QISDA 2009 ANNUAL REPORT

Transkript

T S E : 2 3 5 2
QI S D A
2 0 0 9 A N N U A L R E P O R T
P r in t e d o n A p r il 2 0 , 2 0 1 0
Q is d a A n n u a l r e p o r t is a v a ila b le a t h t t p : / / Q is d a . c o m
Tab le of C ontent & C ontac t I nf orm ati on
Table of Contents
Message to O u r Sh areh o lders … … … … … … … … … … … … … … … … … … … … … … … … … … … … … …
R ev iew o f O peratio n s an d Pro du ct Strategy … … … … … … … … … … … … … … … … … … … … … … … .
Co rpo rate Go v ern an ce … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … ..
Co mpan y Fin an cials … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … …
Contac t I nfor m ati on
QISDA CORPORATION
Headquarters / Taoyuan Plant
157 Shan-Y i ng R o ad, G u ei shan, T ao y u an 333,
T ai w an, R .O .C .
P ho ne: 886 -3-359-880 0
Tai p ei of f i c e
18 J i hu R o ad, N ei hu , T ai p ei 114 , T ai w an, R .O .C .
P ho ne: 886 -2-2799-880 0
I N V E STO R R E L A TI O N S C O N TA C TS
Sp ok esp erson
D av i d W ang
V i ce P r esi dent and C F O
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i nv est o r @ Q i sda.co m
D ep uty Sp ok esp erson
J asm i n H u ng
Asso ci at e V i ce P r esi dent
P ho ne: 886 -3-359-880 0
i nv est o r @ Q i sda.co m
Q I SD A O N THE I N TE R N E T
Q i sda’ s I nv est o r R el at i o ns ho
w o r l dw i de w eb si t e o ffer s a w
co r p o r at e i nfo r m at i o n, i ncl u
annu al r ep o r t and fi nanci al
W eb si t e: Q i sda.co m /i r .ht m
m e p ag e o n t he
eal t h o f
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r esu l t s.
R E G I STR A R & TR A N SF E R A G E N T
T ai shi n I nt er nat i o nal B ank
B 1, 96 J i ang u o N . R o ad, Sec. 1, T ai p ei 10 4 ,
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I N D E PE N D E N T A C C O U N TA N TS
P hi l i p T ang & So ni a C hang C P A
K P M G P eat M ar w i ck
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D O M E STI C STO C K E X C HA N G E L I STI N G
Q i sda C om m on sh ares
T ai w an St o ck Ex chang e C o r p o r at i o n
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Q i sda E x c h ang eab le B onds
G r eT ai Secu r i t i es M ar k et
I SI N : 23520 1
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O V E R SE A S SE C U R I TY E X C HA N G E L I STI N G
F o r fu r t her i nfo r m at i o n, v i si t Q i sda w o r l dw i de
w eb si t e and Lo g i n at I nv est o r R el at i o ns
Q i sda G lob al D ep osi tary Sh ares
Lu x em b u r g St o ck Ex chang e
I SI N : U S0 8230 120 10
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M essag e to ou r S h ar eh old er s
M essag e to our Sh areh olders
Dear esteemed Qisda sh areh o lders,
Qisda' s 2009 co re co n so lidated rev en u es reach ed NT $ 79.67 billio n , w h ile th e Taiw an paren t
co mpan y reco rded rev en u es o f NT $ 49.6 billio n . A f ter-tax lo sses o f NT $ 1.81 billio n resu lted in an
af ter-tax lo ss per sh are o f NT $ 0.94.
O v er th e past 2 years, Qisda h as carried o u t bu sin ess tran sf o rmatio n pro j ects in clu din g
reo rgan iz atio n , rev italiz atio n o f co rpo rate cu ltu re, pro du ctio n an d o peratio n al mo dif icatio n s, IT
system glo baliz atio n , impro v emen ts to in -h o u se v ertical in tegratio n capabilities, an d mu ch mo re.
Th an k s to th e u n if ied ef f o rts o f th e co mpan y' s emplo yees, prelimin ary resu lts h av e begu n to sh o w u p
o n Qisda' s f in an cials o v er th e past f ew q u arters. Sin ce th e f o u rth q u arter o f 2008—w h en th e co re
bu sin ess w en t f ro m lo ss to pro f it—u n til th e en d o f 2009, Qisda w itn essed 5 su ccessiv e q u arters o f
pro f itability. In 2009, w e saw a th irty-percen t in in crease pro du ctio n ef f icien cy w h ile lo sses attribu ted
to cu sto mer co mplain ts o v er q u ality issu es decreased by eigh ty-percen t. In O DM su pplier
assessmen ts by sev eral glo bal bran ded cu sto mers, Qisda h as su stain ed its o v erall po sitio n as o n e o f
th e to p rated co mpan ies. Mean w h ile, th e co mpan y h as su ccessf u lly co n tro lled man po w er, capital
req u iremen ts, an d in v en to ry lev els, w h ich h as led to an in crease in cash f lo w an d a redu ced debt
po sitio n . Du rin g th e perio d o f glo bal f in an cial crisis an d eco n o mic declin e, Qisda remain ed stro n g
an d emerged f ro m th e w o rldw ide crisis u n scath ed.
A t th e same time, Qisda also reen gin eered its pro du ct lin es. Becau se o f th is, th e co mpan y’ s
main stream LCD display an d pro j ecto r pro du ct lin es—bo th o f w h ich h av e eco n o mies o f scale an d
are pro f itable—h av e been able to su stain a f irm po sitio n w ith in th e in du stry an d in crease mark et
sh are. New pro du ct lin e dev elo pmen t w as classif ied in to tw o mark et segmen ts: "f u tu re main stream"
an d "n ich e". Fu tu re main stream pro du cts lik e eBo o k R eaders, mo bile in tern et dev ices, an d
mu ltimedia ro u ters h av e th e po ten tial to beco me a n ew spark in th e co mpan y' s rev en u e gro w th .
Nich e pro du cts in clu de h igh er added-v alu e, h igh er pro f it pro du ct lin es lik e pro f essio n al displays,
h igh -en d LED ligh tin g, an d remo te h ealth care dev ices. In 2009, n ew pro du ct lin e dev elo pmen t
pro gressed smo o th ly an d establish ed a so lid f o u n datio n f o r rev en u e an d pro f it gro w th in 2010.
O v er th e past 5 years, Qisda h as pu t an av erage o f 3 percen t o f th e co mpan y’ s tu rn o v er to w ard
research an d dev elo pmen t ev ery year an d h as accu mu lated o v er 2,000 paten ts aro u n d th e w o rld.
In 2009, Qisda co n tin u ed to receiv e in tern atio n al aw ards an d acclaim, in clu din g 10 red do t, 5 iF,
an d 3 G-Mark design aw ards—th e o n ly co mpan y in th e design co n tract man u f actu rin g in du stry to
receiv e su ch h igh h o n o rs. We stro n gly believ e th at o u tstan din g pro du ct design an d R & D
capabilities are Qisda' s co re co mpetitiv e stren gth s.
Lo o k in g to 2010, th e glo bal eco n o my is ex pected to mak e a pro tracted reco v ery. In additio n to
co n tin u in g its o rgan iz atio n al tran sf o rmatio n an d impro v emen ts to th e co mpan y' s f in an cial stru ctu re,
Qisda w ill also apply eq u al ef f o rt in pro mo tin g n ew pro du ct mark ets, ex pan din g mark et sh are, an d
seek in g du al gro w th in rev en u e an d pro f its. In 2010, Qisda w ill also establish a Co rpo rate
Su stain ability System th at w ill in clu de green o peratio n s, green pro du cts, green su pply ch ain s, a
carbo n emissio n s man agemen t platf o rm, an d a so cial respo n sibility co mpo n en t.
We are ex tremely gratef u l to each an d ev ery sh areh o lder f o r th eir lo n g-term su ppo rt an d
en co u ragemen t. We an ticipate 2010 to be a year th at sees Qisda su rge f o rw ard. Th e man agemen t
team w ill co n tin u e to w o rk u n ceasin gly to deliv er th e greatest ben ef it to bo th th e co mpan y an d to
sh areh o lders.
Sin cerely,
K .Y . Lee
Ch airman
Hu i Hsiu n g
CEO & Presiden t
2
R ev i ew
R ev i ew
of O p erati ons and Produc t Strateg y
of O p er ati ons and P r od u c t S tr ateg y
Monitor Business Unit
Operational G u id el ines
Th e primary o bj ectiv e o f th e mo n ito r bu sin ess u n it is to su stain
man u f actu rers in th e w o rld th ro u gh its leadin g R & D pro grams.
its po sitio n
as o n e o f th e to p 5
B u s ines s S c ope
O v e rv ie w
of O p e r a t i on s
Becau se th e LCD mo n ito r is a matu re pro du ct, A SPs dro pped du e to mark et co mpetitio n
co n f ro n t th is type o f ch allen ge, Qisda establish ed stro n g relatio n sh ips w ith bran d cu sto mers
in v ested in v ertical in tegratio n activ ities su ch as pan el mo du le assembly an d in -h o u se mech an
parts to in crease th e v alu e-added pro po sitio n . New pro du ct areas su ch as mu ltif u n ctio n mo n
an d all-in -o n e PCs are also f o cal po in ts f o r th e mo n ito r bu sin ess.
. To
an d
ical
ito rs
P r od u c t O f f e r i n g
17"/19 "/20.1” co n su mer an d co mmercial LCD mo n ito rs
15.6”/18.5”/19”/20”/21.5”/22”/23”/24”/27” w ide screen an d pro f essio n al LCD mo n ito rs
21.5”/24”/27” mu ltif u n ctio n mo n ito rs
18.5” all-in -o n e PC
I nd u s try Ov erv iew
C u r r e n t S t a t u s a n d Tr e n d s i n D e v e l op m e n t
Despite th e glo bal eco n o my gradu ally reco v erin g f ro m recessio n , in 2009 th e glo bal LCD mo n ito r
mark et sligh tly declin ed to 163 millio n u n its acco rdin g to DisplaySearch . Fo r 2010, estimated to tal
o u tpu t w ill reach 167 millio n u n its f o r emergin g mark et gro w th an d PC su bstitu tio n . Th e an n u al
gro w th rate w ill be n ear 5% f o r th e n ex t f ew years. In 2010, LCD pan els w ill see a co n tin u ed
imbalan ce in su pply an d deman d. Th e ch allen ge f o r system in tegrato rs w ill be mo re dif f icu lt
becau se th e LCD mo n ito r mark et is matu re an d bo th u pstream & do w n stream co mpan ies are
gro w in g. In su ch an en v iro n men t, co mpan ies w ith co re co mpeten ces lik e en h an cemen t o f v alu e
added, in -h o u se v ertical in tegratio n , access to k ey co mpo n en ts an d eco n o mies o f scale w ill h av e a
co mpetitiv e adv an tage.
Th e LCD mo n ito r mark et is matu re, w ith a pen etratio n rate o f o v er 90%. In additio n to co st
co mpetitio n an d u pstream/do w n stream relatio n sh ips, Qisda w ill strategically w o rk w ith bran d
cu sto mers to dev elo p lo w po w er eco -f rien dly LED back ligh t so lu tio n s o r dif f eren tiatio n th ro u gh
mu ltif u n ctio n LCD mo n ito rs to f u lf ill th e mark et deman d.
3
R ev i ew
R es earc h & D ev el opm ent
C u rre n t S ta tu s
To u ch screen LCD mo n ito rs
Mu ltif u n ctio n mo n ito rs
A ll-in -o n e PCs
Precisio n co lo r in du strial mo n ito rs
O n g oi n g E f f or t s
High co n trast an d 3D/120Hz tech n o lo gy pro du cts
HDMI1.4/Displaypo rt1.2 mu ltimedia mo n ito rs
H.264 mu ltif u n ctio n mo n ito rs
Green pro du cts an d f u ll series LED mo n ito rs
S h ort and L ong -Term
B u s ines s P l ans
A s a pro f essio n al O DM/O EM man u f actu rer, Qisda applies th e f o llo w in g strategies to
po sitio n as o n e o f th e to p 5 man u f actu rers in th e w o rld:
Pro v ide all siz es o f LCD displays an d pro
believ e Qisda h as distin ct adv an tage
Co n tin u e co o peratin g w ith A U O ptro
cu ltiv ate partn ersh ips w ith tier-o n e pan
In crease v alu e-added in v alu e ch ain
assembly, in -h o u se stampin g, an d in -h o
In crease mu ltif u n ctio n mo n ito r/all-in -o n
main tain
its
mo te larger-siz ed, h igh -perf o rman ce mo dels w h ere w e
n ics Co rp. to dev elo p h igh
el v en do rs to en su re smo o th
s th ro u gh v ertical in tegratio
u se plastic in j ectio n
e PC pro du ct mix an d ex pan
4
q u ality LCD mo n ito rs an d
su pply
n , su ch as pan el mo du le
d scale
R ev i ew
M ark et A nal y s is
Ma j or S a l e s Ma r k e t s
Wo rldw ide
Ma r k e t S h a r e
In 2009, Qisda in creased sales an d mark et sh are despite a sligh t declin e in th e glo bal LCD mo n ito r
mark et. Th e co mpan y main tain s w o rldw ide to p 5 leadin g po sitio n .
P osi t i v e F a c t or s, N e g a t i v e F a c t or s, a n d S t r a t e g i e s
P o s it iv e F a c t o r s
In du stry co n so lidatio n ; big players gettin g bigger
N e g a t iv e F a c t o r s
Co mmo dity mark et; sev ere price co mpetitio n
Sh o rt su pply in Ch in a’ s labo r mark et, w h ich mak es labo r co st h igh er an d tigh ten s material su pply
ch ain s
S t r a t e g ie s
Su stain a leadin g in du stry po sitio n th ro u gh v ertical in tegratio n an d ex pan din g eco n o
scale to lo w er co sts
En h an ce design pro du ctiv ity to redu ce labo r u sage w h ile in creasin g cell pro du ctio n
ach iev e better f lex ibility
Max imiz e th e ben ef its ex pan ded eco n o mies o f scale an d in creased mark et sh are by:
Pro v ide all siz es o f so lu tio n s an d pro mo te larger-siz ed, h igh -perf o rman ce mo dels w h
believ e Qisda h as distin ct adv an tage
Co n tin u e co o peratin g w ith A U O ptro n ics Co rp. to dev elo p h igh q u ality LCD mo n ito
cu ltiv atin g partn ersh ips w ith tier-o n e pan el v en do rs to en su re smo o th su pply
Ex ten d th e v alu e-added in v alu e ch ain s th ro u gh v ertical in tegratio n , su ch as pan el
assembly, in -h o u se stampin g an d in -campu s plastic in j ectio n
In crease mu ltif u n ctio n mo n ito r/all-in -o n e PC pro du ct mix to en large pro du ct po rtf o
in crease A SP
5
mies o f
lin es to
ere w e
rs w h ile
mo du le
lio
an d
R ev i ew
P roj ec tor Business Unit
Th e 2010 go als f o r th e pro j ecto r O DM bu sin ess are to ach iev e h igh er gro w th in sh ipmen ts an d
main tain a to p 3 po sitio n w o rldw ide. A t th e same time, w e aim to redu ce co sts an d impro v e q u ality
to pro v ide better cu sto mer serv ice to bo o st gro w th rates.
