2024 Q4 Financial Results - Consolidated Financial Report (IFRS)

FORMOSA CHEMICALS & FIBRE

CORPORATION AND SUBSIDIARIES

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.

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Items Pages

Index

Independent Auditors' Report 1-8

Consolidated Balance Sheets 9-10

Consolidated Statements of Comprehensive Income 11-12

Consolidated Statements of Changes in Equity 13-14

Consolidated Statements of Cash Flows 15-16

Notes to Consolidated Financial Statements 17-105

INDEPENDENT AUDITORS' REPORT TRANSLATED FROM CHINESE

PWCR24000490

To the Board of Directors and Shareholders of Formosa Chemicals & Fibre Corporation

We have audited the accompanying consolidated balance sheets of Formosa Chemicals & Fibre Corporation and subsidiaries (the "Group") as at December 31, 2024 and 2023, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies

In our opinion, based on our audits and the reports of other auditors (please refer to the Other matter section), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission.

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Group's 2024 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Group's 2024 consolidated financial statements are stated as follows:

Assessment of loss allowance for accounts receivable

Description

Refer to Note 4(11) for accounting policy on accounts receivable, Note 5(2) for uncertainty of accounting estimates and assumptions in relation to impairment of accounts receivable, and Note 6(5) for details of loss allowance for accounts receivable. As of December 31, 2024, the Group's accounts receivable amounted to NT$25,807,060 thousand, net of loss allowance in the amount of NT$132,137 thousand.

The Group assesses expected credit impairment loss on accounts receivable based on historical experience, forward-looking information and known reason or existing objective evidences. For those accounts which are considered uncollectible, the Company recognises impairment with a credit to accounts receivable. Management evaluates the reasonableness of estimated provision periodically. As the estimation of loss allowance is subject to management's judgement and business indicators, the amount of provision is based on the collectability of accounts receivable, and considering that accounts receivable and loss allowance are material to the financial statements, we considered the loss allowance for accounts receivable a key audit matter.

How our audit addressed the matter

We performed the following audit procedures in respect of the above key audit matter:

1. Obtained the overdue aging report used when management assessed the expected credit impairment loss, assessed whether the logic of data source was consistently applied, and tested its accuracy with proper documents.

2. Assessed the reasonableness of estimates used by management in calculating expected credit impairment loss and obtained supporting documents, including forward-looking information, disputed accounts, overdue accounts, subsequent collection, and other indicators that would show that the customer would be unable to repay on schedule.

3. Performed subsequent collection test in order to verify the adequacy of loss allowance provided for accounts receivable.

Evaluation of inventories

Description

Refer to Note 4(14) for accounting policy on inventory valuation, Note 5(2) for accounting estimates and assumption uncertainty in relation to inventory valuation, and Note 6(6) for detailed information on allowance for inventory valuation losses. As of December 31, 2024, the inventory and allowance for inventory valuation losses were NT$44,283,711 thousand and NT$1,973,143 thousand, respectively.

The Group is primarily engaged in the manufacture and sales of petrochemical plastic products, fibers weaving and cords. As the price of petrochemical plastic products is subject to the fluctuations in international crude oil price, and the textile market is competitive, there is a higher risk for inventory valuation loss. The Group recognises inventories at the lower of cost and net realisable value, and the net realisable value is calculated based on average price less selling expenses. Since the net realisable value used in inventory valuation involves subjective judgement and high uncertainty in estimation, and the allowance for inventory valuation losses is material to the financial statements, we considered the allowance for inventory valuation losses as a key audit matter.

How our audit addressed the matter

We performed the following audit procedures in respect of the above key audit matter:

1. Assessed the reasonableness of policies and procedures on allowance for inventory valuation loss, including the reasonableness of classification of inventory in determining the net realisable value.

2. Obtained an understanding of the Group's warehousing control procedures. Reviewed the annual physical inventory count plan and participated in the annual inventory count in order to assess the effectiveness of the classification of inventory and internal control over inventory.

3. Checked the method in calculating the net realisable value of inventory and assessed the reasonableness of allowance for valuation loss.

