MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	FORMOSA PLASTICS CORPORATION
Registered Office :	No. 39 Jhongshan 3rd Road, Cianjhen District Kaohsiung, 806
Country :	Taiwan
Financials (as on) :	31.12.2012
Date of Incorporation :	30.10.1954
Legal Form :	Public Parent
Line of Business :	Manufacture of plastics in primary forms
No. of Employees :	6,784

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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.

Source : CIA

Company name and address

Top of Form

Formosa Plastics Corporation

No. 39
Jhongshan 3rd Road, Cianjhen District
Kaohsiung, 806
Taiwan
Tel:	886-2-27122211
Fax:	886-2-27178108
www.fpc.com.tw

Operating Address:

2#1, Tung Hwa North Road, Taiwan

Employees:

6,784

Company Type:

Public Parent

Corporate Family:

53 Companies

Traded:

Taiwan Stock Exchange:

1301

Incorporation Date:

30-Oct-1954

Auditor:

KPMG LLP

Financials in	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Taiwanese New Dollar
Annual Sales:	6,655.9 ^1
Net Income:	495.7
Total Assets:	12,410.4 ^2
Market Value:	14,714.7
	(29-Mar-2013)

Business Description

Formosa Plastics Corporation is primarily engaged in the manufacture and distribution of plastic products. The Company operates its businesses through Plastics Division, which provides polyvinyl chloride (PVC) powder and liquid soda; Polyolefin Division, which offers high-density polyethylene (PE), polyvinyl acetate, low-density PE and linear low-density PE; Polypropylene Division, which provides polypropylene products; Tairylan Division, which offers acrylic staple fibers, acrylic ester and carbon fibers; Chemicals Division, which provides acrylonitrile, methyl tert-butyl ether, methacrylic ester and epoxy chloropropane; Calcium Carbide Division, which offers calcium carbonates and calcium carbides, as well as Engineering and Construction Division, which provides water, electricity and steam. For the fiscal year ended 31 December 2012, Formosa Plastics Corporation revenues decreased 9% to NT$196.88B. Net income decreased 59% to NT$14.66B. Revenues reflect Other Department segment decrease of 14% to NT$50.91B, DPE segment decrease of 17% to NT$31.64B, Other Foreign segment decrease of 21% to NT$45.77B, Taiwan segment decrease of 6% to NT$78.61B. Net income also reflects Gain on Equity Investment decrease of 26% to NT$7.81B (income).

Industry

Industry	Chemicals - Plastics and Rubber
ANZSIC 2006:	1821 - Synthetic Resin and Synthetic Rubber Manufacturing
NACE 2002:	2416 - Manufacture of plastics in primary forms
NAICS 2002:	325211 - Plastics Material and Resin Manufacturing
UK SIC 2003:	2416 - Manufacture of plastics in primary forms
UK SIC 2007:	2016 - Manufacture of plastics in primary forms
US SIC 1987:	2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

Key Executives

Name	Title
Guangming Chen	Deputy General Manager-Polypropylene Department
William Wong	Executive Director
Jason Lin	President
Benny Chang	VP-Finance
W H Huang	Assistant Vice President - Accounting Department

Significant Developments

Topic	#*	Most Recent Headline	Date
Regulatory / Company Investigation	1	Formosa Plastics Corp Receives Fine	5-Dec-2012
General Reorganization	1	Formosa Plastics Corp Announces Merger of Subsidiaries	24-Dec-2012
New Business / Unit / Subsidiary	1	Formosa Plastics Corp to Invest in Mainland China	24-Dec-2012
Debt Financing / Related	1	Formosa Plastics Corp to Issue Unsecured Corporate Bonds	27-Aug-2012
Dividends	2	Formosa Plastics Corp Announces FY 2012 Dividend Payment	25-Mar-2013

Financial Summary

As of 31-Dec-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.19	2.03
Quick Ratio (MRQ)	1.85	1.20
Debt to Equity (MRQ)	0.44	0.95
Sales 5 Year Growth	0.34	1.42
Net Profit Margin (TTM) %	7.45	4.60
Return on Assets (TTM) %	4.14	3.98
Return on Equity (TTM) %	6.27	12.15

Stock Snapshot

Traded: Taiwan Stock Exchange: 1301

As of 29-Mar-2013

   Financials in: TWD

Recent Price	71.90	EPS	2.25
52 Week High	87.20	Price/Sales	2.24
52 Week Low	67.40	Dividend Rate	4.00
Avg. Volume (mil)	6.48	Price/Earnings	32.81
Market Value (mil)	440,093.00	Price/Book	1.94
		Beta	0.66

	Price % Change	Rel S&P 500%
4 Week	-6.38%	-5.83%
13 Week	-8.52%	-11.05%
52 Week	-16.49%	-16.97%
Year to Date	-8.52%	-11.05%

1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012

Corporate Overview

Location
No. 39
Jhongshan 3rd Road, Cianjhen District
Kaohsiung, 806
Taiwan

Tel:	886-2-27122211
Fax:	886-2-27178108

www.fpc.com.tw

Quote Symbol - Exchange
1301 - Taiwan Stock Exchange
Sales TWD(mil):	196,879.0
Assets TWD(mil):	360,049.2
Employees:	6,784
Fiscal Year End:	31-Dec-2012

Industry:

Chemicals - Plastics and Rubber

Incorporation Date:	30-Oct-1954
Company Type:	Public Parent
Quoted Status:	Quoted

Executive Director:

William Wong

Industry Codes

ANZSIC 2006 Codes:
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1812	-	Basic Organic Chemical Manufacturing
2811	-	Water Supply
1522	-	Paper Bag Manufacturing
26	-	Electricity Supply

NACE 2002 Codes:
2416	-	Manufacture of plastics in primary forms
4011	-	Production of electricity
2522	-	Manufacture of plastic packing goods
2414	-	Manufacture of other organic basic chemicals
4030	-	Steam and hot water supply
2112	-	Manufacture of paper and paperboard

NAICS 2002 Codes:
325211	-	Plastics Material and Resin Manufacturing
221330	-	Steam and Air-Conditioning Supply
2211	-	Electric Power Generation
322221	-	Coated and Laminated Packaging Paper and Plastics Film Manufacturing
325199	-	All Other Basic Organic Chemical Manufacturing
326111	-	Plastics Bag Manufacturing

US SIC 1987:
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
4911	-	Electric Services
2869	-	Industrial Organic Chemicals, Not Elsewhere Classified
2673	-	Plastics, Foil, and Coated Paper Bags
4961	-	Steam and Air-Conditioning Supply
2671	-	Packaging Paper and Plastics Film, Coated and Laminated

UK SIC 2003:
2416	-	Manufacture of plastics in primary forms
2112	-	Manufacture of paper and paperboard
2522	-	Manufacture of plastic packing goods
4030	-	Steam and hot water supply
4011	-	Production of electricity
2414	-	Manufacture of other organic basic chemicals

UK SIC 2007:
2016	-	Manufacture of plastics in primary forms
3511	-	Production of electricity
3530	-	Steam and air conditioning supply
1712	-	Manufacture of paper and paperboard
2222	-	Manufacture of plastic packing goods
2014	-	Manufacture of other organic basic chemicals

Business Description

Formosa Plastics Corporation is primarily engaged in the manufacture and distribution of plastic products. The Company operates its businesses through Plastics Division, which provides polyvinyl chloride (PVC) powder and liquid soda; Polyolefin Division, which offers high-density polyethylene (PE), polyvinyl acetate, low-density PE and linear low-density PE; Polypropylene Division, which provides polypropylene products; Tairylan Division, which offers acrylic staple fibers, acrylic ester and carbon fibers; Chemicals Division, which provides acrylonitrile, methyl tert-butyl ether, methacrylic ester and epoxy chloropropane; Calcium Carbide Division, which offers calcium carbonates and calcium carbides, as well as Engineering and Construction Division, which provides water, electricity and steam. For the fiscal year ended 31 December 2012, Formosa Plastics Corporation revenues decreased 9% to NT$196.88B. Net income decreased 59% to NT$14.66B. Revenues reflect Other Department segment decrease of 14% to NT$50.91B, DPE segment decrease of 17% to NT$31.64B, Other Foreign segment decrease of 21% to NT$45.77B, Taiwan segment decrease of 6% to NT$78.61B. Net income also reflects Gain on Equity Investment decrease of 26% to NT$7.81B (income).

More Business Descriptions

Production of intermediate raw materials for use in the manufacture of plastics including caustic soda, PVC resin, hydrochloride acid, calcium carbide products and polyethylene

Plastics Products Mfr

Formosa Plastics Corporation (FPC), a subsidiary of Formosa Plastics Group, produces and supplies intermediate raw materials for plastics. The product portfolio of the company includes poly vinyl chloride (PVC) resins, vinyl chloride monomers (VCM), caustic soda, hydrochloric acid, MBS, high-density polyethylene (HDPE), ethylene-vinyl acetate (EVA)/ low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE). The company also offers processed plastic products developed in coordination with production of HDPE at its Hsinkang complex. It also owns and operates seven manufacturing plants, namely, Kaohsiung Plant, Jenwu Plant, Linyuan Plant, Tungshan Plant, Sanhsia Plant, Hsinkang Plant and Mailiao Plant. Geographically, the company conducts its operations through its subsidiaries located across Taiwan and the US. FPC is headquartered in Taipei, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 217,037.10 million during the fiscal year ended December 2011, a decrease of 3.68% from 2010. The operating profit of the company was TWD 23,145.49 million during the fiscal year 2011, a decrease of 25.73% from 2010. The net profit of the company was TWD 35,724.46 million during the fiscal year 2011, a decrease of 21.56% from 2010.

