CONSOLIDATED BALANCE SHEETS As of Dec. 31, 2014 and 2013 Dec. 31, 2014 Dec. 31, 2013 YoY ASSETS USD NTD % NTD % Move Inc(Dec)% Cash and Cash Equivalents 543 17,150 50.8 16,042 55.6 1,108 6.9 Investments in Marketable Financial Instruments 38 1,198 3.6 555 1.9 643 115.8 Accounts Receivable 126 3,991 11.8 3,026 10.5 964 31.9 Inventories 79 2,498 7.4 1,671 5.8 827 49.5 Other Current Assets 9 277 0.8 262 0.9 16 5.9 Total Current Assets 795 25,114 74.4 21,556 74.7 3,558 16.5 Investments 10 307 0.9 346 1.2 (38) (11.1) Property, Plant and Equipment 253 7,984 23.7 6,639 23.0 1,344 20.2 Other Assets 11 349 1.0 309 1.1 41 13.1 Total Assets 1,068 33,755 100.0 28,850 100.0 4,905 17.0 LIABILITIES Accounts Payable & Other Current Liabilities 171 5,392 16.0 3,698 12.8 1,694 45.8 Other Long Term Liabilities 26 829 2.5 722 2.5 106 14.7 Total Liabilities 197 6,221 18.4 4,420 15.3 1,800 40.7 SHAREHOLDERS' EQUITY Capital Stock 519 16,390 48.6 16,366 56.7 24 0.1 Capital Surplus 27 838 2.5 734 2.5 104 14.2 Retained Earnings - Legal Reserve 81 2,547 7.5 2,110 7.3 437 20.7 - Special Reserve 2 54 0.2 69 0.2 (15) (22.1) - Unappropriated earnings 246 7,786 23.1 5,692 19.7 2,094 36.8 Other equity (2) (71) (0.2) (54) (0.2) (17) 31.3 Treasury Stock (0) (10) (0.0) (487) (1.7) 477 (98.0) Total Shareholders' Equity 871 27,534 81.6 24,430 84.7 3,104 12.7 Total Liabilities & Shareholders' Equity 1,068 33,755 100.0 28,850 100.0 4,905 17.0 * New Taiwan Dollar amounts have been translated into U.S. Dollars at the rate of NT$31.604 per U.S. Dollar as of Dec. 31, 2014.
CONSOLIDATED BALANCE SHEETS As of Dec. 31, 2014 and Sep. 30, 2014 Dec. 31, 2014 Sep. 30, 2014 QoQ ASSETS USD NTD % NTD % Move Inc(Dec)% Cash and Cash Equivalents 543 17,150 50.8 16,223 51.4 927 5.7 Investments in Marketable Financial Instruments 38 1,198 3.6 717 2.3 481 67.1 Accounts Receivable 126 3,991 11.8 3,569 11.3 421 11.8 Inventories 79 2,498 7.4 2,352 7.4 146 6.2 Other Current Assets 9 277 0.8 343 1.1 (66) (19.2) Total Current Assets 795 25,114 74.4 23,205 73.5 1,910 8.2 Investments 10 307 0.9 323 1.0 (16) (4.9) Property, Plant and Equipment 253 7,984 23.7 7,704 24.4 279 3.6 Other Assets 11 349 1.0 344 1.1 5 1.4 Total Assets 1,068 33,755 100.0 31,576 100.0 2,178 6.9 LIABILITIES Accounts Payable & Other Current Liabilities 171 5,392 16.0 4,724 15.0 668 14.1 Other Long Term Liabilities 26 829 2.5 723 2.3 106 14.6 Total Liabilities 197 6,221 18.4 5,447 17.2 774 14.2 SHAREHOLDERS' EQUITY Capital Stock 519 16,390 48.6 16,390 51.9 0 0.0 Capital Surplus 27 838 2.5 830 2.6 8 0.9 Retained Earnings - Legal Reserve 81 2,547 7.5 2,547 8.1 0 0.0 - Special Reserve 2 54 0.2 54 0.2 0 0.0 - Unappropriated earnings 246 7,786 23.1 6,387 20.2 1,399 21.9 Other equity (2) (71) (0.2) (66) (0.2) (5) 7.0 Treasury Stock (0) (10) (0.0) (13) (0.0) 3 (21.8) Total Shareholders' Equity 871 27,534 81.6 26,129 82.8 1,405 5.4 Total Liabilities & Shareholders' Equity 1,068 33,755 100.0 31,576 100.0 2,178 6.9 * New Taiwan Dollar amounts have been translated into U.S. Dollars at the rate of NT$31.604 per U.S. Dollar as of Dec. 31, 2014.
