Taiwan Cogeneration Corporation and Subsidiaries
Consolidated Financial Statements for the Six Months Ended June 30, 2023 and 2022 and Independent Auditors' Review Report
Emphasis of Matter
For details on Taiwan Power Company's filing of a civil lawsuit against the Group's associates, Sun Ba Power Corporation, Star Energy Power Corporation, Star Buck Power Corporation and Kuo Kuang Power Company Ltd., in connection with their alleged violation of the Fair Trade Act and request for compensation on the basis of claims for damages that it has suffered, refer to Note 38 (d). Our review conclusion is not modified in respect of this matter.
The engagement partners on the reviews resulting in this independent auditors' review report are Chao-Mei Chen and Cheng-Chuan Yu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
August 9, 2023
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' review report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' review report and consolidated financial statements shall prevail.
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TAIWAN COGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
ASSETS | June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and cash equivalents (Note 6) | $ | 3,736,272 | 14 | $ | 3,734,653 | 15 | $ | 2,676,083 | 11 | ||||||||||||
Financial assets at amortized cost (Notes 7, 8 and 37) | 20,339 | - | 20,341 | - | 337 | - | |||||||||||||||
Contract assets (Notes 25, 27 and 36) | 2,128,582 | 8 | 1,959,825 | 8 | 2,422,614 | 10 | |||||||||||||||
Notes receivable (Notes 9, 27 and 36) | - | - | - | - | 652 | - | |||||||||||||||
Accounts receivable (Notes 9 and 27) | 333,998 | 2 | 521,402 | 2 | 138,409 | 1 | |||||||||||||||
Accounts receivable from related parties (Notes 27 and 36) | 321,344 | 1 | 151,212 | 1 | 75,973 | - | |||||||||||||||
Finance lease receivables (Notes 10 and 36) | 10,375 | - | 10,324 | - | 10,319 | - | |||||||||||||||
Dividends receivable (Note 14) | 330,985 | 1 | - | - | 383,376 | 2 | |||||||||||||||
Other receivables (Note 36) | 15,842 | - | 36,885 | - | 11,754 | - | |||||||||||||||
Inventories (Note 11) | 13,742 | - | 18,104 | - | 12,376 | - | |||||||||||||||
Prepaid construction costs (Note 25) | 4,510 | - | 46,184 | - | 17,484 | - | |||||||||||||||
Prepaid value-added tax | 120,021 | 1 | 102,751 | 1 | 97,563 | 1 | |||||||||||||||
Other current assets | 52,783 | - | 34,523 | - | 36,072 | - | |||||||||||||||
Total current assets | 7,088,793 | 27 | 6,636,204 | 27 | 5,883,012 | 25 | |||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Financial assets at fair value through other comprehensive income (Notes 12 and 35) | 264,920 | 1 | 277,120 | 1 | 269,310 | 1 | |||||||||||||||
Financial assets at amortized cost (Notes 7, 8 and 37) | 24,350 | - | 34,104 | - | 30,071 | - | |||||||||||||||
Investments accounted for using the equity method (Note 14) | 13,779,389 | 52 | 13,004,719 | 52 | 12,343,566 | 52 | |||||||||||||||
Property, plant and equipment (Notes 15 and 37) | 3,691,256 | 14 | 3,231,917 | 13 | 3,225,404 | 14 | |||||||||||||||
Right-of-use assets (Note 16) | 413,436 | 2 | 417,718 | 2 | 432,807 | 2 | |||||||||||||||
Goodwill | 141,014 | - | 141,014 | - | 141,014 | 1 | |||||||||||||||
Intangible assets (Notes 17 and 37) | 910,282 | 3 | 937,452 | 4 | 874,879 | 4 | |||||||||||||||
Deferred income tax assets (Note 4) | 191,353 | 1 | 188,007 | 1 | 196,759 | 1 | |||||||||||||||
Prepayments for equipment | - | - | 7,149 | - | 2,364 | - | |||||||||||||||
Finance lease receivables (Notes 10 and 36) | 6,125 | - | 11,325 | - | 16,576 | - | |||||||||||||||
Refundable deposits | 66,191 | - | 69,134 | - | 78,503 | - | |||||||||||||||