Other Plastics Product Manufacturing

Financial Data

Financials in:	TWD(mil)
Revenue:	196,879.0
Net Income:	14,662.5
Assets:	360,049.2
Long Term Debt:	58,676.9
Total Liabilities:	133,428.7
Working Capital:	62.0
Date of Financial Data:	31-Dec-2012

1 Year Growth

-9.3%

-59.0%

3.3%

Market Data

Quote Symbol:	1301
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	71.9
Stock Price Date:	03-29-2013
52 Week Price Change %:	-16.5
Market Value (mil):	440,092,992.0
SEDOL:	6348544
ISIN:	TW0001301000
Equity and Dept Distribution:
07/06, 3% stock dividend. 06/05, 9% stock dividend. 6/04, 6% stock dividend. 7/03, 6% stock dividend. 7/01, stock split with an adj. factors of 1.0999999. 07/02, performed stock split with an adj factor of 1.0700001. FY'04 fncl Restated/reclassifed. 07/2009,7% Stock dividend. FY'09 Q1,Q2 B/S & C/F are being CLA. FY'09 C/F is CLA.

Subsidiaries

Company	Percentage Owned	Country
Formosa Polypropylene (Ningbo) Co., Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Formosa Super Absorbent Polymer (Ningbo) Co., Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Formosa Industries (Ningbo) Co., Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Formosa Electronics (Ningbo) Co., Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Formosa Acrylic Esters (Ningbo) Co., Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
FPC (Cayman) Limited	100%	CAYMAN ISLANDS

Key Corporate Relationships

Auditor:	KPMG LLP
Auditor:	KPMG LLP, KPMG

Corporate Structure News

Formosa Plastics Corporation
Total Corporate Family Members: 53

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Formosa Plastics Corporation	Parent	Kaohsiung	Taiwan	Chemicals - Plastics and Rubber	6,655.9	6,784
Nan Ya Plastics Corporation	Subsidiary	Kaohsiung	Taiwan	Chemicals - Plastics and Rubber	10,166.0	34,423
Wen Fung Industrial Co., Ltd.	Subsidiary	New Taipei City	Taiwan	Containers and Packaging
Wellink Technology Co., Ltd.	Subsidiary	New Taipei City	Taiwan	Miscellaneous Capital Goods	5.0	103
Nan Ya Plastics (Hong Kong) Corporation Limited	Subsidiary
Nan Ya Plastics (Hui Zhou) Co., Ltd.	Subsidiary	Huizhou, Guangdong	China	Textiles - Non Apparel	82.2	630
Nanya Plastic Industry (Xiamen) Co., Ltd.	Subsidiary	Xiamen, Fujian	China	Fabricated Plastic and Rubber	32.2	200
Nanya Electric (Nantong) Co., Ltd.	Subsidiary	Nantong, Jiangsu	China	Electronic Instruments and Controls	12.1	200
Nanya Rigid Film (Guangzhou) Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Fabricated Plastic and Rubber		200
Nan Ya Plastics Film (Nantong) Co., Ltd.	Subsidiary	Nantong, Jiangsu	China	Chemicals - Plastics and Rubber	30.8	100
Nanya Plastic Industry (Anshan) Co., Ltd.	Subsidiary	Anshan, Liaoning	China	Fabricated Plastic and Rubber	5.2	100
Nanya Plastic Construction Material (Guangzhou) Co., Ltd.	Subsidiary	Guangzhou, Guangdong	China	Fabricated Plastic and Rubber	13.9	74
Nan Ya Printed Circuit Board Corporation	Subsidiary	Lujhu	Taiwan	Electronic Instruments and Controls	1,004.8	13,451
Formosa Plastics Corporation, U.S.A.	Subsidiary	Livingston, NJ	United States	Chemicals - Plastics and Rubber	1,750.0	2,100
Inteplast Group, Ltd.	Subsidiary	Livingston, NJ	United States	Fabricated Plastic and Rubber		1,550
World-Pak Corp	Branch	Lolita, TX	United States	Fabricated Plastic and Rubber	5,599.4	2,000
Inteplast Amtopp Division	Subsidiary	Lolita, TX	United States	Fabricated Plastic and Rubber		2,000
Inteplast Integrated Bagging Systems	Subsidiary	Livingston, NJ	United States	Fabricated Plastic and Rubber		1,800
Integrated Bagging Systems Inc	Branch	Lolita, TX	United States	Fabricated Plastic and Rubber	792.0	1,600
AM Topp Corp	Branch	Livingston, NJ	United States	Chemicals - Plastics and Rubber	532.4	400
Minigrip/Zip-Pak	Subsidiary	Seguin, TX	United States	Containers and Packaging		160
Zip-Pak	Division	Manteno, IL	United States	Containers and Packaging		50
Zip-Pak	Branch	Orangeburg, NY	United States	Paper and Paper Products	33.3	122
Zip-Pak	Division	Atlanta, GA	United States	Miscellaneous Capital Goods	0.9	60
Zip-Pak	Branch	Ottawa, IL	United States	Retail (Specialty)	0.2	60
Zip-Pak Systems	Branch	Duluth, GA	United States	Fabricated Plastic and Rubber	9.2	35
Zip-Pak	Branch	Loveland, OH	United States	Fabricated Plastic and Rubber	0.3	1
BagCo Inc.	Division	Kennesaw, GA	United States	Containers and Packaging		15
Inteplast World-Pak	Subsidiary	Livingston, NJ	United States	Fabricated Plastic and Rubber		160
Inteplast Group Limited	Branch	North Dighton, MA	United States	Paper and Paper Products	33.5	125
Nina Plastics Inc	Subsidiary	Orlando, FL	United States	Fabricated Plastic and Rubber	40.0	100
Formosa Plastics Corporation, Texas	Branch	Point Comfort, TX	United States	Fabricated Plastic and Rubber	719.2	1,500
Formosa Plastics Corporation, Louisiana	Branch	Baton Rouge, LA	United States	Construction - Supplies and Fixtures	610.1	316
Formosa Plastics Corporation, Delaware	Branch	Delaware City, DE	United States	Construction - Supplies and Fixtures	185.3	130
Neumin Production Company	Subsidiary	Point Comfort, TX	United States	Oil and Gas Operations	11.8	45
Lavaca Pipe Line Company	Subsidiary	Point Comfort, TX	United States	Natural Gas Utilities	9.1	42
Formosa Hydrocarbons Company, Inc.	Subsidiary	Point Comfort, TX	United States	Oil and Gas Operations		40
Formosa Plastic Corp	Branch	Illiopolis, IL	United States	Retail (Specialty)	0.7	3
Formosa Heavy Industries Corporation	Subsidiary	Taipei	Taiwan	Miscellaneous Capital Goods	365.0	1,250
Hwa Ya Power Corporation	Subsidiary	Kueishan Hsiang, Taoyuan	Taiwan	Electric Utilities		108
Asia Pacific Energy Corporation	Subsidiary	Mabalacat, Pampanga	Philippines	Electric Utilities		49
Formosa Plasma Display Corporation	Subsidiary	Taipei	Taiwan	Miscellaneous Capital Goods		500
Mai-Liao Power Corporation	Affiliates	Yun-lin	Taiwan	Electric Utilities		378
Formosa Petrochemical Transportation Corporation	Subsidiary	Taipei, Yun Lin	Taiwan	Chemical Manufacturing		200
Formosa Plastics Marine Corporation	Subsidiary	Taipei City, Taipei	Taiwan	Water Transportation		70
Formosa Asahi Spandex Co., Ltd.	Joint Venture	Taipei	Taiwan	Fabricated Plastic and Rubber		12
Formosa Plastics Corporation - Linyuan Plant	Facility	Kaohsiung	Taiwan	Fabricated Plastic and Rubber
Formosa Plastics Corporation - Plastics Division	Division	Taipei	Taiwan	Fabricated Plastic and Rubber
Formosa Plastics Corporation - Carbide Division	Division	Taipei	Taiwan	Construction - Supplies and Fixtures
Formosa Plastics Corporation - Polyolefin Division	Division	Taipei	Taiwan	Chemical Manufacturing
Formosa Plastics Corporation - Polypropylene Division	Division	Taipei	Taiwan	Chemical Manufacturing
Formosa Plastics Corporation - Tairylan Division	Division	Taipei	Taiwan	Construction - Supplies and Fixtures
Formosa Plastics Corporation - Chemicals Division	Division	Taipei	Taiwan	Chemical Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
BASF SE	Ludwigshafen Am Rhein, Germany	113,262	Public
Equistar Chemicals, LP	Houston, Texas, United States	3,330	Private
Ineos Group Ltd.	Lyndhurst, United Kingdom	15,500	Private
Oxy Vinyls, LP	Dallas, Texas, United States	40,000	Private
Sinopec Shanghai Petrochemical Co Ltd	Shanghai, China	15,256	Public
The Dow Chemical Company	Midland, Michigan, United States	54,353	Public

