KGI Life Insurance Co., Ltd.
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
KGI Life Insurance Co., Ltd.
Introduction
We have reviewed the accompanying balance sheets of KGI Life Insurance Co., Ltd. (the "Company") as of March 31, 2024 and 2023, and the related statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2024 and 2023, and notes to the financial statements, including the summary of significant accounting policies (together "the financial statements"). Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Insurance Enterprises and International Accounting Standard 34, "Interim Financial Reporting" as endorsed and become effective by Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on these financial statements based on our reviews.
Scope of Review
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" of the Republic of China. A review of 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 conducted in accordance with auditing standards generally accepted in the Republic of China 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.
Conclusion
Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying financial statements do not present fairly, in all material respects, the financial position of the Company as at March 31, 2024 and 2023, and their financial performance and cash flows for the three months ended March 31, 2024 and 2023, in accordance with the Regulations Governing the Preparation of Financial Reports by Insurance Enterprises and International Accounting Standard 34, "Interim Financial Reporting" as endorsed and became effective by Financial Supervisory Commission of the Republic of China.
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The engagement partners on the reviews resulting in this independent auditors' review report are Wang-Seng Lin and Yi-Chun Wu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
May 9, 2024
Notice to Readers
The accompanying financial statements are intended only to present the 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 financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' review report and the accompanying 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 financial statements shall prevail.
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KGI LIFE INSURANCE CO., LTD.
BALANCE SHEETS
(In Thousands of New Taiwan Dollars)
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | |||||||||||||||
CASH AND CASH EQUIVALENTS (Notes 6 and 42) | $ | 35,434,908 | 1 | $ | 49,203,474 | 2 | $ | 60,961,525 | 3 | ||||||||||||
RECEIVABLES (Notes 7 and 42) | 21,436,173 | 1 | 22,786,016 | 1 | 23,894,849 | 1 | |||||||||||||||
CURRENT TAX ASSETS (Note 42) | 3,291,946 | - | 2,690,111 | - | 2,102,475 | - | |||||||||||||||
INVESTMENT | |||||||||||||||||||||
Financial assets at fair value through profit or loss (Notes 8 and 42) | 418,576,854 | 17 | 403,552,413 | 17 | 385,475,438 | 16 | |||||||||||||||
Financial assets at fair value through other comprehensive income (Notes 9 and 42) | 69,558,232 | 3 | 71,658,283 | 3 | 51,874,924 | 2 | |||||||||||||||
Financial assets at amortized cost (Note 10) | 1,636,604,280 | 67 | 1,594,184,323 | 66 | 1,583,128,273 | 67 | |||||||||||||||
Investments accounted for using equity method (Notes 12 and 42) | 2,323,168 | - | 2,118,503 | - | 2,210,048 | - | |||||||||||||||
Investment property (Note 13) | 69,560,801 | 3 | 69,752,774 | 3 | 67,736,263 | 3 | |||||||||||||||
Loans (Note 11) | 34,025,798 | 1 | 33,964,918 | 1 | 32,861,007 | 2 | |||||||||||||||
Total investment | 2,230,649,133 | 91 | 2,175,231,214 | 90 | 2,123,285,953 | 90 | |||||||||||||||
REINSURANCE ASSETS (Note 14) | 1,093,395 | - | 1,011,096 | - | 915,587 | - | |||||||||||||||
PROPERTY AND EQUIPMENT (Notes 15 and 42) | 10,523,214 | - | 10,606,865 | 1 | 11,548,345 | - | |||||||||||||||
RIGHT-OF-USE ASSETS (Note 16) | 4,876,806 | - | 4,899,638 | - | 5,025,123 | - | |||||||||||||||
INTANGIBLE ASSETS | 500,531 | - | 461,140 | - | 483,405 | - | |||||||||||||||
DEFERRED TAX ASSETS (Note 34) | 20,098,511 | 1 | 17,773,544 | 1 | 14,991,401 | 1 | |||||||||||||||
