.Ꮙଠ۵۵Њѣࢨ̳Φ Shin Kong Financial Holding Co., LtdܛາЍ ԂҘྮ˘߱66ཱི Head Office : 66, Chunghsiao West Road, Section 1, Taipei, TaiwanمέΔξ Tel:886 (2) 2375-8576 Fax : 886 (2) 2389-2868 າ Website:www.skfhc.com.tw E-mail:[email protected] Ѝ ܛ Ꮙ ଠ ۵ hnKn iaca Holding Financial Kong Shin 2004 ٸ Annual ீ Report Б
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ॆ 2004 Annual 2004 Report Annual Report
ϫᐂ
Faithful Ambition Merry Inspiration Love Young Table of Contents
Overview າЍܛଠᓁᜓ 01 Shin Kong Life Insurance າЍˠုܲᐍ 13 Shin Kong Commercial Bank າЍથຽᅙҖ 23 Shin Kong Securities 33 דາုტЪᙋ New Light Asset Management 43 ܫԸྤڄາ Shin Kong Insurance Brokerage 51 Community Services າုܲᐍགྷࡔ 57 Consolidated Financial Report Ћຽа㒝 63 Milestones of SKFHC 105 ੑಡ׀ଠЪܛາЍ
ଠְ̂ܛາЍ 2004 Annual Report
ܛଠᓁᜓ Overview
(Shin Kong Financial Holding Company and Subsidiaries 2004 2003 (Restated (ޢࢦበ) 2003 2004 ׀ଠЪܛາЍ
ྤώᗝ 29,729,121 25,856,596 Capital 29,729,121 25,856,596
ྤயᓁᗝ 931,344,394 789,764,115 Total Assets 931,344,394 789,764,115
ᝋৈ 46,530,249 30,188,234 Total Shareholders' Equity 46,530,249 30,188,234ڌ۵
ᒉຽќˢ 239,710,399 213,655,059 Operating Income 239,710,399 213,655,059
ඁޢ৷ৈ 6,371,590 3,243,029 Net Income 6,371,590 3,243,029
Տ۵࠳ዶĞ̮ğ 2.23 1.24 EPS (NT$) 2.23 1.24ޢඁ
ᝋৈಡ࿌தĞƦğ 16.61% 13.39% Return on Shareholders' Equity (%) 16.61% 13.39%ڌ۵
ྤயಡ࿌தĞƦğ 1.01% 0.64% Return on Assets (%) 1.01% 0.64%
ಏҜĈາέ။Ζ̮ ( in NT$ Thousands )
Shin Kong Shin Kong Shin Kong New Light Shin Kong Life Commercial Securities Asset Insurance າုܲགྷ Insurance Bank Management Brokerage ܫԸڄາ דາЍˠု າЍᅙҖ າုᙋ
2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003
ྤயᓁᗝ 834,386,043 86,279,671 8,857,843 311,542 44,706 Total Assets 834,386,043 86,279,671 8,857,843 311,542 44,706 708,720,768 69,260,377 9,351,128 - 15,359 708,720,768 69,260,377 9,351,128 - 15,359
ᝋৈ 47,810,555 10,512,830 4,518,749 302,854 24,092 Total 47,810,555 10,512,830 4,518,749 302,854 24,092ڌ۵ Shareholders' 32,079,676 3,445,805 4,428,335 - 9,596 32,079,676 3,445,805 4,428,335 - 9,596 ٸ Equity ீ ᒉຽќˢ 236,697,682 2,355,388 458,681 31,098 113,302 Operating 236,697,682 2,355,388 458,681 31,098 113,302 Б 210,484,246 245,0434 623,569 - 31,520 Income 210,484,246 245,0434 623,569 - 31,520 ͵ ࠧ ඁޢ৷ৈ 6,538,636 27,546 90,414 2,854 17,526 Net Income 6,538,636 27,546 90,414 2,854 17,526 ą 5,053,305 (2,003,629) 372,769 - 3,596 5,053,305 (2,003,629) 372,769 - 3,596 Г ಏҜĈາέ။Ζ̮ ( in NT$ Thousands ) ౄ າ ֧
01 02 2004 Annual Report Words from the Chairman
The global economic recovery in 2004 ushered in a new spring across most industry sectors. The last year has also been one of hard work and progress for Shin Kong Financial Holding Company (SKFHC). New Light Asset Management (NLAM) and Shin Kong Commercial Bank joined the group's existing insurance and securities businesses, moving SKFHC closer to its goal of becoming a one-stop provider of comprehensive financial services.
NLAM joined the SKFHC fold in April 2004. By year-end it had achieved profitability and full subscription of གྷᒉ۰۞ྖ two new funds: the inauguration fund "New Light Growth Fund," now one of the top-five equity funds in Taiwan, and the "New Light Taiwan Bond Fund," which earned a "twAAf" rating from Taiwan Ratings in recognition of the fund's operational model characterized by high liquidity and prudent investment דଠၮ˭ੵ˞ˠုăᙋܛߋ͇۞፷̄Ą࿅Ν˘ѐ۞Ӆ˧ĂາЍ˞זΝѐഀঈు႙ೇ൩ĂЧҖЧຽҬͼౌ࠻ standards. In the first quarter of 2005, NLAM further expanded its product line and asset management scale ચᔙڇᄃາЍᅙҖĂֹώ֗۞யݡቢՀΐԆፋĂഈĶ˘Ѩᔉ֖ķ۞ܫԸڄᐍགྷࡔˠ̳ΦγĂ˫ΐˢາܲ̈́ with the launch of the New Light Fortune Balanced Fund. In future, the company will continue to meet ซ˘ՎĄ customer needs with the introduction of other new investment vehicles.
ĂҌ2004ѐܛӈயϠᒔӀĂ֭̏јΑ๒ะᑫૄޘĂࢵѐܫԸڄΝѐ4͡າјϲ̳̄ΦາٺࢵАĂώ̳Φ Last September, United-Credit Commercial Bank was merged under SKFHC as a fully owned subsidiary and ܫϺᒔ̚රܛૄדШၷๅڄγĂາܛјࠎξಞ˯݈̣̂۵ைݭૄܛઉπщૄڄęາܛĂੵ˞౹ຽૄغ later renamed Shin Kong Commercial Bank (SKCB). The bank raised over one-third of the financing for twAAf ᆶຕ۞Ըྤఢቑᄃ߹જָّ̝ፆүᇾĂ̫ѐௐ˘؞˫ึӀԆј NLAM's bond fund, and it will continue to realize joint marketing and cross-selling benefits through theܛෞĶ ķ̝ෞඈඈ৺Ăͅߍྍૄ ķ̝๒ะĂֹயݡቢՀΐԆፋăྤயგநఢሀᜈᆧΐĂϏֽౙᜈϦኛ൴ҖՀк complementary integration of financial and insurance resources in order to provide a full range of financialܛྻπᏊૄڄĶາ .ᅮՐ۞யݡĄ management services͗މЪ
On June 2, SKFHC completed a US$260 million issue of overseas convertible corporate bonds to provide ڄଠѺ̶̝Ѻ̳̄ΦĄາܛથຽᅙҖϒёৼˢĂ֭ՀЩࠎĶέ៉າЍથຽᅙҖķĂјࠎາЍܫΝѐ9͡ᓑ Ꮙᄃܲᐍ low-cost financing for investment in company subsidiaries. The issuance represented SKFHC's firstܛఢሀˬ̶̝˘ͽ˯ĂϏֽ࿅ྤፋЪĂܛĂϤᅙҖ఼ྮٙዚొ̶Հҫૄܛݭૄדๅ۞ܫԸ .ચĄ successful step in raising funds from international capital marketsڇᏉநੑܛຽચ̢̝ྃĂՀਕ൴೭ВТҖዚ۞Ϲ˽ტड़Ă೩ֻБ͞Ҝ۞
2.6ᆆ̮̝ঔγፉ Since 2003, SKFHC has completed capital increase of NT$15 billion for Shin Kong Life and NT$7 billion forܛᓁᗝ྿࡚ܛΝѐ6͡2͟ึӀ൴ҖώٺͽᖼԸྤ̳̄ΦĂܛଠࠎ๒ะҲјώ̝ྤܛາЍ Ξᖼೱ̳ΦๅĂѩѨঔγᚯྤ߿જĂֹ̳ΦјΑгྭ઼ᅫ̼۞ௐ˘ՎĂ઼ᅫԸྤ۰ତĄ SKCB, which has used this funding to transform itself into a national bank. In future, SKCB will continue toܲ
ଠҋ2003ѐҌ̫Ă̶̏ҾԆјາЍᅙҖ70ᆆ̮ᄃາЍˠု150ᆆ̮۞ᆧྤ९Ă̚າЍᅙҖдᆧྤ derive synergies through coordinating its loan, credit card, foreign exchange, and trust businesses with theܛາЍ extensive resources of SKFHC and enhancing its asset allocation and capital deployment through ຽચඈຽચ̝ٚүᄃᕖणĂӮΞ੨ЪາܫϡΙăγ๗ᄃܫഠăٸјࠎБ઼ّᅙҖĂЯѩϏֽ̙ኢд̏ޢ ٸ integrated planning and operations. ீ ϡՀड़த̼Ąྻܛଠ̝ᘀ̂ྤĂซҖБࢬ۞ఢထᄃᒉྻĂֹፋវྤய੨ཉᄃྤܛЍ
ăܲགྷඈᅳાĂᒉྻវր̏ᎷԆፋĂ̫ѐ4͡19͟າ With the strides made over the past year, SKFHC has developed into a provider of complete financial БܫăԸדଠ̏உ߁ုᐍăᅙҖăᙋܛण୕ϏֽĂາЍ services, with interests in the life insurance, banking, securities, trust, and brokerage sectors. On April 19, ͵ ˭ଠၮܛĂາЍޢ̝׀10͡3͟ͽ۵Њᖼೱ͞ёৼˢྕᅙҖĂЪٺҶĂؠކଠᄃྕᅙҖ̏ВТܛЍ 2005, SKFHC and Macoto Bank jointly announced a stock swap deal to be completed on October 3, ࠧ ચĂ൴೭Հ̂۞ტड़ĂϏֽᚶᜈವԱኳָ۞Ъү၆෪Ăᕖ̂ڇ͗މٺᅙҖᕖᆧҌ108छĂՀѣӀ۞ expanding SKFHC's banking network to 108 branches to better serve our customers and realize other ą ೩ֻຽᄃड़த۞͗މચˠࣶፂᕇ࿆ҶБ઼Ăࠎᇃ̂۞ڇଠఢሀĂ੨ЪາЍᙯܼЋຽྤᖳಱĂܛ synergistic benefits. SKFHC will continue to seek out high-quality cooperation partners and integrate the Г ᏉѺఱ̼ķ̝ᙸഀĄܛચĂ྿јĶڇ extensive resources, service personnel, and national branch networks of its subsidiaries to deliver even ౄ more professional and efficient one-stop financial services to our customers. າ ֧ Chairman
ܜְ
03 04 2004 Annual Report
̳Φᖎ̬
ăܫԸڄăາד2001ѐ12͡14͟Ăϫ݈ၮ˭Β߁ĈາЍˠုăາЍᅙҖăາုტЪᙋٺଠјϲܛາЍ
ᓁྤயࠎ9,313.4ᆆ̮ĂЪ׀ώᗝࠎາέ။297.3ᆆ̮ĂЪྤ̝غາုܲᐍགྷࡔˠඈ̣छ̳̄ΦĂ2004ѐ
ᒉຽќˢࠎ2,397.1ᆆ̮Ą׀
ଠͽྭຽགྷᒉ྿јளຽඕ༖۞ྤፋЪ҃༼࠷јܛᅈ൴ण۞ᅮࢋĂາЍܜᏉᒖဩ۞តዏ̈́ࣘᜪܛࠎЯᑕ
ચ۞ϫᇾĄڇᏉநੑܛώĂ֭࿅к̮̼ԸྤĂᕖ̂གྷᒉఢሀĂࢫҲགྷᒉࢲᐍĂ྿ј೩ֻБ͞Ҝ
ĶָБ͞Ҝ ϓ̳̄ΦᖐဦSKFHC Subsidiariesצֳ͗މચፂᕇĂ൴೭ፋЪҖዚ۞ტड़Ăឰڇώ̳Φ࿅Б઼ᘀ̂۞Җዚဥฤᄃწ۞
၆෪Ăͽᕖ̂׀ચݡኳĄТॡ̪ವԱኳָͷѣሕ˧۞ЪүٕЪڇָ۞זӀĂܮચķ۞ڇᏉநੑܛ
ᏉѺఱ̳ΦķĄܛ۞Ķמݡኳ͕͗̚މဦĂјࠎۍᏉܛགྷᒉቑᘞĂߛၹՀԆፋ۞
າЍˠုܲᐍ۵Њѣࢨ̳Φ າု̳ಲ̂ງგநჯ᜕۵Њѣࢨ̳Φ Shin Kong Life Insurance Co., Ltd. Shin Kong Life Real Estate Service Co., Ltd
Company Introduction ᄂ៉າЍથຽᅙҖ۵Њѣࢨ̳Φ έ៉າЍܲᐍགྷࡔˠ۵Њѣࢨ̳Φ Taiwan Shin Kong Commercial Bank Co., Ltd. Taiwan Shin Kong Insurance Brokers Co., Ltd Established on December 14, 2001, SKFHC currently comprises five subsidiaries, including Shin Kong Life, Shin Kong Commercial Bank, Shin Kong Securities, New Light Asset Management, and Shin Kong Insurance Brokerage. As of the end of 2004, the company had a capitalization of Ըྤᜪય۵Њѣࢨ̳Φד۵Њѣࢨ̳Φ າုᙋדᏉଠ۵۵Њѣࢨ̳Φ າုტЪᙋܛາЍ approximately NT$29.73 billion, combined assets of NT$931.34 billion, and combined operating Shin Kong Securities Investment Shin Kong Financial Holding Company Shin Kong Securities Co., Ltd. Consulting Co., Ltd revenue of NT$239.71 billion.
SKFHC has been integrating resources through cross-industry alliances to meet the needs of
۵Њѣࢨ̳ΦܫԸྤדᙋڄthe changing financial environment, achieve long-term growth, and reduce costs. We have also າ diversified investments to expand our operational scale, reduce financial risk, and provide a New Light Asset Management Co., Ltd. more comprehensive range of financial management services.
SKFHC will utilize its vast national sales team and service network to realize synergies through າုܲᐍགྷࡔˠ۵Њѣࢨ̳Φ ٸ joint marketing efforts and provide customers with the best, most comprehensive and most Shin Kong Insurance Brokerage Co., Ltd. convenient financial services possible. We will also continue to seek out excellent potential ீ Б partners and acquisition targets to expand our operations and develop as a preeminent one- ͵ stop provider of financial services. ࠧ ą Г ౄ າ ֧
05 06 2004 Annual Report
Ϗֽण୕
ᝋৈໂ̼̝݈̂೩˭Ă̪ڌᒔӀͪ̈́ჯ᜕۵۞ܜଠдᘦؠ۞ࢲᐍଠგăჯ̳̄ΦᘦؠјܛϏֽĂາЍ
ଠ̈́Ч̳̄Φ̝ξҫதćώ̳Φ֭ᜈ൴೭Ķ3Cᐹ๕ķĂ࿅̳̄Φม۞ளຽඕЪͽܛĂͽᕖ̂׀ᜈซҖᔉ
྿јྤώፋЪᄃྤࢦ̶੨̝ΑਕĂ֭ؼҩĶྤώड़ৈ̼ķĞCapital EfficiencyğăĶ༼ࡗјώķĞCost
ଠ̳Φܛચ۞ڇᏉநੑܛSavingğăĶϹ˽ዚķĞCross Sellingğඈტड़ĂͽјࠎָБ͞Ҝ
Future Outlook
SKFHC will continue to grow market share through mergers and acquisitions, while maintaining strong ӓछᐂܜซ ઘְڌӓܜᓁགྷநዑσԠ ְ President Frank Hong-Chi Cheng Chairman Eugene Tung-Chin Wu Vice Chairman Wu Chia-Lu risk management, steady earnings growth and high shareholder returns. Subsidiary resources will be consolidated and allocated to achieve the "3C" advantages of capital efficiency, cost saving, and cross selling, and position the company to develop into the best and most comprehensive provider of financial ลგSenior Management Team services.
ซڌӓ ܜְ Chairman Eugene Tung-Chin Wu
ӓछᐂ ܜઘְ Vice Chairman Wu Chia-Lu
ᓁགྷந ዑσԠ President Frank Hong-Chi Cheng
ٸ ൞ڠᓁቊ८ ͳ Chief Auditor Wang Wu-Ling ீ Б ઘᓁགྷந ͳ૱ර ͵ Executive Vice President Wang Chang-Hwa ࠧ ઘᓁགྷந ధመ ą Executive Vice President Victor Peng Hsu Г ઘᓁགྷந ౘ༄ጙ ౄ Executive Vice President Afuna Jui-Hsuin Chen າ ֧ Ӏڂౘ ܜੈྤ Chief Information Officer Dennis Chen
07 08 2004 Annual Report
2005ѐᒉຽࢍထ Corporate Plan for 2005
Ăᜈᕖ̂Ч̳̄Φ̝ξಞҫѣதăགྷ In 2005, SKFHC will continue to expand the market share, operation scale, and sales channels of its׀ଠ̝གྷᒉϫᇾ࿅ᔉܛᝋৈ̼̂˭ĂາЍڌ2005ѐĂдՐ۵ subsidiaries through mergers and acquisitions that maximize shareholder value and enable balanced ࠎĄѩγĂ֭ᜈፋЪЧ̳̄ΦܫԸ̈́דϫᇾͽᅙҖăᙋ׀ӮᏊ൴णĄ̚Ăᔉפᒉఢሀ̈́Җዚ఼ྮĂՐ development. Priority acquisition targets will include banks, securities brokerages, and investment trust Ą companies. The company will also further integrate products and sales channels of its subsidiaries to˧ۋଠՀξಞᚮܛથݡ఼̈́ྮĂ೩ྭຽϹ˽Җዚ̝ტЪड़ৈĂซֹ҃Ϗֽፋ࣎າЍ̝ .Ꮙ፟ၹĂᕖ̂གྷᒉఢሀ create cross-selling synergies and consolidate the overall competitive position of the groupܛ׀ăᔉ˘
ඈ̳̄Φ̝ξҫதĂᕖ 1. Expand through acquisitionsܫăԸדĂͽ೩ᅙҖăᙋ׀Ꮙ፟ၹซҖᔉܛଠᜈವՐវኳᐹ۞ܛາЍ
ĄТॡӛќᐹսˠ̖ᄃགྷᒉဥฤĂͽሤԢຽ۞ SKFHC will continue to seek out high-quality financial institutions for merger and acquisition in orderܜഇͷᘦؠ۞ᒔӀјܜଠܛဦĂՐາЍۍགྷᒉ̂ ચĄ to build market share and operational scale of its banking, securities, and investment trust subsidiariesڇ೩ֻ˘Ѩᔉ֖۞͗މચĂк઼̮ᅫ̼۞ෛĂࠎڇ and achieve stable long-term profit growth. The company will also recruit dedicated, professional, and ˟ă൴೭ܛଠტड़Ă౹ౄӀማ internationally minded talent to support its development into a provider of one-stop financial services. ĂፋЪ఼ྮăྤੈăயݡ̈́ˠ˧ྤĂ᎕ໂఢထፋЪᓁચᓑЪܜଠЧ̳̄Φགྷᒉপܛѣड़ྻϡາЍ 2. Realize synergies to maximize profit ࢫҲགྷᒉјώĂݓങ८זᏉથݡ۞నࢍ̈́ˠ˧ྤϹ߹ᄃВֳĂ྿ܛଳᔉăВТҖዚᕇ̝నϲăາ SKFHC will integrate sales channels, information, products, and human resources of its subsidiaries to ౹ౄӀማĄڌĂྤВֳ۞གྷᒉሀёĂࠎ۵˧ۋᚮ͕ fully leverage the strengths of each company. Joint procurement of general services, joint ˬăᚑॾࢲᐍଠგĂૻ̼གྷᒉវኳ establishment of sales points, exchange, and sharing of new product design and human resources will all be pursued to reduce operating costs, strengthen core competencies, and achieve maximum ΄ڱଠࠎ͕̚ซҖፋЪّ̝ྤயგநĂֹϓ̳̄ΦԸྤ˘̮̼ĂТॡᚑॾࢲᐍଠგĂᏲೈܛͽາЍ shareholder value. ଠ̳ΦĄܛᏥ۞ܫఢؠĂར၁̰ቊ̰ଠĂૻ̼གྷᒉវኳĂјࠎੑચᘦઉͷࣃ
ચ 3. Strictly manage risk and enhance quality of operationsڇѨᔉ֖̝˘͗މᏉથݡѺఱ̼Ă೩ֻܛαă൴ण
,Asset management and investment decision will be centralized in order to improve risk management މĂᖣϤВТҖዚᕇ̝నϲĂ೩ֻ͗މଠፋЪЧ̳̄Φ̝ྤĂనࢍາથݡĂ٤ण఼ྮ̈́ܛາЍ compliance, and internal control. Our goal is to become the most stable and reliable financial service ڇଠ̳ΦĄт࿅ܲᐍགྷࡔˠ̳Φ೩ֻயᐍܛચ۞ڇᏉநੑܛચĂјࠎָБ͞ҜڇѨᔉ֖̝˘͗ provider in Taiwan. јࠎҖજநੑچፂᕇĂາုຽચࣶ೩דચĂӀϡາု̶̝̳Φă̈́າЍᅙҖ̶̝ҖనϲາုტЪᙋ 4. Provide a full range of financial services ચͽӀଯणੑಱგநຽચĄڇعזࣶĂ೩ֻ SKFHC will integrate resources of its subsidiaries to design new products and expand its sales network and customer base. Through the creation of joint sales points, the company can provide one-stop 2005ѐྤܛྻϡࢍထ financial services and develop as one of the best and most diversified financial holding companies in Taiwan. Integration could take such forms as providing property insurance through Shin Kong Insurance Brokerage, utilizing the branch networks of Shin Kong Life and Shin Kong Commercial Bank Ăᕖ̂Ч׀౹Ըඈ၆෪ĂᜈซҖᔉٕדăயᐍăைܫăԸדă ᎕ໂವԱᐹኳͷѣሕ˧۞ᅙҖăᙋ˘ as sales points for Shin Kong Securities, and upgrading Shin Kong Life agents to provide financial and ̳̄Φ̝ξಞҫѣதăགྷᒉఢሀ̈́Җዚ఼ྮĄ wealth management services. Ă̏ซҖᚯྤఢထĂܛᆊᔉྤܛᐍඈ̳Φ̝னုٕܫăԸדΦтᅙҖăᙋ̳̄׀ଠ੨Ъᔉܛă າЍ˟
ٸ ܛဦᄃξಞҫѣதĂТॡ˵ΞᖣϤវኳᐹͷᒔӀָ̝̳̄Φ۞ΐˢĂᆧΐۍᏉܛଠ̝ܛͽഇᕖ̂ ଠ̝ᒉќᄃ࠳ዶ Capital Utilization Plan for 2005 ீ Б 1. High-quality potential targets will be identified in the banking, securities, investment trust, property ͵ insurance, bills financing, and venture capital sectors for acquisitions aimed at expanding market share, operational scale, and sales networks of our subsidiaries. ࠧ 2. Plans have been drafted to fund the aforementioned acquisitions. At the same time, we also expect ą mergers with high quality and profitable targets to enhance revenue and profit of the group. Г ౄ າ ֧
09 10 2004 Annual Report ૄώྤफ़ າЍܛଠᖐဦ
Ꮙଠ۵۵Њѣࢨ̳Φ Organization ChartܛາЍ
јϲ͟ഇĈ2001ѐ12͡14͟
ซڌĈӓܜְ
ົ̂ڌĈӓछᐂ ۵ܜઘְ Shareholders' Meeting ᓁགྷநĈዑσԠ Ⴞ၅ˠ ğغώᗝĈ297ᆆ̮Ğ2004ѐྤ Supervisors ৪३ ğغᓁྤயĈ9,313ᆆ̮Ğ2004ѐ Secretary to the Board ᒉຽќˢĈ2,397ᆆ̮Ğ2004ѐğ ְົ Board of Directors Ᏺೈგ΄ڱԂҘྮ˘߱66ཱི ᓁቊ८ࣘمᓁ̳ΦгӬĈ100έΔξ Chief Auditor & Compliance Officer ྖĈ886Ğ2ğ2389-5858
็ৌĈ886Ğ2ğ2389-2868 ܜְ შӬĈwww.skfhc.com.tw Chairman E-mailĈ[email protected] གྷᒉඉထ؎ࣶົ Strategic Planning Committee
ܜઘְ Vice Chairman
൴֏ˠ Spokesperson
ᓁགྷந Basic Information President ࢲᐍგந؎ࣶົ Risk Management Committee
ҖዚፋЪ؎ࣶົ Shin Kong Financial Holding Co., Ltd. Sales & Integration Committee Date of Establishment: December 14, 2001 Chairman: Eugene Tung-Chin Wu ྤੈგந؎ࣶົ Information Technology Management Committee Vice Chairman: Wu Chia-Lu President: Frank Hong-Chi Cheng ٸ Җ߆გந؎ࣶົ Capitalization: NT$ 29.7 bn. (as of Dec. 31, 2004) Administration Committee ீ Total Assets: NT$ 931.3 bn. (as of Dec. 31, 2004) Б Total Operating Revenues: NT$ 239.7 bn. (for the year 2004) ઘᓁགྷந ઘᓁགྷந ઘᓁགྷந ͵ Head Office: 66, Chunghsiao West Road, Sec. 1, Taipei, Taiwan Executive Vice President Executive Vice President Executive Vice President ࠧ Tel: 886(2) 2389-5858 ą Fax: 886(2) 2389-2868 Г Website: www.skfhc.com.tw ౄ Ըྤˠᙯܼొ ྤੈგநొ ົࢍొ E-mail: [email protected] Investor Relations Dept. Information Management Dept. Accounting Dept. າ ֧ ტЪЋထొ Җ߆გநొ ࢲᐍგநొ Corporate Planning Dept. Administration Dept. Risk Management Dept.
