MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RICHTEK TECHNOLOGY CORP.

 

 

Registered Office :

5F,No. 20, Tai Yuen Street Jhubei, 302

 

 

Country :

Taiwan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.09.1998

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Subject is engaged in the design, testing, manufacture and distribution of analog integrated circuits (ICs) for power management.

 

 

No. of Employees :

855

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

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

Source : CIA

Company name and address

 

RICHTEK TECHNOLOGY CORP.

 

 

 

5F, No. 20, Tai Yuen Street

 

 

Jhubei, 302

Taiwan

 

 

Tel:

886-3-5526789

Fax:

886-3-5526611

 

www.richtek.com

 

Employees:

855

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

Taiwan Stock Exchange:

6286

Incorporation Date:

18-Sep-1998

Auditor:

Deloitte & Touche LLP

 

 

Fiscal Year End:

31-Dec-2012

Reporting Currency:

Taiwanese New Dollar

Annual Sales:

381.1  1

Net Income:

57.6

Total Assets:

295.0  2

Market Value:

674.4

 

(11-Oct-2013)

 

Business Description     

 

Richtek Technology Corp. is principally engaged in the design, testing, manufacture and distribution of analog integrated circuits (ICs) for power management. The Company provides power conversion ICs, including linear regulators, direct current (DC) converters and DC controllers; power management ICs, including linear controllers and battery chargers; power protection ICs, including power switches and battery protectors, as well as drivers/amplifiers, including class AB amplifiers, field effect transistor (FET) drivers; white light emitting diode (WLED) drivers; LED back lighting drivers and LCD lighting DC/CD driver LED products, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, Richtek Technology Corp. revenues decreased 4% to NT$5.48B. Net income decreased 20% to NT$712.7M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Selling Expenses increase of 8% to NT$316.6M (expense), Miscellaneous Income decrease of 87% to NT$1.2M (income).

 

Key Executives                                       

 

Name

Title

Guocheng Zhang

Deputy General Manager

Luke Hsieh

President & CEO

Scott Wang

VP-Finance

Chris Yuan

VP-Sales

York Chang

VP-Admin

         


Financial Summary    

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.11

3.90

Quick Ratio (MRQ)

1.70

3.02

Debt to Equity (MRQ)

0.0049

0.21

Sales 5 Year Growth

13.21

11.04

Net Profit Margin (TTM) %

13.75

19.30

Return on Assets (TTM) %

16.40

15.21

Return on Equity (TTM) %

26.50

21.72

 

 

 

 

 Stock Snapshot   

 

Traded: Taiwan Stock Exchange: 6286

 

As of 11-Oct-2013

   Financials in: TWD

Recent Price

132.50

 

EPS

11.33

52 Week High

193.00

 

Price/Sales

1.76

52 Week Low

119.50

 

Dividend Rate

7.50

Avg. Volume (mil)

0.62

 

Price/Earnings

12.93

Market Value (mil)

19,811.04

 

Price/Book

3.05

 

 

 

Beta

1.25

 

Price % Change

Rel S&P 500%

4 Week

0.38%

-1.80%

13 Week

-2.21%

-3.72%

52 Week

-22.97%

-31.25%

Year to Date

-21.83%

-27.91%

 

 

 

 

Key IDSM Number:46349756

 

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
5F, No. 20, Tai Yuen Street
Jhubei, 302
Taiwan

 

Tel:

886-3-5526789

Fax:

886-3-5526611

 

www.richtek.com

Quote Symbol - Exchange

6286 - Taiwan Stock Exchange

Sales TWD(mil):

11,272.7

Assets TWD(mil):

8,558.6

Employees:

855

Fiscal Year End:

31-Dec-2012

 

Industry:

Semiconductors

Incorporation Date:

18-Sep-1998

Company Type:

Public Parent

Quoted Status:

Quoted

 

President & CEO:

Luke Hsieh

 

Industry Codes

 

ANZSIC 2006 Codes:

2429

-

Other Electronic Equipment Manufacturing

 

ISIC Rev 4 Codes:

2610

-

Manufacture of electronic components and boards

 

NACE Rev 2 Codes:

2611

-

Manufacture of electronic components

 

NAICS 2012 Codes:

334413

-

Semiconductor and Related Device Manufacturing

 

US SIC 1987:

3674

-

Semiconductors and Related Devices

 

UK SIC 2007:

2611

-

Manufacture of electronic components

 

Business Description

Richtek Technology Corp. is principally engaged in the design, testing, manufacture and distribution of analog integrated circuits (ICs) for power management. The Company provides power conversion ICs, including linear regulators, direct current (DC) converters and DC controllers; power management ICs, including linear controllers and battery chargers; power protection ICs, including power switches and battery protectors, as well as drivers/amplifiers, including class AB amplifiers, field effect transistor (FET) drivers; white light emitting diode (WLED) drivers; LED back lighting drivers and LCD lighting DC/CD driver LED products, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, Richtek Technology Corp. revenues decreased 4% to NT$5.48B. Net income decreased 20% to NT$712.7M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Selling Expenses increase of 8% to NT$316.6M (expense), Miscellaneous Income decrease of 87% to NT$1.2M (income).

 

More Business Descriptions

Analog Integrated Circuits Mfr

 

Richtek Technology Corp. (Richtek) designs, tests, manufactures and distributes analog integrated circuits (ICs) for power management. The company also provides power conversion ICs; power protection ICs; power management ICs; white light emitting diode (WLED) drivers; LED back lighting drivers and LCD lighting DC/CD driver LED products. The company’s products find their application in the manufacture of motherboards, graphic cards, network communication products, notebook computers, mobile phones, digital still cameras, handheld devices and storage products. Richtek distributes its products in Taiwan, Mainland China, North America, Korea, Japan, and Singapore. The company is headquartered in Chupei City, Taiwan. The company’s strategy is focused on three C market, Computer, Communication and Consumer. The company plans to increase its geographical operations and enhance its product offerings. In this direction, the company entered into an agreement with Harvey King Sale to appoint it as exclusive manufacturer’s representative for three locations including the County of San Diego, southern Imperial County, and Northern Mexico. The step would help the company in meeting demand for power management semiconductor solutions.The company reported revenues of (Taiwanese Dollars) TWD 11,272.71 million during the fiscal year ended December 2012, an increase of 1.42% over 2011. The operating profit of the company was TWD 1,889.83 million during the fiscal year 2012, an increase of 9.49% over 2011. The net profit of the company was TWD 1,704.43 million during the fiscal year 2012, an increase of 11.35% over 2011.

