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Excelsior 2
…while its growth path has been carefully charted u pon selected sectors
““ ExcelsiorExcelsior ’’s Smiling Curves Smiling Curve ””Selected Competitive Arenas for Excelsior GroupSelected Competitive Arenas for Excelsior Group
AdAd --hochocRepetitiveRepetitive Patronization PatternPatronization Pattern
Rel
ativ
e P
rofit
abili
tyR
elat
ive
Pro
fitab
ility
Hig
hH
igh
Med
ium
Med
ium
Low
Low
“Volume Business”- Chronic Disease -
“Value Business”- Elective Surgery -
•Medical Skincare
•Dialysis•RT
• Long Term Care
• Logistics
•Preventive Medicine
•Rehabilitation
• Shorter lifecycle• High brand value• Relative lower entry
barrier
• Higher profit margin • Lower patient volume• High revenue growth• High Loyalty to
Practitioner and Institute
Characteristics of Elective DiseaseCharacteristics of Elective Disease• Relative lower profit
margin • Vast patient volume• Stable patient source
• Repeat use• High loyalty to
Institute• High brand value
Characteristics of Selected Chronic DiseaseCharacteristics of Selected Chronic Disease
• Pediatrics
• Obstetrics and Gynecology
• ENT
Growth Pattern
•Dentistry Transplant•Anti-aging
Excelsior 3
Our Core Competency- Partnership
PRODUCT COMMITMENTPRODUCT COMMITMENT
MINORITY INTERESTMINORITY INTEREST
ALLIANCEALLIANCE
JOINT VENTUREJOINT VENTURE
PARTNERSHIPPARTNERSHIP
Excelsior 4
Pathway to Firm Partnership
TIME FROM PARTNERSHIPTIME FROM PARTNERSHIP
Service Continuum
Service Continuum
VA
LUE
VA
LUE
-- AD
DE
DA
DD
ED
Capital Equipment
Facility Planning & Design
I.S. Billing /Productivity Training
Center
StaffTraining
Economic analysisI.S. for Decision-mkg.
Supply andInfrastructure
Operating Efficiencies
Competitive Advantage
Equipment Leasing
Policies/Procedures
OutcomesManagement
Market Development• Reimb.• V-A Services• Competitive
Mgmt• Patient Mktg• Increase
Invest
Excelsior 5
Potentially Competitive
Entrants競爭力競爭力競爭力競爭力
Fragmented Client Base
(e.g. Consumer Patients, Clinics,
Small- to Medium-sized
Hospitals)
FinancialFinancialCapabilitiesCapabilities
財物力財物力財物力財物力財物力財物力財物力財物力
Professional Professional ManagementManagement
專業力專業力專業力專業力專業力專業力專業力專業力
HealthHealth --carecarePractitionersPractitioners
醫事醫事醫事醫事醫事醫事醫事醫事 人力人力人力人力人力人力人力人力
In order to expedite Excelsior’s move toward its vi sion, Merger and Acquisition/strategic alliance would be more desira ble to drive the growth
• A team, a group, or a company that holds some critical assets (e.g. exclusive rights by vendors, channel ownership, customer base, etc.) creating …
• … resides in the desirable sectors identified by Excelsior and fits well into its portfolio…• … may enjoys certain competitive edge (including time lag) over peers…• …but may be lack of other complimentary assets or capabilities (e.g. financial resources, business management team, go-to-market, etc.) to succeed in the sector
M&A/Alliance Target Could be …
ChannelChannel
RelationshipRelationship
Practice Practice KnowledgeKnowledge
Practice Practice KnowledgeKnowledge
RegulationRegulation
Excelsior Group-level Presentation Strategic Intents for the Future
Excelsior 6
Channel - Capabilities to access to vendors as well as to access to other market players essential to integrate upstream and downstream
The industry, though attractive and yet difficult t o enter and thrive, is characterized with high entry barrier, financially stable but att ractive to market leaders
Commissioned with certain groups
• e.g. NTUH, Taipei Veterans General Hospital, etc.
