FORMOSA CHEMICALS & FIBRE
CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REVIEW REPORT
SEPTEMBER 30, 2024 AND 2023
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For the convenience of readers and for information purpose only, the auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors' report and financial statements shall prevail.
~1~
INDEPENDENT AUDITORS' REVIEW REPORT TRANSLATED FROM CHINESE
PWCR24000185
To the Board of Directors and Shareholders of Formosa Chemicals & Fibre Corporation
Introduction
We have reviewed the accompanying consolidated balance sheets of Formosa Chemicals & Fibre Corporation and subsidiaries (the "Group") as at September 30, 2024 and 2023, and the related consolidated statements of comprehensive income for the three-month and nine-month periods then ended, as well as the consolidated statements of changes in equity and of cash flows for the nine-month periods then ended, and notes to the consolidated financial statements, including a summary of material accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" that came into effect as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.
Scope of Review
We conducted our reviews in accordance with the Standard on Review Engagements 2410, "Review of Financial Information Performed by the Independent Auditor of the Entity" of the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
~2~
Basis for Qualified Conclusion
As explained in Notes 4(3) and 6(7), the financial statements of certain insignificant consolidated subsidiaries and investments accounted for using equity method were not reviewed by independent auditors. Those statements reflect total assets (including investments accounted for using equity method) of NT$102,188,953 thousand and NT$97,697,303 thousand, constituting 19% and 17% of the consolidated total assets, and total liabilities of NT$24,511,919 thousand and NT$22,547,964 thousand, constituting 13% and 12% of the consolidated total liabilities as at September 30, 2024 and 2023, respectively, and total comprehensive income (loss) (including share of profit or loss of associates and joint ventures accounted for using equity method and share of other comprehensive income of associates and joint ventures accounted for using equity method) of NT$11,443,957 thousand, NT$1,498,883 thousand, NT$15,547,503 thousand and NT$1,023,419 thousand, constituting (47%), 29%, (46%) and 7% of the consolidated total comprehensive income for the three-month and nine-month periods then ended, respectively.
Qualified Conclusion
Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and investments accounted for using equity method been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews and the reports of other independent auditors (refer to the Other matter section), nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at September 30, 2024 and 2023, and of its consolidated financial performance for the three-month and nine-month periods then ended, and of its consolidated cash flows for the nine-month periods then ended, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" that came into effect as endorsed by the Financial Supervisory Commission.
~3~
Other matter - reviews of the other independent auditors
We did not review the financial statements of certain investments accounted for under the equity method which were reviewed by other auditors. Therefore, our report expressed herein, insofar as it relates to the amounts included in respect of these associates, is based solely on the reports of the other auditors. The balance of these investments accounted for under the equity method amounted to NT$74,735,202 thousand and NT$79,479,418 thousand, both constituting 14% of the consolidated total assets as at September 30, 2024 and 2023, respectively, and the comprehensive income (loss) recognised from associates and joint ventures accounted for under the equity method amounted to NT$4,061,223 thousand, NT$3,807,469 thousand, NT$1,718,851 thousand and NT$6,675,771 thousand, constituting 17%, 74%, 5% and 47% of the consolidated total comprehensive income for the three-month and nine- month periods then ended, respectively.
Juanlu, Man-YuHsu, Sheng-Chung
For and on Behalf of PricewaterhouseCoopers, Taiwan
November 8, 2024
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The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors' report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.
As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.
