Asus 2008 Annual Report Download - page 184
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180
ASUSTEK COMPUTER INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(In thousands of New Taiwan dollars unless otherwise stated)
(4) For the long-term financial plan and fulfillment of mid-term working capital,
PEGATRON CORPORATION received syndicated loan of $12,000,000 thousand from
ABN AMRO, Mega International Commercial Bank and the other fourteen banks on
October 30, 2008. Until the whole loan is paid off, PEGATRON CORPORATION
must comply with the following financial covenants throughout the terms of the above
syndicated loan agreement. The calculations should be based on audited annual
consolidated financial statements and reviewed semi-annual consolidated financial
statements of PEGATRON CORPORATION:
Current ratio (current assets/current liabilities): should be no less than 100%;
Debt ratio ((total liabilities+contingent liabilities)/tangible net assets): should not be
higher than 50%;
Interest coverage ratio (EBITDA/interest expenses): should be no less than 400%;
Tangible net assets (stockholders’ equity (including minority shareholders)-intangible
assets): should not be less than $90 billion.
(5) Please refer to Note VI for details regarding the assets pledged as collaterals.
22. PENSION PLAN
(1) Because of the spin-off, except for few foreign employees, the Company has closed out
all the seniority of employees as of December 31, 2007. From thereon, the Company is
subject to the Labor Pension Act of the R.O.C..
(2) The Company already had the permission from the Labor Affairs Bureau, Taipei, for
suspension of appropriating pension fund since 2008 for those few foreign employees
subject to Labor Standards Laws.
(3) The domestic subsidiaries have adopted the R.O.C. SFAS No. 18 "Accounting for
Pensions".
The net pension costs of domestic subsidiaries for the years ended December 31, 2008
and 2007 are as follows:
2008
2007
Service cost
$5,926 $7,332
Interest cost
7,312 7,183
Expected return on plan assets
(6,277) (5,340)
Net amortization and deferral
4,598 5,173
Gain on curtailment or settlement
(36,763) (21,489)
Total
$(25,204) $(7,141)