RUENTEX INDUSTRIES LIMITED AND SUBSIDIARY by jol32089

VIEWS: 20 PAGES: 7

									RUENTEX INDUSTRIES LIMITED
BALANCE SHEETS
JUNE 30, 2003 AND 2002
 (In Thousands of New Taiwan Dollars)
                                              2003.06.30      2002.06.30
ASSETS
CURRENT ASSETS:
 Cash and cash equivalents                    $     148,961   $     198,164
 Short-term investments, net                        263,720         595,921
 Notes receivable, net                               56,268          81,303
 Notes receivable – related parties, net                104             343
 Accounts receivable, net                           291,835         273,361
 Accounts receivable – related parties, net          27,061          25,466
 Other receivables                                  130,557         177,389
 Other receivable – related parties, net             49,227           1,055
 Inventories                                      2,253,420       2,571,534
 Prepaid expenses                                    21,437          33,899
 Other prepayments                                   97,587         100,409
 Deferred tax assets-current                         48,042          54,636
 Restricted assets                                  348,113         276,359
 Other current assets                                 5,742         510,371

       Total current assets                       3,742,074       4,900,210

LONG-TERM INVESTMENTS                             6,598,386       7,455,461

PROPERTY, PLANT AND EQUIPMENT, NET                6,219,891       5,654,407

INTANGIBLE ASSETS
  Deferred pension cost                             86,781          81,921

OTHER ASSETS:
 Idle assets                                         2,963          21,406
 Refundable deposit                                 28,744          29,070
 Deferred charges                                   67,793          89,656
 Long-term notes receivable                        224,250         448,500
 Deferred income tax assets                        127,545         124,328
 Other assets - other                               66,583          66,583

       Total other assets                          517,878         779,543

TOTAL                                         $17,165,010     $18,871,542

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
 Short-term borrowings                        $ 2,693,443     $ 2,532,748
 Short-term notes and bills payable               949,168       1,357,693
 Notes payable                                    113,292         154,114
 Notes payable – related parties                    7,373           4,079
 Accounts payable                                 157,817         260,376
 Accounts payable – related parties               955,054         772,193
 Income tax payable                                     -           1,898
 Accrued expenses                                 182,773         227,402
 Other payables                                    12,797          10,533
 Advance receipts                                 124,649          52,997
 Long-term liabilities - current portion        1,654,165       1,893,710
 Other current liabilities                         36,480          33,055

       Total current liabilities                  6,887,011       7,300,798
RUENTEX INDUSTRIES LIMITED
BALANCE SHEETS
JUNE 30, 2003 AND 2002
 (In Thousands of New Taiwan Dollars)
                                                                2003.06.30       2002.06.30

LONG-TERM LIABILITIES:
  Bonds payable                                                           -          600,000
  Long-term borrowings                                            4,083,020        3,990,858

       Total long-term liabilities                                4,083,020        4,590,858

ACCRUED LIABILITIES
 Estimated accrued land value increment tax payable                  29,805           29,805

OTHER LIABILITIES:
 Accrued pension liability                                          124,899          109,227
 Guarantee deposits received                                        512,876          483,385
 Other liabilities – other                                            1,947            1,969

       Total other liabilities                                      639,722          594,581

       Total liabilities                                         11,639,558       12,516,042

STOCKHOLDERS’ EQUITY:
  Capital                                                          7,880,511        7,880,511
  Capital surplus                                                    491,976          514,422
  Retained earnings-unappropriated (Accumulated deficit)            (585,153 )          5,116
  Unrealized valuation losses on long-term equity investments       (568,087 )       (326,869 )
  Cumulative translation adjustments                                 223,352          172,088
  Treasury stock                                                  (1,917,147 )     (1,889,768 )

       Total stockholders’ equity                                 5,525,452        6,355,500

TOTAL                                                           $17,165,010      $18,871,542
RUENTEX INDUSTRIES LIMITED
STATEMENTS OF INCOME
YEARS ENDED JUNE 30, 2003 AND 2002
(In Thousands of New Taiwan Dollars, Except for Earnings Per Share)
                                                        2003.06.30       2002.06.30

OPERATING REVENUES:
  Sales                                                    $3,929,983     $4,017,327
  Less:
    Sales returns                                            (38,368)        (46,203)
    Sales discounts and allowances                           (20,117)         (9,233)
  Construction income                                        416,941          48,195
  Other operating income                                     123,515          99,123

       Net operating revenues                               4,411,954      4,109,209

OPERATING COSTS:
  Cost of goods sold                                        3,336,301      3,468,566
  Cost of construction sales                                  348,303         25,719

       Total operating costs                                3,684,604      3,494,285

GROSS INCOME FROM OPERATIONS                                 727,350        614,924

REALIZED GAIN ON AFFILIATE ACCOUNTS                               11             11

OPERATING EXPENSES:
  Selling expenses                                           496,550        487,354
  General and administrative expenses                        122,122        107,224