Survive-and-live-wells
• e.g. Chang Gung Hospital, Taiwan Adventist Hospital
…and very fragmented industry value chain and numerous independent incumbents
Growth Pattern
Tens of Thousands
of MDs
Mega Investors
International Vendors
Domestic Vendors
Others
Powerful Interest Groups
Practice Knowledge – highly specific and professional trainings in each stream such as medical practices, medical equipments, nursing, biotechnologies, pharmaceuticals, etc. imposed the first screen hurdle for interested parties
Relationship - Highly closed sub-communities with sophisticated network by schools, practices,subjects, etc. intensifying the entry difficulty into each clusters as well as mobility barriers among clusters
Management Know-how– Such as business and strategic planning, finance and accounting, marketing and business development, etc. without possessing them, many incumbents suffered severely in their cash-rich business.
Regulation – Most practices and many healthcare operations are highly regulated. E.g., the pharmacy operation, hospital property / asset ownership, etc.
Pot
entia
l Pla
yers
Source: 14th Aug, 2002ETToday News, 1ST Aug, 2000, 7th Feb, 2001 UDN News, Company Data
Excelsior 7
Excelsior has accumulated and secured strong compet itive advantage alone its pattern of growth…
Excelsior Group-level Presentation Growth Pattern
Future Future New BUsNew BUs
EnfieldEnfield貿易貿易貿易貿易貿易貿易貿易貿易
RTS ExcelsiorRTS Excelsior透析通路透析通路透析通路透析通路透析通路透析通路透析通路透析通路
Medical BeautyMedical Beauty醫學美容醫學美容醫學美容醫學美容醫學美容醫學美容醫學美容醫學美容
Finance, Brand, Management Know-how
Patient Base, Revenue
Channel, Relationship, Revenue
• Know-how to secure domain experts - Secured domain experts and know-how on securing these domain experts (e.g. MDs)
• Management Capabilities-Business professionals with healthcare industry expertise are rarely to find in Taiwan.
• Economies of Scale and Scopeover competitors
• Market Sensitivity - Secured vendor relationship and channel / channel management ownership
• Experience Replication- Excellence on replicating previous successful experiences to new territories.
ExcelsiorExcelsior ’’s Growth Paths Growth Path Competitive AdvantagesCompetitive Advantages
• JV with Baxter• Enfield IPO
• Secondary Offering• CB• M&A
Stage A(1978~1988)
• Built up channel to healthcare industry
• Established strong relationship with equipment suppliers
• Expanded relationships to doctors
Stage B(1989~2007)
• Focus on high profit sector to generate stable cash inflow
• Created brand value via standard procedure and uniform quality
• Established management know-how
Stage C(2005~2007)
• Built up stable patient base for hospitals
• Created new star business for revenue generation
Stage D(2007~)
• Merger and acquisition?
• Strategic Alliance?
Excelsior 8
New technologies induce potential demandsNew technologies induce potential demands
• E.g. LASIK – Ophthalmology laser for nearsightedness treatment
− Technology introduced into Taiwan – 1995
− Equipment market – NTD 2.0+ BN*
− Potential market size – NTD 24.0 BN*
• E.g. Medical Beauty Care, etc.
New business process that lowers costNew business process that lowers cost
• E.g. Online B2B market place – Internet based transaction platform for group purchasing
− Platform launched – 2000
− Purchase amount – NTD 3.0 BN each year
− Cost saving – 20% of purchasing cost
• E.g. Physical Examination Clinics, etc.
New services to the unNew services to the un --matched demandmatched demand
• Premium quality eldercare/ residential center –the eldercare centers that focus on high-end segment
− Service launched – 1996
− Fees – Deposit (7.5 MN~11.5 MN+), monthly fee (25k~38k+), meals (5~7k)
• E.g. Hospital Management Outsourcing, etc.
