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Statement
| 1.Date of occurrence of the event:2022/08/15
2.Year/Quarter of the corrected or
restated financial reports:Company restatement of financial statements
for each period from fiscal 2018 to the first quarter of fiscal 2022
3.Please specify as correction
or restatement:restatement
4.Cause of occurrence:The Company re-evaluated the accounting for the sales
of steel and outsourced engineering contracts. As the amount affected
exceeds the threshold for restating financial reports stated in Article 6
of the Implementing Rule of Securities and Exchange Act, the Company
restated its financial reports from 2018 Q1 to 2021 Q1; there is no effect
on the operations of the Company after the restatement.
5.Deadline set by the Competent authority
for correction or restatement: NA
6.Main differences from the previously
publicly announced financial reports:(I)Differences and effects regarding
the restatement of the parent company only financial reports for each
period from 2018 to 2021 are as follows:
(1)31 December 2018/2018 Parent Company Only Financial Report
Before restatement After restatement Amount affected
Net Notes Receivable
229,886 208,609 (21,277)
Notes Receivables - Related Parties
- 21,277 21,277
Net Accounts Receivable
287,766 275,632 (12,134)
Accounts Receivable - Related Parties
82,292 94,426 12,134
Property, Plant and Equipment
2,920,069 2,857,364 (62,705)
Deferred Income Tax Asset
33,678 46,219 12,541
Notes Payable
388,642 349,092 (39,550)
Notes Payable - Related Parties
- 39,550 39,550
Other Payables
111,261 106,742 (4,519)
Other Payables - Related Parties
55,175 59,693 4,519
Undistributed Earnings
185,654 135,490 (50,164)
Net Operating Income
1,736,002 1,514,474 (221,528)
Operating Costs
1,496,487 1,337,664 (158,823)
Income Tax Expenses
32,805 20,264 (12,541)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(2)31 December 2019/2019 Parent Company Only Financial Report
Before restatement After restatement Amount affected
Net Accounts Receivable
657,247 651,612 (5,635)
Net Accounts Receivable - Related Parties
40,686 46,321 5,635
Property, Plant and Equipment
2,175,307 2,166,520 (8,787)
Right-of-Use Asset
531,941 511,707 (20,234)
Deferred Income Tax Asset
47,588 53,393 5,804
Notes Payable
422,614 396,686 (25,928)
Notes Payable - Related Parties
- 25,928 25,928
Other Payables
191,402 187,696 (25,928)
Other Payables - Related Parties
69 3,775 3,706
Undistributed Earnings
830,263 807,046 (23,217)
Operating Costs
2,541,258 2,541,244 (14)
Management Fees
125,699 124,925 (774)
Other Gains and Losses
680,154 713,050 32,896
Income Tax Expenses
70,034 76,771 6,737
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(3)31 December 2020/2020 Parent Company Only Financial Report
Before restatement After restatement Amount affected
Investments Accounted for Using the Equity Method
2,838,216 2,838,216 -
Contractual Asset - Non-Current
257,061 257,061 -
Property, Plant and Equipment
2,539,674 2,531,049 (8,624)
Deferred Income Tax Asset
85,733 91,085 5,352
Notes Payable
217,730 201,059 (16,671)
Notes Payable - Related Parties
3,204 19,875 16,671
Accounts Payable
370,492 363,787 (6,705)
Accounts Payable - Related Parties
41,872 48,577 6,705
Other Payables
207,623 206,880 (743)
Other Payables - Related Parties
4 747 743
Other Non-Current Liabilities
397,446 415,579 18,133
Undistributed Earnings
1,317,592 1,296,187 (21,405)
Net Operating Income
4,065,195 4,065,195 -
Operating Costs
3,143,112 3,142,949 (163)
Management Fees
130,938 129,712 (1,226)
Other Gains and Losses
31,218 30,343 (875)
Share of Profit or Loss of Subsidiaries, Affiliates, and Joint Ventures
Recognized Using the Equity Method
