MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIEN HSING TEXTILE CO., LTD. |
|
|
|
|
Registered Office : |
No.119-3, Xiafuwei, Tung Ming Li Houlong, 356 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.10.1986 |
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|
|
|
Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in the manufacture and distribution of denim
fabrics, casual fabrics and apparels |
|
|
|
|
No. of Employees : |
25,031 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source : CIA
Company name and address
NIEN HSING TEXTILE CO., LTD.
No.119-3, Xiafuwei, Tung Ming Li
Houlong, 356
Taiwan
Tel: 886-3-7728711
Fax: 886-3-7728361
Website: www.nhjeans.com
Employees: 25,031
Company Type: Public
Parent
Corporate Family:
2 Companies
Traded: Taiwan Stock Exchange: 1451
Incorporation
Date: 13-Oct-1986
Auditor: Deloitte
& Touche LLP
Financials in: USD (In Millions)
Fiscal Year End:
31-Dec-2011
Reporting
Currency: Taiwanese
New Dollar
Net Income: 25.7
Market Value: 302.0
(28-Dec-2012)
Business Description
NIEN HSING TEXTILE CO., LTD. is principally engaged in the
manufacture and distribution of denim fabrics, casual fabrics and apparels. The
Company provides jeans, which primarily include denim trousers; denim fabrics,
which include products weight from 4 to 16 ounces, such as ring spun denim,
vintage denim, herringbone denim, stripe denim, crinkle denim, honeycomb denim,
dobby denim and stretch denim, among others, as well as casual fabrics and
casual apparels. The Company distributes its products primarily in Taiwan,
other Asian markets and the Americas. For the nine months ended 30 September
2012, Nien Hsing Textile Co., Ltd. revenues increased 2% to NT$9.99B. Net
income decreased 28% to NT$732.4M. Revenues reflect Apparel segment increase of
9% to NT$6.27B. Net income was offset by Textile segment loss totaling
NT$455.9M vs. income of NT$608.3M, Other segment loss totaling NT$4.1M vs.
income of NT$3.6M. Basic Earnings per Share excluding Extraordinary Items
decreased from NT$2.35 to NT$1.69.
Industry
|
Industry |
|
|
ANZSIC
2006: |
|
|
NACE
2002: |
|
|
NAICS
2002: |
|
|
UK
SIC 2003: |
|
|
UK
SIC 2007: |
14131 -
Manufacture of men's outerwear, other than leather clothes and workwear |
|
US
SIC 1987: |
Key Executives
|
Name |
Title |
|
Zipei
Yang |
Chief
Executive Officer-Garment Business, Director |
|
Assistant
General Manager-Finance & Administration, Director |
|
|
Zigang
Wan |
Deputy
General Manager-Textile Business Division |
|
Tse
Pei Yang |
Chief
Executive Officer |
|
Shu-Hsuan
Tsai |
Assistant
Vice President-Finance & Administration |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
Nien Hsing Textile Co Ltd Announces Change of
General Manager |
25-Dec-2012 |
|
|
1 |
Nien Hsing Textile Co Ltd Announces Fire in Mexico
Warehouse |
25-Dec-2012 |
|
|
1 |
20-Mar-2012 |
||
|
1 |
Nien Hsing Textile Co., Ltd. Announces FY 2011
Dividend Payment |
20-Mar-2012 |
* number of significant
developments within the last 12 months
News
|
Title |
Date |
|
Africa on
the rise |
6-Jul-2012 |
|
ECONOMY ON
THE RISE New promise for Africa |
5-Jul-2012 |
|
Africa on
the rise |
3-Jul-2012 |
|
AFRICA ON
THE RISE |
3-Jul-2012 |
|
Africa On
the Rise |
1-Jul-2012 |
Financial Summary
As of 30-Sep-2012
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
2.94
|
2.75
|
|
Quick Ratio (MRQ) |
1.61
|
1.45
|
|
Debt to Equity (MRQ) |
0.14
|
0.52
|
|
Sales 5 Year Growth |
-2.35
|
10.05
|
|
Net Profit Margin (TTM) % |
3.52
|
7.39
|
|
Return on Assets (TTM) % |
3.28
|
7.59
|
|
Return on Equity (TTM) % |
4.33
|
15.09
|
Stock Snapshot
Traded: Taiwan Stock Exchange: 1451
As of 28-Dec-2012
Financials in: TWD
|
Recent
Price |
20.25 |
|
EPS |
1.69 |
|
52
Week High |
24.07 |
|
Price/Sales |
0.67 |
|
52
Week Low |
19.17 |
|
Dividend
Rate |
1.11 |
|
Avg.
Volume (mil) |
0.20 |
|
Price/Earnings |
19.21 |
|
Market
Value (mil) |
8,770.78 |
|
Price/Book |
0.78 |
|
|
|
|
Beta |
1.02 |
|
|
Price % Change |
Rel S&P 500% |
|
4
Week |
-0.74% |
-2.27% |
|
13
Week |
-2.88% |
-2.69% |
|
52
Week |
-4.36% |
-12.12% |
|
Year
to Date |
-4.12% |
-11.93% |
1 - Profit & Loss Item
Exchange Rate: USD 1 = TWD 29.39004
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 30.279
Location
No.119-3, Xiafuwei, Tung Ming Li
Houlong, 356
Taiwan
Tel: 886-3-7728711
Fax: 886-3-7728361
Website: www.nhjeans.com
Quote Symbol –
Exchange 1451 - Taiwan
Stock Exchange
Sales TWD(mil): 13,107.4
Assets TWD(mil): 14,692.0
Employees: 25,031
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation
Date: 13-Oct-1986
Company Type: Public
Parent
Quoted Status: Quoted
Chief Executive Officer-Garment Business, Director: Zipei Yang
|
ANZSIC 2006 Codes: |
||
|
1351 |
- |
Clothing Manufacturing |
|
1332 |
- |
Rope, Cordage and Twine Manufacturing |
|
NACE 2002 Codes: |
||
|
1822 |
- |
Manufacture of other outerwear |
|
1754 |
- |
Manufacture of other textiles not elsewhere classified |
|
NAICS 2002 Codes: |
||
|
315211 |
- |
Men's and Boys' Cut and Sew Apparel Contractors |
|
315239 |
- |
Women's and Girls' Cut and Sew Other Outerwear Manufacturing |
|
314999 |
- |
All Other Miscellaneous Textile Product Mills |
|
US SIC 1987: |
||
|
2325 |
- |
Men's and Boys' Separate Trousers and Slacks |
|
2339 |
- |
Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified |
|
2299 |
- |
Textile goods, Not Elsewhere Classified |
|
UK SIC 2003: |
||
|
18221 |
- |
Manufacture of other men's outerwear |
|
18222 |
- |
Manufacture of other women's outerwear |
|
17549 |
- |
Manufacture of other textiles not elsewhere classified |
|
UK SIC 2007: |
||
|
14131 |
- |
Manufacture of men's outerwear, other than leather clothes and
workwear |
|
1396 |
- |
Manufacture of other technical and industrial textiles |
|
14132 |
- |
Manufacture of women's outerwear, other than leather clothes and
workwear |
NIEN HSING TEXTILE CO., LTD. is principally engaged in the
manufacture and distribution of denim fabrics, casual fabrics and apparels. The
Company provides jeans, which primarily include denim trousers; denim fabrics,
which include products weight from 4 to 16 ounces, such as ring spun denim,
vintage denim, herringbone denim, stripe denim, crinkle denim, honeycomb denim,
dobby denim and stretch denim, among others, as well as casual fabrics and
casual apparels. The Company distributes its products primarily in Taiwan,
other Asian markets and the Americas. For the nine months ended 30 September
2012, Nien Hsing Textile Co., Ltd. revenues increased 2% to NT$9.99B. Net
income decreased 28% to NT$732.4M. Revenues reflect Apparel segment increase of
9% to NT$6.27B. Net income was offset by Textile segment loss totaling
NT$455.9M vs. income of NT$608.3M, Other segment loss totaling NT$4.1M vs.
income of NT$3.6M. Basic Earnings per Share excluding Extraordinary Items
decreased from NT$2.35 to NT$1.69.