TechnologyTechnologyInnovationInnovation
BusinessBusinessInnovationInnovation
ServiceServiceInnovationInnovation
Source:Industry professionals; Dept. of Healthcare Management, Chang Gung University
Notes: *Accumulated number for the whole Taiwan market potential
Excelsior Group-level Presentation Industry Innovations
Excelsior 10
Operation;Development;
Human Resource;Social Workers;Nutrition
Accounting;Cost Analysis;
Financial Analysis;Budgeting
Strategy
Jiate
Management Teams
Partners
Hospitals
NHIB
MAB Physicians
TSN;Associations
Hospital Presidents
Physicians
Physicians
PatientsNurses
Excelsior• Marketing• Equipment Maintenance• Supply Chain Management• Human Resource• IT Support System
Logistics• Supply Chain Management
• Group Purchase Organization
Patient management• Group Purchase Organization
• Patient Referral System
Excelsior
11
通路顧客通路顧客通路顧客通路顧客Channel
医疗医疗医疗医疗健康健康健康健康产业产业产业产业价值价值价值价值链链链链Value Chain Intergration
產品進口產品進口產品進口產品進口/生產生產生產生產Product
貿易服務貿易服務貿易服務貿易服務Trading/Services
綜合供應商或綜合供應商或綜合供應商或綜合供應商或合作夥伴合作夥伴合作夥伴合作夥伴
Provider/Partner消費者消費者消費者消費者/病患病患病患病患Consumer
(2)重組整合醫療保健通路
Provider• 快速擴大經濟規模• 提昇通路顧客忠誠
(1)創新醫療保健產品服務
Products• 持續降低採購成本• 快速反應市場需求
(3)強化整體策略執行能力• 積極進行組織人員變革• 持續改善營運流程績效• 導入資訊科技解決方案
Hemodialysis
Home Appliance
Medical Aesthetic
Medical Consumables
Trading Business
Product Planning
Information Analysis
Market Management
Creative Development
Sales Facilitation
Medical Information System
Professional Maintenance
Pharmaceutical Marketing & Logistic
Warehouse Management
Logistics
Hemodialysis Center
Ophthalmic/ Dental Clinic
Medical Aesthetic Clinic
Long-term Care/ Rehabilitation
Service Provider
12
Vision & Values
Dedication 、、、、Discipline 、、、、Innovation 、、、、Proactive“Dedication, Discipline, Innovation, Proactive” are the core values of Excelsior Group.
“Human Care” is the basis of medical service.
Therefore, “Dedication” to our service target is what matters the most.
We focus on public healthcare, using innovative management model,
providing the most suitable product and service to the market.
And achieve our vision of becoming
the most professional total healthcare solution provider among Asia.
13
Related Cooperate and Oversea Business Units
˙ARICH Enterprise Co., Ltd. ˙Animation Medical Technologies Ltd.
˙Bestsmile Co., Ltd. ˙Visionfront Corporation Co., Ltd.
˙RTS Excelsior Inc. ˙Sunrise Health Care Company
˙E-Young Tech Co., Ltd. ˙Dynamic Medical Technologies Inc.
˙Bestchain Healthtaiwan Co., Ltd.
˙Hong Kong Pacific Bo Ai Investment Ltd.
˙Excelsior Healthcare (ShangHai) Corporation
˙Great China Technology Development Ltd.
˙ EG Healthcare, Inc.
˙ Excelsior Renal Service Co., Ltd.
˙ Asia Best Healthcare Co., Ltd.
14
Trading Business
˙Hemodialysis Equipments
˙Home Appliances
˙Medical Aesthetic Equipments
˙Ventilator Equipments
˙Ophthalmic Equipments
˙Medical Consumables
15
Trading Business – Top Sales Distributor
Medical home appliances distribution channels among nationwide wholesale and department stores, with establishment of own brand products.
Retail points in north, middle, and south Taiwan to face our end consumers at the front line.
Professional pharmaceutical marketing and logistic team.
Development team in medical information system to continually improve ourquality of service.
