MIRA INFORM REPORT
|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TSRC CORPORATION |
|
|
|
|
Registered Office : |
18F, 95 Dun Hua South Rd., Section 2
Taipei, 106 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.11.1973 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacture and sale of
synthetic rubber. |
|
|
|
|
No. of Employees : |
1,466 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
TSRC CORPORATION
|
18F, 95 Dun Hua South Rd., Section 2 Taipei, 106 Taiwan
|
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Business Description
TSRC Corporation is principally engaged in the manufacture
and sale of synthetic rubber. The Company's major products include
styrene-butadiene rubber (SBR), for manufacturing tires, shoes, conveyor belts,
sporting goods and toys; butadiene rubber (BR), applied to high-speed tires,
shoes and sporting goods, and thermoplastic elastomer (TPE), applied to shoe
soles, adhesives, hot melts, plastic modifications, asphalt modifications and
others. The Company is also engaged in the production of thermo plastic rubber
(TPR), as well as trading business. The Company primarily distributes its
products in Mainland China, Japan, India, Southeast Asia and the United States.
During the year ended December 31, 2011, the Company obtained approximately
98.49% of its total revenue from the sale of synthetic rubber products. For the
three months ended 31 March 2013, TSRC Corporation revenues decreased 14% to
NT$10.1B. Net income decreased 33% to NT$577.6M. Revenues reflect a decrease in
demand for the Company's products and services due to unfavorable market
conditions. Net income also reflects Miscellaneous Income decrease of 93% to
NT$12.5M (income), Research and Development Expenses increase of 59% to
NT$87.4M (expense).
Industry
|
Industry |
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|
ANZSIC 2006: |
|
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NACE 2002: |
|
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NAICS 2002: |
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|
UK SIC 2003: |
|
|
UK SIC 2007: |
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|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Deputy General Manager-Finance |
|
|
Deputy General Manager-R&D |
|
|
Minghuang Chen |
Head - Accounting |
|
Chairman of the Board |
|
|
Independent Director |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
2 |
14-Mar-2013 |
* number of
significant developments within the last 12 months
News
|
Title |
Date |
|
Government must enable the social
economy to pay a living wage, says TSRC |
20-May-2013 |
|
Telluride Science Research Center
Reveals Plans for Facility |
20-May-2013 |
|
Motorola's longest employee part of
legendary products |
20-May-2013 |
|
15 facts about the voluntary sector
workforce |
14-May-2013 |
|
Rex Features americas Ecolab buys
AkzoNobel... |
29-Apr-2013 |
|
EU car registrations fall
againPHOTO CREDIT: Rex... |
22-Apr-2013 |
Financial Summary
|
As of 31-Mar-2013 |
||||||||||||||||||||||||
|
Stock Snapshot
|
Traded: Taiwan Stock Exchange: 2103 |
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|
As of 17-May-2013 Financials in: TWD |
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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
|
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|||||||||||||||||||||||||||||||||
|
ANZSIC 2006 Codes: |
||
|
1821 |
- |
Synthetic Resin and Synthetic Rubber Manufacturing |
|
19 |
- |
Polymer Product and Rubber Product Manufacturing |
|
3419 |
- |
Other Specialised Industrial Machinery and Equipment
Wholesaling |
|
NACE 2002 Codes: |
||
|
2417 |
- |
Manufacture of synthetic rubber in primary forms |
|
5187 |
- |
Wholesale of other machinery for use in industry, trade
and navigation |
|
2513 |
- |
Manufacture of other rubber products |
|
NAICS 2002 Codes: |
||
|
325212 |
- |
Synthetic Rubber Manufacturing |
|
326299 |
- |
All Other Rubber Product Manufacturing |
|
423840 |
- |
Industrial Supplies Merchant Wholesalers |
|
US SIC 1987: |
||
|
2822 |
- |
Synthetic Rubber (Vulcanizable Elastomers) |
|
5085 |
- |
Industrial Supplies |
|
3069 |
- |
Fabricated Rubber Products, Not Elsewhere Classified |
|
UK SIC 2003: |
||
|
2417 |
- |
Manufacture of synthetic rubber in primary forms |
|
5187 |
- |
Wholesale of other machinery for use in industry, trade
and navigation |
|
2513 |
- |
Manufacture of other rubber products |
|
UK SIC 2007: |
||
|
2017 |
- |
Manufacture of synthetic rubber in primary forms |
|
2219 |
- |
Manufacture of other rubber products |
|
4669 |
- |
Wholesale of other machinery and equipment |
TSRC Corporation is principally engaged in the manufacture and
sale of synthetic rubber. The Company's major products include
styrene-butadiene rubber (SBR), for manufacturing tires, shoes, conveyor belts,
sporting goods and toys; butadiene rubber (BR), applied to high-speed tires,
shoes and sporting goods, and thermoplastic elastomer (TPE), applied to shoe
soles, adhesives, hot melts, plastic modifications, asphalt modifications and
others. The Company is also engaged in the production of thermo plastic rubber
(TPR), as well as trading business. The Company primarily distributes its
products in Mainland China, Japan, India, Southeast Asia and the United States.
During the year ended December 31, 2011, the Company obtained approximately
98.49% of its total revenue from the sale of synthetic rubber products. For the
three months ended 31 March 2013, TSRC Corporation revenues decreased 14% to
NT$10.1B. Net income decreased 33% to NT$577.6M. Revenues reflect a decrease in
demand for the Company's products and services due to unfavorable market
conditions. Net income also reflects Miscellaneous Income decrease of 93% to
NT$12.5M (income), Research and Development Expenses increase of 59% to
NT$87.4M (expense).
More Business Descriptions
TSRC Corporation (TSRC) is a synthetic rubber products
manufacturing company, based in Taiwan. TSRC operates through 3 business
segments namely, Synthetic Rubber business; Applied Polymers Business; and
Innovative Products Service. Its product portfolio consists of
Styrene-Butadiene Rubber (SBR), Butadiene Rubber (BR), Thermoplastic Elastomer
(TPE) and Thermal Plastic Rubber (TPR). These products are offered through two
business areas namely synthetic rubber business and applied polymer
business.TSRC through its Synthetic rubber business division offers SBR, BR and
TPE. The company's SBR product is heavily used as a material in auto tires,
shoe soles, conveyor belts, the tracks of tanks and tractors, exercise
equipment, toys etc. SBR offered by the company is manufactured in its
Kaohsiung plant SBR plant. TSRC has the annual capacity to produce 100,000
metric tons of SBR.Butadiene rubber (BR) offered by the company principally
finds its usage in high-speed radial tire production and high-impact
polystyrene (HIPS) modification. The company manufactures BR in its plant
situated at Kaohsiung. TSRC has the annual capacity to produce 54,000 metric
tonnes of BR.The company's TPE products comprise SBC with butadiene as the
other monomer and SIS using isoprene as the other monomer and SEBC. TPE
products of TSRC are used in shoe soles, asphalt modification, plastic
modification, and hot-melt adhesives. The company's SBR, BR and TPE products
are marketed through the brand TAIPOL. During the fiscal year ended 2011, the
company generated 98.49% of its revenue from the sale of SBR, BR and TPE
products.TSRC through its applied polymers business offers thermal plastic
rubber (TPR) composed principally of SBS or SEBS. These products are sold under
the brand name T-Blend. This high-performance, environmentally friendly
material finds its usage in various fields such as daily-use items, super-soft
gels, halogen free flame-retardant wire & cable application, SEBS foaming
materials, window and refrigerator door gaskets, and elastomeric films. During
the fiscal year ended 2010, the company earned 1.04% of its revenue from the
sale of its TPR material. TSRC carries out continuous research and development
activities to launch new products in the field of synthetic rubber. The company
has 7 filed patents and 13 patent applications. The company's products are
distributed across China, Japan, South East Asia, the US and Europe. The
company's major subsidiaries are Shen Hua Chemical Industrial Co. Ltd., TSRC
Shanghai Industries Ltd., TSRC (Jinan) Industries Ltd., TSRC (Nantong)
Industries Ltd., TSRC-UBE (Nantong) Chemical Industrial Co. Ltd.In December
2010, the company acquired the US based company Dexco Polymers. During March, 2010,
TSRC announced to establish a new China-based subsidiary, a glue industry
company, with registered capital of USD 24.8 million. In addition in 2010, the
company entered into an agreement with Indian Oil Corporation Limited To Set Up
Synthetic Rubber Plant in Panipat, India.TSRC’s production facilities and
service teams are located in China (Nantong in Jiangsu, Jinan in Shandong and
Song-Jiang in Shanghai), Thailand, India and others to meet the customer
requirements.TSRC was incorporated in the year 1973 and was formerly known as
Taiwan Synthetic Rubber Corp. TSRC’s manufacturing plants are certified with
ISO 9001 and 14001. TSRC is headquartered in Taipei, Taiwan.