Executives Report

Board of Directors

Name	Title	Function
Chih-Tsuen Lee	Chairman	Chairman
Zhicun Li	Chairman of the Board	Chairman
Biography: Li Zhicun has been Chairman of the Board in Formosa Plastics Corporation since June 5, 2006. Li used to be General Manager and Executive Director in the Company. Li also serves as Chairman of the Board in Formosa Sumco Technology Corporation and another company.
Tze-Fong Chang	VP-Polyolefin Division	Director/Board Member
Ralph Ho	Supervisory Board of Directors	Director/Board Member
C. F. Ho	Supervisory Board of Directors	Director/Board Member
T. J. Huang	Senior VP	Director/Board Member
Zongjing Huang	Senior Deputy General Manager, Director	Director/Board Member
Biography: Huang Zongjing has been Senior Deputy General Manager and Director in Formosa Plastics Corporation. Huang was Assistant General Manager in the Company.
Jilang Ke	Director	Director/Board Member
Biography: Ke Jilang has been Director in Formosa Plastics Corporation since April 29, 1988. Ke was Assistant General Manager in the Company.
Jerome C.L. Ko	Board Member	Director/Board Member
Jason Lin	President	Director/Board Member
Chen-Jung Lin	Senior VP	Director/Board Member
Jiannan Lin	General Manager, Director	Director/Board Member
Biography: Lin Jiannan has been General Manager and Director in Formosa Plastics Corporation since March 22, 2011. Lin holds a Master's degree from an University in Netherlands. Lin is also General Manager in another company. Lin was Deputy General Manager in the Company.
Zhenrong Lin	Senior Deputy General Manager, Director	Director/Board Member
Wenyuan Wang	Managing Director	Director/Board Member
Biography: Mr. Wang Wenyuan has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He holds a Master's degree from University of Houston, the United States. He also serves as Chairman of the Board in Formosa Chemicals & Fibre Corporation and Formosa Taffeta Co Ltd. Education: University of Houston, M
Ruihua Wang	Managing Director	Director/Board Member
Biography: Ms. Wang Ruihua has been Managing Director in Formosa Plastics Corporation since June 5, 2006. She also serves as Managing Director in Formosa Petrochemical Corporation. Education: Barnard College, B (Economics)
Wenchao Wang	Managing Director	Director/Board Member
Biography: Mr. Wang Wenchao has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He is also Managing Director in Formosa Petrochemical Corporation.
Susan Wang	Board Member	Director/Board Member
T. S. Wang	Board Member	Director/Board Member
Wilfred Wang	Board Member	Director/Board Member
Xuehong Wang	Director	Director/Board Member
Biography: Ms. Wang Xuehong has been Director in Formosa Plastics Corporation since June 5, 2009. She also serves as Chairman of the Board in two other companies.
H. H. Wang	Board Member	Director/Board Member
Deshan Wang	Independent Director	Director/Board Member
Biography: Wang Deshan serves as Independent Director in Formosa Plastics Corporation. Wang also serves as Independent Director in PhytoHealth Corporation. Wang was Director in the Company. Wang holds a Master's degree from National Chengchi University, Taiwan. Education: National Chengchi University, M National Chengchi University, B
Qilin Wei	Independent Director	Director/Board Member
Biography: Wei Qilin serves as Independent Director in Formosa Plastics Corporation. Wei is also Chairman of the Board in another company. Wei holds a Ph.D. in Economics from University of Paris, France. Education: University of Paris, PHD (Economics) Imperial College, University of London, M (Management)
C. L. Wei	Board Member	Director/Board Member
K. H. Wu	Supervisory Board of Directors	Director/Board Member
Qingzhang Yan	Managing Director, Independent Director	Director/Board Member
Biography: Yan Qingzhang serves as Managing Director and Independent Director in Formosa Plastics Corporation. Yan is also Chairman of the Board in Yuanta Financial Holding Co., Ltd. Yan holds a Master's degree in Law from the University of Michigan, the United States. Education: University of Michigan, M (Law) National Taiwan University, M
Zhaolin Yang	Director	Director/Board Member
Biography: Yang Zhaolin serves as Director in Formosa Plastics Corporation. Yang is also Managing Director in Formosa Petrochemical Corporation. Yang was Managing Director in the Company. Education: National Cheng Kung University, B (Accounting and Statistics)
C. C. Yen	Board Member	Director/Board Member
Zifeng Zhang	Deputy General Manager-Polyolefin Department, Director	Director/Board Member
Yurui Zhang	Director	Director/Board Member

Executives

Name	Title	Function
William Wong	Executive Director	Chief Executive Officer
Jason Lin	President	President
Tze-Fong Chang	VP-Polyolefin Division	Division Head Executive
Kwang-Ming Chen	VP-Polypropylene Division	Division Head Executive
Cheng-Chung Cheng	VP-Plastics Division	Division Head Executive
Wen-Chin Hsiao	VP-Tairylan Division	Division Head Executive
Tien Hsiang Lee	Vice President Chemicals Division	Division Head Executive
Jiannan Lin	General Manager, Director	Division Head Executive
Biography: Lin Jiannan has been General Manager and Director in Formosa Plastics Corporation since March 22, 2011. Lin holds a Master's degree from an University in Netherlands. Lin is also General Manager in another company. Lin was Deputy General Manager in the Company.
Wenyuan Wang	Managing Director	Managing Director
Biography: Mr. Wang Wenyuan has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He holds a Master's degree from University of Houston, the United States. He also serves as Chairman of the Board in Formosa Chemicals & Fibre Corporation and Formosa Taffeta Co Ltd. Education: University of Houston, M
Ruihua Wang	Managing Director	Managing Director
Biography: Ms. Wang Ruihua has been Managing Director in Formosa Plastics Corporation since June 5, 2006. She also serves as Managing Director in Formosa Petrochemical Corporation. Education: Barnard College, B (Economics)
Wenchao Wang	Managing Director	Managing Director
Biography: Mr. Wang Wenchao has been Managing Director in Formosa Plastics Corporation since June 5, 2006. He is also Managing Director in Formosa Petrochemical Corporation.
Qingzhang Yan	Managing Director, Independent Director	Managing Director
Biography: Yan Qingzhang serves as Managing Director and Independent Director in Formosa Plastics Corporation. Yan is also Chairman of the Board in Yuanta Financial Holding Co., Ltd. Yan holds a Master's degree in Law from the University of Michigan, the United States. Education: University of Michigan, M (Law) National Taiwan University, M
Benny Chang	VP-Finance	Finance Executive
Ray Lei	Vice President Finance	Finance Executive
W H Huang	Assistant Vice President - Accounting Department	Accounting Executive
Guangming Chen	Deputy General Manager-Polypropylene Department	Other
Chengzhong Cheng	Deputy General Manager-Plastic Department	Other
Zhenxiao Lei	Deputy General Manager-Finance	Other
Tianxiang Li	Deputy General Manager-Chemicals Department	Other
Wenqin Xiao	Deputy General Manager-TAIRYLAN Department	Other
Fushou Xie	Deputy General Manager-Public Works Department	Other
Wensong Zhang	Deputy General Manager-Calcium Carbide Department	Other

Significant Developments

Formosa Plastics Corp Announces FY 2012 Dividend Payment

Mar 25, 2013

Formosa Plastics Corp announced that it will pay a cash dividend of NTD 1.2 per share, or NTD 7,345,085,516 in total to shareholders for fiscal year 2012.

Formosa Plastics Corp to Invest in Mainland China

Dec 24, 2012

Formosa Plastics Corp announced that it will invest USD 4.1 million to indirectly set up a subsidiary in Ningbo, Mainland China. The subsidiary will be engaged in the production and sale of lithium battery electrolyte.

Formosa Plastics Corp Announces Merger of Subsidiaries

Dec 24, 2012

Formosa Plastics Corp announced that its six wholly owned subsidiaries based in Ningbo, Mainland China, including a Ningpo-based industrial company (Subsidiary A), a Ningbo-based acrylate company, a Ningbo-based polyethylene company, a Ningbo-based propylene company, a Ningbo-based absorbent resin company, and a Ningbo-based electronics company, will merge with each other, with Subsidiary A to survive and the other five to be dissolved.

Formosa Plastics Corp Receives Fine

Dec 05, 2012

Formosa Plastics Corp announced that it was imposed a fine of NTD 0.16 million, due to its violation of Water Pollution Control Act.

Formosa Plastics Corp to Issue Unsecured Corporate Bonds

Aug 27, 2012

Formosa Plastics Corp announced that it will issue NTD 9,000 million worth of unsecured corporate bonds, each with par value of NTD 1 million and a term of up to ten years.

