YFY Inc. and Subsidiaries
Consolidated Financial Statements for the
Three Months Ended March 31, 2024 and 2023 and Independent Auditors' Review Report
INDEPENDENT AUDITORS' REVIEW REPORT
The Board of Directors and Shareholders
YFY Inc.
Introduction
We have reviewed the accompanying consolidated balance sheets of YFY Inc. and its subsidiaries (collectively referred to as the "Group") as of March 31, 2024 and 2023, the related consolidated statements of comprehensive income, the consolidated statements of changes in equity and cash flows for the three months ended March 31, 2024 and 2023, and the related notes to the consolidated financial statements, including a summary of significant accounting policies. 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 International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.
Scope of Review
Except as explained in the following paragraph, we conducted our reviews in accordance with the Standards on Review Engagements of the Republic of China 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". 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.
Basis for Qualified Conclusion
As disclosed in Notes 15 and 16 to the consolidated financial statements, the financial statements of some non-significant subsidiaries and investments accounted for using the equity method included in the consolidated financial statements referred to in the first paragraph were not reviewed. As of March 31, 2024 and 2023, the combined total assets of these non-significant subsidiaries were NT$30,710,045 thousand and NT$28,046,163 thousand, respectively, representing 21% and 20%, respectively, of the consolidated total assets, and the combined total liabilities of these non-significant subsidiaries were NT$7,799,181 thousand and NT$8,121,880 thousand, respectively, representing both of 11%, of the consolidated total liabilities; for the three months ended March 31, 2024 and 2023, the amounts of combined comprehensive income of these non-significant subsidiaries were a gain of NT$360,537 thousand and a gain of NT$89,419 thousand, respectively, representing 7% and 19%, respectively, of the consolidated total comprehensive income. As of March 31, 2024 and 2023, the carrying amounts of the above mentioned investments accounted for using the equity method were NT$145,531 thousand and NT$120,082 thousand, respectively; for the three months ended March 31, 2024 and 2023, the
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amounts of comprehensive income of investments accounted for using the equity method were a gain of NT$709 thousand and a loss of NT$6,753 thousand, respectively.
Qualified Conclusion
Based on our reviews, except for the adjustments, if any, as might have been determined to be necessary had the financial statements of the non-significant subsidiaries and investments accounted for using the equity method as described in the preceding paragraph been reviewed, nothing has come to our attention that has caused 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 of March 31, 2024 and 2023, and its consolidated financial performance and consolidated cash flows for the three months ended March 31, 2024 and 2023 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
The engagement partners on the reviews resulting in this independent auditors' review report are Hui-Min Huang and Chih-Ming Shao.
Deloitte & Touche
Taipei, Taiwan
Republic of China
May 13, 2024
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated 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 review such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' review report and the accompanying consolidated 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' review report and consolidated financial statements shall prevail.
