PANJIT INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
WITH REPORT OF INDEPENDENT ACCOUNTANTS
FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2023 AND 2022
Address: No.24, Gangshan N. Rd., Gangshan Dist., Kaohsiung City, Taiwan, R.O.C.
Telephone: 886-7-621-3121
The reader is advised that these financial statements have been prepared originally in Chinese. In the event of a conflict between these financial statements and the original Chinese version or difference in interpretation between the two versions, the Chinese financial statements shall prevail.
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Review Report of Independent Accountants
To: PANJIT INTERNATIONAL INC.
Introduction
We have reviewed the accompanying consolidated balance sheets of PANJIT INTERNATIONAL INC. (the "Company") and its subsidiaries as of 30 June 2023 and 2022, the related consolidated statements of comprehensive income for the three-month and six-month periods ended 30 June 2023 and 2022 and consolidated statements of changes in equity and cash flows for the six-month periods ended 30 June 2023 and 2022, and notes to the consolidated financial statements, including the summary of significant accounting policies (together "the consolidated financial statements"). Management is responsible for the preparation and fair presentation of these 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" as endorsed and became effective by Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.
Scope of Review
Except as explained in the following paragraph, we conducted our reviews in accordance with Statement of Auditing Standards No. 2410, "Review of Financial Statements". 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 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.
Basis for Qualified Conclusion
As explained in Note 4, the financial statements of certain insignificant subsidiaries were not reviewed by independent accountants. Those statements reflected total assets of NT$4,516,682 thousand and NT$4,635,809 thousand, constituting 16% and 15% of the consolidated total assets, and total liabilities of NT$871,629 thousand and NT$1,255,713 thousand, constituting 6% and 8% of the consolidated total liabilities as of 30 June 2023 and 2022, respectively; and total comprehensive income of NT$209,260 thousand, NT$151,031 thousand, NT$223,196 thousand and NT$528,079 thousand, constituting 64% , 29%, 36% and 37% of the consolidated total comprehensive income for the three-month and six-month periods ended 30 June 2023 and 2022, respectively. As explained in Note 6. (8), the financial statements of certain associates and joint ventures accounted for under the equity method were not reviewed by independent accountants. Those associates and joint ventures under equity method amounted to NT$137,566 thousand and NT$125,894 thousand as of 30 June 2023 and 2022, respectively. The related shares of profits from the associates and joint ventures under the equity method amounted to (NT$970) thousand, (NT$4,069) thousand, (NT$1,932) thousand and (NT$7,653) thousand for the three-month and six-month periods ended 30 June 2023 and 2022,
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respectively. The information related to above subsidiaries, and associates and joint ventures accounted for under the equity method disclosed in Note 13 was also not reviewed by independent accountants.
Qualified Conclusion
Based on our reviews and the review reports of other independent accountants (please refer to the Other Matter paragraph of our report), except for the effect of such adjustments, if any, as might have been determined to be necessary had the financial statements of certain insignificant subsidiaries, associates and joint ventures accounted for using equity method and the information been reviewed by independent accountants described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Company and its subsidiaries as at 30 June 2023 and 2022, and their consolidated financial performance for the three-month and six- month periods ended 30 June 2023 and 2022, and their consolidated cash flows for the six-month periods ended 30 June 2023 and 2022, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" as endorsed and became effective by Financial Supervisory Commission of the Republic of China.
Other Matter - Making Reference to the Reviews of Other Independent Accountants
We did not review the financial statements of certain investment accounted for under the equity method, which reflected the associates and joint ventures under equity method in the amount of NT1,499,505 thousand and NT$1,667,510 thousand, constituting 5% and 6% of consolidated total assets as of 30 June 2023 and 2022, and the related shares of profits from the associates and joint ventures under the equity method of NT$32,062 thousand, NT$41,432thousand, NT$26,993 thousand, and NT$53,511 thousand, constituting 8%, 7%,4% and 4% of consolidated pretax income for the three-month and six-month periods ended 30 June 2023 and 2022, respectively. Those financial statements were reviewed by other independent accountants, whose reports thereon have been furnished to us, and our review results are based solely on the reports of the other independent accountants.
Ernst & Young Taiwan
Aug 8, 2023
Notice to Readers
The accompanying parent company only financial statements are intended only to present the parent company only financial position, results of operations 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 parent company only financial statements are those generally accepted and applied in the Republic of China.