Formosa Plastics Corporation Announces FY 2011 Dividend Payment Date

Jun 19, 2012

Formosa Plastics Corporation announced that it will pay cash dividends of NTD 4 per share) to shareholders of record on July 15, 2012. The Company's shares will be traded ex-dividend on July 9, 2012.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Revenue	6,663.6	7,390.1	7,160.3	5,460.1	6,354.6
Sales Returns and Allowances	-7.7	-5.4	-6.6	-7.2	-8.6
Revenue	6,655.9	7,384.7	7,153.7	5,452.9	6,346.1
Total Revenue	6,655.9	7,384.7	7,153.7	5,452.9	6,346.1
Cost of Revenue	6,138.3	6,178.5	5,852.2	4,761.5	5,899.6
Cost of Revenue, Total	6,138.3	6,178.5	5,852.2	4,761.5	5,899.6
Gross Profit	517.6	1,206.2	1,301.5	691.4	446.5
Selling/General/Administrative Expense	306.2	303.8	286.1	253.0	263.4
Total Selling/General/Administrative Expenses	306.2	303.8	286.1	253.0	263.4
Research & Development	31.5	38.3	26.0	22.1	29.1
Impairment-Assets Held for Use	-	76.6	0.0	-	-
Unusual Expense (Income)	-	76.6	0.0	-	-
Total Operating Expense	6,475.9	6,597.2	6,164.3	5,036.6	6,192.1
Operating Income	180.0	787.5	989.4	416.3	154.0
Interest Expense - Non-Operating	-44.8	-42.5	-40.8	-50.0	-65.7
Interest Expense, Net Non-Operating	-44.8	-42.5	-40.8	-50.0	-65.7
Interest Income - Non-Operating	27.9	25.4	8.2	7.8	14.9
Investment Income - Non-Operating	347.1	589.9	658.2	510.6	446.4
Interest/Investment Income - Non-Operating	375.0	615.3	666.5	518.4	461.3
Interest Income (Expense) - Net Non-Operating Total	330.2	572.8	625.7	468.3	395.6
Gain (Loss) on Sale of Assets	34.8	5.1	8.6	-3.2	1.6
Other Non-Operating Income (Expense)	23.4	27.5	14.9	16.0	23.7
Other, Net	23.4	27.5	14.9	16.0	23.7
Income Before Tax	568.3	1,392.9	1,638.5	897.5	575.0
Total Income Tax	72.6	177.4	192.5	63.7	-49.9
Income After Tax	495.7	1,215.5	1,446.1	833.7	624.8
Net Income Before Extraord Items	495.7	1,215.5	1,446.1	833.7	624.8
Net Income	495.7	1,215.5	1,446.1	833.7	624.8
Income Available to Common Excl Extraord Items	495.7	1,215.5	1,446.1	833.7	624.8
Income Available to Common Incl Extraord Items	495.7	1,215.5	1,446.1	833.7	624.8
Basic/Primary Weighted Average Shares	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Basic EPS Excl Extraord Items	0.08	0.20	0.24	0.14	0.10
Basic/Primary EPS Incl Extraord Items	0.08	0.20	0.24	0.14	0.10
Diluted Net Income	495.7	1,215.5	1,446.1	833.7	624.8
Diluted Weighted Average Shares	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Diluted EPS Excl Extraord Items	0.08	0.20	0.24	0.14	0.10
Diluted EPS Incl Extraord Items	0.08	0.20	0.24	0.14	0.10
Dividends per Share - Common Stock Primary Issue	0.04	0.14	0.22	0.12	0.05
Gross Dividends - Common Stock	248.3	833.1	1,321.5	741.4	326.4
Interest Expense, Supplemental	44.8	42.5	40.8	50.0	65.7
Interest Capitalized, Supplemental	-2.4	-1.8	-1.9	-4.1	-22.6
Depreciation, Supplemental	300.4	378.9	350.8	364.8	354.7
Total Special Items	-34.8	71.5	-8.6	3.2	-1.6
Normalized Income Before Tax	533.5	1,464.4	1,629.9	900.7	573.4
Effect of Special Items on Income Taxes	-4.4	9.1	-1.0	0.2	-0.6
Inc Tax Ex Impact of Sp Items	68.1	186.5	191.5	64.0	-50.4
Normalized Income After Tax	465.4	1,277.9	1,438.5	836.7	623.8
Normalized Inc. Avail to Com.	465.4	1,277.9	1,438.5	836.7	623.8
Basic Normalized EPS	0.08	0.21	0.24	0.14	0.10
Diluted Normalized EPS	0.08	0.21	0.24	0.14	0.10
Amort of Intangibles, Supplemental	27.9	34.7	30.7	28.4	22.5
Research & Development Exp, Supplemental	31.5	38.3	26.0	22.1	29.1
Normalized EBIT	180.0	864.1	989.4	416.3	154.0
Normalized EBITDA	508.3	1,277.7	1,370.8	809.6	531.3
Current Tax - Total	41.2	87.4	88.6	21.5	39.5
Current Tax - Total	41.2	87.4	88.6	21.5	39.5
Deferred Tax - Total	31.3	90.0	103.9	42.2	-89.4
Deferred Tax - Total	31.3	90.0	103.9	42.2	-89.4
Income Tax - Total	72.6	177.4	192.5	63.7	-49.9
Interest Cost - Domestic	6.2	9.0	7.7	7.6	7.7
Service Cost - Domestic	3.9	3.7	6.6	7.0	8.0
Expected Return on Assets - Domestic	-0.3	-0.1	-0.3	-0.1	-0.3
Actuarial Gains and Losses - Domestic	0.1	-0.1	0.1	-0.2	0.0
Transition Costs - Domestic	6.2	5.9	5.4	5.4	5.9
Domestic Pension Plan Expense	16.1	18.4	19.5	19.7	21.4
Defined Contribution Expense - Domestic	7.2	6.3	4.7	3.1	3.1
Total Pension Expense	23.3	24.7	24.2	22.9	24.4
Discount Rate - Domestic	2.00%	2.00%	3.00%	3.00%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	3.00%	3.00%	-
Compensation Rate - Domestic	2.50%	2.50%	3.00%	3.00%	3.00%
Total Plan Interest Cost	6.2	9.0	7.7	7.6	7.7
Total Plan Service Cost	3.9	3.7	6.6	7.0	8.0
Total Plan Expected Return	-0.3	-0.1	-0.3	-0.1	-0.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	351.8	260.7	445.1	255.6	124.9
Short Term Investments	2,014.8	2,053.8	2,620.4	1,872.9	1,040.1
Cash and Short Term Investments	2,366.5	2,314.5	3,065.4	2,128.5	1,165.1
Accounts Receivable - Trade, Gross	239.6	244.6	292.2	228.9	158.6
Provision for Doubtful Accounts	-0.2	-0.2	-7.8	-6.9	-4.7
Trade Accounts Receivable - Net	383.6	372.6	408.3	352.0	200.7
Notes Receivable - Short Term	29.1	23.8	28.8	11.4	13.5
Other Receivables	1,080.0	900.2	568.1	403.2	390.7
Total Receivables, Net	1,492.7	1,296.6	1,005.2	766.6	604.8
Inventories - Finished Goods	456.0	479.8	333.9	254.5	306.8
Inventories - Work In Progress	105.6	115.7	95.1	88.0	89.3
Inventories - Raw Materials	143.4	133.7	146.0	116.0	95.8
Inventories - Other	22.1	26.6	22.1	8.9	6.2
Total Inventory	727.1	755.8	597.2	467.4	498.1
Prepaid Expenses	136.1	131.0	101.7	67.1	111.6
Deferred Income Tax - Current Asset	1.2	3.8	51.1	36.2	21.5
Other Current Assets	0.0	5.9	-	0.0	0.5
Other Current Assets, Total	1.2	9.6	51.1	36.2	22.0
Total Current Assets	4,723.6	4,507.6	4,820.6	3,465.8	2,401.6
Buildings	854.3	814.3	835.6	759.8	715.3
Land/Improvements	232.9	223.4	229.8	206.2	200.9
Machinery/Equipment	5,277.6	4,922.6	4,898.6	4,457.6	4,226.5
Construction in Progress	302.4	215.4	258.0	262.5	338.3
Leases	-	-	-	1.9	-
Other Property/Plant/Equipment	16.1	15.5	16.3	15.4	15.0
Property/Plant/Equipment - Gross	6,683.2	6,191.2	6,238.4	5,703.4	5,496.0
Accumulated Depreciation	-4,024.7	-3,587.9	-3,340.2	-2,726.5	-2,300.1
Property/Plant/Equipment - Net	2,658.5	2,603.3	2,898.2	2,977.0	3,196.0
Goodwill, Net	4.3	4.1	4.3	3.9	3.8
Intangibles, Net	33.1	43.0	59.0	73.1	89.2
LT Investment - Affiliate Companies	4,180.4	3,847.6	4,017.0	3,436.2	2,890.7
LT Investments - Other	384.0	262.2	148.2	137.6	80.1
Long Term Investments	4,564.4	4,109.8	4,165.2	3,573.8	2,970.8
Deferred Charges	30.8	40.6	32.1	29.1	33.3
Deferred Income Tax - Long Term Asset	-	-	0.0	56.5	111.3
Other Long Term Assets	395.6	206.9	206.8	174.0	164.9
Other Long Term Assets, Total	426.4	247.5	238.9	259.5	309.4
Total Assets	12,410.4	11,515.3	12,186.2	10,353.2	8,970.8
Accounts Payable	477.0	400.3	515.0	440.0	210.4
Accrued Expenses	159.3	163.0	163.8	130.7	113.1
Notes Payable/Short Term Debt	1,026.9	282.1	259.8	325.8	463.1
Current Portion - Long Term Debt/Capital Leases	365.4	295.3	330.4	458.8	486.0
Other Payables	43.8	74.7	102.6	104.1	69.1
Other Current Liabilities	85.7	72.3	88.8	68.4	68.7
Other Current liabilities, Total	129.5	146.9	191.4	172.5	137.7
Total Current Liabilities	2,158.1	1,287.5	1,460.4	1,527.9	1,410.2
Long Term Debt	2,022.5	1,894.5	1,451.0	1,559.9	1,870.8
Total Long Term Debt	2,022.5	1,894.5	1,451.0	1,559.9	1,870.8
Total Debt	3,414.8	2,471.9	2,041.2	2,344.6	2,819.8
Deferred Income Tax - LT Liability	130.6	105.9	61.7	-	-
Deferred Income Tax	130.6	105.9	61.7	-	-
Pension Benefits - Underfunded	273.2	251.4	252.6	216.0	194.6
Other Long Term Liabilities	14.8	8.2	14.2	4.5	4.2
Other Liabilities, Total	288.0	259.6	266.8	220.5	198.8
Total Liabilities	4,599.1	3,547.6	3,239.9	3,308.3	3,479.8
Common Stock	2,109.8	2,021.5	2,099.3	1,913.7	1,743.1
Common Stock	2,109.8	2,021.5	2,099.3	1,913.7	1,743.1
Additional Paid-In Capital	442.2	423.7	439.9	400.6	390.5
Retained Earnings (Accumulated Deficit)	3,772.8	3,939.3	4,293.2	3,255.0	2,769.2
Unrealized Gain (Loss)	1,464.9	1,496.3	2,112.1	1,369.8	461.0
Translation Adjustment	21.6	87.0	1.7	105.8	127.3
Other Equity, Total	21.6	87.0	1.7	105.8	127.3
Total Equity	7,811.3	7,967.7	8,946.3	7,044.9	5,491.0
Total Liabilities & Shareholders’ Equity	12,410.4	11,515.3	12,186.2	10,353.2	8,970.8
Shares Outstanding - Common Stock Primary Issue	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Total Common Shares Outstanding	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	6,784	5,925	5,570	5,519	5,562
Number of Common Shareholders	-	-	239,663	289,185	302,952
Total Long Term Debt, Supplemental	665.2	998.5	604.8	721.5	-
Long Term Debt Maturing within 1 Year	49.3	34.2	51.4	92.1	-
Long Term Debt Maturing in Year 2	430.2	770.5	35.5	296.9	-
Long Term Debt Maturing in Year 3	172.0	184.3	488.1	282.5	-
Long Term Debt Maturing in Year 4	0.0	9.6	19.9	22.8	-
Long Term Debt Maturing in Year 5	13.8	-	9.9	18.1	-
Long Term Debt Maturing in 2-3 Years	602.2	954.8	523.5	579.4	-
Long Term Debt Maturing in 4-5 Years	13.8	9.6	29.8	41.0	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	9.1	-
Pension Obligation - Domestic	319.5	303.3	304.7	254.5	254.1
Plan Assets - Domestic	9.1	9.3	8.1	7.4	8.6
Funded Status - Domestic	-310.4	-294.0	-296.6	-247.1	-245.5
Accumulated Obligation - Domestic	254.5	238.9	232.4	191.6	189.1
Total Funded Status	-310.4	-294.0	-296.6	-247.1	-245.5
Discount Rate - Domestic	2.00%	2.00%	3.00%	3.00%	3.00%
Expected Rate of Return - Domestic	2.00%	2.00%	3.00%	3.00%	3.00%
Compensation Rate - Domestic	2.50%	2.50%	3.00%	3.00%	3.00%
Accrued Liabilities - Domestic	-273.2	-251.4	-252.6	-216.0	-194.6
Net Assets Recognized on Balance Sheet	-273.2	-251.4	-252.6	-216.0	-194.6
Total Plan Obligations	319.5	303.3	304.7	254.5	254.1
Total Plan Assets	9.1	9.3	8.1	7.4	8.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	495.7	1,215.5	1,446.1	833.7	624.8
Depreciation	300.4	378.9	350.8	364.8	354.7
Depreciation/Depletion	300.4	378.9	350.8	364.8	354.7
Amortization of Intangibles	27.9	34.7	30.7	28.4	22.5
Amortization	27.9	34.7	30.7	28.4	22.5
Deferred Taxes	31.3	90.0	103.9	42.2	-89.4
Unusual Items	-35.1	71.5	-8.6	-2.2	-5.8
Equity in Net Earnings (Loss)	-264.0	-361.1	-579.6	-472.8	-172.4
Other Non-Cash Items	235.0	431.5	422.3	74.6	736.3
Non-Cash Items	-64.2	141.9	-165.9	-400.3	558.1
Accounts Receivable	-32.5	30.2	-45.8	-152.3	229.4
Inventories	42.3	-177.3	-61.4	107.3	-124.6
Prepaid Expenses	0.6	-34.1	-21.7	45.9	-8.9
Other Assets	-	-	-15.5	-6.0	-18.5
Accounts Payable	58.1	-98.6	29.9	217.0	-274.9
Accrued Expenses	-10.5	5.4	18.9	14.3	-17.7
Other Liabilities	-29.7	-48.2	56.5	-0.7	-
Other Assets & Liabilities, Net	0.1	-1.1	2.6	2.1	2.1
Changes in Working Capital	28.3	-323.7	-36.5	227.6	-213.2
Cash from Operating Activities	819.5	1,537.3	1,728.9	1,096.5	1,257.5
Purchase of Fixed Assets	-278.5	-123.3	-81.2	-98.2	-250.7
Purchase/Acquisition of Intangibles	-4.1	-1.9	0.0	-0.7	0.0
Capital Expenditures	-282.6	-125.1	-81.2	-99.0	-250.7
Sale of Fixed Assets	41.3	0.5	7.1	2.1	2.1
Sale/Maturity of Investment	-	-	0.0	1.6	0.0
Investment, Net	-	-	0.0	-57.5	5.6
Purchase of Investments	-217.6	-312.3	-76.3	-26.0	-13.9
Sale of Intangible Assets	4.8	-	-	-	0.6
Other Investing Cash Flow	-280.7	-395.3	-115.3	7.4	-11.2
Other Investing Cash Flow Items, Total	-452.2	-707.1	-184.5	-72.5	-16.8
Cash from Investing Activities	-734.8	-832.2	-265.7	-171.4	-267.4
Other Financing Cash Flow	6.3	11.6	-44.8	24.1	-25.5
Financing Cash Flow Items	6.3	11.6	-44.8	24.1	-25.5
Cash Dividends Paid - Common	-826.8	-1,414.6	-786.2	-302.6	-1,214.4
Total Cash Dividends Paid	-826.8	-1,414.6	-786.2	-302.6	-1,214.4
Short Term Debt, Net	718.2	34.0	-90.1	-145.2	-15.4
Long Term Debt Issued	1,134.1	1,370.3	364.6	196.4	655.5
Long Term Debt Reduction	-1,033.8	-882.9	-761.4	-580.9	-305.9
Long Term Debt, Net	100.3	487.4	-396.7	-384.5	349.6
Issuance (Retirement) of Debt, Net	818.5	521.4	-486.8	-529.7	334.1
Cash from Financing Activities	-2.0	-881.6	-1,317.8	-808.1	-905.7
Foreign Exchange Effects	-4.6	3.6	7.0	6.4	-45.4
Net Change in Cash	78.1	-172.9	152.4	123.4	39.0
Net Cash - Beginning Balance	266.9	441.5	259.5	124.2	91.0
Net Cash - Ending Balance	345.0	268.6	412.0	247.5	130.0
Cash Interest Paid	46.9	45.1	42.5	64.4	63.8
Cash Taxes Paid	73.6	118.4	48.2	21.2	34.2

