Taiwan Cogeneration Corporation and Subsidiaries
Consolidated Financial Statements for the
Nine Months Ended September 30, 2022 and 2021 and Independent Auditors' Review Report
Emphasis of Matter
For details on Taiwan Power Company's filing of a civil lawsuit against the Group's associates, Sun Ba Power Corporation, Star Energy Power Corporation, Star Buck Power Corporation, and Kuo Kuang Power Company Ltd., in connection with their alleged violation of the Fair Trade Act and request for compensation on the basis of claims for damages which it has suffered, refer to Note 37d. Our review conclusion is not modified in respect of this matter.
The engagement partners on the reviews resulting in this independent auditors' review report are Chao-Mei Chen and Cheng-Chuan Yu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
November 10, 2022
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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TAIWAN COGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars)
September 30, 2021 | |||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | (Retrospectively Adjusted | |||||||||||||||||||||
(Reviewed) | (Audited) | and Reviewed) (Note 15) | |||||||||||||||||||||
ASSETS | Amount | % | Amount | % | Amount | % | |||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents (Notes 6 and 30) | $ | 2,594,186 | 11 | $ | 2,763,822 | 12 | $ | 2,315,927 | 10 | ||||||||||||||
Contract assets (Notes 5, 24, 26 and 35) | 2,153,558 | 9 | 2,641,399 | 11 | 2,541,052 | 11 | |||||||||||||||||
Accounts receivable (Notes 7 and 26) | 181,675 | 1 | 455,579 | 2 | 548,809 | 3 | |||||||||||||||||
Accounts receivable from related parties (Notes 26 and 35) | 257,172 | 1 | 96,065 | 1 | 130,314 | 1 | |||||||||||||||||
Finance lease receivables (Notes 8 and 35) | 10,299 | - | 10,224 | - | 10,199 | - | |||||||||||||||||
Dividends receivable (Note 12) | - | - | - | - | 78,824 | - | |||||||||||||||||
Other receivables (Note 35) | 17,552 | - | 36,224 | - | 3,974 | - | |||||||||||||||||
Inventories (Note 9) | 15,676 | - | 13,187 | - | 8,454 | - | |||||||||||||||||
Prepaid construction costs (Note 24) | 46,326 | - | 18,279 | - | 18,279 | - | |||||||||||||||||
Prepaid value-added tax | 99,424 | 1 | 80,548 | - | 67,870 | - | |||||||||||||||||
Other financial assets (Note 36) | 20,336 | - | 1,646 | - | 6,905 | - | |||||||||||||||||
Other current assets (Note 30) | 36,386 | - | 35,484 | - | 29,456 | - | |||||||||||||||||
Total current assets | 5,432,590 | 23 | 6,152,457 | 26 | 5,760,063 | 25 | |||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||||
Financial assets at fair value through other comprehensive income (Notes 10 and 34) | 267,310 | 1 | 275,310 | 1 | 254,400 | 1 | |||||||||||||||||
Investments accounted for using the equity method (Note 12) | 12,556,172 | 54 | 12,750,996 | 53 | 12,597,699 | 54 | |||||||||||||||||
Property, plant and equipment (Notes 13 and 36) | 3,173,603 | 14 | 3,009,667 | 12 | 2,962,844 | 13 | |||||||||||||||||
Right-of-use assets (Notes 14, 15, 30 and 35) | 426,499 | 2 | 447,802 | 2 | 461,353 | 2 | |||||||||||||||||
Goodwill (Notes 15 and 30) | 141,014 | 1 | 141,014 | 1 | 141,014 | - | |||||||||||||||||
Intangible assets (Note 16) | 890,984 | 4 | 903,256 | 4 | 892,782 | 4 | |||||||||||||||||
Deferred income tax assets (Notes 4 and 30) | 190,759 | 1 | 197,174 | 1 | 196,918 | 1 | |||||||||||||||||
Finance lease receivables (Notes 8 and 35) | 13,916 | - | 21,649 | - | 24,215 | - | |||||||||||||||||
Prepayments for equipment | 1,674 | - | - | - | - | - | |||||||||||||||||
Refundable deposits | 82,117 | - | 89,755 | - | 83,334 | - | |||||||||||||||||
Other financial assets (Note 36) | 27,133 | - | 42,549 | - | 42,549 | - | |||||||||||||||||
Other non-current assets (Note 17) | 20,802 | - | 22,212 | - | 22,212 | - | |||||||||||||||||
