Letter To Shareholders - Mitac

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6.1.2 Condensed Income Statement Unit: NT$ Thousand Items Years Most recent five-year financial data 2005 2006 2007 2008 2009 2010/3/31 (Reviewed by CPA) (Note) Operating revenues 74,305,798 82,882,363 82,073,897 60,809,425 58,039,415 12,614,208 Gross profits 7,271,109 9,079,602 10,130,910 4,718,214 4,107,767 840,492 Operating income (loss) 3,718,672 4,958,306 4,574,512 (588,485) (33,913) (107,956) Non-operating incomes 2,137,707 1,482,530 2,137,177 1,433,674 465,950 152,987 Non-operating expenses (322,425) (310,042) (219,517) (209,745) (55,927) (16,653) Income before income tax from continuing operations 5,533,954 6,130,794 6,492,172 635,444 376,110 28,378 Income (loss) from continuing operations 4,941,793 5,383,612 5,648,262 459,289 289,162 25,540 Income from discontinued operations - - - - - - Extraordinary losses - - - - - - Cumulative effect of changes in accounting principles - (124) - - - - Net income 4,941,793 5,383,488 5,648,262 459,289 289,162 25,540 Earnings 4.53 4.39 4.07 0.31 0.19 0.02 per share Post-retrospection 3.59 3.80 3.86 0.31 Note: Numbers taken until the end of the quarter prior to the publication date of this annual report. 6.1.3 CPAs and Auditor’s opinions for the most recent five years: Not yet distributed Not yet distributed Years Name of CPA Firm Names of CPAs 2009 2008 2007 2006 2005 PriceWaterhouse Coopers Taiwan PriceWaterhouse Coopers Taiwan PriceWaterhouse Coopers Taiwan PriceWaterhouse Coopers Taiwan PriceWaterhouse Coopers Taiwan Yu-Kuan Lin, Wei- Cheng Wang Yu-Kuan Lin, Wei- Cheng Wang Fang-Yu Wen, Yu-Kuan Lin Ying-Fei Liu, Fang-Yu Wen Ying-Fei Liu, Fang-Yu Wen Auditor’s opinions Unqualified Unqualified Unqualified Amended unqualified Unqualified 88
6.2. Financial analysis in most recent five years Analysis Financial structure (%) Solvency (%) Operational capabilities (Note 2) Profitability Years Most recent five years financial analysis 2010/03/31 (Reviewed by 2005 2006 2007 2008 2009 CPA) (Note 1) Debt ratio 49.49 52.04 45.47 37.90 39.93 37.92 Share of long-term funds in fixed assets 1,155.39 1,474.36 1,583.71 1,427.81 1,857.00 1,880.79 Current ratio 156.13 149.73 136.93 130.44 128.98 133.07 Quick ratio 118.15 105.93 107.13 91.95 93.23 93.72 Times interest earned ratio 20.45 31.18 33.11 5.88 9.46 5.42 A/R turnover (times) 5.87 5.49 4.86 4.17 4.47 3.90 A/R turnover days 62 67 75 87 82 94 Inventory turnover (times) 11.52 8.89 7.79 7.14 6.91 5.99 A/P turnover (times) 8.51 6.64 5.48 5.21 5.21 4.63 Inventory turnover days 32 41 47 51 53 61 Fixed assets turnover (times) 30.17 35.81 36.80 27.41 29.17 28.52 Total assets turnover (times) 1.78 1.61 1.37 1.08 1.13 0.98 Return on assets (%) 12.48 10.80 9.70 0.98 0.63 0.06 Return on shareholders equity (%) 24.25 21.30 18.32 1.41 0.92 0.08 To paid-in 32.17 38.74 31.41 (3.83) (0.22) (0.70) (1.76) capital (%) 47.87 47.91 44.57 4.14 2.45 0.18 (1.38) Net income ratio (%) 6.65 6.50 6.88 0.76 0.50 0.20 4.53 4.39 4.07 0.31 0.19 0.02 (0.14) Simple EPS Post- Not yet Not yet (NT$) retrospection 3.59 3.80 3.86 0.31 distributed distributed Cash flow ratio (%) 21.79 18.15 19.96 9.77 5.59 2.64 Cash flow Cash flow adequacy ratio (%) 151.46 79.63 122.78 126.67 135.10 124.61 Cash reinvestment ratio (%) 9.60 8.70 10.11 - 2.37 1.42 Leverage Operating leverage 1.56 1.39 1.29 - - - Financial leverage 1.08 1.04 1.05 - - - Analysis of changes in financial ratio in 2008and 2009(changes less than 20% are exempted): 1. Due to the economic recession in 2008, all consumer electronics sales are affected , thus the decreased profits affected Times interest earned ratio, fixed assets turnover (times), total asset turnover (times), and related ratio of profitability. 2. Because the operating activity net cash flow was decreased in 2008, the cash flow ratio and cash reinvestment ratio were decreased. 3. The decrease of operating income caused the operating leverage and financial leverage declined. Note 1: To the end of quarter prior to the publication date of this annual report. Note 2: For convenience of marking comparisons, the operational capability for the first quarter of 2010 has been converted to a whole year figure. 89
