MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	FAR EASTERN NEW CENTURY CORPORATION
Registered Office :	36F,Taipei Metro Tower No.207 , Tun Hwa South Road,Sec.2 ,Taipei, 106
Country :	Taiwan
Financials (as on) :	31.12.2012
Date of Incorporation :	26.02.1951
Legal Form :	Public Subsidiary
Line of Business :	Manufacture and sale of fiber and textile products
No. of Employees :	28,557

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 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Taiwan	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

TAIWAN - ECONOMIC OVERVIEW

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

Source : CIA

COMPANY NAME & ADDRESS

FAR EASTERN NEW CENTURY CORPORATION

36F,Taipei Metro Tower No.207

Tun Hwa South Road,Sec.2

Taipei, 106

Taiwan

Tel: 886-2-27338000

Fax: 886-2-27367184

www.fenc.com

SYNTHESIS

Employees: 28,557

Company Type: Public Subsidiary

Corporate Family: 13 Companies

Ultimate Parent: The Far Eastern Group

Traded: Taiwan Stock Exchange: 1402

London Stock Exchange (LON): FETD

Incorporation Date: 26-Feb-1951

Auditor: Deloitte & Touche LLP

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Taiwanese New Dollar

Annual Sales: 8,127.8 ¹

Net Income: 294.6

Total Assets: 11,689.9 ²

Market Value: 5,520.7

(30-Aug-2013)

Business Description

Far Eastern New Century Corporation is principally engaged in the manufacture and sale of fiber and textile products. The Company operates its businesses through polyester division and textile division. Its polyester division provides solid-state polymers, polyester staple fibers, polyester filaments, high denier industrial yarns, drawn textured yarns, polyester chips, polyethylene terephthalate (PET) bottles, PET sheets, PET films and anti-glare films, among others. Its textile division provides cotton yarns, apparels, knitted finished fabrics, industrial fabrics, yarn-dyed fabrics and others. It offers apparels and underwear with brands named F.E.T, Active and Paul Simon and ACTIVE, among others. It distributes its products primarily in Asia, Europe and the America. For the six months ended 30 June 2013, Far Eastern New Century Corporation revenues decreased 2% to NT$118.7B. Net income increased 30% to NT$3.91B. Revenues reflect Real Estate Development segment decrease of 42% to NT$4.16B, Petroleum segment decrease of 4% to NT$25.79B. Net income reflects Gain on Equity Investment increase of 36% to NT$2.39B (income), Miscellaneous Income increase of 47% to NT$820.3M (income).

Industry

Industry Synthetic Chemical Manufacturing

ANZSIC 2006: 1829 - Other Basic Polymer Manufacturing

ISIC Rev 4: 2030 - Manufacture of man-made fibres

NACE Rev 2: 2060 - Manufacture of man-made fibres

NAICS 2012: 325220 - Artificial and Synthetic Fibers and Filaments Manufacturing

UK SIC 2007: 2060 - Manufacture of man-made fibres

US SIC 1987: 2824 - Manmade Organic Fibers, Except Cellulosic

 Key Executives

Name	Title
Xiaoyi Wang	Chief Executive Officer-Public Welfare in Chairman's Office, Director
Jiancheng Wang	Chief Financial Officer-General Manager's Office
Yuxian Zeng	General Manager-Fiber Operations
Chengyu Zheng	General Manager-Administration
Douglas Tong Hsu	Chairman & CEO

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.14	2.22
Quick Ratio (MRQ)	0.91	1.09
Debt to Equity (MRQ)	1.12	1.83
Sales 5 Year Growth	7.98	-1.82
Net Profit Margin (TTM) %	5.50	1.34
Return on Assets (TTM) %	3.64	1.80
Return on Equity (TTM) %	5.81	6.70

Stock Snapshot

Traded: Taiwan Stock Exchange: 1402

As of 30-Aug-2013

   Financials in: TWD

Recent Price	32.15	EPS	1.90
52 Week High	34.22	Price/Sales	0.69
52 Week Low	28.92	Dividend Rate	1.27
Avg. Volume (mil)	4.65	Price/Earnings	24.92
Market Value (mil)	165,412.30	Price/Book	1.50
		Beta	1.01

	Price % Change	Rel S&P 500%
4 Week	-2.69%	-1.75%
13 Week	2.64%	5.62%
52 Week	4.27%	-4.18%
Year to Date	-0.93%	-4.91%

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
36F,Taipei Metro Tower No.207
Tun Hwa South Road,Sec.2
Taipei, 106
Taiwan

Tel:	886-2-27338000
Fax:	886-2-27367184

www.fenc.com

Quote Symbol - Exchange
1402 - Taiwan Stock Exchange
Sales TWD(mil):	240,417.0
Assets TWD(mil):	339,147.6
Employees:	28,557
Fiscal Year End:	31-Dec-2012

Industry:	Chemicals - Plastics and Rubber

Incorporation Date:	26-Feb-1951
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Previous Name:	Far Eastern Textile Ltd

Chief Executive Officer-Public Welfare in Chairman's Office, Director:	Xiaoyi Wang

Industry Codes

ANZSIC 2006 Codes:
1829	-	Other Basic Polymer Manufacturing
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing
1340	-	Knitted Product Manufacturing
1312	-	Natural Textile Manufacturing
1911	-	Polymer Film and Sheet Packaging Material Manufacturing
1912	-	Rigid and Semi-Rigid Polymer Product Manufacturing

ISIC Rev 4 Codes:
2030	-	Manufacture of man-made fibres
2013	-	Manufacture of plastics and synthetic rubber in primary forms
1312	-	Weaving of textiles
1399	-	Manufacture of other textiles n.e.c.
1311	-	Preparation and spinning of textile fibres
2220	-	Manufacture of plastics products
1410	-	Manufacture of wearing apparel, except fur apparel
1430	-	Manufacture of knitted and crocheted apparel

NACE Rev 2 Codes:
2060	-	Manufacture of man-made fibres
2016	-	Manufacture of plastics in primary forms
1396	-	Manufacture of other technical and industrial textiles
1320	-	Weaving of textiles
1310	-	Preparation and spinning of textile fibres
2221	-	Manufacture of plastic plates, sheets, tubes and profiles
2222	-	Manufacture of plastic packing goods
1414	-	Manufacture of underwear
1439	-	Manufacture of other knitted and crocheted apparel

NAICS 2012 Codes:
325220	-	Artificial and Synthetic Fibers and Filaments Manufacturing
325211	-	Plastics Material and Resin Manufacturing
313240	-	Knit Fabric Mills
313210	-	Broadwoven Fabric Mills
313110	-	Fiber, Yarn, and Thread Mills
326113	-	Unlaminated Plastics Film and Sheet (except Packaging) Manufacturing
326160	-	Plastics Bottle Manufacturing
315190	-	Other Apparel Knitting Mills

US SIC 1987:
2824	-	Manmade Organic Fibers, Except Cellulosic
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers
2259	-	Knitting Mills, Not Elsewhere Classified
2254	-	Knit Underwear and Nightwear Mills
2211	-	Broadwoven Fabric Mills, Cotton
3081	-	Unsupported Plastics Film and Sheet
2253	-	Knit Outerwear Mills
3085	-	Plastics Bottles
2281	-	Yarn Spinning Mills
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills

UK SIC 2007:
2060	-	Manufacture of man-made fibres
2016	-	Manufacture of plastics in primary forms
1396	-	Manufacture of other technical and industrial textiles
1320	-	Weaving of textiles
2222	-	Manufacture of plastic packing goods
1310	-	Preparation and spinning of textile fibres
2221	-	Manufacture of plastic plates, sheets, tubes and profiles
1414	-	Manufacture of underwear
1439	-	Manufacture of other knitted and crocheted apparel

Business Description

Far Eastern New Century Corporation is principally engaged in the manufacture and sale of fiber and textile products. The Company operates its businesses through polyester division and textile division. Its polyester division provides solid-state polymers, polyester staple fibers, polyester filaments, high denier industrial yarns, drawn textured yarns, polyester chips, polyethylene terephthalate (PET) bottles, PET sheets, PET films and anti-glare films, among others. Its textile division provides cotton yarns, apparels, knitted finished fabrics, industrial fabrics, yarn-dyed fabrics and others. It offers apparels and underwear with brands named F.E.T, Active and Paul Simon and ACTIVE, among others. It distributes its products primarily in Asia, Europe and the America. For the six months ended 30 June 2013, Far Eastern New Century Corporation revenues decreased 2% to NT$118.7B. Net income increased 30% to NT$3.91B. Revenues reflect Real Estate Development segment decrease of 42% to NT$4.16B, Petroleum segment decrease of 4% to NT$25.79B. Net income reflects Gain on Equity Investment increase of 36% to NT$2.39B (income), Miscellaneous Income increase of 47% to NT$820.3M (income).