 

 

 

 

 

 

Financial Data

Financials in:

TWD(mil)

 

Revenue:

11,272.7

Net Income:

1,704.4

Assets:

8,558.6

Long Term Debt:

3.5

 

Total Liabilities:

2,102.6

 

Working Capital:

0.9

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

1.4%

11.3%

10.3%

 

Market Data

Quote Symbol:

6286

Exchange:

Taiwan Stock Exchange

Currency:

TWD

Stock Price:

132.5

Stock Price Date:

10-11-2013

52 Week Price Change %:

-23.0

Market Value (mil):

19,811,040.0

 

SEDOL:

6694559

ISIN:

TW0006286008

 

Equity and Dept Distribution:

07/2006, 15% stock dividend. 07/2005, 15% stock dividend. 07/2004, 30% stock dividend. 10/2003, 61.2% stock dividend. 07/2007, 15% stock dividend. 8/2008, 10% Stock dividend. 07/2009, 5% Stock dividend. 08/2010, 5% Stock dividend. FY'09 I/S is CLA.

Description: Z:\web\images\arrows\externalright.gif

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche LLP

 

 

 

 

 

 

 

 

Corporate Structure News

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Richtek Technology Corp.

Parent

Jhubei

Taiwan

Semiconductor and Other Electronic Component Manufacturing

381.1

855

Richpower Microelectronics Corporation

Subsidiary

Shanghai

China

Semiconductor and Other Electronic Component Manufacturing

 

 

 

 

Competitors Report

 

 

 

CompanyName

Location

Employees

Ownership

Advanced Analog Technology Inc

Hsinchu, Taiwan

103

Public

Analog Devices, Inc.

Norwood, Massachusetts, United States

9,200

Public

Himax Technologies, Inc. (ADR)

Tainan, Taiwan

1,423

Public

Powerchip Technology Corporation

Hsinchu, Taiwan

5,733

Public

Taiwan Semiconductor Mfg. Co. Ltd.

Hsin-Chu, , Taiwan

39,267

Public

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

James Liu

 

Chairman NAB

Chairman

 

Kenneth Tai

 

Chairman

Chairman

 

Zhonghe Tai

 

Chairman of the Board

Chairman

 

Biography:

Tai Zhonghe has been Chairman of the Board in Richtek Technology Corp. since December 5, 1998. Tai also serves as Chairman of the Board in six other companies, including Epic Communications, Inc. and DIGITIMES PUBLICATON INC. Tai also serves as Director in 11 other companies including Allied Material Technology Corp., Capella Microsystems (Taiwan), Inc., GrandTech CG Systems Inc., Fullerton Technology, Hi-Touch Imaging Technologies Co., Ltd., Chief Telecom Inc., Wafer Works Corp., D-Link Corporation, and Global Testing Corporation Ltd. Tai also serves as Independent Director in two other companies including Waffer Technology Corp. and Logah Technology Corp. Tai holds a Bachelor's degree in Control Engineering from National Chiao Tung University, Taiwan.

 

Education:

Tamkang University, M
National Chiao Tung University, B (Control Engineering)

 

Liangbin Dai

 

Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Dai Liangbin has been Deputy General Manager and Director in Richtek Technology Corp. since December 5, 1998. Dai holds a Master's degree in Electrical Engineering from National Cheng Kung University, Taiwan.

 

Education:

National Cheng Kung University, M (Electrical Engineering)

 

Shifang Lai

 

Senior Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Lai Shifang has been Senior Deputy General Manager and Director in Richtek Technology Corp. since November 22, 2002. Lai also serves as Director in three other companies including Richpower. Lai holds a Master's degree in Electrical Engineering from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, M (Electrical Engineering)

 

Jingmeng Liu

 

Deputy General Manager, Director

Director/Board Member

 

 

Biography:

Liu Jingmeng has been Deputy General Manager and Director in Richtek Technology Corp. since December 5, 1998. Liu holds a Master's degree in Electrical Engineering from National Taiwan University. Liu is Chairman of the Board in Richtek USA.

 

Education:

National Taiwan University, M (Electrical Engineering)

 

Jionglang Liu

 

Independent Director

Director/Board Member

 

 

Biography:

Liu Jionglang has been Independent Director in Richtek Technology Corp. since June 13, 2012. Liu is also Chairman of the Board, Director and Independent Director in six other companies. Liu holds a Ph.D. in Electrical Engineering from Massachusetts Institute of Technology, the United States.

 

Age: 70

 

Education:

Massachusetts Institute of Technology, PHD (Electrical Engineering)

 

Jiaying Ma

 

Independent Director

Director/Board Member

 

 

Biography:

Ma Jiaying has been Independent Director in Richtek Technology Corp. since November 22, 2002. Ma is also Independent Director in two other companies, including TSC Auto ID Technology Co., Ltd. Ma holds a Ph.D in Accounting from Lehigh University, the United States. Ma is also Professor of Accounting at Soochow University, Taiwan.

 

Education:

Lehigh University, PHD (Economics)
Lehigh University, PHD (Business)
Utah State University, M (Accounting)

 

Rongsheng Wu

 

Independent Director

Director/Board Member

 

 

Biography:

Wu Rongsheng has been Independent Director in Richtek Technology Corp. since June 10, 2005. Wu also serves as Director in two other companies, including Giga Solar Materials Corp and Independent Director in another company.

 

Shuliang Xie

 

General Manager, Director

Director/Board Member

 

 

Biography:

Xie Shuliang has been General Manager and Director in Richtek Technology Corp. since December 5, 1998. Xie also serves as Director in two other companies. Xie holds a Ph.D in Electrical Engineering from Santa Clara University, the United States.

 

Education:

Santa Clara University, PHD (Electrical Engineering)

 

 

Executives

 

Name

Title

Function

 

Luke Hsieh

 

President & CEO

Chief Executive Officer

 

Liangbin Dai

 

Deputy General Manager, Director

Division Head Executive

 

Biography:

Dai Liangbin has been Deputy General Manager and Director in Richtek Technology Corp. since December 5, 1998. Dai holds a Master's degree in Electrical Engineering from National Cheng Kung University, Taiwan.

 

Education:

National Cheng Kung University, M (Electrical Engineering)

 

Shifang Lai

 

Senior Deputy General Manager, Director

Division Head Executive

 

 

Biography:

Lai Shifang has been Senior Deputy General Manager and Director in Richtek Technology Corp. since November 22, 2002. Lai also serves as Director in three other companies including Richpower. Lai holds a Master's degree in Electrical Engineering from National Tsing Hua University, Taiwan.

 

Education:

National Tsing Hua University, M (Electrical Engineering)

 

Jingmeng Liu

 

Deputy General Manager, Director

Division Head Executive

 

 

Biography:

Liu Jingmeng has been Deputy General Manager and Director in Richtek Technology Corp. since December 5, 1998. Liu holds a Master's degree in Electrical Engineering from National Taiwan University. Liu is Chairman of the Board in Richtek USA.

 

Education:

National Taiwan University, M (Electrical Engineering)

 

David Timm

 

Senior Deputy General Manager

Division Head Executive

 

 

Minghong Wang

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Wang Minghong has been Deputy General Manager in Richtek Technology Corp. since March 2004. Wang also serves as Director in two other companies, including Richtek USA. Wang holds a Master of Business Administration (MBA) from National Cheng Chi University, Taiwan.

