|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAIWAN GLASS INDUSTRY CORP |
|
|
|
|
Registered Office : |
No.261 Sec. 3, Nanjing East Road Songshan District Taipei, 105 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.08.1964 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of flat glass |
|
|
|
|
No. of Employees : |
15,946 |
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 : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
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 4.1%. 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
Taiwan Glass
Industry Corp
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Business
Description
|
TAIWAN GLASS IND. CORP. is principally engaged in the manufacture and
distribution of glass products. The Company provides flat glass, fiber glass fabrics,
fiber glass bundles, glass containers, tableware and kitchenware glass, which
are applied in the manufacture of construction products, furniture,
decoration products, mirrors, automobile windows, solar energy products,
electronics, information materials, ships, sports facilities, food packaging,
drug packaging, kitchen appliances, tea makers and coffee makers, among
others. The Company distributes its products in domestic and overseas
markets, such as Japan, Australia, Europe, Middle East, Southeast Asia, the
United States and South Korea.During the year ended December 31, 2011, the
Company obtained 40.1% and 36.1% of its total revenue from the sale of flat
glass and fiber glass products, respectively. For the fiscal year ended 31
December 2012, Taiwan Glass Ind. Corp. revenues decreased 11% to NT$32.62B.
Net loss totaled NT$1.82B vs. income of NT$2.52B. Revenues reflect Plate
Glass segment decrease of 13% to NT$20.67B, Glass Fiber segment decrease of
9% to NT$8.57B, Glass Ware segment decrease of 1% to NT$3.29B, Other Foreign
segment decrease of 20% to NT$7.39B, China segment decrease of 9% to
NT$16.18B, Taiwan segment decrease of 7% to NT$9.04B. |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
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Key Executives
|
Significant Developments
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Taiwan Glass
Industry Corp |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Taipei |
Taiwan |
Construction - Supplies and Fixtures |
1,102.7 |
15,946 |
|
|
Subsidiary |
Qingdao, Shandong |
China |
Construction - Supplies and Fixtures |
|
1,600 |
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Construction - Supplies and Fixtures |
|
400 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Construction - Supplies and Fixtures |
|
273 |
|
|
Subsidiary |
Wilsonville, OR |
United States |
Construction - Supplies and Fixtures |
1.5 |
10 |
|
|
Subsidiary |
Qingdao |
China |
Construction - Supplies and Fixtures |
|
300 |
Executives Report
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|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Revenue |
1,102.6 |
1,246.1 |
1,255.4 |
959.5 |
982.7 |
|
Sales Returns and Allowances |
-0.7 |
-0.7 |
-0.7 |
-0.5 |
-0.6 |
|
Revenue |
1,101.9 |
1,245.4 |
1,254.8 |
959.0 |
982.1 |
|
Other Revenue |
0.8 |
1.7 |
2.5 |
0.6 |
1.4 |
|
Other Revenue, Total |
0.8 |
1.7 |
2.5 |
0.6 |
1.4 |
|
Total Revenue |
1,102.7 |
1,247.2 |
1,257.3 |
959.6 |
983.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,045.0 |
1,071.9 |
930.3 |
806.3 |
841.8 |
|
Cost of Revenue, Total |
1,045.0 |
1,071.9 |
930.3 |
806.3 |
841.8 |
|
Gross Profit |
56.9 |
173.6 |
324.5 |
152.7 |
140.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
136.5 |
127.4 |
115.5 |
88.4 |
111.1 |
|
Total Selling/General/Administrative Expenses |
136.5 |
127.4 |
115.5 |
88.4 |
111.1 |
|
Research & Development |
12.5 |
3.6 |
2.8 |
1.6 |
2.7 |
|
Impairment-Assets Held for Sale |
0.0 |
-0.6 |
1.1 |
0.5 |
0.3 |
|
Unusual Expense (Income) |
0.0 |
-0.6 |
1.1 |
0.5 |
0.3 |
|
Total Operating Expense |
1,194.0 |
1,202.3 |
1,049.7 |
896.8 |
956.0 |
|
|
|
|
|
|
|
|