We did not audit the financial statements of certain subsidiaries and investments accounted for under the equity method which were audited by other auditors. Therefore, our opinion expressed herein, insofar as it relates to the amounts included in respect of these subsidiaries and associates, is based solely on the reports of the other auditors. Total assets of these subsidiaries and the balances of these investments accounted for under the equity method amounted to NT$117,558,281 thousand and NT$153,545,065 thousand, constituting 24% and 27% of the consolidated total assets as at December 31, 2024 and 2023, respectively, and operating revenue amounted to NT$5,930,607 thousand and NT$19,942,215 thousand, constituting 2% and 6% of the consolidated total operating revenue for the years then ended, respectively. The comprehensive income recognised from these associates and joint ventures accounted for under the equity method amounted to NT$3,048,887 thousand and NT$11,145,442 thousand, constituting 4% and 62% of the consolidated total comprehensive income for the years ended December 31, 2024 and 2023, respectively.

We have audited and expressed an unmodified opinion on the parent company only financial statements of Formosa Chemicals & Fibre Corporation as at and for the years ended December 31, 2024 and 2023.

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group'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 Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including audit committee, are responsible for overseeing the Group's financial reporting process.

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the consolidated 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.

2. 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 Group's internal control.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

   estimates and related disclosures made by management.

4. 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 Group'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 consolidated 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 Group to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the consolidated financial statements,

   including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

6. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or

business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group 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.

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 consolidated financial statements of the current period 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.

Juanlu, Man-Yu Hsu, Sheng-Chung For and on Behalf of PricewaterhouseCoopers, Taiwan

March 7, 2025

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.

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

December 31, 2024 December 31, 2023

Assets Notes AMOUNT % AMOUNT %

Current assets

(Continued)

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

December 31, 2024 December 31, 2023

Liabilities and Equity Notes AMOUNT % AMOUNT %

The accompanying notes are an integral part of these consolidated financial statements.

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars, except for earnings per share amount)

Year ended December 31

2024 2023

Items Notes AMOUNT % AMOUNT %

(Continued)

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars, except for earnings per share amount)

Year ended December 31

2024 2023

Items Notes AMOUNT % AMOUNT %

Basic earnings per share (in dollars) 6(27) Before Tax After Tax Before Tax After Tax

9710 Profit for the year from continuing operations $ 0.16 $ 0.19 $ 1.26 $ 1.32

The accompanying notes are an integral part of these consolidated financial statements.

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 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

Total capital surplus, additional

Unappropriated

Financial statements translation

differences of

measured at fair value through other comprehensive

Gains (losses) on 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

(Continued)

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 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

Total capital surplus, additional

Unappropriated

Financial statements translation

differences of

measured at fair value through other comprehensive

Gains (losses) on 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

The accompanying notes are an integral part of these consolidated financial statements.

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

Year ended December 31

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FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

Year ended December 31

The accompanying notes are an integral part of these consolidated financial statements.

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

1. History and Organisation

   Formosa Chemicals & Fibre Corporation (the ''Company") was founded on March 5, 1965. The Company and its subsidiaries (together referred herein as the "Group") now has eight business divisions, namely First Chemical Division, Petrochemicals Division, Third Chemical Division, Plastics Division, Textile Division, First Fiber Division and its subsidiaries, Second Fiber Division, and Engineering & Construction Division. The Group's major businesses are production and sales of petrochemical products, including PTA, PS, AN, Butadiene, SM polymer, SM, benzene, toluene, p-xylene (PX) and o-xylene (OX), as well as nylon fiber, and rayon staple fiber. The Group is also engaged in spinning, weaving, dyeing and finishing.

2. The Date of Authorisation for Issuance of the Financial Statements and Procedures for Authorisation These consolidated financial statements were authorised for issuance by the Board of Directors on March 7, 2025.

