Concord Securities Co., Ltd.
Parent Company Only Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors' Report
The key audit matter of the Corporation's financial statements for the year ended December 31,
2023 is as follows:
Accuracy of Brokerage Handling Fee Revenue
The calculation of discounts on brokerage handling fee revenue is complicated since it varies based on counterparties, ways of placing orders and transaction volume, and any calculation errors in the discounts will affect the accuracy of brokerage handling fee revenue. Therefore, the accuracy of brokerage handling fee revenue is identified as a key audit matter.
Refer to Notes 4, 22 and 27 to the parent company only financial statements for the accounting policies and disclosures related to brokerage handling fee revenue.
The control procedures for the input of discount rates have a significant impact on the calculation accuracy of brokerage handling fee revenue. We evaluated the design and implementation effectiveness of the recognition of discounts on brokerage handling fee revenue procedures and the related controls by performing tests of controls. Moreover, we verified the correctness of the recorded brokerage handling fee revenue by performing our own calculations on sampled transactions.
Other Matter
We did not audit the parent company only financial statements of some investments accounted for using the equity method included in the parent company only financial statements for the years ended December 31, 2023 and 2022, but such financial statements were audited by other auditors. Therefore, our opinion, insofar as it relates to the amounts and other relevant information of the aforementioned investee companies as disclosed in the notes, is based solely on the reports of other auditors. As of December 31, 2023 and 2022, the total investments in subsidiaries amounted to $573,072 thousand and $547,497 thousand, accounting for 1.70% and 1.77% of total assets, respectively; for the years ended December 31, 2023 and 2022, the share of the comprehensive income or loss of these subsidiaries amounted to $25,575 thousand and $(18,032) thousand, which accounted for 2.48% and 15.65% of the total comprehensive income or loss, respectively.
Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements
Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms and other regulations, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the parent company only financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, including the audit committee, are responsible for overseeing the Corporation's financial reporting process.
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Auditors' Responsibilities for the Audit of the Parent Company Only Financial Statements
Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these parent company only financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the parent company only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Corporation's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Corporation to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the parent company only financial statements, including the disclosures, and whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Corporation to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision, and performance of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the parent company only financial statements for the year ended December 31, 2023 and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audits resulting in this independent auditors' report are Cheng-Hsiu Chang and Pi-Yu Chuang.
Deloitte & Touche
Taipei, Taiwan
Republic of China
February 27, 2024
Notice to Readers
The accompanying parent company only financial statements are intended only to present the 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 audit such parent company only financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' report and the accompanying parent company only 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' report and parent company only financial statements shall prevail.
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CONCORD SECURITIES CO., LTD.
PARENT COMPANY ONLY BALANCE SHEETS DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars)
2023 | 2022 | ||||||||||||