O v e rv ie w
Qisda’ s O DM bu sin ess captu red 13% glo bal mark et sh are an d main tain ed a to p 3 po sitio n in 2009.
Mo reo v er, ex cept DLP pro j ecto r, w e are th e o n ly man u f actu rer in Taiw an th at h as LCD pro j ecto r
mass pro du ctio n ex perien ce.
P r od u c t O f f e r i n g s
A w ide ran ge o f pro j ecto rs w ith h o me, o f f ice an d edu catio n al applicatio n s
P r oj e c t F e a t u r e s
Th e MP515ST pro j ecto r, w ith
reso lv es th e setu p issu es in co
In additio n , High Def in itio n
au dio /v ideo ex perien ce in th
a n ew gen eratio n , sh o rt-th ro w pro j ectio n len s dev elo ped by Qisda,
n f eren ce ro o ms, classro o ms, an d in h o me en tertain men t applicatio n s.
Mu ltimedia In terf ace (HDMI) an d 10W speak ers pro v ide th e best
is catego ry.
Th e SP920p pro j ecto r, w ith n ew gen eratio n du al lamp o ptical en gin e dev elo ped by Qisda an d tw o
h igh -ef f icien cy 280w mercu ry lamps, ach iev es brigh tn ess u p to 6000 lu men s.
A cco rdin g to in du stry repo rts, 2009 w o rldw ide pro j ecto r sh ipmen ts w ere 5.6 millio n
f o recast f o r 2010 is 6.2 millio n u n its.
u n its an d th e
Th e mark et is ex pected to co n tin u e gro w in g in th e n ex t f ew years du e to th e dev elo pmen t o f
tech n o lo gies f o r mo re applicatio n s an d lo w er prices. O n ly man u f actu rers w ith su f f icien t eco n o mic
scale w ill su rv iv e th e sev ere co mpetitio n co min g in th e n ex t f ew years.
6
R ev i ew
Te c h n ol og i e s i n D e p l oy m e n t
Th e MP515ST f eatu res a sh o rt-th ro w pro j ectio n len s an d HDMI in terf ace th at co u ld f u lf ill v ario u s
u ser applicatio n s an d pro v ide o ptimu m v ideo perf o rman ce
Th e SP920p ach iev es brigh tn ess u p to 6000 lu men s th ro u gh a n ew gen eratio n du al lamp
o ptical en gin e
O n -g oi n g E f f or t s
Impro v in g co lo r man agemen t an d reso lu tio n
Dev elo pin g sh o rt-th ro w ratio , w ide-screen , an d h igh brigh tn ess pro j ecto rs to satisf y edu catio n al
an d co mmercial mark ets
Short a n d L on g -Te rm
Dev elo p n ew
B u s in e s s P la n s
DLP an d LCD pro j ecto r tech n o lo gies an d ex ten d th em to o u r O DM/O EM bu sin ess
En h an ce pro du ct applicatio n s f o r h o me, o f f ice, an d edu catio n al mark ets
Wo rldw ide
In 2009, Qisda w as o n e o f th e to p 3 pro j ecto r man u f actu rers
Qisda’ s pro j ecto r sh ipmen ts dro pped 5% betw een 2008 an d 2009, w h ich w as better th an a 10%
dro p in sh ipmen ts w o rldw ide. Hav in g large eco n o mies o f scale is th e critical f acto r f o r k ey
co mpo n en t so u rcin g an d man u f actu rin g o peratio n s.
Bo th eco n o mic scale an d leadin g tech n o lo gy allo w u s to be co mpetitiv e in th e f ace o f
co n tin u o u s price ero sio n th at w ill o ccu r in th e n ex t f ew years
Sh o rter pro du ct lif ecycles, mo re co mpetito rs, an d an
disru pted mark et prices
S t r a t e g ie s
abu n dan ce o f dif f eren t mo dels h av e
In crease o peratio n al ef f icien cy to co n tro l in v en to ry an d f u lf ill cu sto mer n eeds
Dev elo p n ew DLP an d LCD pro j ecto r tech n o lo gies an d ex ten d th em to o u r O DM/O EM bu sin ess
En h an ce pro du ct applicatio n s f o r h o me, o f f ice, an d edu catio n al mark ets
7
R ev i ew
S c a nner/ P rinter/ C a reS P C Business Unit
Cu rren t co mpetitio n w ith in th e in du stry h as led to co n su mer an d IT pro du ct prices to dro p
sign if ican tly. Qisda SPC BU h as mo dif ied its bu sin ess o rien tatio n f ro m h igh v o lu me, lo w margin
segmen ts to h igh er v alu e, n ich e mark et segmen ts to pu rsu e mo re pro f itable margin s.
O v e rv ie w
In 2009, w e lau n ch ed a min i-ph o to scan n er pro du ct lin e an d h ealth care gatew ay pro du ct an d
receiv ed po sitiv e mark et f eedback . In 2010, th ese n ich e pro du ct lin es are f o recast to see sign if ican t
gro w th . Fo r traditio n al prin ter pro du ct lin es, Qisda h as pro v ided added-v alu e th ro u gh v ertical
in tegratio n an d greater pro j ect co n tro l ef f icien cy f o r O DM cu sto mers. A s a resu lt, Qisda added
an o th er h igh -v o lu me pro j ect an d ex pects to see sign if ican t gro w th in 2010.
P r od u c t O f f e r i n g
Min i-ph o to scan n ers
High speed in k j et prin ters
Co lo r laser prin ters
A DF mo du les
Medical electro n ics
O ptical to u ch mo du les
A cco rdin g to sev eral mark etin g su rv eys, co n su mer prin ter/scan n er rev en u es an d o peratin g margin s
h av e dro pped sign if ican tly. Th eref o re, Qisda is f o cu sin g o n bu sin ess segmen ts an d n ich e
applicatio n s th at o f f er h igh er margin s. In o rder to pu rsu e special segmen ts in th e mark et, it is critical
to f in d n ew segmen ts, def in e specif icatio n s, an d seek o u t su itable ch an n els to pro mo te n ich e
segmen ts.
A dditio n ally, w e are migratin g in to th e medical electro n ics in du stry u sin g Qisda’ s co re v alu es an d
capabilities. Th is in du stry is in a gro w th perio d an d is a mo re stable in du stry co mpared to IT. Ho w ev er,
it w ill tak e time to bu ild th e req u ired in f rastru ctu re f o r ev eryth in g f ro m ch an n els to su pply ch ain s.
8
R ev i ew
Qisda o w n s co mmu n icatio n , imagin g pro cessin g, an d data man agemen t tech n o lo gies as w ell as
ch an n el dev elo pmen t k n o w ledge. Th eref o re, w e w ill f o cu s o n th ree dev elo pmen tal o bj ectiv es:
1) In crease scan n in g tech n o lo gy applicatio n s by f o cu sin g o n th e specializ ed min i-ph o to
scan n ers an d ex ten din g th ese ef f o rts to o ptical to u ch mo du le applicatio n s
2) Fo r prin ters, w e w ill co n tin u e to co o perate w ith partn ers to seek h igh er v alu e segmen ts
3) In medical electro n ics, w e w ill pro v ide to tal so lu tio n s, in clu din g medical meters, gatew ays
an d in stitu tio n -site serv ers.
Paper pick u p in h igh -speed prin ters an d du plex prin tin g co n tro ls
High -speed au to matic do cu men t f eeder
Stan d alo n e ph o to /f ilm scan n in g tech n o lo gy
CMO S-based to u ch pan el tech n o lo gy
Embedded SO C system f o r Win CE, mo bile mo du les, an d medical sen so rs
Serv er so f tw are applicatio n s, platf o rms, an d in f rastru ctu re f o r th e h ealth y care in du stry
Short a n d L on g -Te rm
B u s in e s s P la n s
Co lo r laser prin ters an d min i ph o to scan n ers are
Qisda w ill en h an ce pro du ct f u n ctio n s, in crease
ef f icien cy to main tain its leadin g po sitio n
Co n tin u e co o peratin g w ith strategic partn ers o n
mark et lau n ch
Medical dev ices began sh ippin g in 2009 an d w
so lu tio n s
Deliv er CMO S-based to u ch pan el mo du le in 2010
bo th f o recast to see stro n g gro w th in 2010.
co st co mpetitiv en ess an d bo o st o peratio n
h igh -speed prin ters an d h av e a su ccessf u l
ill co n tin u e w ith
ev en
mo re pro du cts an d
Wo rldw ide
Co lo r laser prin ters w ill o w n n early 3% o f th e w o rldw ide mark et w ith a leadin g bran d partn ersh ip in
2010. Min i ph o to scan n ers are ex pected to h av e mo re th an 70% w o rldw ide mark et sh are in th e A 6
scan n er segmen t in 2010.
9
R ev i ew
Th e n ich e segmen t in min i ph o to scan n ers an d medical electro n ics is gro w in g an d Qisda is
demo n stratin g leadin g capabilities co mpared to o th er co mpetito rs
Qisda h as stro n g partn ersh ip w ith to p tier co lo r laser prin ter player
Pro f its w ill be af f ected by material an d labo r co st in creases in Ch in a
S t r a t e g ie s
Fo r n ich e segmen ts, Qisda is creatin g mo re pro du ct applicatio n s an d so lu tio n s to in crease
rev en u e an d pro f it
Fo r co mmo dity segmen ts, Qisda w ill en h an ce strategic co o peratio n w ith cu sto mers to in crease
eco n o mies o f scale
10
R ev i ew
I nf ota inm ent S ol utions Business Unit
Th e In f o tain men t So lu tio n s bu sin ess u n it is f o cu sin g o n small an d mediu m to large-siz ed TFT-LCD
pan el applicatio n s f o r bo th stan dard an d cu sto miz ed system design s. Th ese applicatio n s in clu de
au to mo tiv e so lu tio n s, co n su mer in f o tain men t so lu tio n s, an d in du strial so lu tio n s. Emph asis o n tren dy
co n su mer electro n ic dev ices in clu des pro du cts lik e eBo o k R eaders, Tablets, mu ltimedia ro u ters,
digital ph o to f rames an d po w er gatew ays. Beh in d th e pan el su pply stren gth o f th e Gro u p, w e’ v e
po sitio n ed o u rselv es at mo re adv an ced lev el v is-à-v is o u r co mpetito rs in th e IT in du stry.
O v e rv ie w
A u t o m o t iv e S o lu t io n s
A u to mo tiv e So lu tio n s f o cu ses o n pro v idin g O DM/O EM serv ices f o r au to mo tiv e in f o tain men t systems,
in clu din g au dio , v ideo , an d n av igatio n systems th at co mbin e Blu eto o th an d Telematics in
acco rdan ce w ith cu sto mer req u iremen ts.
C o n s u m e r I n f o t a in m e n t S o lu t io n s
Co n su mer In f o tain men t so lu tio n s f o cu s o n dev elo pin g tren dy co n su mer in f o tain men t pro du cts,
in clu din g eBo o k R eaders, Tablets, mu ltimedia ro u ters (in tegrated w ireless n etw o rk tech n o lo gy w ith
mu ltimedia f u n ctio n ality) digital ph o to f rames an d po w er gatew ays.
I n d u s t r ia l S o lu t io n s
In du strial so lu tio n s co v er 7” to 65” displays f o r in du strial applicatio n s. Th is mark et co v ers pro f essio n al
graph ic display so lu tio n s w ith
h an d-w ritin g in pu t, graph ic so lu tio n s w ith
mu lti-to u ch
o r
du al-h an d-w ritin g in pu t, as w ell as su rv eillan ce an d medical applicatio n s.
In f o tain men t systems in clu din g f ro n t an d rear seat in f o tain men t
In tegratin g in f o rmatio n an d en tertain men t in to in f o tain men t systems
C o n s u m e r I n f o t a in m e n t S o lu t io n s
eBo o k R eaders, Tablets, mu ltimedia ro u ters, digital ph o to f rames an d po w er gatew ays
A f u ll ran ge o f mu ltimedia an d in f o tain men t dev ices alo n g w ith in tern et serv ices th ro u gh Wi-Fi
an d 3G n etw o rk s
11
R ev i ew
Display so lu tio n s f o r special applicatio n s lik e pro f essio n al graph ics, edu catio n , su rv eillan ce,
o u tdo o r media, gamin g, digital sign age, etc.
P r od u c t F e a t u r e s
A u to mo tiv e So lu tio n s w o rk s o n dev elo pin g n ew gen eratio n in f o tain men t so lu tio n s th at co u ld
meet cu sto mer req u iremen ts in 3 to 5 years. Platf o rm dev elo pmen t f o cu ses o n u ser-f rien dlin ess,
style, af f o rdability, du rability, an d q u ality
Co n su mer In f o tain men t So lu tio n s pro du cts f o cu s o n dev elo pin g n ew
in f o rmatio n an d
en tertain men t dev ices f o r bran ded co mpan ies. By in tegratin g Wi-Fi an d 3.5G w ireless
capabilities in to a co n su mer dev ice, u sers can access th e in tern et an yw h ere, an ytime
In du strial So lu tio n s pro du cts are ex tremely reliable, du rable, an d co me w ith an ex ten ded
w arran ty. We also w o rk w ith leadin g in du strial PC mak ers, to u ch so lu tio n mak ers an d 3D display
so u rces to pro v ide cu sto mers in tegrated so lu tio n s f o r th eir applicatio n s
Wh ile matu re au to mark ets h av e beco me satu rated, o th er emergin g mark ets are stren gth en in g
th eir co mpetitiv en ess. In o rder to f u lf ill th e v ario u s req u iremen ts o f dif f eren t regio n s, A u to mo tiv e
So lu tio n s pro du cts are mo v in g to w ard lo w er co st pro du ctio n & materials an d th e co mbin atio n o f
mu ltiple applicatio n s to in crease v alu e.