Established the mechanism of unite procurement across hospitals and clinics to conduct integration of medical services.
Diversified medical equipment and consumable distribution channels covering hospitals, clinics, and aesthetic centers.
16
Trading Business – Brand Agency
Medical Aesthetic
Home Appliances
Hemodialysis
Preventive Medicine Ventilator
17
Trading Business – Milestones
1980 1989
˙̇̇̇Tony Medical founded to commencethe hemodialysis industry.
˙̇̇̇Tony Medical renamed asEnfield Medical.
1998
˙̇̇̇Enfield medical IPO.
2001
˙̇̇̇Public listed on the TaiwanOTC Stock Exchange.
2003
˙̇̇̇Sales contract with Tyco &Surgical.
2004
˙̇̇̇Investing in Dynamic MedicalTechnologies, entering medicalaesthetic industry
2007
˙̇̇̇Official listed on theTaiwan Stock Exchange
2009
˙̇̇̇Incorporating cosmetheuticals intoDynamic Medical Technologies.
˙̇̇̇Enfield Medical renamed asExcelsior Medical Co., Ltd.
2009
18
Medical Service Provider
˙Hospital Operation
˙Rehabilitation and Long-Term
Care Centers
˙Medical Aesthetic Clinics
˙Hemodialysis Centers
˙Hospital Management Consulting
Services
19
Medical Service Provider – Diversify Operations
Top technical and services team in medical aesthetic field.
Complete service line in hemodialysis covering Taiwan and China.
Integrated service in rehabilitation and long-term care.
Provide hospital management and operating consulting services based on expertise experience in medical industry.
Operates district hospitals, rehabilitation and long-term care centers, and chain-stores of ophthalmology and Dentistry.
20
Medical Service Provider – Business Units
HemodialysisHemodialysis
DentistryDentistry
RehabilitationRehabilitation
OphthalmologyOphthalmology
LongLong --Term CareTerm Care
HospitalsHospitals
Medical AestheticMedical Aesthetic
21
Medical Service Provider – Milestone
1993 1997
˙̇̇̇Zen-Shyang Hospital establishedhospital management.
˙̇̇̇Established long-term care service.
1998
˙̇̇̇Jiate Excelsior, joint venture with Baxter Internat ionalenhancing the hemodialysis business.
2003
˙̇̇̇Sunrise Health Care established focusingon rehabilitation services.
˙̇̇̇Investing in Visionfront Corp. for Ophthalmology.˙̇̇̇Investing in Excelsior Healthcare.˙̇̇̇EG Healthcare founded in Philippines,
2007
˙̇̇̇Investing in Bestsmile Corp.for dentistry.
2008
˙̇̇̇Establishing Asia Best Healthcare alliedwith Lung Yen Life Service for the long-termcare market in China.
˙̇̇̇Investing in Perfection Healthcare.
2009
˙̇̇̇Pao-Ai Holding Corp. foundedestablishing Pao-Ai ophthalmologyclinic in China.
22
Logistics
˙Medical Consumables Logistics
and Warehousing
˙Medical Equipment Maintenances
˙Medical Information System
˙Medical Engineering Consulting
Services
23
Logistics
Strategic alliance in China to expand international logistics business.
Provide high efficiency, low costing logistics and warehousing services.
Strong medical engineering maintenance team.
Continuously development in medical information system to establish high quality of service.
Established unite procurement system.
Implement ERP and WMS online systems to reduce 20% ~ 40% operating cost efficiently.
24
Logistics – Milestone
1999 2000
˙̇̇̇Establishing the island-wide highperformance pharmaceuticalwarehouse and distribution.
˙̇̇̇Bestchain Healthtaiwan founded providing healthcare e-commerce solution.
2001
˙̇̇̇Investing in E-Young Corp. for equipment maintenance.
2008
˙̇̇̇Strategic alliance with Arich Pharma Group in pharmaceutical logistics.
