MIRA
INFORM REPORT
|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHINA STEEL CORPORATION |
|
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Registered Office : |
No. 1, Chung Kang Road, Siaogang District, Kaohsiung, 812 |
|
|
|
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Country : |
Taiwan |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
03.12.1971 |
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|
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture and sale of steel products and engaged in
mechanical, communications and electrical engineering |
|
|
|
|
No. of Employees : |
23,800 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of investment and foreign trade. In keeping with this
trend, some large, state-owned banks and industrial firms have been privatized.
Exports, led by electronics, machinery, and petrochemicals have provided the
primary impetus for economic development. This heavy dependence on exports
exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP
contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation,
low birth rate, and rapidly aging population are major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several
years, but so far Taiwan has been excluded from this greater economic
integration largely because of its diplomatic status with the exception of the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010. The MA administration has said that the ECFA will serve as a
stepping stone toward trade pacts with other regional partners, and negotiations
on a deal with Singapore began this year. Follow-on components of ECFA,
including deals on trade in goods, services, and investment, have yet to be
completed. Taiwan's Total Fertility rate of just over one child per woman is
among the lowest in the world, raising the prospect of future labor shortages,
falling domestic demand, and declining tax revenues. Taiwan's population is
aging quickly, with the number of people over 65 accounting for 10.9% of the
island's total population as of 2011. The island runs a large trade surplus,
and its foreign reserves are the world's fourth largest, behind China, Japan,
and Russia. Since 2005 China has overtaken the US to become Taiwan's
second-largest source of imports after Japan. China is also the island's number
one destination for foreign direct investment. Three financial memorandums of
understanding, covering banking, securities, and insurance, took effect in
mid-January 2010, opening the island to greater investments from the mainland's
financial firms and institutional investors, and providing new opportunities
for Taiwan financial firms to operate in China. Closer economic links with the
mainland bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
Source : CIA
Company name & address
China Steel
Corporation
No. 1
Chung Kang Road, Siaogang District
Kaohsiung, 812
Taiwan
Tel: 886-7-8021111
Fax: 886-7-8018434
Synthesis
Employees: 23,800
Company Type: Public
Parent
Corporate Family: 34
Companies
Traded: Taiwan
Stock Exchange: 2002
Incorporation Date: 03-Dec-1971
Auditor: Deloitte
& Touche LLP
Financials in: USD
(Mil)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Taiwanese
New Dollar
Annual Sales: 13,645.0 1
Net Income: 663.3
Total Assets: 20,201.6 2
Market Value: 14,435.2
(28-Dec-2012)
Business Description
China Steel Corporation is principally engaged in steel business. The Company
manufactures various steel products, including plate products, steel bars, wire
rod products, hot rolled products, cold rolled products, electrogalvanizing
steel products, hot-dip galvanizing steel products and electromagnetic steel
sheets. The Company's products are applied to ships, bridges, containers,
trucks, steel structures, automobiles, furniture, home appliances, hardware
fittings, computers, motors and transformers, among others. The Company
distributes its products in the domestic market and to overseas markets,
including Hong Kong, Mainland China, Japan, Malaysia, South Korea, Indonesia,
Thailand, Vietnam and Singapore. For the nine months ended 30 September 2012,
China Steel Corporation revenues decreased 10% to NT$274.45B. Net income applicable
to common stockholders decreased 81% to NT$3.77B. Revenues reflect a decrease
in demand for the Company's products and services due to unfavorable market
conditions. Net income also reflects Interest Expense increase of 36% to
NT$2.02B (expense).
INDUSTRY
|
|
|
|
Industry Iron and Steel
ANZSIC 2006: 2121 - Iron and
Steel Casting
NACE 2002: 2752 - Casting
of steel
NAICS 2002: 331111 - Iron
and Steel Mills
UK SIC 2003: 2752 - Casting
of steel
UK SIC 2007: 2452 - Casting
of steel
US SIC 1987: 3325 - Steel
Foundries, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Head of Finance |
|
|
Deputy General Manager-Technology |
|
|
Chia-Zhu Chang |
Chairman & Chief Executive Officer |
|
Y. C. Chen |
President |
|
K. H. Chang |
VP-Finance Division |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Mergers & Acquisitions |
1 |
China Steel Corporation's Subsidiary Acquires Ship |
13-Jan-2012 |
|
General Reorganization |
1 |
China Steel Corp to Merge with Subsidiaries and Acquire Equity Shares
of Chung Hung Steel Co Ltd |
27-Dec-2012 |
|
Strategic Combinations |
1 |
POSCO, China Steel Corp, Consortium Buys $1.1 Billion Stake In
Arcelormittal Operator-Reuters |
2-Jan-2013 |
|
Dividends |
2 |
China Steel Corporation Announces FY 2011 Dividend Payment Date |
3-Jul-2012 |
* number of
significant developments within the last 12 months
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.08 |
2.95 |
|
Quick Ratio (MRQ) |
0.42 |
1.63 |
|
Debt to Equity (MRQ) |
0.84 |
0.67 |
|
Sales 5 Year Growth |
7.56 |
8.01 |
|
Net Profit Margin (TTM) % |
0.78 |
0.49 |
|
Return on Assets (TTM) % |
0.47 |
0.76 |
|
Return on Equity (TTM) % |
1.13 |
-0.76 |
Stock Snapshot
Traded: Taiwan Stock Exchange: 2002
|
As of 28-Dec-2012 Financials in: TWD |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
|
|
|
Price % Change |
Rel S&P 500% |
|
4 Week |
2.82% |
1.23% |
|
13 Week |
2.24% |
2.44% |
|
52 Week |
-3.94% |
-11.73% |
|
Year to Date |
-3.61% |
-11.46% |
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.
1
Chung Kang Road, Siaogang District
Kaohsiung, 812
Taiwan
Tel: 886-7-8021111
Fax: 886-7-8018434
|
Quote Symbol - Exchange |
|
|
2002 - Taiwan
Stock Exchange |
|
|
|
|
|
Sales TWD(mil): |
401,026.6 |
|
Assets TWD(mil): |
611,685.6 |
|
Employees: |
23,800 |
|
Fiscal Year End: |
31-Dec-2011 |
|
Industry: |
Iron and Steel |
|
Incorporation Date: |
03-Dec-1971 |
|
Company Type: |
Public Parent |
|
Quoted Status: |
Quoted |
|
Chairman & Chief Executive Officer: |
Chia-Zhu Chang |
|
ANZSIC
2006 Codes: |
||
|
2121 |
- |
Iron and
Steel Casting |
|
NACE 2002
Codes: |
||
|
2752 |
- |
Casting
of steel |
|
NAICS
2002 Codes: |
||
|
331111 |
- |
Iron and
Steel Mills |
|
US SIC
1987: |
||
|
3325 |
- |
Steel
Foundries, Not Elsewhere Classified |
|
UK SIC
2003: |
||
|
2752 |
- |
Casting
of steel |
|
UK SIC
2007: |
||
|
2452 |
- |
Casting
of steel |
China Steel Corporation is principally engaged in steel
business. The Company manufactures various steel products, including plate
products, steel bars, wire rod products, hot rolled products, cold rolled
products, electrogalvanizing steel products, hot-dip galvanizing steel products
and electromagnetic steel sheets. The Company's products are applied to ships,
bridges, containers, trucks, steel structures, automobiles, furniture, home
appliances, hardware fittings, computers, motors and transformers, among
others. The Company distributes its products in the domestic market and to
overseas markets, including Hong Kong, Mainland China, Japan, Malaysia, South
Korea, Indonesia, Thailand, Vietnam and Singapore. For the nine months ended 30
September 2012, China Steel Corporation revenues decreased 10% to NT$274.45B.