Th e applicatio n o f small to mediu m-siz ed pan els (3”-10”) w ith in tegrated in tern et co n n ectiv ity an d
mu ltimedia f u n ctio n ality h as gro w n dramatically in recen t years. Th e mo st po pu lar pro du cts in clu de
eBo o k R eaders, Tablets, mu ltimedia ro u ters an d digital ph o to f rames. To geth er w ith th e
stan dardiz atio n o f digitaliz ed co n ten t an d th eir accelerated pro mo tio n by lo cal go v ern men ts, w e
believ e th at mu ltimedia applicatio n s f o r po rtable co n su mer electro n ics dev ices w ill co n tin u e to
gro w in th e n ear f u tu re.
Th e mark et f o r in du
siz e f o r larger th an
ch aracteristics o f
cases—th eref o re th
strial display so lu tio n s is still in a prematu re stage bu t it is gro w in g f ast. Th e mark et
26” pu blic displays is pro j ected to be o v er 2 millio n u n its in 2010. Th e bu sin ess
in du strial so lu tio n s are: 1) man y mo dels w ith small q u an tities 2) ten der
e su ppo rt o f k ey co mpo n en t v en do rs is critical to bu sin ess su ccess.
Blu eto o th h an d-f ree an d A 2DP applicatio n
Ho le-less IR co n tro l tech n o lo gy
6” an d 9” EPD w ith to u ch pan el
R esistiv e, capacitiv e, o ptical an d magn etic LCD to u ch
Display diagn o stic & mo n ito rin g so f tw are dev elo pmen
Embedded Wi-Fi co n n ectio n ; in tegratio n w ith 3.5 G co
3D display implemen ts
Partial z o o min g f ro m f rame bu f f er f o r mu lti-display co n
12
pan els
t
n n ectio n
tro l
R ev i ew
Bu ild u p Win CE capability
Clo u d Co mpu tin g Dev ices
Wireless LA N, an d DLNA tech n o lo gy
Satellite an d IP radio f u n ctio n
V ario u s digital TV stan dards (ISDB, DMB-TH, DV B-H, A TSC)
En h an ce A n dro id/Win CE design capability
Ef f icien t po w er / battery sav in g mo de
3D Displays
Displays w ith h igh brigh tn ess
Displays w ith LED back ligh t
To tal so lu tio n s f o r digital sign age
Display f o r graph ics u sers w ith bo th pen in pu t &
S h or t a n d L on g -Te r m
mu lti-to u ch
B u si n e ss P l a n s
Establish relatio n sh ips w ith glo bal tier-1 cu sto mers an d sell pu re display systems in th e sh o rt-term
In th e lo n g-term, ex pan d ex ten sio n mo dels based o n cu rren t co -dev elo pmen t platf o rms to
f u lf ill cu sto mers’ lo w er co st an d h igh er v alu e req u iremen ts to co mplete th eir ro admap
C o n s u m e r E le c t r o n ic S o lu t io n s
Co n so lidate th e ex istin g mark et sh are an d activ ely cu ltiv ate a po sitiv e co n n ectio n w ith
cu sto mers to f acilitate po ten tial bu sin ess o ppo rtu n ities
In tegratio n o f v ario u s mu ltimedia f eatu res to geth er w ith n etw o rk co n n ectiv ity an d ex pan sio n o f
th e n ew po rtable co n su mer electro n ic dev ice secto r in 2010
In tegrate in du strial TFT-LCD pan els w ith specif ic applicatio n systems to dev elo p pro du cts f o r
pu blic display, in du strial display, an d v ario u s special display applicatio n s
Ma j or sa l e s m a r k e t s
A u to mo tiv e so lu tio n s pro du cts: Eu ro pe, J apan , an d Ch in a
Co n su mer in f o tain men t dev ices: No rth A merica, Eu ro pe, an d A sia
In du strial so lu tio n pro du cts: Eu ro pe, A sia, an d th e A mericas
13
R ev i ew
O bserv in g co n su mer beh av io r in recen t years h as sh o w n th at peo ple are n o w mo re w illin g to
spen din g mo re w h en pu rch asin g n ew perso n al electro n ic dev ices. In sh o rt, it is f o reseeable th at th e
mark et deman d f o r eBo o k R eaders, Tablets, mu ltimedia ro u ters an d digital ph o to f rames w ill
co n tin u e to in crease in f u tu re. In th e past, w e su ccessf u lly dev elo ped digital ph o to f rames th at
captu red 8% o f th e glo bal mark et. In 2010, w e are targetin g 10% o f th e w o rldw ide mark et sh are.
A u to mo tiv e So lu tio n s w ill tak e u p as mu ch as 40% o f th e co st o f a car. Th is h as beco me th e
maj o r gro w th area amo n g all au to mo bile co mpo n en ts. New IT applicatio n s are co n sidered a
k ey driv in g f o rce in au to mo tiv e so lu tio n s. It is a n ich e mark et f o r IT co mpan ies to en ter th e f ield
o f au to mo bile applicatio n s
Co n su mer in f o rmatio n dev ices main ly emph asiz e EPD tech n o lo gy an d TFT-LCD pan els
applicatio n s. With th e Gro u p' s v ertical in tegratio n capabilities co u pled w ith great pro cu remen t
po w er, w e are in a co mparably co mpetitiv e po sitio n in th e in du stry
Sign age display sh ipmen t q u an tities are ex pected to
f o r n ich e mo n ito r dev elo pmen t
in crease 45% an n u ally—a so lid su ppo rt
Th e co n serv ativ e an d clo sed o f f au to mo bile in du stry su pply ch ain is th e greatest ch allen ge f o r
IT co mpan ies. A lo n g h isto ry an d su stain able su pply to au to mark et is req u ired to be reco gn iz ed
as a q u alif ied su pplier to car mak ers an d tier-1 su ppliers
Th e co n su mer in f o tain men t so lu tio n s mark et is co n sidered a mo re ch allen gin g in du stry to en ter
du e to div erse cu sto mer specif icatio n req u iremen ts, price sen sitiv ity an d f lu ctu atio n o f sales
f o recasts. A s a resu lt, it is dif f icu lt to mak e pro du ct lif ecycle pro j ectio n s an d material
preparatio n s. Th eref o re, w e mu st pay atten tio n to mark et tren ds an d co n tin u o u sly in co rpo rate
n ew tech n o lo gies in to th e pro du ct lin e
Th e In du strial So lu tio n bu sin ess div isio n w ill lev erage co rpo rate po w er & reso u rces to en su re th e
su pply o f special-pu rpo se LCD pan els an d allo cate k ey co mpo n en ts to o th er bu sin ess div isio n s
to o v erco me th e ch allen ges o f small v o lu me pro cu remen t
S t r a t e g ie s
En gage k ey cu sto mers in j o in t-dev elo pmen t pro j ects
Tak e adv an tage o f stro n g pan el an d EPD su pply f ro m th e Gro u p an d in crease co rpo rate
stren gth in mu ltimedia image tu n in g, n etw o rk in g co mpatibility, h igh -en d So C dev elo pmen t
ex perien ce, ID design capability, an d so f tw are in tegratio n sk ills
U tiliz e th e Gro u p in tegratio n capabilities ef f ectiv ely to allo w u s to be in a mo re adv an tageo u s
po sitio n in th e pan el su pply ch ain
14
R ev i ew
Mob il e C om m unic a tions Business Unit
Qisda h as a w ealth o f ex perien ce in glo bal mo bile ph o n e O DM bu sin ess th at allo w s u s to ef f icien tly
u tiliz e o u r design , man u f actu rin g, & serv ice reso u rces. Th e Mo bile Co mmu n icatio n bu sin ess u n it’ s
co re co mpetitiv en ess lies in o u r pro du ct in n o v atio n an d design capabilities.
O v e rv ie w
Sin ce Qisda re-en tered mo bile ph o n e mark et as a pu re O DM su pplier th ree years ago , w e h av e
w o rk ed clo sely w ith bran d cu sto mers, teleco ms, an d tech n o lo gy partn ers. Cu rren tly, pro gress in th e
bu sin ess lin e is in lin e w ith ex pectatio n s. Qisda su ccessf u lly sh ipped 3G ph o n es to to p-f iv e bran ded
cu sto mer begin n in g in th e th ird q u arter o f 2008. Th e co mpan y co n tin u es to ex pan d bu sin ess
th ro u gh th e co mmercializ atio n o f pro du cts to en su re eco n o mies o f scale an d capital in v estmen t in
th e dev elo pmen t o f h igh v alu e-added pro du ct lin es. We h av e spen t years o n th e dev elo pmen t o f
mo bile ph o n es an d w ireless co mmu n icatio n s mo du les w h ile deliv erin g pro du cts to to p f iv e mo bile
ph o n e bran d cu sto mers. With ex ten siv e ex perien ce in mo bile ph o n e an d w ireless co mmu n icatio n
mo du le dev elo pmen t, Qisda ef f icien tly u tiliz es its v alu able reso u rces to dev elo p leadin g pro du cts
f o r o u r cu sto mers.
WCDMA /HSDPA mo bile ph o n es
EDGE/WCDMA /HSPA smartph o n e & tablet dev ices
GSM/GPR S/WCDMA /HSPA w ireless mo du les
HSPA (3.5G) Wireless LA N cards
P r od u c t F e a t u r e s
Qisda main tain s a co n sisten t v ersatility w h ile co n tin u in g o u r dev o tio n to aesth etics an d co n su mer
lif estyle n eeds. With leadin g mo bile co mmu n icatio n tech n o lo gy—lik e 3G/3.5G mo bile tech n o lo gy
an d po w erf u l mu ltimedia f eatu res—co n su mers can en j o y a pleasu rable ex perien ce w ith in n o v ativ e
tech n o lo gy. O v er th e past f ew years, w e f o cu sed o n th e dev elo pmen t o f tablet dev ices by
in tegratin g w ireless co mmu n icatio n s an d to u ch co n tro l in terf aces w ith n ew in tern et applicatio n s. In
additio n to 3G ph o n es, Qisda h as su ccessf u lly sh ipped 3.5G WLA N cards & U SB do n gles to th e A sian
& Eu ro pean teleco mmu n icatio n s cu sto mers.
15
R ev i ew
I n d u st r y Tr e n d s
Th e 2010 glo bal mo bile ph o n e sh ipmen t f o recast po in ts to w ard 12% gro w th o v er 2009 sh ipmen ts.
Th e sh ipmen t o f smartph o n es, w h ich o f f er w ider ran ge o f in tern et serv ices, in creased 29%
co mpared to 2008.
A
h igh rate o f pen etratio n in dev elo ped co u n tries in Eu ro pe, No rth A merica, an d East A sia, alo n g
w ith th e tren d to w ard smartph o n e/in tern et applicatio n s led by th e iPh o n e & Go o gle A n dro id, n ew
mo bile ph o n e deman d w o u ld co me main ly f ro m th e replacemen t mark et an d f irst-time deman d in
dev elo pin g co u n tries lik e Braz il, R u ssia, In dian , an d Ch in a (BR IC). We an ticipate a stro n g deman d
f ro m Ch in a, In dia, an d Braz il. Ho w ev er, w e believ e th at th e co n su mers w o u ld n o t co mpro mise th eir
deman ds f o r perso n al en tertain men t. Cu sto mer pref eren ce is to f o cu s o n af f o rdably priced dev ices
th at pro v ide mo re in tegrated f eatu res & serv ices lik e to u ch co n tro l f u n ctio n s f o u n d in smartph o n es
an d tablet dev ices.
We ex pect WCDMA /HSPA capable mo bile dev ices to reach 37% o f to tal mo bile ph o n e v o lu me. We
co n sider th is to be a maj o r o ppo rtu n ity in th e n ex t 3-5 years. O v er th e past 4 years, h eav y in v estmen t
in Qisda’ s co re co mpeten ce in 3G/3.5G tech n o lo gy h as po sitio n ed th e co mpan y to capitaliz e o n
th is tren d w h ile co n tin u in g to dev elo p 3G/3.5G smartph o n es an d mo bile in tern et dev ices.
GSM/GPR S/EDGE f eatu re ph o n es & Win do w s Mo bile smartph o n es
WCDMA /HSDPA f eatu re ph o n es
WCDMA /HSDPA /HSU PA Win do w s Mo bile smartph o n es
GSM/TD-SCDMA Du al-Mo de f eatu re ph o n es
U MA /SIP Du al-Mo de Win do w s Mo bile smartph o n es
GSM/GPR S/WCDMA /HSPA w ireless co mmu n icatio n mo du les
HSPA w ireless LA N cards
WIMA X Du al-mo de smartph o n e platf o rms
HSPA an d & LTE Platf o rm an d Pro du cts (Smartph o n e, & Tablet dev ices)
O pen o peratin g system (A n dro id /Win do w s Mo bile ) platf o rm dev elo pmen t
To u ch Screen U ser In terf ace
Fix ed Mo bile Co n v ergen ce
GPS & Lo catio n Based Serv ice
WiMA X /Mo bile n etw o rk Mu lti-Mo de Mo bile A pplicatio n
Near Field Co mmu n icatio n
16
S h ort and L ong -Term
R ev i ew
B u s ines s P l ans
Main tain an d dev elo p bu sin ess relatio n sh ips w ith to p 5 bran d O DM cu sto mers
Th e 3G mark et w ill co n tin u e to gro w ; w ith stro n g 3G dev elo pmen t ex perien ce an d o perato r
cu sto miz atio n capabilities, Qisda w ill stren gth en o u r 3G/3.5G R & D capabilities to bu ild u p O DM
bu sin ess an d en h an ce o u r cu sto mer po rtf o lio
Wo rk in g w ith th e to p 5 bran ded O DM cu sto mers, o u r 3G ph o n es h av e been sh ippin g to Eu ro pe,
LA TA M, an d A sia sin ce th e th ird-q u arter o f 2008
3.5G w ireless mo du les are main ly so ld to th e n o tebo o k co mpu ter an d IT cu sto mers in Taiw an .