Total non-current assets | 17,791,983 | 77 | 17,901,384 | 74 | 17,679,320 | 75 | |||||||||||||||||
TOTAL | $ | 23,224,573 | 100 | $ | 24,053,841 | 100 | $ | 23,439,383 | 100 | ||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Short-term borrowings (Note 18) | $ | 57,000 | - | $ | 40,000 | - | $ | 40,000 | - | ||||||||||||||
Short-term bills payable (Note 18) | 998,834 | 4 | 499,614 | 2 | 499,595 | 2 | |||||||||||||||||
Contract liabilities (Notes 5, 24, 26 and 35) | 177,004 | 1 | 193,467 | 1 | 216,038 | 1 | |||||||||||||||||
Notes payable | - | - | - | - | 586 | - | |||||||||||||||||
Accounts payable | 149,078 | 1 | 127,468 | 1 | 93,050 | 1 | |||||||||||||||||
Construction costs payable | 2,703,523 | 12 | 3,348,580 | 14 | 3,143,605 | 14 | |||||||||||||||||
Accounts payable to related parties (Note 35) | 8,229 | - | 1,911 | - | 1,968 | - | |||||||||||||||||
Other payables (Notes 20, 30 and 35) | 234,398 | 1 | 312,635 | 1 | 327,068 | 1 | |||||||||||||||||
Current income tax liabilities (Note 4) | 29,568 | - | 50,921 | - | 6,406 | - | |||||||||||||||||
Provisions (Notes 22 and 24) | 263,438 | 1 | 304,799 | 1 | 300,792 | 1 | |||||||||||||||||
Lease liabilities (Notes 14, 30 and 35) | 48,722 | - | 54,533 | - | 51,605 | - | |||||||||||||||||
Current portion of long-term borrowings (Notes 18 and 36) | 162,558 | 1 | 115,693 | 1 | 108,188 | 1 | |||||||||||||||||
Other current liabilities (Note 30) | 2,278 | - | 17,838 | - | 2,305 | - | |||||||||||||||||
Total current liabilities | 4,834,630 | 21 | 5,067,459 | 21 | 4,791,206 | 21 | |||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||||
Long-term borrowings (Notes 18 and 36) | 3,867,115 | 17 | 3,746,919 | 16 | 3,639,673 | 16 | |||||||||||||||||
Contract liabilities (Note 26) | 100,496 | - | 56,180 | - | 37,702 | - | |||||||||||||||||
Lease liabilities (Notes 14, 30 and 35) | 437,279 | 2 | 448,506 | 2 | 464,041 | 2 | |||||||||||||||||
Bonds payable (Note 19) | 2,497,726 | 11 | 2,497,255 | 10 | 2,497,098 | 11 | |||||||||||||||||
Provisions (Note 22) | 14,217 | - | 13,986 | - | 13,908 | - | |||||||||||||||||
Deferred income tax liabilities (Notes 4, 15 and 30) | 70,796 | - | 74,201 | - | 64,999 | - | |||||||||||||||||
Net defined benefit liabilities (Notes 4 and 23) | 125,306 | 1 | 124,387 | 1 | 119,265 | - | |||||||||||||||||
Guarantee deposits received | 28,684 | - | 44,083 | - | 45,151 | - | |||||||||||||||||
Other liabilities (Note 21) | 15,824 | - | 2,802 | - | 2,908 | - | |||||||||||||||||
Total non-current liabilities | 7,157,443 | 31 | 7,008,319 | 29 | 6,884,745 | 29 | |||||||||||||||||
Total liabilities | 11,992,073 | 52 | 12,075,778 | 50 | 11,675,951 | 50 | |||||||||||||||||
EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION (Note 25) | |||||||||||||||||||||||
Share capital | |||||||||||||||||||||||
Ordinary shares | 5,890,486 | 25 | 5,890,486 | 24 | 5,890,486 | 25 | |||||||||||||||||
Capital surplus | 499,694 | 2 | 499,694 | 2 | 499,694 | 2 | |||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Legal reserve | 1,737,133 | 7 | 1,644,763 | 7 | 1,644,763 | 7 | |||||||||||||||||
Special reserve | 2,621,945 | 11 | 2,823,917 | 12 | 2,823,917 | 12 | |||||||||||||||||
Unappropriated earnings (Note 15) | 346,691 | 2 | 961,235 | 4 | 728,025 | 3 | |||||||||||||||||
Total retained earnings | 4,705,769 | 20 | 5,429,915 | 23 | 5,196,705 | 22 | |||||||||||||||||
Other equity | (19,199) | - | 11,378 | - | 33,740 | - | |||||||||||||||||
Total equity attributable to owners of the Corporation | 11,076,750 | 47 | 11,831,473 | 49 | 11,620,625 | 49 | |||||||||||||||||
NON-CONTROLLING INTERESTS | 155,750 | 1 | 146,590 | 1 | 142,807 | 1 | |||||||||||||||||
Total equity | 11,232,500 | 48 | 11,978,063 | 50 | 11,763,432 | 50 | |||||||||||||||||