Operating Income |
-91.3 |
44.9 |
207.6 |
62.8 |
27.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-12.2 |
-6.9 |
-6.7 |
-13.0 |
-19.7 |
|
Interest Expense, Net Non-Operating |
-12.2 |
-6.9 |
-6.7 |
-13.0 |
-19.7 |
|
Interest Income -
Non-Operating |
4.5 |
3.9 |
1.7 |
1.3 |
6.5 |
|
Investment Income -
Non-Operating |
14.0 |
58.6 |
10.5 |
2.3 |
36.4 |
|
Interest/Investment Income - Non-Operating |
18.5 |
62.5 |
12.1 |
3.5 |
42.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
6.3 |
55.6 |
5.4 |
-9.4 |
23.2 |
|
Gain (Loss) on Sale of Assets |
-6.0 |
-0.2 |
0.0 |
-0.1 |
0.1 |
|
Other Non-Operating Income (Expense) |
7.1 |
1.9 |
-0.4 |
3.1 |
1.5 |
|
Other, Net |
7.1 |
1.9 |
-0.4 |
3.1 |
1.5 |
|
Income Before Tax |
-83.8 |
102.2 |
212.6 |
56.4 |
52.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
-12.3 |
16.8 |
28.7 |
7.9 |
16.7 |
|
Income After Tax |
-71.6 |
85.4 |
183.9 |
48.6 |
35.7 |
|
|
|
|
|
|
|
|
Minority Interest |
10.0 |
0.5 |
-19.3 |
-8.6 |
4.9 |
|
Net Income Before Extraord Items |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
Net Income |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Basic EPS Excl Extraord Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Dilution Adjustment |
0.0 |
- |
- |
- |
- |
|
Diluted Net Income |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
Diluted Weighted Average Shares |
2,378.1 |
2,379.4 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Diluted EPS Excl Extraord Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Diluted EPS Incl Extraord Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.01 |
0.02 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
8.0 |
34.8 |
39.4 |
12.2 |
12.4 |
|
Interest Expense, Supplemental |
12.2 |
6.9 |
6.7 |
13.0 |
19.7 |
|
Interest Capitalized, Supplemental |
-1.2 |
-2.3 |
-0.2 |
-0.3 |
- |
|
Depreciation, Supplemental |
155.4 |
139.8 |
127.0 |
122.6 |
120.4 |
|
Total Special Items |
6.0 |
-0.4 |
1.1 |
0.6 |
0.3 |
|
Normalized Income Before Tax |
-77.9 |
101.8 |
213.7 |
57.0 |
52.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
-0.1 |
0.1 |
0.1 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
-10.2 |
16.7 |
28.9 |
7.9 |
16.8 |
|
Normalized Income After Tax |
-67.7 |
85.1 |
184.8 |
49.0 |
35.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-57.7 |
85.6 |
165.5 |
40.5 |
40.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.02 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Diluted Normalized EPS |
-0.02 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Amort of Intangibles, Supplemental |
4.2 |
4.1 |
3.7 |
3.4 |
2.2 |
|
Research & Development Exp, Supplemental |
12.5 |
3.6 |
2.8 |
1.6 |
2.7 |
|
Normalized EBIT |
-91.3 |
44.3 |
208.7 |
63.3 |
28.0 |
|
Normalized EBITDA |
68.3 |
188.2 |
339.4 |
189.3 |
150.6 |
|
Current Tax - Total |
0.9 |
5.4 |
4.3 |
-1.1 |
5.3 |
|
Current Tax - Total |
0.9 |
5.4 |
4.3 |
-1.1 |
5.3 |
|
Deferred Tax - Total |
-1.3 |
0.4 |
4.5 |
-3.1 |
0.1 |
|
Deferred Tax - Total |
-1.3 |
0.4 |
4.5 |
-3.1 |
0.1 |
|
Other Tax |
-11.9 |
11.0 |
20.0 |
12.1 |
11.3 |
|
Income Tax - Total |
-12.3 |
16.8 |
28.7 |
7.9 |
16.7 |
|
Interest Cost - Domestic |
1.2 |
1.5 |
1.2 |
1.5 |
1.9 |
|
Service Cost - Domestic |
1.7 |
2.3 |
1.8 |
2.3 |
2.4 |
|
Expected Return on Assets - Domestic |
-1.3 |
-1.3 |
-1.3 |
-1.6 |
-1.9 |
|
Transition Costs - Domestic |
0.1 |
0.7 |
1.0 |
0.2 |
0.2 |
|
Domestic Pension Plan Expense |
1.8 |
3.2 |
2.7 |
2.5 |
2.5 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.2 |
- |
- |
- |
|
Total Pension Expense |
4.3 |
5.4 |
2.7 |
2.5 |
2.5 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
3.00% |
1.50% |
3.00% |
|
Total Plan Interest Cost |
1.2 |
1.5 |
1.2 |
1.5 |
1.9 |
|
Total Plan Service Cost |
1.7 |
2.3 |
1.8 |
2.3 |
2.4 |
|
Total Plan Expected Return |
-1.3 |
-1.3 |
-1.3 |
-1.6 |
-1.9 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
242.9 |
362.6 |
148.0 |
150.5 |
189.9 |
|
Short Term Investments |
4.9 |
2.8 |
18.8 |
- |
- |
|
