MIRA
INFORM REPORT
|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN PCB TECHVEST CO., LTD. |
|
|
|
|
Registered Office : |
No.12, Industrial 2 Road, Pingjhen, 324 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.04.1998 |
|
|
|
|
Legal Form : |
Public Independent Company |
|
|
|
|
Line of Business : |
manufacture and distribution
of printed circuit boards (PCBs) |
|
|
|
|
No. of Employees : |
7,787 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
|
Source : CIA |
Company name & address
TAIWAN PCB
TECHVEST CO., LTD.
No.12, Industrial 2 Road
Pingjhen, 324
Taiwan
Tel: 886-3-4698860
Fax: 886-3-4698277
Web: www.tpt-pcb.com.tw
Synthesis
Employees: 7,787
Company Type: Public Independent
Traded:
Gre Tai Security Market:8213
Incorporation Date:
21-Apr-1998
Auditor: KPMG LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency:
Taiwanese New Dollar
Annual Sales: 568.0
1
Net Income: 22.5
Total Assets:
844.2 2
Market Value: 351.3
(28-Sep-2012)
Business Description
TAIWAN PCB TECHVEST CO., LTD. is principally engaged in the manufacture and distribution of printed circuit boards (PCBs). The Company provides double-sided PCBs and multilayer PCBs, which are applied in the manufacture of thin film transistor liquid crystal display (TFT-LCD) monitors, desktop computers, notebook computers and computer peripheral products. During the year ended December 31, 2011, the Company obtained approximately 69.19% and 30.81% of its total revenue from multilayer PCBs and double-sided PCBs, respectively. The Company distributes its products primarily in Taiwan, Mainland China, South Korea and Japan. For the six months ended 30 June 2012, TAIWAN PCB TECHVEST CO., LTD. revenues increased 41% to NT$10.7B. Net income increased from NT$223.9M to NT$660.4M. Revenues reflect Gross Sales increase of 40% to NT$10.89B, Sales Returns decrease of 59% to NT$2.7M. Net income benefited from Impairment Loss decrease from NT$57.4M (expense) to NT$0K, Miscellaneous Disbursements decrease of 70% to NT$17.2M (expense).
Industry
Industry Electronic Instruments and Controls
ANZSIC 2006: 2429 - Other
Electronic Equipment Manufacturing
NACE 2002: 3210 - Manufacture
of electronic valves and tubes and other electronic components
NAICS 2002: 334412 - Bare
Printed Circuit Board Manufacturing
UK SIC 2003: 3210 - Manufacture
of electronic valves and tubes and other electronic components
UK SIC 2007: 2611 - Manufacture
of electronic components
US SIC 1987: 3672 - Printed
Circuit Boards
Key Executives
|
Name |
Title |
|
Zhihong Chen |
General Manager |
|
Zhenmin Lin |
Finance Manager, Director |
|
Jingyao Lin |
Deputy General Manager |
|
Jack Chen |
General Manager |
|
Sean Chen |
Administration Director |
Significant Developments
|
|||||||||||||||||
|
* number of
significant developments within the last 12 months |
|
||||||||||||||||
Financial Summary
|
stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
Corporate Overview
Location
No.12, Industrial 2 Road
Pingjhen, 324
Taiwan
Tel: 886-3-4698860
Fax: 886-3-4698277
Web: www.tpt-pcb.com.tw
Quote Symbol - Exchange
8213 - Gre Tai
Security Market
Sales TWD(mil): 16,694.5
Assets TWD(mil): 25,562.9
Employees: 7,787
Fiscal Year End: 31-Dec-2011
Industry: Electronic
Instruments and Controls
Incorporation Date: 21-Apr-1998
Company Type: Public
Independent
Quoted Status: Quoted
Chairman of the Board: Zhengmin
Xu
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Financial Information
Home Page
Investor Relations
Contents
Industry Codes
Business Description
Financial Data
Market Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
NAICS 2002 Codes:
334412 - Bare Printed Circuit Board Manufacturing
US SIC 1987:
3672 - Printed Circuit Boards
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
UK SIC 2007:
2611 - Manufacture of electronic components
Business
Description
TAIWAN PCB
TECHVEST CO., LTD. is principally engaged in the manufacture and distribution
of printed circuit boards (PCBs). The Company provides double-sided PCBs and
multilayer PCBs, which are applied in the manufacture of thin film transistor
liquid crystal display (TFT-LCD) monitors, desktop computers, notebook
computers and computer peripheral products. During the year ended December 31,
2011, the Company obtained approximately 69.19% and 30.81% of its total revenue
from multilayer PCBs and double-sided PCBs, respectively. The Company
distributes its products primarily in Taiwan, Mainland China, South Korea and
Japan. For the six months ended 30 June 2012, TAIWAN PCB TECHVEST CO., LTD.
revenues increased 41% to NT$10.7B. Net income increased from NT$223.9M to
NT$660.4M. Revenues reflect Gross Sales increase of 40% to NT$10.89B, Sales
Returns decrease of 59% to NT$2.7M. Net income benefited from Impairment Loss
decrease from NT$57.4M (expense) to NT$0K, Miscellaneous Disbursements decrease
of 70% to NT$17.2M (expense).
More Business
Descriptions
· Manufacture of printed circuit boards
Printed
Circuit Boards & Electronic Components Mfr & Sales
Semiconductor
and Other Electronic Component Manufacturing
|
|||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
Executive report
|
Board of
Directors |
|
|
|
|
|||||||
|
Chairman |
Chairman |
|
|||||||
|
Chairman of the Board |
Chairman |
|
|||||||
|
||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Finance Manager, Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Director |
Director/Board Member |
|
|
||||||
|
||||||||||
|
Executives |
|
|
|
|
|||||||
|
General Manager |
Division Head Executive |
|
|||||||
|
General Manager |
Division Head Executive |
|
|||||||
|
||||||||||
|
General Manager |
Division Head Executive |
|
|
||||||
|
||||||||||
|
Administration Director |
Administration Executive |
|
|
||||||
|
Finance Manager, Director |
Finance Executive |
|
|
||||||
|
||||||||||
|
Deputy General Manager |
Other |
|
|
||||||
|
||||||||||
Significant Developments
TAIWAN PCB
TECHVEST CO., LTD. to Issue New Shares Jun 06, 2012
TAIWAN PCB TECHVEST
CO., LTD. announced that it will issue 15,000,000 shares with par value of NTD
10 per share at NTD 30.5 per share. 15% of the new shares, or 2,250,000 shares
will be offered to the Company's employees, and 1,5 million shares will be in
public offering. The remaining 11,250,000 shares will be offered to the
Company's existing shareholders, who are eligible to purchase 48.37816 shares
for every 1,000 shares they hold.