INCOME FROM OPERATIONS                                       108,689         20,357

NON-OPERATING INCOME:
 Interest income                                              14,136         54,429
 Investment income                                            87,424        104,851
 Gains on disposal of property, plant and equipment                2              -
 Gains on sale of investments                                 28,201         88,295
 Foreign exchange gains                                        1,508          5,687
 Income from sale of scrap and wastes                          3,092          3,229
 Gains on market price recovery of short-term investment      45,506         17,974
 Gains from price recovery of inventory                       13,845        163,429
 Miscellaneous income                                         40,630         88,410

      Total non-operating income                             234,344        526,304
NON-OPERATING EXPENSES:
 Interest expense                                             231,418       298,623
 Investment Losses                                            183,158        -
 Losses on disposal of property, plant and equipment           10,826          7,421
 Losses on sale of investments                                 35,696        61,045
 Losses on physical inventory                                   4,814          3,812
 Losses on idle assets depreciation and valuation loss          4,316          2,194
 Miscellaneous disbursements                                   16,005        16,176
      Total non-operating expenses                            486,233       389,271
CONTINUING OPERATIONS’ INCOME (LOSS) BEFORE TAX              (143,200)      157,390


INCOME TAX LOSS                                                (5,707)       (24,385)
RUENTEX INDUSTRIES LIMITED
STATEMENTS OF INCOME
YEARS ENDED JUNE 30, 2003 AND 2002
(In Thousands of New Taiwan Dollars, Except for Earnings Per Share)
                                                        2003.06.30     2002.06.30


CONTINUING OPERATIONS’ INCOME (LOSS) AFTER TAX             (148,907)      133,005

NET INCOME (LOSS)                                        $ (148,907)      133,005

SIMPLE EARNINGS (LOSS) PER SHARE - Net income (loss)         $(0.22)        $0.23

PROFORMA DATA AS SHARES OF THE COMPANY HELD
BY SUBSIDIARY TREATED AS NON-TREASURY-STOCK
  Net income (loss)                                          $(0.37)        $0.03
RUENTEX INDUSTRIES LIMITED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
YEARS ENDED JUNE 30, 2003 AND 2002
(In Thousands of New Taiwan Dollars)
                                                                                   Accumulated
                                                                                     Earnings                 Change of Equity
                                                                                     (Deficit)
                                                                                                                           Unrealized
                                                                                   Unappropriated     Cumulative                                                   Total
                                                          Capital      Capital                                        Valuation Losses on        Treasury
                                                                                     Earnings         Translation                                              Stockholders’
                                                          Stock        Surplus                                         Long-Term Equity           Stock
                                                                                      (Deficit)       Adjustments                                                 Equity
                                                                                                                          Investments

BALANCE, JANUARY 1, 2002                                  $7,880,511 $ 359,979       $ (127,889)        $ 255,664              $ (467,738)   $       -         $ 7,900,527
 Appraisal increment of fixed asset                                    127,953                                                                                      127,953
 Treasury stock transactions                                                                                                                     (1,889,768)     (1,889,768)
 Effect on capital surplus of change in ownership
                                                                         20,744                                                                                     20,744
   percentage
 Effect on change of capital surplus – investee                           5,746                                                                                       5,746
 Prior periods adjustments                                                                                 (83,576)                                                 (83,576)
 Unrealized valuation losses on long-term equity
                                                                                                                                  140,869                          140,869
   investment
 Net income after tax for the year ended JUNE 30,
                                                                                          133,005                                                                  133,005
   2002
BALANCE, JUNE 30, 2002                                    $7,880,511 $ 514,422        $      5,116      $ 172,088              $ (326,869)   $ (1,889,768 )    $ 6,355,500

BALANCE, January 1, 2003                                   7,880,511    517,398           (436,245)        239,257               (349,730)       (1,917,147)      5,934,044

  Effect on capital surplus of change in ownership
                                                                        (18,762)                                                                                    (18,762)
    percentage
  Effect on change of capital surplus – investee                         (6,660)                                                                                     (6,660)
  Effect on capital surplus of change in ownership
                                                                                                           (15,905)                                                 (15,905)
    percentage
  Unrealized valuation losses on long-term equity
                                                                                                                                 (218,357)                         (218,357)
    investment
  Net loss after tax for the year ended JUNE 30 of 2003                                   (148,907)                                                                (148,907)
  Adjustments                                                                                   (1)                                                                      (1)

BALANCE, JUNE 30, 2003                                    $7,880,511 $ 491,976       $ (585,153)       $   223,352         $     (568,087)   $ (1,917,147)     $ 5,525,452
RUENTEX INDUSTRIES LIMITED
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2003 AND 2002
(In Thousands of New Taiwan Dollars)
                                                                 2003.06.30     2002.06.30

OPERATING ACTIVITIES:
  Net income (loss)                                              $ (148,907)    $ 133,005