More Business Descriptions
Manufacture and sale of
denim, casual clothing and jeans
Fiber, Yarn, and Thread
Mills
|
Financials
in: |
TWD(mil) |
1
Year Growth |
|
Revenue: |
13,107.4 |
2.0% |
|
Net
Income: |
756.0 |
-47.6% |
|
Assets: |
14,692.0 |
-2.8% |
|
Long
Term Debt: |
630.0 |
|
|
Total
Liabilities: |
3,486.8 |
|
|
Working
Capital: |
3.0 |
|
|
Date
of Financial Data: |
31-Dec-2011 |
|
|
Quote Symbol: |
1451 |
|
Exchange: |
Taiwan
Stock Exchange |
|
Currency: |
TWD |
|
Stock Price: |
20.3 |
|
Stock Price Date: |
12-28-2012 |
|
52 Week Price Change %: |
-4.4 |
|
Market Value (mil): |
8,770,781.0 |
|
SEDOL: |
6591928 |
|
ISIN: |
TW0001451003 |
Equity and Dept Distribution:
7/1999, 20% stock dividend,
5/2000, 30% stock dividend, 7/2001, 20% stock dividend.Q2 2007 I/S&B/S are
CLA. The company started to report quarterly since 2008. 08/2010,
93.1188409-for-100 Capital Reduction. 08/2011, 875-for-1000 capital
reduction(Factor:0.875). 08/12 Capital Reduction (F:0.9).
|
Company |
Percentage
Owned |
Country |
|
Chentex
Garment Co Ltd |
100% |
CAMBODIA |
|
Alpha
Textule De Nicaragua S A |
100% |
SAUDI
ARABIA |
|
Chu
Hsing Garment (Cambodia) Co Ltd |
100% |
CAMBODIA |
|
Nien
Hsing (Ninh Binh) Garment Co Ltd |
100% |
VIETNAM |
|
Nien
Hsing Garment (Vietnam) Co Ltd |
100% |
VIETNAM |
|
Nien
Hsing International (BVI) Ltd |
100% |
BRITISH
VIRGIN ISLANDS |
Auditor: Deloitte
& Touche LLP
Auditor: Deloitte
& Touche LLP, Deloitte & Touche
Corporate
Structure News
Nien
Hsing Textile Co., Ltd.
Total Corporate Family Members: 2
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Houlong |
Taiwan |
Apparel
and Accessories |
446.0 |
25,031 |
|
|
Subsidiary |
Taipei
City, Taipei |
Taiwan |
Apparel
and Accessories |
|
24 |
Board of Directors
|
|
|
|||||
|
Chairman |
Chairman |
|||||
|
Chairman of the Board |
Chairman |
|||||
|
|||||||
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Vice Chairman of the Board |
Vice-Chairman |
|
||||
|
|||||||
|
Vice Chairman |
Vice-Chairman |
|
||||
|
Assistant General Manager-Finance & Administration, Director |
Director/Board Member |
|
||||
|
|||||||
|
General Manager, Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
|||||||
|
Assistant General Manager-Chairman's Office, Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
Chief Executive Officer-Garment Business, Director |
Director/Board Member |
|
||||
Executives
|
|
|
|||||
|
Chief Executive Officer-Garment Business, Director |
Chief Executive Officer |
|||||
|
Chief Executive Officer |
Chief Executive Officer |
|||||
|
Assistant General Manager-Finance & Administration, Director |
Division Head Executive |
|||||
|
|||||||
|
General Manager, Director |
Division Head Executive |
|
||||
|
|||||||
|
Assistant General Manager-Chairman's Office, Director |
Division Head Executive |
|
||||
|
|||||||
|
General Manager-Plant |
Division Head Executive |
|
||||
|
Vice President-Operations |
Operations Executive |
|
||||
|
Manager-Finance & Administration (Accounting Head) |
Administration Executive |
|
||||
|
Assistant Vice President-Finance & Administration |
Administration Executive |
|
||||
|
Manager-Finance & Administration (Finance Head) |
Administration Executive |
|
||||
|
Manager-Accouning & Communications |
Accounting Executive |
|
||||
|
Manager-Human Resources |
Human Resources Executive |
|
||||
|
Deputy General Manager-Textile Business Division |
Other |
|
||||
Nien Hsing Textile Co Ltd Announces Fire in Mexico Warehouse
Dec 25, 2012
Nien Hsing Textile Co Ltd announced that a fire broke out in its cotton
warehouse in Mexico, and the loss was estimated to be NTD 140 million.
Nien Hsing Textile Co Ltd Announces Change of General Manager
Dec 25, 2012
Nien Hsing Textile Co Ltd announced the change of General Manager from Huang
Shikun to Chen Chaoyuan, effective December 25, 2012.
Nien Hsing Textile Co., Ltd. Announces FY 2011 Dividend Payment
Mar 20, 2012
Nien Hsing Textile Co., Ltd. announced that it will pay cash dividends of NTD
481,250,000 (NTD 1 per share) to shareholders for fiscal year 2011.
Nien Hsing Textile Co., Ltd. to Cancel Shares
Mar 20, 2012
Nien Hsing Textile Co., Ltd. announced that it will cancel 48,125,000 shares,
which are worth NTD 481,250,000 and represent 10% of the Company's total
shares.