Th ese cu sto mers th en in tegrate o u r w ireless mo du les in to th eir pro du cts an d sell th em in Eu ro pe
an d th e U S. U SB do n gles are so ld main ly to mo bile teleco ms in A sia-Pacif ic
S tra te g ie s
Stren gth en 3G/3.5G R & D capability an d o perato r co mplian ce to gain mo re co mpetitiv e
adv an tages to o f f set o u r smaller eco n o mical scale
Lev erage in -h o u se an d in tra-gro u p v ertical in tegratio n to gain access to
th e latest
tech n o lo gies an d realiz e co st ben ef its
Tak e adv an tage o f o u r h igh ly regarded in du strial design capabilities to dev elo p elegan t
pro du cts w ith u ser-f rien dly in terf ace
17
Cor p or ate G ov er nanc e
C orp orate G ov ernanc e
C orporate G ov ernanc e S tru c tu re
Qisda co mplies w ith Co mpan y Law , th e Secu rities an d Ex ch an ge A ct, an d o th er relev an t law s an d
regu latio n s o f th e R epu blic o f Ch in a to f o rmu late an d implemen t th e co mpan y' s co rpo rate
go v ern an ce stru ctu re. Qisda' s co rpo rate go v ern an ce stru ctu re mo del is made u p o f tw o u n its, th e
bo ard o f directo rs an d th e au dit co mmittee. Th e au dit co mmittee is made u p o f members
in depen den t o f th e bo ard o f directo rs. Members o f th e bo ard o f directo rs (in clu din g in depen den t
directo rs) are selected based o n sh areh o lder v o tes. In prin cipal, th e respo n sibilities o f th e bo ard o f
directo rs are carried o u t in acco rdan ce w ith relev an t law s, co mpan y regu latio n s, an d sh areh o lder
reso lu tio n s. Th e bo ard o f directo rs is also respo n sible f o r su perv isio n o f co mpan y man agemen t an d
o v erall o peratio n al statu s. Th e au dit co mmittee' s respo n sibilities in clu de accu rate f in an cial
repo rtin g, selectio n an d perf o rman ce o f in depen den t acco u n tan ts, ef f ectiv e implemen tatio n o f
in tern al co n tro ls in acco rdan ce w ith relev an t law s an d regu latio n s, an d man agemen t o f ex istin g
an d/o r po ten tial risk .
Qisda h as alw ays believ ed th at u ph o ldin g sh areh o lder righ ts an d in terests is a primary task . In
additio n to h av in g a pro f essio n al man agemen t team rich in ex perien ce, th e bo ard o f directo rs also
po ssesses th e n ecessary ex ecu tiv e k n o w ledge, tech n o lo gical k n o w -h o w , pro f essio n al
acco mplish men ts, an d dev o tio n to th e max imiz in g sh areh o lder righ ts an d in terests. Th e bo ard o f
directo rs h as 9 members (in clu din g 3 in depen den t directo rs). Th e ch airman is elected by th e bo ard.
Bo ard members all h av e 5 o r mo re years ex perien ce in bu sin ess admin istratio n , legal, f in an ce,
acco u n tin g, o r o th er pro f essio n al ex perien ce req u ired by th e co mpan y.
P rim ary R ol es of G ov ernanc e E ntities
Qisda' s bo ard o f directo rs co n siders co mpan y an d sh areh o lder in terests as to p prio rities in
perf o rmin g o peratio n al ev alu atio n s an d passin g sign if ican t reso lu tio n s. Th e au dit co mmittee f u lf ills a
su perv iso ry ro le th ro u gh pru den t an d caref u l o v ersigh t o f th e o peratio n s o f th e co mpan y an d th e
bo ard o f directo rs.
B oa r d of D i r e c t or s
A cco rdin g to th e Secu rities an d Ex ch an ge A ct A rticle 26, Paragraph 3, Su bparagraph 8 regu latio n s,
Qisda created th e "R egu latio n s Go v ern in g Pro cedu re f o r Bo ard o f Directo rs Meetin gs". O f f icial
bo ard o f directo r bu sin ess, o peratio n al pro cedu res, reco rds o f o f f icial bu sin ess, an d
an n o u n cemen ts o n co mpan y an d o th er related matters are carried o u t acco rdin g to th ese
regu latio n s. Qisda' s bo ard o f directo rs sh all co n v en e at least o n ce per q u arter. Th e gu idin g po licy o f
th e bo ard members sh all be to max imiz e sh areh o lder righ ts an d in terests th ro u gh u prigh t
man agemen t, f aith f u l o bligatio n , th e h igh est degree o f perso n al o v ersigh t, an d pru den t
applicatio n o f th e au th o rity o f th eir po sitio n s.
A u d i t C om m i t t e e
In 2008, th e co mpan y in stalled in depen den t directo rs an d an au dit co mmittee in acco rdan ce w ith
th e Secu rities an d Ex ch an ge A ct an d sh areh o lder reso lu tio n s. Th ro u gh th e "A u dit Co mmittee
Ch arter" as def in ed by th e bo ard o f directo rs, th e au dit co mmittee preserv es an d stren gth en s th e
o rgan iz atio n ' s strategic po licies an d w o rk s to in crease o peratio n al ef f icien cy th ro u gh practical
18
applicatio n o f co rpo rate go v ern an ce. Qisda' s au dit co mmittee mu st co n v en e at least o n ce per
q u arter an d req u est th e atten dan ce o f acco u n tan ts, in tern al au dito rs, risk man agemen t, legal, an d
f in an ce departmen t represen tativ es. By pro v idin g in f o rmatio n o n au dit co mmittee repo rts an d
in q u iries in to recen t f in an cial repo rtin g statu s, th e resu lts o f in tern al au dits, sign if ican t litigatio n , an d
f in an cial o peratin g statu s, th e au dit co mmittee can assist in v esto rs in en su rin g th at co mpan y
go v ern an ce is tran sparen t an d sh areh o lder righ ts an d in terests are saf egu arded.
B oard of D irec tors
B oa r d Me m b e r s
Title
Na m e
Ch airm an
K .Y . Lee
Direc to r
Stan Sh ih
Direc to r
Sh eaf f er Lee
Direc to r
Darly V en tu re
I n c .
Hu i Hs iu n g
Direc to r
AU Optro n
Co rp.
K u o -Hs in Ts
Ch in a
Dev elo pm
I n d u s trial B
Daw -Y i, Hs
ic s
ai
Date: April 20, 2010
E d u c a tio n & E x p er ien c e
MB A, Sw itzerlan d I MD
B .S., Elec tric al En g in eerin g , N atio n al Taiw an
U n iv ers ity
V ic e P res id en t o f Ac er P C P ro d u c t Mark etin g
M.S., Elec tro n ic En g in eerin g , N atio n al Ch iao Tu n g
U n iv ers ity
Ch airm an o f Ac er G ro u p
EMB A, N atio n al Ch en g Ch i U n iv ers ity
B .S., Elec tric al En g in eerin g , N atio n al Ch en g K u n g
U n iv ers ity
As s o c iate V ic e P res id en t, Ac er Am eric a
P res id en t, B en Q Co rp.
P h .D., P h y s ic s , U n iv ers ity o f Calif o rn ia-B erk eley
B .S., P h y s ic s , N atio n al Taiw an U n iv ers ity
EV P o f AU Optro n ic s Co rp.
B .A., B u s in es s Ad m in is tratio n , N atio n al Ch en g K u n g
U n iv ers ity
MB A, Th e Oh io State U n iv ers ity
en t G M, W ealth Man ag em en t G ro u p & P res id en t,
Direc to r
an k ： Taiw an Sec u rities , Tais h in F in an c ial Ho ld in g Co .,
Ltd .
u
B .S., Mac h an ic al En g in eerin g , N atio n al Ch en g
K u n g U n iv ers ity
I n d epen d en t
Ch in g -Y an g Su
V ic e CEO, Y u lo n G ro u p
Direc to r
Direc to r, Ch in a Mo to r Co rp., Y u lo n Mo to r Co rp.
Ch airm an , F o rtu n e Mo to rs Co ., Ltd .
P h .D., Th e Stru c tu re o f Tec h n o lo g y , Dem an d ,
an d ,Mark et o f U S Au to m o b ile I n d u s try , MI T
M.S., Tran s po rtatio n En g in eerin g , N atio n al Taiw an
U n iv ers ity
I n d epen d en t
K an e K . W an g
Ch air P ro f es s o r, G rad u ate I n s titu tio n o f I n d u s trial
Direc to r
Ec o n o m ic s , N atio n al Cen tral U n iv ers ity
I n d epen d en t
Direc to r
Min -Ts u n g Lan
P h .D., Co m pu ter Arc h itec tu re, U CLA
B .S. Elec tric al En g in eerin g , N atio n al Taiw an
U n iv ers ity
Co n s u ltan t, Tran s As ia Telec o m
G M, N x N et Sy s tem s , I n c .
Sr. V P , V is ta I n c u b atio n Tec h Co rp
CEO, Ac er I n tern et Serv ic es
G M, G reater Ch in a R eg io n , Cirru s Lo g ic
V P an d Depu ty Co u n try Man ag er, AT& T Ch in a
Mem b er o f Tec h n ic al Staf f ( D-MTS) , AT& T B ell Lab s
19
C u r r en t P o s itio n s
Ch airm an : B en Q Co rp., AU Optro n ic s Co rp.
Direc to r: Dax o n Tec h n o lo g y I n c ., Darf o n
Elec tro n ic s Co rp., SiP ix Tec h n o lo g y I n c .,
Lex tar Elec tro n ic s Co rp.
Ch ief Co n s u ltan t: iD So f tCapital I n c .
Direc to r: Ac er I n c ., Taiw an Sem ic o n d u c to r
Man u f ac tu rin g Co m pan y , W is tro n Co rp.
Ch airm an : Darf o n Elec tro n ic s Co rp., Dazzo
Tec h n o lo g y Co rp., Dars h in Mic ro elec tro n ic s
In c .
Direc to r: B en Q Co rp., Lite-On I T Co rp.
Ch airm an , Q
So lu tio n s I n c
Direc to r: AU
P res id en t, Q
V P & G M, I n f
B u s in es s G ro
is d a Elec tro n ic s Co rp., Q is d a
., SiP ix Tec h n o lo g y I n c .
Optro n ic s Co rp.
is d a Co rp.
o rm atio n Tec h n o lo g y Dis play
u p, AU Optro n ic s Co rp.
MD, Ch in a Dev elo pm en t F
Co rpo ratio n
Ch airm an , G ran d Cath ay
Co rpo ratio n
Ch airm an , Jo y Tec h n o lo g y
Ltd .
P res id en t, CMI Ho ld in g s Ltd
in an c ial Ho ld in g
Sec u rities
( Sh en zh en ) Co .,
.
Direc to r an d P ro f es s o r, Ch in a U n iv ers ity o f
Tec h n o lo g y
I n d epen d en t Direc to r, F o rm o s a Ad v an c ed
Tec h n o lo g ies Co ., Ltd
Direc to r, B o s to n Lif e Sc ien c e V en tu re Co .,
G lo b al Strateg ic I n v es tm en t Man ag em en t
In c .
Su perv is o r, P latin u m Optic s Tec h n o lo g y I n c .
Co n s u ltan t, V o x b o n e S.A.
Ma t e r i a l R e sol u t i on s A p p r ov e d b y B oa r d Me e t i n g s
D ate
20 0 9/0 3/17
N o.
1st B o ar d M eet i ng
A p p rov al E v ents
20 0 9/0 4 /28
20 0 9/0 8/27
20 0 9/10 /20
2nd B o ar d M eet i ng
3r d B o ar d M eet i ng
4 t h B o ar d M eet i ng
Accep t ed Q i sda’ s 20 0 8 b u si ness r ep o r t and fi nanci al st at em ent s
Accep t ed t he p r o p o sal fo r 20 0 9 defi ci t co m p ensat i o n b y cap i t al
r eser v e
El ect i o n o f a new
i ndep endent di r ect o r
Ap p r o v ed t he p r o p o sal fo r r el easi ng fo r di r ect o r s fr o m
no n-co m p et i t i o n
Ap p r o v ed t o co nv ene 20 0 9 Q i sda Annu al m eet i ng o f shar eho l der s
Ap p r o v ed t o i nv est U S$ 1 m i l l i o n i n Y aw han ( Su z ho u ) C o ., Lt d. v i a Q i sda
( L) C o r p . and adj u st t he i nv est m ent st r u ct u r es i n M ai nl and C hi na.
Ap p r o v ed t o r em o v e t he no n-co m p et i t i o n r est r i ct i o ns o n Q i sda
m anag er s w ho hav e b een ap p o i nt ed t o act as t he di r ect o r s o f t he
ent er p r i se i nv est ed b y Q i sda i n t he M ai nl and C hi na
Accep t ed Q i sda’ s 20 0 9 Q 1 fi nanci al st at em ent s
Accep t ed Q i sda’ s 20 0 9 H 1 fi nanci al st at em ent s
Ap p r o v ed t he fu nd l endi ng t o t he su b si di ar y o f Q i sda C z ech s.r .o .
Accep t ed Q i sda’ s 20 0 9 Q 3 fi nanci al st at em ent s
Creating Value for Shareholders and
G iv ing B ac k to the Com m unity is an I ntegral P art of Q isda Value
Qisda’ s bo ard o f directo rs aims to co n tin u e actin g in th e best in terest o f o u r sh areh
acco rdan ce w ith co mmo n ly accepted co rpo rate go v ern an ce prin ciples. It’ s w ith
stan dard th at o u r bo ard members w o rk clo sely w ith a dedicated team o f au dit co
certif icate pu blic acco u n tan ts in carryin g o u t its su perv iso r du ty.