TAIWAN PCB
TECHVEST CO., LTD. Announces FY 2011 Dividend Payment Date Apr 27, 2012
TAIWAN PCB
TECHVEST CO., LTD. announced that it will pay a cash dividend of NTD 0.7 per
share, to shareholders of record on May 25, 2012. The Company's shares will
trade ex-dividend on May 17, 2012.
TAIWAN PCB
TECHVEST CO., LTD. Announces FY 2011 Dividend Payment Mar 13, 2012
TAIWAN PCB
TECHVEST CO., LTD. announced that it will pay cash dividends of NTD 162,780,057
(NTD 0.7 per share) to shareholders for fiscal year 2011.
TAIWAN PCB
TECHVEST CO., LTD. to Repurchase Shares Nov 25, 2011
TAIWAN PCB TECHVEST
CO., LTD. announced that it will repurchase 10 million shares, or 4.32% of the
Company's total shares outstanding, from November 28, 2011 to January 24, 2012,
at a price ranging from NTD 16 per share to NTD 28 per share, or up to NTD
3,321,294,438 in total.
TAIWAN PCB
TECHVEST CO., LTD. to Repurchase Shares Nov 25, 2011
TAIWAN PCB
TECHVEST CO., LTD. announced that it will repurchase 10 million shares, or
4.32% of the Company's total shares outstanding, from November 28, 2011 to
January 24, 2012, at a price ranging from NTD 16 per share to NTD 28 per share,
or up to NTD 3,321,294,438 in total.
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 |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
581.1 |
493.3 |
387.7 |
320.1 |
252.4 |
|
Sales Returns and Allowances |
-13.1 |
-11.1 |
-12.9 |
-7.7 |
-6.0 |
|
Revenue |
568.0 |
482.3 |
374.8 |
312.4 |
246.3 |
|
Total Revenue |
568.0 |
482.3 |
374.8 |
312.4 |
246.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
492.6 |
404.8 |
297.0 |
265.8 |
205.3 |
|
Cost of Revenue, Total |
492.6 |
404.8 |
297.0 |
265.8 |
205.3 |
|
Gross Profit |
75.4 |
77.5 |
77.8 |
46.6 |
41.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
47.4 |
30.6 |
30.6 |
25.0 |
16.7 |
|
Total Selling/General/Administrative Expenses |
47.4 |
30.6 |
30.6 |
25.0 |
16.7 |
|
Research & Development |
0.6 |
0.7 |
0.4 |
0.4 |
0.1 |
|
Impairment-Assets Held for Use |
2.7 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
2.7 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Total Operating Expense |
543.3 |
436.5 |
328.5 |
291.3 |
222.1 |
|
|
|
|
|
|
|
|
Operating Income |
24.7 |
45.8 |
46.4 |
21.1 |
24.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.3 |
-3.0 |
-2.7 |
-3.7 |
-1.6 |
|
Interest Expense, Net Non-Operating |
-5.3 |
-3.0 |
-2.7 |
-3.7 |
-1.6 |
|
Interest Income -
Non-Operating |
1.7 |
0.5 |
0.1 |
0.5 |
0.4 |
|
Investment Income -
Non-Operating |
4.6 |
-7.7 |
-1.5 |
4.1 |
0.6 |
|
Interest/Investment Income - Non-Operating |
6.3 |
-7.2 |
-1.4 |
4.7 |
1.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.0 |
-10.2 |
-4.1 |
1.0 |
-0.6 |
|
Gain (Loss) on Sale of Assets |
1.1 |
0.1 |
0.2 |
0.1 |
1.6 |
|
Other Non-Operating Income (Expense) |
-0.1 |
0.1 |
1.0 |
-0.8 |
-1.5 |
|
Other, Net |
-0.1 |
0.1 |
1.0 |
-0.8 |
-1.5 |
|
Income Before Tax |
26.7 |
35.8 |
43.4 |
21.3 |
23.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
3.7 |
7.7 |
6.9 |
7.3 |
6.0 |
|
Income After Tax |
23.0 |
28.1 |
36.6 |
14.0 |
17.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.6 |
-2.2 |
-7.1 |
3.0 |
0.0 |
|
Net Income Before Extraord Items |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
Net Income |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
237.4 |
225.6 |
185.7 |
177.8 |
163.2 |
|
Basic EPS Excl Extraord Items |
0.09 |
0.11 |
0.16 |
0.10 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
0.09 |
0.11 |
0.16 |
0.10 |
0.11 |
|
Diluted Net Income |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
Diluted Weighted Average Shares |
244.3 |
228.3 |
192.8 |
186.4 |
166.8 |
|
Diluted EPS Excl Extraord Items |
0.09 |
0.11 |
0.15 |
0.09 |
0.11 |
|
Diluted EPS Incl Extraord Items |
0.09 |
0.11 |
0.15 |
0.09 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.02 |
0.06 |
0.04 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
5.5 |
13.2 |
8.8 |
2.2 |
2.5 |
|
Interest Expense, Supplemental |
5.3 |
3.0 |
2.7 |
3.7 |
1.6 |
|
Interest Capitalized, Supplemental |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.4 |
|
Depreciation, Supplemental |
26.8 |
19.9 |
15.1 |
12.3 |
3.0 |
|
Total Special Items |
1.6 |
0.4 |
0.2 |
-0.1 |
-1.6 |
|
Normalized Income Before Tax |
28.3 |
36.2 |
43.7 |
21.3 |
22.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.1 |
0.0 |
0.0 |
-0.4 |
|