11 12 Client ג᜕ଋϠ̚Տ˘࡚࣎рॡר າЍˠု
SHIN KONG LIFE INSURANCE CO., LTD. .າЍˠုܲᐍ۵Њѣࢨ̳Φ Shin Kong Life Insurance Co., Ltd
јϲ͟ഇĈ1963ѐ7͡30͟ Date of Establishment: July 30, 1963
Chairman: Eugene Tung-Chin Wu ซڌĈӓܜְ Vice Chairman: Wu Chia-Lu Ĉӓछᐂܜઘְ President: Pan Po-Tseng
(ğ Capitalization: NT$ 36.2 bn. (as of Dec. 31, 2004غώᗝĈາέ။ᓁགྷநĈምߦᐃ362ᆆ̮Ğ2004ѐྤ (ĞӣপҾ۵ğ (incl. preferred stock
Total Assets: NT$ 834.4 bn. (as of Dec. 31, 2004)
Operating Revenues: NT$ 236.7 bn. (for the year 2004) ğغᓁྤயĈາέ။8,344ᆆ̮Ğ2004ѐ Head Office: 66, Chunghsiao West Road, Section 1, Taipei, Taiwan ᒉຽќˢĈາέ။2,367ᆆ̮Ğ2004ѐğ Tel: 886 (2) 2389-5858
ԂҘྮ˘߱66ཱི Fax: 886 (2) 2375-8688مᓁ̳ΦгӬĈ100 έΔξ
ྖĈ886www.skl.com.tw (2) 2389-5858 Website: www.skl.com.tw
E-mail [email protected] E-mail: [email protected] ็ৌĈ886Ĉ (2) 2375-8688
შӬĈ
13 14 2004 Annual Report
Mission
Shin Kong Life (SKL) adheres to the corporate spirit of "bringing new hope to the land and service to the community", the operational concepts of "innovation, service, sincerity, and giving back to society," and the mission of "making insurance available to all and providing security for every family." SKL is dedicated to setting the standard in its industry for financial stability, reliability, service quality, and continuous operation. Through product innovation and attentive service, we aim to become an international insurer هЋຽந providing comprehensive financial services to meet the diverse financial and insurance needs of our
.customers هăа㒝ķ۞གྷᒉநܫચăྕڇચķ۞ЋຽჟৠĂፘϲĶ౹າăڇາЍˠုۧĶдг۞າЍăг۞
ચݡኳрăϖڇᏥăܫĂͽĶˠˠѣܲᐍăछछѣܲᅪķࠎֹĂՙ͕གྷᒉ˘छੑચᘦઉăࣃ
ચķ۞઼ᅫ̼ܲڇᏉநੑܛચ෭͕Ă֭ഇధਕјࠎָĶБ͞Ҝڇᜈགྷᒉ۞ܲᐍ̳ΦĂ̙Ϊથݡ౹າă ચĄ Company Introductionڇ౹ౄՀк̮̼۞͗މᐍ̳ΦĂࠎ Established on July 30, 1963, SKL has steadily grown over the past 42 years through its commitment to ̳Φᖎ̬ providing comprehensive protection and financial services, guided by the principles of "putting the customer first" and "serving with sincerity." At the end of 2004, SKL had total assets of NT$834.39 billion and about 6.34 million individual life and health policyholders. With a staff of 16,895 employees, the
.company posted operating revenue of NT$236.7 billion, making it one of the top life insurers in Taiwan މ୧Ăࠎܫચྕᑗķ۞ЋຽڇҌ˯ăމ1963ѐ7͡30͟Ă።གྷ42ѐᘦઉགྷᒉĂۧĶᜪٺາЍˠု౹ϲ Since its foundation, SKL has been a leader in corporate citizenship and an important contributor to Φᓁྤய8,343ᆆ8,604༱̮Ă࣎ˠုᐍ̈́ઉᐍࡗѣड़ݵ̳غચĄ2004ѐڇ೩ֻԆච۞ܲᅪᄃநੑ͗ Taiwan's economic development. In addition to providing professional and efficient insurance and financial ᐍຽ݈ࠧࡱĄܲاࡗ634༱ІĂࣶ̍ᓁᇴ16,895ˠĂᓁᒉຽќˢ2,366ᆆ9,768༱̮ĂҜ services and a fast and high-precision electronic service network, SKL has earned the support and trust of
ϲჟ society through its active involvement in social welfare and public diplomacy. In future, the company willޙચĂڇώ̳ΦؕિචႽЋຽ۞ۤົయЇĂ˧ᚥགྷᑻ൴णĂ่̙೩ֻຽड़த۞ܲᐍநੑ
.ᏥĄώ̳Φԓ୕࿅࿆̈́Б઼۞ continue to broaden the reach of its services through its national network of offices and service staffܫؠᄃۺົۤצચშĂՀࢦෛۤົ̳ৈă઼ϔγϹĂ౯ڇቁ֝ి۞e̼
ચĄڇཏ೩ֻຽᄃड़த۞͗މચˠࣶĂࠎᇃ̂۞ڇፂᕇ̈́
ڶᒉྻໄ
SKL’s strong customer resources and high quality sales force have provided a strong basis for the company’sOperating success. Subsequent Status to a reorganization to strengthen its operation, SKL achieved outstanding performance in 2004 and was awarded the 15th National Quality Award. The integration of new products, ཏăᐹս۞ຽચዚဥฤĂј˞າЍˠုฯݓ۞ૄᖂć።གྷЋຽԼ͗މĂ·۞ޢଠវրܛΐˢາЍ ٸ sales channels and resources from other SKFHC subsidiaries has enabled SKL to grow steadily. First-year ଠЧ̳̄Φкᇹ̼۞ܛ˯ؠĂГΐۺछݡኳረ۞઼ب̣˩ౄវኳૻ̼Ă2004ѐຽᒻܑனᐹளĂၷᒔௐ premium revenue reached a record NT$50.1 billion, up NT$18.5 billion from the year before, while total ீ ќˢ501ᆆ̮ БܲޘѐܐĂܜથݡăк̮̼۞Җዚ఼ྮĂͽ̈́࠹ᙯЋຽ۞ᖳಱྤĂώ̳Φຽᒻᘦؠј premium revenue has increased by NT$18.2 billion to reached a historic high of NT$150.6 billion. ͵ 182ᆆ̮Ă࠰౹˭јϲͽֽࡔᐂĄܜ185ᆆ̮ ćᓁܲќˢ1,506 ᆆ̮Ăྵ݈ѐј ܜĂྵ݈ѐј ࠧ ą Г ౄ າ ֧
15 16 2004 Annual Report
ϏֽᙸഀFuture Outlook
ତԣి҃Ԇፋۡ͗މચ͕̚۞ΑਕĂͽ೩ֻڇચ͕̚ᄃБ઼ڇ͗މण୕ϏֽĂາЍˠုᖣϤૻ̼შྮă0800
ଠ൴णĂ᎕ໂଯજܛćฟ٤к̮̼Җዚ఼ྮĂ੨Ъۋચć֭᎕ໂฟ൴າથݡĂͽЯᑕܲ͗۞ᅮՐ̈́ξಞᚮڇ۞
ౙјϲܲᐍ̳̄ΦĂ͘ฟ൴̂ౙܲᐍξಞćଯજ̙જயᙋ̂ٺĶϹ˽ҖዚķĂᆧΐາݵࡗຽચ۞ֽćఢထ
ϡड़ৈĄྻܛຽચăᆧΐ઼γԸྤּͧĂᆧซྤ̼ד
SKL will continue to enhance the functions of its toll-free call center and national service center network in order to provide direct, prompt, and comprehensive customer support. The company will continue to develop innovative products to meet evolving customer and market needs, and expand and diversify its sales channels in line with the overall development of SKFHC to promote cross-selling and tap new revenue sources. In addition, SKL plans to establish a subsidiary in mainland China to develop our insurance business there. The company will also enhance the efficiency of its capital utilization through real estate securitization and increased emphasis on overseas investment.
ಏҜĈາέ။ֿ༱̮ ᒉຽͧࢦRevenue Mix 2004 ( in NT$ Millions ) ӓछᐂܜซ ઘְڌӓܜᓁགྷநምߦᐃ ְ President Pan Po-Tseng Chairman Eugene Tung-Chin Wu Vice Chairman Wu Chia-Lu 2004ѐޘܲќˢ Ѻ̶ͧ% ีϫ Business Area Premium Income in 2004 Share of Total ࣎ˠုᐍ Individual Life Insurance 102,417 66.24 ลგSenior Management Team ࣎ˠઉᐍ Individual Health Insurance 11,461 7.41 ࣎ˠ๋चᐍ Individual Accident Insurance 8,597 5.56 ซڌӓ ܜְ ѐܛܲᐍ Annuity Insurance 30,610 19.80 Chairman Eugene Tung-Chin Wu ӓछᐂ ဥវܲᐍ Group Insurance 1,533 0.99 ܜઘְ Vice Chairman Wu Chia-Lu ᓁܲќˢ Total 154,618 100.00 ᓁགྷந ምߦᐃ President Pan Po-Tseng ൞ڠᓁቊ८ ͳ Chief Auditor Wang Wu-Ling ઘᓁགྷந ౘ઼Մ Executive Vice President Chen Kuo-Tsai ٸ ઘᓁགྷந ͳ૱ර Executive Vice President Wang Chang-Hwa ீ Б ڗઘᓁགྷந ͳࡷ Executive Vice President Wang Maw-Song ͵ ઘᓁགྷந ౘ༄ጙ Executive Vice President Afuna Jui-Hsuin Chen ࠧ ੑચܜ ధመ ą CFO Victor Peng Hsu Г Ըྤܜ ӕ͛፲ ౄ CIO Ian Man-Chee Lui າ Ӏڂౘ ܜੈྤ ֧ Chief Information Officer Dennis Chen
17 18 2004 Annual Business Grouth, 2000~2004 Reportڶໄܜѐຽચј̣ܕ ѐຽચͧྵဦBusiness Review, 2000~2004̣ܕ
0 ಏҜĈາέ။Ζ̮ 15 0 0, ( in NT$ Thousands ) 4 60 5 5 48 1, ,3 ,8 3 42 25 1 ,1 2 21 ѐޘ Year 2004 2003 2002 2001 2000
7 51 ᐍາݵࡗܲᅪ 225,657,842 156,028,419 156,334,130 356,848,138 385,960,372ု ,8 29 35 ,8 5, Ordinary Life New Bussiness 44 54 ,2 ,7 5 8 6 6 03 Ѫ˸ᐍ 163,867,242 92,112,134 105,789,594 221,372,882 209,356,377 ,2 5, 0 03 Insurance Against Death 25 ,9 0, 4 54 '00 '01 '02 '03 '04 4, ϠѪЪᐍ 61,790,471 63,916,044 50,544,462 135,463,766 176,515,660 Endowment ಏҜĈາέ။Ѻ༱̮(in NT$ millions) ܐѐޘܲќˢ Ϡхᐍ 130 241 73 11,490 88,335 Pure Endowment First Premium for New Business າݵࡗ˘Ѩܲࠎາέ။501ᆆ5,081༱̮ ုᐍѣड़ݵࡗܲᅪ 3,542,450,771 3,432,319,283 3,423,711,233 3,403,817,791 3,107,219,503غޘώѐ ྵ˯ѐޘᆧΐ185ᆆ4,983༱̮Ą Ordinary Life Insurance in Force The first premium for new business in 2004 amounted '00 '01 '02 '03 '04 Ѫ˸ᐍ 1956,055,799 1,875,675,764 1,860,806,580 1,843,958,905 1,693,001,304 to NT$50.2 billion, an increase of NT$18.6 billion ಏҜĈІ(number of policies) Insurance Against Death from last year's. ᐍѣड़ݵࡗІᇴ ϠѪЪᐍ 1,575,210,948 1546,434,670 1,553,216,370 1,551,605,451 1,405,294,970ု Ordinary Life Insurance Policies in Force Endowment (Ω࣎ˠઉᐍࡗЪࢍࠎ6,286,846Іğ Ϡхᐍ 11,184,024 10,208,849 9,688,283 8,253,435 8,923,229 Pure Endowment ޘᐍѣड़ݵࡗІᇴࠎ535༱8,517ІĂྵ˯ѐုغޘώѐ 7 65 0, ᆧΐ11༱3,688ІĄ 07 15 ܲќˢ 150,657,268 132,407,196 115,114,414 111,874,465 101,131,596 ,4 The number of Ordinary Life Insurance in force was 4 2 Premium Income 1 13 74 ,1 5,358,517 in the end of 2004, and it showed an increase ,8 14 1 11 1 of 113,688 from last year's. 13 1 ϠѪЪᐍ 66,059,856 66,968,574 63,629,094 64,516,269 56,346,815 1, 10 Endowment Ѫ˸ᐍ 35,920,720 29,637,921 29,912,627 27,990,316 27,211,950 Insurance Against Death
86 ѐܛᐍ 30,609,867 13,723,685 265,193 347,487 209,400 1 ,3 Annuity Insurance 2 34 84 2 ,7 8 ,4 02 08 5 8 8, 7 64 52 9 ࣎ˠઉᐍ 11,461,490 11,180,781 10,653,568 9,604,709 7,369,108 1, 5 '00 '01 '02 '03 '04 47 Individual health Insurance
ಏҜĈາέ။Ѻ༱̮(in NT$ millions) ࣎ˠ๋चᐍ 8,596,922 8,670,941 8,337,107 6,989,842 7,722,939 ᓁܲќˢ Individual Accident Insurance Total Premium Income ဥវᐍ 1,532,783 1,521,251 1,499,048 1,557,018 1,344,184 ώѐޘᓁܲࠎາέ။1,506ᆆ5,727༱̮ Group Insurance ٸ ᆧΐ182ᆆ5,007༱̮Ăᆧΐதࠎ13.78%Ąޘѐ˯ྵ Ϡхᐍ 436,660 459,137 491,601 530,769 616,151 In 2004 total premium income was NT$150.6 billion, '00 '01 '02 '03 '04 Pure Endowment ீ an increase of NT18.2 billion or 13.78% higher ಏҜĈາέ။Ѻ༱̮(in NT$ millions) Б compared to the previous year. Ӏिќˢ 25,945,227 19,903,362 17,827,588 18,798,078 18,348,906 ᓁྤய Interest Income ͵ Total Assets Ըྤќৈ 12,053,986 12,918,718 8,208,702 10,728,851 902,314 ࠧ ώѐޘᓁྤயࠎາέ။8,343ᆆ8,604༱̮Ăྵ˯ѐޘ Investment Income ą ᆧΐ1,256ᆆ6,527༱̮Ăᆧΐதࠎ17.73%Ą 51,564,006 50,139,195 51,803,772 47,993,781 45,640,054 Total assets in 2003 were NT$834 billion, an increase ܲᐍග; Г Maturity & Claims Paid of NT$ 125.6 billion or 17.73% higher compared to the ౄ previous year. యЇ౯ܛ 766,558,510 655,573,243 568,059,809 488,504,178 422,481,801 າ Policy Reserves at Year End ֧ ᓁྤய 834,386,043 708,720,768 598,022,296 528,484,824 471,645,070 Total Assets
19 20 2004 Annual Report
າЍˠုᖐրဦ Organization Chart
Shareholders' Meeting ົ̂ڌ۵
Ⴞ၅ˠ Supervisors
Board of Directors Chief Auditor Office ވְົ ᓁቊ८Ᏹ̳
Chairman of Chairman's Office ވᏱ̳ܜְ ܜְ the Board of Directors ( Corporate Planning Center, Secretarial Center)
)ტЪЋထă৪३*
Vice Chairman of ܜઘְ the Board of Directors
President Compliance Office ވᏲೈგᏱ̳΄ڱ ᓁགྷந
Sales Administration Dept. e-Business Service Dept. ઘᓁགྷந Executive Vice President
.ચొ Sales Promotion Dept. Secretarial Deptڇᒉຽგநొ ̄થચ
ᒉຽଯणొ ৪३ވ Marketing Dept. General Affairs Dept. ந Vice Presidentם णຽొ ᓁચొ Sales Dept. Public Affairs Dept. ຽચొ ̳Вְચొ Market Development Dept. Field Planning Dept. ξಞฟ൴ొ γચЋထొ
.ฟ൴ ࡁ࣒ొ Group & Personal Accident Training & Education Deptొڌ Insurance Dept. ဥវຍγᐍొ ঔγְચొ East Region Overseas Affairs Dept. Development Dept. Җዚ఼ྮొ ̂ౙຽચᚯ౯ Sales Channel Dept. China Business Office ܛᏉܲᐍొ ტЪЋထొ ٸ .ొ થݡฟ൴ొ Bancassurance Dept. Actuarial & Planning Deptܲ ீ நኪొ ੑચొ Premium Administration Product Development Dept. Dept. Б ચొ ົࢍొڇ͗ܲ /86ኝ/ވώ̳Φᖐċᓁ̳Φ39ొ Claim Dept. Finance Dept. ͵ ચ͕̚ ྤயๅგநొ SKL Organization: Head Officeڇ͗މ1ିֈ͕̚/4г͞ࡁ࣒/ 080 (39 departments and offices / 86 sections ࠧ .2̂ౙܑ/1ࢶപᏱְ Policyholder Service Dept. Accounting Dept Җ߆გநొ ઼̰Ըྤొ / 1 training center / 4 regional study centers ą ̶͚፟ၹċ21̶̳Φ 301఼ੈ / 2 representative offices in mainland China Җ߆ఢထొ ઼ᅫԸྤొ CTI Call Center Asset & Liability Г / 1 representative office in Hong Kong Management Dept. ഠొٸ ċ188ഏ ˠ˧ྤొޙҋѣ Branch Network: 21 branches; Contract Administration Domestic Securities ౄ Dept. Investment Dept. ચొ ̙જயొ 301 communication offices າڇੈྤ ચ͕̚ċ17ڇ Buildings owned: 188 ğ Administration International Investmentغࣶ̍ᓁᇴċ16,895ˠĞ2004ѐ12͡ ֧ .Service Centers: 17 Planning Dept. Dept ొדրొ ̙જயᙋੈྤ Total Employees: 16,895 (as of end of 2004) Human Resources Dept. Loan Dept.
Information Technology Real Estate Dept. Service Dept.
Information Real Estate Securitization 21 System Dept. Dept. 22 Service ચឰଋ۞ੑಱՀΐᆧࣃڇຽ
ᄂ៉າЍથຽᅙҖ
TAIWAN SHIN KONG COMMERCIAL BANK CO., LTD. .ᄂ៉າЍથຽᅙҖ۵Њѣࢨ̳Φ Taiwan Shin Kong Commercial Bank Co., Ltd
Renamed Shin Kong Commercial Bank: November 15, 2004 ՀЩ͟ഇĈ2004ѐ11͡15͟ (Originally United-Credit Commercial Bank established on July 1, 2000) (ࣧࠎ2000ѐ7͡1͟јϲ̝ᓑܫથຽᅙҖ) Chairman: Patrick C.J. Liang ܛĈୖјܜְ President: Lee Tseng-Chang
(Capitalization: NT$ 10.6 bn. (as of Dec. 31, 2004 پᓁགྷநĈՂᆧ
(ğ Total Assets: NT$ 86.3 bn. (as of Dec. 31, 2004غώᗝĈາέ။106ᆆ̮Ğ2004ѐྤ
Total Operating Revenues: NT$ 2.4 bn. (for the year 2004) ğغᓁྤயĈາέ။863ᆆ̮Ğ2004ѐ
,ԂҘྮ˘߱66ཱི Head Office: 27F & 28F, 66, Chunghsiao West Road, Sec. 1مᓁ̳ΦгӬĈ100έΔξ ᒉຽќˢĈາέ။24ᆆ̮Ğ2004ѐğ 27ሁ̈́28ሁ Taipei, Taiwan
Tel: 886 (2) 2389-5858
Fax: 886 (2) 2312-0164
ྖĈ886Ğ2ğ2389-5858 Website: www.skbank.com.tw
E-mail: [email protected] ็ৌĈ886Ğ2ğ2312-0164
შӬĈwww.skbank.com.tw
E-mailĈ[email protected] 23 24 2004 Annual Report
Mission هЋຽந
Հ൴ To enhance competitive capacity and operational effectiveness through prudent management of itsޢĂ͟هਕ˧ᄃᒉྻᒻड़ĂߏາЍᅙҖ˘ర۞གྷᒉநۋિᆶຕăᘦઉ۞གྷᒉࣧĂᜈ೩ᚮ ೭Ϲ˽Җዚტड़Ăͽ೩̿ώҖξҫதĄ business has always been Shin Kong Commercial Bank’s (SKCB) guiding principle. In the future, we will continue to build market share through realizing cross-selling synergies and other sources.
̳Φᖎ̬
થຽᅙҖķĂ Company Introductionܫనϲ֭តՀᖐ̝Ķᓑ׀Ъܫ˘ڌލᄃܫາЍᅙҖ̝݈֗Ăࠎ2000ѐ7͡1͟Ϥέ̱̚
Ꮙଠ۵۵Њѣࢨ̳ΦĂјࠎѺ̶̝Ѻ۵̝̳̄ΦĂТѐ11͡15͟ϒܛ2004ѐ9͡30͟ϒёৼˢາЍ SKCB was established on July 1, 2000, as United-Credit Commercial Bank through the merger of Taichung ёՀЩࠎĶᄂ៉າЍથຽᅙҖ۵Њѣࢨ̳ΦķĄ Sixth Credit Cooperative and Pingtung First Credit Cooperative. The bank became a wholly owned subsidiary of SKFHC on September 30, 2004; on November 15 it was renamed Taiwan Shin Kong Commercial Bank Co., Ltd.