News
|
Africa on
the rise |
06-Jul-2012 |
|
ECONOMY ON
THE RISE New promise for Africa |
05-Jul-2012 |
|
Africa on
the rise |
03-Jul-2012 |
|
AFRICA ON
THE RISE |
03-Jul-2012 |
|
Africa On
the Rise |
01-Jul-2012 |
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
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 |
0.8 |
1.1 |
0.5 |
1.0 |
0.6 |
|
Gross Revenue |
445.8 |
408.1 |
366.7 |
432.0 |
455.2 |
|
Sales Returns and Allowances |
-0.6 |
-1.2 |
-2.4 |
-1.1 |
-1.5 |
|
Revenue |
446.0 |
408.0 |
364.9 |
431.9 |
454.3 |
|
Total Revenue |
446.0 |
408.0 |
364.9 |
431.9 |
454.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
402.4 |
361.9 |
316.3 |
415.9 |
415.5 |
|
Cost of Revenue, Total |
402.4 |
361.9 |
316.3 |
415.9 |
415.5 |
|
Gross Profit |
43.6 |
46.1 |
48.5 |
16.0 |
38.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
21.5 |
23.6 |
25.2 |
26.2 |
22.3 |
|
Total Selling/General/Administrative Expenses |
21.5 |
23.6 |
25.2 |
26.2 |
22.3 |
|
Research & Development |
2.8 |
1.8 |
3.0 |
2.1 |
2.1 |
|
Impairment-Assets Held for Sale |
0.7 |
1.0 |
0.2 |
8.2 |
1.1 |
|
Unusual Expense (Income) |
0.7 |
1.0 |
0.2 |
8.2 |
1.1 |
|
Total Operating Expense |
427.4 |
388.3 |
344.7 |
452.3 |
441.0 |
|
|
|
|
|
|
|
|
Operating Income |
18.6 |
19.8 |
20.1 |
-20.4 |
13.3 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-0.6 |
-0.7 |
-1.2 |
-2.1 |
-1.8 |
|
Interest Expense, Net
Non-Operating |
-0.6 |
-0.7 |
-1.2 |
-2.1 |
-1.8 |
|
Interest
Income - Non-Operating |
1.3 |
1.1 |
0.3 |
0.7 |
0.9 |
|
Investment
Income - Non-Operating |
7.5 |
3.9 |
5.6 |
16.3 |
17.5 |
|
Interest/Investment Income -
Non-Operating |
8.7 |
5.0 |
6.0 |
17.0 |
18.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
8.1 |
4.3 |
4.8 |
14.9 |
16.6 |
|
Gain (Loss) on Sale of Assets |
-1.0 |
0.0 |
-0.1 |
3.2 |
0.9 |
|
Other Non-Operating Income
(Expense) |
6.4 |
33.4 |
10.6 |
3.3 |
14.6 |
|
Other, Net |
6.4 |
33.4 |
10.6 |
3.3 |
14.6 |
|
Income Before Tax |
32.2 |
57.5 |
35.4 |
1.0 |
45.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
6.6 |
11.7 |
-1.6 |
-2.4 |
6.8 |
|
Income After Tax |
25.5 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
471.8 |
454.5 |
432.3 |
436.7 |
438.8 |
|
Basic EPS Excl Extraord Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Basic/Primary EPS Incl Extraord Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Diluted Weighted Average Shares |
472.2 |
455.0 |
432.9 |
436.9 |
438.8 |
|
Diluted EPS Excl Extraord Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Diluted EPS Incl Extraord Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Dividends per Share - Common Stock Primary Issue |
0.04 |
0.05 |
0.04 |
0.02 |
0.06 |
|
Gross Dividends - Common Stock |
16.4 |
21.8 |
17.9 |
9.4 |
27.3 |
|
Interest Expense, Supplemental |
0.6 |
0.7 |
1.2 |
2.1 |
1.8 |
|
Interest Capitalized, Supplemental |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Depreciation, Supplemental |
24.1 |
23.7 |
23.9 |
24.1 |
24.9 |
|
Total Special Items |
1.7 |
0.9 |
0.4 |
4.9 |
0.2 |
|
Normalized Income Before Tax |
33.9 |
58.4 |
35.8 |
5.9 |
45.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.4 |
0.2 |
0.1 |
1.7 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
7.0 |
11.9 |
-1.5 |
-0.6 |
6.8 |
|
Normalized Income After Tax |
26.9 |
46.5 |
37.2 |
6.6 |
38.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.1 |
46.6 |
37.2 |
6.6 |
38.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.10 |
0.09 |
0.02 |
0.09 |
|
Diluted Normalized EPS |
0.06 |
0.10 |
0.09 |
0.02 |
0.09 |
|
Amort of Intangibles, Supplemental |
3.4 |
3.2 |
- |
2.6 |
1.8 |
|
Research & Development Exp, Supplemental |
2.8 |
1.8 |
3.0 |
2.1 |
2.1 |
|
Normalized EBIT |
19.3 |
20.7 |
20.4 |
-12.3 |
14.5 |
|
Normalized EBITDA |
46.8 |
47.6 |
44.3 |
14.4 |
41.2 |
|
Current Tax - Total |
6.6 |
4.0 |
4.7 |
3.3 |
3.7 |
|
Current Tax - Total |
6.6 |
4.0 |
4.7 |
3.3 |
3.7 |
|
Deferred Tax - Total |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
Deferred Tax - Total |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
Other Tax |
0.1 |
1.9 |
-0.1 |
0.4 |
0.4 |
|
Income Tax - Total |
6.6 |
11.7 |
-1.6 |
-2.4 |
6.8 |
|
Interest Cost - Domestic |
0.4 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Service Cost - Domestic |
0.4 |
0.4 |
0.4 |
0.5 |
0.5 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Curtailments & Settlements - Domestic |
- |
- |
0.0 |
-0.3 |
- |
|
Transition Costs - Domestic |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Domestic Pension Plan Expense |
0.9 |
0.9 |
0.9 |
0.8 |
1.0 |
|
Defined Contribution Expense - Domestic |
0.7 |
0.6 |
0.5 |
0.6 |
- |
|
Total Pension Expense |
1.6 |
1.5 |
1.4 |
1.4 |
1.0 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.4 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Total Plan Service Cost |
0.4 |
0.4 |
0.4 |
0.5 |
0.5 |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated 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 |
26.7 |
50.6 |
30.8 |
19.5 |
23.9 |
|
Short Term Investments |
22.5 |
19.3 |
13.1 |
2.6 |
17.8 |
|
Cash and Short Term Investments |
49.2 |
69.9 |
43.9 |
22.1 |
41.7 |
|
Accounts Receivable -
Trade, Gross |
72.8 |
65.5 |
51.6 |
50.7 |
65.7 |
|
Provision for Doubtful
Accounts |
-4.6 |
-5.2 |
-4.4 |
-2.5 |
-2.8 |
|
Trade Accounts Receivable - Net |
68.2 |
60.3 |
