MIRA INFORM
REPORT
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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
NAN YA PLASTICS CORPORATION |
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Registered Office : |
No.201, Tung
Hwa North Road, Songshan District, Taipei, 105 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.08.1958 |
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Legal Form : |
Public
Subsidiary Company |
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Line of Business : |
manufacturer and sale of Plastic Products ·
Adhesive
plasters ·
Polyurethane
(pu) leathers ·
Polypropylene
(pp) rubber fabrics ·
Polyvinyl
chloride (pvc) Plastic Pellets
Plastic Doors windows Fiber Products ·
Glycol ·
Butylenes
Glycol ·
Bisphenol
A ·
Toluene
Diisocyanate ·
Plasticizers Electronic Materials ·
Copper-Clad
Laminates, ·
Epoxy
Resins ·
Glass
Fabrics ·
Liquid
Crystal Displays (Lcds) ·
Copper
Foils |
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No. of Employees : |
34,224 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Taiwan -
ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. 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 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, 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 except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. 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 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook 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. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
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Source : CIA |
Company name & address
Nan Ya Plastics
Corporation
No.201
Tung Hwa North
Road, Songshan District
Taipei, 105, Taiwan
Tel: 886-2-7122211
Fax: 886-2-7178533
Web: www.npc.com.tw
Synthesis
Employees: 34,224
Company Type: Public Subsidiary
Corporate Family: 35 Companies
Ultimate Parent: Formosa
Plastics Corporation
Traded: Taiwan
Stock Exchange: 1303
Incorporation
Date: 22-Aug-1958
Auditor: KPMG
LLP
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Taiwanese New Dollar
Annual Sales: 10,166.0 1
Net Income: 142.5
Total Assets: 15,566.5 2
Market Value: 14,994.0
(23-Aug-2013)
Business
Description
Nan Ya Plastics
Corporation is principally engaged in the manufacture and sale of plastic
products, fiber products, and electronic materials. Its plastic products
include adhesive plasters, polyurethane (PU) leathers, polypropylene (PP)
rubber fabrics, polyvinyl chloride (PVC) plastic pellets plastic doors and
windows, among others. Its electronic material products include copper-clad
laminates, epoxy resins, glass fabrics, liquid crystal displays (LCDs) and
copper foils, among others. Its plastic raw material products includes glycol,
butylenes glycol, bisphenol A, toluene diisocyanate, plasticizers and others,
Its fiber products include glycol, butylenes glycol, bisphenol A, toluene
diisocyanate, plasticizers and others. In addition, it is involved in the
provision of electromechanical engineering services. For the six months ended
30 June 2013, Nan Ya Plastics Corporation revenues decreased 3% to NT$148.3B.
Net income totaled NT$10.81B vs. loss of NT$1.75B. Revenues reflect Electriacal
Equipment segment decrease of 15% to NT$38.16B, Plastics Products segment
decrease of 1% to NT$24.22B. Net Income reflects Gain/Loss on Equity Investment
increase from NT$7.49B (expense) to NT$4.51B (income).
Industry
Industry
Basic Chemical Manufacturing
ANZSIC 2006: 1812 - Basic Organic Chemical Manufacturing
ISIC Rev 4: 2011 - Manufacture of basic chemicals
NACE Rev 2: 2014 - Manufacture of other organic basic
chemicals
NAICS 2012: 325199 - All Other Basic Organic Chemical
Manufacturing
UK SIC 2007: 2014 - Manufacture of other organic basic
chemicals
US SIC 1987: 2869 - Industrial Organic Chemicals, Not
Elsewhere Classified
Key
Executives
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Name |
Title |
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Mingzhong Ye |
Head of Finance |
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Chi-Kang Wang |
Executive Director |
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Chia-Chau Wu |
President and General Manager |
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Cheng-Chung Lee |
Vice President Electronic Materials
Division |
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Tung-Fa Chang |
Vice President Engineering & Construction Division |
Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet
Item Exchange Rate: USD 1 = TWD 29.012
Corporate
Overview
Location
No.201
Tung Hwa North
Road, Songshan District
Taipei, 105
Taiwan
Tel: 886-2-7122211
Fax: 886-2-7178533
Web: www.npc.com.tw
Quote Symbol - Exchange
1303 - Taiwan Stock Exchange
Sales TWD(mil): 300,706.9
Assets TWD(mil): 451,616.1
Employees: 34,224
Fiscal Year End: 31-Dec-2012
Industry: Chemical Manufacturing
Incorporation Date: 22-Aug-1958
Company Type: Public Subsidiary
Quoted Status: Quoted
Executive
Director: Chi-Kang Wang
Industry
Codes
ANZSIC 2006
Codes:
1812 - Basic
Organic Chemical Manufacturing
1919 - Other
Polymer Product Manufacturing
2439 - Other Electrical Equipment
Manufacturing
6923 - Engineering Design and Engineering
Consulting Services
1821 - Synthetic Resin and Synthetic Rubber
Manufacturing
1829 - Other Basic Polymer Manufacturing
ISIC Rev 4 Codes:
2011 - Manufacture of basic chemicals
2220 - Manufacture of plastics products
2790 - Manufacture of other electrical
equipment
2030 - Manufacture of man-made fibres
2013 - Manufacture of plastics and synthetic
rubber in primary forms
7110 - Architectural and engineering
activities and related technical consultancy
NACE Rev 2 Codes:
2014 - Manufacture of other organic basic
chemicals
2229 - Manufacture of other plastic products
2790 - Manufacture of other electrical
equipment
2060 - Manufacture of man-made fibres
2017 - Manufacture of synthetic rubber in
primary forms
2016 - Manufacture of plastics in primary
forms
7112 - Engineering activities and related
technical consultancy
NAICS 2012 Codes:
325199 - All Other Basic Organic Chemical
Manufacturing
326199 - All Other Plastics Product
Manufacturing
335999 - All Other Miscellaneous Electrical
Equipment and Component Manufacturing
325220 - Artificial and Synthetic Fibers and
Filaments Manufacturing
325212 - Synthetic Rubber Manufacturing
325211 - Plastics Material and Resin
Manufacturing
541330 - Engineering Services
US SIC 1987:
2869 - Industrial Organic Chemicals, Not
Elsewhere Classified
2823 - Cellulosic Manmade Fibers
8711 - Engineering Services
2822 - Synthetic Rubber (Vulcanizable
Elastomers)
2824 - Manmade Organic Fibers, Except
Cellulosic
3699 - Electrical Machinery, Equipment, and
Supplies, Not Elsewhere Classified
3089 - Plastics Products, Not Elsewhere
Classified
2821 - Plastics Materials, Synthetic Resins,
and Nonvulcanizable Elastomers
UK SIC 2007:
2014 - Manufacture of other organic basic chemicals
2229 - Manufacture of other plastic products
2790 - Manufacture of other electrical
equipment
2060 - Manufacture of man-made fibres
2017 - Manufacture of synthetic rubber in
primary forms
2016 - Manufacture of plastics in primary
forms
71129 - Other engineering activities (not
including engineering design for industrial process and production or
engineering related scientific and technical consulting activities)
Business
Description
Nan Ya Plastics Corporation is principally engaged
in the manufacture and sale of plastic products, fiber products, and electronic
materials. Its plastic products include adhesive plasters, polyurethane (PU)
leathers, polypropylene (PP) rubber fabrics, polyvinyl chloride (PVC) plastic
pellets plastic doors and windows, among others. Its electronic material
products include copper-clad laminates, epoxy resins, glass fabrics, liquid
crystal displays (LCDs) and copper foils, among others. Its plastic raw
material products includes glycol, butylenes glycol, bisphenol A, toluene
diisocyanate, plasticizers and others, Its fiber products include glycol,
butylenes glycol, bisphenol A, toluene diisocyanate, plasticizers and others.
In addition, it is involved in the provision of electromechanical engineering
services. For the six months ended 30 June 2013, Nan Ya Plastics Corporation
revenues decreased 3% to NT$148.3B. Net income totaled NT$10.81B vs. loss of
NT$1.75B. Revenues reflect Electriacal Equipment segment decrease of 15% to
NT$38.16B, Plastics Products segment decrease of 1% to NT$24.22B. Net Income
reflects Gain/Loss on Equity Investment increase from NT$7.49B (expense) to
NT$4.51B (income).
More
Business Descriptions
Manufacture of plastic products, polyester yarn,
chemical products and printed circuit boards
Hard & Soft
Plastic Sheets; Processed Plastic Products, Synthetic Fibers & Processed
Chemical Products Supplier
Nan Ya Plastics
Corporation (Nan Ya) manufactures plastics and related products. The company,
along with its subsidiaries, produces and distributes a wide range of products
including secondary plastic products, plastic materials, electronics materials,
polyesters, dyed and finished textiles and engineering. Geographically, the
company operates in three regions, namely, China, Indonesia and the US. The
company operates its business in six divisions, namely Electronic Materials,
Petrochemicals, Plastics, Polyseter Fiber, Engineering and Switchggear. Through
Electronic Materials division, the company produces copper foil, epoxy resin,
glass fabric, color filter, copper clad laminates, LCD (liquid crystal
display). The product portfolio includes copper foil; epoxy resins; glass
fabric; color filter; copper clad laminates; and LCD. It provides products in
adherence to quality standards of SPC/ SQC, Taguchi method, QCC, Q-10
processing inspection and establish administration system. All of the
electronic material divisions manufacturing facilities are ISO 9000 certified.
The division has a technical research team to fully support the industry's need
and professional personnel to provide rapid and comprehensive after sale
services. The Petrochemicals division of the company is further divided into
three divisions, Petrochemical division 1, Petrochemical division 2, and
Petrochemical division 3. The Petrochemical 1st division has five plants,
namely, Plasticizers, Phthalic Anhydride, 2-EthylHexyl Alcohol, Iso-nonyl
alcohol, and Anti-oxidants, all located in Mailiao Formosa Industrial Complex.
