1999 Annual Report - Delta Electronics

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DELTA ELECTRONICS, INC. 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 % Operating revenues (Note 5) Sales revenue $ 19,597,569 89 $ 10,935,029 88 Sales returns ( 92,710) - ( 124,858) ( 1) Sales allowances ( 150,525) ( 1) ( 85,685) ( 1) Net sales revenue 19,354,334 88 10,724,486 86 Services revenue 2,531,157 12 1,760,805 14 Total operating revenues Operating costs 21,885,491 100 12,485,291 100 Cost of goods sold (Note 5) ( 18,864,681) ( 86) ( 10,057,977) ( 81) Gross profit 3,020,810 14 2,427,314 19 Unrealized intercompany profit ( 2,601) - ( 1,710) - Realized intercompany profit 19,938 - 59,958 1 Net gross profit Operating expenses 3,038,147 14 2,485,562 20 Selling ( 746,510) ( 4) ( 663,774) ( 6) Management and administrative ( 604,404) ( 3) ( 534,463) ( 4) Research and development ( 1,610,416) ( 7) ( 1,248,615) ( 10) Total operating expenses ( 2,961,330) ( 14) ( 2,446,852) ( 20) Operating income 76,817 - 38,710 - Non-operating income Interest income 168,718 1 146,311 1 Investment income 3,142,754 15 2,360,275 19 Gain on disposal of property, plant and equipment 43,965 - 12,556 - Gain on disposal of investments 826,432 4 3,012 - Foreign exchange gain, net 53,247 - 5,583 - Reversal of allowance for doubtful accounts - - 34,000 1 Other income (Note 5) 266,481 1 280,116 2 Total non-operating income Non-operating expenses 4,501,597 21 2,841,853 23 Interest expense ( 158,788) ( 1) ( 156,601) ( 1) Loss on disposal of property, plant and equipment Provision for decline in market value and ( 11,705) - ( 5,887) - obsolescence of inventory ( 29,364) - - - Other losses ( 71,367) - ( 102,289) ( 1) Total non-operating expenses ( 271,224) ( 1) ( 264,777) ( 2) Income before income tax 4,307,190 20 2,615,786 21 Income tax (Note 4(16)) ( 659,304) ( 3) ( 380,415) ( 3) Net income Earnings per share (Note 4(17)) (In dollars) $ 3,647,886 17 $ 2,235,371 18 Net income $ 5.12 $ 3.36 Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000. 58
1998 DELTA ELECTRONICS, INC. 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 Balance at January 1, 1998 Distribution of 1997 earnings: $ 4,467,025 $ 107,546 $ 2,015,963 $ 609,647 $ 3,531,746 $ 775,352 $ 11,507,279 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 Convertible bonds converted into new share entitlement certificates - - - - 21,929 - 21,929 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 Transfer of gain on disposal of property, plant and equipment to capital reserve - - 52,720 - - - 52,720 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 - - - ( 1,123,817) - - Employees' bonus 110,098 - - - ( 110,098) - - Cash dividends - - - - ( 1,231,513) - ( 1,231,513 ) Unpaid dividends on unconverted convertible bonds Convertible bonds converted into new share entitlement certificates - - - - 25,639 - 25,639 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 Transfer of gain on disposal of property, plant and equipment to capital reserve - - ( 38,946) - - - ( 38,946 ) by the investee companies - - 2,052 - ( 2,052) - - Gain on disposal of property, plant and equipment transferred to capital reserve Adjustment due to transfer of capital reserve by the investee companies to cover - - 42,833 - ( 42,833) - - 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. 59
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 12 and 13: DELTA ELECTRONICS, INC. CONSOLIDATE
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 52 and 53: DELTA ELECTRONICS, INC. STATEMENT O

1999 Annual Report - Delta Electronics

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