WALSIN LIHWA CORPORATION Walsin Lihwa Corporation and
Subsidiaries
Consolidated Financial Statements for the
Nine Months Ended September 30, 2022 and 2021 and Independent Auditors' Review Report
Other Matter
We did not review the financial statements of some subsidiaries included in the consolidated financial statements of the Group, but such financial statements were reviewed by other auditors. Our conclusion, insofar as it relates to the amounts included in these consolidated financial statements for such subsidiaries, is based solely on the review reports of other auditors. As of September 30, 2022 and 2021, the combined total assets of these subsidiaries were NT$10,754,653 thousand and NT$10,413,496 thousand, respectively, representing 4.77% and 5.93%, respectively, of the consolidated total assets; for the three months ended September 30, 2022 and 2021 and for the nine months ended September 30, 2022 and 2021, the amounts of combined net operating revenue of these subsidiaries were NT$5,368,223 thousand, NT$3,608,205 thousand, NT$12,861,178 thousand and NT$11,062,128 thousand, respectively, representing 12.31%, 8.54%, 9.41% and 10.03%, respectively, of the consolidated net operating revenue.
We did not review the financial statements of some associates accounted for using the equity method included in the consolidated financial statements of the Group, but such statements were reviewed by other auditors. As of September 30, 2021, the total asset of these associates was NT$968,034 thousand, representing 0.55% of the consolidated total assets; for the three months ended September 30, 2021 and for the nine months ended September 30, 2021, the share of losses of these associates were NT$24,025 thousand and NT$424 thousand, respectively, representing (0.44%) and (0.00%), respectively, of the consolidated income before income tax.
The engagement partners on the reviews resulting in this independent auditors' review report are Wen-Yea Shyu and Ke-Chaug Wu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
November 4, 2022
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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WALSIN LIHWA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
September 30, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||||
(Reviewed) | (Audited) | (Reviewed) | |||||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents (Note 6) | $ | 23,349,669 | 10 | $ | 10,387,581 | 6 | $ | 5,771,493 | 3 | ||||||||||||||
Financial assets at fair value through profit or loss - current (Note 7) | 38,073 | - | 16,147 | - | 5,382,204 | 3 | |||||||||||||||||
Financial assets at amortized cost - current (Note 8) | - | - | - | - | 645,458 | - | |||||||||||||||||
Financial assets for hedging - current (Note 9) | - | - | 89,232 | - | 15,309 | - | |||||||||||||||||
Contract assets - current (Note 10) | 2,677,968 | 1 | 5,750,344 | 3 | 4,449,995 | 3 | |||||||||||||||||
Notes receivable (Notes 11 and 36) | 4,673,015 | 2 | 2,627,411 | 2 | 3,106,981 | 2 | |||||||||||||||||
Trade receivables (Notes 11 and 36) | 17,364,853 | 8 | 11,045,689 | 6 | 10,199,554 | 6 | |||||||||||||||||
Long-term finance lease receivables (Notes 12 and 37) | 59,520 | - | 58,042 | - | 57,557 | - | |||||||||||||||||
