MIRA INFORM REPORT
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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA AIRLINES LTD. |
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Registered Office : |
2F, No. 131 Nanking East Road, Sector 3, Dayuan, 337 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.09.1959 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the provision of airline services |
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No. of Employees : |
16,731 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 & address
China Airlines Ltd.
2F, No. 131 Nanking East Road
Sector 3
Dayuan, 337
Taiwan
Tel: 886-3-3998888
Fax: 886-3-3998313
Synthesis
Employees: 16,731
Company Type: Public
Parent
Corporate Family: 20
Companies
Traded: Taiwan
Stock Exchange: 2610
Incorporation Date: 07-Sep-1959
Auditor: Deloitte
& Touche LLP
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting Currency: Taiwanese
New Dollar
Annual Sales: 4,849.7 1
Net Income: 2.0
Total Assets: 6,887.4 2
Market Value: 1,969.0
(03-May-2013)
Business Description
China Airlines Ltd is principally engaged in the provision of airline services. The Company operates its businesses primarily through international passenger transportation services, international air cargo services, as well as the sale of duty free items in aircrafts. During the year ended December 31, 2011, the Company obtained approximately 61% and 35% of its total revenue from passenger transportation and air cargo businesses, respectively. As of December 31, 2011, the Company had 13 Boeing 747-400 planes, six Airbus A340-300 planes, 22 Airbus A330-300 planes, 10 Boeing 737-800 planes and 20 Boeing 747-400F freight planes. The Company operates its businesses in Trans-Pacific, Europe, Southeast Asia, Taiwan, Hong Kong, Northeast Asia, Australia and Mainland China. For the fiscal year ended 31 December 2012, China Airlines Ltd. revenues increased 1% to NT$143.45B. Net income totaled NT$58.8M vs. loss of NT$1.95B. Revenues reflect North-East Asia segment increase of 26% to NT$20.39B, Domestic segment increase of 6% to NT$19.66B, Australia segment increase of 9% to NT$3.15B. Net Income reflects America segment loss decrease of 16% to NT$3.99B, China Mainland segment income increase of 17% to NT$3.69B.
Industry
Industry Airlines
ANZSIC 2006: 4900 - Air and
Space Transport
NACE 2002: 6210 - Scheduled
air transport
NAICS 2002: 481111 - Scheduled
Passenger Air Transportation
UK SIC 2003: 6210 - Scheduled
air transport
UK SIC 2007: 51101 - Scheduled
passenger air transport
US SIC 1987: 4512 - Air
Transportation, Scheduled
Key Executives
|
Name |
Title |
|
Wanjun Zhong |
Head of Finance and Accounting |
|
Xinghuang Gao |
Deputy General Manager-Navigational Matters |
|
Huang-Hsiang Sun |
President |
|
James Chang |
Senior VP-Finance & Admin |
|
Hamilton Liu |
VP-Public Relations Office |
Significant Developments
|
* number of significant developments within the last 12 months
News
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Financial
Summary
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Stock
Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 = TWD 29.012
Corporate Overview
Location
2F, No. 131 Nanking East Road
Sector 3
Dayuan, 337
Taiwan
Tel: 886-3-3998888
Fax: 886-3-3998313
Quote Symbol - Exchange
2610 - Taiwan
Stock Exchange
Sales TWD(mil): 143,452.7
Assets TWD(mil): 199,816.0
Employees: 16,731
Fiscal Year End: 31-Dec-2012
Industry: Airlines
Incorporation Date: 07-Sep-1959
Company Type: Public
Parent
Quoted Status: Quoted
President : Huang-Hsiang
Sun
Industry Codes
ANZSIC 2006 Codes:
4900 - Air and Space Transport
4310 - Non-Store Retailing
5309 - Other Warehousing and Storage Services
NACE 2002 Codes:
6210 - Scheduled air transport
5263 - Other non-store retail sale
6312 - Storage and warehousing
NAICS 2002 Codes:
481111 - Scheduled Passenger Air Transportation
454390 - Other Direct Selling Establishment's
493190 - Other Warehousing and Storage
US SIC 1987:
4512 - Air Transportation, Scheduled
5963 - Direct Selling Establishments
4226 - Special Warehousing and Storage, Not Elsewhere Classified
UK SIC 2003:
6210 - Scheduled air transport
63129 - Other storage and warehousing not elsewhere classified
5263 - Other non-store retail sale
UK SIC 2007:
51101 - Scheduled passenger air transport
52103 - Operation of warehousing and storage facilities for land
transport activities of division 49
4799 - Other retail sale not in stores, stalls or markets
Business
Description
China Airlines Ltd is principally engaged in the provision of airline services. The Company operates its businesses primarily through international passenger transportation services, international air cargo services, as well as the sale of duty free items in aircrafts. During the year ended December 31, 2011, the Company obtained approximately 61% and 35% of its total revenue from passenger transportation and air cargo businesses, respectively. As of December 31, 2011, the Company had 13 Boeing 747-400 planes, six Airbus A340-300 planes, 22 Airbus A330-300 planes, 10 Boeing 737-800 planes and 20 Boeing 747-400F freight planes. The Company operates its businesses in Trans-Pacific, Europe, Southeast Asia, Taiwan, Hong Kong, Northeast Asia, Australia and Mainland China. For the fiscal year ended 31 December 2012, China Airlines Ltd. revenues increased 1% to NT$143.45B. Net income totaled NT$58.8M vs. loss of NT$1.95B. Revenues reflect North-East Asia segment increase of 26% to NT$20.39B, Domestic segment increase of 6% to NT$19.66B, Australia segment increase of 9% to NT$3.15B. Net Income reflects America segment loss decrease of 16% to NT$3.99B, China Mainland segment income increase of 17% to NT$3.69B.