47.2 |
48.3 |
63.1 |
|
Notes Receivable - Short Term |
0.6 |
1.1 |
0.7 |
0.3 |
0.3 |
|
Total Receivables, Net |
68.8 |
61.3 |
47.9 |
48.7 |
63.4 |
|
Inventories - Finished Goods |
12.4 |
18.4 |
9.3 |
10.7 |
12.0 |
|
Inventories - Work In Progress |
38.1 |
29.0 |
30.0 |
35.7 |
48.0 |
|
Inventories - Raw Materials |
75.8 |
55.6 |
44.2 |
57.1 |
60.2 |
|
Inventories - Other |
- |
- |
- |
- |
-2.3 |
|
Total Inventory |
126.3 |
103.0 |
83.5 |
103.5 |
117.9 |
|
Deferred Income Tax - Current Asset |
2.7 |
1.1 |
1.2 |
2.1 |
1.6 |
|
Other Current Assets |
7.8 |
7.9 |
7.6 |
7.7 |
9.5 |
|
Other Current Assets, Total |
10.5 |
9.0 |
8.9 |
9.7 |
11.1 |
|
Total Current Assets |
254.8 |
243.2 |
184.1 |
184.0 |
234.0 |
|
|
|
|
|
|
|
|
Buildings |
107.8 |
108.1 |
110.8 |
95.7 |
89.0 |
|
Land/Improvements |
13.5 |
13.8 |
13.0 |
12.8 |
14.6 |
|
Machinery/Equipment |
238.7 |
244.1 |
249.0 |
234.4 |
276.0 |
|
Construction in
Progress |
9.5 |
2.0 |
4.7 |
19.0 |
8.6 |
|
Leases |
8.6 |
9.0 |
0.0 |
- |
- |
|
Property/Plant/Equipment - Gross |
378.1 |
377.0 |
377.5 |
361.9 |
388.3 |
|
Accumulated Depreciation |
-220.3 |
-203.5 |
-192.3 |
-168.1 |
-194.3 |
|
Property/Plant/Equipment - Net |
157.7 |
173.5 |
185.2 |
193.8 |
194.0 |
|
Goodwill, Net |
- |
- |
0.8 |
0.4 |
0.5 |
|
Intangibles, Net |
1.5 |
1.5 |
0.0 |
- |
- |
|
LT Investment - Affiliate Companies |
11.9 |
19.3 |
15.9 |
12.8 |
17.7 |
|
LT Investments - Other |
52.1 |
74.0 |
67.0 |
46.2 |
67.6 |
|
Long Term Investments |
64.0 |
93.3 |
82.9 |
59.0 |
85.3 |
|
Deferred Charges |
4.5 |
4.4 |
3.9 |
3.4 |
2.1 |
|
Pension Benefits - Overfunded |
0.0 |
0.5 |
0.5 |
0.7 |
0.9 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
0.0 |
- |
- |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
2.8 |
2.2 |
1.5 |
2.4 |
2.7 |
|
Other Long Term Assets, Total |
7.3 |
7.1 |
6.0 |
6.5 |
5.7 |
|
Total Assets |
485.2 |
518.6 |
458.9 |
443.8 |
519.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
12.9 |
17.9 |
11.5 |
17.4 |
16.0 |
|
Accrued Expenses |
18.3 |
18.7 |
15.4 |
14.0 |
13.9 |
|
Notes Payable/Short Term Debt |
26.1 |
25.0 |
10.4 |
47.2 |
55.6 |
|
Current Portion - Long Term Debt/Capital Leases |
3.6 |
7.4 |
19.1 |
9.1 |
9.2 |
|
Customer Advances |
1.0 |
0.2 |
- |
- |
- |
|
Income Taxes Payable |
5.4 |
5.4 |
4.0 |
3.0 |
3.5 |
|
Other Payables |
1.8 |
1.9 |
- |
- |
- |
|
Other Current Liabilities |
5.8 |
1.4 |
3.3 |
1.8 |
4.8 |
|
Other Current liabilities, Total |
14.0 |
8.9 |
7.3 |
4.8 |
8.3 |
|
Total Current Liabilities |
74.9 |
78.0 |
63.8 |
92.5 |
103.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
20.8 |
3.7 |
10.1 |
18.2 |
14.8 |
|
Total Long Term Debt |
20.8 |
3.7 |
10.1 |
18.2 |
14.8 |
|
Total Debt |
50.5 |
36.1 |
39.7 |
74.6 |
79.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
7.6 |
6.3 |
0.3 |
7.4 |
12.9 |
|
Deferred Income Tax |
7.6 |
6.3 |
0.3 |
7.4 |
12.9 |
|
Minority Interest |
3.4 |
3.5 |
0.0 |
0.0 |
0.0 |
|
Pension Benefits - Underfunded |
8.4 |
8.7 |
7.5 |
7.0 |
7.2 |
|
Other Long Term Liabilities |
0.1 |
0.3 |
0.0 |
0.5 |
0.0 |
|
Other Liabilities, Total |
8.4 |
9.0 |
7.5 |
7.5 |
7.2 |
|
Total Liabilities |
115.2 |
100.4 |
81.7 |
125.7 |
138.0 |
|
|
|
|
|
|
|
|
Common Stock |
158.9 |
188.6 |
184.7 |
180.0 |
184.5 |
|
Common Stock |
158.9 |
188.6 |
184.7 |
180.0 |
184.5 |
|
Additional Paid-In Capital |
12.8 |
13.3 |
12.0 |
11.5 |
11.7 |
|
Retained Earnings (Accumulated Deficit) |
192.0 |
197.0 |
153.0 |
120.9 |
147.3 |
|
Treasury Stock - Common |
- |
- |
- |
-0.8 |
- |
|
Unrealized Gain (Loss) |
20.7 |
44.3 |
30.1 |
4.6 |
38.5 |
|
Translation Adjustment |
-14.3 |
-25.1 |
-2.5 |
1.9 |
-0.5 |
|
Other Equity, Total |
-14.3 |
-25.1 |
-2.5 |
1.9 |
-0.5 |
|
Total Equity |
370.1 |
418.2 |
377.2 |
318.1 |
381.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
485.2 |
518.6 |
458.9 |
443.8 |
519.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
433.1 |
433.1 |
433.1 |
430.5 |
438.8 |
|
Total Common Shares Outstanding |
433.1 |
433.1 |
433.1 |
430.5 |
438.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
2.7 |
- |
|
Employees |
22,109 |
23,412 |
20,430 |
20,718 |
34,800 |
|
Number of Common Shareholders |
18,586 |
20,116 |
21,421 |
20,598 |
19,103 |
|
Deferred Revenue - Current |
1.0 |
0.2 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
9.1 |
9.2 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
9.1 |
9.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
14.2 |
15.9 |
13.9 |
13.1 |
12.5 |
|
Plan Assets - Domestic |
3.0 |
3.6 |
3.1 |
3.1 |
3.0 |
|
Funded Status - Domestic |
-11.2 |
-12.2 |
-10.7 |
-10.0 |
-9.4 |
|
Accumulated Obligation - Domestic |
11.1 |
12.3 |
10.6 |
10.1 |
10.2 |
|
Total Funded Status |
-11.2 |
-12.2 |
-10.7 |
-10.0 |
-9.4 |
|
Discount Rate - Domestic |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Compensation Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
0.0 |
0.5 |
0.5 |
0.7 |
0.9 |
|
Accrued Liabilities - Domestic |
-8.4 |
-8.7 |
-7.5 |
-7.0 |
-7.2 |
|
Net Assets Recognized on Balance Sheet |
-8.4 |
-8.2 |
-7.0 |
-6.3 |
-6.3 |
|
Total Plan Obligations |
14.2 |
15.9 |
13.9 |
13.1 |
12.5 |
|
Total Plan Assets |
3.0 |
3.6 |
3.1 |
3.1 |
3.0 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated 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 |
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 |