Other receivables (Note 36) | 2,856,878 | 1 | 1,620,595 | 1 | 1,558,160 | 1 | |||||||||||||||||
Inventories (Note 13) | 26,036,310 | 12 | 31,659,723 | 17 | 29,122,823 | 17 | |||||||||||||||||
Other financial assets - current (Notes 6 and 37) | 763,450 | - | 530,650 | - | 805,371 | - | |||||||||||||||||
Other current assets (Notes 21 and 37) | 7,917,266 | 4 | 5,535,226 | 3 | 5,919,142 | 3 | |||||||||||||||||
Total current assets | 85,737,002 | 38 | 69,320,640 | 38 | 67,034,047 | 38 | |||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||||
Financial assets at fair value through profit or loss - non-current (Note 7) | 2,345,076 | 1 | - | - | - | - | |||||||||||||||||
Financial assets at fair value through other comprehensive income - non-current (Note 14) | 12,508,438 | 6 | 16,290,587 | 9 | 14,825,725 | 9 | |||||||||||||||||
Financial assets at amortized cost - non-current (Note 8) | 196,839 | - | - | - | - | - | |||||||||||||||||
Investments accounted for using the equity method (Note 16) | 40,118,135 | 18 | 39,451,117 | 22 | 36,335,976 | 21 | |||||||||||||||||
Property, plant and equipment (Note 17) | 54,510,095 | 24 | 41,474,488 | 23 | 41,112,527 | 23 | |||||||||||||||||
Right-of-use assets (Note 18) | 3,434,895 | 1 | 1,803,510 | 1 | 1,792,470 | 1 | |||||||||||||||||
Investment properties (Note 19) | 16,344,136 | 7 | 10,431,063 | 6 | 10,455,874 | 6 | |||||||||||||||||
Goodwill (Note 20) | 4,432,755 | 2 | 152,771 | - | 151,103 | - | |||||||||||||||||
Other intangible assets | 19,971 | - | 20,659 | - | 20,758 | - | |||||||||||||||||
Deferred tax assets (Note 4) | 3,477,156 | 2 | 2,818,549 | 1 | 2,539,893 | 2 | |||||||||||||||||
Refundable deposits (Notes 6 and 37) | 233,036 | - | 207,622 | - | 283,952 | - | |||||||||||||||||
Finance lease receivables - non-current (Notes 12 and 37) | 617,717 | - | 662,543 | - | 677,237 | - | |||||||||||||||||
Other non-current assets (Notes 6, 21 and 37) | 1,282,651 | 1 | 401,349 | - | 438,774 | - | |||||||||||||||||
Total non-current assets | 139,520,900 | 62 | 113,714,258 | 62 | 108,634,289 | 62 | |||||||||||||||||
TOTAL | $ | 225,257,902 | 100 | $ | 183,034,898 | 100 | $ | 175,668,336 | 100 | ||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Short-term borrowings (Note 22) | $ | 16,811,444 | 7 | $ | 7,108,766 | 4 | $ | 12,312,721 | 7 | ||||||||||||||
Financial liabilities at fair value through profit or loss - current (Note 7) | 3,780 | - | 37,439 | - | 99,462 | - | |||||||||||||||||
Financial liabilities for hedging - current (Note 9) | 195,551 | - | - | - | - | - | |||||||||||||||||
Contract liabilities - current | 4,980 | - | 3,426 | - | 2,703 | - | |||||||||||||||||
Notes payable (Note 36) | 500,264 | - | 346,947 | - | 339,347 | - | |||||||||||||||||
Trade payables (Note 36) | 14,401,860 | 6 | 8,493,921 | 5 | 8,429,050 | 5 | |||||||||||||||||
Other payables | 6,724,790 | 3 | 4,861,341 | 3 | 8,762,608 | 5 | |||||||||||||||||
Current tax liabilities (Note 4) | 5,963,719 | 3 | 6,082,152 | 3 | 5,323,446 | 3 | |||||||||||||||||
Lease liabilities - current (Note 18) | 87,844 | - | 71,470 | - | 66,620 | - | |||||||||||||||||
Current portion of long-term borrowings (Note 22) | 64,229 | - | 10,719,081 | 6 | 13,311,201 | 7 | |||||||||||||||||