215,574 215,574 -
Income Tax Expenses
147,263 147,715 452
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(4)31 December 2021/2021 Parent Company Only Financial Report
Before restatement After restatement Amount affected
Property, Plant and Equipment
2,704,669 2,696,208 (8,461)
Deferred Income Tax Asset
168,227 173,126 4,899
Accounts Payable
432,267 420,522 (11,745)
Accounts Payable - Related Parties
208,224 219,969 11,745
Other Payables
226,768 221,634 (5,134)
Other Payables - Related Parties
1,583 6,717 5,134
Other Non-Current Liabilities
353,542 369,575 16,033
Undistributed Earnings
1,768,911 1,749,316 (19,595)
Operating Costs
4,664,951 4,664,788 (163)
Other Gains and Losses
182,921 185,021 2,100
Income Tax Expenses
179,829 180,282 453
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(II)The Company has restated its consolidated financial statements for the
period from the first quarter of fiscal 2018 to the first quarter of fiscal
2022, with the following discrepancies and effects:
(1)March 31, 2018 / Q1 FY2018
Before restatement After restatement Amount affected
Net Accounts Receivable
809,480 651,392 (158,088)
Net Accounts Receivable - Related Parties
- 158,088 158,088
Property, Plant and Equipment
2,571,508 2,530,074 (41,434)
Deferred Income Tax Asset
31,084 39,341 8,287
Notes Payable
209,122 188,010 (21,112)
Notes Payable - Related Parties
- 21,112 21,112
Accounts Payable
284,264 243,368 (40,896)
Other Payables - Related Parties
- 40,896 40,896
Undistributed Earnings
275,150 242,003 (33,147)
Revenue
412,798 272,253 (140,545)
Operating Costs
350,827 251,716 (99,111)
Income Tax Expenses
562 (7,725) (8,287)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company & Shih Hsin Steel Co. are substantial
related parties
(2)June 30, 2018 / Q2 FY2018
Before restatement After restatement Amount affected
Net Accounts Receivable
357,467 226,668 (130,799)
Net Accounts Receivable - Related Parties
- 130,799 130,799
Property, Plant and Equipment
2,928,589 2,870,503 (58,086)
Deferred Income Tax Asset
29,159 40,776 11,617
Notes Payable
307,659 277,622 (30,037)
Notes Payable - Related Parties
- 30,037 30,037
Accounts Payable
151,160 303,266 152,106
Other Payables - Related Parties
- 66,957 66,957
Contract liability-current
219,063 - (219,063)
Undistributed Earnings
199,103 152,643 (46,469)
Revenue
817,962 616,698 (201,264)
Operating Costs
700,600 557,422 (143,178)
Income Tax Expenses
24,090 12,473 (11,617)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company & Shih Hsin Steel Co. are substantial
related parties
(3)September 30, 2018 / Q3 FY2018
Before restatement After restatement Amount affected
Net Accounts Receivable
449,953 297,468 (152,485)
Net Accounts Receivable - Related Parties
- 152,485 152,485
Property, Plant and Equipment
3,169,397 3,106,692 (62,705)
Deferred Income Tax Asset
29,110 41,651 12,541
Notes Payable
306,520 263,769 (42,751)
Notes Payable - Related Parties
- 42,751 42,751
Other Payables
249,272 116,745 (132,527)
Other Payables - Related Parties
- 132,527 132,527
Undistributed Earnings
212,097 161,933 (50,164)
Revenue
1,245,111 1,023,583 (221,528)
Operating Costs
1,061,842 903,019 (158,823)
Income Tax Expenses
28,709 16,168 (12,541)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(4)December 31, 2018 / Q4 FY2018
Before restatement After restatement Amount affected
Net Note Receivable
229,886 208,609 (21,277)
Net Note Receivable - Related Parties
- 21,277 21,277
Net Accounts Receivable
287,766 275,632 (12,134)
Net Accounts Receivable - Related Parties
- 12,134 12,134
Property, Plant and Equipment
3,382,880 3,320,175 (62,705)
Deferred Income Tax Asset
33,678 46,219 12,541
Notes Payable