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Gross Sales	6,663.6	7,390.1	7,160.3	5,460.1	6,354.6
Sales Returns & Allowance	-7.7	-5.4	-6.6	-7.2	-8.6
Total Revenue	6,655.9	7,384.7	7,153.7	5,452.9	6,346.1
Cost of Sales	6,138.3	6,178.5	5,852.2	4,761.5	5,899.6
Selling Expenses	177.9	163.7	174.9	159.9	158.1
General and Administrative Expenses	128.2	140.1	111.1	93.0	105.3
Research and Development Expenses	31.5	38.3	26.0	22.1	29.1
Impairment Loss	-	76.6	0.0	-	-
Total Operating Expense	6,475.9	6,597.2	6,164.3	5,036.6	6,192.1
Interest Income	27.9	25.4	8.2	7.8	14.9
Gain on Equity Investment	264.0	361.1	579.6	472.8	172.4
Dividend Income	93.0	182.1	83.2	34.4	220.5
Gain on Sale of Assets	34.8	5.3	8.7	0.4	1.7
Gain on Sale of Investments	-	0.0	0.4	4.6	4.2
Gain on Foreign Exchange	0.0	45.4	0.0	0.0	59.6
Rent Income	3.3	3.4	3.1	3.0	3.5
G/L on Financial Assets Revaluation	-0.3	0.2	-2.0	0.1	-6.4
G/L on Fin. Liabilities Revaluation	0.3	1.1	1.3	0.5	-3.8
Miscellaneous Income	26.6	30.9	20.0	14.9	26.5
Interest Expense	-44.8	-42.5	-40.8	-50.0	-65.7
Loss on Sale of Assets	-	-0.1	-0.1	-3.6	-0.1
Foreign Exchange Losses	-10.0	0.0	-4.2	-1.9	0.0
Miscellaneous Disbursements	-6.5	-6.8	-8.2	-1.9	-6.4
Net Income Before Taxes	568.3	1,392.9	1,638.5	897.5	575.0
Provision for Income Taxes	72.6	177.4	192.5	63.7	-49.9
Net Income After Taxes	495.7	1,215.5	1,446.1	833.7	624.8
Net Income Before Extra. Items	495.7	1,215.5	1,446.1	833.7	624.8
Net Income	495.7	1,215.5	1,446.1	833.7	624.8
Income Available to Com Excl ExtraOrd	495.7	1,215.5	1,446.1	833.7	624.8
Income Available to Com Incl ExtraOrd	495.7	1,215.5	1,446.1	833.7	624.8
Basic Weighted Average Shares	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Basic EPS Excluding ExtraOrdinary Items	0.08	0.20	0.24	0.14	0.10
Basic EPS Including ExtraOrdinary Item	0.08	0.20	0.24	0.14	0.10
Diluted Net Income	495.7	1,215.5	1,446.1	833.7	624.8
Diluted Weighted Average Shares	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Diluted EPS Excluding ExtraOrd Items	0.08	0.20	0.24	0.14	0.10
Diluted EPS Including ExtraOrd Items	0.08	0.20	0.24	0.14	0.10
DPS-Common Stock	0.04	0.14	0.22	0.12	0.05
Gross Dividends - Common Stock	248.3	833.1	1,321.5	741.4	326.4
Normalized Income Before Taxes	533.5	1,464.4	1,629.9	900.7	573.4
Inc Tax Ex Impact of Sp Items	68.1	186.5	191.5	64.0	-50.4
Normalized Income After Taxes	465.4	1,277.9	1,438.5	836.7	623.8
Normalized Inc. Avail to Com.	465.4	1,277.9	1,438.5	836.7	623.8
Basic Normalized EPS	0.08	0.21	0.24	0.14	0.10
Diluted Normalized EPS	0.08	0.21	0.24	0.14	0.10
R&D Expense, Supplemental	31.5	38.3	26.0	22.1	29.1
Interest Expense	44.8	42.5	40.8	50.0	65.7
Interest Capitalized	-2.4	-1.8	-1.9	-4.1	-22.6
Depreciation, Operating Cost	290.4	368.9	341.0	354.5	342.1
Depreciation, Operating Expense	10.0	10.0	9.8	10.3	12.6
Depreciation, Non-Operating Expense	-	-	0.0	0.0	0.0
Amortization, Operating Cost	27.7	34.4	30.3	27.6	22.2
Amortization, Operating Expense	0.3	0.3	0.3	0.8	0.1
Amortization, Non-Operating Expense	-	-	0.0	0.1	0.2
Current Tax Payable	41.2	87.4	88.6	21.5	39.5
Current Tax - Total	41.2	87.4	88.6	21.5	39.5
Deferred Tax	31.3	90.0	103.9	42.2	-89.4
Deferred Tax - Total	31.3	90.0	103.9	42.2	-89.4
Income Tax - Total	72.6	177.4	192.5	63.7	-49.9
Service Cost	3.9	3.7	6.6	7.0	8.0
Interest Cost	6.2	9.0	7.7	7.6	7.7
Expected Return on Plan Assets	-0.3	-0.1	-0.3	-0.1	-0.3
Plan Assets Gains/Losses	0.1	-0.1	0.1	-0.2	0.0
Amort. Transitional Benefit Obligation	5.8	5.8	5.4	5.2	5.4
Amort. of Transition Cost	0.5	0.1	-	0.3	0.5
Domestic Pension Plan Expense	16.1	18.4	19.5	19.7	21.4
Pro. for Defined Contribution Plan	7.2	6.3	4.7	3.1	3.1
Total Pension Expense	23.3	24.7	24.2	22.9	24.4
Discount Rate	2.00%	2.00%	3.00%	3.00%	3.00%
Rate of Compensation Increase	2.50%	2.50%	3.00%	3.00%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	3.00%	3.00%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	351.8	260.7	445.1	255.6	124.9
Notes Receivable	29.1	23.8	28.8	11.4	13.5
Accounts Receivable, Gross	239.6	244.6	292.2	228.9	158.6
Provision for Doubtful Accounts	-0.2	-0.2	-7.8	-6.9	-4.7
Accounts Receivable, Related Parties	144.2	128.1	123.9	130.0	46.8
Other Receivables	42.5	37.4	37.6	31.2	20.7
Other Receivables - Related Parties	1,037.5	862.8	530.5	372.0	369.9
Finished Goods	456.0	479.8	333.9	254.5	306.8
Half-Finished Goods	79.1	91.6	73.1	62.2	57.2
Raw Materials	121.3	105.2	118.1	90.5	71.4
Supplies	22.1	28.5	27.9	25.6	24.3
Work-in-Process Parts	26.4	24.1	22.0	25.7	32.1
Inventory in Transit	21.2	28.1	25.2	10.6	7.7
Other Inventory	-	0.1	0.9	0.0	0.1
Unrealized Valuation Difference	0.9	-1.6	-3.9	-1.7	-1.5
Prepayment & Other Current Assets	136.1	131.0	101.7	67.1	111.6
Noncurrent Assets Classified, Held for S	0.0	5.9	-	-	-
Deferred Income Tax Assets, Current	1.2	3.8	51.1	36.2	21.5
Current Fin. Assets at Fair Value	0.0	0.4	0.4	1.8	2.0
Current Fin. Assets - Held for Sale	2,014.8	2,053.4	2,620.0	1,871.2	1,038.1
Financial Derivatives - Hedging	-	-	-	0.0	0.5
Total Current Assets	4,723.6	4,507.6	4,820.6	3,465.8	2,401.6
Long Term Equity Investment	4,180.4	3,847.6	4,017.0	3,436.2	2,890.7
Financial Assets-Available for Sale,Non-	300.7	162.4	-	-	-
Financial Assets Valuation - Cost Method	83.3	99.8	148.0	135.0	75.1
Financial Assets - Fair Value, Non-Curr.	-	-	0.2	2.6	5.0
Land	232.9	223.4	229.8	206.2	200.9
Buildings and Structures	854.3	814.3	835.6	759.8	715.3
Machinery and Equipment	5,090.5	4,750.9	4,730.7	4,308.0	4,085.3
Miscellaneous Equipment	187.1	171.7	167.9	149.6	141.2
Revaluation Increments	16.1	15.5	16.3	15.4	15.0
Accumulated Depreciation	-4,024.7	-3,587.9	-3,340.2	-2,726.2	-2,300.1
Construction in Progress	239.2	208.8	252.4	256.1	330.1
Prepayment for Land & Construction	63.2	6.7	5.6	6.4	8.1
Goodwill	4.3	4.1	4.3	3.9	3.8
Technological Cooperation Costs	17.2	19.6	24.4	29.9	35.6
Land Use Right	15.9	18.8	18.2	17.8	18.7
Other Intangible Assets	-	4.6	16.3	25.4	35.0
Idle Assets & Assets for Lease	-	-	-	-	8.1
Idle Assets	6.3	6.0	7.2	6.7	-
Assets Leased to Others	-	-	-	1.9	-
Accum. Depreciation for Leased Assets	-	-	-	-0.3	-
Security Deposits Paid	2.2	2.3	2.5	2.8	2.5
Deferred Income Tax Assets, Non-Current	-	-	0.0	56.5	111.3
Deferred Charges	30.8	40.6	32.1	29.1	33.3
Other Assets	387.1	198.6	197.2	164.5	154.3
Total Assets	12,410.4	11,515.3	12,186.2	10,353.2	8,970.8
ST Borrowings	737.5	276.3	254.2	321.4	290.0
Notes Payable	282.6	0.0	-	0.0	109.6
Employee Borrowings	6.6	5.8	4.5	3.5	63.4
Financial Liabilities at Fair Value	0.2	0.0	1.1	0.9	0.0
Hedging Derivative Liabilities, Current	-	-	-	0.0	0.5
Accounts Payable	134.0	114.7	105.6	99.5	78.6
Accounts Payable - Related Parties	343.0	285.5	409.4	340.5	131.8
Accrued Expenses	159.3	163.0	163.8	130.7	113.1
Other Payables,Related Parties	23.9	15.8	8.0	54.3	29.4
Other Payables	19.9	58.8	94.6	49.8	39.6
Current Portion of Corporate Bonds	310.0	198.0	171.5	250.1	271.2