3. Application of New Standards, Amendments and Interpretations

   1. Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards ("IFRS ®") Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission ("FSC")

      New standards, interpretations and amendments endorsed by the FSC and became effective from 2024 are as follows:

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      Amendments to IFRS 16, 'Lease liability in a sale and leaseback'	January 1, 2024
      Amendments to IAS 1, 'Classification of liabilities as current or non- current'	January 1, 2024
      Amendments to IAS 1, 'Non-current liabilities with covenants'	January 1, 2024
      Amendments to IAS 7 and IFRS 7, 'Supplier finance arrangements'	January 1, 2024

      The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

   2. Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but not yet adopted by the Group

      New standards, interpretations and amendments endorsed by the FSC effective from 2025 are as follows:

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      Amendments to IAS 21, 'Lack of exchangeability'	January 1, 2025

      The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

   3. IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC

      New standards, interpretations and amendments issued by IASB but not yet included in the IFRS Accounting Standards as endorsed by the FSC are as follows:

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      Amendments to IFRS 9 and IFRS 7, 'Amendments to the classification and measurement of financial instruments'	January 1, 2026
      Amendments to IFRS 9 and IFRS 7, 'Contracts referencing nature- dependent electricity'	January 1, 2026
      Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets between an investor and its associate or joint venture'	To be determined by International Accounting Standards Board
      IFRS 17, 'Insurance contracts'	January 1, 2023
      Amendments to IFRS 17, 'Insurance contracts'	January 1, 2023
      Amendment to IFRS 17, 'Initial application of IFRS 17 and IFRS 9 -comparative information'	January 1, 2023
      IFRS 18, 'Presentation and disclosure in financial statements'	January 1, 2027
      IFRS 19, 'Subsidiaries without public accountability: disclosures'	January 1, 2027
      Annual Improvements to IFRS Accounting Standards-Volume 11	January 1, 2026

      Except for the following, the above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

      1. Amendments to IFRS 9 and IFRS 7, 'Amendments to the classification and measurement of financial instruments'

         The IASB issued the amendments to:

         1. Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception relating to the derecognition of a financial liability (or part of a financial liability) settled through an electronic cash transfer system. Applying the exception, an entity is permitted to derecognise a financial liability at an earlier date if, and only if, the entity has

            initiated a payment instruction and specific conditions are met.

            The conditions for the exception are that the entity making the payment does not have:

            1. the practical ability to withdraw, stop or cancel the payment instruction;

            2. the practical ability to access the cash used for settlement; and

            3. significant settlement risk.

         2. Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion, covering contractual terms that can change cash flows based on contingent events (for example, interest rates linked to ESG targets), non-recourse features and contractually-linked instruments.

         3. Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets), including a qualitative description of the nature of the contingent event, quantitative information about the possible changes to contractual cash flows that could result from those contractual terms and the gross carrying amount of financial assets and amortised cost of financial liabilities subject to these contractual terms.

         4. Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The entity shall disclose the fair value of each class of investment and is no longer required to disclose the fair value of each investment. In addition, the amendments require the entity to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately the fair value gain or loss related to investments derecognised during the reporting period and the fair value gain or loss related to investments held at the end of the reporting period; and any transfers of the cumulative gain or loss within equity during the reporting period related to the investments derecognised during that reporting period.

      2. IFRS 18, 'Presentation and disclosure in financial statements'

         IFRS 18, 'Presentation and disclosure in financial statements' replaces IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to management-defined performance measures, and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes.

4. Summary of Material Accounting Policies

   The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

   1. Compliance statement

      The consolidated financial statements of the Group have been prepared in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers", International Financial Reporting Standards, International Accounting Standards, IFRIC®Interpretations, and SIC®Interpretations as endorsed by the FSC (collectively referred herein as the "IFRSs").

   2. Basis of preparation

      1. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:

         1. Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

         2. Financial assets at fair value through other comprehensive income.

         3. Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligation.

