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Chunghwa Telecom Reports Unaudited Consolidated Operating Results for 2010

TAIPEI, Taiwan Feb. 24, 2011 December 31, 2010 Republic of China

(Comparisons, unless otherwise stated, are to the prior year period )

Full Year 2010 Financial Highlights

  • NT$202.49 billion
  • NT$89.04 billion NT$11.05 billion
  • NT$24.48 billion NT$2.15 billion
  • NT$70.69 billion
  • NT$15.64 billion
  • NT$145.1 billion
  • NT$47.69 billion
  • NT$4.92

Fourth Quarter 2010 Financial Highlights

  • NT$52.35 billion
  • NT$22.42 billion
  • NT$6.17 billion
  • NT$18.64 billion
  • NT$3.95 billion
  • NT$39.22 billion
  • NT$10.75 billion
  • NT$1.11

Shyue-Ching Lu NT$202.49 billion

We have several major achievements in 2010. The popularity of the smartphone and the economic recovery resulted in higher traffic volume, which in turn boosted the momentum of telecom industry growth. In addition to our traditional telecom service offering, we successfully launched selected Information and Communications Technology (ICT) services and were delighted to be awarded major contracts. We also introduced new initiatives relating to ICT and converged services, and were able to offer customers configured cloud computing and consolidated and repackaged solutions."

Revenue

NT$202.49 billion April 1, 2010

NT$89.04 billion

NT$24.48 billion

NT$70.69 billion NT$32.25 billion NT$6.65 billion

NT$20.32 billion

NT$15.64 billion

NT$2.63 billion

NT$52.35 billion

Costs and E xpenses

NT$145.13 billion

NT$39.22 billion

Income T ax

NT$9.12 billion NT$12.74 billion

EBITDA and N et I ncome

NT$91.40 billion NT$57.36 billion NT$47.69 billion

NT$21.46 billion NT$13.13 billion

NT$10.75 billion

Cap ital Expenditure ( " Capex " )

NT$24.50 billion NT$24.50 billion

Cash Flow

NT$84.59 billion NT$4.0 billion December 31, 2010 NT$90.9 billion

NT$32.17 billion

Business and Operational Highlights

Broadband / HiNet

  • December 31, 2010
  • HiNet broadband subscribers totaled 3.59 million at the end of 2010, a year-over-year rise of 57 thousand.

Mobile

  • December 31, 2010
  • December 31, 2010
  • NT$11.1 billion

Domestic/International Fixed-line

  • As of the end of 2010, the Company maintained its leading fixed-line market position, with fixed-line subscribers totaling 12.31 million.

2011 Guidance (Parent Company Only)

NT$190.0 billion

Operating costs and expenses for 2011 are expected to increase, mainly due to the rise in interconnection costs and transition fees resulting from the shift in the right to determine the price of fixed-to-mobile calls. Chunghwa anticipates a rise in handset subsidies for smartphones as they become increasingly popular. However, in the meantime, the expanding smartphone subscriber base should drive growth of mobile internet and VAS usage and translate into a reasonable level of quality revenue. To facilitate traffic transmission and improve user experience, the Company will continue to invest in improving network quality and increasing capacity. As a result, income from operations and EBITDA is expected to decrease as compared to 2010.

Non-operating income is expected to grow in 2011 due to an increase in proceeds from reinvestments and property disposals.

(NT$ billion except EPS)

2011 F

2010
unaudited

YoY
(%)

Revenue

190.0

186.4

1.94

Operating Costs and E xpenses

138.6

130.7

6.08

Income from Operation s

51.4

55.7

(7.76)

Income before Income tax

54.4

56.5

(3.68)

Net Income

45.7

47.7

(4.10)

EPS after T ax

5.87

4.92

19.33

EBITDA

83.8

89.4

(6.24)

EBITDA Margin ( % )

44.10%

47.95%

Acquisition of Property, Plant and Equipment, Long-term Investments

33.1

24.7

34.11

Disposal of Property, Plant and Equipment, Long-term Investments

1.4

0.02

6,706.18

(Note) The number of weighted average outstanding shares for 2010 was 9,697 million, while the number calculated for 2011 is 7,789 million.

Financial Statements

www.cht.com.tw/ir/filedownload

STATEMENT REGARDING UNAUDITED FINANCIAL INFORMATION

December 31, 2010

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Chunghwa’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.  Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to the risks outlined in Chunghwa’s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and 20-F, in each case as amended.  The forward-looking statements in this press release reflect the current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date, except as required under applicable law.

the United States the United States the United States

SPECIAL NOTE REGARDING NON-GAAP FINANCIAL MEASURES

A body of generally accepted accounting principles is commonly referred to as "GAAP". A non-GAAP financial measure is generally defined by the SEC as one that purports to measure historical or future financial performance, financial position or cash flows but excludes or includes amounts that would not be so adjusted in the most comparable U.S. GAAP measure. We disclose in this report certain non-GAAP financial measures, including EBITDA. EBITDA for any period is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other expenses, net, (iv) income tax, (v) cumulative effect of change in accounting principle, net of tax and (vi) (income) loss from discontinued operations.

In managing our business we rely on EBITDA as a means of assessing our operating performance. We believe that EBITDA can be useful to facilitate comparisons of operating performance between periods and with other companies because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax and tax on assets and statutory employee profit sharing, which is similar to a tax on income and (iv) other expenses or income not related to the operation of the business.

EBITDA is not a measure of financial performance under U.S. GAAP or ROC GAAP. EBITDA should not be considered as an alternate measure of net income or operating income, as determined on a consolidated basis using amounts derived from statements of operations prepared in accordance with U.S. GAAP or ROC GAAP, as an indicator of operating performance or as cash flows from operating activity or as a measure of liquidity. EBITDA has material limitations that impair its value as a measure of a company’s overall profitability since it does not address certain ongoing costs of our business that could significantly affect profitability such as financial expenses and income taxes, depreciation, pension plan reserves or capital expenditures and associated charges. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, please see the tables captioned set forth at the end of this release and which shall be read together with the accompanying financial statements prepared under ROC GAAP.

About Chunghwa Telecom

Taiwan Taiwan

Contact:

Fu-fu Shen

Phone:

+886-2-2344-5488

Email:

[email protected]

SOURCE Chunghwa Telecom Co., Ltd.

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