Current Portion of Long Term Debt	55.4	97.3	158.9	208.7	214.8
Other Current Liabilities	85.7	72.3	88.8	68.4	68.2
Total Current Liabilities	2,158.1	1,287.5	1,460.4	1,527.9	1,410.2
Long Term Borrowings	646.6	970.9	628.8	840.2	1,106.9
Corporate Bonds Payable	1,375.9	923.1	821.6	717.7	760.5
Fncl. Liab. - Fair Value, Non-Current	0.0	0.5	0.6	2.0	3.4
Total Long Term Debt	2,022.5	1,894.5	1,451.0	1,559.9	1,870.8
Accrued Pension Liabilities	273.2	251.4	252.6	216.0	194.6
Deferred Income Tax Liabilities	130.6	105.9	61.7	-	-
Other Long Term Liabilities	14.8	8.2	14.2	4.5	4.2
Total Liabilities	4,599.1	3,547.6	3,239.9	3,308.3	3,479.8
Common Stock	2,109.8	2,021.5	2,099.3	1,913.7	1,743.1
Share Premium	280.2	268.5	278.8	254.2	247.7
Capital Surplus, Other	162.0	155.2	161.1	146.4	142.7
Legal Reserve	1,371.9	1,196.5	1,086.4	904.2	821.2
Special Reserve	1,058.8	815.0	887.0	864.5	1,022.1
Retained Earnings	1,342.1	1,927.8	2,319.9	1,486.3	926.0
Cumulative Translation Adjustment	21.6	87.0	1.7	105.8	127.3
Unrealized Gain on Financial Products	1,458.7	1,490.3	2,105.9	1,364.1	455.5
Unrealized Gain on FA Revaluation	6.2	6.0	6.2	5.6	5.5
Total Equity	7,811.3	7,967.7	8,946.3	7,044.9	5,491.0
Total Liabilities & Shareholders' Equity	12,410.4	11,515.3	12,186.2	10,353.2	8,970.8
S/O-Common Stock	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
Total Common Shares Outstanding	6,120.9	6,120.9	6,120.9	6,120.9	6,120.9
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Full-Time Employees	6,784	5,925	5,570	5,519	5,562
Shareholdere Number	-	-	239,663	289,185	302,952
LT Borrowing within 1 Year	49.3	34.2	51.4	92.1	-
LT Borrowing within 2 Years	430.2	770.5	35.5	296.9	-
LT Borrowing within 3 Years	172.0	184.3	488.1	282.5	-
LT Borrowing within 4 Years	0.0	9.6	19.9	22.8	-
LT Borrowing within 5 Years	13.8	-	9.9	18.1	-
LT Borrowing in Remaining Years	-	-	-	9.1	-
Total Long Term Debt, Supplemental	665.2	998.5	604.8	721.5	-
Accumulated Benefit Obligation	254.5	238.9	232.4	191.6	189.1
Benefit Obligation	319.5	303.3	304.7	254.5	254.1
Fair Value of Plan Assets	9.1	9.3	8.1	7.4	8.6
Funded Status	-310.4	-294.0	-296.6	-247.1	-245.5
Total Funded Status	-310.4	-294.0	-296.6	-247.1	-245.5
Discount Rate	2.00%	2.00%	3.00%	3.00%	3.00%
Rate of Compensation Increase	2.50%	2.50%	3.00%	3.00%	3.00%
Expected Rate of Return on Plan Assets	2.00%	2.00%	3.00%	3.00%	3.00%
Accrued Pension Liabilities	-273.2	-251.4	-252.6	-216.0	-194.6
Net Assets Recognized on Balance Sheet	-273.2	-251.4	-252.6	-216.0	-194.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate (Period Average)	29.57962	29.39004	31.497037	33.023867	31.543497
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG Peat Marwick LLP	KPMG LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	495.7	1,215.5	1,446.1	833.7	624.8
Depreciation	300.4	378.9	350.8	364.8	354.7
Amortization	27.9	34.7	30.7	28.4	22.5
Unrealized Loss on Foreign Exchange	-0.1	0.4	6.0	0.4	-5.7
Provision for Doubtful Accounts	0.0	-7.7	0.3	2.1	-
Amortization of Corporate Bonds Payable	0.7	0.6	0.5	0.4	0.2
Inventory Devaluation & Obsolescence	23.8	-4.9	-3.4	-63.2	-
Equity Investment Gain/Loss	-264.0	-361.1	-579.6	-472.8	-172.4
Cash Dividends from Equity Subsidiaries	200.2	435.0	404.7	120.9	650.6
Gain/Loss on Disposal of Properties	-0.5	-0.2	-6.9	3.4	-1.6
Other Expenses-Construction in Progress	0.0	0.1	0.0	0.1	0.0
GL on Disposal of Idle & Rental Assets	0.0	-5.0	-1.4	0.0	-
Disposal of Other Assets-Land	-	-	0.0	-1.2	0.0
Gain/Loss on Disposal of Land Use Right	-0.3	0.0	-0.4	0.0	-
G/L on Sale of Investments	-	-	0.0	-4.6	-4.2
Impairment on Financial Assets	0.0	76.6	0.0	0.2	-
Amort. of Provisions	-	-	-	-	74.4
Deferred Tax	31.3	90.0	103.9	42.2	-89.4
Impairment-Fin. Assets for Sale	-	-	-	-	0.0
Impairment-Fin. Assets-Cost	-	-	-	-	0.0
Gain on Sale of Fin. Asset-Held for Sale	-34.3	-	-	-	-
Deferred Directors Renumeration Transfer	-0.2	-0.4	-0.4	-1.8	-0.1
Fin. A ssets&Liabilities at Fair Value	0.1	-1.1	2.6	2.1	2.1
Accounts & Notes Receivable	-	-	-	-	212.2
Notes Receivable	-4.2	4.2	-15.1	2.3	-
Accounts Receivable	15.7	38.4	-46.4	-65.5	-
Accounts Receivable-Related Parties	-10.3	-9.0	17.3	-79.4	-
Other Receivables	-3.3	-3.8	-3.1	-9.6	17.2
Other Receivables-Related Parties	-30.3	0.4	1.5	-0.1	-
Inventories	42.3	-177.3	-61.4	107.3	-124.6
Prepayment&Other Current Assets	0.6	-34.1	-21.7	45.9	-8.9
Other Assets	-	-	-15.5	-6.0	-18.5
Accounts Payable	14.0	13.4	-3.3	18.3	-277.4
Accounts Payable,Related Parties	44.1	-112.0	33.2	198.7	-
Accrued Expenses	-10.5	5.4	18.9	14.3	-17.7
Other Payables	-41.4	-34.5	46.3	1.4	-
Other Payables,Related Parties	1.6	-1.5	-2.5	-0.6	-
Other Current Liabilities	10.1	-13.6	12.7	-1.5	-
Other Payable & Current Liabilities	-	-	-	-	2.4
Accrued Pension Liabilities	10.6	8.4	14.5	15.8	16.8
Deferred Credits	0.0	1.4	-	-	-
Cash from Operating Activities	819.5	1,537.3	1,728.9	1,096.5	1,257.5
Purchase of Financial Assets for Sale	-76.1	-204.2	-14.2	-23.1	0.0
Fin. Assets at Cost Net	-	-	0.0	-57.5	5.6
Sale of LT Equity Investment	-	-	0.0	1.6	0.0
Disposal of Fixed Assets	1.0	0.5	7.1	2.1	2.1
Disposal of Idle Assets&Leased Assets	0.0	5.9	3.1	0.0	-
Sale of Other Assets-Land	-	-	0.0	1.2	0.0
Capital Expenditure	-278.5	-123.3	-81.2	-98.2	-250.7
Proceeds from Disposal of Non-current As	40.3	0.0	-	-	-
LT/Equity Investment Increase	-141.5	-108.1	-62.1	-2.8	-13.9
Security Deposit Paid	0.2	0.0	0.6	-0.3	0.3
Deferred Charges	-5.3	-25.0	-13.0	-5.8	-19.4
Sale of Deferred Charges	-	-	-	0.0	0.0
Technology Increase	-4.1	-1.9	0.0	-0.7	0.0
Sale of Land Use Right	4.8	-	-	-	0.6
Due from Related Parties	-97.3	-367.3	-106.0	7.2	7.8
Cap.Reduction of Fin. Assets-Cost Method	-	-	0.0	3.1	0.0
Cap. Return of Fin. Assets-Cost Method	-	-	0.0	1.9	0.0
Land Use Right Inc.	-2.0	0.0	-	-	-
Other Assets	-176.4	-9.0	-	-	-
Cash from Investing Activities	-734.8	-832.2	-265.7	-171.4	-267.4
ST & Employee Borrowing, Net	-	-	-	-	-129.5
Short Term Borrowings	440.5	32.4	-90.6	23.4	-
Employee Borrowings	0.5	1.6	0.6	-59.6	-
ST Notes, Net	277.2	-	0.0	-109.0	114.1
Issuance of Corporate Bonds	708.1	339.3	190.0	181.2	-
Repayment of Corporate Bonds	-202.8	-170.1	-254.0	-269.5	-
Long Term Borrowings	426.0	1,031.0	174.6	15.1	-
Repayment of LT Borrowings	-831.0	-712.7	-507.4	-311.4	-
Long Term Borrowings&Coporate Bonds	-	-	-	-	655.5
Repay. of LT Borrowings&Corporate Bonds	-	-	-	-	-305.9
Cash Dividend	-826.8	-1,414.6	-786.2	-302.6	-1,214.4
Directors Remuneration&Employees Bonus	-	-	-	-	-5.2
Other Liabilities	0.6	1.7	0.4	0.2	1.1
Accounts Payables-Related Parties	5.7	9.8	-45.2	23.9	-21.3
Cash from Financing Activities	-2.0	-881.6	-1,317.8	-808.1	-905.7
Foreign Exchange Effects	-4.6	3.6	7.0	6.4	-45.4
Net Change in Cash	78.1	-172.9	152.4	123.4	39.0
Net Cash - Beginning Balance	266.9	441.5	259.5	124.2	91.0
Net Cash - Ending Balance	345.0	268.6	412.0	247.5	130.0
Cash Interest Paid	46.9	45.1	42.5	64.4	63.8
Cash Taxes Paid	73.6	118.4	48.2	21.2	34.2

