Panjit International : 2022Q3 CONSOLIDATED FINANCIAL STATEMENT

PANJIT INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

WITH REPORT OF INDEPENDENT ACCOUNTANTS

FOR THE NINE-MONTH PERIODS ENDED 30 SEPTEMBER 2022 AND 2021

Address: No.24, Gangshan N. Rd., Gangshan Dist., Kaohsiung City, Taiwan, R.O.C.

Telephone: [phone]

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PANJIT INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

30 September 2022, 31 December 2021 and 30 September 2021

(30 September 2022 and 2021 are unaudited) (Expressed in Thousand of New Taiwan Dollars)

					30 September 2022				31 December 2021				30 September 2021
		Assets	Notes		Amount			％			Amount			％			Amount			％
Current assets			6(1)						8							13		$2,296,370				10
Cash and cash equivalents		$2,510,798					$3,413,707
Financial assets at fair value through profit or loss-current	6(2)		3,162,598				11		3,247,815				12		907,192				4
Notes receivable, net			6(5),(21)		526,611				2		579,449				2		775,444				3
Trade receivable, net			6(6),(21)		3,931,942				13		3,948,555				15		4,264,196				19
Trade receivable-related	parties, net	6(6),(21), 7		68,539				-		140,689				1		124,729				1
Other receivable, net					179,234				1		151,860				1		177,840				1
Other receivables-related	parties, net	7		4,255				-		6,524				-		35,840				-
Inventories, net			6(7)		3,687,276				12		2,421,044				9		1,913,640				8
Prepayments					540,045				2		520,106				2		569,822				3
Other current assets			8		293,309				1		105,290				-		560,238				2
Total current assets				14,904,607				50			14,535,039				55			11,625,311				51
Non-current assets			6(2)		38,674						-				-		-				-
Financial assets at fair value through profit or loss-non-current					-
Financial assets at fair value through other comprehensive income-non-current	6(3)		1,254,988				4		1,444,493				5		1,382,320				6
Financial assets measured at amortized cost-non-current	6(4)		25,465				-		25,604				-		26,452				-
Investments accounted for using the equity method	6(8)		2,029,596				7		2,004,283				8		1,983,996				9
Property, plant and equipment	6(9),7		6,574,413				22		5,306,044				20		5,198,510				23
Right-of-use assets			6(22)		1,281,840				4		1,347,255				5		1,187,689				5
Intangible assets			6(10),(11),(28)		1,625,932				5		218,378				1		228,999				1
Deferred tax assets					469,732				2		367,714				1		338,223				2
Prepayment for equipments			889,257				3		833,325				3		384,247				2
Refundable deposits			8		629,548				2		540,443				2		275,114				1
Other non-current assets		8		138,536				1		30,211				-		16,311				-
Total non-current assets			14,957,981				50			12,117,750				45			11,021,861				49
Total assets					$29,862,588				100			$26,652,789				100			$22,647,172				100
					30 September 2022				31 December 2021				30 September 2021
		Liabilities and Equity	Notes		Amount			％			Amount			％			Amount			％
Current liabilities
Short-term borrowings			6(12)		$5,229,183				18		$3,219,218				12		$3,407,519				15
Financial liabilities at fair value through profit or loss-current	6(13)		6,804				-		-				-		-				-
Contract liabilities-current	6(20)		6,358				-		16,850				-		20,214				-
Notes payable			6(14)		805,333				3		754,823				3		728,751				3
Trade payable					1,379,539				5		2,046,066				8		1,738,212				8
Trade payable-related	parties	7		73,435				-		186,250				1		184,089				1
Other payables					1,508,511				5		1,553,563				6		1,358,784				6
Other payables-related	parties	7		38,431				-		40,556				-		39,264				-
Current tax liabilities					274,058				1		326,537				1		236,413				1
Lease liabilities-current		6(22), 7		51,974				-		52,314				-		35,455				-
Current portion of long-term borrowings	6(16), 8		369,583				1		32,458				-		-				-
Other current liabilities				99,757				-		16,988				-		35,457				-
Total current liabilities			9,842,966				33			8,245,623				31			7,784,158				34
Non-current liabilities
Long-term borrowings			6(16), 8		4,318,878				15		4,551,794				17		5,913,546				26
Deferred tax liabilities					110,429				-		78,229				-		82,069				-
Lease liabilities-non-current	6(22),7		332,257				1		351,589				1		167,491				1
Long-term deferred revenue	6(15)		104,089				-		102,150				-		104,099				-
Defined benefit liabilities-non-current			93,830				-		105,561				1		108,731				1
Other non-current liabilities			112,573				1		106,841				1		117,894				1
Total non-current liabilities			5,072,056				17			5,296,164				20			6,493,830				29
Total liabilities					14,915,022				50		13,541,787				51		14,277,988				63
Equity attributable to the parent company
Capital
Common stock			6(18)		3,828,149				13		3,828,149				14		3,328,149				15
Capital Surplus			6(18)		6,016,123				20		6,086,155				23		2,277,805				10
Retained earnings			6(18)
Legal reserve					505,733				2		328,134				1		328,134				1
Special reserve					717,237				2		717,237				3		717,237				3
Unappropriated earnings			2,521,642				8		2,204,637				8		1,937,157				9
Total retain earnings				3,744,612				12			3,250,008				12			2,982,528				13
Other components of equity			118,576				1			(251,937)				(1)			(354,135)				(2)
Treasury stock			6(18)		(16,507)				-		(16,507)				-		(16,507)				-
Total equity attributable to the parent company			13,690,953				46			12,895,868				48			8,217,840				36
Non-controlling interests		6(18)		1,256,613				4			215,134				1			151,344				1
Total equity					14,947,566				50			13,111,002				49			8,369,184				37
Total liabilities and equity				$29,862,588				100		$26,652,789				100		$22,647,172				100