 

Education:

National Chengchi University, MBA

 

Xinxiong Wang

 

Deputy General Manager

Division Head Executive

 

 

Education:

National Tsing Hua University, PHD (Electrical Engineering)
National Tsing Hua University, M (Electrical Engineering)

 

Weixin Wei

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Wei Weixin has been Deputy General Manager in Richtek Technology Corp. since April 2005. Wei holds a Ph.D in Electronics from National Chiao Tung University, Taiwan.

 

Education:

National Chiao Tung University, PHD (Electronics)

 

Shuliang Xie

 

General Manager, Director

Division Head Executive

 

 

Biography:

Xie Shuliang has been General Manager and Director in Richtek Technology Corp. since December 5, 1998. Xie also serves as Director in two other companies. Xie holds a Ph.D in Electrical Engineering from Santa Clara University, the United States.

 

Education:

Santa Clara University, PHD (Electrical Engineering)

 

Zihao Yuan

 

Senior Deputy General Manager

Division Head Executive

 

 

Biography:

Yuan Zihao has been Senior Deputy General Manager in Richtek Technology Corp. since October, 1998. Yuan is also Director in six other companies, including Ironman Overseas Co., Ltd., COSMIC-RAY TECH. LTD., RichStar Group Co., Ltd., Richtek Holding International Limited and Richtek Europe Holding B.V. Yuan holds a Bachelor's degree in Electronics from National Taiwan University of Science and Technology.

 

Education:

National Taiwan University of Science and Technology, B (Electronics)

 

Yaohui Zhang

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Zhang Yaohui has been Deputy General Manager in Richtek Technology Corp. since March 2000. Zhang also serves as Director in Richtek USA and Chairman of the Board in an investment company. Zhang holds a Master of Business Administration (MBA) from Chung Hua University, Taiwan.

 

Education:

Chung Hua University, MBA

 

Guocheng Zhang

 

Deputy General Manager

Division Head Executive

 

 

Biography:

Zhang Guocheng has been Deputy General Manager in Richtek Technology Corp. since April 2009. Zhang holds a Master's degree in Electrical Engineering from University of Florida, the United States.

 

Education:

University of Florida, M (Electrical Engineering)

 

Steve Lai

 

VP-Operations

Operations Executive

 

 

York Chang

 

VP-Admin

Administration Executive

 

 

Scott Wang

 

VP-Finance

Finance Executive

 

 

Chris Yuan

 

VP-Sales

Sales Executive

 

 

Lornali Yao

 

Manager-Investor Relations

Investor Relations Executive

 

 

K. C. Chang

 

VP-TD

Other

 

 

Winston Wei

 

VP-PDC

Other

 

 

 

 

Significant Developments

 

 

Richtek Technology Corp Announces FY 2012 Dividend Payment Date

Jul 01, 2013


Richtek Technology Corp announced that it will pay cash dividends of NTD 1,113,879,795 (NTD 7,500 per 1,000 shares) for fiscal year 2012, to shareholders of record on July 24, 2013. The Company's shares will be traded ex-dividend on July 18, 2013 and the dividend will be paid on August 15, 2013.

Richtek Technology Corp Announces FY 2012 Dividend Payment

May 02, 2013


Richtek Technology Corp announced that it will pay cash dividends of NTD 1,113,879,795 (NTD 7.50 per share) to shareholders for fiscal year 2012.

 

 

Annual income statement

 

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Revenue

382.2

381.4

387.6

257.3

222.6

    Sales Returns and Allowances

-1.1

-3.2

-2.1

-3.1

-1.9

Revenue

381.1

378.2

385.5

254.2

220.7

Total Revenue

381.1

378.2

385.5

254.2

220.7

 

 

 

 

 

 

    Cost of Revenue

230.6

233.5

237.9

155.0

135.9

Cost of Revenue, Total

230.6

233.5

237.9

155.0

135.9

Gross Profit

150.5

144.7

147.6

99.1

84.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

36.4

40.8

37.3

21.9

20.1

Total Selling/General/Administrative Expenses

36.4

40.8

37.3

21.9

20.1

Research & Development

49.7

45.0

37.0

27.5

21.6

    Impairment-Assets Held for Sale

0.5

0.1

0.1

0.2

0.0

Unusual Expense (Income)

0.5

0.1

0.1

0.2

0.0

Total Operating Expense

317.2

319.5

312.2

204.6

177.5

 

 

 

 

 

 

Operating Income

63.9

58.7

73.2

49.5

43.2

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

0.0

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

0.0

0.0

0.0

0.0

0.0

        Interest Income - Non-Operating

0.6

0.4

0.3

0.5

0.7

        Investment Income - Non-Operating

-0.1

1.1

3.0

0.6

1.3

    Interest/Investment Income - Non-Operating

0.5

1.5

3.3

1.1

2.0

Interest Income (Expense) - Net Non-Operating Total

0.5

1.5

3.3

1.1

2.0

Gain (Loss) on Sale of Assets

0.0

0.0

0.0

0.0

0.0

    Other Non-Operating Income (Expense)

-0.1

0.1

0.0

0.0

0.7

Other, Net

-0.1

0.1

0.0

0.0

0.7

Income Before Tax

64.2

60.3

76.5

50.6

45.9

 

 

 

 

 

 

Total Income Tax

6.8

8.9

7.5

3.9

3.4

Income After Tax

57.5

51.4

69.0

46.7

42.5

 

 

 

 

 

 