ASSETS | Amount | % | Amount | % | |||||||||
CURRENT ASSETS | |||||||||||||
Cash and cash equivalents (Notes 4, 6 and 27) | $ | 1,603,026 | 5 | $ | 4,398,025 | 14 | |||||||
Financial assets at fair value through profit or loss - current (Notes 4, 7 and 27) | 11,124,625 | 33 | 7,885,625 | 26 | |||||||||
Financial assets at fair value through other comprehensive income - current (Notes 4 and 8) | 498,471 | 1 | 177,633 | 1 | |||||||||
Margin loans receivable (Notes 4, 9 and 27) | 6,533,218 | 19 | 4,229,493 | 14 | |||||||||
Refinancing margin (Notes 4 and 9) | 525 | - | 40,461 | - | |||||||||
Refinancing collateral receivable (Notes 4 and 9) | 437 | - | 31,124 | - | |||||||||
Security borrowing collateral price (Notes 4 and 9) | 78,997 | - | 960,904 | 3 | |||||||||
Security borrowing margin (Notes 4 and 9) | 71,860 | - | 1,046,647 | 3 | |||||||||
Notes receivable (Notes 4 and 9) | 70 | - | 95 | - | |||||||||
Accounts receivable (Notes 4, 9 and 27) | 6,148,628 | 18 | 4,422,355 | 14 | |||||||||
Prepayments | 7,364 | - | 8,031 | - | |||||||||
Other receivables (Notes 4, 9 and 27) | 9,695 | - | 7,037 | - | |||||||||
Restricted assets - current (Note 28) | 167,040 | 1 | 165,705 | 1 | |||||||||
Amounts held for each customer in the account (Note 27) | 187,534 | 1 | - | - | |||||||||
Other current assets | 204,865 | 1 | 160,445 | - | |||||||||
Total current assets | 26,636,355 | 79 | 23,533,580 | 76 | |||||||||
NON-CURRENT ASSETS | |||||||||||||
Financial assets at fair value through profit or loss - non-current (Notes 7 and 28) | 10,041 | - | - | - | |||||||||
Financial assets at fair value through other comprehensive income - non-current (Notes 4, 5 and 8) | 2,972,337 | 9 | 3,181,959 | 10 | |||||||||
Investments accounted for using the equity method (Notes 4 and 10) | 1,995,314 | 6 | 1,976,551 | 7 | |||||||||
Property and equipment (Notes 4, 11 and 28) | 809,656 | 2 | 806,045 | 3 | |||||||||
Right-of-use assets (Notes 4, 12 and 27) | 93,806 | - | 108,173 | - | |||||||||
Investment property (Notes 4, 13 and 28) | 555,947 | 2 | 559,069 | 2 | |||||||||
Intangible assets (Notes 4 and 14) | 16,718 | - | 18,973 | - | |||||||||
Deferred tax assets (Notes 4 and 23) | 36,127 | - | 27,539 | - | |||||||||
Net defined benefit assets - non-current (Notes 4 and 20) | - | - | 3,854 | - | |||||||||
Other non-current assets (Note 15) | 622,791 | 2 | 637,675 | 2 | |||||||||
Total non-current assets | 7,112,737 | 21 | 7,319,838 | 24 | |||||||||
TOTAL | $ | 33,749,092 | 100 | $ | 30,853,418 | 100 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
CURRENT LIABILITIES | |||||||||||||
Short-term borrowings (Notes 16 and 28) | $ | 800,000 | 3 | $ | 690,000 | 2 | |||||||
Commercial paper payable (Notes 16 and 28) | 5,761,973 | 17 | 5,222,701 | 17 | |||||||||
Financial liabilities at fair value through profit or loss - current (Notes 4, 7 and 27) | 1,984,310 | 6 | 2,522,930 | 8 | |||||||||
Liabilities for bonds with attached repurchase agreements (Notes 4, 17 and 27) | 5,166,781 | 15 | 4,498,096 | 15 | |||||||||
Securities financing refundable deposits (Note 4) | 272,431 | 1 | 675,595 | 2 | |||||||||
Deposits payable for securities financing (Note 4) | 302,479 | 1 | 620,246 | 2 | |||||||||
Refinancing borrowings (Note 4) | - | - | 100,240 | - | |||||||||
Securities lending refundable deposits | 70,168 | - | 16,185 | - | |||||||||
Equity for each customer in the account (Note 27) | 187,803 | 1 | - | - | |||||||||
Accounts payable (Notes 18 and 27) | 5,761,253 | 17 | 3,562,940 | 12 | |||||||||
Other payables (Note 27) | 460,580 | 1 | 199,782 | 1 | |||||||||
Other financial liabilities - current (Notes 4 and 19) | 2,525,707 | 8 | 3,622,333 | 12 | |||||||||
Current tax liabilities (Notes 4 and 23) | 120,453 | - | 34,665 | - | |||||||||
Provisions - current (Note 4) | 21,832 | - | 21,608 | - | |||||||||
Lease liabilities - current (Notes 4, 12 and 27) | 46,384 | - | 45,145 | - | |||||||||
Other current liabilities | 114,503 | - | 126,976 | - | |||||||||
Total current liabilities | 23,596,657 | 70 | 21,959,442 | 71 | |||||||||
NON-CURRENT LIABILITIES | |||||||||||||
Financial liabilities at fair value through profit or loss - non-current (Notes 4 and 7) | 1,177,976 | 4 | 913,241 | 3 | |||||||||
Provisions - non-current (Note 4) | 15,083 | - | 12,560 | - | |||||||||
