1999 Annual Report - Delta Electronics

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DELTA ELECTRONICS, INC. CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE DATA) 1999 1998 Amount % Amount (Restated) % Operating revenues (Notes 2 and 5) Sales revenue $ 40,060,275 101 $ 26,211,781 100 Sales returns ( 272,962) ( 1) ( 269,831) ( 1) Sales allowances ( 324,866) ( 1) ( 119,745) - Net sales revenue 39,462,447 99 25,822,205 99 Services revenue 206,357 1 313,677 1 Total operating revenues Operating costs (Notes 2 and 5) 39,668,804 100 26,135,882 100 Cost of goods sold ( 31,553,703) ( 80) ( 20,650,761) ( 79) Gross profit 8,115,101 20 5,485,121 21 Unrealized intercompany loss - - 1,657 - Realized intercompany loss ( 1,657) - - - Net gross profit Operating expenses 8,113,444 20 5,486,778 21 Selling ( 1,822,040) ( 4) ( 1,159,080) ( 5) Management and administrative ( 890,190) ( 2) ( 813,503) ( 3) Research and development ( 1,851,520) ( 5) ( 1,272,394) ( 5) Total operating expenses ( 4,563,750) ( 11) ( 3,244,977) ( 13) Operating income Non-operating income 3,549,694 9 2,241,801 8 Interest income 215,943 1 253,562 1 Gain on disposal of property, plant and equipment 45,706 - 12,556 - Gain on disposal of investments 858,573 2 3,012 - Foreign exchange gain - net 22,033 - 9,413 - Reversal of allowance for doubtful accounts 32,061 - 3,257 - Other income (Note 5) 381,597 1 468,049 2 Total non-operating income Non-operating expenses 1,555,913 4 749,849 3 Interest expense ( 171,041) ( 1) ( 160,369) ( 1) Investment loss ( 164,047) - ( 36,425) - Loss on disposal of property, plant and equipment ( 32,409) - ( 7,771) - Loss on physical count of inventory Provision for decline in market value and ( 60,706) - ( 4,077) - obsolescence of inventory ( 30,960) - - - Other losses ( 173,025) ( 1) ( 109,404) - Total non-operating expenses ( 632,188) ( 2) ( 318,046) ( 1) Income before income tax 4,473,419 11 2,673,604 10 Income tax (Notes 2 and 4(15)) ( 659,762) ( 1) ( 384,929) ( 1) Income after income tax 3,813,657 10 2,288,675 9 Minority interest in consolidated subsidiaries ( 165,771) ( 1) ( 53,304) - Net income Earnings per share (Note 4(16)) (In dollars) $ 3,647,886 9 $ 2,235,371 9 Income before minority interest $ 5.35 $ 3.44 Minority interest in consolidated subsidiaries ( 0.23) ( 0.08) Net income $ 5.12 $ 3.36 Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000. 20
21 DELTA ELECTRONICS, INC. CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) Capital Stock Retained Earnings New share Cumulative entitlement Capital Legal Undistributed translation Common stock certificates reserve reserve earnings adjustments Total 1998 Balance at January 1, 1998 $ 4,467,025 $ 107,546 $ 2,015,963 $ 609,647 $ 3,531,746 $ 775,352 $ 11,507,279 Distribution of 1997 earnings: Directors' and supervisors' remuneration - - - - ( 1,500) - ( 1,500) Appropriation for legal reserve - - - 230,098 ( 230,098) - - Issuance of stock dividends 914,914 - - - ( 914,914) - - Employees' bonus 90,515 - - - ( 90,515) - - Cash dividends - - - - ( 711,470) - ( 711,470) Unpaid dividends on unconverted convertible bonds - - - - 21,929 - 21,929 Convertible bonds converted into new share entitlement certificates New share entitlement certificates issued - 39,085 - - - - 39,085 Premium from conversion of convertible bonds - - 363,532 - - - 363,532 Unpaid interest payable of convertible bonds - - 1,214 - - - 1,214 Common stock issued for conversion of entitlement certificates 134,404 ( 134,404) - - - - - Proportionate share of adjustment to subsidiaries' capital reserves - - ( 23,028) - - - ( 23,028) Adjustment due to change in capital