Operating Status ڶᒉྻໄ After joining SKFHC, SKCB has embarked on an NT$10.65 billion capital increase project that enabled its transformation into a national-scale commercial bank. On December 22, 2004, Taiwan Ratings upgraded ᆧྤҌྤώᓁᗝາέ။ܛТѐ11͡30͟ТॡᏱநனٺଠĂ֭ܛ2004ѐ9͡30͟ϒёΐˢາЍٺາЍᅙҖ the bank's credit ratings from "twBB+" and "twB" to "twA-" and "twA-2," its credit-worthiness from ϡෞඈܫൺഇܜϡෞඈ̳ΦώҖܫĂϒёјࠎБ઼ّથຽᅙҖćТѐ12͡22͟Հᒔ̚රޢ106.5ᆆ̮ "relatively weak" to "strong," and its outlook to "stable," greatly elevating the bank's competitive twBB+ twB twA- twA-2 ,(ਕ˧ՀϤĶൾऴķ಼̂೩̿Ҍ position. On April 28, 2005, U.K.-based Fitch Ratings gave SKCB a long-term credit rating of A (twnܫϤࣧА۞Ķ ķ̈́Ķ ķ಼̂አ̿ҌĶ ķ̈́Ķ ķĂๅ .ϡෞඈ̳Φ(Fitch Ratings) short-term credit rating of F1 (twn), and a "stable" long-term ratings outlookܫĄΩࡻથ઼ᅫ˧ۋώҖ۞ᚮچĶૻķĂෞඈण୕ࠎĶᘦؠķĂ̂̂೩ ഇෞඈण୕ϺࠎĶᘦؠܜϡෞඈࠎF1(twn)ĂܫϡෞඈࠎA(twn)Ăൺഇܫഇܜ2005ѐ4͡28̳͟ҶώҖٺ These numbers reflect the rapid turnaround that SKCB has achieved. In the year to December 31, 2004, ķĄ the bank increased its total deposits to NT$74.68 billion, up by NT$10.04 billion; the value of its
ᆧΐ outstanding loans to NT$54.34 billion, an increase of NT$2.14 billion; the number of issued credit cards tô಼غхഠᓁዶᗝ746.8ᆆ̮Ăྵ2003ѐغពᖼָĂт2004ѐځĂώҖᒉྻᒻड़ޢଠ̝ܛΐˢາЍ 230,000 cards, an increase of 100,000 cards. In the same comparison period, the NPL ratio fell to only ಼̂غϡΙᓁ൴Ιᇴ23༱ૺĂྵ2003ѐܫ;ᆧΐ21.4ᆆ̮غഠᓁዶᗝ543.4ᆆ̮Ăྵ2003ѐٸ;100.4ᆆ̮ 2.29%, far below the industry average of 2.78%; the broad-based NPL ratio was reduced to 2.68%, again ٸ Б઼ᅙҖТຽπӮᇴ2.78%;ᇃٺࢫҲ1.94%ĂᅈҲ಼̂غதࢫࠎ2.29%Ăྵ2003ѐͧٸᆧΐ10༱ૺć࿈ beating the industry average (3.80%) by a wide margin. All of these figures indicate a sharp improvement ீ ځБ઼ᅙҖТຽπӮᇴ3.80%ćώҖྤயݡኳٺதࠎ2.68%Ăྵ2003ѐ಼̂ࢫҲ2.8%Ă̪ᅈҲͧٸཌྷ࿈ in the bank's asset quality. ពᖼָĄ Б ͵ ࠧ ą Г ౄ າ ֧
25 26 2004 Annual Report
Ϗֽण୕
چ࠼ĂᖣϤᖳಱྤ۞೯ĂώҖΞ٤णາ۞Җዚ఼ྮĂ൴೭Ϲ˽Җዚტड़Ă೩ޢ۞˧ଠࠎૻܛѣ˞າЍ
2005ѐ7͡5͟ϒёฟٺચĂੵ̏ᒔࣞనϲ઼γొĂ֭ࢍڇމξಞҫѣத֭೩ྤயྻϡड़தćࠎᜈૻ̼ᜪ
ॡΞᒺൺώҖᄃБ઼Чгϔி۞بચన౯ĂڇБ઼ᆧన300έҋજ̼ٺޘѐ̫ٺᅮՐγĂՀᑢމચᇃ̂ᜪڇຽĂ
ચćᅙҖБࢬe̼۞ଯજڇᗓćҡᐌۤົ۞ਔજ̈́ഈШ઼ᅫ̼۞ཙՎᔙซĂ೩ֻঐ۰ѣड़۞ੑಱგந
Ăഇֹགྷᒉᛈ֎ࢨؼҩĂ౹ౄՀָ۞ᒉྻᒻड़Ą
Future Outlook
With the strong financial backing of SKFHC, SKCB will further expand its sales channels, realize synergies پᓁགྷநՂᆧ ܛјୖܜְ ChairmanPatrick C.J. Liang PresidentLee Tseng-Chang from cross-selling, expand its market share, and achieve more efficient asset utilization. In order to enhance customer services, the bank received approval to establish an international department, which is expected to become operational on July 5, 2005. It is also adding 300 ATM machines to its service ลგSenior Management Team network to provide greater banking convenience and accessibility. Through such measures, SKCB will develop and internationalize its operations to provide superior wealth management services that meet the evolving needs of its customers. The bank will also promote full-scale e-banking services in order to ܛјୖ ܜְ Chairman Patrick C.J. Liang expand its service scope and further enhance its operational performance. پᓁགྷந Ղᆧ President Lee Tseng-Chang ٸ ீ ধЍڒ ᓁቊ८ Chief Auditor Lin Lieh-Kang Б ઘᓁགྷந เԈ̥ ͵ Executive Vice President Huang Hung-Jen ࠧ ઘᓁགྷந ͳᰎ ą Executive Vice President Wang Shi-Hseng Г ౄ າ ֧
27 28 2004 Annual Report ચCustomer Servicesڇ͗މ
ᒉຽีϫBusiness Scope
͚ைхഠצќ Checking deposits
߿ഇхഠצќ Demand deposits
ؠഇхഠצќ Business GrowthڶໄܜTime deposits ຽચј
*ޢഠ )ࢦበٸഇܜᏱநൺഇă̚ഇă̈́ ѐޘ/Year2004 2003(restated) 2002 2001 2000 Short-term, mid-term, and long-term loans
Ᏹநைፂ෭ன ᓁྤய 86,280 69,260 62,005 64,505 69,066 Discounted notes Total assets
ᒉຽќˢ 2,355 2,450 2,997 3,897 2,252 דᏉๅܛ̈́דă̳ΦๅדԸྤ̳ๅăൺഇை Government bonds, short-term notes and bills, corporate bonds, and financial bonds Operating Income
Ᏹந઼̰๗Ҹ хഠዶᗝ 74,684 64,643 55,578 58,153 62,108 Domestic remittances Deposits
ഠዶᗝ+ 54,343 52,202 46,946 45,957 47,196ٸ Ᏹநથຽ๗ை̝ٚҸ Commercial drafts Loans*
ќഠีዶᗝ 1,252 2,382 6,622 3,999 4,946๊ ېϡܫᘪ൴઼̰ Letter of credit issuance Balance of overdue receivables Ᏹந઼̰ܲᙋຽચ ഠዶᗝӣ๊ќഠีዶᗝ ಏҜĈາέ။ֿ༱̮ٸ* Domestic guarantees *Includes balance of overdue receivables ( in NT$ Millions ) நќ;ഠี Agency collections and payments ă̳Φๅ̳̈́Φ۵ை ᒉຽͧࢦRevenue Mixדዚ̳ๅă઼ऱ Agency sale of government bonds, treasury bills, corporate bonds, and corporate stocks
Ᏹநܲგ̈́ࣗऱຽચ ܛᗝ ͧத Custodial and warehousing business Revenue Share of Total Ᏹந১ܲგቐຽચ Rental of safe deposit boxes Ӏिќˢ 2,133 90.57% Interest income ٸ ચຽચڇᏱநᄃᒉຽે˯Чഠຽચѣᙯ̝ந Agency services related to items of business listed on the bank's business license ͘ᜈќˢ 154 6.54% ீ Processing fee income Б Ᏹந෴γ။னด̈́ॠҖ͚ைຽચ ͵ Ӏৈ 67 2.85%דForeign-currency cash and traveler's check transactions ෴ை Gains on transactions of bills and securities ࠧ ᏱநܫϡΙຽચ ą Credit card services ҸೱӀৈ 1 0.04% Exchange gains Г ܛĞᅙğ။ᄃܛĞᅙğຽચ ౄ Agency sale of gold coins, silver coins, gold bullion, and silver bullion Ъࢍ 2,355 100% Total າ ֧ ८ؠᏱந̝ຽચڱຽܫᏱநֶ Businesses approved under the Trust Business Law ಏҜĈາέ။ֿ༱̮ ( in NT$ Millions )
29 30 2004 Annual Report έ៉າЍથຽᅙҖᖐրဦ Organization Chart
ົ̂ڌ۵ Shareholders' Meeting έΔ̶Җ Taipei Branch
Ⴞ၅ˠ າϠ̶Җ Shinsheng Branch Supervisors າఄ̶Җ Shinjuang Branch
ְົ ̶̚Җ Jhonghe Branch Board of Directors ᓁቊ८ ቊ८ވ ॿ̶Җ Taoyuan Branch Chief Auditor Audit Department ܜְ ѻΔ̶Җ Chairman Jhubei Branch
າѻ̶Җ Hsinchu Branch
ᒉຽొ Operation Dept.
Җ Jhongming Branch̶ځم ᓁགྷந
President ೇᎸ̶Җ Fushing Branch
ࣶົ ͪ⏬̶Җ Shueinan Branch؎ Committees Δ͏̶Җ Bitun Branch
ઘᓁགྷந Ҙ͏̶Җ Situn Branch Executive Vice President Ш˯̶Җ Siangshang Branch ৪३ވ Secretariat ˩ϥ̶Җ Shihjia Branch ᓁચވ General Affairs Dept. ݭ̶Җ Gongyi Branchٽৈᖎ̳ Ћထވ Marketing & Planning Dept. ϖщ̶Җ Yong-an Branch .Human Resources Dept ވˠְ ݭ̶Җ Taiping Branchٽπᖎ͉ ົࢍވ Accounting Dept. Җ Dali Brancĥ̶֧ ݑડડા͕̚ ྤੈވ Information Service Dept. ݭ̶Җ Daya BranchٽSouthern Taiwan Office ̂ฮᖎ
Sales Dept. ݭ̶Җ Wurih Branchٽຽચొ ন͟ᖎ ̚ડડા͕̚ ᆶߤొ Loan & Credit Dept. Central Taiwan Office ฯ̶Җ Kaohsiung Branch
Җ Pingtung Branch̶ڌލ .ొ Trust Deptܫ Δડડા͕̚ ٸ ̶Җڌ ܫϡΙ͕̚ Credit Card Center Northern Taiwan Office Dongyuan Branch ீ Ϡ̶Җ ઼γొᚯ౯̈ Intl. Bkg. Dept. Preparatory Office Hesheng Branch Б ྤܛ̈ ༱̶̜Җ Wandan Branch ͵ Treasuary Team ࠧ ݭ̶Җ Jiouru Branchٽтᖎ˝ ą ݭ̶Җ Shepi Branchٽϩᖎۤ Г ౄ າ ֧
31 32 Prompt ჟቁೠ೪౹ౄੑಱ۞થ፟
דາုტЪᙋ
SHIN KONG SECURITIES CO., LTD .۵Њѣࢨ̳Φ Shin Kong Securities Co., LtdדາုტЪᙋ
јϲ͟ഇĈ2001ѐ12͡14͟ Date of Establishment: December 14, 2001
Chairman: Lin Ming-Shing ߐځڒĈܜְ President: Lu Chan-Hsiung ᓁགྷநĈᎊणฯ Capitalization: NT$ 4.1 bn. (as of Dec. 31, 2004)
(ğ Total Assets: NT$ 8.9 bn. (as of Dec. 31, 2004غώᗝĈາέ။41ᆆ̮Ğ2004ѐྤ
(ğ Total Operating Revenues: NT$ 0.5 bn. (for the year 2004غᓁྤயĈາέ။89ᆆ̮Ğ2004ѐ
Head Office: 4F, 456, Hsinyi Road, Section 4, Taipei, Taiwan ᒉຽќˢĈາέ။5ᆆ̮Ğ2004ѐğ Tel: 886 (2) 2345-1668 ᓁ̳ΦгӬĈ110έΔξܫཌྷྮα߱456ཱི4ሁ Fax: 886 (2) 2345-4233 ྖĈ886 (2) 2345-1668 Website: www.sksc.com.tw
็ৌĈ886 (2) 2345-4233 E-mail: [email protected]
შӬĈwww.sksc.com.tw
E-mailĈ[email protected]
33 34 2004 Annual Report Mission
Shin Kong Securities (SKS) is committed to providing corporates and individuals with professional and dependable financial and investment services, backed by a highly experienced management team and guided by the principles of specialized management, steady and sustainable operations, and the pursuit of excellence. We aim to create the maximum value for shareholders, and to provide our customers with the best and most comprehensive investment and financial services possible. Company Introduction هЋຽந
ў؟ีˬϤຽဥฤᅳጱགྷᒉĂώĶຽ̼გநăᘦઉ̈́ϖᜈགྷᒉăՐᒻड़ᒔӀķඈדາုტЪᙋ SKS provides a full range of securities brokerage, trading, and underwriting investment services. Since ౹ౄᆊࣃĂјࠎָڌચგĂТॡࠎ۵ڇᏥ۞ᚯྤ̈́ԸྤܫĂࠎЋຽ̈́ۤົ̂ி೩ֻຽăࣃ December 14, 2001, the company has operated as a subsidiary of SKFHC. થĄדĶБ͞ҜԸྤநੑķᙋ۞ Over the past three years, SKS has achieved substantial operational and business benefits through its close integration with SKFHC. As of the end of 2004, the company had 149 employees and total assets of ̳Φᖎ̬ NT$8.86 billion. Operating income for the year was NT$0.46 billion. The company is headquartered in Taipei's financial district. It also has branches in Banciao, Songjiang Road, and Taichung, as well as two થĂ2001ѐ12͡14͟ᄃາЍˠုЪາ "EZ Wealth Management Centers." The company plans to expand its branch network by sharing outletsדགྷᒉีϫΒ߁གྷࡔăҋᒉ̈́ٚዚຽચࠎ˘ტЪᙋדາုტЪᙋ
ଠ̳̄ΦĂ̫֞̏႕ˬѐĄ with other SKFHC subsidiaries so as to provide more convenient service to its customers and expandܛᏉଠ۵۵Њѣࢨ̳ΦĂјࠎາЍܛЍ market share. SKS is also developing new financial products to provide a wider range of service solutions .ଠ̳̄ΦซҖፋЪĂፋЪТॡ၆̳Φᒉྻ̈́ຽચӮֽ၁ᅫड़ৈĄҌ2004 for its customersܛӈ᎕ໂᄃޢଠܛώ̳Φΐˢ ڗăڕཌྷᓁ̳ΦăܫĂᓁྤய88.6ᆆ̮Ăࣶ̍ᓁᇴ149ˠĂ2004ѐᓁᒉຽќˢ4.6ᆆ̮Ăϫ݈ጾѣغѐ
ଠٙᛳ̳̄Φ̝ܛચĂᚶᜈᄃڇѯ̈́έ̶̳̚Φ̈́˟EZநੑ͕̚ᕢᕧᒉຽፂᕇĄࠎΐૻ၆Ըྤˠ۞ Operating Status ڇՀк̮۞͗މᏉயݡ೩ֻܛચშඛĂѩγϺࡁ൴ЧڇፂᕇፋЪĂᕖ̂གྷࡔຽચξҫதĂ൴णБ઼ ચĄ In 2004, SKS restructured its revenue sources to enhance income stability. In the brokerage segment, the company launched its Banciao, Songjiang, and Taichung branches. Fitch Ratings awarded SKS a long- term BBB (twn) investment rating, and in April 2005, Fitch upgraded its assessment to BBB+(twn), reaffirming SKS's strong financial position and paving the way for the company to develop other ڶᒉྻໄ derivative products. SKS has been qualified to issue warrants and structured notes. As of January 2005, the company had issued five tranches of warrants and two tranches of equity-linked structured notes. In ѯ̈́έ̶̳̚ڗăڕ᎕ໂአፋќˢඕၹుՎᆧΐᘦؠ۞ќˢֽĄགྷࡔຽચ˯Ăד2004ѐາုტЪᙋ future, SKS will continue to design new financial products to meet the needs of its clients. ٸ ഇBBB(twn)Ըྤඈ৺̝ෞඈĂ2005ܜפෞ֭ܫෞ̳Φܫ઼ᅫצ2004ѐତٺΦ࠹ᚶฟຽĄ҃ώ̳Φ In the bond market, SKS was qualified by the Central Bank as a central government bond dealer. This has ீ Ꮙથݡ࠹ᙯຽચĄ̏ౙܛؠγĂТॡ˵᎕ໂଯणࢉϠّۺγొ፟ၹצѐ4͡ᒔአ̿ҌBBB+(twn)Ăੵགྷᒉ enabled the company to directly participate in government bond auctions and enhance its operational ᄮᔉ()ᝋᙋ൴Җˠྤॾăඕၹݭથݡ൴ҖྤॾĂၟҌ2005ѐ1̏͡൴Җ̣ᑫᄮᔉᝋᙋ̈́˟ᑫ БפᜈϦኛ scope and profitability in this area. SKS is also cooperating closely with other SKFHC subsidiaries. It ͵ ᏉથݡĄܛᅮՐనࢍ̙Тາ͗މ۵ᝋాજඕၹݭથݡĂϏֽՀ੨Ъ assisted with the establishment of New Light Asset Management and the launch of New Light's first ࠧ ຽ equity fund (New Light Growth Fund) and bond fund (New Light Taiwan Bond Fund). SKS also assisted ąٽથྤॾĂΞۡତણᄃ̳ๅᇾᔉᕖ̳̂ๅϹٽ̚δ̳ๅϹפຽચĂώ̳Φᒔ̚δᅙҖ८ࣞדдๅ Shin Kong Life in the securitization of its Chungshan Building, which was successfully listed in January నϲ̈́ௐ˘ᑫ Г̝ܫԸڄӄԆјາםଠٙᛳ̳̄ΦซҖຽચЪүĂͷܛચ֭೩̿ᒔӀĄώ̳Φ᎕ໂᄃາЍ 2005. ౄ ķ̝๒ะćΩ੨ЪາЍˠု̋̂̚ܛૄדШၷๅڄĶາܛݭૄדķ̈́ๅܛઉπщૄڄĶາܛ۵ைݭૄ າ 2005 ֧ ѐ̮͡˯ᕢ൴ҖĄ ٺĂ֭ึӀآዚְ̈́ځણᄃ࠹ᙯүຽăᄲొדĂๅ̼דሁ̙જயྤயᙋ
35 36 2004 Annual Report
Ϗֽण୕
ଠፋវ఼ྮఢထາᆧፂܛ੨ЪޘĄ̫ѐޘજگᒉྻඉர˯ૻ̼͘ᜈ̈́ӀमќˢĂࢫҲᒔӀדາုტЪᙋ
гડĂѣӀົౌٺᕇĂ֭ଯण̄˭ಏຽચĄώ̳Φϫ݈ፂᕇᇴ͌Ăٙࡦ็གྷࡔຽચ̝Βෙ̈ĂͷӮҜ
ຽચ̝གྷᑻఢሀĂͽדଂְҋᏱᏉྤᏉז൴ण̄˭ಏຽચ̝୧ІĂϏֽഇਕ೩ፋវགྷࡔξҫதҌ1ƫĂ྿ٺ
ຽચĄдࢉϠّથݡຽચ˯Ăੵᜈࡁտ֭൴Җᝋᙋ̈́ඕၹݭથݡᕖ̂ຽચఢሀγĂΩϦדฟᏱҋᏱᏉྤᏉ
ξಞ̏Ӕԣి̼דᏉથݡຽચĄ઼̰̙જயᙋܛඈາٽᅈഇϹדᏴፄᝋăๅדኛٚүᖼೱ̳ΦๅྤயϹೱăๅ
ৈ೩Ăΐ˯າЍˠုጾѣிкᐹኳ̙જயĂдѩӀૄ˭ώ̳Φ᎕ໂણᄃѩ˘າ͟˵ޘצ൴णᔌ๕Ăξಞତ
ᎸξಞĄ
ۋᅙҖ̳̄Φมຽચ̈́үຽ̷ፋЪĂֹፋវᚮ̈́ܫଠٙᛳˠုăԸܛण୕ϏֽĂώ̳ΦՀӅ˧̙ጻĂ֭ᄃ
ზϫᇾĄޘĂ྿јѐچซ˘Վᒔ೩˧
ߐځڒܜᓁགྷநᎊणฯ ְ President Lu Chan-Hsiung Chairman āLin Ming-Shin Future Outlook
ลგSenior Management Team SKS will continue to enhance fee and spread income and reduce profit fluctuations. It will coordinate with the expansion of SKFHC's overall channel network and introduce electronic trading services. Due to its small branch network, SKS has limited exposure to traditional brokerage operations and most of its ߐځڒ ܜְ business in this segment is concentrated in urban centers, positioning the company well to develop Chairman āLin Ming-Shin electronic trading services. In future, SKS aims to command 1% of the overall brokerage market in Taiwan ᓁགྷந ᎊणฯ giving it the economies of scale required to enter the proprietary margin business. SKS will also develop President Lu Chan-Hsiung derivative products, including warrants, structured notes, convertible bond asset swaps, bond options, ந ਃםགྷࡔຽચώొྤஎ and bond forward trading. The real estate securitization market is growing rapidly in Taiwan and steadily ٸ Vice President, Brokerage Weng Tien-Fu increasing market acceptance. SKS will aggressively develop this emerging market, capitalizing on Shin ீ நĞࣘҋᒉώొğ ᘲ͵፨םԸྤநੑώొྤஎ Vice President, Investment Lwo Shin-Tse Kong Life's large portfolio of blue-chip properties. Б ͵ ,ந ഈᚈ Looking ahead, SKS will continue its efforts to tightly integrate its operations with the life insurance, trustםٚዚຽચώొྤஎ Vice President, Underwriting Chou Chao-Peng ࠧ and banking subsidiaries of SKFHC in order to further enhance its competitive position and achieve its ą ந ో઼ؠם۵ચநώొ annual budget goals. Г Vice President, Stock Registration Kuo Kuo-Ting ౄ ந Ϩϒጳםώొੈྤ າ Vice President, Information Pai Cheng-Hsien ֧ ந ᘲј୕ םҖ߆გநώొ Vice President, Administration Lwo Chen-Wang
37 38 2004 Annual Report ચ Customer Servicesڇ͗މ
ຽચቑಛ Business Scope
Securities trading Securities trading in sales locations דдᒉຽٙҋҖ෴ѣᆊᙋ דٚዚѣᆊᙋ
۵ચְี̝ந Commissioned securities trading on exchange markets Other securities trading servicesדѣᆊᙋ ד෴ѣᆊᙋצξಞٽдะ̚Ϲ
࠹ᙯຽચ Securities trading on exchange markets Other regulator-approved securities tradingדགྷგ፟ᙯ८ࣞᏱந̝ᙋ דξಞҋҖ෴ѣᆊᙋٽдะ̚Ϲ Commissioned securities trading in sales locations ד෴ѣᆊᙋצдᒉຽٙ
Products and Services ચีϫڇϫ݈થݡ̈́ Brokerage Bonds trading
෴ Securities trading on domestic exchange markets Government bonds trading and brokerageדགྷࡔຽચ ๅ
ๅҋᒉᄃགྷࡔ෴ຽચ Commissioned trading of emerging stocks Bond re-purchase and reverse re-purchase̳عચ ߆ڇד෴ѣᆊᙋצะ̚ξಞତ઼̰ trading ຽચ Margin trading servicesٽ୧І෴()аϹܢדЅ̬Ꮈᕢ۵ை෴ຽચ ๅ Domestic corporate bonds trading ચ ઼఼̰̳Φๅ෴ຽચ Commissioned securities trading on the OTC marketڇຽચדᏉྤᏉ Domestic convertible bonds trading OTC class-2 share trading Ξᖼೱ̳Φๅຽચ઼̰ ד෴ѣᆊᙋ؎צᐝξಞତظ Bond investment consulting TAIEX future index trading ચ Other derivative products approved byڇԸྤநੑᏙྙדๅ ד෴ѣᆊᙋצᐝξಞௐ˟ᙷ۵ைତظ Beneficiary certificates and other securities trading regulators ιགྷგ፟ᙯ८̝ࣞࢉϠّӀதથݡຽચ ٽέ۵ᇴഇఱϹ Market clearing and settlement services Primary bond market trading ৺ξಞٚዚຽચܐדዚ ๅ̝דৈጴᙋ̈́ѣᆊᙋצ Central depository application services Securities trading ҋᒉדඕზຽચ ᙋٽξಞϹ Securities purchases Securities trading on domestic exchanges ෴̝דᏱநะܲ̚გ͘ᜈ ઼̰ะ̚ξಞѣᆊᙋމ Online placement of securities orders Securities trading on domestic OTC market ෴̝דᐝξಞѣᆊᙋظ઼̰ Ϧᔉ۵ைຽચ Voice mail placement of securities orders Hedged futures trading
ഇఱᔖᐍ̝෴ Securities underwriting Corporate financial planning ד෴ѣᆊᙋ؎ٽშྮ˭ಏϹ
Ћຽநੑ Commissioned sale and underwriting of securities Financial consulting ד෴ѣᆊᙋ؎ٽྖᄬࢰ˭ಏϹ Listed and unlisted stock consulting services ٚዚ ੑચᜪયᏙྙ Business analysis and counselingדᙋ Capital increase planning ચ Ћຽ෧ᕝ֭೩ָֻྋՙ͞९ Tax planningڇዚٕΒዚדѣᆊᙋ Planning and issuance of convertible bonds, warrant Merger strategy consulting ચ ඁચఢထᏙྙ bonds, and ADRsڇξ˯ᕢఢထᄃᅃጱ˯ Acquisition targeted sourcing ඉரᏙྙ Business financial planning and consulting services׀ᆧྤఢထ ᔉܛன ٸ Finance sourcing ீ ವᇾ۞̳Φ Underwriting and public drawing of listed/unlistedם ᄮ۵ᝋᙋ̳ΦๅăхጴᙋඈથܢΞᖼೱ̳Φๅă ݡనࢍᄃ൴Җఢထ shares and issuance of common stock for cash and sale Derivative products ͞९ of securities Бֽܛವָྤם Design and issuance of derivative products ͵ ચڇЋຽੑચඉரఢထᄃᏙྙᜪય Ꮙથݡຽચ Stock registration management services through financial engineeringܛາ ࠧ ᆧྤ۵ைٚዚ٩ចٕѣᆊᙋ Registration management services to listed, OTC, and WarrantsܛٚᏱ˯ξă˯ᕢ̈́ன Ꮙથݡ ąܛϡੑચ̍నࢍ֭൴ҖࢉϠّྻ private companies آዚְד Structured notes ( ) Г ۵ચந ൴Җᄮᔉ ᝋᙋ Design, planning, implementation, and maintenance of stock brokerage IT systems ౄ ൴Җඕၹݭથݡ ந˯ξă˯ᕢٕϏ˯ξăϏ˯ᕢ̳Φ۵ચѣᙯְ າ ֧ ચڇี ۵ચநཝ̼үຽనࢍăఢထăેҖ̈́ჯ᜕ְี ચڇ
39 40 2004 Annual Report ᖐրဦ Organization ChartדາုტЪᙋ
Shareholders' Meeting ົ̂ڌ۵
Ⴞ၅ˠ Supervisors
ְົ Board of Directors
Chairman of ܜְ the Board of Directors
ቊ८ވ Auditor Dept.