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | ||||||||||||||
CURRENT ASSETS (Note 4) | ||||||||||||||||||||
Cash and cash equivalents (Note 6) | $ | 8,481,340 | 6 | $ | 8,917,405 | 6 | $ | 8,936,627 | 6 | |||||||||||
Current financial assets at fair value through profit or loss (Note 7) | 673,841 | 1 | 1,109,842 | 1 | 758,681 | 1 | ||||||||||||||
Current financial assets at fair value through other comprehensive income (Notes 8 | ||||||||||||||||||||
and 31) | 11,422,700 | 8 | 10,393,391 | 7 | 8,633,140 | 6 | ||||||||||||||
Current financial assets at amortized cost (Note 9) | 1,767,444 | 1 | 2,458,360 | 2 | 3,059,169 | 2 | ||||||||||||||
Notes receivable, net (Notes 12, 23 and 32) | 2,704,257 | 2 | 2,279,143 | 2 | 2,570,683 | 2 | ||||||||||||||
Accounts receivable, net (Notes 12 and 23) | 11,571,691 | 8 | 11,655,418 | 8 | 11,477,239 | 8 | ||||||||||||||
Accounts receivable due from related parties, net (Notes 23 and 31) | 57,899 | - | 113,464 | - | 56,385 | - | ||||||||||||||
Current inventories (Note 13) | 12,560,128 | 8 | 11,489,250 | 8 | 12,151,844 | 9 | ||||||||||||||
Current biological assets (Note 14) | 3,544,493 | 2 | 3,339,318 | 2 | 3,294,202 | 2 | ||||||||||||||
Prepayments | 1,709,698 | 1 | 1,700,401 | 1 | 2,089,859 | 2 | ||||||||||||||
Other current financial assets (Note 32) | 450,506 | - | 457,639 | - | 560,871 | 1 | ||||||||||||||
Other current assets, others (Note 31) | 2,043,405 | 1 | 1,118,335 | 1 | 1,781,043 | 1 | ||||||||||||||
Total current assets | 56,987,402 | 38 | 55,031,966 | 38 | 55,369,743 | 40 | ||||||||||||||
NON-CURRENT ASSETS (Note 4) | ||||||||||||||||||||
Non-current financial assets at fair value through profit or loss (Note 7) | 121,428 | - | 118,492 | - | - | - | ||||||||||||||
Non-current financial assets at fair value through other comprehensive income (Notes 8 | ||||||||||||||||||||
and 31) | 22,130,652 | 15 | 20,215,348 | 14 | 18,284,608 | 13 | ||||||||||||||
Non-current financial assets at amortized cost (Note 9) | 3,449,942 | 2 | 2,737,304 | 2 | 1,924,082 | 1 | ||||||||||||||
Investments accounted for using equity method (Note 16) | 8,103,050 | 5 | 8,299,432 | 6 | 6,867,505 | 5 | ||||||||||||||
Property, plant and equipment (Notes 17 and 32) | 48,485,284 | 33 | 48,167,524 | 33 | 48,720,255 | 35 | ||||||||||||||
Right-of-use assets (Notes 18 and 32) | 2,319,402 | 2 | 2,260,380 | 2 | 2,194,252 | 2 | ||||||||||||||
Investment property, net (Note 19) | 4,099,996 | 3 | 4,090,086 | 3 | 3,953,652 | 3 | ||||||||||||||
Goodwill | 541,544 | - | 520,261 | - | 516,855 | - | ||||||||||||||
Deferred tax assets | 509,943 | - | 493,434 | - | 312,850 | - | ||||||||||||||
Prepayments for business facilities (Note 17) | 1,198,935 | 1 | 1,040,934 | 1 | 763,229 | 1 | ||||||||||||||
Net defined benefit asset, non-current (Note 21) | 1,063,392 | 1 | 1,045,848 | 1 | 607,437 | - | ||||||||||||||
Other non-current assets, others (Note 32) | 353,076 | - | 371,605 | - | 323,897 | - | ||||||||||||||
Total non-current assets | 92,376,644 | 62 | 89,360,648 | 62 | 84,468,622 | 60 | ||||||||||||||
TOTAL ASSETS | $ | 149,364,046 | 100 | $ | 144,392,614 | 100 | $ | 139,838,365 | 100 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES (Note 4) | ||||||||||||||||||||
Current borrowings (Notes 20 and 32) | $ | 12,402,623 | 8 | $ | 9,887,216 | 7 | $ | 11,740,072 | 8 | |||||||||||
Short-term notes and bills payable (Note 20) | 18,532,789 | 13 | 15,744,335 | 11 | 21,195,026 | 15 | ||||||||||||||
Current financial liabilities at fair value through profit or loss (Note 7) | 33,457 | - | 28,414 | - | 61,887 | - | ||||||||||||||
