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Final Results

9th Jun 2008 07:00

RNS Number : 8003V

Hon Hai Precision Industry Co Ld

09 June 2008

HON HAI PRECISION INDUSTRY CO., LTD.

AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT ACCOUNTANTS

DECEMBER 31, 2006 AND 2007

-------------------------------------------------------------------------------------------------------------------------------

For the convenience of readers and for information purpose only, the auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors' report and financial statements shall prevail. The English translation does not include additional disclosures that are required for Chinese-language reports under Guidelines for Securities Issuers' Financial Reporting promulgated by the Securities and Futures Commission of the Republic of China.

REPORT OF INDEPENDENT ACCOUNTANTS TRANSLATED FROM CHINESE

To the Board of Directors and Stockholders:

Hon Hai Precision Industry Co., Ltd.

We have audited the accompanying consolidated balance sheets of Hon Hai Precision Industry Co., Ltd. and its subsidiaries as of December 31, 2006 and 2007, and the related consolidated statements of income, of changes in stockholders' equity and of cash flows for the years then ended, expressed in thousands of New Taiwan dollars. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain consolidated subsidiaries which statements reflect total assets of $146,778,501,000 and $213,993,033,000 (US$6,598,613,414), constituting 23.42% and 24.67% of the consolidated total assets as of December 31, 2006 and 2007, respectively, and total revenues of $337,701,607,000 and $350,446,998,000 (US$10,806,259,574), constituting 25.58% and 20.58% of the consolidated total operating revenues for the years then ended, respectively. Those statements were audited by other auditors, whose reports thereon have been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for these subsidiaries, is based solely on the reports of the other auditors.

We conducted our audits in accordance with the "Rules Governing the Examination of Financial Statements by Certified Public Accountants" and generally accepted auditing standards in the Republic of China. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of other auditors provide a reasonable basis for our opinion.

In our opinion, except for the omission of certain additional disclosures relating to the investee companies, as required by Article 13-1 of the Rules Governing the Preparation of Financial Statements by Securities Issuers, based on our audits and the reports of other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Hon Hai Precision Industry Co., Ltd. and its subsidiaries as of December 31, 2006 and 2007, and the results of their operations and their cash flows for the years then ended in conformity with the "Rules Governing the Preparation of Financial Statements by Securities Issuers", "Business Entity Accounting Law", "Regulation on Business Entity Accounting Handling" and generally accepted accounting principles in the Republic of China.

As explained in Note 3(1) to the consolidated financial statements, the Company adopted the R.O.C. Statements of Financial Accounting Standards Nos. 34 and 36 on Accounting for Financial Instruments effective January 1, 2006. As a result of these changes, total assets and total stockholders' equity increased by $18,548,993,000 as of December 31, 2006. However, these changes had no significant impact on the consolidated net income and earnings per share for the year ended December 31, 2006.

The consolidated financial statements of Hon Hai Precision Industry Co., Ltd. and its subsidiaries as of and for the year ended December 31, 2007 expressed in US dollars are presented solely for the convenience of the readers and were translated from the New Taiwan dollar financial statements using the exchange rate prevailing at December 31, 2007 (US$1.00:NT$32.43). This basis for translation is not in accordance with generally accepted accounting principles in the Republic of China.

PricewaterhouseCoopers, Taiwan

April 14, 2008

‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and report of independent accountants are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31,

(EXPRESSED IN THOUSANDS OF DOLLARS)

	2006	2007	2007
	New Taiwan Dollars		US Dollars
ASSETS			(Unaudited) (Note 2)
Current Assets
Cash and cash equivalents (Note 4 (1))	$ 86,170,078	$ 144,376,145	$ 4,451,932
Financial assets at fair value through profit or loss -
current (Note 4 (2))	3,139,571	128,166	3,952
Available-for-sale financial assets - current (Note 4 (3))	933,754	1,272,051	39,225
Accounts receivable, net (Note 4 (4))	207,695,256	248,171,426	7,652,526
Accounts receivable, net - related parties (Note 5)	12,364,644	9,142,462	281,914
Other receivables (Note 5)	3,795,265	11,066,924	341,256
Inventories, net (Note 4 (5))	126,334,573	158,403,052	4,884,460
Prepayments	3,281,546	5,048,090	155,661
Deferred income tax assets - current (Note 4 (12))	1,354,456	2,282,215	70,373
	445,069,143	579,890,531	17,881,299
Funds and Investments
Available-for-sale financial assets - non-current
(Note 4 (3))	18,709,717	31,934,387	984,717
Financial assets carried at cost - non-current (Note 4 (6))	2,094,176	1,680,237	51,811
Long-term equity investments accounted for under the
equity method (Note 4 (7))	15,179,332	29,644,052	914,094
Prepaid long-term investment (Note 4 (7))	87,219	670,390	20,672
	36,070,444	63,929,066	1,971,294
Other Financial Assets - Non-Current (Note 6)	492,201	604,845	18,651
Property, Plant and Equipment (Notes 4 (8), 5 and 6)
Cost
Land	3,939,374	3,979,132	122,699
Buildings and improvements	38,208,563	60,682,270	1,871,177
Machinery	90,797,486	127,149,595	3,920,740
Molding equipment	3,256,427	3,271,673	100,884
Testing equipment	9,228,432	15,208,950	468,978
Office equipment	7,627,006	10,181,629	313,957
Tooling equipment	1,715,190	2,544,575	78,464
Other equipment	11,913,844	18,918,158	583,353
Total cost	166,686,322	241,935,982	7,460,252
Less: Accumulated depreciation	( 48,769,788)	(68,437,728)	(2,110,321)
Accumulated impairment	( 527,802)	(579,995)	(17,885)
Construction in progress and prepayments for equipment	15,146,432	29,650,257	914,285
	132,535,164	202,568,516	6,246,331
Intangible Asset
Goodwill (Note 4 (9))	2,265,910	2,268,102	69,938

Other Assets
Deferred charges	3,386,654	3,115,140	96,058
Other assets - other (Notes 4 (10) and 6)	6,782,633	14,920,855	460,094
	10,169,287	18,035,995	556,152
TOTAL ASSETS	$626,602,149	$ 867,297,055	$ 26,743,665

(continued)

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (CONTINUED)

DECEMBER 31,

(EXPRESSED IN THOUSANDS OF DOLLARS)

	2006	2007	2007
	New Taiwan Dollars		US Dollars
			(Unaudited) (Note 2)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term loans (Note 4 (11))	$ 40,793,836	$104,644,796	$ 3,226,790
Financial liabilities at fair value through profit or loss -
current (Note 4 (2))	22,114	3,213	99
Accounts payable	196,859,941	256,389,454	7,905,935
Accounts payable - related parties (Note 5)	11,526,678	17,600,942	542,736
Income tax payable (Note 4 (12))	8,002,041	12,843,279	396,031
Accrued expenses	29,985,865	31,889,312	983,328
Other payables (Note 5)	8,069,982	12,733,874	392,657
Receipts in advance	2,630,194	2,087,306	64,363
Other current liabilities	6,026,451	5,713,942	176,193
	303,917,102	443,906,118	13,688,132
Long-term Liabilities
Bonds payable (Note 4 (13))	28,361,558	28,759,958	886,832
Long-term loans	99,127	32,404	999
	28,460,685	28,792,362	887,831
Other Liabilities
Reserve for retirement plan (Note 4 (14))	892,728	995,896	30,709
Deferred income tax liabilities - non-current (Note 4 (12))	6,981,270	7,634,869	235,426
Other liabilities - other	933,990	2,463,118	75,952
	8,807,988	11,093,883	342,087
Total liabilities	341,185,775	483,792,363	14,918,050
Stockholders' Equity
Stockholders' Equity of Parent Company
Capital stock (Note 4 (15))
Common stock	51,681,388	62,907,666	1,939,799
Capital Reserve (Notes 4 (16) and 10)
Paid-in capital in excess of par value of common stock	20,221,815	20,221,815	623,553
Capital reserve from conversion of convertible bonds	18,482,483	18,482,483	569,919
Capital reserve from long-term investments	11,191,456	13,071,911	403,081
Capital reserve from stock warrants (Note 4 (13))	1,195,200	1,195,200	36,855
Retained earnings (Note 4 (17))
Legal reserve	17,273,084	23,255,167	717,088
Undistributed earnings	120,838,282	164,458,000	5,071,169
Other adjustments of stockholders' equity
Unrealized gain or loss on financial instruments (Note 4 (3))	18,463,531	35,906,996	1,107,215
Cumulative translation adjustments	3,831,336	11,210,314	345,677
Treasury stock	(18,901)	(18,901)	(583)
Stockholder's equity of parent company	263,159,674	350,690,651	10,813,773
Minority interest	22,256,700	32,814,041	1,011,842
Total stockholders' equity	285,416,374	383,504,692	11,825,615
Commitments and Contingent Liabilities (Note 7)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$626,602,149	$867,297,055	$ 26,743,665

The accompanying notes are an integral part of these consolidated financial statements.

See report of independent accountants dated April 14, 2008.

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31,

(EXPRESSED IN THOUSANDS OF DOLLARS, EXCEPT EARNINGS PER SHARE DATA)

	2006		2007		2007
	New Taiwan Dollars				US Dollars
					(Unaudited) (Note 2)
Operating revenues
Sales (Note 5)	$ 1,321,886,572		$ 1,703,945,741		$52,542,268
Sales returns	( 552,009)		( 797,568)		( 24,594)
Sales discounts	( 959,137)		( 484,748)		( 14,947)
Net operating revenues	1,320,375,426		1,702,663,425		52,502,727
Operating costs
Cost of goods sold (Notes 4 (19) and 5)	( 1,189,804,126)		( 1,535,140,419)		( 47,337,047)
Gross profit	130,571,300		167,523,006		5,165,680
Operating expenses (Note 4 (19))
Sales and marketing expenses	( 20,862,108)		( 25,173,928)		( 776,254)
General and administrative expenses	( 22,062,419)		( 33,544,379)		( 1,034,363)
Research and development expenses	( 10,656,036)		( 15,340,716)		( 473,041)
Total operating expenses	( 53,580,563)		( 74,059,023)		( 2,283,658)
Operating income	76,990,737		93,463,983		2,882,022
Non-operating income and gains
Interest income	1,261,013		2,659,650		82,012
Gain on valuation of financial assets (Note 4 (2))	21,372		4,068		125
Gain on valuation of financial liabilities (Note 4 (2))	371,282		141,576		4,366
Investment income accounted for under the equity method (Note 4 (7))	3,392,195		3,644,203		112,371
Dividend income	228,692		211,855		6,533
Gain on disposal of investments (Note 4 (6))	412,242		597,324		18,419
Foreign exchange gain - net	398,971		6,520,235		201,056
Other non-operating income (Note 4 (8))	2,985,493		3,188,762		98,327
Total non-operating income	9,071,260		16,967,673		523,209
Non-operating expenses and losses
Interest expense	(2,595,197)		(5,413,272)		( 166,922)
Other investment loss (Note 4 (6))	(13,189)		-		-
Loss on disposal of property, plant and equipment	( 277,628)		(30,659)		( 945)
Provision for inventory obsolescence and market price decline	(1,276,246)		(2,212,888)		( 68,236)
Other non-operating losses (Notes 4 (4)(8))	( 738,946)		(1,637,421)		( 50,491)
Total non-operating losses	(4,901,206)		(9,294,240)		( 286,594)
Income before income tax	81,160,791		101,137,416		3,118,637
Income tax expense (Note 4 (12))	( 14,884,437)		( 16,449,056)		( 507,217)
Consolidated net income	$ 66,276,354		$ 84,688,360		$ 2,611,420
Attributable to:
Equity holders of the Company	$ 59,862,728		$ 77,689,512		$ 2,395,606
Minority interest	6,413,626		6,998,848		215,814
	$ 66,276,354		$ 84,688,360		$ 2,611,420

	Before income tax	After income tax	Before income tax	After income tax	Before income tax	After income tax
Earnings per common share (Note 4 (18))
Basic earnings per common share
Consolidated net income	$12.90	$10.54	$16.08	$ 13.46	$ 0.50	$ 0.41
Minority interest income	( 1.11)	( 1.02)	( 1.14)	(1.11)	( 0.04)	( 0.03)
Net income attributable to equity holders of the Company	$11.79	$ 9.52	$14.94	$ 12.35	$ 0.46	$ 0.38
Diluted earnings per common share
Consolidated net income	$12.77	$10.43	$15.96	$ 13.36	$ 0.49	$ 0.41
Minority interest income	( 1.10)	( 1.01)	( 1.12)	(1.10)	( 0.03)	( 0.03)
Net income attributable to equity holders of the Company	$11.67	$ 9.42	$14.84	$ 12.26	$ 0.46	$ 0.38

The accompanying notes are an integral part of these consolidated financial statements.