25.5 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Depreciation |
27.5 |
26.9 |
26.5 |
26.7 |
26.7 |
|
Depreciation/Depletion |
27.5 |
26.9 |
26.5 |
26.7 |
26.7 |
|
Deferred Taxes |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
Unusual
Items |
-7.0 |
-6.4 |
-1.4 |
-17.6 |
-13.6 |
|
Equity
in Net Earnings (Loss) |
-1.4 |
-1.3 |
-1.8 |
0.0 |
-2.2 |
|
Other
Non-Cash Items |
12.5 |
5.1 |
1.5 |
4.1 |
1.3 |
|
Non-Cash Items |
4.1 |
-2.6 |
-1.7 |
-13.4 |
-14.6 |
|
Accounts
Receivable |
-9.8 |
-8.3 |
0.1 |
12.7 |
-5.4 |
|
Inventories |
-35.2 |
-12.4 |
24.1 |
12.6 |
-9.7 |
|
Other
Assets |
-0.4 |
0.2 |
1.7 |
1.8 |
9.8 |
|
Accounts
Payable |
-4.4 |
4.9 |
-6.1 |
1.6 |
-9.6 |
|
Accrued
Expenses |
0.3 |
1.7 |
1.0 |
0.3 |
-0.1 |
|
Taxes
Payable |
0.2 |
0.9 |
0.9 |
-0.5 |
0.9 |
|
Other
Liabilities |
0.1 |
-0.4 |
1.9 |
-2.2 |
-1.6 |
|
Changes in
Working Capital |
-49.2 |
-13.5 |
23.6 |
26.4 |
-15.8 |
|
Cash from
Operating Activities |
7.9 |
62.4 |
79.2 |
36.9 |
37.6 |
|
|
|
|
|
|
|
|
Purchase
of Fixed Assets |
-12.6 |
-11.6 |
-13.5 |
-37.2 |
-19.6 |
|
Capital
Expenditures |
-12.6 |
-11.6 |
-13.5 |
-37.2 |
-19.6 |
|
Sale
of Fixed Assets |
0.8 |
3.4 |
0.1 |
8.8 |
4.9 |
|
Sale/Maturity
of Investment |
11.8 |
12.6 |
3.6 |
27.1 |
19.4 |
|
Purchase
of Investments |
-5.6 |
-10.0 |
-12.2 |
-6.2 |
-15.0 |
|
Other
Investing Cash Flow |
-0.6 |
0.3 |
-0.3 |
0.2 |
-0.7 |
|
Other Investing
Cash Flow Items, Total |
6.5 |
6.3 |
-8.8 |
30.0 |
8.5 |
|
Cash from
Investing Activities |
-6.2 |
-5.4 |
-22.3 |
-7.2 |
-11.1 |
|
|
|
|
|
|
|
|
Other
Financing Cash Flow |
-23.5 |
-10.6 |
0.0 |
-0.6 |
-0.9 |
|
Financing Cash
Flow Items |
-23.5 |
-10.6 |
0.0 |
-0.6 |
-0.9 |
|
Cash
Dividends Paid - Common |
-23.4 |
-18.8 |
-8.9 |
-28.5 |
-31.0 |
|
Total Cash
Dividends Paid |
-23.4 |
-18.8 |
-8.9 |
-28.5 |
-31.0 |
|
Sale/Issuance
of Common |
0.0 |
0.0 |
0.8 |
- |
- |
|
Repurchase/Retirement
of Common |
- |
0.0 |
0.0 |
-3.5 |
- |
|
Common
Stock, Net |
0.0 |
0.0 |
0.8 |
-3.5 |
- |
|
Issuance
(Retirement) of Stock, Net |
0.0 |
0.0 |
0.8 |
-3.5 |
- |
|
Short
Term Debt, Net |
4.1 |
13.4 |
-37.9 |
-8.0 |
12.0 |
|
Long
Term Debt Issued |
21.4 |
0.0 |
10.2 |
13.3 |
14.6 |
|
Long
Term Debt Reduction |
-7.3 |
-19.4 |
-9.1 |
-9.5 |
-18.3 |
|
Long
Term Debt, Net |
14.1 |
-19.4 |
1.1 |
3.8 |
-3.7 |
|
Issuance
(Retirement) of Debt, Net |
18.2 |
-6.0 |
-36.8 |
-4.2 |
8.3 |
|
Cash from
Financing Activities |
-28.6 |
-35.4 |
-44.9 |
-36.8 |
-23.5 |
|
|
|
|
|
|
|
|
Foreign Exchange
Effects |
4.3 |
-6.1 |
-1.5 |
2.8 |
0.4 |
|
Net Change in
Cash |
-22.6 |
15.5 |
10.5 |
-4.3 |
3.4 |
|
|
|
|
|
|
|
|
Net Cash -
Beginning Balance |
50.2 |
31.3 |
19.4 |
24.5 |
20.2 |
|
Net Cash - Ending
Balance |
27.6 |
46.8 |
29.8 |
20.3 |
23.6 |
|
Cash Interest Paid |
0.6 |
0.7 |
1.2 |
2.1 |
1.8 |
|
Cash Taxes Paid |
6.5 |
5.0 |
3.7 |
4.2 |
2.8 |
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
32.848802 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
445.8 |
408.1 |
366.7 |
432.0 |
455.2 |
|
Sales Return and Discounts |
-0.6 |
-1.2 |
-2.4 |
-1.1 |
-1.5 |
|
Processing Income |
0.8 |
1.1 |
0.5 |
1.0 |
0.6 |
|
Total Revenue |
446.0 |
408.0 |
364.9 |
431.9 |
454.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
401.5 |
360.8 |
315.8 |
414.9 |
416.0 |
|
Cost of Processing |
0.8 |
1.2 |
0.5 |
1.0 |
- |
|
Selling Expenses |
14.2 |
15.9 |
18.1 |
18.0 |
14.3 |
|
General and Administrative Expenses |
7.5 |
7.6 |
7.1 |
8.2 |
8.0 |
|
Research and Development Expenses |
2.8 |
1.8 |
3.0 |
2.1 |
2.1 |
|
Gain/Loss on Physical Inventory |
- |
- |
- |
- |
0.1 |
|
Gain from Revaluation of Inventory |
- |
- |
- |
- |
-0.7 |
|
Gain on Reversal of Bad Debt |
-0.2 |
0.0 |
- |
- |
- |
|
Impairment Loss |
0.7 |
1.0 |
0.2 |
8.2 |
1.1 |
|
Total Operating Expense |
427.4 |
388.3 |
344.7 |
452.3 |
441.0 |
|
|
|
|
|
|
|
|
Interest Income |
1.3 |
1.1 |
0.3 |
0.7 |
0.9 |
|
Gain on Equity Investment |
1.4 |
1.3 |
1.8 |
0.0 |
2.2 |
|
Loss on Equity Investment |
- |
- |
0.0 |
0.0 |
- |
|
Dividend Income |
1.6 |
0.7 |
0.5 |
0.7 |
1.6 |
|
Gains on Disposal of Fixed Assets |
0.0 |
0.0 |
0.0 |
3.2 |
0.9 |
|
Gain on Sale of Investments |
8.7 |
7.3 |
1.8 |
22.5 |
13.8 |
|
Gain on Foreign Exchange |
- |
- |
1.5 |
- |
- |
|
Rent Income |
0.7 |
0.5 |
0.0 |
- |
- |
|
Scrap Income |
- |
- |
- |
- |
2.8 |
|
Refund of Taxes |
6.6 |
33.6 |
9.6 |
7.5 |
10.4 |
|
G/L on Financial Assets Revaluation |
0.0 |
0.0 |
0.0 |
0.0 |
0.3 |
|
Miscellaneous Income |
3.5 |
3.5 |
3.2 |
3.9 |
3.6 |
|
Interest Expense |
-0.6 |
-0.7 |
-1.2 |
-2.1 |
-1.8 |
|
Loss on Sale of Fixed Assets |
-1.0 |
0.0 |
-0.1 |
0.0 |
- |
|
Loss on Financial Liabilities Revaluati |
- |
-0.4 |
- |
- |
0.0 |
|
Loss on Foreign Exchange |
-4.3 |
-4.7 |
0.0 |
-6.8 |
-0.4 |
|
Realised Loss on Investment |
- |
-0.3 |
-0.1 |
-0.1 |
- |
|
Shute Down Loss |
- |
- |
0.0 |
-2.7 |
- |
|
Other Expenses |
-4.4 |
-4.2 |
-2.1 |
-5.4 |
-2.2 |
|
Net Income Before Taxes |
32.2 |
57.5 |
35.4 |
1.0 |
45.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
6.6 |
11.7 |
-1.6 |
-2.4 |
6.8 |
|
Net Income After Taxes |
25.5 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Minority Interest |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Accounting Change |
- |
- |
- |
- |
0.0 |
|
Net Income |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
471.8 |
454.5 |
432.3 |
436.7 |