Th e bo ard members sh all ben ch mark Qisda again st best-in -class co rpo rate go v ern
in saf egu ardin g sh areh o lders’ in terests an d mak in g reco mmen datio n s th at w ill en h
retu rn -o n -in v estmen t to o u r sh areh o lders.
o lders, in
th e h igh est
mmittee an d
an ce practices
an ce
by K . Y . L e e , C h a i r m a n
20
C or p or a t e E x e c u t i v e O f f i c e r s
Title
Na m e
Date: April 20, 2010
P er s o n n el E d u c a tio n & E x p er ien c e
O th er C u r r en t P o s itio n s
P h .D., P h y s ic s , U n iv ers ity o f Calif o rn ia-B erk eley
Ch airm an , Q is d a
B .S., P h y s ic s , N atio n al Taiw an U n iv ers ity
P res id en t an d CEO
Hu i Hs iu n g
Elec tro n ic s Co rp., Q is d a
EV P o f AU Optro n ic s Co rp.
So lu tio n s I n c ., SiP ix
Tec h n o lo g y , I n c .
Direc to r: AU Optro n ic s
Co rp.
Ex ec u tiv e V ic e P res id en t Herm it Hu an g
V ic e P res id en t &
CTO,
Ad v an c ed Tec h n o lo g y
Cen ter
K elv in Lee
Sen io r V ic e P res id en t,
G lo b al
C.M. W u
Man u f ac tu rin g
Operatio n s
G M,
G M,
Mo n ito r B U
P ro j ec to r B U
G M,
I n f o tain m en t So lu tio n s
B U
V ic e P res id en t,
G lo b al SCM Cen ter
G lo b al Man u f ac tu rin g
Operatio n s
V ertic al I n teg ratio n
Operatio n s
CDO,
Creativ e Des ig n Cen ter
F in an c e Cen ter
CF O,
Spark Hu an g
April Hu an g
Alph a Ts ai
Jo e Hu an g
Mark Hs iao
Jam es T. W an g
Man f red W an g
Direc to r: Q is d a Elec tro n ic s
Elec tro n ic s En g in eerin g , N atio n al Taipei I n s titu te o f
Co rp., Q is d a So lu tio n s I n c .
Tec h n o lo g y
P h .D., Elec tric al En g in eerin g , N atio n al Taiw an U n iv ers ity
M.S., Elec tric al En g in eerin g , N atio n al Ch en g K u n g
EMB A, P ac if ic W es tern U n iv ers ity
B .S., Elec tro n ic s En g in eerin g , Ch u n g Y u an Ch ris tian
-
U n iv ers ity
-
B .S., P h y s ic s , Tam k an g U n iv ers ity
B .S., Ec o n o m ic s , N atio n al Taiw an U n iv ers ity
Alph a P u b lis h in g I n c . To k y o , Japan
-
Mark etin g Man ag er o f Dax o n Tec h n o lo g y I n c .
M.S., Elec tric al En g in eerin g , State U n iv ers ity o f N ew
Direc to r: Q is d a Elec tro n ic s
Co rp., Q is d a So lu tio n s I n c .
U n iv ers ity
Y o rk -
B .S., Elec tric al En g in eerin g , N atio n Taiw an U n iv ers ity .
EMB A, Ts in g h u a U n iv ers ity in B eij in g
MB A, U n iv ers ity o f G reen w ic h
B .S., Ch em ic al En g in eerin g , Tam k an g U n iv ers ity
As s o c iate V ic e P res id en t o f AU Optro n ic s Co rp.
P h . D., Mec h an ic al En g in eerin g , Oh io State U n iv ers ity
B .S., Mec h an ic al En g in eerin g , N atio n Taiw an U n iv ers ity
M.S., I n d u s trial Des ig n , Th e State Ac ad em y o f F in e Arts
an d Des ig n in Stu ttg art
B .S., Applied Arts , F u Jen Cath o lic U n iv ers ity
M.S., U n iv ers ity o f Mas s ac h u s etts
Dav id W an g
P res id en t, Q is d a Co rp.
EMB A, N atio n al Taiw an U n iv ers ity
B .S., F in an c e, N atio n al Ch u n g Hs in g U n iv ers ity
CEO o f Y ag eo , F erro x c u b e
CF O o f Y ag eo , Eu ro pe
21
-
Su perv is o r, Taiw an Des ig n
Cen ter
Direc to r: Lite-On I T Co rp.
Su perv is o r: Q is d a
Elec tro n ic s Co rp., Q is d a
So lu tio n s I n c ., B riv iew
Tec h n o lo g y Co rp.
G rou p Org aniz ation
C om p a n y O r g a n i z a t i on C h a r t
D at e: A p r il 2 0 , 2 0 1 0
S h ar eh old er ’ s
M eet ing
A ud it
C om m it t ee
Boar d of
D ir ect or s
A ud it Of f ice
C h air m an
P r esid ent &
C E O
C r eat iv e
D esig n C ent er
Global M f g .
Op er at ions
A d v anced
T ech nolog y
C ent er
S uz h ou
S t r at eg ic
P lanning
Of f ice
M ex ico
M easur em ent
& R eg ulat or y
C er t if icat ion
D iv ision
C z ech P ublic
C or p . C om m
D ep t .
T ech nical
W r it er D ep t .
Global S C M
C ent er
Global Business
Op er at ions
V er t ical
I nt eg r at ion
Op er at ions
F inance
C ent er
M onit or BU
H R C ent er
P r oj ect or BU
I T S D iv ision
S P C
L eg al Of f ice
BU
I nf ot ainm ent
S olut ions BU
M obile
C om m unicat ions BU
L if est y le
P r od uct s BU
Global S ales &
S er v ice
22
Corporate Governance
A f f i l i a t e d C om p a n i e s
D at e: D ecem ber 3 1 , 2 0 1 0
Qisda Corporation
Manufacturing Subsidiarie s
1 0 0 %
Sal e s Subsidiarie s
Qisda M e x ic a n a S . A . D e C . V .
1 0 0 %
I nv e stm e nt/ H o l ding C o m p anie s
Qisda C z e c h s. r . o .
1 0 0 %
Qisda ( S u z h o u ) C o . , Lt d.
( QA LA )
1 0 0 %
Qisda E l e c t r o n ic s ( S u z h o u )
QC H K
1 0 0 %
Qisda O p t r o n ic s ( S u z h o u )
QC H K
7 2 .2 %
Qisda ( S h a n g h a i) C o . , Lt d.
QC H K
1 0 0 %
Qisda P r e c isio n I n du st r y ( S u Z h o u )
1 5 .8 %
Qisda E l e c t r o n ic s C o r p .
( QT E S )
( QC S Z )
QC H K
1 0 0 %
3 0 .7 %
Qisda A m e r ic a C o r p .
( QZ B R )
QL L B
1 0 0 %
B e n QC o rp .
( QJ T O )
( QM M X )
1 0 0 %
9 8 .7 %
Qisda J a p a n C o . , Lt d.
1 0 0 %
D a r f o n E l e c t r o n ic s C o r p .
D a x o n T e c h n o lo g y In c .
D a r ly V e n t u r e , I n c .
C o . Lt d. ( QC E S )
1 0 0 %
D a r l y V e n t u r e ( L) Lt d.
( D V LB )
C o . Lt d. ( QC O S )
1 0 0 %
Qisda S dn . B h d.
( QLP G )
( QC S H )
3 4 .3 %
C o . , Lt d. ( QC P S )
B e n QB M
H o l din g C a y m a n C o r p .
(B M H C )
1 0 0 %
Qisda ( L) C o r p .
( QLLB )
QL L B
1 0 0 %
23
Qisda ( H o n g K o n g ) Lim it e d
( QC H K )
C om p an y
Company Financials
F in an c ial s
Capital and Shares
Sh a r e s T y p e a n d Sh a r e s O u t s t a n d i n g
Shares T y p e
Authorized Shares
O utstan din g shares
U n -issued shares
T otal shares
1,9 28,217 ,60 6
3,0 7 1,7 82,39 4
5,0 0 0 ,0 0 0 ,0 0 0
Common Shares
O w n e r s h i p a n d D i s t r i bu t i o n o f Sh a r e s
L i st ed Shares and P ri v at e
P l ac ement Shares
As of Ap ril 1 7, 2 01 0
N um b er of sharehol ders
D omest i c I nd i v i d u al s
N otes
N um b er of shares hel d
% of shares hel d
165,331
1,159 ,460 ,261
60 . 13%
O t her D omest i c Corp orat i ons
212
29 8,7 7 0 ,235
15. 49 %
F orei g n I nst i t u t i ons and I nd i v i d u al s
39 4
29 8,7 88,866
15. 50 %
62
17 1,17 9 ,9 9 9
8. 88%
D omest i c F i nanc i al I nst i t u t i ons
G ov ernment A g enc i es
T ot al
8
166,0 0 7
18,245
0 .0 0 %
1,9 28,217 ,60 6
10 0 . 0 0 %
M ark et and Sales Statu s
Sa l e s by B u s i n e s s U n i t
M ain P roduc ts
Uni t : N T $ 1,0 0 0
Sal es of 2 009
M oni t or B u si ness Uni t
Sal es %
34,851,60 6
7 0
P roj ec t or B u si ness Uni t
7 ,49 0 ,864
15
SP C B u si ness Uni t
2,287 ,244
5
I nf ot ai nment Sol u t i ons B u si ness Uni t
1,648,656
3
M ob i l e Commu ni c at i ons B u si ness Uni t
1,47 9 ,0 38
3
O t hers
1,838,531
4
T ot al
49 ,59 5,9 39
24
10 0
Com pany
Sa l e s A r e a s
A reas
F i nanci al s
Uni t : NT $ 1,000
2 009
2 008
S al es
%
S al es
%
D omest i c
2,914,380
6
5,205,108
7
A meri c a
9,281,949
18
14,355,792
19
E u rop e
16,117,990
33
33,033,608
44
A si a
18,700,781
38
19,956,603
26
2,580,839
5
2,927,051
4
49,595,939
100
75,478,162
100
O t hers
T ot al
P r o d u c t i o n St a t u s i n t h e L a s t T w o Y e a r s
Uni t : Set 1,000; NT $ 1,000
2 009
M ai n P rod u cts
P rod u cti on
2 008
P rod u cti on
Capaci ty
P rod u cti on
P rod u cti on
P rod u cti on
Q u anti ty
A m ou nt
Capaci ty
Q u anti ty
P rod u cti on
A m ou nt
25
22
88,274
19
18
83,519
10
9
111,859
0
0
37,009
0
0
312
2
1
44,314
15
14
95,027
0
0
14,084
0
0
778
0
0
1,043
O t hers
30
27
181,804
147
134
1,483,732
T ot al
80
72
478,054
168
153
1,663,701
Not e: T he f i g u res of p rod u c t i on q u ant i t y and amou nt w ere b ased on T ai w an ent i t y ; ov ersees ent i t i es w ere ex c l u d ed .
Sa l e s St a t u s i n t h e L a s t T w o Y e a r s
Uni t : Set 1,000; NT $ 1,000
2 009
M ai n P rod u cts
D om esti c S al es
Q u al i ty
O t hers
T ot al
2 008
E x ports S al es
V al u e
Q u al i ty
V al u e
D om esti c S al es
Q u al i ty
V al u e
E x ports S al es
Q u al i ty
V al u e
188
754,959
8,966
34,096,647
311
1,852,590
8,810
45,887,990
48
278,711
530
7,211,570
26
337,516
602
8,241,745
2
2,570
310
2,284,674
54
183,823
2,190
8,990,016
14
17,222
700
1,631,434
9
14,270
743
1,505,060
103
348,899
609
1,130,139
94
283,486
685
1,183,880
27
1,511,436
51
327,095
116
1,564,501
442
5,433,285
382
2,914,380
11,166
46,681,559
610
4,236,186
13,472
71,241,976
25
N e t W o r t h , E a r n i n g , D i v i d e n d s a n d M a r k e t P r i c e P e r Sh a r e
M ark et P ri c e P er Share
Net W ort h P er Share
(Not e 1)
E arni ng s P er Share (E P S)
D i v i d end s P er Share
R et u rn O n I nv est ment
H i g hest M ark et P ri c e
L ow est M ark et P ri c e
A v erag e M ark et P ri c e
B ef ore D i st ri b u t i on
A f t er D i st ri b u t i on
W ei g ht ed A v erag e Shares
E P S
E P S-ad j u st ed (Not e 2)
Cash d i v i d end s
St oc k d i v i d end s- E arni ng s
St oc k d i v i d end s- Cap i t al Su rp l u s
A c c u mu l at ed Und i st ri b u t ed D i v i d end
P ri c e/ E arni ng R at i o (Not e 3)
P ri c e/ D i v i d end R at i o (Not e 4)
Cash D i v i d end Y i el d R at e (Not e 5)
No te 1 : S ub j ec t to c h a ng e a f ter s h a reh o l d ers ’ m eeting res o l utio n
M ar. 3 1 , 2 01 0
20. 9
14. 1
18. 33
12. 58
1,925,668
0. 90
-
Com pany
F i nanci al s
Unit: NT$; Per 1 , 0 0 0
2 009
21. 20
5. 51
14. 73
11. 83
1,925,668
(0. 94)
-
S h a re
2 008
35. 75
4. 81
21. 03
11. 73
1,856,809
(1. 7)
-
No te 2 : R etro a c tiv e a d j us tm ent f o r c a p ita l iz a tio n o f b o nus
No te 3 : Pric e/ E a rning ra tio = A v era g e m a rk et p ric e/ E a rning s p er s h a re
No te 4 : Pric e/ D iv id end ra tio = A v era g e m a rk et p ric e/ C a s h d iv id end s p er s h a re
No te 5 : C a s h d iv id end y iel d ra te = C a s h d iv id end s p er s h a re/ A v era g e m a rk et p ric e
D iv id e n d P o lic y
Ac c o r d i n g t o Q i s d a ' s Ar t i c l e o f I n c o r p
Af t e r m a k i n g t h e f i n a l s e t t l e m e n t o f
a c c o r d in g t o t h e f o llo w in g s e q u e n c e
a s id e 1 0 % t h e r e o f f o r le g a l r e s e r v e , s e
o f t h e c o m p e t e n t a u t h o r it ie s , a n d d
g iv e n y e a r a n d t h e p r e c e d in g y e a r s
p a id . If t h e r e is a n y r e s id u a l a m o u n
s h a ll d is t r ib u t e t h e r e s id u a l a m o u n t in
o r a t io n , t h
a c c o u n t,
s : p a y in g t
t t in g a s id e
is t r ib u t in g
d u r in g w h
t a fte r d e
a c c o rd a n
e c o m p
th e C o
h e ta x e
s p e c ia
c a sh d
ic h t h e
d u c t in g
c e w it h
a n y 's d iv id e n d p o lic y is a s
m p a n y s h a ll a llo c a t e t h e
s , m a k in g u p lo s s f o r p r e c e
l r e s e r v e in a c c o r d a n c e w
iv id e n d s t o S e r ie s A P r e f e
d iv id e n d s h a v e b e e n a c c
th e a m o u n ts sta te d a b o
t h e f o llo w in g o r d e r s :
f o llo w s :
n e t p r o f it
d in g y e a r s
it h t h e r e g
rre d S to c k
u m u la t e d
v e , th e C o
, if a n y ,
, s e t t in g
u la t io n s
fo r th e
b u t n o t
m p a n y
1 . 5 % ~ 2 0 % o f t h e r e s id u a l a m o u n t t o e m p lo y e e s a s b o n u s ;
2 . No m o r e t h a n 1 % o f r e s i d u a l a m o u n t f o r r e m u n e r a t i o n o f d i r e c t o r s ;
3 . Al l o r p a r t o f t h e r e m a i n i n g r e s i d u a l a m o u n t t o t h e s h a r e h o l d e r s a s d i v i d e n d a n d b o n u s .