~4~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2024, DECEMBER 31, 2023, SEPTEMBER 30, 2023 AND JANUARY 1, 2023
(Expressed in thousands of New Taiwan dollars)
(As restated) | (As restated) | |||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | September 30, 2023 | January 1, 2023 | |||||||||||||||||||||
Assets | Notes | AMOUNT | % | AMOUNT | % | AMOUNT | % | AMOUNT | % | |||||||||||||||
Current assets | ||||||||||||||||||||||||
1100 | Cash and cash equivalents | 4(4) and 6(1) | $ | 18,483,976 | 3 | $ | 23,871,348 | 4 | $ | 29,950,542 | 5 | $ | 34,374,411 | 6 | ||||||||||
1110 | Financial assets at fair value through profit or loss | 6(2) | ||||||||||||||||||||||
- current | 1,760,232 | - | 1,641,598 | - | 1,699,861 | - | 1,797,262 | - | ||||||||||||||||
1120 | Current financial assets at fair value through other | 6(3) | ||||||||||||||||||||||
comprehensive income | 63,513,670 | 12 | 95,446,870 | 17 | 91,535,106 | 16 | 92,125,314 | 17 | ||||||||||||||||
1136 | Current financial assets at amortised cost | 6(4) | 5,373,140 | 1 | 2,990,071 | - | 3,314,797 | 1 | 4,565,618 | 1 | ||||||||||||||
1150 | Notes receivable, net | 6(5) | 5,184,011 | 1 | 3,728,103 | 1 | 7,462,007 | 1 | 6,550,164 | 1 | ||||||||||||||
1160 | Notes receivable - related parties | 6(5) and 7 | 12,160 | - | 5,930 | - | 22,442 | - | 8,147 | - | ||||||||||||||
1170 | Accounts receivable, net | 6(5) | 16,941,904 | 3 | 15,892,243 | 3 | 15,637,673 | 3 | 16,355,474 | 3 | ||||||||||||||
1180 | Accounts receivable - related parties | 6(5) and 7 | 7,913,784 | 2 | 8,350,645 | 1 | 7,671,673 | 2 | 7,145,791 | 1 | ||||||||||||||
1200 | Other receivables | 7 | 4,837,987 | 1 | 3,861,995 | 1 | 3,952,232 | 1 | 4,483,253 | 1 | ||||||||||||||
1210 | Other receivables - related parties | 7 | 3,880,850 | 1 | 5,247,127 | 1 | 688,539 | - | 2,429,252 | 1 | ||||||||||||||
130X | Inventory | 6(6) and 8 | 45,686,033 | 9 | 44,253,704 | 8 | 44,599,854 | 8 | 48,437,390 | 9 | ||||||||||||||
1470 | Other current assets | 12,355,549 | 2 | 9,616,040 | 2 | 11,272,897 | 2 | 7,813,014 | 1 | |||||||||||||||
11XX | Total current assets | 185,943,296 | 35 | 214,905,674 | 38 | 217,807,623 | 39 | 226,085,090 | 41 | |||||||||||||||
Non-current assets | ||||||||||||||||||||||||
1517 | Non-current financial assets at fair value through | 6(3) | ||||||||||||||||||||||
other comprehensive income | 51,188,592 | 10 | 55,926,042 | 10 | 54,245,085 | 10 | 51,954,437 | 9 | ||||||||||||||||
1535 | Non-current financial assets at amortised cost | 6(4) and 8 | 3,913,046 | 1 | 3,937,378 | 1 | 3,223,896 | - | 2,250,169 | 1 | ||||||||||||||
1550 | Investments accounted for under equity method | 6(7) | 124,757,705 | 23 | 127,554,371 | 22 | 126,011,916 | 22 | 117,661,397 | 21 | ||||||||||||||
1600 | Property, plant and equipment | 6(8)(29), 7 and 8 | 150,227,613 | 28 | 148,226,306 | 26 | 150,113,509 | 27 | 142,861,143 | 26 | ||||||||||||||
1755 | Right-of-use assets | 6(9) | 1,652,597 | - | 1,625,153 | - | 1,581,801 | - | 1,650,577 | - | ||||||||||||||
1780 | Intangible assets | 6(29) | 345,649 | - | 346,018 | - | 346,689 | - | 340,914 | - | ||||||||||||||
1840 | Deferred income tax assets | 3,843,575 | 1 | 3,541,259 | 1 | 2,259,494 | - | 2,139,083 | - | |||||||||||||||
1900 | Other non-current assets | 4(4), 6(1)(29) | 10,232,350 | 2 | 9,808,167 | 2 | 9,189,445 | 2 | 10,603,486 | 2 | ||||||||||||||
15XX | Total non-current assets | 346,161,127 | 65 | 350,964,694 | 62 | 346,971,835 | 61 | 329,461,206 | 59 | |||||||||||||||
1XXX | Total assets | $ | 532,104,423 | 100 | $ | 565,870,368 | 100 | $ | 564,779,458 | 100 | $ | 555,546,296 | 100 | |||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