The division produces various plasticizers, non- phthalate plasticizers, curing
agent, phthalic anhydride, 2-EthylHexyl alcohol, isobutyl alcohol, isononyl
alcohol. The Petrochemical 2nd division offers six major products, namely, BPA
(bisphenol A), 1,4BG (1,4 butylene glycol), THF (tetra hydro furan), H2O2
(hydro peroxide) and ESO (epoxidized soybean oil) and Stabilizers. The Plastics
division is classified into three divisions, namely, Plastic 1st division,
Plastic 2 nd division and Plastic 3rd division. The Plastic 1st division
consist of products such as PU leather, leathers, sheeting, PVC rigit film and
sheet, Pp synthetic paper sheet, A- PET film sheet and Metalized PVC/PET
film.The Plastics 3rd division products include packaging materials,
construction materials, compounds, decorative materials, NAN YA PEPA and plastic
pallet. The Polyester Fiber division is full process manufacturer of polyester
filament and staple fiber. The division consists of managing department for
consulting, sales department for selling. It has nine manufacturing factories
and one utility department. The manufacturing facilities are located in three
different sites, including Lin-kou site with two factories; Kon-san site with
five factories and two factories in Shu Lin site. The product portfolio of the
division, includes polyester staple fiber, polyester chip, polyester solid
state PET chip, polyester partially oriented yarn (POY), polyester fully
ooriented yarn (FOY), polyester spin drawn yarn (SDY), polyester industrial
yarn, polyester draw textured yarn (DTY), polyester dyed textured yarn,
polyester film, knitted and woven fabric, dry film, liquid resist and release
film. Through its Engineering division, the company is involved in the planning
of factory and production line. It also designs and manufactures main
production machine and associated equipment such as roll, mold, and automatic
storage/retrieval system. The Engineering division also supports expansion
activities and projects of Nan Ya Co. in Taiwan; and companies invested by Nan
Ya in Americas, Indonesia, and Chinese mainland. It has over forty
manufacturing plants, which includes PVC sheet film and leather plant, wet/dry
PU leather plant, injection/extrusion product plant, PVC/ABS pipe plant, PVC
door and window plant, switch gear penal plant, fiber and textile plant,
chemical product plant and electronic materials plant. The Switchggear division
of the company provides products such as cubical gas insulated switchgear,
metal clad VCB switchgear NVBS, double deck type GCB & VCB switchgear, 600v
low voltage distributive panel, 600v motor control center panel, epoxy resin by
embedded glass fiber transformer, VD4 vaccum circuit breaker, 3.6/7.2 NVCS
vaccum contractor, epoxy molded type current transformer, epoxy molded type
potential transformer and gas disconnector switchgear. Nan Ya is a member of
Formosa Plastics Group. Other members of Formosa include Nan Ya Technology
Corporation; Inotera Memories Incorporation; Nan Ya Printed Circuit Board Corp;
Nan Ya Plastics Corporation, America; and Nan Ya Photonics Inc. The company
operates research and development centers along with manufacturing sites for
all of its division. Its key activities at the R&D center include
development of environmental chemicals, process improvement, specialty
chemicals and polymers, electronics related materials, opto-electronic
materials, and testing and calibration. It has 10 manufacturing plants in
Taiwan. The company's manufacturing sites include EG-4 Plant, BPA Plant, EPOXY
Plant, Nan Ya PCB Corporation III Plant, Nan Ya Technology Corporation III
Plant, EG-1, B2 Plants and so on. In June 2013, the company intends to invest
TWD2,999.75m in Taiwan-based plastic resource company, and will hold 25% stake
in the company. In May 2013, the company completed purchase of 6.99% stake in
Inotera Memories Inc, of which 422,387,000 shares were acquired for purchase
price of TWD9.47 per share.
Nan Ya Plastics
Corporation (Nan Ya) is a secondary plastics manufacturer. The company offers
its product under four category, namely, plastics processing, plastic
materials, electronics materials and polyester product. It is also involved in
the manufacturer of polyester fibers and copper clad laminates of the
electronic materials Nan Ya manages research and development activities in
concentration to process improvement, environmental chemicals, opto-electronic
materials, testing and calibration electronics related materials, specialty
chemicals and polymers. It also provides electromechanical engineering
services. The company has operations spread in the markets of China, Indonesia,
and the US. Nan Ya is headquartered in Taipei, Taiwan. The company surpasses
its competitors in terms of production capacity for manufacture of secondary
plastics. Its investment focuses upon to expand business portfolio through
organic and inorganic growth prospects. It focuses to enhance productivity
through automation, personnel training and management programs.The company
reported revenues of (Taiwanese Dollars) TWD 300,706.89 million during the
fiscal year ended December 2012, a decrease of 9.15% from 2011. The operating
profit of the company was TWD 12,205.97 million during the fiscal year 2012, a
decrease of 63.43% from 2011. The net profit of the company was TWD 4,216.03
million during the fiscal year 2012, a decrease of 81.78% from 2011.
Nan Ya Plastics
Corporation was established in 1983. In 1984, the company began rigid permanent
virtual circuit film production in Wharton, Texas. Its transparent nature or
bright colors, high tensile strength, chemical resistance and easy processing
characterize rigid PVC film. It can be applied in products that are required to
resist static electricity, ultraviolet rays and impact, or it can be specially
formulated with nontoxic ingredients. Nan Ya Plastic's products include
material for a variety of products, such as molded packaging, artificial trees,
printing and lamination, fruit trays, spiral binders and stationery. Long-term
growth in Nan Ya Plastic's facility is realized by the combined efforts of the
company's distributors and customers, continuous improvement of production
efficiencies, and its dedication to improve product quality. The company
continues in its vision to be one of the major suppliers in the rigid film
market in North America. Nan Ya Plastics Corporation has a location in Taipei,
Taiwan.
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Auditor: |
KPMG LLP |
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Auditor: |
KPMG, KPMG LLP |
Strategic
Initiatives
Sales and Distribution
With increasing DRAM market share, Nanya Technology
not only secure its standard DRAM market position, and also grabbed more market
share in the vale-added DRAM market segments. These segments include Server
DRAM market, Digital Consumer DRAM market and Mobile RAM market. Nanya
Technology integrates its recourses in R&D, manufacturing and sales/marketing
to launch this diversification into value-added market strategy. Carrying these
customer-focused value-added product lines are expected to contribute over 30
percent sales revenue in 2011 and continuously to grow for a potential of 50
percent sales revenue in 2012. Higher margin and more stable customer
relationship are the major incentives to Nanya Technology in this areas.
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Helpful |
Harmful |
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Internal Origin |
Strengths ·
Overseas
Investment Portfolio |
Weaknesses |
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External Origin |
Opportunities ·
Positive
Outlook of Petrochemical Industry |
Threats ·
Raw
Material Procurement Risks |
Overview
Nan Ya Plastics
Corporation (Nan Ya) has a strong market position, with ranking among the
largest downstream manufacturers of plastics and producers of polyester fibers.
The collaborations made by the company for research and development of new
products would drive its growth and innovation. Declined operational
performance and fines imposed are cause of concern for the company to look
upon. Nevertheless, it can utilize opportunity arising from growth trends in
petrochemicals market and potential opportunities in the Middle East market.
However, it faces threat from stringent regulations and raw material cost which
could affect the overall financial performance of the company.
Strengths
Overseas Investment Portfolio
The company has
business activities spread across other countries, as part of investment
approach. In China, it operates 21 entities involved in the production of
flexible PVC sheeting, PVC leather, PVC pipe, PVC compound, rigid PVC film
& sheet, metallized PVC film, PU leather, Switchgear, High decorative
material, PVC fitting, engineering plastics, UP resin, copper clad laminates,
printed circuit board, copper foil, glass fabrics, epoxy resin and glass fiber,
among others. In Indonesia, it operates one facility to manufacture flexible
PVC sheeting and PVC leather. Besides, in the US, it operates four facilities
to manufacture polyester fiber, flexible PVC film, ethylene glycol and rigid
PVC film. Operations in major growth markets will allow the company to tap
emerging oopportunities and
grow into a global player.
Comprehensive Product Portfolio
The company’s
comprehensive and diverse product portfolio eliminates the risk of losing
revenues in case of reduction in demand from any particular market. Nan Ya’s
products are categorized under four units focused on diverse product lines.
They include plastic products, electronic material, petrochemical products and
fiber products. The plastic products of the company include leather products
and sheeting products such as nylon leathers, sponge leathers, coralon, coating
products, flocking products, sponge sheet, printed PVC sheeting, Master Batch,
PVC rigit film and sheet, PP synthetic paper and sheet, A-PET film and sheet,
metallized PVC / PET film and PU leather. Its plastic products also include
packing materials, construction materials, decorative materials and plastic pallet.
Through its electronic materials division, the company offers copper clad
laminates, epoxy resin, liquid crystal display, copper foil and glass fabrics.
The polyester fiber products offered by the company include polyester staple
fiber, polyester chip, polyester partially oriented yarn, polyester fully
oriented yarn, polyester spin drawn yarn, polyester draw textured yarn,
polyester dyed textured yarn, dry film, liquid resist, polyester staple fiber,
knitted fabric, polyester film and liquid gas. The engineering sub division of
polyester products offer printing roll and embossing roll, injection mold,
extrusion mold, and IC package mold, machinery part, logistics and material
handling system. Nan Ya through its petrochemical product division offers plasticizers,
raw chemicals and specialty chemicals. The comprehensive product portfolio
helps the company cater to a diversified customer base and increase its sales.
Sturdy Research and Development Activities
The company has
strong focus on research and development activities to develop and introduce
new products which provide additional features and functionality to the
company. It undertakes operations through advanced and fully equipped Research
and Development Center. Its R&D division is comprised of various
departments such as department of environmental chemicals, department of
specialty chemicals and polymers, department of electronics related materials,
department of opto-electronic materials, department of testing and calibration
and department of process improvement. It also includes department of
instrument analysis and administration. The company’s R&D is employed for
polyester products for electronic procedures, specialty chemicals (dispersion
PU for leather, non-phthalate plasticizer), and nano composites material (Stain
-resistance PVC sheet, Water and oil repellent for fabric). The company’s
electronic products in development include Halogen, Free Materials, Specialty
Materials and thin core. Nan Ya nurtures new growth platforms through its R&D
activities to deliver sustainable growth for the future years.
Weaknesses
Fines Imposed
The company
involves in the manufacture of plastics and related products. Its operational
activities are confined to fines and claims in pursuant to violation of environmental
acts and policies. In November 2012, the company faced a fine of TWD1.2m from
Environmental Protection Administration Executive Yuan, R.O.C (Taiwan), due to
violation of Environmental Impact Assessment Act. Besides, in July 2012, it
faced a fine of TWD300,000 by Yunlin County Government, due to violation of Air
Pollution Control Act. Involvement in fines and claims in adherence to
environmental acts and policies may hamper its license validity for
manufacturing of products, as well as increase operational expenses.
Declined Operational Performance
The company
recorded decline in its financial performance in the fiscal year 2012. It
recorded revenue of TWD300,706.89m during the fiscal year 2012, a decrease of
9.2% over the fiscal year 2011. The operating income of the company was
TWD12,205.97m during the fiscal year 2012, a decrease of 63.4% over the fiscal
year 2011. Operating margins declined due to difficult trading conditions, in
domestic and overseas market. For March-April 2013, it recorded 16% decline in
product sales year-on-year compared to March–April 2012. Such decline in the
operational performance could have negative effect on the company's growth and
expansion plans. Besides, the company’s deteriorating profitability ratios
indicate that it has been underperforming and is not in a position to deliver
value as expected by its shareholders. In 2012, the company recorded
considerable decline in its various profitability indicators. The company's
operating margin was 4.06% during fiscal year 2012 as compared to 10.08% in
2011. Its return on capital employed, return on assets and return on working
capital were 3.19%, 0.93% and 9.46% in 2012, compared to 8.18%, 4.92% and
22.43% respectively, in 2011. Such a decline in financial performance could
have a negative effect on the company's growth and expansion plans.