More Business Descriptions
Provision of air
transport services for passengers and cargo; mail services; ground services and
routine aircraft maintenance; major maintenance of flight equipment;
communications and data processing services to other airlines; sale of aircraft
parts, equipment and entire aircraft; lease of aircraft
Passenger &
Cargo Air Transportation Services
Scheduled Air
Transportation
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Corporate Family |
Corporate
Structure News: |
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China
Airlines Ltd |
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China Airlines Ltd. |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
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Parent |
Dayuan |
Taiwan |
Airlines |
4,849.7 |
16,731 |
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|
|
Subsidiary |
Taoyuan |
Taiwan |
Retail (Catalog and Mail Order) |
|
800 |
|
|
|
Subsidiary |
Loochu Hsiang, Taoyuan |
Taiwan |
Restaurants |
|
800 |
|
|
|
Subsidiary |
Taoyuan |
Taiwan |
Miscellaneous Transportation |
|
600 |
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|
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Subsidiary |
Taoyuan |
Taiwan |
Miscellaneous Transportation |
|
425 |
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Branch |
Quarry Bay, Hong Kong |
Hong Kong |
Airlines |
3,112.3 |
300 |
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Subsidiary |
Taipei |
Taiwan |
Airlines |
|
300 |
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Subsidiary |
Tayuan Hsiang, Taoyuan |
Taiwan |
Hotels and Motels |
|
220 |
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Subsidiary |
Taipei |
Taiwan |
Computer Networks |
|
110 |
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Branch |
El Segundo, CA |
United States |
Airlines |
5.8 |
75 |
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Subsidiary |
Tokyo |
Japan |
Personal Services |
|
30 |
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Branch |
Anchorage, AK |
United States |
Airlines |
14.8 |
22 |
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Subsidiary |
Sydney, NSW |
Australia |
Airlines |
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20 |
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Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Miscellaneous Transportation |
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18 |
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Subsidiary |
Hounslow |
United Kingdom |
Airlines |
3,969.8 |
4 |
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Subsidiary |
Berkeley, CA |
United States |
Hotels and Motels |
0.1 |
1 |
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Subsidiary |
Los Angeles, CA |
United States |
Airlines |
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Subsidiary |
Honolulu, HI |
United States |
Hotels and Motels |
1.6 |
50 |
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Subsidiary |
Honolulu, HI |
United States |
Hotels and Motels |
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Subsidiary |
Grand Forks, ND |
United States |
Real Estate Operations |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
|
Air France - KLM |
Paris, France |
100,744 |
Public |
|
Air New Zealand Limited |
Auckland, New Zealand |
10,453 |
Public |
|
AMR Corporation |
Fort Worth, Texas, United States |
77,750 |
Public |
|
ANA Holdings Inc |
Minato-Ku, Japan |
32,884 |
Public |
|
British Airways PLC |
Middlesex, United Kingdom |
40,252 |
Public |
|
Continental Airlines Inc. |
Chicago, Illinois, United States |
38,900 |
Public |
|
Delta Air Lines, Inc. |
Atlanta, Georgia, United States |
73,430 |
Public |
|
Deutsche Lufthansa AG |
Koeln, Germany |
116,516 |
Public |
|
Emirates Group |
Dubai, United Arab Emirates |
62,000 |
Private |
|
FedEx Corporation |
Memphis, Tennessee, United States |
101,000 |
Public |
|
Japan Airlines Co Ltd |
Shinagawa-Ku, Japan |
31,190 |
Public |
|
Korean Air Lines Co Ltd |
Seoul, Korea, Republic of |
18,564 |
Public |
|
Qantas Airways Limited |
Mascot, New South Wales, Australia |
33,608 |
Public |
|
Singapore Airlines Ltd. |
Singapore, Singapore |
22,746 |
Public |
|
South African Airways |
London, United Kingdom |
70 |
Private |
|
United Continental Holdings Inc |
Chicago, Illinois, United States |
88,000 |
Public |
|
Virgin Atlantic Airways Ltd |
Crawley, United Kingdom |
8,145 |
Private |
Executive report
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Board
of Directors |
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Chairman |
Chairman |
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Chairman of the Board, General Manager |
Chairman |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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President |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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President |
President |
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General Manager-UK & Ireland |
Division Head Executive |
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Chairman of the Board, General Manager |
Division Head Executive |
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Senior VP-Finance & Admin |
Administration Executive |
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Director-Finance |
Finance Executive |
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Head of Finance and Accounting |
Finance Executive |
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VP-Public Relations Office |
Public Relations Executive |
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Deputy General Manager-Navigational
Matters |
Other |
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Deputy General Manager-Finance |
Other |
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Deputy General Manager-Engineering and
Repairing |
Other |
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IR Contact Officer |
