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Name | Symbol | Market | Type |
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Mitsu Hc Cap 25 | LSE:80IS | London | Medium Term Loan |
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RNS Number:4091O GVC Corporation 10 December 2001 Re: Interim Results of GVC Corporation for 2000 and 2001 REPORT OF INDEPENDENT ACCOUNTANTS August 17, 2001 To the Board of Directors and Stockholders of GVC Corporation We have audited the accompanying balance sheets of GVC Corporation (the Company) as of June 30, 2001 and 2000, and the related statements of income, of changes in stockholders' equity and of cash flows for the six-month periods then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. Except as explained in the third paragraph, we conducted our audits in accordance with the "Rules Governing Examination of Financial Statements by Certified Public Accountants" and generally accepted auditing standards in the Republic of China. These standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, in a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As explained in Note 4(6), the financial statements included long-term investments in certain investee companies amounting to NT$1,017,741 thousand and NT$934,990 thousand as of June 30, 2001 and 2000, representing 6 percent of the Company's total assets, respectively, and related investment income amounting to NT$20,889 thousand and investment loss amounted to NT$111,363 thousand for the six-month periods then ended, representing 4 percent and 32 percent of income before income tax (including the loss and income from continuing and discontinued operations), respectively, which were accounted for under the equity method based on the financial statements of the investee companies as of such dates, which were not audited by independent auditors. The information disclosed in Note 11 relating to these investee companies was based on their unaudited financial statements. In our opinion, based on our audits, except for the effect on the financial statements of such adjustments, if any, as might have been determined to be necessary had the financial statements of certain investee companies been audited as described in the third paragraph, the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of GVC Corporation as of June 30, 2001 and 2000, and the results of its operations and its cash flows for the six-month periods then ended in conformity with "The Rules Governing the Preparation of Financial Statements of Securities Issuers" and the accounting principles generally accepted in the Republic of China. PricewaterhouseCoopers The accompanying financial statements are not intended to present the financial position and results of operations and cash flows of the Company in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other then the Republic of China. GVC CORPORATION BALANCE SHEETS (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) June 30 2001 2000 Amount % Amount % ASSETS Current Assets Cash (Note4(1)) $1,404,902 8 $ 1,124,386 7 Short-term investments(Note4(2)) 1,646,394 10 39,580 - Notes receivable-net(Notes4(3) and 5 90,811 - 54,950 - Accounts receivable-net-third parties (Note 4(4)) 1,526,133 9 1,355,667 8 Accounts receivable-net-related parties (Note 5) 509,416 3 752,402 4 Other receivables-third parties (Note4(10)) 98,911 1 98,993 1 Other receivables-related parties(Note5) 554,471 3 430,316 3 Inventories - net (Note 4(5)) 1,358,377 8 2,553,414 15 Other current assets (Notes 4(10), 4(11) and 6) 4,281,393 26 287,687 2 11,470,808 68 6,697,395 40 Long-term Investments Long-term investments(Notes4(6) and5) 2,090,227 13 3,652,264 22 Cash surrender value of life insurance 31 - 31 - 2,090,258 13 3,652,295 22 Property, Plant & Equipment (Notes 4(7),5 and 6) Cost Land 531,481 3 723,638 4 Buildings 493,945 3 558,081 3 Machinery 886,796 6 941,430 6 