|
Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAN YA PLASTICS
CORPORATION |
|
|
|
|
Registered Office : |
No. 35-1 Chungshan
3rd Road, Cianjhen District Kaohsiung, 806 |
|
|
|
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Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
22.08.1958 |
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|
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Legal Form : |
Public Subsidiary |
|
|
|
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Line of Business : |
Manufacture of man-made fibres |
|
|
|
|
No. of Employees : |
34,423 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
Nan Ya Plastics Corporation
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Taipei Office: 201 Tun Hwa N Road Taipei, Taiwan
Business Description
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Nan Ya Plastics Corporation is principally
engaged in the manufacture and sale of plastic products, fiber products, electronic
materials and petrochemical products. The Company also provides
electromechanical engineering services. The segment of electronic material
products mainly offers copper-clad laminates, epoxy resins, glass fabrics,
liquid crystal displays (LCDs) and copper foils; the segment of plastic
processed products offers plastic plaster, poly urethane (PU) synthetic
leathers, polypropylene (PP) rubber fabrics, polyvinyl chloride (PVC) plastic
pellets, plastic doors and windows, plastic injection products and others;
the segment of plastic raw material products includes glycol, butylene
glycol, bisphenol A, toluene diisocyanate, plasticizers and others, and the
segment of fiber products includes polyester products, dyeing products and
others. For the nine months ended 30 September 2012, Nan Ya Plastics
Corporation revenues decreased 10% to NT$228.5B. Net income decreased 89% to
NT$2.91B. Revenues reflect Electriacal Equipment segment decrease of 20% to
NT$66.6B, Fiber Manufacturing segment decrease of 9% to NT$49.12B. Net income
also reflects Gain/Loss on Equity Investment increase from NT$1.61B to
NT$8.26B (expense), Dividend Income decrease of 37% to NT$2.11B (income). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant Developments
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
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Nan Ya Plastics Corporation The Strategic Initiatives report is created
using technology to extract meaningful insights from analyst reports about a
company's strategic projects and investments. More about Strategic Initiatives
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Sales and Distribution |
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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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Nan Ya Plastics Corporation (Nan Ya) has a
strong market position, 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.
However, debt obligations are a serious issue for the company. Nevertheless,
the company has growth opportunities through growing petrochemicals market and
potential Middle East. However, stringent regulations and raw material cost
could affect the overall financial performance of the company.
Strong Focus on R&D
Activities
The company has a strong focus on its
research and development activities to develop and introduce new products which
provide additional features and functionality to the company. It carries out
operations through an 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 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. The company nurtures new growth platforms through its R&D activities
to deliver sustainable growth for the future years.
The company has sound liquidity position in place
which reflects its strong capacity in easily meeting its short term debt
obligations. For the fiscal year ended 2011, the company reported total current
assets of TWD211 billion, as compared to current liabilities of TWD 62.2
billion. A major contributor of current assets growth was the increase in the
company's total receivables, which increased by 19% to TWD91 billion in
2011from TWD74.5 billion in 2010. The company's current ratio and quick ratio
were 3.39 and 2.66 respectively at the end of fiscal year 2011. A positive
current ratio indicates that the company is in a strong financial position. The
performance of the company largely depends upon the cash position and its
ability to generate cash from operations. Sufficient cash or cash equivalents would
contribute to the ongoing operations of the company.
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.
For the fiscal year 2011, the company
recorded total debt of TWD136.43 billion, indicating an increase of 20% over
that in 2010. Its total long-term debt was nearly TWD 109.48 billion. This could
impair its ability to obtain financing for working capital, capital expenditure
or general corporate purposes, especially if the ratings assigned to its debt
securities by rating organizations were revised downward. It could restrict the
flexibility of the company in responding to changing market conditions and make
it more vulnerable during times of slowdown. Another major consequence of the
debt is that the company would need to allocate a substantial portion of the
cash flow from operations to pay the principal and interest on debt, thereby
reducing funds, which could be used for expansion through acquisitions,
expansion of product offerings and for marketing.
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 of Operations
in 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.
Eco-friendly Materials
Offer Opportunities
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.
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.