Accordingly, the accompanying parent company only financial statements and report of independent accountants are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, Ernst & Young cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.
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PANJIT INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2023, December 31, 2022, and June 30, 2022
(Expressed in Thousand of New Taiwan Dollars)
Asset | Note | June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||
Current asset | ||||||||||||||||||||||
Cash and cash equivalents | 6(1) | $2,121,069 | 7 | $3,033,568 | 10 | $2,319,068 | 8 | |||||||||||||||
Financial assets at fair value through profit or loss - current | 6(2) | 2,684,458 | 9 | 2,993,980 | 10 | 3,838,512 | 13 | |||||||||||||||
Notes receivable, net | 6(5),(21) | 753,277 | 3 | 352,859 | 1 | 802,036 | 3 | |||||||||||||||
Trade receivable, net | 6(6),(21) | 3,781,588 | 13 | 3,360,160 | 12 | 4,175,344 | 14 | |||||||||||||||
Trade receivable-related parties, net | 6(6), (21)/7 | 45,667 | - | 56,700 | - | 105,496 | - | |||||||||||||||
Other receivables, net | 677,040 | 2 | 146,057 | - | 150,962 | - | ||||||||||||||||
Other receivables-related parties, net | 7 | 10,807 | - | 3,352 | - | 5,217 | - | |||||||||||||||
Inventories, net | 6(7) | 3,282,615 | 12 | 3,754,265 | 13 | 3,416,636 | 11 | |||||||||||||||
Prepayments | 507,755 | 2 | 758,487 | 3 | 504,087 | 2 | ||||||||||||||||
Other current assets | 8 | 128,837 | 1 | 150,376 | 1 | 309,000 | 1 | |||||||||||||||
Total current assets | 13,993,113 | 49 | 14,609,804 | 50 | 15,626,358 | 52 | ||||||||||||||||
Non-current assets | ||||||||||||||||||||||
Financial assets at fair value through profit or loss - non-current | 6(2) | 38,071 | - | 37,485 | - | 23,708 | - | |||||||||||||||
Financial assets at fair value through other comprehensive income - non-current | 6(3) | 535,763 | 2 | 521,889 | 2 | 1,368,452 | 5 | |||||||||||||||
Financial assets measured at amortized cost-Non-current | 6(4) | 27,442 | - | 26,622 | - | 25,324 | - | |||||||||||||||
Investments accounted for using the equity method | 6(8) | 1,954,355 | 7 | 2,038,347 | 7 | 2,052,495 | 7 | |||||||||||||||
Property, Plant, and Equipment | 6(9) | 7,726,817 | 27 | 7,411,293 | 25 | 6,184,681 | 21 | |||||||||||||||
Right-of-use assets | 6(22) | 1,264,079 | 4 | 1,296,176 | 5 | 1,288,372 | 4 | |||||||||||||||
Intangible assets | 6(10),(11) | 1,640,254 | 6 | 1,661,358 | 6 | 1,619,573 | 5 | |||||||||||||||
Deferred tax assets | 360,548 | 1 | 350,643 | 1 | 427,477 | 1 | ||||||||||||||||
Prepayment for equipments | 127,684 | 1 | 443,341 | 2 | 883,381 | 3 | ||||||||||||||||
Refundable deposits | 8 | 533,137 | 2 | 637,470 | 2 | 651,795 | 2 | |||||||||||||||
Other non-current assets, others | 8 | 134,805 | 1 | 132,418 | - | 100,856 | - | |||||||||||||||
Total non-current assets | 14,342,955 | 51 | 14,557,042 | 50 | 14,626,114 | 48 | ||||||||||||||||
Total assets | $28,336,068 | 100 | $29,166,846 | 100 | $30,252,472 | 100 | ||||||||||||||||
(The accompanying notes are an integral part of the consolidated financial statements.)
