Taiwan Cogeneration Corporation
Standalone Financial Statements for the Years Ended December 31, 2023 and 2022 and Independent Auditors' Report
Taiwan Power Company (TPC) claimed to have suffered losses due to joint actions by Independent Power Producers, which violated the Fair Trade Act, and filed a civil action for damages against the associates of the Corporation, including Sun Ba Power Corporation, Star Energy Power Corporation, Star Buck Power Corporation, and Kuo Kuang Power Company Ltd.
The aforementioned associates commissioned attorneys to analyze the case and believe they have not caused any losses to TPC. As a result, they have not recognized provisions for the relevant litigation, which in turn has not affected the Corporation's balance of investment accounted for using the equity method and the share of profit of associates accounted for using the equity method. The aforementioned associates have also engaged attorneys to assist with civil litigation matters. Since the litigation is still ongoing and the claimed amount is material to the standalone financial statements of the Corporation, the outcome may change with subsequent developments of the cases, involving significant judgments by management. Thus, the assessment of contingent events in the associates' litigation related to the Fair Trade Act was considered as one of the key audit matters.
In our audit, we have obtained relevant documents, such as the lawsuit papers for the aforementioned case; discussed the management's correspondence with attorneys and the evaluation of the pending litigation; sent confirmation requests to the attorneys and reviewed their responses and assessments; and reviewed the latest developments of the pending litigation up to the date of the audit report to assess whether the associates' litigation related to the Fair Trade Act had been appropriately accounted for and disclosed in accordance with International Accounting Standard 37, "Provisions, Contingent Liabilities and Contingent Assets".
Evaluation of Profit and Loss of Construction Contracts
Please refer to Note 22 for information on construction contracts, Note 4(m) for the accounting policies on revenue recognition of construction contracts, and Note 5(b) for the critical accounting judgments and key sources of estimation uncertainty related to the evaluation of profit and loss of construction contracts.
The Corporation has entered into a construction contract for a large-scale offshore wind power generation project in central Taiwan. The construction service revenue of the aforementioned contract recognized for the year ended December 31, 2023 amounted to NT$901,290 thousand, representing 38% of the Corporation's standalone operating revenue. The percentage of completion and related profit or loss from the construction contract were assessed and determined by the Corporation's management based on the nature of activities, expected subcontracting, construction periods, progress, methods, etc., involving critical accounting judgments made by the management. Thus, the evaluation of profit and loss of construction contracts was considered as one of the key audit matters.
In our audit, we visited and observed the construction site; obtained the construction contract and construction project schedules; expected total construction cost, and construction acceptance reports; verified the construction cost, the estimated remaining cost before completion, and related supporting documents on a sampling basis in evaluating the reasonableness of the method and assumptions used by the management in the calculation of the percentage of completion; recalculated the percentage of completion, construction service revenue, construction service cost, profit or loss of the construction contract, contract assets and contract liabilities for accuracy; and assessed the appropriateness of provisions.
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Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
Management is responsible for the preparation and fair presentation of the standalone financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of standalone financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, including the audit committee, are responsible for overseeing the Corporation's financial reporting process.
Auditors' Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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 standalone financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Corporation's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Corporation to cease to continue as a going concern.
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- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Corporation to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 standalone financial statements for the year ended December 31, 2023, and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audits resulting in this independent auditors' report are Chao-Mei Chen and Cheng-Chuan Yu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
March 13, 2024
Notice to Readers
The accompanying standalone financial statements are intended only to present the standalone financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such standalone financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' report and the accompanying standalone financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' report and standalone financial statements shall prevail.