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.
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.
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Nan Ya Plastics Corporation |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kaohsiung |
Taiwan |
Chemicals - Plastics and Rubber |
7,384.7 |
6,629 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Chemicals - Plastics and Rubber |
11,262.3 |
34,423 |
|
|
Subsidiary |
New Taipei City |
Taiwan |
Containers and Packaging |
|
|
|
|
Subsidiary |
New Taipei City |
Taiwan |
Miscellaneous Capital Goods |
5.0 |
103 |
|
|
Nan Ya Plastics (Hong Kong) Corporation
Limited |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Huizhou, Guangdong |
China |
Textiles - Non Apparel |
82.2 |
630 |
|
|
Subsidiary |
Guangzhou, Guangdong |
China |
Fabricated Plastic and Rubber |
54.1 |
200 |
|
|
Subsidiary |
Xiamen, Fujian |
China |
Fabricated Plastic and Rubber |
32.2 |
200 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Electronic Instruments and Controls |
12.1 |
200 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Chemicals - Plastics and Rubber |
30.8 |
100 |
|
|
Subsidiary |
Anshan, Liaoning |
China |
Fabricated Plastic and Rubber |
5.2 |
100 |
|
|
Subsidiary |
Guangzhou, Guangdong |
China |
Fabricated Plastic and Rubber |
13.9 |
74 |
|
|
Subsidiary |
Lujhu |
Taiwan |
Electronic Instruments and Controls |
1,319.6 |
13,513 |
|
|
Subsidiary |
Livingston, NJ |
United States |
Chemicals - Plastics and Rubber |
1,750.0 |
2,100 |
|
|
Subsidiary |
Livingston, NJ |
United States |
Fabricated Plastic and Rubber |
|
1,550 |
|
|
Branch |
Lolita, TX |
United States |
Fabricated Plastic and Rubber |
5,599.4 |
2,000 |
|
|
Subsidiary |
Lolita, TX |
United States |
Fabricated Plastic and Rubber |
|
2,000 |
|
|
Subsidiary |
Livingston, NJ |
United States |
Fabricated Plastic and Rubber |
|
1,800 |
|
|
Branch |
Lolita, TX |
United States |
Fabricated Plastic and Rubber |
792.0 |
1,600 |
|
|
Branch |
Livingston, NJ |
United States |
Chemicals - Plastics and Rubber |
532.4 |
400 |
|
|
Subsidiary |
Seguin, TX |
United States |
Containers and Packaging |
|
160 |
|
|
Division |
Manteno, IL |
United States |
Containers and Packaging |
|
50 |
|
|
Branch |
Orangeburg, NY |
United States |
Paper and Paper Products |
33.3 |
122 |
|
|
Division |
Atlanta, GA |
United States |
Miscellaneous Capital Goods |
0.9 |
60 |
|
|
Branch |
Ottawa, IL |
United States |
Retail (Specialty) |
0.2 |
60 |
|
|
Branch |
Duluth, GA |
United States |
Fabricated Plastic and Rubber |
9.2 |
35 |
|
|
Branch |
Loveland, OH |
United States |
Fabricated Plastic and Rubber |
0.3 |
1 |
|
|
Division |
Kennesaw, GA |
United States |
Containers and Packaging |
|
15 |
|
|
Subsidiary |
Livingston, NJ |
United States |
Fabricated Plastic and Rubber |
|
160 |
|
|
Branch |
North Dighton, MA |
United States |
Paper and Paper Products |
33.5 |
125 |
|
|
Subsidiary |
Orlando, FL |
United States |
Fabricated Plastic and Rubber |
40.0 |
100 |
|
|
Branch |
Point Comfort, TX |
United States |
Fabricated Plastic and Rubber |
719.2 |
1,500 |
|
|
Branch |
Baton Rouge, LA |
United States |
Construction - Supplies and Fixtures |
610.1 |
316 |
|
|
Branch |
Delaware City, DE |
United States |
Construction - Supplies and Fixtures |
185.3 |
130 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Oil and Gas Operations |
11.8 |
45 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Natural Gas Utilities |
9.1 |
42 |
|
|
Subsidiary |
Point Comfort, TX |
United States |
Oil and Gas Operations |
|
40 |
|
|
Branch |
Illiopolis, IL |
United States |
Retail (Specialty) |
0.7 |
3 |
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
365.0 |
1,250 |
|
|
Subsidiary |
Kueishan Hsiang, Taoyuan |
Taiwan |
Electric Utilities |
|
108 |
|
|
Subsidiary |
Mabalacat, Pampanga |
Philippines |
Electric Utilities |
|
49 |
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
|
500 |
|
|
Affiliates |
Yun-lin |
Taiwan |
Electric Utilities |
|
378 |
|
|
Subsidiary |
Taipei, Yun Lin |
Taiwan |
Chemical Manufacturing |
|
200 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Water Transportation |
|
70 |
|
|
Joint Venture |
Taipei |
Taiwan |
Fabricated Plastic and Rubber |
|
12 |
|
|
Facility |
Kaohsiung |
Taiwan |
Fabricated Plastic and Rubber |
|
|
|
|
Division |
Taipei |
Taiwan |
Fabricated Plastic and Rubber |
|
|
|
|
Division |
Taipei |
Taiwan |
Construction - Supplies and Fixtures |
|
|
|
|
Division |
Taipei |
Taiwan |
Chemical Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Chemical Manufacturing |
|
|
|
|
Division |
Taipei |
Taiwan |
Construction - Supplies and Fixtures |
|
|
|
|
Division |
Taipei |
Taiwan |
Chemical Manufacturing |
|
|
|
Executives
Report
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|
|
|
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 |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4.2 |
5.7 |
8.8 |
22.5 |
15.1 |
|
Gross Revenue |
11,440.2 |
10,840.2 |
7,485.5 |
10,513.4 |
10,625.0 |
|
Sales Returns and
Allowances |
-356.9 |
-276.4 |
-211.4 |
-436.2 |
-208.3 |
|
Revenue |
11,087.5 |
10,569.5 |
7,282.9 |
10,099.7 |
10,431.9 |
|
Other Revenue |
174.8 |
154.9 |
109.8 |
126.7 |
113.1 |
|
Other Revenue, Total |
174.8 |
154.9 |
109.8 |
126.7 |
113.1 |
|
Total Revenue |
11,262.3 |
10,724.3 |
7,392.7 |
10,226.4 |
10,545.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
8,377.0 |
|
Cost of Revenue, Total |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
8,377.0 |
|
Gross Profit |
1,574.1 |
1,672.9 |
723.0 |
1,085.4 |
2,054.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
613.0 |
571.5 |
439.5 |
584.2 |
505.7 |
|
Total Selling/General/Administrative
Expenses |
613.0 |
571.5 |
439.5 |
584.2 |
505.7 |
|
Other, Net |