441,675 402,125 (39,550)
Notes Payable - Related Parties
- 39,550 39,550
Other Payables
135,149 129,901 (5,248)
Other Payables - Related Parties
- 5,248 5,248
Undistributed Earnings
185,654 135,490 (50,164)
Revenue
1,654,761 1,433,233 (221,528)
Operating Costs
1,424,097 1,265,274 (158,823)
Income Tax Expenses
32,805 20,264 (12,541)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(5)March 31, 2019 / Q1 FY2019
Before restatement After restatement Amount affected
Net Accounts Receivable
326,904 315,589 (11,315)
Net Accounts Receivable - Related Parties
- 11,315 11,315
Property, Plant and Equipment
3,935,778 3,873,073 (62,705)
Deferred Income Tax Asset
38,164 50,705 12,541
Notes Payable
481,580 457,412 (24,168)
Notes Payable - Related Parties
- 24,168 24,168
Other Payables
144,566 135,425 (9,141)
Other Payables - Related Parties
- 9,141 9,141
Undistributed Earnings
200,039 149,875 (50,164)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(6)June 30, 2019 / Q2 FY2019
Before restatement After restatement Amount affected
Net Accounts Receivable
78,210 68,249 (9,961)
Net Accounts Receivable - Related Parties
- 9,961 9,961
Property, Plant and Equipment
4,434,823 4,372,118 (62,705)
Deferred Income Tax Asset
43,431 55,972 12,541
Notes Payable
440,481 401,493 (38,988)
Notes Payable - Related Parties
- 38,988 38,988
Other Payables
388,824 383,166 (5,658)
Other Payables - Related Parties
- 5,658 5,658
Undistributed Earnings
115,400 65,236 (50,164)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(7)September 30, 2019 / Q3 FY2019
Before restatement After restatement Amount affected
Net Accounts Receivable
131,459 125,134 (6,325)
Net Accounts Receivable - Related Parties
- 6,325 6,325
Other Receivable
1,727 1,621 (106)
Other Receivable - Related Parties
- 106 106
Property, Plant and Equipment
3,473,245 3,464,445 (8,800)
Right-of-Use Asset
893,183 872,423 (20,760)
Deferred Income Tax Asset
44,220 50,132 5,912
Notes Payable
351,091 314,335 (36,756)
Notes Payable - Related Parties
- 36,756 36,756
Other Payables
517,151 512,412 (4,736)
Other Payables - Related Parties
- 4,736 4,736
Undistributed Earnings
698,792 675,144 (23,648)
Management Fees
170,080 170,831 (249)
Other Gains and Losses
684,794 717,690 32,896
Income Tax Expenses
35,312 41,941 6,629
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(8)December 31, 2019 / Q4 FY2019
Before restatement After restatement Amount affected
Net Note Receivable
86,531 86,489 (42)
Net Note Receivable - Related Parties
- 42 42
Net Accounts Receivable
657,247 651,612 (5,635)
Net Accounts Receivable - Related Parties
- 5,635 5,635
Other Receivable
9,897 9,855 (42)
Other Receivable - Related Parties
- 42 42
Property, Plant and Equipment
3,828,687 3,819,900 (8,787)
Right-of-Use Asset
1,349,945 1,329,711 (20,234)
Deferred Income Tax Asset
47,588 53,392 5,804
Notes Payable
538,831 512,903 (25,928)
Notes Payable - Related Parties
- 25,928 25,928
Other Payables
288,643 284,937 (3,706)
Other Payables - Related Parties
- 3,706 3,706
Undistributed Earnings
830,263 807,406 (23,217)
Operating Costs
2,032,139 2,032,125 (14)
Operating expense
241,539 230,765 (774)
Other Gains and Losses
680,726 713,622 32,896
Income Tax Expenses
70,034 76,771 6,737
(9)March 31, 2020 / Q1 FY2020
Before restatement After restatement Amount affected
Property, Plant and Equipment
4,144,128 4,135,382 (8,764)
Right-of-Use Asset
1,582,372 1,562,663 (19,709)
Deferred Income Tax Asset
50,065 55,756 5,691
Notes Payable
443,807 408,969 (34,838)
Notes Payable - Related Parties
12,563 47,969 34,838
Other Payable
334,445 331,248 (3,197)
Other Payables - Related Parties
19,249 22,446 3,197
Undistributed Earnings
945,730 922,966 (22,764)