More Business Descriptions

Manufacture of cotton yarn, blended yarn, piece goods, shirts, underwear, pyjamas, polyester suits; miscellaneous garments from man-made, natural and composite fibres

Textile Fiber Mfr & Sales

Far Eastern New Century Corporation (FENC) is a manufacturer and distributor of fiber and textile products. The company manufactures and sells polyester materials, semi-finished products and finished goods such as cotton, synthetic or blended fabrics, towels and bed sheets, and woven and knitted garments; PET (polyethylene terephthalate) bottles and PET sheets; and natural, synthetic or blended yarns and polyester textured yarns. It also offers yarn, silk and cloth printing and dyeing and manufactures wide-view film, antiglare film, antireflection film and other optical films. The company conducts its business through four divisions such as Petrochemical, Polyester, Textile, and Resources Development. Its Petrochemical division conducts its operations through its subsidiaries such as Oriental Petrochemical Taiwan Co. Ltd., and Oriental Petrochemical (Shanghai) Corporation. The company’s Oriental Petrochemical Taiwan Co. Ltd manufactures and distributes raw material in local PTA industry. Its Oriental Petrochemical (Shanghai) Corporation manufactures and distributes PTA and its by-products.FENC’s Polyester division produces polyester polymer and PET resin. It expands the production of technologically advanced, higher margin products such as SSP products (PET resin) and other specialty textiles that incorporate microfibers, HDI yarns, and PTT yarns. The division is divided into three categories, namely, Staple Fiber, Filament, and Solid State Polyester. Its Staple Fiber provides Spinning, and Nonwoven. The company’s Filament offers TOPGREEN, Elastic Fiber, Micro Fibers, Functional Series, and Industrial Series. The company’s Textile division is divided into four categories, namely, Spun Yarn, Knitting Fabrics, Industrial Fabrics, and Apparel. Spun Yarn provides RING YARN, OE YARN, and SPECIALTY YARN. Its Resources Development division operates through its subsidiary, namely, Far Eastern Resources Development Ltd and Far Eastern Construction Ltd. Far Eastern Resources Development Ltd (FERD) provides land resources, and also develops new land resources. Its projects include Telecom Park (Tpark) in Banchiao area, hyper shopping mall at Wuku area and resort center at Ilan. FENC conducts its operations through its subsidiaries that include Yuan Tong Investment Corp., Far Eastern Resources Development Corp., Far Eastern Construction Co, Kai Yuan Investment Co., An Ho Garment Co., Ltd, Fu Kwok Garment Manufacturing, Oriental Petrochemical (Taiwan), F.E.T.G. Investment Antilles N.V, Yuan Ding Investment Corp, Ding Yuan International Investment Corp., Waldorf Services B.V., Worldwide Polychem (HK) Limited, Wuhan Far Eastern New Material Ltd., Information Security Service Digital United, Samsungvip Co., Ltd., Digital United Information Technology (Shanghai) Co., Ltd., Digital United (Cayman) Ltd., New Century InfoComm Tech Co., Ltd., Wuhan Far Eastern New Material Ltd., and Information Security Service Digital United. It distributes its products in Asia, Europe and the Americas.

Far Eastern New Century Corporation (FENC) is a manufacturer and distributor of fiber and textile products. The company manufactures and sells polyester materials, semi-finished products and finished goods such as cotton, synthetic or blended fabrics, towels and bed sheets, and woven and knitted garments. It conducts its business through four divisions such as Petrochemical, Polyester, Textile, and Resources Development. FENC’s Petrochemical division manufactures and distributes PTA and its by-products. The company’s Polyester division produces polyester polymer and PET resin. Its Textile division conducts its operations through four categories, namely, Spun Yarn, Knitting Fabrics, Industrial Fabrics, and Apparel. FENC’s Resources Development division provides land resources, and also develops new land resources. The company also offers PET (polyethylene terephthalate) bottles and PET sheets; and natural, synthetic or blended yarns and polyester textured yarns. Its subsidiaries include Yuan Tong Investment Corp., Far Eastern Resources Development Corp., Far Eastern Construction Co, Kai Yuan Investment Co., An Ho Garment Co., Ltd, Fu Kwok Garment Manufacturing, and Oriental Petrochemical (Taiwan). FENC is headquartered in Taipei, Taiwan.The company reported revenues of (Taiwanese Dollars) TWD 240,417.02 million during the fiscal year ended December 2012, an increase of 2.06% over 2011. The operating profit of the company was TWD 16,099.49 million during the fiscal year 2012, a decrease of 6.45% from 2011. The net profit of the company was TWD 8,713.18 million during the fiscal year 2012, a decrease of 21.41% from 2011.

Textile and Fabric Finishing Mills

Financial Data

Financials in:	TWD(mil)
Revenue:	240,417.0
Net Income:	8,713.2
Assets:	339,147.6
Long Term Debt:	73,958.0
Total Liabilities:	228,796.7
Working Capital:	12.2
Date of Financial Data:	31-Dec-2012

1 Year Growth

2.1%

-21.4%

3.1%

Market Data

Quote Symbol:	1402
Exchange:	Taiwan Stock Exchange
Currency:	TWD
Stock Price:	32.2
Stock Price Date:	08-30-2013
52 Week Price Change %:	4.3
Market Value (mil):	165,412,304.0
SEDOL:	6331470
ISIN:	TW0001402006
Equity and Dept Distribution:
08/2006, 6% stock dividend. 08/2007, 3% stock dividend. 08/2008, 2% stock dividend. 08/2009 2% stock dividend. 09/08 I/S was CLA.FY'08 were FNCL CLA.03/09 B/S was CLA.08/2010, 2% stock dividend.08/11 Stock Dividend (factor:1.030000). FY'10 Q3 I/S and B/S are CLA. 08/12 Stock Dividend(F:1.03).08/13,stock div.(F:1.02).

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche LLP, Deloitte & Touche

CORPORATE FAMILY	CORPORATE STRUCTURE NEWS:
	The Far Eastern Group Far Eastern New Century Corporation
Far Eastern New Century Corporation Total Corporate Family Members: 13

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
The Far Eastern Group	Parent	Taipei	Taiwan	Holding Companies		40,000
Far Eastern New Century Corporation	Subsidiary	Taipei	Taiwan	Synthetic Chemical Manufacturing	8,127.8	28,557
Far Eastern Electronic Toll Collection Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Computer Programming	30.3	300
Oriental Petrochemical (Taiwan) Co., Ltd.	Subsidiary	Kuanyin Hsiang, Taoyuan	Taiwan	Basic Chemical Manufacturing		300
Fu Kwok Knitting & Garment Co., Ltd.	Subsidiary	Kaohsiung City	Taiwan	Clothing and Apparel Manufacturing		40
Far Eastern Construction Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Architecture and Engineering	250.2
Far Eastern General Contractor Inc.	Subsidiary	Taipei City, Taipei	Taiwan	Residential and Commercial Building Construction	195.4	196
Waldorf Services B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Consulting Services
Far EasTone Telecommunications Co., Ltd.	Subsidiary	Taipei	Taiwan	Wireless Telecommunications Carriers	2,932.6	7,484
Arcoa Communication Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Miscellaneous Store Retailers	533.6	725
Kgex.Com Co., Ltd.	Subsidiary	Taipei City, Taipei	Taiwan	Wireless Telecommunications Carriers		70
New Century Infocomm Tech Co., Ltd.	Subsidiary
Information Security Service Digital United Inc.	Subsidiary	Taipei City, Taipei	Taiwan	Computer, Office Equipment and Software Merchant Wholesalers		75

Executives Report

Board of Directors

Name	Title	Function
Douglas Tong Hsu	Chairman & CEO	Chairman
Education: University of Notre Dame, Bachelor (Economics) University of Notre Dame, Master's (Economics)
Frank Kuo	Senior Vice President Chairman Office	Chairman
Jackson Wu	Senior Vice President Chairman Office	Chairman
Xuping Xu	Vice Chairman of the Board	Chairman
Biography: Mr. Xu Xuping is Vice Chairman of the Board in Far Eastern New Century Corporation. He is also Director in Far EasTone Telecommunications Co., Ltd. and Asia Cement Corporation. He graduated with a Master's degree in Operations Research from Stanford University, the United States. He was Senior Deputy General Manager-Purchasing of the Company. Education: Stanford University, M (Operations Research) University of California, Los Angeles, M (Information Sciences)
Peter Hsu	Vice Chairman & Senior Executive VP	Vice-Chairman
Johnny Shih	Vice Chairman & President	Vice-Chairman
Jiayi Xi	Vice Chairman of the Board	Vice-Chairman
Biography: Xi Jiayi is Vice Chairman of the Board in Far Eastern New Century Corporation. Xi is also Vice Chairman of the Board in Oriental Union Chemical Corp, Chairman of the Board in Everest Textile Co Ltd. as well as Director in Asia Cement Corporation and Far EasTone Telecommunications Co., Ltd. Xi graduated with a Master's degree in Computers from Columbia University, the United States. Xi was General Manager of the Company. Education: Columbia University, M (Computers)
T. H. Chang	Supervisory Board of Directors	Director/Board Member
Alice Hsu	Supervisory Board of Directors	Director/Board Member
Raymond Hsu	Board Member	Director/Board Member
Tonia Katherine Hsu	Board Member	Director/Board Member
Champion Lee	Senior VP	Director/Board Member
Johnsee Lee	Board Member	Director/Board Member
Kwan-Tao Li	Board Member	Director/Board Member
Zhongxi Li	Independent Director	Director/Board Member
Biography: Li Zhongxi has been Independent Director of Far Eastern New Century Corporation since June 28, 2012. Li currently also serves as Independent Director in four other companies, including Taiwan Semiconductor Manufacturing Co., Ltd., TAIWAN POLYSILICON CORPORATION, and Zhen Ding Technology Holding Limited. Li holds a Ph.D from Illinois Institute of Technology, the United States. Education: Illinois Institute of Technology, PHD (Chemical Engineering) University of Chicago, MBA
Guangdao Li	Director	Director/Board Member
Biography: Li Guangdao has been Director in Far Eastern New Century Corporation since June 13, 2006. Li currently also serves as Director in another company. Li holds a Master of Business Administration from Hong Kong University of Science and Technology. Education: Hong Kong University of Science and Technology, MBA
Baoshu Lin	Independent Director	Director/Board Member
Education: University of Illinois, DS (Computer Science)
Bing Shen	Board Member	Director/Board Member
Ping Shen	Independent Director	Director/Board Member
Biography: Shen Ping has been Independent Director of Far Eastern New Century Corporation since June 28, 2012. Shen currently also serves as Independent Director of FAR EASTERN INTERNATIONAL BANK. Shen holds a Master of Business Administration from Harvard University, the United States. Education: Harvard University, MBA
Xiaoyi Wang	Chief Executive Officer-Public Welfare in Chairman's Office, Director	Director/Board Member
Biography: Wang Xiaoyi is Chief Executive Officer-Public Welfare in Chairman's Office and Director in Far Eastern New Century Corporation. Wang is also serving as Director in Far Eastern International Bank. Wang was Chief Senior Deputy General Manager-Chairman's Office in the Company.
Shaw Y. Wang	Senior Executive VP	Director/Board Member
Biography: Mr. Wang is the chairman and director in Far Eastern New Century Corporation. He is also serving as director in Far Eastern International Bank. Previously, he was the chief senior deputy general manager of chairman's office in the company.
Guomei Xu	Director	Director/Board Member
Richard Yang	Board Member	Director/Board Member
Huiguo Yang	Director	Director/Board Member
Biography: Yang Huiguo has been Director of Far Eastern New Century Corporation since June 13, 2006. Currently, Yang also serves as Director and General Manager of a fund management company.