Opportunities
Positive Outlook of Petrochemical Industry
Nan Ya could be
benefited from the potential global petrochemicals market. According to the
in-house research reports, the global petrochemicals industry was valued at
$733.4 billion, and it is expected to grow at a rate of 8.8% to reach $1699
billion by 2020. Global market for polyethylene is expected to reach $186
billion in 2020. In addition, total world market for polypropylene is expected
to grow at a rate of 8.4% during 2010-2020 to reach $109.1 billion. Such growth
in petrochemical sector is expected to be driven by Asia Pacific, and Middle
East and Africa regions. Petrochemicals demand in Middle East and Africa is expected
to grow at a rate of 11.2% from 2010 through 2012. Asia Pacific’s
petrochemicals market is expected to register CAGR of 10.2% during 2010-2020 to
reach $1070 billion. Such a strong outlook of the petrochemical industry could
help Nan Ya expand its geographic operations and explore untapped markets to
bolster top-line growth.
Expansion Opportunities: The Middle East
The company could
benefit from the huge expansion activities that are occurring in the
petrochemical sector in the Middle East. Due to abundant feedstock, the region
has been attracting investments into its petrochemical industry. The growth has
been led by Saudi Arabia, and supported by Qatar, Kuwait, and Abu Dhabi. The
region has built modern and competitive petrochemical production facilities,
mainly due to their use of low-cost ethane, which is a byproduct of crude oil
production. Although investment in the Middle East is mainly in ethylene and
polyethylene, this is bound to change as there is greater focus on broadening
the product portfolio. The region has become the leading ethylene glycol
producer, overtaking North America, accounting for about one-third of the
global capacity. It is expected to become the leading producer of polyethylene
by 2015 with its share in global capacity rising to 20%, according to in-house
research. The Middle Eastern governments’ support through tax incentives and
their need to focus on diverse industries to reduce dependence on revenues from
oil have fuelled investment in this sector. This will broaden the range of
chemicals being produced in the Middle East, which in turn, will result in the
region emerging as a major petrochemical hub in the coming years. The company
could therefore benefit by expanding its presence in the Middle East region.
Growth Prospects: Eco-friendly Materials
The company could
focus on the use of diverse eco-friendly raw materials for manufacturing
chemicals. Increasing awareness of energy conservation and burdening the
environment with toxic chemicals have led to a method of chemical production,
which is substantially different from the conventional way of producing
chemicals from fossil fuels. This method employs biotechnology for the
production of basic, fine and specialty chemicals and functional polymers
derived from biological and agricultural sources. This fast emerging sector,
with its growth further accentuated by the search for oil substitutes, has
broadened opportunities for the chemical industry. White biotechnology in
particular has influenced the chemical industry in large measure. These
products reduce the dependence of chemical producers on volatile oil prices,
which is the major source of feedstock and primary determinant of pricing for
most of the products in the chemical industry. This environmentally friendly technology
is set to offer opportunities of growth to the company.
Threats
Raw Material Procurement Risks
The increasing
prices of raw materials could affect the Nan Ya’s business. The company
utilizes a range of copper and petroleum-based raw materials in the
manufacturing of copper clad laminates, epoxy resins, plasticizers and other
chemical products. Oil and natural gas are the indirect raw materials for a
majority of its products. Over the past few years, the prices of these raw
materials have been on the rise, increasing the operating costs of the company.
Competition also limits the option of increasing product prices to compensate
for the higher production costs. In addition, the continuous supply of the raw
materials could be affected by weather conditions, national emergencies,
strikes, governmental controls, natural disasters, supply shortages or other
events. Price fluctuations and non-availability of these raw materials could
have a material adverse effect on product costs and the operations of the
company.
Challenge of Environmental Regulations
Nan Ya could be
affected by the environmental regulations governing the global chemical
industry. Its operations are subjected to restrictions and investigations under
various laws and policies such as Soil and Groundwater Pollution Remediation
Act, Toxic Chemical Substances Labeling and Materials and other environment
acts. In China, it is exposed to Inventory of Existing Chemical Substances
Produced or Imported in China (IECSC), Food Safety Law, China New Chemical
Substance Notification and others. Additionally, it is likely to be affected by
China REACH, which comes into effect by 2013. Further, China has its own
version of REACH. REACH (Registration Evaluation and Authorization of
Chemicals) is an example of the stringent environmental regulations that are
set to affect chemical producers. It regulates products manufactured and
marketed in the country. This may prove to be a challenge while launching new
products as it is a time-consuming and expensive process. It may also result in
phasing out many existing chemicals from the market, which may be regarded as
toxic and hazardous. Such stringent environmental regulations are set to get
tightened in the coming years, affecting both existing and new products for the
company.
Competitive Landscape
As a manufacturer
of petrochemical raw and electronic materials, the company is subject to
intense competition in almost every market. It is exposed to other
international, national, and regional industrial companies. The company faces
threat from small local players selling their products at lower prices apart
from established companies. Increasing consolidation in the industry
intensified the competition further. Nan Ya encounters competition in plastics
and electronic material markets. Its major competitors include China Petroleum
& Chemical Corporation, Exxon Mobil Corporation, BASF SE and others. It
competes on the basis of price, quality and support service and eco-friendly
initiatives. Intense competition could pose challenges to the company. Failure
in handling such competition could adversely affect its financial performance
and market position.
|
Corporate Family |
Corporate
Structure News: |
|
|
Formosa
Plastics Corporation |
|
Nan Ya Plastics Corporation |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kaohsiung |
Taiwan |
Synthetic Chemical Manufacturing |
6,655.9 |
6,784 |
|
|
Subsidiary |
Taipei |
Taiwan |
Basic Chemical Manufacturing |
10,166.0 |
34,224 |
|
|
Subsidiary |
New Taipei City |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
|
|
|
Subsidiary |
New Taipei City |
Taiwan |
Machinery and Equipment Manufacturing |
5.0 |
103 |
|
|
Nan Ya Plastics (Hong Kong) Corporation
Limited |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Huizhou, Guangdong |
China |
Textile Manufacturing |
82.2 |
630 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Electrical Equipment and Appliances Manufacturing |
12.1 |
200 |
|
|
Subsidiary |
Guangzhou, Guangdong |
China |
Rubber and Plastic Product Manufacturing |
|
200 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Synthetic Chemical Manufacturing |
30.8 |
100 |
|
|
Subsidiary |
Anshan, Liaoning |
China |
Rubber and Plastic Product Manufacturing |
5.2 |
100 |
|
|
Subsidiary |
Guangzhou, Guangdong |
China |
Rubber and Plastic Product Manufacturing |
13.9 |
74 |
|
|
Subsidiary |
Lujhu |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
1,004.8 |
13,451 |
|
|
Subsidiary |
Livingston, NJ |
United States |
Synthetic Chemical Manufacturing |
1,750.0 |
2,400 |
|
|
Branch |
Point Comfort, TX |
United States |
Rubber and Plastic Product Manufacturing |
719.2 |
1,500 |
|
|
Branch |
Baton Rouge, LA |
United States |
Rubber and Plastic Product Manufacturing |
610.1 |
316 |
|
|
Branch |
Delaware City, DE |
United States |
Rubber and Plastic Product Manufacturing |
185.3 |
130 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Petroleum Product Manufacturing |
11.8 |
45 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Natural Gas Distribution |
9.1 |
42 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Petroleum Product Manufacturing |
|
40 |
|
|
Branch |
Illiopolis, IL |
United States |
Miscellaneous Store Retailers |
0.7 |
3 |
|
|
Subsidiary |
Taipei |
Taiwan |
Machinery and Equipment Manufacturing |
365.0 |
1,250 |
|
|
Subsidiary |
Kueishan Hsiang, Taoyuan |
Taiwan |
Electricity Generation and Distribution |
|
108 |
|
|
Subsidiary |
Mabalacat, Pampanga |
Philippines |
Electricity Generation and Distribution |
|
50 |
|
|
Subsidiary |
Taipei |
Taiwan |
Machinery and Equipment Manufacturing |
|
500 |
|
|
Affiliates |
Yun-lin |
Taiwan |
Electricity Generation and Distribution |
|
378 |
|
|
Subsidiary |
Taipei, Yun Lin |
Taiwan |
Basic Chemical Manufacturing |
|
200 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Shipping and Water Transport |
|
70 |
|
|
Joint Venture |
Taipei |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
12 |
|
|
Facility |
Kaohsiung |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Basic Chemical Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Basic Chemical Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Rubber and Plastic Product Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Miscellaneous Chemical Manufacturing |
|
|
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
BASF SE |
Ludwigshafen Am Rhein, Germany |
111,687 |
Public |
|
China Petroleum & Chemical Corp |
Beijing, China |
376,201 |
Public |
|
Dak Americas LLC |
Bay St Louis, Mississippi, United States |
160 |
Public |
|
Kuraray Co Ltd |
Chiyoda-Ku, Japan |
7,332 |
Public |
|
The Dow Chemical Company |
Midland, Michigan, United States |
52,714 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||
|
Chairman |
Chairman |
|
||||||||||
|
Chairman of the Board, General Manager |
Chairman |
|
||||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Deputy General Manager, Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Senior Deputy General Manager, Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Executives |
|
|
|
|
||||||||||
|
Executive Director |
Chief Executive Officer |
|
||||||||||
|
Executive Director |
Chief Executive Officer |
|
||||||||||
|
President and General Manager |
President |
|
||||||||||
|
Deputy General Manager |
Division Head Executive |
|
||||||||||
|
Vice President Engineering & Construction Division |
Division Head Executive |
|
||||||||||
|
Deputy General Manager |
Division Head Executive |
|
||||||||||
|
Vice President Polyester Fiber Division |
Division Head Executive |
|
||||||||||
|
Vice President Electronic Materials Division |
Division Head Executive |
|
||||||||||
|
Deputy General Manager |
Division Head Executive |
|
||||||||||
|
Senior Deputy General Manager |
Division Head Executive |
|
||||||||||
|
|||||||||||||
|
Deputy General Manager |
Division Head Executive |
|
|
|||||||||
|
Senior Deputy General Manager |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Assistant Vice President Petrochemiclas 1st Division |
Division Head Executive |
|
|
|||||||||
|
Vice President Petrochemiclas 2nd Division |
Division Head Executive |
|
|
|||||||||
|
Deputy General Manager, Director |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Deputy General Manager |
Division Head Executive |
|
|
|||||||||
|
Chairman of the Board, General Manager |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Deputy General Manager |
Division Head Executive |
|
|
|||||||||
|
Deputy General Manager |
Division Head Executive |
|
|
|||||||||
|
Senior Deputy General Manager, Director |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Managing Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Independent Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Head of Finance |
Finance Executive |
|
|
|||||||||
|
Director |
Other |
|
|
|||||||||
|
Director |
Other |
|
|
|||||||||
|
Senior Vice President |
Other |
|
|
|||||||||
|
Vice President |
Other |
|
|
|||||||||
|
Director |
Other |
|
|
|||||||||
|
Director |
Other |
|
|
|||||||||
Significant
Developments
Nan Ya Plastics
Corp's Subsidiary Completes Issuance of Unsecured Corporate Bonds Jul 30, 2013
Nan Ya Plastics
Corp announced that its Hong Kong-based subsidiary has completed the issuance
of the first series overseas unsecured corporate bonds with a total amount of
USD 180 million, each with a face value of USD 200,000, at the price of 100% of
the par value, with a term of five years and coupon rate of three month
Libor+1.1%. Mizuho Securities Asia Limited and Mitsubishi UFJ Securities
International plc act as the underwriters. The Hong Kong-based subsidiary will
use the proceeds as repayment for debts.