2100 | Short-term borrowings | 6(10) and 8 | $ | 44,285,730 | 8 | $ | 36,266,613 | 6 | $ | 42,442,729 | 8 | $ | 35,117,887 | 6 | ||||||||||
2110 | Short-term notes and bills payable | 6(10) | 29,331,717 | 6 | 26,780,338 | 5 | 25,247,936 | 4 | 32,892,666 | 6 | ||||||||||||||
2120 | Financial liabilities at fair value through profit or | 6(11) | ||||||||||||||||||||||
loss - current | - | - | 479 | - | - | - | 2,826 | - | ||||||||||||||||
2150 | Notes payable | 160,497 | - | 129,325 | - | 156,778 | - | 164,722 | - | |||||||||||||||
2170 | Accounts payable | 4,809,375 | 1 | 4,613,840 | 1 | 6,208,634 | 1 | 4,801,464 | 1 | |||||||||||||||
2180 | Accounts payable - related parties | 7 | 10,402,076 | 2 | 10,595,837 | 2 | 12,165,083 | 2 | 13,884,528 | 3 | ||||||||||||||
2200 | Other payables | 7 | 9,601,176 | 2 | 11,015,004 | 2 | 10,754,243 | 2 | 12,432,106 | 2 | ||||||||||||||
2220 | Other payables - related parties | 7 | 2,157,222 | - | 1,720,591 | - | 1,528,054 | - | 1,472,658 | - |
(Continued)
~5~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2024, DECEMBER 31, 2023, SEPTEMBER 30, 2023 AND JANUARY 1, 2023
(Expressed in thousands of New Taiwan dollars)
(As restated) | (As restated) | ||||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | September 30, 2023 | January 1, 2023 | ||||||||||||||||||||||
Liabilities and Equity | Notes | AMOUNT | % | AMOUNT | % | AMOUNT | % | AMOUNT | % | ||||||||||||||||
2230 | Current income tax liabilities | $ | 141,181 | - | $ | 265,793 | - | $ | 308,282 | - | $ | 903,787 | - | ||||||||||||
2280 | Current lease liabilities | 181,254 | - | 174,276 | - | 163,297 | - | 165,804 | - | ||||||||||||||||
2320 | Long-term liabilities, current portion | 6(12)(13) | 27,480,472 | 5 | 6,875,105 | 1 | 4,485,071 | 1 | 11,045,140 | 2 | |||||||||||||||
2399 | Other current liabilities | 3,603,651 | 1 | 2,788,561 | 1 | 2,967,771 | 1 | 4,067,358 | 1 | ||||||||||||||||
21XX | Total current liabilities | 132,154,351 | 25 | 101,225,762 | 18 | 106,427,878 | 19 | 116,950,946 | 21 | ||||||||||||||||
Non-current liabilities | |||||||||||||||||||||||||
2530 | Corporate bonds payable | 6(12) | 25,900,000 | 5 | 36,850,000 | 6 | 36,850,000 | 7 | 40,650,000 | 7 | |||||||||||||||
2540 | Long-term borrowings | 6(13) | 27,832,805 | 5 | 38,852,036 | 7 | 36,153,426 | 6 | 18,568,279 | 4 | |||||||||||||||
2570 | Deferred income tax liabilities | 381,052 | - | 341,653 | - | 467,218 | - | 383,054 | - | ||||||||||||||||
2580 | Non-current lease liabilities | 830,839 | - | 808,978 | - | 744,909 | - | 804,249 | - | ||||||||||||||||
2600 | Other non-current liabilities | 6(14) | 3,544,175 | 1 | 4,103,223 | 1 | 4,457,253 | 1 | 4,825,636 | 1 | |||||||||||||||
25XX | Total non-current liabilities | 58,488,871 | 11 | 80,955,890 | 14 | 78,672,806 | 14 | 65,231,218 | 12 | ||||||||||||||||
2XXX | Total liabilities | 190,643,222 | 36 | 182,181,652 | 32 | 185,100,684 | 33 | 182,182,164 | 33 | ||||||||||||||||
Equity attributable to owners of parent | |||||||||||||||||||||||||
Share capital | 6(15) | ||||||||||||||||||||||||
3110 | Common stock | 58,611,863 | 11 | 58,611,863 | 10 | 58,611,863 | 10 | 58,611,863 | 11 | ||||||||||||||||
Capital surplus | 6(16) | ||||||||||||||||||||||||
3200 | Capital surplus | 9,307,387 | 2 | 9,272,140 | 1 | 9,270,762 | 1 | 9,246,656 | 2 | ||||||||||||||||
Retained earnings | 6(17) | ||||||||||||||||||||||||
3310 | Legal reserve | 71,867,866 | 13 | 70,997,369 | 13 | 70,997,369 | 13 | 70,224,189 | 13 | ||||||||||||||||
3320 | Special reserve | 76,745,060 | 14 | 76,602,492 | 14 | 76,602,492 | 14 | 76,461,277 | 14 | ||||||||||||||||
3350 | Unappropriated retained earnings | 36,639,157 | 7 | 43,627,704 | 8 | 43,365,589 | 8 | 41,405,257 | 7 | ||||||||||||||||