Net income applicable to common stockholders decreased 81% to NT$3.77B.
Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Net income also reflects Interest Expense
increase of 36% to NT$2.02B (expense).
More Business Descriptions
Manufacture and sale of steel products and engaged in
mechanical, communications and electrical engineering
Steel Mfr
China Steel Corporation (CSC) is the leading steel
manufacturer in Taiwan. The company manufactures and sells steel products in
Taiwan. The key product offerings of the company include plate products, steel
bar and wired rod products, hot rolled and laminated products. The company also
offers a wide range of engineering and technical services, besides other
domestic and oversea consulting services. The company conducts steel business
through many entities such as CSC, Chung Hung Steel Corporation, Dragon Steel
Corporation, CSC Steel Sdn. Bhd., China Steel Sumikin Vietnam JSC and China
Steel Precision Materials Corp. During 2010, the companys crude steel capacity
(together with CSC and Dragon Steels EAF and No.1 blast furnace) accounted for
12.9 million metric tonnes (MMT). For the fiscal year ended 2010, the company,
through its hot galvanized steel products, recorded 24.0% of the domestic
market share, followed by wire/rod products with 48%, electro-galvanized with
57%, plate with 69%, cold rolled with 60%, hot rolled with 46%, and electrical
steel with 78%. For 2010, the company recorded 9.72 MMT of steel production,
which comprises 40.06% of hot rolled products, followed by 20.05% of cold
rolled products, 13.02% of wire rods, 10.94% of plates, 5.92% of bars, and
1.02% of other products. For the third quarter ended 2011, the company’s
sales volume totaled 6.96 MMT, of which hot rolled products accounted for 30.1%
of the total sales volume, followed by semi products with 0.3%, plates with
12.4%, cold-rolled with 15.2%, coated products with 17.2% and bar/ rod product
with 24.7%.For the fiscal year ended December 2010, the company recorded total
domestic sales of 7.23 MMT and export sale of 2.66 MMT. During 2010, the company’s
domestic sale accounted for 7.26 MMT, of which 20.84% of sales were contributed
by re-rollers industry, followed by steel service centers with 18.75%, direct
users with 17.72%, nut and bolts markets with 13.55%, steel piping with 9.08%,
steel structure with 6.69%, vehicles markets with 5.54%, traders with 2.60%,
shipbuilding with 2.45%, hand tools with 1.46%, steel wire and cables with
0.79%, and others with 0.53%. For the third quarter ended 2011, the company
recorded total export sales volume of 2.08 MMT and domestic sales volume of
4.88 MMT. Domestic sales volume contributed 70.1% and export sales volume
contributed 29.9% of the total sales. The company recorded 30.6% sales volume
from China, 24.9% from Japan, 26.3% from South-east Asia, and 18.2% from
others. For the third quarter ended 2011, the company’s domestic sale accounted
for 4.88 MMT, of which 10.4% sales were contributed by re-rollers industry,
followed by coil center with 20.4%, direct users with 19.6%, nut and bolts
markets with 17.8%, steel piping with 7.6%, steel structure with 7.6%, vehicles
markets with 6.7%, traders with 2.9%, shipbuilding with 3.5%, hand tools with
2.0%, and wire rope with 0.9% sale. The plates that the company manufactures
are used in shipbuilding, oil country tubular goods (OCTGs), boilers, truck
chassis, steel structures, bridges, general constructions, pressure vessels and
storage tanks. The company's bar products find application in loudspeaker
parts, machinery parts, hand tools, nuts and bolts, motor cycle parts and
automobile parts. The wire rods that the company produces are used in welding
electrodes, nuts and bolts, tire cord and bead, hand tools, umbrella parts,
chains and steel wire and ropes. The hot rolled coils and sheets CSC supplies
are used in vehicle parts, pressure vessels, steel pipes and tubes, cold rolled
products, parts in general, hydraulic jacks, containers and light shapes. The
company's cold rolled coils include steel furniture, oil barrels, hardware,
home appliances, automobile bodies and other raw materials which are used for
coated and galvanized steel sheets. The electro-galvanized coils of the company
find use in automobile bodies, furniture, parts and accessories, home appliance
outer shells, hardware, computer cases and building materials. Its hot-dip
galvanized coils find application in computer cases, building materials,
automobile parts and appliance components and other color coated sheets. Its
electrical steel coils include transformers, stabilizers and other electric
motors. Through its research and development (R&D) activities, CSC focuses
on product development for serving its downstream customers. CSC’s R&D
categorizes its business operations into two departments, namely, steel and
aluminum R&D department, and new material R&D department. Steel and
aluminum R&D department focuses on the development of steel and aluminum
products, besides steel production and related technologies. The department
also conducts research on steel and iron making process, development of automation
and instrumentation system, and non-ferrous products. New material R&D
department focuses on developing advanced materials for iron- and steel- making
process and introducing new technology. The company€™s R&D facility formed
an alliance with several research institutes and universities, and downstream
customers. CSC formed an alliance for fasteners of automobile, light weight
hand tools, tube hydro-forming technology for automobile parts, and steel
structure technology. As of December 1, 2011, the company€™s R&D alliance
recorded total estimated expenditure of $19.m, which comprised $2.4m for
fastener industry alliance, $6.3m for motor industry, $5.7m for automobile, and
$5.0m for transformer. The company requires a range of raw materials such as
coal, limestone and iron ore for manufacturing steel. It secures approximately
100% of the iron ore and coking coals by long term contracts. The company also
partners several third parties in Japan, South Korea, Mainland China, Australia
and Brazil for the supply of raw materials. It acquired a 26% stake in Hsin
Hsin Cement for lime stone. CSC acquired 5% in Dongbu Metal Co for the secure
supply of ferro-alloy. The company also has a 5% stake in Sonoma coal project
for the supply of coal. In addition to core steel business, the company
actively participates in other business operations including engineering
business, industrial materials, service and investment business, and logistics
business. It conducts engineering businesses through China Steel Machinery
Corporation, China Steel Structure Co., Ltd. and China Ecotek Corporation. The
company carries out industrial materials business through C. S. Aluminum
Corporation, China Steel Chemical Corporation, China Hi-ment Corporation and
Himag Magnetic Corporation. The company conducts logistics business through
China Steel Express Corporation and China Steel Global Trading Corporation. The
company conducts service and investments business through wholly-owned
subsidiaries including Gains Investment Corporation, China Steel Security
Corporation, Info-Champ Systems Corporation, and China Prosperity Development
Corporation.In February 2012, CSC planned to purchase 10% of MCG Coal Holdings
interest in MDL162 mine through CSC Steel Australia Holdings Pty Ltd. With this
acquisition, the company is expected to receive approximately 600,000 metric
tons of metallurgical coal per year. In January 2012, CSC signed a memorandum
of understanding with the Gujarat government for setting up an electric steel
plant at Dahej GIDC in south Gujarat. In December 2011, company formed a new
research alliance with other related companies and academic institutions for
hot stamping. This alliance was formed for the development of materials; mold
design, forming techniques, and production equipment that are required for hot
stamping.