Current contract liabilities (Note 23) | 570,168 | - | 391,775 | - | 564,475 | - | ||||||||||||||
Notes and accounts payable | 9,079,020 | 6 | 9,682,757 | 7 | 9,620,959 | 7 | ||||||||||||||
Accounts payable to related parties (Note 31) | 48,200 | - | 53,991 | - | 82,447 | - | ||||||||||||||
Other payables, others (Note 17) | 5,282,236 | 4 | 4,346,946 | 3 | 5,034,226 | 4 | ||||||||||||||
Current tax liabilities | 469,213 | - | 416,806 | - | 508,973 | - | ||||||||||||||
Current lease liabilities (Note 18) | 295,660 | - | 273,385 | - | 215,169 | - | ||||||||||||||
Long-term liabilities, current portion (Notes 20 and 32) | - | - | - | - | 800,000 | 1 | ||||||||||||||
Other current liabilities, others (Notes 11 and 31) | 1,174,996 | 1 | 1,172,732 | 1 | 1,192,411 | 1 | ||||||||||||||
Total current liabilities | 47,888,362 | 32 | 41,998,357 | 29 | 51,015,645 | 36 | ||||||||||||||
NON-CURRENT LIABILITIES (Note 4) | ||||||||||||||||||||
Non-current portion of non-current borrowings (Notes 20 and 32) | 19,240,249 | 13 | 23,652,786 | 16 | 15,800,894 | 11 | ||||||||||||||
Deferred tax liabilities | 3,658,744 | 3 | 3,656,140 | 3 | 3,565,886 | 3 | ||||||||||||||
Non-current lease liabilities (Note 18) | 579,301 | - | 578,820 | 1 | 559,420 | 1 | ||||||||||||||
Net defined benefit liability, non-current (Note 21) | 14,884 | - | 15,193 | - | 6,446 | - | ||||||||||||||
Other non-current liabilities, others | 447,633 | - | 420,110 | - | 439,741 | - | ||||||||||||||
Total non-current liabilities | 23,940,811 | 16 | 28,323,049 | 20 | 20,372,387 | 15 | ||||||||||||||
Total liabilities | 71,829,173 | 48 | 70,321,406 | 49 | 71,388,032 | 51 | ||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF PARENT (Notes 4, 22 and 27) | ||||||||||||||||||||
Share capital | 16,603,715 | 11 | 16,603,715 | 11 | 16,603,715 | 12 | ||||||||||||||
Capital surplus | 3,770,789 | 2 | 3,760,772 | 3 | 3,718,868 | 3 | ||||||||||||||
Retained earnings | 21,998,165 | 15 | 23,192,955 | 16 | 21,039,333 | 15 | ||||||||||||||
Other equity interest | 18,935,189 | 13 | 14,915,141 | 10 | 11,580,044 | 8 | ||||||||||||||
Total equity attributable to owners of parent | 61,307,858 | 41 | 58,472,583 | 40 | 52,941,960 | 38 | ||||||||||||||
NON-CONTROLLING INTERESTS | 16,227,015 | 11 | 15,598,625 | 11 | 15,508,373 | 11 | ||||||||||||||
Total equity | 77,534,873 | 52 | 74,071,208 | 51 | 68,450,333 | 49 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 149,364,046 | 100 | $ | 144,392,614 | 100 | $ | 139,838,365 | 100 | |||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | ||||||||||||||||||||
(With Deloitte & Touche review report dated May 13, 2024) |
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)
For the Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
Amount | % | Amount | % | ||||||||
OPERATING REVENUE (Notes 4, 23 and 31) | |||||||||||
Net sales revenue | $ 15,446,547 | 86 | $ 15,543,090 | 89 | |||||||
Other operating revenue, net | 2,475,602 | 14 | 1,988,310 | 11 | |||||||
Total operating revenue | 17,922,149 | 100 | 17,531,400 | 100 | |||||||
OPERATING COSTS (Notes 13, 24 and 31) | |||||||||||
Cost of sales | 13,326,930 | 74 | 13,869,293 | 79 | |||||||
Other operating costs | 1,895,831 | 11 | 1,516,018 | 9 | |||||||
Total operating costs | 15,222,761 | 85 | 15,385,311 | 88 | |||||||
GAINS (LOSSES) ON CHANGES IN FAIR VALUE | |||||||||||
LESS COSTS TO SELL OF BIOLOGICAL | |||||||||||
ASSETS (Notes 4 and 14) | 326 | - | (314) | - | |||||||
GROSS PROFIT FROM OPERATIONS | 2,699,714 | 15 | 2,145,775 | 12 | |||||||
OPERATING EXPENSES (Notes 24 and 31) | |||||||||||
Selling expenses | 1,396,038 | 8 | 1,267,461 | 7 | |||||||
Administrative expenses | 980,234 | 5 | 928,049 | 5 | |||||||
Research and development expenses | 130,379 | 1 | 127,597 | 1 | |||||||