0.3 |
-0.7 |
0.3 |
-0.6 |
0.9 |
|
Other Operating Expenses, Total |
0.3 |
-0.7 |
0.3 |
-0.6 |
0.9 |
|
Total Operating Expense |
10,126.7 |
9,467.4 |
6,999.6 |
9,597.9 |
8,883.6 |
|
|
|
|
|
|
|
|
Operating Income |
1,135.6 |
1,257.0 |
393.1 |
628.5 |
1,661.4 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-71.1 |
-62.1 |
-72.7 |
-125.6 |
-138.0 |
|
Interest
Capitalized - Non-Operating |
5.8 |
3.9 |
3.2 |
2.0 |
14.9 |
|
Interest Expense,
Net Non-Operating |
-65.3 |
-58.3 |
-69.6 |
-123.6 |
-123.1 |
|
Interest
Income - Non-Operating |
40.1 |
18.9 |
25.2 |
51.9 |
52.2 |
|
Investment
Income - Non-Operating |
-30.6 |
332.1 |
161.4 |
-173.1 |
538.1 |
|
Interest/Investment
Income - Non-Operating |
9.5 |
351.1 |
186.6 |
-121.3 |
590.4 |
|
Interest Income (Expense) - Net
Non-Operating Total |
-55.8 |
292.8 |
117.0 |
-244.9 |
467.3 |
|
Gain (Loss) on Sale of Assets |
-1.6 |
0.5 |
9.9 |
1.7 |
75.6 |
|
Other Non-Operating
Income (Expense) |
54.7 |
42.3 |
32.5 |
39.1 |
40.7 |
|
Other, Net |
54.7 |
42.3 |
32.5 |
39.1 |
40.7 |
|
Income Before Tax |
1,132.9 |
1,592.6 |
552.5 |
424.4 |
2,245.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
309.5 |
268.1 |
40.0 |
57.3 |
355.2 |
|
Income After Tax |
823.4 |
1,324.5 |
512.4 |
367.2 |
1,889.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-36.0 |
-23.6 |
-15.7 |
-69.6 |
-92.3 |
|
Net Income Before Extraord Items |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
|
Basic EPS Excl Extraord Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Basic/Primary EPS Incl Extraord Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Diluted Net Income |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
Diluted Weighted Average Shares |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
|
Diluted EPS Excl Extraord Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Diluted EPS Incl Extraord Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Dividends per Share - Common Stock Primary
Issue |
0.07 |
0.15 |
0.06 |
0.02 |
0.20 |
|
Gross Dividends - Common Stock |
561.1 |
1,171.7 |
451.8 |
193.3 |
1,554.9 |
|
Interest Expense, Supplemental |
65.3 |
58.3 |
69.6 |
123.6 |
123.1 |
|
Interest Capitalized, Supplemental |
-5.8 |
-3.9 |
-3.2 |
-2.0 |
-14.9 |
|
Depreciation, Supplemental |
484.5 |
476.3 |
476.5 |
519.7 |
473.5 |
|
Total Special Items |
1.6 |
-0.5 |
-9.9 |
-1.7 |
-75.6 |
|
Normalized Income Before Tax |
1,134.5 |
1,592.0 |
542.6 |
422.7 |
2,169.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.4 |
-0.1 |
-0.7 |
-0.2 |
-12.0 |
|
Inc Tax Ex Impact of Sp Items |
309.9 |
268.0 |
39.3 |
57.0 |
343.2 |
|
Normalized Income After Tax |
824.6 |
1,324.1 |
503.3 |
365.7 |
1,826.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
788.6 |
1,300.4 |
487.5 |
296.1 |
1,733.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.17 |
0.06 |
0.04 |
0.22 |
|
Diluted Normalized EPS |
0.10 |
0.17 |
0.06 |
0.04 |
0.22 |
|
Amort of Intangibles, Supplemental |
39.6 |
46.9 |
49.9 |
50.1 |
43.4 |
|
Normalized EBIT |
1,135.6 |
1,257.0 |
393.1 |
628.5 |
1,661.4 |
|
Normalized EBITDA |
1,659.7 |
1,780.1 |
919.4 |
1,198.3 |
2,178.3 |
|
Current Tax - Total |
299.8 |
186.3 |
102.8 |
128.1 |
256.9 |
|
Current Tax - Total |
299.8 |
186.3 |
102.8 |
128.1 |
256.9 |
|
Deferred Tax -
Total |
9.7 |
81.7 |
-62.8 |
-70.8 |
98.3 |
|
Deferred Tax - Total |
9.7 |
81.7 |
-62.8 |
-70.8 |
98.3 |
|
Other Tax |
- |
- |
- |
- |
0.0 |
|
Income Tax - Total |
309.5 |
268.1 |
40.0 |
57.3 |
355.2 |
|
Interest Cost - Domestic |
22.2 |
19.4 |
19.3 |
19.7 |
18.3 |
|
Service Cost - Domestic |
13.6 |
16.1 |
17.6 |
19.7 |
19.8 |
|
Expected Return on Assets - Domestic |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
|
Actuarial Gains and Losses - Domestic |
-0.1 |
-0.1 |
- |
- |
- |
|
Transition Costs - Domestic |
9.5 |
8.3 |
10.9 |
12.9 |
12.2 |
|
Domestic Pension Plan Expense |
44.5 |
43.1 |
47.2 |
51.8 |
49.8 |
|
Defined Contribution Expense - Domestic |
25.7 |
19.3 |
14.5 |
- |
- |
|
Total Pension Expense |
70.2 |
62.4 |
61.7 |
51.8 |
49.8 |
|
Discount Rate - Domestic |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Domestic |
3.50% |
3.50% |
3.00% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
22.2 |
19.4 |
19.3 |
19.7 |
18.3 |
|
Total Plan Service Cost |
13.6 |
16.1 |
17.6 |
19.7 |
19.8 |
|
Total Plan Expected Return |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
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 |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
935.6 |
1,257.9 |
517.0 |
715.7 |
647.5 |
|
Short Term Investments |
1,332.7 |
1,556.6 |
929.9 |
528.0 |
1,297.7 |
|
Cash and Short Term Investments |
2,268.4 |
2,814.6 |
1,446.8 |
1,243.8 |
1,945.3 |
|
Accounts
Receivable - Trade, Gross |
1,116.1 |
1,238.0 |
911.3 |
760.8 |
1,385.6 |
|
Provision
for Doubtful Accounts |
-14.0 |
-15.5 |
-22.3 |
-28.8 |
-17.1 |
|
Trade Accounts
Receivable - Net |
1,156.4 |
1,308.4 |
970.8 |
815.5 |
1,528.9 |
|
Notes Receivable -
Short Term |
205.7 |
166.5 |
121.9 |
100.4 |
161.2 |
|
Other Receivables |
1,665.9 |
1,082.1 |
1,155.5 |
1,023.2 |
960.0 |
|
Total Receivables, Net |
3,028.0 |
2,556.9 |
2,248.3 |
1,939.0 |
2,650.1 |
|
Inventories -
Finished Goods |
507.8 |
403.5 |
325.9 |
332.5 |
370.9 |
|
Inventories - Work
In Progress |
431.5 |
443.7 |
329.0 |
325.0 |
435.0 |
|
Inventories - Raw
Materials |
481.8 |
477.5 |
339.2 |
394.7 |
553.7 |
|
Inventories - Other |
71.6 |
17.2 |
17.6 |
-31.8 |
18.4 |
|
Total Inventory |
1,492.7 |
1,341.9 |
1,011.8 |
1,020.4 |
1,377.9 |
|
Prepaid Expenses |
179.3 |
97.1 |
83.5 |
68.9 |
62.8 |
|
Deferred Income Tax
- Current Asset |
2.9 |
7.3 |
- |
17.8 |
13.6 |
|
Other Current
Assets |
- |
25.6 |
18.6 |
13.9 |
12.7 |
|
Other Current Assets, Total |
2.9 |
32.8 |
18.6 |
31.7 |
26.2 |
|
