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2014
Annual
Report
InnovationExecution Heritage

Table of contents

  • Page 1
    Annual Report 2014 Execution Innovation Heritage

  • Page 2
    Financial Highlights NT$ in thousands 2014 Net Sales Gross Profit Operating Income Income Before Tax Net Income FX Rate (USD to NTD) Cash & Cash Equivalents Total Assets Long Term Loans Shareholder's Equity Shares Outstanding ** FX Rate...,713 647,580 29.95 D-Link Corporation | Annual Report 2014 | 1

  • Page 3
    ... continue to focus on providing comprehensive networking solutions for small to medium-sized businesses that are looking to cut costs while improving security and efficiency. Due to our powerful vertical synergies, easy-to-use cloud-enabled product line, and localized customer support, we will be...

  • Page 4
    ... connects people to their lives, to their work, and to each other. Moscow, Russia London, U.K. Beijing, China Taipei, Taiwan D-Link Global Headquarters Fountain Valley, U.S.A. Singapore São Paulo, Brazil 4 | D-Link Corporation | Annual Report 2014 D-Link Corporation | Annual Report 2014...

  • Page 5
    ...-sales service throughout the region, D-Link is still a major player in these markets, with sales of Internet gateways, routers, and switches producing the bulk of revenue in the region. The localization and customization of D-Link products for Russia and the CIS is a major focal point for company...

  • Page 6
    ...wireless devices to the Internet and to each other, including televisions, media players, game consoles, IP cameras, and even new Connected Home products such as D-Link Smart Plugs and Motion Sensors. By offering a range of 11AC Wi-Fi routers designed to meet different needs and price points, D-Link...

  • Page 7
    ...the new mydlink Home software and our growing Connected Home product line. D-Link has already won a number of major projects with service providers to meet the demands of this new market, including entry-level surveillance services built around a range of cost-optimized D-Link cameras, plus packages...

  • Page 8
    ... of new smart devices, more powerful networking solutions, and easy-to-use interfaces. As the Internet of Things becomes a reality, growth in the consumer market is being driven by an explosion in HD streaming video, cloud-connectivity, and an assortment of newly networked devices. PCs, tablets, and...

  • Page 9
    ... connecting home devices to the Internet. These gateway devices support a full range of technologies, including xDSL, 3G, 4G LTE, and 11AC Wi-Fi, allowing end-users to experience the highest Quality of Experience (QoE) possible. In the wireless market, for example, D-Link's Service Provider Business...

  • Page 10
    ...our power adapters comply with Level 5 energy-efficiency guidelines. However it was the 2009 introduction of our D-Link Green technology that really advanced worldwide environmental innovation in networking. By 2010, we had released D-Link Green switches, routers, storage devices, PowerLine adapters...

  • Page 11
    ...8000 FAX: +39-02-2900-1723 URL: www.dlink.com Japan D-Link Japan K.K. 2F, SOWA Gotanda Building, 2-7-18, Higashigotanda Shinagawa-ku Tokyo 141-0022, Japan TEL +81-3-5792-5100 FAX +81-3-5792-5105 URL: www.dlink-jp.com Kenya D-Link Middle East FZCO Park Office Suites 3rd Floor, Suite 15 Parklands Road...

  • Page 12
    www.dlink.com D-Link, D-Link logo, D-Link sub brand logos, and D-Link product trademarks are trademarks or registered trademarks of D-Link Corporation and its subsidiaries. All other third party marks mentioned herein are trademarks of their respective owners. Copyright ©2014 D-Link Corporation. ...

  • Page 13
    D-LINK CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS December 31, 2014 and 2013 (With Independent Auditors' Report Thereon)

  • Page 14
    ... be included in the combined financial statements of D-LINK CORPORATION as of and for the year ended December 31, 2014, under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises, are the same as...

  • Page 15
    ... of comprehensive income, changes in equity, and cash flows for the years then ended. These consolidated financial statements are the responsibility of Consolidated Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits...

  • Page 16
    ... of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretation endorsed by the Financial Supervisory Commission R.O.C. D-LINK CORPORATION has prepared its parent company only financial...

  • Page 17
    D-LINK CORPORATION AND SUBSIDIARIES Consolidated statement of financial position December 31, 2014 and 2013 (Expressed in thousands of New Taiwan Dollars) 1100 1110 1150 1170 1180 1200 1220 130X 1410 Assets Current assets: Cash and cash equivalents(note 6(a) and (y)) Financial assets at fair value...