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TAIWAN COGENERATION CORPORATION
STANDALONE BALANCE SHEETS DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars)
2023 | 2022 | ||||||||||||
ASSETS | Amount | % | Amount | % | |||||||||
CURRENT ASSETS | |||||||||||||
Cash and cash equivalents (Notes 4 and 6) | $ | 1,072,266 | 5 | $ | 463,149 | 3 | |||||||
Financial assets at amortized cost (Notes 4, 7 and 8) | 450,000 | 2 | - | - | |||||||||
Contract assets (Notes 4, 5, 20 and 22) | 910,325 | 5 | 587,598 | 3 | |||||||||
Accounts receivable (Notes 4, 9 and 22) | 87,972 | 1 | 139,369 | 1 | |||||||||
Accounts receivable from related parties (Notes 4, 22 and 30) | 59,344 | - | 81,535 | - | |||||||||
Finance lease receivables (Notes 4, 10 and 30) | 10,275 | - | 10,656 | - | |||||||||
Other receivables (Notes 4 and 30) | 2,647 | - | 2,019 | - | |||||||||
Current income tax assets (Note 24) | 972 | - | 6,957 | - | |||||||||
Inventories (Notes 4 and 11) | 7,951 | - | 18,104 | - | |||||||||
Prepaid construction costs (Notes 20 and 30) | - | - | 284,186 | 2 | |||||||||
Prepaid value-added tax | 13,528 | - | 18,499 | - | |||||||||
Other current assets | 5,064 | - | 1,450 | - | |||||||||
Total current assets | 2,620,344 | 13 | 1,613,522 | 9 | |||||||||
NON-CURRENT ASSETS | |||||||||||||
Financial assets at fair value through other comprehensive income (Notes 4, 12 and 29) | 270,054 | 1 | 277,120 | 2 | |||||||||
Investments accounted for using the equity method (Notes 4, 13 and 31) | 17,138,040 | 84 | 16,266,079 | 87 | |||||||||
Property, plant and equipment (Notes 4 and 14) | 372,609 | 2 | 364,079 | 2 | |||||||||
Right-of-use assets (Notes 4 and 15) | 21,091 | - | 33,684 | - | |||||||||
Computer software cost (Note 4) | 5,931 | - | 8,165 | - | |||||||||
Deferred income tax assets (Notes 4 and 24) | 66,110 | - | 70,471 | - | |||||||||
Long-term finance lease receivables (Notes 4, 10 and 30) | 880 | - | 11,688 | - | |||||||||
Prepayments for equipment | - | - | 7,149 | - | |||||||||
Refundable deposits | 5,779 | - | 5,787 | - | |||||||||
Total non-current assets | 17,880,494 | 87 | 17,044,222 | 91 | |||||||||
TOTAL | $ | 20,500,838 | 100 | $ | 18,657,744 | 100 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
CURRENT LIABILITIES | |||||||||||||
Short-term bills payable (Note 16) | $ | 999,130 | 5 | $ | 999,276 | 5 | |||||||
Contract liabilities (Notes 4, 5, 20 and 22) | - | - | 284,135 | 2 | |||||||||
Accounts payable | 77,521 | - | 132,999 | 1 | |||||||||
Construction costs payable | 315,849 | 2 | 118,984 | 1 | |||||||||
Construction costs payable to related parties (Note 30) | 891,019 | 4 | 566,064 | 3 | |||||||||
Accounts payable to related parties (Note 30) | 581 | - | 1,277 | - | |||||||||
Other payables (Notes 18 and 30) | 124,432 | 1 | 108,868 | 1 | |||||||||
Lease liabilities (Notes 4 and 15) | 27,345 | - | 27,519 | - | |||||||||
Current portion of long-term borrowings (Note 16) | - | - | 780,000 | 4 | |||||||||
Other current liabilities | 718 | - | 749 | - | |||||||||
Total current liabilities | 2,436,595 | 12 | 3,019,871 | 17 | |||||||||
NON-CURRENT LIABILITIES | |||||||||||||
Long-term borrowings (Note 16) | - | - | 1,320,000 | 7 | |||||||||
Bonds payable (Note 17) | 2,498,517 | 12 | 2,497,884 | 13 | |||||||||
Lease liabilities (Notes 4 and 15) | 5,455 | - | 28,980 | - | |||||||||
Net defined benefit liabilities (Notes 4 and 19) | 97,674 | 1 | 90,262 | - | |||||||||
Guarantee deposits received | 13,025 | - | 7,338 | - | |||||||||
Total non-current liabilities | 2,614,671 | 13 | 3,944,464 | 20 | |||||||||
Total liabilities | 5,051,266 | 25 | 6,964,335 | 37 | |||||||||
EQUITY (Notes 21 and 26) | |||||||||||||
Share capital | |||||||||||||
Ordinary shares | 7,302,820 | 35 | 5,890,486 | 32 | |||||||||
Capital surplus | 2,621,919 | 13 | 499,694 | 3 | |||||||||
Retained earnings | |||||||||||||
Legal reserve | 1,828,961 | 9 | 1,737,133 | 9 | |||||||||
Special reserve | 2,435,361 | 12 | 2,621,945 | 14 | |||||||||
Unappropriated earnings | 1,269,700 | 6 | 958,281 | 5 | |||||||||
Total retained earnings | 5,534,022 | 27 | 5,317,359 | 28 | |||||||||
Other equity | (9,189) | - | (14,130) | - | |||||||||
Total equity | 15,449,572 | 75 | 11,693,409 | 63 | |||||||||
TOTAL | $ | 20,500,838 | 100 | $ | 18,657,744 | 100 | |||||||
The accompanying notes are an integral part of the standalone financial statements.