See report of independent accountants dated April 14, 2008.

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(EXPRESSED IN THOUSANDS OF DOLLARS)

	Capital Stock			Retained Earnings			Unrealized gain or loss on financial instruments	Cumulative translation adjustments	Treasury stock	Minority interest	Total
	Common stock	New shareentitlement certificates	Capital Reserves	Legal reserve	Special reserve	Undistributed earnings	Unrealized gain or loss on financial instruments	Cumulative translation adjustments	Treasury stock	Minority interest	Total
2006 - New Taiwan Dollars
Balance at January 1, 2006	$ 42,082,796	$558,980	$47,850,307	$ 13,056,938	$ 1,325,658	$ 87,231,120	($ 85,462)	$ 1,143,906	($ 18,901)	$14,159,286	$207,304,628
Appropriation of 2005 earnings
Legal reserve	-	-	-	4,216,146	-	(4,216,146)	-	-	-	-	-
Reversal of special reserve	-	-	-	-	( 1,325,658)	1,325,658	-	-	-	-	-
Cash dividends	-	-	-	-	-	( 13,168,761)	-	-	-	-	( 13,168,761)
Stock dividends	8,216,903	-	40,931	-	-	(8,257,834)	-	-	-	-	-
Employees' stock bonus	731,394	-	75,606	-	-	( 807,000)	-	-	-	-	-
Employees' bonus and directors' and supervisors' remuneration	-	-	-	-	-	(1,089,588)	-	-	-	-	(1,089,588)
Capital surplus transferred to common stock	33,992	-	( 33,992)	-	-	-	-	-	-	-	-
Shares issued for convertible bonds	616,303	( 558,980)	576,861	-	-	-	-	-	-	-	634,184
Stock warrants for domestic convertible bonds issue	-	-	1,195,200	-	-	-	-	-	-	-	1,195,200
Adjustments due to changes in equities of long-term investments	-	-	1,386,041	-	-	(41,895)	3,705,060	-	-	-	5,049,206
Consolidated net income for 2006	-	-	-	-	-	59,862,728	-	-	-	6,413,626	66,276,354
Unrealized gain on financial assets	-	-	-	-	-	-	14,843,933	-	-	-	14,843,933
Cumulative translation adjustment	-	-	-	-	-	-	-	2,687,430	-	-	2,687,430
Minority interest	-	-	-	-	-	-	-	-	-	1,683,788	1,683,788
Balance at December 31, 2006	$ 51,681,388	$-	$51,090,954	$ 17,273,084	$-	$120,838,282	$18,463,531	$ 3,831,336	($ 18,901)	$22,256,700	$285,416,374
2007 - New Taiwan Dollars
Balance at January 1, 2007	$ 51,681,388	$-	$51,090,954	$ 17,273,084	$-	$120,838,282	$18,463,531	$ 3,831,336	($ 18,901)	$22,256,700	$285,416,374
Appropriation of 2006 earnings
Legal reserve	-	-	-	5,982,083	-	(5,982,083)	-	-	-	-	-
Cash dividends	-	-	-	-	-	( 15,504,416)	-	-	-	-	( 15,504,416)
Stock dividends	10,336,278	-	-	-	-	( 10,336,278)	-	-	-	-	-
Employees' stock bonus	890,000	-	-	-	-	( 890,000)	-	-	-	-	-
Employees' bonus	-	-	-	-	-	(1,357,017)	-	-	-	-	(1,357,017)
Adjustments due to changes in equities of long-term investments	-	-	1,880,455	-	-	-	4,558,117	-	-	-	6,438,572
Consolidated net income for 2007	-	-	-	-	-	77,689,512	-	-	-	6,998,848	84,688,360
Unrealized gain on financial assets	-	-	-	-	-	-	12,885,348	-	-	-	12,885,348
Cumulative translation adjustment	-	-	-	-	-	-	-	7,378,978	-	-	7,378,978
Minority interest	-	-	-	-	-	-	-	-	-	3,558,493	3,558,493
Balance at December 31, 2007	$ 62,907,666	$-	$52,971,409	$ 23,255,167	$-	$164,458,000	$35,906,996	$11,210,314	($ 18,901)	$32,814,041	$383,504,692

(Continued) HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)

(EXPRESSED IN THOUSANDS OF DOLLARS)

	Capital Stock			Retained Earnings			Unrealized gain or loss on financial instruments	Cumulative translation adjustments	Treasury stock	Minority interest	Total
	Common stock	New shareentitlement certificates	Capital Reserves	Legal reserve	Special reserve	Undistributed earnings	Unrealized gain or loss on financial instruments	Cumulative translation adjustments	Treasury stock	Minority interest	Total
2007 - US Dollars (Unaudited-Note 2)
Balance at January 1, 2007	$ 1,593,629	$ -	$ 1,575,423	$532,627	$ -	$3,726,127	$569,335	$118,141	($ 583)	$686,300	$ 8,800,999
Appropriations of 2006 earnings
Legal reserve	-	-	-	184,461	-	(184,461)	-	-	-	-	-
Cash dividends	-	-	-	-	-	(478,089)	-	-	-	-	( 478,089)
Stock dividends	318,726	-	-	-	-	(318,726)	-	-	-	-	-
Employees' stock bonus	27,444	-	-	-	-	( 27,444)	-	-	-	-	-
Employees' bonus	-	-	-	-	-	( 41,844)	-	-	-	-	(41,844)
Adjustments due to changes in equities of long-term investments	-	-	57,985	-	-	-	140,552	-	-	-	198,537
Consolidated net income for 2007	-	-	-	-	-	2,395,606	-	-	-	215,814	2,611,420
Unrealized gain on financial assets	-	-	-	-	-	-	397,328	-	-	-	397,328
Cumulative translation adjustment	-	-	-	-	-	-	-	227,536	-	-	227,536
Minority interest	-	-	-	-	-	-	-	-	-	109,728	109,728
Balance at December 31, 2007	$ 1,939,799	$ -	$ 1,633,408	$717,088	$ -	$5,071,169	$ 1,107,215	$345,677	($ 583)	$ 1,011,842	$ 11,825,615

The accompanying notes are an integral part of these consolidated financial statements.

See report of independent accountants dated April 14, 2008.

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,

(EXPRESSED IN THOUSANDS OF DOLLARS)

	2006	2007	2007
	New Taiwan Dollars		US Dollars
CASH FLOWS FROM OPERATING ACTIVITIES			(Unaudited) (Note 2)
Consolidated net income	$ 66,276,354	$ 84,688,360	$ 2,611,420
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Provision for doubtful accounts	640,452	1,755,240	54,124
Depreciation	15,026,807	21,995,690	678,251
Amortization of intangible and other assets	2,597,463	4,172,319	128,656
Loss on disposal of property, plant and equipment, net	277,628	30,659	945
(Reversal of) loss on impairment of property, plant and equipment	(72,705)	52,193	1,610
Loss on valuation of financial assets and liabilities, net	-	3,026	93
Provision for inventory obsolescence and market price decline	1,276,246	2,212,888	68,236
Investment income accounted for under the equity method	(3,392,195)	(3,644,203)	( 112,371)
Cash dividends from long-term investments accounted for under the equity method	1,519,733	1,211,788	37,366
Gain on disposal of investments	( 412,242)	( 597,324)	(18,419)
Loss on other investment	13,189	-	-
Effect of exchange rate change in revaluation of convertible bonds payable and accrued premiums	5,435	-	-
Amortization of discount of convertible bonds payable	56,758	398,400	12,285
Changes in assets and liabilities:
Notes receivable	3,228,320	24,870	767
Accounts receivable	( 13,719,189)	( 42,206,662)	(1,301,470)
Accounts receivable - related parties	(4,789,403)	3,172,564	97,828
Inventories	( 39,147,019)	( 34,281,367)	(1,057,088)
Other receivables	861,138	(9,029,919)	( 278,443)
Prepayments	(1,422,689)	( 389,472)	(12,010)
Accounts payable	26,610,582	59,529,513	1,835,631
Accounts payable - related parties	( 410,801)	6,074,264	187,304
Accrued expenses	6,077,352	1,903,447	58,694
Other payables and other current liabilities	3,910,824	719,708	22,193
Income tax payable	3,056,192	4,841,238	149,283
Accrued pension liabilities	(11,340)	103,168	3,181
Deferred income tax liabilities	2,465,509	( 274,160)	( 8,454)
Net cash provided by operating activities	70,522,399	102,466,228	3,159,612
CASH FLOWS FROM INVESTING ACTIVITIES
Financial assets/liabilies at fair value through profit or loss	(2,482,037)	(58,295)	( 1,798)
Acquisition of financial assets carried at cost	( 398,779)	-	-
Acquisition of available-for-sale financial assets	( 593,615)	(1,008,063)	(31,084)
Increase in long-term equity investments	(2,265,265)	(7,070,412)	( 218,021)
Return of capital from capital reduction of long-term investments	-	164,819	5,082
Acquisition of property, plant and equipment	( 53,133,952)	( 87,634,306)	(2,702,260)
Acquisition of land use right	(3,621,900)	(7,649,514)	( 235,878)
Increase in intangible assets and other assets - other	(3,785,232)	(3,949,851)	( 121,796)
Proceeds from disposal of funds and investments	3,491,687	4,209,363	129,798
Increase in other financial assets - non-current	(57,106)	( 112,644)	( 3,473)
Proceeds from disposal of property, plant and equipment	3,183,135	5,116,408	157,768
Net cash used in investing activities	( 59,663,064)	( 97,992,495)	(3,021,662)

(Continued)

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31,

(EXPRESSED IN THOUSANDS OF DOLLARS)

	2006	2007	2007
	New Taiwan Dollars		US Dollars
			(Unaudited) (Note 2)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term loans	16,021,396	63,850,960	1,968,886
Payment of long-term loans	(5,808,465)	(66,723)	( 2,057)
Increase in other liabilities - other	59,070	1,529,128	47,152
Increase in bonds payable	18,000,000	-	-
Payment of bonds payable	(5,000,000)	-	-
Payment of cash dividends	( 13,168,761)	( 15,504,416)	( 478,089)
Payment of directors' and supervisors' remuneration	( 7,000)	-
Payment of employees' bonus	(1,082,588)	(1,357,017)	(41,844)
Increase in minority interest	1,683,788	3,558,493	109,728
Net cash provided by financing activities	10,697,440	52,010,425	1,603,776
Net effect of changes in foreign currency exchange rates	2,472,555	1,621,569	50,002
Changes in consolidated entities with no cash flow effect	1,139,189	100,340	3,094
Net increase in cash and cash equivalents	25,168,519	58,206,067	1,794,822
Cash and cash equivalents at beginning of year	61,001,559	86,170,078	2,657,110
Cash and cash equivalents at end of year	$ 86,170,078	$144,376,145	$ 4,451,932
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	$ 2,269,633	$ 4,838,830	$ 149,208
Cash paid during the year for income tax	$ 9,245,272	$ 11,881,978	$ 366,388
Cash paid for the acquisition of property, plant and equipment
Increase in property, plant and equipment	$ 54,762,051	$ 90,783,223	$ 2,799,359
Add: Payable - beginning	2,226,848	3,851,062	118,750
Less: Payable - ending	(3,851,062)	(6,939,849)	( 213,995)
Effect of changes in foreign currency exchange rates	( 3,885)	(60,130)	( 1,854)
Cash paid	$ 53,133,952	$ 87,634,306	$ 2,702,260
Investing activities with no cash flow effect:
Adjustment for change in value of available-for-sale financial assets
Unrealized gain on financial instruments	$ 14,843,933	$ 12,885,348	$ 397,328
Evaluation of long-term investments accounted for under the equity method	3,705,060	4,558,117	140,553
	$ 18,548,993	$ 17,443,465	$ 537,881
Financing activities with no cash flow effect:
Bonds payable converted to capital and other paid-in capital
Bonds payable converted to capital	$ 57,323	$ -	$ -
Bonds payable converted to other paid-in capital	576,861	-	-
Total converted amount	$ 634,184	$ -	$ -
Stock warrants issued for domestic convertible bonds	$ 1,195,200	$ -	$ -

The accompanying notes are an integral part of these consolidated financial statements.