TSRC Corporation (TSRC) is synthetic rubber company, based
in Taiwan. The company operates in two business areas namely synthetic rubber
business and applied polymer business. TSRC’s principal products include
styrene-butadiene rubber (SBR), butadiene rubber (BR), thermoplastic elastomer
(TPE), Nitrile-butadiene rubber (NBR), and thermal plastic rubber (TPR).
Products offered by TSRC are significantly used in shoe soles, adhesives, hot
melts, plastic modifications, asphalt modifications and others. TSRC’s
products are distributed across China, Japan, South East Asia, the US and
Europe. Its products has ISO 9001 and 14001 international certifications. The
company was established in the year1973.TSRC is headquartered in Taipei,
Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 55,075.32
million during the fiscal year ended December 2011, an increase of 50.13% over
2010. The operating profit of the company was TWD 10,300.62 million during the
fiscal year 2011, an increase of 104.74% over 2010. The net profit of the
company was TWD 5,741.77 million during the fiscal year 2011, an increase of
75.10% over 2010.
Resin and Synthetic Rubber Manufacturing
|
|
|
Quote Symbol: |
2103 |
|
Exchange: |
Taiwan Stock Exchange |
|
Currency: |
TWD |
|
Stock Price: |
59.8 |
|
Stock Price Date: |
05-17-2013 |
|
52 Week Price Change %: |
-6.4 |
|
Market Value (mil): |
47,026,152.0 |
|
|
|
|
SEDOL: |
6870876 |
|
ISIN: |
TW0002103009 |
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Equity and Dept Distribution: |
|
|
FY'01-02 financials are reclassified. Employee numbers
prior to FY'02 reflect Parent company only. 07/2006, 6.5% stock dividend.
FY'08 Q2 I/S, B/S are reclassified, C/F is restated. FY'08 Q3 B/S is
reclassified,CF is restated. FY'09 Q3 I/S and CF is reclassified. FY'09 C/F
is being CLA. FY'09 Q4 I/S is being CLA. |
|
|
The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives
and supplied Chinese customers with nitrile butadiene rubber
produced at Lanxess’s La Wantzenau site in France until the start-up of the Nantong
plant. The new plant is built on an area of around 40,000sq m and is located in
the Nantong Economic and Technological Development zone in Jiangsu province,
northwest of Shanghai. Greater China (Mainland China, Hong Kong, Taiwan and
Macao) is a cornerstone of Lanxess’s global growth strategy and the company is targeting more than
€1 billion sales there in 2012. All of Lanxess’s 13 business units are
represented at 10 sites in Greater China, with close to 1,000 employees in
total.Apr 10, 2012IOC Builds SBR Unit In Panipat, IndiaIndian Oil Corporation
Limited (IOC) has set up its INR9 billion styrene butadiene rubber (SBR) unit
at the Panipat petro hub, Economic Times reported. The equity participation in
the JV project is IOC (50%), TRSC Corporation (30%) and Marubeni Corporation
(20%).
Estimate the demand for synthetic rubber in the Asian region
will continue to moderate growth, the company is still setting the annual
target of full capacity sales, strengthen the control of raw materials and
energy costs, in order to successfully reach a profit target. In new investment
projects, the the Nantong NBR joint venture plant will be completed on schedule
by adding operating ESBR, India, Nantong, the SIS, SEBS and Taiwan Yiu, petrochemical,
and other new construction will facilitate the implementation of in accordance
with the planned schedule and budget. The future development of the company strategy: To expand public investment in
the original operation on the basis of the continuous development of
environmental protection and energy saving materials and high quality products
to obtain higher efficiency, the Company continued to record operating success,
support and encouragement to return to all shareholdersGlobalData uses a range
of research techniques to gather and verify its information and analysis. These
include primary research, in-house knowledge and expertise, proprietary
databases, and secondary sources such as company websites, annual reports, SEC
filings and press releases. Disclaimer: No part of this publication may be
reproduced, stored in a retrieval system or transmitted in any form by any
means, electronic, mechanical, photocopying, recording or otherwise, without
the prior permission of the publisher, GlobalData.