Nan Ya Plastics
Corpbto Issue Unsecured Corporate Bonds Jul 23, 2013
Nan Ya Plastics
Corp announced that it will issue NTD 9.6 billion worth of unsecured corporate
bonds. NTD 3.1 billion worth of bonds will be with a term of four years and an
annual interest rate of 1.40% and NTD 4.6 billion worth of bonds will be with a
term of five years and an annual interest rate of 1.45%. The remaining part
will be with a term of seven years and an annual interest rate of 1.55%. The
funds raised will be used to repay loans and supply working capital.
Nan Ya Plastics
Corp Announces FY 2012 Dividend Payment Date Jul 22, 2013
Nan Ya Plastics
Corp announced that it will use undistributed profits to pay a cash dividend of
NTD 0.3 per share and use additional paid-in capital to distribute stock
dividends worth NTD 0.1 per share for fiscal year 2012, to shareholders of
record on August 13, 2013. The Company's shares will be traded ex-dividend and
ex-right on August 7, 2013 and the dividend will be paid on August 27, 2013.
Nan Ya Plastics
Corp's Subsidiary Issues Unsecured Corporate Bonds Jun 24, 2013
Nan Ya Plastics
Corp announced that its Hong Kong-based subsidiary has issued the first series
overseas unsecured corporate bonds of USD 180 million, each with a face value
of USD 200,000, at the price of 100% of the par value, with a term of five
years and coupon rate of three month Libor+1.1%. Mizuho Securities Asia Limited
and Mitsubishi UFJ Securities International plc will be acting as the
underwriters. The Hong Kong-based subsidiary will use the proceeds as repayment
for debts.
Nan Ya Plastics
Corp Appoints Chairman Jun 24, 2013
Nan Ya Plastics
Corp announced that it has appointed Wu Jiazhao, who is General Manager and
Director of the Company, to take place Wu Qinren as Chairman of the Board, due
to Wu Qinren's fulfillment of his tenure, effective June 24, 2013.
Nan Ya Plastics
Corp to Invest in Taiwan-based Company Jun 11, 2013
Nan Ya Plastics
Corp announced that it has decided to invest NTD 2,999.75 million to a
Taiwan-based plastic resource company, to hold a 25% stake in the Taiwan-based
company. After this, the Company will hold an accumulated capital of NTD 3
billion in the Taiwan-based company.
Nan Ya Plastics
Corp to Acquire Equity Shares in Inotera Memories Inc May 14, 2013
Nan Ya Plastics
Corp announced that it has decided to acquire 422,387,000 shares of Inotera
Memories Inc's newly issued common stock, at the price of NTD 9.47 per share,
or for NTD 4,000,004,890 in total. After this, the Company will hold a 6.99%
stake (422,387,000 shares) in Inotera Memories Inc.
Nan Ya Plastics Corp Updates FY 2012 Dividend
Payment May 14, 2013
Nan Ya Plastics Corp announced that it has updated
its plan of paying NTD 0.3 per share as cash dividend for fiscal year 2012,
which was previously announced on March 27, 2013. According to the new plan,
the Company will use undistributed profits to pay a cash dividend of NTD 0.3
per share, and also use additional paid-in capital to distribute stock
dividends worth NTD 0.1 per share.
Nan Ya Plastics Corp Announces FY 2012 Dividend
Payment Mar 27, 2013
Nan Ya Plastics Corp announced that it will pay a
cash dividend of NTD 0.3 per share, to shareholders for fiscal year 2012.
Nan Ya Plastics Corp Receives Fine Nov 05, 2012
Nan Ya Plastics Corp announced that it was imposed
a fine of NTD 1.2 million by Environmental Protection Administration Executive
Yuan, R.O.C (Taiwan), due to its violation of Environmental Impact Assessment
Act.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
4.5 |
4.2 |
5.7 |
8.8 |
22.5 |
|
Gross Revenue |
10,349.0 |
11,440.2 |
10,840.2 |
7,485.5 |
10,513.4 |
|
Sales Returns and Allowances |
-343.0 |
-356.9 |
-276.4 |
-211.4 |
-436.2 |
|
Revenue |
10,010.5 |
11,087.5 |
10,569.5 |
7,282.9 |
10,099.7 |
|
Other Revenue |
155.5 |
174.8 |
154.9 |
109.8 |
126.7 |
|
Other Revenue, Total |
155.5 |
174.8 |
154.9 |
109.8 |
126.7 |
|
Total Revenue |
10,166.0 |
11,262.3 |
10,724.3 |
7,392.7 |
10,226.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
9,181.5 |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
|
Cost of Revenue, Total |
9,181.5 |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
|
Gross Profit |
829.0 |
1,574.1 |
1,672.9 |
723.0 |
1,085.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
572.5 |
613.0 |
571.5 |
439.5 |
584.2 |
|
Total Selling/General/Administrative Expenses |
572.5 |
613.0 |
571.5 |
439.5 |
584.2 |
|
Other, Net |
-0.6 |
0.3 |
-0.7 |
0.3 |
-0.6 |
|
Other Operating Expenses, Total |
-0.6 |
0.3 |
-0.7 |
0.3 |
-0.6 |
|
Total Operating Expense |
9,753.4 |
10,126.7 |
9,467.4 |
6,999.6 |
9,597.9 |
|
|
|
|
|
|
|
|
Operating Income |
412.6 |
1,135.6 |
1,257.0 |
393.1 |
628.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-87.9 |
-71.1 |
-62.1 |
-72.7 |
-125.6 |
|
Interest Capitalized -
Non-Operating |
7.6 |
5.8 |
3.9 |
3.2 |
2.0 |
|
Interest Expense, Net Non-Operating |
-80.3 |
-65.3 |
-58.3 |
-69.6 |
-123.6 |
|
Interest Income -
Non-Operating |
82.0 |
40.1 |
18.9 |
25.2 |
51.9 |
|
Investment Income -
Non-Operating |
-286.9 |
-30.6 |
332.1 |
161.4 |
-173.1 |
|
Interest/Investment Income - Non-Operating |
-204.8 |
9.5 |
351.1 |
186.6 |
-121.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-285.1 |
-55.8 |
292.8 |
117.0 |
-244.9 |
|
Gain (Loss) on Sale of Assets |
25.8 |
-1.6 |
0.5 |
9.9 |
1.7 |
|
Other Non-Operating Income (Expense) |
32.2 |
54.7 |
42.3 |
32.5 |
39.1 |
|
Other, Net |
32.2 |
54.7 |
42.3 |
32.5 |
39.1 |
|
Income Before Tax |
185.5 |
1,132.9 |
1,592.6 |
552.5 |
424.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
64.1 |
309.5 |
268.1 |
40.0 |
57.3 |
|
Income After Tax |
121.5 |
823.4 |
1,324.5 |
512.4 |
367.2 |
|
|
|
|
|
|
|
|
Minority Interest |
21.1 |
-36.0 |
-23.6 |
-15.7 |
-69.6 |
|
Net Income Before Extraord Items |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
Net Income |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
|
Basic EPS Excl Extraord Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
Diluted Weighted Average Shares |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
|
Diluted EPS Excl Extraord Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.01 |
0.07 |
0.15 |
0.06 |
0.02 |
|
Gross Dividends - Common Stock |
79.6 |
561.1 |
1,171.7 |
451.8 |
193.3 |
|
Interest Expense, Supplemental |
80.3 |
65.3 |
58.3 |
69.6 |
123.6 |
|
Interest Capitalized, Supplemental |
-7.6 |
-5.8 |
-3.9 |
-3.2 |
-2.0 |
|
Depreciation, Supplemental |
513.8 |
506.1 |
476.3 |
476.5 |
519.7 |
|
Total Special Items |
-25.8 |
1.6 |
-0.5 |
-9.9 |
-1.7 |
|
Normalized Income Before Tax |
159.8 |
1,134.5 |
1,592.0 |
542.6 |
422.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-8.9 |
0.4 |
-0.1 |
-0.7 |
-0.2 |
|
Inc Tax Ex Impact of Sp Items |
55.2 |
309.9 |
268.0 |
39.3 |
57.0 |
|
Normalized Income After Tax |
104.6 |
824.6 |
1,324.1 |
503.3 |
365.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
125.7 |
788.6 |
1,300.4 |
487.5 |
296.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Diluted Normalized EPS |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Amort of Intangibles, Supplemental |
46.5 |
39.6 |
46.9 |
49.9 |
50.1 |
|
Normalized EBIT |
412.6 |
1,135.6 |
1,257.0 |
393.1 |
628.5 |
|
Normalized EBITDA |
972.9 |
1,681.3 |
1,780.1 |
919.4 |
1,198.3 |
|
Current Tax - Total |
122.8 |