OTHER ASSETS (Note 17) | 15,449,198 | 1 | 7,886,366 | - | 9,772,460 | - | |||||||||||||||
SEPARATE ACCOUNT PRODUCT ASSETS (Note 36) | 119,961,900 | 5 | 115,525,739 | 5 | 107,267,130 | 5 | |||||||||||||||
TOTAL | $ | 2,463,315,715 | 100 | $ | 2,408,075,203 | 100 | $ | 2,360,248,253 | 100 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
PAYABLES (Notes 18 and 42) | $ | 13,637,156 | - | $ | 14,306,200 | 1 | $ | 11,366,103 | 1 | ||||||||||||
CURRENT TAX LIABILITIES (Note 42) | 6,895 | - | 6,895 | - | 288,601 | - | |||||||||||||||
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | |||||||||||||||||||||
(Notes 20 and 42) | 17,227,297 | 1 | 5,612,137 | - | 5,628,772 | - | |||||||||||||||
BONDS PAYABLE (Notes 19 and 42) | 20,000,000 | 1 | 20,000,000 | 1 | 10,000,000 | 1 | |||||||||||||||
LEASE LIABILITIES (Note 16) | 1,990,722 | - | 1,959,693 | - | 2,027,526 | - | |||||||||||||||
INSURANCE LIABILITIES (Note 21) | 2,087,729,396 | 85 | 2,071,434,364 | 86 | 2,078,356,779 | 88 | |||||||||||||||
FOREIGN EXCHANGE VALUATION RESERVE (Note 22) | 13,896,058 | - | 9,768,788 | - | 9,534,483 | - | |||||||||||||||
PROVISIONS (Note 23) | 138,867 | - | 146,416 | - | 164,261 | - | |||||||||||||||
DEFERRED TAX LIABILITIES (Note 34) | 16,733,148 | 1 | 11,980,157 | 1 | 6,853,419 | - | |||||||||||||||
OTHER LIABILITIES (Note 42) | 1,195,021 | - | 8,997,759 | - | 2,269,291 | - | |||||||||||||||
SEPARATE ACCOUNT PRODUCT LIABILITIES (Note 36) | 119,961,900 | 5 | 115,525,739 | 5 | 107,267,130 | 5 | |||||||||||||||
Total liabilities | 2,292,516,460 | 93 | 2,259,738,148 | 94 | 2,233,756,365 | 95 | |||||||||||||||
EQUITY | |||||||||||||||||||||
Common stock (Note 25) | 49,206,531 | 2 | 49,206,531 | 2 | 49,206,531 | 2 | |||||||||||||||
Capital surplus (Note 26) | 7,432,105 | - | 7,414,749 | - | 7,364,821 | - | |||||||||||||||
Retained earnings (Note 27) | |||||||||||||||||||||
Legal capital reserve | 28,254,445 | 1 | 28,254,445 | 1 | 24,841,402 | 1 | |||||||||||||||
Special capital reserve | 79,155,498 | 3 | 79,155,498 | 3 | 63,444,149 | 3 | |||||||||||||||
Unappropriated retained earnings | 16,368,654 | 1 | 11,219,583 | 1 | 19,958,025 | 1 | |||||||||||||||
123,778,597 | 5 | 118,629,526 | 5 | 108,243,576 | 5 | ||||||||||||||||
Other equity | (9,617,978) | - | (26,913,751) | (1) | (38,323,040) | (2) | |||||||||||||||
Total equity | 170,799,255 | 7 | 148,337,055 | 6 | 126,491,888 | 5 | |||||||||||||||
TOTAL | $ | 2,463,315,715 | 100 | $ | 2,408,075,203 | 100 | $ | 2,360,248,253 | 100 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
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KGI LIFE INSURANCE CO., LTD.
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 | |||||||||||
Direct premium income | $ 33,140,511 | 55 | $ 37,193,152 | 70 | |||||||
Deduct: Reinsurance expenses | (561,111) | (1) | (414,656) | (1) | |||||||
Net changes in unearned premium reserve | 503,355 | 1 | 270,123 | 1 | |||||||
Retained earned premium (Notes 31 and 42) | 33,082,755 | 55 | 37,048,619 | 70 | |||||||
Reinsurance commission received | 97,584 | - | 71,578 | - | |||||||
Fee income (Note 42) | 385,760 | - | 340,716 | 1 | |||||||
Net investment incomes (losses) (Notes 8, 29, 30 | |||||||||||
and 42) | |||||||||||
Interest income | 16,235,166 | 27 | 15,381,435 | 29 | |||||||
Gains (losses) on financial assets and liabilities at | |||||||||||
fair value through profit or loss | (10,422,213) | (17) | 23,352,437 | 44 | |||||||
Net gains from derecognition of financial assets at | |||||||||||
amortized cost | 147,881 | - | 1,432,433 | 3 | |||||||
Realized gains on financial assets at fair value | |||||||||||
through other comprehensive income | 165,041 | - | 202,689 | - | |||||||
Share of profit of associates and joint ventures | |||||||||||
accounted for using equity method | 72,529 | - | 127,382 | - | |||||||
Foreign exchange gains (losses) | 37,376,251 | 62 | (9,489,564) | (18) | |||||||
Net changes in foreign exchange valuation reserve | (4,127,270) | (7) | 1,352,444 | 2 | |||||||
Gains on investment property | 181,847 | - | 390,485 | 1 | |||||||
Expected credit impairment reversal on | |||||||||||
investments | 875 | - | 22,679 | - | |||||||