Corporate Family
Corporate Structure News
Total Corporate Family Members: 2
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Taipei |
Taiwan |
Chemicals - Plastics and Rubber |
1,533.6 |
1,466 |
|
|
Subsidiary |
Houston, TX |
United States |
Chemicals - Plastics and Rubber |
47.1 |
15 |
Executives Report
Board of
Directors
|
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Chairman of the Board |
Chairman |
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Director |
Director/Board Member |
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Independent Director |
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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|
Director |
Director/Board Member |
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|
Director |
Director/Board Member |
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|
Director |
Director/Board Member |
|
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|
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Executives
|
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|
||||||
|
Deputy General Manager-R&D |
Division Head Executive |
||||||
|
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|
Deputy General Manager-Finance |
Division Head Executive |
|
|||||
|
||||||||
|
Deputy General Manager-Rubber Business Operations |
Division Head Executive |
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|||||
|
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Deputy General Manager-Corporate Planning |
Division Head Executive |
|
|||||
|
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General Manager |
Division Head Executive |
|
|||||
|
||||||||
|
Head - Accounting |
Accounting Executive |
|
|||||
|
TSRC Corp Announces FY 2012 Dividend Payment Mar 14, 2013
|
|
TSRC Corporation Announces FY 2011 Dividend Payment Date Jun 29, 2012
|
News
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Revenue |
1,533.5 |
1,872.8 |
1,162.8 |
668.5 |
980.8 |
|
Sales Returns and Allowances |
-1.5 |
-0.6 |
-0.2 |
-0.7 |
-0.1 |
|
Revenue |
1,532.0 |
1,872.2 |
1,162.7 |
667.7 |
980.7 |
|
Other Revenue |
1.7 |
1.8 |
2.1 |
1.9 |
1.9 |
|
Other Revenue, Total |
1.7 |
1.8 |
2.1 |
1.9 |
1.9 |
|
Total Revenue |
1,533.6 |
1,873.9 |
1,164.7 |
669.6 |
982.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,329.8 |
1,454.4 |
955.7 |
523.4 |
834.0 |
|
Cost of Revenue, Total |
1,329.8 |
1,454.4 |
955.7 |
523.4 |
834.0 |
|
Gross Profit |
202.2 |
417.7 |
207.0 |
144.3 |
146.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
62.3 |
62.4 |
44.0 |
30.1 |
32.0 |
|
Total Selling/General/Administrative Expenses |
62.3 |
62.4 |
44.0 |
30.1 |
32.0 |
|
Research & Development |
11.9 |
10.9 |
5.4 |
3.8 |
6.8 |
|
Impairment-Assets Held for Use |
- |
- |
- |
0.0 |
6.8 |
|
Unusual Expense (Income) |
- |
- |
- |
0.0 |
6.8 |
|
Total Operating Expense |
1,403.9 |
1,527.7 |
1,005.0 |
557.3 |
879.6 |
|
|
|
|
|
|
|
|
Operating Income |
129.7 |
346.2 |
159.7 |
112.3 |
103.0 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
-7.5 |
|
Interest Expense, Net
Non-Operating |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
-7.5 |
|
Interest Income
- Non-Operating |
2.8 |
2.3 |
0.6 |
0.8 |
2.0 |
|
Investment
Income - Non-Operating |
1.2 |
10.8 |
6.9 |
3.9 |
8.9 |
|
Interest/Investment Income -
Non-Operating |
4.0 |
13.1 |
7.5 |
4.7 |
10.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
-3.7 |
6.1 |
2.3 |
-0.3 |
3.4 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
-0.3 |
0.6 |
- |
- |
|
Other Non-Operating Income
(Expense) |
6.9 |
3.1 |
4.2 |
2.6 |
2.6 |
|
Other, Net |
6.9 |
3.1 |
4.2 |
2.6 |
2.6 |
|
Income Before Tax |
132.8 |
355.2 |
166.8 |
114.7 |
109.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
25.3 |
100.7 |
37.0 |
28.4 |
9.3 |
|
Income After Tax |
107.5 |
254.5 |
129.8 |
86.2 |
99.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-20.5 |
-59.2 |
-25.7 |
-15.6 |
-11.9 |
|
Net Income Before Extraord Items |
87.0 |
195.3 |
104.1 |
70.6 |
87.8 |
|
Accounting Change |
0.0 |
0.1 |
- |
- |
- |
|
Total Extraord Items |
0.0 |
0.1 |
- |
- |
- |
|
Net Income |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
87.0 |
195.3 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Basic EPS Excl Extraord Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
Diluted Weighted Average Shares |
787.0 |
787.4 |
788.4 |
788.3 |
788.2 |
|
Diluted EPS Excl Extraord Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Diluted EPS Incl Extraord Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.15 |
0.09 |
0.08 |
0.07 |
|
Gross Dividends - Common Stock |
69.1 |
121.6 |
72.2 |
63.0 |
60.9 |
|
Interest Expense, Supplemental |
7.7 |
7.0 |
5.2 |
5.0 |
7.5 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
-0.6 |
-2.3 |
|
Depreciation, Supplemental |
25.5 |
23.0 |
21.5 |
19.6 |
15.5 |
|
Total Special Items |
0.2 |
0.3 |
-0.6 |
0.0 |
6.8 |
|
Normalized Income Before Tax |
132.9 |
355.5 |
166.2 |
114.7 |
115.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.1 |
-0.1 |
0.0 |
0.6 |
|
Inc Tax Ex Impact of Sp Items |
25.3 |
100.8 |
36.9 |
28.4 |
9.9 |
|
Normalized Income After Tax |
107.6 |
254.7 |
129.3 |
86.2 |
106.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
87.2 |
195.5 |
103.6 |
70.6 |
94.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.11 |
0.25 |