 Adjustments to reconcile net income (loss) to net cash
   provided by (used in) operating activities:
   Bad debts                                                           6,164             779
   Depreciation expense                                             148,212         142,212
   Transfer of fixed assets to expense                               -                    12
   Amortization expense                                              17,897          18,491
   Transfer of deferred assets to expense                            -                    39
   Gains on sale of long-term investments                            -               60,979
   Gains on sale of short-term investments                          (28,201)        (88,295)
   Losses on sale of short-term investments                          35,696               66
   Gains on market price recovery of short-term investment          (45,506)        (17,974)
   Losses on disposal of assets                                      10,826            7,421
   Gains on disposal of assets                                            (2)        -
   Abandonment losses on assets                                           98             136
   Gains on market price recovery of inventory                      (13,845)       (163,429)
   Losses on market price recovery of idle assets                      2,010         -
   Gains on market price recovery of idle assets                     -                (9,070)
   Realized gross profits                                                (11)            (11 )
   Amount of income (loss) under equity method exceeding cash
     dividends received from the investee                           109,808        (96,085 )
   Deception loss                                                    85,500         -
   Amortization of premium on long-term investment                   -                2,551
     Decrease (increase) in notes receivable                         44,471          (7,155 )
     Decrease (increase) in notes receivable – related parties           (67)             9
     Decrease (increase) in accounts receivable                      45,797        (18,852)
     Increase in accounts receivable –related parties               (16,460)         (8,837)
     Increase in other receivable                                   (49,072)       (68,773)
     Decrease (increase) in other receivable –related parties       (33,864)          6,619
     Decrease in inventories                                        267,563        118,531
     Increase in prepaid expenses                                     (1,943)      (12,506)
     Decrease (increase) in other prepayments                        94,663            (908)
     Decrease in other current assets                                  1,635          5,102
     Decrease (increase) in overdue accounts receivable               (8,279)           387
     Decrease in deferred income tax assets - current                  1,554        -
     Decrease in deferred income tax assets - noncurrent               2,191          6,846
     Decrease (increase) in notes payable                           (15,274)        26,756
     Decrease (increase) in notes payable – related parties            1,283         (1,365)
     Decrease (increase) in accounts payable                        (77,695)        30,453
     Decrease in accounts payable –related parties                   21,252         10,139
     Decrease in income tax payable                                  -                1,898
     Increase in accrued expenses                                   (87,283)       (70,436)
     Decrease (increase) in other payables                            (1,481)           200
     Decrease in advance receipts                                    76,571         19,217
     Increase in other current liabilities                          (22,444)         (9,956)
     Decrease in accrued pension liabilities                           1,099        -

     Net cash provided by (used in) operating activities            423,956          18,196
RUENTEX INDUSTRIES LIMITED
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2003 AND 2002
(In Thousands of New Taiwan Dollars)
                                                                   2003.06.30         2002.06.30

INVESTING ACTIVITIES:
  Decrease (increase) in pledged CDs                                      (22,658)          72,225
  Proceeds from sale of short-term investments                          2,558,792          708,026
  Increase in short-term investment                                    (2,257,456)        (367,507)
  Proceeds from sale of long-term investments                              -                64,097)
  Increase in long-term investment                                       (292,185)        (176,850)
  Proceeds from disposal of property, plant and equipment                      243             355
  Acquisitions of property, plant and equipment                           (33,621)         (27,168)
  Decrease Proceeds from disposal of idle assets                             3,262             200
  Decrease (increase) in guarantee deposits paid                               (87)            268
  Decrease (increase) in deferred charges                                   (7,749)        (10,590)
  Decrease in long-term Notes receivable and Accounts receivable          224,250           -
  Decrease in other assets - others                                        -                11,754

       Net cash provided by investing activities                         172,791          274,810

FINANCING ACTIVITIES:
  Increase in short-term borrowings                                      494,103           249,581
  Increase (decrease) in short-term notes and bills payable             (372,153)           17,948
  Decrease in Bonds payable                                             (200,000)         (200,000)
  Decrease increase in long-term borrowings                             (543,182)         (320,147)
  Increase in guarantee deposits received                                 19,680            18,846
  Cash dividends paid                                                        (18)             (161)

       Net cash used in financing activities                            (601,570)         (233,933)

NET (DECREASE) INCREASE IN CASH AND CASH
 EQUIVALENTS                                                               (4,823)         59,073

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                       $     153,784      $   139,091

CASH AND CASH EQUIVALENTS, END OF YEAR ENDED
 JUNE 30, 2003                                                     $     148,961      $   198,164

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
  INFORMATION:
  Cash paid during the year for:
    Interests (excluding capitalized interest)                     $     259,202      $   300,332
    Income tax                                                     $       3,674      $       634

  Proceeds from sale of long-term investment                        $ 1,654,165       $ 1,893,710
  Long-term notes receivable                                       $     -            $    64,097

								
To top