    Minority Interest

0.2

0.7

0.3

0.1

0.1

Net Income Before Extraord Items

57.6

52.1

69.3

46.8

42.6

Net Income

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

148.5

148.5

149.5

148.4

147.4

Basic EPS Excl Extraord Items

0.39

0.35

0.46

0.32

0.29

Basic/Primary EPS Incl Extraord Items

0.39

0.35

0.46

0.32

0.29

Dilution Adjustment

0.0

0.0

-

0.0

0.0

Diluted Net Income

57.6

52.1

69.3

46.8

42.6

Diluted Weighted Average Shares

151.7

152.5

152.2

150.5

150.7

Diluted EPS Excl Extraord Items

0.38

0.34

0.46

0.31

0.28

Diluted EPS Incl Extraord Items

0.38

0.34

0.46

0.31

0.28

Dividends per Share - Common Stock Primary Issue

0.25

0.24

0.32

0.23

0.20

Gross Dividends - Common Stock

37.7

35.4

47.2

34.5

29.8

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Depreciation, Supplemental

4.2

4.0

3.1

2.8

2.8

Total Special Items

0.6

0.1

0.1

0.2

0.0

Normalized Income Before Tax

64.8

60.4

76.6

50.8

45.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

6.8

8.9

7.5

3.9

3.4

Normalized Income After Tax

58.0

51.6

69.1

46.9

42.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

58.1

52.2

69.4

46.9

42.6

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.35

0.46

0.32

0.29

Diluted Normalized EPS

0.38

0.34

0.46

0.31

0.28

Research & Development Exp, Supplemental

49.7

45.0

37.0

27.5

21.6

Normalized EBIT

64.4

58.9

73.3

49.7

43.2

Normalized EBITDA

68.6

62.8

76.5

52.6

46.0

    Current Tax - Total

-

-

-

3.8

3.1

Current Tax - Total

-

-

-

3.8

3.1

    Deferred Tax - Total

-

-

-

0.1

-0.2

Deferred Tax - Total

-

-

-

0.1

-0.2

    Local Tax - Other

-

-

-

0.0

0.5

Income Tax - Total

-

-

-

3.9

3.4

Interest Cost - Domestic

0.0

0.0

0.0

0.0

0.1

Service Cost - Domestic

0.0

0.0

0.0

0.0

0.0

Expected Return on Assets - Domestic

0.0

0.0

0.0

0.0

0.0

Transition Costs - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.1

Defined Contribution Expense - Domestic

1.5

1.3

1.0

0.8

0.7

Total Pension Expense

1.5

1.4

1.0

0.8

0.8

Discount Rate - Domestic

1.75%

2.00%

2.25%

2.50%

2.50%

Expected Rate of Return - Domestic

1.75%

2.00%

2.00%

2.00%

2.50%

Compensation Rate - Domestic

5.00%

3.50%

3.50%

3.50%

3.50%

Total Plan Interest Cost

0.0

0.0

0.0

0.0

0.1

Total Plan Service Cost

0.0

0.0

0.0

0.0

0.0

Total Plan Expected Return

0.0

0.0

0.0

0.0

0.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

97.1

71.1

81.7

49.9

49.8

    Short Term Investments

15.2

18.4

21.0

32.2

14.5

Cash and Short Term Investments

112.3

89.5

102.7

82.1

64.2

        Accounts Receivable - Trade, Gross

67.9

63.1

66.5

53.8

31.0

        Provision for Doubtful Accounts

-0.6

-1.1

-0.6

-0.6

-0.6

    Trade Accounts Receivable - Net

67.2

62.0

65.9

53.2

30.4

Total Receivables, Net

67.2

62.0

65.9

53.2

30.4

    Inventories - Finished Goods

17.7

18.3

24.5

26.5

16.9

    Inventories - Work In Progress

12.1

9.6

12.1

9.1

6.2

    Inventories - Raw Materials

11.8

13.3

14.9

9.0

11.7

    Inventories - Other

-

-

-

-

-2.1

Total Inventory

41.6

41.2

51.5

44.6

32.7

Prepaid Expenses

5.6

4.0

4.1

2.2

2.5

    Deferred Income Tax - Current Asset

4.9

1.9

1.4

0.9

3.2

Other Current Assets, Total

4.9

1.9

1.4

0.9

3.2

Total Current Assets

231.6

198.6

225.6

183.0

133.0

 

 

 

 

 

 

        Buildings

11.9

11.6

12.1

6.2

6.2

        Land/Improvements

11.3

10.8

11.2

2.8

2.7

        Machinery/Equipment

26.0

16.8

14.7

11.2

11.4

        Construction in Progress

4.8

2.0

0.6

0.3

0.5

    Property/Plant/Equipment - Gross

54.0

41.2

38.6

20.5

20.8

    Accumulated Depreciation

-11.6

-9.1

-7.5

-5.8

-5.2

Property/Plant/Equipment - Net

42.4

32.1

31.1

14.7

15.6

Goodwill, Net

2.0

1.9

1.1

1.0

-

    LT Investment - Affiliate Companies

-

-

0.0

0.0

1.2

    LT Investments - Other

3.4

4.2

6.0

5.8

4.2

Long Term Investments

3.4

4.2

6.0

5.8

5.4

    Deferred Charges

12.0

13.3

12.7

9.0

5.9

    Pension Benefits - Overfunded

1.9

1.5

0.3

0.1

-

    Deferred Income Tax - Long Term Asset

0.0

3.0

4.9

5.5

3.1

    Restricted Cash - Long Term

0.6

0.7

0.4

0.2

0.2

    Other Long Term Assets

0.9

0.9

0.9

0.8

0.6

Other Long Term Assets, Total

15.5

19.4

19.1

15.6

9.8

Total Assets

295.0

256.2

282.9

220.1

163.7

 

 

 

 

 

 

Accounts Payable

31.0

28.9

38.7

34.5

17.0

Accrued Expenses

31.6

27.2

33.4

19.9

16.3

Notes Payable/Short Term Debt

1.0

0.7

0.0

0.0

0.0

    Income Taxes Payable

7.6

6.8

8.1

4.7

3.7

Other Current liabilities, Total

7.6

6.8

8.1

4.7

3.7

Total Current Liabilities

71.2

63.5

80.2

59.1

37.0

 

 

 

 

 

 

    Long Term Debt

0.1

0.1

0.1

-

-

Total Long Term Debt

0.1

0.1

0.1

0.0

0.0

Total Debt

1.1

0.8

0.1

0.0

0.0

 

 

 

 

 

 

Minority Interest

0.1

0.1

3.1

2.9

0.4

    Pension Benefits - Underfunded

-

-

-

0.0

0.1

    Other Long Term Liabilities

1.1

0.8

0.8

0.9

0.6

Other Liabilities, Total

1.1

0.8

0.8

0.9

0.7

Total Liabilities

72.5

64.6

84.2

62.9

38.1

 

 

 

 

 

 

    Common Stock

51.5

49.4

51.3

44.5

40.8

Common Stock

51.5

49.4

51.3

44.5

40.8

Additional Paid-In Capital

14.4

13.7

14.2

12.9

3.5

Retained Earnings (Accumulated Deficit)

168.2

139.3

143.0

100.0

81.0

Treasury Stock - Common

-8.7

-8.4

-8.7

-

-

Unrealized Gain (Loss)

-1.7

-1.6

0.0

0.0

0.1

    Translation Adjustment

-1.2

-0.7

-1.2

-0.3

0.2

    Other Equity

-

-

-

0.0

0.0

Other Equity, Total

-1.2

-0.7

-1.2

-0.3

0.3

Total Equity

222.5

191.6

198.7

157.1

125.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

295.0

256.2

282.9

220.1

163.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

148.5

148.5

148.5

149.5

147.5

Total Common Shares Outstanding

148.5

148.5

148.5

149.5

147.5

Treasury Shares - Common Stock Primary Issue

1.0

1.0

1.0

0.0

0.0

Employees

855

869

775

622

571

Number of Common Shareholders

11,878

12,047

-

8,828

12,164

Total Operating Leases, Supplemental

4.9

5.7

3.2

2.0

1.6

Operating Lease Payments Due in Year 1

2.3

1.9

1.9

1.2

1.2

Operating Lease Payments Due in Year 2

1.9

0.8

1.0

0.6

0.3

Operating Lease Payments Due in Year 3

0.8

1.8

0.2

0.2

0.1

Operating Lease Payments Due in Year 4

0.0

1.2

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

-

-

0.0

-

-

Operating Lease Pymts. Due in 2-3 Years

2.6

2.6

1.3

0.8

0.4

Operating Lease Pymts. Due in 4-5 Years

0.0

1.2

0.0

0.0

0.0

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Pension Obligation - Domestic