Other equity interest | 6(18) | ||||||||||||||||||||||||
3400 | Other equity interest | 51,156,795 | 10 | 80,470,908 | 14 | 76,297,335 | 13 | 70,501,451 | 12 | ||||||||||||||||
3500 | Treasury stocks | 6(15) | ( | 323,952) | - | ( | 323,952) | - | ( | 323,952) | - | ( | 323,952) | - | |||||||||||
31XX Equity attributable to owners of the parent | 304,004,176 | 57 | 339,258,524 | 60 | 334,821,458 | 59 | 326,126,741 | 59 | |||||||||||||||||
36XX | Non-controlling interest | 6(29) | 37,457,025 | 7 | 44,430,192 | 8 | 44,857,316 | 8 | 47,237,391 | 8 | |||||||||||||||
3XXX | Total equity | 341,461,201 | 64 | 383,688,716 | 68 | 379,678,774 | 67 | 373,364,132 | 67 | ||||||||||||||||
Significant contingent liabilities and unrecognised | 9 | ||||||||||||||||||||||||
contract commitments | |||||||||||||||||||||||||
Significant events after the balance sheet date | 11 | ||||||||||||||||||||||||
3X2X | Total liabilities and equity | $ | 532,104,423 | 100 | $ | 565,870,368 | 100 | $ | 564,779,458 | 100 | $ | 555,546,296 | 100 |
The accompanying notes are an integral part of these consolidated financial statements.
~6~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(Expressed in thousands of New Taiwan dollars, except for earnings (loss) per share amount)
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||
Items | Notes | AMOUNT | % | AMOUNT | % | AMOUNT | % | AMOUNT | % | ||||||||||||||||||
4000 | Operating revenue | 6(19) and 7 | $ | 86,898,525 | 100 | $ | 86,824,127 | 100 | $ | 267,315,493 | 100 | $ | 245,021,791 | 100 | |||||||||||||
5000 | Operating costs | 6(6)(14)(24)(25) and 7 | ( | 85,061,917) | ( | 98) | ( | 80,975,384) ( | 93) ( | 256,203,143) ( | 96) ( | 237,382,401) ( | 97) | ||||||||||||||
5900 | Net operating margin | ||||||||||||||||||||||||||
1,836,608 | 2 | 5,848,743 | 7 | 11,112,350 | 4 | 7,639,390 | 3 | ||||||||||||||||||||
Operating expenses | 6(14)(24)(25) and 7 | ||||||||||||||||||||||||||
6100 | Selling expenses | ( | 2,455,686) | ( | 3) | ( | 2,193,286) ( | 3) ( | 7,337,664) ( | 3) ( | 6,425,472) ( | 2) | |||||||||||||||
6200 | General and administrative expenses | ( | 1,469,481) | ( | 1) | ( | 1,589,143) ( | 2) ( | 4,462,192) ( | 1) ( | 4,606,002) ( | 2) | |||||||||||||||
6000 | Total operating expenses | ||||||||||||||||||||||||||
( | 3,925,167) | ( | 4) | ( | 3,782,429) ( | 5) ( | 11,799,856) ( | 4) ( | 11,031,474) ( | 4) | |||||||||||||||||
6900 | Operating profit (loss) | ||||||||||||||||||||||||||
( | 2,088,559) | ( | 2) | 2,066,314 | 2 | ( | 687,506) | - | ( | 3,392,084) ( | 1) | ||||||||||||||||
Non-operating income and expenses | |||||||||||||||||||||||||||
7100 | Interest income | 6(20) and 7 | 173,928 | - | 189,986 | - | 577,519 | - | 652,318 | - | |||||||||||||||||
7010 | Other income | 6(21) and 7 | 1,919,436 | 2 | 842,378 | 1 | 2,529,839 | 1 | 5,822,909 | 2 | |||||||||||||||||
7020 | Other gains and losses | 6(22) | ( | 73,278) | - | 217,349 | - | 54,913 | - | 483,322 | - | ||||||||||||||||
7050 | Finance costs | 6(8)(23) and 7 | ( | 887,267) | ( | 1) | ( | 767,019) ( | 1) ( | 2,550,852) ( | 1) ( | 2,214,490) ( | 1) | ||||||||||||||
7060 | Share of profit of associates and joint ventures accounted for | 6(7) | |||||||||||||||||||||||||
under equity method | ( | 942,624) | ( | 1) | 4,866,263 | 6 | 1,911,384 | 1 | 6,521,525 | 3 | |||||||||||||||||
7000 | Total non-operating income and expenses | ||||||||||||||||||||||||||
190,195 | - | 5,348,957 | 6 | 2,522,803 | 1 | 11,265,584 | 4 | ||||||||||||||||||||
7900 | Profit (loss) before income tax | ||||||||||||||||||||||||||
( | 1,898,364) | ( | 2) | 7,415,271 | 8 | 1,835,297 | 1 | 7,873,500 | 3 | ||||||||||||||||||