Cash and Short Term Investments |
247.9 |
365.4 |
166.8 |
150.5 |
189.9 |
|
Accounts Receivable -
Trade, Gross |
109.4 |
102.2 |
102.0 |
88.8 |
64.7 |
|
Provision for Doubtful
Accounts |
-1.2 |
-3.6 |
-3.1 |
-1.7 |
-1.9 |
|
Trade Accounts Receivable - Net |
108.2 |
98.8 |
98.9 |
87.1 |
62.8 |
|
Notes Receivable - Short Term |
40.0 |
38.7 |
52.6 |
43.1 |
28.4 |
|
Other Receivables |
13.7 |
14.2 |
13.0 |
14.0 |
14.5 |
|
Total Receivables, Net |
161.9 |
151.7 |
164.6 |
144.2 |
105.8 |
|
Inventories - Finished Goods |
247.7 |
203.4 |
138.1 |
138.5 |
193.0 |
|
Inventories - Work In Progress |
13.3 |
11.2 |
12.5 |
17.1 |
9.2 |
|
Inventories - Raw Materials |
116.2 |
105.8 |
91.5 |
70.3 |
81.1 |
|
Inventories - Other |
-38.5 |
-30.1 |
-14.2 |
-22.5 |
-18.7 |
|
Total Inventory |
338.6 |
290.2 |
228.0 |
203.4 |
264.6 |
|
Prepaid Expenses |
93.1 |
58.8 |
23.2 |
18.7 |
21.6 |
|
Other Current Assets |
8.1 |
3.1 |
18.3 |
7.6 |
5.5 |
|
Other Current Assets, Total |
8.1 |
3.1 |
18.3 |
7.6 |
5.5 |
|
Total Current Assets |
849.5 |
869.1 |
600.8 |
524.3 |
587.3 |
|
|
|
|
|
|
|
|
Buildings |
696.8 |
607.3 |
513.6 |
491.4 |
474.3 |
|
Land/Improvements |
118.5 |
113.6 |
66.3 |
60.5 |
58.9 |
|
Machinery/Equipment |
1,939.9 |
1,733.4 |
1,506.6 |
1,674.8 |
1,657.6 |
|
Construction in
Progress |
401.5 |
316.0 |
280.1 |
70.1 |
39.5 |
|
Natural Resources |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Other Property/Plant/Equipment |
15.0 |
14.4 |
14.9 |
15.4 |
15.0 |
|
Property/Plant/Equipment - Gross |
3,172.3 |
2,785.1 |
2,381.9 |
2,312.5 |
2,245.8 |
|
Accumulated Depreciation |
-1,289.3 |
-1,138.0 |
-988.6 |
-1,160.6 |
-1,068.5 |
|
Property/Plant/Equipment - Net |
1,883.0 |
1,647.1 |
1,393.3 |
1,151.9 |
1,177.3 |
|
Intangibles, Net |
88.4 |
76.2 |
50.4 |
28.6 |
29.9 |
|
LT Investment - Affiliate Companies |
158.6 |
89.4 |
88.7 |
44.4 |
0.0 |
|
LT Investments - Other |
14.2 |
98.6 |
190.1 |
142.6 |
88.3 |
|
Long Term Investments |
172.9 |
187.9 |
278.8 |
187.0 |
88.3 |
|
Deferred Charges |
12.3 |
12.9 |
17.5 |
14.8 |
12.3 |
|
Pension Benefits - Overfunded |
0.9 |
0.7 |
0.8 |
0.5 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
13.1 |
3.7 |
1.3 |
4.6 |
4.2 |
|
Other Long Term Assets |
14.8 |
15.9 |
14.9 |
14.2 |
12.7 |
|
Other Long Term Assets, Total |
41.0 |
33.2 |
34.5 |
34.2 |
29.2 |
|
Total Assets |
3,034.9 |
2,813.4 |
2,357.8 |
1,926.0 |
1,912.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
92.5 |
89.3 |
80.1 |
49.6 |
55.9 |
|
Accrued Expenses |
27.3 |
30.7 |
29.6 |
26.2 |
22.8 |
|
Notes Payable/Short Term Debt |
389.6 |
204.3 |
250.9 |
171.8 |
214.0 |
|
Current Portion - Long Term Debt/Capital Leases |
104.0 |
61.0 |
42.3 |
52.7 |
43.6 |
|
Dividends Payable |
0.3 |
0.2 |
0.2 |
0.4 |
0.3 |
|
Customer Advances |
27.1 |
32.3 |
32.0 |
30.5 |
21.1 |
|
Income Taxes Payable |
1.1 |
6.0 |
11.2 |
3.2 |
5.1 |
|
Other Payables |
44.2 |
31.2 |
22.5 |
21.9 |
21.9 |
|
Other Current Liabilities |
4.2 |
2.6 |
6.8 |
4.3 |
4.7 |
|
Other Current liabilities, Total |
76.8 |
72.3 |
72.8 |
60.2 |
53.0 |
|
Total Current Liabilities |
690.2 |
457.6 |
475.7 |
360.5 |
389.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
631.1 |
543.8 |
123.1 |
110.3 |
171.0 |
|
Total Long Term Debt |
631.1 |
543.8 |
123.1 |
110.3 |
171.0 |
|
Total Debt |
1,124.7 |
809.1 |
416.3 |
334.8 |
428.6 |
|
|
|
|
|
|
|
|
Minority Interest |
141.4 |
152.6 |
151.2 |
129.1 |
132.7 |
|
Reserves |
27.4 |
26.3 |
29.0 |
42.4 |
36.7 |
|
Pension Benefits - Underfunded |
3.7 |
3.1 |
- |
- |
- |
|
Other Long Term Liabilities |
33.3 |
29.9 |
17.5 |
5.8 |
6.3 |
|
Other Liabilities, Total |
64.5 |
59.3 |
46.5 |
48.3 |
43.1 |
|
Total Liabilities |
1,527.2 |
1,213.2 |
796.5 |
648.2 |
736.0 |
|
|
|
|
|
|
|
|
Common Stock |
819.7 |
751.6 |
709.5 |
628.0 |
594.2 |
|
Common Stock |
819.7 |
751.6 |
709.5 |
628.0 |
594.2 |
|
Additional Paid-In Capital |
65.0 |
57.0 |
31.4 |
17.8 |
11.5 |
|
Retained Earnings (Accumulated Deficit) |
568.8 |
672.7 |
725.6 |
530.8 |
506.7 |
|