Inc Tax Ex Impact of Sp Items |
3.9 |
7.7 |
6.9 |
7.3 |
5.6 |
|
Normalized Income After Tax |
24.4 |
28.4 |
36.8 |
14.0 |
16.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
23.8 |
26.2 |
29.7 |
16.9 |
16.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.12 |
0.16 |
0.10 |
0.10 |
|
Diluted Normalized EPS |
0.10 |
0.11 |
0.15 |
0.09 |
0.10 |
|
Amort of Intangibles, Supplemental |
3.0 |
2.0 |
1.7 |
1.2 |
0.6 |
|
Research & Development Exp, Supplemental |
0.6 |
0.7 |
0.4 |
0.4 |
0.1 |
|
Normalized EBIT |
27.4 |
46.2 |
46.8 |
21.1 |
24.2 |
|
Normalized EBITDA |
57.2 |
68.2 |
63.6 |
34.6 |
27.8 |
|
Current Tax - Total |
3.3 |
7.7 |
7.1 |
6.2 |
6.0 |
|
Current Tax - Total |
3.3 |
7.7 |
7.1 |
6.2 |
6.0 |
|
Deferred Tax - Total |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Deferred Tax - Total |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Other Tax |
0.3 |
-0.5 |
-0.1 |
0.1 |
0.0 |
|
Income Tax - Total |
3.7 |
7.7 |
6.9 |
7.3 |
6.0 |
|
Interest Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Prior Service Cost - Domestic |
- |
- |
- |
0.0 |
- |
|
Expected Return on Assets - Domestic |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
- |
-0.1 |
0.0 |
- |
|
Other Pension, Net - Domestic |
- |
0.0 |
0.1 |
- |
- |
|
Domestic Pension Plan Expense |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Defined Contribution Expense - Domestic |
4.6 |
2.7 |
1.7 |
0.7 |
- |
|
Total Pension Expense |
4.7 |
2.8 |
1.7 |
0.8 |
0.0 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
1.00% |
2.00% |
1.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Total Plan Expected Return |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Total Plan Other Expense |
- |
0.0 |
0.1 |
- |
- |
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 |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
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 LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
203.9 |
177.7 |
78.0 |
33.7 |
30.6 |
|
Short Term Investments |
2.6 |
0.7 |
0.0 |
0.0 |
0.2 |
|
Cash and Short Term Investments |
206.5 |
178.4 |
78.0 |
33.7 |
30.8 |
|
Accounts Receivable -
Trade, Gross |
217.0 |
170.3 |
154.9 |
102.5 |
94.4 |
|
Provision for Doubtful
Accounts |
-12.6 |
-11.0 |
-14.2 |
-9.0 |
-6.0 |
|
Trade Accounts Receivable - Net |
204.4 |
159.3 |
140.6 |
93.5 |
88.4 |
|
Notes Receivable - Short Term |
1.0 |
0.5 |
0.6 |
0.6 |
1.0 |
|
Other Receivables |
7.4 |
4.3 |
6.1 |
2.3 |
0.0 |
|
Total Receivables, Net |
212.8 |
164.0 |
147.3 |
96.4 |
89.3 |
|
Inventories - Finished Goods |
16.4 |
7.8 |
6.9 |
8.3 |
3.6 |
|
Inventories - Work In Progress |
21.0 |
27.2 |
13.2 |
5.5 |
9.7 |
|
Inventories - Raw Materials |
13.8 |
8.1 |
5.8 |
3.9 |
2.0 |
|
Inventories - Other |
- |
- |
- |
- |
-2.7 |
|
Total Inventory |
51.2 |
43.1 |
25.9 |
17.7 |
12.5 |
|
Restricted Cash - Current |
- |
- |
1.1 |
21.8 |
1.2 |
|
Other Current Assets |
22.3 |
12.2 |
3.2 |
4.6 |
6.8 |
|
Other Current Assets, Total |
22.3 |
12.2 |
4.3 |
26.4 |
8.0 |
|
Total Current Assets |
492.9 |
397.8 |
255.5 |
174.2 |
140.6 |
|
|
|
|
|
|
|
|
Buildings |
86.8 |
79.2 |
50.5 |
50.7 |
22.4 |
|
Land/Improvements |
9.9 |
10.3 |
7.4 |
7.2 |
6.2 |
|
Machinery/Equipment |
323.3 |
265.6 |
153.8 |
148.6 |
55.7 |
|
Construction in
Progress |
64.5 |
27.0 |
9.0 |
6.2 |
10.5 |
|
Leases |
9.0 |
10.0 |
9.2 |
- |
0.6 |
|
Other
Property/Plant/Equipment |
2.3 |
2.4 |
2.2 |
2.2 |
0.0 |
|
Property/Plant/Equipment - Gross |
495.9 |
394.5 |
232.0 |
214.8 |
95.5 |
|
Accumulated Depreciation |
-168.9 |
-156.2 |
-66.8 |
-61.9 |
-23.8 |
|
Property/Plant/Equipment - Net |
326.9 |
238.4 |
165.2 |
152.8 |
71.7 |
|
Goodwill, Net |
12.2 |
10.6 |
- |
- |
- |
|
Intangibles, Net |
6.2 |
5.9 |
1.6 |
1.6 |
1.1 |
|
LT Investments - Other |
2.4 |
1.9 |
2.2 |
0.8 |
0.0 |
|
Long Term Investments |
2.4 |
1.9 |
2.2 |
0.8 |
0.0 |
|
Note Receivable - Long Term |
- |
- |
- |
- |
0.0 |
|
Deferred Charges |
- |
- |
- |
- |
0.5 |
|
Pension Benefits - Overfunded |
- |
- |
- |
- |
0.0 |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
3.6 |
3.8 |
2.5 |
8.3 |
0.2 |
|
Other Long Term Assets, Total |
3.6 |
3.8 |
2.5 |
8.3 |
0.7 |
|
Total Assets |
844.2 |
658.4 |
427.0 |
337.8 |
214.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
131.2 |
111.4 |
99.5 |
68.6 |
84.0 |
|
Accrued Expenses |
41.8 |
31.0 |
33.0 |
23.8 |
10.5 |
|
Notes Payable/Short Term Debt |
186.8 |
