Pragathi Infrastructure Developers

Income Statement (Unaudited) 2019 2018 2017 2016

(NT$ Million)
Packaging 198,916 178,308 126,225 125,283
Testing 42,659 35,903 26,157 27,032
EMS 165,789 151,890 133,948 115,395
Others 5,818 4,991 4,111 7,174
NET TOTAL SALES 413,182 371,092 290,441 274,884

Cost of Goods Sold:

Raw material 203,505 182,062 142,933 125,134
Direct labor 27,397 25,801 20,210 20,028
Indirect salaries & benefit 23,781 20,855 15,769 15,561
Depreciation & amort. 45,842 39,495 27,322 27,101
Other MFG overhead 48,346 41,716 31,475 33,873
TOTAL COGS 348,871 309,929 237,709 221,697

GROSS PROFIT 64,311 61,163 52,732 53,187

Operating Expense:
R & D expense 18,396 14,963 11,747 11,391
Selling expense 5,752 4,933 3,309 3,474
ADM. expenses 16,637 14,619 12,458 11,662
TOTAL OPERATING EXPENSE 40,785 34,515 27,514 26,527

OPERATING PROFIT 23,526 26,648 25,218 26,660

Non-operating expenses (income):

Interest expense, net 3,636 3,070 1,468 1,987
Foreign currency loss (gain), net (1,126) 1,016 (3,503) (1,928)
Loss (gain) on L/T investment (264) 521 (434) (1,520)
Loss (gain) on disposal of assets 162 14 367 (161)
Goodwill impairment 0 0 425 0
Other non-operating expenses (income) (2,244) (10,021) (4,034) 298
TOTAL NON-OPERATING Loss (Gain) 164 (5,400) (5,711) (1,324)

INCOME BEFORE TAX 23,362 32,048 30,929 27,984

Income tax expense (benefit) 5,309 5,584 6,261 5,091
INCOME (LOSS) FROM CONTINUING
OPERATIONS 18,053 26,464 24,668 22,893

Loss (income) from discontinuing operations 0 0 0 0

INCOME (LOSS) BEFORE
NONCONTROLLING INTEREST 18,053 26,464 24,668 22,893

Noncontrolling Interest 1,203 1,202 1,680 1,250

NET INCOME ATTRIBUTABLE TO
SHAREHOLDERS OF THE PARENT 16,850 25,262 22,988 21,643
 Pragathi Infrastructure Developers Balance sheet

Assets 12/30/2019 12/30/2018 12/30/2017 12/30/2016

Current Assets
Cash
Cash And Cash Equivalents 60,131,000 51,518,436 46,078,066 38,392,524
Short Term Investments 4,893,000 13,801,694 5,784,566 3,895,194
Total Cash 65,024,000 65,320,130 51,862,632 42,287,718
Net Receivables 78,948,000 79,481,359 55,200,706 51,145,557
Inventory 45,301,000 46,688,059 34,080,427 45,625,577
Other Current Assets 12,728,000 3,773,384 2,482,010 2,593,575
Total Current Assets 202,001,000 201,558,875 144,938,272 142,789,659

Non-current assets
Property, plant and equipment
Gross property, plant and equipment 241,885,000 535,462,089 370,320,242 364,012,147
Accumulated Depreciation - -320,869,501 -235,151,836 -220,131,906
Net property, plant and equipment 241,885,000 214,592,588 135,168,406 143,880,241
Equity and other investments 15,663,000 12,590,156 51,047,257 52,181,712
Goodwill - 49,974,446 9,934,494 10,558,878
Intangible Assets 78,567,000 30,897,700 1,406,865 1,560,989
Other long-term assets 18,538,000 836,591 454,391 205,740
Total non-current assets 354,653,000 332,503,052 218,984,000 215,161,517

Total Assets 556,654,000 534,061,927 363,922,272 357,951,176

Liabilities and stockholders' equity

Liabilities
Current Liabilities
Total Revenue 42,702,000 54,042,503 32,385,293 37,181,433
Accounts Payable 56,066,000 56,884,116 41,672,233 35,803,984
Taxes payable
Accrued liabilities - 11,893,946 8,366,687 7,634,621
Deferred revenues - - - 60,550
Other Current Liabilities 53,497,000 9,920,445 5,321,996 5,555,223
Total Current Liabilities 152,265,000 158,632,082 108,376,737 106,969,574

Non-current liabilities
Long Term Debt 172,238,000 144,105,231 44,126,586 73,889,555
Deferred taxes liabilities - 5,806,713 4,961,487 4,856,549
Deferred revenues - - - -
Other long-term liabilities 17,804,000 1,371,302 1,210,590 1,201,480
Total non-current liabilities 190,042,000 156,401,923 54,235,348 84,119,837

Total Liabilities 342,307,000 315,034,005 162,612,085 191,089,411

Stockholders' Equity
Common Stock - 43,217,144 87,380,787 79,568,040
Retained Earnings - 20,403,477 53,599,541 44,225,737
Accumulated other comprehensive incom - 3,353,938 20,119,004 17,950,970
Total stockholders' equity 200,969,000 201,388,435 188,120,058 154,877,797
Total liabilities and stockholders' equi 556,654,000 534,061,927 363,922,272 357,951,176
Pragathi Infrastructure Developers Cash Flow Statement

Cash Flows 12/30/2019 12/30/2018 12/30/2017 12/30/2016

Cash flows from operating activities
Net Income 16,850,000 26,220,721 22,819,119 21,361,606
Depreciation & amortization 50,467,000 42,688,903 29,205,184 29,422,304
Deferred income taxes - - - -
Stock based compensation - 215,648 438,765 470,788
Change in working capital - -12,755,315 -6,509,550 -4,873,508
Accounts receivable - -9,313,539 -4,066,374 -6,184,873
Inventory - -9,249,714 -2,907,848 3,156,759
Accounts Payable - 6,989,198 4,753,270 1,665,420
Other working capital 15,942,000 9,110,483 22,393,576 24,879,811
Other non-cash items -1,526,000 4,244,765 2,664,628 3,062,430
Net cash provided by operating activites 72,303,000 51,074,691 47,430,800 52,107,867

Cash flows from investing activities

Investments in property, plant and equipment -56,361,000 -41,964,208 -25,037,224 -27,228,056
Acquisitions, net - -95,693,418 0 -16,114,900
Purchases of investments - -105,000 -62,210,743 -66,444,264
Sales/Maturities of investments - 6,419,022 62,975,784 66,137,947
Other investing activites 1,787,000 536,461 -171,320 -206,031
Net cash used for investing activites -54,574,000 -129,542,322 -16,086,242 -43,159,458

Cash flows from financing activities

Debt repayment - -120,418,223 -63,030,504 -78,278,320
Common stock issued - 0 10,290,000 -
Common stock repurchased - -71,302 0 0
Dividends Paid -10,623,000 -10,613,626 -11,214,221 -12,243,766
Other financing activites -11,651,000 -9,126,518 -202,679 -2,843,683
Net cash used privided by (used for) financing
activities -6,537,000 83,111,406 -19,323,427 -21,087,020

Net change in cash 8,613,000 5,440,370 7,685,542 -16,858,657

Cash at beginning of period 51,518,000 46,078,066 38,392,524 55,251,181

Cash at end of period 60,131,000 51,518,436 46,078,066 38,392,524

Free Cash Flow

Operating Cash Flow 72,303,000 51,074,691 47,430,800 52,107,867
Capital Expenditure -56,361,000 -41,964,208 -25,037,224 -27,228,056

Free Cash Flow 15,942,000 9,110,483 22,393,576 24,879,811