Unrealized Gain (Loss) |
-4.1 |
14.0 |
83.7 |
35.9 |
-15.1 |
|
Translation Adjustment |
58.3 |
105.0 |
11.1 |
65.3 |
78.7 |
|
Other Equity, Total |
58.3 |
105.0 |
11.1 |
65.3 |
78.7 |
|
Total Equity |
1,507.7 |
1,600.2 |
1,561.3 |
1,277.8 |
1,176.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,034.9 |
2,813.4 |
2,357.8 |
1,926.0 |
1,912.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Total Common Shares Outstanding |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
15,946 |
14,886 |
13,864 |
12,194 |
12,001 |
|
Number of Common Shareholders |
- |
- |
38,679 |
37,964 |
39,277 |
|
Deferred Revenue - Current |
27.1 |
32.3 |
32.0 |
30.5 |
21.1 |
|
Deferred Revenue - Long Term |
27.3 |
22.5 |
- |
- |
- |
|
Pension Obligation - Domestic |
69.0 |
60.9 |
76.2 |
54.6 |
62.2 |
|
Plan Assets - Domestic |
86.0 |
63.0 |
64.5 |
58.6 |
62.8 |
|
Funded Status - Domestic |
17.0 |
2.1 |
-11.7 |
4.0 |
0.6 |
|
Accumulated Obligation - Domestic |
64.4 |
57.3 |
59.4 |
48.6 |
36.4 |
|
Total Funded Status |
17.0 |
2.1 |
-11.7 |
4.0 |
0.6 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
3.00% |
1.50% |
3.00% |
|
Prepaid Benefits - Domestic |
0.9 |
0.7 |
0.8 |
0.5 |
0.0 |
|
Accrued Liabilities - Domestic |
-3.7 |
-3.1 |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-2.8 |
-2.4 |
0.8 |
0.5 |
0.0 |
|
Total Plan Obligations |
69.0 |
60.9 |
76.2 |
54.6 |
62.2 |
|
Total Plan Assets |
86.0 |
63.0 |
64.5 |
58.6 |
62.8 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-71.6 |
85.4 |
183.9 |
48.6 |
35.7 |
|
Depreciation |
155.6 |
139.9 |
127.5 |
122.8 |
119.9 |
|
Depreciation/Depletion |
155.6 |
139.9 |
127.5 |
122.8 |
119.9 |
|
Amortization of Intangibles |
4.4 |
4.1 |
3.7 |
3.4 |
2.2 |
|
Amortization |
4.4 |
4.1 |
3.7 |
3.4 |
2.2 |
|
Deferred Taxes |
-14.1 |
0.3 |
4.4 |
-3.2 |
0.2 |
|
Unusual Items |
-11.0 |
-49.9 |
-7.3 |
0.6 |
-4.6 |
|
Equity in Net Earnings (Loss) |
9.3 |
5.6 |
3.3 |
0.1 |
- |
|
Other Non-Cash Items |
-7.1 |
14.7 |
-15.3 |
4.6 |
4.5 |
|
Non-Cash Items |
-8.7 |
-29.6 |
-19.4 |
5.2 |
-0.1 |
|
Accounts Receivable |
-3.5 |
7.0 |
-5.9 |
-34.8 |
28.6 |
|
Inventories |
-35.0 |
-80.6 |
-10.2 |
66.0 |
-128.2 |
|
Prepaid Expenses |
-31.1 |
-13.9 |
-2.6 |
3.4 |
13.2 |
|
Other Assets |
-1.6 |
5.7 |
-26.6 |
1.8 |
1.3 |
|
Accounts Payable |
10.7 |
25.4 |
22.0 |
-8.8 |
7.1 |
|
Accrued Expenses |
-4.6 |
2.3 |
0.8 |
2.7 |
-2.3 |
|
Taxes Payable |
-5.1 |
-4.9 |
7.2 |
-2.0 |
-7.5 |
|
Other Liabilities |
-1.8 |
-6.8 |
1.7 |
9.7 |
-2.3 |
|
Changes in Working Capital |
-72.1 |
-65.9 |
-13.6 |
38.0 |
-90.2 |
|
Cash from Operating Activities |
-6.4 |
134.1 |
286.6 |
214.8 |
67.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-382.7 |
-353.9 |
-303.5 |
-91.7 |
-165.7 |
|
Capital Expenditures |
-382.7 |
-353.9 |
-303.5 |
-91.7 |
-165.7 |
|
Sale of Fixed Assets |
10.5 |
4.1 |
0.7 |
1.2 |
0.7 |
|
Sale/Maturity of Investment |
43.8 |
109.1 |
21.1 |
1.5 |
7.9 |
|
Investment, Net |
- |
0.0 |
-2.9 |
- |
- |
|
Purchase of Investments |
-37.9 |
-42.1 |
-46.2 |
-44.1 |
-48.1 |
|
Other Investing Cash Flow |
-13.7 |
-11.3 |
-14.6 |
-5.3 |
-11.3 |
|
Other Investing Cash Flow Items, Total |
2.7 |
59.8 |
-41.9 |
-46.7 |
-50.8 |
|
Cash from Investing Activities |
-380.1 |
-294.1 |
-345.4 |
-138.4 |
-216.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
7.2 |
12.2 |
1.9 |
-16.5 |
-0.6 |
|
Financing Cash Flow Items |
7.2 |
12.2 |
1.9 |
-16.5 |
-0.6 |
|
Cash Dividends Paid - Common |
-34.5 |
-42.2 |
-12.9 |
-11.7 |
-22.9 |
|
Total Cash Dividends Paid |
-34.5 |
-42.2 |
-12.9 |
-11.7 |
-22.9 |
|
Short Term Debt, Net |
170.3 |
-34.3 |
55.5 |
-48.1 |
103.3 |
|
Long Term Debt Issued |
0.0 |
292.5 |
- |
- |
- |
|
Long Term Debt, Net |
108.9 |
455.6 |
-12.4 |
-55.3 |
19.1 |
|
Issuance (Retirement) of Debt, Net |
279.2 |
421.3 |
43.2 |
-103.4 |
122.4 |
|
Cash from Financing Activities |
251.9 |
391.2 |
32.1 |
-131.6 |
99.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.0 |
-4.5 |
10.8 |
12.4 |
-25.2 |
|
Net Change in Cash |
-133.6 |