60.0 |
10.2 |
32.5 |
8.7 |
|
Current Portion - Long Term Debt/Capital Leases |
53.4 |
55.8 |
18.4 |
25.6 |
11.4 |
|
Income Taxes Payable |
1.4 |
4.8 |
3.6 |
3.0 |
5.0 |
|
Other Payables |
61.2 |
22.5 |
10.8 |
8.6 |
- |
|
Other Current Liabilities |
1.5 |
0.7 |
0.1 |
0.7 |
0.0 |
|
Other Current liabilities, Total |
64.1 |
28.0 |
14.4 |
12.3 |
5.0 |
|
Total Current Liabilities |
477.2 |
286.2 |
175.6 |
162.7 |
119.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
89.3 |
101.5 |
75.4 |
61.0 |
32.0 |
|
Total Long Term Debt |
89.3 |
101.5 |
75.4 |
61.0 |
32.0 |
|
Total Debt |
329.5 |
217.3 |
104.0 |
119.1 |
52.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.4 |
0.8 |
- |
- |
- |
|
Deferred Income Tax |
0.4 |
0.8 |
- |
- |
- |
|
Minority Interest |
63.4 |
68.7 |
28.9 |
21.5 |
0.0 |
|
Reserves |
1.6 |
1.7 |
1.5 |
1.5 |
0.0 |
|
Pension Benefits - Underfunded |
0.8 |
0.8 |
0.7 |
0.7 |
0.0 |
|
Other Long Term Liabilities |
1.0 |
0.6 |
0.4 |
0.2 |
0.0 |
|
Other Liabilities, Total |
3.4 |
3.0 |
2.6 |
2.5 |
0.0 |
|
Total Liabilities |
633.7 |
460.3 |
282.5 |
247.7 |
151.6 |
|
|
|
|
|
|
|
|
Common Stock |
78.0 |
79.5 |
60.7 |
43.0 |
32.6 |
|
Common Stock |
78.0 |
79.5 |
60.7 |
43.0 |
32.6 |
|
Additional Paid-In Capital |
52.2 |
54.1 |
25.8 |
10.9 |
5.3 |
|
Retained Earnings (Accumulated Deficit) |
74.7 |
72.0 |
56.3 |
31.6 |
23.3 |
|
Treasury Stock - Common |
-1.3 |
- |
- |
- |
- |
|
Translation Adjustment |
7.0 |
-7.5 |
1.6 |
4.6 |
1.3 |
|
Other Equity, Total |
7.0 |
-7.5 |
1.6 |
4.6 |
1.3 |
|
Total Equity |
210.5 |
198.1 |
144.5 |
90.1 |
62.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
844.2 |
658.4 |
427.0 |
337.8 |
214.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
235.7 |
237.5 |
219.1 |
182.5 |
157.1 |
|
Total Common Shares Outstanding |
235.7 |
237.5 |
219.1 |
182.5 |
157.1 |
|
Treasury Shares - Common Stock Primary Issue |
1.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
7,095 |
4,421 |
3,445 |
2,390 |
1,440 |
|
Number of Common Shareholders |
15,256 |
15,008 |
13,095 |
1,811 |
1,756 |
|
Total Long Term Debt, Supplemental |
- |
- |
18.4 |
- |
11.4 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
18.4 |
- |
11.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
- |
0.0 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
0.8 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
0.4 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
0.4 |
- |
|
Pension Obligation - Domestic |
1.3 |
2.2 |
1.8 |
1.7 |
0.0 |
|
Plan Assets - Domestic |
1.4 |
1.4 |
1.2 |
1.5 |
0.0 |
|
Funded Status - Domestic |
0.1 |
-0.8 |
-0.5 |
-0.1 |
0.0 |
|
Accumulated Obligation - Domestic |
1.1 |
2.0 |
1.5 |
1.4 |
0.0 |
|
Total Funded Status |
0.1 |
-0.8 |
-0.5 |
-0.1 |
0.0 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
1.00% |
2.00% |
1.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
0.0 |
|
Accrued Liabilities - Domestic |
-0.8 |
-0.8 |
-0.7 |
-0.7 |
0.0 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.8 |
-0.7 |
-0.7 |
0.0 |
|
Total Plan Obligations |
1.3 |
2.2 |
1.8 |
1.7 |
0.0 |
|
Total Plan Assets |
1.4 |
1.4 |
1.2 |
1.5 |
0.0 |
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
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 LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
23.0 |
28.1 |
36.6 |
14.0 |
17.7 |
|
Depreciation |
26.8 |
19.9 |
15.1 |
13.5 |
6.2 |
|
Depreciation/Depletion |
26.8 |
19.9 |
15.1 |
13.5 |
6.2 |
|
Amortization of Intangibles |
3.0 |
2.0 |
1.7 |
- |
0.6 |
|
Amortization |
3.0 |
2.0 |
1.7 |
- |
0.6 |
|
Deferred Taxes |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Unusual Items |
1.6 |
0.4 |
0.2 |
0.0 |
0.3 |
|
Equity in Net Earnings (Loss) |
- |
0.4 |
- |
- |
- |
|
Other Non-Cash Items |
4.8 |
1.2 |
3.7 |
5.4 |
6.0 |
|
Non-Cash Items |
6.3 |
2.0 |
3.9 |
5.4 |
6.3 |
|
Accounts Receivable |
-49.6 |
13.7 |
-52.8 |
22.0 |
-41.0 |
|
Inventories |
-10.5 |
-11.0 |
-6.5 |
1.4 |
0.7 |
|
Other Assets |
-11.8 |
-7.2 |
0.7 |
1.6 |
-2.0 |
|
Accounts Payable |
22.3 |
8.3 |
29.2 |
-46.6 |
24.9 |
|
Accrued Expenses |
12.2 |
-3.7 |
9.5 |
11.1 |
3.2 |
|
Taxes Payable |
-3.5 |
0.8 |
0.3 |
-1.7 |
3.7 |
|
Other Liabilities |
0.5 |
-2.7 |
1.4 |
-1.9 |
-4.8 |
|
Changes in Working Capital |
-40.4 |
-1.8 |
-18.3 |
-14.2 |
-15.3 |
|
Cash from Operating Activities |
18.8 |
50.7 |
38.8 |
19.7 |
15.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-82.2 |