China Steel Corporation (CSC) is an integrated steel maker
in Taiwan. The company manufactures and sells steel products in Taiwan. The key
product portfolio of the company includes plate products, steel bar and wired
rod products, and hot rolled and laminated products. CSC is the leading
manufacturer of flat steel products. It also provides a wide range of
engineering and technical services, besides other domestic and oversea
consulting services. The company exports its products to Mainland China, Japan,
and South East Asia. The company, together with its subsidiaries, affiliates
and representative offices, operates in Taiwan, Vietnam, China, Japan, Korea
and Singapore. CSC is headquartered in Kaohsiung, Taiwan.CSC focuses on
increasing its production capacity by augmenting the secure supply of raw
materials. Recently, the company planned to acquire a 10% interest in MCG Coal
Holdings’s MDL162 mine through CSC Steel Australia Holdings Pty Ltd. Through
this acquisition, the company is expected to receive approximately 600,000
metric tons of metallurgical coal per year. The company also focuses on
expanding its operational base in other Asian countries. It signed a memorandum
of understanding with the Gujarat government for setting up an electric steel
plant at Dahej GIDC in south Gujarat.The company reported revenues of
(Taiwanese Dollars) TWD 401,026.62 million during the fiscal year ended
December 2011, an increase of 14.51% over 2010. The operating profit of the
company was TWD 24,455.60 million during the fiscal year 2011, a decrease of
52.78% from 2010. The net profit of the company was TWD 19,493.68 million
during the fiscal year 2011, a decrease of 48.14% from 2010.
Iron and Steel Mills and Ferroalloy Manufacturing
Financial Data
|
|
||||||||||||||||||||||||||||||
Quote
Symbol: 2002
Exchange: Taiwan Stock
Exchange
Currency: TWD
Stock
Price: 27.4
Stock Price
Date: 12-28-2012
52 Week
Price Change %: -3.9
Market
Value (mil): 419,213,792.0
SEDOL: 6190950
ISIN: TW0002002003
Equity
and Dept Distribution:
5/1999, 5% stock dividend. 2/1997, 2.5% stock dividend.
07/2006, 3.5% stock dividend. FY'04 financials reclassified due to
consolidation of financials. 07/2007, 3% stock dividend. FY'06 fncls.
reclassified. 7/2008, 3% Stock dividend. 07/2009, 4.3% Stock dividend.07/2011,
5% stock dividend.(Factor:1.05) 07/12,stock dividend, factor:1.01500.
Subsidiary
|
Company |
Percentage Owned |
Country |
|
Dragon Steel Corporation |
100% |
TAIWAN |
|
China Steel Express Corporation |
100% |
TAIWAN |
|
China Prosperity Development Corporation |
100% |
TAIWAN |
|
China Steel Asia Pacific Holdings Pte Ltd |
100% |
TAIWAN |
|
C.S. Aluminum Corporation |
100% |
TAIWAN |
|
Gains Investment Corporation |
100% |
TAIWAN |
|
China Steel Machinery Corporation |
74% |
TAIWAN |
|
Long Yuan Fa Investment Corporation |
100% |
TAIWAN |
|
Horng Yih Investment Corporation |
100% |
TAIWAN |
|
China Steel Sumikin Vietnam Joint Stock Company |
51% |
VIETNAM |
|
Goang Yaw Investment Corporation |
100% |
TAIWAN |
|
Info-Champ Systems Corporation |
100% |
TAIWAN |
|
China Steel Security Corporation |
100% |
TAIWAN |
|
China Steel Management Consulting Corporation |
100% |
TAIWAN |
|
China Steel Global Trading Corporation |
100% |
TAIWAN |
|
CSC Steel Australia Holdings Pty Ltd |
100% |
AUSTRALIA |
Major Shareholders
Ministry of
Economic Affairs (21.24%)
Auditor: Deloitte & Touche LLP
Bank: Bank of Taiwan, ABN Bank, Bank of
America, Chemical Bank
Auditor: Deloitte & Touche, Deloitte
& Touche LLP
Corporate Structure News
Total Corporate
Family Members: 34
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kaohsiung |
Taiwan |
Iron and
Steel |
13,645.0 |
23,800 |
|
|
Subsidiary |
Taichung
City |
Taiwan |
Iron and
Steel |
2,512.8 |
2,906 |
|
|
Affiliates |
Hsin-chu |
Taiwan |
Iron and
Steel |
|
1,848 |
|
|
Affiliates |
Kaohsiung |
Taiwan |
Engineering
Consultants |
288.9 |
1,237 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Security
Systems and Services |
0.2 |
1,147 |
|
|
Subsidiary |
Chiao
Tou, Kaohsiung |
Taiwan |
Iron and
Steel |
|
900 |
|
|
Affiliates |
Kaohsiung |
Taiwan |
Construction
Services |
618.6 |
660 |
|
|
Subsidiary |
Kaohsiung
City |
Taiwan |
Construction
Services |
|
|
|
|
Subsidiary |
Melaka |
Malaysia |
Iron and
Steel |
246.9 |
600 |
|
|
Subsidiary |
Melaka |
Malaysia |
Iron and
Steel |
117.6 |
600 |
|
|
Subsidiary |
Ayer
Keroh |
Malaysia |
Construction
- Supplies and Fixtures |
394.4 |
584 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Miscellaneous
Fabricated Products |
|
500 |
|
|
Affiliates |
Taichung,
Hsien |
Taiwan |
Iron and
Steel |
|
441 |
|
|
Affiliates |
Kaohsiung |
Taiwan |
Construction
- Raw Materials |
187.7 |
429 |
|
|
Subsidiary |
Kaohsiung,
Chien Chen |
Taiwan |
Computer
Networks |
|
300 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Miscellaneous
Fabricated Products |
171.3 |
283 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Scientific
and Technical Instruments |
10.0 |
210 |
|
|
Affiliates |
Kaohsiung |
Taiwan |
Chemical
Manufacturing |
308.3 |
145 |
|
|
Subsidiary |
Pingtung |
Taiwan |
Chemical
Manufacturing |
|
100 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Business
Services |
|
70 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Miscellaneous
Transportation |
|
55 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Investment
Services |
|
20 |
|
|
Subsidiary |
Kaohsiung
City |
Taiwan |
Engineering
Consultants |
|
18 |
|
|
Affiliates |
Taipei |
Taiwan |
Investment
Services |
|
15 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Real
Estate Operations |
1.0 |
9 |
|
|
Branch |
Singapore |
Singapore |
Iron and
Steel |
1.0 |
3 |
|
|
Subsidiary |
Kaohsiung
City |
Taiwan |