0.13 |
0.09 |
0.12 |
|
Diluted Normalized EPS |
0.11 |
0.25 |
0.13 |
0.09 |
0.12 |
|
Amort of Intangibles, Supplemental |
2.5 |
3.2 |
0.6 |
0.7 |
0.8 |
|
Research & Development Exp, Supplemental |
11.9 |
10.9 |
5.4 |
3.8 |
6.8 |
|
Normalized EBIT |
129.7 |
346.2 |
159.7 |
112.3 |
109.9 |
|
Normalized EBITDA |
157.7 |
372.4 |
181.8 |
132.6 |
126.1 |
|
Current Tax - Total |
32.1 |
75.8 |
31.2 |
20.0 |
25.3 |
|
Current Tax - Total |
32.1 |
75.8 |
31.2 |
20.0 |
25.3 |
|
Deferred Tax - Total |
-9.8 |
24.8 |
5.7 |
6.4 |
-16.0 |
|
Deferred Tax - Total |
-9.8 |
24.8 |
5.7 |
6.4 |
-16.0 |
|
Domestic Tax - Other |
3.0 |
0.1 |
0.1 |
2.0 |
0.0 |
|
Income Tax - Total |
25.3 |
100.7 |
37.0 |
28.4 |
9.3 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
0.4 |
0.5 |
0.6 |
|
Service Cost - Domestic |
0.3 |
0.3 |
0.4 |
0.4 |
0.5 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.5 |
|
Other Pension, Net - Domestic |
0.2 |
0.3 |
0.1 |
-0.1 |
0.5 |
|
Domestic Pension Plan Expense |
0.8 |
0.9 |
0.7 |
0.7 |
1.1 |
|
Defined Contribution Expense - Domestic |
0.6 |
0.5 |
0.4 |
0.3 |
0.5 |
|
Defined Contribution Expense - Foreign |
1.7 |
1.0 |
0.9 |
0.8 |
- |
|
Total Pension Expense |
3.1 |
2.4 |
2.0 |
1.8 |
1.6 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
0.4 |
0.4 |
0.4 |
0.5 |
0.6 |
|
Total Plan Service Cost |
0.3 |
0.3 |
0.4 |
0.4 |
0.5 |
|
Total Plan Expected Return |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.5 |
|
Total Plan Other Expense |
0.2 |
0.3 |
0.1 |
-0.1 |
0.5 |
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
177.4 |
200.0 |
140.5 |
63.5 |
116.9 |
|
Short Term Investments |
9.7 |
10.1 |
6.8 |
47.8 |
4.7 |
|
Cash and Short Term Investments |
187.1 |
210.1 |
147.3 |
111.3 |
121.5 |
|
Accounts
Receivable - Trade, Gross |
148.0 |
196.1 |
141.5 |
86.2 |
84.4 |
|
Provision
for Doubtful Accounts |
0.0 |
0.0 |
-1.4 |
-3.0 |
-3.7 |
|
Trade Accounts Receivable - Net |
148.0 |
196.1 |
140.1 |
83.2 |
80.7 |
|
Notes Receivable - Short Term |
48.5 |
82.4 |
37.8 |
27.3 |
34.3 |
|
Total Receivables, Net |
196.6 |
278.4 |
177.9 |
110.5 |
115.0 |
|
Inventories - Finished Goods |
121.5 |
141.9 |
55.9 |
47.4 |
24.2 |
|
Inventories - Work In Progress |
15.4 |
12.9 |
11.9 |
8.8 |
8.2 |
|
Inventories - Raw Materials |
73.5 |
77.8 |
55.5 |
47.4 |
27.3 |
|
Total Inventory |
210.4 |
232.5 |
123.3 |
103.6 |
59.7 |
|
Prepaid Expenses |
18.8 |
12.5 |
22.7 |
10.6 |
12.6 |
|
Total Current Assets |
612.8 |
733.6 |
471.2 |
335.9 |
308.8 |
|
|
|
|
|
|
|
|
Buildings |
124.0 |
117.9 |
116.1 |
110.2 |
97.2 |
|
Land/Improvements |
12.5 |
12.0 |
11.7 |
12.1 |
15.5 |
|
Machinery/Equipment |
578.6 |
529.5 |
412.0 |
389.8 |
325.4 |
|
Construction
in Progress |
59.4 |
34.7 |
7.1 |
1.6 |
75.1 |
|
Leases |
65.4 |
62.6 |
65.1 |
56.4 |
48.5 |
|
Other
Property/Plant/Equipment |
18.2 |
17.5 |
18.2 |
13.7 |
13.4 |
|
Property/Plant/Equipment - Gross |
858.1 |
774.3 |
630.0 |
583.9 |
575.1 |
|
Accumulated Depreciation |
-462.2 |
-427.3 |
-328.8 |
-291.5 |
-266.7 |
|
Property/Plant/Equipment - Net |
395.9 |
346.9 |
301.2 |
292.4 |
308.4 |
|
Intangibles, Net |
110.0 |
110.0 |
13.1 |
13.6 |
14.2 |
|
LT Investment - Affiliate
Companies |
66.9 |
33.2 |
19.6 |
20.9 |
10.4 |
|
LT Investments - Other |
31.6 |
40.3 |
45.9 |
31.8 |
37.5 |
|
Long Term Investments |
98.5 |
73.5 |
65.5 |
52.6 |
47.9 |
|
Pension Benefits - Overfunded |
0.7 |
0.9 |
1.1 |
1.1 |
1.3 |
|
Other Long Term Assets |
7.7 |
8.1 |
8.1 |
7.2 |
9.8 |
|
Other Long Term Assets, Total |
8.5 |
9.0 |
9.2 |
8.3 |
11.0 |
|
Total Assets |
1,225.7 |
1,272.9 |
860.3 |
702.8 |
690.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
72.1 |
94.5 |
64.4 |
51.0 |
13.5 |
|
Accrued Expenses |
44.5 |
44.2 |
36.4 |
24.1 |
33.5 |
|
Notes Payable/Short Term Debt |
213.5 |
168.5 |
122.1 |
62.0 |
81.9 |
|
Current Portion - Long Term Debt/Capital Leases |
16.1 |
35.2 |
30.0 |
35.3 |
13.7 |
|
Income Taxes Payable |
19.9 |
27.6 |
17.6 |
1.3 |
9.3 |
|
Other Current liabilities, Total |
19.9 |
27.6 |
17.6 |
1.3 |
9.3 |
|
Total Current Liabilities |
366.1 |
370.0 |
270.5 |
173.7 |
151.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
182.4 |
168.1 |
35.6 |
63.0 |
103.0 |
|
Total Long Term Debt |
182.4 |
168.1 |
35.6 |
63.0 |
103.0 |
|
Total Debt |
412.0 |
371.8 |
187.7 |
160.3 |
198.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
31.5 |
37.1 |
19.1 |
13.8 |
3.6 |
|
Deferred Income Tax |
31.5 |
37.1 |
19.1 |
13.8 |
3.6 |
|
Minority Interest |
79.6 |
116.4 |
75.8 |
63.1 |
58.2 |
|
Reserves |
2.0 |
1.9 |
1.9 |
1.8 |
1.7 |
|
Pension Benefits - Underfunded |
6.2 |
4.7 |
5.1 |
3.3 |
3.4 |
|
Other Long Term Liabilities |
12.9 |
7.7 |
7.8 |
5.0 |
4.8 |
|
Other Liabilities, Total |
21.1 |
14.3 |
14.9 |
10.1 |
9.9 |
|
Total Liabilities |
680.7 |
705.9 |
415.8 |
323.6 |
326.6 |
|
|
|
|
|
|
|
|
Common Stock |
271.1 |
236.1 |
222.9 |
203.2 |
198.0 |
|
Common Stock |
271.1 |
236.1 |
222.9 |
203.2 |
198.0 |
|
Additional Paid-In Capital |
2.4 |
2.3 |
2.4 |
2.2 |
2.1 |
|
Retained Earnings (Accumulated Deficit) |
250.6 |
296.7 |
211.5 |
155.3 |
135.8 |
|
Unrealized Gain (Loss) |
0.3 |
0.2 |
0.5 |
0.4 |
-1.0 |
|
Translation Adjustment |
23.7 |
33.1 |
8.8 |
18.1 |
29.0 |
|
Minimum Pension Liability
Adjustment |
-3.1 |
-1.5 |
-1.7 |
0.0 |
-0.1 |
|
Other Equity, Total |
20.7 |
31.6 |
7.2 |
18.1 |
28.9 |
|
Total Equity |
544.9 |
567.0 |