Executives

Name	Title	Function
Donald Fan	Chief Executive Officer Polyester Business Operation Center	Chief Executive Officer
Douglas Tong Hsu	Chairman & CEO	Chief Executive Officer
Education: University of Notre Dame, Bachelor (Economics) University of Notre Dame, Master's (Economics)
Xiaoyi Wang	Chief Executive Officer-Public Welfare in Chairman's Office, Director	Chief Executive Officer	Reuters
Biography: Wang Xiaoyi is Chief Executive Officer-Public Welfare in Chairman's Office and Director in Far Eastern New Century Corporation. Wang is also serving as Director in Far Eastern International Bank. Wang was Chief Senior Deputy General Manager-Chairman's Office in the Company.
Humphrey Cheng	President-Corporate Management Department	President
Minxiong Cai	Deputy General Manager-General Manager's Office	Division Head Executive
Biography: Cai Minxiong is Deputy General Manager-General Manager's Office of Far Eastern New Century Corporation. Cai currently also serves as Chairman of the Board and Director in two investment companies, respectively. Education: National Chengchi University, M
Benzao Cheng	Deputy General Manager-Fiber Operations	Division Head Executive
Biography: Cheng Benzao has been Deputy General Manager-Fiber Operations in Far Eastern New Century Corporation since October 1, 2007. Cheng is also Director in another company.
Qinzhi Fan	Deputy General Manager-Fiber Operations	Division Head Executive
Biography: Fan Qinzhi has been Deputy General Manager-Fiber Operations in Far Eastern New Century Corporation since January 1, 2005. Fan is also serving as Director in a Shanghai-based textile company and another company.
Kunlin He	Deputy General Manager-Textile Operations	Division Head Executive
Biography: He Kunlin has been Deputy General Manager-Textile Operations in Far Eastern New Century Corporation since October 1, 2007. He is also Director in a Suzhou-based company.
Eric Hu	General Manager	Division Head Executive
Zhenglong Hu	General Manager-Textile Operation Group	Division Head Executive
Biography: Hu Zhenglong is General Manager-Textile Operation Group in Far Eastern New Century Corporation. Hu is also serving as Director in Everest Textile Co Ltd. and another company. Hu was Senior Deputy General Manager-Textile Operation Group of the Company.
Jingjie Li	Deputy General Manager-Textile Operations	Division Head Executive
Biography: Li Jingjie has been Deputy General Manager-Textile Operations in Far Eastern New Century Corporation since June 1, 2006. Li is also serving as Director in two other companies.
Zonghong Liu	Senior Deputy General Manager-Fiber Operations	Division Head Executive
Biography: Liu Zonghong is Senior Deputy General Manager-Fiber Operations in Far Eastern New Century Corporation. Liu used to serve as Deputy General Manager-General Manager's Office in the Company. Liu is also serving as Director in two other companies.
Y H Tseng	General Manager	Division Head Executive
Zhiyao Wu	Assistant General Manager-Finance	Division Head Executive
Biography: Wu Zhiyao is Assistant General Manager-Finance in Far Eastern New Century Corporation. Wu holds a Master of Business Administration from the University of Oklahoma, the United States. Wu is also Director in two other companies. Education: University of Oklahoma, MBA
Lixiang Wu	Deputy General Manager-General Manager's Office	Division Head Executive
Biography: Wu Lixiang is Deputy General Manager-General Manager's Office of Far Eastern New Century Corporation. Wu currently also serves as Director in another company. Wu holds a Master's degree from University of Texas at Arlington, the United States. Education: University of Texas at Arlington, M
Ruyu Wu	Deputy General Manager-Research Institute	Division Head Executive
Biography: Wu Ruyu has been Deputy General Manager-Research Institute in Far Eastern New Century Corporation since January 1, 2005. Wu is also serving as Director in Oriental Union Chemical Corp and another company. Wu graduated with a Ph.D. from Monash University, Australia. Education: Monash University, PHD (Materials Engineering)
Gaoshan Wu	General Manager-Petrochemical Division	Division Head Executive
Biography: Wu Gaoshan is General Manager-Petrochemical Division in Far Eastern New Century Corporation. Wu is also serving as Director in three other companies. Wu was Deputy General Manager-GM's Office of the Company.
Yuxian Zeng	General Manager-Fiber Operations	Division Head Executive
Biography: Zeng Yuxian is General Manager-Fiber Operations of Far Eastern New Century Corporation. Zeng currently also serves as Director in ORIENTAL UNION CHEMICAL CORP., and another company.
Bingqiu Zhang	Deputy General Manager-Fiber Operations	Division Head Executive
Biography: Zhang Bingqiu is Deputy General Manager-Fiber Operations of Far Eastern New Century Corporation. Zhang currently also serves as Director in a Wuhan-based company. Zhang holds a Master's degree in Industrial Engineering from Yuan Ze University, Taiwan. Education: Yuan Ze University, M (Industrial Engineering)
Chengyu Zheng	General Manager-Administration	Division Head Executive
Biography: Zheng Chengyu is General Manager-Administration in Far Eastern New Century Corporation since January 1, 2005. Zheng is Director in Oriental Union Chemical Corp. Zheng was Deputy General Manager-Administration of the Company.
Kwen Lin Ho	Executive Vice President Textile Business Operation Center	Operations Executive
Sandy Chiou	Senior Vice President Finance Department	Finance Executive
Joe Pai	Senior VP-Finance	Finance Executive
Jiancheng Wang	Chief Financial Officer-General Manager's Office	Finance Executive
Biography: Wang Jiancheng is Chief Financial Officer-General Manager's Office in Far Eastern New Century Corporation. Wang used to serve as Finance Director in the Company from March 23, 2005 to 2006. Wang is also serving as Chairman of the Board or Director in two investment companies. Wang graduated with a Master of Business Administration (MBA) from Mississippi State University, the United States. Education: Mississippi State University, MBA
Mike Wu	Senior Vice President Finance Department	Finance Executive
Bill Yang	Senior Vice President Accounting Department	Accounting Executive
Austin Lee	Executive Vice President Textile Industry	Other
David Shih	Senior Vice President President Office	Other
David Wang	Executive VP	Other
Emily Wu	Executive Vice President Vice Chairman Office	Other

Significant Developments

Far Eastern New Century Corp to Issue UnSecured Corporate Bonds

Aug 15, 2013

Far Eastern New Century Corp it will issue the second tranche of its corporate bonds for fiscal year 2013, worth NTD 3 billion in total, each with par value and an issue price of NTD 1 million, a term of 3.5 years and a coupon rate of 1.39%. The proceeds will be used to repay loans.

Far Eastern New Century Corp to Invest in Shanghai-based Company

Aug 12, 2013

Far Eastern New Century Corp announced that it will invest RMB 500,000,000 to invest in a subsidiary of FAR EASTERN POLYTEX (HOLDING) LIMITED., and through which to establish a Shanghai-based company, which will be engaged in the wholesale of chemical products, machinery equipments and lubricants, among others.

Far Eastern New Century Corporation to Issues Unsecured Corporate Bonds

Aug 12, 2013

Far Eastern New Century Corporation announced that it will issue up to NTD 8 billion worth of unsecured corporate bonds, each with par value and issue price of NTD 1 million or its integral multiples, and a term of up to seven years.

Far Eastern New Century Corp Announces FY 2012 Dividend Payment Date

Aug 12, 2013

Far Eastern New Century Corp announced that it will pay a cash dividend of NTD 1.3 per share, and distribute stock dividends worth NTD 0.2 per share for fiscal year 2012, to shareholders of record on September 2, 2013. The Company's shares will be traded ex-right and ex-dividend on August 27, 2013.

Far Eastern New Century Corp's Subsidiary Fully Acquires Electrical Engineering Company

Jul 10, 2013

Far Eastern New Century Corp announced that its subsidiary has acquired 46,000,000 shares of an electrical engineering company, at the price of NTD 10 per share, or NTD 460,000,000 in total, on July 10, 2013. After the transaction, the subsidiary holds 85,000,000 shares (100% stake) of the electrical engineering company.

Far Eastern New Century Corp's Subsidiary Acquires Shares of Hotel Company

Jul 10, 2013

Far Eastern New Century Corp announced that its subsidiary has acquired 62,000,000 shares of a hotel company, for NTD 10 per share, or NTD 620,000,000 in total, on July 10, 2013. After the transaction, the subsidiary holds 64,535,552 shares (62% stake) of the hotel company.

Far Eastern New Century Corp to Acquire Equity Shares of Oriental Petrochemical Taiwan Co. Ltd.

May 14, 2013

Far Eastern New Century Corp announced that it has decided to acquire 302,232,632 shares of a subsidiary, Oriental Petrochemical Taiwan Co. Ltd.'s stock at the price of NTD 10 per share, or for NTD 3,022,326,320 in total. After this, the Company will hold a 75.56% stake (881,078,366 shares) in Oriental Petrochemical Taiwan Co. Ltd.

Far Eastern New Century Corp's Subsidiary Establishes Joint Venture with ISHIZUKA GLASS CO LTD

Apr 03, 2013

Far Eastern New Century Corp announced that the Company has established a joint venture named Far Eastern Ishizuka Green PET Corporation (FIGP) through its wholly owned subsidiary, Far Eastern Polychem Industries Ltd. (FEPI), with ISHIZUKA GLASS CO LTD (IGC), for the operation and sales of recycled polyethylene terephthalate (R-PET). FEPI and IGC respectively contributed 80% and 20% to the capital of FIGP (JPY 150 million).