7950 | Income tax (expense) benefit | 6(26) | 642,219 | 1 | ( | 262,291) | - | 377,246 | - | ( | 196,806) | - | |||||||||||||||
8200 | Profit (loss) for the period | ||||||||||||||||||||||||||
( $ | 1,256,145) | ( | 1) | $ | 7,152,980 | 8 | $ | 2,212,543 | 1 | $ | 7,676,694 | 3 | |||||||||||||||
(Continued)
~7~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(Expressed in thousands of New Taiwan dollars, except for earnings (loss) per share amount)
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||
Items | Notes | AMOUNT | % | AMOUNT | % | AMOUNT | % | AMOUNT | % | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income (net) | 6(18) | ||||||||||||||||||||||||||||||||||||||||||
Components of other comprehensive (loss) income that will not | |||||||||||||||||||||||||||||||||||||||||||
be reclassified to profit or loss | |||||||||||||||||||||||||||||||||||||||||||
8316 | Unrealised (losses) gains on financial assets measured at fair | ||||||||||||||||||||||||||||||||||||||||||
value through other comprehensive (loss) income | ( $ | 17,949,156) | ( | 21) | ( $ | 5,518,090) ( | 6) ( $ | 37,009,232) ( | 14) | $ | 1,655,444 | 1 | |||||||||||||||||||||||||||||||
8320 | Share of other comprehensive income (loss) of associates and | ||||||||||||||||||||||||||||||||||||||||||
joint ventures accounted for using equity method | ( | 4,420,903) | ( | 5) | 400,650 | - | ( | 1,911,480) ( | 1) | 2,302,021 | 1 | ||||||||||||||||||||||||||||||||
8310 | Other comprehensive (loss) income that will not be | ||||||||||||||||||||||||||||||||||||||||||
reclassified to profit or loss | ( | 22,370,059) | ( | 26) | ( | 5,117,440) ( | 6) ( | 38,920,712) ( | 15) | 3,957,465 | 2 | ||||||||||||||||||||||||||||||||
Components of other comprehensive income that will be | |||||||||||||||||||||||||||||||||||||||||||
reclassified to profit or loss | |||||||||||||||||||||||||||||||||||||||||||
8361 | Financial statements translation differences of foreign | ||||||||||||||||||||||||||||||||||||||||||
operations | ( | 404,200) | - | 2,895,012 | 3 | 2,961,118 | 1 | 1,676,287 | 1 | ||||||||||||||||||||||||||||||||||
8370 | Share of other comprehensive income (loss) of associates and | ||||||||||||||||||||||||||||||||||||||||||
joint ventures accounted for under equity method | ( | 610,176) | ( | 1) | 764,782 | 1 | 580,043 | - | 1,061,423 | - | |||||||||||||||||||||||||||||||||
8399 | Income tax relating to the components of other comprehensive | 6(26) | |||||||||||||||||||||||||||||||||||||||||
income | 118,323 | - | ( | 569,688) | - | ( | 546,416) | - | ( | 302,349) | - | ||||||||||||||||||||||||||||||||
8360 | Other comprehensive income (loss) that will be reclassified to | ||||||||||||||||||||||||||||||||||||||||||
profit or loss | ( | 896,053) | ( | 1) | 3,090,106 | 4 | 2,994,745 | 1 | 2,435,361 | 1 | |||||||||||||||||||||||||||||||||
8300 | Total other comprehensive (loss) income for the period | ||||||||||||||||||||||||||||||||||||||||||
( $ | 23,266,112) | ( | 27) | ( $ | 2,027,334) ( | 2) ( $ | 35,925,967) ( | 14) | $ | 6,392,826 | 3 | ||||||||||||||||||||||||||||||||
8500 | Total comprehensive (loss) income for the period | ||||||||||||||||||||||||||||||||||||||||||
( $ | 24,522,257) | ( | 28) | $ | 5,125,646 | 6 | ( $ | 33,713,424) ( | 13) | $ | 14,069,520 | 6 | |||||||||||||||||||||||||||||||
Net income (loss) attributable to: | |||||||||||||||||||||||||||||||||||||||||||
8610 | Owners of the parent | ( $ | 1,917,878) | ( | 2) | $ | 7,500,749 | 8 | $ | 1,446,354 | 1 | $ | 8,430,210 | 3 | |||||||||||||||||||||||||||||
8620 | Non-controlling interest | 661,733 | 1 | ( | 347,769) | - | 766,189 | - | ( | 753,516) | - | ||||||||||||||||||||||||||||||||