299.8 |
186.3 |
102.8 |
128.1 |
|
Current Tax - Total |
122.8 |
299.8 |
186.3 |
102.8 |
128.1 |
|
Deferred Tax - Total |
-58.7 |
9.7 |
81.7 |
-62.8 |
-70.8 |
|
Deferred Tax - Total |
-58.7 |
9.7 |
81.7 |
-62.8 |
-70.8 |
|
Income Tax - Total |
64.1 |
309.5 |
268.1 |
40.0 |
57.3 |
|
Interest Cost - Domestic |
17.0 |
22.2 |
19.4 |
19.3 |
19.7 |
|
Service Cost - Domestic |
14.1 |
13.6 |
16.1 |
17.6 |
19.7 |
|
Expected Return on Assets - Domestic |
-0.6 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
-0.1 |
-0.1 |
- |
- |
|
Transition Costs - Domestic |
14.3 |
9.5 |
8.3 |
10.9 |
12.9 |
|
Domestic Pension Plan Expense |
44.8 |
44.5 |
43.1 |
47.2 |
51.8 |
|
Defined Contribution Expense - Domestic |
29.1 |
25.7 |
19.3 |
14.5 |
- |
|
Total Pension Expense |
73.8 |
70.2 |
62.4 |
61.7 |
51.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Domestic |
3.50% |
3.50% |
3.50% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
17.0 |
22.2 |
19.4 |
19.3 |
19.7 |
|
Total Plan Service Cost |
14.1 |
13.6 |
16.1 |
17.6 |
19.7 |
|
Total Plan Expected Return |
-0.6 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
873.5 |
935.6 |
1,257.9 |
517.0 |
715.7 |
|
Short Term Investments |
1,326.8 |
1,332.7 |
1,556.6 |
929.9 |
528.0 |
|
Cash and Short Term Investments |
2,200.3 |
2,268.4 |
2,814.6 |
1,446.8 |
1,243.8 |
|
Accounts Receivable -
Trade, Gross |
1,092.4 |
1,116.1 |
1,238.0 |
911.3 |
760.8 |
|
Provision for Doubtful
Accounts |
-11.3 |
-14.0 |
-15.5 |
-22.3 |
-28.8 |
|
Trade Accounts Receivable - Net |
1,167.0 |
1,156.4 |
1,308.4 |
970.8 |
815.5 |
|
Notes Receivable - Short Term |
197.7 |
205.7 |
166.5 |
121.9 |
100.4 |
|
Other Receivables |
1,599.6 |
1,665.9 |
1,082.1 |
1,155.5 |
1,023.2 |
|
Total Receivables, Net |
2,964.3 |
3,028.0 |
2,556.9 |
2,248.3 |
1,939.0 |
|
Inventories - Finished Goods |
446.1 |
507.8 |
403.5 |
325.9 |
332.5 |
|
Inventories - Work In Progress |
583.3 |
431.5 |
443.7 |
329.0 |
325.0 |
|
Inventories - Raw Materials |
417.7 |
481.8 |
477.5 |
339.2 |
394.7 |
|
Inventories - Other |
40.5 |
71.6 |
17.2 |
17.6 |
-31.8 |
|
Total Inventory |
1,487.6 |
1,492.7 |
1,341.9 |
1,011.8 |
1,020.4 |
|
Prepaid Expenses |
170.2 |
179.3 |
97.1 |
83.5 |
68.9 |
|
Deferred Income Tax - Current Asset |
8.6 |
2.9 |
7.3 |
- |
17.8 |
|
Other Current Assets |
- |
- |
25.6 |
18.6 |
13.9 |
|
Other Current Assets, Total |
8.6 |
2.9 |
32.8 |
18.6 |
31.7 |
|
Total Current Assets |
6,831.1 |
6,971.3 |
6,843.3 |
4,809.1 |
4,303.8 |
|
|
|
|
|
|
|
|
Buildings |
1,658.1 |
1,619.2 |
1,600.9 |
1,500.3 |
1,387.2 |
|
Land/Improvements |
331.8 |
311.2 |
321.9 |
294.1 |
297.7 |
|
Machinery/Equipment |
9,831.6 |
9,323.7 |
8,972.1 |
8,180.1 |
7,978.1 |
|
Construction in
Progress |
897.8 |
645.3 |
870.6 |
724.1 |
628.5 |
|
Other
Property/Plant/Equipment |
1.6 |
1.5 |
1.6 |
1.5 |
4.4 |
|
Property/Plant/Equipment - Gross |
12,720.9 |
11,900.8 |
11,767.1 |
10,700.1 |
10,295.9 |
|
Accumulated Depreciation |
-7,678.5 |
-7,018.5 |
-6,716.4 |
-5,890.5 |
-5,392.2 |
|
Property/Plant/Equipment - Net |
5,042.4 |
4,882.3 |
5,050.7 |
4,809.6 |
4,903.7 |
|
Intangibles, Net |
60.7 |
63.2 |
66.1 |
60.6 |
68.7 |
|
LT Investment - Affiliate Companies |
3,119.4 |
3,195.9 |
3,452.0 |
3,034.9 |
2,504.4 |
|
LT Investments - Other |
199.9 |
202.2 |
212.8 |
333.7 |
273.6 |
|
Long Term Investments |
3,319.3 |
3,398.1 |
3,664.8 |
3,368.6 |
2,778.0 |
|
Deferred Charges |
205.1 |
107.1 |
111.5 |
87.9 |
106.3 |
|
Pension Benefits - Overfunded |
15.6 |
25.2 |
- |
- |
1.5 |
|
Deferred Income Tax - Long Term Asset |
6.1 |
0.0 |
- |
46.4 |
0.0 |
|
Other Long Term Assets |
86.1 |
87.2 |
57.6 |
58.5 |
61.2 |
|
Other Long Term Assets, Total |
313.0 |
219.4 |
169.1 |
192.8 |
169.0 |
|
Total Assets |
15,566.5 |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
645.9 |
614.8 |
700.1 |
532.5 |
288.8 |
|
Accrued Expenses |
390.4 |
444.1 |
423.8 |
301.0 |
325.4 |
|
Notes Payable/Short Term Debt |
322.4 |
412.5 |
194.9 |
195.2 |
320.9 |
|
Current Portion - Long Term Debt/Capital Leases |
971.9 |
477.3 |
277.4 |
427.9 |
660.6 |
|
Customer Advances |
45.4 |
36.9 |
26.2 |
23.5 |
16.0 |
|
Other Payables |
8.4 |
70.5 |
105.0 |
45.0 |
62.8 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
1.0 |
0.0 |
|
Other Current Liabilities |
- |
- |
- |
- |
1.4 |
|
Other Current liabilities, Total |
53.8 |
107.4 |
131.2 |
69.6 |
80.1 |
|
Total Current Liabilities |
2,384.4 |
2,056.2 |
1,727.3 |
1,526.2 |
1,675.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,610.9 |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
|
Total Long Term Debt |
3,610.9 |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
|
Total Debt |
4,905.2 |
4,505.8 |
3,753.8 |
3,564.6 |
3,741.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.0 |
62.0 |
56.4 |
- |
35.5 |
|
Deferred Income Tax |
0.0 |
62.0 |
56.4 |
- |
35.5 |
|
Minority Interest |
385.3 |
416.7 |
411.0 |
409.3 |
400.7 |
|
Pension Benefits - Underfunded |
659.0 |
615.3 |
582.7 |
502.3 |
459.9 |
|
Other Long Term Liabilities |
28.1 |
28.9 |
26.3 |
26.6 |
29.4 |
|
Other Liabilities, Total |
687.1 |
644.2 |
608.9 |
529.0 |
489.2 |
|
Total Liabilities |
7,067.8 |
6,795.0 |
6,085.1 |
5,405.9 |
5,360.9 |
|
|
|
|
|
|
|
|
Common Stock |
2,706.6 |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
|
Common Stock |
2,706.6 |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
|
Additional Paid-In Capital |
923.3 |
909.3 |
963.2 |
853.4 |
792.5 |
|
Retained Earnings (Accumulated Deficit) |
3,781.8 |
4,029.0 |
4,656.1 |
3,429.8 |
3,098.4 |
|
Treasury Stock - Common |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Unrealized Gain (Loss) |
1,008.1 |
1,005.6 |
1,390.1 |
852.9 |
337.2 |
|
Translation Adjustment |
80.0 |
202.3 |
6.5 |
243.8 |
311.3 |
|
Minimum Pension Liability Adjustment |
-1.0 |
- |
- |
- |
- |
|
Other Equity, Total |
79.0 |
202.3 |
6.5 |
243.8 |
311.3 |
|
Total Equity |
8,498.8 |
8,739.4 |
9,708.9 |
7,834.8 |
6,862.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
15,566.5 |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
|
Total Common Shares Outstanding |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Employees |
34,224 |
34,480 |
33,710 |
30,297 |
30,435 |
|
Number of Common Shareholders |
256,288 |
261,490 |
267,215 |
301,922 |
326,188 |
|
Deferred Revenue - Current |
45.4 |
36.9 |
26.2 |
23.5 |
16.0 |
|
Total Long Term Debt, Supplemental |
1,927.7 |
1,680.8 |
1,339.4 |
1,657.6 |
1,808.2 |
|
Long Term Debt Maturing within 1 Year |
369.1 |
229.9 |
207.5 |
225.4 |
128.1 |
|
Long Term Debt Maturing in Year 2 |
1,175.5 |
428.4 |
272.7 |
773.5 |
434.5 |
|
Long Term Debt Maturing in Year 3 |
276.7 |
804.1 |
709.1 |
269.3 |
893.4 |
|
Long Term Debt Maturing in Year 4 |
88.7 |
67.3 |
58.6 |
259.2 |
70.4 |
|
Long Term Debt Maturing in Year 5 |
17.6 |
89.8 |
49.8 |
54.0 |
166.6 |
|
Long Term Debt Maturing in 2-3 Years |
1,452.2 |
1,232.5 |
981.8 |
1,042.9 |
1,327.9 |
|
Long Term Debt Maturing in 4-5 Years |
106.3 |
157.1 |
108.4 |
313.2 |
237.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
61.4 |
41.8 |
76.1 |
115.1 |
|
Pension Obligation - Domestic |
872.0 |
829.9 |
748.9 |
638.8 |
652.6 |
|
Plan Assets - Domestic |
28.6 |
26.0 |
26.9 |
20.4 |
19.7 |
|
Funded Status - Domestic |
-843.5 |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
|
Accumulated Obligation - Domestic |
674.2 |
631.5 |