See report of independent accountants dated April 14, 2008.

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2006 AND 2007

(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT AS OTHERWISE INDICATED)

1. HISTORY AND ORGANIZATION

1) Hon Hai Precision Industry Co., Ltd. (the Company) was established on February 20, 1974. The Company was listed on the Taiwan Stock Exchange in June 1991. The Company merged with Premier Image Technology Corporation (Premier Corp.) on December 1, 2006. The main activities of the Company are the manufacture, processing and sales of connectors, cable, enclosures, wired/wireless communication products, optics products, power supply modules, and assemblies for use in the IT, communications, automotive equipment, precision molding, automobile, and consumer electronics industries. As of December 31, 2007, the Company and its subsidiaries had approximately 550,000 employees.

2)	Consolidated subsidiaries
	A. Main activities of the subsidiaries and ownership of the Company:
		Relationship		Ownership
	Names of	with the		Percentage (%)
	subsidiaries	Company	Main operating activities	2006.12.31	2007.12.31
	Foxconn (Far	Wholly-owned	Investment holdings in Mainland China	100%	100%
	East) Ltd. and	subsidiary	and Hong Kong electronics
	subsidiaries		manufacturers
	Foxconn Holding	Wholly-owned	Investment holdings in Asia Pacific and	100%	100%
	Ltd. and	subsidiary	North America hi-tech companies
	subsidiaries
	Hyield Venture	Majority-owned	Venture capital investment holdings	98%	98%
	Capital Co., Ltd.	subsidiary
	and subsidiaries
	Bao Shin	Wholly-owned	Investment holdings in R.O.C.	100%	100%
	International	subsidiary	companies
	Investment
	Co., Ltd.
	Hon Yuan	Wholly-owned	Investment holdings in R.O.C.	100%	100%
	International	subsidiary	companies
	Investment
	Co., Ltd.

	Relationship		Ownership
Names of	with the		Percentage (%)
subsidiaries	Company	Main operating activities	2006.12.31	2007.12.31
Hon Chi	Wholly-owned	Investment holdings in R.O.C.	100%	100%
International	subsidiary	companies
Investment
Co., Ltd.
Lin Yih	Wholly-owned	Investment holdings in R.O.C. company	100%	100%
International	subsidiary
Investment
Co., Ltd.
Hon Hai/	Wholly-owned	Logistics services	100%	100%
Foxconn	subsidiary
Logistics
California
LLC.
Hon Hai/	Wholly-owned	Logistics services	100%	100%
Foxconn	subsidiary
Logistics
Texas LLC.
Ambit	Wholly-owned	Investment holdings in Mainland China	100%	100%
Microsystems	subsidiary	companies
Holding Corp.
and subsidiaries
Ambit	Wholly-owned	Investment holdings in Mainland China	100%	100%
International	subsidiary	companies
Ltd. and
subsidiaries
Unique	Wholly-owned	A Mainland China company engaged in	100%	100%
Logistics	subsidiary	trading
Ltd.
Foxconn	Wholly-owned	Marketing	100%	100%
Singapore	subsidiary
(Pte) Ltd. and
subsidiaries
Foxconn	Wholly-owned	Research and development	100%	100%
International	subsidiary
Inc.
	Relationship		Ownership
Names of	with the		Percentage (%)
subsidiaries	Company	Main operating activities	2006.12.31	2007.12.31
Altus Technology	Wholly-owned	Manufacture and design of cellular	100%	100%
Inc.	subsidiary	phone and camera lens and marketing
		of sensors
Premier Image	Majority-	Manufacture and sales of camera	98%	98%
Technology	owned
-Hong Kong	subsidiary
Limited and
subsidiaries
Premier Image	Majority-	Manufacture, design and sales	88%	88%
Technology	owned	of images, optics products and camera
-Japan Limited	subsidiary	lens
Image & Vision	Wholly-owned	Investment holdings	100%	100%
Investment	subsidiary
Corporation
Margini Holdings	Wholly-owned	Investment holdings	-	100%
Limited	subsidiary

A. The financial statements of consolidated subsidiaries as of and for the year ended December 31, 2007 were audited by independent accountants.

B. For the relevant information on indirectly owned subsidiaries of the Company, please seeNote 11.

C. Changes in the consolidated subsidiaries

iPox Technology Co., Ltd. was acquired (53% ownership) by Bao Shin International Investment Co., Ltd., a subsidiary of the Company, in February 2007. iPox Technology Co., Ltd. was consolidated effective the acquisition date.

SetaBox Technology Corporation was acquired (100% ownership) by Bao Shin International Investment Co., Ltd., a subsidiary of the Company, in June 2007. SetaBox Technology Corporation was consolidated effective the acquisition date.

Margini Holdings Limited was established in the second quarter of 2007, and was accordingly included in the consolidated financial statements.

Altus Technology Inc. was an indirectly-owned subsidiary (35%). In December 2006, Hon Hai Precision Industry Co., Ltd. acquired the remaining 65% equity of Altus Technology Inc. and was subsequently consolidated effective the acquisition date.

The Company merged with Premier Image Technology Corporation (Premier) under the pooling of interests method on December 1, 2006. In accordance with R.O.C. GAAP, income of Premier before the merger date was included in the current income. Please see Note 10(5).

3)	Majority-owned subsidiaries that were not included in the consolidated financial statements:
	None.
4)	Adjustments and disposition of the different accounting period adopted by the subsidiaries:
	None.
5)	Special operating risks on the foreign subsidiaries: No significant special operating risks
	that would affect the financial statements.
6)	Significant restriction on remittance of funds for the foreign subsidiaries' financial activities to
	the Company: None.
7)	The Company's common stock owned by its subsidiary:
	For the years ended December 31, 2006 and 2007, Hon Yiing International Investment Co., Ltd.
	owned the Company's common stock, at a cost of $18,901.
8)	Information on convertible bonds and new common stock issued by subsidiaries: None.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements of the Company and its subsidiaries (collectively referred herein as the Group) are prepared in accordance with the "Rules Governing the Preparation of Financial Statements by Securities Issuers", "Business Entity Accounting Law", "Regulation on Business Entity Accounting Handling" and accounting principles generally accepted in the Republic of China. The Group's significant accounting policies are summarized below:

1) Basis for preparation of consolidated financial statements

A. The Company has adopted the amended R.O.C. SFAS No. 7 "Consolidated Financial Statements". Accordingly, all majority-owned subsidiaries and controlled entities are consolidated.

B. For the subsidiaries owned (disposed) before the end of the accounting year, the income or loss of the controlled subsidiaries is included in (excluded from) the consolidated financial statements effective on the acquisition (disposal) date.

C. Significant intercompany transactions and assets and liabilities arising from intercompany transactions are eliminated.

2) Translation of financial statements of foreign subsidiaries into New Taiwan Dollars

Assets and liabilities of foreign subsidiaries are translated into New Taiwan dollars using the exchange rates at the balance sheet date. Equity accounts are translated at historical rates except for beginning retained earnings, which is carried forward from prior year's balance. Dividends are translated at the rates prevailing at the date of declaration. Profit and loss accounts are translated at weighted-average rates of the year. The resulting translation differences are included in "cumulative translation adjustments" under stockholders' equity.

3) Criteria for classifying assets and liabilities as current or non-current items

Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

1) Assets arising from operating activities that are expected to be realized or consumed, or are intended to be sold within the normal operating cycle;

2) Assets held mainly for trading purposes;

3) Assets that are expected to be realized within twelve months from the balance sheet date; and

4) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date.

Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

1) Liabilities arising from operating activities that are expected to be paid off within the normal operating cycle;

2) Liabilities arising mainly from trading activities;

3) Liabilities that are to be paid off within twelve months from the balance sheet date; and

4) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the balance sheet date.

4) Use of estimates

The preparation of financial statements in conformity with R.O.C. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses reported during the period. Actual results could differ from those assumptions and estimates.

5) Foreign currency transactions

A. The Group maintains its accounts in New Taiwan dollars. Transactions denominated in foreign currencies are translated into New Taiwan dollars at the spot exchange rates prevailing at the transaction dates.

B. Receivables, other monetary assets and liabilities denominated in foreign currencies are translated at the spot exchange rates prevailing at the balance sheet date. Exchange gains or losses are recognized in profit or loss.

C. When a gain or loss on a non-monetary item is recognized directly in equity, any exchange component of that gain or loss shall be recognized directly in equity. Conversely, when a gain or loss on a non-monetary item is recognized in profit or loss, any exchange component of that gain or loss shall be recognized in profit or loss. However, non-monetary items that are measured on a historical cost basis are translated using the exchange rate at the date of the transaction.

6) Cash equivalents

Cash equivalents represent short-term, highly liquid investments, which include short-term commercial papers and bonds purchased with a resale agreement with a maturity period of less than three months.

7) Financial assets and financial liabilities at fair value through profit or loss

A. Equity investments are recognized using trade date accounting. Debt instruments, beneficiary certificates and derivative financial instruments are recognized and derecognized using settlement date accounting. All are recognized initially at fair value.

B. These financial instruments are subsequently remeasured and stated at fair value, and the gain or loss is recognized in profit or loss. The fair value of listed stocks, OTC stocks and closed-end mutual funds is based on latest quoted fair prices of the accounting period. The fair value of open-end and balanced mutual funds is based on the net asset value at the balance sheet date.

C. Derivatives not qualified for hedge accounting but under the method of option transaction are recognized at fair value on the trade date; derivatives not under the method of option transaction are recognized at zero fair value on the trade date.

D. The derivative features (such as call options and put options) embedded in compound financial instruments are described in Note 2 (19).

8) Available-for-sale financial assets

A. Equity investments are recognized using trade date accounting. Bond investments are recognized and derecognized using settlement date accounting and are recognized initially at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

B. Available-for-sale financial assets are remeasured and stated at fair value, and the gain or loss is recognized in equity. The fair value of listed stocks, OTC stocks and closed-end mutual funds is based on latest quoted fair prices of the accounting period. The fair value of open-end and balanced mutual funds is based on the net asset value at the balance sheet date.

C. If there is any objective evidence that the financial asset is impaired, the cumulative loss that had been recognized directly in equity shall be removed from equity and recognized in profit or loss. Impairment losses recognized previously in profit or loss for an investment in an equity instrument shall not be reversed through profit or loss, and if, subsequently, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss shall be reversed, with the amount of the reversal recognized in profit or loss.

9) Financial assets carried at cost

A. Investment in unquoted equity instruments is recognized using trade date accounting and is recognized initially at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

B. If there is any objective evidence that the financial asset is impaired, the impairment loss is recognized in profit or loss. Such impairment loss cannot be reversed.