( $ | 1,256,145) | ( | 1) | $ | 7,152,980 | 8 | $ | 2,212,543 | 1 | $ | 7,676,694 | 3 | |||||||||||||||||||||||||||||||
Total comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||||||||||||||||
8710 | Owners of the parent | ( $ | 21,957,934) | ( | 25) | $ | 6,052,200 | 7 | ( $ | 27,822,521) ( | 11) | $ | 14,238,738 | 6 | |||||||||||||||||||||||||||||
8720 | Non-controlling interest | ( | 2,564,323) | ( | 3) | ( | 926,554) ( | 1) ( | 5,890,903) ( | 2) ( | 169,218) | - | |||||||||||||||||||||||||||||||
( $ | 24,522,257) | ( | 28) | $ | 5,125,646 | 6 | ( $ | 33,713,424) ( | 13) | $ | 14,069,520 | 6 | |||||||||||||||||||||||||||||||
Basic earnings (loss) per share | 6(27) | Before Tax | After Tax | Before Tax | After Tax | Before Tax | After Tax | Before Tax | After Tax | ||||||||||||||||||||||||||||||||||
9710 | Profit (loss) for the period from continuing operations | ($ | 0.33 ) | ($ | 0.21 ) | $ | 1.27 | $ | 1.22 | $ | 0.31 | $ | 0.38 | $ | 1.35 | $ | 1.31 | ||||||||||||||||||||||||||
9720 | Non-controlling interest | 0.07 | 0.12 | ( | 0.02 ) ( | 0.06 ) | 0.08 | 0.13 ( | 0.11 ) ( | 0.13 ) | |||||||||||||||||||||||||||||||||
9750 | Profit (loss) attributable to common shareholders of the parent | ($ | 0.40 ) | ($ | 0.33 ) | $ | 1.29 | $ | 1.28 | $ | 0.23 | $ | 0.25 | $ | 1.46 | $ | 1.44 | ||||||||||||||||||||||||||
Assuming shares held by subsidiary are not deemed as treasury stock: | |||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period from continuing operations | ($ | 0.33 ) | ($ | 0.21 ) | $ | 1.27 | $ | 1.22 | $ | 0.31 | $ | 0.38 | $ | 1.34 | $ | 1.31 | |||||||||||||||||||||||||||
Non-controlling interest | 0.07 | 0.11 | ( | 0.02 ) ( | 0.06 ) | 0.08 | 0.13 ( | 0.12 ) ( | 0.13 ) | ||||||||||||||||||||||||||||||||||
Profit (loss) attributable to common shareholders of the parent | ($ | 0.40 ) | ($ | 0.32 ) | $ | 1.29 | $ | 1.28 | $ | 0.23 | $ | 0.25 | $ | 1.46 | $ | 1.44 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
~8~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023(Expressed in thousands of New Taiwan dollars)
Equity attributable to owners of the parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | Other Equity Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealised (gains) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | measured at fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
statements | value through | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | translation | other | Gains (losses) on | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus, additional | Unappropriated | differences of | comprehensive | hedging | Revaluation | Non-controlling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | Common stock | paid-in capital | Legal reserve | Special reserve | retained earnings | foreign operations | income | instruments | surplus | Treasury stocks | Total | interest | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 (As | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
restated) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | 58,611,863 | $ | 9,246,656 | $ | 70,224,189 | $ | 76,461,277 | $ | 41,405,257 | ($ | 2,930,647 ) | $ | 72,429,555 | $ | 160 | $ | 1,002,383 | ($ | 323,952 ) | $ 326,126,741 | $ | 47,229,723 | $ 373,356,464 | ||||||||||||||||||||||||||||||||||||||||
Effects of retrospective restatement | - | - | - | - | - | - | - | - | - | - | - | 7,668 | 7,668 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 after adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