535.6 |
460.1 |
461.9 |
|
Total Funded Status |
-843.5 |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Domestic |
3.50% |
3.50% |
3.50% |
3.00% |
3.00% |
|
Prepaid Benefits - Domestic |
15.6 |
25.2 |
- |
- |
1.5 |
|
Accrued Liabilities - Domestic |
-659.0 |
-615.3 |
-582.7 |
-502.3 |
-459.9 |
|
Net Assets Recognized on Balance Sheet |
-643.4 |
-590.1 |
-582.7 |
-502.3 |
-458.4 |
|
Total Plan Obligations |
872.0 |
829.9 |
748.9 |
638.8 |
652.6 |
|
Total Plan Assets |
28.6 |
26.0 |
26.9 |
20.4 |
19.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG 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 |
121.5 |
823.4 |
1,324.5 |
512.4 |
367.2 |
|
Depreciation |
514.8 |
507.1 |
477.4 |
477.6 |
521.0 |
|
Depreciation/Depletion |
514.8 |
507.1 |
477.4 |
477.6 |
521.0 |
|
Amortization of Intangibles |
46.5 |
39.6 |
46.9 |
49.9 |
50.1 |
|
Amortization |
46.5 |
39.6 |
46.9 |
49.9 |
50.1 |
|
Deferred Taxes |
-74.9 |
12.1 |
91.5 |
-61.5 |
-72.1 |
|
Unusual Items |
-68.2 |
1.6 |
-23.0 |
-6.3 |
-5.1 |
|
Equity in Net Earnings (Loss) |
369.3 |
212.0 |
-275.0 |
-136.4 |
308.5 |
|
Other Non-Cash Items |
181.9 |
392.7 |
367.9 |
63.2 |
576.1 |
|
Non-Cash Items |
483.0 |
606.2 |
69.9 |
-79.5 |
879.5 |
|
Accounts Receivable |
137.6 |
99.6 |
-334.8 |
-99.1 |
713.8 |
|
Inventories |
77.9 |
-233.4 |
-157.5 |
82.2 |
243.1 |
|
Prepaid Expenses |
16.6 |
-63.1 |
-5.3 |
-12.5 |
-8.6 |
|
Other Assets |
- |
- |
-4.8 |
3.0 |
- |
|
Accounts Payable |
4.7 |
-61.0 |
108.4 |
284.9 |
-545.9 |
|
Accrued Expenses |
-71.7 |
37.2 |
87.6 |
-31.0 |
-73.0 |
|
Other Liabilities |
-28.6 |
7.7 |
99.2 |
23.1 |
-112.0 |
|
Changes in Working Capital |
136.6 |
-213.0 |
-207.1 |
250.6 |
217.4 |
|
Cash from Operating Activities |
1,227.5 |
1,775.5 |
1,803.1 |
1,149.6 |
1,963.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-585.2 |
-368.1 |
-488.3 |
-344.8 |
-504.7 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-0.5 |
- |
- |
-15.9 |
|
Capital Expenditures |
-585.2 |
-368.6 |
-488.3 |
-344.8 |
-520.6 |
|
Sale of Fixed Assets |
44.0 |
5.5 |
13.2 |
26.4 |
14.6 |
|
Sale/Maturity of Investment |
153.6 |
228.1 |
67.0 |
10.0 |
36.5 |
|
Purchase of Investments |
-479.9 |
-887.3 |
-216.9 |
-325.0 |
-46.2 |
|
Other Investing Cash Flow |
-67.9 |
-751.8 |
178.1 |
-166.9 |
-93.1 |
|
Other Investing Cash Flow Items, Total |
-350.2 |
-1,405.5 |
41.3 |
-455.5 |
-88.2 |
|
Cash from Investing Activities |
-935.3 |
-1,774.1 |
-446.9 |
-800.2 |
-608.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-36.3 |
18.9 |
-42.3 |
-73.8 |
-185.2 |
|
Financing Cash Flow Items |
-36.3 |
18.9 |
-42.3 |
-73.8 |
-185.2 |
|
Cash Dividends Paid - Common |
-556.9 |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
|
Total Cash Dividends Paid |
-556.9 |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
|
Short Term Debt, Net |
-105.7 |
231.4 |
-14.8 |
-184.9 |
-211.3 |
|
Long Term Debt Issued |
827.2 |
1,587.0 |
1,589.4 |
604.1 |
- |
|
Long Term Debt
Reduction |
-506.0 |
-913.7 |
-1,673.4 |
-529.3 |
- |
|
Long Term Debt, Net |
321.2 |
673.3 |
-84.0 |
-117.0 |
755.1 |
|
Issuance (Retirement) of Debt, Net |
215.6 |
904.7 |
-98.8 |
-301.9 |
543.8 |
|
Cash from Financing Activities |
-377.6 |
-329.2 |
-626.1 |
-550.4 |
-1,259.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.7 |
43.9 |
-90.6 |
-9.5 |
-15.8 |
|
Net Change in Cash |
-101.0 |
-284.0 |
639.5 |
-210.5 |
78.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
957.8 |
1,248.0 |
525.0 |
711.3 |
665.8 |
|
Net Cash - Ending Balance |
856.7 |
963.9 |
1,164.5 |
500.7 |
744.6 |
|
Cash Interest Paid |
75.5 |
55.7 |
61.5 |
69.9 |
115.5 |
|
Cash Taxes Paid |
195.9 |
300.9 |
85.8 |
52.3 |
385.5 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
10,349.0 |
11,440.2 |
10,840.2 |
7,485.5 |
10,513.4 |
|
Sales Returns |
-108.1 |
-117.9 |
-53.2 |
-33.4 |
-99.8 |
|
Sales Discounts and Allowances |
-234.9 |
-239.0 |
-223.1 |
-178.0 |
-336.4 |
|
Service Revenue |
4.5 |
4.2 |
5.7 |
8.8 |
22.5 |
|
Other Operating Revenues |
155.5 |
174.8 |
154.9 |
109.8 |
126.7 |
|
Total Revenue |
10,166.0 |
11,262.3 |
10,724.3 |
7,392.7 |
10,226.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
9,181.5 |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
|
Real. Gain on Inter-affiliate Accounts |
-0.6 |
0.3 |
-0.7 |
0.3 |
-0.6 |
|
Selling Expense |
309.5 |
309.7 |
317.4 |
240.0 |
302.5 |
|
General and Administrative Expenses |
262.9 |
303.3 |
254.1 |
199.5 |
281.7 |
|
Total Operating Expense |
9,753.4 |
10,126.7 |
9,467.4 |
6,999.6 |
9,597.9 |
|
|
|
|
|
|
|
|
Interest Income |
82.0 |
40.1 |
18.9 |
25.2 |
51.9 |
|
Gain/Loss on Equity Investment |
-369.3 |
-212.0 |
275.0 |
136.4 |
0.0 |
|
Dividend Income |
71.4 |
115.0 |
67.8 |
30.2 |
110.1 |
|
Gains on Disposal of Fixed Assets |
29.4 |
0.8 |
2.0 |
10.7 |
8.2 |
|
G/L on Financial Assets Revaluation |
-0.3 |
-0.4 |
-2.4 |
-1.8 |
-3.7 |
|
G/L Revaluation on Fin. Liabilities |
1.4 |
0.6 |
0.9 |
2.5 |
-3.7 |
|
Investment Loss under Equity Method |
- |
- |
- |
- |
-308.5 |
|
Foreign Exchange Gain |
0.0 |
66.1 |
- |
- |
29.1 |
|
Foreign Exchange Loss |
-32.5 |
0.0 |
-32.3 |
-8.7 |
0.0 |
|
Gains on Sale of Investments |
42.4 |
0.1 |
23.3 |
4.6 |
4.6 |
|
Miscellaneous Income |
60.3 |
62.4 |
52.3 |
40.3 |
53.3 |
|
Interest Expense |
-87.9 |
-71.1 |
-62.1 |
-72.7 |
-125.6 |
|
Interest Capitalized |
7.6 |
5.8 |
3.9 |
3.2 |
2.0 |
|
Loss on Disposal of Fixed Assets |
-3.6 |
-2.3 |
-1.5 |
-0.8 |
-6.4 |
|
Other Investment Loss |
0.0 |
-0.1 |
-0.2 |
-1.8 |
-1.0 |
|
Miscellaneous Disbursements |
-28.1 |
-7.7 |
-10.0 |
-7.8 |
-14.2 |
|
Net Income Before Taxes |
185.5 |
1,132.9 |
1,592.6 |
552.5 |
424.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
64.1 |
309.5 |
268.1 |
40.0 |
57.3 |
|
Net Income After Taxes |
121.5 |
823.4 |
1,324.5 |
512.4 |
367.2 |
|
|
|
|
|
|
|
|
Minority Interest |
21.1 |
-36.0 |
-23.6 |
-15.7 |
-69.6 |
|
Net Income Before Extra. Items |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
Net Income |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
142.5 |
787.4 |
1,300.9 |
496.7 |
297.6 |
|
Diluted Weighted Average Shares |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
7,930.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
DPS-Ordinary Shares |
0.01 |
0.07 |
0.15 |
0.06 |
0.02 |
|
Gross Dividends - Common Stock |
79.6 |
561.1 |
1,171.7 |
451.8 |
193.3 |
|
Normalized Income Before Taxes |
159.8 |
1,134.5 |
1,592.0 |
542.6 |
422.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
55.2 |
309.9 |
268.0 |
39.3 |
57.0 |
|
Normalized Income After Taxes |
104.6 |
824.6 |
1,324.1 |
503.3 |
365.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
125.7 |
788.6 |
1,300.4 |
487.5 |
296.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Diluted Normalized EPS |
0.02 |
0.10 |
0.16 |
0.06 |
0.04 |
|
Interest Expense |
80.3 |
65.3 |
58.3 |
69.6 |
123.6 |
|
Interest Capitalized |
-7.6 |
-5.8 |
-3.9 |
-3.2 |
-2.0 |
|
Depreciation- Operating Cost |
487.7 |
480.1 |
451.8 |
462.3 |
501.0 |
|
Depreciation- Operating Expense |
26.0 |
26.0 |
24.5 |
14.1 |
18.8 |
|
Amortisation- Operating Cost |
42.9 |
35.5 |
43.3 |
46.0 |
44.9 |
|
Amortisation- Operating Expense |
3.7 |
4.1 |
3.6 |
3.9 |
5.2 |
|
Current Tax |
122.8 |
299.8 |
186.3 |
102.8 |
128.1 |
|
Current Tax - Total |
122.8 |
299.8 |
186.3 |
102.8 |
128.1 |
|
Deferred Tax |
-58.7 |
9.7 |
81.7 |
-62.8 |