  • Page 18
    D-LINK CORPORATION AND SUBSIDIARIES Consolidated statement of financial position December 31, 2014 and 2013 (Expressed in thousands of New Taiwan Dollars) Total assets Liabilities and equity Current liabilities: Short-term loans(note 6(j)) Financial liabilities at fair value through profit or loss ...

  • Page 19
    D-LINK CORPORATION AND SUBSIDIARIES Consolidated statement of financial position December 31, 2014 and 2013 (Expressed in thousands of New Taiwan Dollars) 3200 3310 3320 3350 3400 3500 36XX Capital surplus(note 6(l) and (p)) Retained earnings: Legal reserve Special reserve Unappropriated earnings ...

  • Page 20
    ... income Other comprehensive income: Foreign currency translation differences Changes in fair value of available-for-sale financial assets Defined benefit plan actuarial losses Share of other comprehensive income of associates accounted for using equity method Less: Income tax on other comprehensive...

  • Page 21
    D-LINK CORPORATION and subsidiaries Consolidated statement of changes in equity For the years ended December 31, 2014 and 2013 (Expressed in thousands of New Taiwan Dollars) Balance as of January 1, 2013 Appropriation and distribution of retained earnings: Legal reserve Special reserve Cash ...

  • Page 22
    ... cost of share-based payment transaction Share of profit of associates accounted for using equity method Gain on disposal of investments Impairment loss on financial assets Reversal of impairment loss on non-financial assets Others Total adjustments to reconcile profit (loss) Changes in operating...

  • Page 23
    ... not yet effective. According to Financial-Supervisory-Securities-Auditing No. 1030010325 issued on April 3, 2014, commencing 2015, companies with shares listed on the TWSE or traded on the Taiwan GreTai Securities Market or Emerging Stock Market shall adopt the 2013 version of IFRS (not including...

  • Page 24
    â- IFRIC 20 Stripping costs in the production phase of a surface mine January 1, 2013 (Continued)

  • Page 25
    2 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements Based on the Consolidated Company's assessment, the adoption of IFRS 2013 version has no significant effect on the consolidated financial statement except for the following items: (1) IAS 19 Employee Benefits The ...

  • Page 26
    ...LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements New standards and amendments â- â- IFRS 14 Regulatory Deferral Accounts IFRS 15 Revenue from Contracts with Customers...-for-sale financial assets are measured at fair value; (iii) Equity-settled share-based payment ...

  • Page 27
    ...Link Japan K.K. (D-Link Japan) The Company and D-Link Sudamerica S.A. (D-Link D-Link Holding Sudamerica) The Company and D-Link Brazil LTDA (D-Link Brazil) D-Link Holding The Company D-Link Latin America Company Ltd. (D-Link L.A.) Marketing and after-sales service Marketing and after-sales service...

  • Page 28
    ... Notes to the consolidated financial statements Name of investor D-Link International Name of subsidiary D-Link Trade M (D-Link Moldova) Principal activity Marketing and after-sales service Shareholding December December 31, 31, 2014 2013 Note 100.00% 100.00% D-Link Moldova was incorporated in...

  • Page 29
    ... financial statements Name of Name of subsidiary investor D-Link Mauritius TeamF1 Networks Private Linited (TeamF1 India) and D-Link India D-Link Europe D-Link (Holdings) Ltd. and its subsidiary D-Link (UK) Ltd. (D-Link UK) Principal activity Marketing and after-sales service Holding company...

  • Page 30
    ... items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of transaction. Foreign currency differences are recognized in profit or loss, except for available-for-sale financial asset which are recognized in other comprehensive income...

  • Page 31
    ... and changes therein, which takes into account any dividend and interest income, are recognized in non-operating income and expense, and are included in other profit and loss. A regular way purchase or sale of financial assets shall be recognized and derecognized, as applicable, using trade date...

  • Page 32
    ... other profit and loss. A regular way purchase or sale of financial assets shall be recognized and derecognized, as applicable, using trade-date accounting. Investments in equity instruments that do not have a quoted market price in an active market, and whose fair value cannot be reliably measured...

  • Page 33
    ... current market rate of return for a similar financial asset. Such impairment loss is not reversible in subsequent periods. An impairment loss in respect of a financial asset is deducted from the carrying amount, except for trade receivables, for which an impairment loss is reflected in an allowance...