      2. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

   3. Basis of consolidation

      1. Basis for preparation of consolidated financial statements:

         1. All subsidiaries are included in the Group's consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.

         2. Inter-company transactions, balances and unrealised gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

         3. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

         4. Changes in a parent's ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.

         5. When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

      2. Subsidiaries included in the consolidated financial statements:

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities December 31, 2024 December 31, 2023 Description

         The Company	Formosa FCFC Carpet Corp.	Spinning, dyeing, printing, finishing and manufacturing synthetic fibre, rug and carpet	100.00	100.00	The Company holds more than 50% of voting rights.
         The Company	Formosa Renewable Energy Corp.	Renewable energy technical services	100.00	-	The Company holds more than 50% of voting rights.(Notes 2)
         The Company	FCFC Investment Corp. (Cayman)	Investing	100.00	100.00	The Company holds more than 50% of voting rights.
         The Company	Formosa Green Power Corp.	Renewable-energy-based electricity retailing	100.00	100.00	The Company holds more than 50% of voting rights.
         The Company	Formosa Biomedical Technology Corp.	Manufacturing and sales of cleaner and cosmetics	88.59	88.59	The Company holds more than 50% of voting rights.
         The Company	Formosa Idemitsu Petrochemical Corp.	Wholesale and retail of petrochemical and plastic raw materials	50.00	50.00	The Company has substantial control and thus regards Formosa Idemitsu Petrochemical Corp. as a subsidiary.

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities December 31, 2024 December 31, 2023 Description

         The Company	Formosa	Chemistry,	50.00	50.00	The Company has
         	INEOS	international			substantial
         	Chemicals	trade of			control and thus
         	Corp.	petrochemistry			regards Formosa
         					INEOS
         					Chemicals Corp.
         					as a subsidiary.
         The Company	Chia-Nan	Hydropower	51.00	51.00	The Company
         	Enterprise				holds more than
         	Corp.				50% of voting
         					rights.
         The Company	Formosa	Production and	42.50	42.50	The Company has
         	Industries	marketing of			substantial
         	Corp.	textile, polyester			control and thus
         		staple fibre,			regards Formosa
         		cotton,			Industries Corp.
         		hydropower			as a subsidiary.
         The Company	Formosa	Production and	37.40	37.40	The Company has
         	Taffeta Co.,	marketing of			substantial
         	Ltd.	Polyamine fabric,			control and thus
         		Polyester fabric,			regards Formosa
         		cotton fabric,			Taffeta Corp. as a
         		blended fabric			subsidiary.
         		and tire cord
         		fabric
         FCFC Investment	Formosa	Cogeneration	100.00	100.00	The company
         Corp. (Cayman)	Power	power generation			holds more than
         	(Ningbo) Co.,	business			50% of voting
         	Ltd.				rights through
         					wholly-owned
         					company - FCFC
         					Investment Corp.
         					(Cayman).
         FCFC Investment	Formosa	Investing	100.00	100.00	The company
         Corp. (Cayman)	Chemicals &				holds more than
         	Fibre (Hong				50% of voting
         	Kong) Co.,				rights through
         	Ltd.				wholly-owned
         					company - FCFC
         					Investment Corp.
         					(Cayman).
         Formosa Chemicals &	Formosa	Producing and	100.00	100.00	The company
         Fibre (Hong Kong)	Chemicals	marketing of			holds more than
         Co., Ltd.	Industries	PTA、PS、			50% of voting
         	(Ningbo) Co., Ltd.	ABS、Phenol			rights through wholly-owned
         					company - FCFC
         					Investment Corp.
         					(Hong Kong).

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities December 31, 2024 December 31, 2023 Description

         Formosa Biomedical Technology Corp.

         Hong Jing Resources Corp.

         Removal and disposal of waste

         90.61 71.00 The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Notes 1)

         Formosa Biomedical Technology Corp.

         Formosa Biomedical Technology (SAMOA)

         Co., Ltd.

         Investment 100.00 100.00 The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp.

         Formosa Biomedical Technology Corp.

         Formosa Waters Technology Co., Ltd.

         Manufacturing industrial catalyst and wholesale of other chemical products

         57.00 57.00 The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp.

         Formosa Biomedical Technology Corp.

         Formosa Bio & Energy Corp. (Japan)

         Manufacturing and sale of battery energy storage systems and related products

         57.45 57.45 The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp.