-70.8 |
|
Deferred Tax - Total |
-58.7 |
9.7 |
81.7 |
-62.8 |
-70.8 |
|
Income Tax - Total |
64.1 |
309.5 |
268.1 |
40.0 |
57.3 |
|
Service Cost |
14.1 |
13.6 |
16.1 |
17.6 |
19.7 |
|
Interest Cost |
17.0 |
22.2 |
19.4 |
19.3 |
19.7 |
|
Actual Return on Plan Assets |
-0.6 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Actuarial Gains/ Losses |
0.0 |
-0.1 |
-0.1 |
- |
- |
|
Amortization of Unrecognized Cost |
14.3 |
9.5 |
8.3 |
10.9 |
12.9 |
|
Domestic Pension Plan Expense |
44.8 |
44.5 |
43.1 |
47.2 |
51.8 |
|
Defined Contribution Expense - Domestic |
29.1 |
25.7 |
19.3 |
14.5 |
- |
|
Total Pension Expense |
73.8 |
70.2 |
62.4 |
61.7 |
51.8 |
|
Discount Rate |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
3.50% |
3.50% |
3.50% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG 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 |
873.5 |
935.6 |
1,257.9 |
517.0 |
715.7 |
|
Notes Receivable |
197.7 |
205.7 |
166.5 |
121.9 |
100.4 |
|
Accounts Receivable, Gross |
1,092.4 |
1,116.1 |
1,238.0 |
911.3 |
760.8 |
|
Provision for Bad Debts |
-11.3 |
-14.0 |
-15.5 |
-22.3 |
-28.8 |
|
Accounts Receivable - Related Parties |
85.9 |
54.3 |
85.9 |
81.9 |
83.5 |
|
Other Receivables |
64.8 |
134.3 |
176.7 |
94.4 |
342.1 |
|
Due from Related Parties |
1,534.8 |
1,531.7 |
905.4 |
1,061.1 |
681.2 |
|
Finished Goods |
445.9 |
507.7 |
403.3 |
325.7 |
332.0 |
|
Work in Process |
368.0 |
341.8 |
362.3 |
245.6 |
232.5 |
|
Machine Parts in Process |
215.2 |
89.7 |
81.4 |
83.5 |
92.4 |
|
Raw Material |
398.6 |
463.0 |
459.7 |
321.8 |
374.5 |
|
Reclaimed Materials |
1.4 |
0.9 |
0.6 |
0.6 |
2.1 |
|
Supplies |
17.7 |
17.9 |
17.2 |
16.9 |
18.1 |
|
Subcontracted Material |
13.8 |
6.4 |
3.3 |
6.2 |
3.2 |
|
Consigned Merchandise |
0.3 |
0.0 |
0.2 |
0.1 |
0.5 |
|
Inventory in Transit |
26.8 |
65.2 |
13.9 |
11.4 |
8.4 |
|
Provision/Allowance for Inventory |
- |
- |
- |
- |
-43.4 |
|
Prepayment & Other Current Assets |
170.2 |
179.3 |
97.1 |
83.5 |
68.9 |
|
Deferred Income Tax - Current Assets |
8.6 |
2.9 |
7.3 |
- |
17.8 |
|
Other Current Assets |
- |
- |
25.6 |
18.6 |
12.5 |
|
Financial Asset at Fair Value, Current |
0.0 |
0.3 |
0.7 |
1.2 |
1.4 |
|
Financial Assets For Sale |
1,326.8 |
1,332.4 |
1,555.9 |
928.6 |
526.7 |
|
Financial Assets Derivatives-Current |
- |
- |
- |
- |
1.4 |
|
Total Current Assets |
6,831.1 |
6,971.3 |
6,843.3 |
4,809.1 |
4,303.8 |
|
|
|
|
|
|
|
|
Long Term Equity Investments |
3,119.4 |
3,195.9 |
3,452.0 |
3,034.9 |
2,504.4 |
|
Financial Assets-Fair Value,Non-Current |
- |
0.0 |
0.1 |
1.8 |
3.4 |
|
Financial Assets-Available for Sale,Non- |
96.2 |
102.7 |
109.4 |
239.1 |
182.1 |
|
Financial Assets At Cost Method |
103.7 |
99.5 |
103.3 |
92.8 |
88.1 |
|
Land |
331.8 |
311.2 |
321.9 |
294.1 |
297.7 |
|
Buildings and Structures |
1,658.1 |
1,619.2 |
1,600.9 |
1,500.3 |
1,387.2 |
|
Machinery and Equipment |
9,414.0 |
8,937.1 |
8,622.6 |
7,868.8 |
7,699.2 |
|
Transportation Equipment |
55.0 |
53.1 |
53.3 |
48.2 |
49.1 |
|
Other Facilities |
362.7 |
333.4 |
296.3 |
263.1 |
229.7 |
|
Revaluation Increment |
1.6 |
1.5 |
1.6 |
1.5 |
4.4 |
|
Accumulated Depreciation |
-7,678.5 |
-7,018.5 |
-6,716.4 |
-5,890.5 |
-5,392.2 |
|
Construction in Progress |
812.7 |
576.2 |
799.9 |
658.9 |
528.2 |
|
Prepayment for Land&Equipments |
85.1 |
69.0 |
70.6 |
65.3 |
100.3 |
|
Intangibles - Technical Assistance |
12.0 |
15.1 |
19.9 |
20.0 |
30.6 |
|
Land Use Right |
48.7 |
48.1 |
46.1 |
40.6 |
38.1 |
|
Deferred Pension Cost |
15.6 |
25.2 |
- |
- |
1.5 |
|
Security Deposit Paid |
12.9 |
9.8 |
2.4 |
6.2 |
3.6 |
|
Deferred Expenses |
205.1 |
107.1 |
111.5 |
87.9 |
106.3 |
|
Deferred Income Tax Assets |
6.1 |
0.0 |
- |
46.4 |
0.0 |
|
Other Assets |
73.3 |
77.4 |
55.2 |
52.3 |
57.6 |
|
Total Assets |
15,566.5 |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
321.4 |
411.2 |
193.8 |
191.2 |
316.0 |
|
Short Term Borrowings - Employee |
- |
- |
- |
- |
0.1 |
|
Short Term Notes & Bills Payable |
- |
- |
- |
- |
56.3 |
|
Notes Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accounts Payable |
267.1 |
258.1 |
251.4 |
171.4 |
106.4 |
|
Accounts Payable - Related Parties |
378.8 |
356.7 |
448.6 |
361.1 |
126.1 |
|
Accrued Expenses |
390.4 |
444.1 |
423.8 |
301.0 |
325.4 |
|
Financial Liabilit at Fair Val., Current |
1.0 |
1.3 |
1.1 |
3.9 |
4.8 |
|
Derivative Financial Liability for Hedgi |
- |
- |
- |
- |
1.4 |
|
Payable - Due from Related Parties |
0.5 |
0.7 |
- |
4.7 |
18.6 |
|
Other Payables |
7.9 |
69.8 |
105.0 |
40.3 |
44.2 |
|
Current Portion of LT Corporate Bonds |
602.7 |
247.5 |
69.9 |
202.5 |
532.4 |
|
Current Portion of Long Term Borrowings |
369.1 |
229.9 |
207.5 |
225.4 |
128.1 |
|
Deferred Income Tax Liabilities |
- |
- |
- |
1.0 |
0.0 |
|
Advance Receipts & Current Liabilities |
45.4 |
36.9 |
26.2 |
23.5 |
16.0 |
|
Total Current Liabilities |
2,384.4 |
2,056.2 |
1,727.3 |
1,526.2 |
1,675.8 |
|
|
|
|
|
|
|
|
Financial Liabilities - Fair Value |
0.0 |
1.0 |
1.9 |
2.0 |
3.7 |
|
Corporate Bonds Payable |
2,052.2 |
2,163.8 |
2,146.9 |
1,506.7 |
1,065.2 |
|
Long Term Borrowings |
1,558.5 |
1,451.0 |
1,131.9 |
1,432.1 |
1,680.1 |
|
Long Term Payables |
0.2 |
0.2 |
0.6 |
0.7 |
10.8 |
|
Total Long Term Debt |
3,610.9 |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
|
|
|
|
|
|
|
|
Accrued Pension Liabilities |
659.0 |
615.3 |
582.7 |
502.3 |
459.9 |
|
Long Term Security Deposits Received |
21.2 |
20.7 |
24.6 |
23.8 |
25.4 |
|
Deferred Income Tax Liabilities |
0.0 |
62.0 |
56.4 |
- |
35.5 |
|
Other Liabilities |
6.9 |
8.2 |
1.6 |
2.9 |
4.0 |
|
Minority Interest |
385.3 |
416.7 |
411.0 |
409.3 |
400.7 |
|
Total Liabilities |
7,067.8 |
6,795.0 |
6,085.1 |
5,405.9 |
5,360.9 |
|
|
|
|
|
|
|
|
Common Stock |
2,706.6 |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
|
Paid-in Capital |
923.3 |
909.3 |
963.2 |
853.4 |
792.5 |
|
Legal Reserve |
1,492.2 |
1,353.3 |
1,264.9 |
1,101.7 |
1,045.1 |
|
Special Reserve |
2,013.4 |
1,785.9 |
1,854.6 |
1,690.6 |
1,647.7 |
|
Retained Earnings |
276.3 |
889.8 |
1,536.6 |
637.4 |
405.5 |
|
Cumulative Translation Adjustments |
80.0 |
202.3 |
6.5 |
243.8 |
311.3 |
|
Unrealized LT Invest./Fncl. Assets G/L |
1,000.3 |
998.1 |
1,382.2 |
845.8 |
327.3 |
|
Unrealized Revaluation Increment |
7.8 |
7.5 |
7.8 |
7.2 |
9.9 |
|
Net Loss Not Recognized as Pension Cost |
-1.0 |
- |
- |
- |
- |
|
Treasury Stocks |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Equity |
8,498.8 |
8,739.4 |
9,708.9 |
7,834.8 |
6,862.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
15,566.5 |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
|
Total Common Shares Outstanding |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
7,930.6 |
|
T/S-Ordinary Shares |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Advance Receipts & Current Liabilities |
45.4 |
36.9 |
26.2 |
23.5 |
16.0 |
|
Full-Time Employees |
34,224 |
34,480 |
33,710 |
30,297 |
30,435 |
|
Number of Common Shareholders |
256,288 |
261,490 |
267,215 |
301,922 |
326,188 |
|
LT Debt due in 1 Year |
369.1 |
229.9 |
207.5 |
225.4 |
128.1 |
|
LT Debt due in 2 Years |
1,175.5 |
428.4 |
272.7 |
773.5 |
434.5 |
|
LT Debt due in 3 Years |
276.7 |
804.1 |
709.1 |
269.3 |
893.4 |
|
LT Debt due in 4 Years |
88.7 |
67.3 |
58.6 |
259.2 |
70.4 |
|
LT Debt due in 5Years |
17.6 |
89.8 |
49.8 |
54.0 |
166.6 |
|
LT Debt due in Other Years |
