HTC 2013 Annual Report Download - page 86

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FINANCIAL INFORMATION FINANCIAL INFORMATION
168 169
1. Capital Structure & Liquidity Analyses
As of year-end 2013, our debt ratio stood at 55%, slightly lower than the 2012 level and current and
quick ratios were both lower at 118% and 87%, respectively. This situation reflected decreased in
expenses due to operating condition which reduces more range in current liabilities than the range in
current assets and quick assets.
2. Operating Performance Analysis
Fixed assets turnover, total assets turnover, collection turnover, average inventory turnover, and average
payment turnover were all lowered compare to previous year due to decline in revenue. The average
collection turnover increased compared to last year because the decline percentage in collection was
greater than the decline percentage in operating income.
3. Profitability Analysis
On the back of declines in revenue, profitability decreased compare to previous year given by
intensified market competition. Return on total assets and return on equity turned negative. Net margin
was -0.65% and basic earnings per share came to NT$-1.6 per share.
4. Cash Flow Analysis
HTC had declines in revenue due to intense global competition which led operating net cash inflow
to net cash outflow. It led the net cash flow ratio declined to -17%, while cash flow adequacy ratio was
down to 110% and cash flow reinvestment ratio was down to -20%.
(4) Consolidated Financial Analysis – ROC GAAP
Item (Note 1)
Year
2013 2012 2011 2010 2009
Capital
Structure
Analysis
Debt Ratio（％）
Financial analysis was
based on IFRSs
60 61 45
Long-term Fund to Fixed Assets Ratio（％） 476 533 664
Liquidity
Analysis
Current Ratio（％） 126 146 195
Quick Ratio（％） 102 120 176
Debt Services Coverage Ratio（％） 2,307 12,624 11,683
Operating
Performance
Analysis
Average Collection Turnover（Times）7.23 6.14 6.03
Days Sales Outstanding 50 59 61
Average Inventory Turnover（Times）10.55 10.06 11.46
Average Payment Turnover（Times）4.66 4.35 4.03
Average Inventory Turnover Days 35 36 32
Fixed Assets Turnover（Times）21.65 19.88 14.6
Total Assets Turnover（Times）1.82 1.46 1.21
Profitability
Analysis
Return on Total Assets（％） 28 26 21
Return on Equity（％） 70 56 37
Paid-in Capital Ratio（％）
Operating Income 807 540 312
Pre-tax Income 838 550 322
Net Margin（％） 13 14 16
Basic Earnings Per Share（元） 73.32 46.18 26.04
Cash Flow
Cash Flow Ratio（％） 58 40 52
Cash Flow Adequacy Ratio（％） 158 150 192
Cash Flow Reinvestment Ratio（％） 53 32 11
Leverage
Operating Leverage 1.35 1.43 1.54
Financial Leverage 1 1 1