2024Q4 Standalone Earnings Release

2024

2023

ASSETS

Amount

%

Amount

%

CURRENT ASSETS

Cash and cash equivalents (Notes 4 and 6)

$

883,904

9

$

444,895

4

Financial assets at fair value through profit or loss (FVTPL) - current (Notes 4 and 7)

98,357

1

35,087

-

Trade receivables, net (Notes 4, 5, 9, 21 and 29)

214,365

2

148,866

2

Other receivables (Notes 4 and 29)

11,135

-

56,327

1

Inventories (Notes 4 and 10)

429,744

4

598,840

6

Other financial assets - current (Notes 4, 15 and 25)

75,917

1

-

-

Other current assets (Notes 4 and 15)

38,537

-

43,124

-

Total current assets

1,751,959

17

1,327,139

13

NON-CURRENT ASSETS

Financial assets at FVTPL - non-current (Notes 4 and 7)

529,655

5

658,569

6

Financial assets at fair value through other comprehensive income (FVTOCI) - non-current (Notes 4

and 8)

74,521

1

91,766

1

Investments accounted for using the equity method (Notes 4 and 11)

7,097,246

67

7,198,582

70

Property, plant and equipment (Notes 4, 12 and 30)

668,069

6

680,224

7

Right-of-use assets (Notes 4 and 13)

150,021

1

156,686

2

Intangible assets (Notes 4 and 14)

157,163

2

133,241

1

Deferred tax assets (Notes 4 and 23)

2,485

-

2,485

-

Net defined benefit assets - non-current (Notes 4 and 19)

68,223

1

40,513

-

Other financial assets- non-current (Notes 4, 15 and 30)

10,500

-

10,500

-

Other non-current assets (Notes 4 and 15)

9,037

-

9,037

-

Total non-current assets

8,766,920

83

8,981,603

87

TOTAL

$

10,518,879

100

$

10,308,742

100

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Contract liabilities - current (Note 21)

$

23,996

-

$

8,439

-

Accounts payable (Note 17)

120,116

1

63,452

1

Lease liabilities - current (Notes 4 and 13)

5,106

-

5,316

-

Current portion of long-term bank borrowings (Note 16)

231,250

2

270,295

3

Other current liabilities (Notes 18 and 29)

404,570

4

351,780

3

Total current liabilities

785,038

7

699,282

7

NON-CURRENT LIABILITIES

Long-term borrowings (Note 16)

931,250

9

929,705

9

Lease liabilities - non-current (Notes 4 and 13)

154,655

2

159,761

2

Guarantee deposits (Note 29)

38,755

-

34,775

-

Total non-current liabilities

1,124,660

11

1,124,241

11

Total liabilities

1,909,698

18

1,823,523

18

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Notes 4 and 20)

Share capital

Ordinary shares

5,919,949

56

5,919,949

57

Capital surplus

1,148,828

11

1,160,931

11

Retained earnings

Legal reserve

1,898,136

18

1,898,136

19

Special reserve

124,159

1

180,682

2

Accumulated deficit

(147,075)

(1)

(486,919)

(5)

Total retained earnings

1,875,220

18

1,591,899

16

Other equity

(271,415)

(2)

(124,159)

(1)

Treasury shares

(63,401)

(1)

(63,401)

(1)

Total equity

8,609,181

82

8,485,219

82

TOTAL

$

10,518,879

100

$

10,308,742

100

2024

2023

Amount

%

Amount

%

NET OPERATING REVENUE (Notes 4, 21 and 29)

$ 1,633,620

100

$ 1,132,485

100

OPERATING COSTS (Notes 10, 22 and 29)

856,520

52

826,378

73

GROSS PROFIT

777,100

48

306,107

27

OPERATING EXPENSES (Notes 22 and 29)

Selling and marketing expenses

74,372

4

86,356

8

General and administrative expenses

190,819

12

182,195

16

Research and development expenses

1,177,622

72

1,065,224

94

Total operating expenses

1,442,813

88

1,333,775

118

LOSS FROM OPERATIONS

(665,713)

(41)

(1,027,668)

(91)

NON-OPERATING INCOME AND EXPENSES

(Notes 4, 11, 22, 25 and 29)

Interest income

7,735

1

4,591

1

Other income

134,719

8

55,336

5

Other gains and losses

156,859

10

147,616

13

Finance costs

(30,469)