-43.6 |
-20.3 |
-43.2 |
-29.1 |
|
Purchase/Acquisition of Intangibles |
- |
- |
- |
- |
0.0 |
|
Capital Expenditures |
-82.2 |
-43.6 |
-20.3 |
-43.2 |
-29.1 |
|
Acquisition of Business |
- |
-24.4 |
- |
- |
- |
|
Sale of Fixed Assets |
1.3 |
1.6 |
2.3 |
1.7 |
1.1 |
|
Sale/Maturity of Investment |
0.1 |
- |
- |
- |
0.0 |
|
Purchase of Investments |
-0.7 |
-0.2 |
-1.1 |
-0.4 |
0.0 |
|
Other Investing Cash Flow |
-2.2 |
0.1 |
19.5 |
-1.2 |
0.9 |
|
Other Investing Cash Flow Items, Total |
-1.5 |
-22.9 |
20.7 |
0.1 |
2.0 |
|
Cash from Investing Activities |
-83.7 |
-66.5 |
0.4 |
-43.1 |
-27.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-10.3 |
6.0 |
0.1 |
-2.0 |
-1.1 |
|
Financing Cash Flow Items |
-10.3 |
6.0 |
0.1 |
-2.0 |
-1.1 |
|
Cash Dividends Paid - Common |
-14.2 |
-9.3 |
-2.1 |
-2.6 |
-1.4 |
|
Total Cash Dividends Paid |
-14.2 |
-9.3 |
-2.1 |
-2.6 |
-1.4 |
|
Sale/Issuance of
Common |
0.3 |
28.0 |
22.1 |
12.7 |
0.0 |
|
Repurchase/Retirement
of Common |
-1.4 |
- |
- |
- |
- |
|
Common Stock, Net |
-1.0 |
28.0 |
22.1 |
12.7 |
0.0 |
|
Options Exercised |
- |
- |
2.4 |
0.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-1.0 |
28.0 |
24.6 |
13.5 |
0.0 |
|
Short Term Debt Issued |
- |
- |
0.9 |
0.0 |
- |
|
Short Term Debt, Net |
131.9 |
35.9 |
-23.0 |
1.1 |
3.6 |
|
Long Term Debt Issued |
70.6 |
71.1 |
52.8 |
41.3 |
22.6 |
|
Long Term Debt
Reduction |
-80.9 |
-31.1 |
-47.9 |
-33.0 |
-8.0 |
|
Long Term Debt, Net |
-10.3 |
40.1 |
4.9 |
8.4 |
14.5 |
|
Issuance (Retirement) of Debt, Net |
121.6 |
76.0 |
-18.1 |
9.5 |
18.1 |
|
Cash from Financing Activities |
96.0 |
100.7 |
4.5 |
18.4 |
15.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.6 |
0.4 |
-1.7 |
6.2 |
-1.1 |
|
Net Change in Cash |
33.8 |
85.3 |
42.0 |
1.2 |
2.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
176.3 |
79.2 |
33.5 |
33.8 |
27.3 |
|
Net Cash - Ending Balance |
210.1 |
164.5 |
75.5 |
35.1 |
30.2 |
|
Cash Interest Paid |
5.4 |
2.9 |
2.0 |
2.1 |
1.5 |
|
Cash Taxes Paid |
7.5 |
5.7 |
6.4 |
8.3 |
2.3 |
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 |
Reclassified
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
581.1 |
493.3 |
387.7 |
320.1 |
252.4 |
|
Sales Returns |
-0.5 |
-0.6 |
-0.4 |
-0.1 |
-0.1 |
|
Sales Discount |
-12.5 |
-10.5 |
-12.5 |
-7.6 |
-6.0 |
|
Total Revenue |
568.0 |
482.3 |
374.8 |
312.4 |
246.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
492.6 |
404.8 |
297.0 |
265.8 |
204.0 |
|
Inventory Devaluation & Obsolescence |
- |
- |
- |
- |
1.4 |
|
Selling Expense |
26.8 |
19.9 |
14.9 |
14.9 |
13.0 |
|
General and Administrative Expenses |
20.7 |
14.3 |
15.7 |
10.1 |
3.7 |
|
Research and Development Expenses |
0.6 |
0.7 |
0.4 |
0.4 |
0.1 |
|
Impairment Loss |
2.7 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Gain on Reversal of Bad Debt |
- |
-3.7 |
0.0 |
- |
- |
|
Total Operating Expense |
543.3 |
436.5 |
328.5 |
291.3 |
222.1 |
|
|
|
|
|
|
|
|
Interest Income |
1.7 |
0.5 |
0.1 |
0.5 |
0.4 |
|
Gain on Sale of Fixed Assets |
1.4 |
0.5 |
0.6 |
0.3 |
0.0 |
|
Gain on Foreign Exchange |
4.1 |
- |
- |
4.6 |
0.6 |
|
Rent Income |
0.7 |
0.7 |
0.6 |
0.1 |
0.1 |
|
Gain on Sale of Scrap & Waste |
- |
- |
- |
- |
1.9 |
|
Gain on Financial Assets Revaluation |
1.2 |
0.3 |
0.2 |
0.2 |
0.0 |
|
Miscellaneous Income |
1.2 |
0.4 |
1.1 |
0.3 |
0.2 |
|
Interest Expense |
-5.3 |
-3.0 |
-2.7 |
-3.7 |
-1.6 |
|
Equity Investment Loss |
- |
-0.4 |
0.0 |
- |
- |
|
Loss on Sale of Fixed Assets |
-0.3 |
-0.5 |
-0.4 |
-0.2 |
-0.3 |
|
Foreign Exchange Losses |
- |
-7.3 |
-1.7 |
0.0 |
- |
|
Loss on Compensation |
- |
- |
- |
- |
-1.1 |
|
Loss on Financial Assets Revaluation |
- |
- |
- |
-0.2 |
0.0 |
|
Fncl. Liab. Valuation Loss |
-0.6 |
-0.3 |
0.0 |
-0.4 |
0.0 |
|
Loss on Disposal of Fncl. Instruments |
- |
- |
- |
- |
0.0 |
|
Miscellaneous Disbursements |
-2.0 |
-1.0 |
-0.7 |
-1.2 |
-0.7 |
|
Net Income Before Taxes |
26.7 |
35.8 |
43.4 |
21.3 |
23.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.7 |
7.7 |
6.9 |
7.3 |
6.0 |
|
Net Income After Taxes |
23.0 |
28.1 |
36.6 |
14.0 |
17.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.6 |
-2.2 |
-7.1 |
3.0 |
0.0 |
|
Net Income Before Extra. Items |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
Net Income |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
237.4 |
225.6 |
185.7 |
177.8 |
163.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.09 |