Total operating expenses | 2,506,651 | 14 | 2,323,107 | 13 | |||||||
NET OPERATING INCOME (LOSS) | 193,063 | 1 | (177,332) | (1) | |||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||
Finance costs, net (Notes 4 and 24) | (255,140) | (1) | (297,765) | (2) | |||||||
Share of profit of associates accounted for using | |||||||||||
equity method, net (Notes 4 and 16) | 214,787 | 1 | 277,455 | 1 | |||||||
Interest income | 106,670 | 1 | 114,686 | 1 | |||||||
Rent income (Notes 19 and 31) | 23,371 | - | 16,304 | - | |||||||
Other income, others | 143,404 | 1 | 107,575 | 1 | |||||||
Foreign exchange gains (Note 35) | 97,940 | - | 122,818 | 1 | |||||||
Gains (losses) on financial assets or liabilities at fair | |||||||||||
value through profit or loss (Note 4) | 166,547 | 1 | (82,575) | (1) | |||||||
Miscellaneous disbursements | (10,364) | - | (10,680) | - | |||||||
Gains (losses) on disposals of property, plant and | |||||||||||
equipment | (26,816) | - | 7,708 | - | |||||||
Total non-operating income and expenses | 460,399 | 3 | 255,526 | 1 | |||||||
(Continued) |
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)
For the Three Months Ended March 31 | |||||||||||||
2024 | 2023 | ||||||||||||
Amount | % | Amount | % | ||||||||||
PROFIT FROM CONTINUING OPERATIONS | |||||||||||||
BEFORE TAX | $ | 653,462 | 4 | $ | 78,194 | - | |||||||
TAX EXPENSE (Notes 4 and 25) | (183,220) | (1) | (86,093) | - | |||||||||
PROFIT (LOSS) FROM CONTINUING | |||||||||||||
OPERATIONS | 470,242 | 3 | (7,899) | - | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
(Note 4) | |||||||||||||
Components of other comprehensive income (loss) | |||||||||||||
that will not be reclassified to profit or loss: | |||||||||||||
Unrealized gains (losses) from investments in | |||||||||||||
equity instruments measured at fair value | |||||||||||||
through other comprehensive income | 2,613,161 | 15 | (420,994) | (2) | |||||||||
Share of other comprehensive income of | |||||||||||||
associates accounted for using equity method | 244,853 | 1 | 53,456 | - | |||||||||
Components of other comprehensive income (loss) | |||||||||||||
that will be reclassified to profit or loss: | |||||||||||||
Exchange differences on translation | 1,452,752 | 8 | (9,207) | - | |||||||||
Losses on hedging instruments | (3,092) | - | - | - | |||||||||
Share of other comprehensive income (loss) of | |||||||||||||
associates accounted for using equity method | 160,329 | 1 | (87,978) | (1) | |||||||||
Other comprehensive income (loss), net | 4,468,003 | 25 | (464,723) | (3) | |||||||||
TOTAL COMPREHENSIVE INCOME | $ | 4,938,245 | 28 | $ | (472,622) | (3) | |||||||
PROFIT (LOSS), ATTRIBUTABLE TO: | |||||||||||||
Profit, attributable to owners of parent | $ | 279,028 | 2 | $ | 2,837 | - | |||||||
Profit (loss), attributable to non-controlling interests | 191,214 | 1 | (10,736) | - | |||||||||
$ | 470,242 | 3 | $ | (7,899) | - | ||||||||
COMPREHENSIVE INCOME (LOSS), | |||||||||||||
ATTRIBUTABLE TO: | |||||||||||||
Comprehensive income (loss), attributable to owners | |||||||||||||
of parent | $ | 4,319,590 | 24 | $ | (475,554) | (3) | |||||||
Comprehensive income, attributable to | |||||||||||||
non-controlling interests | 618,655 | 4 | 2,932 | - | |||||||||
$ | 4,938,245 | 28 | $ | (472,622) | (3) | ||||||||
(Continued) |
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)
For the Three Months Ended March 31 | |||||||||||
2024 | 2023 | ||||||||||
Amount | % | Amount | % | ||||||||
EARNINGS PER SHARE (Note 26) | |||||||||||
Basic earnings per share | $ | 0.17 | $ | - | |||||||
Diluted earnings per share | $ | 0.17 | $ | - | |||||||
The accompanying notes are an integral part of the consolidated financial statements.