Trucking |
|
|
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous
Transportation |
42.1 |
|
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Security
Systems and Services |
|
|
|
|
Subsidiary |
Kaohsiung
City |
Taiwan |
Business Services |
|
300 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Construction
Services |
|
|
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Business
Services |
|
|
|
|
China
Steel Global Trading Corporation |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous
Capital Goods |
3.9 |
15 |
Competitors Report
|
CompanyName
|
Location |
Employees
|
Ownership
|
|
Chun Yuan
Steel Industry Co Ltd |
Taipei,
Taiwan |
2,039 |
Public |
|
Nippon
Steel & Sumitomo Metal Corp |
Tokyo,
Japan |
60,508 |
Public |
|
POSCO |
Pohang,
Korea, Republic of |
17,831 |
Public |
|
TOPY INDUSTRIES,
LIMITED |
Tokyo,
Japan |
4,135 |
Public |
|
Tung Ho
Steel Enterprise Corporation |
Taipei,
Taiwan |
1,895 |
Public |
|
YAMATO
KOGYO CO., LTD. |
Himeji-Shi,
Japan |
1,835 |
Public |
Executive report
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Board of
Directors |
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Executives |
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Chairman
& Chief Executive Officer |
Chief Executive
Officer |
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President |
President |
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President
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President |
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VP-Finance
Division |
Division
Head Executive |
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VP-Commercial
Division |
Division
Head Executive |
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VP-Corporate
Planning Division |
Division
Head Executive |
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VP-Production
Division |
Division
Head Executive |
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General
Manager, Director |
Division Head
Executive |
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VP-Engineering
Division |
Division
Head Executive |
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VP-Admin
Division |
Division
Head Executive |
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Executive
Vice President |
Administration
Executive |
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Vice
President Administration |
Administration
Executive |
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Vice
President Finance |
Finance
Executive |
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Head of Finance |
Finance
Executive |
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Manager-Treasurer |
Treasurer |
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Manager-Human
Resources |
Human
Resources Executive |
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Vice
President-Commercial |
Sales
Executive |
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Vice
President Engineering |
Engineering/Technical
Executive |
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Vice
President Corporate Planning |
Planning
Executive |
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Deputy
General Manager-Technology |
Other |
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Supervisory
Board of Directors |
Other |
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Executive
VP |
Other |
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Supervisory
Board of Directors |
Other |
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Deputy
General Manager-Planning |
Other |
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Deputy
General Manager-Administration |
Other |
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Director |
Other |
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Deputy
General Manager-Business |
Other |
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Supervisory
Board of Directors |
Other |
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Deputy
General Manager |
Other |
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Deputy
General Manager-Engineering |
Other |
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Significant Developments
|
POSCO, China
Steel Corp, Consortium Buys $1.1 Billion Stake In Arcelormittal
Operator-Reuters Jan 02, 2013
|
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China Steel Corp
to Merge with Subsidiaries and Acquire Equity Shares of Chung Hung Steel Co
Ltd Dec 27, 2012
|
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China Steel
Corporation Announces FY 2011 Dividend Payment Date Jul 03, 2012
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China Steel
Corporation Announces FY 2011 Dividend Payment Mar 21, 2012
|
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China Steel
Corporation's Subsidiary Acquires Ship Jan 13, 2012
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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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
13,645.0 |
11,118.7 |
7,604.0 |
12,215.4 |
10,068.6 |
|
Revenue |
13,645.0 |
11,118.7 |
7,604.0 |
12,215.4 |
10,068.6 |
|
Total Revenue |
13,645.0 |
11,118.7 |
7,604.0 |
12,215.4 |
10,068.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
12,399.8 |
9,107.2 |
6,771.0 |
10,582.1 |
7,567.4 |
|
Cost of Revenue, Total |
12,399.8 |
9,107.2 |
6,771.0 |
10,582.1 |
7,567.4 |
|
Gross Profit |
1,245.2 |
2,011.5 |
832.9 |
1,633.4 |
2,501.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
363.8 |
317.9 |
277.1 |
319.8 |
284.2 |
|
Total Selling/General/Administrative Expenses |
363.8 |
317.9 |
277.1 |
319.8 |
284.2 |
|
Research & Development |
59.4 |
50.8 |
43.2 |
46.7 |
45.3 |
|
