1999 Annual Report - Delta Electronics

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17 1999 Annual Report Financial Statements February 23, 2000 (00)R.D24P.4066 To the Board of Directors of Delta Electronics, Inc. We have examined the consolidated balance sheet of Delta Electronics, Inc. as of December 31, 1999 and 1998, and the related consolidated statements of income, of changes in stockholders' equity and of cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not examine the 1999 and 1998 consolidated financial statements of Delta International Holding Ltd., consolidated subsidiary, which statements reflect total consolidated assets of $21,093,278,000 and $11,867,260,000, constituting 61% and 52%, respectively, and consolidated operating revenues of $32,199,851,000 and $18,592,829,000, constituting 81% and 71%, respectively, of the related consolidated totals. The consolidated financial statements were examined by other auditors whose reports thereon have been furnished to us. In addition, as explained in Note 4(4), the financial statements of certain investee companies for the years ended December 31, 1999 and 1998, accounted for under the equity method, were examined by other auditors whose reports thereon have been furnished to us. The total amount of longterm investments in these investee companies at December 31, 1999 and 1998 was $309,216,000 and $500,595,000, respectively, and the related investment income for the years then ended were $163,553,000 and $22,524,000, respectively. Our opinion expressed herein, insofar as it relates to the amounts included in the financial statements relative to this consolidated subsidiary and long-term investments, is based solely on the reports of the other auditors. Information of certain investee companies disclosed in Note 12 were based on the reports of the other auditors. We conducted our audits in accordance with the "Rules Governing Examinations of Financial Statements by Certified Public Accountants" and generally accepted auditing standards in the Republic of China. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion. In our opinion, based on our examinations and the reports of other auditors, the consolidated financial statements referred to above present fairly the financial position of Delta Electronics, Inc. and its consolidated subsidiaries, Delta International Holding Ltd., and Delta Networks, Inc. as of December 31, 1999 and 1998, and the results of their operations and their cash flows for the years then ended, in conformity with the ''Rules Governing Preparation of the Financial Statements of Securities Issuers" and generally accepted accounting principles in the Republic of China. As indicated in Note 2, the accompanying financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices utilized in the Republic of China to audit such consolidated financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. 18 1999 Annual Report
19 DELTA ELECTRONICS, INC. CONSOLIDATED BALANCE SHEET DECEMBER 31, 1999 AND 1998 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) 1999 1998 1999 1998 Amount % Amount % Amount % Amount % ASSETS (Restated) LIABILITIES AND STOCKHOLDERS' EQUITY (Restated) Current Assets Current Liabilities Cash and cash equivalents (Note 4(1)) $ 3,449,843 10 $ 2,563,752 11 Short-term loans (Notes 4(6) and 6) $ 734,514 2 $ 217,408 1 Notes receivable - net 253,111 1 184,260 1 Accounts payable 7,543,044 22 4,004,185 18 Accounts receivable - net (Note 4(2)) 9,083,065 26 5,587,106 24 Accounts payable - related parties (Note 5) 360,205 1 84,814 - Accounts receivable - related parties (Note 5) 1,093,710 3 989,510 4 Income tax payable (Note 4(15)) 29,136 - - - Other receivables (Note 4(15)) 254,367 1 235,322 1 Accrued expenses 1,275,076 4 1,108,430 5 Other receivables - related parties (Note 5) 128,896 - 141,986 1 Other payables 299,430 1 167,190 1 Inventories (Note 4(3)) 4,881,508 14 2,775,310 12 Received in advance 185,269 1 88,430 - Prepaid expenses 16,664 - 11,611 - Current portion of long-term loans (Notes 4(8) and 6) 4,636 - 6,182 - Prepayments 29,994 - 46,285 - Other current liabilities 146,513 - 35,740 - Other current assets (Notes 4(15) and 6) 602,228 2 410,387 2 10,577,823 31 5,712,379 25 19,793,386 57 12,945,529 56 Long-term Liabilities Funds and Long-term Investments Convertible bonds (Note 4(7)) 179,146 - 1,674,588 7 Long-term investments (Note 4(4)) 6,374,961 19 4,038,299 18 Long-term loan (Notes 4(8) and 6) - - 4,636 - Cash surrender value of life insurance 56,064 - 49,938 - 179,146 - 1,679,224 7 Prepayment for long-term investments - - 20,000 - 6,431,025 19 4,108,237 18 Reserve Property, Plant and Equipment (Notes 4(5) and 6) Reserve for land value incremental tax (Note 4(5)) 97,283 - 107,740 1 Cost Land 1,052,299 3 652,003 3 Other Liabilities Buildings and equipment 2,694,928 8 1,213,849 5 Reserve for retirement plan (Note 4(9)) 415,312 1 304,176 1 Machinery and equipment 4,023,366 12 2,591,881 11 Deposits-in 1,512 - 10,246 - Molds 332,418 1 218,174 1 Deferred income tax liabilities (Note 4(15)) 2,138,365 6 1,389,625 6 Computer and communication equipment 292,490 1 168,460 1 Other liabilities others 883,339 3 443,427 2 Test equipment 705,686 2 577,132 3 3,438,528 10 2,147,474 9 Motor vehicles 55,984 - 52,540 - Total Liabilities 14,292,780 41 9,646,817 42 Furniture and fixtures 337,846 1 296,971 1 Leasehold improvements 16,361 - 45,447 - Stockholders' Equity Land value appraisal increment 202,231 - 222,454 1 Common stock (Notes 1 and 4(10)) 7,345,341 21 5,606,858 24 Cost and appraisal increment 9,713,609 28 6,038,911 26 New share entitlement certificates (Note 4(11)) 132,230 - 12,227 - Less: Accumulated depreciation ( 2,238,275) ( 6) ( 1,880,962) ( 8) Capital reserve (Note 4(12)) Prepayments for equipment and construction in progress 334,012 1 1,394,407 6 Premium 6,425,721 19 2,198,025 9 7,809,346 23 5,552,356 24 Others 255,603 1 245,718 1 Intangible Assets Retained earnings Goodwill - - 4,804 - Legal reserves (Note 4(13)) 1,062,112 3 839,745 4 Deferred pension cost (Note 4(9)) 23,003 - - - Undistributed earnings (Note 4(14)) 4,733,442 14 3,828,854 17 Other intangible assets 132,312 - 93,315 1 Cumulative translation adjustments 301,995 1 611,630 3 155,315 - 98,119 1 Total Stockholders' Equity 20,256,444 59 13,343,057 58 Other Assets Deposits-out 31,650 - 32,520 - Commitments and Contingent Liabilities (Notes 5 and 7) Deferred charges 328,502 1 251,456 1 Other assets - others - - 1,657 - Subsequent Events (Note 9) 360,152 1 285,633 1 TOTAL ASSETS $ 34,549,224 100 $ 22,989,874 100 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $34,549,224 100 $22,989,874 100 Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000.
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1999 Annual Report - Delta Electronics

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