Other |
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Deputy General Manager-Service |
Other |
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Deputy General Manager-Passenger Transport |
Other |
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Deputy General Manager-Administration,
Deputy General Manager-Freight |
Other |
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Significant Developments
China Airlines Ltd Announces No Dividend Payment for FY 2012 Mar
29, 2013
China Airlines Ltd announced that it will pay no dividend to shareholders for fiscal year 2012.
China Airlines Ltd Announces Appointment of Chairman and General Manager Mar 07, 2013
China Airlines Ltd announced the appointment of Mr. Sun Hongxiang as Chairman of the Board and General Manager, effective March 7, 2013.
China Airlines Ltd Announces Resignation of Chairman Feb 18, 2013
China Airlines Ltd announced the resignation of Chairman of the Board in the Company, effective February 18, 2013.
China Airlines Ltd to Issues Unsecured Corporate Bonds Dec 07, 2012
China Airlines Ltd announced that it will issue NTD 12 billion worth of unsecured corporate bonds, each with par value of NTD 1 million.
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 |
Updated Normal |
Updated Normal |
Reclassified
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
4,483.2 |
4,503.7 |
4,366.7 |
2,886.4 |
3,883.5 |
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Revenue |
4,483.2 |
4,503.7 |
4,366.7 |
2,886.4 |
3,883.5 |
|
Other Revenue |
366.5 |
338.4 |
321.5 |
294.0 |
278.4 |
|
Other Revenue, Total |
366.5 |
338.4 |
321.5 |
294.0 |
278.4 |
|
Total Revenue |
4,849.7 |
4,842.1 |
4,688.3 |
3,180.4 |
4,161.9 |
|
|
|
|
|
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Cost of Revenue |
4,462.0 |
4,524.2 |
3,829.0 |
2,907.5 |
3,990.1 |
|
Cost of Revenue, Total |
4,462.0 |
4,524.2 |
3,829.0 |
2,907.5 |
3,990.1 |
|
Gross Profit |
21.2 |
-20.5 |
537.7 |
-21.1 |
-106.7 |
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Selling/General/Administrative Expense |
355.0 |
350.6 |
351.1 |
305.1 |
494.1 |
|
Total Selling/General/Administrative Expenses |
355.0 |
350.6 |
351.1 |
305.1 |
494.1 |
|
Impairment-Assets Held for Use |
- |
- |
18.4 |
- |
- |
|
Impairment-Assets Held for Sale |
- |
0.0 |
- |
0.1 |
5.4 |
|
Unusual Expense (Income) |
- |
0.0 |
18.4 |
0.1 |
5.4 |
|
Total Operating Expense |
4,817.1 |
4,874.7 |
4,198.5 |
3,212.8 |
4,489.6 |
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|
|
|
|
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Operating Income |
32.7 |
-32.6 |
489.7 |
-32.3 |
-327.7 |
|
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|
|
|
|
|
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Interest Expense -
Non-Operating |
-74.9 |
-78.7 |
-86.6 |
-105.6 |
-135.8 |
|
Interest Expense, Net Non-Operating |
-74.9 |
-78.7 |
-86.6 |
-105.6 |
-135.8 |
|
Interest Income -
Non-Operating |
8.2 |
7.4 |
4.4 |
1.9 |
5.1 |
|
Investment Income -
Non-Operating |
31.8 |
20.1 |
2.8 |
87.0 |
-740.0 |
|
Interest/Investment Income - Non-Operating |
40.1 |
27.5 |
7.3 |
88.9 |
-734.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
-34.8 |
-51.2 |
-79.3 |
-16.7 |
-870.6 |
|
Gain (Loss) on Sale of Assets |
0.4 |
1.4 |
-0.1 |
-7.8 |
17.7 |
|
Other Non-Operating Income (Expense) |
16.8 |
12.8 |
-29.7 |
-55.1 |
20.7 |
|
Other, Net |
16.8 |
12.8 |
-29.7 |
-55.1 |
20.7 |
|
Income Before Tax |
15.1 |
-69.5 |
380.5 |
-111.9 |
-1,159.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
6.9 |
-9.4 |
36.1 |
1.8 |
-137.1 |
|
Income After Tax |
8.2 |
-60.1 |
344.4 |
-113.7 |
-1,022.7 |
|
|
|
|
|
|
|
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Minority Interest |
-6.2 |
-6.4 |
-7.2 |
-1.5 |
-2.9 |
|
Net Income Before Extraord Items |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
Net Income |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
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|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
|
|
|
|
|
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|
Basic/Primary Weighted Average Shares |
5,135.0 |
4,690.9 |
4,653.7 |
3,707.0 |
3,197.7 |
|
Basic EPS Excl Extraord Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Basic/Primary EPS Incl Extraord Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
Diluted Weighted Average Shares |
5,135.0 |
4,690.9 |
4,700.4 |
3,707.0 |
3,197.7 |
|
Diluted EPS Excl Extraord Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Diluted EPS Incl Extraord Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
74.9 |
78.7 |
86.6 |
105.6 |
135.8 |
|
Interest Capitalized, Supplemental |
-3.1 |
-2.6 |
-2.6 |
-3.2 |
-3.9 |
|
Depreciation, Supplemental |
389.9 |
371.9 |
331.8 |
312.1 |
337.4 |
|
Total Special Items |
-0.4 |
-1.4 |
18.5 |
7.9 |
-12.4 |
|
Normalized Income Before Tax |
14.6 |
-71.0 |
399.0 |
-104.0 |
-1,172.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.2 |
-0.5 |
1.8 |
2.8 |
-4.3 |
|
Inc Tax Ex Impact of Sp Items |
6.7 |
-9.9 |
37.9 |
4.6 |
-141.5 |
|
Normalized Income After Tax |
8.0 |
-61.0 |
361.2 |
-108.6 |
-1,030.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
-67.4 |
354.0 |
-110.1 |
-1,033.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
-0.01 |
0.08 |
-0.03 |
-0.32 |
|
Diluted Normalized EPS |
0.00 |
-0.01 |
0.08 |
-0.03 |
-0.32 |
|
Amort of Intangibles, Supplemental |
6.5 |
6.0 |
6.9 |
5.7 |
6.2 |
|
Normalized EBIT |
32.7 |
-32.6 |
508.1 |
-32.2 |
-322.3 |
|
Normalized EBITDA |
429.0 |
345.3 |
846.8 |
285.6 |
21.3 |
|
Current Tax - Domestic |
6.9 |
6.0 |
7.0 |
5.9 |
8.9 |
|
Current Tax - Total |
6.9 |
6.0 |
7.0 |
5.9 |
8.9 |
|
Deferred Tax - Domestic |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.1 |
|
Deferred Tax - Total |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.1 |
|
Other Tax |
-0.1 |
0.2 |
-2.5 |
-0.5 |
-12.0 |
|
Income Tax - Total |
6.9 |
-9.4 |
36.1 |
1.8 |
-137.1 |