226.7 |
-15.8 |
-42.9 |
-75.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
371.8 |
146.8 |
152.8 |
188.7 |
272.6 |
|
Net Cash - Ending Balance |
238.3 |
373.5 |
137.0 |
145.8 |
197.5 |
|
Cash Interest Paid |
6.0 |
6.2 |
9.5 |
17.1 |
22.3 |
|
Cash Taxes Paid |
8.2 |
23.3 |
15.4 |
14.2 |
25.4 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Gross Sales |
1,102.6 |
1,246.1 |
1,255.4 |
959.5 |
982.7 |
|
Sales Returns |
-0.7 |
-0.7 |
-0.7 |
-0.5 |
-0.6 |
|
Other Operating Revenue |
0.8 |
1.7 |
2.5 |
0.6 |
1.4 |
|
Total Revenue |
1,102.7 |
1,247.2 |
1,257.3 |
959.6 |
983.6 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,041.0 |
1,068.6 |
927.7 |
804.7 |
838.5 |
|
Other Operating Costs |
4.0 |
3.2 |
2.6 |
1.6 |
3.3 |
|
Selling Expense |
86.1 |
85.9 |
85.5 |
66.1 |
89.1 |
|
Administrative and General Expense |
50.4 |
41.5 |
30.0 |
22.4 |
22.0 |
|
Research and Development Expenses |
12.5 |
3.6 |
2.8 |
1.6 |
2.7 |
|
Impairment Loss |
0.0 |
0.9 |
1.1 |
0.5 |
0.3 |
|
Gain on Reversal of Impairment Loss |
0.0 |
-1.5 |
- |
- |
- |
|
Total Operating Expense |
1,194.0 |
1,202.3 |
1,049.7 |
896.8 |
956.0 |
|
|
|
|
|
|
|
|
Interest Income |
4.5 |
3.9 |
1.7 |
1.3 |
6.5 |
|
Dividend Income |
0.2 |
8.4 |
6.8 |
3.3 |
12.5 |
|
Gains on Disposal of Fixed Assets |
0.4 |
0.5 |
0.3 |
0.5 |
0.2 |
|
Gains on Sale of Investments |
17.6 |
49.5 |
8.4 |
0.0 |
4.5 |
|
Foreign Exchange Gain/Loss |
6.1 |
6.1 |
-0.5 |
-0.9 |
19.3 |
|
Gain on Reversal of Bad Debt |
1.7 |
- |
- |
- |
- |
|
Rent Income |
2.6 |
2.6 |
2.0 |
2.4 |
2.7 |
|
Revaluation Loss on Fin. Liabilities |
0.1 |
0.1 |
-1.0 |
- |
- |
|
Miscellaneous Income |
11.0 |
7.0 |
4.1 |
3.8 |
3.9 |
|
Interest Expense |
-12.2 |
-6.9 |
-6.7 |
-13.0 |
-19.7 |
|
Loss on Equity Investment |
-9.3 |
-5.6 |
-3.3 |
-0.1 |
0.0 |
|
Other Investment Loss |
-0.6 |
- |
- |
- |
- |
|
Loss on Disposal of Fixed Assets |
-6.4 |
-0.7 |
-0.2 |
-0.6 |
-0.1 |
|
Miscellaneous Disbursements |
-8.2 |
-7.7 |
-6.5 |
-3.1 |
-5.1 |
|
Net Income Before Taxes |
-83.8 |
102.2 |
212.6 |
56.4 |
52.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-12.3 |
16.8 |
28.7 |
7.9 |
16.7 |
|
Net Income After Taxes |
-71.6 |
85.4 |
183.9 |
48.6 |
35.7 |
|
|
|
|
|
|
|
|
Minority Interest |
10.0 |
0.5 |
-19.3 |
-8.6 |
4.9 |
|
Net Income Before Extra. Items |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
Net Income |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Dilution Adjustment |
0.0 |
- |
- |
- |
- |
|
Diluted Net Income |
-61.5 |
85.9 |
164.6 |
40.0 |
40.6 |
|
Diluted Weighted Average Shares |
2,378.1 |
2,379.4 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
0.04 |
0.07 |
0.02 |
0.02 |
|
DPS-Common Stock |
0.00 |
0.01 |
0.02 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
8.0 |
34.8 |
39.4 |
12.2 |
12.4 |
|
Normalized Income Before Taxes |
-77.9 |
101.8 |
213.7 |
57.0 |
52.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-10.2 |
16.7 |
28.9 |
7.9 |
16.8 |
|
Normalized Income After Taxes |
-67.7 |
85.1 |
184.8 |
49.0 |
35.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-57.7 |
85.6 |
165.5 |
40.5 |
40.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.02 |
0.04 |
0.07 |
0.02 |
0.02 |
|
Diluted Normalized EPS |
-0.02 |
0.04 |
0.07 |
0.02 |
0.02 |
|
R&D Expense, Supplemental |
12.5 |
3.6 |
2.8 |
1.6 |
2.7 |
|
Interest Expense, Supplemental |
12.2 |
6.9 |
6.7 |
13.0 |
19.7 |
|
Interest Capitalized |
-1.2 |
-2.3 |
-0.2 |
-0.3 |
- |
|
Depreciation - Operating Cost |
147.8 |
133.7 |
124.2 |
119.8 |
117.7 |
|
Depreciation - Operating Expense |
7.6 |
6.0 |
2.8 |
2.8 |
2.7 |
|
Amortization - Operating Cost |
2.1 |
2.2 |
2.5 |
2.1 |
1.1 |
|
Amortization - Operating Expense |
2.2 |
1.9 |
1.2 |
1.2 |
1.1 |
|
Current Tax |
0.9 |
5.4 |
4.3 |
-1.1 |
5.3 |
|
Current Tax - Total |
0.9 |
5.4 |
4.3 |
-1.1 |
5.3 |
|
Deferred Tax |
-1.3 |
0.4 |
4.5 |
-3.1 |
0.1 |
|
Deferred Tax - Total |
-1.3 |
0.4 |
4.5 |
-3.1 |
0.1 |
|
Other Tax |
-0.3 |
3.1 |
3.7 |
7.7 |
11.4 |
|
Tax Payable by Subsidiaries |