Far Eastern New Century Corp Announces FY 2012 Dividend Payment

Mar 27, 2013

Far Eastern New Century Corp announced that it will pay a cash dividend of NTD 1.3 per share, and distribute stock dividends worth NTD 0.2 per share, to shareholders for fiscal year 2012.

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	7,891.7	7,906.7	6,293.6	5,001.8	5,447.7
Revenue	7,891.7	7,906.7	6,293.6	5,001.8	5,447.7
Other Revenue	236.1	108.3	62.7	54.4	36.7
Other Revenue, Total	236.1	108.3	62.7	54.4	36.7
Total Revenue	8,127.8	8,015.0	6,356.3	5,056.1	5,484.5
Cost of Revenue	6,491.4	6,439.3	4,850.3	3,875.4	4,245.2
Cost of Revenue, Total	6,491.4	6,439.3	4,850.3	3,875.4	4,245.2
Gross Profit	1,400.3	1,467.4	1,443.3	1,126.4	1,202.5
Selling/General/Administrative Expense	1,061.7	946.0	792.0	686.4	746.3
Total Selling/General/Administrative Expenses	1,061.7	946.0	792.0	686.4	746.3
Research & Development	23.7	24.9	21.6	20.7	22.9
Impairment-Assets Held for Use	6.8	19.3	31.0	12.7	2.9
Unusual Expense (Income)	6.8	19.3	31.0	12.7	2.9
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	7,583.5	7,429.5	5,694.9	4,595.2	5,017.3
Operating Income	544.3	585.5	661.4	460.9	467.2
Interest Expense - Non-Operating	-47.8	-45.8	-34.1	-43.9	-88.5
Interest Expense, Net Non-Operating	-47.8	-45.8	-34.1	-43.9	-88.5
Interest Income - Non-Operating	15.2	11.2	5.6	6.4	17.4
Investment Income - Non-Operating	110.6	170.0	127.4	130.2	24.9
Interest/Investment Income - Non-Operating	125.9	181.2	133.0	136.6	42.3
Interest Income (Expense) - Net Non-Operating Total	78.1	135.3	98.9	92.7	-46.2
Gain (Loss) on Sale of Assets	-37.0	-6.1	-22.6	-9.4	-13.4
Other Non-Operating Income (Expense)	10.7	8.9	-10.1	3.4	10.6
Other, Net	10.7	8.9	-10.1	3.4	10.6
Income Before Tax	596.0	723.7	727.6	547.7	418.2
Total Income Tax	89.3	122.3	94.8	104.8	92.8
Income After Tax	506.7	601.4	632.7	442.8	325.4
Minority Interest	-212.2	-224.1	-224.7	-197.9	-180.6
Net Income Before Extraord Items	294.6	377.3	408.0	244.9	144.8
Extraord Items	-	-	-	-	1.7
Total Extraord Items	-	-	-	-	1.7
Net Income	294.6	377.3	408.0	244.9	146.5
Income Available to Common Excl Extraord Items	294.6	377.3	408.0	244.9	144.8
Income Available to Common Incl Extraord Items	294.6	377.3	408.0	244.9	146.5
Basic/Primary Weighted Average Shares	5,145.0	5,145.0	5,145.0	5,145.0	5,145.0
Basic EPS Excl Extraord Items	0.06	0.07	0.08	0.05	0.03
Basic/Primary EPS Incl Extraord Items	0.06	0.07	0.08	0.05	0.03
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	294.6	377.3	408.0	244.9	146.5
Diluted Weighted Average Shares	5,162.3	5,163.8	5,165.1	5,159.0	5,155.6
Diluted EPS Excl Extraord Items	0.06	0.07	0.08	0.05	0.03
Diluted EPS Incl Extraord Items	0.06	0.07	0.08	0.05	0.03
Dividends per Share - Common Stock Primary Issue	0.04	0.06	0.06	0.04	0.02
Gross Dividends - Common Stock	221.7	283.3	301.9	183.5	115.9
Interest Expense, Supplemental	47.8	45.8	34.1	43.9	88.5
Interest Capitalized, Supplemental	-3.5	-3.0	-2.4	-1.6	-5.9
Depreciation, Supplemental	525.2	504.9	481.5	482.4	483.4
Total Special Items	43.8	25.4	53.7	22.1	16.3
Normalized Income Before Tax	639.8	749.1	781.2	569.8	434.4
Effect of Special Items on Income Taxes	6.6	4.3	7.0	4.2	3.6
Inc Tax Ex Impact of Sp Items	95.8	126.6	101.8	109.1	96.4
Normalized Income After Tax	544.0	622.5	679.4	460.7	338.1
Normalized Inc. Avail to Com.	331.8	398.4	454.6	262.8	157.5
Basic Normalized EPS	0.06	0.08	0.09	0.05	0.03
Diluted Normalized EPS	0.06	0.08	0.09	0.05	0.03
Amort of Intangibles, Supplemental	24.0	16.1	10.8	11.9	8.2
Research & Development Exp, Supplemental	23.7	24.9	21.6	20.7	22.9
Normalized EBIT	551.1	604.9	692.4	473.7	470.1
Normalized EBITDA	1,100.3	1,125.9	1,184.7	968.0	961.6
Current Tax - Total	98.5	75.0	-	78.1	120.7
Current Tax - Total	98.5	75.0	-	78.1	120.7
Deferred Tax - Total	-12.6	44.9	-	25.0	-31.6
Deferred Tax - Total	-12.6	44.9	-	25.0	-31.6
Other Tax	3.3	2.4	-	1.7	3.7
Income Tax - Total	89.3	122.3	-	104.8	92.8
Interest Cost - Domestic	5.0	5.3	4.7	4.9	5.5
Service Cost - Domestic	4.8	4.8	5.1	5.5	4.6
Expected Return on Assets - Domestic	-8.6	-9.1	-7.1	-4.5	-7.0
Curtailments & Settlements - Domestic	-	0.0	-0.6	-	-
Transition Costs - Domestic	-0.2	3.8	3.6	5.9	3.9
Domestic Pension Plan Expense	1.0	4.9	5.7	11.8	7.0
Defined Contribution Expense - Domestic	15.2	11.6	8.8	7.4	6.6
Total Pension Expense	16.2	16.5	14.5	19.2	13.6
Discount Rate - Domestic	1.50%	2.00%	2.00%	2.00%	2.25%
Expected Rate of Return - Domestic	1.75%	2.00%	1.50%	1.50%	6.00%
Compensation Rate - Domestic	4.00%	4.00%	3.75%	3.50%	2.00%
Total Plan Interest Cost	5.0	5.3	4.7	4.9	5.5
Total Plan Service Cost	4.8	4.8	5.1	5.5	4.6
Total Plan Expected Return	-8.6	-9.1	-7.1	-4.5	-7.0