Transportation equipment 3,990 - 5,209 - Miscellaneous equipment 517,723 3 503,191 3 2,433,935 15 2,731,549 16 Less:accumulated depreciation (642,713) (4) (704,918) (4) Prepayments on equipment 33,783 - 324,954 2 1,825,005 11 2,351,585 14 Other Assets Rental assets 279,606 2 - - Idle assets 15,674 - 199,187 1 Refundable deposits 4,247 - 5,904 - Deferred charges 94,957 - 169,425 1 Deferred income tax assets-non-current (Note 4(10)) 962,326 6 1,163,576 7 Other assets - others (Notes 4(4), 4(11) and 6) 17,065 - 2,609,546 15 1,373,875 8 4,147,638 24 TOTAL ASSETS $ 16,759,946 100 $ 16,848,913 100 GVC CORPORATION BALANCE SHEETS CONTINUED (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) June 30 2001 2000 Amount % Amount % LIABILITIES AND STOCKHOLDERS'EQUITY Current Liabilities Short-term bank loans(Notes 4(8)& 6) $ 2,505,333 15 2,473,064 15 Commercial paper (Note 4(9)) - - 189,010 1 Notes payable -third parties 897,828 5 480,090 3 Accounts payable - third parties 1,101,302 6 1,103,029 6 Accounts payable - related parties (Note 5) 180,289 1 490,364 3 Accrued expenses 309,693 2 457,496 3 Current portion of long-term liabilities (Notes 4(11), 4(12) and 6) 4,621,370 28 419,750 2 Other current liabilities (Notes 4(6) and 5) 714,810 4 439,268 3 10,330,625 61 6,052,071 36 Long-term Liabilities Bonds payable (Note 4(11)) - - 4,406,647 26 Long-term bank loans (Notes 4(12) and 6) 617,500 4 682,000 4 617,500 4 5,088,647 30 Other Liabilities Accrued pension expense 107,582 1 94,587 1 Deposits-in 68 - 904 - Other liabilities - others 8,388 - 17,321 - 116,038 1 112,812 1 Total Liabilities 11,064,163 66 11,253,530 67 Stockholders'Equity Capital stock (Note 4(14)) Common stock 4,886,683 29 7,517,974 44 Capital reserve (Note 4(15)) Gain on disposal of property, plant & equipment - net of tax 60,119 - 51,506 - Adjustment from change of stockholders' equity of investee company 20,205 - 114,671 1 Retained earnings Legal reserve (Note 4(16)) 6,891 - - - Unappropriated earnings (accumulated deficit) (Note 4(17)) 597,817 4 (2,214,833) (13) Unrealized loss on long-term investments (Note 4(6)) 90,564 - - - Cumulative translation adjustment 230,255 1 126,065 1 Treasury stock (Note 4(18)) (15,623) - - - Total Stockholders'Equity 5,695,783 34 5,595,383 33 Commitments and Contingent Liabilities (Notes 5 & 7) TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY $16,759,946 100 $16,848,913 100 The accompanying notes are an integral part of these financial statements. See PricewaterhouseCoopers' audit report dated August 17, 2001. GVC CORPORATION INCOME STATEMENTS (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT FOR EARNINGS PER SHARE) For the Six-Month Periods Ended June 30, 2001 2000 Amount % Amount % Operating revenue (Note 5) $5,684,255 101 $3,476,548 100 Less: sales returns and allowances (49,708) (1) (14,777) - Operating revenue - net 5,634,547 100 3,461,771 100 Operating costs (Note 5) (5,136,864) (91) (3,250,367) (94) Gross profit 497,683 9 211,404 6 Operating expenses (Note 5) Selling expenses (175,150) (3) (101,964) (3) Management and general expenses (189,820) (4) (120,392) (4) Research and development expenses (228,142) (4) (221,952) (6) (593,112) (11) (444,308) (13) Operating Loss (95,429) (2) (232,904) (7) Non-operating income Interest income 96,190 2 113,624 3 Investment income under equity method - net (Note 4(6)) 67,388 1 459,524 13 Gain on disposal of investments 1,014,020 18 141,828 4 Exchange gain - net 22,737 1 55,054 2 Recovery in market value of short-term investments 2,429 - 86,875 3 Reversal of provision for decline in market value and inventory obsolencence 6,652 - 36,738 1 Other income (Notes 4(11) and 5) 113,263 2 94,695 3 1,322,679 24 988,338 29 Non-operating expenses Interest expense (291,481) (5) (294,642) (9) Investment loss (95,400) (2) - - Other expenses and losses (Note 4(19)) (206,181) (4) (17,177) - (593,062) (11) (311,819) (9) Income from