Tripod — Annual Report 2014

Mar 17, 2015

Presentation

March 2015

Unit: Million USD FY2013 Global Top 10 PCB Makers

Rank Makers 1 Nippon Mektron 2 Young Poong (with KCC, Interflex) 3 Zhen Ding (Foxconn PCB) 4 Unimicron (with PPT) 5 Samsung Electro-Mech 6* Ibiden	Nationality 2001 …. 2009 2010 2011 2012 2013 Japan 708(5) 1535(2) 2115(2) 2240(2) 2632(1) 2556(1) S. Korea 270(21) 877(10) 1185(7) 1255(10) 1555(6) 2205(2) Taiwan 60(na) 710(14) 1100(11) 1505(4) 1880(4) 2163(3) Taiwan 410(11) 1746(1) 2185(1) 2370(1) 2377(2) 2133(4) S. Korea 368(14) 1065(5) 1250(6) 1445(5) 1867(5) 1700(5) Japan 887(1) 1515(3) 2075(3) 2126(3) 2094(3) 1567(6)
7 Tripod	Taiwan 112(57) 1014(6) 1370(4) 1395(7) 1325(8) 1372(7)
8 TTM (with Meadville, Tyco) 9 Sumitomo Electric 10* Daeduck Group	USA 129(51) 1129(4) 1360(5) 1428(6) 1350(7) 1370(8) Japan 167(37) 600(19) 660(22) 880(15) 1184(9) 1315(9) S. Korea 410(11) 584(21) 765(20) 970(13) 1080(11) 1120(10)
2013 Top 10 Makers Total 2013 Global Output Total 2013 Top 10 Makers Shares	10,775 14,065 15,614 17,344 17,501 41,226 52,468 55,409 55,039 55,238 26.1% 26.8% 28.2% 31.5% 31.7%

• Flex PCB part including FPCBA value

Source : Prismark ( April. 2014 )

Unit: Million USD FY2013 China Top 10 PCB Makers

Rank Maker 1 Zhen Ding (Foxconn PCB)	Chinese Name 臻鼎科技	Nationality Taiwan	2003 ….. 116	2009 750	2010 1150	2011 1510	2012 1877	2013 2179
2 Tripod	健鼎科技	Taiwan	12	907	1208	1270	1220	1270
3 HannStar Board (with GBM) 4 Kingboard PCB Group 5 TTM-Asia Pacific (Meadville) 6 Unimicron 7 Multek (Flextronics PCB) 8 Viasystems (with Merix) 9 Meiko 10 Wus	瀚宇博德 建滔集團 美維科技 欣興電子 超毅科技 惠亞集團 名幸電子 楠梓電子	Taiwan Hong Kong USA Taiwan USA USA Japan Taiwan	41 405 200 203 215 320 92 130	550 870 620 590 590 350 490 325	1078 1142 792 545 770 658 536 418	1314 1046 863 805 670 721 509 485	1100 935 842 905 670 680 500 499	1000 922 868 865 650 615 580 500
2013 Top 10 MakersTotal China Output Total (by Prismark) 2013 Top 10 Makers Shares		1,644 6,042 8,297 9,193 9,228 9,449 5,543 14,252 20,170 22,029 22,034 22,832 29.7% 42.4% 41.1% 41.7% 41.9% 41.4%

• Not including FPCB/FPCBA maker (Mektec:US$1340m, M-Flex:US$788m in 2013)

Source : N.T. Information ( July. 2014 )