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	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	1,164.7	935.7	900.5	661.0	699.2
Short Term Investments	118.2	147.0	208.6	144.0	76.2
Cash and Short Term Investments	1,282.9	1,082.7	1,109.2	805.0	775.4
Trade Accounts Receivable - Net	1,018.9	1,111.3	924.5	721.3	761.7
Other Receivables	43.2	35.2	46.7	32.2	47.2
Total Receivables, Net	1,062.1	1,146.4	971.3	753.5	808.8
Inventories - Finished Goods	312.0	333.2	215.2	145.5	186.2
Inventories - Work In Progress	144.5	148.1	354.3	206.1	148.2
Inventories - Raw Materials	339.9	359.4	260.6	206.9	193.7
Total Inventory	796.4	840.7	830.1	558.4	528.1
Prepaid Expenses	165.8	166.5	162.6	106.3	75.9
Restricted Cash - Current	99.1	105.3	98.3	59.5	11.6
Deferred Income Tax - Current Asset	11.9	10.4	15.2	19.0	27.9
Other Current Assets	0.8	0.0	7.9	7.6	0.2
Other Current Assets, Total	111.7	115.8	121.5	86.1	39.8
Total Current Assets	3,419.0	3,352.0	3,194.6	2,309.3	2,228.1
Buildings	1,231.4	1,090.0	815.0	621.6	595.8
Land/Improvements	412.0	371.8	378.7	160.6	157.7
Machinery/Equipment	9,975.0	9,287.0	8,906.0	7,191.1	6,671.4
Construction in Progress	486.6	498.0	423.6	212.7	331.9
Other Property/Plant/Equipment	1,111.2	1,064.9	652.0	594.8	600.5
Property/Plant/Equipment - Gross	13,216.3	12,311.7	11,175.2	8,780.8	8,357.2
Accumulated Depreciation	-7,957.9	-7,310.0	-6,835.3	-5,295.3	-4,685.3
Property/Plant/Equipment - Net	5,258.4	5,001.7	4,339.9	3,485.5	3,671.8
Goodwill, Net	401.5	395.4	407.2	366.5	337.8
Intangibles, Net	260.0	258.8	268.5	243.1	261.6
LT Investment - Affiliate Companies	1,595.0	1,457.9	1,424.3	1,562.5	1,483.4
LT Investments - Other	205.7	182.3	220.2	189.5	57.3
Long Term Investments	1,800.7	1,640.2	1,644.5	1,752.0	1,540.7
Deferred Charges	46.0	24.0	27.7	19.9	22.9
Pension Benefits - Overfunded	0.7	1.5	1.9	0.5	2.8
Deferred Income Tax - Long Term Asset	22.4	12.6	23.0	31.7	35.5
Restricted Cash - Long Term	260.0	3.8	14.5	13.2	0.5
Other Long Term Assets	221.2	175.8	151.7	150.6	150.7
Other Long Term Assets, Total	550.2	217.7	218.8	215.9	212.3
Total Assets	11,689.9	10,865.8	10,073.5	8,372.2	8,252.2
Accounts Payable	697.7	759.7	644.7	385.8	396.5
Accrued Expenses	384.1	316.2	329.1	230.1	238.1
Notes Payable/Short Term Debt	1,085.6	1,259.7	1,229.3	915.0	1,006.7
Current Portion - Long Term Debt/Capital Leases	137.6	83.4	171.3	374.0	279.6
Customer Advances	127.0	162.8	145.5	90.7	56.7
Security Deposits	13.8	16.7	23.3	17.6	21.7
Income Taxes Payable	92.7	56.2	70.2	43.7	76.1
Other Payables	138.3	73.0	77.1	53.0	60.6
Deferred Income Tax - Current Liability	0.1	0.1	0.0	-	-
Other Current Liabilities	59.0	91.5	85.7	77.4	38.7
Other Current liabilities, Total	430.9	400.2	401.8	282.4	253.8
Total Current Liabilities	2,735.8	2,819.1	2,776.2	2,187.3	2,174.7
Long Term Debt	2,549.2	2,029.5	1,785.7	1,431.6	1,694.7
Capital Lease Obligations	-	-	-	-	0.4
Total Long Term Debt	2,549.2	2,029.5	1,785.7	1,431.6	1,695.0
Total Debt	3,772.4	3,372.6	3,186.3	2,720.5	2,981.3
Deferred Income Tax - LT Liability	35.5	36.5	7.2	11.4	-
Deferred Income Tax	35.5	36.5	7.2	11.4	-
Minority Interest	2,118.9	1,877.9	1,766.3	1,531.9	1,470.8
Reserves	298.5	286.0	216.1	197.3	198.4
Pension Benefits - Underfunded	65.5	70.2	64.8	54.1	78.3
Other Long Term Liabilities	82.7	62.5	77.2	66.3	58.8
Other Liabilities, Total	446.8	418.7	358.1	317.7	335.5
Total Liabilities	7,886.3	7,181.7	6,693.5	5,479.9	5,676.1
Common Stock	1,738.6	1,617.4	1,630.7	1,457.4	1,392.5
Common Stock	1,738.6	1,617.4	1,630.7	1,457.4	1,392.5
Additional Paid-In Capital	347.4	342.2	350.8	318.3	306.6
Retained Earnings (Accumulated Deficit)	911.6	910.6	936.0	666.2	541.4
Treasury Stock - Common	-0.9	-0.8	-	-	-
Unrealized Gain (Loss)	806.2	722.7	482.8	375.1	243.1
Translation Adjustment	6.4	96.3	-16.9	77.8	112.6
Minimum Pension Liability Adjustment	-5.7	-4.3	-3.4	-2.5	-20.0
Other Equity, Total	0.7	92.0	-20.3	75.3	92.6
Total Equity	3,803.6	3,684.1	3,380.0	2,892.3	2,576.1
Total Liabilities & Shareholders’ Equity	11,689.9	10,865.8	10,073.5	8,372.2	8,252.2
Shares Outstanding - Common Stock Primary Issue	5,144.3	5,144.3	5,145.0	5,145.0	5,145.0
Total Common Shares Outstanding	5,144.3	5,144.3	5,145.0	5,145.0	5,145.0
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.0	0.0	0.0
Employees	28,557	26,372	23,875	20,834	21,170
Number of Common Shareholders	102,952	102,795	96,101	101,451	97,904
Accumulated Intangible Amort, Suppl.	199.8	166.9	148.3	112.3	87.2
Deferred Revenue - Current	127.0	162.8	145.5	90.7	56.7
Deferred Revenue - Long Term	7.3	5.0	33.3	32.0	32.9
Total Long Term Debt, Supplemental	-	-	1,957.1	-	-
Long Term Debt Maturing within 1 Year	-	-	171.3	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	1,785.7	-	-
Total Operating Leases, Supplemental	620.0	545.2	522.8	442.2	481.9
Operating Lease Payments Due in Year 1	122.3	107.5	103.1	86.2	91.8
Operating Lease Payments Due in Year 2	123.2	107.8	102.7	86.2	92.7
Operating Lease Payments Due in Year 3	123.7	108.6	103.7	87.6	101.8
Operating Lease Payments Due in Year 4	124.7	110.8	105.6	89.7	97.0
Operating Lease Payments Due in Year 5	126.1	110.5	107.8	92.5	98.7
Operating Lease Pymts. Due in 2-3 Years	246.9	216.4	206.4	173.9	194.5
Operating Lease Pymts. Due in 4-5 Years	250.8	221.3	213.4	182.1	195.6
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Pension Obligation - Domestic	296.2	249.9	244.3	201.1	214.9
Plan Assets - Domestic	189.6	167.6	180.7	135.9	91.8
Funded Status - Domestic	-106.6	-82.2	-63.7	-65.2	-123.1
Accumulated Obligation - Domestic	239.8	211.7	192.5	156.7	161.6
Total Funded Status	-106.6	-82.2	-63.7	-65.2	-123.1
Discount Rate - Domestic	1.50%	2.00%	2.00%	2.00%	2.25%
Expected Rate of Return - Domestic	1.75%	2.00%	1.50%	1.50%	6.00%
Compensation Rate - Domestic	4.00%	4.00%	3.75%	3.50%	2.00%
Prepaid Benefits - Domestic	0.7	1.5	1.9	0.5	2.8
Accrued Liabilities - Domestic	-65.5	-70.2	-64.8	-54.1	-78.3
Net Assets Recognized on Balance Sheet	-64.8	-68.7	-62.9	-53.6	-75.6
Total Plan Obligations	296.2	249.9	244.3	201.1	214.9
Total Plan Assets	189.6	167.6	180.7	135.9	91.8

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	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	506.7	601.4	632.7	442.8	327.1
Depreciation	552.0	524.2	500.3	501.3	497.6
Depreciation/Depletion	552.0	524.2	500.3	501.3	497.6
Amortization of Intangibles	25.1	24.9	23.2	22.1	23.2
Amortization	25.1	24.9	23.2	22.1	23.2
Deferred Taxes	-12.6	45.3	15.8	25.0	-31.4
Unusual Items	-98.8	26.7	38.7	-25.1	-83.4
Equity in Net Earnings (Loss)	-106.1	-135.6	-103.7	-118.7	5.3
Other Non-Cash Items	95.3	108.3	94.3	43.5	130.9
Non-Cash Items	-109.6	-0.6	29.3	-100.3	52.8
Accounts Receivable	118.8	-203.2	-108.3	51.8	-51.4
Inventories	59.4	-116.8	-168.6	16.4	63.9
Prepaid Expenses	7.2	-4.4	-17.6	-27.8	7.1
Other Assets	31.7	59.7	17.9	-38.9	12.2
Accounts Payable	-92.5	131.1	150.3	0.0	-59.1
Accrued Expenses	53.1	-9.7	47.6	-13.9	14.1
Taxes Payable	33.4	-12.6	20.5	-33.3	26.5
Other Liabilities	-77.5	39.9	13.8	65.7	-3.2
Changes in Working Capital	133.6	-116.0	-44.5	20.0	10.1
Cash from Operating Activities	1,095.3	1,079.1	1,156.8	911.0	879.3
Purchase of Fixed Assets	-615.1	-618.1	-568.2	-300.0	-392.3
Purchase/Acquisition of Intangibles	-22.2	-0.5	-1.7	-1.5	-0.1
Capital Expenditures	-637.3	-618.6	-569.9	-301.4	-392.4
Acquisition of Business	0.0	-8.0	-472.3	-	-
Sale of Fixed Assets	7.3	4.3	10.6	11.5	3.4
Sale/Maturity of Investment	40.3	124.1	170.3	168.2	284.0
Purchase of Investments	-71.8	-193.2	-99.4	-148.8	-192.3
Other Investing Cash Flow	-289.6	-35.4	-18.3	-56.6	-8.5
Other Investing Cash Flow Items, Total	-313.8	-108.3	-409.0	-25.7	86.6
Cash from Investing Activities	-951.1	-726.9	-978.9	-327.1	-305.7
Other Financing Cash Flow	224.0	-67.8	13.6	-63.3	-14.3
Financing Cash Flow Items	224.0	-67.8	13.6	-63.3	-14.3
Cash Dividends Paid - Common	-504.7	-540.6	-365.8	-279.6	-475.7
Total Cash Dividends Paid	-504.7	-540.6	-365.8	-279.6	-475.7
Sale/Issuance of Common	75.6	52.2	0.0	5.0	19.7
Repurchase/Retirement of Common	-	-	-	0.0	-144.6
Common Stock, Net	75.6	52.2	0.0	5.0	-125.0
Issuance (Retirement) of Stock, Net	75.6	52.2	0.0	5.0	-125.0
Short Term Debt, Net	-224.5	23.7	203.8	-111.6	361.8
Long Term Debt Issued	-	223.4	30.8	-	-
Long Term Debt Reduction	-17.8	-	-	-213.2	-375.4
Long Term Debt, Net	471.1	223.4	30.8	-213.2	-375.4
Issuance (Retirement) of Debt, Net	246.6	247.1	234.6	-324.8	-13.5
Cash from Financing Activities	41.5	-309.0	-117.7	-662.8	-628.5
Foreign Exchange Effects	-1.1	-3.6	-45.6	22.2	10.4
Net Change in Cash	184.6	39.5	14.7	-56.7	-44.5
Net Cash - Beginning Balance	957.8	924.4	818.9	696.9	771.9
Net Cash - Ending Balance	1,142.3	964.0	833.6	640.2	727.5
Cash Interest Paid	49.7	45.8	30.3	43.1	91.3
Cash Taxes Paid	71.4	91.8	60.1	121.9	107.1