Other current liabilities | 3,445,930 | 2 | 1,127,970 | - | 1,123,582 | 1 | |||||||||||||||||
Total current liabilities | 48,204,391 | 21 | 38,852,513 | 21 | 49,770,740 | 28 | |||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||||
Bonds payable (Note 23) | 7,500,000 | 3 | 7,500,000 | 4 | - | - | |||||||||||||||||
Long-term borrowings (Note 22) | 32,892,656 | 15 | 24,785,952 | 14 | 24,709,881 | 14 | |||||||||||||||||
Deferred tax liabilities (Note 4) | 5,448,362 | 3 | 2,214,650 | 1 | 392,573 | - | |||||||||||||||||
Lease liabilities - non-current (Note 18) | 1,614,539 | 1 | 243,676 | - | 243,732 | - | |||||||||||||||||
Net defined benefit liabilities - non-current (Note 4) | 515,501 | - | 560,362 | - | 399,828 | 1 | |||||||||||||||||
Other non-current liabilities (Note 33) | 424,381 | - | 931,477 | 1 | 1,198,800 | 1 | |||||||||||||||||
Total non-current liabilities | 48,395,439 | 22 | 36,236,117 | 20 | 26,944,814 | 16 | |||||||||||||||||
Total liabilities | 96,599,830 | 43 | 75,088,630 | 41 | 76,715,554 | 44 | |||||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF WLC (Note 25) | |||||||||||||||||||||||
Share capital | 37,313,329 | 17 | 34,313,329 | 19 | 34,313,329 | 19 | |||||||||||||||||
Capital surplus | 24,679,496 | 11 | 18,440,875 | 10 | 18,454,925 | 10 | |||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Legal reserve | 7,564,090 | 3 | 6,109,568 | 3 | 6,109,568 | 3 | |||||||||||||||||
Special reserve | 2,712,250 | 1 | 2,712,250 | 2 | 2,712,250 | 2 | |||||||||||||||||
Unappropriated earnings | 50,847,160 | 23 | 38,965,389 | 21 | 34,469,483 | 20 | |||||||||||||||||
Total retained earnings | 61,123,500 | 27 | 47,787,207 | 26 | 43,291,301 | 25 | |||||||||||||||||
Other equity | |||||||||||||||||||||||
Exchange differences on translating foreign operations | (3,061,893) | (1) | (6,100,687) | (3) | (6,977,807) | (4) | |||||||||||||||||
Unrealized gain on financial assets at fair value through other comprehensive income | 5,584,596 | 2 | 11,534,267 | 6 | 8,270,929 | 5 | |||||||||||||||||
Other equity - others | (91,467) | - | (91,467) | - | (45,770) | - | |||||||||||||||||
Total other equity | 2,431,236 | 1 | 5,342,113 | 3 | 1,247,352 | 1 | |||||||||||||||||
Total equity attributable to owners of WLC | 125,547,561 | 56 | 105,883,524 | 58 | 97,306,907 | 55 | |||||||||||||||||
NON-CONTROLLING INTERESTS | 3,110,511 | 1 | 2,062,744 | 1 | 1,645,875 | 1 | |||||||||||||||||
Total equity | 128,658,072 | 57 | 107,946,268 | 59 | 98,952,782 | 56 | |||||||||||||||||
TOTAL | $ | 225,257,902 | 100 | $ | 183,034,898 | 100 | $ | 175,668,336 | 100 | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. (With Deloitte & Touche review report dated November 4, 2022)
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WALSIN LIHWA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) (Reviewed, Not Audited)
For the Three Months Ended September 30 | For the Nine Months Ended September 30 | |||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||
OPERATING REVENUE | ||||||||||||||||||||||||
(Note 26) | $ 43,624,654 | 100 | $ 42,255,429 | 100 | $ 136,665,439 | 100 | $ 110,236,346 | 100 | ||||||||||||||||
