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Winbond Electronics Corps and Subsidiaries Consolidated Financial

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Winbond Electronics Corps and Subsidiaries Consolidated Financial Table of Contents Letter to Shareholders ............................................................................................................................. 1 Company Overview 1. Company profile ............................................................................................................................................................... 2 2. Corporate governance report ............................................................................................................................................ 3 3. Capital and Shareholding ................................................................................................................................................ 31 4. Issuance of corporate bonds: None. ................................................................................................................................ 33 5. Issuance of preferred stocks: None. ................................................................................................................................ 33 6. Issuance of global depositary receipts (GDR) ................................................................................................................ 34 7. Exercise of employee stock option plan (ESOP) ............................................................................................................ 34 8. Mergers, acquisitions or issuance of new shares for acquisition of shares of other companies ...................................... 35 9. Implementation of capital allocation plan. ...................................................................................................................... 35 Business Overview 1. Business activities ........................................................................................................................................................... 36 2. Market, production and sales .......................................................................................................................................... 41 3. Employees ...................................................................................................................................................................... 45 4. Spending on environmental protections .......................................................................................................................... 45 5. Employees-employer relations ....................................................................................................................................... 46 6. Important contracts ......................................................................................................................................................... 48 7. Financial difficulties and corporate events encountered by the Company and affiliates in the past year and up to the date of report that have material impact on the financial status of the Company: None. .......................................... 48 Financial Overview 1. Condensed balance sheets, statements of income, names of auditors, and audit opinions (2010-2014) ......................... 48 2. Financial analysis (2010 - 2014) ..................................................................................................................................... 50 3. Supervisors’ Audit Report .............................................................................................................................................. 52 4. 2014 Consolidated Financial Statements ........................................................................................................................ 54 5. 2014 Stand Alone Financial Statements ....................................................................................................................... 107 Financial Position, Financial Performance and Risk Analysis 1. Financial position.......................................................................................................................................................... 155 2. Financial performance .................................................................................................................................................. 155 3. Cash flow analysis ........................................................................................................................................................ 156 4. Effect of major capital spending on financial position and business operation ............................................................ 156 5. Industry-specific key performance indicator ................................................................................................................ 156 6. Investment policy in the past year, profit/loss analysis, improvement plan, and investment plan for the coming year ............................................................................................................................................................................... 156 7. Risk management and evaluation ................................................................................................................................. 156 8. Other important events. ................................................................................................................................................ 160 Important Notice 1. Profiles on affiliates and subsidiaries ........................................................................................................................... 161 2. Private placement activities .......................................................................................................................................... 167 3. Holding or disposal of stocks of the Company by subsidiaries in the past year and up to the date of report ............... 167 4. Other supplemental information ................................................................................................................................... 167 5. Corporate events with material impact on shareholders’ equity or stock prices set forth in Subparagraph 2, Paragraph 2, Article 36 of Securities and Exchange Act in the past year and up to the date of report. ........................ 167 Letter to Shareholders The global economy marked 2014 a year of relative stability. U.S. economic indicators showed gradual improvement, while the European Central Bank maintained accommodative monetary policy. At the same time, the Greek debt crisis appeared to turnaround, and Japan and Asia reported modest growth. As for 2015, we hold a positive view for the market. One reason is that rapidly evolving mobile technologies have driven the demand for memory products. Moreover, maturing concepts like Internet of Things (IoT), wearable devices, and cloud computing have brought a wave of new electronic products. While continuing to stay abreast of market developments, Winbond expects to maintain stable growth by providing our clients with state-of-the-art know-how, high quality services, and a full range of memory solutions. Financial Performance The consolidated revenue, including that of Nuvoton Technology Corp and other subsidiaries, amounted to NT$37,990 million in 2014, up 14.6% from last year. We recorded a net earnings of NT$3,211 million, or NT$0.83 per share in 2014, an increase of NT$0.77 per share from 2013. Operating Results Winbond engages in designing, manufacturing and sales of Specialty DRAM and Code Storage Flash. Our operating performance in 2014 summarized as follows: We have optimized our product mix to reflect consumer trends and market demand. Communication products made up 34% of the revenue in 2014, computer and peripheral products accounted for 31%, and consumer products stayed at 28% of total revenue. In addition, the revenue from automotive and industrial electronics grew from 5% in 2013 to 7% in 2014, indicating that our long-standing efforts have gained the recognition of worldwide tier-1 clientele. Winbond is the fifth largest DRAM supplier in the world, and our DRAM products accounted for 65% of revenue in 2014. We endeavor to boost the profit margin by increasing the shipment of 46nm process technology. Flash memory products contributed 35% of revenue in 2014. Despite price competition in this market, we are capable of maintaining steady profits of Flash by increasing output for 58nm products and optimizing our product mix. We have also finished developing the 46nm Flash process development and successfully introduced 1Gb and 2Gb products to our clients, creating a more comprehensive Code Storage Flash product line. Corporate Development Our capital expenditure of NT$13 billion in 2014 was primarily for the expansion of advanced process technology that boosted the monthly output of 12-inch wafers from 38,000 to 44,000 per month. Furthermore, we continue to develop our own 38nm DRAM process and expand our high-density product mix to increase our competitive advantage. With respect to Flash products, we define our target market to be Code Storage Flash, and continue to develop low-power and high-performance Flash products. In the meantime, we also dedicate ourselves to develop 32nm Flash process technology and other high-quality, high-density products to satisfy our clients’ needs. Future Outlook As the new wave of automotive electronics drives growth in electronics, Winbond believes that our ability to deliver stable and high-quality products will ensure our continued prominence as a top-notch company. Under the worldwide
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