reserve of the investee companies - - 52,720 - - - 52,720 Transfer of gain on disposal of property, plant and equipment to capital reserve by the investee companies - - 964 - ( 964) - - Appraisal increment of land value - - 21,647 - - - 21,647 Gain on disposal of property, plant and equipment transferred to capital reserve - - 10,731 - ( 10,731) - - Cumulative translation adjustments on foreign long-term investments - - - - - ( 163,722) ( 163,722) Net income for the year - - - - 2,235,371 - 2,235,371 Balance at December 31, 1998 5,606,858 12,227 2,443,743 839,745 3,828,854 611,630 13,343,057 1999 Distribution of 1998 earnings: Directors' and supervisors' remuneration - - - - ( 1,500) - ( 1,500) Appropriation for legal reserve - - - 222,367 ( 222,367) - - Issuance of stock dividends 1,123,817 - - - ( 110,098) - - Cash dividends - - - - ( 1,123,817) - - Employees' bonus 110,098 - - - ( 1,231,513) - ( 1,231,513) Unpaid dividends on unconverted convertible bonds - - - - 25,639 - 25,639 Convertible bonds converted into new share entitlement certificates New share entitlement certificates issued - 624,571 - - - - 624,571 Premium from conversion of convertible bonds - - 4,227,696 - - - 4,227,696 Unpaid interest payable of convertible bonds - - 15,464 - - - 15,464 Common stock issued for conversion of entitlement certificates 504,568 ( 504,568) - - - - - Proportionate share of adjustment to subsidiaries' capital reserves - - ( 10,572) - ( 35,703) - ( 46,275) Adjustment due to change in capital reserve of the investee companies - - ( 38,946) - - - ( 38,946) Transfer of gain on disposal of property, plant and equipment to capital reserve by the investee companies - - 2,052 - ( 2,052) - - Gain on disposal of property, plant and equipment transferred to capital reserve - - 42,833 - ( 42,833) - - Adjustment due to transfer of capital reserve by the investee companies to cover prior year's operating losses - - ( 946) - 946 - - Cumulative translation adjustments on foreign long-term investments - - - - - ( 309,635) ( 309,635) Net income for the year - - - - 3,647,886 - 3,647,886 Balance at December 31, 1999 $ 7,345,341 $ 132,230 $ 6,681,324 $ 1,062,112 $ 4,733,442 $ 301,995 $ 20,256,444 Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000.
Page 1 and 2: DELTA ELECTRONICS, INC. Annual Repo
Page 3 and 4: 3 1999 Annual Report Message from t
Page 5 and 6: 7 1999 Annual Report Major Products
Page 7 and 8: 11 1999 Annual Report Manufacturing
Page 10 and 11: 17 1999 Annual Report Financial Sta
Page 14 and 15: DELTA ELECTRONICS, INC. CONSOLIDATE
Page 16 and 17: DELTA ELECTRONICS, INC. NOTES TO CO
Page 18 and 19: Inventories Inventories are stated
Page 20 and 21: transition is amortized equally ove
Page 22 and 23: December 31, 1999 December 31, 1998
Page 24 and 25: 32 5) Property, plant and equipment
Page 26 and 27: The initial conversion price, which
Page 28 and 29: 13) Legal reserve The R.O.C Company
Page 30 and 31: payment of the final tax assessment
Page 32 and 33: G. Accounts payable DET DEJ Others
Page 34 and 35: short-term loan, accounts payable,
Page 36 and 37: When the contracts mature, there wi
Page 38 and 39: 46 11. DISCLOSURE OF INFORMATION ON
Page 40 and 41: 48 12. Disclosure information of in
Page 42 and 43: 50 D. Marketable securities acquire
Page 44 and 45: 52 H. Receivable from related parti
Page 46 and 47: 13. SEGMENTAL FINANCIAL INFORMATION
Page 48 and 49: February 23, 2000 (00)R.D24P.4057 T
Page 50 and 51: DELTA ELECTRONICS, INC. STATEMENT O
Page 52 and 53: DELTA ELECTRONICS, INC. STATEMENT O

1999 Annual Report - Delta Electronics

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