-11.6 |
7.8 |
16.4 |
4.4 |
-0.1 |
|
Income Tax - Total |
-12.3 |
16.8 |
28.7 |
7.9 |
16.7 |
|
Service Cost |
1.7 |
2.3 |
1.8 |
2.3 |
2.4 |
|
Interest Cost |
1.2 |
1.5 |
1.2 |
1.5 |
1.9 |
|
Expected Return on Plan Assets |
-1.3 |
-1.3 |
-1.3 |
-1.6 |
-1.9 |
|
Amort.Transitional Obligation |
0.1 |
0.7 |
1.0 |
0.2 |
0.2 |
|
Domestic Pension Plan Expense |
1.8 |
3.2 |
2.7 |
2.5 |
2.5 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.2 |
- |
- |
- |
|
Total Pension Expense |
4.3 |
5.4 |
2.7 |
2.5 |
2.5 |
|
Discount Rate |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
3.00% |
1.50% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash/Equivalents |
242.9 |
362.6 |
148.0 |
150.5 |
189.9 |
|
Notes Receivable |
40.0 |
38.7 |
52.6 |
43.1 |
28.4 |
|
Accounts Receivable, Gross |
109.4 |
102.2 |
102.0 |
88.8 |
64.7 |
|
Provision for Doubtful Accounts |
-1.2 |
-3.6 |
-3.1 |
-1.7 |
-1.9 |
|
Accounts Receivable - Related Parties, N |
0.0 |
0.1 |
- |
- |
- |
|
Other Receivable |
13.0 |
13.9 |
12.9 |
13.5 |
14.5 |
|
Other Receivables - Related Parties |
0.7 |
0.3 |
0.1 |
0.5 |
0.0 |
|
Other Financial Assets - Current |
4.9 |
2.8 |
18.8 |
- |
- |
|
Raw Material |
100.8 |
87.8 |
73.6 |
56.9 |
76.8 |
|
Supplies |
15.4 |
18.0 |
17.9 |
13.4 |
4.3 |
|
Work in Progress |
13.3 |
11.2 |
12.5 |
17.1 |
9.2 |
|
Finished Product |
247.4 |
203.0 |
137.5 |
137.7 |
191.9 |
|
Goods in Store |
0.3 |
0.4 |
0.6 |
0.8 |
1.0 |
|
Product in Transit |
- |
- |
- |
0.0 |
0.1 |
|
Allowance for Inventory |
-38.5 |
-30.1 |
-14.2 |
-22.5 |
-18.7 |
|
Prepaid Expense |
93.1 |
58.8 |
23.2 |
18.7 |
21.6 |
|
Other Current Assets |
8.1 |
3.1 |
18.3 |
7.6 |
5.5 |
|
Total Current Assets |
849.5 |
869.1 |
600.8 |
524.3 |
587.3 |
|
|
|
|
|
|
|
|
Financial Assets Available for Sale |
12.5 |
55.5 |
186.8 |
142.5 |
88.1 |
|
Financial Assets at Cost |
1.7 |
2.2 |
3.3 |
0.2 |
0.2 |
|
Long-Term Equity Investments |
158.6 |
89.4 |
88.7 |
44.4 |
0.0 |
|
Prepayment for Long Term Investment |
0.0 |
40.8 |
- |
- |
- |
|
Land |
118.5 |
113.6 |
66.3 |
60.5 |
58.9 |
|
Buildings and Structures |
691.6 |
602.3 |
508.4 |
485.7 |
468.8 |
|
Machinery and Equipment |
1,849.6 |
1,652.1 |
1,436.9 |
1,592.7 |
1,579.9 |
|
Transportation Equipment |
24.1 |
21.7 |
18.0 |
23.8 |
22.8 |
|
Office Facilities |
- |
- |
1.2 |
1.6 |
1.8 |
|
Other Equipment |
66.3 |
59.6 |
50.6 |
56.7 |
53.1 |
|
Consumable Assets |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Land Revaluation |
15.0 |
14.4 |
14.9 |
13.6 |
13.3 |
|
Building Revaluation |
5.2 |
5.0 |
5.2 |
5.7 |
5.6 |
|
Equipment Revaluation |
- |
- |
0.0 |
1.8 |
1.7 |
|
Accumulated Depreciation |
-1,289.3 |
-1,138.0 |
-988.6 |
-1,160.6 |
-1,068.5 |
|
Construction in Progress |
369.1 |
242.8 |
170.6 |
51.4 |
37.3 |
|
Prepayment for Equipment |
32.4 |
73.2 |
109.5 |
18.7 |
2.3 |
|
Deferred Pension Cost |
0.9 |
0.7 |
0.8 |
0.5 |
0.0 |
|
Land Using Right |
87.2 |
75.4 |
50.4 |
- |
- |
|
Other Intangible Assets |
1.3 |
0.7 |
- |
28.6 |
29.9 |
|
Security Deposits Paid |
2.7 |
3.6 |
1.8 |
2.2 |
0.5 |
|
Deferred Expense |
12.3 |
12.9 |
17.5 |
14.8 |
12.3 |
|
Deferred Tax Assets |
13.1 |
3.7 |
1.3 |
4.6 |
4.2 |
|
Other Assets |
12.0 |
12.3 |
13.1 |
12.0 |
12.2 |
|
Total Assets |
3,034.9 |
2,813.4 |
2,357.8 |
1,926.0 |
1,912.0 |
|
|
|
|
|
|
|
|
Short-Term Borrowing |
341.9 |
200.8 |
243.1 |
167.0 |
211.1 |
|
Short Term Notes and Bills Payable |
41.3 |
- |
- |
- |
- |
|
Financial Liabilities-Trading |
0.0 |
0.8 |
1.0 |
- |
- |
|
Accounts Payable - Related Parties |
0.2 |
0.0 |
- |
- |
- |
|
Notes Payable |
6.4 |
2.6 |
6.8 |
4.9 |
2.9 |
|
Accounts Payable |
81.3 |
80.3 |
69.8 |
40.5 |
47.8 |
|
Estimated Account Payable |
11.0 |
9.0 |
10.3 |
9.1 |
8.1 |
|
Tax Payable |
1.1 |
6.0 |
11.2 |
3.2 |
5.1 |
|
Accured Expense |
27.3 |
30.7 |
29.6 |
26.2 |
22.8 |
|
Other Payables |
44.2 |
31.2 |
22.5 |
21.9 |
21.9 |
|
Dividend Payable |
0.3 |
0.2 |
0.2 |
0.4 |
0.3 |
|
Advance Receipts |
27.1 |
32.3 |
32.0 |
30.5 |
21.1 |
|