Operating Costs
960,831 960,790 (41)
Management Fees
76,118 75,593 (525)
Income Tax Expenses
29,226 29,339 113
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(10)June 30, 2020 / Q2 FY2020
Before restatement After restatement Amount affected
Net Accounts Receivable
600,642 598,669 (1,973)
Net Accounts Receivable - Related Parties
176,294 178,267 1,973
Property, Plant and Equipment
4,887,875 4,879,170 (8,705)
Right-of-Use Asset
1,552,815 1,533,631 (19,184)
Deferred Income Tax Asset
57,197 62,775 5,578
Notes Payable
425,584 394,142 (31,442)
Notes Payable - Related Parties
- 31,442 31,442
Other Payable
593,659 586,777 (6,882)
Other Payables - Related Parties
25,549 32,431 6,882
Undistributed Earnings
884,803 862,492 (22,311)
Operating Costs
1,875,110 1,875,028 (82)
Management Fees
116,724 115,674 (1,050)
Income Tax Expenses
99,731 99,957 226
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(11)September 30, 2020 / Q3 FY2020
Before restatement After restatement Amount affected
Net Accounts Receivable
956,178 953,960 (2,218)
Net Accounts Receivable - Related Parties
- 2,218 2,218
Property, Plant and Equipment
5,529,113 5,520,449 (8,664)
Deferred Income Tax Asset
65,356 70,820 5,464
Notes Payable
684,798 626,991 (57,807)
Notes Payable - Related Parties
6,080 63,887 57,807
Other Payable
725,587 714,725 (10,862)
Other Payables - Related Parties
- 10,862 10,862
Other non-current liabilities
423,008 441,667 18,659
Undistributed Earnings
1,170,469 1,148,610 (21,859)
Operating Costs
3,244,685 3,244,562 (123)
Management Fees
220,108 218,883 (1,225)
Other Gains and Losses
43,231 42,881 (350)
Income Tax Expenses
196,684 197,024 340
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(12)December 31, 2020 / Q4 FY2020
After restatement Second Restatement Amount affected
Other Receivable
97,588 97,588 -
Property, Plant and Equipment
6,322,217 6,313,593 (8,624)
Right-of-Use Asset
257,062 257,062 -
Deferred Income Tax Asset
89,149 94,501 5,352
Contract liabilities
645,504 645,504 -
Notes Payable
397,781 376,190 (21,591)
Notes Payable - Related Parties
22,793 44,384 21,591
Accounts Payable
471,340 464,635 (6,705)
Accounts Payable - Related Parties
395,591 402,296 6,705
Other Payable
593,365 589,987 (3,378)
Other Payables - Related Parties
1,184 4,562 3,378
Other non-current liabilities
397,531 415,664 18,133
Undistributed Earnings
1,317,592 1,296,187 (21,405)
Non-controlling Interests
2,242,773 2,242,773 -
@Revenue
5,727,858 5,727,858 -
Operating Costs
4,248,677 4,248,514 (163)
Management Fees
291,270 290,044 (1,226)
Other Gains and Losses
26,245 25,370 (875)
Income Tax Expenses
214,185 214,637 452
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(13)March 31, 2021 / Q1 FY2021
After restatement Second Restatement Amount affected
Contract liabilities-non-current
2,075,710 2,075,710 -
Other Receivable
99,279 99,279 -
Property, Plant and Equipment
6,973,188 6,964,605 (8,583)
Deferred Income Tax Asset
94,560 99,799 5,239
Contract liabilities
407,763 407,763 -
Notes Payable
429,717 422,485 (7,232)
Notes Payable - Related Parties
29,904 37,136 7,232
Accounts Payable
780,796 775,594 (5,202)
Accounts Payable - Related Parties
218,459 223,661 5,202
Other Payable
917,473 915,369 (2,104)
Other Payables - Related Parties
30,698 32,802 2,104
Current income tax liabilities
389,447 389,447 -
Other non-current liabilities
386,561 440,170 17,609
Undistributed Earnings
1,564,452 1,543,499 (20,953)
Non-controlling Interests
2,113,191 2,113,191 -
@Revenue
1,676,823 1,676,823 -
Operating Costs
1,178,523 1,178,482 (41)
Other Gains and Losses
20,398 20,922 524
Income Tax Expenses
86,005 86,118 113
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(14)June 30, 2021 / Q2 FY2021
