Letter To Shareholders - Mitac

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competitiveness Letter in the market To of professional Shareholders outdoor GPS navigation devices, thereby offering more variety to MiTAC’s GPS and PND product lines in 2010. MiTAC is also in the grasp of the latest and most sought after technology - cloud computing. With respect to server and storage devices, MiTAC aims to expand from a standard size server supplier into a supplier of mainstream data center products. Its branded product line TYAN will broaden its marketing Dear channels ladies for and innovative gentlemen: energy-saving servers and high performance computing (HPC) solutions etc. As for terminal products, MiTAC will continue its development of thin clients and Internet connectivity First allow products me to express provide my integrated sincere gratitude solutions to for all cloud our shareholders computing. for their support to MiTAC for the past year. Although the macro environment in 2009 was still shadowed by the global financial crisis, In MiTAC terms still of engaged environmental all challenges policies, and MiTAC continuously is deeply concerned increased about our competitiveness the growing global and core warming technology within the In business order to environment. meet the requirements This is the time of future for us greenhouse to muster our gas energy (GHG) reduction and capture standards, oppor- phenomenon. the tunities company in the activated upcoming greenhouse technological gas trend. inspection mechanisms and implemented the relevant energy-saving measures since August 2007. Furthermore, MiTAC successfully introduced a halogenfree Revenue, production profitability, process, raised research the standard and of development its suppliers management, and acquired green partner certification from world renowned Japanese manufacturers in 2009. The company also delivers the necessary MiTAC generated environmentally revenues friendly totaling standards NTD 58.039 such billion as low in 2009 toxic, and energy-saving, delivered a net and profit recyclability before tax of requirements $376 million; earnings demanded per by share its customers. (EPS) amounted to $0.19. Since the company did not produce any public financial forecasts for the year 2009, there is no related data available for this report. 2010 business overview MiTAC is committed to its core value on innovative and revolutionary research and development, thus We consistently have recovered provides from more the than bottom 3% of its global revenues economic for research recession. and In development 2010,MiTAC shall expenses focus in on order the to growth maintain of its its competitive three main businesses: advantage developing technological high and value-adding product innovation. navigation The software company and also outdoor made GPS several devices breakthroughs to achieve in 2010 terms sales of that consumer surpass electronics previous year’s design. level. Its proprietary Target corporate GPS navigation servers and products, branded devices Mio, to provide wins innovation cloud computing awards almost solutions; every introduce year. In 2009, innovative several energy-saving of its product servers, lines storage high-performance including Mio Moov380, servers, Moov410, and high and performance MoovS700 computing all received solutions; the ”IF” design increase award, the market while its share navigation cell phone network K75 received coverage the of “Best our TYAN Choice” brand. award As of for Computex terminal products, Taipei. These our efforts acknowledgments shall be focused had once the again development proven MiTAC’s of Internet superior connectivity innovative and design thin clients capabilities. computers, thereby enabling closer and distribution technological association between cloud computing and terminal products, as well as market growth. The impacts of the external competitive environment, the regulatory environment, and the overall In business the coming environment year, MiTAC is dedicated to providing optimal solutions to consumers all over the world based on its core values of “innovation”, “evolution”, “teamwork” etc; offering one-stop shopping, supply The recent and global services financial from cloud crisis computing had devastated to consumer the IT industry electronics in 2009; for the all product greatest sales interests except of its customers, laptops have employees, declined. The and market shareholders. of PND (Portal Navigation Device) with built-in GPS functions also encountered a slight decline. Based on the estimation of market research institution – Canalys, the sale of PND reached 38 million worldwide 2009; this was a 7% decline from the 41 million units sold in 2008, Best and the regards sales volume is expected to reach 39 million worldwide in 2010. There is still potential for the growth of the GPS market. In addition to its continual efforts in the PND market, which simultaneously involves entertainment, Internet connectivity, and digital TV functions, MiTAC will also be focusing on the development of high value-adding navigation software. The consumer oriented GPS navigation brand, Magellan, Chairman purchased Mathew in 2009 Miaucontributed to MiTAC’s President Billy Ho