58,611,863 | 9,246,656 | 70,224,189 | 76,461,277 | 41,405,257 | ( | 2,930,647 ) | 72,429,555 | 160 | 1,002,383 | ( | 323,952 ) | 326,126,741 | 47,237,391 | 373,364,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Profit (loss) for the period | - | - | - | - | 8,430,210 | - | - | - | - | - | 8,430,210 | ( | 753,516 ) | 7,676,694 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the | 6(18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
period | - | - | - | - | - | 2,156,247 | 3,657,098 | ( | 4,817 ) | - | - | 5,808,528 | 584,298 | 6,392,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | 8,430,210 | 2,156,247 | 3,657,098 | ( | 4,817 ) | - | - | 14,238,738 | ( | 169,218 ) | 14,069,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Appropriations of 2023 earnings | 6(17) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal reserve | - | - | 773,180 | - | ( | 773,180 ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special reserve | - | - | - | 141,215 | ( | 141,215 ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | - | - | - | - | ( | 5,568,127 ) | - | - | - | - | - | ( | 5,568,127 ) | - | ( | 5,568,127 ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the net interest of associates | 6(18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
recognised under the equity method | - | 152 | - | - | 12,121 | - | ( | 12,121 ) | - | - | - | 152 | - | 152 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends reclassified to capital surplus | - | 22,168 | - | - | - | - | - | - | - | - | 22,168 | - | 22,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to subsidiaries to adjust capital | 6(16) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus | - | 4,324 | - | - | - | - | - | - | - | - | 4,324 | - | 4,324 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Expired cash dividends reclassified to capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus | - | ( | 1,726 ) | - | - | - | - | - | - | - | - | ( | 1,726 ) | - | ( | 1,726 ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in ownership interests in subsidiaries | - | ( | 812 ) | - | - | - | - | - | - | - | - | ( | 812 ) | ( | 1,731 ) | ( | 2,543 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Disposal of equity instruments measured at fair | 6(18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
value through other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(loss) | - | - | - | - | 523 | - | ( | 523 ) | - | - | - | - | 67 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid by consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subsidiaries | - | - | - | - | - | - | - | - | - | - | - | ( | 2,209,193 ) | ( | 2,209,193 ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 58,611,863 | $ | 9,270,762 | $ | 70,997,369 | $ | 76,602,492 | $ | 43,365,589 | ($ | 774,400 ) | $ | 76,074,009 | ($ | 4,657 ) | $ | 1,002,383 | ($ | 323,952 ) | $ 334,821,458 | $ | 44,857,316 | $ 379,678,774 | |||||||||||||||||||||||||||||||||||||||||
(Continued)
~9~
FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023(Expressed in thousands of New Taiwan dollars)
Equity attributable to owners of the parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | Other Equity Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealised (gains) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
losses from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
financial assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | measured at fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