T h e C o m p a
g r o w in g p e
c a s h f lo w d
th e C o m p a
e n d o f th e
e x p a n d in g
P r in c ip a lly ,
d iv id e n d .
n y is b e lo n g e d t
r io d . In o r d e r t o
e m a n d , th e C o m
n y c o u ld k e e p g
f is c a l y e a r , w h
a n d c a s h f lo w d
t h e r a t io o f c a s h
o
te c h n o
e x e c u te
p a n y a d
r o w in g a
e n d is t r ib
e m a n d
d iv id e n d
lo g ic a l a n d
l o n g -t e r m c
o p t s r e s id u a
n d o p e r a t in
u t in g d iv id
a n d d is t r ib u
t o t o t a l d iv
c a p it a l c a p a c it y h ig h t e c h in d u s t r y a n d is in t
a p it a l p la n n in g a n d s a t is f y t h e s h a r e h o ld e r s w
l d iv id e n d p o lic y a s it s d iv id e n d p o lic y . T h e r e f o
g e v e r . If t h e C o m p a n y h a s r e s id u a l p r o f it a t t
e n d , t h e C o m p a n y s h o u ld c o n s id e r t h e f u t u
t e d iv id e n d b y s t o c k m a in ly a n d c a s h p a r t ia
id e n d s h o u ld n o t lo w e r t h a n T e n p e r c e n t o f t o
26
h e
it h
re ,
h e
re
lly .
ta l
Com pany
M o s t R e c e n t 5 -y e a r F i n a n c i a l A n a l y s i s
I tem
T ot al l i ab i l i t i es t o t ot al asset s (%)
F i nanc i al rat i os
F i nanc i al c ap i t al t o f i x ed asset s (%)
Cu rrent rat i os (%)
L i q u i d i t y rat i os Q u i c k rat i os (%)
T i me i nt erest earned
A / R t u rnov er (t i mes)
A / R t u rnov er d ay s
O p erat i ng
I nv ent ory t u rnov er (t i mes)
p erf ormanc e A / P t u rnov er (t i mes)
anal y si s
I nv ent ory t u rnov er d ay s
F i x ed asset s t u rnov er (t i mes)
T ot al asset s t u rnov er (t i mes)
R et u rn on asset s (%)
R et u rn on eq u i t y (%)
P rof i t ab i l i t y
O p erat i ng i nc ome t o p ai d -i n-c ap i t al (%)
rat i os
P B T t o p ai d -i n-c ap i t al (%)
Net i nc ome rat i o (%)
E P S (NT $ )
Cash f l ow rat i o (%)
Cash F l ow
Cash f l ow ad eq u ac y (%)
Cash rei nv est ment rat i o (%)
O p erat i ng l ev erag e
L ev erag e
F i nanc i al L ev erag e
27
2 009
58
2214
81
74
5. 11
71
33. 97
13. 13
11
29. 88
0. 91
(2)
(8)
0
(9)
(4)
(0. 94)
57
25
575
-
2 008
65
2288
105
98
4. 36
84
28. 29
11. 61
13
42. 3
1. 18
(3)
(14)
(8)
(16)
(4)
(1. 7)
24
12
-
Y ear
2 007
69
2516
116
102
4
5. 09
72
35. 22
8. 53
10
64. 13
1. 58
8
22
(31)
31
4
3. 11
-
2 006
76
642
85
78
4. 60
79
29. 24
6. 49
12
22. 91
1. 62
(32)
(86)
(17)
(105)
(21)
(17. 97)
4
-
F i nanci al s
2 005
51
978
144
121
4. 25
86
25. 02
5. 86
15
20. 98
1. 49
(6)
(11)
(3)
(20)
(4)
(2. 12)
55
-
Qisda Corporation
Non-consolidated Balance Sheets
December 31, 2008 and 2009
(Expressed in thousands of New Taiwan dollars and US dollars)
2008
Assets
NT$
2009
NT$
Liabilities and Stockholders’ Equity
Current assets:
Cash and cash equivalents (note 4(a))
774,104
24,229
53,913
57,718
1,806
4,569,254
2,216,694
69,380
Accounts receivables from related parties (notes 4(e) and 5)
6,844,522
5,773,245
180,696
Other receivables, net (notes 4(c) and 7(e))
1,063,665
1,314,745
41,150
Other payable to related parties (note 5)
409,805
1,872,013
58,592
Accrued expenses (note 4(h))
Other receivable from related parties (note 5))
Other financial assets current (note 6)
Inventories (note 4(d))
Prepaid expenses and other current assets
Fixed assets held for sale (note 4(f))
Deferred income tax assets – current (note 4(l))
Total current assets
NT$
NT$
US$
Current liabilities:
7,923,880
Financial assets at fair value through profit or loss current (note 4(b))
Notes and accounts receivable, net (note 4(c))
2009
2008
US$
492,900
-
-
1,304,921
40,843
109,084
43,837
1,372
-
Financial liabilities at fair value through profit or loss current (note 4(b))
Accounts payable
Accounts payable to related parties (note 5)
Advance receipts
1,434,006
12,777
Short-term borrowings (note 4(g))
-
225,467
277,889
8,698
23,139,273
13,635,166
426,766
8,953,540
1,024,960
309,379
40,770
32,080
1,276
1,147,622
1,856,434
58,104
1,230,370
2,850,652
89,222
156,122
49,729
1,556
3,635,451
4,525,536
141,645
20,414
316,305
652,240
Bonds payable due within one year (note 4(i))
3,478,672
1,600,000
50,078
Long-term debt due within one year (notes 4(j) and 6)
2,400,000
1,400,000
43,818
Deferred inter-company profits (note 5)
303,100
160,290
5,017
Other current liabilities (notes 4(f) and 7(k))
198,475
2,545,818
79,682
22,129,036
16,706,429
522,892
Total current liabilities
Long-term liabilities:
Long-term investments:
Equity method (notes 4(e), 5 and 6)
Financial liabilities at fair value through profit or loss-noncurrent (note4(b))
Bonds payable (note4(i))
35,580,730
33,782,324
1,057,350
1,620,717
4,014,859
125,661
158,508
59,157
1,851
37,359,955
37,856,340
1,184,862
652,697
644,490
20,172
Deferred profits on sale-leaseback transaction (note 4(f))
1,481,470
1,484,575
46,465
Other liabilities (note 4(e))
Machinery and equipment
844,142
852,923
26,695
Total other liabilities
Furniture and fixtures
115,803
115,396
3,612
Available-for-sale financial assetsnoncurrent (notes 4(b) and 6)
Financial assets carried at cost noncurrent (note 4(b))
Property, plant and equipment (notes 4(f) , 5 and 6):
Land
Buildings
Miscellaneous equipment
48,768
15,014
Net property, plant and equipment
Intangible assets
Total long-term liabilities
46,900
-
Total liabilities
Idle Assets (note 4(f))
Refundable deposits
Deferred expenses
Deferred income tax assets noncurrent (note 4(l))
Prepaid pension cost (note 4(k))
Total other assets
Total assets
774
3,518
16,600,000
13,800,000
431,925
18,200,000
13,937,151
436,217
3,144,284
98,412
Common stock
(1,373,640)
(1,484,549)
(46,465)
Capital surplus:
1,784,254
1,659,735
51,947
45,961
718,745
22,496
9,553
494,243
15,470
837,476
1,212,988
37,966
41,166,512
31,856,568
997,075
19,282,176
19,282,176
603,511
Stockholders’ equity: (note 4(b)(m))
3,157,894
72,877
827,923
1,468
-
Additional paid-in-capital in excess of the common stock’s par value
2,738,580
1,196,756
37,457
Capital surplus from long-term equity investments
4,042,814
3,684,210
115,312
6,781,394
4,880,966
152,769
-
-
1,439
Legal reserve
Other assets
Assets for lease (notes 4(f) and 6)
24,736
112,415
Other liabilities
Prepayments for plant and equipment
Less: accumulated depreciation
Long-term debt (notes 4(j) and 6)
1,600,000
Special reserve
125,383
144,912
4,536
104,324
104,324
3,265
Cumulative translation adjustment
95,210
92,459
2,894
Unrealized loss on available-for-sale financial assets
Treasury stock
30,629
124,997
3,912
980,315
900,359
28,180
100,567
105,948
3,316
1,436,428
1,472,999
46,103
63,792,787
54,670,201
1,711,117
Accumulated deficit
Total stockholders’ equity
344,527
175,173
(2,061,523)
-
-
(1,807,773)
(56,581)
1,052,316
812,471
25,429
(2,870,090)
(273,084)
(8,547)
(77,698)
(81,123)
(2,539)
22,626,275
22,813,633
714,042
63,792,787
54,670,201
1,711,117
Commitments and contingencies (notes 4(b)(c)(g)(j), 5 and 7)
Total liabilities and stockholders’ equity
(Note:Translation of New Taiwan dollar amounts into U.S. dollar amounts is included in the non-consolidated financial statements solely for the convenience of the readers, using the noon buying rate of the Federal Reserve Bank in New York on December 31, 2009, of NT$31.95 to US$1
uniformly for all the financial statements accounts.)