- |
61.4 |
41.8 |
76.1 |
115.1 |
|
Total Long Term Debt, Supplemental |
1,927.7 |
1,680.8 |
1,339.4 |
1,657.6 |
1,808.2 |
|
Accumulated Benefit Obligation |
674.2 |
631.5 |
535.6 |
460.1 |
461.9 |
|
Benefit Obligation |
872.0 |
829.9 |
748.9 |
638.8 |
652.6 |
|
Fair Value of Plan Assets |
28.6 |
26.0 |
26.9 |
20.4 |
19.7 |
|
Funded Status |
-843.5 |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
|
Total Funded Status |
-843.5 |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
|
Discount Rate |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
3.50% |
3.50% |
3.50% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
3.00% |
3.00% |
3.00% |
|
Deferred Pension Cost |
15.6 |
25.2 |
- |
- |
1.5 |
|
Accrued Pension Liabilities |
-659.0 |
-615.3 |
-582.7 |
-502.3 |
-459.9 |
|
Net Assets Recognized on Balance Sheet |
-643.4 |
-590.1 |
-582.7 |
-502.3 |
-458.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
121.5 |
823.4 |
1,324.5 |
512.4 |
367.2 |
|
Depreciation |
514.8 |
507.1 |
477.4 |
477.6 |
521.0 |
|
Amortization |
46.5 |
39.6 |
46.9 |
49.9 |
50.1 |
|
Provision/Reserval Bad Debts |
-5.0 |
-1.9 |
-3.0 |
-5.0 |
21.2 |
|
Amort. of Bond Issuance Fees |
2.4 |
1.5 |
1.5 |
1.1 |
0.6 |
|
Prov./Reserval of Inventory Devaluation |
-9.0 |
26.8 |
-2.8 |
-35.8 |
37.4 |
|
Investment Income under Equity Method |
369.3 |
212.0 |
-275.0 |
-136.4 |
308.5 |
|
Cash Dividends from Investee Companies |
176.0 |
370.9 |
344.2 |
104.4 |
512.1 |
|
Disposal of Assets, Net |
-25.8 |
1.6 |
-0.5 |
-7.2 |
-1.7 |
|
Other Expense-Fixed Asset |
0.0 |
0.6 |
0.1 |
- |
- |
|
Gain on Disposal of ST Investments |
-0.4 |
-0.1 |
-22.9 |
-0.9 |
- |
|
G/L on Disposal of LT Equity Investments |
-42.0 |
- |
- |
- |
- |
|
G/L on Financial Assets/Lia. Revaluation |
-1.1 |
-0.2 |
1.5 |
-0.7 |
7.4 |
|
Prov. Permanent LT Invest. Devaluation |
- |
- |
- |
- |
1.0 |
|
Unrealized Gain from Sales - Affiliates |
-0.6 |
0.3 |
-0.7 |
0.3 |
-0.6 |
|
Unrealized Exchange Gain/Loss |
-1.2 |
-4.1 |
10.8 |
5.3 |
-2.8 |
|
Sale of Financial Assets, at Cost |
- |
- |
- |
- |
-4.2 |
|
Income fr Uncollected Dividends>5 yr |
- |
- |
- |
- |
-0.4 |
|
Income fr Uncollected Remuneration>5 yr |
- |
- |
- |
- |
-0.2 |
|
Income fr Uncollected Divid.&Remun.>5
yr |
-1.4 |
-1.1 |
-1.4 |
-1.8 |
- |
|
Unrealized Reval. Increment-Other Income |
- |
- |
- |
-0.2 |
- |
|
Unrealized Reval. Increment-Sale of Prop |
0.0 |
0.0 |
0.0 |
-2.7 |
- |
|
Cash Reduction of Fncl. Assets at Cost |
- |
- |
- |
-1.8 |
- |
|
Donated Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
1.7 |
|
Other Investment Loss |
0.0 |
0.1 |
0.2 |
1.8 |
- |
|
Donated Intangible Assets |
- |
0.0 |
0.3 |
- |
- |
|
Other Expenses - Fix Assets as Inventory |
21.7 |
- |
- |
- |
- |
|
Subsidiaries Lost Control |
- |
0.0 |
17.8 |
- |
- |
|
G/L on Sale Financial Assets HFS |
- |
- |
- |
- |
-0.4 |
|
Gain on Disposal of LT Equity Investment |
- |
- |
- |
- |
0.0 |
|
Notes Receivable Decrease/ Increase |
16.0 |
-47.2 |
-30.7 |
-18.9 |
61.4 |
|
Accounts Receivable & Overdue Accounts |
- |
- |
- |
- |
709.8 |
|
Accounts Receivable Decrease/Increase |
45.5 |
109.9 |
-236.4 |
-129.0 |
- |
|
Other Receivables Decrease |
76.2 |
37.0 |
-67.7 |
48.8 |
-57.4 |
|
Inventory Decrease/Increase |
77.9 |
-233.4 |
-157.5 |
82.2 |
243.1 |
|
Prepayment & Other Current Assets |
- |
-63.1 |
- |
- |
-8.6 |
|
Prepayment |
16.6 |
- |
-5.3 |
-12.5 |
- |
|
Other Current Assets |
- |
- |
-4.8 |
3.0 |
- |
|
Deferred Income Tax - Assets Increase |
-74.9 |
4.2 |
40.4 |
-27.2 |
-72.1 |
|
Notes Payable Increase/Decrease |
0.0 |
0.0 |
0.0 |
- |
- |
|
Accounts Payable Increase/Decrease |
- |
-61.0 |
108.4 |
284.9 |
- |
|
Accounts & Notes Payable |
4.7 |
- |
- |
- |
-545.9 |
|
Accrued Expenses Decrease/Increase |
-71.7 |
37.2 |
87.6 |
-31.0 |
-73.0 |
|
Other Payables Increase/Decrease |
-62.9 |
-34.0 |
68.8 |
-13.0 |
-146.8 |
|
Advance Receipts Decrease |
- |
- |
2.2 |
-2.8 |
1.8 |
|
Advance Receipts& Other Current Liabilit |
7.4 |
11.7 |
- |
- |
- |
|
Other Current Liabilities |
- |
- |
-1.1 |
9.4 |
- |
|
Deferred Tax Liabilities |
- |
7.9 |
51.1 |
-34.3 |
- |
|
Accrued Pension Liabilities Increase |
27.0 |
30.0 |
29.2 |
29.5 |
32.9 |
|
Cash from Operating Activities |
1,227.5 |
1,775.5 |
1,803.1 |
1,149.6 |
1,963.0 |
|
|
|
|
|
|
|
|
Purchase of Financial Assets-Fair Value |
0.0 |
0.0 |
- |
- |
- |
|
Increase in Long Term Equity Investments |
-365.1 |
-523.2 |
-177.1 |
-310.7 |
-45.3 |
|
Decrease in Long Term Equity Investments |
28.2 |
0.0 |
26.4 |
3.8 |
0.0 |
|
Financial Assets for Sale- Increase |
-114.8 |
-364.1 |
-38.6 |
-8.8 |
-1.0 |
|
Financial Assets for Sale- Decrease |
125.4 |
228.1 |
40.6 |
6.2 |
30.9 |
|
Financial Assest At Cost- Increase |
- |
0.0 |
-1.2 |
-5.5 |
- |
|
Financial Assest At Cost- Decrease |
- |
- |
- |
- |
5.6 |
|
Capital Reduction in Fncl. Assets At Cos |
0.1 |
- |
- |
3.1 |
- |
|
Other Receivables-Cash Loaned to Others |
- |
- |
- |
199.0 |
-211.1 |
|
Disposal of Fixed Assets |
44.0 |
5.5 |
13.2 |
26.4 |
14.6 |
|
Capital Expenditure |
-585.2 |
-368.1 |
-488.3 |
-344.8 |
-504.7 |
|
Temporary Deposit Increase/ Decrease |
- |
- |
- |
- |
185.8 |
|
Due from Related Parties |
62.5 |
-679.8 |
235.9 |
-351.8 |
- |
|
Security Deposit Paid Decrease/Increase |
-2.6 |
-7.7 |
4.0 |
-2.4 |
-0.2 |
|
Deferred Expenses Increase |
-134.8 |
-36.3 |
-65.8 |
-23.2 |
-53.4 |
|
Purchase of Intangible Assets |
0.0 |
-0.5 |
- |
- |
-15.9 |
|
Financial Assets At Fair Value- Increase |
- |
- |
- |
- |
0.0 |
|
Assets Consolidation Adjustments |
- |
0.0 |
0.9 |
- |
- |
|
Other Miscellaneous Assets |
6.9 |
-28.0 |
3.1 |
8.4 |
-14.2 |
|
Cash from Investing Activities |
-935.3 |
-1,774.1 |
-446.9 |
-800.2 |
-608.8 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
-105.7 |
231.4 |
-14.8 |
-128.9 |
-250.9 |
|
Short Term Notes & Bills Payable |
- |
- |
- |
-56.0 |
39.6 |
|
Issuance of Corporate Bonds |
404.7 |
339.4 |
931.1 |
604.1 |
- |
|
Repayment of Corporate Bonds |
-253.6 |
-69.4 |
-573.9 |
-529.3 |
- |
|
Long Term Borrowings Increase/Decrease |
- |
- |
- |
-191.7 |
386.2 |
|
Long Term Borrowings Decrease |
-252.5 |
-844.3 |
-1,099.4 |
- |
- |
|
Long Term Borrowings Increase |
422.6 |
1,247.6 |
658.3 |
- |
- |
|
Corporate Debts Increase/Decrease |
- |
- |
- |
- |
368.9 |
|
Security Deposit Received Increase |
-0.4 |
-3.1 |
-1.3 |
-2.2 |
-1.1 |
|
Due to Related Parties Increase/ Decreas |
-0.2 |
0.7 |
-4.8 |
-13.9 |
-105.6 |
|
LT Liab. Increase |
-0.1 |
-0.4 |
0.0 |
-10.0 |
9.5 |
|
Other Miscellaneous Liabilities Inc/Dec |
-0.4 |
8.7 |
-1.4 |
-4.1 |
-2.0 |
|
Cash Dividends |
-556.9 |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
|
Directors Remuneration & Employees Bonus |
- |
- |
- |
-1.6 |
-6.4 |
|
Minority Interest |
-35.2 |
13.0 |
-34.8 |
-41.8 |
-79.6 |
|
Cash from Financing Activities |
-377.6 |
-329.2 |
-626.1 |
-550.4 |
-1,259.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-15.7 |
43.9 |
-90.6 |
-9.5 |
-15.8 |
|
Net Change in Cash |
-101.0 |
-284.0 |
639.5 |
-210.5 |
78.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
957.8 |
1,248.0 |
525.0 |
711.3 |
665.8 |
|
Net Cash - Ending Balance |
856.7 |
963.9 |
1,164.5 |
500.7 |
744.6 |
|
Cash Interest Paid |
75.5 |
55.7 |
61.5 |
69.9 |
115.5 |
|
Cash Taxes Paid |
195.9 |
300.9 |
85.8 |
52.3 |
385.5 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.