PDF《营业报告书》

(三) 现金流量分析 - 现金流量比率:59.5% - 现金流量允当比率:72% - 现金再投资比率:-17.8%

(四) 重大资本支出对财务业务之影响:无.

(五) 转投资政策及未来一年投资计画:无.

(六) 风险事项 - 利率、汇率变动、通货膨胀情形:评估对本分公司损益未造成重大影响. - 从事高风险、高杠杆投资、资金贷与他人、背书保证及衍生性商品交易:无. - 未来研发计画及预计投入之研发费用:无. - 国内外重要政策及法律变动:无. - 科技改变及产业变化:评估对本分公司之财务业务未造成重大影响. - 企业形象改变对企业危机管理之影响:无. - 进行并购之情形:无. - 扩充厂房之情形:无. - 集中进货或销货之情形:无. - 董事、监察人或持股超过百分之十之大股东,股权之大量移转或更换:无. - 经营权之改变:无. - 诉讼或非讼事件:无. - 其他重要风险及因应措施:无. 五五五

五、 、 、 、特别记载事项 特别记载事项 特别记载事项 特别记载事项: : : :无无无无. . . .

1 Global Corporate Finance

2014 Transition and Default Study Measured Stability: Fitch'

s global corporate finance ratings (including financial institutions and industrials) exhibited moderate rating activity. Downgrades trailed upgrades for the first time since 2010, albeit at a slender margin of 0.9 to 1. The share of issuers downgraded C 7% C fell from 8.9% a year earlier, while upgrades C 7.6% C were in line with the 7.8% recorded in 2013. The year-over-year stability rate of 76.3% was progressively higher than 2013'

s 74.4% and 2012'

s 72.7%. Mixed Regional Activity: A challenged European economic environment alongside geopolitical risks (Ukraine) pressured credit conditions, while the U.S. economy found its footing after a protracted recovery. The share of European corporate downgrades, 9.4%, topped upgradesof5.9%.ThereversewastrueforNorth American rating activity with a downgrade rate of 5.6% lagging the upgrade rate of 9.6%. FI/Industrials Divided: Sovereign and M&

A activity contributed to actions both up and down the rating scale across both financial and industrial issuers in 2014. Financial institutions rating activity improved with downgrades trailing upgrades by a margin of 0.7 to 1, from parity in 2013. Industrials approached balanced activity in

2014 with downgrades edging passed upgrades by a ratio of 1.1 to 1, narrowing from 1.3 to

1 the prior year. Emerging Markets vs. Developed Market: The larger emerging market BRICs economies (Brazil, Russia, India and China) continued to experience sluggish economic growth, while confronting political and economic conditions including lower commodity pricing. Emerging market issuer downgrades surpassed upgrades by a ratio of 1.6 to 1, for the first time since 2009. Meanwhile, advanced economy counterparts realized more benign conditions as the share of downgrades fell below upgrades by a margin of 0.7 to

1 in 2014, thus reversing the negative rating drift which began with the global financial crisis in 2008. Default Rate Low in 2014: Fitch recorded a long term corporate issuer-based default rate of 0.49% in 2014, on par with 2013'

s 0.5% and well below the historical average 0.71% over the period

1990 C 2014. All

2014 defaults were rated speculative-grade at the beginning of the year, resulting in an annual default rate across speculative-grade issuers of 1.58%. Charlotte L. Needham +1

212 908-0794 [email protected] Jeremy Carter +44