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	1,684.8	3.65%	6,655.9	-9.29%	3.02%	0.34%
Research & Development1 (?)	7.4	30.94%	31.5	-17.22%	8.39%	2.96%
Operating Income1 (?)	27.7	-	180.0	-77.00%	-27.11%	-22.44%
Income Available to Common Excl Extraord Items1 (?)	99.3	251.46%	495.7	-58.96%	-18.94%	-21.05%
Basic EPS Excl Extraord Items1 (?)	0.02	251.41%	0.08	-58.96%	-18.94%	-21.05%
Capital Expenditures2 (?)	284.6	128.86%	282.6	127.27%	36.76%	-12.18%
Cash from Operating Activities2 (?)	819.5	-46.35%	819.5	-46.35%	-12.52%	-11.22%
Free Cash Flow (?)	545.4	-61.88%	547.4	-61.73%	-21.59%	-10.69%
Total Assets3 (?)	12,410.4	3.26%	12,410.4	3.26%	2.83%	-0.14%
Total Liabilities3 (?)	4,599.1	24.21%	4,599.1	24.21%	8.04%	3.32%
Total Long Term Debt3 (?)	2,022.5	2.29%	2,022.5	2.29%	5.55%	1.73%
Employees3 (?)	-	-	6784	14.50%	7.12%	4.43%
Total Common Shares Outstanding3 (?)	6,120.9	0.00%	6,120.9	0.00%	0.00%	0.00%
1-ExchangeRate: TWD to USD Average for Period	29.153628	Â	29.579620	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.579620	Â	29.579620	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	29.011999	Â	29.011999	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	30.8	40.6	32.1	29.1	33.3
3-ExchangeRate: TWD to USD Period End Date	29.011999	30.279000	29.156500	31.985000	32.818000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	7.78%	16.33%	18.19%	12.68%	7.04%
Operating Margin (?)	2.70%	10.66%	13.83%	7.63%	2.43%
Pretax Margin (?)	8.54%	18.86%	22.90%	16.46%	9.06%
Net Profit Margin (?)	7.45%	16.46%	20.21%	15.29%	9.85%
Financial Strength
Current Ratio (?)	2.19	3.50	3.30	2.27	1.70
Long Term Debt/Equity (?)	0.26	0.24	0.16	0.22	0.34
Total Debt/Equity (?)	0.44	0.31	0.23	0.33	0.51
Management Effectiveness
Return on Assets (?)	4.14%	10.15%	13.27%	8.80%	6.00%
Return on Equity (?)	6.27%	14.23%	18.74%	13.58%	9.18%
Efficiency
Receivables Turnover (?)	4.77	6.33	8.37	8.12	8.53
Inventory Turnover (?)	8.26	9.01	11.39	10.05	10.06
Asset Turnover (?)	0.56	0.62	0.66	0.58	0.61