10) Settlement date accounting

If an entity recognizes financial assets using settlement date accounting, any change in the fair value of the asset to be received during the period between the trade date and the settlement date is not recognized for assets carried at cost or amortized cost. For financial asset or financial liability classified as at fair value through profit or loss, the change in fair value is recognized in profit or loss. For available-for-sale financial assets, the change in fair value is recognized directly in equity.

11) Allowance for doubtful accounts

Allowance for doubtful accounts is provided based on past experience and the evaluation of the collectibility of accounts, notes and other receivables taking into account the aging analysis of receivables.

12) Inventories

Inventories are stated at the lower of cost or market value. Inventory cost is determined using the weighted-average cost method. The aggregate value method is used to determine the lower of cost or market value. The market value for raw materials is determined based on current replacement cost while the market value for work in process and finished goods inventories is determined based on net realizable value. Provision for obsolescence is based on the specific identification method.

13) Long-term equity investments accounted for under equity method

A. Long-term equity investments in which the Group holds more than 20% of the investee company's voting shares or has the ability to exercise significant influence on the investee's operational decisions are accounted for under the equity method. The excess of the initial investment cost over the acquired net asset value of the investee attributable to goodwill is no longer amortized from 2006. Retrospective adjustment of the amount of goodwill amortized in previous years is not required. Goodwill is subject to tests of impairment on an annual basis. The excess of acquired net asset value of investee over the initial investment cost is allocated proportionately and applied as a reduction to the book values of identifiable non-current assets, and any remaining amount of such excess after this allocation is credited to extraordinary gains.

B. Long-term investment in which the Group holds more than 50% or has the ability to control the investee's operational decisions are accounted for under the equity method and included in the consolidated financial statements.

C. For foreign investments accounted for under the equity method, the Group's proportionate share of the investee company's cumulative translation adjustment, resulting from translating the foreign investee company's financial statements into New Taiwan Dollars, is recognized by the Group and included as "cumulative translation adjustments" under stockholders' equity.

14) Property, plant and equipment

A. Property, plant and equipment are stated at cost. Interest costs incurred on the loans used to bring the assets to the condition and location necessary for their intended uses are capitalized. Significant renewals or betterments are capitalized and depreciated accordingly. Maintenance and repairs are charged to expense as incurred.

B. Depreciation is provided on the straight-line method using the service life guidelines prescribed by the R.O.C. Government, which approximate the useful lives of the assets. Fully depreciated assets still in use are depreciated based on the residual values over the remaining useful lives. The useful lives of property, plant and equipment are 2 to 8 years, except for buildings which are 45 to 55 years.

15) Deferred charges and other assets

A. The costs of telephone network installation charges, computer software, molding and tools and equipment are recorded as deferred charges and amortized over their estimated economic lives on a straight-line basis.

B. Land use rights are stated at cost and amortized over the lease period using the straight-line method.

16) Impairment of non-financial assets

The Group recognizes impairment loss when there is indication that the recoverable amount of an asset is less than its carrying amount. The recoverable amount is the higher of the fair value less costs to sell and value in use. The fair value less costs to sell is the amount obtainable from the sale of the asset in an arm's length transaction after deducting any direct incremental disposal costs. The value in use is the present value of estimated future cash flows to be derived from continuing use of the asset and from its disposal at the end of its useful life. When the impairment no longer exists, the impairment loss recognized in prior years shall be recovered. However, impairment loss of goodwill is not recoverable.

17) Warranty obligation

Warranty obligation is recognized based on the estimated warranty cost per unit and the number of units sold during the period.

18) Pension plan

Under the defined benefit pension plan, net periodic pension costs are recognized in accordance with the actuarial calculations. Net periodic pension costs include service cost, interest cost, expected return on plan assets, and amortization of unrecognized net transition obligation and gains or losses on plan assets. Unrecognized net transition obligation is amortized on a straight-line basis over 15 years. Under the defined contribution pension plan, net periodic pension costs are recognized as incurred.

19) Bonds payable

A. For the bonds payable issued after January 1, 2006, the issuer of a financial instrument shall classify the instrument, or its component parts, on initial recognition as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument. These bonds are accounted for as follows:

(1) The fair value of the liability portion of a convertible bond is determined using a market interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on an amortized cost basis until conversion period or the maturity of the bond.

(2) The value of any derivative features (such as a call option and put option) embedded in the compound financial instrument is recognized as "financial assets and financial liabilities at fair value through profit or loss". At the maturity of redemption period, if the fair value of common stock exceeds the redemption price, the fair value of the derivative is recognized as "paid-in capital"; however if the fair value of common stock is lower than the redemption price, the fair value of the derivative is recognized as "gain or loss".

(3) A conversion option embedded in the bonds issued by the Company, which is convertible to an equity instrument, is recognized and included in "capital reserve from stock warrants", net of income tax effects. When a bondholder exercises the conversion right, the liability component of the bonds (including corporate bonds and embedded derivatives) is revalued, and the resulting difference shall be recognized as "gain or loss" in the current period. The book value of the common stock issued due to the conversion shall be based on the adjusted book value of the abovementioned liability component plus the book value of the stock warrants.

(4) When the holders of bonds payable are allowed to exercise put option within a year, the bonds payable should be listed as current liabilities; at the end of the put option period, the non put option bonds payable should be listed as non-current liabilities.

B. Bonds payable issued before December 31, 2005 are accounted for as follows:

(1) The cost method is adopted when the investors exercise their conversion rights, i.e. the book value of the bonds is credited to common stock for the amount equal to the par value of the stock and to the capital reserve for the excess; no gain or loss is recognized on bond conversion.

(2) The related issuance costs for convertible bonds are recorded as deferred charges, and are amortized over the life of the bonds. The unamortized bond issuance costs relating to the bonds converted or redeemed before the maturity date are charged to expense upon conversion or redemption.

(3) For convertible bonds with redemption rights, the excess of stated redemption price over the par value are amortized over the redemption period using the effective interest method. When bonds are converted, the unamortized issuance costs, unpaid interest, and provision for early redemption, are charged to current operations. The excess of amounts over the par value of the stock is included in capital reserve and no gain or loss is recognized on bond conversion.

(4) The put and call options embedded in bonds payable issued before December 31, 2005 were not separated in accordance to EITF 95-078.

20) Income tax

A. Income tax expense is provided based on accounting income after adjusting for permanent differences. The provision for income tax includes deferred income tax for the expected future tax consequences of events that have been included in different periods for financial or tax reporting purposes. Deferred income tax assets and liabilities are determined using enacted tax rates in effect for the year(s) in which the differences are expected to reverse. Valuation allowance on deferred income tax assets is recognized to the extent that it is more likely than not that the income tax benefits will not be realized. Over or under provision of income tax from the previous years is recorded as adjustment to the current years' income tax expense. In accordance with the ROC Income Tax Law, the company's undistributed income is subject to an additional 10% corporate income tax. The tax is charged to income tax expense after the appropriation of earnings is approved by the stockholders in the following year.

B. Income tax credits are provided for in accordance with R.O.C. SFAS No. 12 "Accounting for Income Tax Credits". Income tax credits arising from acquisitions of equipment or technology, expenditures for research and development, training and development of employees and investments in qualified stocks are charged to deferred income tax assets and credited to income tax expense in the period the related expenditures are incurred.

C. Effective January 1, 2006, the Company adopted the Income Basic Tax Act (the "Act"). Under the Act, the income tax payable shall be the higher of the basic tax and the regular income tax in accordance with the Income Tax Law and other relevant laws.

21) Treasury stock

A. The Company adopted the R.O.C. SFAS No. 30 "Accounting for Treasury Stocks" to account for the treasury stock.

B. When the treasury shares are reissued, the treasury stock account is credited and the difference between the proceeds received and the cost is treated as an adjustment of stockholders' equity. Any excess of the proceeds over the cost of the treasury stock reissued is recognized as an increase in additional paid-in capital from the treasury stock transaction and if the proceeds are less than the cost, the deficit is charged to the additional paid-in capital account. Should the additional paid-in capital balance be insufficient to absorb the deficit, the balance is charged to retained earnings.

C. Treasury stock cost is determined using the weighted-average cost method.

D. The Company's common stock owned by its subsidiaries is treated as treasury stock.

22) Earnings per share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by taking into account the potentially dilutive securities which are assumed to have been converted to common stock at the beginning of the period.

23) Revenues and expenses

Revenues are recognized when the earning process is substantially completed and are realized or realizable. Expenses, including research and development costs, are recognized as incurred.

24) Business combination

The Company uses the pooling of interest method to account for the business combination with Premier Image Technology Corporation. The Company used the book value of net assets of the merged company to account for the business combination. In accordance with R.O.C. GAAP, income of the merged company before the combination date is included in the current income. When applying the pooling of interest method, the prior year's financial statements are restated retroactively to include the merged company.

25) Convenience translation into US dollars (Unaudited)

The Group maintains its accounting records and prepares its financial statements in New Taiwan dollars. The United States dollar amounts disclosed in the financial statements are presented solely for the convenience of the readers and were translated into US dollars using the exchange rate prevailing on December 31, 2007 of US$1:NT$32.43. Such translation amounts are not in accordance with the generally accepted accounting principles and should not be construed as representations that the New Taiwan dollar amounts represent, have been or could be converted into United States dollars at that or any other rate.

3. CHANGES IN ACCOUNTING PRINCIPLES

1) Financial instruments

A. Effective January 1, 2006, the Group adopted the R.O.C. SFAS No. 34, "Accounting for Financial Instruments" and No. 36, "Disclosure and Presentation of Financial Instruments".

B. As a result of the adoption of SFAS No. 34 and No. 36, total assets and total stockholders' equity increased by $18,548,993 as of December 31, 2006. However, these changes had no significant impact on the consolidated net income and earnings per share for the year ended December 31, 2006.

2) Goodwill

Effective January 1, 2006, the Group adopted the amended R.O.C. SFAS No. 1, No. 5, No. 7, No. 25 and No. 35 and accordingly has discontinued the amortization of goodwill. The adoption of these accounting principles had no significant impact on the consolidated financial statements as of and for the year ended December 31, 2006.

4. DETAILS OF SIGNIFICANT ACCOUNTS

(1)Cash and cash equivalents

	December 31,
	2006	2007
Cash on hand	$ 6,283,367	$ 11,740,345
Checking accounts	3,564,566	3,835,968
Savings deposits	13,109,495	23,814,927
Time deposits	44,590,181	84,063,995
	67,547,609	123,455,235
Cash equivalents	18,622,469	20,920,910
	$ 86,170,078	$144,376,145

(2)Financial assets and liabilities at fair value through profit or loss


	December 31,
	2006		2007
	Book value	Contract amount	Book value	Contract amount
Financial assets held for trading
	December 31,
	2006		2007
	Book value	Contract amount	Book value	Contract amount
Financial assets held for trading
Futures contracts	$52,056	$ -	$ 55,699	$ -
Open-end funds	3,087,515	-	72,280	-
Forward exchange contracts	-	-	187	JPY(BUY) 1,877,498 USD(SELL)16,460
	$3,139,571		$ 128,166
Financial liabilities held for trading
Forward exchange contracts	($21,876)	USD(SELL) 47,142 EUR(BUY) 2,000 JPY(BUY)5,217,541 EUR 500,000	($3,213)	USD(BUY) 30,000 TWD(SELL) 967,480 CZK(BUY)268,740 USD(SELL)15,000
SWAP	( 238)		-
	($22,114)		($3,213)

1) For the year ended December 31, 2007, the Group recognized a net gain of $43,913, including unrealized loss of $3,026.

2) For the year ended December 31, 2006, the Group recognized a net gain of $409,529, including unrealized loss of $22,114.