continuing operations before income tax 634,188 11 443,615 13 Income tax benefit (Note 4(10) 34,074 1 70,130 2 Net income from continuing operations 668,262 12 513,745 15 Loss from discontinued operations of Division Desktop PC. less applicable income tax benefit of $44,131 and $24,543 in 2001 and 2000, respectively (132,654) (2) (73,628) (2) Gain on disposal of Division Desktop PC 8,183 - - - (124,471) (2) (73,628) (2) Net Income $ 543,791 10 $ 440,117 13 Earning per share(in dollars)(Note 4(21)) From continuing operations $1.37 $ 1.05 From discontinued operations (0.26) (0.15) Net $ 1.11 $ 0.90 The accompanying notes are an integral part of these financial statements. See PricewaterhouseCoopers' audit report dated August 17,2001. GVC CORPORATION STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2001 AND 2000 (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) Retained Earnings Unappropriated Earnings Capital Legal (Accumulated Common Stock Reserve Reserve Deficit) 2000 Balance at January 1, 2000 $ 7,517,974 $ 3,335,802 $ - ($5,820,475) Accumulated deficit covered by capital reserve - (3,189,185) - 3,189,185 Transfer of gain on disposal of property, plant and equipment to capital reserve - 23,660 - ( 23,660) Adjustment due to change in ownership of investee companies - (4,100) - - Cumulative translation adjustment - - - - Net income for the period ended June 30, 2000 - - - 440,117 Balance at June 30, 2000 $ 7,517,974 166,177 - ($2,214,833) 2001 Balance at January 1, 2001 $ 4,886,683 $ 225,339 $ - $ 68,910 Appropriations of earnings Legal reserve - - 6,891 (6,891) Transfer of gain on disposal of property, plant and equipment to capital reserve - 7,993 - (7,993) Adjustment due to change in ownership of investee companies - (153,008) - - Unrealized decline in market value of long-term investments - - - - Cumulative translation adjustment - - - - Acquisition of treasury stock - - - - Net income for the period ended June 30, 2001 - - - 543,791 Balance at June 30, 2001 $4,886,683 $ 80,324 $ 6,891 $ 597,817 Unrealized Cumulative Loss of Long-term Translation Treasury Investments Adjustment Stock Total 2000 Balance at January 1, 2000 $ - $ 141,598 $ - $5,174,899 Accumulated deficit covered by capital reserve - - - - Transfer of gain on disposal of property, plant and equipment to capital reserve - - - - Adjustment due to change in ownership of investee companies - - - (4,100) Cumulative translation adjustment - (15,533) - (15,533) Net income for the period ended June 30, 2000 - - - 440,117 Balance at June 30, 2000 $ - $ 126,065 $ - $5,595,383 2001 Balance at January 1, 2001 ($ 102,190) 187,342 - $5,266,084 Appropriations of earnings Legal reserve - - - - Transfer of gain on disposal of property, plant and equipment to capital reserve - - - - Adjustment due to change in ownership of investee companies - - - (153,008) Unrealized decline in market value of long-term investments 11,626 - - 11,626 Cumulative translation adjustment - 42,913 - 42,913 Acquisition of treasury stock - - (15,623) (15,623) Net income for the period ended June 30, 2001 - - - 543,791 Balance at June 30, 2001 ($ 90,564) $ 230,255 ($ 15,623) $5,695,783 The accompanying notes are an integral part of these financial statements. See PricewaterhouseCoopers' audit report dated August 17, 2001 STATEMENTS OF CASH FLOWS (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) For the Six Month Periods Ended June 30 2001 2000 Cash flows from operating activities Net income $ 543,791 $ 440,117 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Recovery in market value of short-term investments ( 2,429) ( 86,875) Bad debts expense 34,402 3,028 Reversal of provision for decline in market value and inventory obsolescence ( 6,652) ( 36,738) Loss on scrapped inventory 51,273 - Long-term investment income accounted for under the equity method - net ( 50,862) ( 427,115) Gains on disposal of