OPERATING COSTS (Note 13) | (40,497,441) | (93) | (36,979,371) | (87) | (122,782,294) | (90) | (98,890,321) | (90) | ||||||||||||||||
GROSS PROFIT | 3,127,213 | 7 | 5,276,058 | 13 | 13,883,145 | 10 | 11,346,025 | 10 | ||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
Selling and marketing expenses | 764,540 | 2 | 644,166 | 2 | 2,314,897 | 2 | 1,792,329 | 2 | ||||||||||||||||
General and administrative | ||||||||||||||||||||||||
expenses | 989,641 | 2 | 856,188 | 2 | 3,244,404 | 2 | 2,551,562 | 2 | ||||||||||||||||
Research and development | ||||||||||||||||||||||||
expenses | 46,527 | - | 45,790 | - | 155,705 | - | 136,581 | - | ||||||||||||||||
Total operating expenses | 1,800,708 | 4 | 1,546,144 | 4 | 5,715,006 | 4 | 4,480,472 | 4 | ||||||||||||||||
PROFIT FROM OPERATIONS | 1,326,505 | 3 | 3,729,914 | 9 | 8,168,139 | 6 | 6,865,553 | 6 | ||||||||||||||||
NON-OPERATING INCOME | ||||||||||||||||||||||||
AND EXPENSES | ||||||||||||||||||||||||
Interest income | 73,605 | - | 22,579 | - | 130,909 | - | 70,655 | - | ||||||||||||||||
Dividend income | 11 | - | 158,334 | - | 762,167 | - | 561,419 | 1 | ||||||||||||||||
Other income | 232,284 | 1 | 189,883 | 1 | 630,866 | - | 424,858 | - | ||||||||||||||||
(Loss) gain on disposal of | ||||||||||||||||||||||||
property, plant and | ||||||||||||||||||||||||
equipment | (2,721) | - | 593 | - | 3,966 | - | 21,300 | - | ||||||||||||||||
Gain on disposal of investment | ||||||||||||||||||||||||
(Note 27) | 8,349,731 | 19 | 65,770 | - | 8,027,066 | 6 | 403,104 | - | ||||||||||||||||
Foreign exchange gains, net | 1,821,257 | 4 | 109,206 | - | 2,226,528 | 2 | 287,986 | - | ||||||||||||||||
(Loss) gain on valuation of | ||||||||||||||||||||||||
financial assets and liabilities | ||||||||||||||||||||||||
at fair value through profit or | ||||||||||||||||||||||||
loss | (334,666) | (1) | 130,205 | - | 150,464 | - | 406,245 | - | ||||||||||||||||
Other expenses | (52,293) | - | (39,189) | - | (138,431) | - | (176,729) | - | ||||||||||||||||
(Recognition) reversal of | ||||||||||||||||||||||||
impairment loss (Note 27) | - | - | (554,477) | (1) | 4 | - | (555,776) | - | ||||||||||||||||
Interest expenses | (272,863) | (1) | (96,688) | - | (570,037) | - | (291,041) | - | ||||||||||||||||
Share of profit of associates | ||||||||||||||||||||||||
accounted for using the | ||||||||||||||||||||||||
equity method | 812,096 | 2 | 1,697,677 | 4 | 3,627,785 | 3 | 3,648,219 | 3 | ||||||||||||||||
Total non-operating | ||||||||||||||||||||||||
income and expenses | 10,626,441 | 24 | 1,683,893 | 4 | 14,851,287 | 11 | 4,800,240 | 4 | ||||||||||||||||
PROFIT BEFORE INCOME | ||||||||||||||||||||||||
TAX FROM CONTINUING | ||||||||||||||||||||||||
OPERATIONS | 11,952,946 | 27 | 5,413,807 | 13 | 23,019,426 | 17 | 11,665,793 | 10 | ||||||||||||||||
INCOME TAX EXPENSE | ||||||||||||||||||||||||
(Notes 4 and 28) | (2,635,075) | (6) | (773,022) | (2) | (4,352,631) | (3) | (1,503,841) | (1) | ||||||||||||||||
NET PROFIT FOR THE | ||||||||||||||||||||||||
PERIOD | 9,317,871 | 21 | 4,640,785 | 11 | 18,666,795 | 14 | 10,161,952 | 9 | ||||||||||||||||
(Continued) |
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Walsin Lihwa Corporation published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2023 08:19:00 UTC.