Vanguard International Semiconductor Corporation Consolidated Statements of Comprehensive Income For the Three Months Ended Dec. 31, 2014, Sep. 30, 2014, Dec. 31, 2013 (Expressed in Millions New Taiwan Dollars (NTD) and U.S. Dollars (USD) (1) Except for Per Share Amounts and Shares Outstanding) Year over Year Comparison Sequential Comparison 4Q 2014 % of 4Q 2013 YoY 4Q 2014 % of 3Q 2014 QoQ USD NTD Sales NTD Inc(Dec) % USD NTD Sales NTD Inc(Dec) % Net Revenue 210 6,418 100.0 5,402 18.8 210 6,418 100.0 6,185 3.8 Cost of Revenue (136) (4,171) (65.0) (3,597) 16.0 (136) (4,171) (65.0) (4,076) 2.3 Gross Profit 73 2,247 35.0 1,806 24.5 73 2,247 35.0 2,109 6.6 Operating Expenses General and Administrative Expenses (8) (259) (4.0) (248) 4.3 (8) (259) (4.0) (256) 0.9 Selling and Marketing Expenses (2) (58) (0.9) (66) (11.9) (2) (58) (0.9) (61) (4.4) Research and Development Expenses (11) (334) (5.2) (247) 35.0 (11) (334) (5.2) (302) 10.6 Total Operating Expenses (21) (651) (10.1) (561) 15.9 (21) (651) (10.1) (619) 5.1 Income From Operations 52 1,597 24.9 1,244 28.3 52 1,597 24.9 1,490 7.2 Investment Loss (0) (2) (0.0) (3) (37.5) (0) (2) (0.0) (2) 30.1 Net Other Non-operating Income 3 103 1.6 71 45.3 3 103 1.6 89 16.1 Income before Income Tax 56 1,698 26.5 1,312 29.4 56 1,698 26.5 1,577 7.7 Income Tax Expense (8) (250) (3.9) (183) 37.1 (8) (250) (3.9) (252) (0.8) Net Income 47 1,448 22.6 1,129 28.2 47 1,448 22.6 1,324 9.3 Other Comprehensive Loss (2) (53) (0.8) (14) 292.3 (2) (53) (0.8) (5) 890.9 Comprehensive Income 46 1,394 21.7 1,116 25.0 46 1,394 21.7 1,319 5.7 Diluted Earnings Per Share (2) 0.029 0.88 0.70 25.3 0.029 0.88 0.80 9.0 Weighted Average Outstanding Shares('M) (2) 1,654 1,617 1,654 1,650 Note: (1) New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD30.594 per U.S. dollar for the three months ended Dec. 31, 2014. (2) Total weighted average outstanding shares were 1,654,363K shares for 4Q14, 1,650,240K shares for 3Q14 and 1,616,938K shares for 4Q13.
Vanguard International Semiconductor Corporation Consolidated Statements of Comprehensive Income For the Years Ended Dec. 31, 2014 and 2013 (Expressed in Millions New Taiwan Dollars (NTD) and U.S. Dollars (USD) (1) Except for Per Share Amounts and Shares Outstanding) Years ended Dec. 31 2014 % of 2013 YoY USD NTD Sales NTD Inc(Dec) % Net Revenue 792 23,931 100.0% 21,135 13.2 Cost of Revenue (507) (15,318) -64.0% (14,272) 7.3 Gross Profit 285 8,614 36.0% 6,863 25.5 Operating Expenses General and Administrative Expenses (32) (969) -4.1% (831) 16.7 Selling and Marketing Expenses (8) (248) -1.0% (211) 17.4 Research and Development Expenses (39) (1,192) -5.0% (984) 21.2 Total Operating Expenses (80) (2,409) -10.1% (2,026) 18.9 Income From Operations 205 6,204 25.9% 4,837 28.3 Investment Gain (Loss) 0 7 0.0% (1) - Net Other Non-operating Income 9 283 1.2% 226 25.4 Income before Income Tax 215 6,494 27.1% 5,062 28.3 Income Tax Expense (35) (1,056) -4.4% (691) 52.7 Net Income 180 5,438 22.7% 4,371 24.4 Other Comprehensive Loss (2) (66) -0.3% (7) 862.0 Comprehensive Income 178 5,372 22.4% 4,364 23.1 Diluted Earnings Per Share (2) 0.109 3.30 2.71 21.5 Weighted Average Outstanding Shares('M) (2) 1,649 1,610 Note: (1) New Taiwan Dollars have been translated into U.S. Dollars at the weighted average rate of NTD30.216 per U.S. Dollar for the year of 2014. (2) Total weighted average outstanding shares were 1,648,514K for the year of 2014 and 1,610,258K shares for the year of 2013.
CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended Dec. 31, 2014 and 2013 2014 2013 USD NTD NTD Cash Flows from Operating Activities: Income before Income Tax 215 6,494 5,062 Depreciation & Amortization 69 2,081 2,277 Shares of loss of associates accounted for using equity method 0 13 19 Income Taxes paid (18) (544) (331) Changes in working capital & others (46) (1,378) 505 Net Cash Provided by Operating Activities 221 6,666 7,533 Cash Flows from Investing Activities: Increase in financial assets (3) (98) (196) Acquisitions of property, plant and equipment (103) (3,120) (953) Increase in other financial assets (1) (33) (461) Increase in intangible assets (1) (29) (14) Dividends received 1 20 13 Other (0) (1) 2 Net Cash Used in Investing Activities (108) (3,260) (1,609) Cash Flows from Financing Activities: Increase in other non-current liabilities 2 50 24 Cash dividends (95) (2,873) (1,552) Proceeds from exercise of employee stock options 1 35 124 Treasury stock transfer to employees 16 477 431 Net Cash Used in Financing Activities (76) (2,311) (974) Net Increase in Cash and Cash Equivalents 36 1,095 4,950 Effect of Exchange Rate Changes 0 13 1 Cash and Cash Equivalents, Beginning of Period 531 16,042 11,090 Cash and Cash Equivalents, End of Period 568 17,150 16,042 Note: New Taiwan Dollars have been translated into U.S. Dollars at the weighted average rate of NTD30.216 per U.S. Dollar for the Year of 2014.