investments ( 1,014,020) ( 141,828) Realized long-term investment loss accounted for under the cost method 95,400 - Loss on scrapped property, plant and equipment 5,299 - Gains on disposal of property, plant and equipment - net (including disposal of Division Desktop PC) ( 11,420) ( 23,359) Depreciation 119,349 107,274 Amortization 54,933 81,144 Unrealized exchange loss (gain) on bonds payable 172,546 ( 112,853) Interest payable on redemption 146,221 165,615 Gain on early liquidation of bonds payable ( 5,106) ( 15,789) Changes in assets and liabilities: (Increase) decrease in assets: Notes and accounts receivable - third parties ( 88,749) ( 194,697) Notes and accounts receivable - related parties 99,522 ( 174,614) Other receivables - third parties ( 10,963) ( 21,232) Other receivables - related parties 22,307 198,662 Inventories 1,479,416 ( 223,353) Other current assets ( 250,733) 4,359 Deferred income tax - non-current 243,099 ( 194,714) Decrease (increase) in liabilities: Notes and accounts payable - third parties( 283,826) 151,235 Notes and accounts payable - related parties ( 220,799) 39,164 Income tax payable - ( 35,692) Accrued expenses ( 214,013) ( 211,084) Advanced collection from disposal of inventory of Division Desktop PC ( 457,211) - Other current liabilities 297,499 159,510 Accrued pension expense 6,763 8,730 Net cash provided by (used in) operating activities 755,037 ( 541,105) Cash flows from investing activities (Increase) decrease in short-term investments - net ( 1,637,242) 450,412 Additions to investment in subsidiaries ( 99,473) ( 127,455) Additions to investment in non-subsidiaries( 12,064) ( 57,000) Proceeds from disposal of long-term investments 2,360,934 361,409 Additions to property, plant and equipment ( 60,387) ( 349,553) Proceeds from disposal of property, plant and equipment and idle assets 100,303 143,567 Decrease in refundable deposits 1,368 3,224 Increase in deferred charges ( 1,194) ( 7,512) (Increase) decrease in certificates of deposit - net ( 533,793) 229,319 Net cash provided by investing activities 118,452 646,411 Cash flows from financing activities (Decrease) increase in short-term bank loans - net ($ 658,553) $ 743,728 Decrease in commercial paper - net ( 49,867) ( 30,275) Repayment of long-term bank loans ( 35,000) ( 65,985) Repayment of bonds payable ( 647,968) ( 1,534,124) (Decrease) increase in deposits - in ( 1,463) 836 Acquisition of treasury stock ( 15,623) - Net cash used in financing activities ( 1,408,474) ( 885,820) Net decrease in cash ( 534,985) ( 780,514) Cash at beginning of period 1,939,887 1,904,900 Cash at end of period $ 1,404,902 $ 1,124,386 Supplemental disclosures of cash flow information Cash paid during the period for: Interest (excluding amount capitalized) $ 251,728 $ 397,751 Income taxes $ 10,666 $ 31,977 Investing activities which have no influence in cash flows: Long-term investments transferred to short-term investments $ - $ 12,930 Cash (paid for acquisition) collected from disposal of short-term investments: (Increase) decrease of short-term investments - net ($ 1,637,242) $ 460,581 Receivable on the disposal of short-term investments - end of period - ( 10,169) Net cash (paid) received ($ 1,637,242) $ 450,412 Cash collected from the disposal of long-term investments: Proceeds from disposal of long-term investments $ 2,361,274 $ 361,409 Receivable on the disposal of long-term investments - end of period ( 340) - Cash received $ 2,360,934 $ 361,409 Cash paid for the acquisition of property, plant and equipment: Total cost of property, plant and equipment acquired $ 59,396 $ 355,859 Payable - beginning of period 9,096 17,915 Payable - end of period ( 8,105) ( 24,221) Cash paid $ 60,387 $ 349,553 The accompanying notes are an integral part of these financial statements. See PricewaterhouseCoopers' audit report dated August 17, 2001
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