• *HSB consolidated GBM, Viasystems acquired Merix from 2010

-4-

Consolidated Quarterly Income Statement

Attributable to: Basic EPS Pretax Income Other Expense Net Sales Net Income COGS Gross Profit Operating Exp. Operating Income Non-Op. Income Income Tax the Parent Unit : Million NTD	AMT % 10,310 100.0% 8,755 84.9% 1,555 15.1% 819 7.9% 142 1.4% 594 5.8% 159 1.5% 753 7.3% 145 1.4% 608 5.9% 607 5.9% $1.16 2013 Q4	AMT % 9,830 100.0% 8,364 85.1% 1,466 14.9% 846 8.6% 0 0.0% 620 6.3% 100 1.0% 719 7.3% 137 1.4% 582 5.9% 573 5.8% $1.09 2014 Q1	AMT % 10,338 100.0% 8,700 84.2% 1,638 15.8% 972 9.4% 0 0.0% 665 6.4% 66 0.6% 732 7.1% 196 1.9% 536 5.2% 526 5.1% $1.00 2014 Q2	AMT % 11,205 100.0% 9,351 83.5% 1,854 16.5% 1,086 9.7% 129 1.1% 639 5.7% 292 2.6% 932 8.3% 144 1.3% 787 7.0% 787 7.0% $1.50 2014 Q3	2014 Q4	2014 Q4
	AMT 10,310 8,755 1,555 819 142 594 159 753 145 608	AMT 9,830 8,364 1,466 846 0 620 100 719 137 582	AMT 10,338 8,700 1,638 972 0 665 66 732 196 536	AMT 11,205 9,351 1,854 1,086 129 639 292 932 144 787	AMT 11,060 9,356 1,705 1,055 0 649 208 857 107 750	%
						100.0% 84.6%
						15.4% 9.5% 0.0%
						5.9% 1.9%
						7.7% 1.0%
						6.8%
	607 $1.16	573 $1.09	526 $1.00	787 $1.50	750 $1.43	6.8%

Consolidated Annual Income Statement

Attributable to: COGS Gross Profit the Parent Net Income Other Expense Operating Income Pretax Income Non-Op. Income Net Sales Basic EPS Income Tax Operating Exp. Unit : Million NTD	AMT % 43,016 100.0% 33,539 78.0% 9,477 22.0% 3,651 8.5% 0 0.0% 5,826 13.5% 130 0.3% 5,956 13.8% 937 2.2% 5,018 11.7% 5,083 11.8% $10.73 2010 (GAAP)	AMT % 40,899 100.0% 32,826 80.3% 8,072 19.7% 3,419 8.4% 0 0.0% 4,653 11.4% 385 0.9% 5,038 12.3% 818 2.0% 4,220 10.3% 4,205 10.3% $8.00 2011 (GAAP)	AMT % 39,121 100.0% 32,498 83.1% 6,622 16.9% 3,192 8.2% 86 0.2% 3,345 8.6% 372 1.0% 3,717 9.5% 822 2.1% 2,895 7.4% 2,917 7.5% $5.55 2012 (IFRS)	AMT % 40,772 100.0% 34,869 85.5% 5,903 14.5% 3,025 7.4% 331 0.8% 2,546 6.2% 345 0.8% 2,892 7.1% 525 1.3% 2,367 5.8% 2,375 5.8% $4.52 2013 (IFRS)	2014 (IFRS)	2014 (IFRS)
	AMT 43,016 33,539 9,477 3,651 0 5,826 130 5,956 937 5,018	AMT 40,899 32,826 8,072 3,419 0 4,653 385 5,038 818 4,220	AMT 39,121 32,498 6,622 3,192 86 3,345 372 3,717 822 2,895	AMT 40,772 34,869 5,903 3,025 331 2,546 345 2,892 525 2,367	AMT 42,433 35,771 6,662 3,960 129 2,573 667 3,240 584 2,656	%
						100.0% 84.3%
						15.7% 9.3% 0.3%
						6.1% 1.6%
						7.6% 1.4%
						6.3%
	5,083 $10.73	4,205 $8.00	2,917 $5.55	2,375 $4.52	2,637 $5.02	6.2%