Current Portion of Long-Term Debt |
104.0 |
61.0 |
42.3 |
52.7 |
43.6 |
|
Other Current Liabilities |
4.2 |
2.6 |
6.8 |
4.3 |
4.7 |
|
Total Current Liabilities |
690.2 |
457.6 |
475.7 |
360.5 |
389.2 |
|
|
|
|
|
|
|
|
Corporate Bonds Payable |
292.7 |
287.3 |
- |
- |
- |
|
Long-Term Borrowing |
338.4 |
256.5 |
123.1 |
110.3 |
171.0 |
|
Total Long Term Debt |
631.1 |
543.8 |
123.1 |
110.3 |
171.0 |
|
|
|
|
|
|
|
|
Long-term Deferred Revenue |
27.3 |
22.5 |
- |
- |
- |
|
Land Revaluation Increment Tax Reserve |
8.1 |
7.8 |
8.1 |
7.4 |
7.2 |
|
Furnace Repair Reserve |
19.3 |
18.5 |
20.9 |
35.0 |
29.5 |
|
Accrued Pension Liabilities |
3.7 |
3.1 |
- |
- |
- |
|
Long Term Security Deposits Received |
4.1 |
5.0 |
4.8 |
3.4 |
3.7 |
|
Minority Interest |
141.4 |
152.6 |
151.2 |
129.1 |
132.7 |
|
Consolidated Credit - Other Liabilities |
1.8 |
2.0 |
2.3 |
2.4 |
2.5 |
|
Other Liabilities-Other |
0.0 |
0.3 |
10.3 |
0.0 |
0.2 |
|
Total Liabilities |
1,527.2 |
1,213.2 |
796.5 |
648.2 |
736.0 |
|
|
|
|
|
|
|
|
Common Stock |
819.7 |
751.6 |
709.5 |
628.0 |
594.2 |
|
Additional Paid in Capital |
0.9 |
0.8 |
0.9 |
0.8 |
0.8 |
|
Capital Gain on LT Investments |
47.4 |
40.1 |
27.0 |
13.8 |
7.6 |
|
Capital Surplus, Stock Option |
13.2 |
12.7 |
- |
- |
- |
|
Other Paid In Capital |
3.6 |
3.4 |
3.5 |
3.2 |
3.1 |
|
Legal Reserve |
193.1 |
176.7 |
165.7 |
146.9 |
139.3 |
|
Special Reserve |
242.0 |
231.8 |
260.0 |
237.0 |
213.9 |
|
Retained Earnings |
133.7 |
264.2 |
299.9 |
146.8 |
153.6 |
|
Cumulative Translation Adjustment |
58.3 |
105.0 |
11.1 |
65.3 |
78.7 |
|
Unrealized G/L on Financial Products |
-6.3 |
11.8 |
81.4 |
33.9 |
-17.1 |
|
Unrealized Valuation Increment |
2.2 |
2.2 |
2.2 |
2.0 |
2.0 |
|
Total Equity |
1,507.7 |
1,600.2 |
1,561.3 |
1,277.8 |
1,176.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,034.9 |
2,813.4 |
2,357.8 |
1,926.0 |
1,912.0 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
Total Common Shares Outstanding |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
2,378.1 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
27.1 |
32.3 |
32.0 |
30.5 |
21.1 |
|
Advance Receipt - Long Term |
27.3 |
22.5 |
- |
- |
- |
|
Full-Time Employees |
15,946 |
14,886 |
13,864 |
12,194 |
12,001 |
|
Number of Common Shareholders |
- |
- |
38,679 |
37,964 |
39,277 |
|
Benefit Obligation |
69.0 |
60.9 |
76.2 |
54.6 |
62.2 |
|
Fair Value of Plan Assets |
86.0 |
63.0 |
64.5 |
58.6 |
62.8 |
|
Funded Status |
17.0 |
2.1 |
-11.7 |
4.0 |
0.6 |
|
Accumulated Benefit Obligation |
64.4 |
57.3 |
59.4 |
48.6 |
36.4 |
|
Total Funded Status |
17.0 |
2.1 |
-11.7 |
4.0 |
0.6 |
|
Discount Rate |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
1.00% |
1.00% |
3.00% |
1.50% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.25% |
2.50% |
|
Deferred Pension Cost |
0.9 |
0.7 |
0.8 |
0.5 |
0.0 |
|
Accrued Pension Liabilities |
-3.7 |
-3.1 |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-2.8 |
-2.4 |
0.8 |
0.5 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate
(Period Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-71.6 |
85.4 |
183.9 |
48.6 |
35.7 |
|
Depreciation |
155.6 |
139.9 |
127.5 |
122.8 |
119.9 |
|
Amortization |
4.4 |
4.1 |
3.7 |
3.4 |
2.2 |
|
Disposal of Financial Assets for Sale |
-17.6 |
-49.5 |
-8.4 |
0.0 |
-4.5 |
|
Amortization of LT Bond Investment |
- |
- |
- |
- |
0.0 |
|
Sale of Bonds Investment in Inactive Mkt |
- |
- |
- |
- |
0.0 |
|
Unreal. Exchange Gain on LT Investment |
- |
- |
- |
- |
0.0 |
|
Reserve for Furnace Repairment |
- |
- |
0.0 |
7.8 |
11.7 |
|
Loss on Equity Investment |
9.3 |
5.6 |
3.3 |
0.1 |
- |
|
Reversal of Impairment Loss on Financial |
0.0 |
-1.5 |
- |
- |
- |
|
Impairment Loss |
0.6 |
0.9 |
1.1 |
0.5 |
- |
|
Revaluation of Financial Assets-Trading |
-0.1 |
-0.1 |
1.0 |
- |
- |
|
Disposal of Fixed Assets |
6.0 |
0.2 |
0.0 |
0.1 |
-0.1 |
|
Reversal of Furnace Repairment Reserve |
0.0 |
-1.6 |
-16.3 |
-3.2 |
-7.2 |
|
Amortization of Corporate Bonds Payable |
4.9 |
2.1 |
- |