Other non-current assets (Note 18) | 20,009 | - | 20,537 | - | 21,066 | - | |||||||||||||||
Total non-current assets | 19,508,325 | 73 | 18,340,196 | 73 | 17,632,319 | 75 | |||||||||||||||
TOTAL | $ | 26,597,118 | 100 | $ | 24,976,400 | 100 | $ | 23,515,331 | 100 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Short-term borrowings (Notes 19 and 37) | $ | 42,000 | - | $ | 67,000 | - | $ | 5,000 | - | ||||||||||||
Short-term bills payable (Note 19) | 999,725 | 4 | 999,276 | 4 | 999,699 | 4 | |||||||||||||||
Contract liabilities (Notes 25, 27 and 36) | 284,012 | 1 | 583,082 | 3 | 153,735 | 1 | |||||||||||||||
Accounts payable | 154,202 | 1 | 156,870 | 1 | 102,339 | 1 | |||||||||||||||
Construction costs payable | 3,293,638 | 12 | 3,220,782 | 13 | 3,044,271 | 13 | |||||||||||||||
Accounts payable to related parties (Note 36) | 2,382 | - | 2,045 | - | 2,665 | - | |||||||||||||||
Dividends payable (Note 26) | 618,501 | 2 | - | - | 1,030,835 | 4 | |||||||||||||||
Other payables (Notes 21 and 36) | 247,915 | 1 | 315,915 | 1 | 331,179 | 1 | |||||||||||||||
Current income tax liabilities (Note 4) | 42,609 | - | 70,657 | - | 43,805 | - | |||||||||||||||
Provisions (Notes 23 and 25) | 274,492 | 1 | 259,197 | 1 | 270,449 | 1 | |||||||||||||||
Lease liabilities (Notes 16 and 36) | 65,672 | - | 53,315 | - | 45,420 | - | |||||||||||||||
Current portion of long-term borrowings (Notes 19 and 37) | 166,938 | 1 | 947,393 | 4 | 145,038 | 1 | |||||||||||||||
Other current liabilities | 15,916 | - | 24,905 | - | 6,790 | - | |||||||||||||||
Total current liabilities | 6,208,002 | 23 | 6,700,437 | 27 | 6,181,225 | 26 | |||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Long-term borrowings (Notes 19 and 37) | 1,723,562 | 7 | 3,127,031 | 13 | 2,992,400 | 13 | |||||||||||||||
Contract liabilities (Note 27) | 151,475 | 1 | 122,188 | 1 | 90,159 | - | |||||||||||||||
Lease liabilities (Notes 16 and 36) | 409,364 | 2 | 424,382 | 2 | 445,530 | 2 | |||||||||||||||
Bonds payable (Note 20) | 2,498,200 | 9 | 2,497,884 | 10 | 2,497,568 | 11 | |||||||||||||||
Provisions (Note 23) | 14,452 | - | 14,296 | - | 14,138 | - | |||||||||||||||
Deferred income tax liabilities (Note 4) | 68,614 | - | 70,691 | - | 71,626 | - | |||||||||||||||
Net defined benefit liabilities (Notes 4 and 24) | 113,105 | - | 112,088 | - | 124,999 | 1 | |||||||||||||||
Guarantee deposits received | 55,525 | - | 41,297 | - | 39,612 | - | |||||||||||||||
Other liabilities (Note 22) | 15,943 | - | 15,866 | - | 15,782 | - | |||||||||||||||
Total non-current liabilities | 5,050,240 | 19 | 6,425,723 | 26 | 6,291,814 | 27 | |||||||||||||||
Total liabilities | 11,258,242 | 42 | 13,126,160 | 53 | 12,473,039 | 53 | |||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION (Notes 4, 26 and 31) | |||||||||||||||||||||
Share capital | |||||||||||||||||||||
Ordinary shares | 6,890,486 | 26 | 5,890,486 | 24 | 5,890,486 | 25 | |||||||||||||||
Share dividends to be distributed | 412,334 | 1 | - | - | - | - | |||||||||||||||
Total share capital | 7,302,820 | 27 | 5,890,486 | 24 | 5,890,486 | 25 | |||||||||||||||
Capital surplus | 2,627,120 | 10 | 499,694 | 2 | 499,694 | 2 | |||||||||||||||
Retained earnings | |||||||||||||||||||||
Legal reserve | 1,828,961 | 7 | 1,737,133 | 7 | 1,737,133 | 7 | |||||||||||||||
Special reserve | 2,435,361 | 9 | 2,621,945 | 10 | 2,621,945 | 11 | |||||||||||||||
Unappropriated earnings | 983,336 | 4 | 958,281 | 4 | 156,263 | 1 | |||||||||||||||
Total retained earnings | 5,247,658 | 20 | 5,317,359 | 21 | 4,515,341 | 19 | |||||||||||||||
Other equity | 2,216 | - | (14,130) | - | (18,038) | - | |||||||||||||||
Total equity attributable to owners of the Corporation | 15,179,814 | 57 | 11,693,409 | 47 | 10,887,483 | 46 | |||||||||||||||