(With Deloitte & Touche review report dated May 13, 2024) | (Concluded) |
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars)
Equity Attributable to Owners of Parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Surplus | Other Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Difference | Unrealized Gains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Between | (Losses) on | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consideration | Exchange | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
and Carrying | Differences on | Measured at Fair | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of | Changes in | Retained Earnings | Translation of | Value Through | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Capital | Subsidiaries | Ownership | Unappropriated | Foreign | Other | Gains (Losses) on | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares (In | Acquired or | Interests in | Consolidation | Retained | Financial | Comprehensive | Hedging | Non-controlling | ||||||||||||||||||||||||||||||||||||||||||||||||
Thousands) | Amount | Disposed | Subsidiaries | Excess | Other | Total | Legal Reserve | Special Reserve | Earnings | Total | Statements | Income | Instruments | Total | Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2023 | 1,660,372 | $ | 16,603,715 | $ | 1,867,508 | $ | 1,052,665 | $ | 293,124 | $ | 245,815 | $ | 3,459,112 | $ | 4,894,972 | $ | 3,995,020 | $ | 13,646,478 | $ | 22,536,470 | $ | (357,174 ) | $ | 12,394,281 | $ | - | $ | 54,636,404 | $ | 14,956,989 | $ | 69,593,393 | |||||||||||||||||||||||
Appropriation of the 2022 earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of ordinary share | - | - | - | - | - | - | - | - | - | (1,494,334 ) | (1,494,334 ) | - | - | - | (1,494,334 ) | - | (1,494,334 ) | |||||||||||||||||||||||||||||||||||||||
Cash dividends distributed by subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (217,847 ) | (217,847 ) | |||||||||||||||||||||||||||||||||||||||
Changes in equity of associates accounted for using equity method | - | - | - | - | - | 2,507 | 2,507 | - | - | (1,701 ) | (1,701 ) | - | - | - | 806 | 38 | 844 | |||||||||||||||||||||||||||||||||||||||
Other changes in capital surplus | - | - | - | - | - | (8 ) | (8 ) | - | - | - | - | - | - | - | (8 ) | - | (8 ) | |||||||||||||||||||||||||||||||||||||||
Difference between consideration and carrying amount of subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
acquired or disposed | - | - | 3,796 | - | - | - | 3,796 | - | - | - | - | 604 | - | - | 4,400 | 6,595 | 10,995 | |||||||||||||||||||||||||||||||||||||||
Changes in ownership interests in subsidiaries | - | - | - | 253,461 | - | - | 253,461 | - | - | - | - | 16,785 | - | - | 270,246 | 759,666 | 1,029,912 | |||||||||||||||||||||||||||||||||||||||
Profit (loss) for the three months ended March 31, 2023 | - | - | - | - | - | - | - | - | - | 2,837 | 2,837 | - | - | - | 2,837 | (10,736 ) | (7,899 ) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | - | - | - | - | - | - | - | - | - | - | - | (101,601 ) | (376,790 ) | - | (478,391 ) | 13,668 | (464,723 ) | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | - | - | - | - | - | - | - | - | - | 2,837 | 2,837 | (101,601 ) | (376,790 ) | - | (475,554 ) | 2,932 | (472,622 ) | |||||||||||||||||||||||||||||||||||||||
Disposal of investments in equity instruments designated at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
through other comprehensive income (loss) | - | - | - | - | - | - | - | - | - | (3,939 ) | (3,939 ) | - | 3,939 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2023 | 1,660,372 | $ | 16,603,715 | $ | 1,871,304 | $ | 1,306,126 | $ | 293,124 | $ | 248,314 | $ | 3,718,868 | $ | 4,894,972 | $ | 3,995,020 | $ | 12,149,341 | $ | 21,039,333 | $ | (441,386 ) | $ | 12,021,430 | $ | - | $ | 52,941,960 | $ | 15,508,373 | $ | 68,450,333 | |||||||||||||||||||||||