Total Current Assets |
6,971.3 |
6,843.3 |
4,809.1 |
4,303.8 |
6,062.3 |
|
|
|
|
|
|
|
|
Buildings |
1,619.2 |
1,600.9 |
1,500.3 |
1,387.2 |
1,348.9 |
|
Land/Improvements |
311.2 |
321.9 |
294.1 |
297.7 |
302.0 |
|
Machinery/Equipment |
9,323.7 |
8,972.1 |
8,180.1 |
7,978.1 |
7,547.7 |
|
Construction
in Progress |
645.3 |
870.6 |
724.1 |
628.5 |
605.7 |
|
Other
Property/Plant/Equipment |
1.5 |
1.6 |
1.5 |
4.4 |
4.9 |
|
Property/Plant/Equipment
- Gross |
11,900.8 |
11,767.1 |
10,700.1 |
10,295.9 |
9,809.4 |
|
Accumulated
Depreciation |
-7,018.5 |
-6,716.4 |
-5,890.5 |
-5,392.2 |
-5,006.5 |
|
Property/Plant/Equipment - Net |
4,882.3 |
5,050.7 |
4,809.6 |
4,903.7 |
4,802.9 |
|
Intangibles, Net |
63.2 |
66.1 |
60.6 |
68.7 |
65.5 |
|
LT Investment -
Affiliate Companies |
3,195.9 |
3,452.0 |
3,034.9 |
2,504.4 |
3,418.1 |
|
LT Investments -
Other |
202.2 |
212.8 |
333.7 |
273.6 |
199.5 |
|
Long Term Investments |
3,398.1 |
3,664.8 |
3,368.6 |
2,778.0 |
3,617.6 |
|
Deferred Charges |
107.1 |
111.5 |
87.9 |
106.3 |
95.1 |
|
Pension Benefits -
Overfunded |
25.2 |
- |
- |
1.5 |
40.5 |
|
Deferred Income Tax
- Long Term Asset |
0.0 |
- |
46.4 |
0.0 |
- |
|
Other Long Term
Assets |
87.2 |
57.6 |
58.5 |
61.2 |
49.9 |
|
Other Long Term Assets, Total |
219.4 |
169.1 |
192.8 |
169.0 |
185.5 |
|
Total Assets |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
14,733.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
614.8 |
700.1 |
532.5 |
288.8 |
784.1 |
|
Accrued Expenses |
444.1 |
423.8 |
301.0 |
325.4 |
400.3 |
|
Notes Payable/Short Term Debt |
412.5 |
194.9 |
195.2 |
320.9 |
563.9 |
|
Current Portion - Long Term Debt/Capital
Leases |
477.3 |
277.4 |
427.9 |
660.6 |
522.1 |
|
Customer Advances |
36.9 |
26.2 |
23.5 |
16.0 |
15.0 |
|
Other Payables |
70.5 |
105.0 |
45.0 |
62.8 |
307.5 |
|
Deferred Income Tax
- Current Liability |
- |
- |
1.0 |
0.0 |
- |
|
Other Current
Liabilities |
- |
- |
- |
1.4 |
1.6 |
|
Other Current liabilities, Total |
107.4 |
131.2 |
69.6 |
80.1 |
324.1 |
|
Total Current Liabilities |
2,056.2 |
1,727.3 |
1,526.2 |
1,675.8 |
2,594.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
2,188.7 |
|
Total Long Term Debt |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
2,188.7 |
|
Total Debt |
4,505.8 |
3,753.8 |
3,564.6 |
3,741.1 |
3,274.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
62.0 |
56.4 |
- |
35.5 |
101.5 |
|
Deferred Income Tax |
62.0 |
56.4 |
- |
35.5 |
101.5 |
|
Minority Interest |
416.7 |
411.0 |
409.3 |
400.7 |
450.6 |
|
Pension Benefits -
Underfunded |
615.3 |
582.7 |
502.3 |
459.9 |
472.4 |
|
Other Long Term
Liabilities |
28.9 |
26.3 |
26.6 |
29.4 |
30.8 |
|
Other Liabilities, Total |
644.2 |
608.9 |
529.0 |
489.2 |
503.2 |
|
Total Liabilities |
6,795.0 |
6,085.1 |
5,405.9 |
5,360.9 |
5,838.6 |
|
|
|
|
|
|
|
|
Common Stock |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
2,350.5 |
|
Common Stock |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
2,350.5 |
|
Additional Paid-In Capital |
909.3 |
963.2 |
853.4 |
792.5 |
799.8 |
|
Retained Earnings (Accumulated Deficit) |
4,029.0 |
4,656.1 |
3,429.8 |
3,098.4 |
4,427.4 |
|
Treasury Stock - Common |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Unrealized Gain (Loss) |
1,005.6 |
1,390.1 |
852.9 |
337.2 |
1,102.0 |
|
Translation
Adjustment |
202.3 |
6.5 |
243.8 |
311.3 |
215.5 |
|
Other Equity, Total |
202.3 |
6.5 |
243.8 |
311.3 |
215.5 |
|
Total Equity |
8,739.4 |
9,708.9 |
7,834.8 |
6,862.3 |
8,895.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
14,733.7 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
|
Total Common Shares Outstanding |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
|
Treasury Shares - Common Stock Primary
Issue |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Employees |
34,480 |
33,710 |
30,297 |
30,435 |
32,621 |
|
Number of Common Shareholders |
261,490 |
267,215 |
301,922 |
326,188 |
290,251 |
|
Deferred Revenue - Current |
36.9 |
26.2 |
23.5 |
16.0 |
15.0 |
|
Total Long Term Debt, Supplemental |
1,680.8 |
1,339.4 |
1,657.6 |
1,808.2 |
1,452.1 |
|
Long Term Debt Maturing within 1 Year |
229.9 |
207.5 |
225.4 |
128.1 |
414.5 |
|
Long Term Debt Maturing in Year 2 |
428.4 |
272.7 |
773.5 |
434.5 |
303.9 |
|
Long Term Debt Maturing in Year 3 |
804.1 |
709.1 |
269.3 |
893.4 |
418.4 |
|
Long Term Debt Maturing in Year 4 |
67.3 |
58.6 |
259.2 |
70.4 |
92.5 |
|
Long Term Debt Maturing in Year 5 |
89.8 |
49.8 |
54.0 |
166.6 |
61.0 |
|
Long Term Debt Maturing in 2-3 Years |
1,232.5 |
981.8 |
1,042.9 |
1,327.9 |
722.4 |
|
Long Term Debt Maturing in 4-5 Years |
157.1 |
108.4 |
313.2 |
237.1 |
153.5 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
61.4 |
41.8 |
76.1 |
115.1 |
161.7 |
|
Pension Obligation - Domestic |
829.9 |
748.9 |
638.8 |
652.6 |
644.5 |
|
Plan Assets - Domestic |
26.0 |
26.9 |
20.4 |
19.7 |
17.5 |
|
Funded Status - Domestic |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
-627.1 |
|
Accumulated Obligation - Domestic |
631.5 |
535.6 |
460.1 |
461.9 |
473.4 |
|
Total Funded Status |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
-627.1 |
|
Discount Rate - Domestic |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Domestic |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Compensation Rate - Domestic |
3.50% |
3.50% |
3.00% |
3.00% |
3.00% |
|
Prepaid Benefits - Domestic |
25.2 |
- |
- |
1.5 |
40.5 |
|
Accrued Liabilities - Domestic |
-615.3 |
-582.7 |
-502.3 |
-459.9 |
-472.4 |
|
Net Assets Recognized on Balance Sheet |
-590.1 |
-582.7 |
-502.3 |
-458.4 |
-431.8 |
|
Total Plan Obligations |
829.9 |
748.9 |
638.8 |
652.6 |
644.5 |
|
Total Plan Assets |
26.0 |
26.9 |
20.4 |
19.7 |
17.5 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
823.4 |
1,324.5 |
512.4 |
367.2 |