0.11 |
0.16 |
0.10 |
0.11 |
|
Basic EPS Including ExtraOrdinary Items |
0.09 |
0.11 |
0.16 |
0.10 |
0.11 |
|
Diluted Net Income |
22.5 |
25.9 |
29.5 |
17.0 |
17.7 |
|
Diluted Weighted Average Shares |
244.3 |
228.3 |
192.8 |
186.4 |
166.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.09 |
0.11 |
0.15 |
0.09 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
0.09 |
0.11 |
0.15 |
0.09 |
0.11 |
|
DPS-Common Stock |
0.02 |
0.06 |
0.04 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
5.5 |
13.2 |
8.8 |
2.2 |
2.5 |
|
Normalized Income Before Taxes |
28.3 |
36.2 |
43.7 |
21.3 |
22.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.9 |
7.7 |
6.9 |
7.3 |
5.6 |
|
Normalized Income After Taxes |
24.4 |
28.4 |
36.8 |
14.0 |
16.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
23.8 |
26.2 |
29.7 |
16.9 |
16.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.12 |
0.16 |
0.10 |
0.10 |
|
Diluted Normalized EPS |
0.10 |
0.11 |
0.15 |
0.09 |
0.10 |
|
Interest Expense, Supplemental |
5.3 |
3.0 |
2.7 |
3.7 |
1.6 |
|
Interest Capitalized |
-0.1 |
0.0 |
0.0 |
0.0 |
-0.4 |
|
R&D Expense, Supplemental |
0.6 |
0.7 |
0.4 |
0.4 |
0.1 |
|
Depreciation - Operating Cost |
25.2 |
18.6 |
14.1 |
11.5 |
3.0 |
|
Depreciation - Operating Expense |
1.6 |
1.4 |
1.0 |
0.8 |
0.1 |
|
Amortization-Operating Cost |
2.1 |
1.6 |
1.3 |
0.8 |
0.4 |
|
Amortization-Operating Expense |
0.9 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Current Tax Payable |
3.3 |
7.7 |
7.1 |
6.2 |
6.0 |
|
Current Tax - Total |
3.3 |
7.7 |
7.1 |
6.2 |
6.0 |
|
Deferred Tax |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Deferred Tax - Total |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Others |
0.3 |
-0.5 |
-0.1 |
0.1 |
0.0 |
|
Income Tax - Total |
3.7 |
7.7 |
6.9 |
7.3 |
6.0 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Interest Cost |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Expected Return on Plan Assets |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
- |
-0.1 |
0.0 |
- |
|
Amort. of Unrecognized Prior Svc. Cost |
- |
- |
- |
0.0 |
- |
|
Amortization of Actuarial Gains/Losses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Pension |
- |
0.0 |
0.1 |
- |
- |
|
Domestic Pension Plan Expense |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Defined Contribution Expense - Domestic |
4.6 |
2.7 |
1.7 |
0.7 |
- |
|
Total Pension Expense |
4.7 |
2.8 |
1.7 |
0.8 |
0.0 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
1.00% |
2.00% |
1.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.25% |
2.25% |
2.50% |
2.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
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 LLP |
KPMG LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
203.9 |
177.7 |
78.0 |
33.7 |
30.6 |
|
Financial Assets-Fair Value,Current |
1.9 |
0.0 |
0.0 |
0.0 |
- |
|
Notes Receivable |
1.0 |
0.5 |
0.6 |
0.6 |
1.0 |
|
Accounts Receivable, Gross |
217.0 |
170.3 |
154.9 |
102.5 |
94.4 |
|
Provision for Doubtful Accounts |
-5.2 |
-5.0 |
-8.2 |
-6.3 |
-3.8 |
|
Provision for Sales Discount |
-7.3 |
-6.0 |
-6.0 |
-2.7 |
-2.1 |
|
Other Receivables - Related Parties |
- |
- |
- |
- |
0.0 |
|
Other Receivables |
7.4 |
4.3 |
6.1 |
2.3 |
- |
|
Other Financial Assets - Current |
0.7 |
0.6 |
- |
- |
0.2 |
|
Restricted Assets |
- |
- |
1.1 |
21.8 |
1.2 |
|
Finished Goods |
16.4 |
7.8 |
6.9 |
8.3 |
3.6 |
|
Work-in-Process |
21.0 |
27.2 |
13.2 |
5.5 |
9.7 |
|
Raw Materials |
- |
- |
- |
- |
1.1 |
|
Supplies |
13.8 |
- |
- |
- |
0.8 |
|
Raw Material / Supplies |
- |
8.1 |
5.8 |
3.9 |
- |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-2.7 |
|
Other Current Assets |
22.3 |
12.2 |
3.2 |
4.6 |
6.8 |
|
Total Current Assets |
492.9 |
397.8 |
255.5 |
174.2 |
140.6 |
|
|
|
|
|
|
|
|
Fncl. Asset-at Cost, Non-Current |
0.7 |
- |
0.0 |
0.0 |
0.0 |
|
Financial Assets-Fair Value,Non-Current |
0.0 |
- |
- |
- |
- |
|
Other Financial Assets - Non-Current |
1.7 |
1.9 |
2.2 |
0.8 |
- |
|
Land and Improvements |
9.9 |
10.3 |
7.4 |
7.2 |
6.2 |
|
Land Revaluation Increments |
2.3 |
2.4 |
2.2 |
2.2 |
0.0 |
|
Buildings and Structures |
86.8 |
79.2 |
50.5 |
50.7 |
22.4 |
|
Machinery and Equipment |
285.3 |
232.6 |
131.2 |
134.1 |
45.9 |
|
Transportation Equipment |
- |
- |
- |
- |
0.1 |
|
Office Equipment |
- |
- |
- |
- |
0.3 |
|
Miscellaneous Equipment |
38.0 |
33.0 |
22.7 |