NON-CONTROLLING INTERESTS | 159,062 | 1 | 156,831 | - | 154,809 | 1 | |||||||||||||||
Total equity | 15,338,876 | 58 | 11,850,240 | 47 | 11,042,292 | 47 | |||||||||||||||
TOTAL | $ | 26,597,118 | 100 | $ | 24,976,400 | 100 | $ | 23,515,331 | 100 | ||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. (With Deloitte & Touche review report dated August 9, 2023)
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TAIWAN COGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings (Loss) Per Share)
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||
OPERATING REVENUE (Notes 27 | |||||||||||||||||||||||
and 36) | |||||||||||||||||||||||
Sales | $ 346,467 | 23 | $ 305,748 | 32 | $ 808,751 | 32 | $ 633,604 | 34 | |||||||||||||||
Construction services | 1,044,966 | 71 | 622,497 | 64 | 1,635,274 | 64 | 1,145,216 | 62 | |||||||||||||||
Operations, maintenance and | 6 | 42,937 | 4 | 116,130 | 4 | 82,559 | 4 | ||||||||||||||||
consulting services | 84,510 | ||||||||||||||||||||||
Total operating revenues | 1,475,943 | 100 | 971,182 | 100 | 2,560,155 | 100 | 1,861,379 | 100 | |||||||||||||||
OPERATING COSTS (Notes 24, 28 | |||||||||||||||||||||||
and 36) | |||||||||||||||||||||||
Cost of sales | 351,780 | 24 | 297,264 | 31 | 696,691 | 27 | 573,147 | 31 | |||||||||||||||
Construction services | 959,831 | 65 | 510,798 | 52 | 1,501,185 | 59 | 998,655 | 54 | |||||||||||||||
Operations, maintenance and | |||||||||||||||||||||||
consulting services | 80,081 | 5 | 41,684 | 4 | 110,779 | 4 | 81,128 | 4 | |||||||||||||||
Total operating costs | 1,391,692 | 94 | 849,746 | 87 | 2,308,655 | 90 | 1,652,930 | 89 | |||||||||||||||
GROSS PROFIT | 84,251 | 6 | 121,436 | 13 | 251,500 | 10 | 208,449 | 11 | |||||||||||||||
(UNREALIZED) REALIZED GAIN | |||||||||||||||||||||||
ON TRANSACTIONS WITH | |||||||||||||||||||||||
ASSOCIATES | (9,143) | (1) | 3,208 | - | (4,285) | - | 5,673 | 1 | |||||||||||||||
REALIZED GROSS PROFIT | 75,108 | 5 | 124,644 | 13 | 247,215 | 10 | 214,122 | 12 | |||||||||||||||
OPERATING EXPENSES (Notes 4, | |||||||||||||||||||||||
24, 28 and 36) | 198,342 | 13 | 86,906 | 9 | 305,815 | 12 | 176,800 | 10 | |||||||||||||||
(LOSS) PROFIT FROM | |||||||||||||||||||||||
OPERATIONS | (123,234) | (8) | 37,738 | 4 | (58,600) | (2) | 37,322 | 2 | |||||||||||||||
NON-OPERATING INCOME AND | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Interest income | 9,216 | 1 | 719 | - | 12,265 | - | 795 | - | |||||||||||||||
Other income (Notes 28 and 36) | 10,643 | 1 | 10,127 | 1 | 15,513 | 1 | 14,724 | 1 | |||||||||||||||
Other gains and losses (Note 28) | 9,000 | - | (8,817) | (1) | 12,621 | - | 16,205 | 1 | |||||||||||||||
Finance costs (Note 28) | (28,127) | (2) | (18,225) | (2) | (57,326) | (2) | (36,037) | (2) | |||||||||||||||
Share of profit of associates | |||||||||||||||||||||||
accounted for using the equity | |||||||||||||||||||||||
method (Note 14) | 419,122 | 28 | (164,532) | (17) | 1,074,100 | 42 | 130,140 | 7 | |||||||||||||||
Total non-operating income | |||||||||||||||||||||||
and expenses | 419,854 | 28 | (180,728) | (19) | 1,057,173 | 41 | 125,827 | 7 | |||||||||||||||
PROFIT (LOSS) BEFORE INCOME | |||||||||||||||||||||||
TAX | 296,620 | 20 | (142,990) | (15) | 998,573 | 39 | 163,149 | 9 | |||||||||||||||
INCOME TAX EXPENSE (Notes 4 | |||||||||||||||||||||||
and 29) | (13,326) | (1) | (19,709) | (2) | (35,208) | (2) | (38,669) | (2) | |||||||||||||||
NET PROFIT (LOSS) | 283,294 | 19 | (162,699) | (17) | 963,365 | 37 | 124,480 | 7 | |||||||||||||||
(Continued) |
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TCC – Taiwan Cogeneration Corp. published this content on 13 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2023 06:07:11 UTC.