3.3

2.2

1.9

1.7

1.6

Plan Assets - Domestic

2.2

1.7

1.4

1.0

0.8

Funded Status - Domestic

-1.1

-0.5

-0.5

-0.6

-0.8

Accumulated Obligation - Domestic

1.3

1.1

1.0

0.8

0.8

Total Funded Status

-1.1

-0.5

-0.5

-0.6

-0.8

Discount Rate - Domestic

1.75%

2.00%

2.25%

2.50%

2.50%

Expected Rate of Return - Domestic

1.75%

2.00%

2.00%

2.00%

2.50%

Compensation Rate - Domestic

5.00%

3.50%

3.50%

3.50%

3.50%

Prepaid Benefits - Domestic

1.9

1.5

0.3

0.1

-

Accrued Liabilities - Domestic

-

-

-

0.0

-0.1

Net Assets Recognized on Balance Sheet

1.9

1.5

0.3

0.1

-0.1

Total Plan Obligations

3.3

2.2

1.9

1.7

1.6

Total Plan Assets

2.2

1.7

1.4

1.0

0.8

 

 

 

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

57.6

52.1

69.3

46.8

42.6

    Depreciation

4.2

4.0

3.1

2.8

2.8

Depreciation/Depletion

4.2

4.0

3.1

2.8

2.8

Deferred Taxes

0.2

1.1

0.7

0.1

-0.2

    Unusual Items

0.4

-0.1

-3.2

-0.1

-0.9

    Equity in Net Earnings (Loss)

-

-

0.0

0.1

0.1

    Other Non-Cash Items

7.9

7.0

5.4

3.9

2.5

Non-Cash Items

8.3

6.9

2.2

3.9

1.7

    Accounts Receivable

-2.5

1.5

-7.0

-21.3

-3.0

    Inventories

1.4

8.7

-2.4

-10.7

-12.3

    Prepaid Expenses

-1.4

-0.1

-1.5

0.0

-0.8

    Other Assets

0.0

0.1

-0.1

-0.1

0.1

    Accounts Payable

0.8

-8.6

0.8

16.5

-1.9

    Accrued Expenses

2.4

-4.5

10.0

11.8

12.2

    Taxes Payable

0.5

-1.1

2.7

0.9

0.4

    Other Liabilities

0.0

0.0

-

-0.2

-0.1

Changes in Working Capital

1.1

-4.0

2.6

-3.1

-5.6

Cash from Operating Activities

71.5

60.1

78.0

50.5

41.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-12.3

-6.8

-16.4

-2.0

-9.2

    Purchase/Acquisition of Intangibles

0.0

-1.0

-

-

-

Capital Expenditures

-12.3

-7.7

-16.4

-2.0

-9.2

    Sale of Fixed Assets

0.0

0.0

0.0

0.2

0.0

    Sale/Maturity of Investment

96.3

113.5

150.7

165.6

99.3

    Purchase of Investments

-91.8

-111.6

-133.9

-182.7

-71.2

    Other Investing Cash Flow

-6.5

-10.4

-8.7

-5.6

-4.9

Other Investing Cash Flow Items, Total

-2.0

-8.4

8.2

-22.4

23.2

Cash from Investing Activities

-14.2

-16.2

-8.2

-24.4

14.1

 

 

 

 

 

 

    Other Financing Cash Flow

0.5

-2.3

0.2

1.3

-4.8

Financing Cash Flow Items

0.5

-2.3

0.2

1.3

-4.8

    Cash Dividends Paid - Common

-35.1

-50.5

-36.2

-28.4

-32.1

Total Cash Dividends Paid

-35.1

-50.5

-36.2

-28.4

-32.1

        Repurchase/Retirement of Common

-

0.0

-8.0

-

-

    Common Stock, Net

-

0.0

-8.0

-

-

    Options Exercised

-

-

0.0

0.1

0.1

Issuance (Retirement) of Stock, Net

-

0.0

-8.0

0.1

0.1

        Short Term Debt Issued

0.3

0.7

-

-

-

    Short Term Debt, Net

0.3

0.7

-

-

-

Issuance (Retirement) of Debt, Net

0.3

0.7

-

-

-

Cash from Financing Activities

-34.4

-52.2

-44.0

-27.1

-36.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.4

0.4

-0.9

-0.1

0.1

Net Change in Cash

22.5

-7.8

24.9

-1.1

18.8

 

 

 

 

 

 

Net Cash - Beginning Balance

72.8

81.1

50.7

49.5

33.0

Net Cash - Ending Balance

95.2

73.2

75.6

48.4

51.8

Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

Cash Taxes Paid

6.7

8.8

4.1

3.0

3.2

 

 

Annual income statement

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Filed Currency

TWD

TWD

TWD

TWD

TWD

Exchange Rate (Period Average)

29.57962

29.39004

31.497037

33.023867

31.543497

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Gross Sales

382.2

381.4

387.6

257.3

222.6

    Sales Returns & Discounts

-1.1

-3.2

-2.1

-3.1

-1.9

Total Revenue

381.1

378.2

385.5

254.2

220.7

 

 

 

 

 

 

    Cost of Sales

230.6

233.5

237.9

155.0

135.9

    Selling Expenses

20.7

23.0

10.2

7.7

7.5

    General and Administrative Expenses

15.7

17.8

27.1

14.3

12.6

    Research and Development Expenses

49.7

45.0

37.0

27.5

21.6

    Impairment Loss

0.5

0.1

0.1

0.2

0.0

Total Operating Expense

317.2

319.5

312.2

204.6

177.5

 

 

 

 

 

 

    Interest Income

0.6

0.4

0.3

0.5

0.7

    Gain on Sale of Financial Assets

0.1

0.2

3.3

0.3

0.9

    Gain on Sale of Fixed Assets

-

0.0

0.0

0.0

0.0

    Revaluation Loss on Financial Assets

0.0

-0.1

-

-

-

    Gain on Fncl. Asts. Valuation

0.2

-

0.4

0.4

0.0

    Gain/Loss on Foreign Exchange

-0.4

0.8

-0.8

0.0

0.3

    Dividend Income

-

0.1

0.1

0.0

0.2

    Subsidy Income

-

-

-

0.0

0.4

    Rental Income

0.2

0.1

-

0.0

0.0

    Miscellaneous Income

0.4

0.2

0.3

0.2

0.6

    Loss on Equity Investments

-

-

0.0

-0.1

-0.1

    Interest Expense

0.0

0.0

0.0

0.0

0.0

    Loss on Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Disbursements

-0.7

-0.2

-0.3

-0.1

-0.2

Net Income Before Taxes

64.2

60.3

76.5

50.6

45.9

 

 

 

 

 

 

Provision for Income Taxes

6.8

8.9

7.5

3.9

3.4

Net Income After Taxes

57.5

51.4

69.0

46.7

42.5

 

 

 

 

 

 