438.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Basic EPS Including ExtraOrdinary Item |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
25.7 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Diluted Weighted Average Shares |
472.2 |
455.0 |
432.9 |
436.9 |
438.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Diluted EPS Including ExtraOrd Items |
0.05 |
0.10 |
0.09 |
0.01 |
0.09 |
|
DPS-Common Stock |
0.04 |
0.05 |
0.04 |
0.02 |
0.06 |
|
Gross Dividends - Common Stock |
16.4 |
21.8 |
17.9 |
9.4 |
27.3 |
|
Normalized Income Before Taxes |
33.9 |
58.4 |
35.8 |
5.9 |
45.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
7.0 |
11.9 |
-1.5 |
-0.6 |
6.8 |
|
Normalized Income After Taxes |
26.9 |
46.5 |
37.2 |
6.6 |
38.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.1 |
46.6 |
37.2 |
6.6 |
38.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.10 |
0.09 |
0.02 |
0.09 |
|
Diluted Normalized EPS |
0.06 |
0.10 |
0.09 |
0.01 |
0.09 |
|
Research & Development Expense |
2.8 |
1.8 |
3.0 |
2.1 |
2.1 |
|
Interest Expense |
0.6 |
0.7 |
1.2 |
2.1 |
1.8 |
|
Interest Capitalized |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Depreciation, Operating Cost |
23.0 |
23.0 |
23.3 |
23.5 |
24.2 |
|
Depreciation, Operating Expense |
0.5 |
0.6 |
0.6 |
0.6 |
0.7 |
|
Depreciation, Non-Operating Exp/Losses |
0.6 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Amortisation, Operating Cost |
3.3 |
3.1 |
- |
2.2 |
1.4 |
|
Amortisation, Operating Expense |
0.1 |
0.1 |
- |
0.3 |
0.4 |
|
Amortisatiom, Non-Operating Exp/Losses |
0.0 |
0.0 |
- |
- |
0.0 |
|
Current Tax |
6.6 |
4.0 |
4.7 |
3.3 |
3.7 |
|
Current Tax - Total |
6.6 |
4.0 |
4.7 |
3.3 |
3.7 |
|
Deferred Tax |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
Deferred Tax - Total |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
ST Bills Taxed Separately |
0.1 |
1.9 |
-0.1 |
0.4 |
0.4 |
|
Income Tax - Total |
6.6 |
11.7 |
-1.6 |
-2.4 |
6.8 |
|
Service Cost |
0.4 |
0.4 |
0.4 |
0.5 |
0.5 |
|
Interest Cost |
0.4 |
0.3 |
0.3 |
0.4 |
0.4 |
|
Expected Return on Plan Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amortization of Unrecognized Cost |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Curtailments & Settlements |
- |
- |
0.0 |
-0.3 |
- |
|
Domestic Pension Plan Expense |
0.9 |
0.9 |
0.9 |
0.8 |
1.0 |
|
Provision for Defined Contribution Plan |
0.7 |
0.6 |
0.5 |
0.6 |
- |
|
Total Pension Expense |
1.6 |
1.5 |
1.4 |
1.4 |
1.0 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated 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 |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
26.7 |
50.6 |
30.8 |
19.5 |
23.9 |
|
Financial Assets-Fair Value,Current |
- |
- |
0.0 |
- |
- |
|
Financial Assets for Sale |
21.5 |
18.5 |
12.7 |
0.8 |
16.1 |
|
Financial Assets for Hedging,Current |
- |
- |
- |
0.0 |
0.0 |
|
Notes Receivable |
0.6 |
1.1 |
0.7 |
0.3 |
0.3 |
|
Accounts Receivable |
72.8 |
65.5 |
51.6 |
50.7 |
65.7 |
|
Provision for Doubtful Accounts |
-4.6 |
-5.2 |
-4.4 |
-2.5 |
-2.8 |
|
Accounts Receivable- Related Parties |
- |
- |
0.0 |
0.1 |
0.2 |
|
Other Financial Assets |
1.0 |
0.8 |
0.4 |
1.8 |
1.7 |
|
Raw Material |
69.0 |
53.0 |
37.5 |
54.5 |
59.2 |
|
Work-In-Process |
38.1 |
29.0 |
30.0 |
35.7 |
48.0 |
|
Finished Goods |
12.4 |
18.4 |
9.3 |
10.7 |
12.0 |
|
Material-in-Transit |
6.5 |
2.2 |
6.4 |
2.3 |
0.6 |
|
Supplies |
0.4 |
0.4 |
0.3 |
0.3 |
0.4 |
|
Provision for Inventory |
- |
- |
- |
- |
-2.3 |
|
Deferred Tax Asset |
2.7 |
1.1 |
1.2 |
2.1 |
1.6 |
|
Other Current Assets |
7.8 |
7.9 |
7.6 |
7.7 |
9.5 |
|
Total Current Assets |
254.8 |
243.2 |
184.1 |
184.0 |
234.0 |
|
|
|
|
|
|
|
|
Financial Assets for Sale-Non-Curren |
0.0 |
24.2 |
19.3 |
7.6 |
28.8 |
|
Hedge Financial Derivatives |
- |
- |
- |
0.0 |
0.0 |
|
Financial Assets At Cost- Non-Current |
34.3 |
35.9 |
36.4 |
38.6 |
38.8 |
|
Bond Investments without Active Market, |
17.9 |
13.9 |
11.3 |
- |
- |
|
LT Equity Investment, Equity Method |
11.9 |
19.3 |
15.9 |
12.8 |
17.7 |
|
Land |
13.4 |
13.8 |
13.0 |
12.7 |
14.6 |
|
Land Improvement |
0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Buildings & Structures |
107.8 |
108.1 |
110.8 |
95.7 |
89.0 |
|
Machinery Equipment |
188.4 |
191.9 |
197.2 |
187.0 |
217.8 |
|
Business Equipment |
- |
- |
- |
47.4 |
58.2 |
|
Transportation Equipment |
2.5 |
2.4 |
2.4 |
- |
- |
|
Office Equipment |
1.2 |
1.1 |
1.2 |
- |
- |
|
Miscellaneous Equipment |
46.6 |
48.7 |
48.1 |
- |
- |
|
Depreciation |
-219.3 |
-203.2 |
-192.3 |
-168.1 |
-194.3 |
|
Construction in Progress & Prepay for Eq |
9.5 |
2.0 |
4.7 |
19.0 |
8.6 |
|
Deferred Pension Cost |
0.0 |
0.5 |
0.5 |
0.7 |
0.9 |
|
Technology Know-How |
1.5 |
1.5 |
0.0 |
- |
- |
|
Consolidation Debit |
- |
- |
0.8 |
0.4 |
0.5 |
|
Leased Assets |
8.6 |
9.0 |
0.0 |
- |
- |
|
Accumulated Depreciation- Assets for Lea |
-1.1 |
-0.4 |
- |
- |
- |
|
Idle Assets |
1.4 |
0.6 |
0.0 |
- |
- |
|
Security Deposit Paid |
0.7 |
0.9 |
0.8 |
0.8 |
1.5 |
|
Deferred Charges |
4.5 |
4.4 |
3.9 |
3.4 |
2.1 |
|
Pledged Time Deposit |
- |
- |
- |
- |
0.0 |
|
Overdue Receivables |
- |
- |
- |
0.9 |
- |
|
Deferred Income Tax Assets |
- |
- |
0.0 |
- |
- |
|
Transfer Ownership of Farming Land |
0.7 |
0.7 |
0.7 |
- |
- |
|
Other Long Term Assets |
- |
- |
- |
0.7 |
1.2 |
|
Total Assets |
485.2 |
518.6 |
458.9 |
443.8 |