Impairment-Assets Held for Use |
-9.0 |
-0.4 |
-34.7 |
166.3 |
20.6 |
|
Unusual Expense (Income) |
-9.0 |
-0.4 |
-34.7 |
166.3 |
20.6 |
|
Other, Net |
-1.1 |
-1.0 |
-0.9 |
11.4 |
5.5 |
|
Other Operating Expenses, Total |
-1.1 |
-1.0 |
-0.9 |
11.4 |
5.5 |
|
Total Operating Expense |
12,812.9 |
9,474.5 |
7,055.7 |
11,126.4 |
7,923.0 |
|
|
|
|
|
|
|
|
Operating Income |
832.1 |
1,644.1 |
548.3 |
1,089.0 |
2,145.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-70.1 |
-45.5 |
-44.2 |
-53.3 |
-49.6 |
|
Interest Expense, Net Non-Operating |
-70.1 |
-45.5 |
-44.2 |
-53.3 |
-49.6 |
|
Interest Income -
Non-Operating |
11.4 |
9.3 |
8.2 |
29.7 |
32.4 |
|
Investment Income -
Non-Operating |
16.8 |
12.8 |
46.3 |
6.2 |
34.9 |
|
Interest/Investment Income - Non-Operating |
28.2 |
22.0 |
54.5 |
35.9 |
67.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-41.9 |
-23.5 |
10.3 |
-17.4 |
17.7 |
|
Gain (Loss) on Sale of Assets |
- |
0.1 |
39.5 |
0.0 |
- |
|
Other Non-Operating Income (Expense) |
4.8 |
-10.6 |
50.7 |
-16.5 |
22.9 |
|
Other, Net |
4.8 |
-10.6 |
50.7 |
-16.5 |
22.9 |
|
Income Before Tax |
795.0 |
1,610.1 |
648.8 |
1,055.1 |
2,186.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
86.2 |
287.5 |
-11.5 |
282.7 |
474.3 |
|
Income After Tax |
708.7 |
1,322.6 |
660.3 |
772.4 |
1,711.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-45.5 |
-129.3 |
-66.7 |
-10.6 |
-151.2 |
|
Net Income Before Extraord Items |
663.3 |
1,193.3 |
593.6 |
761.8 |
1,560.6 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
663.3 |
1,193.3 |
593.6 |
761.8 |
1,560.6 |
|
|
|
|
|
|
|
|
Preferred Dividends |
-1.8 |
-1.7 |
-1.6 |
-1.7 |
-1.7 |
|
Total Adjustments to Net Income |
-1.8 |
-1.7 |
-1.6 |
-1.7 |
-1.7 |
|
Income Available to Common Excl Extraord Items |
661.5 |
1,191.6 |
592.0 |
760.1 |
1,558.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
661.5 |
1,191.6 |
592.0 |
760.1 |
1,558.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
14,475.1 |
14,115.8 |
13,999.5 |
13,593.7 |
13,655.6 |
|
Basic EPS Excl Extraord Items |
0.05 |
0.08 |
0.04 |
0.06 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
0.05 |
0.08 |
0.04 |
0.06 |
0.11 |
|
Dilution Adjustment |
1.8 |
1.7 |
1.6 |
1.7 |
1.7 |
|
Diluted Net Income |
663.3 |
1,193.3 |
593.6 |
761.8 |
1,560.6 |
|
Diluted Weighted Average Shares |
14,607.4 |
14,271.6 |
14,122.0 |
13,721.5 |
13,700.3 |
|
Diluted EPS Excl Extraord Items |
0.05 |
0.08 |
0.04 |
0.06 |
0.11 |
|
Diluted EPS Incl Extraord Items |
0.05 |
0.08 |
0.04 |
0.06 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.06 |
0.03 |
0.04 |
0.09 |
|
Gross Dividends - Common Stock |
517.1 |
854.7 |
400.5 |
513.1 |
1,225.0 |
|
Interest Expense, Supplemental |
70.1 |
45.5 |
44.2 |
53.3 |
49.6 |
|
Interest Capitalized, Supplemental |
-26.5 |
-26.6 |
-23.1 |
-19.1 |
-3.2 |
|
Depreciation, Supplemental |
889.4 |
747.7 |
518.2 |
496.2 |
473.1 |
|
Total Special Items |
-9.0 |
-0.4 |
-74.2 |
166.3 |
20.6 |
|
Normalized Income Before Tax |
786.0 |
1,609.7 |
574.6 |
1,221.4 |
2,206.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-1.0 |
-0.1 |
-26.0 |
44.6 |
4.5 |
|
Inc Tax Ex Impact of Sp Items |
85.3 |
287.4 |
-37.5 |
327.2 |
478.8 |
|
Normalized Income After Tax |
700.7 |
1,322.3 |
612.1 |
894.2 |
1,728.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
653.4 |
1,191.3 |
543.7 |
881.9 |
1,575.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.08 |
0.04 |
0.06 |
0.12 |
|
Diluted Normalized EPS |
0.04 |
0.08 |
0.04 |
0.06 |
0.12 |
|
Amort of Intangibles, Supplemental |
11.6 |
12.3 |
10.4 |
30.6 |
25.9 |
|
Research & Development Exp, Supplemental |
59.4 |
50.8 |
43.2 |
46.7 |
45.3 |
|
Normalized EBIT |
823.1 |
1,643.8 |
513.6 |
1,255.4 |
2,166.2 |
|
Normalized EBITDA |
1,724.1 |
2,403.8 |
1,042.2 |
1,782.2 |
2,665.2 |
|
Current Tax - Total |
116.4 |
217.9 |
29.9 |
528.7 |
443.3 |
|
Current Tax - Total |
116.4 |
217.9 |
29.9 |
528.7 |
443.3 |
|
Deferred Tax - Total |
-30.1 |
69.6 |
-41.5 |
-246.0 |
31.0 |
|
Deferred Tax - Total |
-30.1 |
69.6 |
-41.5 |
-246.0 |
31.0 |
|
Income Tax - Total |
86.2 |
287.5 |
-11.5 |
282.7 |
474.3 |
|
Interest Cost - Domestic |
20.7 |
16.9 |
17.3 |
22.5 |
20.0 |
|
Service Cost - Domestic |
29.5 |
27.7 |
46.7 |
50.1 |
48.0 |
|
Expected Return on Assets - Domestic |
-15.4 |
-13.7 |
-15.2 |
-19.1 |
-12.3 |
|
Transition Costs - Domestic |
7.5 |
1.3 |
1.0 |
2.6 |
3.5 |
|
Other Pension, Net - Domestic |
1.8 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
44.2 |
32.2 |
49.8 |
56.0 |
59.3 |
|
Defined Contribution Expense - Domestic |
12.2 |
8.4 |
6.0 |
5.4 |
- |
|
Total Pension Expense |
56.4 |
40.7 |
55.8 |
61.4 |
59.3 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.25% |
4.00% |
|
Total Plan Interest Cost |
20.7 |
16.9 |
17.3 |
22.5 |
20.0 |
|
Total Plan Service Cost |
29.5 |
27.7 |
46.7 |
50.1 |
48.0 |
|
Total Plan Expected Return |
-15.4 |
-13.7 |
-15.2 |
-19.1 |
-12.3 |
|
Total Plan Other Expense |
1.8 |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
577.3 |
577.5 |
699.8 |
611.5 |
1,189.8 |
|
Short Term Investments |
405.3 |
518.1 |
634.8 |
594.6 |
466.6 |
|
Cash and Short Term Investments |
982.6 |
1,095.6 |
1,334.7 |
1,206.1 |
1,656.4 |
|
Accounts Receivable -
Trade, Gross |
342.9 |
280.9 |
237.3 |
233.5 |
295.8 |
|
Provision for Doubtful
Accounts |
-5.6 |
-12.7 |
-10.9 |
-11.9 |
-10.6 |
|
Trade Accounts Receivable - Net |
337.3 |
268.2 |
226.3 |
221.6 |
285.1 |
|
Notes Receivable - Short Term |
62.8 |
65.0 |
44.2 |
96.8 |
66.9 |
|
Other Receivables |
77.5 |
61.5 |
50.9 |
89.1 |
36.6 |
|
Total Receivables, Net |
477.6 |
394.7 |
321.5 |
407.4 |
388.7 |
|
Inventories - Finished Goods |
677.3 |
606.2 |
337.4 |
586.6 |
445.5 |
|
Inventories - Work In Progress |
1,670.0 |
1,206.7 |