    Minority Interest

0.2

0.7

0.3

0.1

0.1

Net Income Before Extra. Items

57.6

52.1

69.3

46.8

42.6

Net Income

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

57.6

52.1

69.3

46.8

42.6

 

 

 

 

 

 

Basic Weighted Average Shares

148.5

148.5

149.5

148.4

147.4

Basic EPS Excluding ExtraOrdinary Items

0.39

0.35

0.46

0.32

0.29

Basic EPS Including ExtraOrdinary Items

0.39

0.35

0.46

0.32

0.29

Dilution Adjustment

0.0

0.0

-

0.0

0.0

Diluted Net Income

57.6

52.1

69.3

46.8

42.6

Diluted Weighted Average Shares

151.7

152.5

152.2

150.5

150.7

Diluted EPS Excluding ExtraOrd Items

0.38

0.34

0.46

0.31

0.28

Diluted EPS Including ExtraOrd Items

0.38

0.34

0.46

0.31

0.28

DPS-Ordinary Shares

0.25

0.24

0.32

0.23

0.20

Gross Dividends - Common Stock

37.7

35.4

47.2

34.5

29.8

Normalized Income Before Taxes

64.8

60.4

76.6

50.8

45.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

6.8

8.9

7.5

3.9

3.4

Normalized Income After Taxes

58.0

51.6

69.1

46.9

42.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

58.1

52.2

69.4

46.9

42.6

 

 

 

 

 

 

Basic Normalized EPS

0.39

0.35

0.46

0.32

0.29

Diluted Normalized EPS

0.38

0.34

0.46

0.31

0.28

Interest Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

R&D Expense, Supplemental

49.7

45.0

37.0

27.5

21.6

Depreciation - Operating Cost

2.3

2.2

1.7

1.6

1.6

Depreciation - Operating Expense

1.9

1.8

1.4

1.2

1.3

    Current Tax Payable

-

-

-

3.8

3.1

Current Tax - Total

-

-

-

3.8

3.1

    Deferred Tax

-

-

-

0.1

-0.2

Deferred Tax - Total

-

-

-

0.1

-0.2

    Other Tax

-

-

-

0.0

0.5

Income Tax - Total

-

-

-

3.9

3.4

Service Cost

0.0

0.0

0.0

0.0

0.0

Interest Cost

0.0

0.0

0.0

0.0

0.1

Expected Return on Plan Asset

0.0

0.0

0.0

0.0

0.0

Amortization

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.0

0.0

0.0

0.0

0.1

Defined Contribution Expense

1.5

1.3

1.0

0.8

0.7

Total Pension Expense

1.5

1.4

1.0

0.8

0.8

Discount Rate

1.75%

2.00%

2.25%

2.50%

2.50%

Rate of Compensation Increase

5.00%

3.50%

3.50%

3.50%

3.50%

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
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash

97.1

71.1

81.7

49.9

49.8

    Fncl. Asts. at Fair Value, Current

0.0

0.1

0.1

0.0

-

    Financial Assets-Available for Sale, Cur

15.1

18.2

20.9

32.1

14.4

    Notes & Accounts Receivable

67.9

63.1

66.5

53.8

31.0

    Provision for Sales Return and Discount

-0.6

-1.0

-0.6

-0.5

-0.5

    Provision for Doubtful Accounts

-0.1

-0.1

-0.1

-0.1

-0.1

    Other Financial Assets - Current

0.1

0.1

0.1

0.0

0.0

    Finished Goods

17.7

18.3

24.5

26.5

16.9

    Work-in-Process

12.1

9.6

12.1

9.1

6.2

    Raw Material / Supplies

11.8

13.3

14.9

9.0

11.7

    Provision for Inventory

-

-

-

-

-2.1

    Deferred Income Tax Assets - Current

4.9

1.9

1.4

0.9

3.2

    Prepayment

-

-

-

2.2

2.5

    Prepayment & Other Current Assets

5.6

4.0

4.1

-

-

Total Current Assets

231.6

198.6

225.6

183.0

133.0

 

 

 

 

 

 

    Long Term Equity Investment

-

-

0.0

0.0

1.2

    Fin. Assets-for Sale,Non-Current

0.8

0.9

2.6

-

-

    Debt Invest. Non-Active, Non-current

0.9

0.8

-

-

-

    Financial Assets - Cost Method

1.7

2.5

3.5

5.8

4.2

    Land

11.3

10.8

11.2

2.8

2.7

    Buildings and Structures

11.3

10.8

11.3

5.9

5.9

    Machinery and Equipment

17.6

7.9

7.3

5.4

5.9

    Testing Equipment

4.0

3.8

2.8

2.4

2.3

    Office Equipment

4.2

3.8

3.4

2.4

2.3

    Leasehold Improvements

0.7

0.8

0.8

0.3

0.4

    Miscellaneous Equipment

0.2

1.3

1.2

1.0

0.9

    Accumulated Depreciation

-11.6

-9.1

-7.5

-5.8

-5.2

    Prepayment for Equipment

4.8

2.0

0.6

0.3

0.5

    Goodwill, Net

2.0

1.9

1.1

1.0

-

    Deferred Income Tax Assets

0.0

3.0

4.9

5.5

3.1

    Deferred Charges

12.0

13.3

12.7

9.0

5.9

    Restricted Time Deposit

0.6

0.7

0.4

0.2

0.2

    Prepaid Pension

1.9

1.5

0.3

0.1

-

    Security Deposit Paid

0.9

0.9

0.9

0.8

0.6

Total Assets

295.0

256.2

282.9

220.1

163.7

 

 

 

 

 

 

    Short Term Borrowings

1.0

0.7

-

-

-

    Accounts Payable & Notes Payable

31.0

28.9

38.7

34.5

17.0

    Income Tax Payable

7.6

6.8

8.1

4.7

3.7

    Accrued Payroll & Bonus

8.6

6.9

6.0

4.1

3.0

    Financial Liabilities-Fair Value,Current

0.0

0.0

-

-

-

    Accru.Direc. Remuner. & Employee Boun.

13.6

11.7

17.2

11.4

9.7

    Accrued Expenses & Other Current Liab.

