Letter To Shareholders - Mitac

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MITAC INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE) 2009 2008 Operating revenues-net (Note 5) $ 63,369,191 $ 64,735,047 Operating costs (Note 5) ( 55,448,087 ) ( 57,026,587 ) Gross profit 7,921,104 7,708,460 Operating expenses (Note 6) Selling expenses ( 4,232,206 ) ( 4,332,872 ) Administrative expenses ( 1,938,313 ) ( 1,648,786 ) Research and development expenses ( 2,882,570 ) ( 2,534,270 ) ( 9,053,089 ) ( 8,515,928 ) Operating loss ( 1,131,985 ) ( 807,468 ) Non-operating income and gains Interest income 39,294 248,812 Gain on valuation of financial assets (Note 4 (2)) 14,316 11,977 Gain on valuation of financial liabilities (Note 4 (12)) 82,973 - Investment income accounted for under the equity method (Note 4 (7)) 1,179,658 1,059,436 Dividend income 83,868 174,566 Gain on disposal of property, plant and equipment 161,409 - (Note 5) Gain on disposal of investment 216,690 122,826 Foreign exchange gain, net - 204,320 Other income (Note 5) 124,125 87,848 1,902,333 1,909,785 Non-operating expenses and losses Interest expense ( 53,452 ) ( 144,368 ) Loss on valuation of financial liabilities (Note 4 (12)) - ( 67,185 ) Loss on disposal of property, plant and equipment - ( 45,157 ) Foreign exchange loss, net ( 22,290 ) - Impairment loss (Note 4 (4)) ( 50,856 ) - Other losses ( 43,710 ) ( 48,868 ) ( 170,308 ) ( 305,578 ) Income before income tax 600,040 796,739 Income tax expense (Note 4 (21)) ( 310,878 ) ( 337,450 ) Consolidated net income $ 289,162 $ 459,289 Attributable to: Consolidated net income $ 289,162 $ 459,289 Before income tax After income tax Before income tax After income tax Basic earnings per share (in NT dollars) (Note 4 (22)) Consolidated net income attributable to the Company $ 0.25 $ 0.19 $ 0.42 $ 0.31 Diluted earnings per share (in NT dollars) Consolidated net income attributable to the Company $ 0.20 $ 0.14 $ 0.37 $ 0.25 The accompanying notes are an integral part of these consolidated financial statements. ~94~
MITAC INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) Retained Earnings Unrealized Financial Instruments Gain (loss) Cumulative Translation Adjustments Common Capital Legal Unappropriated Treasury 2008 Stock Reserve Reserve Earnings Stock <strong>To</strong>tal Balance at January 1, 2008 $14,565,380 $ 4,202,512 $ 2,161,080 $ 11,466,928 $ 744,699 $ 1,193,436 ( $ 371,946 ) $ 33,962,089 Distribution of 2007 earnings: Legal reserve - - 564,826 ( 564,826 ) - - - - Employee bonuses – stock 203,337 - - ( 203,337 ) - - - - Employee bonuses – cash - - - ( 305,006 ) - - - ( 305,006 ) Stock dividends 578,808 - - ( 578,808 ) - - - - Cash dividends - - - ( 2,025,829 ) - - - ( 2,025,829 ) Directors’ and supervisors’ remuneration - - - ( 6,000 ) - - - ( 6,000 ) Exercise of employee stock option 6,868 1,170 - - - - - 8,038 Employee compensation plan - employee stock options - 16,591 - - - - - 16,591 Consolidated net income for 2008 - - - 459,289 - - - 459,289 Capital reserve due to change in ownership of long-term investments - ( 81,777 ) - - - - - ( 81,777 ) Recognition of unrealized profit or loss on available-for-sale financial assets - - - - ( 1,163,178 ) - - ( 1,163,178 ) Recognition of unrealized gain or loss on derivative financial instruments for hedging - - - - 12,028 - - 12,028 Cash dividends received by subsidiaries from the Company - 31,009 - - - - - 31,009 Cumulative translation adjustment - - - - - 456,265 - 456,265 Treasury stock transaction-net - - - - - - ( 237,557 ) ( 237,557 ) Balance at December 31, 2008 $15,354,393 $ 4,169,505 $ 2,725,906 $ 8,242,411 ($ 406,451 ) $ 1,649,701 ( $ 609,503 ) $ 31,125,962 2009 Balance at January 1, 2009 $15,354,393 $ 4,169,505 $ 2,725,906 $ 8,242,411 ( $ 406,451 ) $ 1,649,701 ( $ 609,503 ) $ 31,125,962 Distribution of 2008 earnings: Legal reserve - - 45,929 ( 45,929 ) - - - - Employee bonuses - stock - - - ( 305,204 ) - - - ( 305,204 ) Exercise of employee stock option 7,331 ( 1,159 ) - - - - - 6,172 Employee compensation plan - employee stock options - 120,623 - - - - - 120,623 Consolidated net income for 2009 - - - 289,162 - - - 289,162 Capital reserve due to change in ownership of long-term investments - ( 139,845 ) - - - - - ( 139,845 ) Recognition of unrealized profit or loss on available-for-sale financial assets - - - - 947,445 - - 947,445 Recognition of unrealized gain or loss on derivative financial instruments - - - - ( 1,045 ) - - ( 1,045 ) for hedging Cash dividends received by subsidiaries from the Company - 4,516 - - - - - 4,516 Cumulative translation adjustment - - - - - ( 443,606 ) ( 443,606 ) Balance at December 31, 2009 $15,361,724 $ 4,153,640 $ 2,771,835 $ 8,180,440 $ 539,949 $ 1,206,095 ( $ 609,503 ) $ 31,604,180 Note: Directors’ and supervisors’ remuneration of $2,000 and employees’ bonuses of $20,773 for 2008 have been deducted from the consolidated statement of income. The accompanying notes are an integral part of these consolidated financial statements. ~95~
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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
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latest financial year after taking
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MiTAC International Corp. Regulatio
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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 and 92: 6. Financial Statement 6.1. Most re
Page 93 and 94: 6.2. Financial analysis in most rec
Page 95 and 96: 6.3. Supervisors’ Report of the m
Page 97: MITAC INTERNATIONAL CORP. AND SUBSI
Page 101 and 102: 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
Page 143 and 144: (c) Short-term financial instrument
Page 145 and 146: 11.SUPPLEMENTARY DISCLOSURES A. Inf
Page 147 and 148: 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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