ᒉຽొ Business Division
ˠొ President Stock Registration Dept. Institutional Business Divisionڱ ᓁགྷந ۵ચநώొ
̶̳Φ BanChiau Branchڕ ѯ̶̳Φڗ གྷࡔᒉຽώొ Brokerage Dept. SungChiang Branch έ̶̳̚Φ Taichung Branch ̄થચొ E-Commerce Division ҋᒉώొ ඕზϹ౷ొ Proprietary Trading Dept. Settlement Division
.ٚዚຽચώొ Underwriting Dept
Fixed Income & Fixed Income Division ొדๅ Ըྤநੑώొ Ꮙથݡొ Derivatives Dept. Derivatives Divisionܛາ ώ̳ΦᖐĈᓁ̳Φ9ొވ Company Organization გநొ Head OfficeĈ9 Departments Administration Division ̶͚፟ၹĈ3̶̳Φ Җ߆გநώొ Administration Dept. ੑચొ Branch OfficeĈ3 Finance Division EZநੑ͕̚Ĉ2 Service CenterĈ2 ࣶ̍ᓁᇴĈ149 ˠ(2004ѐ12͡) Information ྤੈώొ Total EmployeesĈ149 Technology Dept. (as of December 2004)
ٸ .Planning Dept ވЋထ ீ Б ͵ ಏҜĈາέ။ֿ༱̮ Revenue Growth ( in NT$ Millions ) ࠧ ڶໄܜຽચј ą 2004 2003 2002 2004 2003 2002 Г ຽચีϫ ܛᗝ % ܛᗝ % ܛᗝ % CategoryAmount % Amount % Amount % ౄ གྷࡔ 142 30 125 20 91 27 Brokerage 142 30 125 20 91 27 າ ֧ ҋᒉ 307 66 425 68 228 67 Proprietary Trading 307 66 425 68 228 67 ٚዚ 17 4 79 12 22 6 Underwriting 17 4 79 12 22 6 Ъࢍ 466 100 629 100 341 100 Total 466 100 629 100 341 100
41 42 Reliability ᘦઉԸྤᜈᒔӀ ܫԸڄາ
NEW LIGHT ASSET MANAGEMENT CO., LTD. .۵Њѣࢨ̳Φ New Light Asset Management Co., LtdܫԸྤדᙋڄາ
јϲ͟ഇĈ2004ѐ4͡30͟ Date of Establishment : April 30, 2004
Chairman : Huang Shien-Shen Ĉ เពϠܜְ Vice Chairman :Teng Wen-Chien Ĉዒ͛ᖎܜઘְ President : Lee Ding-Yi
(ᓁགྷநĈՂؠ˘ Capitalization: NT$ 0.3 bn. (as of Dec. 31, 2004
(Total Assets: NT$ 312 mil. (as of Dec. 31, 2004 (غώᗝĈາέ။3ᆆ̮ (2004ѐྤ
Total Operating Revenues: NT$ 31 mil. (for the year 2004) (غᓁྤயĈາέ။312Ѻ༱̮ (2004ѐ Head Office: 25F, 66, Chunghsiao West Road, Section 1, ԂҘྮ˘߱66ཱི25ሁمᓁ̳ΦгӬĈ100έΔξ ᒉຽќˢĈາέ။31Ѻ༱̮ (2004ѐ) Taipei, Taiwan
Tel: 886 (2) 2389-5858
Fax: 886 (2) 2311-0126
ྖĈ886(2)2389-5858 Website: www.newlight.com.tw
็ৌĈ886(2)2311-0126 E-mail: [email protected]
შӬĈwww.newlight.com.tw
E-mailĈ[email protected] 43 44 2004 Annual Report
Mission
Guided by the principles of "integrity, professionalism, innovation, and service" and supported by a top- notch management team, New Light Asset Management (NLAM) has pursued the following five core :values in its operations and services هЋຽந 1. Establish a comprehensive and professional asset management image;
;Ăώ̳Φԓ୕࿅˘߹۞གྷᒉဥฤĂдፆүᒻड़̈́ 2. Commit to the highest standards of integrityهགྷᒉந̝ܫԸڄચķࠎາڇăຽă౹າăܫĶྕ
;ચݡኳ˯Ăར၁˭Е८͕ᆊࣃĈ 3. Dedicate to product innovation and superior customer serviceڇ 4. Achieve long-term consistent and excellent performance; and ፘϲБ͞Ҝ۞ຽநੑԛ෪ć.1 5. Grow as a dependable long-term wealth management partner to our customers. ࣖநķćܫિᇾ۞Ķྕ.2
ચć Company Introductionڇ͗މᏉ౹າĂ೩ֻᐹኳ۞ܛ˧.3
۞ᒻड़ćמഇᘦઉܜ౹ౄ.4
Ꮵ۞நੑူҡĄܫ˳ϖ͗މјࠎ.5 Established on April 30, 2004, NLAM is dedicated to providing professional service. The company emphasizes close interaction among members of its research team to provide thorough analysis, keep ̳Φᖎ̬ abreast of industry trends and investment opportunities, and thereby provide investors with high-quality investment portfolios. The company has also been consolidating its market leading position by drawing ೠ೪ on the vast resources of SKFHC to enhance the scope and depth of its product design, operation, andژ2004ѐ4͡30͟јϲĂώ̳ΦિࢦຽĂૻአࡁտဥฤ̢જĂͽ၁۞ૄώࢬ̶ٺܫԸڄາ
.೩̿ customer servicesܫԸڄӄາםଠᖳ۞ྤĂΞܛயຽਔજ̈́Ըྤݵ፟ĂࠎԸྤˠ೩ֻᐹኳ۞ԸྤЪĄ҃າЍ
Ăซ҃ૻ̼ώ̳Φдྤயგநξಞ۞ᐹ๕гҜĄޘᇃ̈́ޘચ˯۞எڇ͗މдயݡనࢍăຽચ٤णĂ̈́
Operating Status (In August and November 2004, NLAM launched its first domestic equity fund (New Light Growth Fund ڶᒉྻໄ and domestic bond fund (New Light Taiwan Bond Fund), respectively. By the end of 2004, the company had NT$8.42 billion in assets under management for over 10,000 beneficiaries. The New Light Taiwan ШڄľາܛݭૄדĿă઼̰ๅܛઉπщૄڄԆј๒ะ઼̰۵ைݭľາ̏ܫԸڄ2004ѐ8̈́͡11͡Ăາ Bond Fund has earned a "twAAf" rating from Taiwan Ratings, making it the top-rated domestic bond Шၷๅڄৈˠᇴ࿅˘༱ˠĂͷĶາצგநྤயఢሀ84ᆆ1,783༱ĂᓁغĿЧ˘ᑫĂ2004ѐܛૄדၷๅ fund in 2004. In March 2005, NLAM raised the New Light Fortune Balanced Fund to further augment its ָෞඈĄ2005ѐ3͡Ăώ̳Φึ۞ܛݭૄדๅ઼̰ޘෞĶtwAAfķෞඈĂߏྍѐܫķၷᒔ̚රܛૄד ٸ .product line and increase the scale of assets under management ķ̝๒ะĂֹயݡቢՀΐԆፋăྤயგநఢሀᜈᆧΐĄܛྻπᏊૄڄӀԆјĶາ ீ Currently NLAM aims to develop a full range of product offerings and in the foreseeable future, expand Б யݡቢĂ೩ֻԸྤˠк̮̼۞ᏴፄĂଯજؠഇؠᗝԸྤຽચĂ˵ into new business areas such as discretionary investments, private-equity funds and off-shored mutualܛϫ݈ᒉຽࢦᕇ˧ฟ൴Ԇፋ۞ૄ ͵ .ඈາຽચĂጔ୕გநఢሀਕᜈᘦ funds. Total assets under management are expected to steadily growܛĂ̈́நဩγૄܛᏴፄዋ༊ॡ፟ฟᏱБᝋ؎Ըྤăռ๒ૄ ࠧ ઉјܜĄ ą Г ౄ າ ֧
45 46 2004 Annual Report
Ϗֽण୕Future Outlook
ΐ̏ܛઉπщૄڄଠВТҖዚඉரĂ᎕ໂఢထЧёநੑથݡĂּтາܛֶፂԸྤˠ̙Т۞ᅮՐĂ੨Ъڄາ
ˠ̈́ڱפۋҋௐ˟؞ుՎଯĂܛˢາЍຍநੑតᗝုᐍܲಏĂ೩ֻາЍˠုܲ͗Бາ۞Ᏼፄćռ๒ૄ
ќˢ۞ҋˠᄮТĄ
ԓ୕ͽᐹள۞გநᒻड़Ăᄃ઼ᅫมۢЩ̝࠹ᙯຽ۰ซҖЪүĂ੨Ъ઼ᅫ̼۞າயݡనࢍਕܫԸڄण୕ϏֽĂາ
Шநੑາࡔ̮ĄܓТ˘͗މᏥ۞நੑူҡĂᄃܫ˳Ăྤயგநຽચ٤णҌঔγĂјࠎԸྤˠϖ˧
NLAM will continue to introduce new asset management products to provide more choices for its customers, aligning the joint marketing strategy with SKFHC. For example, the New Light Growth Fund has been included in the Shin Kong Der-Yih Variable Life Insurance, providing the customers of Shin Kong Life with a new investment vehicle. NLAM will also begin to introduce private investment funds in the second quarter of 2005 tailored to the needs of institutional investors and high networth individuals.
Looking further ahead, NLAM plans to build on its outstanding asset management ability through cooperation with leading international companies in related industries. It will also design new international products to extend its asset management services overseas and enhance its position as a dependable long-term wealth management partner to investors.
เពϠܜዒ͛ᖎ ְܜᓁགྷநՂؠ˘ઘְ President Lee Vice Chairman Teng Wen-Chien ChairmanHuang Shien-Shen ಏҜĈາέ။ֿ༱̮ ᒉຽͧࢦRevenue Mix (inNT$Millions) ลგSenior Management Team 2004
เពϠ ᒉຽќˢ ͧࢦ ܜְ Operating Income Share of Total Chairman Huang Shien-Shen ዒ͛ᖎ ܜઘְ གྷநќˢ 28.04 90.16% Vice Chairman Teng Wen-Chien ٸ Management fee income ீ ˘ᓁགྷந Ղؠ ͘ᜈќˢ 3.06 9.84% President Lee Ding-Yi Б Sales fee income ͵ 31.10 100% Ъࢍ ࠧ Total ą 2004ѐ8͡30͟ Гٺјϲܛઉπщૄڄęາܛ2004ѐ4͡30͟ćࢵᑫૄٺјϲܼܫԸڄොĈາ Note: NLAM was established on April 30, 2004, and issued its first fund (New Light Growth Fund) on August 30, 2004 ౄ າ ֧
47 48 2004 Annual Report
ᖐրဦOrganization ChartܫԸྤדચCustomer Services າᶼᙋڇ͗މ
ົ̂ڌ۵ ቐܫቢ̈́Ըྤˠemailᓑඛڇމ0800 .1 Shareholders' Meeting ቐܫચγĂ˵೩ֻԸྤˠemailᓑඛڇ888Һ;ྖ-756-0800͗މੵ೩ֻ Ⴞ၅ˠ [email protected]Ă Supervisors
ચԛ෪Ą ְົڇϲຽͷቁ၁۞ޙϤˠநĂ Board of Directors ચڇੈྤ .2 ቊ८ވ ฟ൴ፋЪّྤੈπέĂ೩ֻຽԸྤੈिĂ֭ࢍ൪ుՎ൴णј̄થચր Auditor's Office
შӬĈwww.newlight.com.twĄ ܜְ Chairman
ܜToll-free customer service line and email support ઘְ .1 Vice Chairman NLAM offers professional investor services through its toll-free call center (0800-756-888) and by email ([email protected]). ᓁགྷந President 2. Information services Ըྤՙඉ؎ࣶົ NLAM provides professional investment information over an integrated online platform Invsetment Policy Committee (www.newlight.com.tw) that will be developed into an e-commerce system. ેҖઘᓁགྷந Executive Vice President
Ըྤొ Investment Dept.
ࡁտొ Research Dept. ٸ ீ გநొ Б Administration Dept. ͵ ࠧ Ћထొ ą Planning Dept. Г ౄ ຽચొ າ Marketing Dept. ֧
49 50 Security ລྶщ͕ٚᏚ
າုܲᐍགྷࡔˠ
SHIN KONG INSURANCE BROKERAGE CO., LTD. .າုܲᐍགྷࡔˠ۵Њѣࢨ̳Φ Shin Kong Insurance Brokerage Co., Ltd
јϲ͟ഇĈ2003ѐ3͡ Date of Establishment : March 2003
Chairman :YenHsien-I ˘Ĉཧኰܜְ President : Lee Kwei-Jong ᓁགྷநĈՂᅾၷ Capitalization:NT$6mil.(asofDec.31,2004)
(Total Assets: NT$ 44 mil. (as of Dec. 31, 2004 (غώᗝĈາέ။600༱̮(2004ѐྤ
(Total Operating Revenues: NT$ 113 mil. (for the year 2004 (غᓁྤயĈາέ။4,400༱̮(2004ѐ
Head Office: 19F, 66, Chunghsiao West Road, Sec. 1,Taipei, Taiwan ᒉຽќˢĈາέ။1ᆆ1,300༱̮(2004ѐ) Tel : 886 (2) 2389-5858, ext.6260-6266 ԂҘྮ˘߱66ཱི19ሁمᓁ̳ΦгӬĈ100 έΔξ Fax : 886 (2) 2371-9814 , 2375-8804 ྖĈ886 (2) 2389-5858 ̶፟Ĉ6260-6266 www.skib.com.tw Website : www.skib.com.tw
็ৌĈE-mail886Ĉ[email protected] (2) 2371-9814 , 886 (2) 2375-8804 E-mail : [email protected]
შӬĈ
51 52 2004 Annual Report
Mission هЋຽந
Shin Kong Insurance Brokerage (SKIB) was established to broaden the scope of financial services and ܛચĎ֭ฟ٤າ۞Җዚ఼ྮĂјϲາုܲᐍགྷࡔˠ̳ΦĂ࿅າЍڇᏉܛБ͞Ҝ۞͗މଠࠎ೩ֻܛາЍ
ᅮՐĄ sales channels under the SKFHC umbrella. SKIB provides a full range of property insurance services۞͗މଠЧ̳̄Φ۞ຽચҖዚវր೩ֻԆච۞யᐍથݡĂ႕֖ supported by the business and sales resources of other SKFHC subsidiaries to meet client needs.
̳Φᖎ̬ Company Introduction
ᓁܲќˢ5ᆆ SKIB was established in March 2003. The company generated premium revenue of NT$232 million in itsޘᓁܲќˢ2ᆆ318༱̮Ă2004ѐޘ2003ѐ3̚͡ฟؕᒉྻĂ༊ѐٺາုܲᐍགྷࡔˠ̳Φ
Ăߏ˘छ࡚̈҃۞̳ΦĄ first year and NT$589.71 million in 2004, representing a 254% gain. Although still limited in scale, SKIB is aמĂᒻड़%254ܜ8,971༱̮Ăј very high quality member of the SKFHC family.
Operating Status ڶᒉྻໄ
ώ̳Φੵᚶᜈ᎕ໂѣड़۞ྻϡາЍˠုᇃ̂ຽચˠ఼ࣶྮγĂఢထᆧΐᅙҖҖዚ఼ྮĂమՀк̮̼ In addition to utilizing the extensive human resources of SKL to sell property insurance policies, SKIB Ă೩̿ plans to expand sales channels through cooperation with banks, diversify its offering of insuranceܜચր۞ΑਕĂ࿅წ۞ିֈቚĂֹຽચࣶਕ·̶൴೭ٙڇயᐍથݡĂ֭ుՎᆧΐཝ۞ ચݡኳĄ products, and enhance the functions of its computer service system. Employee training will also beڇ۞͗މ၆ intensified to enable our staff to develop their full potential and enhance the quality of customer services.
( ಏҜĈາέ။ֿ༱̮ Business Growth ( in NT$ Millions ڶໄܜຽચј
2004 Share of 2003 Share of 2004ѐޘܲќˢ Ѻ̶ͧ(%) 2003ѐޘܲќˢ Ѻ̶ͧ(%) Premium Revenue by Category Revenue Total (%) Revenue Total (%)
ՠ֘Їຍᐍ 159.8 27.1 66.9 32.4 Voluntary automobile insurance 159.8 27.1 66.9 32.4 ٸ ຍγ๋चᐍ 119.1 20.2 Personal accident insurance 119.1 20.2 ீ ᐍ 113.3 19.2 43.6 21.1 Mandatory automobile insurance 113.3 19.2 43.6 21.1 Бטՠ֘ૻ ͵ ᐍ 113.2 19.2 46.3 22.4 Mandatory motorcycle insurance 113.2 19.2 46.3 22.4ט፟֘ૻ ࠧ ͫᐍ 56.3 9.5 31.3 15.2 Fire insurance 56.3 9.5 31.3 15.2 ą Г ᐍ̈́ 27.9 4.7 18.2 8.8 Marine & other insurances 27.9 4.7 18.2 8.8ͪ ౄ ᓁܲќˢ 589.7 206.4 Total 589.7 206.4 າ ֧
53 54 2004 Annual Report
Ϗֽण୕
ચ͕̚నϲயڇࠎᆧซயᐍຽચ൴णĂώ̳Φᑢଂᕖ̂Җዚ఼ྮ̈́ିֈቚ͞ࢬ͘Ą࿅າЍˠုБ઼
ચĄΩ˘͞ࢬĂ˵᎕ໂฟ൴ྖҖዚ఼ྮĂڇચ͕̚ᏱநုᐍְચॡĂ˵ਕТॡֳѣயᐍڇז͗މᐍ˾Ăֹ
ચݡኳ̈́ᓏĄڇଠ۞ܛଠ۞ፋវᒉྻᒻड़γĂՀΞᆧΐܛĂੵΞᆧซމͽᕖ̂
дିֈቚ͞ࢬĂώ̳Φ̏ౙᜈฟᏱາˠֈјăૄᖂயᐍኝࡁ࣒ăপঅᐍࡁ࣒ăЧลგࡁ࣒̰̈́
ଠፋវ۞ԛ෪Ąܛጱ̈́ିֈĂ೩̿Т̥யᐍຽਕ˧ĂᆧซކଠЧ̳̄ΦઇຽચܛચቚඈĂ֭ᜈજҌ
Future Outlook
SKIB will continue to develop property insurance operations through the expansion of sales channels and investment in staff education and training. Service windows will be established at SKL service centers nationwide to facilitate cross-selling of property insurance products to SKL's life insurance customers. SKIB also will actively develop its telemarketing operations to tap new customer sources and enhance the overall operational performance, service quality and reputation of SKFHC.
In the area of employee training, SKIB offers classes including orientation programs for new employees, introductory courses on property insurance, and advanced courses on specific insurance products. ཧኰ˘ ᓁགྷநՂᅾၷܜְ Courses are also arranged for various levels of managers and on internal operations. The company will, Chairman Yeh Hsien-I President Lee Kwei-Jong moreover, continue to provide professional guidance and training to other SKFHC subsidiaries to enhance their knowledge in property insurance and thereby improve the overall image of SKFHC. ลგSenior Management Team
˘ཧኰ ܜְ Chairman āYeh Hsien-I ᓁགྷந Ղᅾၷ ٸ President Lee Kwei-Jong ீ Б ͵ ࠧ ą ā Г ౄ າ ֧
55 56 2004 Annual Report
Ћຽа㒝 Community Service
ўĂሤ͕ણᄃЧี̳ৈ߿જĂк͞а㒝ۤົĂഇֹԧࣇ SKFHC has always adhered to high standards of corporate good citizenship in the conviction that one؟ăϡ̝ۤົķ۞Ћຽົ̝ۤפଠۧĶܛາЍ
ᕖ̂Ћຽ၆ۤົ۞ should give back to the community on which its success is built. Consequently, the company hasົܛՀΐ࡚рĄкѐֽੵ˞᎕ໂણᄃ̈́ᙒӄۤົ̳ৈຎච߿જ̝γĂ֭јϲૄົۤ۞ energetically supported numerous charity and public service activities over the years in the hope of యЇĄΒ߁ĈາЍˠုረӄጯܛૄܛົăາЍӓͩૄܛົăາЍˠုຎචૄܛົăӓͫАϠାᙱާା building better society. In addition to its many years of public service, SKFHC has formed a number of ѐࢍॕഠˬܕඈĂົܛ͛ିૄܫăᓑົܛăӓͫ͛ିૄົܛăТ͕ᗁጯૄົܛซૄڌăӓົܛૄ foundations to carry out its social responsibilities. These include Shin Kong Life Scholarship Foundation, ᗁੰĂ೩ֻԆච۞ᗁᒚన౯ᄃԫఙĂࠎهˠາЍӓͫࡔڱᓁᗝ྿າέ။1ᆆ881༱̮ĄѩγĂјϲੑဥ Shin Kong Wu Foundation, Shin Kong Life Foundation, Shin Kong Wu Ho-Su Rescue Foundation, Shin ˠ۞ઉԯᙯĄ઼ KongWuTung-ChinFoundation,ShinKongTongShinYuanHealthSciencesFoundation,ShinKongWu Ho-Su Culture and Education Foundation, and Shin Kong Commercial Bank Education Foundation. Over the past three years, these foundations have donated NT$188.1 million to public service and charity organizations. Moreover, Shin Kong Wu Ho-Su Memorial Hospital has been established to high quality medical facilities and services to improve the health and well being of our people.