444.5 |
379.2 |
363.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,225.7 |
1,272.9 |
860.3 |
702.8 |
690.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Total Common Shares Outstanding |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
1,466 |
1,366 |
1,296 |
1,134 |
1,161 |
|
Number of Common Shareholders |
- |
49,740 |
57,935 |
60,487 |
63,800 |
|
Accumulated Intangible Amort, Suppl. |
11.3 |
6.9 |
3.5 |
3.1 |
2.5 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
98.3 |
116.6 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
35.3 |
13.7 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
28.6 |
38.2 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
34.3 |
31.5 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
- |
33.3 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
63.0 |
69.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
- |
33.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
0.0 |
0.0 |
|
Interest Costs |
-0.3 |
-0.3 |
-0.2 |
- |
- |
|
Total Capital Leases, Supplemental |
2.5 |
2.6 |
3.0 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
0.5 |
0.5 |
0.5 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.2 |
0.2 |
0.2 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
1.8 |
2.0 |
2.2 |
- |
- |
|
Total Operating Leases, Supplemental |
- |
- |
- |
4.6 |
4.7 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
0.3 |
0.2 |
|
Operating Lease Payments Due in Year 2 |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 3 |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 4 |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
- |
- |
1.8 |
|
Operating Lease Payments Due in Year 6 |
- |
- |
- |
- |
1.8 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
- |
0.6 |
0.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
- |
0.3 |
2.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
3.4 |
1.8 |
|
Pension Obligation - Domestic |
24.5 |
21.6 |
23.1 |
18.7 |
18.9 |
|
Plan Assets - Domestic |
14.7 |
13.6 |
14.2 |
13.3 |
13.3 |
|
Funded Status - Domestic |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
-5.7 |
|
Accumulated Obligation - Domestic |
20.9 |
18.3 |
19.3 |
16.5 |
16.7 |
|
Total Funded Status |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
-5.7 |
|
Discount Rate - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Expected Rate of Return - Domestic |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Compensation Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
0.7 |
0.9 |
1.1 |
1.1 |
1.3 |
|
Accrued Liabilities - Domestic |
-6.2 |
-4.7 |
-5.1 |
-3.3 |
-3.4 |
|
Net Assets Recognized on Balance Sheet |
-5.5 |
-3.9 |
-4.0 |
-2.2 |
-2.1 |
|
Total Plan Obligations |
24.5 |
21.6 |
23.1 |
18.7 |
18.9 |
|
Total Plan Assets |
14.7 |
13.6 |
14.2 |
13.3 |
13.3 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
107.5 |
254.5 |
129.8 |
86.2 |
87.8 |
|
Depreciation |
27.2 |
24.8 |
23.9 |
19.7 |
15.5 |
|
Depreciation/Depletion |
27.2 |
24.8 |
23.9 |
19.7 |
15.5 |
|
Amortization of Intangibles |
4.3 |
3.2 |
0.6 |
0.7 |
0.8 |
|
Amortization |
4.3 |
3.2 |
0.6 |
0.7 |
0.8 |
|
Deferred Taxes |
-9.8 |
24.8 |
5.7 |
3.3 |
-16.0 |
|
Unusual Items |
-0.1 |
0.0 |
-2.1 |
0.1 |
-0.2 |
|
Equity in Net Earnings (Loss) |
-0.3 |
-0.9 |
-1.6 |
-3.6 |
-0.9 |
|
Other Non-Cash Items |
-1.3 |
23.8 |
-0.8 |
-18.6 |
27.9 |
|
Non-Cash Items |
-1.7 |
23.0 |
-4.5 |
-22.1 |
26.8 |
|
Accounts Receivable |
92.2 |
-83.3 |
-52.4 |
7.8 |
30.4 |
|
Inventories |
27.7 |
-78.6 |
-12.1 |
-25.8 |
-12.2 |
|
Prepaid Expenses |
-4.0 |
9.6 |
-10.3 |
2.3 |
1.2 |
|
Other Assets |
0.8 |
-6.4 |
-0.9 |
0.0 |
4.6 |
|
Accounts Payable |
-29.4 |
12.4 |
6.4 |
36.0 |
-27.5 |
|
Accrued Expenses |
-10.4 |
10.3 |
8.6 |
-9.5 |
3.9 |
|
Taxes Payable |
-8.7 |
10.9 |
15.0 |
-8.0 |
-2.0 |
|
Other Liabilities |
4.2 |
8.2 |
0.4 |
-1.0 |
1.7 |
|
Changes in Working Capital |
72.5 |
-116.9 |
-45.3 |
2.0 |
0.1 |
|
Cash from Operating Activities |
200.1 |
213.4 |
110.3 |
89.7 |
114.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-62.0 |
-39.8 |
-10.6 |
-4.0 |
-87.3 |
|
Purchase/Acquisition of
Intangibles |
0.0 |
-7.2 |
-0.1 |
0.0 |
-1.7 |
|
Capital Expenditures |
-62.0 |
-46.9 |
-10.7 |
-4.0 |
-89.0 |
|
Sale of Fixed Assets |
0.6 |
0.5 |
1.6 |
4.2 |
0.4 |
|
Sale/Maturity of Investment |
24.4 |
33.1 |
62.4 |
25.9 |
21.8 |
|
Investment, Net |
1.9 |
-0.8 |
-1.7 |
0.0 |
0.2 |
|
Purchase of Investments |
-50.3 |
-44.1 |
-26.0 |
-66.2 |
-4.1 |
|
Sale of Intangible Assets |
- |
- |
0.6 |
0.0 |
- |
|
Other Investing Cash Flow |
2.2 |
-188.7 |
0.8 |
2.6 |
4.9 |
|
Other Investing Cash Flow Items, Total |
-21.3 |
-200.0 |
37.8 |
-33.5 |
23.2 |
|
Cash from Investing Activities |
-83.3 |
-246.9 |
27.2 |
-37.5 |
-65.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.5 |
0.6 |
0.4 |
0.0 |
3.6 |
|
Financing Cash Flow Items |
0.5 |
0.6 |
0.4 |
0.0 |
3.6 |
|
Cash Dividends Paid - Common |
-178.5 |
-99.9 |
-80.3 |
-65.4 |
-117.2 |
|
Total Cash Dividends Paid |
-178.5 |
-99.9 |
-80.3 |
-65.4 |
-117.2 |
|
Short Term
Debt Issued |
3.4 |
- |
- |
- |
- |
|
Short Term Debt, Net |
40.3 |
52.5 |
50.0 |
-19.7 |
43.6 |
|
Long Term
Debt Issued |
38.1 |
173.1 |
0.0 |
- |
67.9 |
|
Long Term
Debt Reduction |
-44.2 |
-28.8 |
-34.4 |
-21.0 |
-16.4 |
|
Long Term Debt, Net |
-6.1 |
144.4 |
-34.4 |
-21.0 |
51.5 |
|
Issuance (Retirement) of Debt, Net |