|
Interest Cost - Domestic |
9.1 |
10.0 |
9.1 |
9.7 |
11.4 |
|
Service Cost - Domestic |
11.7 |
13.2 |
14.2 |
13.7 |
13.6 |
|
Prior Service Cost - Domestic |
2.0 |
2.0 |
1.9 |
1.8 |
2.0 |
|
Expected Return on Assets - Domestic |
-3.0 |
-2.9 |
-2.8 |
-3.2 |
-2.8 |
|
Actuarial Gains and Losses - Domestic |
7.0 |
9.4 |
5.1 |
3.9 |
5.1 |
|
Transition Costs - Domestic |
4.4 |
3.8 |
13.2 |
11.8 |
12.5 |
|
Domestic Pension Plan Expense |
31.2 |
35.4 |
40.6 |
37.7 |
41.9 |
|
Defined Contribution Expense - Domestic |
7.2 |
6.6 |
6.2 |
5.6 |
5.4 |
|
Defined Contribution Expense - Foreign |
0.2 |
0.2 |
- |
- |
- |
|
Total Pension Expense |
38.5 |
42.2 |
46.8 |
43.2 |
47.3 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
9.1 |
10.0 |
9.1 |
9.7 |
11.4 |
|
Total Plan Service Cost |
11.7 |
13.2 |
14.2 |
13.7 |
13.6 |
|
Total Plan Expected Return |
-3.0 |
-2.9 |
-2.8 |
-3.2 |
-2.8 |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
435.6 |
421.9 |
494.5 |
250.5 |
294.2 |
|
Short Term Investments |
66.9 |
143.6 |
62.6 |
81.0 |
84.2 |
|
Cash and Short Term Investments |
502.5 |
565.5 |
557.1 |
331.5 |
378.4 |
|
Accounts Receivable -
Trade, Gross |
256.1 |
334.8 |
405.1 |
393.9 |
259.3 |
|
Provision for Doubtful
Accounts |
-2.2 |
-4.5 |
-3.4 |
-2.7 |
-3.9 |
|
Trade Accounts Receivable - Net |
254.6 |
331.3 |
403.8 |
393.0 |
257.0 |
|
Notes Receivable - Short Term |
9.9 |
10.5 |
10.7 |
7.5 |
6.6 |
|
Other Receivables |
15.7 |
21.2 |
25.3 |
19.4 |
17.5 |
|
Total Receivables, Net |
280.2 |
363.0 |
439.9 |
419.9 |
281.2 |
|
Inventories - Other |
298.9 |
289.4 |
234.1 |
173.7 |
161.8 |
|
Total Inventory |
298.9 |
289.4 |
234.1 |
173.7 |
161.8 |
|
Prepaid Expenses |
- |
- |
- |
- |
9.8 |
|
Restricted Cash - Current |
- |
- |
0.0 |
1.6 |
1.5 |
|
Deferred Income Tax - Current Asset |
7.5 |
0.2 |
1.4 |
17.6 |
6.2 |
|
Discontinued Operations - Current Asset |
- |
- |
- |
- |
0.0 |
|
Other Current Assets |
71.2 |
59.7 |
27.6 |
20.9 |
14.7 |
|
Other Current Assets, Total |
78.7 |
59.9 |
29.0 |
40.0 |
22.5 |
|
Total Current Assets |
1,160.2 |
1,277.8 |
1,260.1 |
965.2 |
853.6 |
|
|
|
|
|
|
|
|
Buildings |
577.4 |
543.5 |
594.6 |
412.9 |
355.8 |
|
Land/Improvements |
92.1 |
88.9 |
86.0 |
98.3 |
95.6 |
|
Machinery/Equipment |
7,201.2 |
6,879.2 |
6,867.5 |
6,097.1 |
6,021.3 |
|
Construction in
Progress |
322.7 |
207.6 |
222.1 |
255.1 |
174.8 |
|
Leases |
6.2 |
6.6 |
7.4 |
6.9 |
7.1 |
|
Other
Property/Plant/Equipment |
507.0 |
505.2 |
512.8 |
748.2 |
737.7 |
|
Property/Plant/Equipment - Gross |
8,706.7 |
8,231.1 |
8,290.5 |
7,618.5 |
7,392.3 |
|
Accumulated Depreciation |
-3,727.8 |
-3,228.6 |
-3,044.6 |
-2,470.1 |
-2,154.6 |
|
Property/Plant/Equipment - Net |
4,978.9 |
5,002.5 |
5,245.9 |
5,148.4 |
5,237.7 |
|
Intangibles, Net |
14.3 |
13.0 |
12.8 |
11.4 |
9.2 |
|
LT Investment - Affiliate Companies |
59.7 |
55.0 |
53.1 |
48.4 |
47.0 |
|
LT Investments - Other |
17.3 |
28.2 |
29.5 |
27.2 |
15.3 |
|
Long Term Investments |
77.1 |
83.3 |
82.6 |
75.7 |
62.4 |
|
Deferred Charges |
- |
- |
- |
26.0 |
26.7 |
|
Pension Benefits - Overfunded |
6.0 |
10.6 |
16.2 |
28.7 |
37.0 |
|
Deferred Income Tax - Long Term Asset |
241.4 |
231.0 |
236.4 |
211.0 |
213.3 |
|
Restricted Cash - Long Term |
19.5 |
22.2 |
35.0 |
26.2 |
9.3 |
|
Other Long Term Assets |
390.0 |
389.4 |
440.3 |
419.8 |
400.0 |
|
Other Long Term Assets, Total |
656.9 |
653.2 |
727.9 |
711.6 |
686.3 |
|
Total Assets |
6,887.4 |
7,029.7 |
7,329.3 |
6,912.2 |
6,849.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
22.6 |
33.4 |
29.8 |
36.7 |
29.0 |
|
Accrued Expenses |
393.5 |
450.2 |
470.2 |
384.9 |
343.2 |
|
Notes Payable/Short Term Debt |
56.2 |
1.0 |
110.2 |
301.5 |
976.0 |
|
Current Portion - Long Term Debt/Capital Leases |
800.5 |
1,045.4 |
753.4 |
721.8 |
676.6 |
|
Customer Advances |
262.7 |
303.5 |
307.6 |
267.6 |
264.5 |
|
Other Payables |
0.2 |
4.3 |
7.4 |
14.7 |
- |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
80.0 |
70.3 |
79.1 |
60.4 |
53.0 |
|
Other Current liabilities, Total |
342.9 |
378.1 |
394.1 |
342.7 |
317.5 |
|
Total Current Liabilities |
1,615.6 |
1,908.1 |
1,757.7 |
1,787.6 |
2,342.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,851.7 |
2,927.7 |
3,169.1 |
3,162.0 |
2,852.6 |
|
Capital Lease Obligations |
14.9 |
45.4 |
86.0 |
124.4 |
165.0 |
|
Total Long Term Debt |
2,866.5 |
2,973.0 |
3,255.1 |
3,286.3 |
3,017.6 |
|
Total Debt |
3,723.2 |
4,019.4 |
4,118.7 |
4,309.7 |
4,670.2 |
|
|
|
|
|
|
|
|
Minority Interest |
108.2 |
105.3 |
108.8 |
97.1 |
99.8 |
|
Reserves |
0.2 |
0.3 |
0.9 |
1.4 |
- |
|
Pension Benefits - Underfunded |
279.4 |
249.3 |
265.9 |
205.6 |
183.4 |
|
Other Long Term Liabilities |
220.2 |
239.5 |
271.8 |
244.1 |
271.0 |
|
Other Liabilities, Total |
499.8 |
489.1 |
538.6 |
451.0 |
454.4 |
|
Total Liabilities |
5,090.1 |
5,475.5 |
5,660.2 |
5,622.0 |
5,914.1 |
|
|
|
|
|
|
|
|
Common Stock |
1,792.4 |
1,529.6 |
1,588.5 |
1,429.5 |
1,409.3 |
|
Common Stock |
1,792.4 |
1,529.6 |
1,588.5 |
1,429.5 |
1,409.3 |
|
Additional Paid-In Capital |
48.4 |
13.9 |
13.5 |
19.7 |
329.2 |
|
Retained Earnings (Accumulated Deficit) |
146.4 |
138.4 |
274.3 |
-126.1 |
-781.8 |
|
Treasury Stock - Common |
-1.3 |
-1.2 |
-1.3 |
-1.1 |
-1.1 |
|
Unrealized Gain (Loss) |
1.4 |
3.0 |
-0.5 |
20.9 |
4.3 |
|
Translation Adjustment |
-89.6 |
-52.8 |
-115.6 |
-4.1 |
11.9 |
|
Minimum Pension Liability Adjustment |
-100.6 |
-76.8 |
-89.9 |
-48.5 |
-36.8 |
|
Other Equity, Total |
-190.2 |
-129.6 |
-205.5 |
-52.6 |
-24.9 |
|
Total Equity |
1,797.2 |
1,554.2 |
1,669.0 |
1,290.2 |
935.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,887.4 |
7,029.7 |
7,329.3 |
6,912.2 |
6,849.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
5,197.1 |
4,690.9 |
4,690.9 |
4,630.8 |
3,246.8 |
|
Total Common Shares Outstanding |
5,197.1 |
4,690.9 |
4,690.9 |
4,630.8 |
3,246.8 |
|
Treasury Shares - Common Stock Primary Issue |
2.9 |
2.9 |
2.9 |
2.9 |
2.9 |
|
Employees |
16,731 |
16,205 |
16,218 |
15,446 |
14,938 |
|