  • Page 34
    ...If the execution period ends and the options are not executed, the corporate bond payable shall be classified as non-current liabilities. (ii) Financial liabilities at fair value through profit or loss A financial liability is classified in this category if it is classified as held-for-trading or is...

  • Page 35
    ... statements (iii) Other financial liabilities Financial liabilities that are not classified as held-for-trading or measured at fair value through profit or loss, which comprise loans and account payable, and other payables, are measured at fair value plus any directly attributable transaction cost...

  • Page 36
    ... production or supply of goods or services, or for administrative purposes. Investment property is measured at cost on initial recognition and subsequently the depreciation expense of investment property is determined based on the depreciable amount, where the depreciation methods useful lives and...

  • Page 37
    ... Buildings and improvements: 5~56 years Transportation, office equipment and others: 2~9 years Depreciation methods, useful lives, and residual values are reviewed at each reporting date. If expectations differ from the previous estimates, the change(s) is accounted for as a change in an accounting...

  • Page 38
    ... at least annually at each fiscal year-end. Any change shall be accounted for as changes in accounting estimates. (o) Impairment - non-derivative financial assets The Consolidated Company assesses the goodwill and intangible assets with infinite useful lives at the end of each reporting period...

  • Page 39
    ... when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. (2) Allowances for sales returns Allowances for sales returns are estimated based on historical experiences...

  • Page 40
    ... and the fair value of any plan assets are deducted. The discount rate is the yield at the reporting date (market yields of high-quality corporate bonds) on bonds that have maturity dates approximating the terms of the Company's obligations and that are denominated in the same currency in which the...

  • Page 41
    ... of the share-based payment arrangements, the Consolidated Company shall be accounted for the services received as if that modification had not occurred. (u) Income Taxes Income tax expenses include both current taxes and deferred taxes. Except for expenses recognized directly in other comprehensive...

  • Page 42
    ... available to allow the benefit of part or all of that deferred tax asset to be utilized. (v) Earnings per share The Consolidated Company discloses the Company's basic and diluted earnings per share attributable to ordinary equity holders. The calculation of basic earnings per share is based on the...

  • Page 43
    ...or changes in circumstances indicate that an investment may be impaired and carrying value may not be recoverable. The Consolidated Company assesses the impairment based on projected future cash flow of the investments, including the estimated sales growth rate by investees' internal management team...

  • Page 44
    21 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (d) Estimation on provision Provisions on sales returns of the Consolidated Company are mainly connected with returns on sales and is based on historical information of similar products and services. Based on the ...

  • Page 45
    ... value through profit or loss - current Foreign currency option contracts Forward foreign exchange contracts Cross currency swaps Available-for-sale financial assets - noncurrent: Cameo Communication, Inc. (CAMEO) IC Plus Corp. (ICPC) Abocom Systems, Inc. (ASI) Z-Com, Inc. (Z-Com) December 31, 2013...

  • Page 46
    23 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (2) Sensitivity analysis - equity market price risk: If the security price changes, and if it is on the same basis for both years and assumes that all other variables remain the same, the impact on other ...

  • Page 47
    24 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (ii) Derivative financial liabilities December 31, 2014 December 31, 2013 Maturity date Contract Contract amount Currency amount Currency (thousand) (thousand) Maturity date Cross currency swaps: EUR $ USD GBP ...

  • Page 48
    25 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements The Consolidated Company's aging analysis of notes, accounts receivable and other receivables that are due but not impaired as of December 31, 2014 and 2013 were as follows: December 31, 2014 Overdue 30 days or ...

  • Page 49
    26 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements The operating cost comprises of cost of goods sold, write-down (reversal gain) of inventories to net realizable value, warranty costs and other loss (gain). In 2014 and 2013, the cost of goods delivered were $21,...

  • Page 50
    27 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (ii) The market value of publicly listed or OTC investees of the Consolidated Company accounted for under using the equity method were as follows: December 31, 2014 December 31, 2013 3,777,922 329,268 4,107,190 ...

  • Page 51
    28 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements 2014 Balance as of J Transfer Increase Cost: Land $ Buildings Others Equipment to be inspected and construction in process Accumulated depreciation: Buildings Others Accumulated impairment: Buildings $ 587,623 759...

  • Page 52
    29 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (h) Investment property 2014 Balance as of Ja Increase Decrease Cost: Land Buildings Accumulated Depreciation: Buildings Accumulated impairment: Buildings $ $ 30,000 22,196 52,196 Transfer Balance as of D 30,...