519.4 |
|
|
|
|
|
|
|
|
ST Borrowings |
23.2 |
19.9 |
5.0 |
43.0 |
51.3 |
|
Hedging Derivative Finan. Lia., Current |
- |
- |
0.3 |
- |
- |
|
ST Notes & Bills Pyble. |
- |
- |
- |
- |
0.0 |
|
Notes Payable |
2.9 |
5.1 |
5.4 |
4.2 |
4.3 |
|
Accounts Payable |
12.5 |
16.9 |
10.8 |
17.4 |
16.0 |
|
Accounts Payable- Related Parties |
0.4 |
1.0 |
0.7 |
- |
- |
|
Other Payables |
1.8 |
1.9 |
- |
- |
- |
|
Tax Payable |
5.4 |
5.4 |
4.0 |
3.0 |
3.5 |
|
Accrued Expense |
18.3 |
18.7 |
15.4 |
14.0 |
13.9 |
|
Advance Receipts |
1.0 |
0.2 |
- |
- |
- |
|
Financial Assets At Fair Value |
- |
- |
- |
- |
0.0 |
|
Current Portion of Long Term Debt |
3.6 |
7.4 |
19.1 |
9.1 |
9.2 |
|
Other Current Liabilties |
5.8 |
1.4 |
3.1 |
1.8 |
4.8 |
|
Total Current Liabilities |
74.9 |
78.0 |
63.8 |
92.5 |
103.1 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
20.8 |
3.7 |
10.1 |
18.2 |
14.8 |
|
Total Long Term Debt |
20.8 |
3.7 |
10.1 |
18.2 |
14.8 |
|
|
|
|
|
|
|
|
Hedging Derivative Liabi. - Non-current |
- |
- |
- |
0.5 |
0.0 |
|
Accrued Pension Liabilities |
8.4 |
8.7 |
7.5 |
7.0 |
7.2 |
|
Long Term Security Deposit Received |
0.1 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax Liabilities |
7.6 |
6.3 |
0.3 |
7.4 |
12.9 |
|
Minority Interest |
3.4 |
3.5 |
0.0 |
0.0 |
0.0 |
|
Other Long Term Liabilities |
- |
- |
- |
0.0 |
0.0 |
|
Total Liabilities |
115.2 |
100.4 |
81.7 |
125.7 |
138.0 |
|
|
|
|
|
|
|
|
Common Stock |
158.9 |
188.6 |
184.7 |
180.0 |
184.5 |
|
Paid-in-Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Gain on Treasury Shares Transac. |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Gain on Fixed Assets Disposal |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Surplus, Premium from Merger |
12.6 |
13.0 |
11.8 |
11.5 |
11.7 |
|
Legal Reserve |
60.8 |
58.2 |
49.2 |
47.6 |
44.3 |
|
Retained Earning |
131.2 |
138.9 |
103.8 |
73.2 |
103.1 |
|
Cumulative Translation Adjustment |
-14.3 |
-25.1 |
-2.5 |
1.9 |
-0.5 |
|
Unrealised G/L of Financial Products |
20.7 |
44.3 |
30.1 |
4.6 |
38.5 |
|
Treasury Stock |
- |
- |
- |
-0.8 |
- |
|
Total Equity |
370.1 |
418.2 |
377.2 |
318.1 |
381.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
485.2 |
518.6 |
458.9 |
443.8 |
519.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
433.1 |
433.1 |
433.1 |
430.5 |
438.8 |
|
Total Common Shares Outstanding |
433.1 |
433.1 |
433.1 |
430.5 |
438.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
2.7 |
- |
|
Deferred Revenue - Current |
1.0 |
0.2 |
- |
- |
- |
|
Shareholders |
18,586 |
20,116 |
21,421 |
20,598 |
19,103 |
|
Full-Time Employees |
22,109 |
23,412 |
20,430 |
20,718 |
34,800 |
|
Current maturities |
- |
- |
- |
9.1 |
9.2 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
9.1 |
9.2 |
|
Accumulated Benefit Obligation |
11.1 |
12.3 |
10.6 |
10.1 |
10.2 |
|
Fair Value of Plan Assets |
3.0 |
3.6 |
3.1 |
3.1 |
3.0 |
|
Benefit Obligation |
14.2 |
15.9 |
13.9 |
13.1 |
12.5 |
|
Funded Status |
-11.2 |
-12.2 |
-10.7 |
-10.0 |
-9.4 |
|
Total Funded Status |
-11.2 |
-12.2 |
-10.7 |
-10.0 |
-9.4 |
|
Discount Rate |
2.00% |
2.25% |
2.25% |
2.50% |
3.50% |
|
Rate of Compensation Increase |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return on Plan Assets |
2.00% |
2.00% |
2.00% |
2.50% |
2.50% |
|
Deferred Pension Cost |
0.0 |
0.5 |
0.5 |
0.7 |
0.9 |
|
Accrued Pension Liabilities |
-8.4 |
-8.7 |
-7.5 |
-7.0 |
-7.2 |
|
Net Assets Recognized on Balance Sheet |
-8.4 |
-8.2 |
-7.0 |
-6.3 |
-6.3 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated 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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
25.5 |
45.8 |
37.0 |
3.3 |
38.6 |
|
Depreciation |
27.5 |
26.9 |
26.5 |
26.7 |
26.7 |
|
Provision for Doubtful Accounts |
-0.2 |
0.1 |
2.7 |
0.8 |
0.5 |
|
Employees' Remuneration-Stock Options |
- |
0.0 |
0.2 |
- |
- |
|
Inventory Devaluation & Obsolescence |
7.2 |
1.9 |
-2.1 |
0.8 |
-0.7 |
|
Gain on Sale of Investment |
-8.7 |
-7.3 |
-1.8 |
-22.5 |
-13.8 |
|
Realised LT Investment Loss |
- |
0.3 |
0.1 |
0.1 |
0.0 |
|
Cash Dividends from Equity Subsidiaries |
1.6 |
2.1 |
0.2 |
2.2 |
1.2 |
|
Equity Investment Gain/ Loss |
-1.4 |
-1.3 |
-1.8 |
0.0 |
-2.2 |
|
Gain/Loss on Sale of Fixed Assets |
1.0 |
0.0 |
0.1 |
-3.2 |
-0.9 |
|
Financial Products Revaluation |
0.0 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Impairment Loss on Assets |
0.7 |
1.0 |
0.2 |
8.2 |
1.1 |
|
Amort. of Bond Invest. Premium, Non-act. |
0.3 |
0.1 |
0.0 |
- |
- |
|
Provision for Pension Liabilities |
0.5 |
0.5 |
0.5 |
0.1 |
0.6 |
|
Deferred Tax |
0.0 |
5.8 |
-6.2 |
-6.1 |
2.7 |
|
Other Income |
3.1 |
0.1 |
0.0 |
- |
- |
|
Notes Receivable |
0.5 |
-0.3 |
-0.3 |
-0.1 |
0.5 |
|
Accounts Receivable |
-10.3 |
-8.0 |
0.4 |
12.7 |
-6.6 |
|
Accounts Receivables- Related Parties |
0.0 |
0.0 |
0.0 |
0.1 |
0.6 |
|
Other Financial Assets |
-0.2 |
-0.4 |
1.4 |
-0.1 |
0.7 |
|
Inventory |
-35.2 |
-12.4 |
24.1 |
12.6 |
-9.7 |
|
Other Current Assets |
-0.2 |
0.5 |
0.2 |
1.8 |
9.0 |
|
Consolidation Debit |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Notes Payable |
-2.1 |
-0.8 |
1.1 |
-0.1 |
-0.9 |
|
Accounts Payable |
-3.9 |
4.6 |
-6.8 |
1.6 |
-9.6 |
|
Tax Payable |
0.2 |
0.9 |
0.9 |
-0.5 |
0.9 |
|
Accrued Expense |
0.3 |
1.7 |
1.0 |
0.3 |
-0.1 |
|
Other Payables |
0.0 |
- |
- |
- |
- |
|