ShinKongWuHo-SuMemorialHospital The Shin Kong Wu Ho-Su Memorial Hospital was opened on September 2, 1992. The hospital building has nine stories above ground level and four below, with a combined space of nearly 820,000 square feet. The hospital specializes in the treatment of illness and places priority on patient safety and convenience. ᗁੰهˠາЍӓͫࡔڱੑဥ The hospital has regularly upgraded the quality of its medical facilities and services to enhance Ăࠎг˯˝ᆸăг˭αᆸ̝ტЪᗁᒚ̂ሁĄາ˼2༱3ޙ1992ѐ9͡2͟ϒёฟ၌ୁϡĂᓁٺາЍᗁੰ management and service efficiency and to provide the most complete facilities and services to bring چࠎࢵࢋ҂ณĂ֭࿅̙ᕝ۞ݡኳԼචĂ೩ܮЍᗁੰͽঽଈࠎ͕̚Ăٙѣүຽ߹Ӯͽঽଈ̝щБă͞ patients health, hope, and well being. Ąضચड़தĂഇ࠽дԆචБ۞హർវన߉̚Ăࠎۤົ̂ிֽՀк۞ઉăԓ୕ڇგந̈́ Shin Kong Life Scholarship Foundation This foundation was established in 1973 with an endowment of NT$2 million to develop insurance talent ົܛૄܛˠາЍˠုረӄጯڱੑဥ 1973ѐᇥഠ200༱̮నϲώົĂ౹ and provide educational support to orphans of deceased policyholders. Since its creation, the foundationٺӄܲ͗̄̃ԆјጯຽĂםࠎ˞ૈዳܲᐍˠ̖ăረᐽጯ̄̈́
.ᗝ1ᆆ5,959༱ዶ̮Ą has awarded over NT$159.59 million to over 75,000 studentsܛϲ̫֞ረӄጯϠˠᇴ྿7༱5˼кˠĂረӄ
ShinKongWuFoundation ົܛˠέΔξາЍӓͩૄڱੑဥ Shin Kong Group founder Wu Ho-Su established this NT$5 million foundation on September 21, 1974, to ˠ˝৩ኚ֚Ăপৡု༼࠷̝གྷॕາ͈͉ڒ1974ѐ9͡21͟ĂॡెາЍ፟ၹ౹Ᏹˠ ӓͫૅӓϓ celebrate his mother's 90th birthday. Currently endowed at NT$88.88 million, the fund provides assistance ચีϫΒ߁؝ണᅪڇᓁᗝ̏྿8,888༱ዶ̮Ăܛέ။500༱̮јϲώົĄགྷ࿅።ѐֽ̙ᕝᆧᇥĂϫ݈ૄ to orphans, the disabled and seniors and supports cultural, educational, artistic and medical work. ચĂረӄ̼͛ăវֈăጯఙăᗁᒚඈ̍үĂࠎۤົֽࢨືĄڇԬӄăҁˠӀ Shin Kong Life Foundation ົܛˠາЍˠုຎචૄڱੑဥ ٸ SKL established this foundation on June 22, 1983, with an initial endowment of NT$30 million. The fund ீ 1983ѐ6͡22͟Ăࠎ˞ଯणళঽାᑻă؝ണᅪ̝Ԭӄͽ̈́Чีۤົ̳ৈຎචְચĂপ೩ᇥາέ။3,000 provides assistance to disadvantaged families, orphans, and people with illnesses and disabilities, as well ᓁᗝࠎາέ။1ᆆ̮Ăͽ೩࣍˾።Ϋăࢦෛّ̃ઉ̈́ᙯᘃࣧҝϔࠎคĂ as supports other public service causes. The foundation currently has an endowment of NT$100 million Бܛ༱̮јϲώົĄϫ݈ૄ ͵ рෞĄ and is focusing its efforts on the support of oral history, women's health, and aboriginal welfare. In all ofצĂמᒻड़ ࠧ these areas, the foundation has made remarkable achievements and earned widespread acclaim. ą Г ౄ າ ֧
57 58 2004 Annual Report
Shin Kong Wu Ho-Su Rescue Foundation This foundation was established on July 16, 1990 to promote disaster prevention and first aid training, as well as to help organizations caring for the disabled, orphans, and children suffering from conditions such as cleft palate and lip, esophageal atresia, dwarfism (achondroplasia), premature birth, and children's hearing impairment.
Shin Kong Wu Tung-Chin Foundation Shin Kong FHC Chairman Eugene Wu Tung-Chin established this foundation in 1994 to promote social ົܛˠέΔξາЍӓͫАϠାᙱާାૄڱੑဥ welfare, medical relief, education and arts. The foundation also supports better living and arts education 1990ѐ7͡16͟Ăࠎଯण֨խ̈́ާାିֈĂ֭எˢᙯᘃണᅪဥវă؝ੰٙ۞၁ᅫᅮࢋĂଂٺώົјϲ to help young people grow to become the future pillars of society. The foundation encourages young ЧีᙒӄĂтĈ੫၆ࣼᗠෘăࢴౕᗆă׆ጏাăѝயă̈ᅪඈ̣ᙷঽආ۞ྃӄ९ඈĂ၆ۤ people to develop interest in healthy activities, provides safe and suitable activity areas, and supportsְ .ᚥ̂Ą healthy after-class activitiesֻົ
Shin Kong Tong Shin Yuan Health Sciences Foundation ົܛซૄڌˠӓڱੑဥ
1994ѐјϲώົĄ֭ͽ࡚ This foundation was established in 1995 to support medical research, foster R&D talent, and enhance theٺซࠎᕖ̂ଂְۤົ̳ৈăᗁᒚାӄăۤົିֈඈ̍үĂڌӓܜଠְܛາЍ standards of domestic R&D through seminars, study programs, medical R&D programs, continuous ѐዳјઉ͌ܦӄםາϠĂјࠎ઼छϏֽ۞ഏሇĄТॡܦϠ߿ăଯᇃᘹఙିֈࠎࢦ͕Ă᎕ໂૈዳ̼̚ education and the publication of academic papers and periodicals. ѐଂְѣৈ͕֗۞ኝዶ߿જĄ͌ܦЃยᎸĂ೩ֻϒ༊щБ۞߿જಞٙĂခᐽ۞
Shin Kong Wu Ho-Su Culture and Education Foundation ົܛˠТ͕ᗁጯૄڱੑဥ Established in 1997, this foundation aims to raise the quality of living, promote culture, develop 1995ѐĂͽᙒӄᗁጯࡁտ൴णĂૈዳࡁտˠ̖̈́೩̿ͪࠎϫ۞ĂΒ߁Чᙷࡁăᓾ௫ٺώົјϲ community education, nurture talent, and hold artistic, educational, and healthy leisure and recreational ඈĄۍ̝ۏᓝᏱĂᗁጯ࠹ᙯ̝ࡁտࢍ൪ăซ࣒̈́࠹ᙯኢ͛ăΏ̝ົ activities. The foundation also supports cultural, educational and artistic activities, including R&D, art collection, and other cultural and public welfare work. ົܛˠາЍӓͫ͛ିૄڱੑဥ
1997ѐĂͽ೩઼ϔϠ߿ݡኳăσೳ̼͛ă൴णۤିăૈዳˠ̖̈́ᓝᏱᘹఙّăିֈّăϒ Shin Kong Commercial Bank Education Foundationٺώົјϲ
ўĂΒ߁̼͛ăିֈăᘹ͛ăវֈّ߿જ̈́ࡁտ൴ण۞ᙒӄĂᘹఙݡ۞ᖟඈЧ This foundation was established on August 16, 1999, to research domestic and overseas financial؟༊Ѓยऎሄඈ߿જࠎ
ᙷ̼͛ă̳ৈְຽĄ knowledge and support community education and welfare. It is currently endowed at NT$72 million; in 2004 it provided funding support amounting to NT$1.91 million. ົܛ͛ିૄܫˠᓑڱੑဥ
ٸ ўĂ؟ᏉጯఙĂ൴णۤડጯఙିֈĂረӄۤົିֈ̳ৈࠎܛ1999ѐ8͡16͟Ăͽࡁտ઼̰γٺώົјϲ ϫ݈ૄܛᓁᗝࠎາέ။7,200༱̮Ă2004ѐ̝ረӄॕᙑܛᗝࠎ190.74༱̮Ą ீ Б ͵ ࠧ ą Г ౄ າ ֧
59 60 2004 Annual Report
າЍܛଠЋຽᓁొęາЍˠုܲᐍᇝ͇̂ሁ Headquarters of SKFHCęShin Kong Life Tower
Headquarters of SKFHC, the Shin Kong Life Tower, is situated in the center of Taipei and was designed by ٺАϠనࢍĂڒरęోࡷޙέΔ࠴г̚δĂϤ͟ώЩ̂اଠ۞ᓁొາЍˠုܲᐍᇝ͇̂ሁĂҜܛາЍ
౻؎ົ the celebrated Japan-born Chinese architect Kao Mao-Lin. Construction started in March 1989 and was̈́ع1989ѐ3͡ϒёજ̍Ă1993ѐ12͡ඇ̍Ă߉̍ഇม౹˭400༱̈ॡְ߇ࡔᐂĂၷᒔέΔξ߆ completed in December 1993. The project enjoyed a zero-accident record throughout the four million ፘϲາቑĄޙ൴Ķ̍гщБϠᐹ։ረķĂࠎԧ઼ man-hours of construction and was awarded the "Construction Safety and Sanitation Excellence Award" .Ąдγᄻ၁ from the Taipei City Government. The building also pioneered skyscraper development in TaiwanޙĂࠎг˯51ᆸăг˭7ᆸĂ244.15̳͎۞3༱6˼ዶޙາЍˠုܲᐍᇝ͇̂ሁᓁ
ι۞ă̝࡚̂Ăಶညϖޮ۞፶Ă˩̶ᚹீᏹϫĂҋјࠎέΔᏹϫ۞гᇾĂՀ෪ᇈາЍٺវ˯ĂϤ The Shin Kong Life Tower has a total floor area of 1.28 million square feet. The tower rises 244.15 meters, ᄃՙ͕ĄܫଠഈШĶՀăՀᅈăՀዂķ۞ϫᇾᔙซĂܑ֭Ћຽϖᜈགྷᒉ۞ྕܛ with 51 floors above the ground and seven below. Due to its impressive size and eye-catching design, the tower has become a Taipei landmark and a symbol of SKFHC's commitment to reaching higher, braving new frontiers, and its determination and dedication to sustainable growth.
າЍˠုܲᐍᇝ͇̂ሁ൳̂ᔈҋ൳̂ᔈ 1994ѐฟᏱͽֽĂҌ2005ѐ4͡9͟ĶࠎρઉщБ҃ķ൳̂ᔈ
ࢦࢋ߿ Shin Kong Life Tower Raceޘă፟ᙯဥវăۤົˠ̀۞͚Ăણᔈ۰࿅3༱кˠĂ̏јࠎᄂΔξѐ̓ڈѐܦצĂஎب።17̏
જ̝˘Ą
࠰ͽĶઉщБķࠎᗟăͽĶ̳ৈķࠎཱིΡĂ̙ҭჯщБְبາЍˠုܲᐍᇝ͇̂ሁ൳̂ᔈՏ
ă First launched in 1984, the Shin Kong Life Tower Race was held for the 17th time on April 9, 2005, underד߇۞ࡔᐂĂ҃ͷΪࢋᘳϹಡЩಶΞણΐሄ̂ၤ૾ĂረݡᖳಱĂѣՠ֘ăາЍᗁੰPETᐹវᑭ
Čඈкี̂ረĄາЍˠု൳̂ᔈՏѐӮಡЩٙĂΩΐ˯ώ̳ΦᇥഠॕᙑĂ the theme of "Running for Women's and Children's Health and Security." Over the years, the contest hasדາЍЏᖳྺಞҝ
щᄃۤົӀ̈́ᔉ෴֨SARSᑅᗓା earned widespread support from young people, organizations, and community leaders. It has becomeڼ᎕Ҍ̫̏࿅6,000༱̮Ąͽ2003ѐࠎּĂॕᙑ̰߆ొଯण one of the major annual events in Taipei City, attracting over 30,000 participants each year. ć2004ѐົܛГᙑਖ਼˘ొ350༱̮̱ԖҜ৺ซ˾ॕҕ̟֘έ៉ҕ୵ૄغᗝ྿1,000༱̮Ăѐܛ᜕֘Ă
ᙯᘃ̃ᒛাăۤົ̳ВщБĂ˵ॕࡗ800༱̮̟࠹ᙯಏҜĄ Each race adopts a different theme promoting the values of safety, health, and social welfare. Consistentٺٸࢦᕇཉ with these themes, the race has maintained a zero-accident record since its launch. All participants are ிሤ͕̳̂ົۤ៰ײາЍˠုܲᐍᇝ͇̂ሁ൳̂ᔈခᐽۤົ̂ிଂְϒ༊ЃยྻજĂ࣍ጱઉϠ߿Ă eligible to take part in lottery drawings for prizes such as cars, free health examinations at Shinkong Wu ᄃଋޞଠિநຐăјಶᅈഀĂഇܛрෞĄາЍޘؠᄃਫ਼ᜩĂ֭எᒔۤົ̂ி۞ۺৈĂ̏ᒔ࿆۞ Ho-Su Memorial Hospital, and free stays at Shinkong Chao-Feng Recreation Farm. Since its inception, the ٸ В౹࡚ᚊˠϠĄ race has generated over NT$60 million through registration fees and donations from SKFHC. In 2003, the ீ race proceeds of NT$10 million were donated to the Ministry of Interior to support social safety and Б welfare causes, as well as to purchase SARS quarantine ambulances. An NT$3.5 million six-bed ͵ bloodmobile was also donated to the Chinese Blood Donation Association. In 2004, about NT$8 million ࠧ was donated to organizations primarily to support women's cancer treatment and public safety. ą Г The Shin Kong Tower Race has also encouraged involvement in healthy leisure activities, fostered healthy ౄ lifestyles, and raised social welfare awareness in Taiwan. These contributions have been widely acclaimed າ ֧ .by the public and have helped SKFHC achieve its mission to create better living for all
61 62 Faith ܜјמᒉౄܫྕ
ੑચಡӘ
FINANCIAL HIGHLIGHTS
யๅܑ Consolidated Balance Sheetྤ׀Ꮙଠ۵ ЪܛາЍ Shin Kong Financial Holding ຫৈܑ Consolidated Statements of Operations׀Ъ Consolidated Statements of Changes in Stockholders' Equity ᝋৈតજܑڌ۵׀Ъ Consolidated Statements of Cash Flows ߹ณܑܛன׀Ъ Balance Sheet Shin Kong Life Insurance າЍˠုܲᐍ ྤயๅܑ Statements of Operations
ຫৈܑBalance Sheet Shin Kong Commercial Bank Statements of Operations າЍથຽᅙҖ ྤயๅܑ Balance Sheet Shin Kong Securities ຫৈܑ Statements of Operations யๅܑྤ דາုტЪᙋ Balance Sheet New Light Asset Management ຫৈܑStatements of Operations
யๅܑ Balance Sheet ྤܫԸྤڄາ Shin Kong Insurance Brokerage Statements of Operations ຫৈܑ
າုܲᐍགྷࡔ ྤயๅܑ ຫৈܑ
63 64 2004 Ꮙଠ۵۵Њѣࢨ̳Φ̳̈́̄Φ AnnualܛາЍ āྤāயāāๅāܑ Report׀Ъā ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮
˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟Ğࢦበޢğ ˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟Ğࢦበޢğ ᗝ Ʀܛ ᗝ Ʀܛ ᝋৈڌᗝ Ʀ ๅ̈́۵ܛ ᗝ Ʀܛ யྤ ߹જྤய ߹જๅ னܛ̈́ࡗ༊னܛ $ 42,482,505 5 $ 80,726,846 10 ൺഇๅચ δҖ̈́ᅙҖТຽ 16,764,293 2 4,580,905 1 ൺഇࣄഠ $ 4,020,000 - $ 2,220,000 1ٸх ๅ 4,177,160 1 9,296,943 1ד෴аைܢ ൺഇԸྤ 97,460,999 10 71,891,576 9 ᑕќഠี 29,519,757 3 18,047,346 2 ạ̄ğ Ꮙྤயů߹જ 11,553,184 1 9,553,642 1 ᑕ;ഠีܛ - ߹જྤய 1,072,391 - 811,444 - ᑕ;ϡ 3,166,631 - 3,061,675 ߹જྤயЪࢍ 198,853,129 21 185,611,759 23 ᑕ;ܲᐍග; 435,353 - 303,316 - - 181,456 - 173,687 ֽـᐍТຽܲ ഠ ᑕ;ഠā 4,297,376 1 4,794,370 1ٸ ုᐍഠ 98,725,557 11 96,113,249 12 ќഠี 2,449,569 - 2,284,832 - ഠĞஐᗝğ 10,198,535 1 11,657,600 2 ߹જๅЪࢍ 18,719,776 2 22,142,592 3ٸൺഇፉܲ ഠĞஐᗝğ 36,386,419 4 33,577,809 4ٸഇፉܲ̚ ഠĞஐᗝğ 77,172,665 8 84,818,280 11 хഠ̈́๗ഠ 74,683,686 8 64,642,615 8ٸഇፉܲܜ ഠЪࢍ 222,483,176 24 226,166,938 29ٸ ૄܛܜഇԸྤ ܜഇๅ ஐᗝ 13,758,820 1 10,000,000 1דഇԸྤ ᑕ;̳Φๅܜ ഇ۵ᝋԸྤ ˿гᆧࣃඁ౯ 5,350,739 1 5,198,544 1ܜ ഇๅЪࢍ 19,109,559 2 15,198,544 2ܜ - ഇԸྤ 1,145,426 - 1,023,041ܜ̝ڱଳᝋৈ ഇԸྤ 9,672,049 1 18,974,279 3ܜ̝ڱଳјώ Ըྤ 392,273,539 42 253,976,602 32 ๅדഇๅܜ ̙જயԸྤĞஐᗝğ 73,649,137 8 73,277,517 9 ᒉຽ̈́ๅ౯ ഇԸྤ 30,474 - 34,295 - Ϗ႕ഇܲ౯ 5,356,704 - 5,344,612 1ܜ ૄܛܜഇԸྤЪࢍ 476,770,625 51 347,285,734 44 ုᐍయЇ౯ 753,328,574 81 642,738,997 81 ုᐍপҾ౯ 7,517,710 1 7,151,148 1 - ؠྤய Ϗՙኪഠ౯ 355,522 - 338,486 јώ ̦ีๅ 784,456 - 963,360 - - г 6,496,525 1 6,781,913 1 Ըྤݭથݡๅ 4,958,158 1 1,055,527˿ 7,650,494 1 8,048,546 1 ๅЪࢍ 772,301,124 83 657,592,130 83ޙ̈́ޏٗ ፟ጡన౯ 309,739 - 329,569 - ๅЪࢍ 884,814,145 95 759,575,881 96 Ϲ఼̈́ྻᏮన౯ 97,027 - 102,861 - ᝋৈڌన౯ 1,911,796 - 1,883,851 - ۵ ࢦҤᆧࣃ 2,501,668 - 2,561,374 - ۵ώ 29,729,121 3 25,856,596 3 јώ̈́ࢦҤᆧࣃЪࢍ 18,967,249 2 19,708,114 2 ྤώ̳᎕ 7,326,126 1 4,368,820 1 ഴĈࢍԶᖞ ( 3,016,919 ) - ( 2,972,698 ) - ܲ࠳ዶ ٸ - ؠ̳᎕ 665,506 - 140,574ڱ - ϏԆ̍ 83,905 - 59,955 - ؠྤயஐᗝ 16,034,235 2 16,795,371 2 পҾ࠳ዶ̳᎕ 28,350 - 27,457 ீ Ϗ̶੨࠳ዶ 6,463,139 1 3,241,862 - ᝋৈአፋีϫ Бڌྤய ۵ ͵ - ( ഇԸ۵ᝋྤຫε ( 62,954 ) - ( 94,676ܜய 12,245,071 1 12,848,786 2 Ϗ၁னྤี̦ Ըྤݭથݡྤய 4,958,158 1 1,055,527 - ऱᖟ۵ை ( 28,607 ) - ( 3,352,399 ) - ࠧ ྤயЪࢍ 17,203,229 2 13,904,313 2 ͌ᇴ۵ᝋůপҾ۵ 2,409,568 - - - ą ᝋৈЪࢍ 46,530,249 5 30,188,234 4ڌ۵ Г ᝋৈЪࢍ $ 931,344,394 100 $ 789,764,115 100ڌயᓁࢍāā $ 931,344,394 100 $ 789,764,115 100 ๅ̈́۵ྤ ౄ າ ֧
65 66 2004 SHIN KONG FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES Annual CONSOLIDATED BALANCE SHEETS Report DECEMBER 31, 2004 AND 2003 (in NT$ Thousands)
December 31, 2004 December 31, 2003 (Restated) December 31, 2004 December 31, 2003 (Restated)
ASSETS Amount Ʀ Amount Ʀ LIABILITIES AND STOCKHOLDERS’ EQUITY Amount Ʀ Amount Ʀ CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents $ 42,482,505 5 $ 80,726,846 10 Short-term debts Due from Central Bank and other banks 16,764,293 2 4,580,905 1 Short-term loans $ 4,020,000 - $ 2,220,000 1 Short-term investments 97,460,999 10 71,891,576 9 Notes issued under repurchase agreements 4,177,160 1 9,296,943 1 Accounts receivable 29,519,757 3 18,047,346 2 Other current financial assets 11,553,184 1 9,553,642 1 Payables Other current assets 1,072,391 - 811,444 - Accrued expenses 3,166,631 - 3,061,675 - Total current assets 198,853,129 21 185,611,759 23 Life insurance proceeds payable 435,353 - 303,316 - Payables to other insurers 173,687 - 181,456 - LOANS Other payables 4,297,376 1 4,794,370 1 Policy loans 98,725,557 11 96,113,249 12 Advance receipts 2,449,569 - 2,284,832 - Short-term secured loans, net 10,198,535 1 11,657,600 2 Total current liabilities 18,719,776 2 22,142,592 3 Medium-term secured loans, net 36,386,419 4 33,577,809 4 Long-term secured loans, net 77,172,665 8 84,818,280 11 DEPOSITS AND REMITTANCES 74,683,686 8 64,642,615 8 Total loans 222,483,176 24 226,166,938 29 LONG-TERM LIABILITIES Bonds payable, net 13,758,820 1 10,000,000 1 LONG-TERM INVESTMENTS Reserve for land value increment tax 5,350,739 1 5,198,544 1 Stocks - Equity method 1,145,426 - 1,023,041 - Total long-term liabilities 19,109,559 2 15,198,544 2 Stocks - Cost method 9,672,049 1 18,974,279 3 Bonds 392,273,539 42 253,976,602 32 OTHER LIABILITIES Real estate, net 73,649,137 8 73,277,517 9 Reserve for operations and liabilities Other 30,474 - 34,295 - Reserve for unearned premiums 5,356,704 - 5,344,612 1 Total long-term investments 476,770,625 51 347,285,734 44 Reserve for life insurance liability 753,328,574 81 642,738,997 81 Special reserve for life insurance 7,517,710 1 7,151,148 1 Reserve for indemnity payments 355,522 - 338,486 - PROPERTY AND EQUIPMENT Other liabilities 784,456 - 963,360 - Cost Separate account 4,958,158 1 1,055,527 - Land 6,496,525 1 6,781,913 1 Total other liabilities 772,301,124 83 657,592,130 83 Buildings and structures 7,650,494 1 8,048,546 1 Total liabilities 884,814,145 95 759,575,881 96 Machinery equipment 309,739 - 329,569 - Transportation and communications equipment 97,027 - 102,861 - STOCKHOLDERS’ EQUITY Other equipment 1,911,796 - 1,883,851 - Common stock 29,729,121 3 25,856,596 3 Revaluation increment 2,501,668 - 2,561,374 - Capital surplus 7,326,126 1 4,368,820 1 Cost and revaluation increment subtotal 18,967,249 2 19,708,114 2 Less accumulated depreciation Legal reserve ٸ - 140,574 - 665,506 - ( 2,972,698 ) - ( 3,016,919 ) Construction in progress 83,905 - 59,955 - Special reserve 28,350 - 27,457 - ீ Property and equipment, net 16,034,235 2 16,795,371 2 Retained earnings (accumulated deficit) 6,463,139 1 3,241,862 - Б OTHER ASSETS Unrealized loss from long-term investments ( 62,954 ) - ( 94,676 ) - ͵ Miscellaneous assets 12,245,071 1 12,848,786 2 Treasury stock ( 28,607 ) - ( 3,352,399 ) - ࠧ Separate account Minority interest - preferred stockholders 4,958,158 1 1,055,527 - 2,409,568 - - - ą Total other assets 17,203,229 2 13,904,313 2 Total stockholders’ equity 46,530,249 5 30,188,234 4 Г TOTAL $ 931,344,394 100 $ 789,764,115 100 TOTAL $ 931,344,394 100 $ 789,764,115 100 ౄ າ ֧