(3) Available-for-sale financial assets

	December 31,
	2006	2007
Current items:
Listed stocks	$ 62,389	$ 61,275
Adjustment of available-for-sale financial assets	871,365	1,210,776
	$ 933,754	$ 1,272,051
Non-current items:
Listed stocks	$ 4,854,454	$ 5,533,187
Adjustment of available-for-sale financial assets	13,855,263	26,401,200
	$ 18,709,717	$ 31,934,387

The fair value of available-for-sale financial assets increased by $18,548,993 and $17,443,465 for the years ended December 31, 2006 and 2007, respectively, and is shown as an adjustment to stockholders' equity as unrealized gain or loss on financial instruments. Transfers from this equity account to profit and loss amounted to $268,258 and $97 for the years ended December 31, 2006 and 2007, respectively.

(4)Notes and accounts receivable - third parties

	December 31, 2006
	Amount	Allowance for doubtful accounts	Net amount
Notes receivable	$ 1,178,363	($ 86,797)	$ 1,091,566
Accounts receivable	208,048,630	(1,444,940)	206,603,690
	$209,226,993	($ 1,531,737)	$207,695,256

	December 31, 2007
	Amount	Allowance for doubtful accounts	Net amount
Notes receivable	$ 1,153,493	($ 74,597)	$ 1,078,896
Accounts receivable	250,255,292	(3,162,762)	247,092,530
	$251,408,785	($ 3,237,359)	$248,171,426

The Group factored its accounts receivable to certain financial institutions without recourse. Under the agreement, the Group is not required to bear uncollectible risk of the underlying accounts receivable, but is liable for the losses incurred on any business dispute. As the Group did not provide any collateral, these accounts receivable meet the derecognition criteria for financial assets. The Group has derecognized the accounts receivable sold to financial institutions, net of the losses estimated for possible business disputes.

As of December 31, 2007, the relevant information of accounts receivable factored but unsettled is as follows:

December 31, 2007
Institutions	Interest rate (%)	Accounts receivable sold/ derecognized	Amount advanced	Amount retained (shown as other receivables)	Limit
Mega International Commercial Bank	5.40~5.50	$12,757,530	$12,757,530	$-	$ 16,215,000
Taipei Fubon Bank	5.44~5.47	8,516,431	7,999,202	517,229	12,972,000
Sumitomo Mitsui Banking Corporation	5.49~5.74	17,836,500	17,836,500	-	30,808,500
		$39,110,461	$38,593,232	$517,229	$ 59,995,500

2. For the year ended December 31, 2007, the financing charges (expenses) incurred from accounts receivable factoring was $309,426 and is shown as "other non-operating loss".

(5)Inventories

	December 31,
	2006	2007
Raw materials and supplies	$ 44,641,936	$ 60,527,692
Work in process	19,602,086	22,957,787
Finished goods	54,864,010	66,336,963
Inventory in transit	10,176,676	14,680,248
	129,284,708	164,502,690
Less: Allowance for inventory obsolescence	(2,950,135)	(6,099,638)
	$126,334,573	$158,403,052

(6)Financial assets carried at cost

	December 31,
Name of investee company	2006	2007
Taiwan Fixed Network Co., Ltd.	$ 522,368	$ -
Diamondhead Ventures Ltd.	410,397	440,687
Entire Technology Co., Ltd.	-	227,500
Global Strategic Investment Inc.	290,585	290,585
Others	870,826	721,465
	$ 2,094,176	$ 1,680,237

1) Under the approval of the Fair Trade Commission, Executive Yuan, R.O.C. in April 2007, Taihsing International Telecommunications Co., Ltd. tendered offers for the acquisition of the shares of Taiwan Fixed Network Co., Ltd. The Group disposed 119,000,000 shares of Taiwan Fixed Network Co., Ltd. due to participation in the tender offers resulting in a gain on disposal of $508,737.

2) The Company recognized impairment loss amounting to $13,189 (shown as other investment loss) in 2006 for its investment accounted for under the cost method, because of the permanent impairment in value and the chance of recovery is minimal.

3) The investments in these investee companies were measured at cost since its fair value cannot be measured reliably.

(7)Long-term equity investments accounted for under the equity method


	December 31, 2007
	Ownership	December 31,
Investee Company	Percentage (%)	2006	2007
	December 31, 2007
	Ownership	December 31,
Investee Company	Percentage (%)	2006	2007
Foxconn Technology Co., Ltd.	31	$ 9,297,098	$15,354,959
Pan International Industrial Corporation	27	3,439,791	4,957,551
Foxconn Advanced Technology, Ltd.-Cayman	43	1,605,046	4,295,644
Simplo Technology Co., Ltd.	9	-	1,535,118
G-Tech Optoelectronics Corporation	42	-	826,278
CyberTAN Technology, Inc.	11	$-	$512,095
Foxsemicon Integrated Technology Inc.	21	218,759	365,155
Advanced Optoelectronic Technology Inc.	20	-	354,603
Ugobe Inc.	30	-	332,244
Alliance Fiber Optic Products Inc.	20	264,756	278,295
Others		353,882	832,110
		15,179,332	29,644,052
Add: Prepaid long-term investment		87,219	670,390
		$15,266,551	$30,314,442

Starting from April 2007, the Group owns majority of CyberTAN Technology, Inc.' shares; accordingly, the Group classified its investment in CyberTAN Technology, Inc. as long-term equity investment accounted for under the equity method since the second quarter of 2007.

The Group owns majority of Simplo Technology Co., Ltd.'s shares after additional investments in the second quarter of 2007; accordingly, the Group classified its investment in Simplo Technology Co., Ltd. as long-term equity investment accounted for under the equity method.

The Company originally held 35% ownership in Altus Technology, Inc. through its subsidiary. In December 2006, the Company acquired 65% shares of Altus Technology, Inc. As of June 30, 2007, the Company's consolidated shareholding in Altus Technology, Inc. was 100% and was consolidated from acquisition date.

(8)Property, plant and equipment


	December 31, 2006
	Original cost	Accumulated depreciation	Net book value
	December 31, 2006
	Original cost	Accumulated depreciation	Net book value
Land	$3,939,374	$ -	$ 3,939,374
Buildings and improvements	38,208,563	(6,751,878)	31,456,685
Machinery	90,797,486	( 26,688,770)	64,108,716
Molding equipment	3,256,427	(2,561,577)	694,850
Testing equipment	9,228,432	(4,179,836)	5,048,596
Furniture and fixtures	7,627,006	(3,731,732)	3,895,274
Tooling equipment	1,715,190	( 837,195)	877,995
Miscellaneous equipment	11,913,844	(4,018,800)	7,895,044
Prepayments for equipment and construction in progress	15,146,432	-	15,146,432
	$ 181,832,754	($ 48,769,788)	133,062,966
Less: Accumulated impairment			( 527,802)
			$132,535,164

	December 31, 2007
	Original cost	Accumulated depreciation	Net book value
Land	$3,979,132	$ -	$ 3,979,132
Buildings and improvements	60,682,270	(9,588,339)	51,093,931
Machinery	127,149,595	( 37,754,144)	89,395,451
Molding equipment	3,271,673	(2,521,255)	750,418
Testing equipment	15,208,950	(6,589,328)	8,619,622
Furniture and fixtures	10,181,629	(4,914,831)	5,266,798
Tooling equipment	2,544,575	(1,165,519)	1,379,056
Miscellaneous equipment	18,918,158	(5,904,312)	13,013,846
Prepayments for equipment and construction in progress	29,650,257	-	29,650,257
	$ 271,586,239	($ 68,437,728)	203,148,511
Less: Accumulated impairment			( 579,995)
			$202,568,516

The Group recognized a net gain on the recovery of impairment loss of $ 72,705 (shown as "Other income") and impairment loss of $52,193 (shown as "Other loss") in 2006 and 2007, respectively.

(9)Intangible assets

	December 31,
	2006	2007
Goodwill
Net book value, January 1, 2007	$ 2,222,786	$ 2,265,910
Increase in current year - combined acquisition	58,949	12,075
Cumulative translation adjustments	(15,825)	( 9,883)
Net book value, December 31, 2007	$ 2,265,910	$ 2,268,102

(10)Other assets

	December 31,
	2006	2007
Land use right	$ 5,405,364	$ 13,116,878
Others	1,377,269	1,803,977
	$ 6,782,633	$ 14,920,855

(11)Short-term loans

	December 31,
	2006	2007
Credit loans	$ 40,793,836	$102,430,622
Mortgage	-	2,214,174
	$ 40,793,836	$104,644,796
Interest rates per annum	1.62%~6.07%	2.88%~5.90%

(12)Income tax

1)	Income tax expense and income tax payable are reconciled as follows:
		December 31,
		2006	2007
	Income tax expense	$ 14,884,437	$ 16,449,056
	Changes in deferred income tax	(2,465,509)	274,160
	Less: Prepaid income tax and income tax withheld	(4,356,884)	(4,565,382)
	Effect of tax rate different from the U.S. branch	(65,164)	(98,089)
	Under provision of prior years' income tax	(44,839)	(97,926)
	Add: Income tax payable at the beginning of the year	50,000	881,460
	Income tax payable	$ 8,002,041	$ 12,843,279

2)	As of December 31, 2006 and 2007, the deferred income tax assets and liabilities were as follows:
		December 31,
		2006	2007
	Deferred income tax assets	$ 1,859,220	$ 3,356,016
	Deferred income tax liabilities	($ 7,486,034)	($ 8,708,670)

3) The temporary differences and related amounts of deferred tax assets (liabilities) are listed as
follows:
		December 31,
		2006		2007
		Amount	Tax effect	Amount	Tax effect
	Current items:
	Reserve for unrealized loss on inventory obsolescence	$ 2,349,994	$ 587,499	$ 3,917,947	$1,026,318
	Unrealized exchange losses	815,316	203,829	649,046	161,491
	Product warranty	1,375,829	343,957	2,753,285	700,379
	Allowance for doubtful accounts	322,014	80,503	1,111,909	277,978
	Investment tax credits	133,256	33,314	-	-
	Loss carry forward	291,922	72,981	-	-
	Others	129,491	32,373	207,615	116,049
		$ 5,417,822	1,354,456	$ 8,639,802	2,282,215

Non-current items:
Reserve for pension cost	$774,109	$ 193,527	$793,870	$ 198,468
Foreign investment income accounted for under the equity method	( 34,488,072)	( 7,486,034)	( 34,834,682)	( 8,708,670)
Difference in depreciation	44,003	11,001	194,400	48,600
Loss carry forward	329,748	82,437	1,557,244	389,311
Others	871,195	217,799	1,208,000	437,422
	($32,469,017)	( 6,981,270)	($31,081,168)	( 7,634,869)
		($5,626,814)		($5,352,654)

4)	Tax exemption related to expansion of manufacturing facility by capital increases are listed
	below:
	Year of capital increase	Relevant laws	Duration of tax exemption
	1999	Statute for the establishment and	2003 ~ 2006
		administration of Science-
		Based Industrial Park
	2001	Statute for upgrading industries	2003 ~ 2007
5)	As of December 31, 2007, the Company's and Premier's income tax returns have been
	approved y the R.O.C. Tax Authority through 2004 and 2003, respectively.

(13)Bonds payable

	December 31,
	2006	2007
Domestic convertible bonds payable (CBI)	$18,000,000	$ 18,000,000
Less: Discount on bonds payable	( 1,138,442)	( 740,042)
	16,861,558	17,259,958
Domestic unsecured bonds payable (ECBII)	11,500,000	11,500,000
Bonds payable - long term	$28,361,558	$28,759,958

1) Domestic convertible bonds payable (CBI)

A. On September 1, 2006, following the approval from the SFB, the Company issued domestic unsecured bonds in the amount of $18,000,000. These convertible bonds cover a period of five years from November 10, 2006 to November 10, 2011.

B. The conversion price shall be adjusted based on the terms of the convertible bonds. As of December 31, 2007, the convertible bonds have not been redeemed, and the conversion price was adjusted to $252.95 (in dollars) per share based on the resolution approved at the stockholders' meeting.

C. Under the terms of the convertible bonds, all bonds (redeemed, matured and converted) are retired and not to be re-issued.