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009 ANNUAL REPORT StockNo:2315 2009
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Contents 1. 7. Assessment Letter To
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competitiveness Letter in the marke
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2007 2009 2008 2005 2006 2007 Compa
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2007 2009 2008 2005 2006 2007 Compa
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3.1.2 Responsibilities of major dep
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Names Chairman Mathew Miau Director
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Titles Names Dates took position Sh
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Titles Vice president Vice presiden
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Below 2,000,000 Remuneration Rankin
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Titles Names MiTAC Salaries (A) In
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Managers Receiving Employee Bonuses
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3.3.2 Supervisors’ participation
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Items Status Differentiation with o
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3.3.4 Social contribution to enviro
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3.3.6 Important resolutions reached
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3.4. CPA’s dues Range of Audit Re
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3.7 Relationships between the top t
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3.8 Aggregate shareholding percenta
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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 63 and 64: ‧Personal computers with wire or
Page 65 and 66: (6) Since many worldly famous compa
Page 67 and 68: communication technologies mature i
Page 69 and 70: manufactured for the mainstream mar
Page 71 and 72: state-of-the-art hardware with navi
Page 73 and 74: devices, establishes connection wit
Page 75 and 76: downstream technologies to develop
Page 77 and 78: 2009, and 1.3 million units sold in
Page 79 and 80: customer satisfaction for a greater
Page 81 and 82: 5.2.2 Important applications and pr
Page 83 and 84: Volume/value Year 2008 2009 Major p
Page 85 and 86: 5.4.2 MiTAC’s environmental healt
Page 87 and 88: consumption. To comply with the REA
Page 89 and 90: and the integration of all our comp
Page 91: 6. Financial Statement 6.1. Most re
Page 95 and 96: 6.3. Supervisors’ Report of the m
Page 97 and 98: MITAC INTERNATIONAL CORP. AND SUBSI
Page 103 and 104: 2.Research, development, manufactur
Page 105 and 106: 4) Classification of current and no
Page 107 and 108: 11) Allowance for doubtful accounts
Page 109 and 110: 18) Convertible bonds For convertib
Page 111 and 112: C. When a company’s treasury stoc
Page 113 and 114: B. The Company's investee, G. Marso
Page 115 and 116: D. Lian Jie Investment Co., Ltd. ma
Page 117 and 118: than the sum of carrying value of i
Page 119 and 120: 14) Long-term loans December 31, Ba
Page 121 and 122: 17) Capital reserve The R.O.C. Secu
Page 123 and 124: 19) Share-based payment ─ employe
Page 125 and 126: (b) As of December 31, 2009, the su
Page 127 and 128: G. (a) A summary of the movements u
Page 129 and 130: (c) The Company assumed the employe
Page 131 and 132: exceed the sum of retained earnings
Page 133 and 134: C. Components of deferred income ta
Page 135 and 136: 21) Earnings per share Income befor
Page 137 and 138: treasury stock. 23) Personnel, depr
Page 139 and 140: E. Accounts payable As of December
Page 141 and 142: 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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Letter To Shareholders - Mitac

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