Number of Common Shareholders |
- |
167,695 |
166,826 |
129,217 |
132,678 |
|
Deferred Revenue - Current |
262.7 |
303.5 |
307.6 |
267.6 |
264.5 |
|
Total Long Term Debt, Supplemental |
- |
- |
753.4 |
721.8 |
676.6 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
753.4 |
721.8 |
676.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
44.9 |
82.4 |
124.1 |
165.5 |
218.5 |
|
Capital Lease Payments Due in Year 1 |
30.0 |
40.3 |
38.4 |
41.1 |
53.6 |
|
Capital Lease Payments Due in Year 2 |
9.6 |
30.1 |
40.3 |
38.5 |
41.0 |
|
Capital Lease Payments Due in Year 3 |
1.1 |
9.7 |
30.1 |
40.6 |
38.4 |
|
Capital Lease Payments Due in Year 4 |
1.0 |
1.1 |
9.7 |
30.2 |
40.4 |
|
Capital Lease Payments Due in Year 5 |
1.0 |
1.1 |
1.2 |
9.7 |
30.1 |
|
Capital Lease Payments Due in 2-3 Years |
10.7 |
39.8 |
70.4 |
79.1 |
79.4 |
|
Capital Lease Payments Due in 4-5 Years |
2.1 |
2.3 |
10.9 |
39.9 |
70.6 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
2.1 |
- |
4.3 |
5.3 |
14.9 |
|
Total Operating Leases, Supplemental |
816.8 |
839.9 |
1,292.6 |
1,147.7 |
1,231.4 |
|
Operating Lease Payments Due in Year 1 |
226.8 |
233.1 |
188.3 |
173.2 |
185.5 |
|
Operating Lease Payments Due in Year 2 |
195.1 |
198.5 |
201.7 |
171.8 |
177.1 |
|
Operating Lease Payments Due in Year 3 |
157.2 |
174.4 |
196.8 |
168.9 |
159.5 |
|
Operating Lease Payments Due in Year 4 |
123.2 |
135.3 |
176.2 |
161.4 |
154.6 |
|
Operating Lease Payments Due in Year 5 |
114.4 |
98.6 |
143.5 |
144.3 |
148.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
352.3 |
372.9 |
398.5 |
340.7 |
336.5 |
|
Operating Lease Pymts. Due in 4-5 Years |
237.6 |
233.9 |
319.7 |
305.8 |
302.9 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
386.2 |
328.0 |
406.4 |
|
Pension Obligation - Domestic |
507.9 |
465.9 |
473.4 |
383.5 |
354.4 |
|
Plan Assets - Domestic |
167.4 |
158.2 |
150.3 |
124.2 |
121.3 |
|
Funded Status - Domestic |
-340.5 |
-307.6 |
-323.1 |
-259.3 |
-233.1 |
|
Accumulated Obligation - Domestic |
444.5 |
403.7 |
413.4 |
326.8 |
301.6 |
|
Total Funded Status |
-340.5 |
-307.6 |
-323.1 |
-259.3 |
-233.1 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Prepaid Benefits - Domestic |
6.0 |
10.6 |
16.2 |
28.7 |
37.0 |
|
Accrued Liabilities - Domestic |
-279.4 |
-249.3 |
-265.9 |
-205.6 |
-183.4 |
|
Net Assets Recognized on Balance Sheet |
-273.4 |
-238.7 |
-249.6 |
-176.9 |
-146.4 |
|
Total Plan Obligations |
507.9 |
465.9 |
473.4 |
383.5 |
354.4 |
|
Total Plan Assets |
167.4 |
158.2 |
150.3 |
124.2 |
121.3 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
8.2 |
-60.1 |
344.4 |
-113.7 |
-1,022.7 |
|
Depreciation |
396.4 |
377.9 |
338.7 |
317.8 |
343.7 |
|
Depreciation/Depletion |
396.4 |
377.9 |
338.7 |
317.8 |
343.7 |
|
Deferred Taxes |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.0 |
|
Unusual Items |
3.0 |
6.0 |
21.4 |
13.0 |
-20.5 |
|
Equity in Net Earnings (Loss) |
-9.2 |
-8.9 |
-6.8 |
- |
-6.4 |
|
Other Non-Cash Items |
-31.7 |
-14.4 |
-28.9 |
-71.9 |
708.8 |
|
Non-Cash Items |
-38.0 |
-17.2 |
-14.3 |
-58.9 |
681.9 |
|
Accounts Receivable |
77.0 |
68.4 |
20.9 |
-134.2 |
116.4 |
|
Inventories |
0.6 |
-70.1 |
-43.3 |
-12.1 |
-4.7 |
|
Prepaid Expenses |
- |
- |
- |
- |
-0.5 |
|
Other Assets |
-0.6 |
-27.2 |
-7.5 |
1.6 |
-1.4 |
|
Accounts Payable |
2.6 |
-7.7 |
-8.6 |
15.3 |
-22.5 |
|
Accrued Expenses |
-70.6 |
3.2 |
43.9 |
33.4 |
-48.2 |
|
Other Liabilities |
-47.5 |
14.3 |
76.0 |
21.9 |
39.2 |
|
Other Assets & Liabilities, Net |
111.4 |
-84.1 |
-55.2 |
-473.3 |
5.5 |
|
Changes in Working Capital |
72.9 |
-103.4 |
26.2 |
-547.3 |
83.9 |
|
Cash from Operating Activities |
439.5 |
181.6 |
726.6 |
-405.7 |
-47.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-251.7 |
-229.8 |
-234.1 |
-146.0 |
-235.0 |
|
Capital Expenditures |
-251.7 |
-229.8 |
-234.1 |
-146.0 |
-235.0 |
|
Sale of Fixed Assets |
9.0 |
10.8 |
2.8 |
8.4 |
352.7 |
|
Sale/Maturity of Investment |
38.1 |
35.0 |
28.7 |
5.8 |
27.4 |
|
Investment, Net |
11.3 |
31.1 |
38.2 |
-9.8 |
-25.2 |
|
Purchase of Investments |
-41.5 |
-35.7 |
-28.2 |
-16.7 |
-29.6 |
|
Intangible, Net |
-2.2 |
-2.1 |
-2.0 |
-3.7 |
-1.6 |
|
Other Investing Cash Flow |
3.0 |
11.7 |
-5.5 |
-17.4 |
-3.0 |
|
Other Investing Cash Flow Items, Total |
17.7 |
50.8 |
34.0 |
-33.4 |
320.6 |
|
Cash from Investing Activities |
-234.0 |
-179.0 |
-200.1 |
-179.4 |
85.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-9.0 |
-9.6 |
-2.2 |
-2.2 |
-6.8 |
|
Financing Cash Flow Items |
-9.0 |
-9.6 |
-2.2 |
-2.2 |
-6.8 |
|
Cash Dividends Paid - Common |
- |
-63.0 |
- |
- |
-8.1 |
|
Total Cash Dividends Paid |
- |
-63.0 |
- |
- |
-8.1 |
|
Sale/Issuance of
Common |
225.4 |
0.0 |
0.0 |
371.9 |
- |
|
Common Stock, Net |
225.4 |
0.0 |
0.0 |
371.9 |
- |
|
Issuance (Retirement) of Stock, Net |
225.4 |
0.0 |
0.0 |
371.9 |
- |
|
Short Term Debt, Net |
54.0 |
-108.3 |
-115.6 |
-122.0 |
304.8 |
|
Long Term Debt Issued |
609.0 |
802.1 |
504.4 |
960.3 |
476.4 |
|
Long Term Debt
Reduction |
-1,088.3 |
-683.1 |
-708.9 |
-669.2 |
-791.7 |
|
Long Term Debt, Net |
-479.3 |
119.0 |
-204.5 |
291.1 |
-315.3 |
|
Issuance (Retirement) of Debt, Net |
-425.3 |
10.7 |
-320.1 |
169.1 |
-10.5 |
|
Cash from Financing Activities |
-208.9 |
-61.9 |
-322.3 |
538.8 |
-25.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
3.3 |
-0.9 |
-3.4 |
13.0 |
|
Net Change in Cash |
-4.7 |
-55.9 |
203.3 |
-49.7 |
25.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
431.9 |
490.6 |
254.4 |
292.4 |
280.2 |
|
Net Cash - Ending Balance |
427.2 |
434.6 |
457.8 |
242.7 |
306.1 |
|
Cash Interest Paid |
72.5 |
77.4 |
85.0 |
127.2 |
135.9 |
|
Cash Taxes Paid |
5.8 |
8.1 |
5.1 |
6.1 |
12.6 |
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 |
Updated Normal |
Updated Normal |
Reclassified
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Passenger Revenues |
3,097.6 |
2,917.8 |
2,558.3 |
1,856.1 |
2,261.9 |
|
Cargo Revenues |
1,385.6 |
1,585.9 |
1,808.4 |
1,030.3 |
1,621.6 |
|
Other Operating Revenue |