  • Page 53
    29 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements Fair value $ 66,528 42,886 (Continued)

  • Page 54
    ...the rental income and direct operating expenses), please refers to note 6(t). The fair value of investment property as of December 31, 2014 and 2013 was based on the comparable deal information with similar location and category or appraisal report, respectively. As of December 31, 2014 and 2013, no...

  • Page 55
    ...,550 300,000 119,800 888,350 (119,800) 768,550 1,411,150 (k) Provisions - current 2014 Balance as of J Effect Increase Warranties Sales return and allowances Legal proceedings $ $ 221,977 47,101 71,880 340,958 27,029 27,029 Used (46,485) (46,485) (6,082) Reversed Reclassification (5,646) (436) of...

  • Page 56
    31 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements $ 455,779 25,963 (32,723) (174,104) 61,174 4,869 340,958 (Continued)

  • Page 57
    ... for cash at face value amounting to $114,300 thousand based on article 6 of the conversion terms issued by the Company . As of the report date, the payment has already been paid. The issue terms for the unsecured convertible corporate bonds were as follows: (1) Total issuance amount The upper limit...

  • Page 58
    33 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (5) Conversion price and adjustment The conversion price is calculated by using the simple average closing price of the Company's common shares based on either one, three or five consecutive business days before ...

  • Page 59
    ... provisions of Labor Pension Act, whereby, the labor pension personal account will make pension payment in advance. The Company's Bank of Taiwan labor pension reserve account balance amounted to $117,007 thousand at the date of reporting date. For information on the utilization of the labor pension...

  • Page 60
    34 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (Continued)

  • Page 61
    ...LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (iv) Expenses recognized in profit or loss The Company's expenses recognized in profit or loss for the years 2014 and 2013 were as follow: 2014 Current service... long-term rate of return is based on the portfolio as ...

  • Page 62
    ... the present value of the defined benefit obligations, the Company uses judgments and estimations to determine the actuarial assumptions, including employee turnover rates and future salary changes, as of the reporting date. Any changes in the actuarial assumptions may significantly impact on the...

  • Page 63
    ... tax Income tax using the Company's domestic tax rate Effect of tax rate in foreign jurisdiction Non-taxable income Unrecognized temporary differences Recognition of previously unrecognized tax losses Investment tax credits Differences of basic income tax and general tax Reporting differences on...

  • Page 64
    ...LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (1) Unrecognized deferred income tax assets The unrecognized deferred income tax assets are as follows: December 31, 2014... tax assets and liabilities for the years 2014 and 2013 were as follows: Investments under...

  • Page 65
    38 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (Continued)

  • Page 66
    39 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements In accordance with the laws of each registered country, the assessed losses can be used to offset current-year net income. In addition, pursuant to the ROC Income Tax Act, net loss of YEOCHIA and YEOTAI as ...

  • Page 67
    ... value Share of changes in equities of associates accounted for under the equity method Share-based payment transactions Expiry of share-based payment transactions Stock options from convertible corporate bonds Expiry of redeemed options of convertible corporate bonds Changes the Company's ownership...

  • Page 68
    ... of special reserve in 2014 and 2013, then multiplying the distribution rate of 1% of the employee bonus and the directors' and supervisors' remuneration. The number of shares distributed as stock dividends is calculated based on the closing price of the shares on the day before the shareholders...

  • Page 69
    ... to the website of the Market Observation Post System. (4) Treasury stock Under Article 28-2 of the Securities and Exchange Act, the Company's board of directors passed a resolution on January 14, 2013, June 22, and October 30, 2012 and March 23, 2011 to buy back its shares from the open market and...

  • Page 70
    ...Report. The ceiling on total number of shares of the repurchase is 64,776 thousand shares and the ceiling on total monetary amount of the repurchase is $6,496,194, thousand. (5) Other equity Foreign exchange Unrealized gains and losses on differences arising available-for-sale from foreign financial...

  • Page 71
    ... to non-controlling interest: Net income Exchange differences on translation of foreign operations Recognition of change in ownership interest in subsidiaries Acquisition Compensation cost of share-based payment transaction Cash dividends distributed by subsidiaries Balance at the end of the...

  • Page 72
    45 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements Period following granting of options 2 Years 3 Years 4 Years Percentage exercisable 50 % 75 % 100 % The Company replaced its employee stock options with a continuing service bonuses program approved by the ...