67 68 2004 Ꮙଠ۵۵Њѣࢨ̳Φ̳̈́̄Φ AnnualܛາЍ Report āຫāৈāܑ ಏҜĈາέ။Ζ̮Ăଘ׀Ъā ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟ Տ۵࠳ዶࠎ̮
˝˩ˬѐޘ ˝˩˟ѐޘĞࢦበޢğ ˝˩ˬѐޘ ˝˩˟ѐޘĞࢦበޢğ
ܛᗝ Ʀ ܛᗝ Ʀ ܛᗝ Ʀ ܛᗝ Ʀ
ᒉຽќˢ ᒉຽͨӀ $ 18,775,105 8 $ 16,393,421 8
Ӏिќˢ $ 28,276,658 12 $ 22,165,176 10
ܲќˢ 146,669,052 61 131,300,064 62 ᒉຽϡ 14,224,849 6 15,424,721 7
ГܲҮܛќˢ 1,940,404 1 1,852,342 1
ᝊаГܲኪഠᄃග; 1,478,630 1 1,423,847 1 ᒉຽӀৈ 4,550,256 2 968,700 1
ќаܲ౯ 38,287,176 16 38,901,453 18
ќаপҾ౯ 179,685 - 318,593 - ᒉຽγќˢ̈́Ӏৈ
ќаኪഠ౯ 472,214 - 545,136 - ҸೱӀৈĞஐᗝğ - - 1,785,587 1
͘ᜈќˢ 4,740,187 2 329,025 - ќаӑ̈́࿅ഇ 1,841,802 1 151,506 -
- Ըྤݭܲᐍથݡќৈ 4,919,677 2 2,082,755 1 ̦ีќˢ 749,309 - 188,651
ӀৈĞஐᗝğ 7,832,647 3 11,076,647 5 ᒉຽγќˢ̈́ӀৈЪࢍ 2,591,111 1 2,125,744 1ٽϹדᙋ
- - ഇ۵ᝋԸྤќৈĞஐᗝğ 1,677,628 1ܜ
̙જயԸྤӀৈ 3,236,441 1 3,644,111 2 ᒉຽγϡ̈́ຫε
- - - ᒉຽќˢ - - 15,910 - Ҹೱຫε 349,461
ᒉຽќˢЪࢍ 239,710,399 100 213,655,059 100 ̦ีϡ 101,517 - 100,515 -
ᒉຽγϡ̈́ຫεЪࢍ 450,978 - 100,515 -
ᒉຽјώ
Ӏिϡ 3,051,485 1 1,677,921 1 ඁ݈Ӏৈ 6,690,389 3 2,993,929 2
- Г͚ܲ 3,727,123 2 3,734,930 2 ٙඁĞϡğӀৈ ( 209,231 ) - 249,100
͚ 6,584,989 3 7,209,270 3 ტЪஐӀ 6,481,158 3 3,243,029 2ܛٚܲ̈́ГܲҮ
- - - ( ᐍኪഠᄃග; 51,564,006 22 50,139,195 23 ͌ᇴ۵ᝋӀৈ ( 109,568ܲ
৷ৈ $ 6,371,590 3 $ 3,243,029 2׀೩хܲ౯ 148,888,845 62 125,745,472 59 ώഇЪ
೩хုᐍপҾ౯ 546,246 - 900,317 -
ٸ - ೩хኪഠ౯ 489,249 - 632,828
ீ Ըྤݭܲᐍથݡϡ 4,919,677 2 2,082,755 1 Б ޢඁ݈ ඁ ޢഇ۵ᝋԸྤຫεĞஐᗝğ - - 1,068,171 1 ඁ݈ ඁܜ ͵ 324,495 - 78,589 - જயԸྤຫε Տ۵࠳ዶ ̙ࠧ ᒉຽјώ 839,179 - 3,992,190 2 ૄώՏ۵࠳ዶ $ 2.31 $ 2.23 $ 1.15 $ 1.24 ą ᒉຽјώЪࢍ 220,935,294 92 197,261,638 92 ංᛖՏ۵࠳ዶ $ 2.15 $ 2.08 $ 1.15 $ 1.24 Г ౄ າ ֧
69 70 2004 SHIN KONG FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES Annual Report CONSOLIDATED STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2004 AND 2003 (in NT$ Thousands Except Earnings Per Share)
2004 2003 ( Restated ) 2004 2003 ( Restated )
Amount Ʀ Amount Ʀ Amount Ʀ Amount Ʀ
OPERATING INCOME AND GAINS GROSS OPERATING INCOME $ 18,775,105 8 $ 16,393,421 8
Interest income $ 28,276,658 12 $ 22,165,176 10
Premium income 146,669,052 61 131,300,064 62 OPERATING EXPENSES 14,224,849 6 15,424,721 7
Reinsurance commission income 1,940,404 1 1,852,342 1
Reinsurance payment refund 1,478,630 1 1,423,847 1 OPERATING (LOSS) INCOME 4,550,256 2 968,700 1
Recovered premium and reserve 38,287,176 16 38,901,453 18
Recovered special reserve 179,685 - 318,593 - NONOPERATING INCOME AND GAINS
Recovered life insurance liability reserve 472,214 - 545,136 - Exchange gains, net - - 1,785,587 1
Processing fee income 4,740,187 2 329,025 - Recovered bad debt and overdue receivables 1,841,802 1 151,506 -
Separate account revenue 4,919,677 2 2,082,755 1 Others 749,309 - 188,651 -
Gains on investments in securities 7,832,647 3 11,076,647 5 Total nonoperating income and gains 2,591,111 1 2,125,744 1
Gains on long-term equity investments, net 1,677,628 1 - -
Gains on real estate investments 3,236,441 1 3,644,111 2 NONOPERATING EXPENSES AND LOSSES
Other operating income - - 15,910 - Exchange losses, net 349,461 - - -
Total operating income and gains 239,710,399 100 213,655,059 100 Others 101,517 - 100,515 -
Total nonoperating expenses and losses 450,978 - 100,515 - OPERATING COSTS, EXPENSES, AND LOSSES
Interest expense 3,051,485 1 1,677,921 1 (LOSS) INCOME BEFORE INCOME TAX 6,690,389 3 2,993,929 2
Reinsurance expenses 3,727,123 2 3,734,930 2 INCOME TAX (EXPENSE) BENEFIT ( 209,231 ) - 249,100 -
Underwriting and reinsurance commission expenses 6,584,989 3 7,209,270 3 LESS MINORITY INTEREST INCOME ( 109,568 ) - - -
Insurance payments 51,564,006 22 50,139,195 23 LESS SUBSIDIARIES’ NET INCOME
Provision of premium reserve 148,888,845 62 125,745,472 59 BEFORE THE MERGER DATE - - - -
Provision of special reserve 546,246 - 900,317 - CONSOLIDATED NET (LOSS) INCOME $ 6,371,590 3 $ 3,243,029 2
ٸ - Provision of life insurance liability reserve 489,249 - 632,828
Separate account expenses 4,919,677 2 2,082,755 1 ீ Б Losses on long-term equity investments, net - - 1,068,171 1 BASIC CONSOLIDATED NET (LOSS) Before Tax After Tax Before Tax After Tax ͵ Losses on long-term equity investments in real estate 324,495 - 78,589 - EARNINGS PER SHARE $ 2.31 $ 2.23 $ 1.15 $ 1.24 ࠧ Other operating costs 839,179 - 3,992,190 2 DILUTED CONSOLIDATED NET (LOSS) ą Total operating costs, expenses, and losses 220,935,294 92 197,261,638 92 EARNINGS PER SHARE $ 2.15 $ 2.08 $ 1.15 $ 1.24 Г ౄ າ ֧
71 72 2004 Ꮙଠ۵۵Њѣࢨ̳Φ̳̈́̄Φ AnnualܛາЍ ᝋৈតજܑ Reportڌ۵׀Ъ ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟Ğϔ઼˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘ܼ͟ࢦበޢྤੈğ ಏҜĈາέ။Ζ̮
ܲ࠳ዶ ഇ۵ᝋ ͌ᇴ۵ᝋܜϏ၁ன ؠ̳᎕ পҾ࠳ዶ̳᎕ Ϗ̶੨࠳ዶ Ըྤຫε ऱᖟ۵ை ůপҾ۵ Ъࢍڱ ۵ώ ྤώ̳᎕
˝˩˟ѐ˘͡˘͟ዶᗝĞࢦበޢğ $ 26,355,196 $ 15,941,018 $ 86,020 $ 20,798 ( $ 13,902,819 ) ( $ 106,935 ) ( $ 4,578,885 ) $-$ 23,814,393
ᑓྃᓪຫ - ( 14,084,667 ) - - 14,084,667 - - - -
- - ऱᖟ۵ைොዚ ( 498,600 ) ( 692,870 ) - - - - 1,191,470
( ۵ைෛТऱᖟ۵ ------( 2,959 ) - ( 2,959ڌΦ෴аளᛉ۵̳̄
Φऱᖟ۵ை - - - - ( 1,167 ) - 40,904 - 39,737̳̄
ഇ۵ᝋԸྤஐࣃតજᇆᜩᇴ - 3,205,339 54,554 6,659 ( 181,848 ) 12,259 ( 2,929 ) - 3,094,034ܜ
˝˩˟ѐޘ৷ৈ - - - - 3,243,029 - - - 3,243,029
˝˩˟ѐ˩˟͡ˬ˩˘͟ዶᗝĞࢦበޢğ 25,856,596 4,368,820 140,574 27,457 3,241,862 ( 94,676 ) ( 3,352,399 ) - 30,188,234
˝˩˟ѐޘ࠳ዶ̶੨ - - - - ( ؠ̳᎕ - - 524,549 - ( 524,549ڱ - - - - ( ۵ை۵Ӏ 1,820,068 - - - ( 1,820,068 ( ۵Ӏ - - - - ( 780,029 ) - - - ( 780,029ܛன Ⴞ࿌౻ - - - - ( 21,600 ) - - - ( 21,600 ) ࣶ̍ࡓӀ - - - - ( 524 ) - - - ( 524 )
- - ऱᖟ۵ைොዚ ( 103,670 ) ( 192,983 ) - - - - 296,653
ऱᖟ۵ - 42,229 - - - - 1,504,168 - 1,546,397
Φऱᖟ۵ை - 46,959 - - ( 2,267 ) - 1,518,368 - 1,563,060̳̄
ᖼೱ̳Φๅᖼೱࠎ۵ώ 2,156,127 2,428,765 ------4,584,892
ഇ۵ᝋԸྤஐࣃតજᇆᜩᇴ - 632,336 383 893 ( 1,276 ) 31,722 4,603 - 668,661ܜ
ᇴ۵ᝋᆧΐᇴ ------2,409,568 2,409,568͌ ٸ ˝˩ˬѐޘ৷ৈ - - - - 6,371,590 - - - 6,371,590 ீ Б ˝˩ˬѐ˩˟͡ˬ˩˘͟ዶᗝ $ 29,729,121 $ 7,326,126 $ 665,506 $ 28,350 $ 6,463,139 ( $ 62,954 ) ( $ 28,607 ) $ 2,409,568 $ 46,530,249 ͵ ࠧ ą Г ౄ າ ֧
73 74 SHIN KONG FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES 2004 Annual CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY Report YEARS ENDED DECEMBER 31, 2004 AND 2003 (in NT$ Thousands)
Minority Long-Term Interest - Earnings Equity Treasury Preferred Common Stock Capital Surplus Legal Reserve Special Reserve (Accumulated Deficit) Investments Stock Stockholders Total
BALANCE, DECEMBER 31, 2002 (Restated) $ 26,355,196 $ 15,941,018 $ 86,020 $ 20,798 ( $ 13,902,819 ) ( $ 106,935 ) ( $ 4,578,885 ) $-$ 23,814,393
Offset of accumulated deficit - ( 14,084,667 ) - - 14,084,667 - - - -
Cancellation of treasury stock ( 498,600 ) ( 692,870 ) - - - - 1,191,470 - -
Repurchased shares from dissenting stockholders ------( 2,959 ) - ( 2,959 )
Sale of treasury stock held by subsidiaries - - - - ( 1,167 ) - 40,904 - 39,737
Effect of changes in ownership interests in equity-method investments - 3,205,339 54,554 6,659 ( 181,848 ) 12,259 ( 2,929 ) - 3,094,034
Consolidated net income in 2003 - - - - 3,243,029 - - - 3,243,029
BALANCE, DECEMBER 31, 2003 (Restated) 25,856,596 4,368,820 140,574 27,457 3,241,862 ( 94,676 ) ( 3,352,399 ) - 30,188,234
Appropriation of 2003 consolidated net income Legal reserve - - 524,549 - ( 524,549 ) - - - - Stock dividend 1,820,068 - - - ( 1,820,068 ) - - - - Cash dividend - - - - ( 780,029 ) - - - ( 780,029 ) Remuneration to directors and supervisors - - - - ( 21,600 ) - - - ( 21,600 ) Employee bonus - - - - ( 524 ) - - - ( 524 )
Cancellation of treasury stock ( 103,670 ) ( 192,983 ) - - - - 296,653 - -
Sale of treasury stock - 42,229 - - - - 1,504,168 - 1,546,397
Sale of treasury stock held by subsidiaries - 46,959 - - ( 2,267 ) - 1,518,368 - 1,563,060
Common stock issued for convertible bonds 2,156,127 2,428,765 ------4,584,892
Effect of changes in ownership interests in ٸ equity-method investments - 632,336 383 893 ( 1,276 ) 31,722 4,603 - 668,661 ீ Increase in minority interest ------2,409,568 2,409,568 Б ͵ Consolidated net income in 2004 - - - - 6,371,590 - - - 6,371,590 ࠧ
BALANCE, DECEMBER 31, 2004 $ 29,729,121 $ 7,326,126 $ 665,506 $ 28,350 $ 6,463,139 ( $ 62,954 ) ( $ 28,607 ) $ 2,409,568 $ 46,530,249 ą Г ౄ າ ֧
75 76 2004 Ꮙଠ۵۵Њѣࢨ̳Φ̳̈́̄Φ AnnualܛາЍ ߹ณܑ Reportܛன׀Ъ ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮
˝˩ˬѐޘ ˝˩˟ѐޘĞࢦበޢğ ˝˩ˬѐޘ ˝˩˟ѐޘĞࢦበޢğ
ܛᗝ ܛᗝ ܛᗝ ܛᗝ ϫ۞҃ѣ̝ൺഇԸྤᆊഠ $ 46,594,930 $ 3,661,533ٽϹܧ߹ณ Яܛᒉຽ߿જ̝ன ( ഠᆧΐ ( 115,916,286 ) ( 110,351,065ٸ ώഇϏࢍ͌ᇴ۵ᝋ݈৷ৈ $ 6,481,158 $ 3,243,029 ഠќа 120,766,294 111,707,513ٸ ӑĞ՞аğ೩Е ( 220,892 ) 1,423,117ٯ౯ ( Զᖞ 852,847 882,798 Ըྤᆧΐᇴ - ( 34,295 ഇ۵ᝋԸྤஐĞᆧΐğഴ͌ ( 5,208,383 ) 6,374,213ܜ ᅍؼϡᝊዚ 129,592 107,846 ( Ըྤஐᆧΐ ( 136,378,052 ) ( 105,949,704דഇๅܜ ( ࠎϫ۞̝ൺഇԸྤӀৈ ( 94,976 ) ( 38,991ٽϹܧ̶Я ( ൺഇԸྤᆊຫε೩ЕĞᖼаӀৈğ 84,642 ( 3,406,087 ) ̙જயԸྤᆧΐ ( 2,069,391 ) ( 1,949,732ٯ౯ Ըྤ໕ᆊᝊዚ 805,972 719,401 ̙જயᆊഠ 1,378,332 236,122דഇๅܜ ( ࿁ࡗຫε౯೩Е 3,683 3,467 ᔉཉؠྤய ( 426,645 ) ( 267,812 ෴ຫε౯ĞҤᖼаğ೩Е ( 16,757 ) 16,757 ؠྤயᆊഠ 9,956 18,138 ᗼຫε౯೩Е 478,824 518,876 хܲᙋܛᆧΐ ( 1,439,294 ) ( 600,403 ) ೩х̈́ќаЧีᒉຽ౯ஐᗝ 110,985,267 87,513,434 ๊ќഠഴ͌ 967,537 203,200 ( ᝊዚ̙։ๅᝋຫε - 3,006,736 ᅍؼϡᆧΐ ( 104,923 ) ( 152,757 ᄮЕ̝ԸྤӀৈஐᗝ ( 87,404 ) ( 71,184 ) ̙։ๅᝋᆊഠ - 5,000ڱᝋৈֶ யഴ͌ - 50,000ྤטࢨצ ഇ۵ᝋԸྤӀৈஐᗝ ( 1,359,984 ) 1,937,128ܜ̶ ( ߹ ( 158,732,195 ) ( 102,260,763ܛԸྤӀৈஐᗝ ( 3,177,046 ) ( 4,790,598 ) Ըྤ߿જ̝ஐனדഇๅܜ̶ ܜഇԸྤᖼЕൺഇԸྤ̏၁னᆊຫε 415,849 - Ꮙྤ߿જ̝னܛ߹ณ ഇ۵ᝋԸྤᆊຫε 29,221 - хഠ̈́๗ഠᆧΐ 10,041,071 9,064,476ܜ ( ۵Ӏ 31,282 1,836 ൺഇࣄഠᆧΐĞഴ͌ğ 1,800,000 ( 1,280,000ܛజԸྤ̳Φனפ ̶ؠྤயຫεஐᗝ 12,023 12,564 ᑕ;̳Φๅᆧΐ 8,298,420 10,000,000 ๅĞഴ͌ğᆧΐ ( 4,450,493 ) 4,450,493ד෴аๅܢ ̙જயԸྤຫεஐᗝ 18,809 103,903 Ğഴ͌ğᆧΐ ( 47,654 ) 24,687ܛᅍؼٙඁӀৈ ( 20,798 ) ( 674,125 ) хˢܲᙋ Ϗ೩ᇥᇴ 20,818 14,752 ࣶ̍ᄮᔉऱᖟ۵ 3,117,383 36,808ܛੜЃ ( ᒉຽྤய̈́ๅ̝ஐតજ ෴аऱᖟ۵ை ( 169 ) ( 2,959 ( ۵Ӏ ( 780,029 ) ( 109,778ܛனٸᑕќഠี ( 11,459,536 ) ( 20,962 ) ൴ ( Ⴞ࿌౻ࣶ̈́̍ࡓӀ ( 22,117 ) ( 10,857ٸԸྤ 484,778 ( 857,980 ) ൴דаๅܢ - Ꮙྤயů߹જ ( 206,855 ) ( 298,696 ) ͌ᇴ۵ᝋůপҾ۵ 2,300,000ܛ ߹ˢ 20,256,412 22,172,870ܛ߹જྤய ( 51,246 ) ( 571,820 ) Ꮙྤ߿જ̝ஐன ෴ࣄี ( 317 ) 693צ Ğഴ͌ğᆧΐᇴ ( 38,244,341 ) 33,771,982ܛࡗ༊ன̈́ܛๅ ( 669,290 ) 995,415 ώഇனד෴аๅܢ ൴Җᄮᔉᝋᙋๅ 192,000 - ൴ҖᄮᔉᝋᙋГ෴а ( 159,994 ) - ഇܐனܛ̈́ࡗ༊னܛዶᗝ 80,726,846 46,954,864 - ќٚዚ۵ഠ 49,100 ᑕ;ϡ ( 40,597 ) 358,873 ഇϐனܛ̈́ࡗ༊னܛዶᗝ $ 42,482,505 $ 80,726,846 ٸ ᑕ;ܲᐍග; 132,037 1,230 ீ ߹ณྤੈ̝ྃ·೬ᜨܛன 93,538 ( 7,769 ) ֽـᐍТຽܲ ᑕ;ഠ 240,964 ( 1,471,810 ) Ӏि͚ $ 954,857 $ 919,690 Б ќഠี 164,011 386,269 ٙඁ͚; $ 41,374 $ 48,148 ͵ ᑕࢍੜЃܛๅ ( 371,856 ) ( 379,434 ) ࠧ ߹ณ̝Ըྤ̈́Ꮙྤ߿જܛᅍؼٙඁๅů߹જ ( 102,191 ) 383,794 ̙ᇆᜩன ᖼೱ۵ώ $ 4,584,892 $- ąܛᅍؼٙඁྤயů߹જ ( 249,992 ) ( 457 ) Ξᖼೱ̳Φๅ̈́ᑕ;Ӏिྃᐺ ߹જ 699,712 9,234 ොዚऱᖟ۵ $ 296,653 $ 1,191,470 Гܧᅍؼٙඁྤயů ഇ۵ᝋԸྤᖼЕൺഇԸྤ $ 15,157,132 $ 202,482 ౄܜ ğ ( 3,786,107 ) 24,686,078דࠎϫ۞҃ѣ̝ൺഇԸྤĞӣᒉຽᙋٽЯϹ ԸྤᖼЕൺഇԸྤ $ 730,339 $- າדഇๅܜ ๅ 2,460 21,251 100,231,442 113,859,875 $ 56,797 $- ֧ ߹ˢ ১ྤயᖼЕؠྤயܛᒉຽ߿જ̝ஐன ߹ณ ؠྤயᖼЕ১ྤய̈́ยཉྤய $ 449,614 $ 76,285ܛԸྤ߿જ̝ன -$ ፉܲݡᖼЕؠྤய $ 121,450צδҖ̈́Тຽᆧΐ ( 12,133,364 ) ( 1,179,267 ) ٚٸх -$ ౯ $ 50,024ܛྤܫԸྤхˢхדഇๅܜ ( ϫ۞҃ѣ̝ൺഇԸྤᆧΐ ( 54,772,906 ) ( 4,031,447ٽϹܧЯ
77 78 SHIN KONG FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES 2004 Annual CONSOLIDATED STATEMENTS OF CASH FLOWS Report YEARS ENDED DECEMBER 31, 2004 AND 2003 (In NT$ Thousands)
2004 2003 (Restated) 2004 2003 (Restated) CASH FLOWS FROM OPERATING ACTIVITIES Amount Amount CASH FLOWS FROM INVESTING ACTIVITIES Amount Amount Consolidated net (loss) income before minority interest income $ 6,481,158 $ 3,243,029 Decrease (increase) in due from the Central Bank and other banks ( $ 12,133,364 ) ($ 1,179,267 ) Provision for (reversal of) doubtful accounts (220,892 ) 1,423,117 Increase in short-term investments, nontrading (54,772,906 ) (4,031,447 ) Depreciation 852,847 882,798 Proceeds from sale of short-term investment, nontrading 46,594,930 3,661,533 Amortization of deferred expenses 129,592 107,846 Increase in loans (115,916,286 ) (110,351,065 ) Gain on sale of short-term investments, nontrading (94,976 ) (38,991 ) Recovery of loans 120,766,294 111,707,513 Provision (reversal of allowance) for decline in market value Increase in other investments - (34,295 ) of short-term investments 84,642 (3,406,087 ) (Increase) decrease in long-term equity investments (5,208,383 ) 6,374,213 Provision for devaluation of investments - real estate - - Increase in long-term investments - bonds (136,378,052 ) (105,949,704 ) Amortization of premium on long-term investments - bonds 805,972 719,401 Increase in investments in real estate (2,069,391 ) (1,949,732 ) Provision of reserve for default losses 3,683 3,467 Proceeds from disposal of real estate 1,378,332 236,122 (Reversal) provision of reserve for trading losses (16,757 ) 16,757 Acquisition of property and equipment (426,645 ) (267,812 ) Provision of bad-debt loss reserve 478,824 518,876 Proceeds from disposal of property and equipment 9,956 18,138 Provision and recovery of various insurance reserves, net 110,985,267 87,513,434 Decrease (increase) in guarantee deposits paid (1,439,294 ) (600,403 ) Amortization of loss on disposal of nonperforming loans - 3,006,736 (Increase) decrease in nonperforming loans 967,537 203,200 Investment income recognized under the equity method (87,404 ) (71,184 ) Increase in deferred expenses (104,923 ) (152,757 ) (Gain) loss on disposal of long-term equity investments, net (1,359,984 ) 1,937,128 Proceeds from disposal of nonperforming loans - 5,000 Gain on disposal of long-term investments - bonds, net (3,177,046 ) (4,790,598 ) Decrease in restricted assets - 50,000 Realized loss from transferring long-term investments to short-term investments 415,849 - Net cash used in investing activities (158,732,195 ) (102,260,763 ) Loss on valuation of long-term equity investments, net 29,221 - Cash dividends received from subsidiaries 31,282 1,836 CASH FLOWS FROM FINANCING ACTIVITIES Loss on disposal of property and equipment, net 12,023 12,564 Decrease (increase) in deposits and remittances 10,041,071 9,064,476 Loss on sale of real estate, net 18,809 103,903 Increase (decrease) in short-term loans 1,800,000 (1,280,000 ) Deferred income tax (expense) benefit (20,798 ) (674,125 ) Increase in bonds payable 8,298,420 10,000,000 Unappropriated pension 20,818 14,752 (Decrease) increase in notes issued under repurchase agreement (4,450,493 ) 4,450,493 Net changes in operating assets and liabilities (Decrease) increase in guarantee deposits received (47,654 ) 24,687 Accounts receivable (11,459,536 ) (20,962 ) Proceeds from sale of treasury stock to employees 3,117,383 36,808 Bonds purchased under resell agreements 484,778 (857,980 ) Purchase of treasury stock (169 ) (2,959 ) Other current financial assets (206,855 ) (298,696 ) Cash dividends paid (780,029 ) (109,778 ) Other current assets (51,246 ) (571,820 ) Remuneration paid to directors and supervisors and employee bonus (22,117 ) (10,857 ) Other assets - - Increase in minority interest 2,300,000 - Security brokerage account, debit (317 ) 693 Net cash provided by (used in) financing activities 20,256,412 22,172,870 Notes issued under repurchase agreement (669,290 ) 995,415 Warrants payable 192,000 - NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (38,244,341 ) 33,771,982 Repurchase of warrants (159,994 ) - CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD/YEAR 80,726,846 46,954,864 Capital held for others 49,100 - CASH AND CASH EQUIVALENTS, END OF PERIOD/YEAR $ 42,482,505 $ 80,726,846 Accrued expenses (40,597 ) 358,873 SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION Life insurance proceeds payable 132,037 1,230 Cash paid during the period/year ٸ Payables to other insurers (7,769 ) 93,538 Interest $ 954,857 $ 919,690 Other payables 240,964 (1,471,810 ) Income tax $ 41,374 $ 48,148 ீ Advance receipts 164,011 386,269 Б Accrued pension liabilities (371,856 ) (379,434 ) NONCASH INVESTING AND FINANCING ACTIVITIES Deferred income tax liabilities, current (102,191 ) 383,794 Transfer of convertible bonds and accrued interest to capital stock $ 4,584,892 $- ͵ Deferred income tax assets, current (249,992 ) (457 ) Cancellation of treasury stock $ 296,653 $ 1,191,470 ࠧ Deferred income tax assets, noncurrent 699,712 9,234 Transfer of long-term equity investments to short-term investments $ 15,157,132 $ 202,482 ą Short-term investment, trading purposes (including operating securities) (3,786,107 ) 24,686,078 Transfer of long-term bond investments to short-term investments $ 730,339 $- Г Other liabilities 2,460 21,251 Reclassification of leased out assets as property and equipment $ 56,797 $- Net cash provided by operating activities 100,231,442 113,859,875 Reclassification of property and equipment as leased out assets and unused assets $ 449,614 $ 76,285 ౄ Reclassification of collaterals assumed as property and equipment $ 121,450 $- າ ֧ -$ Reclassification of long-term bond investments as due from the Central Bank $ 50,024