366.5 |
338.4 |
321.5 |
294.0 |
278.4 |
|
Total Revenue |
4,849.7 |
4,842.1 |
4,688.3 |
3,180.4 |
4,161.9 |
|
|
|
|
|
|
|
|
Flying Operations |
2,848.6 |
2,918.8 |
2,336.3 |
1,730.0 |
2,825.6 |
|
Term/Landing Fees |
636.6 |
622.8 |
590.8 |
481.6 |
497.9 |
|
Passenger Services |
255.0 |
246.8 |
249.7 |
236.4 |
256.4 |
|
Maintenance Costs |
392.1 |
424.1 |
346.6 |
239.4 |
221.2 |
|
Other Operating Costs |
329.8 |
311.7 |
305.6 |
220.2 |
189.0 |
|
Selling Expense |
234.7 |
235.4 |
251.8 |
196.9 |
373.8 |
|
General and Administrative Expenses |
120.4 |
115.2 |
99.3 |
108.2 |
120.3 |
|
Loss on Impairment |
- |
- |
18.4 |
- |
- |
|
Impairment Loss on Fin. Assets at Cost |
- |
0.0 |
- |
0.1 |
5.4 |
|
Total Operating Expense |
4,817.1 |
4,874.7 |
4,198.5 |
3,212.8 |
4,489.6 |
|
|
|
|
|
|
|
|
Interest Income |
8.2 |
7.4 |
4.4 |
1.9 |
5.1 |
|
Gain on Equity Investment |
9.2 |
8.9 |
6.8 |
5.6 |
6.4 |
|
Dividend Income |
6.3 |
3.4 |
6.0 |
8.7 |
5.1 |
|
Gain on Sale of Fixed Assets |
0.4 |
1.4 |
- |
- |
17.7 |
|
Gains on Sale of Fina. Assets for Sale |
0.1 |
0.0 |
- |
- |
- |
|
Gain on Sale of Investments |
- |
- |
3.8 |
0.0 |
0.1 |
|
Foreign Exchange Gain |
0.2 |
7.7 |
- |
- |
- |
|
Foreign Exchange Losses |
- |
0.0 |
-25.4 |
-7.1 |
-20.9 |
|
Revaluation Gain on Other Equity |
0.0 |
0.1 |
- |
- |
- |
|
Revaluation Gain on Financial Assets |
16.1 |
0.0 |
11.8 |
79.7 |
0.0 |
|
Miscellaneous Income |
26.3 |
22.0 |
17.1 |
31.4 |
30.0 |
|
Interest Expense |
-74.9 |
-78.7 |
-86.6 |
-105.6 |
-135.8 |
|
Loss on Disposal of Fixed Assets |
- |
0.0 |
-0.1 |
-7.8 |
0.0 |
|
Loss on Financial Liab./Asts. Valuation |
- |
- |
- |
- |
-730.7 |
|
Miscellaneous Disbursements |
-9.5 |
-9.2 |
-46.8 |
-86.5 |
-9.3 |
|
Net Income Before Taxes |
15.1 |
-69.5 |
380.5 |
-111.9 |
-1,159.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
6.9 |
-9.4 |
36.1 |
1.8 |
-137.1 |
|
Net Income After Taxes |
8.2 |
-60.1 |
344.4 |
-113.7 |
-1,022.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.2 |
-6.4 |
-7.2 |
-1.5 |
-2.9 |
|
Net Income Before Extra. Items |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
Net Income |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5,135.0 |
4,690.9 |
4,653.7 |
3,707.0 |
3,197.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Basic EPS Including ExtraOrdinary Item |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
2.0 |
-66.5 |
337.2 |
-115.2 |
-1,025.6 |
|
Diluted Weighted Average Shares |
5,135.0 |
4,690.9 |
4,700.4 |
3,707.0 |
3,197.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
Diluted EPS Including ExtraOrd Items |
0.00 |
-0.01 |
0.07 |
-0.03 |
-0.32 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
14.6 |
-71.0 |
399.0 |
-104.0 |
-1,172.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
6.7 |
-9.9 |
37.9 |
4.6 |
-141.5 |
|
Normalized Income After Taxes |
8.0 |
-61.0 |
361.2 |
-108.6 |
-1,030.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.7 |
-67.4 |
354.0 |
-110.1 |
-1,033.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
-0.01 |
0.08 |
-0.03 |
-0.32 |
|
Diluted Normalized EPS |
0.00 |
-0.01 |
0.08 |
-0.03 |
-0.32 |
|
Interest Expense, Supplemental |
74.9 |
78.7 |
86.6 |
105.6 |
135.8 |
|
Interest Capitalized |
-3.1 |
-2.6 |
-2.6 |
-3.2 |
-3.9 |
|
Depreciation - Operating Cost |
372.4 |
353.9 |
317.1 |
298.7 |
323.6 |
|
Depreciation - Operating Expense |
17.5 |
18.0 |
14.7 |
13.4 |
13.8 |
|
Amort of Intangibles - Operating Cost |
0.1 |
0.2 |
0.3 |
0.4 |
0.3 |
|
Amort of Intangibles - Operating Expense |
6.3 |
5.8 |
6.6 |
5.4 |
5.9 |
|
Current Tax |
6.9 |
6.0 |
7.0 |
5.9 |
8.9 |
|
Current Tax - Total |
6.9 |
6.0 |
7.0 |
5.9 |
8.9 |
|
Deferred Tax |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.1 |
|
Deferred Tax - Total |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.1 |
|
Other Taxes |
-0.1 |
0.2 |
-2.5 |
-0.5 |
-12.0 |
|
Income Tax - Total |
6.9 |
-9.4 |
36.1 |
1.8 |
-137.1 |
|
Service Cost |
11.7 |
13.2 |
14.2 |
13.7 |
13.6 |
|
Interest Cost |
9.1 |
10.0 |
9.1 |
9.7 |
11.4 |
|
Expected Return on Plan Assets |
-3.0 |
-2.9 |
-2.8 |
-3.2 |
-2.8 |
|
Amort. of Unrecognized Transitional Cost |
4.4 |
3.8 |
13.2 |
11.8 |
12.5 |
|
Amort. of Unrecognized Prior Service Cst |
2.0 |
2.0 |
1.9 |
1.8 |
2.0 |
|
Amort. of Actuarial Gain/Loss |
7.0 |
9.4 |
5.1 |
3.9 |
5.1 |
|
Domestic Pension Plan Expense |
31.2 |
35.4 |
40.6 |
37.7 |
41.9 |
|
Defined Contribution Expense - Foreign |
0.2 |
0.2 |
- |
- |
- |
|
Prov. for Defined Contribution |
7.2 |
6.6 |
6.2 |
5.6 |
5.4 |
|
Total Pension Expense |
38.5 |
42.2 |
46.8 |
43.2 |
47.3 |
|
Discount Rate |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.00% |
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 |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
435.6 |
421.9 |
494.5 |
250.5 |
294.2 |
|
Financial Assets at Fair Value |
51.1 |
129.7 |
49.9 |
66.8 |
74.1 |
|
Financial Assets Available for Sale |
15.8 |
13.9 |
12.6 |
14.2 |
10.1 |
|
Financial Derivatives Assets - Hedging |
1.8 |
3.6 |
0.0 |
0.2 |
2.1 |
|
Notes Receviable, Gross |
9.9 |
10.5 |
10.7 |
7.5 |
6.6 |
|
Accounts Receviable, Gross |
256.1 |
334.8 |
405.1 |
393.9 |
259.3 |
|
Provision for Notes and Accounts Rcvbl. |
-2.2 |
-4.5 |
-3.4 |
-2.7 |
-3.9 |
|
Accounts Receivable - Related Parties |
0.7 |
1.1 |
2.1 |
1.9 |
1.6 |
|
Other Receivables |
15.7 |
21.2 |
25.3 |
19.4 |
17.5 |
|
Flight Equipment Consumable Instru. |
280.4 |
267.7 |
217.4 |
161.9 |
142.0 |
|
Passengers Consumption Products |
13.2 |
12.3 |
12.4 |
10.5 |
11.9 |
|
Equipments under Repair |
5.3 |
9.3 |
4.3 |
1.2 |
9.7 |
|
Others |
0.0 |
0.0 |
0.1 |
0.1 |
- |
|
Provision for Inventory |
- |
- |
- |
- |
-1.8 |
|
Prepaid Expenses |
- |
- |
- |
- |
9.8 |
|
Non-current Assets for Sale |
- |
- |
- |
- |
0.0 |
|
Deferred Income Tax Assets - Current |
7.5 |
0.2 |
1.4 |
17.6 |
6.2 |
|
Pledged time Deposits/Restricted Assets |
- |
- |
0.0 |
1.6 |
1.5 |
|
Other Current Assets |
69.4 |
56.1 |
27.6 |
20.7 |
12.7 |
|
Total Current Assets |