˙̇̇̇Excelsior Medical partnership with Beijing Sinopharm Logistics/
Medical LogisticsMedical Logisticsand Warehousingand Warehousing
Information PlatformInformation Platform Medical EngineeringMedical EngineeringPlatformPlatform
25
亞洲佳醫 體貼您的心30
10.8%%%%
249萬
12.6%%%%
297萬
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385萬
20.1%%%%
479萬
24.0%%%%
571萬
27.4%%%%
643萬
30.0
%%%%690萬
201
0
201
5
202
0
202
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203
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203
5
204
0
推估2010至2040年台灣老年人口老化圖
老人市場是未來必然的商機趨勢
人口老化是必然的趨勢,老人照
護的市場也是未來最重要的商
機,機構照護只是老人市場的一
項選擇,但卻是最重要的通路選
擇,當通路形成,商機的掌握權
將由通路主宰,亞洲佳醫正逐步
朝這個理想邁進。
亞洲佳醫 體貼您的心31
1:3.21:7
2008 2026
1:1.4
2056
2026202620262026年約每年約每年約每年約每3.23.23.23.2個個個個15~6415~6415~6415~64歲工作年齡者歲工作年齡者歲工作年齡者歲工作年齡者,,,,負擔負擔負擔負擔1111個個個個65656565歲以上高齡歲以上高齡歲以上高齡歲以上高齡者者者者
少子化趨勢,獨居老人增加,入住機構觀念改變
簡單來說,由於少子化影響,除
非年輕人選擇不工作而去照顧老
年人,要不然老年人的照護選擇
只有兩種,一種是請外籍看護工
在家照護,另一則選擇送入機
構,對於傳統入住機構的排斥將
隨社會的發展,而使更多人接
受。
亞洲佳醫 體貼您的心32
Acute care Long Term Care
DRGs
Cost control
LTC Insurance
目前長期照護與急性醫療間由於保險的
因素,原屬於慢性照護的病人,仍留滯
於醫院中,但是因為健保費率調整不
易,且健保局實施DRGs以及呼吸照護的
改革,這些措施都導致病人無法久住醫
院,醫院必須儘速釋出病人避免虧損,
如此對健保局而言,雖無法調整健保保
費,但因支出減少,如果再配合長期照
護保險實施的費率,某種程度也等於調
整健保費率,進一步轉移健保虧損的問
題。
Other Drivers for Growth
Hospital
Long Term
Care
亞洲佳醫 體貼您的心33
如果以政府的數據來看,在2014年
需求床位數接近60,000床,以每床
每月25,000元的營業額推估,則整
個市場每年有至少高達180億產
值,這還不包括其他衍生的周邊產
值。(ps.但政府推估的數據呈現低
估的狀態)
Shortage of LTC beds and Service Quality
亞洲佳醫 體貼您的心36
2010 2011 2012 2013 2014
收入淨額$ 922,907 $1,967,706 $3,036,803 $4,176,151 $4,719,065
藥衛耗材成本194,090 418,658 645,461 893,469 992,762
人事費用 469,786 947,737 1,434,846 1,953,251 2,187,177
管銷費用175,099 416,355 613,213 812,916 929,869
折舊及攤銷費用17,452 55,835 89,605 121,631 137,101
總成本及費用合計856,427 1,838,586 2,783,125 3,781,266 4,246,910
營業利益65,780 129,120 253,678 394,884 472,155
營業外收(支)7,281 18,914 30,160 42,867 46,789
稅前利益73,061 148,034 283,838 437,752 518,945
所得稅(依17%估計)
12,420 25,166 48,252 74,418 88,221
稅後利益60,640 122,868 235,586 363,334 430,724
每股盈餘(依每股新台幣10元計算)
0.61 0.61 1.18 1.82 2.15
两两两两岸岸岸岸经济经济经济经济合作框架合作框架合作框架合作框架协议协议协议协议((((ECFA))))——早收清早收清早收清早收清单单单单中中中中纳纳纳纳入入入入医医医医院服院服院服院服务业务业务业务业
38
大陆医疗服务产业落后,强大的内需以及新医改政策推动驱
动该领域发展
�进一步向台湾业者开放大陆医疗服务市场
+
大大大大陆医疗陆医疗陆医疗陆医疗服服服服务务务务投入比重偏低投入比重偏低投入比重偏低投入比重偏低
39
�中国大陆医疗服务费用在卫生总费用中的比重偏低,不足53%。而美国医疗服务占比超过70%,相差较大。�在医药行业中,医疗服务的比重提升会是长期的趋势。
�中国大陆卫生总费用占比不足5%,这与OECD国家平均的9%占比相差甚远,医疗投入相对不足。