1,889.8 |
|
Depreciation |
507.1 |
477.4 |
477.6 |
521.0 |
475.0 |
|
Depreciation/Depletion |
507.1 |
477.4 |
477.6 |
521.0 |
475.0 |
|
Amortization of
Intangibles |
39.6 |
46.9 |
49.9 |
50.1 |
43.4 |
|
Amortization |
39.6 |
46.9 |
49.9 |
50.1 |
43.4 |
|
Deferred Taxes |
12.1 |
91.5 |
-61.5 |
-72.1 |
91.3 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Unusual Items |
1.6 |
-23.0 |
-6.3 |
-5.1 |
-77.8 |
|
Equity in Net
Earnings (Loss) |
212.0 |
-275.0 |
-136.4 |
308.5 |
-413.4 |
|
Other Non-Cash
Items |
392.7 |
367.9 |
63.2 |
576.1 |
530.0 |
|
Non-Cash Items |
606.2 |
69.9 |
-79.5 |
879.5 |
38.8 |
|
Accounts Receivable |
99.6 |
-334.8 |
-99.1 |
713.8 |
-333.6 |
|
Inventories |
-233.4 |
-157.5 |
82.2 |
243.1 |
-46.4 |
|
Prepaid Expenses |
-63.1 |
-5.3 |
-12.5 |
-8.6 |
8.0 |
|
Other Assets |
- |
-4.8 |
3.0 |
- |
- |
|
Accounts Payable |
-61.0 |
108.4 |
284.9 |
-545.9 |
184.7 |
|
Accrued Expenses |
37.2 |
87.6 |
-31.0 |
-73.0 |
52.6 |
|
Other Liabilities |
7.7 |
99.2 |
23.1 |
-112.0 |
96.7 |
|
Other Operating Cash
Flow |
- |
- |
- |
- |
0.0 |
|
Changes in Working Capital |
-213.0 |
-207.1 |
250.6 |
217.4 |
-38.1 |
|
Cash from Operating Activities |
1,775.5 |
1,803.1 |
1,149.6 |
1,963.0 |
2,500.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-368.1 |
-488.3 |
-344.8 |
-504.7 |
-654.0 |
|
Purchase/Acquisition
of Intangibles |
-0.5 |
- |
- |
-15.9 |
0.0 |
|
Capital Expenditures |
-368.6 |
-488.3 |
-344.8 |
-520.6 |
-654.0 |
|
Sale of Fixed
Assets |
5.5 |
13.2 |
26.4 |
14.6 |
124.6 |
|
Sale/Maturity of
Investment |
228.1 |
67.0 |
10.0 |
36.5 |
105.0 |
|
Purchase of
Investments |
-887.3 |
-216.9 |
-325.0 |
-46.2 |
-143.4 |
|
Other Investing
Cash Flow |
-751.8 |
178.1 |
-166.9 |
-93.1 |
-625.0 |
|
Other Investing Cash Flow Items, Total |
-1,405.5 |
41.3 |
-455.5 |
-88.2 |
-538.8 |
|
Cash from Investing Activities |
-1,774.1 |
-446.9 |
-800.2 |
-608.8 |
-1,192.8 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
18.9 |
-42.3 |
-73.8 |
-185.2 |
-192.6 |
|
Financing Cash Flow Items |
18.9 |
-42.3 |
-73.8 |
-185.2 |
-192.6 |
|
Cash Dividends Paid
- Common |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
-1,157.6 |
|
Total Cash Dividends Paid |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
-1,157.6 |
|
Short Term Debt,
Net |
231.4 |
-14.8 |
-184.9 |
-211.3 |
117.6 |
|
Long
Term Debt Issued |
1,587.0 |
1,589.4 |
604.1 |
- |
- |
|
Long
Term Debt Reduction |
-913.7 |
-1,673.4 |
-529.3 |
- |
- |
|
Long Term Debt, Net |
673.3 |
-84.0 |
-117.0 |
755.1 |
-210.7 |
|
Issuance (Retirement) of Debt, Net |
904.7 |
-98.8 |
-301.9 |
543.8 |
-93.1 |
|
Cash from Financing Activities |
-329.2 |
-626.1 |
-550.4 |
-1,259.5 |
-1,443.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
43.9 |
-90.6 |
-9.5 |
-15.8 |
-77.2 |
|
Net Change in Cash |
-284.0 |
639.5 |
-210.5 |
78.8 |
-213.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,248.0 |
525.0 |
711.3 |
665.8 |
852.4 |
|
Net Cash - Ending Balance |
963.9 |
1,164.5 |
500.7 |
744.6 |
639.4 |
|
Cash Interest Paid |
55.7 |
61.5 |
69.9 |
115.5 |
149.2 |
|
Cash Taxes Paid |
300.9 |
85.8 |
52.3 |
385.5 |
114.1 |
|
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 |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
11,440.2 |
10,840.2 |
7,485.5 |
10,513.4 |
10,625.0 |
|
Sales Returns |
-117.9 |
-53.2 |
-33.4 |
-99.8 |
-32.8 |
|
Sales Discounts and
Allowances |
-239.0 |
-223.1 |
-178.0 |
-336.4 |
-175.5 |
|
Service Revenue |
4.2 |
5.7 |
8.8 |
22.5 |
15.1 |
|
Other Operating
Revenues |
174.8 |
154.9 |
109.8 |
126.7 |
113.1 |
|
Total Revenue |
11,262.3 |
10,724.3 |
7,392.7 |
10,226.4 |
10,545.0 |
|
|
|
|
|
|
|
|
Cost of Sales |
9,513.4 |
8,896.6 |
6,559.9 |
9,014.3 |
8,373.7 |
|
Real. Gain on
Inter-affiliate Accounts |
0.3 |
-0.7 |
0.3 |
-0.6 |
0.9 |
|
Selling Expense |
309.7 |
317.4 |
240.0 |
302.5 |
240.9 |
|
General and
Administrative Expenses |
303.3 |
254.1 |
199.5 |
281.7 |
264.8 |
|
Inventory
Devaluation & Obsolescence |
- |
- |
- |
- |
3.3 |
|
Total Operating Expense |
10,126.7 |
9,467.4 |
6,999.6 |
9,597.9 |
8,883.6 |
|
|
|
|
|
|
|
|
Interest Income |
40.1 |
18.9 |
25.2 |
51.9 |
52.2 |
|
Gain/Loss on Equity
Investment |
-212.0 |
275.0 |
136.4 |
0.0 |
413.4 |
|
Dividend Income |
115.0 |
67.8 |
30.2 |
110.1 |
78.5 |
|
Gains on Disposal
of Fixed Assets |
0.8 |
2.0 |
10.7 |
8.2 |
82.9 |
|
G/L on Financial
Assets Revaluation |
-0.4 |
-2.4 |
-1.8 |
-3.7 |
4.3 |
|
G/L Revaluation on
Fin. Liabilities |
0.6 |
0.9 |
2.5 |
-3.7 |
- |
|
Investment Loss
under Equity Method |
- |
- |
- |
-308.5 |
- |
|
Foreign Exchange Gain |
66.1 |
- |
- |
29.1 |
40.6 |
|
Foreign Exchange
Loss |
0.0 |
-32.3 |
-8.7 |
0.0 |
- |
|
Gains on Sale of
Investments |
0.1 |
23.3 |
4.6 |
4.6 |
2.3 |
|
Loss on Sale of
Investments |
- |
- |
- |
- |
-0.9 |
|
Miscellaneous
Income |
62.4 |
52.3 |
40.3 |
53.3 |
57.7 |
|
Interest Expense |
-71.1 |
-62.1 |
-72.7 |
-125.6 |
-138.0 |
|
Interest
Capitalized |
5.8 |
3.9 |
3.2 |
2.0 |
14.9 |
|
Loss on Disposal of
Fixed Assets |
-2.3 |
-1.5 |
-0.8 |
-6.4 |
-7.3 |
|
Other Investment
Loss |
-0.1 |
-0.2 |
-1.8 |
-1.0 |
- |
|
Miscellaneous
Disbursements |
-7.7 |
-10.0 |
-7.8 |
-14.2 |
-16.9 |
|
Net Income Before Taxes |
1,132.9 |
1,592.6 |
552.5 |
424.4 |
2,245.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
309.5 |
268.1 |
40.0 |
57.3 |
355.2 |
|
Net Income After Taxes |
823.4 |
1,324.5 |
512.4 |
367.2 |
1,889.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-36.0 |
-23.6 |
-15.7 |
-69.6 |
-92.3 |
|
Net Income Before Extra. Items |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Net Income |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Basic EPS Including ExtraOrdinary Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Diluted Net Income |
787.4 |
1,300.9 |
496.7 |
297.6 |