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PANJIT INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2023, December 31, 2022, and June 30, 2022
(Expressed in Thousand of New Taiwan Dollars)
Liabilities and equity | Note | June 30, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||
Current Liabilities | ||||||||||||||||||||||
Short-term borrowings | 6(12) | $2,184,969 | 8 | $2,769,949 | 10 | $4,221,852 | 14 | |||||||||||||||
Financial liabilities at fair value through profit or loss - current | 6(13) | 8,115 | - | - | - | 126 | - | |||||||||||||||
Contractual liabilities - current | 6(20) | 19,737 | - | 10,041 | - | 8,879 | - | |||||||||||||||
Notes payable | 6(14) | 468,393 | 2 | 605,905 | 2 | 823,751 | 3 | |||||||||||||||
Trade payable | 1,268,281 | 4 | 1,417,681 | 5 | 1,897,850 | 6 | ||||||||||||||||
Trade payable-related parties | 7 | 42,582 | - | 59,068 | - | 143,684 | 1 | |||||||||||||||
Other payables | 2,516,949 | 9 | 1,742,971 | 6 | 2,563,150 | 8 | ||||||||||||||||
Other payables - related parties | 7 | 36,810 | - | 37,903 | - | 38,146 | - | |||||||||||||||
Current tax liabilities | 278,840 | 1 | 295,814 | 1 | 364,330 | 1 | ||||||||||||||||
Lease liabilities - current | 6(22) / 7 | 51,263 | - | 52,735 | - | 48,093 | - | |||||||||||||||
Long-term borrowings, current portion | 6(16) / 8 | 507,000 | 2 | 478,875 | 2 | 247,834 | 1 | |||||||||||||||
Other current liabilities | 122,968 | 1 | 76,945 | - | 24,844 | - | ||||||||||||||||
Total current liabilities | 7,505,907 | 27 | 7,547,887 | 26 | 10,382,539 | 34 | ||||||||||||||||
Non-current Liabilities | ||||||||||||||||||||||
Long-term borrowings | 6(16) / 8 | 5,988,875 | 21 | 6,033,741 | 21 | 4,872,462 | 16 | |||||||||||||||
Deferred tax liabilities | 99,944 | 1 | 91,895 | - | 83,686 | - | ||||||||||||||||
Lease liabilities - non-current | 6(22) / 7 | 296,191 | 1 | 321,641 | 1 | 334,094 | 1 | |||||||||||||||
Long-term deferred revenue | 6(15) | 88,616 | - | 98,807 | - | 107,721 | 1 | |||||||||||||||
Defined benefit liabilities-non-current | 62,834 | - | 66,945 | - | 93,670 | - | ||||||||||||||||
Other non-current liabilities | 95,052 | - | 96,695 | - | 106,180 | 1 | ||||||||||||||||
Total non-current liabilities | 6,631,512 | 23 | 6,709,724 | 22 | 5,597,813 | 19 | ||||||||||||||||
Total liabilities | 14,137,419 | 50 | 14,257,611 | 48 | 15,980,352 | 53 | ||||||||||||||||
Equity attributable to the parent company | ||||||||||||||||||||||
Capital stock | ||||||||||||||||||||||
Common stock | 6(18) | 3,821,149 | 14 | 3,828,149 | 13 | 3,828,149 | 13 | |||||||||||||||
Capital surplus | 6(18) | 6,005,745 | 21 | 6,016,861 | 21 | 5,985,455 | 20 | |||||||||||||||
Retained earnings | 6(18) | |||||||||||||||||||||
Legal reserve | 729,336 | 3 | 505,733 | 2 | 505,733 | 1 | ||||||||||||||||
Special reserve | 717,237 | 2 | 717,237 | 2 | 717,237 | 2 | ||||||||||||||||
Unappropriated earnings | 2,194,228 | 8 | 3,116,721 | 11 | 2,100,025 | 7 | ||||||||||||||||
Total retained earnings | 3,640,801 | 13 | 4,339,691 | 15 | 3,322,995 | 10 | ||||||||||||||||
Other components of equity | (565,085) | (2) | (552,617) | (2) | (88,681) | - | ||||||||||||||||
Treasury stock | 6(18) | - | - | (16,507) | - | (16,507) | - | |||||||||||||||
Equity attributable to owners of the parent company | 12,902,610 | 46 | 13,615,577 | 47 | 13,031,411 | 43 | ||||||||||||||||
Non-controlling interests | 6(18) | 1,296,039 | 4 | 1,293,658 | 5 | 1,240,709 | 4 | |||||||||||||||
Total equity | 14,198,649 | 50 | 14,909,235 | 52 | 14,272,120 | 47 | ||||||||||||||||
Total liabilities and equity | $28,336,068 | 100 | $29,166,846 | 100 | $30,252,472 | 100 | ||||||||||||||||
(The accompanying notes are an integral part of the consolidated financial statements.)
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Pan Jit International Inc. published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 06:00:08 UTC.