After restatement Second Restatement Amount affected
Contract liabilities-non-current
2,402,480 2,402,480 -
Other Receivable
98,826 98,826 -
Property, Plant and Equipment
8,080,130 8,071,588 (8,542)
Deferred Income Tax Asset
122,915 128,040 5,125
Notes Payable
534,844 513,066 (21,778)
Notes Payable - Related Parties
4,940 26,718 21,778
Accounts Payable
1,160,229 1,156,427 (3,802)
Accounts Payable - Related Parties
872,988 868,965 (4,023)
Other Payable
4,074 8,070 4,023
Other Payables - Related Parties
240,293 240,293 -
Current income tax liabilities
389,447 389,447 -
Other non-current liabilities
375,498 392,581 17,083
Undistributed Earnings
2,006,794 1,986,294 (20,500)
Non-controlling Interests
2,470,970 2,470,970 -
@Revenue
4,035,311 4,035,311 -
Operating Costs
2,917,807 2,917,725 (82)
Other Gains and Losses
189,598 190,648 1,050
Income Tax Expenses
200,491 200,718 227
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(15)September 30, 2021 / Q3 FY2021
After restatement Second Restatement Amount affected
Contract liabilities-non-current
3,697,737 3,697,737 -
Other Receivable
437,617 437,616 (1)
Other Receivable - Related Parties
2 3 1
Property, Plant and Equipment
8,837,289 8,828,788 (8,501)
Deferred Income Tax Asset
191,047 196,059 5,012
Accounts Payable
1,241,672 1,220,858 (20,814)
Accounts Payable - Related Parties
476,179 496,993 20,814
Other Payable
858,237 842,037 (16,200)
Other Payables - Related Parties
2,571 18,771 16,200
Current income tax liabilities
300,653 300,653 -
Other non-current liabilities
364,521 381,079 16,558
Undistributed Earnings
1,600,263 1,580,216 (20,047)
Non-controlling Interests
2,470,970 2,470,970 -
@Revenue
7,281,872 7,281,872 -
Operating Costs
5,415,506 5,415,383 (123)
Other Gains and Losses
178,301 179,876 1,575
Income Tax Expenses
351,253 351,593 340
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(16)December 31, 2021 / Q4 FY2021
Before restatement After restatement Amount affected
Property, Plant and Equipment
9,409,587 9,401,126 (8,461)
Deferred Income Tax Asset
267,359 272,258 4,899
Accounts Payable
748,018 736,273 (11,745)
Accounts Payable - Related Parties
191,640 203,385 11,745
Other Payable
802,744 796,192 (6,552)
Other Payables - Related Parties
2,395 8,947 6,552
Other non-current liabilities
353,541 369,574 16,033
Undistributed Earnings
1,768,911 1,749,316 (19,595)
Operating Costs
7,795,289 7,795,126 (163)
Other Gains and Losses
203,360 205,460 2,100
Income Tax Expenses
380,656 381,109 (453)
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
(17)March 31, 2022 / Q1 FY2022
Before restatement After restatement Amount affected
Property, Plant and Equipment
10,061,763 10,053,343 (8,420)
Deferred Income Tax Asset
286,671 291,456 4,785
Accounts Payable
606,130 597,850 (8,280)
Accounts Payable - Related Parties
194,857 203,137 8,280
Other Payable
1,577,395 1,572,211 (5,184)
Other Payables - Related Parties
5,584 10,768 5,184
Other non-current liabilities
342,560 358,067 15,507
Undistributed Earnings
1,374,708 1,355,566 (19,142)
Operating Costs
1,725,306 1,725,265 (41)
Other Gains and Losses
86,547 87,073 526
Income Tax Expenses
101,593 101,707 114
Name and relationship of related parties - Made additional marking that
Xiang Xing Industry Limited Company is a substantial related party
7.Countermeasures:The restated financial statements for the corresponding
periods have been audited (reviewed) by a certified public accountant and
approved by the board of directors. The above restated financial statements
will be re-announced and uploaded in accordance with regulations.
8.Any other matters that need to
be specified:None
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