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	5,216.8	5,440.2	4,145.6	3,118.2	3,414.3
Telecommunication Revenue	2,287.9	2,146.1	-	-	-
Transportation Revenue	-	-	1,794.6	1,646.2	1,805.6
Sale of Securities	142.4	0.0	14.3	46.9	97.6
Construction Income	244.7	320.4	339.1	190.5	130.2
Other Operating Income	236.1	108.3	62.7	54.4	36.7
Total Revenue	8,127.8	8,015.0	6,356.3	5,056.1	5,484.5
Cost of Sales	5,190.5	5,103.6	3,673.6	2,849.3	3,236.7
Cost of Travel Service	-	-	890.1	818.4	863.4
Cost of Telecommunication	988.2	1,032.6	-	-	-
Loss on Sale of Securities	0.0	1.9	-	-	-
Construction Cost	183.6	255.0	235.9	172.3	122.7
Other Operating Cost	129.2	46.2	50.7	35.3	22.5
Realized Construction Gain	0.0	0.0	0.0	0.0	0.0
Selling Expenses	752.8	673.0	550.0	454.8	491.4
General and Administrative Expenses	308.9	272.9	242.0	231.7	254.8
Research and Development Expenses	23.7	24.9	21.6	20.7	22.9
Impairment of Assets	6.8	19.3	31.0	12.7	2.9
Total Operating Expense	7,583.5	7,429.5	5,694.9	4,595.2	5,017.3
Interest Income	15.2	11.2	5.6	6.4	17.4
Gain on Equity Investment	106.1	135.6	103.7	118.7	0.0
Dividend Income	7.0	10.6	11.1	6.3	8.5
Gain/Loss on Foreign Exchange	-8.3	27.7	2.1	-6.3	21.0
Rent Income	3.0	2.8	2.9	1.9	1.5
Revaluation Gain on Financial Assets	3.2	-	9.9	8.6	0.0
Loss on Fin. Assets/ST Inv. Revaluation	0.0	-5.1	-	0.0	-12.4
Gain on Revaluation of Fin. Liab.	2.6	1.2	0.6	2.8	13.1
Miscellaneous Income	23.0	22.8	15.7	25.7	50.8
Interest Expense	-47.8	-45.8	-34.1	-43.9	-88.5
Loss on Equity Investment	-	-	-	0.0	-5.3
Loss on Sale of Fixed Assets	-37.0	-6.1	-22.6	-9.4	-13.4
Miscellaneous Disbursements	-15.4	-16.6	-28.7	-24.2	-41.8
Net Income Before Taxes	596.0	723.7	727.6	547.7	418.2
Provision for Income Taxes	89.3	122.3	94.8	104.8	92.8
Net Income After Taxes	506.7	601.4	632.7	442.8	325.4
Minority Interest	-212.2	-224.1	-224.7	-197.9	-180.6
Net Income Before Extra. Items	294.6	377.3	408.0	244.9	144.8
Extraordinary Item	-	-	-	-	1.7
Net Income	294.6	377.3	408.0	244.9	146.5
Income Available to Com Excl ExtraOrd	294.6	377.3	408.0	244.9	144.8
Income Available to Com Incl ExtraOrd	294.6	377.3	408.0	244.9	146.5
Basic Weighted Average Shares	5,145.0	5,145.0	5,145.0	5,145.0	5,145.0
Basic EPS Excluding ExtraOrdinary Items	0.06	0.07	0.08	0.05	0.03
Basic EPS Including ExtraOrdinary Items	0.06	0.07	0.08	0.05	0.03
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	294.6	377.3	408.0	244.9	146.5
Diluted Weighted Average Shares	5,162.3	5,163.8	5,165.1	5,159.0	5,155.6
Diluted EPS Excluding ExtraOrd Items	0.06	0.07	0.08	0.05	0.03
Diluted EPS Including ExtraOrd Items	0.06	0.07	0.08	0.05	0.03
DPS-Ordinary Shares	0.04	0.06	0.06	0.04	0.02
Gross Dividends - Common Stock	221.7	283.3	301.9	183.5	115.9
Normalized Income Before Taxes	639.8	749.1	781.2	569.8	434.4
Inc Tax Ex Impact of Sp Items	95.8	126.6	101.8	109.1	96.4
Normalized Income After Taxes	544.0	622.5	679.4	460.7	338.1
Normalized Inc. Avail to Com.	331.8	398.4	454.6	262.8	157.5
Basic Normalized EPS	0.06	0.08	0.09	0.05	0.03
Diluted Normalized EPS	0.06	0.08	0.09	0.05	0.03
R&D Expense, Supplemental	23.7	24.9	21.6	20.7	22.9
Interest Expense	47.8	45.8	34.1	43.9	88.5
Interest Capitalized	-3.5	-3.0	-2.4	-1.6	-5.9
Depreciation, Operating Cost	451.6	459.0	443.1	443.5	436.4
Depreciation, Operating Expense	73.6	46.0	38.4	38.9	47.0
Amortization, Operating Cost	11.8	9.7	7.6	8.1	4.0
Amortization, Operating Expense	12.2	6.4	3.2	3.8	4.2
Current Tax Payable	98.5	75.0	-	78.1	120.7
Current Tax - Total	98.5	75.0	-	78.1	120.7
Deferred Tax	-12.6	44.9	-	25.0	-31.6
Deferred Tax - Total	-12.6	44.9	-	25.0	-31.6
Other Tax	3.3	2.4	-	1.7	3.7
Income Tax - Total	89.3	122.3	-	104.8	92.8
Service Cost	4.8	4.8	5.1	5.5	4.6
Interest Cost	5.0	5.3	4.7	4.9	5.5
Expected Return on Plan Assets	-8.6	-9.1	-7.1	-4.6	-7.0
Amortization	-0.2	3.8	3.6	5.9	3.9
Curtailment & Settlement Gain/Loss	-	0.0	-0.6	-	-
Deferred Gain/Loss on Plan Assets	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	1.0	4.9	5.7	11.8	7.0
Provision for Defined Contribution Plan	15.2	11.6	8.8	7.4	6.6
Total Pension Expense	16.2	16.5	14.5	19.2	13.6
Discount Rate	1.50%	2.00%	2.00%	2.00%	2.25%
Rate of Compensation Increase	4.00%	4.00%	3.75%	3.50%	2.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	1.50%	1.50%	6.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009
Filed Currency	TWD	TWD	TWD	TWD	TWD
Exchange Rate	29.011999	30.279	29.1565	31.985	32.818
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash and Cash Equivalent	1,164.7	935.7	900.5	661.0	699.2
Financial Asset at Fair Value	36.5	31.5	92.9	56.0	15.5
Financial Assets, Hedge	0.8	0.0	2.7	0.1	0.2
Financial Asset for Sale	78.3	115.5	115.7	88.0	60.6
Financial Assets Held to Maturity	3.4	-	-	-	-
Inactive Market Bond Investments	-	-	-	-	0.1
Notes and Accounts Receivable, Net	943.6	1,050.0	881.0	681.7	720.3
Due from Related Parties	75.3	61.2	43.6	39.5	41.3
Merchandise	116.2	102.9	51.0	32.3	40.4
Finished Goods	160.2	174.5	163.1	112.2	144.9
Work-in-Process	73.7	83.2	70.2	45.4	57.2
Raw Material	296.8	315.4	219.4	169.7	152.8
Supplies	21.6	23.5	20.0	17.8	22.0
Property Pending Sale	35.7	55.8	1.0	0.9	0.9
Land for Construction	21.4	20.5	21.3	19.4	18.9
Construction in Progress	70.8	64.9	284.1	160.6	91.0
Other Receivables	43.2	35.2	46.7	32.2	47.2
LT Equity Investment , HFS	-	-	0.0	7.6	0.0
Noncurrent Assets Classified, HFS	-	-	5.2	0.0	-
Deferred Income Tax Assets, Current	11.9	10.4	15.2	19.0	27.9
Restricted Assets	99.1	105.3	98.3	59.5	11.6
Prepayment and Other Current Assets	165.8	166.5	162.6	106.3	75.9
Total Current Assets	3,419.0	3,352.0	3,194.6	2,309.3	2,228.1
Long Term Equity Investment	1,595.0	1,457.9	1,424.3	1,562.5	1,483.4
Financial Asset for Sale - Non Current	154.7	133.2	150.7	81.1	1.7
Fin.Assets-Held to Maturity, Non-Current	3.4	6.6	6.8	6.2	0.0
Financial Asset at Cost - Non Current	38.7	33.9	53.8	93.0	55.5
Debt Invest. Non-Active, Non-current	8.8	8.6	8.9	9.2	0.0
Land	412.0	371.8	378.7	160.6	157.7
Buildings and Structures	1,099.6	985.9	710.3	559.1	542.8
Machinery and Equipment	3,644.3	3,424.3	3,296.1	3,003.0	2,750.8
Telecom Equipment	4,831.2	4,586.9	4,577.4	3,443.5	3,238.9
Computers Equipment	915.2	761.5	747.5	542.0	487.9
Leasehold Improvement	131.8	104.1	104.7	62.5	53.0
Operating/Miscellaneous Equipment	584.3	514.3	285.0	202.6	193.8
Revaluation Increments	1,111.2	1,064.9	652.0	594.8	600.5
Accumulated Depreciation	-7,754.4	-7,115.3	-6,637.4	-5,214.3	-4,685.3
Provision for Impairment of Fixed Assets	-203.5	-194.7	-197.9	-81.0	-
Construction in Prog. & Prepay for Equip	486.6	485.1	423.6	212.7	331.9
Prepayment for Land	-	12.9	-	-	-
Deferred Pension Cost	0.7	1.5	1.9	0.5	2.8
Goodwill	401.5	395.4	407.2	366.5	337.8
Franchise Rights	151.8	168.9	200.5	205.6	222.7
Land Use Right	79.4	61.5	46.3	34.7	34.4
Other Intangible Assets	28.8	28.4	21.8	2.8	4.5
Non-Operating Assets	181.2	143.0	119.3	116.2	115.7
Deferred Income Tax Assets	22.4	12.6	23.0	31.7	35.5
Security Deposits Paid	20.1	16.5	18.5	14.7	14.8
Deferred Charges	46.0	24.0	27.7	19.9	22.9
Restricted Assets	260.0	3.8	14.5	13.2	0.5
Farmland	9.5	9.1	9.5	8.6	8.4
Other Long Term Assets	10.3	7.1	4.4	11.0	11.8
Total Assets	11,689.9	10,865.8	10,073.5	8,372.2	8,252.2
Short Term Borrowings	868.9	904.0	982.1	754.9	844.0
Hedging Fin. Derivatives - Current	0.0	0.1	-	-	0.2
Short Term Notes & Bills Payable	216.7	355.5	247.0	159.4	159.5
Financial Liab., Fair Value - Current	0.0	0.2	0.2	0.6	3.2
Notes and Account Payable	663.8	721.8	591.8	354.7	345.0
Due to Related Parties	33.9	37.9	52.9	31.1	51.5
Income Taxes Payable	92.7	56.2	70.2	43.7	76.1
Accrued Expenses	384.1	316.2	329.1	230.1	238.1
Security Deposit Received	13.8	16.7	23.3	17.6	21.7
Construction Payable	138.3	73.0	77.1	53.0	60.6
Advance Income	88.9	91.7	68.0	37.7	35.2
Advanced Receipt for Property	0.5	32.7	45.9	30.9	0.3
Advance Receipts	37.6	38.4	31.5	22.1	21.2