Market Valuation USD (mil)
P/E (TTM) (?)	30.01	.	Enterprise Value2 (?)	16,217.6
Price/Sales (TTM) (?)	2.24	.	Enterprise Value/Revenue (TTM) (?)	2.39
Price/Book (MRQ) (?)	1.94	.	Enterprise Value/EBITDA (TTM) (?)	31.30
Market Cap as of 29-Mar-20131 (?)	14,714.7	.
1-ExchangeRate: TWD to USD on 29-Mar-2013	29.908335
2-ExchangeRate: TWD to USD on 31-Dec-2012	29.011999

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	2.19	3.50	3.30	2.27	1.70
Quick/Acid Test Ratio (?)	1.79	2.80	2.79	1.89	1.26
Working Capital1 (?)	2,565.6	3,220.0	3,360.2	1,938.0	991.4
Long Term Debt/Equity (?)	0.26	0.24	0.16	0.22	0.34
Total Debt/Equity (?)	0.44	0.31	0.23	0.33	0.51
Long Term Debt/Total Capital (?)	0.18	0.18	0.13	0.17	0.23
Total Debt/Total Capital (?)	0.30	0.24	0.19	0.25	0.34
Payout Ratio (?)	50.09%	68.53%	91.38%	88.92%	52.24%
Effective Tax Rate (?)	12.77%	12.74%	11.75%	7.10%	-8.67%
Total Capital1 (?)	11,226.0	10,439.6	10,987.6	9,389.5	8,310.8
Efficiency
Asset Turnover (?)	0.56	0.62	0.66	0.58	0.61
Inventory Turnover (?)	8.26	9.01	11.39	10.05	10.06
Days In Inventory (?)	44.21	40.50	32.04	36.33	36.29
Receivables Turnover (?)	4.77	6.33	8.37	8.12	8.53
Days Receivables Outstanding (?)	76.53	57.66	43.60	44.97	42.82
Revenue/Employee2 (?)	1,000,313	1,209,774	1,387,425	1,020,109	1,096,661
Operating Income/Employee2 (?)	27,046	129,014	191,882	77,883	26,616
EBITDA/Employee2 (?)	76,385	196,770	265,856	151,454	91,806
Profitability
Gross Margin (?)	7.78%	16.33%	18.19%	12.68%	7.04%
Operating Margin (?)	2.70%	10.66%	13.83%	7.63%	2.43%
EBITDA Margin (?)	7.64%	16.27%	19.16%	14.85%	8.37%
EBIT Margin (?)	2.70%	10.66%	13.83%	7.63%	2.43%
Pretax Margin (?)	8.54%	18.86%	22.90%	16.46%	9.06%
Net Profit Margin (?)	7.45%	16.46%	20.21%	15.29%	9.85%
R&D Expense/Revenue (?)	0.47%	0.52%	0.36%	0.41%	0.46%
COGS/Revenue (?)	92.22%	83.67%	81.81%	87.32%	92.96%
SG&A Expense/Revenue (?)	4.60%	4.11%	4.00%	4.64%	4.15%
Management Effectiveness
Return on Assets (?)	4.14%	10.15%	13.27%	8.80%	6.00%
Return on Equity (?)	6.27%	14.23%	18.74%	13.58%	9.18%
Valuation
Free Cash Flow/Share2 (?)	0.09	0.22	0.29	0.17	0.16
Operating Cash Flow/Share 2 (?)	0.14	0.24	0.31	0.18	0.20
1-ExchangeRate: TWD to USD Period End Date	29.011999	30.279	29.1565	31.985	32.818
2-ExchangeRate: TWD to USD Average for Period	29.011999	30.279	29.1565	31.985	32.818

Current Market Multiples
Market Cap/Earnings (TTM) (?)	30.01
Market Cap/Equity (MRQ) (?)	1.94
Market Cap/Revenue (TTM) (?)	2.24
Market Cap/EBIT (TTM) (?)	82.68
Market Cap/EBITDA (TTM) (?)	29.27
Enterprise Value/Earnings (TTM) (?)	32.09
Enterprise Value/Equity (MRQ) (?)	2.08
Enterprise Value/Revenue (TTM) (?)	2.39
Enterprise Value/EBIT (TTM) (?)	88.39
Enterprise Value/EBITDA (TTM) (?)	31.30

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.49
UK Pound	1	Rs.86.00
Euro	1	Rs.73.68

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.