Qisda Corporation
Non-consolidated Statements of Operations
For the years ended December 31, 2008 and 2009
(Expressed in thousands of New Taiwan dollars and US dollars, expect earnings per share)
2008
2009
NT$
Net sales (note 5)
Cost of goods sold (notes 4(d)(k), 5 and 10)
Gross profit
US$
75,478,162
49,595,939
1,552,299
(73,115,507)
(46,518,811)
(1,455,988)
2,362,655
3,077,128
96,311
29,865
142,810
4,470
2,392,520
3,219,938
100,781
(1,193,341)
(827,090)
(25,887)
(650,825)
(511,023)
(15,994)
(2,163,700)
(1,796,157)
(56,218)
(4,007,866)
(3,134,270)
(98,099)
(1,615,346)
85,668
2,682
Change in unrealized inter-company profits (note 5)
Realized gross profit
NT$
Operating expenses: (notes 4(f)(k), 5 and 10)
Selling
Administrative
Research and development
Operating income (loss)
Non-operating income:
Interest income (note 5)
Dividend income
Evaluation gain on financial intruments, net (notes 4(b)(o))
Gain on disposal of property, plant and equipment (note 5)
28,908
31,972
1,001
205,158
566,489
79,136
117,125
10,767
2,487
3,666
337
78
Gain on disposal of investments, net (note 4(e))
647
23
1
203,009
130,302
4,078
1,083,347
292,676
9,161
Others (note 5)
Non-operating expenses:
(1,094,378)
(544,277)
(17,035)
Investment loss recorded under the equity method, net (note 4(e))
Interest expense
(899,204)
(1,370,767)
(42,904)
Other invetment loss (note 4(b))
-
(86,097)
(2,695)
Loss on disposal of property, plant and equipment (note 5)
Foreign currency exchange loss, net
(14,546)
(488)
(15)
(588,633)
(127,379)
(3,987)
Others (note 4(i))
Loss before income tax
Income tax expense (note 4(l))
(expressed in New Taiwan dollars and US dollars):(note 4(n))
Basic earnings per share
(29,575)
(926)
(2,158,583)
(67,562)
(3,149,860)
(1,780,239)
(55,719)
-
Net loss
Earnings per share
(21,100)
(2,617,861)
(3,149,860)
(27,534)
(862)
(1,807,773)
(56,581)
Before tax
After tax
Before tax
After tax
(1.70)
(1.70)
(0.92)
(0.94)
Qisda Corporation
Statements of Changes in Stockholders' Equity
(Expressed in thousands of New Taiwan dollars)
Balance as of January. 1, 2008
Net loss for 2008
Issuance of common stock for cash (note 4(m))
Retained
Unrealized Loss on
Earnings
Available-for-sale
(Accumulated
Financial Assets
Deficit)
NT$
NT$
Common
Stock
Capital Surplus
Legal Reserve
Special Reserve
NT$
NT$
NT$
NT$
5,366,084
-
-
3,445,276
-
-
-
(3,149,860)
2,738,580
-
-
15,389,280
2,261,420
-
Cumulative
Translation
Adjustment
Treasury Stock
Total
NT$
NT$
NT$
(862,944)
687,770
-
-
-
(83,102)
(3,149,860)
23,942,364
-
-
-
5,000,000
Appropriation of earnings and capital surplus (note 4(m)):
Appropriation of legal reserve and special reserve
-
344,527
(519,700)
-
-
-
-
1,412,056
-
-
-
(1,412,056)
-
-
-
-
Bonus to employees - in stock
219,420
-
-
-
(219,420)
-
-
-
Cash dividends to shareholders
-
-
-
-
(176,507)
-
-
-
Directors remuneration
-
Stock dividends to shareholders
-
175,173
(176,507)
-
-
-
-
(29,256)
-
-
Change in treasury stock held by subsidiaries
-
-
-
-
-
-
-
Adjustments of net equity of investee companies
-
-
-
-
-
-
-
(1,323,270)
Change in cumulative translation adjustment
-
-
-
-
-
-
364,546
-
364,546
-
-
-
-
-
-
(1,323,270)
(29,256)
5,404
5,404
Change in unrealized loss on available-for-sale financial
assets (note 4(b))
(1,639,420)
(1,639,420)
assets held by equity method investees
Balance as of December 31, 2008
Net loss for 2009
19,282,176
-
-
-
6,781,394
344,527
-
-
175,173
-
(2,061,523)
(367,726)
(2,870,090)
-
-
1,052,316
(367,726)
(77,698)
(1,807,773)
-
-
-
2,061,523
-
22,626,275
(1,807,773)
Appropriation of earnings and capital surplus: (note 4(m))
Decrease in capital surplus and legal reserve to offset
-
-
accumulated deficit
-
(1,541,823)
-
(344,527)
-
(175,173)
-
-
-
-
-
(358,605)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,394,142
202,864
(3,425)
(3,425)
-
(358,605)
-
(239,845)
-
-
2,394,142
-
-
(239,845)
assets (note 4(b))
Change in unrealized gain on available-for-sale financial
assets held by equity method investees
19,282,176
-
-
-
4,880,966
-
-
(1,807,773)
(273,084)
812,471
202,864
(81,123)
22,813,633
Qisda Corporation
Non-consolidated Statements of Cash Flows
(Expressed in thousands of New Taiwan dollars and US Dollars)
2008
NT$
Cash flows from operating activities:
Net loss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
Amortization
Amortization of discount on convertible bond
Change in provision for bad debt
Change in provision for inventory obsolescence
Investment loss on long-term equity investments, net
Cash dividends received from investments recognized under equity method
Gain on disposal of investments
Loss (gain) on redemption of bonds
Impairment loss on financial assets carried at cost
Gain on disposal of property, plant and equipment, net
Amortization of deferred profits on sale-leaseback transaction
Amortization of bond issuance costs
Deferred income tax assets
Differences in accounts in the accompanying balance sheets:
Financial assets/ liabilities at fair value through profit or loss
Notes and accounts receivable
Receivables from related parties
Other receivables
Inventories
Prepaid pension
Accounts payable
Payables to related parties
Deferred inter-company profit
Accrued expenses and other current liabilities
Other liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Increase in receivables from related parties
Addition to long-term equity investments
Other financial assetscurrent
Additions to property, plant and equipment
Proceeds from disposal of idle assets
Proceeds from disposal of property, plant and equipment
Increase in intangible assets, refundable deposits and deferred assets
Proceeds from investees’ capital reduction
Net cash used in investing activities
Cash flows from financing activities:
Increase (decrease) in short-term borrowings
Decrease in long-term debt
Redemption of bonds
Distribution of cash dividends, and directors' remuneration
Issuance of common stock for cash
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
Income taxes
Supplemental disclosure of non-cash investing and financing activities:
Changes in unrealized loss on available-for-sale financial assets
Increase (decrease) in cumulative translation adjustment
(3,149,860)
169,153
355,625
87,996
(16,901)
9,410
899,204
1,974,756
(647)
(126)
(64,590)
(109,176)
1,400
-
2009
NT$
(1,807,773)
US$
(56,581)
136,614
65,478
8,721
(18,544)
(18,448)
1,370,767
404,260
(23)
10,511 #
86,097
(1,999)
(109,178)
1,200
27,534
4,276
2,049
273
(580)
(577)
42,904
12,653
(1)
329
2,695
(63)
(3,417)
37
862
(566,489)
1,368,329
10,485,219
903,082
2,291,730
(18,683)
(14,477)
(1,595,011)
(6,568,284)
(29,865)
(1,162,967)
(19,105)
5,229,723
(10,767)
2,371,104
1,221,316
(92,493)
147,533
65,247
(5,381)
708,812
1,513,889
(142,810)
3,573,363
(7,482)
9,497,548
(337)
74,213
38,226
(2,895)
4,617
2,042
(168)
22,185
47,383
(4,470)
111,842
(234)
297,263
(1,306,767)
10,151
(68,935)
65,774
31,322
(87,301)
22,429
(1,333,327)
(1,620,795)
(34,100)
492,900
(71,495)
742
53,905
(131,378)
13,877
(1,296,344)
(50,729)
(1,067)
15,427
(2,237)
23
1,687
(4,112)
434
(40,574)
258,816
(2,236,745)
(205,763)
5,000,000
2,816,308
6,712,704
1,211,176
7,923,880
(7,928,580)
(3,800,000)
(3,622,400)
(15,350,980)
(7,149,776)
7,923,880
774,104
(248,156)
(118,936)
(113,377)
(480,469)
(223,780)
248,009
24,229
1,102,684
6,803
594,391
1,878
18,604
59
(1,639,420)
(1,323,270)
364,546
(2,394,142)
(358,605)
(239,845)
(74,934)
(11,224)
(7,507)
Qisda Corporation and subsidiaries
Consolidated Balance Sheets
December 31, 2008 and 2009
(expressed in thousands of New Taiwan dollars and US dollars)
2008.12.31
Assets
NT$
2009.12.31
NT$
Liabilities and Stockholders’ Equity
Current assets:
Cash and cash equivalents (note 4(a))
19,627,193
9,850,766
308,318
1,392,532
1,118,201
34,998
4,904
1,066
33
Short-term borrowings (notes 4(i) and 6)
Financial liabilities at fair value through profit or loss current (note 4(b))
Notes and accounts payable
18,875,167
17,463,506
546,589
Notes and accounts receivable from related parties (note 5)
2,650,670
1,258,944
39,404
Other payables to related parties (note 5)
Other receivables, net (notes 4(c) ,5 and 7(l))
3,332,842
3,151,402
98,635
Accrued expenses and other current liabilities (notes 4(f) and 7(k))
Other receivables from related parties (note 5)
88,821
14,424
451
3,486,426
1,855,568
58,077
17,698,890
15,129,466
473,536
1,461,246
1,500,736
46,971
Other financial assets – current (note 6)
Inventories (note 4(d))
Fixed assets held for sale (note 4(f))
12,777
Deferred income tax assets – current (note 4(n))
Total current assets
-
Accounts payable to related parties (note 5)
570,302
17,850
69,175,722
51,914,381
1,624,862
22,950,366
20,619,971
645,382
1,657,977
4,094,155
128,143
450,666
268,815
8,414
25,059,009
24,982,941
781,939
Financial assets carried at cost noncurrent (note 4(b))
Property, plant and equipment: (notes 4(f)(l) and 6)
1,947,729
1,928,767
60,368
Buildings
16,919,228
18,171,658
568,753
Machinery and equipment
16,408,608
513,571
21,691,373
24,736
774
20,993,896
657,086
Financial liabilities at fair value through profit or loss noncurrent (note 4(b))
Long-term debt (notes 4(k) and 6)
1,600,000
112,415
3,519
23,291,373
21,131,047
661,379
Liability under capital lease (note 4(l))
963,246
993,623
31,099
Deferred profits on sale-leaseback transaction (note 4(f))
827,923
718,745
22,496
Other liabilities
626,637
625,391
19,574
2,417,806
2,337,759
73,169
98,882,394
80,035,067
2,505,010
19,282,176
19,282,176
603,511
Other liabilities:
Total liabilities
28,733
29,942
1,543,744
48,317
Common stock
196,275
1,022,432
32,001
Capital surplus:
4,287,405
2,514,252
78,693
46,965,150
48,259,023
1,510,454
Stockholders’ equity: (note 4 (o))
Additional paid-in-capital in excess of the common stock’s par value
2,738,580
1,196,756
37,457
Capital surplus from long-term equity investments
4,042,814
3,684,210
115,312
(811,547)
(1,062,639)
(33,259)
(16,521,934)
(18,824,841)
(589,197)
29,631,669
28,371,543
887,998
Special reserve
3,164,724
3,266,878
102,250
Accumulated deficit
6,781,394
Legal reserve
Cumulative translation adjustment
193,000
6,041
Unrealized loss on available-for-sale financial assets
Treasury stock
Refundable deposits (note 4(l))
157,483
232,411
7,274
Deferred expenses and other assets (notes 4(f)(h)(m))
868,528
1,017,265
31,840
Total assets
1,089
14,210,858
Long-term liabilities:
956,641
Total other assets
74,622
34,792
1,770,462
956,548
1,332,148
Deferred income tax assets – noncurrent (note 4(n))
2,384,179
20,795
56,566,261
Leased assets
-
1,747,301
73,173,215
Total current liabilities
663,647
Other assets
Pledged cash and cash equivalents (note 6)
814,011
50,078
918,007
Intangible assets(note 4(g))
26,007,636
93,575
21,203,522
Less: allowance for impairment of fixed assets
3,728
23,150,643
1,600,000
1,108,792
Prepayments for plant and equipment
219,788
2,989,723
20,217,025
Leasehold improvement
119,099
4,818,170
Furniture and fixtures
Miscellaneous equipment
7,022,224
505,672
3,478,672
Total other liabilities
Land
25,241,104
Bonds payable due within one year (note 4(j))
Total long-term liabilities
Available-for-sale financial assets noncurrent (notes 4(b) and 6)
Net property, plant and equipment
US$
Long-term debt due within one year (notes 4(k) and 6)
Bonds payable (note 4(j))
Less: accumulated depreciation
NT$
-
544,254
Long-term investments:
Equity method (notes 4(e) and 6)
NT$
Current liabilities:
Financial assets at fair value through profit or loss current (note 4(b))
Available-for-sale financial assets current (note 4(b))
Notes and accounts receivable, net (note 4(c))
2009.12.31
2008.12.31
US$
1,145,354
1,190,518
37,262
2,171,365
2,633,194
82,417
129,202,489
111,168,937
3,479,466
Minority interest
Total stockholders’ equity
Commitments and contingencies (notes 4(b)(k), and 7 )
Total liabilities and stockholders’ equity
344,527
175,173
4,880,966
152,769
-
-
-
-
(2,061,523)
(1,807,773)
1,052,316
812,471
(56,581)
25,429
(2,870,090)
(273,084)
(8,547)
(77,698)
(81,123)
(2,539)
22,626,275
22,813,633
714,042
7,693,820
8,320,237
260,414
30,320,095
31,133,870
974,456
129,202,489
111,168,937
3,479,466
(Note:Translation of New Taiwan dollar amounts into U.S. dollar amounts is included in the consolidated financial statements solely for the convenience of the readers, using the noon buying rate of the Federal Reserve Bank in New York on December 31, 2009, of NT$31.95 to US$1 uniformly for all the
financial statements accounts.)