D. Under the term of the convertible bonds, the rights and obligations of the new shares converted from convertible bonds are the same as the issued and outstanding common stock.

E. The effective interest rate of the bonds was 2.32%.

2) Domestic unsecured bonds payable (ECBII)

On September 14, 2005, following the approval from the SFB, the Company issued domestic unsecured bonds in the amount of $11,500,000. The issuance and terms of domestic unsecured bonds are summarized as follows:


Type of bonds	Issuance date	Period	Amount	Nominal interest rate	Payment term
Type of bonds	Issuance date	Period	Amount	Nominal interest rate	Payment term
Bond Aa to Af	September 2005	5 years	$500,000	1.9800%	Principal is due at maturity. Interest is paid annually at simple interest rate.
Bond Ba to Bf	September 2005	5 years	$500,000	1.9703%	Principal is due at maturity. Interest is paid semi- annually at compounded interest rate.
Bond Ca to Cf	September 2005	7 years	$500,000	2.2500%	Principal is due at maturity. Interest is paid annually at simple interest rate.
Bond Da to De	September 2005	10 years	$500,000	2.3700%	〞

3) The Company issued domestic first unsecured bonds payable in 2006. The fair value of convertible option in the amount of $1,195,200 was separated from bonds payable at issuance date, and was recognized in "Capital reserve from stock warrants" in accordance with SFAS No. 36.

(14)Retirement plan

The Company has a non-contributory and funded defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees. The Company contributes monthly an amount equal to 2.1% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee.

A) In 2006 and 2007, the related actuarial assumptions used to calculate the pension liability were as follows:

	2006	2007
Discount rate	3.75%	3.50%
Rate of increase in compensation	3.50%	3.50%
Expected return rate on plan assets	2.75%	2.75%

Reconciliation of funded status:


	December 31,
		2006	2007
	December 31,
		2006	2007
Benefit obligation:
Vested benefit obligation		($105,075)	($161,164)
Non-vested benefit obligation		( 644,097)	( 697,238)
Accumulated benefit obligation		( 749,172)	( 858,402)
Additional benefits based
on future salary increases		( 357,465)	( 374,768)
Projected benefit obligation		( 1,106,637)	( 1,233,170)
Fair value of plan assets		453,379	503,804
Funded status		( 653,258)	( 729,366)
Unrecognized transition obligation		15,300	12,787
Unrecognized net pension gain		( 136,151)	( 77,291)
Accrued pension cost		($774,109)	($793,870)
Vested benefit		$125,393	($184,993)

C) In 2006 and 2007, the details of net pension cost were as follows:

	2006	2007
Service cost	$ 50,879	$ 42,766
Interest cost	44,558	41,499
Expected return on plan assets	( 12,713)	( 12,468)
Unrecognized pension gain	(2,805)	(2,317)
Amortization of unrecognized
transition obligation	2,513	2,513
Curtailment gain	( 88,259)	-
Net periodic pension (gain) cost	($ 5,827)	$ 71,993

2) In accordance with the Labor Pension Act, the Company has a defined contribution employee retirement plan covering all domestic employees. The Company contributes monthly an amount based on 6% of employees' monthly salaries and wages to employees' personal pension accounts with the Bureau of Labor Insurance. The pension expenses under this plan amounted to $164,851 and $199,117 for the years ended December 31, 2006 and 2007, respectively.

3) The subsidiaries in mainland China have defined contribution pension plans and contribute an amount monthly based on 8%~9% of employees' monthly salaries and wages to an independent fund administered by a government agency.

4) The overseas subsidiaries of the Company recognized pension expenses of $1,491,551 and $2,817,566 for the years ended December 31, 2006 and 2007, respectively.

(15)Capital stock

1) As of December 31, 2007, the Company's authorized capital amounted to 7 million shares (including 200 million shares reserved for stock warrants or bonds issued with detachable warrants) and the issued and outstanding common stocks were 6,290,767 thousand shares with a par value of $10 (in dollars) per share.

2) The merger between the Company and Premier Image Technology Corp. was resolved by the Board of Directors in June 2006 with the Company as the surviving company. The Company issued 178,195,000 of common stock for the merger. Please see Note 10(5) for information on the merger.

3) Pursuant to the resolution adopted at the stockholders' meeting held on June 1, 1999, and after obtaining approval from the SFC, the Company issued 25 million units of global depository receipts (GDRs) in Europe, Asia and the USA, which represents 50 million shares of common stock (Deposited Shares). The main terms and conditions of GDRs are as follows:

A. Voting

Holders of GDRs have no right to directly exercise voting rights or attend the Company's stockholders' meeting, except when a motion is on the election of directors or supervisors. A holder or holders together holding at least 51% of the GDRs outstanding at the relevant record date of the stockholders' meeting can instruct the Depositary to vote in the same direction in respect of one or more resolutions to be proposed at the meeting.

B. Sale and withdrawal of GDRs

Under the current R.O.C. law, shares represented by the GDRs may not be withdrawn by holders of GDRs commencing three months after the initial issue of GDRs. A holder of a GDR may, provided that the Company has delivered to the custodian physical share certificates in respect of the Deposited Shares, request the Depositary to sell or cause to be sold on behalf of such holder the shares represented by such GDRs.

C. Dividends

GDR holders are entitled to receive dividends to the same extent as the holders of common stock subject to the terms of the Deposit Agreement and applicable laws of the R.O.C.

D. As of December 31, 2007, 141,346,000 units of GDRs were outstanding, which represents 282,692 thousand shares of common stock.

(16)Capital reserve

1) Under the R.O.C. Company Law, the capital reserve can only be used to offset losses and/or to increase capital.

2) Under the R.O.C. SFB regulations, the Company may apply, once a year, to capitalize the capital reserves arising from paid-in capital in excess of par on the issuance of stocks for cash. The application shall be made after the year of the issuance, and the amount to be capitalized shall not exceed the prescribed amount.

3) Under the pooling of interest method, the balance of common stocks from the dissolved company, less the par value of equity securities issued for the merger, is classified as capital reserve.

4) Please see Note 4 (13) for information on "Capital reserve from stock warrants".

(17)Legal reserve and retained earnings

1) In accordance with the Company's Articles of Incorporation, net income must be distributed in the following order:

A. to cover prior years' losses, if any;

B. as legal reserve equal to 10% of net income after tax and distribution pursuant to clause (A);

C. as any other legally required reserve;

D. to pay dividends on preferred shares;

E. to pay bonuses to employees at 8% of net income after tax and distribution pursuant to clauses (A) to (D); and

F. the remaining amount, if any, shall be distributed pursuant to the proposal of the board of directors in accordance with the Company's dividend policy.

The Company's dividend policy requires the board of directors to consider the Company's budget for future capital expenditures and funding needs when proposing the distribution of earnings to the stockholders. At the regular meeting of the stockholders, the board of directors submits to the stockholders for approval the financial statements for the preceding fiscal year and any proposal for the distribution of dividends or any other distribution to stockholders from retained earnings, subject to compliance with the requirements mentioned above of the preceding fiscal year. Dividends may be distributed in the form of cash or shares, or a combination of both; provided, however, that dividends distributed in respect of any fiscal year in the form of shares shall not exceed two-thirds of total dividends to stockholders.

2) The details of the undistributed earnings were as follows:

	December 31,
	2006	2007
Before new tax system was adopted	$2,163,509	$2,163,509
After new tax system was adopted
Subjected to additional 10% corporate income tax	58,812,045	84,604,979
Not yet subjected to additional 10% corporate income tax	59,862,728	77,689,512
	$ 120,838,282	$ 164,458,000

3) The details of imputation system were as follows:

	December 31,
	2006	2007
Balance of stockholders deductible tax account	$9,760,393	$ 14,515,105
Tax deductible rate of earnings
distribution	12.81%	13.58%

4) As of the report date, the distribution of 2007 earnings had not been approved by the board of directors. The earnings distribution information will be posted on the "Market Observation Post System" of the TSEC.

5) The actual distribution of employees' bonuses of $2,247,017 ($1,357,107 in cash and $890,000 in common stock) was in accordance with the resolution of the board of directors. The Company issued 89,000,000 shares of common stock for employee bonuses, which represented 1.72% of the outstanding common shares on December 31, 2006. For the year ended December 31, 2006, the original earnings per common share was $11.59 (in dollars). Taking into consideration the effect of employee bonuses and directors' and supervisors' remuneration, the pro forma earnings per share was $11.15 (in dollars).

6) In accordance with the resolutions adopted by the stockholders during their meetings in 2006 and 2007, the Company paid cash dividends of $3.0 (in dollars) per share, and stock dividends of $2.0 (in dollars) per share for both years.

(18)Earnings per common share

	For the year ended December 31, 2006
	Amount		Number of shares (in thousands) (Note)	Earnings per commonshare (in dollars)
	Before tax	After tax	Number of shares (in thousands) (Note)	Before tax	After tax
Basic earnings per share:
Consolidated net income	$81,160,791	$66,276,354	6,290,029	$ 12.90	$ 10.54
Minority interest	( 7,014,269)	( 6,413,626)		( 1.11)	(1.02)
Net income attributable to equity holders of the Company	$74,146,522	$59,862,728		$ 11.79	$ 9.52
Diluted earnings per share:
Consolidated net income	$81,160,791	$66,276,354		$ 12.76	$ 10.42
Minority interest	( 7,014,269)	( 6,413,626)		( 1.10)	(1.01)
Dilutive effect of stock equivalent: Convertible bonds	56,758	42,569	71,160	0.01	0.01
Net income attributable to equity holders of the Company	$74,203,280	$59,905,297	6,361,189	$ 11.67	$ 9.42

	For the year ended December 31, 2007
	Amount		Number of shares (in thousands) (Note)	Earnings per commonshare (in dollars)
	Before tax	After tax	Number of shares (in thousands) (Note)	Before tax	After tax
Basic earnings per share:
Consolidated net income	$101,137,416	$84,688,360	6,290,040	$ 16.08	$ 13.46
Minority interest	(7,159,344)	( 6,998,848)		( 1.14)	(1.11)
Net income attributable to equity holders of the Company	$ 93,978,072	$77,689,512		$ 14.94	$ 12.35
Diluted earnings per share:
Consolidated net income	$101,137,416	$84,688,360		$ 15.90	$ 13.31
Minority interest	(7,159,344)	( 6,998,848)		( 1.12)	(1.10)
Dilutive effect of stock equivalent: Convertible bonds	398,400	298,800	71,160	0.06	0.05
Net income attributable to equity holders of the Company	$ 94,376,472	$77,988,312	6,361,200	$ 14.84	$ 12.26

Note: The number of shares had retroactively been adjusted by the stock dividends and the stock bonus to the employees as of December 31, 2007.