1,160.2 |
1,277.8 |
1,260.1 |
965.2 |
853.6 |
|
|
|
|
|
|
|
|
Fncl. Asts. at Fair Value, Non-current |
0.0 |
12.4 |
12.8 |
11.7 |
- |
|
Financial Assets Available for Sale Non- |
1.2 |
1.4 |
- |
- |
0.0 |
|
Financial Derivatives Assets - Hedging |
0.0 |
- |
- |
0.0 |
0.2 |
|
Financial Assets at Cost |
15.7 |
14.1 |
16.2 |
15.2 |
14.9 |
|
Long Term Equity Investment |
59.7 |
55.0 |
53.1 |
48.4 |
47.0 |
|
Other Financial Assets - Non-Current |
0.5 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Land |
92.1 |
88.9 |
86.0 |
98.3 |
95.6 |
|
Buildings and Structures |
487.9 |
468.2 |
513.0 |
363.7 |
309.9 |
|
Machinery and Equipment |
330.4 |
293.5 |
269.4 |
237.0 |
218.7 |
|
Flight Equipment |
6,834.6 |
6,553.3 |
6,563.6 |
5,829.6 |
5,773.4 |
|
Office Equipment |
36.3 |
32.4 |
34.5 |
30.4 |
29.2 |
|
Leasehold Assets |
505.6 |
503.9 |
511.1 |
746.7 |
736.2 |
|
Assets for Lease |
5.2 |
5.6 |
6.4 |
6.0 |
6.2 |
|
Leasehold Improvement |
89.5 |
75.3 |
81.6 |
49.2 |
45.8 |
|
Assets Revaluation Increment |
1.4 |
1.4 |
1.7 |
1.6 |
1.5 |
|
Accumulated Depreciation |
-3,727.8 |
-3,228.6 |
-3,044.6 |
-2,470.1 |
-2,154.6 |
|
Construction in Progress&Prepayment |
322.7 |
207.6 |
222.1 |
255.1 |
174.8 |
|
Software Cost |
14.3 |
13.0 |
12.8 |
11.4 |
9.2 |
|
Deferred Pension Cost |
6.0 |
10.6 |
16.2 |
28.7 |
37.0 |
|
Idled Assets |
- |
- |
- |
12.7 |
13.8 |
|
Assets for Lease, Other Assets |
1.0 |
1.0 |
1.0 |
0.9 |
0.9 |
|
Security Deposits Paid |
364.1 |
360.1 |
401.9 |
407.0 |
385.9 |
|
Deferred Charges |
- |
- |
- |
26.0 |
26.7 |
|
Deferred Income Tax Assets - Non Current |
241.4 |
231.0 |
236.4 |
211.0 |
213.3 |
|
Pledged Time Deposit/Restricted Assets |
19.5 |
22.2 |
35.0 |
26.2 |
9.3 |
|
Other Assets - Other |
25.9 |
29.3 |
38.5 |
0.0 |
0.1 |
|
Total Assets |
6,887.4 |
7,029.7 |
7,329.3 |
6,912.2 |
6,849.1 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
55.1 |
0.0 |
59.1 |
130.2 |
285.5 |
|
Current Portion of Long Term Debt |
583.6 |
602.1 |
595.0 |
559.8 |
519.4 |
|
Short Term Notes & Bills Payable |
1.0 |
1.0 |
51.1 |
84.1 |
43.8 |
|
Financial Liabilities at Fair Value |
- |
- |
0.0 |
87.3 |
646.8 |
|
Financial Liabilities Liabilities-Hedge |
0.8 |
1.6 |
2.4 |
8.3 |
11.2 |
|
Notes & Accounts Payable |
20.0 |
30.2 |
25.2 |
33.9 |
26.3 |
|
Accounts Payable - Related Parties |
2.6 |
3.2 |
4.6 |
2.8 |
2.7 |
|
Accrued Expenses |
393.5 |
450.2 |
470.2 |
384.9 |
343.2 |
|
Project Payables |
0.2 |
4.3 |
7.4 |
14.7 |
- |
|
Advance Receipts |
262.7 |
303.5 |
307.6 |
267.6 |
264.5 |
|
Current Portion of Corporate Bonds |
186.8 |
402.9 |
120.0 |
120.9 |
103.6 |
|
Lease Liabilities Payable - Current |
30.0 |
40.3 |
38.4 |
41.1 |
53.6 |
|
Deferred Income Tax |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
79.1 |
68.7 |
76.7 |
52.1 |
41.8 |
|
Total Current Liabilities |
1,615.6 |
1,908.1 |
1,757.7 |
1,787.6 |
2,342.4 |
|
|
|
|
|
|
|
|
Corporate Bonds Payable |
543.4 |
523.1 |
755.9 |
550.3 |
261.0 |
|
Long Term Borrowings |
2,308.3 |
2,404.5 |
2,413.2 |
2,611.7 |
2,591.6 |
|
Lease Liabilities Payable - Non Current |
14.9 |
45.4 |
86.0 |
124.4 |
165.0 |
|
Total Long Term Debt |
2,866.5 |
2,973.0 |
3,255.1 |
3,286.3 |
3,017.6 |
|
|
|
|
|
|
|
|
Financial Liabilities Liabilities-Hedge |
0.4 |
0.8 |
1.7 |
7.3 |
24.3 |
|
Accrued Pension Liabilities |
279.4 |
249.3 |
265.9 |
205.6 |
183.4 |
|
Unrealized Deferred Income |
163.2 |
175.5 |
210.2 |
212.2 |
227.2 |
|
Project Reserves Payable, Non-current |
0.2 |
0.3 |
0.9 |
1.4 |
- |
|
Other Long Term Liabilities |
56.5 |
63.2 |
59.8 |
24.5 |
19.5 |
|
Minority Interest |
108.2 |
105.3 |
108.8 |
97.1 |
99.8 |
|
Total Liabilities |
5,090.1 |
5,475.5 |
5,660.2 |
5,622.0 |
5,914.1 |
|
|
|
|
|
|
|
|
Common Stock |
1,792.4 |
1,529.6 |
1,588.5 |
1,429.5 |
1,409.3 |
|
Paid-in Capital |
48.4 |
13.9 |
13.5 |
19.7 |
329.2 |
|
Legal Reserve |
10.9 |
26.4 |
- |
0.0 |
144.1 |
|
Special Reserve |
133.5 |
170.5 |
- |
0.0 |
28.9 |
|
Retained Earnings |
2.0 |
-58.5 |
274.3 |
-126.1 |
-954.8 |
|
Cumulative Translation Adjustment |
-89.6 |
-52.8 |
-115.6 |
-4.1 |
11.9 |
|
Unrealized Gain/Loss on Pension Fund |
-100.6 |
-76.8 |
-89.9 |
-48.5 |
-36.8 |
|
Unrealized LT Investment Gain/Loss |
0.0 |
1.7 |
-2.2 |
-5.1 |
-21.0 |
|
Unrealized Valuation Increment |
1.4 |
1.4 |
1.7 |
26.0 |
25.3 |
|
Treasury Stock |
-1.3 |
-1.2 |
-1.3 |
-1.1 |
-1.1 |
|
Total Equity |
1,797.2 |
1,554.2 |
1,669.0 |
1,290.2 |
935.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,887.4 |
7,029.7 |
7,329.3 |
6,912.2 |
6,849.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5,197.1 |
4,690.9 |
4,690.9 |
4,630.8 |
3,246.8 |
|
Total Common Shares Outstanding |
5,197.1 |
4,690.9 |
4,690.9 |
4,630.8 |
3,246.8 |
|
T/S-Common Stock |
2.9 |
2.9 |
2.9 |
2.9 |
2.9 |
|
Deferred Revenue, Current |
262.7 |
303.5 |
307.6 |
267.6 |
264.5 |
|
Full-Time Employees |
16,731 |
16,205 |
16,218 |
15,446 |
14,938 |
|
Number Of Common Shareholders |
- |
167,695 |
166,826 |
129,217 |
132,678 |
|
Current maturities |
- |
- |
753.4 |
721.8 |
676.6 |
|
Total Long Term Debt, Supplemental |
- |
- |
753.4 |
721.8 |
676.6 |
|
Capital Lease Maturing within 1 year |
30.0 |
40.3 |
38.4 |
41.1 |
53.6 |
|
Capital Lease Maturing within 2 years |
9.6 |
30.1 |
40.3 |
38.5 |
41.0 |
|
Capital Lease Maturing within 3 years |
1.1 |
9.7 |
30.1 |
40.6 |
38.4 |
|
Capital Lease Maturing within 4 years |
1.0 |
1.1 |
9.7 |
30.2 |
40.4 |
|
Capital Lease Maturing within 5 years |
1.0 |
1.1 |
1.2 |
9.7 |
30.1 |
|
Capital Lease - Remaining Payment |
2.1 |
- |
4.3 |
5.3 |
14.9 |
|
Total Capital Leases |
44.9 |
82.4 |
124.1 |
165.5 |
218.5 |
|
Operating Lease Maturing within 1 year |
226.8 |
233.1 |
188.3 |
173.2 |
185.5 |
|
Operating Lease Maturing within 2 years |
195.1 |
198.5 |
201.7 |
171.8 |
177.1 |
|
Operating Lease Maturing within 3 years |
157.2 |
174.4 |
196.8 |
168.9 |
159.5 |
|
Operating Lease Maturing within 4 years |
123.2 |
135.3 |
176.2 |
161.4 |
154.6 |
|
Operating Lease Maturing within 5 years |