Other impairment loss and reversal on investments | (3,622) | - | (6,744) | - | |||||||
Losses on reclassification using overlay approach | (18,564,445) | (30) | (20,377,928) | (38) | |||||||
Separate account product revenue (Note 36) | 5,856,271 | 10 | 3,354,967 | 6 | |||||||
Total operating revenue | 60,484,410 | 100 | 53,203,628 | 100 | |||||||
OPERATING COSTS | |||||||||||
Insurance claim payments (Note 42) | (46,916,025) | (78) | (44,299,464) | (83) | |||||||
Deduct: Claims recovered from reinsures | 291,055 | 1 | 209,235 | - | |||||||
Retained claim payments (Note 32) | (46,624,970) | (77) | (44,090,229) | (83) | |||||||
Net changes in insurance liabilities (Note 21) | 3,213,437 | 5 | (846,221) | (2) | |||||||
Underwriting expenses | (1,979) | - | (816) | - | |||||||
Commission expenses (Note 42) | (3,116,020) | (5) | (3,482,490) | (7) | |||||||
Finance costs (Note 42) | (218,005) | - | (85,719) | - | |||||||
Other operating costs | (33,141) | - | (37,193) | - | |||||||
Separate account product expenses (Note 36) | (5,856,271) | (10) | (3,354,967) | (6) | |||||||
Total operating costs | (52,636,949) | (87) | (51,897,635) | (98) | |||||||
(Continued) |
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KGI LIFE INSURANCE CO., LTD.
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 EXPENSES (Notes 33 and 42) | |||||||||||
General expenses | $ (775,416) | (1) | $ (849,248) | (2) | |||||||
Administrative expenses | (1,089,544) | (2) | (698,647) | (1) | |||||||
Employee training expenses | (3,545) | - | (4,351) | - | |||||||
Non-investments expected credit impairment losses | |||||||||||
and reversal | 438 | - | (1,932) | - | |||||||
Total operating expenses | (1,868,067) | (3) | (1,554,178) | (3) | |||||||
OPERATING INCOME (LOSS) | 5,979,394 | 10 | (248,185) | (1) | |||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||
(Note 42) | 6,977 | - | 574 | - | |||||||
INCOME (LOSS) FROM CONTINUING | |||||||||||
OPERATIONS BEFORE INCOME TAX | 5,986,371 | 10 | (247,611) | (1) | |||||||
INCOME TAX (EXPENSES) BENEFIT (Note 34) | (837,300) | (2) | 568,700 | 1 | |||||||
NET INCOME | 5,149,071 | 8 | 321,089 | - | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
OF TAX (Note 28) | |||||||||||
Items that will not be reclassified subsequently to | |||||||||||
profit or loss | |||||||||||
Gain on property revaluation | - | - | 288 | - | |||||||
Valuation gains (losses) on equity instruments at | |||||||||||
fair value through other comprehensive income | 1,394,129 | 2 | (248,427) | - | |||||||
Income taxes relating to items that are not be | |||||||||||
reclassified | (266,513) | - | 257,132 | - | |||||||
Items that are or may be reclassified subsequently to | |||||||||||
profit or loss | |||||||||||
Gains (losses) on debt instruments at fair value | |||||||||||
through other comprehensive income | (1,638,541) | (3) | (38,398) | - | |||||||
Share of other comprehensive income of | |||||||||||
associates and joint ventures accounted for | |||||||||||
using equity method, components of other | |||||||||||
comprehensive income that will be reclassified | |||||||||||
to profit or loss | 136 | - | 426 | - | |||||||
(Continued) |
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KGI LIFE INSURANCE CO., LTD.
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 | % | ||||||||||||
Other comprehensive profits (losses) reclassified | |||||||||||||||
using overlay approach | $ | 18,564,445 | 31 | $ | 20,377,928 | 38 | |||||||||
Income taxes relating to items that are or may be | |||||||||||||||
reclassified subsequently to profit or loss | (757,883) | (1) | (842,698) | (1) | |||||||||||
Other comprehensive income (loss), net of tax | 17,295,773 | 29 | 19,506,251 | 37 | |||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 22,444,844 | 37 | $ | 19,827,340 | 37 | |||||||||
EARNINGS PER SHARE (Note 35) | |||||||||||||||
Basic earnings per share | $ 1.05 | $ 0.07 | |||||||||||||
The accompanying notes are an integral part of the financial statements. | (Concluded) |
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KGI LIFE INSURANCE CO., LTD.