2007 2009 2008 2005 2006 2007 Company Overview land Established China and the in North Taiwan American to reinforce Office- its MiTAC R&D capability. Digital Corp. Incorporated MiTAC received TYAN Green Computer Partner Corp., Certificate ,a solution from SONY. plan supplier of HPC system. TYAN MiTAC then was became awarded a Best new Supplier business of division Year 2009 of MiTAC by Riverbed. International for products R&D, MiTAC’s logistic proprietary accesses branded sales. motherboard models: TYAN TN28 and B4988 were Awarded ranked 16th the and “Supplier 20th, respectively Meritorious Performance among Supercomputer Award” by Sun Institute’s Microsystems top 500 Inc. 2.1. Mio Rankings. Date won its of fourth establishment: “Excellent Brand Dec. of Taiwan” 8, 1982 award from Taiwan External Trade 2.2. Development MiTAC’s Company proprietary Council. milestone branded products: TYAN B7029 and S4982 were widely Mio accepted C720t by won its customers, the “Best Choice and received of Computex top rankings Taipei 2007. among the world’s top 500 Indirect investment of US$4.2 million in MiTAC Research (Shanghai) to strengthen Mio HPC A702 providers. & P560 won the “iF Design Award China 2007” award. its R&D capabilities and raise its overall competitiveness. Being MiTAC’s selected proprietary as the branded excellent products: vendor of TYAN “Potential S8208 99 and -- S5376 Taiwan” were by the used ETtoday by the Indirect investment of US$5.5 million in MiTAC Technology (Suzhou) Co., Ltd. to TV world’s channel. most popular websites including MSN and Amazon. strengthen its vertically integrated capabilities and increase its competing ability. Canalys MiTAC’s data proprietary indicated branded that “Mio” products: brand Mio became Moov380, worldwide Moov410, top 3 and of navigation MoovS700 To handle the second underwriting at SYNNEX Corporation, an American based products received IF suppliers. design awards. subsidiary of MiTAC, and realized its gains. MiTAC disposed of a portion of its Globally MiTAC’s proprietary first launched branded the HPC-flex products: BLADE Mio bare-bones K75 navigation system cell for phone workgroups. received stocks, which value was approximately US$38 million. Using the Best an Choice upgraded award cooling during mechanism Computex design Taipei. and noise control to upgrade the Ranked #67 by Business Week for the Tech 100 list. HPC Invested server’s NTD work 150 million environment into Loyalty to an ordinary Founder office Enterprise and realized CO., Ltd.; the acquired personal Awarded the “Best Quality Supplier of the Year” by Dell Computer, “Best Supplier HPC 25.24% idea. ownership interest to enhance vertical integration, create synergies from Performance” by Fujitsu Siemens, and “Supplier Excellence Award” by NEC. Launched the strategic the alliance, first global and AMD improve Opteron overall Double customer 1U server, service which quality. associates two server motherboards into one 1U rack to maximize the space density of the rack-based Ranked #71 servers. by Business Week for the Tech 100 listing. Exclusively Awarded the acquired “Preferred the Quality Intel Qualified Supplier Server Award” Board by Intel. (IQSB) certification on highend Awarded servers, the and “Supplier became Meritorious the only vendor Performance of IQSB Award” plan. by Sun Microsystems Inc. Incorporated Mio Technology, Korea to enter Korean market. MiTAC signed the contract to be the ONLY navigation devices sponsor in 2010 Mio DigiWalker H610 was awarded with the “iF design Award China 2006”. Shanghai EXPO. 8.5” portable TV MPV-800 was awarded with the “iF Product Design Award 2007”. Mio C230 awarded the “iF Design Award 2008”. Mio DigiWalker H610 was ranked on “The Best 20 Products in 2006” by Business Mio Leap K1Moov380 and G50 awarded the “iF Design Award 2009”. Week. Motherboards TN28 and B4988 of TYAN were the 16th and the 20th places at Mio DigiWalker H610 was listed by Times magazine at the “Cool Gear 2006 Tech Supercomputer Institute Top 500 respectively. Buyer’s Guide”. NASA chose the Thunder N 6659 W s2915 of TYAN. Awarded the “Excellent Supplier” by Sun Microsystems Inc. In order to upgrade the competitive advantage of wireless satellite navigation Awarded the “Outstanding Supplier” by HP. system and global market share, MiTAC had merged the Navman trademark of To expand the portable navigation devices and to open new markets, MiTAC the Brunswick Corporation and its operating assets and liabilities (excluding cash) acquired Magellan’s GPS consumer products divisions, including the brand name, and all equipment at Navman Europe Ltd., Naviart Ltd., and Naviart Information Magellan, and its related technology and net assets. Technology (Shanghai) Co. Ltd. Incorporated Navman Technology Australia PTY Ltd. in Sydney, Australia for entering local market. Incorporated Navman Technology NZ Ltd. in Oakland, New Zealand to enter local market. Established the mobile communication R&D Centers in Cheng Du City in Main-
Page 1 and 2: 009 ANNUAL REPORT StockNo:2315 2009
Page 3 and 4: Contents 1. 7. Assessment Letter To
Page 5: competitiveness Letter in the marke
Page 9 and 10: 2007 2009 2008 2005 2006 2007 Compa
Page 11 and 12: 3.1.2 Responsibilities of major dep
Page 13 and 14: Names Chairman Mathew Miau Director
Page 15 and 16: Titles Names Dates took position Sh
Page 17 and 18: Titles Vice president Vice presiden
Page 19 and 20: Below 2,000,000 Remuneration Rankin
Page 21 and 22: Titles Names MiTAC Salaries (A) In
Page 23 and 24: Managers Receiving Employee Bonuses
Page 25 and 26: 3.3.2 Supervisors’ participation
Page 27 and 28: Items Status Differentiation with o
Page 29 and 30: 3.3.4 Social contribution to enviro
Page 31 and 32: 3.3.6 Important resolutions reached
Page 33 and 34: 3.4. CPA’s dues Range of Audit Re
Page 35 and 36: 3.7 Relationships between the top t
Page 37 and 38: 3.8 Aggregate shareholding percenta
Page 39 and 40: 2. Preferred stock: None 4.1.4 Majo
Page 41 and 42: latest financial year after taking
Page 43 and 44: MiTAC International Corp. Regulatio
Page 45 and 46: converting price is to be adjusted