574.8 |
808.0 |
685.5 |
|
Inventories - Raw Materials |
1,446.5 |
1,244.3 |
674.6 |
1,112.1 |
837.9 |
|
Inventories - Other |
36.0 |
18.0 |
17.8 |
40.9 |
7.4 |
|
Total Inventory |
3,829.8 |
3,075.2 |
1,604.5 |
2,547.5 |
1,976.2 |
|
Restricted Cash - Current |
228.1 |
203.5 |
161.4 |
148.9 |
139.0 |
|
Deferred Income Tax - Current Asset |
119.7 |
81.4 |
102.6 |
187.0 |
30.5 |
|
Other Current Assets |
194.6 |
221.4 |
417.8 |
375.6 |
123.0 |
|
Other Current Assets, Total |
542.4 |
506.3 |
681.7 |
711.5 |
292.5 |
|
Total Current Assets |
5,832.3 |
5,071.9 |
3,942.4 |
4,872.6 |
4,313.8 |
|
|
|
|
|
|
|
|
Buildings |
2,519.2 |
2,551.0 |
1,627.2 |
1,516.5 |
1,489.2 |
|
Land/Improvements |
787.8 |
749.9 |
650.4 |
616.6 |
705.8 |
|
Machinery/Equipment |
15,653.8 |
16,133.5 |
10,745.9 |
10,017.2 |
9,807.8 |
|
Construction in
Progress |
3,198.6 |
2,005.2 |
4,214.8 |
2,575.2 |
1,116.4 |
|
Leases |
103.4 |
110.3 |
14.6 |
- |
10.7 |
|
Other
Property/Plant/Equipment |
1,632.7 |
1,490.1 |
1,365.4 |
1,333.9 |
527.3 |
|
Property/Plant/Equipment - Gross |
23,895.6 |
23,039.9 |
18,618.1 |
16,059.4 |
13,657.3 |
|
Accumulated Depreciation |
-10,499.8 |
-10,311.1 |
-8,697.5 |
-8,042.9 |
-7,780.3 |
|
Property/Plant/Equipment - Net |
13,395.7 |
12,728.8 |
9,920.6 |
8,016.4 |
5,876.9 |
|
Goodwill, Net |
- |
- |
- |
- |
0.2 |
|
Intangibles, Net |
74.2 |
72.3 |
60.8 |
57.3 |
12.7 |
|
LT Investment - Affiliate Companies |
86.5 |
101.6 |
103.7 |
112.7 |
142.4 |
|
LT Investments - Other |
682.6 |
509.5 |
410.9 |
798.2 |
752.7 |
|
Long Term Investments |
769.1 |
611.2 |
514.6 |
910.9 |
895.1 |
|
Deferred Charges |
31.2 |
41.0 |
33.4 |
110.0 |
135.8 |
|
Pension Benefits - Overfunded |
- |
- |
- |
- |
2.1 |
|
Deferred Income Tax - Long Term Asset |
0.0 |
39.5 |
73.0 |
0.0 |
- |
|
Restricted Cash - Long Term |
11.1 |
8.9 |
5.1 |
5.0 |
6.9 |
|
Other Long Term Assets |
88.0 |
77.9 |
148.4 |
108.2 |
8.4 |
|
Other Long Term Assets, Total |
130.3 |
167.2 |
259.9 |
223.2 |
153.2 |
|
Total Assets |
20,201.6 |
18,651.4 |
14,698.3 |
14,080.5 |
11,251.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,073.0 |
925.7 |
789.1 |
902.8 |
356.4 |
|
Accrued Expenses |
459.5 |
540.9 |
362.5 |
526.6 |
333.9 |
|
Notes Payable/Short Term Debt |
2,014.1 |
1,632.2 |
1,583.6 |
1,169.3 |
744.4 |
|
Current Portion - Long Term Debt/Capital Leases |
759.1 |
539.0 |
214.2 |
244.3 |
103.9 |
|
Income Taxes Payable |
111.5 |
215.1 |
29.3 |
276.8 |
282.8 |
|
Other Payables |
279.3 |
385.5 |
138.9 |
257.5 |
127.7 |
|
Other Current Liabilities |
218.0 |
266.2 |
184.8 |
127.7 |
140.8 |
|
Other Current liabilities, Total |
608.8 |
866.7 |
353.1 |
662.0 |
551.4 |
|
Total Current Liabilities |
4,914.5 |
4,504.5 |
3,302.4 |
3,504.9 |
2,090.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
4,567.2 |
3,893.1 |
2,820.4 |
2,430.3 |
1,021.0 |
|
Total Long Term Debt |
4,567.2 |
3,893.1 |
2,820.4 |
2,430.3 |
1,021.0 |
|
Total Debt |
7,340.5 |
6,064.2 |
4,618.2 |
3,843.9 |
1,869.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
17.9 |
- |
- |
57.6 |
138.9 |
|
Deferred Income Tax |
17.9 |
- |
- |
57.6 |
138.9 |
|
Minority Interest |
776.8 |
776.9 |
638.8 |
494.9 |
1,025.9 |
|
Reserves |
336.7 |
297.5 |
271.2 |
264.3 |
66.9 |
|
Pension Benefits - Underfunded |
24.9 |
21.5 |
25.1 |
27.4 |
31.3 |
|
Other Long Term Liabilities |
32.7 |
36.5 |
31.9 |
26.3 |
13.0 |
|
Other Liabilities, Total |
394.3 |
355.4 |
328.2 |
318.0 |
111.3 |
|
Total Liabilities |
10,670.7 |
9,529.9 |
7,089.8 |
6,805.8 |
4,387.1 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
12.6 |
13.1 |
12.0 |
11.7 |
12.0 |
|
Preferred Stock - Non Redeemable, Net |
12.6 |
13.1 |
12.0 |
11.7 |
12.0 |
|
Common Stock |
4,969.2 |
4,639.8 |
4,094.0 |
3,826.4 |
3,544.5 |
|
Common Stock |
4,969.2 |
4,639.8 |
4,094.0 |
3,826.4 |
3,544.5 |
|
Additional Paid-In Capital |
1,197.1 |
688.4 |
612.7 |
561.0 |
57.9 |
|
Retained Earnings (Accumulated Deficit) |
2,643.8 |
3,235.6 |
2,324.6 |
2,328.8 |
3,040.4 |
|
Treasury Stock - Common |
-268.3 |
-279.6 |
-256.0 |
-329.3 |
-43.7 |
|
Unrealized Gain (Loss) |
983.5 |
831.7 |
816.9 |
866.1 |
246.1 |
|
Translation Adjustment |
0.6 |
-3.5 |
5.7 |
10.9 |
8.7 |
|
Minimum Pension Liability Adjustment |
-7.6 |
-4.0 |
-1.3 |
-1.0 |
-1.2 |
|
Other Equity, Total |
-7.0 |
-7.5 |
4.4 |
10.0 |
7.6 |
|
Total Equity |
9,530.9 |
9,121.5 |
7,608.5 |
7,274.7 |
6,864.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
20,201.6 |
18,651.4 |
14,698.3 |
14,080.5 |
11,251.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
14,972.4 |
14,113.9 |
14,108.4 |
14,419.3 |
13,496.8 |
|
Total Common Shares Outstanding |
14,972.4 |
14,113.9 |
14,108.4 |
14,419.3 |
13,496.8 |
|
Treasury Shares - Common Stock Primary Issue |
299.5 |
303.5 |
307.6 |
441.0 |
100.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
38.3 |
38.3 |
38.3 |
38.3 |
39.0 |
|
Total Preferred Stock Outstanding |
38.3 |
38.3 |
38.3 |
38.3 |
39.0 |
|
Treasury Shares - Preferred Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
22,200 |
22,000 |
20,000 |
20,000 |
17,000 |
|
Number of Common Shareholders |
858,584 |
814,126 |
756,439 |
590,279 |
551,658 |
|
Pension Obligation - Domestic |
888.9 |
943.1 |
741.3 |
686.1 |
641.5 |
|
Plan Assets - Domestic |
745.2 |
759.8 |
644.1 |
588.1 |
529.8 |
|
Funded Status - Domestic |
-143.7 |
-183.2 |
-97.2 |
-98.0 |
-111.6 |
|
Accumulated Obligation - Domestic |
752.9 |
737.7 |
616.8 |
564.6 |
520.5 |
|
Total Funded Status |
-143.7 |
-183.2 |
-97.2 |
-98.0 |
-111.6 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.75% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.25% |
4.00% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
2.1 |
|
Accrued Liabilities - Domestic |
-24.9 |
-21.5 |
-25.1 |
-27.4 |