Advance Receipts |
0.8 |
- |
- |
- |
- |
|
Accounts Payables- Related Parties |
-0.6 |
0.2 |
0.7 |
- |
- |
|
Other Current Liabilities |
1.4 |
0.4 |
0.8 |
-2.1 |
0.1 |
|
Other Liabilities |
- |
0.0 |
0.0 |
0.0 |
-0.8 |
|
Cash from Operating Activities |
7.9 |
62.4 |
79.2 |
36.9 |
37.6 |
|
|
|
|
|
|
|
|
Disopal of Financial Assets for Sale |
9.4 |
9.0 |
2.6 |
26.6 |
18.0 |
|
Purchase of Financial Assets for Sale |
-0.2 |
-0.5 |
- |
0.0 |
0.0 |
|
Sale of Financial Assets At Cost -Decrea |
1.4 |
2.6 |
0.2 |
0.3 |
1.3 |
|
Refund of Capital, Fncl. Ast. at Cost |
0.1 |
0.5 |
0.8 |
0.4 |
0.0 |
|
Sale of Financial Assets At Cost-Increas |
-0.1 |
-1.1 |
-1.0 |
-5.0 |
-14.2 |
|
Disposal of Bond Investment, Non-active |
1.0 |
1.0 |
- |
- |
- |
|
Bond Investment, Non-active |
-5.2 |
-3.8 |
-11.1 |
- |
- |
|
Refund of Capital, LT Equity Investment |
2.8 |
2.1 |
1.8 |
1.1 |
1.2 |
|
LT Equity Investment Increase |
0.0 |
-4.6 |
0.0 |
-1.1 |
-0.8 |
|
Sale of LT Equity Investment |
0.0 |
0.0 |
0.8 |
0.3 |
0.0 |
|
Purchase of Land |
- |
- |
- |
0.0 |
-0.7 |
|
Capital Expenditure |
-12.6 |
-11.6 |
-13.5 |
-37.2 |
-18.9 |
|
Purchase of Rental Assets |
-0.1 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
0.8 |
3.4 |
0.1 |
8.8 |
4.9 |
|
Security Deposits Paid |
0.2 |
0.0 |
0.0 |
0.7 |
-0.4 |
|
Deferred Charges |
-3.7 |
-2.4 |
-3.0 |
-2.4 |
-1.7 |
|
Overdue Account Receivable |
- |
0.0 |
0.1 |
- |
- |
|
Pledged Time Deposit Decrease |
- |
- |
- |
0.0 |
0.1 |
|
Other Assets |
0.0 |
0.0 |
0.1 |
0.4 |
0.0 |
|
Cash from Investing Activities |
-6.2 |
-5.4 |
-22.3 |
-7.2 |
-11.1 |
|
|
|
|
|
|
|
|
ST Borrowings, Net |
4.1 |
13.4 |
-37.9 |
-8.0 |
14.3 |
|
Short Term Notes, Net |
- |
- |
- |
0.0 |
-2.3 |
|
Increase of LT Borrowings |
21.4 |
0.0 |
10.2 |
13.3 |
14.6 |
|
Repay. LT Borrowings |
-7.3 |
-19.4 |
-9.1 |
-9.5 |
-18.3 |
|
Security Deposits Received |
-0.2 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends |
-23.4 |
-18.8 |
-8.9 |
-28.5 |
-31.0 |
|
Rufund Capital to Minority Interest |
-23.4 |
-12.9 |
0.0 |
0.0 |
- |
|
Treasury Shares Transacted to Employees |
0.0 |
0.0 |
0.8 |
- |
- |
|
Purchase of Treasury Shares |
- |
0.0 |
0.0 |
-3.5 |
- |
|
Directors & Employees Remunerations |
- |
- |
0.0 |
-0.6 |
-0.8 |
|
Minority Interest |
0.1 |
2.1 |
- |
- |
- |
|
Cash Dividend to Minority Interest |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Financing Activities |
-28.6 |
-35.4 |
-44.9 |
-36.8 |
-23.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
4.3 |
-6.1 |
-1.5 |
2.8 |
0.4 |
|
Net Change in Cash |
-22.6 |
15.5 |
10.5 |
-4.3 |
3.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
50.2 |
31.3 |
19.4 |
24.5 |
20.2 |
|
Net Cash - Ending Balance |
27.6 |
46.8 |
29.8 |
20.3 |
23.6 |
|
Cash Interest Paid |
0.6 |
0.7 |
1.2 |
2.1 |
1.8 |
|
Cash Taxes Paid |
6.5 |
5.0 |
3.7 |
4.2 |
2.8 |
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 (?) |
118.1 |
10.88% |
446.0 |
1.99% |
-1.28% |
-2.35% |
|
Research & Development1 (?) |
0.6 |
-19.41% |
2.8 |
43.75% |
7.71% |
4.77% |
|
Operating Income1 (?) |
5.7 |
37.12% |
18.6 |
-12.15% |
- |
-3.14% |
|
Income Available to Common Excl Extraord Items1 (?) |
5.1 |
-54.49% |
25.7 |
-47.60% |
92.83% |
-11.68% |
|
Basic EPS Excl Extraord Items1 (?) |
0.01 |
-54.48% |
0.05 |
-49.53% |
87.93% |
-12.95% |
|
Capital Expenditures2 (?) |
8.8 |
-7.05% |
12.6 |
1.36% |
-31.82% |
6.40% |
|
Cash from Operating Activities2 (?) |
35.8 |
76.75% |
7.9 |
-88.18% |
-41.58% |
-24.35% |
|
Free Cash Flow
(?) |
27.3 |
150.37% |
-4.6 |
- |
- |
- |
|
Total Assets3 (?) |
461.1 |
-9.71% |
485.2 |
-2.84% |
0.29% |
-2.46% |
|
Total Liabilities3 (?) |
113.6 |
-3.37% |
115.2 |
19.11% |
-5.44% |
-4.78% |
|
Total Long Term Debt3 (?) |
10.2 |
-52.38% |
20.8 |
483.40% |
1.71% |
16.00% |
|
Employees3 (?) |
- |
- |
22109 |
-5.57% |
2.19% |
-7.72% |
|
Total Common Shares Outstanding3 (?) |
433.1 |
0.00% |
433.1 |
0.00% |
0.21% |
-0.26% |
|
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 (?) |
4.5 |
4.4 |
3.9 |
3.4 |
2.1 |
|
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
(?) |
9.78% |
11.29% |
13.30% |
3.71% |
8.56% |
|
Operating Margin
(?) |
4.17% |
4.84% |
5.52% |
-4.73% |
2.94% |
|
Pretax Margin
(?) |
7.21% |
14.08% |
9.70% |
0.22% |
10.00% |
|
Net Profit Margin
(?) |
5.77% |
11.23% |
10.14% |
0.77% |
8.50% |
|
Financial Strength |
|||||
|
Current Ratio
(?) |
3.40 |
3.12 |
2.89 |
1.99 |
2.27 |
|
Long Term Debt/Equity (?) |
0.06 |
0.01 |
0.03 |
0.06 |
0.04 |
|
Total Debt/Equity
(?) |
0.14 |
0.09 |
0.11 |
0.23 |
0.21 |
|
Management Effectiveness |
|||||
|
Return on Assets
(?) |
5.03% |
9.68% |
8.36% |
0.67% |
7.58% |
|
Return on Equity
(?) |
6.46% |
11.89% |
10.86% |
0.92% |
10.33% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
6.77 |
7.74 |
7.70 |
7.46 |
7.56 |
|
Inventory Turnover (?) |
3.46 |
4.02 |
3.44 |
3.63 |
3.74 |
|
Asset Turnover
(?) |
0.88 |
0.86 |
0.82 |
0.87 |
0.89 |
|
Market
Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
18.67 |
. |
Enterprise Value2
(?) |
305.2 |
|
Price/Sales (TTM) (?) |
0.66 |
. |
Enterprise
Value/Revenue (TTM)
(?) |
0.68 |
|
Price/Book (MRQ) (?) |
0.86 |
. |
Enterprise
Value/EBITDA (TTM)
(?) |
20.79 |
|
Market Cap as of
28-Dec-20121 (?) |
302.0 |
. |
|
|
|
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)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.