(19)Personnel, depreciation and amortization expenses

	For the years ended December 31,
	2006	2007
Cost of sales
Personnel expenses
Salaries	$ 33,650,105	$ 45,436,375
Labor and health insurances	1,575,214	2,347,772
Pension	1,110,958	2,016,311
Others	673,002	908,728
	$ 37,009,279	$ 50,709,186
Depreciation	$ 11,931,533	$ 17,488,928
Amortization	$ 1,772,354	$3,625,904
Operating expenses
Personnel expenses
Salaries	$ 16,746,073	$ 29,617,271
Labor and health insurances	956,357	1,576,213
Pension	539,617	1,072,365
Others	161,020	592,345
	$ 18,403,067	$ 32,858,194
Depreciation	$ 3,095,274	$4,506,762
Amortization	$ 825,109	$ 546,415

5.RELATED PARTY TRANSACTIONS

1)	Names of related parties and their relationship with the Company
	Names of related parties	Relationship with the Company
	Foxconn Technology Co., Ltd. and subsidiaries (FTCS)	Investee company accounted for under the equity method
	Pan International Industrial Corporation and subsidiaries (PIICS)	"
	Foxconn Advanced Technology, Ltd. - Cayman (FATS-Cayman)	An indirectly-owned investee company accounted for under the equity method
	Foxsemicon Integrated Technology and subsidiaries (FITI)	"
	CyberTAN Technology, Inc. (CyberTAN)	"
	Altus Technology, Inc. (Altus)	See note (a) below
	Cheng Uei Precision Industry Co., Ltd. (CUPC)	The chairman is a brother of the Company's chairman
	InnoLux Display Co., Ltd. and subsidiaries (InnoLuxS)	Same major shareholder

a) Altus Technology Inc. was acquired (65% ownership) by the Company in December 2006 resulting to a consolidated shareholding of 100%. Accordingly, the income or loss of Altus was included in the consolidated financial statements after the acquisition date. Before acquisition date, transactions with Altus and the Group were not eliminated.

b) As described in Note 4(7)1, starting from April 2007, the Group owns majority of CyberTAN Technology, Inc.'s shares; accordingly, the Group classified its investment in CyberTAN Technology, Inc. as long-term equity investments accounted for under the equity method since the second quarter of 2007. The related party transactions are disclosed for the year ended December 31, 2007.

c) Except for transactions with the above related parties, there were no other material transactions between related parties and the Company for the year ended December 31, 2007.

2)	Significant transactions and balances with related parties
	A.	Sales
			For the years ended December 31,
			2006	2007
		FTCS	$25,443,710	$54,213,883
		InnoLuxS	5,295,185	7,263,360
		CyberTAN	-	4,757,498
		PIICS	497,214	693,380
		Altus	5,999,597	-
		Others	1,219,009	1,074,284
			$38,454,715	$68,002,405

Sales terms to related parties are under regular terms.

B.	Purchases
		For the years ended December 31,
		2006	2007
	FTCS	$16,861,959	$20,164,212
	FATS	10,708,227	9,009,595
	PIICS	5,809,969	8,197,551
	InnoLuxS	3,295,023	7,085,457
	Altus	8,878,445	-
	CUPS	1,425,609	2,186,384
	CyberTAN	-	1,057,824
	Others	49,247	28,896
		$47,028,479	$47,729,919
	Purchases are at market prices and payment terms are similar to those with third parties.
C.	Accounts receivable - related parties
		December 31,
		2006	2007
	FTCS	$ 10,076,361	$ 6,457,719
	InnoLuxS	2,008,727	1,875,011
	CyberTAN	-	598,699
	Others	426,850	407,645
		12,511,938	9,339,074
	Less: Allowance for doubtful accounts	( 147,294)	( 196,912)
		$ 12,364,644	$ 9,142,462

D. Other receivables

The Group purchased materials on behalf of FTCS and FITI. As of December 31, 2006 and 2007, other receivables amounted to $392,200 and $698,535, respectively.

E.	Accounts payable - related parties
		December 31,
		2006	2007
	FTCS	$ 4,289,367	$ 7,191,102
	FATS-Cayman	3,940,032	3,330,825
	PIICS	2,095,005	3,380,699
	InnoLuxS	492,923	2,333,564
	CUPC	606,640	1,170,195
	Others	102,711	194,557
		$ 11,526,678	$ 17,600,942

F. Property transactions

For the year ended December 31, 2006
Counterparty	Transaction	Sales / purchase price	Gain on disposal	Receivables / (payables) at December 31, 2006
InnoLuxS	Sale of fixed assets	$ 327,403	$8,005	$ 21,307
FITI and FTCS	Acquisition of fixed assets	291,058	-	( 11,479)

For the year ended December 31, 2007
Counterparty	Transaction	Sales / purchase price	Gain on disposal	Receivables / (payables) at December 31, 2007
FTC, InnoLuxS and FAT - Cayman	Sale of fixed assets	$ 2,120,069	$ 7,661	$ 17,049
FITI and FTCS	Acquisition of fixed assets	458,012	-	( 94,368)

6.PLEDGED ASSETS

As of December 31, 2006 and 2007, the assets pledged as collateral were as follows:
		December 31,
		2006		2007
Assets	Nature	Book value	Book value
Fixed deposits and cash (shown as other financial assets non-current)	Bond deposit as security for court proceedings, security deposit for employment of foreign laborers and custom's deposits.	$492,201		$604,845
Property, plant and equipment
-Land and buildings	Short-term and long-term loans	150,053		-
Other asset -Refundable deposit	Short-term and long-term loans and custom's deposits	113,231		217,068
		$755,485		$821,913

7.COMMITMENTS AND CONTINGENT LIABILITIES

As of December 31, 2007, the Group's significant contingent liabilities were as follows:

1) The Company entered into several contracts for the acquisition of machinery and construction of research center with total value of approximately $37,604 million. As of December 31, 2007, the unpaid balance on these contracts amounted to $11,452 million.

2) As of December 31, 2007, future minimum lease payments for a factory and employees' apartment were approximately $1,973 million as follows:

Year	In thousands of New Taiwan Dollars
2008	$ 602,828
2009	407,206
2010	335,983
2011	216,630
2012 and thereafter	410,255
	$ 1,972,902

3) Hewlett Packard filed a lawsuit with the Court against Acer Incorporated, alleging infringement, among others, of its patent. Subsequently, the parent company of Acer Incorporated, Acer America Corporation (Acer), filed a lawsuit against the Company, alleging that the Company's sales of products to Acer were connected with the foregoing patent infringement, and has asked the Company to pay an indemnity for Acer's losses in accordance with the sales contract. The Company filed a request with the Court to dismiss the lawsuit, alleging that the plaintiff's claims were without merit. As of April 14, 2008, based on the opinion of the Company's legal counsel, the ultimate outcome of the lawsuit and the damages that the Company may incur cannot be reasonably estimated as the litigation is still under trial and investigation by the Court and competent authorities in the U.S.A.

4) Mondis filed a lawsuit and an injunction with the Court against the Company, alleging infringement, among others, of its patent on panel display, and claimed indemnities for its losses. The Company has appointed a legal counsel to attend to this case. As of April 14, 2008, based on the opinion of the Company's legal counsel, the ultimate outcome of the lawsuit and the damages that the Company may incur cannot be reasonably estimated as the litigation is still under trial and investigation by the Court and competent authorities in the U.S.A.

8.SIGNIFICANT CATASTROPHE

None.

9.SUBSEQUENT EVENTS

None.

10.OTHERS

1) Financial statement presentation:

Certain accounts in the 2006 consolidated financial statements were reclassified to conform to the 2007 consolidated financial statement presentation.

2) Fair value of financial instruments

	December 31, 2006
		Fair value
Non-derivative financial instruments	Book value	Quotation in an active market	Estimated using a valuation	Note
Assets:
Financial assets with fair values equal to book values	$310,025,243	$ -	$310,025,243	A
Open-end funds	3,087,515	3,087,515	-
Available-for-sale financial assets	19,643,471	19,643,471	-	B
Financial assets carried at cost - non-current	2,094,176	-	-	C
Refundable deposits	242,284	-	237,126	D
Liabilities:
Financial liabilities with fair values equal to book values	303,894,988	-	303,894,988	A
Bonds payable	28,361,558	-	28,361,558	E
Derivative financial instruments
Assets:
Futures contracts	52,056	-	52,056	F
Liabilities:
Forward exchange contracts	21,876	-	21,876	F
Swap contracts	238	-	238	F

	December 31, 2007
		Fair value
Non-derivative financial instruments	Book value	Quotation in an active market	Estimated using a valuation	Note
Assets:
Financial assets with fair values equal to book values	$412,756,957	$ -	$412,756,957	A
Open-end funds	72,280	72,280	-
Available-for-sale financial assets	33,206,438	33,206,438	-	B
Financial assets carried at cost - non-current	1,680,237	-	-	C
Refundable deposits	540,415	-	526,618	D
Liabilities:
Financial liabilities with fair values equal to book values	443,902,905	-	443,902,905	A
Bonds payable	28,759,958	-	28,759,958	E
Derivative financial instruments
Assets:
Futures contracts	55,699	-	55,699	F
Forward exchange contracts	187	-	187
Liabilities:
Forward exchange contracts	3,213	-	3,213	F

The methods and assumptions used to estimate the fair values of the above financial instruments are summarized below:

A. For short-term instruments, the fair values were determined based on their carrying values because of the short maturities of the instruments. This method was applied to cash and cash equivalents, notes and accounts receivable, other receivables, other financial assets-current, short-term loans, notes and accounts payable, accrued expenses, income tax payable, other payables and other current liabilities.

B. Available-for-sale financial instruments are regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's-length basis. If the market for a financial instrument is not active, an entity establishes fair value by using a valuation technique. The fair values of available-for-sale financial assets are based on the quotation in the active markets at December 31, 2006 and 2007.

C. As financial assets carried at cost are not quoted in an active market, its fair value cannot be measured reliably.

D. The fair value of refundable deposits and other financial assets-non-current are based on the discounted value of expected future cash inflow, and the discount rate is based on the fixed rate of the one year time deposit given by the Post Office at December 31, 2006 and 2007.

E. The fair value of bonds payable includes stated redemption price and interest payable.

F. The fair values of derivative financial instruments which include unrealized gain or loss on unsettled contracts were determined based on the amounts to be received or paid assuming that the contracts were settled as of the reporting date.

3) Financial risk controls

A. The Group employs a comprehensive risk management and control system to clearly identify, measure and control the various kinds of financial risk it faces, including market risk, credit risk, liquidity risk and cash flow risk. Except for market risk, which is controlled by outside factors, the remainder of the foregoing types of risk can be controlled internally or removed from business processes. Therefore, the goal in managing each of these risks is to reduce them to zero.

As for market risk, the goal is to protect its overall position through strict recommendation, execution and audit processes, and proper consideration of a) long-term trends in the external economic/financial environment, b) internal operating conditions, and c) the actual effects of market fluctuations.

B. The risk management and control system of the Group is administered within a framework of stratified responsibility: The board of directors formulates and approves handling procedures; the senior officers designated by the board make regular and unscheduled assessments of management procedures, organizational structure, transaction flows, and whether there are any abnormal circumstances; the legal department reviews and examines transaction agreements; the accounting department makes recommendations with regard to transactions and is responsible for carrying them out; and the audit department undertakes audits. Under this framework, with its strict adherence to proper segregation of duties and adequate internal control procedures, the Group seeks to minimize the potential adverse effects on the Group's financial performance.

4) Material financial risk information

A. Market risk

(1) Foreign exchange risk:

The Group's major purchase and sale transactions are conducted in USD. The change of fair value will be caused by foreign exchange rate fluctuations, however, the amounts and periods of the Group's accounts receivable and accounts payable are equivalent, so the market risk could be offset. If the gap is raised, the Group would adopt the forward contract to hedge the risk, so the Group estimates there would be no material risk.

(2) Price risk:

The Group is exposed to equity securities price risk because of investments held by the Group and classified on the consolidated balance sheet either as available-for-sale or at fair value through profit or loss. The Group sets limits to control the transaction volume and stop-loss amount of derivatives to reduce its price market risk.

(3) Futures market risk:

The Group is exposed to price risk because of investments in futures market instruments, which have fair value in the active market. The Group sets limits to control the transaction volume and stop-loss amount of derivatives to reduce its futures market risk.

(4) Interest rate risk:

The long-term bonds issued by the Group all have fixed interest rates, so there is no interest rate risk.

(5) Stock exchange market:

The domestic convertible bonds issued by the Company are compound instruments, which include the conversion option, call option, put option, and zero-coupon bonds. Except that the fair value of the bonds would be changed due to changes in market interest rate, their fair value is mainly subject to the changes in the Company's stock price. The Company could exercise the call option to mitigate its stock market risk adequately.

B. Credit risk

(1) Receivables:

With respect to receivables of the Group, most of the debtors are well-known international companies with very good credit standing. Moreover, the adequacy of the allowance for doubtful accounts is assessed regularly, so there is no material credit risk.