- |
- |
|
Change of Foreign Exchange Rate on Bond |
-11.9 |
14.4 |
- |
- |
- |
|
Decrease of Notes Receivable |
0.4 |
12.4 |
-4.9 |
-13.6 |
10.1 |
|
Accounts Receivable |
-5.0 |
-3.6 |
-3.1 |
-21.9 |
28.3 |
|
Other Receivable |
1.1 |
-1.8 |
2.2 |
0.7 |
-9.8 |
|
Other Financial Assets |
-2.0 |
15.7 |
-16.4 |
-0.7 |
- |
|
Inventory |
-35.0 |
-80.6 |
-10.2 |
66.0 |
-128.2 |
|
Prepaid Expense |
-31.1 |
-13.9 |
-2.6 |
3.4 |
13.2 |
|
Other Current Assets |
0.2 |
-11.4 |
-11.2 |
1.8 |
0.9 |
|
Deferred Tax Assets/Liabilities |
-14.1 |
0.3 |
4.4 |
-3.2 |
0.2 |
|
Pension Net Change |
0.1 |
1.3 |
0.9 |
0.8 |
0.4 |
|
Notes Payable |
3.5 |
-4.0 |
1.3 |
1.8 |
-5.6 |
|
Accounts Payable |
-2.2 |
13.4 |
23.5 |
-8.2 |
2.9 |
|
Estimated Accounts Payable |
1.5 |
-0.9 |
0.3 |
0.7 |
2.0 |
|
Financial Liabilities at Fair Value |
- |
- |
- |
- |
0.0 |
|
Tax Payable |
-5.1 |
-4.9 |
7.2 |
-2.0 |
-7.5 |
|
Accrued Expense |
-4.6 |
2.3 |
0.8 |
2.7 |
-2.3 |
|
Other Payable |
11.4 |
12.8 |
-1.8 |
-1.3 |
2.2 |
|
Advance Receipts |
-6.5 |
1.5 |
-1.4 |
8.6 |
4.1 |
|
Other Current Liabilities |
1.4 |
-4.1 |
2.0 |
-0.5 |
-0.5 |
|
Consolidated Liability |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
-6.4 |
134.1 |
286.6 |
214.8 |
67.7 |
|
|
|
|
|
|
|
|
Purchase of Financial Assets for Sale |
- |
- |
0.0 |
-0.1 |
-48.1 |
|
Sale of Financial Assets for Sale |
- |
- |
- |
0.0 |
7.9 |
|
Sale of Bonds Investment in Inactive Mkt |
- |
- |
- |
- |
0.0 |
|
Disposal of Financial Assets for Sale |
43.8 |
109.1 |
21.1 |
- |
- |
|
Financial Assets-Cost Method |
- |
0.0 |
-2.9 |
- |
- |
|
Capital Expenditure |
-382.7 |
-353.9 |
-303.5 |
-91.7 |
-165.7 |
|
Disposal of Fixed Assets |
10.5 |
4.1 |
0.7 |
1.2 |
0.7 |
|
Prepayment for LT Investment Decrease |
0.0 |
- |
- |
- |
- |
|
Disposal of Other Assets |
- |
- |
0.0 |
- |
- |
|
Other Financial Assets |
- |
- |
- |
- |
0.0 |
|
Purchase of Long-Term Investment |
-37.9 |
-42.1 |
-46.2 |
-44.0 |
- |
|
Disposal of Long-Term Investment |
- |
- |
- |
1.5 |
- |
|
Payment of Balance after Land Consol. |
- |
- |
- |
0.0 |
- |
|
Other Assets |
0.9 |
-0.8 |
-0.7 |
- |
- |
|
Increase/Decrease in Security Deposit Pa |
1.0 |
-1.9 |
0.6 |
-1.6 |
0.4 |
|
Deferred Charges Increase/Decrease |
-15.6 |
-8.6 |
-14.5 |
-3.7 |
-11.7 |
|
Cash from Investing Activities |
-380.1 |
-294.1 |
-345.4 |
-138.4 |
-216.4 |
|
|
|
|
|
|
|
|
Increase/Decrease in ST Borrowing |
129.8 |
-34.3 |
55.5 |
-48.1 |
103.3 |
|
ST Notes&Bills Payable Increase/Decrease |
40.5 |
- |
- |
- |
- |
|
Issuance of Corporate Bonds |
0.0 |
292.5 |
- |
- |
- |
|
Increase/Decrease in LT Borrowing |
108.9 |
163.1 |
-12.4 |
-55.3 |
19.1 |
|
Increase/Decrease in Security Deposit |
-1.1 |
0.4 |
1.0 |
-0.3 |
1.3 |
|
Other Liability |
-0.3 |
0.4 |
0.0 |
-0.1 |
0.0 |
|
Director's Remuneration Paid |
- |
- |
- |
0.0 |
-1.1 |
|
Employees Bonus Paid |
- |
- |
- |
0.0 |
-1.1 |
|
Cash Dividend Paid |
-34.5 |
-42.2 |
-12.9 |
-11.7 |
-22.9 |
|
Government Subsidy |
4.8 |
0.0 |
0.4 |
- |
- |
|
Minority Interest Change |
- |
11.5 |
0.6 |
-16.1 |
0.2 |
|
Minority Interest Increase |
4.0 |
- |
- |
- |
- |
|
Minority Interest-Cash Dividend |
-0.2 |
-0.1 |
- |
- |
- |
|
Cash from Financing Activities |
251.9 |
391.2 |
32.1 |
-131.6 |
99.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.0 |
-4.5 |
10.8 |
12.4 |
-25.2 |
|
Net Change in Cash |
-133.6 |
226.7 |
-15.8 |
-42.9 |
-75.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
371.8 |
146.8 |
152.8 |
188.7 |
272.6 |
|
Net Cash - Ending Balance |
238.3 |
373.5 |
137.0 |
145.8 |
197.5 |
|
Cash Interest Paid |
6.0 |
6.2 |
9.5 |
17.1 |
22.3 |
|
Cash Taxes Paid |
8.2 |
23.3 |
15.4 |
14.2 |
25.4 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
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Annual Ratios
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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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
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.