TOTAL | $ | 23,224,573 | 100 | $ | 24,053,841 | 100 | $ | 23,439,383 | 100 | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||||||||||||||
(With Deloitte & Touche review report dated November 10, 2022) |
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TAIWAN COGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) (Reviewed, Not Audited)
For the Three Months Ended September 30 | For the Nine Months Ended September 30 | ||||||||||||||||||||||||
2021 | 2021 | ||||||||||||||||||||||||
(Retrospectively | (Retrospectively | ||||||||||||||||||||||||
2022 | Adjusted) (Note 15) | 2022 | Adjusted) (Note 15) | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||
OPERATING REVENUE | |||||||||||||||||||||||||
(Notes 26 and 35) | |||||||||||||||||||||||||
Sales | $ 454,933 | 61 | $ 312,973 | 21 | $ 1,088,537 | 42 | $ 934,739 | 19 | |||||||||||||||||
Construction services | 221,141 | 30 | 1,144,249 | 76 | 1,366,357 | 52 | 3,720,851 | 78 | |||||||||||||||||
Operations, maintenance and | |||||||||||||||||||||||||
consulting services | 68,410 | 9 | 49,713 | 3 | 150,969 | 6 | 123,485 | 3 | |||||||||||||||||
Total operating revenues | 744,484 | 100 | 1,506,935 | 100 | 2,605,863 | 100 | 4,779,075 | 100 | |||||||||||||||||
OPERATING COSTS (Notes 23, | |||||||||||||||||||||||||
27 and 35) | |||||||||||||||||||||||||
Cost of sales | 386,210 | 52 | 270,758 | 18 | 959,357 | 37 | 717,644 | 15 | |||||||||||||||||
Construction services | 204,720 | 27 | 1,007,059 | 67 | 1,203,375 | 46 | 3,375,955 | 71 | |||||||||||||||||
Operations, maintenance and | |||||||||||||||||||||||||
consulting services | 63,353 | 9 | 48,321 | 3 | 144,481 | 5 | 118,535 | 2 | |||||||||||||||||
Total operating costs | 654,283 | 88 | 1,326,138 | 88 | 2,307,213 | 88 | 4,212,134 | 88 | |||||||||||||||||
GROSS PROFIT | 90,201 | 12 | 180,797 | 12 | 298,650 | 12 | 566,941 | 12 | |||||||||||||||||
REALIZED GAIN ON | |||||||||||||||||||||||||
TRANSACTIONS WITH | |||||||||||||||||||||||||
ASSOCIATES | 5,809 | 1 | 8,028 | 1 | 11,482 | - | 22,214 | - | |||||||||||||||||
REALIZED GROSS PROFIT | 96,010 | 13 | 188,825 | 13 | 310,132 | 12 | 589,155 | 12 | |||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||||
(Notes 15, 23, 27 and 35) | 90,904 | 12 | 88,240 | 6 | 267,704 | 10 | 256,598 | 5 | |||||||||||||||||
PROFIT FROM OPERATIONS | 5,106 | 1 | 100,585 | 7 | 42,428 | 2 | 332,557 | 7 | |||||||||||||||||
NON-OPERATING INCOME | |||||||||||||||||||||||||
AND EXPENSES | |||||||||||||||||||||||||
Interest income | 728 | - | 73 | - | 1,523 | - | 488 | - | |||||||||||||||||
Other income (Notes 27 | |||||||||||||||||||||||||
and 35) | 2,836 | - | 11,886 | 1 | 17,560 | - | 25,321 | 1 | |||||||||||||||||
Other gains and losses | |||||||||||||||||||||||||
(Note 27) | 5,231 | 1 | (12,931) | (1) | 21,436 | 1 | (35,016) | (1) | |||||||||||||||||
Finance costs (Note 27) | (24,214) | (3) | (18,024) | (1) | (60,251) | (2) | (48,759) | (1) | |||||||||||||||||
Share of profit of associates | |||||||||||||||||||||||||
accounted for using the | |||||||||||||||||||||||||
equity method (Note 12) | 205,898 | 27 | 92,269 | 6 | 336,038 | 13 | 488,296 | 10 | |||||||||||||||||
Total non-operating | |||||||||||||||||||||||||
income and expenses | 190,479 | 25 | 73,273 | 5 | 316,306 | 12 | 430,330 | 9 | |||||||||||||||||
PROFIT BEFORE INCOME | |||||||||||||||||||||||||
TAX | 195,585 | 26 | 173,858 | 12 | 358,734 | 14 | 762,887 | 16 | |||||||||||||||||
INCOME TAX EXPENSE | |||||||||||||||||||||||||
(Notes 4, 15 and 28) | (4,216) | - | (24,181) | (2) | (42,885) | (2) | (68,674) | (1) | |||||||||||||||||
NET PROFIT | 191,369 | 26 | 149,677 | 10 | 315,849 | 12 | 694,213 | 15 | |||||||||||||||||
(Continued) |
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TCC – Taiwan Cogeneration Corp. published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 January 2023 09:41:05 UTC.