1,797.5 |
|
Diluted Weighted Average Shares |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
7,852.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
Diluted EPS Including ExtraOrd Items |
0.10 |
0.17 |
0.06 |
0.04 |
0.23 |
|
DPS-Common Stock |
0.07 |
0.15 |
0.06 |
0.02 |
0.20 |
|
Gross Dividends - Common Stock |
561.1 |
1,171.7 |
451.8 |
193.3 |
1,554.9 |
|
Normalized Income Before Taxes |
1,134.5 |
1,592.0 |
542.6 |
422.7 |
2,169.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
309.9 |
268.0 |
39.3 |
57.0 |
343.2 |
|
Normalized Income After Taxes |
824.6 |
1,324.1 |
503.3 |
365.7 |
1,826.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
788.6 |
1,300.4 |
487.5 |
296.1 |
1,733.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.17 |
0.06 |
0.04 |
0.22 |
|
Diluted Normalized EPS |
0.10 |
0.17 |
0.06 |
0.04 |
0.22 |
|
Interest Expense |
65.3 |
58.3 |
69.6 |
123.6 |
123.1 |
|
Interest Capitalized |
-5.8 |
-3.9 |
-3.2 |
-2.0 |
-14.9 |
|
Depreciation- Operating Cost |
458.5 |
451.8 |
462.3 |
501.0 |
456.4 |
|
Depreciation- Operating Expense |
26.0 |
24.5 |
14.1 |
18.8 |
17.1 |
|
Amortisation- Operating Cost |
35.5 |
43.3 |
46.0 |
44.9 |
38.1 |
|
Amortisation- Operating Expense |
4.1 |
3.6 |
3.9 |
5.2 |
5.3 |
|
Current Tax |
299.8 |
186.3 |
102.8 |
128.1 |
256.9 |
|
Current Tax - Total |
299.8 |
186.3 |
102.8 |
128.1 |
256.9 |
|
Deferred Tax |
9.7 |
81.7 |
-62.8 |
-70.8 |
98.3 |
|
Deferred Tax - Total |
9.7 |
81.7 |
-62.8 |
-70.8 |
98.3 |
|
Other Income Tax |
- |
- |
- |
- |
0.0 |
|
Income Tax - Total |
309.5 |
268.1 |
40.0 |
57.3 |
355.2 |
|
Service Cost |
13.6 |
16.1 |
17.6 |
19.7 |
19.8 |
|
Interest Cost |
22.2 |
19.4 |
19.3 |
19.7 |
18.3 |
|
Actual Return on Plan Assets |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
-0.5 |
|
Actuarial Gains/ Losses |
-0.1 |
-0.1 |
- |
- |
- |
|
Amortization of Unrecognized Cost |
9.5 |
8.3 |
10.9 |
12.9 |
12.2 |
|
Domestic Pension Plan Expense |
44.5 |
43.1 |
47.2 |
51.8 |
49.8 |
|
Defined Contribution Expense - Domestic |
25.7 |
19.3 |
14.5 |
- |
- |
|
Total Pension Expense |
70.2 |
62.4 |
61.7 |
51.8 |
49.8 |
|
Discount Rate |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
3.50% |
3.50% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal |
Reclassified Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
30.279 |
29.1565 |
31.985 |
32.818 |
32.4345 |
|
Auditor |
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 |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalent |
935.6 |
1,257.9 |
517.0 |
715.7 |
647.5 |
|
Notes Receivable |
205.7 |
166.5 |
121.9 |
100.4 |
161.2 |
|
Accounts
Receivable, Gross |
1,116.1 |
1,238.0 |
911.3 |
760.8 |
1,385.6 |
|
Provision for Bad
Debts |
-14.0 |
-15.5 |
-22.3 |
-28.8 |
-17.1 |
|
Accounts Receivable
- Related Parties |
54.3 |
85.9 |
81.9 |
83.5 |
160.5 |
|
Other Receivables |
134.3 |
176.7 |
94.4 |
342.1 |
87.6 |
|
Due from Related
Parties |
1,531.7 |
905.4 |
1,061.1 |
681.2 |
872.3 |
|
Finished Goods |
507.7 |
403.3 |
325.7 |
332.0 |
370.8 |
|
Work in Process |
341.8 |
362.3 |
245.6 |
232.5 |
300.4 |
|
Machine Parts in
Process |
89.7 |
81.4 |
83.5 |
92.4 |
134.7 |
|
Raw Material |
463.0 |
459.7 |
321.8 |
374.5 |
486.2 |
|
Reclaimed Materials |
0.9 |
0.6 |
0.6 |
2.1 |
0.0 |
|
Supplies |
17.9 |
17.2 |
16.9 |
18.1 |
67.5 |
|
Subcontracted
Material |
6.4 |
3.3 |
6.2 |
3.2 |
3.1 |
|
Consigned
Merchandise |
0.0 |
0.2 |
0.1 |
0.5 |
0.1 |
|
Inventory in
Transit |
65.2 |
13.9 |
11.4 |
8.4 |
22.6 |
|
Provision/Allowance
for Inventory |
- |
- |
- |
-43.4 |
-7.3 |
|
Prepayment &
Other Current Assets |
179.3 |
97.1 |
83.5 |
68.9 |
62.8 |
|
Deferred Income Tax
- Current Assets |
2.9 |
7.3 |
- |
17.8 |
13.6 |
|
Other Current
Assets |
- |
25.6 |
18.6 |
12.5 |
11.2 |
|
Financial Asset at
Fair Value, Current |
0.3 |
0.7 |
1.2 |
1.4 |
14.2 |
|
Financial Assets
For Sale |
1,332.4 |
1,555.9 |
928.6 |
526.7 |
1,283.5 |
|
Financial Assets
Derivatives-Current |
- |
- |
- |
1.4 |
1.4 |
|
Total Current Assets |
6,971.3 |
6,843.3 |
4,809.1 |
4,303.8 |
6,062.3 |
|
|
|
|
|
|
|
|
Long Term Equity
Investments |
3,195.9 |
3,452.0 |
3,034.9 |
2,504.4 |
3,418.1 |
|
Financial
Assets-Fair Value,Non-Current |
0.0 |
0.1 |
1.8 |
3.4 |
3.0 |
|
Financial
Assets-Available for Sale,Non- |
102.7 |
109.4 |
239.1 |
182.1 |
105.9 |
|
Financial Assets At
Cost Method |
99.5 |
103.3 |
92.8 |
88.1 |
90.6 |
|
Financial
Derivatives- Hedging |
- |
- |
- |
- |
0.7 |
|
Land |
311.2 |
321.9 |
294.1 |
297.7 |
302.0 |
|
Buildings and
Structures |
1,619.2 |
1,600.9 |
1,500.3 |
1,387.2 |
1,348.9 |
|
Machinery and
Equipment |
8,937.1 |
8,622.6 |
7,868.8 |
7,699.2 |
7,278.9 |
|
Transportation
Equipment |
53.1 |
53.3 |
48.2 |
49.1 |
48.6 |
|
Other Facilities |
333.4 |
296.3 |
263.1 |
229.7 |
220.2 |
|
Revaluation
Increment |
1.5 |
1.6 |
1.5 |
4.4 |
4.9 |
|
Accumulated
Depreciation |
-7,018.5 |
-6,716.4 |
-5,890.5 |
-5,392.2 |
-5,006.5 |
|
Construction in
Progress |
576.2 |
799.9 |
658.9 |
528.2 |
582.7 |
|
Prepayment for
Land&Equipments |
69.0 |
70.6 |
65.3 |
100.3 |
23.0 |
|
Intangibles -
Technical Assistance |
15.1 |
19.9 |
20.0 |
30.6 |
23.9 |
|
Land Use Right |
48.1 |
46.1 |
40.6 |
38.1 |
41.6 |
|
Deferred Pension
Cost |
25.2 |
- |
- |
1.5 |
40.5 |
|
Security Deposit
Paid |
9.8 |
2.4 |
6.2 |
3.6 |
3.4 |
|
Deferred Expenses |
107.1 |
111.5 |
87.9 |
106.3 |
95.1 |
|
Deferred Income Tax
Assets |
0.0 |
- |
46.4 |
0.0 |
- |
|
Other Assets |
77.4 |
55.2 |
52.3 |
57.6 |
45.7 |
|
Total Assets |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
14,733.7 |
|
|
|
|
|
|
|
|
Short Term
Borrowings |
411.2 |
193.8 |
191.2 |
316.0 |
563.7 |
|
Short Term
Borrowings - Employee |
- |
- |
- |
0.1 |
0.1 |
|
Short Term Notes
& Bills Payable |
- |
- |
- |
56.3 |
18.5 |
|
Notes Payable |
0.0 |
0.0 |
- |