Lease liabilities - non-current (Notes 4, 12 and 27) | 44,843 | - | 62,159 | - | |||||||||
Deferred tax liabilities (Notes 4 and 23) | 20,912 | - | 63,871 | 1 | |||||||||
Guarantee deposits received (Note 27) | 3,812 | - | 3,811 | - | |||||||||
Net defined benefit liabilities - non-current (Notes 4 and 20) | 21,160 | - | - | - | |||||||||
Total non-current liabilities | 1,283,786 | 4 | 1,055,642 | 4 | |||||||||
Total liabilities | 24,880,443 | 74 | 23,015,084 | 75 | |||||||||
EQUITY (Notes 4, 8, 10, 20, 21, 23 and 26) | |||||||||||||
Share capital | 5,944,550 | 18 | 5,944,550 | 19 | |||||||||
Capital surplus | 175,331 | - | 175,320 | 1 | |||||||||
Retained earnings | |||||||||||||
Legal reserve | 239,393 | 1 | 265,503 | 1 | |||||||||
Special reserve | 1,087,890 | 3 | 1,087,890 | 3 | |||||||||
Unappropriated retained earnings (accumulated deficits) | 979,629 | 3 | (26,110) | - | |||||||||
Total retained earnings | 2,306,912 | 7 | 1,327,283 | 4 | |||||||||
Other equity | 441,856 | 1 | 391,181 | 1 | |||||||||
Total equity | 8,868,649 | 26 | 7,838,334 | 25 | |||||||||
TOTAL | $ | 33,749,092 | 100 | $ | 30,853,418 | 100 | |||||||
The accompanying notes are an integral part of the parent company only financial statements. (With Deloitte & Touche auditors' report dated February 27, 2024)
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CONCORD SECURITIES CO., LTD.
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings (Loss) Per Share)
2023 | 2022 | ||||||||||
Amount | % | Amount | % | ||||||||
REVENUE (Notes 4 and 22) | |||||||||||
Brokerage handling fee revenue (Note 27) | $ 962,600 | 34 | $ 846,984 | 63 | |||||||
Income from securities lending | 43,940 | 2 | 43,420 | 3 | |||||||
Revenue from underwriting commission | 33,033 | 1 | 34,993 | 3 | |||||||
Gains (losses) on sale of operating securities, net | 297,332 | 11 | (1,827,681) | (137) | |||||||
Revenue from providing agency service for stock | |||||||||||
affairs (Note 27) | 28,565 | 1 | 26,669 | 2 | |||||||
Interest income (Note 27) | 350,093 | 12 | 349,939 | 26 | |||||||
Dividend income | 1,632,764 | 58 | 1,448,951 | 109 | |||||||
Valuation gains (losses) on operating securities at | |||||||||||
fair value through profit or loss, net | 393,698 | 14 | (650,731) | (49) | |||||||
Gains (losses) on covering of borrowed securities | |||||||||||
and bonds with resale agreements - short sales, net | (61,058) | (2) | 16,012 | 1 | |||||||
Valuation gains (losses) on borrowed securities and | |||||||||||
bonds with resale agreements - short sales at fair | |||||||||||
value through profit or loss, net | (70,314) | (3) | 140,680 | 10 | |||||||
Realized losses on investments in debt instruments | |||||||||||
measured at fair value through other | |||||||||||
comprehensive income, net | (5,506) | - | - | - | |||||||
Gains (losses) on issuance of call (put) warrants, net | (97,412) | (3) | 423,225 | 32 | |||||||
Futures commission income (Note 27) | 8,677 | - | 11,724 | 1 | |||||||
Losses on derivative instruments - futures, net | (156,293) | (6) | (28,461) | (2) | |||||||
Gains (losses) on derivative instruments - OTC, net | |||||||||||
(Note 27) | (585,419) | (21) | 368,562 | 28 | |||||||
Impairment gain and reversal of impairment loss | |||||||||||
(impairment loss) (Notes 8 and 9) | (615) | - | 1,319 | - | |||||||
Other operating income (Note 27) | 49,244 | 2 | 127,426 | 10 | |||||||
Total revenue | 2,823,329 | 100 | 1,333,031 | 100 | |||||||
COSTS AND EXPENSES (Notes 4 and 22) | |||||||||||
Brokerage handling fee expenses | (90,492) | (3) | (75,484) | (6) | |||||||
Proprietary handling fee expenses | (9,870) | - | (11,821) | (1) | |||||||
Refinancing handling fee expenses | (350) | - | (737) | - | |||||||
Finance costs (Note 27) | (207,589) | (8) | (96,540) | (7) | |||||||
Loss from securities borrowing transactions | (7,415) | - | (4,558) | - | |||||||
Securities commission expenses (Note 27) | (6,189) | - | (6,370) | (1) | |||||||
Clearing and settlement expenses (Note 27) | (4,316) | - | (3,880) | - | |||||||
Other operating costs (Note 27) | (29,859) | (1) | (20,027) | (2) | |||||||
Employee benefits expenses (Notes 20 and 27) | (1,092,872) | (39) | (736,097) | (55) | |||||||
(Continued) |
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CONCORD SECURITIES CO., LTD.