BALANCE AT JANUARY 1, 2024 | 1,660,372 | $ | 16,603,715 | $ | 1,871,508 | $ | 1,326,607 | $ | 293,124 | $ | 269,533 | $ | 3,760,772 | $ | 5,106,196 | $ | 3,992,537 | $ | 14,094,222 | $ | 23,192,955 | $ | (659,626 ) | $ | 15,578,302 | $ | (3,535 ) | $ | 58,472,583 | $ | 15,598,625 | $ | 74,071,208 | |||||||||||||||||||||||
Appropriation of the 2023 earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends of ordinary share | - | - | - | - | - | - | - | - | - | (1,494,334 ) | (1,494,334 ) | - | - | - | (1,494,334 ) | - | (1,494,334 ) | |||||||||||||||||||||||||||||||||||||||
Changes in equity of associates accounted for using equity method | - | - | - | - | - | 9,126 | 9,126 | - | - | 2,318 | 2,318 | - | (2,316 ) | - | 9,128 | 432 | 9,560 | |||||||||||||||||||||||||||||||||||||||
Other changes in capital surplus | - | - | - | - | - | (36 ) | (36 ) | - | - | - | - | - | - | - | (36 ) | - | (36 ) | |||||||||||||||||||||||||||||||||||||||
Change in non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8,766 | 8,766 | |||||||||||||||||||||||||||||||||||||||
Changes in ownership interests in subsidiaries | - | - | - | 927 | - | - | 927 | - | - | - | - | - | - | - | 927 | 537 | 1,464 | |||||||||||||||||||||||||||||||||||||||
Profit for the three months ended March 31, 2024 | - | - | - | - | - | - | - | - | - | 279,028 | 279,028 | - | - | - | 279,028 | 191,214 | 470,242 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | - | - | - | - | - | - | - | - | - | - | - | 1,364,067 | 2,678,306 | (1,811 ) | 4,040,562 | 427,441 | 4,468,003 | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the three months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | - | - | - | - | - | - | - | - | - | 279,028 | 279,028 | 1,364,067 | 2,678,306 | (1,811 ) | 4,319,590 | 618,655 | 4,938,245 | |||||||||||||||||||||||||||||||||||||||
Disposal of investments in equity instruments designated at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
through other comprehensive income (loss) | - | - | - | - | - | - | - | - | - | 18,198 | 18,198 | - | (18,198 ) | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2024 | 1,660,372 | $ | 16,603,715 | $ | 1,871,508 | $ | 1,327,534 | $ | 293,124 | $ | 278,623 | $ | 3,770,789 | $ | 5,106,196 | $ | 3,992,537 | $ | 12,899,432 | $ | 21,998,165 | $ | 704,441 | $ | 18,236,094 | $ | (5,346 ) | $ | 61,307,858 | $ | 16,227,015 | $ | 77,534,873 | |||||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
(With Deloitte & Touche review report dated May 13, 2024)
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Three Months Ended | |||||||
March 31 | |||||||
2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES, INDIRECT | |||||||
METHOD | |||||||
Profit before tax | $ | 653,462 | $ | 78,194 | |||
Adjustments to reconcile profit (loss) | |||||||
Depreciation and amortization expenses | 1,139,279 | 1,110,535 | |||||
Expected credit loss | 4,661 | 4,907 | |||||
Net loss (gain) on financial assets or liabilities at fair value through | |||||||
profit or loss | (166,547) | 82,575 | |||||
Finance costs | 255,140 | 297,765 | |||||
Interest income | (106,670) | (114,686) | |||||
Share-based payments | 1,498 | 1,578 | |||||
Share of profit of associates accounted for using equity method | (214,787) | (277,455) | |||||
Loss (gain) on disposal of property, plant and equipment | 26,816 | (7,708) | |||||
Gain on disposal of investment properties | - | (626) | |||||
Loss (gain) on disposal of investments | (164) | 30 | |||||
Write-downs of inventories (reversed) | 28,617 | (20,543) | |||||
Reversal of impairment loss on non-financial assets | (3,299) | - | |||||
Unrealized foreign exchange gain | (235,043) | (223,819) | |||||
Loss (gain) arising from changes in fair value less costs to sell of | |||||||
biological assets | (326) | 314 | |||||
Loss (gain) from lease modification | 522 | (82) | |||||
Changes in operating assets and liabilities | |||||||