34.2 |
196.9 |
15.6 |
-40.7 |
95.0 |
|
Cash from Financing Activities |
-143.8 |
97.5 |
-64.3 |
-106.1 |
-18.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.8 |
2.6 |
-7.5 |
-0.9 |
6.2 |
|
Net Change in Cash |
-30.7 |
66.7 |
65.6 |
-54.7 |
36.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
204.7 |
139.4 |
64.5 |
116.1 |
84.8 |
|
Net Cash - Ending Balance |
174.0 |
206.1 |
130.1 |
61.5 |
121.6 |
|
Cash Interest Paid |
7.9 |
4.7 |
4.9 |
6.0 |
7.8 |
|
Cash Taxes Paid |
41.3 |
53.6 |
15.1 |
28.8 |
27.7 |
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 |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
1,533.5 |
1,872.8 |
1,162.8 |
668.5 |
980.8 |
|
Sales Returns |
- |
- |
-0.2 |
-0.4 |
-0.1 |
|
Sales Discounts and Allowances |
-1.5 |
-0.6 |
0.0 |
-0.4 |
0.0 |
|
Other Operating Income |
1.7 |
1.8 |
2.1 |
1.9 |
1.9 |
|
Total Revenue |
1,533.6 |
1,873.9 |
1,164.7 |
669.6 |
982.6 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,328.6 |
1,453.2 |
954.5 |
522.3 |
832.8 |
|
Other Operating Cost |
1.2 |
1.2 |
1.1 |
1.2 |
1.2 |
|
Selling Expenses |
31.9 |
30.7 |
23.0 |
17.3 |
19.3 |
|
General and Administrative
Expenses |
30.3 |
31.6 |
21.0 |
12.7 |
12.7 |
|
Research and Development Expenses |
11.9 |
10.9 |
5.4 |
3.8 |
6.8 |
|
Impairment of Idle Assets |
- |
- |
- |
0.0 |
6.8 |
|
Total Operating Expense |
1,403.9 |
1,527.7 |
1,005.0 |
557.3 |
879.6 |
|
|
|
|
|
|
|
|
Interest Income |
2.8 |
2.3 |
0.6 |
0.8 |
2.0 |
|
G/L on Equity Investment |
0.3 |
0.9 |
1.6 |
3.6 |
0.9 |
|
Dividend Income |
1.4 |
3.4 |
2.3 |
0.1 |
1.3 |
|
Gain/Loss on Sale of Fixed Assets |
-0.2 |
-0.3 |
0.6 |
- |
- |
|
Gain on Sale of Investments |
- |
0.3 |
1.2 |
0.0 |
6.9 |
|
Gain/Loss on Foreign Exchange |
-0.2 |
6.2 |
1.8 |
0.1 |
-0.2 |
|
Rental Income |
2.5 |
2.5 |
2.3 |
1.8 |
1.7 |
|
Revaluation Gain on Financial
Assets |
- |
- |
0.1 |
0.0 |
0.0 |
|
Miscellaneous Income |
6.0 |
2.4 |
6.1 |
3.2 |
2.9 |
|
Interest Expense |
-7.7 |
-7.0 |
-5.2 |
-5.0 |
-7.5 |
|
Loss on Sale of Investments |
-0.3 |
0.0 |
- |
- |
- |
|
Miscellaneous Disbursements |
-1.6 |
-1.7 |
-4.2 |
-2.3 |
-2.0 |
|
Net Income Before Taxes |
132.8 |
355.2 |
166.8 |
114.7 |
109.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
25.3 |
100.7 |
37.0 |
28.4 |
9.3 |
|
Net Income After Taxes |
107.5 |
254.5 |
129.8 |
86.2 |
99.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-20.5 |
-59.2 |
-25.7 |
-15.6 |
-11.9 |
|
Net Income Before Extra. Items |
87.0 |
195.3 |
104.1 |
70.6 |
87.8 |
|
Accounting Change |
0.0 |
0.1 |
- |
- |
- |
|
Net Income |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
87.0 |
195.3 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Basic EPS Including ExtraOrdinary Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
87.0 |
195.4 |
104.1 |
70.6 |
87.8 |
|
Diluted Weighted Average Shares |
787.0 |
787.4 |
788.4 |
788.3 |
788.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
0.11 |
0.25 |
0.13 |
0.09 |
0.11 |
|
DPS-Common Stock |
0.09 |
0.15 |
0.09 |
0.08 |
0.07 |
|
Gross Dividends - Common Stock |
69.1 |
121.6 |
72.2 |
63.0 |
60.9 |
|
Normalized Income Before Taxes |
132.9 |
355.5 |
166.2 |
114.7 |
115.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
25.3 |
100.8 |
36.9 |
28.4 |
9.9 |
|
Normalized Income After Taxes |
107.6 |
254.7 |
129.3 |
86.2 |
106.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
87.2 |
195.5 |
103.6 |
70.6 |
94.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.11 |
0.25 |
0.13 |
0.09 |
0.12 |
|
Diluted Normalized EPS |
0.11 |
0.25 |
0.13 |
0.09 |
0.12 |
|
Interest Expense, Supplemental |
7.7 |
7.0 |
5.2 |
5.0 |
7.5 |
|
Interest Capitalized |
- |
- |
- |
-0.6 |
-2.3 |
|
R&D Expense, Supplemental |
11.9 |
10.9 |
5.4 |
3.8 |
6.8 |
|
Depreciation - Operating Cost |
21.2 |
19.6 |
19.9 |
17.4 |
13.2 |
|
Depreciation - Operating Expense |
4.3 |
3.4 |
1.6 |
2.2 |
2.3 |
|
Amortization - Operating Cost |
1.3 |
0.1 |
0.0 |
- |
- |
|
Amortization - Operating Expense |
1.3 |
3.1 |
0.6 |
0.7 |
0.8 |
|
Current Tax |
32.1 |
75.8 |
31.2 |
20.0 |
25.3 |
|
Current Tax - Total |
32.1 |
75.8 |
31.2 |
20.0 |
25.3 |
|
Deferred Tax |
-9.8 |
24.8 |
5.7 |
6.4 |
-16.0 |
|
Deferred Tax - Total |
-9.8 |
24.8 |
5.7 |
6.4 |
-16.0 |
|
Tax on Retained Earnings |
3.0 |
0.1 |
0.1 |
2.0 |
0.0 |
|
Income Tax - Total |
25.3 |
100.7 |
37.0 |
28.4 |
9.3 |
|
Service Cost |
0.3 |
0.3 |
0.4 |
0.4 |
0.5 |
|
Interest Cost |
0.4 |
0.4 |
0.4 |
0.5 |
0.6 |
|
Actual Return on Plan Assets |
-0.1 |
-0.2 |
-0.2 |
-0.1 |
-0.5 |
|
Amortization of Unrecognized Cost |
0.2 |
0.3 |
0.1 |
-0.1 |
0.5 |
|
Domestic Pension Plan Expense |
0.8 |
0.9 |
0.7 |
0.7 |
1.1 |
|
Pro. for Defined Contribution Pen. Plan |
0.6 |
0.5 |
0.4 |
0.3 |
0.5 |
|
Defined Contribution Expense - Foreign |
1.7 |
1.0 |
0.9 |
0.8 |
- |
|
Total Pension Expense |
3.1 |
2.4 |
2.0 |
1.8 |
1.6 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
1.50% |
1.50% |
1.50% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
177.4 |
200.0 |
140.5 |
63.5 |
116.9 |
|
Financial Assets-Fair
Value,Current |
- |
- |
- |
0.0 |
0.0 |
|
Fin. Asset for Sale - Current |
- |
- |
2.8 |
45.7 |
2.7 |
|
Other Financial Assets - Current |
9.7 |
10.1 |
4.0 |
2.1 |
2.0 |
|
Notes Receivable |
48.5 |
82.4 |
37.8 |
27.3 |
34.3 |
|
Accounts Receivable, Gross |
148.0 |
196.1 |
141.5 |
86.2 |
84.4 |
|