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings (Loss) Per Share)
2023 | 2022 | ||||||||||
Amount | % | Amount | % | ||||||||
Depreciation and amortization expenses (Notes 11, | |||||||||||
12, 13 and 14) | $ (92,648) | (3) | $ (79,319) | (6) | |||||||
Other operating expenses (Note 27) | (505,497) | (18) | (493,249) | (37) | |||||||
Total costs and expenses | (2,047,097) | (72) | (1,528,082) | (115) | |||||||
OPERATING PROFIT (LOSS) | 776,232 | 28 | (195,051) | (15) | |||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||
(Notes 4 and 22) | |||||||||||
Share of profit of subsidiaries accounted for using | |||||||||||
the equity method | 114,660 | 4 | 91,850 | 7 | |||||||
Other gains and losses (Note 27) | 150,344 | 5 | 108,724 | 8 | |||||||
Total non-operating income and expenses | 265,004 | 9 | 200,574 | 15 | |||||||
PROFIT BEFORE INCOME TAX | 1,041,236 | 37 | 5,523 | - | |||||||
INCOME TAX EXPENSE (Notes 4 and 23) | (41,484) | (2) | (154,258) | (11) | |||||||
NET PROFIT (LOSS) FOR THE YEAR | 999,752 | 35 | (148,735) | (11) | |||||||
OTHER COMPREHENSIVE INCOME (Notes 4, 20, | |||||||||||
21 and 23) | |||||||||||
Items that will not be reclassified subsequently to | |||||||||||
profit or loss | |||||||||||
Gains (losses) on remeasurement of defined | |||||||||||
benefit plans | (24,158) | (1) | 133,142 | 10 | |||||||
Unrealized gains (losses) on investments in equity | |||||||||||
instruments measured at fair value through | |||||||||||
other comprehensive income | 19,485 | 1 | (29,820) | (2) | |||||||
Share of other comprehensive income or loss of | |||||||||||
subsidiaries accounted for using the equity | |||||||||||
method | (16,386) | (1) | 48,731 | 3 | |||||||
Income tax relating to items that will not be | |||||||||||
reclassified subsequently to profit or loss | 4,832 | - | (26,628) | (2) | |||||||
(16,227) | (1) | 125,425 | 9 | ||||||||
(Continued) |
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CONCORD SECURITIES CO., LTD.
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings (Loss) Per Share)
2023 | 2022 | |||||||||||||
Amount | % | Amount | % | |||||||||||
Items that may be reclassified subsequently to profit | ||||||||||||||
or loss | ||||||||||||||
Exchange differences on the translation of foreign | ||||||||||||||
operations | $ | (449) | - | $ | 9,046 | 1 | ||||||||
Unrealized gains (losses) on investments in debt | ||||||||||||||
instruments measured at fair value through | ||||||||||||||
other comprehensive income | 47,228 | 2 | (100,992) | (8) | ||||||||||
46,779 | 2 | (91,946) | (7) | |||||||||||
Other comprehensive income for the year, net | ||||||||||||||
of income tax | 30,552 | 1 | 33,479 | 2 | ||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) FOR | ||||||||||||||
THE YEAR | $ 1,030,304 | 36 | $ (115,256) | (9) | ||||||||||
EARNINGS (LOSS) PER SHARE (Note 24) | ||||||||||||||
Basic | $ | 1.68 | $ | (0.25) | ||||||||||
Diluted | $ | 1.68 | $ | (0.25) | ||||||||||
The accompanying notes are an integral part of the parent company only financial statements.