79 80 2004 າЍˠုܲᐍ۵Њѣࢨ̳Φ Annual ྤயๅܑ Report ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮
˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟ ˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟ ᗝ Ʀܛ ᗝ Ʀܛ ᝋৈڌᗝ Ʀ ๅ̈́۵ܛ ᗝ Ʀܛ யྤ ߹જྤய ߹જๅ ๅ $-- $ 4,450,493 1ד෴аைܢ 11 75,916,357 $ 5 39,451,895 $ ܛࡗ༊ன̈́ܛன ൺഇԸྤ 93,020,557 11 69,742,831 10 ᑕ;ഠี ᑕќഠี 28,852,573 3 17,319,778 2 ᑕ;ϡ 2,878,885 - 2,853,724 - - ߹જྤய 1,034,109 - 778,833 - ᑕ;ܲᐍග; 435,353 - 303,316 - 181,456 - 173,687 ֽـ߹જྤயЪࢍ 162,359,134 19 163,757,799 23 ܲᐍТຽ ᑕ;ഠ 3,395,746 1 4,176,773 1 - ഠ ќഠี 2,416,974 - 2,223,622ٸ ုᐍഠ 98,725,557 12 96,113,249 14 ߹જๅЪࢍ 9,300,645 1 14,189,384 2 - ഠĞஐᗝğ 1,138,464 - 3,060,914ٸൺഇፉܲ ഇๅܜ ഠĞஐᗝğ 11,480,995 1 12,844,394 2ٸഇፉܲ̚ - ഠፉܲĞஐᗝğ 58,148,800 7 64,429,420 9 ᆧࣃඁ౯ 5,181,003 1 5,198,544ٸഇܜ ഠЪࢍ 169,493,816 20 176,447,977 25ٸ ๅ ૄܛ̈́ܜഇԸྤ ᒉຽ̈́ๅ౯ ܜഇԸྤ Ϗ႕ഇܲ౯ 5,356,704 1 5,344,612 1 ഇ۵ᝋԸྤ ုᐍయЇ౯ 753,328,574 90 642,738,997 91ܜ ഇԸྤ 755,769 - 718,842 - ုᐍপҾ౯ 7,517,710 1 7,151,148 1ܜ̝ڱଳᝋৈ - ഇԸྤ 9,537,185 1 18,808,584 3 ኪഠ౯ 355,522 - 338,486ܜ̝ڱଳјώ - 624,394 - 577,172 ܛԸྤ 391,067,082 47 251,843,107 35 хˢܲᙋדഇๅܜ - જயԸྤĞஐᗝğ 72,456,704 9 72,086,431 10 Ըྤݭથݡๅ 4,958,158 - 1,055,527̙ ഇԸྤ 30,474 - 34,295 - ๅЪࢍ 772,093,840 92 657,253,164 93ܜ ܜഇԸྤЪࢍ 473,847,214 57 343,491,259 48 ๅЪࢍ 786,575,488 94 676,641,092 95 ؠྤய ᝋৈڌјώ ۵ г 5,326,602 1 5,482,240 1 ఼۵۵ώ 21,208,802 2 21,312,472 3˿ 6,666,345 1 6,999,769 1 পҾ۵۵ώ 15,000,000 2 8,000,000 1ޙ̈́ޏٗ Ϲ఼̈́ྻᏮన౯ 77,378 - 76,812 - ྤώ̳᎕ - న౯ 1,456,971 - 1,403,677 - ྤயࢦҤᆧࣃ 4,541,730 1 852,140 - - - ࢦҤᆧࣃ 2,359,017 - 2,418,723 - ྤώ̳᎕ 46,959 јώ̈́ࢦҤᆧࣃЪࢍ 15,886,313 2 16,381,221 2 ܲ࠳ዶ - - - ؠ̳᎕ 435,927ڱ - ( ഴĈࢍԶᖞ ( 2,211,642 ) - ( 2,100,980 ϏԆ̍ 56,195 - 56,195 - Ϗ̶੨࠳ዶ 6,577,137 1 4,359,268 1 ᝋৈአፋีϫڌؠྤயஐᗝ 13,730,866 2 14,336,436 2 ۵ ٸ - ( јώ̝ஐຫεā - - ( 629,183ܛϏᄮЕࠎੜЃ - ( ྤய ऱᖟ۵ை - - ( 1,815,021 ீ ᝋৈЪࢍ 47,810,555 6 32,079,676 5ڌய 9,996,855 1 9,631,770 2 ۵ྤี̦ Ըྤݭથݡྤய 4,958,158 1 1,055,527 - Б ͵ ྤயЪࢍ 14,955,013 2 10,687,297 2 ᝋৈᓁࢍ $ 834,386,043 100 $ 708,720,768 100 ࠧڌயᓁࢍ $ 834,386,043 100 $ 708,720,768 100 ๅ̈́۵ྤ ą Г ౄ າ ֧
81 82 2004 Shin Kong Life Insurance Co., Ltd. Annual Balance Sheet Report
December 31, 2004 and 2003 ( in NT$ Thousands)
December 31, 2004 December 31, 2003 December 31, 2004 December 31, 2003 Assets Amount Ʀ Amount Ʀ Liabilities and shareholders' equity Amount Ʀ Amount Ʀ Current Assets Current Liabilities Cash and cash equivalents $ 39,451,895 5 $ 75,916,357 11 Notes issued under repurchase agreement $-- $ 4,450,493 1 Short-term investments 93,020,557 11 69,742,831 10 Payables Accounts receivable 28,852,573 3 17,319,778 2 Accrued expenses 2,878,885 - 2,853,724 - Other current assets 1,034,109 - 778,833 - Life insurance proceeds payable 435,353 - 303,316 - Total current assets 162,359,134 19 163,757,799 23 Payables to other insurers 173,687 - 181,456 - Other payables 3,395,746 1 4,176,773 1 Loans Advance receipts 2,416,974 - 2,223,622 - Policy loans 98,725,557 12 96,113,249 14 Total current liabilities 9,300,645 1 14,189,384 2 Short-term secured loans, net 1,138,464 - 3,060,914 - Medium-term secured loans, net 11,480,995 1 12,844,394 2 Long-term Liabilities Long-term secured loans, net 58,148,800 7 64,429,420 9 Reserve for land value increment tax 5,181,003 1 5,198,544 - Total loans 169,493,816 20 176,447,977 25 Other Liabilities Funds and long-term investments Reserve for Operations and Liabilities Long-term equity investments Reserve for unearned premiums 5,356,704 1 5,344,612 1 Long-term investments under equity method 755,769 - 718,842 - Reserve for life insurance liability 753,328,574 90 642,738,997 91 Long-term investments under cost method 9,537,185 1 18,808,584 3 Special reserve for life insurance 7,517,710 1 7,151,148 1 Long-term investments in bonds 391,067,082 47 251,843,107 35 Reserve for indemnity payments 355,522 - 338,486 - Real estate investments, netā 72,456,704 9 72,086,431 10 Guarantee deposits received 577,172 - 624,394 - Other long-term investments 30,474 - 34,295 - Separate account 4,958,158 - 1,055,527 - Total long-term investments 473,847,214 57 343,491,259 48 Total other liabilities 772,093,840 92 657,253,164 93
Fixed assets Total liabilities 786,575,488 94 676,641,092 95 Costs Land 5,326,602 1 5,482,240 1 Shareholders' Equity Buildings and structures 6,666,345 1 6,999,769 1 Common stock 21,208,802 2 21,312,472 3 Transportation and communication equipment 77,378 - 76,812 - Preferred stock 15,000,000 2 8,000,000 1 Other equipment 1,456,971 - 1,403,677 - Capital Surplus Revaluation increment 2,359,017 - 2,418,723 - Asset revaluation increment 4,541,730 1 852,140 - Total costs and revaluation increment 15,886,313 2 16,381,221 2 Other capital surpluses 46,959 - - - Less accumulated depreciation ( 2,211,642 ) - ( 2,100,980 ) - Retained earnings Construction in progress 56,195 - 56,195 - Legal reserve 435,927 - - - Fixed assets, net 13,730,866 2 14,336,436 2 Accumulated earnings 6,577,137 1 4,359,268 1 Net loss not recognized as pension cost - - ( 629,183 ) - ٸ - ( Other Assets Treasury stock - - ( 1,815,021 Miscellaneous assets 9,996,855 1 9,631,770 2 Total shareholders' equity 47,810,555 6 32,079,676 5 ீ Separate account 4,958,158 1 1,055,527 - Total other assets 14,955,013 2 10,687,297 2 Total liabilities and shareholders' equity $ 834,386,043 100 $ 708,720,768 100 Б Total assets $ 834,386,043 100 $ 708,720,768 100 ͵ ࠧ ą Г ౄ າ ֧
83 84 2004 າЍˠုܲᐍ۵Њѣࢨ̳Φ Shin Kong Life Insurance Co., Ltd. Annual Report ຫāৈāܑ Statements of Operations (ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮ĂଘՏ۵࠳ዶࠎ̮ Years Ended December 31, 2004 and 2003 (in NT$ Thousands Except Earnings Per Share
˝˩ˬѐޘ ˝˩˟ѐޘ 2004 2003 ܛᗝ Ʀ ܛᗝ Ʀ Amount Ʀ Amount Ʀ ᒉຽќˢ Operating Income Ӏिќˢ $ 25,945,227 11 $ 19,903,362 9 Interest income $ 25,945,227 11 $ 19,903,362 9 ܲќˢ 146,669,052 62 131,300,064 62 Premium income 146,669,052 62 131,300,064 62 ГܲҮܛќˢ 1,940,404 1 1,852,342 1 Reinsurance commission income 1,940,404 1 1,852,342 1 ᝊаГܲኪഠᄃග; 1,478,630 1 1,423,847 1 Reinsurance payment refunds 1,478,630 1 1,423,847 1 ќаܲ౯ 38,287,176 16 38,901,453 19 Recovered premiums and reserves 38,287,176 16 38,901,453 19 ќаপҾ౯ 179,685 - 318,593 - Recovered special reserve 179,685 - 318,593 - ќаኪഠ౯ 472,214 - 545,136 - Recovered indemnity reserve 472,214 - 545,136 - ͘ᜈќˢ 4,427,136 2 82,178 - Processing fee income 4,427,136 2 82,178 - Ըྤݭܲᐍથݡќৈ 4,919,677 2 2,082,755 1 Separate account revenue 4,919,677 2 2,082,755 1 ӀৈĞஐᗝğ 7,486,077 3 10,477,023 5 Gains on investments in securities, net 7,486,077 3 10,477,023 5ٽϹדᙋ - - ഇ۵ᝋԸྤќৈĞஐᗝğ 1,682,531 1 - - Gains on long-term equity investments, net 1,682,531 1ܜ ̙જயԸྤӀৈ 3,209,873 1 3,597,493 2 Gains on real estate investments 3,209,873 1 3,597,493 2 Ъࢍ 236,697,682 100 210,484,246 100 Total operating income 236,697,682 100 210,484,246 100 ᒉຽјώ Operating Costs Ӏिϡ 2,076,809 1 772,110 - Interest expenses 2,076,809 1 772,110 - Г͚ܲ 3,727,123 2 3,734,930 2 Reinsurance expenses 3,727,123 2 3,734,930 2 - ٚܲ̈́ග;ϡ͚ 103,240 - 81,589 - Underwriting expenses 103,240 - 81,589 ͚ 6,584,989 3 7,209,270 3 Underwriting and reinsurance commission expenses 6,584,989 3 7,209,270 3ܛٚܲ̈́ГܲҮ ܲᐍኪഠᄃග; 51,564,006 22 50,139,195 24 Insurance payments 51,564,006 22 50,139,195 24 ೩хܲ౯ 148,888,845 63 125,745,472 60 Provision for premium reserve 148,888,845 63 125,745,472 60 ೩хপҾ౯ 546,246 - 900,317 1 Provision for special reserve 546,246 - 900,317 1 - ͚ 150,707 - 131,072 - Disbursements toward industry stability fund 150,707 - 131,072ܛщؠૄ ೩хኪഠ౯ 489,249 - 632,828 - Provision for indemnity reserve 489,249 - 632,828 - ͘ᜈ͚ 19,739 - 239,706 - Processing fees 19,739 - 239,706 - Ըྤݭܲᐍથݡϡ 4,919,677 2 2,082,755 1 Separate account expenses 4,919,677 2 2,082,755 1 ഇ۵ᝋԸྤຫεĞஐᗝğ - - 1,077,209 1 Losses on long-term equity investments, net - - 1,077,209 1ܜ ̙જயԸྤຫε 324,495 - 78,589 - Losses on real estate investments 324,495 - 78,589 - Ъࢍ 219,395,125 93 192,825,042 92 Total expenses 219,395,125 93 192,825,042 92 ᒉຽͨӀ 17,302,557 7 17,659,204 8 Gross income from operations 17,302,557 7 17,659,204 8 ᒉຽϡ 12,688,948 5 14,165,986 7 Operating expenses 12,688,948 5 14,165,986 7 ᒉຽӀৈ 4,613,609 2 3,493,218 1 Income from operations 4,613,609 2 3,493,218 1 ᒉຽγќˢ̈́Ӏৈ Non-operating Revenue and Earnings ҸೱӀĞஐᗝğ - - 1,785,587 1 Exchange gains, net - - 1,785,587 1 ᗔีќˢ Other Income ٸ - ќаӑ̈́࿅ഇ 1,841,803 1 39,006 - Recovered accounts 1,841,803 1 39,006 ̦ีќˢ 691,300 - 162,370 - Miscellaneous income 691,300 - 162,370 - ீ Ъࢍ 2,533,103 1 1,986,963 1 Total 2,533,103 1 1,986,963 1 ᒉຽγϡ̈́ຫε Non-operating Expenses Б ҸೱຫεĞஐᗝğ 349,461 - - - Exchange losses, net 349,461 - - - ͵ ̦ีϡ 37,845 - 16,914 - Miscellaneous fees 37,845 - 16,914 - ࠧ Ъࢍ 387,306 - 16,914 - Total 387,306 - 16,914 - ą ᚶᜈᒉຽొܝඁ݈ஐৈ 6,759,406 3 5,463,267 2 Pre-tax income from continuing operations, net 6,759,406 3 5,463,267 2 Г - ٙඁϡ 220,770 - 409,962 - Income tax (benefit) expense 220,770 - 409,962 ώഇ৷ৈ $ 6,538,636 3 $ 5,053,305 2 Net income $ 6,538,636 3 $ 5,053,305 2 ౄ າ ֧ Earnings Per Share Before Tax After Tax Before Tax After Tax ޢඁ݈ ඁ ޢՏ۵࠳ዶ ඁ݈ ඁ ώՏ۵৷ৈ $ 3.05 $ 2.94 $ 2.56 $ 2.37 Basic earnings per share $ 3.05 $ 2.94 $ 2.56 $ 2.37 ૄ
85 86 2004 ᄂ៉າЍથຽᅙҖ۵Њѣࢨ̳Φ Annual ྤயๅܑ Report ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮
˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟Ğࢦበޢğ ˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟Ğࢦበޢğ
ᗝ Ʀܛ ᗝ Ʀܛ ᝋৈڌᗝ Ʀ ๅ̈́۵ܛ ᗝ Ʀܛ யྤ ๅ னܛ̈́ࡗ༊னܛ $ 1,044,300 1 $ 1,631,637 2 ᑕ;ഠี $ 620,628 1 $ 725,098 1 ќഠี 32,595 - 61,210 - δҖ̈́ᅙҖТຽ 16,764,293 19 4,580,905 7 хഠ̈́๗ഠ 74,683,686 87 64,642,615 93ٸх ๅ 429,932 - 385,649 1 ůஐᗝ 8,554,111 10 4,093,216 6 ๅЪࢍ 75,766,841 88 65,814,572 95דᙋ̈́ד෴ˢை ā ᝋৈڌᑕќഠีůஐᗝ 667,184 1 727,568 1 ۵ ā ۵ώ 10,659,250 12 3,659,250 5 ;ഠี 8,369 - 10,104 - ྤώ̳᎕ ۵ώ໕ᆊ 1,708,445 2 1,708,445 3 - ഠůஐᗝ 53,739,463 62 51,679,363 75 ќˢ̳᎕ 4,810 - 4,810ٸ෴๗ă෭ன̈́ ā˛̈́˩˝ğ ྤயࢦҤᆧࣃ 8,177 - 8,177 - - - - 3,154 ٽऱᖟ۵ைϹ ܜഇԸྤ ạ̄ğ ഇԸྤ 8,817 - 9,731 - ܲ࠳ዶܜ̝ڱଳᝋৈ - ؠ࠳ዶ̳᎕ 140,957 - 140,574ڱ - ഇԸྤ 129,414 - 160,244ܜ̝ڱଳјώ - Ըྤ 1,188,624 2 2,114,262 3 পҾ࠳ዶ̳᎕ 28,350 - 27,457דഇๅܜ ܜഇԸྤЪࢍ 1,326,855 2 2,284,237 3 ޞᑓྃᓪຫ ( 1,977,359 ) (2) ( 2,003,629 ) (3) ᝋৈีϫڌ۵ - ( ഇ۵ᝋԸྤϏ၁னᆊຫε ( 62,954 ) - ( 94,676ܜ ؠྤய јώ - ( г 798,344 1 1,063,393 2 ऱᖟ۵ை - - ( 4,603˿ ᝋৈЪࢍ 10,512,830 12 3,445,805 5ڌ 825,705 1 934,434 1 ۵ޙ̈́ޏٗ ፟ୠ̈́న౯ 309,739 - 329,569 - Ϲ఼̈́ྻᏮన౯ 9,289 - 18,789 - ᗔีన౯ 391,829 1 389,897 1 јώЪࢍ 2,334,906 3 2,736,082 4 ࢦҤᆧࣃ 142,651 - 142,651 - ഴĈࢍԶᖞ ( 745,707 ) (1) ( 781,052 ) (1) 1,731,850 2 2,097,681 3 27,710 - 3,760 - ٸ ϏԆ̍̈́ࢎᔉ፟І ؠྤயஐᗝ 1,759,560 2 2,101,441 3 ீ Б ྤய 2,415,536 3 2,151,906 3 ͵ ࠧ ᝋৈᓁࢍ $ 86,279,671 100 $ 69,260,377 100ڌயᓁࢍāயᓁࢍ $ 86,279,671 100 $ 69,260,377 100 ๅ̈́۵ྤ ą Г ౄ າ ֧
87 88 Taiwan Shin Kong Commercial Bank Co., Ltd. 2004 ( Original Name: United-Credit Commercial Bank Co., Ltd. ) Annual Balance Sheet Report Years Ended December 31, 2004 and 2003 ( in NT$ Thousands )
December 31, 2004 December 31, 2003 (Restated) December 31, 2004 December 31, 2003 (Restated)
Assets Amount Ʀ Amount Ʀ Liabilities and shareholders' equity Amount Ʀ Amount Ʀ Liabilities Cash and cash equivalents $ 1,044,300 1 $ 1,631,637 2 Payables $ 620,628 1 $ 725,098 1 Advance receipts 32,595 - 61,210 - Due from Central Bank and placement Deposits and remittances 74,683,686 87 64,642,615 93 to other banks 16,764,293 19 4,580,905 7 Other liabilities 429,932 - 385,649 1 Marketable bills and securities, net 8,554,111 10 4,093,216 6 Total liabilities 75,766,841 88 65,814,572 95
Accounts receivable ,net 667,184 1 727,568 1 Shareholders' Equity Capital stock 10,659,250 12 3,659,250 5 Prepaid expenses 8,369 - 10,104 - Capital Surplus Share premium 1,708,445 2 1,708,445 3 Exchange bills negotiated, discounted Paid-in capital 4,810 - 4,810 - and loans, net 53,739,463 62 51,679,363 75 Asset revaluation surplus 8,177 - 8,177 - Treasury stock transactions 3,154 - - - Long-term Investments Long-term stock investments, equity method 8,817 - 9,731 - Retained earnings Long-term stock investments, cost method 129,414 - 160,244 - Legal reserve 140,957 - 140,574 - Long-term debt investments 1,188,624 2 2,114,262 3 Special reserve 28,350 - 27,457 - Total long-term investments 1,326,855 2 2,284,237 3 Unredeemed loss ( 1,977,359 ) (2) ( 2,003,629 ) (3) Other shareholders' equity Fixed Assets Unrealized loss on market value decline Cost of long-term equity investments ( 62,954 ) - ( 94,676 ) - Land 798,344 1 1,063,393 2 Treasury stock - - ( 4,603 ) - Buildings 825,705 1 934,434 1 Total shareholders' equity 10,512,830 12 3,445,805 5 Machinery and equipment 309,739 - 329,569 - Transportation and communications equipment 9,289 - 18,789 - Miscellaneous equipment 391,829 1 389,897 1 Total cost 2,334,906 3 2,736,082 4 Revaluation appreciation 142,651 - 142,651 - Less: Accumulated depreciation ( 745,707 ) (1) ( 781,052 ) (1) 1,731,850 2 2,097,681 3 Prepayments for equipment 27,710 - 3,760 - ٸ Fixed assets, net 1,759,560 2 2,101,441 3 ீ Б Other assets 2,415,536 3 2,151,906 3 ͵ ࠧ Total assets $ 86,279,671 100 $ 69,260,377 100 Total liabilities and shareholders' equity $ 86,279,671 100 $ 69,260,377 100 ą Г ౄ າ ֧