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TAIWAN COGENERATION CORPORATION
STANDALONE STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2023 | 2022 | ||||||||||
Amount | % | Amount | % | ||||||||
OPERATING REVENUE (Notes 4, 5, 22 and 30) | |||||||||||
Sales | $ 894,292 | 37 | $ 953,002 | 36 | |||||||
Construction services | 1,441,994 | 61 | 1,623,072 | 62 | |||||||
Consulting services | 42,895 | 2 | 42,665 | 2 | |||||||
Total operating revenue | 2,379,181 | 100 | 2,618,739 | 100 | |||||||
OPERATING COSTS (Notes 5, 19, 23 and 30) | |||||||||||
Cost of sales | 890,270 | 37 | 991,498 | 38 | |||||||
Construction services | 1,407,948 | 59 | 1,570,988 | 60 | |||||||
Consulting services | 35,283 | 2 | 37,270 | 1 | |||||||
Total operating costs | 2,333,501 | 98 | 2,599,756 | 99 | |||||||
GROSS PROFIT | 45,680 | 2 | 18,983 | 1 | |||||||
REALIZED GAIN ON TRANSACTIONS WITH | |||||||||||
ASSOCIATES | 29,367 | 1 | 29,367 | 1 | |||||||
REALIZED GROSS PROFIT | 75,047 | 3 | 48,350 | 2 | |||||||
OPERATING EXPENSES (Notes 19, 23, 26 and 30) | 341,213 | 14 | 229,744 | 9 | |||||||
LOSS FROM OPERATIONS | (266,166) | (11) | (181,394) | (7) | |||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||
Interest income | 9,924 | 1 | 1,657 | - | |||||||
Other income (Notes 23 and 30) | 27,809 | 1 | 22,138 | 1 | |||||||
Other gains and losses (Note 23) | (2,316) | - | 21,868 | - | |||||||
Finance costs (Note 23) | (42,630) | (2) | (46,120) | (2) | |||||||
Share of profit of subsidiaries and associates | |||||||||||
accounted for using the equity method (Note 13) | 1,531,152 | 64 | 1,094,449 | 42 | |||||||
Total non-operating income and expenses | 1,523,939 | 64 | 1,093,992 | 42 | |||||||
PROFIT BEFORE INCOME TAX | 1,257,773 | 53 | 912,598 | 35 | |||||||
INCOME TAX EXPENSE (Notes 4 and 24) | (5,498) | - | (5,824) | - | |||||||
NET PROFIT | 1,252,275 | 53 | 906,774 | 35 | |||||||
(Continued) |
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TAIWAN COGENERATION CORPORATION
STANDALONE STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2023 | 2022 | ||||||||||||||
Amount | % | Amount | % | ||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||
Items that will not be reclassified subsequently to | |||||||||||||||
profit or loss: | |||||||||||||||
Remeasurement of defined benefit plan (Note 19) | $ | (5,685) | - | $ | 9,878 | 1 | |||||||||
Unrealized (loss) gain on investments in equity | |||||||||||||||
instruments at fair value through other | |||||||||||||||
comprehensive income (Note 29) | (7,066) | - | 1,810 | - | |||||||||||
Share of remeasurement of defined benefit plans | |||||||||||||||
of subsidiaries and associates accounted for | |||||||||||||||
using the equity method | (229) | - | 3,602 | - | |||||||||||
Share of unrealized gain (loss) on investments in | |||||||||||||||
equity instruments at fair value through other | |||||||||||||||
comprehensive income of associates accounted | |||||||||||||||
for using the equity method | 5,255 | - | (16,946) | (1) | |||||||||||
Income tax relating to items that will not be | |||||||||||||||
reclassified subsequently to profit or loss | |||||||||||||||
(Notes 4 and 24) | 1,137 | - | (1,975) | - | |||||||||||
(6,588) | - | (3,631) | - | ||||||||||||
Items that may be reclassified subsequently to profit | |||||||||||||||
or loss: | |||||||||||||||
Share of exchange differences on translation of the | |||||||||||||||