Provision for Doubful Accounts |
0.0 |
0.0 |
-1.4 |
-3.0 |
-3.7 |
|
Finished Goods |
116.0 |
139.8 |
55.8 |
47.4 |
24.1 |
|
Work-in-Process |
15.4 |
12.9 |
11.9 |
8.8 |
8.2 |
|
Raw Materials |
71.6 |
75.3 |
52.3 |
46.3 |
26.8 |
|
Supplies and Parts |
1.9 |
2.4 |
3.1 |
1.1 |
0.6 |
|
Merchandise |
5.5 |
2.1 |
0.1 |
0.0 |
0.1 |
|
Prepayment and Other Current
Assets |
18.8 |
12.5 |
22.7 |
10.6 |
12.6 |
|
Total Current Assets |
612.8 |
733.6 |
471.2 |
335.9 |
308.8 |
|
|
|
|
|
|
|
|
Financial Asset at Cost - Non
Current |
30.8 |
37.7 |
44.0 |
31.7 |
37.4 |
|
Long Term Equity Investment |
66.9 |
33.2 |
19.6 |
20.9 |
10.4 |
|
Other Financial Assets - Non
Current |
0.8 |
2.6 |
1.9 |
0.1 |
0.1 |
|
Land |
9.9 |
9.5 |
9.8 |
10.4 |
14.0 |
|
Land Improvements |
2.6 |
2.5 |
1.9 |
1.7 |
1.6 |
|
Buildings and Structures |
124.0 |
117.9 |
116.1 |
110.2 |
97.2 |
|
Production Machinery and
Equipments |
569.8 |
508.3 |
392.3 |
367.6 |
312.5 |
|
Transportation Equipment |
1.0 |
1.0 |
0.8 |
0.8 |
0.8 |
|
Office Equipment |
7.8 |
20.2 |
18.8 |
21.5 |
12.1 |
|
Leasehold Assets |
3.3 |
3.1 |
3.2 |
- |
- |
|
Assets Revaluation Increment |
15.0 |
14.4 |
14.9 |
13.7 |
13.4 |
|
Accumulated Depreciation |
-454.9 |
-420.5 |
-322.1 |
-285.5 |
-261.3 |
|
Accumulated Impairment |
-2.7 |
-3.0 |
-3.2 |
-3.4 |
-3.7 |
|
Construc. in Progress & Prepay
for Equip |
59.4 |
34.7 |
7.1 |
1.6 |
75.1 |
|
Deferred Pension Cost |
0.7 |
0.9 |
1.1 |
1.1 |
1.3 |
|
Intangible Assets |
110.0 |
110.0 |
13.1 |
13.6 |
14.2 |
|
Assets for Lease |
65.4 |
62.6 |
65.1 |
56.4 |
48.5 |
|
Accumulated Depre. for Asset for
Lease |
-4.5 |
-3.8 |
-3.5 |
-2.6 |
-1.8 |
|
Idle Assets |
4.1 |
4.0 |
4.1 |
4.2 |
4.1 |
|
Other Long Term Assets |
3.6 |
4.1 |
4.0 |
3.0 |
5.7 |
|
Total Assets |
1,225.7 |
1,272.9 |
860.3 |
702.8 |
690.4 |
|
|
|
|
|
|
|
|
Short Term Borowings |
213.5 |
168.5 |
122.1 |
62.0 |
80.2 |
|
Short Term Notes & Bills
Payable |
12.0 |
8.2 |
- |
- |
- |
|
Notes Payable |
- |
- |
- |
0.0 |
1.7 |
|
Accounts Payable |
- |
- |
- |
48.5 |
13.5 |
|
Notes & Accounts Payable |
58.0 |
77.1 |
53.5 |
- |
- |
|
Accounts Payable - Related Parties |
2.0 |
9.1 |
10.9 |
2.5 |
0.0 |
|
Income Taxes Payable |
19.9 |
27.6 |
17.6 |
1.3 |
9.3 |
|
Current Portion of Long Term Debt |
16.1 |
35.2 |
30.0 |
35.3 |
13.7 |
|
Accrued Expenses and Other Current
Liab. |
44.5 |
44.2 |
36.4 |
24.1 |
33.5 |
|
Total Current Liabilities |
366.1 |
370.0 |
270.5 |
173.7 |
151.9 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
182.4 |
168.1 |
35.6 |
63.0 |
103.0 |
|
Total Long Term Debt |
182.4 |
168.1 |
35.6 |
63.0 |
103.0 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax
Reserve |
2.0 |
1.9 |
1.9 |
1.8 |
1.7 |
|
Accrued Pension Liabilities |
6.2 |
4.7 |
5.1 |
3.3 |
3.4 |
|
Long Term Security Deposits
Received |
3.7 |
3.1 |
2.6 |
2.0 |
1.9 |
|
Deferred Income Tax Liabilities |
31.5 |
37.1 |
19.1 |
13.8 |
3.6 |
|
Other Long Term Liabilities |
9.2 |
4.7 |
5.3 |
3.0 |
2.9 |
|
Minority Interest |
79.6 |
116.4 |
75.8 |
63.1 |
58.2 |
|
Total Liabilities |
680.7 |
705.9 |
415.8 |
323.6 |
326.6 |
|
|
|
|
|
|
|
|
Common Stock |
271.1 |
236.1 |
222.9 |
203.2 |
198.0 |
|
Share Premium |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Paid in Capital |
2.3 |
2.3 |
2.3 |
2.1 |
2.1 |
|
Statutory Reserve |
106.8 |
83.3 |
75.3 |
61.4 |
51.4 |
|
Retained Earnings |
143.8 |
213.4 |
136.2 |
94.0 |
84.4 |
|
Cumulative Translation Adjustment |
23.7 |
33.1 |
8.8 |
18.1 |
29.0 |
|
Unrealized Gain/Loss on Pension
Fund |
-3.1 |
-1.5 |
-1.7 |
0.0 |
-0.1 |
|
Unrealized LT Inv/Fin. Product
Gain/Loss |
- |
- |
0.2 |
0.2 |
-1.2 |
|
Unrealized Assets Revaluation |
0.3 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Total Equity |
544.9 |
567.0 |
444.5 |
379.2 |
363.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,225.7 |
1,272.9 |
860.3 |
702.8 |
690.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
Total Common Shares Outstanding |
786.4 |
786.4 |
786.4 |
786.4 |
786.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amortization |
11.3 |
6.9 |
3.5 |
3.1 |
2.5 |
|
Full-Time Employees |
1,466 |
1,366 |
1,296 |
1,134 |
1,161 |
|
Number of Common Shareholders |
- |
49,740 |
57,935 |
60,487 |
63,800 |
|
LTD Maturing within 1 year |
- |
- |
- |
35.3 |
13.7 |
|
LTD Maturing within 2 years |
- |
- |
- |
28.6 |
38.2 |
|
LTD Maturing within 3 years |
- |
- |
- |
34.3 |
31.5 |
|
LTD Maturing within 4 years |
- |
- |
- |
- |
33.3 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
98.3 |
116.6 |
|
Capital Lease within 1 year |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease within 2 years |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease within 3 years |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.2 |
0.2 |
- |
- |
|
Capital Leases - Remaining Maturities |
1.8 |
2.0 |
2.2 |
- |
- |
|
Interest Costs |
-0.3 |
-0.3 |
-0.2 |
- |
- |
|
Total Capital Leases, Supplemental |
2.5 |
2.6 |
3.0 |
- |
- |
|
Operating Lease within 1 year |
- |
- |
- |
0.3 |
0.2 |
|
Operating Lease within 2 years |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease within 3 years |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease within 4 years |
- |
- |
- |
0.3 |
0.3 |
|
Operating Lease within 6 years |
- |
- |
- |
- |
3.6 |
|
Operating Lease more than 10 Years |
- |
- |
- |
3.4 |
- |
|
Total Operating Leases, Supplemental |
- |