9.4

8.5

10.1

4.5

3.6

Total Current Liabilities

71.2

63.5

80.2

59.1

37.0

 

 

 

 

 

 

    Long Term Accounts Payable

0.1

0.1

0.1

-

-

Total Long Term Debt

0.1

0.1

0.1

-

-

 

 

 

 

 

 

    Accrued Pension Liabilities

-

-

-

0.0

0.1

    Long Term Security Deposits Received

1.1

0.8

0.8

0.9

0.6

    Minority Interest

0.1

0.1

3.1

2.9

0.4

Total Liabilities

72.5

64.6

84.2

62.9

38.1

 

 

 

 

 

 

    Common Stock

51.5

49.4

51.3

44.5

40.8

    Advance Receipt for Common Stock

-

-

-

0.0

0.0

    Capital Surplus, Additional Paid in Capi

13.4

12.8

13.3

12.1

3.4

    Capital Surplus, LT Equity Investments

1.0

0.9

0.9

0.8

0.1

    Legal Reserve

39.2

32.5

26.3

19.1

14.6

    Special Reserve

2.4

1.1

0.3

-

0.0

    Retained Earnings

126.6

105.6

116.4

80.9

66.5

    Translation Adjustment

-1.2

-0.7

-1.2

-0.3

0.2

    Unrealized G/L on Financial Instrumentss

-1.7

-1.6

0.0

0.0

0.1

    Treasury Stock

-8.7

-8.4

-8.7

-

-

Total Equity

222.5

191.6

198.7

157.1

125.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

295.0

256.2

282.9

220.1

163.7

 

 

 

 

 

 

    S/O-Ordinary Shares

148.5

148.5

148.5

149.5

147.5

Total Common Shares Outstanding

148.5

148.5

148.5

149.5

147.5

T/S-Ordinary Shares

1.0

1.0

1.0

0.0

0.0

Full-Time Employees

855

869

775

622

571

Number of Common Shareholders

11,878

12,047

-

8,828

12,164

Operating Lease due in 1 year

2.3

1.9

1.9

1.2

1.2

Operating Lease due in 2 years

1.9

0.8

1.0

0.6

0.3

Operating Lease due in 3 years

0.8

1.8

0.2

0.2

0.1

Operating Lease due in 4 years

0.0

1.2

0.0

0.0

0.0

Operating Lease Payments Due in Year 5

-

-

0.0

-

-

Total Operating Leases, Supplemental

4.9

5.7

3.2

2.0

1.6

Benefit Obligation

3.3

2.2

1.9

1.7

1.6

Fair Value of Plan Assets

2.2

1.7

1.4

1.0

0.8

Funded Status

-1.1

-0.5

-0.5

-0.6

-0.8

Accumulated Benefit Obligation

1.3

1.1

1.0

0.8

0.8

Total Funded Status

-1.1

-0.5

-0.5

-0.6

-0.8

Discount Rate

1.75%

2.00%

2.25%

2.50%

2.50%

Rate of Compensation Increase

5.00%

3.50%

3.50%

3.50%

3.50%

Expected Rate of Return on Plan Assets

1.75%

2.00%

2.00%

2.00%

2.50%

Prepaid Pension Cost

1.9

1.5

0.3

0.1

-

Accrued Pension Liabilities

-

-

-

0.0

-0.1

Net Assets Recognized on Balance Sheet

1.9

1.5

0.3

0.1

-0.1

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

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 with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

57.6

52.1

69.3

46.8

42.6

    Depreciation

4.2

4.0

3.1

2.8

2.8

    Minority Interest

-0.2

-0.7

-0.3

-0.1

-0.1

    Amortization of Deferred Charges

8.4

7.9

5.9

4.0

2.6

    Impairment Loss/Fncl. Asts. Impair. Loss

0.5

0.1

0.1

0.2

-

    Gain on Disposal Financial Assets

-0.1

-0.2

-3.3

-0.3

-0.9

    G/L from Disposal of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Other Expense-Fixed Assets

0.0

0.0

-

-

-

    Loss on Equity Investment

-

-

0.0

0.1

0.1

    Deferred Tax Assets

0.2

1.1

0.7

0.1

-0.2

    Fncl. Asts. at Fair Value

0.0

0.1

0.0

0.0

-

    Prepaid Pension

-0.4

-0.3

-0.2

-

-

    Financial Liabilities-Trading

0.0

0.0

-

-

-

    Notes & Accounts Receivable

-2.5

1.5

-7.0

-21.3

-3.0

    Other Financial Assets

0.0

0.0

0.0

-0.1

0.1

    Inventories

1.4

8.7

-2.4

-10.7

-12.3

    Prepayment and Other Assets

-1.4

-0.1

-1.5

0.0

-0.8

    Accounts Payable & Notes

0.8

-8.6

0.8

16.5

-1.9

    Tax Payable

0.5

-1.1

2.7

0.9

0.4

    Payroll Payable & Bonus

1.3

1.2

1.4

0.9

0.5

    Accru.Direc. Remuner. & Employee Boun.

1.4

-5.0

4.4

10.3

10.1

    Accrued Expenses and Other Assets

-0.3

-0.7

4.2

0.7

1.6

    Accrued Pension Liabilities

-

-

-

-0.2

-0.1

Cash From Operating Activities

71.5

60.1

78.0

50.5

41.4

 

 

 

 

 

 

    Purchase of Financial Assets-Fair Value

0.0

-0.5

-

-

-

    Financial Assets-Fair Value Decrease

0.1

0.4

-

-

-

    Purchase of Finanical Assets for Sale

-91.8

-110.9

-133.6

-181.0

-69.0

    Sale of Financial Assets for Sale

95.9

113.0

147.0

164.3

99.3

    Purchase of LT Equity Investment

-

-

-

0.0

-1.3

    Restricted Time Deposits

0.1

-0.3

-0.2

0.0

-0.1

    Purchase of Financial Assets-Cost Method

0.0

-0.1

-0.3

-0.7

-0.8

    Disposal of Financial Assets-Cost Method

0.3

0.1

3.7

-

-

    Prepayment for LT Investment

-

-

0.0

-1.0

-

    Sale of Long Term Investment

-

-

0.0

1.3

-

    Capital Expenditure

-12.3

-6.8

-16.4

-2.0

-9.2

    Disposal of Fixed Assets

0.0

0.0

0.0

0.2

0.0

    Deferred Charges

-6.6

-9.1

-8.5

-6.3

-4.8

    Sale of Deferred Charges

-

-

-

0.0

0.0

    Other Assets

-

-0.9

-

-

-

    Security Deposit Paid

0.0

0.0

0.0

-0.2

0.0

    Gain from Consolidation

-

-

-

1.0

-

    Goodwill Increase

0.0

-1.0

-

-

-

Cash From Investing Activities

-14.2

-16.2

-8.2

-24.4

14.1

 

 

 

 

 

 

    Short Term Borrowings Increase

0.3

0.7

-

-

-

    Security Deposit Received

0.2

0.0

-0.2

0.3

-1.0

    Cash Paid for Directors Remuneration

-

-

-

0.0

-0.6

    Cash Dividend Paid

-35.1

-50.5

-36.2

-28.4

-32.1

    Cash Paid for Employee's Bonus

-

-

-

0.0

-3.8

    Options Exersice

-

-

0.0

0.1

0.1

    Minority Interest

0.2

-2.3

0.4

1.0

0.6

    Repurchase of Treasury Shares

-

0.0

-8.0

-

-

Cash From Financing Activities

-34.4

-52.2

-44.0

-27.1

-36.8

 

 

 

 

 

 

Foreign Exchange Effects

-0.4

0.4

-0.9

-0.1

0.1

Net Change in Cash

22.5

-7.8

24.9

-1.1

18.8

 

 

 

 

 

 

Net Cash - Beginning Balance

72.8

81.1

50.7

49.5

33.0

Net Cash - Ending Balance

95.2

73.2

75.6

48.4

51.8

    Cash Interest Paid

0.0

0.0

0.0

0.0

0.0

    Cash Taxes Paid

6.7

8.8

4.1

3.0

3.2

 

 

 Financial Health

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

93.5

-7.61%

381.1

1.42%

10.33%

13.21%

Research & Development1 (?)