financial statements of foreign operations of | |||||||||||||||
subsidiaries accounted for using the equity | |||||||||||||||
method | 3,720 | - | (986) | - | |||||||||||
Share of other comprehensive income (loss) of | |||||||||||||||
associate accounted for using the equity | |||||||||||||||
method- loss on hedging instruments | 3,032 | - | (9,386) | (1) | |||||||||||
6,752 | - | (10,372) | (1) | ||||||||||||
Other comprehensive income (loss), net of | |||||||||||||||
income tax | 164 | - | (14,003) | (1) | |||||||||||
TOTAL COMPREHENSIVE INCOME | $ 1,252,439 | 53 | $ | 892,771 | 34 | ||||||||||
EARNINGS PER SHARE (Note 25) | |||||||||||||||
Basic | $ | 1.82 | $ | 1.44 | |||||||||||
Diluted | $ | 1.82 | $ | 1.44 | |||||||||||
The accompanying notes are an integral part of the standalone financial statements. | (Concluded) |
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TAIWAN COGENERATION CORPORATION
STANDALONE STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (In Thousands of New Taiwan Dollars)
Other Equity | ||||||||||||||||||||||||||||||||||||
Exchange | Unrealized (Loss) | |||||||||||||||||||||||||||||||||||
Differences on | Gain on | |||||||||||||||||||||||||||||||||||
Translation of | Financial Assets | |||||||||||||||||||||||||||||||||||
the Financial | at Fair Value | |||||||||||||||||||||||||||||||||||
Retained Earnings | Statements of | through Other | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Unappropriated | Foreign | Comprehensive | Hedging | |||||||||||||||||||||||||||||||||
Ordinary Shares | Capital Surplus | Legal Reserve | Special Reserve | Earnings | Operations | Income | Instruments | Total Equity | ||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2022 | $ | 5,890,486 | $ | 499,694 | $ | 1,644,763 | $ | 2,823,917 | $ | 961,235 | $ | (70,640) | $ | 82,018 | $ | - | $ 11,831,473 | |||||||||||||||||||
Appropriation of 2021 earnings | ||||||||||||||||||||||||||||||||||||
Legal reserve | - | - | 92,370 | - | (92,370) | - | - | - | - | |||||||||||||||||||||||||||
Reversal of special reserve | - | - | - | (201,972) | 201,972 | - | - | - | - | |||||||||||||||||||||||||||
Cash dividends | - | - | - | - | (1,030,835) | - | - | - | (1,030,835) | |||||||||||||||||||||||||||
- | - | 92,370 | (201,972) | (921,233) | - | - | - | (1,030,835) | ||||||||||||||||||||||||||||
Net profit for the year ended December 31, 2022 | - | - | - | - | 906,774 | - | - | - | 906,774 | |||||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | 11,505 | (986) | (15,136) | (9,386) | (14,003) | |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | 918,279 | (986) | (15,136) | (9,386) | 892,771 | |||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2022 | 5,890,486 | 499,694 | 1,737,133 | 2,621,945 | 958,281 | (71,626) | 66,882 | (9,386) | 11,693,409 | |||||||||||||||||||||||||||
Appropriation of 2022 earnings | ||||||||||||||||||||||||||||||||||||
Legal reserve | - | - | 91,828 | - | (91,828) | - | - | - | - | |||||||||||||||||||||||||||
Special reserve | - | - | - | 14,130 | (14,130) | - | - | - | - | |||||||||||||||||||||||||||
Reversal of special reserve | - | - | - | (200,714) | 200,714 | - | - | - | - | |||||||||||||||||||||||||||
Cash dividends | - | - | - | - | (618,501) | - | - | - | (618,501) | |||||||||||||||||||||||||||
Share dividends | 412,334 | - | - | - | (412,334) | - | - | - | - | |||||||||||||||||||||||||||