statements | value through | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital | translation | other | Gains (losses) on | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus, additional | Unappropriated | differences of | comprehensive | hedging | Revaluation | Non-controlling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | Common stock | paid-in capital | Legal reserve | Special reserve | retained earnings | foreign operations | income | instruments | surplus | Treasury stocks | Total | interest | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | 58,611,863 | $ | 9,272,140 | $ | 70,997,369 | $ | 76,602,492 | $ | 43,627,704 | ($ | 3,964,501 ) | $ | 83,424,591 | $ | 8,435 | $ | 1,002,383 | ($ | 323,952 ) | $ 339,258,524 | $ | 44,430,192 | $ 383,688,716 | ||||||||||||||||||||||||||||||||||||||||
Profit for the period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | 1,446,354 | - | - | - | - | - | 1,446,354 | 766,189 | 2,212,543 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the | 6(18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
period | - | - | - | - | - | 2,739,026 | ( | 32,003,091 ) | ( | 4,810 ) | - | - | ( | 29,268,875 ) | ( | 6,657,092 ) | ( | 35,925,967 ) | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | 1,446,354 | 2,739,026 | ( | 32,003,091 ) | ( | 4,810 ) | - | - | ( | 27,822,521 ) | ( | 5,890,903 ) | ( | 33,713,424 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Appropriations of 2024 earnings | 6(17) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal reserve | - | - | 870,497 | - | ( | 870,497 ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special reserve | - | - | - | 142,568 | ( | 142,568 ) | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | - | - | - | - | ( | 7,326,483 ) | - | - | - | - | - | ( | 7,326,483 ) | - | ( | 7,326,483 ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the net interest of associates | 6(18) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
recognised under the equity method | - | 114 | - | - | 43,307 | - | ( | 45,238 ) | - | - | - | ( | 1,817 ) | ( | 391 ) | ( | 2,208 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends reclassified to capital surplus | 6(16) | - | 16,794 | - | - | - | - | - | - | - | - | 16,794 | - | 16,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to subsidiaries to adjust capital | 6(16) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus | - | 5,689 | - | - | - | - | - | - | - | - | 5,689 | - | 5,689 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Expired cash dividends reclassified to capital | 6(16) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus | - | ( | 879 ) | - | - | - | - | - | - | - | - | ( | 879 ) | - | ( | 879 ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in ownership interests in subsidiaries | 6(16) | - | 2,795 | - | - | - | - | - | - | - | - | 2,795 | 17,132 | 19,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Difference between consideration and carrying | 6(28) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
amount of subsidiaries acquired or disposed | - | 10,734 | - | - | - | - | - | - | - | - | 10,734 | 1,382 | 12,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid by consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subsidiaries | - | - | - | - | - | - | - | - | - | - | - | ( | 912,406 ) | ( | 912,406 ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Decrease in non-controlling interest-disposal of 6(28) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ownership interests in subsidiaries | - | - | - | - | ( | 138,660 ) | - | - | - | - | - | ( | 138,660 ) | ( | 187,981 ) | ( | 326,641 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 58,611,863 | $ | 9,307,387 | $ | 71,867,866 | $ | 76,745,060 | $ | 36,639,157 | ($ | 1,225,475 ) | $ | 51,376,262 | $ | 3,625 | $ | 1,002,383 | ($ | 323,952 ) | $ 304,004,176 | $ | 37,457,025 | $ 341,461,201 | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
~10~