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities December 31, 2024 December 31, 2023 Description

         Formosa Biomedical Technology Corp.	Ivy Life Sciences Co., Ltd.	Research and development and clinical application of cell therapy technologies	51.00	51.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp.
         Formosa Biomedical Technology Corp.	Formosa Eco Life Technology Co., Ltd.	Sales of cleaning supplies	70.00	70.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp.
         Formosa Biomedical Technology Corp.	Formosa Biomedical Material Technology Corp.	Immunocyte capture and separation technology applications	52.63	-	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Notes 3)
         Formosa Biomedical Technology (SAMOA) Co., Ltd.	Formosa Biomedical Trading (Shanghai) Co., Ltd.	Importing, exporting and wholesale of heatlhy food	100.00	100.00	Formosa Biochemical Technology holds more than 50% of voting rights through a 100% owned company-Formosa Biomedical Technology (SAMOA) Co., Ltd.
         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Vietnam) Co., Ltd.	Production, processing, sales of yarn spinning, weaving, dyeing and finishing, carpets, curtains and cleaning supplies	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights.

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities December 31, 2024 December 31, 2023 Description

         Formosa Taffeta Co., Ltd.	Formosa Development Co., Ltd.	Handling urban land consolidation, housing and building development and rental, new county and community construction and investment, and specific area development	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights.
         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Hong Kong) Co., Ltd.	Sales of Nylon and Polyamine fabric	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights.
         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Dong Nai) Co., Ltd.	Manufacturing of nylon and polyester filament products	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights.
         Formosa Taffeta (Hong Kong) Co., Ltd.	Formosa Taffeta (Changshu) Co., Ltd.	Manufacturing and processing fabric of nylon filament knitted cloth, weaving and dyeing as well as post processing of knitted fabric	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Taffeta (Hong Kong) Co., Ltd.
         Formosa Taffeta (Hong Kong) Co., Ltd.	Formosa Taffeta (Zhong Shan) Co, Ltd.	Manufacturing of nylon and polyester filament greige cloth, coloured cloth, printed cloth and textured processing yarn products	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Taffeta (Hong Kong) Co., Ltd.
         Formosa Development Co., Ltd.	Public More Internation Co., Ltd.	Employment services and temporary worker services	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Development Co., Ltd.

         Note 1: On March 14, 2024, the Board of Directors of the Group's subsidiary, Formosa Biomedical Technology Corp., resolved to acquire 21.21% equity interest in Hong Jing Resources Corp. for a cash consideration of $326,641. On September 19, 2024, the subsidiary sold 1.60% equity interest in Hong Jing Resources Corp. at a price of $40 per share to employees. The shareholding ratio decreased from 92.21% to 90.61%.

         Note 2: On May 9, 2024, the Company was approved by the competent authority to establish Formosa Renewable Energy Corporation with an investment amount of $50,000, and the shareholding ratio was 100%.

         Note 3: On November 11, 2024, the Group's subsidiary, Formosa Biomedical Technology Crop., invested in the establishment of Formosa Biomedical Material Technology Corporation with an investment amount of $50,000, and the shareholding ratio was 100%. Additionally, on November 25, 2024, the board of directors of Formosa Biomedical Material Technology Corporation resolved to increase capital through intangible assets by $45,000. The shareholding ratio decreased from 100% to 52.63%.

      3. Subsidiaries not included in the consolidated financial statements: None

      4. Adjustments for subsidiaries with different balance sheet dates: None

      5. Significant restrictions: None

      6. Subsidiaries that have non-controlling interests that are material to the Group:

         As of December 31, 2024 and 2023, the non-controlling interest amounted to $32,937,544 and

         $44,430,187, respectively. The information on non-controlling interest and respective subsidiary is as follows:

         Non-controlling interest

         		December 31, 2024		December 31, 2023
         Name of	Principal place	Ownership		Ownership
         subsidiary	of business	Amount (%)		Amount (%)
         Formosa Taffeta
         Co., Ltd.	Taiwan	$ 23,000,840	62.60	$ 33,924,622	62.60

         Summarised financial information of the subsidiary: Balance sheets

         Formosa Taffeta Co., Ltd.