STATEMENTS OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars)
Other Equity | ||||||||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||||||||
Valuation Gains | ||||||||||||||||||||||||||||||||||||||
(Losses) on | Other | |||||||||||||||||||||||||||||||||||||
Financial Assets | Comprehensive | |||||||||||||||||||||||||||||||||||||
Retained Earnings | at Fair Value | Income | ||||||||||||||||||||||||||||||||||||
Unappropriated | Through Other | Property | Reclassified | |||||||||||||||||||||||||||||||||||
Legal Capital | Special Capital | Retained | Comprehensive | Income for | Revaluation | Using Overlay | ||||||||||||||||||||||||||||||||
Common Stock | Capital Surplus | Reserve | Reserve | Earnings | Income | Hedging | Surplus | Approach | Total | |||||||||||||||||||||||||||||
BALANCE ON JANUARY 1, 2023 | $ | 49,206,531 | $ | 7,336,659 | $ | 24,841,402 | $ | 63,444,149 | $ | 19,270,321 | $ | (537,217) | $ | 3,301 | $ | 1,940,337 | $ | (58,845,541) | $ 106,659,942 | |||||||||||||||||||
Net income for the three months ended March 31, 2023 | - | - | - | - | 321,089 | - | - | - | - | 321,089 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) for the three months | ||||||||||||||||||||||||||||||||||||||
ended March 31, 2023 | - | - | - | - | - | (22,318) | 426 | 230 | 19,527,913 | 19,506,251 | ||||||||||||||||||||||||||||
Total comprehensive income (loss) for the three months | ||||||||||||||||||||||||||||||||||||||
ended March 31, 2023 | - | - | - | - | 321,089 | (22,318) | 426 | 230 | 19,527,913 | 19,827,340 | ||||||||||||||||||||||||||||
Changes in investments in associates and joint ventures | ||||||||||||||||||||||||||||||||||||||
accounted for using equity method | - | (14) | - | - | - | - | - | - | - | (14) | ||||||||||||||||||||||||||||
Share-based payment transaction | - | 28,176 | - | - | - | - | - | - | - | 28,176 | ||||||||||||||||||||||||||||
Disposal of equity instruments at fair value through other | ||||||||||||||||||||||||||||||||||||||
comprehensive income | - | - | - | - | 390,171 | (390,171) | - | - | - | - | ||||||||||||||||||||||||||||
Net changes in special reserve | - | - | - | - | (23,556) | - | - | - | - | (23,556) | ||||||||||||||||||||||||||||
BALANCE ON MARCH 31, 2023 | $ | 49,206,531 | $ | 7,364,821 | $ | 24,841,402 | $ | 63,444,149 | $ | 19,958,025 | $ | (949,706) | $ | 3,727 | $ | 1,940,567 | $ | (39,317,628) | $ 126,491,888 | |||||||||||||||||||
BALANCE ON JANUARY 1, 2024 | $ | 49,206,531 | $ | 7,414,749 | $ | 28,254,445 | $ | 79,155,498 | $ | 11,219,583 | $ | (2,626,542) | $ | 2,067 | $ | 2,290,273 | $ | (26,579,549) | $ 148,337,055 | |||||||||||||||||||
Net income for the three months ended March 31, 2024 | - | - | - | - | 5,149,071 | - | - | - | - | 5,149,071 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) for the three months | ||||||||||||||||||||||||||||||||||||||
ended March 31, 2024 | - | - | - | - | - | (191,460) | 136 | - | 17,487,097 | 17,295,773 | ||||||||||||||||||||||||||||
Total comprehensive income (loss) for the three months | ||||||||||||||||||||||||||||||||||||||
ended March 31, 2024 | - | - | - | - | 5,149,071 | (191,460) | 136 | - | 17,487,097 | 22,444,844 | ||||||||||||||||||||||||||||
Share-based payment transaction | - | 17,356 | - | - | - | - | - | - | - | 17,356 | ||||||||||||||||||||||||||||
BALANCE ON MARCH 31, 2024 | $ | 49,206,531 | $ | 7,432,105 | $ | 28,254,445 | $ | 79,155,498 | $ | 16,368,654 | $ | (2,818,002) | $ | 2,203 | $ | 2,290,273 | $ | (9,092,452) | $ 170,799,255 | |||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
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KGI LIFE INSURANCE CO., LTD.
STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Three Months Ended | |||
March 31 | |||
2024 | 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) before income tax | $ 5,986,371 | $ | (247,611) |
Adjustments to reconcile profit (loss) | |||
Depreciation expense | 158,903 | 161,821 | |
Amortization expense | 71,441 | 69,847 | |
Net losses (gains) on financial assets and liabilities at fair value | |||
through profit or loss | 12,435,932 | (21,598,548) | |
Net gains on financial assets at fair value through other | |||
comprehensive income | (150,404) | (182,401) | |
Net gains on financial assets at amortized cost | (144,775) | (1,420,061) | |
Interest expenses | 227,436 | 94,893 | |
Interest income | (16,235,166) | (15,381,435) | |
Dividend income | (2,019,388) | (1,764,070) | |
Net changes in insurance liabilities | 16,315,096 | (4,247,790) | |
Net changes in foreign exchange valuation reserve | 4,127,270 | (1,352,444) | |
Net changes in provisions | (638) | 5,026 | |
Expected credit impairment reversal gains on investments | (875) | (22,679) | |
Expected credit impairment losses (reversal gains) on | |||
non-investments | (438) | 1,932 | |
Share-based payments | 17,356 | 28,176 | |
Share of profit (loss) of associates and joint ventures accounted for | |||
using equity method | (72,529) | (127,382) | |
Losses on reclassification using overlay approach | 18,564,445 | 20,377,928 | |
Losses on disposal or scrapping of property and equipment | 6 | 2 | |
Gains on disposal of investment property | (9,908) | (25,384) | |
Losses (gains) on valuation of investment property | 137,853 | (12,402) | |
Other items | - | (3) | |
Changes in operating assets and liabilities | |||
Increase in financial assets at fair value through profit or loss | (16,248,357) | (28,236,102) | |
Decrease (increase) in financial assets at fair value through other | |||
comprehensive income | 2,018,687 | (20,886,613) | |
Decrease (increase) in financial assets at amortized cost | (42,784,524) | 33,252,292 | |
Decrease in notes receivable | 52,962 | 18,455 | |
Decrease (increase) in other receivables | 750,828 | (6,218,863) | |
Decrease (increase) in prepaid expenses and other prepayments | 91,883 | (74,408) | |
Decrease (increase) in refundable deposits | (50,557) | 3,411,963 | |
Decrease (increase) in reinsurance assets | (105,001) | 107,206 | |
Decrease (increase) in other assets | (2,364) | 2,941 | |
Increase in notes payable | - | 62 | |
Increase (decrease) in life insurance proceeds payable | 13,425 | (10,636) | |
Decrease in other payables | (683,297) | (687,607) | |
Increase (decrease) in due to reinsurers and ceding companies | 9,242 | (111,367) | |
(Continued) |
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KGI LIFE INSURANCE CO., LTD.
STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars)
For the Three Months Ended | |||||||
March 31 | |||||||
2024 | 2023 | ||||||
Decrease in commissions payable | $ | (165,976) | $ | (46,729) | |||
Increase (decrease) in accounts collected in advance | (228,657) | 38,332 | |||||
Increase (decrease) in guarantee deposits received | (7,428,129) | 162,711 | |||||
Increase (decrease) in other liabilities | (145,952) | 29,944 | |||||
Decrease in provision for employee benefits | (6,911) | (4,099) | |||||
Cash flows generated used in operations | (25,504,710) | (44,895,103) | |||||
Interest received | 10,227,854 | 12,759,978 | |||||
Dividends received | 1,874,943 | 1,611,721 | |||||
Interest paid | (67,067) | (13,870) | |||||
Income taxes paid | (37,897) | (52,885) | |||||
Net cash flows used in operating activities | (13,506,877) | (30,590,159) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Acquisition of investments accounted for using equity method | (132,000) | (136,269) | |||||
Proceeds from capital reduction of investments accounted for using | |||||||
equity method | - | 35,700 | |||||
Acquisition of property and equipment | (76,918) | (96,673) | |||||
Acquisition of intangible assets | (67,709) | (38,044) | |||||
Decrease (increase) in loans | (60,880) | 402,099 | |||||
Acquisition of investment property | (13,030) | (3,080) | |||||
Disposal of investment property | 111,445 | 166,805 | |||||
Net cash flows used in investing activities | (239,092) | 330,538 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Principle repayment of lease liabilities | (22,597) | (35,279) | |||||
DECREASE IN CASH AND CASH EQUIVALENTS | (13,768,566) | (30,294,900) | |||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE | |||||||
PERIOD | 49,203,474 | 91,256,425 | |||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $ | 35,434,908 | $ | 60,961,525 | |||
The accompanying notes are an integral part of the financial statements. | (Concluded) |
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CDFH – China Development Financial Holding Corp. published this content on 28 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2024 04:04:34 UTC.