412,334 | - | 91,828 | (186,584) | (936,079) | - | - | - | (618,501) | ||||||||||||||||||||||||||||
Net profit for the year ended December 31, 2023 | - | - | - | - | 1,252,275 | - | - | - | 1,252,275 | |||||||||||||||||||||||||||
Other comprehensive (loss) income for the year ended December 31, 2023 | - | - | - | - | (4,777) | 3,720 | (1,811) | 3,032 | 164 | |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2023 | - | - | - | - | 1,247,498 | 3,720 | (1,811) | 3,032 | 1,252,439 | |||||||||||||||||||||||||||
Issuance of ordinary share for cash | 1,000,000 | 2,025,799 | - | - | - | - | - | - | 3,025,799 | |||||||||||||||||||||||||||
Compensation cost recognized from the issuance of ordinary shares for cash to | ||||||||||||||||||||||||||||||||||||
employees (Notes 4 and 26) | - | 96,426 | - | - | - | - | - | - | 96,426 | |||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2023 | $ | 7,302,820 | $ | 2,621,919 | $ | 1,828,961 | $ | 2,435,361 | $ | 1,269,700 | $ | (67,906) | $ | 65,071 | $ | (6,354) | $ 15,449,572 | |||||||||||||||||||
The accompanying notes are an integral part of the standalone financial statements.
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TAIWAN COGENERATION CORPORATION
STANDALONE STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (In Thousands of New Taiwan Dollars)
2023 | 2022 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Profit before income tax | $ 1,257,773 | $ | 912,598 | ||
Adjustments for: | |||||
Depreciation expense | 50,750 | 46,958 | |||
Amortization expense | 2,941 | 2,815 | |||
Finance costs | 42,630 | 46,120 | |||
Interest income | (9,924) | (1,657) | |||
Dividend income | (8,000) | (8,000) | |||
Compensation cost of employee share options (Notes 4 and 26) | 96,426 | - | |||
Share of profit of subsidiaries and associates accounted for using the | |||||
equity method | (1,531,152) | (1,094,449) | |||
Gain on disposal of investment accounted for using the equity | |||||
method | - | (15,070) | |||
Write-down of inventories | 301 | - | |||
Unrealized loss on foreign currency exchange | 424 | 573 | |||
Realized gain on transactions with subsidiaries and associates | (29,367) | (29,367) | |||
Loss on lease modification | 168 | 4 | |||
Changes in operating assets and liabilities | |||||
Contract assets | (322,727) | 477,416 | |||
Accounts receivable | 51,397 | 86,315 | |||
Accounts receivable from related parties | 22,191 | (46,701) | |||
Other receivables | 852 | (848) | |||
Inventories | 9,852 | (4,917) | |||
Prepaid construction costs | 284,186 | (284,186) | |||
Other current assets | (3,614) | (71) | |||
Prepaid value-added tax | 4,971 | (10,180) | |||
Contract liabilities | (284,135) | 284,135 | |||
Accounts payable | (54,841) | 8,714 | |||
Accounts payable to related parties | (696) | 119 | |||
Construction costs payable | 521,820 | (1,273,614) | |||
Other payables | 11,055 | 15,176 | |||
Other current liabilities | (31) | 69 | |||
Net defined benefit liabilities | 1,727 | 939 | |||
Cash generated from (used in) operations | 114,977 | (887,109) | |||
Interest received | 8,444 | 1,657 | |||
Dividends received | 628,336 | 398,152 | |||
Interest paid | (42,727) | (45,491) | |||
Income tax refunded (paid) | 5,985 | (146) | |||
Net cash generated from (used in) operating activities | 715,015 | (532,937) | |||
(Continued) |
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