Advanced Receipt for Construction	5.5	16.7	30.7	9.1	0.9
Current Portion of Long Term Debt	137.6	83.4	171.3	374.0	279.6
Deferred Income Tax Liabilities, Current	0.1	0.1	0.0	-	-
Other Current Liabilities	53.4	74.7	54.9	68.3	37.5
Total Current Liabilities	2,735.8	2,819.1	2,776.2	2,187.3	2,174.7
Long Term Borrowings	1,111.0	1,094.0	1,127.4	1,125.5	1,271.7
Corporate Bonds Payable	1,438.2	935.5	658.4	306.0	423.0
Lease Payable	-	-	-	-	0.4
Total Long Term Debt	2,549.2	2,029.5	1,785.7	1,431.6	1,695.0
Hedging Fin. Derivatives - Non Current	9.9	-	-	-	-
Land Revaluation Increment Tax Reserve	298.5	286.0	216.1	197.3	198.4
Accrued Pension Liabilities	65.5	70.2	64.8	54.1	78.3
Long Term Security Deposits Received	25.5	20.8	11.5	14.7	9.7
Deferred Income Tax Liabilities	35.5	36.5	7.2	11.4	-
Deferred Income	7.3	5.0	33.3	32.0	32.9
Other Long Term Liabilities	40.0	36.7	32.4	19.5	16.2
Minority Interest	2,118.9	1,877.9	1,766.3	1,531.9	1,470.8
Total Liabilities	7,886.3	7,181.7	6,693.5	5,479.9	5,676.1
Common Stock	1,738.6	1,617.4	1,630.7	1,457.4	1,392.5
Paid-In Capital	32.2	30.8	32.0	29.2	28.4
Capital Gain on LT Investments	315.0	311.1	318.5	288.9	277.9
Other	0.3	0.3	0.3	0.2	0.2
Legal Reserve	407.4	353.7	322.9	268.9	249.7
Special Reserve	108.7	104.1	104.1	94.9	92.5
Retained Earning	395.5	452.8	509.0	302.4	199.1
Cumulative Translation Adjustment	6.4	96.3	-16.9	77.8	112.6
Unrealized Gain/Loss on Pension Fund	-5.7	-4.3	-3.4	-2.5	-20.0
Unrealized LT Inv/Fin. Product Gain/Loss	145.5	89.7	184.2	102.4	-26.4
Unrealized Revaluation Gain	660.6	633.0	298.6	272.7	269.5
Treasury Stock	-0.9	-0.8	-	-	-
Total Equity	3,803.6	3,684.1	3,380.0	2,892.3	2,576.1
Total Liabilities & Shareholders' Equity	11,689.9	10,865.8	10,073.5	8,372.2	8,252.2
S/O-Ordinary Shares	5,144.3	5,144.3	5,145.0	5,145.0	5,145.0
Total Common Shares Outstanding	5,144.3	5,144.3	5,145.0	5,145.0	5,145.0
T/S-Ordinary Shares	0.7	0.7	0.0	0.0	0.0
Advance Receipts	37.6	38.4	31.5	22.1	21.2
Advance Income	88.9	91.7	68.0	37.7	35.2
Deferred Revenue - Current	0.5	32.7	45.9	30.9	0.3
Deferred Income	7.3	5.0	33.3	32.0	32.9
Accumulated Intangible Amort., Franchise	199.8	166.9	148.3	112.3	87.2
Full-Time Employees	28,557	26,372	23,875	20,834	21,170
Number of Common Shareholders	102,952	102,795	96,101	101,451	97,904
Long Term Debt Due in 1 Year	-	-	171.3	-	-
Long Term Debt, Remaining	-	-	1,785.7	-	-
Total Long Term Debt, Supplemental	-	-	1,957.1	-	-
Operating Lease Maturing in 1 year	122.3	107.5	103.1	86.2	91.8
Operating Lease Maturing in 2 years	123.2	107.8	102.7	86.2	92.7
Operating Lease Maturing in 3 years	123.7	108.6	103.7	87.6	101.8
Operating Lease Maturing in 4 years	124.7	110.8	105.6	89.7	97.0
Operating Lease Maturing in 5 years	126.1	110.5	107.8	92.5	98.7
Total Operating Leases, Supplemental	620.0	545.2	522.8	442.2	481.9
Accumulated Benefit Obligation	239.8	211.7	192.5	156.7	161.6
Benefit Obligation	296.2	249.9	244.3	201.1	214.9
Fair Value of Plan Assets	189.6	167.6	180.7	135.9	91.8
Funded Status	-106.6	-82.2	-63.7	-65.2	-123.1
Total Funded Status	-106.6	-82.2	-63.7	-65.2	-123.1
Discount Rate	1.50%	2.00%	2.00%	2.00%	2.25%
Rate of Compensation Increase	4.00%	4.00%	3.75%	3.50%	2.00%
Expected Rate of Return on Plan Assets	1.75%	2.00%	1.50%	1.50%	6.00%
Deferred Pension Cost	0.7	1.5	1.9	0.5	2.8
Accrued Pension Liabilities	-65.5	-70.2	-64.8	-54.1	-78.3
Net Assets Recognized on Balance Sheet	-64.8	-68.7	-62.9	-53.6	-75.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	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 with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	506.7	601.4	632.7	442.8	327.1
Depreciation	552.0	524.2	500.3	501.3	497.6
Amort. of Franchise Rights	25.1	24.9	23.2	22.1	23.2
Inventory Devaluation & Obsolescence	-10.5	11.8	-0.6	-32.4	22.8
Gain on Sale of Securities	-142.6	1.3	-14.9	-47.2	-97.8
Provision for Bad Debts	9.1	6.9	14.7	14.9	21.6
Unreal. G/L on FX of Financial Assets	0.0	0.0	1.1	-	-
Cash Dividend from Equity Investment	101.1	91.9	76.6	68.0	105.3
Impairment Loss on Assets	6.8	19.3	31.0	12.7	2.9
Deferred Gain on Financial Assets, Hedge	2.2	-0.2	2.5	0.2	0.0
Equity Investment Gain/Loss	-106.1	-135.6	-103.7	-118.7	5.3
Exchange Convertible Bond Loss	-	0.0	0.9	-	-
Gain/Loss on Disposal of Fixed Assets	37.0	6.1	22.6	9.4	13.4
Deferred Revenue Transfer Rental Income	-	-1.7	-1.7	-1.6	-1.7
Accrued Pension Liabilities	-6.9	-0.7	0.7	-5.5	1.6
Deferred Tax	-12.6	45.3	15.8	25.0	-31.4
Discard Deferred Charges	-	0.1	-	-	-
Real. Construction Gain	0.0	0.0	0.0	0.0	0.0
Disaster losses	0.3	-	-	-	-
LT Equity Investment, Donated	-	-	-	0.0	-18.7
Extraordinary Gains	-	-	-	0.0	-1.9
Financial Assets-Trading	-3.5	59.7	17.9	-38.9	12.5
Financial Liabilities-Trading	-0.1	0.0	0.4	-2.6	9.4
Notes&Accounts Receivable	140.2	-209.1	-	-	-
Accounts Receivable	-	-	-107.1	40.8	-40.5
Accounts Receivable-Related Parties	-5.6	-5.8	9.4	-4.6	1.2
Inventories	70.9	-187.1	-96.0	81.5	69.7
Property for Sale	35.2	-	-	-	-0.3
Land for Construction	0.0	-	-	-	-
Construction in Process Net	-11.4	70.3	-72.7	-65.1	-5.8
Other Receivable	-15.8	11.7	-10.5	15.7	-12.1
Prepayment & Other Current Assets	7.2	-4.4	-17.6	-27.8	7.1
Notes&Accounts Payable	-87.8	141.1	-	-	-
Notes Payable,Related Parties	-	-	170.5	-4.8	-22.9
Accounts Payable,Related Parties	-4.7	-10.0	-20.2	4.8	-36.2
Tax Payable	33.4	-12.6	20.5	-33.3	26.5
Accrued Expenses	53.1	-9.7	47.6	-13.9	14.1
Advance Receipts	-2.4	6.4	6.8	0.3	2.5
Advance Receipts for Property	-33.0	-11.9	11.1	29.6	-3.6
Advance Income	-6.6	25.6	14.4	1.6	4.9
Advance Receipts for Construction	-12.1	-13.3	19.2	7.9	0.3
Other Current Liabilities	-23.2	33.0	-38.1	28.8	-16.7
Cash from Operating Activities	1,095.3	1,079.1	1,156.8	911.0	879.3
Other Receivables-Related Parties	-5.5	-10.9	-2.2	7.4	-2.3
Sale of LT Equity Investments	0.0	9.1	20.8	95.6	170.1
Equity Investment Increase	-57.8	-68.9	-33.0	-41.1	-66.4
Financial Asset for Sale Decrease	40.2	114.6	133.5	72.6	111.1
Cap. Reduction of Fin. Assets Available	-9.7	-115.1	-65.4	-85.7	-125.9
Fncl. Assets HTM, Increase	-	-	0.0	-6.0	0.0
Disposal of Financial Assets-Cost Method	0.0	0.4	16.0	0.0	2.8
Purchase of Financial Assets-Cost Method	-4.3	-9.2	-1.0	-7.1	0.0
Bonds Investment, Inactive Market, Dec.	-	-	0.0	0.1	0.0
Bonds Investment, Inactive Market, Inc.	-	-	0.0	-8.9	0.0
Disposal of Fixed Assets	7.3	4.3	10.6	11.5	3.4
Capital Expenditure	-615.1	-618.1	-568.2	-300.0	-392.3
Purchase of Intangible Assets	-3.7	-0.5	-1.7	-1.5	-0.1
Prepayment for Land Use Right	-18.5	-	-	-	-
Purchase of Subsidiary	0.0	-8.0	-472.3	-	-
Advance Payment in Property	-	-13.3	-	-	-
Increase in Advance Receipts	-	0.0	13.6	-	-
Restricted Assets	-240.5	1.2	-21.5	-58.3	1.9
Decrease in Refundable Deposits	-2.2	0.4	0.2	1.0	0.7
Deferred Charges Increase	-32.0	-8.6	-7.0	-4.7	-3.6
Other Assets	-9.4	-4.3	-1.4	-2.0	-5.1
Cash from Investing Activities	-951.1	-726.9	-978.9	-327.1	-305.7
ST Borrowings, Net	-73.1	-54.0	137.1	-107.6	292.9
Short Term Notes, Net	-151.4	77.7	66.8	-4.1	68.9
Other Payables-Related Parties	-0.9	-5.0	21.2	-20.5	-16.8
Long Term Borrowings Increase	-	223.4	30.8	-	-
LT Borrowing Decrease	-17.8	-	-	-213.2	-375.4
Security Deposit Received	0.2	-1.5	-1.5	0.0	-1.9
Cash Dividend - Common Stock	-504.7	-540.6	-365.8	-279.6	-475.7
Cash Capital from Subsidiary	75.6	52.2	0.0	5.0	19.7
Minority Interest	228.2	-57.7	-2.8	-42.3	-0.3
Other Liabilities	-3.5	-3.6	-3.4	-0.5	4.7
Capital Reduction, Subsidiary	-	-	-	0.0	-144.6
Issuance of Corporate Bonds	488.9	-	-	-	-
Cash from Financing Activities	41.5	-309.0	-117.7	-662.8	-628.5
Foreign Exchange Effects	-1.1	-3.6	-45.6	22.2	10.4
Net Change in Cash	184.6	39.5	14.7	-56.7	-44.5
Net Cash - Beginning Balance	957.8	924.4	818.9	696.9	771.9
Net Cash - Ending Balance	1,142.3	964.0	833.6	640.2	727.5
Cash Interest Paid	49.7	45.8	30.3	43.1	91.3
Cash Taxes Paid	71.4	91.8	60.1	121.9	107.1