- |
0.0 |
|
Accounts Payable |
258.1 |
251.4 |
171.4 |
106.4 |
294.5 |
|
Accounts Payable -
Related Parties |
356.7 |
448.6 |
361.1 |
126.1 |
471.2 |
|
Accrued Expenses |
444.1 |
423.8 |
301.0 |
325.4 |
400.3 |
|
Financial Liabilit
at Fair Val., Current |
1.3 |
1.1 |
3.9 |
4.8 |
0.0 |
|
Derivative
Financial Liability for Hedgi |
- |
- |
- |
1.4 |
1.6 |
|
Payable - Due from Related
Parties |
0.7 |
- |
4.7 |
18.6 |
122.9 |
|
Other Payables |
69.8 |
105.0 |
40.3 |
44.2 |
184.6 |
|
Current Portion of
LT Corporate Bonds |
247.5 |
69.9 |
202.5 |
532.4 |
107.6 |
|
Current Portion of
Long Term Borrowings |
229.9 |
207.5 |
225.4 |
128.1 |
414.5 |
|
Deferred Income Tax
Liabilities |
- |
- |
1.0 |
0.0 |
- |
|
Advance Receipts
& Current Liabilities |
36.9 |
26.2 |
23.5 |
16.0 |
15.0 |
|
Total Current Liabilities |
2,056.2 |
1,727.3 |
1,526.2 |
1,675.8 |
2,594.6 |
|
|
|
|
|
|
|
|
Financial
Liabilities - Fair Value |
1.0 |
1.9 |
2.0 |
3.7 |
0.0 |
|
Corporate Bonds
Payable |
2,163.8 |
2,146.9 |
1,506.7 |
1,065.2 |
1,149.6 |
|
Long Term
Borrowings |
1,451.0 |
1,131.9 |
1,432.1 |
1,680.1 |
1,037.6 |
|
Long Term Payables |
0.2 |
0.6 |
0.7 |
10.8 |
1.6 |
|
Total Long Term Debt |
3,616.0 |
3,281.4 |
2,941.5 |
2,759.7 |
2,188.7 |
|
|
|
|
|
|
|
|
Financial
Liabilities Derivative |
- |
- |
- |
- |
0.7 |
|
Accrued Pension
Liabilities |
615.3 |
582.7 |
502.3 |
459.9 |
472.4 |
|
Long Term Security
Deposits Received |
20.7 |
24.6 |
23.8 |
25.4 |
26.8 |
|
Deferred Income Tax
Liabilities |
62.0 |
56.4 |
- |
35.5 |
101.5 |
|
Other Liabilities |
8.2 |
1.6 |
2.9 |
4.0 |
3.3 |
|
Minority Interest |
416.7 |
411.0 |
409.3 |
400.7 |
450.6 |
|
Total Liabilities |
6,795.0 |
6,085.1 |
5,405.9 |
5,360.9 |
5,838.6 |
|
|
|
|
|
|
|
|
Common Stock |
2,593.3 |
2,693.2 |
2,455.0 |
2,323.0 |
2,350.5 |
|
Paid-in Capital |
909.3 |
963.2 |
853.4 |
792.5 |
799.8 |
|
Legal Reserve |
1,353.3 |
1,264.9 |
1,101.7 |
1,045.1 |
875.5 |
|
Special Reserve |
1,785.9 |
1,854.6 |
1,690.6 |
1,647.7 |
1,611.6 |
|
Retained Earnings |
889.8 |
1,536.6 |
637.4 |
405.5 |
1,940.4 |
|
Cumulative
Translation Adjustments |
202.3 |
6.5 |
243.8 |
311.3 |
215.5 |
|
Unrealized LT
Invest./Fncl. Assets G/L |
998.1 |
1,382.2 |
845.8 |
327.3 |
1,091.4 |
|
Unrealized
Revaluation Increment |
7.5 |
7.8 |
7.2 |
9.9 |
10.5 |
|
Treasury Stocks |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Equity |
8,739.4 |
9,708.9 |
7,834.8 |
6,862.3 |
8,895.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
15,534.3 |
15,794.1 |
13,240.7 |
12,223.2 |
14,733.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
|
Total Common Shares Outstanding |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
7,852.1 |
|
T/S-Common Stock |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Advance Receipts & Current Liabilities |
36.9 |
26.2 |
23.5 |
16.0 |
15.0 |
|
Full-Time Employees |
34,480 |
33,710 |
30,297 |
30,435 |
32,621 |
|
Number of Common Shareholders |
261,490 |
267,215 |
301,922 |
326,188 |
290,251 |
|
LT Debt due in 1 Year |
229.9 |
207.5 |
225.4 |
128.1 |
414.5 |
|
LT Debt due in 2 Years |
428.4 |
272.7 |
773.5 |
434.5 |
303.9 |
|
LT Debt due in 3 Years |
804.1 |
709.1 |
269.3 |
893.4 |
418.4 |
|
LT Debt due in 4 Years |
67.3 |
58.6 |
259.2 |
70.4 |
92.5 |
|
LT Debt due in 5Years |
89.8 |
49.8 |
54.0 |
166.6 |
61.0 |
|
LT Debt due in Other Years |
61.4 |
41.8 |
76.1 |
115.1 |
161.7 |
|
Total Long Term Debt, Supplemental |
1,680.8 |
1,339.4 |
1,657.6 |
1,808.2 |
1,452.1 |
|
Accumulated Benefit Obligation |
631.5 |
535.6 |
460.1 |
461.9 |
473.4 |
|
Benefit Obligation |
829.9 |
748.9 |
638.8 |
652.6 |
644.5 |
|
Fair Value of Plan Assets |
26.0 |
26.9 |
20.4 |
19.7 |
17.5 |
|
Funded Status |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
-627.1 |
|
Total Funded Status |
-803.9 |
-722.0 |
-618.4 |
-632.9 |
-627.1 |
|
Discount Rate |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Rate of Compensation Increase |
3.50% |
3.50% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Deferred Pension Cost |
25.2 |
- |
- |
1.5 |
40.5 |
|
Accrued Pension Liabilities |
-615.3 |
-582.7 |
-502.3 |
-459.9 |
-472.4 |
|
Net Assets Recognized on Balance Sheet |
-590.1 |
-582.7 |
-502.3 |
-458.4 |
-431.8 |
|
|
|
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 |
Updated Normal |
Reclassified Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
823.4 |
1,324.5 |
512.4 |
367.2 |
1,889.8 |
|
Depreciation |
507.1 |
477.4 |
477.6 |
521.0 |
475.0 |
|
Amortization |
39.6 |
46.9 |
49.9 |
50.1 |
43.4 |
|
Provision/Reserval
Bad Debts |
-1.9 |
-3.0 |
-5.0 |
21.2 |
5.6 |
|
Amort. of Bond
Issuance Fees |
1.5 |
1.5 |
1.1 |
0.6 |
0.7 |
|
Prov./Reserval of
Inventory Devaluation |
26.8 |
-2.8 |
-35.8 |
37.4 |
3.3 |
|
Investment Income
under Equity Method |
212.0 |
-275.0 |
-136.4 |
308.5 |
-413.4 |
|
Cash Dividends from
Investee Companies |
370.9 |
344.2 |
104.4 |
512.1 |
519.4 |
|
Disposal of Assets,
Net |
1.6 |
-0.5 |
-7.2 |
-1.7 |
-75.6 |
|
Other Expense-Fixed
Asset |
0.6 |
0.1 |
- |
- |
0.0 |
|
Gain on Disposal of
ST Investments |
-0.1 |
-22.9 |
-0.9 |
- |
-2.1 |
|
G/L on Financial
Assets/Lia. Revaluation |
-0.2 |
1.5 |
-0.7 |
7.4 |
-3.8 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Prov. Permanent LT
Invest. Devaluation |
- |
- |
- |
1.0 |
0.9 |
|
Unrealized Gain
from Sales - Affiliates |
0.3 |
-0.7 |
0.3 |
-0.6 |
0.9 |
|
Unrealized Exchange
Gain/Loss |
-4.1 |
10.8 |
5.3 |
-2.8 |
3.0 |
|
Sale of Financial
Assets, at Cost |
- |
- |
- |
-4.2 |
0.0 |
|
Income fr Uncollected
Dividends>5 yr |
- |
- |
- |
-0.4 |
-0.2 |
|
Income fr
Uncollected Remuneration>5 yr |
- |
- |
- |
-0.2 |
- |
|
Income fr
Uncollected Divid.&Remun.>5 yr |
-1.1 |
-1.4 |
-1.8 |
- |
- |
|
Unrealized Reval.
Increment-Other Income |
- |
- |
-0.2 |
- |
- |
|
Unrealized Reval.