Decrease in current financial assets at fair value through profit or | |||||||
loss, mandatorily measured at fair value | 645,274 | 135,092 | |||||
Decrease (increase) in notes receivable, net | (334,239) | 283,623 | |||||
Decrease in accounts receivable, net | 405,192 | 658,674 | |||||
Decrease in accounts receivable due from related parties, net | 55,565 | 7,845 | |||||
Increase in current inventories | (929,079) | (253,343) | |||||
Increase in current biological assets | (68,754) | (22,785) | |||||
Decrease in prepayments | 37,623 | 112,292 | |||||
Decrease (increase) in other current assets, others | 130,335 | (231,587) | |||||
Decrease in financial liabilities held for trading | (22,472) | (45,724) | |||||
Increase in current contract liabilities | 169,764 | 69,104 | |||||
Decrease in notes and accounts payable | (792,510) | (1,071,111) | |||||
Decrease in accounts payable to related parties | (5,791) | (28,423) | |||||
Decrease in other payable, others | (573,124) | (752,527) | |||||
Decrease in other current liabilities, others | (170,296) | (19,848) | |||||
Decrease in net defined benefit liability, non-current | (17,853) | (32,572) | |||||
Cash outflow used in operations | (87,206) | (260,311) | |||||
Interest received | 108,384 | 112,108 | |||||
Interest paid | (265,575) | (312,146) | |||||
Income taxes paid | (141,151) | (135,433) | |||||
Net cash flows used in operating activities | (385,548) | (595,782) | |||||
(Continued) |
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YFY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Three Months Ended | |||||||
March 31 | |||||||
2024 | 2023 | ||||||
CASH FLOWS USED IN INVESTING ACTIVITIES | |||||||
Acquisition of financial assets at fair value through other | |||||||
comprehensive income | $ | (324,011) | $ | (1,251,478) | |||
Proceeds from disposal of financial assets at fair value through other | |||||||
comprehensive income | - | 10,829 | |||||
Decrease (increase) in financial assets at amortized cost | 132,373 | (11,963) | |||||
Derecognition of financial liabilities for hedging | (6,193) | - | |||||
Proceeds from disposal of investments accounted for using equity | |||||||
method | - | 10,348 | |||||
Acquisition of property, plant and equipment | (976,374) | (745,486) | |||||
Proceeds from disposal of property, plant and equipment | 12,978 | 18,279 | |||||
Acquisition of use-of-right assets | - | (49,645) | |||||
Proceeds from disposal of investment properties | - | 3,358 | |||||
Decrease in other financial assets | 26,859 | 263,432 | |||||
Decrease (increase) in other non-current assets, others | 878 | (27,394) | |||||
Net cash flows used in investing activities | (1,133,490) | (1,779,720) | |||||
CASH FLOWS GENERATED FROM FINANCING ACTIVITIES | |||||||
Increase in current borrowings | 2,470,811 | 2,930,305 | |||||
Increase in short-term notes and bills payable | 2,788,454 | 18,471,910 | |||||
Repayments of long-term debt | (4,412,537) | (19,743,668) | |||||
Payments of lease liabilities | (75,727) | (62,260) | |||||
Increase (decrease) in other non-current liabilities, others | 14,242 | (7,322) | |||||
Change in non-controlling interests | 8,766 | 1,037,551 | |||||
Overdue dividends paid | (36) | (8) | |||||
Net cash flows generated from financing activities | 793,973 | 2,626,508 | |||||
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH | |||||||
EQUIVALENTS | 289,000 | (12,642) | |||||
NET INCREASE (DECREASE) IN CASH AND CASH | |||||||
EQUIVALENTS | (436,065) | 238,364 | |||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE | |||||||
PERIOD | 8,917,405 | 8,698,263 | |||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $ | 8,481,340 | $ | 8,936,627 |
The accompanying notes are an integral part of the consolidated financial statements.
(With Deloitte & Touche review report dated May 13, 2024) | (Concluded) |
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