  • Page 73
    45 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements $ - 10,965 (Continued)

  • Page 74
    ... the fair value of the stock options on the date they were granted, the pro forma net income and EPS, and the assumptions used would be as follows: Expected price volatility Risk-free rate Expected time to expiration (years) Fair value per share 30.89 ï¼... 2.725 ï¼... 6 13.1 Assumptions (Continued)

  • Page 75
    ... price volatility Risk-free rate Expected time to expiration (years) Fair value per share 40.30 ï¼... 1.165 ï¼... 5 10.4 (r) Earnings per share The calculation of basic earnings per share and diluted earnings per share of the Consolidated Company were as follows: (1) Basic earnings per ordinary share...

  • Page 76
    .... In calculating the effects of all dilutive potential ordinary shares, the average market value is based on the quoted market price during the outstanding periods. (s) Revenue 2014 Goods sold Services $ $ (t) Other income 2014 Interest revenue Rental revenue Dividends revenue Royalty revenue Others...

  • Page 77
    ... income $ 176,128 Unrealized gains (losses) on available-for-sale financial assets Change in fair value from the Consolidated Company$ (82,541) Change in fair value from Associates 3,090 Reclassification adjustments 1,166 Change in fair value recognized in other comprehensive income $ (78,285...

  • Page 78
    50 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements Book value December 31, 2014 Non-derivative financial liabilities Short-term loans Notes payable Accounts payable Accounts payable to related parties Other payables Current portion of long-term liabilities ...

  • Page 79
    51 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements The Consolidated Company does not expect that the cash flows included in the maturity analysis could occur significantly earlier or at significantly different amount. (3) Currency risk (i) The Consolidated Company...

  • Page 80
    ...throughout the year. The rate of change is expressed as the interest rate increases or decreases by 0.5% when reporting to management internally, which also represents management of the Consolidated Company's assessment on the reasonably possible interval of interest rate change. All other variables...

  • Page 81
    ...liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). c) Level 3: inputs for the assets or liability that are not based on observable market data (unobservable inputs). Level 1 December 31, 2014 $ Available-for-sale financial assets － non-current Financial assets at...

  • Page 82
    ... change in department directors should be reported to the Board of Directors. The Consolidated Company use internal control systems, risk management procedures, and regulations of risk management as the basis of various business risk management standards. The Consolidated Company's risk management...

  • Page 83
    ... customers. Allowance for bad debt is set based on the credit rating of each customer. In order to mitigate the risk of default, the Consolidated Company has purchased guarantees, with appropriate insured amount for customers in high risk countries. High risks customers without insurance should make...

  • Page 84
    ... risk that changes in market prices, such as changes in foreign exchange rates, interest rates or equity prices that affects the Consolidated Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures...

  • Page 85
    ... funds and bond funds, where their prices are affected by changes in mutual funds. The abovementioned mutual funds are widely used as fixed income investments in domestic, with large market scale, stable market prices, and high liquidity. The Consolidated Company is held for the purpose of short...

  • Page 86
    ... D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements 7. Related-party transactions (a) Parent company and ultimate controlling company The Company is the ultimate controlling party of the Consolidated Company. (b) Significant related party transactions (1) Sales 2014...

  • Page 87
    59 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (4) Accounts payable to related parties The accounts payable to related parties were as follow: Account Accounts payable Accounts payable Other payables Other payables Related party categories Associates Other ...

  • Page 88
    59 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements liabilities (Continued)

  • Page 89
    60 D-LINK CORPORATION AND SUBSIDIARIES Notes to the consolidated financial statements (c) Key management personnel compensation Key management personnel compensation comprised: 2014 Short-term employee benefits Post-employee benefits Share-based payments $ $ Please refer to note 6(q) for the ...

  • Page 90
    ... Technologies LLC filed a lawsuit against the Company and the Company's subsidiary D-Link Systems in December 2014 alleging that some of the Company's products infringed its patents. The Company has retained attorneys in the US and is currently building its defense with product suppliers. Based...

  • Page 91
    ... American markets, European markets, Emerging markets and others. Those reportable segments are primarily operated in research, development and selling of computer network and equipment and wireless communication products. The Consolidated Company's reportable segments are strategic business units...

  • Page 92
    ... of the report used by the chief operating decision maker. (b) Information on the products and services Revenue from the external customers of the Consolidated Company was as follow: Products and services Switch Wireless Broadband Digital Home Network interface card and others Service revenue Total...