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Exhibit 99(h)
TAISIL ELECTRONIC MATERIALS CORPORATION
BALANCE SHEETS
DECEMBER 31, 1998 AND 1997
(EXPRESSED IN THOUSANDS OF US DOLLARS)
1998 1997
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Assets
Current assets:
Cash and cash equivalents (note 4) $ 31,068 18,755
Short-term investments (note 5) 337 2,053
Restricted bank deposits (note 13) 962 3,094
Notes and accounts receivable (note 3) 14,649 21,335
Inventories, net (note 6) 15,869 18,121
Prepayments and other current assets (notes 3 and 12) 2,076 3,200
Deferred income tax, net (note 12) - 4,434
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Total current assets 64,961 70,992
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Long-term investments 23 -
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Property, plant and equipment (notes 3, 7 and 13):
Buildings 51,642 51,225
Machinery and equipment 213,303 189,931
Furniture and fixtures 6,691 6,509
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271,636 247,665
Less: accumulated depreciation (70,715) (33,519)
Construction in progress, including deposits for equipment 20,751 31,969
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Net property, plant, and equipment 221,672 246,115
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Other assets:
Deferred technology fees (note 3) 5,583 5,417
Deferred income tax, net (note 12) 3,678 13,038
Other assets 884 1,383
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Total other assets 10,145 19,838
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$ 296,801 336,945
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(Continued)
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TAISIL ELECTRONIC MATERIALS CORPORATION
BALANCE SHEETS (Continued)
DECEMBER 31, 1998 AND 1997
(EXPRESSED IN THOUSANDS OF US DOLLARS, EXCEPT PER SHARE DATA)
1998 1997
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Liabilities and Stockholders' Equity
Current liabilities:
Short-term loans (note 8) $ 35,362 $ 23,847
Short-term bills payable (note 8) 15,851 27,745
Current portion of long-term loans (notes 3 and 9) 37,395 19,433
Notes and accounts payable (note 3) 4,370 11,750
Payables for construction in process 940 732
Accrued expenses and other current liabilities
(notes 3 and 10) 8,182 10,152
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Total current liabilities 102,100 93,659
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Long-term loans (notes 3 and 9) 116,346 163,682
Deposits from contractors 66 20
Accrued pension liabilities (note 10) 310 39
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Total liabilities 218,822 257,400
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Stockholders' equity (note 11):
Common stock -- par value NT$10,
Authorized 480,000,000 shares and issued 400,000,000
shares in 1998 and authorized 480,000,000 shares and
issued 315,000,000 shares in 1997 139,887 113,783
Advance from stockholders 30,744 --
Accumulated deficit (92,652) (34,238)
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Total stockholders' equity 77,979 79,545
Commitments (note 14)
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$296,801 $336,945
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See accompanying notes to financial statements.
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