	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)	Consolidated Balanced Sheet AMT % AMT % AMT % AMT % Cash and Cash Equivalents 13,179 30.1% 11,188 25.2% 10,114 22.1% 13,353 27.2% Other Current Assets 17,179 39.2% 16,283 36.6% 16,598 36.3% 17,748 36.1% Funds and Investments 57 0.1% 60 0.1% 28 0.1% 17 0.0% Fixed Assets 13,172 30.1% 15,332 34.5% 17,081 37.4% 15,898 32.3% Intangible and Other Assets 220 0.5% 1,585 3.6% 1,888 4.1% 2,140 4.4% Total Assets 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Short-Term Loans 7,694 17.6% 5,039 11.3% 7,567 16.6% 9,980 20.3% Other Current Liabilities 14,600 33.3% 13,423 30.2% 13,619 29.8% 12,107 24.6% Long-Term Borrowings 500 1.1% 0 0.0% 0 0.0% 0 0.0% Other Liabilities 911 2.1% 2,131 4.8% 359 0.8% 891 1.8% Shareholder's Equities 20,103 45.9% 23,854 53.7% 24,164 52.9% 26,177 53.3% Total Liabilities and Equities 43,808 100.0% 44,448 100.0% 45,709 100.0% 49,155 100.0% Unit: Million NTD 2010 (GAAP) 2011(GAAP) 2012 (IFRS) 2013 (IFRS)
		AMT 13,179 17,179 57 13,172 220 43,808 7,694 14,600 500 911 20,103 43,808		AMT 11,188 16,283 60 15,332 1,585 44,448 5,039 13,423 0 2,131 23,854 44,448		AMT 10,114 16,598 28 17,081 1,888 45,709 7,567 13,619 0 359 24,164 45,709		AMT 13,353 17,748 17 15,898 2,140 49,155 9,980 12,107 0 891 26,177 49,155		AMT 21,501 19,045 0 15,992 2,530 59,068 15,236 14,030 0 1,409 28,393 59,068
	Asset Turnover (x) Fixed Asset Turnover (x) ROA (%) ROE (%) Current Ratio (%) Debt / Asset Ratio (%) Net Debt / Equity Ratio (%) Book Value Per Share (NT$)	1.06 3.11 12.4% 26.5% 136% 54% -25% 42.5		0.93 2.87 9.6% 19.2% 149% 46% -26% 45.4		0.87 2.41 6.4% 12.1% 126% 47% -11% 46.0		0.86 2.47 5.0% 9.4% 141% 47% -13% 49.8		0.78 2.66 4.9% 9.7% 139% 52% -22% 54.0

Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows	Consolidated Statements of Cash flows
Unit: Million NTD	2009 (GAAP)		2010 (GAAP) 2011 (GAAP)		2012 (IFRS*)		2013 (IFRS*)		2014 (IFRS*)
Net Income*	3,169		5,018 4,220		3,717		2,892			3,240
Depreciation & Amortization	3,819		3,916 3,784		3,728		3,638			2,816
Others	555		288 248		-3,157		-2,321			261
Cash Flow from Operations	7,544		9,222 8,253		4,288		4,208			6,316
Acquisition of Fixed Assets	-1,748		-3,058 -4,036		-5,755		-2,169			-2,500
Decrease (Increase) in Investments	-98		46 -821		-28		0			255
Others	-59		-31 -209		-75		-47			-262
Cash Flow from Investments	-1,905		-3,044 -5,067		-5,858		-2,217			-2,508
Increase (Decrease) in Loans	-3,432		1,594 -3,965		2,662		2,213			4,624
Cash Dividends Paid	-1,018		-1,279 -2,036		-1,892		-1,314			-1,183
Others	42		99 -7		-15		36			-9
Cash Flow from Financing	-4,408		414 -6,008		754		935			3,432
Foreign Exchange Translation	-171		-938 509		-258		313			907
Increase (Decrease) in Cash	1,059		5,654 -2,313		-1,074		3,239			8,148
Cash at the End of the Year	7,525		13,179 11,188		10,114		13,353		21,501
* Started to Adopt IFRS Since 2013 and Net Income			Changed to Before Income		Tax Basis