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

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PANJIT INTERNATIONAL INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the three-month and nine-month periods ended 30 September 2022 and 2021 (Expressed in Thousand of New Taiwan Dollars)

			For the three-month periods ended 30 September				For the nine-month periods ended 30 September
			2022					2021						2022					2021
Items	Notes		Amount			％			Amount			％			Amount			％			Amount			％
Operating revenues	6(20),7		$3,168,567		100		$3,701,891				100		$10,369,798		100		$10,434,368		100
Operating costs	6(7),(22),(23),7		(2,227,774)		(70)		(2,416,610)				(65)		(7,120,239)		(69)		(7,144,639)		(68)
Gross profit			940,793		30		1,285,281				35		3,249,559		31		3,289,729		32
Operating expenses	6(21),(22),(23),7
Selling expenses			(171,854)		(5)		(169,466)				(5)		(518,635)		(5)		(478,613)		(5)
General and administrative expenses			(265,063)		(8)		(293,944)				(8)		(810,124)		(7)		(783,374)		(8)
Research and development expenses			(204,621)		(7)		(110,958)				(3)		(507,636)		(5)		(310,172)		(3)
Expected credit gains			2,102		-		792				-		8,382		-		638		-
Subtotal			(639,436)		(20)		(573,576)				(16)		(1,828,013)		(17)		(1,571,521)		(16)
Operating income			301,357		10		711,705				19		1,421,546		14		1,718,208		16
Non-operating income and expenses	6(22),(24),7
Interest income			34,115		1		23,640				1		97,036		1		77,256		1
Other income			22,151		1		26,634				1		76,305		1		92,768		1
Other gains and losses			151,843		5		1,833				-		330,164		3		1,117		-
Finance costs			(36,827)		(1)		(22,880)				(1)		(94,917)		(1)		(71,077)		(1)
Share of profit or loss of associates under equity method	6(8)		49,252		1		37,140				1		105,071		1		69,858		1
Subtotal			220,534		7		66,367				2		513,659		5		169,922		2
Pretax income from continuing operations			521,891		17		778,072				21		1,935,205		19		1,888,130		18
Income tax expenses	6(26)		(85,965)		(3)		(139,692)				(4)		(326,514)		(3)		(400,236)		(4)
Profit from continuing operations			435,926		14		638,380				17		1,608,691		16		1,487,894		14
Net income			435,926		14		638,380				17		1,608,691		16		1,487,894		14
Other comprehensive income (loss)	6(25),(26)
Items that will not be reclassified subsequently to profit or loss:
Unrealized gains (losses) from equity instrument investments measured at fair value			(102,859)		(3)		213,062				6		(305,234)		(3)		254,607		3
through other comprehensive income
Income tax related to items that will not be reclassified			(944)		-		(636)				-		471		-		(915)		-
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising on translation of foreign operations			315,573		10		(29,460)				(1)		755,772		7		(195,251)		(2)
Total other comprehensive income (loss), net of tax			211,770		7		182,966				5		451,009		4		58,441		1
Total comprehensive income (loss)			$647,696		21		$821,346				22		$2,059,700		20		$1,546,335		15
Net income (loss) attributable to:
Stockholders of the parent			$425,637		14		$623,798				17		$1,608,181		16		$1,478,784		14
Non-controlling interests			10,289		-		14,582				-		510		-		9,110		-
			$435,926		14		$638,380				17		$1,608,691		16		$1,487,894		14
Comprehensive income (loss) attributable to:
Stockholders of the parent			$628,875		20		$801,211				21		$1,974,675		19		$1,535,456		15
Non-controlling interests			18,821		1		20,135				1		85,025		1		10,879		-
			$647,696		21		$821,346				22		$2,059,700		20		$1,546,335		15
Earnings per share (NTD)	6(27)
Basic earnings per share			$1.11					$1.88						$4.21					$4.45
Diluted earnings per share			$1.11					$1.87						$4.20					$4.43

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

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