Financial Health

Financials in: USD (mil)

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

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 (?)	2,044.5	1.96%	8,127.8	2.06%	12.92%	7.98%
Research & Development1 (?)	5.0	-17.18%	23.7	-4.23%	0.87%	-2.82%
Operating Income1 (?)	114.0	57.68%	544.3	-6.45%	1.89%	-1.59%
Income Available to Common Excl Extraord Items1 (?)	68.1	215.77%	294.6	-21.41%	2.51%	-5.18%
Basic EPS Excl Extraord Items1 (?)	0.01	216.29%	0.06	-21.42%	2.51%	-5.18%
Capital Expenditures2 (?)	417.5	16.28%	637.3	3.69%	23.72%	2.62%
Cash from Operating Activities2 (?)	302.5	-19.82%	1,095.3	2.16%	2.50%	4.60%
Free Cash Flow (?)	-113.6	-	466.9	0.10%	-12.37%	7.80%
Total Assets3 (?)	12,131.1	5.07%	11,689.9	3.08%	8.19%	4.44%
Total Liabilities3 (?)	8,512.5	6.87%	7,886.3	5.22%	9.29%	4.80%
Total Long Term Debt3 (?)	2,690.7	12.04%	2,549.2	20.35%	17.33%	5.54%
Employees3 (?)	-	-	28557	8.29%	11.08%	9.15%
Total Common Shares Outstanding3 (?)	5,144.3	0.00%	5,144.3	0.00%	0.00%	0.00%
1-ExchangeRate: TWD to USD Average for Period	29.875010	Â	29.579620	Â	Â	Â
2-ExchangeRate: TWD to USD Average for Period	29.670357	Â	29.579620	Â	Â	Â
3-ExchangeRate: TWD to USD Period End Date	30.054810	Â	29.011999	Â	Â	Â

Utility Industry Specific USD (mil)
	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Deferred Charges3 (?)	46.0	24.0	27.7	19.9	22.9
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 (?)	17.74%	18.56%	22.93%	22.52%	22.07%
Operating Margin (?)	6.70%	7.31%	10.41%	9.12%	8.52%
Pretax Margin (?)	7.33%	9.03%	11.45%	10.83%	7.62%
Net Profit Margin (?)	3.62%	4.71%	6.42%	4.84%	2.64%
Financial Strength
Current Ratio (?)	1.25	1.19	1.15	1.06	1.02
Long Term Debt/Equity (?)	0.67	0.55	0.53	0.50	0.66
Total Debt/Equity (?)	0.99	0.92	0.94	0.94	1.16
Management Effectiveness
Return on Assets (?)	4.49%	5.68%	7.10%	5.43%	3.78%
Return on Equity (?)	7.85%	10.55%	13.45%	9.14%	5.18%
Efficiency
Receivables Turnover (?)	7.34	7.47	7.64	6.59	6.72
Inventory Turnover (?)	7.91	7.62	7.26	7.27	7.26
Asset Turnover (?)	0.72	0.76	0.71	0.62	0.64

Market Valuation USD (mil)
P/E (TTM) (?)	25.30	.	Enterprise Value2 (?)	9,980.5
Price/Sales (TTM) (?)	0.70	.	Enterprise Value/Revenue (TTM) (?)	1.28
Price/Book (MRQ) (?)	1.52	.	Enterprise Value/EBITDA (TTM) (?)	9.04
Market Cap as of 30-Aug-20131 (?)	5,520.7	.
1-ExchangeRate: TWD to USD on 30-Aug-2013	29.961972
2-ExchangeRate: TWD to USD on 30-Jun-2013	30.054810

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.25	1.19	1.15	1.06	1.02
Quick/Acid Test Ratio (?)	0.86	0.79	0.75	0.71	0.73
Working Capital1 (?)	683.2	532.9	418.5	122.0	53.3
Long Term Debt/Equity (?)	0.67	0.55	0.53	0.50	0.66
Total Debt/Equity (?)	0.99	0.92	0.94	0.94	1.16
Long Term Debt/Total Capital (?)	0.34	0.29	0.27	0.26	0.31
Total Debt/Total Capital (?)	0.50	0.48	0.49	0.48	0.54
Payout Ratio (?)	75.26%	75.09%	74.00%	74.92%	80.03%
Effective Tax Rate (?)	14.98%	16.90%	13.03%	19.14%	22.19%
Total Capital1 (?)	7,576.1	7,056.7	6,566.3	5,612.9	5,557.5
Efficiency
Asset Turnover (?)	0.72	0.76	0.71	0.62	0.64
Inventory Turnover (?)	7.91	7.62	7.26	7.27	7.26
Days In Inventory (?)	46.15	47.89	50.25	50.19	50.26
Receivables Turnover (?)	7.34	7.47	7.64	6.59	6.72
Days Receivables Outstanding (?)	49.74	48.83	47.78	55.35	54.31
Revenue/Employee2 (?)	290,185	294,998	287,604	250,569	249,008
Operating Income/Employee2 (?)	19,432	21,551	29,926	22,843	21,213
EBITDA/Employee2 (?)	39,041	40,730	52,201	47,342	43,530
Profitability
Gross Margin (?)	17.74%	18.56%	22.93%	22.52%	22.07%
Operating Margin (?)	6.70%	7.31%	10.41%	9.12%	8.52%
EBITDA Margin (?)	13.45%	13.81%	18.15%	18.89%	17.48%
EBIT Margin (?)	6.70%	7.31%	10.41%	9.12%	8.52%
Pretax Margin (?)	7.33%	9.03%	11.45%	10.83%	7.62%
Net Profit Margin (?)	3.62%	4.71%	6.42%	4.84%	2.64%
R&D Expense/Revenue (?)	0.29%	0.31%	0.34%	0.41%	0.42%
COGS/Revenue (?)	79.87%	80.34%	76.31%	76.65%	77.40%
SG&A Expense/Revenue (?)	13.06%	11.80%	12.46%	13.58%	13.61%
Management Effectiveness
Return on Assets (?)	4.49%	5.68%	7.10%	5.43%	3.78%
Return on Equity (?)	7.85%	10.55%	13.45%	9.14%	5.18%
Valuation
Free Cash Flow/Share2 (?)	0.09	0.09	0.12	0.12	0.09
Operating Cash Flow/Share 2 (?)	0.22	0.20	0.24	0.18	0.16
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) (?)	25.30
Market Cap/Equity (MRQ) (?)	1.52
Market Cap/Revenue (TTM) (?)	0.70
Market Cap/EBIT (TTM) (?)	13.39
Market Cap/EBITDA (TTM) (?)	4.99
Enterprise Value/Earnings (TTM) (?)	45.88
Enterprise Value/Equity (MRQ) (?)	2.76
Enterprise Value/Revenue (TTM) (?)	1.28
Enterprise Value/EBIT (TTM) (?)	24.29
Enterprise Value/EBITDA (TTM) (?)	9.04

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

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%)

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