人口人口人口人口数数数数量与老量与老量与老量与老龄龄龄龄化的化的化的化的双双双双增增增增长长长长激激激激发医疗发医疗发医疗发医疗服服服服务务务务市市市市场场场场
40
�2009年,全国60岁及以上老年人口达到1.6714亿,占总人口的12.5%。与2008年相比,老年人口净增725万,增长了0.5个百分点。未来几年,每年都将要有800万人进入老年人行列。�老年人对医疗健康的消费远高于平均水平,老龄化的加剧对医疗行业整体的扩容有极大的推动作用。
大大大大陆专陆专陆专陆专科科科科医疗医疗医疗医疗服服服服务资务资务资务资源更源更源更源更为紧张为紧张为紧张为紧张
41
�以口腔专科医疗服务为例,目前中国居民的口腔主动保健意识还较弱,人均口腔保健消费水平远低于发达国家。中国每10000人口只有不到一位牙医,而全球平均水平是每10000人口3名牙医。
�眼科领域也存在类似的情况。目前全国眼科医师只有约22299人,平均每万人仅有0.17位眼科医生。
42
Channel- Logistic, maintenance services, after services,
Payment with long ARs
Profit unvisible
Market Uncertainty
Entry Barriers
Thousands of Products
Mega Investors
International Vendors
Domestic Vendors
Others
Powerful Interest Groups
Practice Knowledge – Product Selections, Product Registration,
Health insurance product lists, Province level bidding, County level bidding
Relationship – Seminars, Banquets, Connections(classmates, neighbors, comrade(tony-zhi),
Medical society, research supports………)
Frequent TurnoverLimitation on number of
licensesService QualityProduct qualityEndless Training
Pot
entia
l Pla
yers
Source: 14th Aug, 2002ETToday News, 1ST Aug, 2000, 7th Feb, 2001 UDN News, Company Data
Our solution:
• Enlarge the target, the trap, high demand with “Light metal”input
–Eye, ENT
–Dialysis
–Medical cosmetic
–Dentistry (veneer)
–Long term care
• Staple the roller skates
–JV with State owned company SinoPharm 1099.hk(right cap)
–Take advantage of largest medical logistic channels
–Better connections and penatration than Excelsior
PositioningPositioning
• Operation Positioning ::::
• Consulting Service
• Equipment Leasing
• Training
• Trading
• Expansion strategy– Acquisition
– JV
• Target ::::
• Second tier hospitals
44
Excelsior China Development StrategyExcelsior China Development Strategy
JV CompanyJV Company(ShangHai)(ShangHai)
SinopharmSinopharm(ShangHai)(ShangHai)
51%
49%
Excelsior TWExcelsior TW PartnersPartners
1. Operating and management know-how in medical
industry.2. Wide distribution channels experiences covering
hospitals and clinics.3. Equipment and consumables agency.
Excelsior and Sinopharm had conduct a strategy alliance to establish a service providing platform in China’s medical
industry, with the combination of operating know-how and nation-wide distributing channels.
HemodialysisMedical AestheticOphthalmologyDentistry
Strengthen synergy with strategic partners through CB and capital gain to establish cooperate foundation in great China.
