Asus 2009 Annual Report Download - page 176
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172
ASUSTeK COMPUTER INC. AND SUBSIDIARIES
Notes to Financial Statements
(Continued)
month based on the consolidated semi-annual and annual financial statements, and anytime the
bank considers necessary. Askey was in compliance with the above covenants in 2009 and 2008.
B. Askey was the guarantor for the loan payable by Leading Profit Co., Ltd. Therefore, Askey has
covenanted that the total percentage of the direct and indirect ownership of Askey by the
Company and its related companies should exceed 67% of Askey’ s ownership.
C. According to the loan agreements, PEGATRON must comply with the following financial
covenants until its entire loan is fully paid. The calculations of the following financial ratios
should be based on audited annual consolidated financial statements and reviewed semi-annual
consolidated financial statements of PEGATRON that are approved by management of the bank.
(i) Current ratio (current assets/current liabilities): should be no less than 100%.
(ii) Debt ratio ((total liabilities + contingent liabilities)/tangible net assets): should not be higher
than 50%.
(iii) Interest coverage ratio (EBITDA/interest expenses): should be no less than 400%.
(iv) Tangible net assets (stockholders equity (including minority shareholders) – intangible
assets): should not be less than $90,000,000.
D. PEGATRON has provided promissory note as collateral for the unsecured loans.
E. Please refer to Note 6 for details regarding the assets pledged as collateral.
(14)Bonds payable
A. The Company issued the first Euro unsecured convertible bonds (ECB 1) on the Luxembourg
Stock Exchange on January 15, 2004, with a zero-coupon rate, a duration of five years, and a
face value of US$320,000,000. The details of ECB 1 are as follows:
2009/12/31 2008/12/31
Aggregate principal amount (USD 320,000, 000) $ 10,822,400 10,822,400
Converted amount (USD 273,711, 000) (9,256,906) (9,256,906)
Redeemed amount (USD 46,289,000) (1,565,494) -
Premium on bonds payable (USD 2,000) - 68
Foreign currency exchange gain - (113,797)
- 1,451,765
Less: Convertible bonds payable － due within
one year - (1,451,765)
Corporate bonds payable – net $ - -