-31.3 |
|
Net Assets Recognized on Balance Sheet |
-24.9 |
-21.5 |
-25.1 |
-27.4 |
-29.2 |
|
Total Plan Obligations |
888.9 |
943.1 |
741.3 |
686.1 |
641.5 |
|
Total Plan Assets |
745.2 |
759.8 |
644.1 |
588.1 |
529.8 |
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 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
708.7 |
1,322.6 |
660.3 |
772.4 |
1,711.8 |
|
Depreciation |
889.4 |
747.7 |
518.2 |
496.2 |
473.1 |
|
Depreciation/Depletion |
889.4 |
747.7 |
518.2 |
496.2 |
473.1 |
|
Amortization of Intangibles |
11.6 |
12.3 |
10.4 |
30.6 |
25.9 |
|
Amortization |
11.6 |
12.3 |
10.4 |
30.6 |
25.9 |
|
Deferred Taxes |
-30.1 |
69.6 |
-41.5 |
-246.0 |
31.0 |
|
Unusual Items |
-7.0 |
2.2 |
-124.1 |
195.1 |
25.1 |
|
Equity in Net Earnings (Loss) |
14.8 |
12.3 |
13.4 |
24.2 |
3.6 |
|
Other Non-Cash Items |
207.9 |
30.0 |
16.4 |
981.8 |
-48.3 |
|
Non-Cash Items |
215.7 |
44.5 |
-94.3 |
1,201.1 |
-19.6 |
|
Accounts Receivable |
-93.5 |
-39.2 |
91.0 |
-24.6 |
-43.6 |
|
Inventories |
-1,068.8 |
-1,106.9 |
732.7 |
-1,557.1 |
-232.5 |
|
Other Assets |
37.6 |
-22.6 |
-52.3 |
-44.3 |
-57.0 |
|
Accounts Payable |
20.7 |
127.6 |
-140.5 |
116.6 |
0.3 |
|
Accrued Expenses |
-63.3 |
132.6 |
76.1 |
-49.1 |
-2.8 |
|
Taxes Payable |
-64.4 |
169.3 |
-246.6 |
-2.9 |
59.9 |
|
Other Liabilities |
-1.5 |
38.4 |
50.6 |
-12.1 |
58.6 |
|
Changes in Working Capital |
-1,233.2 |
-700.7 |
510.9 |
-1,573.5 |
-217.1 |
|
Cash from Operating Activities |
562.2 |
1,496.1 |
1,564.1 |
680.9 |
2,005.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,946.2 |
-2,101.1 |
-2,150.5 |
-1,971.6 |
-1,153.0 |
|
Purchase/Acquisition of Intangibles |
-2.7 |
-11.3 |
-9.6 |
-1.4 |
- |
|
Capital Expenditures |
-1,948.9 |
-2,112.4 |
-2,160.1 |
-1,973.0 |
-1,153.0 |
|
Acquisition of Business |
-14.5 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
2.1 |
0.5 |
42.0 |
0.1 |
1.3 |
|
Sale/Maturity of Investment |
790.7 |
1,197.3 |
944.8 |
1,131.8 |
1,942.4 |
|
Investment, Net |
-31.1 |
-3.5 |
247.2 |
-145.7 |
-210.2 |
|
Purchase of Investments |
-877.5 |
-1,130.3 |
-738.0 |
-1,395.0 |
-1,303.0 |
|
Other Investing Cash Flow |
-39.2 |
-32.8 |
-39.4 |
-15.1 |
-32.3 |
|
Other Investing Cash Flow Items, Total |
-169.6 |
31.1 |
456.6 |
-423.9 |
398.2 |
|
Cash from Investing Activities |
-2,118.5 |
-2,081.3 |
-1,703.5 |
-2,396.9 |
-754.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-46.4 |
-71.5 |
52.3 |
-172.7 |
-102.2 |
|
Financing Cash Flow Items |
-46.4 |
-71.5 |
52.3 |
-172.7 |
-102.2 |
|
Total Cash Dividends Paid |
-888.2 |
-406.8 |
-473.7 |
-1,264.9 |
-938.7 |
|
Sale/Issuance of
Common |
838.9 |
25.5 |
93.7 |
48.6 |
9.8 |
|
Repurchase/Retirement
of Common |
-23.1 |
-12.4 |
-13.5 |
-104.4 |
-11.0 |
|
Common Stock, Net |
815.7 |
13.1 |
80.2 |
-55.8 |
-1.3 |
|
Issuance (Retirement) of Stock, Net |
815.7 |
13.1 |
80.2 |
-55.8 |
-1.3 |
|
Short Term Debt, Net |
623.0 |
-151.7 |
263.1 |
1,025.2 |
-260.1 |
|
Long Term Debt Issued |
1,207.0 |
1,338.0 |
342.8 |
784.7 |
126.4 |
|
Long Term Debt
Reduction |
-793.8 |
-267.6 |
-198.9 |
-111.7 |
-99.1 |
|
Long Term Debt, Net |
1,073.9 |
1,026.0 |
287.7 |
1,597.1 |
11.2 |
|
Issuance (Retirement) of Debt, Net |
1,696.9 |
874.3 |
550.8 |
2,622.3 |
-248.8 |
|
Cash from Financing Activities |
1,578.1 |
409.1 |
209.5 |
1,128.9 |
-1,291.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
21.8 |
-176.1 |
70.1 |
-587.2 |
-40.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
572.9 |
710.7 |
607.7 |
1,223.4 |
1,215.5 |
|
Net Cash - Ending Balance |
594.8 |
534.6 |
677.8 |
636.2 |
1,174.8 |
|
Cash Interest Paid |
70.8 |
44.5 |
45.9 |
52.0 |
49.3 |
|
Cash Taxes Paid |
180.8 |
48.5 |
276.6 |
531.6 |
383.4 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1
(?) |
2,805.5 |
-19.01% |
13,645.0 |
14.51% |
1.34% |
7.56% |
|
Research & Development1 (?) |
13.2 |
-6.92% |
59.4 |
9.15% |
5.81% |
6.38% |
|
Operating Income1
(?) |
62.1 |
-73.54% |
832.1 |
-52.78% |
-10.71% |
-14.94% |
|
Income Available to Common Excl Extraord Items1 (?) |
61.9 |
-60.72% |
661.5 |
-48.21% |
-6.75% |
-13.04% |
|
Basic EPS Excl Extraord Items1 (?) |
0.00 |
-61.49% |
0.05 |
-49.49% |
-8.68% |
-14.25% |
|
Capital Expenditures2 (?) |
1,564.0 |
10.74% |
1,948.9 |
-13.91% |
-2.73% |
22.46% |
|
Cash from Operating Activities2 (?) |
1,276.5 |
763.57% |
562.2 |
-64.94% |
-8.37% |
-22.40% |
|
Free Cash Flow
(?) |
-291.4 |
- |
-1,346.0 |
- |
- |
- |
|
Total Assets3
(?) |
21,269.5 |
3.93% |
20,201.6 |
12.48% |
9.80% |
12.06% |
|
Total Liabilities3 (?) |
11,820.4 |
9.79% |
10,670.7 |
16.28% |
13.10% |
17.76% |
|
Total Long Term Debt3 (?) |
5,436.9 |
21.85% |
4,567.2 |
21.83% |
20.14% |
33.03% |
|
Employees3
(?) |
- |
- |
22200 |
0.91% |
3.54% |
6.77% |
|
Total Common Shares Outstanding3 (?) |
14,962.6 |
0.00% |
14,972.4 |
6.08% |
1.26% |
2.30% |
|
1-ExchangeRate: TWD to USD Average for Period |
29.873205 |
 |
29.390040 |
 |
 |
 |
|
2-ExchangeRate: TWD to USD Average for Period |
29.738704 |
 |
29.390040 |
 |
 |
 |
|
3-ExchangeRate: TWD to USD Period End Date |
29.331796 |
 |
30.279000 |
 |
 |
 |
|
Utility Industry Specific USD (mil) |
||||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
|
Deferred Charges3
(?) |
31.2 |
41.0 |
33.4 |
110.0 |
135.8 |
|
|
3-ExchangeRate: TWD to USD Period End Date |
30.279000 |
29.156500 |
31.985000 |
32.818000 |
32.434500 |
|
|
Key Ratios |
|||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Profitability |
|||||
|
Gross Margin
(?) |
9.13% |
18.09% |
10.95% |
13.37% |
24.84% |
|
Operating Margin
(?) |
6.10% |
14.79% |
7.21% |
8.92% |
21.31% |
|
Pretax Margin
(?) |
5.83% |
14.48% |
8.53% |
8.64% |
21.71% |
|
Net Profit Margin
(?) |
4.85% |
10.72% |
7.78% |
6.22% |
15.48% |
|
Financial Strength |
|||||
|
Current Ratio
(?) |