ABHLong-term
care
BestsmileDentistry
PerfectionHealthcare
Aesthetic
Excelsior HKExcelsior HK
1. Taiwan successful experience roll-out.
2. Expend channels as service provider.3. Acquire related product agency.4. Resource integration to IPO.
Bo-AiE.N.T
VisionfrontOphthalmology
Long-Term Care
45
Impacts on Excelsior• More product distribution opportunities– 3D Matrix, hemostat products with share investment
– Dental and cosmetic products in negotiation
• More solid principle relationships– Extend from TW to Greater China markets
• More market potentials
Risks
• Organic growth cash flows cannot support rapid investment activities
• Speed of injections of management talents for growth
• Execution and profit realization of SinoPharm JV
• Distraction from opportunities46
47
Balance Sheets (In Thousands of NTD)
2005
12/31
2006
12/31
2007
12/31
2008
12/31
2009
12/31
2010
6/30
Current assetsCurrent assetsCurrent assetsCurrent assets 1,528,137 1,566,754 2,501,663 2,045,934 2,368,516 2,273,516
Long-term investmentLong-term investmentLong-term investmentLong-term investment 1,366,707 1,300,922 1,194,141 1,508,286 1,978,325 2,232,070
Fixed assetsFixed assetsFixed assetsFixed assets 539,067 508,185 522,405 536,856 584,453 706,740
Intangible assetsIntangible assetsIntangible assetsIntangible assets 0 10,722 6,976 3,363 4,324 3,559
Other assetsOther assetsOther assetsOther assets 78,314 32,512 35,803 28,161 25,378 29,309
Total assetsTotal assetsTotal assetsTotal assets 3,512,225 3,419,095 4,260,988 4,122,600 4,960,996 5,245,194
Current liabilitiesCurrent liabilitiesCurrent liabilitiesCurrent liabilities 714,183 626,861 521,307 645,595 609,774 949,751
Long-term liabilitiesLong-term liabilitiesLong-term liabilitiesLong-term liabilities 702,906 0 0 0 98,509 9,255
Other liabilitiesOther liabilitiesOther liabilitiesOther liabilities 52,673 52,489 34,877 32,692 34,823 35,386
Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,469,762 679,350 556,184 678,287 743,106 994,392
CapitalCapitalCapitalCapital 706,713 919,873 801,136 801,136 929,913 950,268
Additional paid-inAdditional paid-inAdditional paid-inAdditional paid-in
capitalcapitalcapitalcapital513,426 804,777 955,410 955,410 1,392,425 1,473,211
Legal reserveLegal reserveLegal reserveLegal reserve 176,415 200,589 234,390 355,410 378,821 410,016
Special reserveSpecial reserveSpecial reserveSpecial reserve 1,706 0 1,995 0 0 0
Retained earningsRetained earningsRetained earningsRetained earnings 667,075 829,427 1,696,802 1,324,181 1,442,797 1,377,589
Other equityOther equityOther equityOther equity (22,872) (14,921) 15,071 8,176 73,934 39,718
Total equityTotal equityTotal equityTotal equity 2,042,463 2,739,745 3,704,804 3,444,313 4,217,890 4,250,802
The balance sheets are audited.47
48
Income Statements (In Thousands of NTD,Except EPS)
Year
Description
Statements of Income for the lastest five years
2010Q2(Audited)
2005(Audited)
2006(Audited)
2007(Audited)
2008(Audited)
2009(Audited)
Net sales 2,123,833 2,155,935 2,282,790 2,600,335 2,862,880 1,450,347
Gross profit 468,503 510,872 520,926 569,514 569,942 284,657
Income from operations
102,752 144,305 147,122 169,068 131,881 108,264
Non-operating income and gains
231,651 278,356 1,208,080 219,804 224,641 116,195
Non-operating expenses and losses
64,399 33,706 26,883 46,624 7,341 42,629
Income before income tax
270,004 388,955 1,328,319 342,248 349,181 181,830
Extraordinary gains - - - - 32,329 -
Net income 241,741 388,014 1,210,200 234,106 311,950 154,355
Earnings per share 3.21 4.36 12.56 2.92 3.60 1.64