Consolidated Statements of Operations
(expressed in thousands of New Taiwan dollars and US dollars, except earnings per share)
2008
NT$
Net sales (note 5)
Cost of goods sold (notes 4(d) (m) (o), 5 and 10(a))
Gross profit
2009
NT$
US$
169,507,542
150,144,170
4,699,348
(156,623,352)
(134,115,531)
(4,197,669)
12,884,190
16,028,639
501,679
Operating expenses (notes 4(f) (m) (o) and 10(a)):
Selling
(9,109,250)
(7,602,882)
(237,962)
Administrative
(3,218,019)
(3,473,515)
(108,717)
Research and development
Operating income (loss)
(3,658,412)
(3,479,331)
(108,899)
(15,985,681)
(14,555,728)
(455,578)
(3,101,491)
1,472,911
46,101
Non-operating income:
Interest income
Investment income recorded under the equity method, net (note 4(e))
381,375
1,752,544
Evaluation gain on financial instruments, net (notes 4(b)(q))
Foreign currency exchange gain, net
170,289
-
427,567
5,330
-
156,379
-
4,894
14,264
447
Dividend income
221,546
122,093
3,821
Gain on disposal of investments, net (note 4(b)(e))
745,443
438,273
13,718
Gain on disposal of property, plant and equipment
244,195
64,042
Others
834,680
603,660 #
1,569,000
4,607,350
2,004
18,894
49,108
Non-operating expenses:
Interest expense (note 4(f))
(2,188,441)
(1,219,899)
(38,182)
(1,918,168)
(60,037)
(142,103)
(86,097)
(2,695)
Loss on disposal of property, plant and equipment
(180,655)
(110,636)
Foreign currency exchange loss, net
(855,308)
-
Impairment Loss (note 4(f)(g))
(416,462)
(306,813)
(281,573)
(179,461)
(8,813)
(4,089,782)
(3,795,834)
(118,806)
Investment loss recorded under the equity method, net (note 4(e))
-
Other investment loss (note 4(b))
Others (note 4(j))
Loss before income tax
Income tax expense(note 4(n))
Net loss
Attributable to:
Shareholders of the parent
Minority interest
Net loss
(5,616)
(2,583,923)
(753,923)
(23,597)
(941,184)
(505,504)
(15,822)
(3,525,107)
(1,259,427)
(39,419)
(3,149,860)
(375,247)
(1,807,773)
548,346
(56,581)
17,162
(3,525,107)
(1,259,427)
(39,419)
(1.70)
(0.94)
Earnings per share (expressed in New Taiwan dollars)(note 4(p)):
Basic earnings per share
(3,463)
-
Consolidated Statements of Changes in Stockholder's Equity
(Expressed in thousands of New Taiwan dollars)
Balance as of January 1, 2008
Special Reserve
Retained Earnings
(Accumulated Deficit)
Cumulative Translation
Adjustment
Unrealized Loss on
Available-for-sale
Financial Assets
Treasury Stock
NT$
NT$
NT$
NT$
NT$
Common
Stock
Capital Surplus
Legal Reserve
NT$
NT$
NT$
-
-
3,445,276
-
-
(3,149,860)
-
-
15,389,280
Net loss for 2008
-
2,261,420
5,366,084
2,738,580
-
687,770
(862,944)
Minority
Interest
NT$
(83,102)
-
-
-
-
-
-
-
Total
NT$
3,748,369
27,690,733
(375,247)
(3,525,107)
5,000,000
Appropriation of earnings and capital surplus (note 4(o)):
Appropriation of legal reserve and special reserve
-
-
(519,700)
-
-
-
-
-
Stock dividends to shareholders
1,412,056
-
-
-
(1,412,056)
-
-
-
-
-
219,420
-
-
-
(219,420)
-
-
-
-
-
Bonus to employees - in stock
344,527
175,173
Cash dividends to shareholders
-
-
-
-
(176,507)
-
-
-
-
Directors remuneration
-
-
-
-
(29,256)
-
-
-
-
Changes in minority interest
-
-
-
-
-
-
Change in unrealized loss on available-for-sale financial assets (note 4(b))
-
-
-
(176,507)
(29,256)
4,320,698
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,323,270)
364,546
5,404
-
-
4,320,698
-
5,404
-
-
(1,323,270)
-
-
364,546
(1,639,420)
-
-
(1,639,420)
(367,726)
-
Change in unrealized loss on available-for-sale financial assets held by
equity method investees (note 4(b))
Net loss for 2009
19,282,176
-
6,781,394
-
344,527
-
175,173
(2,061,523)
-
1,052,316
(2,870,090)
(77,698)
(1,807,773)
-
-
-
2,061,523
-
(367,726)
7,693,820
30,320,095
548,346
(1,259,427)
Appropriation of earnings and capital surplus (note 4(o)):
Decrease in capital surplus and legal reserve to offset accumulated deficit
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(239,845)
-
-
-
-
-
2,394,142
-
-
2,394,142
-
-
-
-
-
202,864
-
-
-
-
-
Changes in minority interest
-
-
Change in unrealized loss on available-for-sale financial assets (note 4(b))
(1,541,823)
(358,605)
(344,527)
(175,173)
(239,845)
-
(3,425)
-
-
(3,425)
-
(358,605)
78,071
78,071
Change in unrealized loss on available-for-sale financial assets held by
equity method investees (note 4(b))
19,282,176
4,880,966
(1,807,773)
812,471
(273,084)
(81,123)
202,864
8,320,237
31,133,870
Consolidated Statements of Cash Flows
(expressed in thousands of New Taiwan dollars and US Dollars)
2,008
NT$
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation
Amortization
Impairment loss
Other investment loss
Evaluation gain on financial instruments
Loss (gain) on disposal of property, plant and equipment, net
Amortization of deferred profits on sale-leaseback transaction
Loss (gain) on redemption of bonds
Deferred assets charged to expenses
Fixed assets charged to expenses
Gain on disposal of investments
Investment loss (income) recorded under the equity method, net
Cash dividends received from investments recorded under equity method
Amortization of bond issuance costs
Amortization of discount on convertible bond
Deferred income tax assets
Differences in accounts in the accompanying balance sheets:
Financial assets at fair value through profit or loss
Notes and accounts receivable
Receivables from related parties
Inventories
Other receivables
Other financial assetscurrent
Prepaid pension
Notes and accounts payable
Payables to related parties
Accrued expenses and other current liabilities
Other liabilities
Net cash provided by operating activities
Cash flows from investing activities:
Decrease in pledged cash and cash equivalents
Proceeds from disposal of property, plant and equipment
Additions to property, plant and equipment
Increase in other assets
Proceeds from disposal of long-term equity investments
Additions to long-term equity investments
Proceeds from investees’ capital reduction
Decrease (increase) in available-for-sale financial assets
Net cash used in investing activities
Cash flows from financing activities:
Increase (decrease) in short-term borrowings
Decrease in long-term debt
Increase in long-term debt
Redemption of bonds
Cash dividend, directors' remuneration and employees' bonuses
Decrease in minority interest
Net cash provided by (use in) financing activities
Effect of exchange rate changes
Effect of new consolidated subsidiaries
Net increase(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
Income taxes
Supplemental disclosure of non-cash investing and financial activities:
Changes in unrealized loss on available-for-sale financial assets
Increase (decrease) in cumulative translation adjustment
2009
NT$
US$
(3,525,107)
(1,259,427)
(39,419)
3,583,732
743,784
416,462
142,103
(427,567)
(63,540)
(109,176)
(126)
1,275
8,970
(745,443)
(1,752,544)
1,585,358
0
89,396
112,795
3,732,994
450,652
281,573
86,097
(156,379)
46,594
(109,178)
10,511
7,136
30
(438,273)
1,918,168
231,277
0
9,921
(71,212)
116,839
14,105
8,813
2,695
(4,894)
1,459
(3,417)
329
223
1
(13,718)
60,037
7,239
0
311
(2,229)
1,065,325
5,111,616
(1,403,358)
11,216,542
845,196
32,383
4,822
(14,477)
(6,286,435)
(3,963,821)
(1,289,797)
875,818
6,254,186
306,786
1,411,661
1,466,123
2,569,424
181,440
48,665
(39,490)
(3,587)
2,856,993
650,875
2,207,311
29,131
16,425,816
9,602
44,183
45,888
80,420
5,679
1,523
(1,236)
(112)
89,421
20,372
69,086
912
514,112
499,577
(7,446,330)
(916,986)
894,923
(59,500)
20,576
(1,254)
(7,008,994)
1,389,193
224,489
(3,330,293)
(857,029)
612,814
(5,504)
13,254
3,929
(1,949,147)
43,480
7,026
(104,234)
(26,824)
19,180
(172)
415
123
(61,006)
5,000,000
9,410,214
(931,442)
1,642,576
(2,236,745)
(205,763)
(705,448)
11,973,392
(768,425)
1,065,393
11,515,552
8,111,641
19,627,193
(18,218,880)
(5,763,771)
3,268,295
(3,622,400)
(79,753)
(24,416,509)
163,413
(9,776,427)
19,627,193
9,850,766
(570,231)
(180,400)
102,294
(113,377)
(2,496)
(764,210)
5,114
(305,990)
614,309
308,319
2,150,115
440,004
1,384,640
186,195
429,793
(113,549)
(2,394,142)
(358,605)
(239,845)
(74,934)
(11,224)
(7,507)
(1,639,420)
(1,323,270)
364,546
Qisda Fact Sheet
Qisda Fact Sheet
Founded
A p ril 2 1 , 1 9 8 4
R ev enue
US $ 2 . 4 9 B il l io n ( Y ea r 2 0 0 9 )
P r es i dent & C E O
H ui H s iung
M a r k et C a p .
C h a ir m a n
G r oup C om p a ny
P r oduc t P or t f ol i o
US $ 1 . 0 9 B il l io n ( M a r. 3 1 , 2 0 1 0 )
K . Y . L ee
A U O p tro nic s C o rp o ra tio n, B enQ
Inc . , B enQ
C o rp o ra tio n, D a rf o n E l ec tro nic s C o rp o ra tio n, D a x o n Tec h no l o g y
G uru S o f tw a re C o . , B enQ
H o s p ita l , D a rw in Prec is io ns , L td , R a y d ium
C o rp o ra tio n, C a nd o C o rp o ra tio n, W el l y p o w er C o . , L td , a nd
D is p la y s
S em ic o nd uc to r
D a x in M a teria l C o rp o ra tio n
M ul tif unc tio n M o nito rs
Tra d itio na l M NT ( 4 :3 ) : 1 7 ” , 1 9 ” , 2 0 ”
W id e s c reen M NT: 1 5 . 6 ” W 1 8 . 5 ” W 1 9 ” W 2 0 ” W
Pro f es s io na l M o nito r/ M ed ic a l a nd B ro a d c a s ting
2 1 . 5 ” W 2 2 ” W
2 3 ” W 2 4 ” W 2 7 ” W
Ind us tria l S o l utio ns : Pro f es s io na l D is p l a y f o r S ec urity , G ra p h ic s , E d uc a tio n, M ed ic a l a nd
G a m ing a p p l ic a tio ns
D ig ita l S ig na g e D is p l a y a nd O p en F ra m e
Pen/ To uc h L C D
P r oj ec t or s
D is p l a y a nd M o d ul e
D a ta Pro j ec to r, V id eo Pro j ec to r, S h o rt th ro w
A l l -i n-O ne P C
:1 8 .5 ” ,2 1 .5 ”
Pro j ec to r
I m a g i ng D ev i c es
C o l o r Ink j et Printer, C o l o r Ink j et M ul tif unc tio na l Printer
C o l o r L a s er Printer( C L P) , C o l o r L a s er M ul tif unc tio na l Printer( M F P)
H ig h -s p eed ink j et p rinter, H ig h -s p eed M ul tif unc tio na l Printer
Im a g e S c a nner, A uto D o c um ent F eed er
M ini Ph o to S c a nner, Pro ta b l e S c a nner
M ob i l e C om m uni c a t i on D ev i c es
W C D M A , S m a rtp h o ne
M ID
( M o b il e Internet D ev ic e)
M o b il e Ta b l et
D ua l -M o d e Ph o ne: W iM a x + C el l ua r
W irel es s M o d ul e: G S M / G PR S / W C D M A / H S D PA / H S UPA
US B M o d em
C a rd : H S D PA / H S UPA
A ut om ob i l e I nf ot a i nm ent E l ec t r oni c s : T S 1 6 9 4 9 C er t i f i ed
A / V / N ( A ud io / V id eo / Na v ig a tio n) S y s tem s
A uto m o tiv e TF T-L C D
D is p l a y
V eh ic l e R ea r S ea t E nterta inm ent S y s tem
A uto m o tiv e Tel em a tic s
Na v ig a tio n M o d ul es
C ons um er E l ec t r oni c s :
eB o o k R ea d er, Ta b l et, D ig ita l Ph o to F ra m e
M ul tim ed ia R o uter
H ea l t h c a r e E l ec t r oni c s
L i f es t y l e P r oduc t s : L E D
l ig h ting d ev ic e
Qisda Fact Sheet
G l ob a l R & D C ent er
& M a nuf a c t ur i ng
R & D C ent er :
Ta iw a n: Ta ip ei, Ta o y ua n, H s inc h u
C h ina : S uz h o u
G l ob a l M a nuf a c t ur i ng :
B rno , C z ec h R ep ub l ic
L C D
M o nito r
L C D
M o nito r
M ex ic a l i, M ex ic o
Ta o y ua n, Ta iw a n
L C D
M o nito r
A uto m o b il e Inf o ta inm ent E l ec tro nic s TS 1 6 9 4 9 C ertif ied
Ind us tria l S o l utio ns ( ex c l ud e Pen/ To uc h L C D
L if es ty l e Pro d uc ts
M ul tif unc tio n M o nito rs
D is p l a y )
S uz h o u, C h ina
L C D
M o nito r
Pro f es s io na l M o nito r
Pro j ec to rs
Ind us tria l S o l utio ns
A l l -in-O ne PC
Im a g ing D ev ic es
A uto m o b il e inf o ta inm ent E l ec tro nic s TS 1 6 9 4 9 C ertif ied
C o ns um er E l ec tro nic s
H ea l th c a re E l ec tro nic s
M o b il e C o m m unic a tio n D ev ic es
M o b il e C o m m unic a tio n d ev ic es
S h a ng h a i, C h ina
N um b er of E m p l oy ee
G l ob a l O p er a t i ons
7 , 1 0 0 p eo p l e ( M a r. 2 1 , 2 0 1 0 )
Ta iw a n( Ta ip ei, Ta o y ua n, H s inc h u) , C h ina ( S uz h o u, S h a ng h a i) , C z ec h R ep ub l ic , M ex ic o , J a p a n,
A m eric a
I ndus t r y A c h i ev em ent
1 9 9 4
1 9 9 6
F o rm ed Ta iw a n 1 st w irel es s c o m m unic a tio ns a nd m o b il e p h o ne d ev el o p m ent
Inv es ted in A c er D is p l a y Tec h no l o g y
( no w A U O p tro nic s -- w o rl d ’ s to p 3 m a nuf a c turer o f l a rg e-s iz e TF T-L C D p a nel s )
1 9 9 7
L a unc h ed Ta iw a n 1 s t G S M m o b il e p h o ne
2 0 0 0
L a unc h ed W W 1 st s m a rt p h o ne
2 0 0 0 -2 0 0 5 W W 1 st s c a nner m a nuf a c turer
2 0 0 1
Intro d uc ed B enQ b ra nd
2 0 0 4
L a unc h ed W W 1 st 1 2 m s res p o ns e tim e L C D m o nito r
2 0 0 5
L a unc h ed W W 1 st 2 m s g ra y to g ra y res p o ns e tim e L C D m o nito r
L a unc h ed Ta iw a n 1 st O L E D p a nel p h o ne
L a unc h ed Ta iw a n 1 st 3 G p h o ne
2 0 0 6
L a unc h ed W W 1 s t L C D m o nito r w ith H D M I interf a c e
O b ta ined M ic ro s o f t W ind o w s V is ta C ertif ic a te f o r L C D m o nito r
L a unc h ed 3 . 5 G p h o ne ( Ta iw a n F irs t)
W W # 4 p ro j ec to r m a nuf a c turer
2 0 0 6 , 2 0 0 7 W W to p 5 L C D m o nito r m a nuf a c turer;
2 0 0 6 W W 1 st in 2 0 ” a b o v e L C D m o nito r m a rk et
2 0 0 7
W W To p 5 S PC -M F P m a nuf a c turer
C o m p a ny re-na m ed Q is d a c o rp . B enQ b ra nd b us ines s s p un o f f a nd c o m p a ny
p o s itio ned a s p ro f es s io na l O D M / E M S Pro v id er. Th e s p in-o f f ef f ec tiv e o n S ep . 1
Pro j ec to r b us ines s ra nk ed W W # 3
S c a nner/ Printer/ C o p ier b us ines s ra nk ed W W # 5
L C D m o nito r b us ines s ra nk ed W W # 6
2 0 0 8
Po s itio ned a s a O D M / O E M m a nuf a c turer, Q is d a rec eiv es 5 R ed D o t d es ig n
a w a rd a nd 4 G o o d D es ig n A w a rd s , th e h ig h es t a m o ng p a rtic ip a nts f ro m Ta iw a n
2 0 0 9
R ec eiv ed 5 iF a w a rd s , 1 0 red d o t d es ig n a w a rd s a nd 3 G -M a rk a w a rd s .
R ec o rd ed a s th e to p w inner a m o ng a l l Ta iw a nes e c o m p a nies f o r a s ec o nd
c o ns ec utiv e y ea r.
2 0 1 0
R ec ev ied 1 0 iF a w a rd s , to p p ed a l l c o m p etito rs f ro m Ta iw a n. Q C M -3 3 0
S m a rtp h o ne, o ne o f iF 2 0 1 0 a w a rd ed p ro d uc ts , ea rned iF g o l d a w a rd .
L C D m o nito r b us ines s unit ea rned th e w o rl d ’ s f irs t c ertif ic a te o f c a rb o n
f o o tp rint v erif ic a tio n s ta tem ent o p inio n f o r its TF T-L C D m o nito rs .
R ec eiv ed 8 red d o t a w a rd s .
Q is d a .c o m

QISDA 2009 ANNUAL REPORT

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