- |
- |
4.6 |
4.7 |
|
Accumulated Benefit Obligation |
20.9 |
18.3 |
19.3 |
16.5 |
16.7 |
|
Benefit Obligation |
24.5 |
21.6 |
23.1 |
18.7 |
18.9 |
|
Fair Value of Plan Assets |
14.7 |
13.6 |
14.2 |
13.3 |
13.3 |
|
Funded Status |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
-5.7 |
|
Total Funded Status |
-9.8 |
-8.0 |
-8.9 |
-5.4 |
-5.7 |
|
Discount Rate |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Rate of Compensation Increase |
1.50% |
1.50% |
1.50% |
1.00% |
1.00% |
|
Expected Rate of Return on Plan Assets |
1.75% |
2.00% |
1.75% |
2.25% |
2.50% |
|
Deferred Pension Cost |
0.7 |
0.9 |
1.1 |
1.1 |
1.3 |
|
Accrued Pension Liabilities |
-6.2 |
-4.7 |
-5.1 |
-3.3 |
-3.4 |
|
Net Assets Recognized on Balance Sheet |
-5.5 |
-3.9 |
-4.0 |
-2.2 |
-2.1 |
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 |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
107.5 |
254.5 |
129.8 |
86.2 |
87.8 |
|
Depreciation |
27.2 |
24.8 |
23.9 |
19.7 |
15.5 |
|
Minority Interest |
- |
- |
- |
- |
11.9 |
|
Amortization of Intangibles |
4.3 |
3.2 |
0.6 |
0.7 |
0.8 |
|
Provision for Bad Debts |
0.0 |
-1.4 |
-1.7 |
-0.7 |
-1.3 |
|
Unrealized Gain from Sale of
Investment |
- |
- |
- |
-0.5 |
-0.3 |
|
Prov. for Inventory Devaluation
& Obsol. |
-1.2 |
3.9 |
-0.1 |
-17.4 |
17.3 |
|
Impairment Loss |
- |
- |
- |
- |
6.8 |
|
Depreciation of Assets for Lease |
- |
- |
- |
- |
0.4 |
|
Unrealized Loss on Foreign
Exchange |
- |
- |
- |
- |
-0.2 |
|
Cash Dividend from Equity
Investment |
0.0 |
0.8 |
1.0 |
0.0 |
- |
|
G/L on Sale of Fixed Assets |
0.2 |
0.3 |
-0.6 |
0.1 |
-0.1 |
|
G/L on Sale of Intangible Assets |
- |
- |
-0.3 |
0.0 |
- |
|
Unreal. Valu. G/L on Fin. Assets
& Liabi |
- |
- |
- |
0.0 |
0.0 |
|
Net Gain on Sale of Investments |
0.3 |
-0.3 |
-1.2 |
0.0 |
-6.9 |
|
Equity Investment Gain/Loss |
-0.3 |
-0.9 |
-1.6 |
-3.6 |
-0.9 |
|
Reversal of Impair. Loss on Idle
Assets |
-0.6 |
- |
- |
- |
- |
|
Other Cash Effect |
- |
20.5 |
- |
- |
- |
|
Deferred Tax |
-9.8 |
24.8 |
5.7 |
- |
-16.0 |
|
Financial Assets-Fair Value,
Current |
- |
- |
0.0 |
0.0 |
- |
|
Notes Receivable |
36.7 |
-47.3 |
-7.3 |
7.6 |
16.3 |
|
Accounts Receivable |
55.6 |
-36.0 |
-45.2 |
0.2 |
14.0 |
|
Accounts Receivable - Related
Parties |
- |
- |
- |
- |
0.0 |
|
Other Financial Assets - Current |
0.8 |
-6.4 |
-0.9 |
0.0 |
4.6 |
|
Inventories |
27.7 |
-78.6 |
-12.1 |
-25.8 |
-12.2 |
|
Prepayment and Other Current
Assets |
-4.0 |
9.6 |
- |
- |
1.2 |
|
Prepaid Expense |
- |
- |
-10.3 |
2.3 |
- |
|
Notes Payable |
- |
8.5 |
1.4 |
-1.7 |
1.7 |
|
Accounts&Notes Payable |
-22.0 |
13.8 |
-1.1 |
33.6 |
-25.4 |
|
Accounts Payable - Related Parties |
-7.4 |
-1.4 |
7.5 |
2.4 |
-2.0 |
|
Tax Payable |
-8.7 |
10.9 |
15.0 |
-8.0 |
-2.0 |
|
Accrued Expenses and Other Current
Liab. |
-10.4 |
10.3 |
8.6 |
-9.5 |
3.9 |
|
Accrued Pension Liabilities |
0.0 |
0.1 |
0.0 |
0.1 |
-0.1 |
|
Deferred Tax Liabilities |
- |
- |
- |
3.3 |
- |
|
Other Liabilities |
4.2 |
-0.4 |
-1.0 |
0.6 |
0.0 |
|
Cash from Operating Activities |
200.1 |
213.4 |
110.3 |
89.7 |
114.9 |
|
|
|
|
|
|
|
|
Disposal of Fixed Assets |
0.6 |
0.5 |
1.6 |
4.2 |
0.4 |
|
Capital Expenditure |
-62.0 |
-39.8 |
-10.6 |
-4.0 |
-87.3 |
|
Disposal of Financial Assets for
Sale |
16.8 |
33.1 |
59.6 |
25.9 |
14.3 |
|
Disposal of Financial Assets-Cost
Method |
7.6 |
- |
- |
0.0 |
7.5 |
|
LT Equity Investment Increase(1) |
-33.9 |
-13.9 |
-10.4 |
0.0 |
- |
|
LT Equity Investment Settlement |
0.0 |
- |
2.8 |
0.0 |
- |
|
Purchase of Financial Assets for
Sale |
-16.5 |
-30.3 |
-15.6 |
-66.2 |
-4.1 |
|
Capital Reduction of Fin. Asset at
Cost |
0.0 |
4.9 |
- |
- |
1.6 |
|
Capital Reduction from Equity
Investment |
0.7 |
- |
1.4 |
- |
7.1 |
|
Intangible Assets Increase |
0.0 |
-7.2 |
-0.1 |
0.0 |
-1.7 |
|
Disposal of Intangible Assets |
- |
- |
0.6 |
0.0 |
- |
|
Other Financial Assets |
1.9 |
-0.8 |
-1.7 |
0.0 |
0.2 |
|
Other Assets |
1.5 |
-1.7 |
-0.6 |
2.6 |
-4.8 |
|
Other Liabilities |
- |
- |
- |
- |
1.1 |
|
Other Cash Flow from Investing
Activitie |
- |
-191.9 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-83.3 |
-246.9 |
27.2 |
-37.5 |
-65.8 |
|
|
|
|
|
|
|
|
Short Term Borrowings, Net |
36.9 |
52.5 |
50.0 |
-19.7 |
43.6 |
|
Short Term Notes&Bills Payable
Increase |
3.4 |
- |
- |
- |
- |
|
Repayment of Corporate Bonds |
- |
0.0 |
0.0 |
- |
-7.9 |
|
Long Term Borrowings Decrease |
-44.2 |
-28.8 |
-34.4 |
-21.0 |
-8.5 |
|
Long Term Borrowings Increase |
38.1 |
173.1 |
0.0 |
- |
67.9 |
|
Cash Dividend - Common Stock |
-178.5 |
-99.9 |
-80.3 |
-65.4 |
-117.2 |
|
Minority Interest |
- |
0.0 |
0.0 |
- |
5.2 |
|
Director Remuneration &
Employee Bonus |
- |
- |
- |
- |
-2.8 |
|
Security Deposit Received |
0.5 |
0.6 |
0.4 |
0.0 |
1.3 |
|
Cash from Financing Activities |
-143.8 |
97.5 |
-64.3 |
-106.1 |
-18.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.8 |
2.6 |
-7.5 |
-0.9 |
6.2 |
|
Net Change in Cash |
-30.7 |
66.7 |
65.6 |
-54.7 |
36.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
204.7 |
139.4 |
64.5 |
116.1 |
84.8 |
|
Net Cash - Ending Balance |
174.0 |
206.1 |
130.1 |
61.5 |
121.6 |
|
Cash Interest Paid |
7.9 |
4.7 |
4.9 |
6.0 |
7.8 |
|
Cash Taxes Paid |
41.3 |
53.6 |
15.1 |
28.8 |
27.7 |
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.63.67 |
|
UK Pound |
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.