Contents - MiTAC

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MITAC INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE) 2003 2002 Operating Revenues-net $ 45,514,663 $ 35,622,333 Operating Cost ( 42,343,444 ) ( 33,008,871 ) Gross Profit Operating Expenses 3,171,219 2,613,462 Selling expenses ( 984,098 ) ( 762,808 ) Administrative expenses ( 626,065 ) ( 944,804 ) Research and development expenses ( 1,190,664 ) ( 874,246 ) ( 2,800,827 ) ( 2,581,858 ) Operating Income Non-operating Income and gains 370,392 31,604 Interest income Investment income accounted for under equity method 7,699 5,003 (Note 4 (5)) - 47 - 754,099 1,081,684 Dividend income 47,403 35,642 Gain on disposal of property, plant and equipment 1,208 7,282 Gain on disposal of investment 144,103 400,574 Exchange gain, net 82,467 111,000 Other income 160,005 116,862 Non-operating Expenses and Losses 1,196,984 1,758,047 Interest expenses ( 298,465 ) ( 328,712 ) Other investment loss (Note 4 (5)) ( 66,903 ) ( 122,009 ) Loss on disposal of property, plant and equipment ( 18,121 ) ( 58,264 ) Loss on physical count of inventories Loss on market value decline and obsolescence of ( 1,050 ) ( 1,947 ) inventories - ( 160,372 ) Other losses ( 121,236 ) ( 252,334 ) ( 505,775 ) ( 923,638 ) Income Before Income Tax and minority interest 1,061,601 866,013 Income Tax Expense (Note 4 (17)) ( 34,907 ) ( 7,847 ) Minority interest 24,779 6,738 Net Income $ 1,051,473 $ 864,904 Before income tax After income tax Before income tax After income tax Basic Earnings Per Share (in dollars) (Note 4 (18)) Income before income tax and minority interest $ 1.04 $ 1.01 $ 0.84 $ 0.83 Minority interest 0.02 0.02 0.01 0.01 Net income $ 1.06 $ 1.03 $ 0.85 $ 0.84 Diluted Earnings Per Share (in dollars) Income before income tax and minority interest 0.96 0.94 0.76 0.77 Minority Interest 0.02 0.02 0.01 0.01 Net income $ 0.98 $ 0.96 $ 0.77 $ 0.78 Pro forma information of net income and earnings per share disclosed as if the Company’s stock held by subsidiaries was not recorded as treasury stock: Net income $ 994,328 $ 959,421 $ 948,979 $ 941,132 Basic earnings per share (in dollars) $ 0.98 $ 0.95 $ 0.92 $ 0.91 Diluted earnings per share (in dollars) $ 0.90 $ 0.88 $ 0.84 $ 0.84 The accompanying notes are an integral part of the consolidated financial statements. See report of independent accountants dated March 15, 2004.
MITAC INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) Retained Earnings Unrealized Long-term Cumulative Common Capital Legal Unappropriated Investment Translation Unrecognized Treasury 2002 Stock Reserve Reserve Earnings Loss Adjustments Pension cost Stock Total Balance at January 1, 2002 Distribution of 2001 earnings: $ 9,945,133 $ 3,339,293 $ 601,087 $ 1,284,406 ( $ 431,178 ) $ 781,369 $ - ( $ 2,212 ) $ 15,517,898 Appropriation for legal reserve - - 101,145 ( 101,145 ) - - - - - Issuance of employee bonus stock 72,824 - - ( 72,824 ) - - - - - Issuance of stock dividends 397,729 - - ( 397,729 ) - - - - - Cash dividends declared - - - ( 99,432 ) - - - - ( 99,432 ) Directors’ and supervisors’ remuneration - - - ( 10,000 ) - - - - ( 10,000 ) Net income in 2002 Transfer capital reserve resulted from gain on disposal of fixed assets to - - - 864,904 - - - - 864,904 unappropriated earnings - ( 204,322 ) - 204,322 - - - - - Capital reserve due to change in ownership of long-term investments - ( 13,712 ) - - - - - - ( 13,712 ) Capital reserve adjustment due to disposal of long-term investments - ( 11,472 ) - - - - - - ( 11,472 ) Translation adjustment for 2002 Transfer of gain on disposal of the Company’s stock traded by subsidiaries to - - - - - ( 10,277 ) - - ( 10,277 ) capital reserve - 1,019 - - - - - - 1,019 Reversal of unrealized loss on market value decline of long-term investments - - - - 427,097 - - - 427,097 Treasury stock purchased-net - - - - - - - ( 246,294 ) ( 246,294 ) Balance at December 31, 2002 2003 $ 10,415,686 $ 3,110,806 $ 702,232 $ 1,672,502 ( $ 4,081 ) $ 771,092 $ - ( $ 248,506 ) $ 16,419,731 Balance at January 1, 2003 Distribution of 2002 earnings: $ 10,415,686 $ 3,110,806 $ 702,232 $ 1,672,502 ( $ 4,081 ) $ 771,092 $ - ( $ 248,506 ) $ 16,419,731 