0.16

0.22

0.34

0.22

Total Debt/Equity

0.31

0.23

0.33

0.51

0.33

Management Effectiveness

Return on Assets

10.15%

13.27%

8.80%

6.00%

14.31%

Return on Equity

14.23%

18.74%

13.58%

9.18%

21.64%

Efficiency

Receivables Turnover

6.33

8.37

8.12

8.53

7.34

Inventory Turnover

9.01

11.39

10.05

10.06

8.44

Asset Turnover

0.62

0.66

0.58

0.61

0.58

Market Valuation USD (mil)

P/E (TTM)

37.32

.

Enterprise Value2

16,818.7

Price/Sales (TTM)

2.48

.

Enterprise Value/Revenue (TTM)

2.53

Price/Book (MRQ)

2.30

.

Enterprise Value/EBITDA (TTM)

24.90

Market Cap as of 31-Aug-20121

16,490.6

.

 

 

1-ExchangeRate: TWD to USD on 31-Aug-2012

29.953859

 

 

 

2-ExchangeRate: TWD to USD on 30-Jun-2012

29.938308

 

 

 

 

 

 

Formosa Plastics Corporation

 

Kaohsiung, Taiwan, Tel: 886-2-27122211, URL: http://www.fpc.com.tw/

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

3.50

3.30

2.27

1.70

2.54

Quick/Acid Test Ratio

2.80

2.79

1.89

1.26

2.08

Working Capital1

3,219.9

3,360.2

1,938.0

991.4

2,517.7

Long Term Debt/Equity

0.24

0.16

0.22

0.34

0.22

Total Debt/Equity

0.31

0.23

0.33

0.51

0.33

Long Term Debt/Total Capital

0.18

0.13

0.17

0.23

0.16

Total Debt/Total Capital

0.24

0.19

0.25

0.34

0.25

Payout Ratio

68.53%

91.38%

88.92%

52.24%

80.17%

Effective Tax Rate

12.74%

11.75%

7.10%

-8.67%

5.68%

Total Capital1

10,439.6

10,987.6

9,389.5

8,310.8

10,210.6

 

 

 

 

 

 

Efficiency

Asset Turnover

0.62

0.66

0.58

0.61

0.58

Inventory Turnover

9.01

11.39

10.05

10.06

8.44

Days In Inventory

40.50

32.04

36.33

36.29

43.23

Receivables Turnover

6.33

8.37

8.12

8.53

7.34

Days Receivables Outstanding

57.66

43.60

44.97

42.82

49.71

Revenue/Employee2

1,209,774

1,387,425

1,020,109

1,096,661

1,092,516

Operating Income/Employee2

129,014

191,882

77,883

26,616

107,043

EBITDA/Employee2

196,770

265,856

151,454

91,806

166,277

 

 

 

 

 

 

Profitability

Gross Margin

16.33%

18.19%

12.68%

7.04%

14.63%

Operating Margin

10.66%

13.83%

7.63%

2.43%

9.80%

EBITDA Margin

16.27%

19.16%

14.85%

8.37%

15.22%

EBIT Margin

10.66%

13.83%

7.63%

2.43%

9.80%

Pretax Margin

18.86%

22.90%

16.46%

9.06%

26.18%

Net Profit Margin

16.46%

20.21%

15.29%

9.85%

24.70%

R&D Expense/Revenue

0.52%

0.36%

0.41%

0.46%

0.42%

COGS/Revenue

83.67%

81.81%

87.32%

92.96%

85.37%

SG&A Expense/Revenue

4.11%

4.00%

4.64%

4.15%

4.42%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

10.15%

13.27%

8.80%

6.00%

14.31%

Return on Equity

14.23%

18.74%

13.58%

9.18%

21.64%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.22

0.29

0.17

0.16

0.14

Operating Cash Flow/Share 2

0.24

0.31

0.18

0.20

0.22

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)

37.32

Market Cap/Equity (MRQ)

2.30

Market Cap/Revenue (TTM)

2.48

Market Cap/EBIT (TTM)

54.22

Market Cap/EBITDA (TTM)

24.42

Enterprise Value/Earnings (TTM)

38.04

Enterprise Value/Equity (MRQ)

2.35

Enterprise Value/Revenue (TTM)

2.53

Enterprise Value/EBIT (TTM)

55.27

Enterprise Value/EBITDA (TTM)

24.90

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.88.38

Euro

1

Rs.71.47

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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

 

 

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

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