(With Deloitte & Touche auditors' report dated February 27, 2024) | (Concluded) |
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CONCORD SECURITIES CO., LTD.
PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars)
Other Equity (Notes 4, 8, 10, 21, 23 | |||||||||||||||||||||||||||||||||
and 26) | |||||||||||||||||||||||||||||||||
Unrealized Gains | |||||||||||||||||||||||||||||||||
Retained Earnings (Notes 20, 21 and 23) | Exchange | (Losses) on | |||||||||||||||||||||||||||||||
Unappropriated | Differences | Financial Assets | |||||||||||||||||||||||||||||||
Retained | on the | at Fair Value | |||||||||||||||||||||||||||||||
Earnings | Translation of | Through Other | |||||||||||||||||||||||||||||||
Share Capital | Capital Surplus | (Accumulated | Foreign | Comprehensive | |||||||||||||||||||||||||||||
(Note 21) | (Note 21) | Legal Reserve | Special Reserve | Deficits) | Operations | Income | Total Equity | ||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2022 | $ | 5,944,550 | $ | 175,320 | $ | 132,144 | $ | 821,171 | $ | 1,338,562 | $ | (7,432) | $ | 470,680 | $ | 8,874,995 | |||||||||||||||||
Appropriation of 2021 earnings | |||||||||||||||||||||||||||||||||
Legal reserve | - | - | 133,359 | - | (133,359) | - | - | - | |||||||||||||||||||||||||
Special reserve | - | - | - | 266,719 | (266,719) | - | - | - | |||||||||||||||||||||||||
Cash dividends of ordinary shares | - | - | - | - | (921,405) | - | - | (921,405) | |||||||||||||||||||||||||
Net loss for the year ended December 31, 2022 | - | - | - | - | (148,735) | - | - | (148,735) | |||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2022, net of | |||||||||||||||||||||||||||||||||
income tax | - | - | - | - | 107,646 | 9,046 | (83,213) | 33,479 | |||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | (41,089) | 9,046 | (83,213) | (115,256) | |||||||||||||||||||||||||
Disposal of investments in equity instruments designated at fair value through other | |||||||||||||||||||||||||||||||||
comprehensive income | - | - | - | - | (2,100) | - | 2,100 | - | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2022 | 5,944,550 | 175,320 | 265,503 | 1,087,890 | (26,110) | 1,614 | 389,567 | 7,838,334 | |||||||||||||||||||||||||
Compensation of 2022 deficits | |||||||||||||||||||||||||||||||||
Legal reserve used to offset accumulated deficits | - | - | (26,110) | - | 26,110 | - | - | - | |||||||||||||||||||||||||
Other changes in capital surplus | |||||||||||||||||||||||||||||||||
Unpaid dividends | - | 11 | - | - | - | - | - | 11 | |||||||||||||||||||||||||
Net profit for the year ended December 31, 2023 | - | - | - | - | 999,752 | - | - | 999,752 | |||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2023, net of | |||||||||||||||||||||||||||||||||
income tax | - | - | - | - | (20,123) | (449) | 51,124 | 30,552 | |||||||||||||||||||||||||
Total comprehensive income for the year ended December 31, 2023 | - | - | - | - | 979,629 | (449) | 51,124 | 1,030,304 | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2023 | $ | 5,944,550 | $ | 175,331 | $ | 239,393 | $ | 1,087,890 | $ | 979,629 | $ | 1,165 | $ | 440,691 | $ | 8,868,649 | |||||||||||||||||
The accompanying notes are an integral part of the parent company only financial statements.
(With Deloitte & Touche auditors' report dated February 27, 2024)
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