Page 47 and 48: total issuance value, the Company m
Page 49 and 50: 4.3 Employees’ stock options 4.3.
Page 51 and 52: April 30, 2010 Type of employees’
Page 53 and 54: April 30, 2010 Units:NT$ Thousand/
Page 55 and 56: April 30, 2010 Units:NT$ Thousand/S
Page 57 and 58:
April 30, 2010 Units:NT$ Thousand/
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Page 61 and 62:
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‧Personal computers with wire or
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(6) Since many worldly famous compa
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communication technologies mature i
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manufactured for the mainstream mar
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state-of-the-art hardware with navi
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devices, establishes connection wit
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downstream technologies to develop
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2009, and 1.3 million units sold in
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customer satisfaction for a greater
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5.2.2 Important applications and pr
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Volume/value Year 2008 2009 Major p
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5.4.2 MiTAC’s environmental healt
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consumption. To comply with the REA
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and the integration of all our comp
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6. Financial Statement 6.1. Most re
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6.2. Financial analysis in most rec
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6.3. Supervisors’ Report of the m
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MITAC INTERNATIONAL CORP. AND SUBSI
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Page 101 and 102:
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2.Research, development, manufactur
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4) Classification of current and no
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11) Allowance for doubtful accounts
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18) Convertible bonds For convertib
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C. When a company’s treasury stoc
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B. The Company's investee, G. Marso
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D. Lian Jie Investment Co., Ltd. ma
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than the sum of carrying value of i
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14) Long-term loans December 31, Ba
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17) Capital reserve The R.O.C. Secu
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19) Share-based payment ─ employe
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(b) As of December 31, 2009, the su
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G. (a) A summary of the movements u
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(c) The Company assumed the employe
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exceed the sum of retained earnings
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C. Components of deferred income ta
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21) Earnings per share Income befor
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treasury stock. 23) Personnel, depr
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E. Accounts payable As of December
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10. OTHER INFORMATION 1) The fair v
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(c) Short-term financial instrument
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11.SUPPLEMENTARY DISCLOSURES A. Inf
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Note 2: 47,500,000 shares were pled
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(8) Receivables from related partie
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B. Information of Subsidiaries: (1)
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Note 3: Equal to 50% of the net wor
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(5) Marketable securities for which
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(10) Information on derivative tran
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) Major transactions with the subsi
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D) The relation of business and imp
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12. SEGMENT INFORMATION 1) Operatio
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7 Assessment of financial condition
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7.3 Cash flow analysis Unit: NT$ Th
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7.5.2 Influences of the interest ra
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(4) Enterprise and channel servers/
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8.1. Information of affiliates 8.1.
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2. Affiliated companies - basic dat
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Company Name Date established Addre
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MiTAC (U.K.) Ltd. Sales of MiTAC’
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Company name Title Name or Rep. Sha
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8.2. MiTAC’s stocks held or dispo
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