Increment-Sale of Prop |
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 |
0.1 |
|
Other Investment
Loss |
0.1 |
0.2 |
1.8 |
- |
- |
|
Donated Intangible
Assets |
0.0 |
0.3 |
- |
- |
- |
|
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 |
0.0 |
|
Notes Receivable
Decrease/ Increase |
-47.2 |
-30.7 |
-18.9 |
61.4 |
18.0 |
|
Accounts Receivable
& Overdue Accounts |
- |
- |
- |
709.8 |
- |
|
Accounts Receivable
Decrease/Increase |
109.9 |
-236.4 |
-129.0 |
- |
-316.8 |
|
Other Receivables
Decrease |
37.0 |
-67.7 |
48.8 |
-57.4 |
-34.8 |
|
Inventory
Decrease/Increase |
-233.4 |
-157.5 |
82.2 |
243.1 |
-46.4 |
|
Prepayment &
Other Current Assets |
-63.1 |
- |
- |
-8.6 |
8.0 |
|
Prepayment |
- |
-5.3 |
-12.5 |
- |
- |
|
Other Current
Assets |
- |
-4.8 |
3.0 |
- |
- |
|
Deferred Income Tax
- Assets Increase |
4.2 |
40.4 |
-27.2 |
-72.1 |
91.3 |
|
Notes Payable
Increase/Decrease |
0.0 |
0.0 |
- |
- |
- |
|
Accounts Payable
Increase/Decrease |
-61.0 |
108.4 |
284.9 |
- |
- |
|
Accounts &
Notes Payable |
- |
- |
- |
-545.9 |
184.7 |
|
Accrued Expenses
Decrease |
37.2 |
87.6 |
-31.0 |
-73.0 |
52.6 |
|
Other Payables
Increase/Decrease |
-34.0 |
68.8 |
-13.0 |
-146.8 |
97.3 |
|
Advance Receipts Decrease |
- |
2.2 |
-2.8 |
1.8 |
-28.3 |
|
Advance
Receipts& Other Current Liabilit |
11.7 |
- |
- |
- |
- |
|
Other Current
Liabilities |
- |
-1.1 |
9.4 |
- |
- |
|
Deferred Tax
Liabilities |
7.9 |
51.1 |
-34.3 |
- |
- |
|
Accrued Pension Liabilities
Increase |
30.0 |
29.2 |
29.5 |
32.9 |
27.7 |
|
Loss in Control |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
1,775.5 |
1,803.1 |
1,149.6 |
1,963.0 |
2,500.3 |
|
|
|
|
|
|
|
|
Purchase of
Financial Assets-Fair Value |
0.0 |
- |
- |
- |
- |
|
Increase in Long
Term Equity Investments |
-523.2 |
-177.1 |
-310.7 |
-45.3 |
-23.9 |
|
Decrease in Long
Term Equity Investments |
0.0 |
26.4 |
3.8 |
0.0 |
0.0 |
|
Financial Assets
for Sale- Increase |
-364.1 |
-38.6 |
-8.8 |
-1.0 |
-198.2 |
|
Financial Assets
for Sale- Decrease |
228.1 |
40.6 |
6.2 |
30.9 |
105.0 |
|
Financial Assest At
Cost- Increase |
0.0 |
-1.2 |
-5.5 |
- |
0.0 |
|
Financial Assest At
Cost- Decrease |
- |
- |
- |
5.6 |
0.0 |
|
Capital Reduction
in Fncl. Assets At Cos |
- |
- |
3.1 |
- |
- |
|
Other
Receivables-Cash Loaned to Others |
- |
- |
199.0 |
-211.1 |
- |
|
Disposal of Fixed
Assets |
5.5 |
13.2 |
26.4 |
14.6 |
124.6 |
|
Capital Expenditure |
-368.1 |
-488.3 |
-344.8 |
-504.7 |
-654.0 |
|
Temporary Deposit
Increase/ Decrease |
- |
- |
- |
185.8 |
- |
|
Due from Related
Parties |
-679.8 |
235.9 |
-351.8 |
- |
-549.1 |
|
Security Deposit
Paid Decrease/Increase |
-7.7 |
4.0 |
-2.4 |
-0.2 |
-1.0 |
|
Deferred Expenses
Increase |
-36.3 |
-65.8 |
-23.2 |
-53.4 |
-82.9 |
|
Purchase of
Intangible Assets |
-0.5 |
- |
- |
-15.9 |
0.0 |
|
Financial Assets At
Fair Value- Increase |
- |
- |
- |
0.0 |
78.7 |
|
Assets
Consolidation Adjustments |
0.0 |
0.9 |
- |
- |
- |
|
Other Miscellaneous
Assets |
-28.0 |
3.1 |
8.4 |
-14.2 |
8.0 |
|
Cash from Investing Activities |
-1,774.1 |
-446.9 |
-800.2 |
-608.8 |
-1,192.8 |
|
|
|
|
|
|
|
|
Short Term
Borrowings, Net |
231.4 |
-14.8 |
-128.9 |
-250.9 |
99.3 |
|
Short Term Notes
& Bills Payable |
- |
- |
-56.0 |
39.6 |
18.3 |
|
Issuance of
Corporate Bonds |
339.4 |
931.1 |
604.1 |
- |
- |
|
Repayment of
Corporate Bonds |
-69.4 |
-573.9 |
-529.3 |
- |
- |
|
Long Term Borrowings
Increase/Decrease |
- |
- |
-191.7 |
386.2 |
115.8 |
|
Long Term
Borrowings Decrease |
-844.3 |
-1,099.4 |
- |
- |
- |
|
Long Term
Borrowings Increase |
1,247.6 |
658.3 |
- |
- |
- |
|
Corporate Debts
Increase/Decrease |
- |
- |
- |
368.9 |
-326.4 |
|
Security Deposit
Received Increase |
-3.1 |
-1.3 |
-2.2 |
-1.1 |
-6.3 |
|
Due to Related
Parties Increase/ Decreas |
0.7 |
-4.8 |
-13.9 |
-105.6 |
-113.9 |
|
LT Liab. Increase |
-0.4 |
0.0 |
-10.0 |
9.5 |
- |
|
Other Miscellaneous
Liabilities Increase |
8.7 |
-1.4 |
-4.1 |
-2.0 |
-3.8 |
|
Cash Dividends |
-1,252.8 |
-484.9 |
-174.7 |
-1,618.1 |
-1,157.6 |
|
Directors
Remuneration & Employees Bonus |
- |
- |
-1.6 |
-6.4 |
-5.8 |
|
Minority Interest |
13.0 |
-34.8 |
-41.8 |
-79.6 |
-62.9 |
|
Cash from Financing Activities |
-329.2 |
-626.1 |
-550.4 |
-1,259.5 |
-1,443.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
43.9 |
-90.6 |
-9.5 |
-15.8 |
-77.2 |
|
Net Change in Cash |
-284.0 |
639.5 |
-210.5 |
78.8 |
-213.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,248.0 |
525.0 |
711.3 |
665.8 |
852.4 |
|
Net Cash - Ending Balance |
963.9 |
1,164.5 |
500.7 |
744.6 |
639.4 |
|
Cash Interest Paid |
55.7 |
61.5 |
69.9 |
115.5 |
149.2 |
|
Cash Taxes Paid |
300.9 |
85.8 |
52.3 |
385.5 |
114.1 |
|
Financials in:
USD (mil) |
|
|
Except for share
items (millions) and per share items (actual units) |
|
|
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Financials in:
USD (mil) |
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Except for
share items (millions) and per share items (actual units) |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.56 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
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.