(2) Financial market:

The long-term exchange rate and futures transactions entered into by the Group are done with financial institutions with very good credit standing. Consequently, the likelihood that credit risk would occur is low.

(3) Asset transactions:

The Group has investments in available-for-sale financial assets and financial assets that are measured at cost. Although the potential for credit risk does arise, there is an open, active market for available-for-sale financial assets. For financial assets measured at cost, the Group performs regular impairment testing. Moreover, the counterparties in the transactions had their credit standing evaluated, so these transactions are not expected to lead to material credit risk.

C. Liquidity risk

(1) Receivables:

As for receivables of the Group, the main debtors are well-known international companies with very good credit standing. There are no overdue receivables with maturities over one year. Therefore, there is no material liquidity risk.

(2) Financial assets:

For available-for-sale financial assets held by the Group, there is an active market that allows these investments to be readily converted into certain amount of cash approximate to their fair values. The liquidity risk exposure is low. As for financial assets measured at cost, the liquidity risk is high as there is no active market. However, since the shareholding percentages are not high, they do not constitute major investments. Therefore, no material liquidity risk is expected.

(3) Foreign exchange transactions:

For forward foreign exchange transactions entered into by the Group, the targets of the transactions are all currencies traded on international foreign exchange markets with large trading volumes and high number of traders bidding. Trading is active with high liquidity. Therefore, no material liquidity risk is expected.

(4) Futures transactions:

For futures transactions entered into by the Group, orders are placed in the New York or Chicago futures exchanges. The numbers of available futures targets and international market participants are adequate to facilitate easy entry and exit. Therefore, no liquidity risk is expected.

(5) Working capital:

The Group has good operating and credit conditions, and has sufficient working capital, so it expects no significant liquidity risk arising from insufficient capital to meet contract obligations.

(6) Convertible bonds:

The Company has lower significant concentrations of liquidity risk for its issuance of domestic convertible bonds, as the date that the bondholders may exercise the put options set on November 10, 2009 was known and the Company assessed that there is a strong likelihood that most bonds will be converted into common stocks in the future and thereby no large cash positions are required.

D. Cash flow risk from movements in interest rates

(1) Long-term liabilities:

The Group does not have long-term financial assets and liabilities that are affected by interest rate changes. Therefore, there should be no material cash flow risk from movements in interest rates.

(2) Foreign exchange transactions:

The forward foreign currency transactions entered into by the Group are for the purpose of hedging against short-term gaps in positions after offsetting foreign currency assets and liabilities. As such, the amounts in the transactions are minimal and their duration is short. Moreover, because of opposite foreign currency outflows and inflows, a significant need for foreign funds is not expected. Therefore, no material foreign exchange-type cash flow risk is expected from movements in interest rates.

(3) Financial assets:

As the investments of the Group are not interest-rate type products, there is no cash flow risk from movements in interest rates.

5) Merger information

On December 1, 2006, the merger date, the Company issued new shares in exchange of the shares of Premier Image Technology Corporation (Premier) at the swap ratio of 1:0.627. The merger was accounted for under the pooling of interests method. As of the consolidated date (from January 1 to November 30, 2006), the financial information is as follows:

A. Non-consolidated financial information from January 1 to November 30, 2006:
	The Company	Premier
a) Net operating revenues	$ 773,673,391	$ 38,007,937
b) Stockholders' equity (on November 30, 2006)	$ 222,112,988	$ 12,214,281

c) Major accounts in the balance sheet (on November 30, 2006)


	Premier
	Premier
Cash and cash equivalents	$2,677,971
Notes and accounts receivable	7,518,765
Inventories	466,668
Other current assets	158,887
Funds and investments	3,442,129
Property, plant and equipment	3,589,829
Other assets	30,065
Current liabilities	( 5,417,417)
Other liabilities	(252,616)
Net assets	$ 12,214,281
Original common stock of Premier	$6,073,452
New shares for merger	( 1,781,946)
Capital reserve	$4,291,506

For the year ended December 31, 2006
Transactions		Companies	Amount
1)	Elimination of long-	Hyield Venture Capital Co., Ltd.	$ 164,381,047
	term investments	Foxconn Holding Ltd.
	and stockholders'	Foxconn (Far East) Ltd.-Cayman
	equity	Bao Shin International Investment Co., Ltd.
		Hon Chi International Investment Co., Ltd.
		Hon Yuan International Investment Co., Ltd.
		Hon Hai/Foxconn Logistics California LLC.
		Hon Hai/Foxconn Logistics Texas LLC.
		Foxconn Singapore (PTE) Ltd.
		Foxconn International Inc.
		Ambit Microsystems Holding Corp.
		Ambit International Ltd.
		Unique Logistics Ltd.
		Lin Yih International Investment Co., Ltd.
		Image & Vision Investment Corp.
		Premier Image Technology (H.K), Limited
		Premier Image Technology (Japan), Limited
2)	Elimination of
	intercompany
	receivables, payables
	and prepayments
	A. Accounts	Foxconn Holding Ltd.	33,394,850
	receivable,	Foxconn (Far East) Ltd.-Cayman
	accounts payable	Hon Hai/Foxconn Logistics California LLC.
	and other	Hon Hai/Foxconn Logistics Texas LLC.
	receivables/	Foxconn Singapore (PTE) Ltd.
	payables	Ambit International Ltd.
		Ambit Microsystems Inc.
		Unique Logistics Ltd.
		Premier Image Technology (H.K), Limited
	B. Prepayments	Foxconn (Far East) Ltd.-Cayman Hon Hai/Foxconn Logistics California LLC. Hon Hai/Foxconn Logistics Texas LLC. Foxconn Holding Ltd.	4,874,219

6) Elimination of intercompany transactions

For the year ended December 31, 2006
Transactions		Companies	Amount
3)	Elimination of profit and loss
	A. Sales and	Foxconn (Far East) Ltd.-Cayman	$ 152,742,145
	purchases	Foxconn Holding Ltd.
		Foxconn Singapore (PTE) Ltd.
		Hyield Venture Capital Co., Ltd.
		Unique Logistics Ltd.
		AMB Logistics Ltd.
		Ambit International Ltd.
		Premier Image Technology (H.K), Limited
	B. Logistics expenses	Foxconn (Far East) Ltd.-Cayman Hon Hai/Foxconn Logistics California LLC. Hon Hai/Foxconn Logistics Texas LLC.	1,445,301
	C. Processing revenue and expenses	Foxconn (Far East) Ltd.-Cayman	77,524,218
	D. Unrealized	Foxconn (Far East) Ltd.-Cayman	1,054,610
	intercompany	Foxconn Holding Ltd.
	gross profit	Premier Image Technology (H.K), Limited

For the year ended December 31, 2007
Transactions		Companies	Amount
1)	Elimination of long-	Hyield Venture Capital Co., Ltd.	$ 242,264,794
	term investments	Foxconn Holding Ltd.
	and stockholders'	Foxconn (Far East) Ltd.-Cayman
	equity	Bao Shin International Investment Co., Ltd.
		Hon Chi International Investment Co., Ltd.
		Hon Yuan International Investment Co., Ltd.
		Lin Yih International Investment Co., Ltd.
		Premier Image Technology (H.K), Limited
		Hon Hai/Foxconn Logistics California LLC.
		Hon Hai/Foxconn Logistics Texas LLC.
		Premier Image Technology (Japan), Limited
		Foxconn Singapore (PTE) Ltd.
		Ambit Microsystems Holding Corp.
		Ambit International Ltd.
		Margini Holdings Ltd.
		Unique Logistics Ltd.
		Image & Vision Investment Corp.
2)	Elimination of
	intercompany
	receivables, payables
	and prepayments
	A. Accounts	Foxconn Holding Ltd.	60,776,579
	receivable,	Foxconn (Far East) Ltd.-Cayman
	accounts payable	Bao Shin International Investment Co., Ltd.
	and other	Hon Hai/Foxconn Logistics California LLC.
	receivables/	Hon Hai/Foxconn Logistics Texas LLC.
	payables	Foxconn Singapore (PTE) Ltd.
		Ambit International Ltd.
		Unique Logistics Ltd.
		Margini Holdings Ltd.
		Premier Image Technology (H.K), Limited
	B. Prepayments	Foxconn (Far East) Ltd.-Cayman Foxconn Holding Ltd.	9,446,109

For the year ended December 31, 2007
Transactions		Companies	Amount
3)	Elimination of profit and loss
	A. Sales and	Foxconn (Far East) Ltd.-Cayman	$ 313,760,567
	purchases	Foxconn Holding Ltd.
		Foxconn Singapore (PTE) Ltd.
		Hyield Venture Capital Co., Ltd.
		Unique Logistics Ltd.
		Ambit International Ltd.
		Premier Image Technology (H.K), Limited
		Bao Shin International Investment Co., Ltd.
		Margini Holdings Ltd.
	B. Logistics expenses	Foxconn (Far East) Ltd.-Cayman Hon Hai/Foxconn Logistics California LLC. Hon Hai/Foxconn Logistics Texas LLC.	1,663,196
	C. Processing revenue and expenses	Foxconn (Far East) Ltd.-Cayman	94,224,196
	D. Unrealized intercompany gross profit	Foxconn (Far East) Ltd.-Cayman Foxconn Holding Ltd. Ambit International Ltd.	1,246,731
		Premier Image Technology (H.K), Limited

11.SEGMENT INFORMATION

1) Financial information by industry: The Company operates in one single industry, the electronics industry. Accordingly, no segment industry information is presented.

2) Financial information by geographic area: In 2006 and 2007, the financial information of the Company by geographic area is shown below:

	2006
	Territories outside Taiwan	Taiwan	Elimination	Total
Income from non-affiliated customers	$ 546,003,707	$ 779,822,092	$ -	$1,325,825,799
Income of the Company and consolidated subsidiaries	198,825,452	207,562,936	( 406,388,388)	-
Total income	$ 744,829,159	$ 987,385,028	($406,388,388)	$1,325,825,799
Operating and non-operating income	$51,594,454	$31,308,558	($ 461,902)	$82,441,110
Investment income				3,620,887
Other expenses				( 2,306,009)
Interest expense				( 2,595,197)
Income before income tax				$81,160,791
Identifiable assets	$ 247,908,675	$ 267,325,085	($ 70,164,617)	$ 445,069,143
Long-term investments				15,266,551
Other assets				166,266,455
Total assets				$ 626,602,149

	2007
	Territories outside Taiwan	Taiwan	Elimination	Total
Income from non-affiliated customers	$659,589,744	$1,056,185,296	$ -	$1,715,775,040
Income of the Company and consolidated subsidiaries	314,352,162	348,444,624	( 662,796,786)	-
Total income	$973,941,906	$1,404,629,920	($662,796,786)	$1,715,775,040
Operating and non-operating income	$ 66,513,582	$40,560,620	($ 498,604)	$ 106,575,598
Investment income				3,856,058
Other expenses				( 3,880,968)
Interest expense				( 5,413,272)
Income before income tax				$ 101,137,416
Identifiable assets	$376,958,867	$ 321,168,286	($118,236,622)	$ 579,890,531
Long-term investments				30,314,442
Other assets				257,092,082
Total assets				$ 867,297,055

3) Information on export sales: In 2006 and 2007, the export sales of the Company were as follows:

Destination	2006	2007
Americas	$458,482,982	$556,916,543
Asia	550,743,078	731,762,916
Europe	299,808,132	402,713,845
	$ 1,309,034,192	$ 1,691,393,304

4)	Major customers information:
	Sales to a single customer which represent over 10% of net operating revenues were:

		Customers	Sales amount	% of net sales
	2006	Customer F	$216,474,000	16
		Customer A	$207,307,000	16
		Customer C	$152,998,000	12
	2007	Customer C	$306,085,000	18
		Customer A	$295,674,000	17
		Customer E	$190,219,000	11

This information is provided by RNS

The company news service from the London Stock Exchange

END

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