14.5 |
9.4 |
|
Accumulated Depreciation |
-163.1 |
-150.0 |
-64.6 |
-60.4 |
-23.3 |
|
Accumulated Impairment |
-4.2 |
-3.9 |
-0.4 |
-1.5 |
0.0 |
|
Construction in Prog. & Prepay. Equip. |
64.5 |
27.0 |
9.0 |
6.2 |
10.5 |
|
Land Use Right |
6.2 |
5.9 |
1.6 |
1.6 |
1.1 |
|
Deferred Pension Cost |
- |
- |
- |
- |
0.0 |
|
Goodwill |
12.2 |
10.6 |
- |
- |
- |
|
Security Deposits Paid |
- |
- |
- |
- |
0.2 |
|
Deferred Charges |
- |
- |
- |
- |
0.5 |
|
Assets for Lease, Gross |
9.0 |
10.0 |
9.2 |
- |
0.6 |
|
Acc.Depreciation-Assets for Lease |
-1.7 |
-2.3 |
-1.8 |
- |
-0.5 |
|
LT Lease Receivable |
- |
- |
- |
- |
0.0 |
|
Restricted Fixed Deposits |
- |
- |
- |
- |
0.0 |
|
Other LT Assets |
- |
- |
- |
- |
0.0 |
|
Other Assets - Other |
3.6 |
3.8 |
2.5 |
8.3 |
- |
|
Total Assets |
844.2 |
658.4 |
427.0 |
337.8 |
214.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
186.3 |
57.4 |
8.3 |
32.2 |
4.6 |
|
Short Term Notes & Bills Payable |
- |
- |
0.9 |
0.0 |
- |
|
Notes Payable |
0.4 |
2.6 |
1.9 |
0.2 |
2.2 |
|
Accounts Payable |
131.2 |
111.4 |
98.6 |
68.6 |
84.0 |
|
Accounts Payable - Related Parties |
- |
- |
- |
- |
0.0 |
|
Income Taxes Payable |
1.4 |
4.8 |
3.6 |
3.0 |
5.0 |
|
Accrued Expenses |
41.8 |
31.0 |
33.0 |
23.8 |
10.5 |
|
Financial Liabilities-Fair Value,Current |
0.1 |
0.1 |
- |
- |
- |
|
Other Payables,Related Parties |
- |
- |
0.0 |
1.9 |
- |
|
Other Payables |
61.2 |
22.5 |
10.8 |
6.7 |
- |
|
Current Portion of Long Term Debt |
53.4 |
55.8 |
18.4 |
25.6 |
11.4 |
|
Other Financial Liabilities, Current |
- |
- |
- |
- |
1.9 |
|
Other Current Liabilities |
1.5 |
0.7 |
0.1 |
0.7 |
0.0 |
|
Total Current Liabilities |
477.2 |
286.2 |
175.6 |
162.7 |
119.6 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
89.3 |
101.5 |
75.4 |
61.0 |
32.0 |
|
Total Long Term Debt |
89.3 |
101.5 |
75.4 |
61.0 |
32.0 |
|
|
|
|
|
|
|
|
Land Revaluation Incre. Tax Reserve |
1.6 |
1.7 |
1.5 |
1.5 |
0.0 |
|
Accrued Pension Liabilities |
0.8 |
0.8 |
0.7 |
0.7 |
0.0 |
|
Secruity Deposit Received, Non-Current |
1.0 |
0.6 |
0.4 |
0.2 |
0.0 |
|
Deferred Income Tax Liabilities |
0.4 |
0.8 |
- |
- |
- |
|
Minority Interest |
63.4 |
68.7 |
28.9 |
21.5 |
0.0 |
|
Total Liabilities |
633.7 |
460.3 |
282.5 |
247.7 |
151.6 |
|
|
|
|
|
|
|
|
Common Stock |
78.0 |
79.5 |
60.7 |
43.0 |
32.6 |
|
Share Premium |
50.9 |
52.9 |
25.8 |
10.8 |
5.3 |
|
Capital Surplus, Long-term Investments |
1.0 |
1.0 |
- |
- |
- |
|
Employee Stock Option |
- |
0.1 |
0.0 |
0.1 |
0.0 |
|
Capital Surplus, Other |
0.2 |
0.1 |
- |
- |
- |
|
Cap. Surplus, Treasury Stock Transaction |
0.1 |
- |
- |
- |
- |
|
Legal Reserve |
11.7 |
9.3 |
5.4 |
3.7 |
1.9 |
|
Special Reserve |
7.2 |
0.0 |
- |
- |
0.0 |
|
Retained Earnings |
55.8 |
62.7 |
50.9 |
28.0 |
21.4 |
|
Treasury Stock |
-1.3 |
- |
- |
- |
- |
|
Cumulative Translation Adjustment |
7.0 |
-7.5 |
1.6 |
4.6 |
1.3 |
|
Total Equity |
210.5 |
198.1 |
144.5 |
90.1 |
62.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
844.2 |
658.4 |
427.0 |
337.8 |
214.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
235.7 |
237.5 |
219.1 |
182.5 |
157.1 |
|
Total Common Shares Outstanding |
235.7 |
237.5 |
219.1 |
182.5 |
157.1 |
|
T/S-Common Stock |
1.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
7,095 |
4,421 |
3,445 |
2,390 |
1,440 |
|
Number of Common Shareholders |
15,256 |
15,008 |
13,095 |
1,811 |
1,756 |
|
Current maturities |
- |
- |
18.4 |
- |
11.4 |
|
Total Long Term Debt, Supplemental |
- |
- |
18.4 |
- |
11.4 |
|
Operating Lease Due Within 1 Year |
- |
- |
- |
0.4 |
- |
|
Operating Lease Due, Remaining |
- |
- |
- |
0.4 |
- |
|
Total Operating Leases |
- |
- |
- |
0.8 |
- |
|
Projected Benefit Obligation |
1.3 |
2.2 |
1.8 |
1.7 |
0.0 |
|
Fair Value of Plan Assets |
1.4 |
1.4 |
1.2 |
1.5 |
0.0 |
|
Funded Status |
0.1 |
-0.8 |
-0.5 |
-0.1 |
0.0 |
|
Accumulated Benefit Obligation |
1.1 |
2.0 |
1.5 |
1.4 |
0.0 |
|
Total Funded Status |
0.1 |
-0.8 |
-0.5 |
-0.1 |
0.0 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
1.00% |
2.00% |
1.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.25% |
2.25% |
2.50% |
2.50% |
|
Deferred Pension Cost |
- |
- |
- |
- |
0.0 |
|
Accrued Pension Liabilities |
-0.8 |
-0.8 |
-0.7 |
-0.7 |
0.0 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-0.8 |
-0.7 |
-0.7 |
0.0 |
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
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 LLP |