(2)

(30,260)

(3)

Share of profit or loss of subsidiaries and associates

655,839

40

340,625

30

Total non-operating income and expenses

924,683

57

517,908

46

PROFIT (LOSS) BEFORE INCOME TAX

258,970

16

(509,760)

(45)

INCOME TAX EXPENSE (Notes 4 and 23)

1

-

8

-

NET PROFIT (LOSS) FOR THE YEAR

258,969

16

(509,768)

(45)

OTHER COMPREHENSIVE INCOME (LOSS)

Items that will not be reclassified subsequently to

profit or loss (Notes 4, 19 and 20):

Remeasurement of defined benefit plans

25,392

2

4,200

-

Unrealized (loss) gain on investments in equity

instruments at fair value through other

comprehensive income

(185,245)

(11)

61,279

5

Share of other comprehensive (loss) income of

subsidiaries and associates accounted for using

equity method

(25,531)

(2)

50,547

5

(Continued)

2024

2023

Amount

%

Amount

%

Items that may be reclassified subsequently to profit

or loss (Notes 4 and 20):

Exchange differences on translation of the

financial statements of foreign operations

$

-

-

$

12,510

1

Share of other comprehensive income (loss) of

subsidiaries and associates accounted for using

the equity method

75,454

4

(39,826)

(3)

Other comprehensive (loss) income for the year,

net of income tax

(109,930)

(7)

88,710

8

TOTAL COMPREHENSIVE INCOME (LOSS) FOR

THE YEAR

$

149,039

9

$

(421,058)

(37)

EARNINGS (LOSS) PER SHARE (Note 24)

Basic earnings per share

$

0.44

$

(0.84)

Diluted earnings per share

$

0.44

$

(0.84)

The accompanying notes are an integral part of the financial statements.

(Concluded)

Other Equity

Retained Earnings

Exchange Differences

Unappropriated

on Translating

Earnings

the Financial

Unrealized Gain

Share Capital Issued and Outstanding

(Accumulated

Statements of

(Losses) on

Share (Thousands)

Amount

Capital Surplus

Legal Reserve

Special Reserve

Deficit)

Foreign Operations

Financial Assets

Treasury Shares

Total Equity

BALANCE AT JANUARY 1, 2023

591,995

$

5,919,949

$

1,197,373

$

1,870,234

$

239,203

$

279,413

$

(136,477)

$

(44,206)

$

(63,401)

$

9,262,088

Appropriation of the 2022 earnings

Legal reserve

-

-

-

27,902

-

(27,902)

-

-

-

-

Cash dividends distributed by the Company

-

-

-

-

-

(309,613)

-

-

-

(309,613)

Reversal of special reserve

-

-

-

-

(58,521)

58,521

-

-

-

-

Changes in capital surplus from investments in associates accounted for

using the equity method

-

-

21,249

-

-

-

-

-

-

21,249

Issuance of share dividends from capital surplus

-

-

(45,584)

-

-

-

-

-

-

(45,584)

Proceeds from disposal of subsidiaries

-

-

-

-

-

-

(26,377)

-

-

(26,377)

Changes in percentage of ownership interests in subsidiaries

-

-

(14,244)

-

-

-

-

-

-

(14,244)

Net loss for the year ended December 31, 2023

-

-

-

-

-

(493,147)

-

-

-

(493,147)

Other comprehensive income (loss) for the year ended December 31, 2023,

net of income tax

-

-

-

-

-

5,809

(27,316)

110,217

-

88,710

Total comprehensive income (loss) for the year ended December 31, 2023

-

-

-

-

-

(487,338)

(27,316)

110,217

-

(404,437)

Adjustments to capital surplus for the Company cash dividends received

by subsidiaries

-

-

2,137

-

-

-

-

-

-

2,137

BALANCE AT DECEMBER 31, 2023

591,995

5,919,949

1,160,931

1,898,136

180,682

(486,919)

(190,170)

66,011

(63,401)

8,485,219

Appropriation of the 2023 earnings

Reversal of special reserve

-

-

-

-

(56,523)

56,523

-

-

-

-

Changes in capital surplus from investments in associates accounted for

using the equity method

-

-

(43,427)

-

-

-

-

-

-

(43,427)