114.4 |
98.6 |
143.5 |
144.3 |
148.4 |
|
Operating Lease, Remaining |
- |
- |
386.2 |
328.0 |
406.4 |
|
Total Operating Leases |
816.8 |
839.9 |
1,292.6 |
1,147.7 |
1,231.4 |
|
Accumulated Benefit Obligation |
444.5 |
403.7 |
413.4 |
326.8 |
301.6 |
|
Benefit Obligation |
507.9 |
465.9 |
473.4 |
383.5 |
354.4 |
|
Fair Value of Plan Assets |
167.4 |
158.2 |
150.3 |
124.2 |
121.3 |
|
Funded Status |
-340.5 |
-307.6 |
-323.1 |
-259.3 |
-233.1 |
|
Total Funded Status |
-340.5 |
-307.6 |
-323.1 |
-259.3 |
-233.1 |
|
Discount Rate |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
3.00% |
3.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
2.00% |
2.00% |
2.50% |
|
Deferred Pension Cost |
6.0 |
10.6 |
16.2 |
28.7 |
37.0 |
|
Accrued Pension Liabilities |
-279.4 |
-249.3 |
-265.9 |
-205.6 |
-183.4 |
|
Net Assets Recognized on Balance Sheet |
-273.4 |
-238.7 |
-249.6 |
-176.9 |
-146.4 |
|
|
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
8.2 |
-60.1 |
344.4 |
-113.7 |
-1,022.7 |
|
Depreciation |
396.4 |
377.9 |
338.7 |
317.8 |
343.7 |
|
Deferred Tax |
0.0 |
-15.6 |
31.6 |
-3.6 |
-134.0 |
|
Provision for Doubtful Accounts |
0.1 |
2.5 |
1.3 |
0.4 |
1.3 |
|
Employee Stock Option Cost |
0.0 |
1.0 |
0.0 |
4.5 |
- |
|
G/L on Fin. Assets Revaluation |
-16.1 |
0.0 |
-11.8 |
-79.7 |
730.7 |
|
Gain on Sale of Financial Asset for Sale |
-0.1 |
0.0 |
-3.8 |
0.0 |
-0.1 |
|
G/L on Sale of Fin. Assets at Cost |
- |
- |
- |
- |
0.0 |
|
Gain on Sale of LT Equity Investments |
0.0 |
-0.1 |
- |
- |
- |
|
Equity Investment Gain/Loss |
-9.2 |
-8.9 |
-6.8 |
- |
-6.4 |
|
Cash Dividend from Equity Investment |
6.0 |
5.9 |
4.6 |
-1.1 |
2.2 |
|
Impairment Loss on Fin. Assets at Cost |
- |
- |
0.0 |
0.1 |
5.4 |
|
Gain/Loss on Disposal of Fixed Assets |
-0.4 |
-1.4 |
0.1 |
7.8 |
-17.7 |
|
Loss on Inventory,FA & Idle Assets |
4.2 |
10.2 |
7.2 |
4.7 |
1.5 |
|
Gain/Loss on Disposal of Idled Assets |
-0.8 |
-2.6 |
-0.5 |
0.4 |
-9.5 |
|
Impairment Loss on Assets |
- |
0.0 |
18.4 |
- |
- |
|
Convertible Bonds Price Resetting Tran L |
- |
- |
0.0 |
26.2 |
-0.2 |
|
Amort. of Unreal. Gains fr. Lease-Back |
-19.5 |
-21.4 |
-20.9 |
-20.2 |
-23.2 |
|
Amortization of Deferred Credit |
-2.2 |
-2.3 |
-2.1 |
-2.0 |
-2.1 |
|
Financial Assets/Liabiities for Trading |
111.4 |
-84.1 |
-55.2 |
-473.3 |
5.5 |
|
Notes & Accounts Receivable |
88.6 |
55.7 |
19.8 |
-128.1 |
113.1 |
|
Accounts Receivable - Related Parties |
-11.6 |
12.6 |
1.1 |
-6.0 |
3.3 |
|
Other Receivables |
5.2 |
3.6 |
-3.6 |
-1.0 |
1.5 |
|
Inventories |
0.6 |
-70.1 |
-43.3 |
-12.1 |
-4.7 |
|
Prepaid Expense |
- |
- |
- |
- |
-0.5 |
|
Other Current Assets |
-5.9 |
-30.9 |
-4.0 |
2.6 |
-2.9 |
|
Notes & Accounts Payables |
-8.9 |
5.4 |
-10.8 |
7.2 |
-15.4 |
|
Accounts Payable - Related Parties |
11.5 |
-13.1 |
2.2 |
8.1 |
-7.1 |
|
Accrued Expenses |
-70.6 |
3.2 |
43.9 |
33.4 |
-48.2 |
|
Advance Receipts |
-53.1 |
7.1 |
12.8 |
-3.7 |
25.5 |
|
Other Current Liabilities |
6.8 |
-5.2 |
15.4 |
8.1 |
-2.4 |
|
Accrued Pension Liabilities |
2.7 |
6.4 |
16.6 |
14.0 |
16.0 |
|
Other Liabilities, Others |
-3.9 |
6.0 |
31.2 |
3.4 |
- |
|
Cash from Operating Activities |
439.5 |
181.6 |
726.6 |
-405.7 |
-47.2 |
|
|
|
|
|
|
|
|
Purchase of Fin. Assets at Fair Value |
- |
- |
0.0 |
-7.6 |
0.0 |
|
Purchase of Financial Assets for Sale |
-40.5 |
-35.7 |
-27.2 |
-9.1 |
-27.1 |
|
Sale of Financial Assets for Sale |
38.1 |
33.2 |
28.7 |
5.8 |
27.4 |
|
Cash Reduction of Sale of Equity Instrum |
- |
- |
0.0 |
0.9 |
- |
|
Capital Reduction in Equity Prod. at Cos |
0.0 |
0.9 |
0.2 |
0.0 |
0.4 |
|
Disposal of LT Equity Investment |
0.0 |
1.8 |
- |
- |
- |
|
Purchase of Fin. Assets at Cost |
-1.0 |
- |
- |
0.0 |
-0.7 |
|
Sale of Fin. Assets at Cost |
- |
- |
- |
- |
0.0 |
|
LT Equity Investments Increase |
- |
0.0 |
-1.0 |
0.0 |
-1.8 |
|
Other Financial Assets, Non-Current |
0.0 |
0.0 |
0.0 |
-0.2 |
0.0 |
|
Capital Expenditures |
-251.7 |
-229.8 |
-234.1 |
-146.0 |
-235.0 |
|
Disposal of Fixed Assets |
8.0 |
7.6 |
1.9 |
6.7 |
333.6 |
|
Software Cost, Net |
-2.2 |
-2.1 |
-2.0 |
-3.7 |
-1.6 |
|
Disposal of Idled Assets |
0.9 |
3.2 |
0.9 |
1.7 |
19.1 |
|
Security Deposit, Net |
11.3 |
31.1 |
38.3 |
-9.6 |
-25.2 |
|
Deferred Charges |
-0.6 |
-1.1 |
-1.4 |
-2.3 |
-2.7 |
|
Other Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Restricted Assets |
3.6 |
11.8 |
-4.3 |
-16.0 |
-0.8 |
|
Cash from Investing Activities |
-234.0 |
-179.0 |
-200.1 |
-179.4 |
85.6 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
54.1 |
-58.6 |
-77.5 |
-157.6 |
279.6 |
|
Short Term Notes, Net |
-0.1 |
-49.7 |
-38.1 |
35.6 |
25.3 |
|
Long Term Borrowings |
428.3 |
598.0 |
252.3 |
569.7 |
476.4 |
|
Repayment of LT Borrowings |
-675.9 |
-564.1 |
-617.5 |
-609.5 |
-686.6 |
|
Issuance of Corporate Bonds |
180.7 |
204.2 |
252.1 |
390.6 |
0.0 |
|
Redemption of Corporate Bonds |
-412.4 |
-119.1 |
-91.4 |
-59.7 |
-50.7 |
|
Convertible Bond Decr. |
- |
- |
- |
0.0 |
-54.4 |
|
Unrealized Gain on Lease Back after Sale |
0.0 |
-6.4 |
- |
0.0 |
-7.3 |
|
Security Deposit Received |
-2.8 |
1.7 |
1.5 |
3.2 |
1.2 |
|
Cash Dividends |
- |
-63.0 |
- |
- |
-8.1 |
|
Dividend to Minority Interests |
-6.2 |
-4.9 |
-3.7 |
-5.4 |
- |
|
Cash Capital |
225.4 |
0.0 |
0.0 |
371.9 |
- |
|
Employee Bonus |
- |
- |
- |
0.0 |
-0.4 |
|
Cash from Minority Purchase of Subsi. |
- |
- |
- |
0.0 |
-0.2 |
|
Cash from Financing Activities |
-208.9 |
-61.9 |
-322.3 |
538.8 |
-25.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.3 |
3.3 |
-0.9 |
-3.4 |
13.0 |
|
Net Change in Cash |
-4.7 |
-55.9 |
203.3 |
-49.7 |
25.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
431.9 |
490.6 |
254.4 |
292.4 |
280.2 |
|
Net Cash - Ending Balance |
427.2 |
434.6 |
457.8 |
242.7 |
306.1 |
|
Cash Interest Paid |
72.5 |
77.4 |
85.0 |
127.2 |
135.9 |
|
Cash Taxes Paid |
5.8 |
8.1 |
5.1 |
6.1 |
12.6 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.89 |
|
UK Pound |
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.