KPMG LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
23.0 |
28.1 |
36.6 |
14.0 |
17.7 |
|
Depreciation |
26.8 |
19.9 |
15.1 |
13.5 |
6.2 |
|
Amortization |
3.0 |
2.0 |
1.7 |
- |
0.6 |
|
Provision of Bad Debts |
0.3 |
-3.7 |
1.9 |
2.2 |
2.8 |
|
Other Losses-Dep. of Other Assets |
0.1 |
0.1 |
0.2 |
0.1 |
0.0 |
|
Equity Investment Gain/Loss |
- |
0.4 |
- |
- |
- |
|
Provision Sales Returns & Allowances |
1.6 |
-0.6 |
2.9 |
0.6 |
1.7 |
|
Impairment Losses |
2.7 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Inventory Devaluation & Obsolescence |
2.8 |
4.7 |
-1.3 |
2.5 |
1.4 |
|
Gain on Sale of Equity Investments |
- |
- |
- |
- |
0.0 |
|
G/L on Disposal&Write-off of Properties |
-1.1 |
-0.1 |
-0.2 |
0.0 |
0.3 |
|
Loss on Revaluation of Fin. Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
0.0 |
0.4 |
-0.2 |
1.0 |
0.0 |
|
Employee Options Cost |
- |
0.7 |
0.0 |
0.0 |
0.0 |
|
Other Items |
- |
- |
0.0 |
0.0 |
0.0 |
|
Financial Assets-Fair Value |
-1.9 |
0.0 |
- |
- |
- |
|
Notes Receivable |
-0.4 |
0.5 |
-0.1 |
0.6 |
-0.6 |
|
Accounts Receivable |
-46.7 |
3.9 |
-50.7 |
22.5 |
-40.4 |
|
Other Financial Assets |
- |
- |
- |
- |
0.3 |
|
Inventories |
-10.5 |
-11.0 |
-6.5 |
1.4 |
0.7 |
|
Other Receivables |
-2.4 |
9.3 |
-2.1 |
-1.1 |
- |
|
Other Current Assets |
-9.9 |
-7.2 |
0.7 |
1.6 |
-2.3 |
|
Financial Liability, Fair Value |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Notes Payable |
-0.8 |
-4.2 |
1.7 |
-2.1 |
-4.4 |
|
Accounts Payable |
17.2 |
-1.5 |
26.2 |
-16.9 |
24.9 |
|
Accrued Expenses |
12.2 |
-3.7 |
9.5 |
11.1 |
3.2 |
|
Other Fin. Assets, Current |
- |
- |
- |
- |
0.0 |
|
Tax Payable |
-3.5 |
0.8 |
0.3 |
-1.7 |
3.7 |
|
Other Payables |
5.2 |
9.7 |
3.1 |
-29.7 |
- |
|
Other Current Liabilities |
0.8 |
1.6 |
-0.3 |
0.2 |
-0.5 |
|
Accrued Pension Liabilities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Operating Liabilities |
0.5 |
-0.1 |
- |
- |
- |
|
Cash from Operating Activities |
18.8 |
50.7 |
38.8 |
19.7 |
15.5 |
|
|
|
|
|
|
|
|
Restricted Assets |
-0.1 |
2.2 |
20.6 |
2.4 |
1.7 |
|
Gain on Sale of LT Equity Investments |
- |
- |
- |
- |
0.0 |
|
Purchase of Financial Assets-Cost Method |
-0.7 |
- |
- |
- |
0.0 |
|
Capital Expenditure |
-82.2 |
-43.6 |
-20.3 |
-43.2 |
-29.1 |
|
Disposal of Fixed Assets |
- |
- |
- |
- |
1.1 |
|
Gain on Sale of Other Assets |
- |
- |
- |
- |
0.0 |
|
Other Financial Assets, Increase |
- |
-0.2 |
-1.1 |
-0.4 |
0.0 |
|
Other Fin. Assets Decrease, Non-current |
0.1 |
- |
- |
- |
- |
|
Purchase Of Subsidiaries |
- |
- |
0.0 |
-1.6 |
- |
|
Disposal of Fixed Assets |
1.3 |
1.6 |
2.3 |
1.7 |
- |
|
Other Assets, Increase |
-2.1 |
-2.0 |
-1.1 |
-2.1 |
- |
|
Security Deposit Paid |
- |
- |
- |
- |
0.0 |
|
Intangible Assets |
- |
- |
- |
- |
0.0 |
|
Deferred Charges |
- |
- |
- |
- |
-0.7 |
|
Purchase of Subsidiaries |
- |
-24.4 |
- |
- |
- |
|
Cash from Investing Activities |
-83.7 |
-66.5 |
0.4 |
-43.1 |
-27.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
131.9 |
36.9 |
-23.9 |
1.1 |
3.6 |
|
Short Term Notes Increase |
- |
- |
0.9 |
0.0 |
- |
|
Short Term Notes, Net |
0.0 |
-1.0 |
- |
- |
- |
|
Long Term Borrowings, Increase |
70.6 |
71.1 |
52.8 |
41.3 |
22.6 |
|
Long Term Borrowings, Decrease |
-80.9 |
-31.1 |
-47.9 |
-33.0 |
-8.0 |
|
Other Receivables - Related Parties |
- |
- |
- |
- |
0.0 |
|
Security Deposit Received |
- |
- |
0.1 |
0.0 |
0.0 |
|
Cash Capital |
0.0 |
28.0 |
22.1 |
12.7 |
0.0 |
|
Employees Bonus |
- |
- |
0.0 |
-0.8 |
-0.8 |
|
Directors Remuneration |
- |
- |
0.0 |
-0.5 |
-0.3 |
|
Cash Dividend - Common Stock |
-14.2 |
-9.3 |
-2.1 |
-2.6 |
-1.4 |
|
Employee Option Exercised |
- |
- |
2.4 |
0.8 |
0.0 |
|
Purchase of Treasury Shares |
-1.4 |
- |
- |
- |
- |
|
Treasury Stock Transferred to Employees |
0.3 |
- |
- |
- |
- |
|
Minority Interest |
-10.3 |
6.0 |
0.0 |
-0.7 |
0.0 |
|
Cash from Financing Activities |
96.0 |
100.7 |
4.5 |
18.4 |
15.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.6 |
0.4 |
-1.7 |
6.2 |
-1.1 |
|
Net Change in Cash |
33.8 |
85.3 |
42.0 |
1.2 |
2.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
176.3 |
79.2 |
33.5 |
33.8 |
27.3 |
|
Net Cash - Ending Balance |
210.1 |
164.5 |
75.5 |
35.1 |
30.2 |
|
Cash Interest Paid |
5.4 |
2.9 |
2.0 |
2.1 |
1.5 |
|
Cash Taxes Paid |
7.5 |
5.7 |
6.4 |
8.3 |
2.3 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.