Proceeds from disposal of subsidiaries

-

-

-

-

-

-

(1,102)

-

-

(1,102)

Proceeds from disposal of associates

-

-

1,264

-

-

-

10,887

(23,039)

-

(10,888)

Difference between consideration and carrying amount of the subsidiaries

during actual disposal or acquisition

-

-

32,258

-

-

-

83

197

-

32,538

Changes in percentage of ownership interests in subsidiaries

-

-

(2,198)

-

-

-

-

-

-

(2,198)

Net profit for the year ended December 31, 2024

-

-

-

-

-

258,969

-

-

-

258,969

Other comprehensive income (loss) for the year ended December 31, 2024,

net of income tax

-

-

-

-

-

27,757

75,454

(213,141)

-

(109,930)

Total comprehensive income (loss) for the year ended December 31, 2024

-

-

-

-

-

286,726

75,454

(213,141)

-

149,039

Disposal of investments in equity instruments designated as at fair value

through other comprehensive income

-

-

-

-

-

(3,405)

-

3,405

-

-

BALANCE AT DECEMBER 31, 2024

591,995

$

5,919,949

$

1,148,828

$

1,898,136

$

124,159

$

(147,075)

$

(104,848)

$

(166,567)

$

(63,401)

$

8,609,181

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Income (loss) before income tax

$ 258,970

$ (493,139)

Adjustments for:

Depreciation expense

165,680

193,706

Amortization expense

90,411

83,842

Net loss (gain) on the fair value change of financial assets at FVTPL

11,832

(94,023)

Financial costs

30,469

30,260

Interest income

(7,735)

(4,591)

Dividends income

-

(2,853)

Share of profit of subsidiaries and associates

(655,839)

(357,246)

Gain on disposal of subsidiaries

-

(19,485)

Gain on disposal of associates

(123,888)

-

Impairment loss recognized on financial assets

-

6,009

Unrealized gain on the transactions with subsidiaries and associates

(1,289)

(1,388)

Net (gain) loss on foreign currency exchange

(2,285)

3,655

Changes in operating assets and liabilities:

Trade receivables

(61,217)

32,391

Other receivables

(5,389)

53,427

Inventories

169,096

378,779

Other current assets

(1,219)

9,068

Net defined benefit assets

(27,710)

(8,520)

Contract liabilities

15,557

(5,588)

Accounts payables

55,931

(107,937)

Other current liabilities

5,697

33,554

Net defined benefit liabilities

25,392

4,200

Cash used in operations

(57,536)

(265,879)

Interest received

7,768

4,521

Dividends received

429,508

466,218

Interest paid

(31,299)

(28,876)

Income tax paid

(1)

(8)

Net cash generated from operating activities

348,440

175,976

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of financial assets at FVTOCI

(168,000)

(15,290)

Purchase of financial assets at FVTPL

(18,682)

(284,553)

Proceeds from the disposal of financial assets at FVTPL

79,090

164,845

Acquisition of investments accounted for using equity method

(3,508)

(398,518)

Proceeds from disposal of associates

386,141

-

Net cash inflow on disposal of subsidiaries

-

531,454

Payments for property, plant and equipment

(143,780)

(126,154)

Decrease in refundable deposits

-

58

Payments for intangible assets

(65,389)

(42,095)

Other financial assets

(75,917)

45,453

2024

2023

Proceeds from return of capital of financial assets at FVTPL

$

2,208

$

-

Refund of shares through capital reduction of financial assets at

FVTPL

95,000

120,000

Net cash generated from (used in) investing activities

87,163

(4,800)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term borrowings

850,000

200,000

Repayments of long-term borrowings

(887,500)

-

Proceeds from guarantee deposits received

1,900

2,579

Refund of guarantee deposits received

-

(14,619)

Repayment of the principal portion of lease liabilities

(5,316)

(5,169)

Cash dividends paid

-

(355,197)

Disposal of equity in subsidiaries

41,397

-

Net cash generated from (used in) financing activities

481

(172,406)

EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE

OF CASH HELD IN FOREIGN CURRENCIES

2,925

(541)

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS

439,009

(1,771)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE

YEAR

444,895

446,666

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

$

883,904

$

444,895

The accompanying notes are an integral part of the financial statements.

(Concluded)