Taipei, March 23, 2012 — Today Walsin Lihwa held a board meeting, which approved the company’s 2011 financial statements audited by CPA. The board meeting also decided to hold the annual shareholders’ meeting at 9:00 am on June 12 (Tue), at Ballroom, Grand Victoria Hotel Taipei.
Suffered both from the European-American debt crisis and China’s tightened monetary policy, the world economy slid down, and global raw material price declined sharply as well as weak demand on steel materials last year. Operations had not performed well last year as losses on inventory had been recognized and negatively impacted the gross margin. As a result, full-year losses in 2011 are attributed to those from impairment of affiliate company and from investment under equity method.
The stand-alone operating revenue of year 2011 has reached NT$ 74.25 billion, and the consolidated operating revenue has reached to NT$ 189.89 billion. The 2011 stand-alone gross profit has reached NT$ 4.15 billion, and the consolidated gross profit came to NT$ 5.33 billion. Net loss before tax has totaled NT$3.83 billion and net loss after tax has totaled NT$ 4.27 billion, loss per share was NT$ 1.2.
The capital reduction from affiliate company HannStar Display Corp. caused loss of NT$ 34.8 billion. Followed by capital reduction procedure of HannStar Display, accounting treatment is adjusted from the earlier unrealized losses to realized losses in 2011. Nonetheless, such adjustment does not affect the book value of Walsin Lihwa.
Walsin Lihwa Corporation, established in 1966, has been the leading manufacturer for copper wires and rods, power cables, and specialty steel in the greater China region.