         	December 31, 2024	December 31, 2023
         Current assets	$ 15,290,355	$ 16,479,420
         Non-current assets	37,071,744	55,185,362
         Current liabilities	( 5,964,402)	( 5,675,993)
         Non-current liabilities	( 9,487,180)	( 11,636,817)
         Total net assets	$ 36,910,517	$ 54,351,972

         Statements of comprehensive income

         Formosa Taffeta Co., Ltd.

         		Year ended		Year ended
         		December 31, 2024		December 31, 2023
         Revenue		$ 28,715,705		$ 28,501,509
         Profit before income tax		1,653,567		550,957
         Income tax expense	(	163,382)	(	106,403)
         Profit for the year		1,490,185		444,554
         Other comprehensive (loss) income, net of tax	(	18,106,450)		665,729
         Total comprehensive (loss) income for the year	($	16,616,265)	$	1,110,283
         Statements of cash flows

         Formosa Taffeta Co., Ltd.

         Net cash provided by operating	$	3,308,379		$	4,092,706
         activities

         Year ended Year ended December 31, 2024 December 31, 2023

         Net cash used in investing activities	(	874,297)	(	1,364,064)
         Net cash used in financing activities	(	3,247,575)	(	3,916,306)
         Effect of exchange rates on cash and cash equivalents		97,014	(	48,979)
         Decrease in cash and cash equivalents	(	716,479)	(	1,236,643)
         Cash and cash equivalents,

         	4,241,157			5,477,800
         $	3,524,678		$	4,241,157

         beginning of year

         Cash and cash equivalents, end of year

   4. Foreign currency translation

      Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan dollars, which is the Company's functional and the Group's presentation currency.

      1. Foreign currency transactions and balances

         1. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss in the period in which they arise.

         2. Monetary assets and liabilities denominated in foreign currencies at the period end are re-translated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognised in profit or loss.

         3. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in other comprehensive income. However, non-monetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions.

         4. All foreign exchange gains and losses are presented in the statement of comprehensive income within 'other gains and losses'.

      2. Translation of foreign operations

         1. The operating results and financial position of all the group entities, associates and jointly controlled entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

            1. Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

            2. Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and

            3. All resulting exchange differences are recognised in other comprehensive income.

         2. When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, even when the Group retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

   5. Classification of current and non-current items

      1. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

         1. Assets arising from operating activities that are expected to be realised, or are intended to be sold or consumed within the normal operating cycle;

         2. Assets held mainly for trading purposes;

         3. Assets that are expected to be realised within twelve months from the balance sheet date;

         4. Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to settle liabilities more than twelve months after the balance sheet date.

      2. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

         1. Liabilities that are expected to be settled within the normal operating cycle;

         2. Liabilities arising mainly from trading activities;

         3. Liabilities that are to be settled within twelve months from the balance sheet date;

         4. It does not have the right at the end of the reporting period to defer settlement of the liability at least twelve months after the reporting period.

   6. Cash equivalents

      Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits that meet the definition above and are held for the purpose of meeting short-term cash commitments in operations are classified as cash equivalents.

   7. Financial assets at fair value through profit or loss

      1. Financial assets at fair value through profit or loss are financial assets that are not measured at amortised cost or fair value through other comprehensive income. Financial assets at amortised cost or fair value through other comprehensive income are designated as at fair value through profit or loss at initial recognition when they eliminate or significantly reduce a measurement or recognition inconsistency.

      2. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are recognised and derecognised using trade date accounting.

      3. At initial recognition, the Group measures the financial assets at fair value and recognises the transaction costs in profit or loss. The Group subsequently measures the financial assets at fair value, and recognises the gain or loss in profit or loss.

      4. The Group recognises the dividend income when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

   8. Financial assets at fair value through other comprehensive income

      1. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at initial recognition to recognise changes in fair value in other comprehensive income and debt instruments which meet all of the following criteria:

         1. The objective of the Group's business model is achieved both by collecting contractual cash flows and selling financial assets; and

         2. The assets' contractual cash flows represent solely payments of principal and interest.

      2. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive income are recognised and derecognised using trade date accounting.

      3. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. The Group subsequently measures the financial assets at fair value:

         1. The changes in fair value of equity investments that were recognised in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will