Appropriation for legal reserve - - 106,922 ( 106,922 ) - - - - - Employee bonuses - - - ( 77,842 ) - - - - ( 77,842 ) Cash dividends declared - - - ( 208,276 ) - - - - ( 208,276 ) Directors’ and supervisors’ remuneration - - - ( 4,000 ) - - - - ( 4,000 ) Employee stock purchase warrants exercised 148,126 ( 10,369 ) - - - - - - 137,757 Net income in 2003 - - - 1,051,473 - - - - 1,051,473 Capital reserve due to change in ownership of long-term investments Capital reserve due to change in subsidiaries ownership of long-term - ( 20,926 ) - - - - - - ( 20,926 ) investments - 6,997 - - - - - - 6,997 Recognition of subsidiaries’ unrecognized pension cost - - - - - - ( 256 ) - ( 256 ) Translation adjustment for 2003 - - - - - ( 5,651 ) - - ( 5,651 ) Decrease in the Company’s stocks held by subsidiaries Recognition of subsidiaries’ unrealized loss on market value decline of - - - - - - - 22,597 22,597 long-term investments - - - - ( 4,720 ) - - - ( 4,720 ) Treasury stock sold-net - ( 15 ) - - - - - 2,212 2,197 Treasury stock purchased-net - - - - - - - ( 347,450 ) ( 347,450 ) Balance at December 31, 2003 $ 10,563,812 $ 3,086,493 $ 809,154 $ 2,326,935 ( $ 8,801 ) $ 765,441 ( $ 256 ) ( $ 571,147 ) $ 16,971,631 The accompanying notes are an integral part of the consolidated financial statements. See report of independent accountants dated March 15, 2004. - 48 -
Page 1 and 2: Contents A.Report To Shareholders..
Page 3 and 4: Innovations in product R&D and work
Page 5 and 6: 4.Integrate Group resources, contin
Page 7 and 8: 1990 - In response to rapid busines
Page 9 and 10: MiTAC International's US subsidiary
Page 11 and 12: 2.1.2 Responsibilities of Major Dep
Page 13 and 14: Major Institutional Shareholders Ap
Page 15 and 16: Title Name Date Took Office Shares
Page 17 and 18: 3. Capital and Shares, Corporate Bo
Page 19 and 20: 3.5 Market Price, Net Value, Earnin
Page 21 and 22: 3.8 Treasury Stock Aapril 1, 2004 S
Page 23 and 24: 3.10 Employee Stock Options 3.10.1
Page 25 and 26: 1.1.3 New Products and Technologies
Page 27 and 28: this platform are being aggressivel
Page 29 and 30: 1.3.2 Technologies and Products Suc
Page 31 and 32: 1.4.3. Wireless communications prod
Page 33 and 34: (3) Wireless Communications Product
Page 35 and 36: C.Expand development of high value-
Page 37 and 38: 2.3 Supply of Key Components Compon
Page 39 and 40: As a professional computer assembly
Page 41 and 42: 8. Acquisition or Disposition of As
Page 43 and 44: 1.2 Concise Profit/Loss Statment Un
Page 45 and 46: 2.1 Financial Structure (1) Debt ra
Page 47: MITAC INTERNATIONAL CORP. AND SUBSI
Page 51 and 52: MITAC INTERNATIONAL CORP. AND SUBSI
Page 53 and 54: combined total assets or operating
Page 55 and 56: 11) Deferred charges A. Telephone i
Page 57 and 58: 3) Mitac Precision Technology Co.,
Page 59 and 60: D. Tsu Fung Investment Corp. was no
Page 61 and 62: 11) OTHER LIABILITIES December 31,
Page 63 and 64: B. Undistributed earnings (a) In ac
Page 65 and 66: C. Components of deferred income ta
Page 67 and 68: 19) PERSONNEL EXPENSES, DEPRECIATIO
Page 69 and 70: E. Accounts payable December 31, 20
Page 71 and 72: 11. SPECIAL DISCLOSURE ITEMS A. Inf
Page 73 and 74: Investor Types Name of marketable s
Page 75 and 76: The company buying /selling product
Page 77 and 78: Item Sales of forward foreign excha
Page 79 and 80: Investor Investee Company 〃 Proco
Page 81 and 82: (4) The detail of marketable securi
Page 83 and 84: (8) Purchases or sales transactions
Page 85 and 86: C. Relevant Information Regarding I
Page 87 and 88: The prices that the Company and thi
Page 89 and 90: In order to reconcile the amounts o
Page 91 and 92: 2. Analysis of Business Results Yea
Page 93 and 94: 6. Risk Management 6.1 Influence of
Page 95 and 96: 6.5.2 Server Product Series: Due to
Page 97 and 98: Item Status 3. Designation of super
Page 99 and 100:
1. Information on Affiliates 1.1 Co
Page 101 and 102:
1.1.2 Affiliated Companies—Basic
Page 103 and 104:
1.1.3 Business and Inter-Relationsh
Page 105 and 106:
1.1.4 Directors, Supervisors, Gener
Page 107 and 108:
Company Name Title Name or Represen
Page 109:
1.1.5 Operations Overview of Afflia
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