Driven by the guiding concepts of "dare to change" and "dedication to innovation", every business group at Delta sets aggressive growth targets and budget plans before the year's end and then we surpass our goals. However, due to adverse economic conditions resulting from the global financial tsunami starting from the end of Q3, 2008, we failed to achieve our goals for the year. Delta's consolidated sales revenues totaled NT$142.6 billion, an increase of 9.2% from 2007. To be consistent with international financial accounting standards, the Taiwan government implemented a new accounting rule to expense employee bonuses and remuneration to board directors and supervisors at fair market value last year. Based on the new Statement of Financial Accounting Standards, our gross profit totaled NT$25.5 billion (17.9% of revenues), a 7% decrease from the 2007 figure, which was based on the old accounting standard. Our net operating profit totaled NT$10.9 billion (7.6% of revenues), a 30.6% decrease and net income of NT$10.3 billion (7.2% of revenues) which represented a decrease of 31.9% from the previous year. Earnings per share (EPS) was NT$4.69.

With our solid foundation in technology and years of effort on innovation, Delta has been widely recognized as the leader in switching power supplies for the global electronics industry. We are the world's number one in power supplies for servers, workstations and notebook computers, and we continue to grow market share in the consumer electronics sector through a relentless increase in power conversion efficiency which contributes greatly to energy conservation and a reduction in greenhouse gas emissions. Of the progress we made last year, our achievements in telecom power systems and PV systems were noteworthy in particular. We not only increased the efficiency of our new generation telecom base station power system from 90% to 92% but we also reduced its size by two-thirds and achieved market leadership in both China and India. We also designed and installed the world's largest stadium solar power system for the 2009 World Games in Kaohsiung with solar cells from DelSolar, a subsidiary of Delta, and our own 98% efficient photovoltaic inverters. Although the capacity of this solar system was one megawatt by design, the actual electricity generated exceeded our expectations. These examples clearly demonstrate our commitment to innovation and our courage taking on challenges to realize our corporate mission. We believe our potential to develop system-level businesses is greatly strengthened by the excellent performance of the teams.

For our display solutions business, we secured a competitive advantage using in-house key components which have allowed us to weather severe competition in the business projector market. Our projection display products such as home theaters, video walls, and large venue projectors with ultra-high brightness for professional markets have earned high marks from customers. We partnered with a content provider to broadcast live the opening ceremony and selected programs from the 2008 Beijing Olympics. Our full HD DLP projection display onto a 300-inch outdoor screen provided audiences with an unprecedented visual experience with absolute clarity and exceptional images. Delta also announced the industry's first full HD LED Home Theater DLP® Projector at IFA 2008 in Berlin, which features energy-saving, high resolution, wide color gamut, long product life, and immediate image display when powered on. We are working hard on marketing initiatives to bring more of our excellent products to customers. To provide customers with a complete line of products, we acquired an outstanding team specializing in outdoor large screen LED displays. We also exhibited our e-paper and LED streetlamps at IFA 2008 in Berlin. We will continue to develop green products that are eco-friendly to meet the demands of the new century.

Delta was founded in 1971 at a time when the Taiwan government was implementing investment incentive programs to attract foreign companies to set up manufacturing bases in Taiwan. From humble beginnings we began to develop electronics components to meet market demand. During this time we witnessed the massive abuse of natural resources as well as environmental pollution resulting from industrialization and energy shortages due to a rapid increase in demand. We believed energy conservation was the best solution to these problems and we have since followed our corporate mission to develop high-efficiency switching power supplies and provide the world with energy efficient products and services. Over the years we have continued to grow our business and market share as a result of strong customer satisfaction with our innovation capabilities, product quality, agility, and services. Each year we have earned vendor awards from customers as recognition. In 2008, Delta received awards from HP, Nokia Siemens, and Fujitsu Siemens. We also received the top "Excellent Innovation Achievement Award", from the Ministry of Economic Affairs last year. Besides innovation, corporate social responsibility is also a primary focus at Delta. In 2008, Delta was named the most admired company in the electronics industry by CommonWealth Magazine for the seventh consecutive year, and we were listed in the first place with distinction for Corporate Social Responsibility Award from GlobalViews Magazine for the third consecutive year. Delta was ranked among Forbes' Asian Fabulous 50 Companies for the second consecutive year, and we received the best Investment Meetings Award from IR Magazine. In addition, Delta was the only Chinese enterprise featured on the list of "Global Top 100 Low-Carbon Pioneers" by CNBC European Business Magazine. We will continue our dedication to making Delta a company that is highly regarded throughout the world.

The global financial tsunami caused by the American subprime mortgage crisis has affected Delta's business just as it has created an adverse impact on the global economy. Although an enterprise is bound to have ups and downs in its history, we are exercising special caution to navigate the turmoil. We believe the market will be handicapped by large-scale workforce restructuring and compensation reduction measures adopted by major multinational corporations. As a result, we are further scrutinizing our operation processes to identify every opportunity to increase productivity. At the same time we are spearheading our R&D and marketing efforts to adapt our organization and business activities to meet market requirements. Over the years Delta has committed resources to develop advanced new eco-friendly products with energy-efficient features such as solar systems, LEDs, E-paper, super-capacitor, and key components for electric vehicles. We are launching these innovative new products onto the market at the soonest possible opportunity. With the announcement by major countries to engage in large-scale programs and green technology development to stimulate local economies, we see good potential in renewable energy, products with energy-saving features, the telecom business and infrastructure projects. Our mission and the direction of our new business development fit right into the picture. Our sound financial stance and healthy cash flow serve as another competitive advantage in this difficult global economy. We plan to stay firmly in our areas of core competences and avoid investment into manufacturing businesses with low entry barriers.

Delta is a company that consistently monitors market trends and takes on challenges to change and innovate. This economic downturn brought to our attention the need to expedite our speed of change and new product development. We wish to take this opportunity to thank all Delta members for their contributions to the company. We believe everyone at Delta will continue to do their best to support our profitable growth. We would also like to express our gratitude to all shareholders for their support. Please be assured that Delta is running at full speed to meet your expectations and we are dedicated to taking the company to the next level of success.