1.19 |
1.13 |
1.19 |
1.39 |
2.06 |
|
Long Term Debt/Equity (?) |
0.48 |
0.43 |
0.37 |
0.33 |
0.15 |
|
Total Debt/Equity
(?) |
0.77 |
0.66 |
0.61 |
0.53 |
0.27 |
|
Management Effectiveness |
|||||
|
Return on Assets
(?) |
3.61% |
8.22% |
4.68% |
5.89% |
15.81% |
|
Return on Equity
(?) |
7.02% |
14.76% |
8.12% |
10.41% |
24.08% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
30.88 |
32.14 |
21.23 |
29.67 |
27.98 |
|
Inventory Turnover (?) |
3.54 |
4.07 |
3.31 |
4.52 |
4.12 |
|
Asset Turnover
(?) |
0.69 |
0.69 |
0.54 |
0.93 |
0.93 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM)
(?) |
129.44 |
. |
Enterprise
Value2 (?) |
22,087.1 |
|
Price/Sales (TTM)
(?) |
1.13 |
. |
Enterprise
Value/Revenue (TTM)
(?) |
1.74 |
|
Price/Book (MRQ)
(?) |
1.48 |
. |
Enterprise Value/EBITDA
(TTM) (?) |
20.74 |
|
Market Cap as of 28-Dec-20121 (?) |
14,435.2 |
. |
|
|
|
1-ExchangeRate: TWD to USD on 28-Dec-2012 |
29.041020 |
|
|
|
|
2-ExchangeRate: TWD to USD on 30-Sep-2012 |
29.331796 |
|
|
|
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Financial Strength |
|||||
|
Current Ratio (?) |
1.19 |
1.13 |
1.19 |
1.39 |
2.06 |
|
Quick/Acid Test Ratio (?) |
0.30 |
0.33 |
0.50 |
0.46 |
0.98 |
|
Working Capital1 (?) |
917.8 |
567.4 |
639.9 |
1,367.6 |
2,223.8 |
|
Long Term Debt/Equity (?) |
0.48 |
0.43 |
0.37 |
0.33 |
0.15 |
|
Total Debt/Equity (?) |
0.77 |
0.66 |
0.61 |
0.53 |
0.27 |
|
Long Term Debt/Total Capital (?) |
0.27 |
0.26 |
0.23 |
0.22 |
0.12 |
|
Total Debt/Total Capital (?) |
0.44 |
0.40 |
0.38 |
0.35 |
0.21 |
|
Payout Ratio (?) |
73.36% |
70.22% |
65.70% |
64.19% |
78.91% |
|
Effective Tax Rate (?) |
10.85% |
17.86% |
-1.78% |
26.79% |
21.70% |
|
Total Capital1 (?) |
16,871.4 |
15,185.7 |
12,226.7 |
11,118.6 |
8,734.0 |
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Asset Turnover (?) |
0.69 |
0.69 |
0.54 |
0.93 |
0.93 |
|
Inventory Turnover (?) |
3.54 |
4.07 |
3.31 |
4.52 |
4.12 |
|
Days In Inventory (?) |
102.97 |
89.70 |
110.12 |
80.76 |
88.52 |
|
Receivables Turnover (?) |
30.88 |
32.14 |
21.23 |
29.67 |
27.98 |
|
Days Receivables Outstanding (?) |
11.82 |
11.36 |
17.19 |
12.30 |
13.04 |
|
Revenue/Employee2 (?) |
596,594 |
545,965 |
392,547 |
587,052 |
599,835 |
|
Operating Income/Employee2 (?) |
36,382 |
80,733 |
28,303 |
52,337 |
127,823 |
|
EBITDA/Employee2 (?) |
75,776 |
118,051 |
55,592 |
77,655 |
157,553 |
|
|
|
|
|
|
|
|
Profitability |
|||||
|
Gross Margin (?) |
9.13% |
18.09% |
10.95% |
13.37% |
24.84% |
|
Operating Margin (?) |
6.10% |
14.79% |
7.21% |
8.92% |
21.31% |
|
EBITDA Margin (?) |
12.70% |
21.62% |
14.16% |
13.23% |
26.27% |
|
EBIT Margin (?) |
6.10% |
14.79% |
7.21% |
8.92% |
21.31% |
|
Pretax Margin (?) |
5.83% |
14.48% |
8.53% |
8.64% |
21.71% |
|
Net Profit Margin (?) |
4.85% |
10.72% |
7.78% |
6.22% |
15.48% |
|
R&D Expense/Revenue (?) |
0.44% |
0.46% |
0.57% |
0.38% |
0.45% |
|
COGS/Revenue (?) |
90.87% |
81.91% |
89.05% |
86.63% |
75.16% |
|
SG&A Expense/Revenue (?) |
2.67% |
2.86% |
3.64% |
2.62% |
2.82% |
|
|
|
|
|
|
|
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
3.61% |
8.22% |
4.68% |
5.89% |
15.81% |
|
Return on Equity (?) |
7.02% |
14.76% |
8.12% |
10.41% |
24.08% |
|
|
|
|
|
|
|
|
Valuation |
|||||
|
Free Cash Flow/Share2 (?) |
-0.09 |
-0.05 |
-0.04 |
-0.09 |
0.06 |
|
Operating Cash Flow/Share 2 (?) |
0.04 |
0.11 |
0.11 |
0.05 |
0.15 |
|
1-ExchangeRate: TWD to USD Period End Date |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
2-ExchangeRate: TWD to USD Average for Period |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Current Market Multiples |
|
|
Market Cap/Earnings (TTM) (?) |
132.60 |
|
Market Cap/Equity (MRQ) (?) |
1.51 |
|
Market Cap/Revenue (TTM) (?) |
1.13 |
|
Market Cap/EBIT (TTM) (?) |
134.78 |
|
Market Cap/EBITDA (TTM) (?) |
13.42 |
|
Enterprise Value/Earnings (TTM) (?) |
204.92 |
|
Enterprise Value/Equity (MRQ) (?) |
2.34 |
|
Enterprise Value/Revenue (TTM) (?) |
1.74 |
|
Enterprise Value/EBIT (TTM) (?) |
208.29 |
|
Enterprise Value/EBITDA (TTM) (?) |
20.74 |
Stock Snapshot
|
Traded: |
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|
As of 28-Dec-2012 US Dollars |
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|
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|
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|
|
Stock History
|
Market Cap History |
||||||||||
|
|
30-Sep-12 |
% Chg |
30-Jun-12 |
% Chg |
31-Mar-12 |
% Chg |
31-Dec-11 |
% Chg |
30-Sep-11 |
% Chg |
|
Total Common Shares Outstanding |
14,963 |
0.0 |
14,964 |
-0.1 |
14,972 |
0.0 |
14,972 |
0.1 |
14,963 |
6.0 |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
Yearly Price History |
||||||||
|
|
2011 |
% Chg |
2010 |
% Chg |
2009 |
% Chg |
2008 |
% Chg |
|
High Price |
21.00 |
15.1 |
18.25 |
35.6 |
13.46 |
-57.3 |
31.54 |
- |
|
Low Price |
21.00 |
15.7 |
18.15 |
47.6 |
12.30 |
8.2 |
11.37 |
- |
|
Year End Price |
21.00 |
15.1 |
18.25 |
35.6 |
13.46 |
18.4 |
11.37 |
- |
|
Monthly Price History |
||||||
|
Price Ending Date |
Open |
High |
Low |
Close |
Volume |
|
|
19-Jul-11 |
21.00 |
21.00 |
21.00 |
21.00 |
277 |
|
|
26-Jul-10 |
18.25 |
18.25 |
18.25 |
18.25 |
246 |
|
|
23-Jun-10 |
18.15 |
18.15 |
18.15 |
18.15 |
127 |
|
|
19-Feb-09 |
13.46 |
13.46 |
13.46 |
13.46 |
161 |
|
|
15-Jan-09 |
12.30 |
12.30 |
12.30 |
12.30 |
193 |
|
|
04-Dec-08 |
11.37 |
11.37 |
11.37 |
11.37 |
183 |
|
|
23-Oct-08 |
11.60 |
14.85 |
11.60 |
11.60 |
960 |
|
|
04-Sep-08 |
20.65 |
20.65 |
20.65 |
20.65 |
215 |
|
|
01-Jul-08 |
27.03 |
27.03 |
27.03 |
27.03 |
110 |
|
|
16-May-08 |
31.54 |
31.54 |
31.54 |
31.54 |
110 |
|
|
30-Apr-08 |
28.70 |
30.70 |
27.59 |
28.70 |
1,745 |
|
|
31-Mar-08 |
27.91 |
27.91 |
26.13 |
27.91 |
12,299 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.