89 90 ᄂ៉າЍથຽᅙҖ۵Њѣࢨ̳Φ Taiwan Shin Kong Commercial Bank Co., Ltd. 2004 (OriginalName:United-CreditCommercialBankCo.,Ltd.) Annual ຫāৈāܑ Report Statements of Operations
ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟ Years Ended December 31, 2004 and 2003 (ಏҜĈາέ။Ζ̮ĂଘՏ۵࠳ዶࠎ̮ (in NT$ Thousands Except Earnings Per Share
˝˩ˬѐޘ ˝˩˟ѐޘĞࢦበޢğ 2004 2003 (Restated)
ܛᗝ Ʀ ܛᗝ Ʀ Amount Ʀ Amount Ʀ ᒉຽќˢ Operating Income Ӏिќˢ $ 2,133,337 91 $ 2,178,675 89 Interest income $ 2,133,337 91 $ 2,178,675 89 ͘ᜈќˢ 153,924 6 129,443 5 Processing fee income 153,924 6 129,443 5 ஐৈ 66,805 3 130,889 6 Net gains on transaction of bills 66,805 3 130,889 6ד෴ை - ഇ۵ᝋԸྤќৈ - - 5,442 - Long-term equity investment income - - 5,442ܜ Ҹೱ࠳ৈ 1,322 - 5,985 - Gains on currency exchange 1,322 - 5,985 - ᒉຽќˢЪࢍ 2,355,388 100 2,450,434 100 Total operating income 2,355,388 100 2,450,434 100
ᒉຽјώ̈́ϡ Operating costs and expenses Ӏिϡ 754,500 32 765,579 31 Interest expenses 754,500 32 765,579 31 ͘ᜈϡ 7,168 - 5,647 - Processing fees 7,168 - 5,647 - - - ഇ۵ᝋԸྤຫε 25,253 1 - - Loss on long-term equity investment 25,253 1ܜ Чี೩х 478,824 21 404,820 16 Provisions for reserves 478,824 21 404,820 16 ̙։ๅᝋຫε - - 3,006,736 123 Loss from sale of non-performing loans - - 3,006,736 123 ຽચ̈́გநϡ 1,095,420 46 938,117 38 Business and administrative expenses 1,095,420 46 938,117 38 ᒉຽјώ̈́ϡЪࢍ 2,361,165 100 5,120,899 209 Total operating costs and charges 2,361,165 100 5,120,899 209
ᒉຽຫε ( 5,777 ) - ( 2,670,465 ) ( 109 ) Operating losses ( 5,777 ) - ( 2,670,465 ) ( 109 )
ᒉຽγќˢ̈́Ӏৈ 72,222 3 66,749 3 Non-operating revenue and earnings 72,222 3 66,749 3
ᒉຽγϡ̈́ຫε ( 58,546 ) (3) ( 66,204 ) (3) Non-operating expenses ( 58,546 ) (3) ( 66,204 ) (3)
ඁ݈ӀৈĞᓪຫğ 7,899 - ( 2,669,920 ) ( 109 ) Gain (loss) before tax 7,899 - ( 2,669,920 ) ( 109 )
ٙඁӀৈ 19,647 1 666,291 27 Income tax gains 19,647 1 666,291 27
ٸ (৷ৈĞຫğ $ 27,546 1 ( $ 2,003,629 ) (82) Net gain (loss) after tax $ 27,546 1 ( $ 2,003,629 ) (82ޢඁ ீ Earnings (loss) per share Before Tax After Tax Before Tax After Tax Б ޢඁ݈ ඁ ޢՏ۵࠳ዶĞᓪຫğ ඁ݈ ඁ ͵ ( ώՏ۵࠳ዶĞᓪຫğ $ 0.02 $ 0.07 ( $7.31 ) ( $ 5.48 ) Basic earnings (loss) per share $ 0.02 $ 0.07 ( $7.31 ) ( $ 5.48ૄ ࠧ ą Г ౄ າ ֧
91 92 2004 ۵Њѣࢨ̳Φ Shin Kong Securities Co., Ltd. AnnualדາုტЪᙋ Report ྤயๅܑ Balance Sheet ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮ Years Ended December 31, 2004 and 2003 ( in NT$ Thousands )
˝˩ˬѐ˩˟͡ˬ˩˘͟ ˝˩˟ѐ˩˟͡ˬ˩˘͟ December 31, 2004 December 31, 2003
ྤய ܛᗝ Ʀ ܛᗝ Ʀ Assets Amount Ʀ Amount Ʀ
߹જྤயЪࢍ 7,831,449 89 8,299,250 89 Current assets 7,831,449 89 8,299,250 89
ܜഇԸྤЪࢍ 119,277 1 400,055 4 Long-term investments 119,277 1 400,055 4
ؠྤயஐᗝ 540,168 6 356,881 4 Fixed assets 540,168 6 356,881 4
ྤயЪࢍ 366,949 4 294,942 3 Other assets 366,949 4 294,942 3
ྤயᓁࢍ $ 8,857,843 100 $ 9,351,128 100 Total assets $ 8,857,843 100 $ 9,351,128 100
ᝋৈ Liabilities and Shareholders' Equityڌๅ̈́۵ ๅ Liabilities ߹જๅЪࢍ 4,257,739 48 4,879,555 52 Current liabilities 4,257,739 48 4,879,555 52 ๅЪࢍ 81,355 1 43,238 1 Other liabilities 81,355 1 43,238 1 ๅЪࢍ 4,339,094 49 4,922,793 53 Total liabilities 4,339,094 49 4,922,793 53 ᝋৈڌ۵ ఼۵۵ώ 4,163,005 47 4,163,005 44 Shareholders' equity 4,163,005 47 4,163,005 44 ྤώ̳᎕ ̶ྤயӀৈ 2,005 - 2,005 - Common stock 2,005 - 2,005 - ܲ࠳ዶ Capital Surplus - - - ؠ࠳ዶ̳᎕ 26,332 - - - Gains from disposal of assets 26,332ڱ পҾ࠳ዶ̳᎕ 52,665 1 - - Retained earnings 52,665 1 - - Ϗ̶੨࠳ዶ 274,742 3 263,325 3 Legal reserve 274,742 3 263,325 3 ᝋৈЪࢍ 4,518,749 51 4,428,335 47 Special reserve 4,518,749 51 4,428,335 47ڌ۵ Unappropriated retained earnings Total shareholders' equity ٸ ᝋৈᓁࢍ $ 8,857,843 100 $ 9,351,128 100 $ 8,857,843 100 $ 9,351,128 100ڌๅ̈́۵ ீ Б ͵ ࠧ ą Г ౄ າ ֧
93 94 2004 ۵Њѣࢨ̳Φ Shin Kong Securities Co., Ltd. AnnualדາုტЪᙋ ຫāৈāܑ Statements of Income Report
ϔ઼˝˩ˬѐ̈́˝˩˟ѐ˘͡˘͟Ҍ˩˟͡ˬ˩˘͟ ಏҜĈາέ။Ζ̮ January 1 to December 31, 2004 and 2003 (in NT$ Thousands, Except Earnings Per Share)
˝˩ˬѐޘ ˝˩˟ѐޘ 2004 2003
ܛᗝ Ʀ ܛᗝ Ʀ Amount Ʀ Amount Ʀ ќˢ Income གྷࡔ͘ᜈќˢ $ 122,315 24 $ 117,404 18 Brokerage commissions $ 122,315 24 $ 117,404 18 ٚዚຽચќˢ 6,900 1 5,476 1 Underwriting commissions 6,900 1 5,476 1 Ӏৈůҋᒉ 124,987 25 235,149 35 Profit from trading securities, dealing 124,987 25 235,149 35דᙋ Ӏৈůٚዚ 2,033 1 22,074 3 Profit from trading securities, underwriting 2,033 1 22,074 3דᙋ - - - Ӏৈůᔖᐍ 433 - - - Profit from trading securities, hedging 433דᙋ - ۵ચநќˢ 10,140 2 1,579 - Transfer agency fees 10,140 2 1,579 Ӏिќˢ 54,510 11 51,978 8 Interest income 54,510 11 51,978 8 ۵Ӏќˢ 66,845 13 44,876 7 Dividend income 66,845 13 44,876 7 ᄮᔉᝋᙋ൴ҖӀৈ 52,068 14 - - Gain on issuance of call warrants 52,068 14 - - ഇఱҮܛќˢ 1,255 - 988 - Futures brokerage commissions 1,255 - 988 - - ഇఱݵࡗӀৈ - - 1,739 - Gain from futures transactions - - 1,739 - - - Ӏৈ 152 - - - Gain from trading options 152ٽᏴፄᝋϹ ξᆊа̿Ӏৈ - - 142,163 21 Recovery of unrealized loss on trading securities - - 142,163 21דᒉຽᙋ ෴ຫε౯а՞Ӏৈ 16,757 3 - - Recovery of reserve for trading losses 16,757 3 - - - ᒉຽќˢů 286 - 143 - Other operating income 286 - 143 ᒉຽγќˢ̈́Ӏৈ 29,941 6 44,727 7 Non-operating revenue and earnings 29,941 6 44,727 7 Ъࢍ 488,622 100 668,296 100 Total revenues 488,622 100 668,296 100
ϡ Expenses: གྷࡔགྷ͚͘ $ 8,553 2 $ 8,049 1 Brokerage securities and futures transaction charges $ 8,553 2 $ 8,049 1 ҋᒉགྷ͚͘ 1,277 - 2,071 - Dealer securities and futures transaction charges 1,277 - 2,071 - Ӏि͚ 36,058 7 36,590 6 Interest expenses 36,058 7 36,590 6 - - ᆊຫεůҋᒉ 41,357 8 - - Provision for unrealized loss on trading securities 41,357 8דᒉຽᙋ - - ᆊຫεůٚዚ 28,766 6 - - Provision for unrealized loss on underwriting 28,766 6דᒉຽᙋ ൴Җᄮᔉᝋᙋϡ 436 - - - Expenses for issuance of call warrants 436 - - - ᄮᔉᝋᙋ൴Җຫε 49,801 14 - - Loss on issuance of call warrants 49,801 14 - - - - - ഇఱݵࡗຫε 602 - - - Loss from futures transactions 602 ᒉຽϡ 203,720 40 228,627 34 Operating expenses 203,720 40 228,627 34 ᒉຽγ͚̈́ຫε 4,709 1 15,397 2 Non-operating expenses 4,709 1 15,397 2 Ъࢍ 375,279 78 290,734 43 Total expenses 375,279 78 290,734 43 ٸ ඁ݈Ӏৈ 113,343 22 377,562 57 Income before income tax expense 113,343 22 377,562 57 ீ Б ͵ (ٙඁϡ ( 22,929 ) (4) ( 4,793 ) (1) Income tax expense ( 22,929 ) (4) ( 4,793 ) (1 ࠧ ώഇஐӀ $ 90,414 18 $ 372,769 56 Net income $ 90,414 18 $ 372,769 56 ą Г ౄ າ ֧
95 96 2004 ۵Њѣࢨ̳Φ New Light Asset Management Co., Ltd. AnnualܫԸྤדᙋڄາ Report ྤயๅܑ Balance Sheet ϔ઼˝˩ˬѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။̮ December 31, 2004 (in NT Dollars)
ྤய ܛᗝ Ʀ Assets Amount Ʀ ߹જྤய Current Assets னܛ̈́ࡗ༊னܛ $ 289,036,966 93 Cash and cash equivalents $ 289,036,966 93 ᑕќഠஐᗝ 7,772,829 2 Receivables, net 7,772,829 2 - Ꮙྤயů߹જ 39,472 - Other financial assets, current 39,472ܛ ;ഠี 447,811 - Prepayments 447,811 - ߹જྤயЪࢍ 297,297,078 95 Total current assets 297,297,078 95
ؠྤய Fixed Assets јώ Fixed Asset Costs ྻᏮన౯ 1,934,346 - Transportation equipment 1,934,346 - Ᏹ̳న౯ 6,094,140 2 Furniture and fixtures 6,094,140 2 ১ྨԼ։ 1,990,000 1 Leasehold improvements 1,990,000 1 јώЪࢍ 10,018,486 3 Total costs 10,018,486 3 ഴĈࢍԶᖞ ( 867,337 ) - Less accumulated depreciation ( 867,337 ) - ؠྤயஐᗝ 9,151,149 3 Fixed assets, net 9,151,149 3
ԛྤய Intangible Assets - јώ 106,370 - Deferred pension costs 106,370ܛᅍؼੜЃ
ྤய Other Assets хܲᙋܛ 1,625,340 1 Refundable deposits 1,625,340 1 ᅍؼϡ 3,236,800 1 Deferred charges 3,236,800 1 - ߹જ 124,997 - Deferred tax assets, non-current 124,997ܧᅍؼٙඁྤயů ā˟̈́˩ˬğ ྤயЪࢍ 4,987,137 2 Other assets 4,987,137 2 ྤயᓁࢍ $ 311,541,734 100 Total $ 311,541,734 100
ᝋৈ Liabilities and Shareholders' equityڌๅ̈́۵ ߹જๅ Current liabilities - ᑕ;ٙඁ $ 869,633 - Income tax payable $ 869,633 ᑕ;ϡ 4,401,977 2 Payable charges 4,401,977 2 ߹જๅ 2,809,802 1 Other current liabilities 2,809,802 1 ٸ ߹જๅЪࢍ 8,081,412 3 Total 8,081,412 3 ீ Б ᑕࢍੜЃܛๅ 606,357 - Accrued pension liability 606,357 - ๅЪࢍ 8,687,769 3 Total 8,687,769 3 ͵ ࠧ
ᝋৈ Shareholders' equity ąڌ۵ ۵ώ 300,000,000 96 Stock 300,000,000 96 Г ܲ࠳ዶ 2,853,965 1 Retained earnings 2,853,965 1 ౄ ᝋৈЪࢍ 302,853,965 97 Total shareholders' equity 302,853,965 97 າڌ۵ ֧ ᝋৈᓁࢍ $ 311,541,734 100 Total liabilities and shareholders' equity $ 311,541,734 100ڌๅ̈́۵
97 98 2004 Annual ۵Њѣࢨ̳Φ New Light Asset Management Co., Ltd. ReportܫԸྤדᙋڄາ ຫāৈāܑ Statements of Operations ϔ઼˝˩ˬѐα͡ˬ˩͟Ğ̳Φనϲ͟ğҌ˩˟͡ˬ˩˘͟ April 30 to December 31, 2004 Ğϔ઼˝˩ˬѐα͡ˬ˩͟Ҍˣ͡˟˩˝͟ᛳ౹ຽഇมğ ಏҜĈາέ။̮ (Business start-up period: April 30 to August 29, 2004) (in NT Dollars)
ܛᗝ Ʀ Amount Ʀ ౻ચќˢ Operating Income གྷநќˢ $ 28,039,143 90 Management fee income $ 28,039,143 90 ዚќˢ 3,059,258 10 Sales fee income 3,059,258 10 ᒉຽќˢЪࢍ 31,098,401 100 Total operating income 31,098,401 100
ᒉຽϡ ( 29,550,818 ) (95) Operating expenses ( 29,550,818 ) (95)
ᒉຽஐӀ 1,547,583 5 Operating gains 1,547,583 5
ᒉຽγќˢ̈́Ӏৈ Non-operating Revenue and Earnings Ӏिќˢ 2,237,078 7 Interest income 2,237,078 7 ̦ีќˢ 7,292 - Other income 7,292 - ᒉຽγќˢ̈́ӀৈЪࢍ 2,244,370 7 Total non-operating revenue and earnings 2,244,370 7
ඁ݈ஐӀ 3,791,953 12 Gainsbeforetax 3,791,953 12
(ٙඁϡ ( 937,988 ) (3) Income tax expense ( 937,988 ) (3
ώഇஐӀ $ 2,853,965 9 Net gains $ 2,853,965 9
ඁ݈ ඁޢ Before Tax After Tax ώՏ۵࠳ዶ $ 0.13 $ 0.10 Basic earnings per share $ 0.13 $ 0.10ૄ
ٸ ீ Б ͵ ࠧ ą Г ౄ າ ֧
99 100 2004 າုܲᐍགྷࡔˠ۵Њѣࢨ̳Φ Shin Kong Insurance Brokerage Co., Ltd. Annual Report ྤயๅܑ Balance Sheet ϔ઼˝˩ˬѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။̮ December 31, 2004 (in NT Dollars)
ྤய ܛᗝ Assets Amount ߹જྤய Current Assets னܛ̈́ᅙҖхഠ $ 24,833,662 Cash and bank deposits $ 24,833,662 Short-term investments 13,000,000 13,000,000 דѣᆊᙋ ᑕќќৈ 4,213,443 Accounts receivable 4,213,443 ᑕќைፂ 115,733 Notes and accounts receivable, net 115,733 ฉᖼܛ 100,000 Revolving fund 100,000 ซีඁᗝ 23,340 Tax withholdings 23,340 ߹જྤயЪࢍ 42,286,178 Total current assets 42,286,178
ؠྤய Fixed Assets న౯)Ϲ఼ၱཝ* 1,808,476 Equipment (transportation and computer) 1,808,476 ഴĈࢍԶᖞ)Ϲ఼ၱཝ* 27,005 Less: Accumulated depreciation (transportation and computer equipment) 27,005 ؠྤயЪࢍ 1,781,471 Total fixed assets 1,781,471 ྤய Other Assets хܲܛ 66,000 Guaranteedeposits&marginspaid 66,000 ྤயЪࢍ 66,000 Total other assets 66,000 ྤயᓁࢍ $ 44,133,649 Total assets $ 44,133,649
ᝋৈ Liabilities and Shareholders' Equityڌๅ̈́۵ ߹જๅ Current Liabilities ᑕ;ϡ $ 11,351,212 Payable charges $ 11,351,212 ᑕ;ќഠ 75,049 Receipts under custody payable 75,049 ᑕ;ைፂ 1,708,000 Notes payable 1,708,000 ᑕ;ٙඁഠ 5,255,512 Income tax payable 5,255,512 ᑕ;۵िࡓӀ 30,310 Dividends and bonuses payable 30,310 ዚีඁᗝ 1,277,930 Tax withholdings 1,277,930 ߹જๅЪࢍ 19,698,013 Total current liabilities 19,698,013 ܜഇๅ Long-term Liabilities ᑕࢍੜЃܛๅ 273,779 Accrued pension liability 273,779 ܜഇๅЪࢍ 273,779 Total long-term liabilities 273,779 ٸ ๅЪࢍ 19,971,792 Total liabilities 19,971,792 ீ Б ᝋৈ Shareholders' Equityڌ۵ ͵ ఼۵ώ 6,000,000 Common stock 6,000,000 ؠ̳᎕ 359,586 Legal reserves 359,586 ࠧڱ ᎕࠳ᓪ 205,960 Accumulated earnings 205,960 ą ώഇຫৈ 17,596,311 Gain (loss) 17,596,311 Г ᝋৈЪࢍ 24,161,857 Total shareholders' equity 24,161,857 ౄڌ۵ ᝋৈᓁࢍ $ 44,133,649 Total liabilities and shareholders' equity $ 44,133,649 າڌๅ̈́۵ ֧
101 102 2004 Annual Report .າုܲᐍགྷࡔˠ۵Њѣࢨ̳Φ Shin Kong Insurance Brokerage Co., Ltd ຫāৈāܑ Income Statement ϔ઼˝˩ˬѐ˘͡˘͟Ҍϔ઼˝˩ˬѐ˩˟͡ˬ˩˘͟ ಏҜĈາέ။̮ January 1 to December 31, 2004 ( in NT Dollars)
༊͡ຫৈ ᎕ຫৈ MonthlyGain(Loss) Accumulated Gain (Loss) ᒉຽќˢ Operating Income Үܛќˢ 15,140,008 113,301,986 Commission income 15,140,008 113,301,986 ᒉຽќˢЪࢍ 15,140,008 113,301,986 Total operating income 15,140,008 113,301,986
ᒉຽјώ Operating Costs ຽચࣶߺ෭ 7,545,925 76,091,019 Employee allowances 7,545,925 76,091,019 ᒉຽјώЪࢍ 7,545,925 76,091,019 Total operating costs 7,545,925 76,091,019
ᒉຽͨӀ 7,594,083 37,210,967 Gross profit 7,594,083 37,210,967 ᒉຽϡ Operating expenses გநϡ 3,002,681 13,868,533 Administrative expenses 3,002,681 13,868,533 ᒉຽϡЪࢍ 3,002,681 13,868,533 Total operating expenses 3,002,681 13,868,533
ᒉຽஐӀ 4,591,402 23,342,434 Operating gains 4,591,402 23,342,434 ᒉຽγќˢ Non-operating Income Ӏिќˢ 17,194 23,336 Interest income 17,194 23,336 ԸྤӀৈ 77,806 77,806 Gain on securities investment 77,806 77,806דᙋ ᒉຽќˢЪࢍ 95,000 101,142 Total operating income 95,000 101,142
ᒉຽγ͚ Non-operating Expense ඁ݈৷ৈ 4,686,402 23,443,576 Net profit before tax 4,686,402 23,443,576 ٙඁϡ 1,171,601 5,847,265 Income tax (benefit) expense 1,171,601 5,847,265 ඁޢ৷ৈ $ 3,514,802 $ 17,596,311 Netprofitaftertax $ 3,514,802 $ 17,596,311
ٸ ீ Б ͵ ࠧ ą Г ౄ າ ֧
103 104 2004 Annual Report
ଠְ̂ࡔ Milestones of SKFHCܛາЍ
Ꮙଠ۵۵Њ 2001 December 14 / Shin Kong Life and Powerworld Securities jointly formed the Shin Kong FinancialܛЪາЍד12͡14͟ĂາЍˠုᄃ˧͵ᙋ 2001 ѣࢨ̳ΦĄ Holding Company (SKFHC).
.Ꮙଠ۵۵Њѣࢨ̳Φ˯ξĄ 2002 February 19 / SKFHC went publicܛ2͡19͟ĂາЍ 2002
2003 3͡Ă̳̄Φາုܲᐍགྷࡔˠ̳ΦјϲĄ 2003 March/ShinKongInsuranceBrokerageCo.,Ltd.established.
6͡16͟ĂјΑ൴Җ50ᆆ઼̮̝̰ௐ˘ഇѣፉܲѨึҜ June 16 / Issued first domestic secured subordinated bond in the amount of NT$5 billion ̳ΦๅĄ December 23 / Issued first domestic unsecured convertible bond in the amount of NT$5 billion 12͡23͟ĂјΑ൴Җ50ᆆ઼̮̝̰ௐ˘ഇፉܲᖼೱ̳ ΦๅĄ 2004 April 29 / Stock swap agreement signed with United-Credit Commercial Bank
April 30 / New Light Asset Management Company established. થᅙᘪؠೱ۵ͧதЪࡗĄܫ4͡29͟Ăᄃᓑ 2004 June 2 / SKFHC issued a US$260 million ECB. ̳ΦјϲĄܫԸྤדᙋڄ4͡30͟Ă̳̄Φາ September 30 / United-Credit Commercial Bank merged under SKFHC 6͡2͟ĂјΑ൴Җ࡚ܛ2.6ᆆ̮̝ঔγΞᖼೱ̳ΦๅĄ October 28 / Shin Kong Life won the 15th National Quality Award. 9͡30͟ĂᓑܫથᅙϒёΐˢາЍܛଠĄ November 15 / United-Credit Commercial Bank renamed Taiwan Shin Kong Commercial Bank Co., छݡኳረĄ઼ب̣˩10͡28͟Ă̳̄ΦາЍˠုၷᒔௐ Ltd. થᅙϒёՀЩࠎĶᄂ៉າЍથຽᅙҖ۵ܫ11͡15͟Ăᓑ Њѣࢨ̳ΦķĄ 2005 March 11 / Subscribed NT$5 billion capital increase
March 17 / Completed public listing 2005 3͡11͟Ă๒ะԆјனܛᆧྤ50ᆆĄ3͡17͟ଭൕ˯ξĄ March30/ShinKongLifewontheFirstTaiwanInsuranceExcellenceAwardinthecategoriesof מέ៉ܲᐍب˘3͡30͟Ă̳̄ΦາЍˠုၷᒔĶௐ "Employee Training" and "Public Service Image". ረķีמረķăĶ̳ৈԛ෪מረķůĶˠ̖ૈ ̂ረĄ April 19 / Board of Directors approved the stock swap acquisition of Macoto Bank by SKFHC.
.(April 28 / Fitch Ratings upgraded SKFHC long-term domestic rating to A (twn ܛ4͡19͟Ăְົ఼࿅ྕᅙҖͽೱ۵͞ёΐˢາЍ ଠĄ
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