12.9

2.01%

49.7

11.15%

17.49%

26.54%

Operating Income1 (?)

14.1

-20.19%

63.9

9.49%

4.93%

1.25%

Income Available to Common Excl Extraord Items1 (?)

11.7

-28.68%

57.6

11.35%

3.33%

-0.77%

Basic EPS Excl Extraord Items1 (?)

0.08

-28.68%

0.39

11.35%

3.30%

-1.03%

Capital Expenditures2 (?)

6.3

41.03%

12.3

59.93%

75.85%

31.36%

Cash from Operating Activities2 (?)

29.1

-9.16%

71.5

19.73%

8.22%

6.98%

Free Cash Flow (?)

22.5

-17.32%

60.4

13.80%

3.03%

4.34%

Total Assets3 (?)

312.5

2.56%

295.0

10.33%

6.73%

11.87%

Total Liabilities3 (?)

114.2

-4.45%

72.5

7.58%

1.46%

17.04%

Total Long Term Debt3 (?)

0.0

-

0.1

-0.72%

-

-

Employees3 (?)

-

-

855

-1.61%

11.19%

13.90%

Total Common Shares Outstanding3 (?)

148.5

0.00%

148.5

0.00%

-0.22%

0.61%

1-ExchangeRate: TWD to USD Average for Period

29.875010

 

29.579620

 

 

 

2-ExchangeRate: TWD to USD Average for Period

29.670357

 

29.579620

 

 

 

3-ExchangeRate: TWD to USD Period End Date

30.054810

 

29.011999

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

 

Deferred Charges3 (?)

12.0

13.3

12.7

9.0

5.9

 

3-ExchangeRate: TWD to USD Period End Date

29.011999

30.279000

29.156500

31.985000

32.818000

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin (?)

39.49%

38.25%

38.28%

39.00%

38.45%

Operating Margin (?)

16.76%

15.53%

19.00%

19.49%

19.58%

Pretax Margin (?)

16.85%

15.94%

19.86%

19.91%

20.79%

Net Profit Margin (?)

15.12%

13.77%

17.98%

18.40%

19.30%

Financial Strength

Current Ratio (?)

3.25

3.13

2.81

3.10

3.59

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.01

0.00

0.00

0.00

0.00

Management Effectiveness

Return on Assets (?)

20.83%

18.89%

28.44%

24.84%

26.12%

Return on Equity (?)

27.81%

26.40%

40.35%

33.77%

33.37%

Efficiency

Receivables Turnover (?)

5.89

5.85

6.71

6.22

7.33

Inventory Turnover (?)

5.56

4.99

5.12

4.10

4.88

Asset Turnover (?)

1.38

1.39

1.59

1.35

1.36

Market Valuation USD (mil)

P/E (TTM) (?)

13.17

.

Enterprise Value2 (?)

541.8

Price/Sales (TTM) (?)

1.79

.

Enterprise Value/Revenue (TTM) (?)

1.47

Price/Book (MRQ) (?)

3.30

.

Enterprise Value/EBITDA (TTM) (?)

8.06

Market Cap as of 11-Oct-20131 (?)

674.4

.

 

 

1-ExchangeRate: TWD to USD on 11-Oct-2013

29.375008

 

 

 

2-ExchangeRate: TWD to USD on 30-Jun-2013

30.054810

 

 

 

 

 

 Annual Ratios

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio (?)

3.25

3.13

2.81

3.10

3.59

Quick/Acid Test Ratio (?)

2.52

2.38

2.10

2.29

2.56

Working Capital1 (?)

160.4

135.1

145.4

123.9

95.9

Long Term Debt/Equity (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Equity (?)

0.01

0.00

0.00

0.00

0.00

Long Term Debt/Total Capital (?)

0.00

0.00

0.00

0.00

0.00

Total Debt/Total Capital (?)

0.01

0.00

0.00

0.00

0.00

Payout Ratio (?)

65.35%

67.92%

68.49%

73.19%

69.66%

Effective Tax Rate (?)

10.53%

14.69%

9.82%

7.73%

7.44%

Total Capital1 (?)

223.7

192.4

198.8

157.1

125.6

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.38

1.39

1.59

1.35

1.36

Inventory Turnover (?)

5.56

4.99

5.12

4.10

4.88

Days In Inventory (?)

65.61

73.10

71.34

89.08

74.80

Receivables Turnover (?)

5.89

5.85

6.71

6.22

7.33

Days Receivables Outstanding (?)

61.97

62.36

54.43

58.66

49.79

Revenue/Employee2 (?)

454,448

422,434

537,318

421,924

371,509

Operating Income/Employee2 (?)

76,187

65,595

102,096

82,222

72,743

EBITDA/Employee2 (?)

81,200

70,046

106,449

86,935

77,506

 

 

 

 

 

 

Profitability

Gross Margin (?)

39.49%

38.25%

38.28%

39.00%

38.45%

Operating Margin (?)

16.76%

15.53%

19.00%

19.49%

19.58%

EBITDA Margin (?)

17.87%

16.58%

19.81%

20.60%

20.86%

EBIT Margin (?)

16.76%

15.53%

19.00%

19.49%

19.58%

Pretax Margin (?)

16.85%

15.94%

19.86%

19.91%

20.79%

Net Profit Margin (?)

15.12%

13.77%

17.98%

18.40%

19.30%

R&D Expense/Revenue (?)

13.05%

11.91%

9.59%

10.81%

9.77%

COGS/Revenue (?)

60.51%

61.75%

61.72%

61.00%

61.55%

SG&A Expense/Revenue (?)

9.54%

10.78%

9.66%

8.63%

9.10%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

20.83%

18.89%

28.44%

24.84%

26.12%

Return on Equity (?)

27.81%

26.40%

40.35%

33.77%

33.37%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.41

0.34

0.45

0.33

0.21

Operating Cash Flow/Share 2 (?)

0.49

0.39

0.57

0.35

0.27

1-ExchangeRate: TWD to USD Period End Date

29.011999

30.279

29.1565

31.985

32.818

2-ExchangeRate: TWD to USD Average for Period

29.011999

30.279

29.1565

31.985

32.818

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

13.26

Market Cap/Equity (MRQ) (?)

3.32

Market Cap/Revenue (TTM) (?)

1.79

Market Cap/EBIT (TTM) (?)

11.29

Market Cap/EBITDA (TTM) (?)

9.81

Enterprise Value/Earnings (TTM) (?)

10.90

Enterprise Value/Equity (MRQ) (?)

2.73

Enterprise Value/Revenue (TTM) (?)

1.47

Enterprise Value/EBIT (TTM) (?)

9.28

Enterprise Value/EBITDA (TTM) (?)

8.06

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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