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Stock Code:3033
WEIKENG INDUSTRIAL CO., LTD.
Parent Company Only Financial Statements
With Independent Auditors' Report
For the Years Ended December 31, 2023 and 2022
Address: | 11F., No.308, Sec.1, Neihu Rd., Neihu Dist., Taipei City |
Telephone: | (02)2659-0202 |
The independent auditors' report and the accompanying Parent Company only financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' report and Parent Company only financial statements, the Chinese version shall prevail.
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Table of contents
Contents | Page | |||
1. | Cover Page | 1 | ||
2. | Table of Contents | 2 | ||
3. | Independent Auditors' Report | 3 | ||
4. | Balance Sheets | 4 | ||
5. | Statements of Comprehensive Income | 5 | ||
6. | Statements of Changes in Equity | 6 | ||
7. | Statements of Cash Flows | 7 | ||
8. | Notes to Parent Company Only Financial Statements | |||
(1) | Company history | 8 | ||
(2) | Approval date and procedures of the financial statements | 8 | ||
(3) | New standards, amendments and interpretations adopted | 8~9 | ||
(4) | Summary of material accounting policies | 9~24 | ||
(5) | Significant accounting assumptions and judgments, and major sources | 25 | ||
of estimation uncertainty | ||||
(6) | Explanation of significant accounts | 25~57 | ||
(7) | Related-party transactions | 58~60 | ||
(8) | Assets pledged as security | 60 | ||
(9) | Significant commitments and contingencies | 60 | ||
(10) | Losses due to major disasters | 61 | ||
(11) | Subsequent events | 61 | ||
(12) | Other | 61~62 | ||
(13) | Other disclosures | |||
(a) Information on significant transactions | 62~64 | |||
(b) Information on investees | 65 | |||
(c) Information on investment in mainland China | 65~66 | |||
(d) Major shareholders | 66 | |||
(14) | Segment information | 66 | ||
9. | List of major account titles | 67~74 |
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Independent Auditors' Report
To the Board of Directors of Weikeng Industrial Co., Ltd.:
Opinion
We have audited the financial statements of Weikeng Industrial Co., Ltd.("the Company"), which comprise the balance sheets as of December 31, 2023 and 2022, the statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the financial statements, including a summary of material accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The key audit matters we judged shall be presented in the auditors' report as follows:
1. Recognition of Operating Revenue
Please refer to note (4)(m) " Revenue recognition" for accounting policies with respect to recognizing revenue, and to note (6)(r) "Revenue from contracts with customers " for explanatory notes about revenue.
Description of key audit matters:
Weikeng Industrial Co., Ltd. is a listed company. The Company is a distributor for the sale of electronic components and computer peripheral equipment. Operating revenue is one of the significant items in the financial statements, and the amounts and changes of operating revenue may affect the users' understanding of the entire financial statements. Therefore, the testing over revenue recognition is considered a key matter in our audits.
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How the matter was addressed in our audits:
Our main audit procedures for the aforementioned key audit matters include testing the Company's controls surrounding revenue recognition in the order-to-cash transaction cycle, including reconciliations between the general ledger and sales system; performing the detailed test of relevant vouchers, as well as assessing whether the Company's timing on revenue recognition and the amounts recognized are in accordance with related standards.
2. Valuation of Inventories
Please refer to note (4)(g) " Inventories" for accounting policies with respect to valuating inventories, to note
- "Valuation of inventories" for accounting estimates and uncertainties of affairs for inventory valuation; and to note (6)(e) "Inventories" for explanatory notes about inventories and related expenses.
Description of key audit matters:
The Company is a distributor for the sale of electronic components and computer peripheral equipment. Due to the horizontal competition in the industry and constant advancement of related technologies, the price of end electronic products are volatile, and thus, affects the price of electronic components and computer peripheral equipment. Therefore, the testing over the valuation of inventories is considered a key matter in our audits.
How the matter was addressed in our audits:
Our main audit procedures for the aforementioned key audit matters include testing the related controls over the cost operating cycle; evaluating whether the policies for setting aside allowance for inventory valuation and obsolescence losses are in accordance with the Company's policies and related standards; as well as implementing sampling procedures to check the correctness of the aging of the inventories. In addition, we also examined the inventory aging reports, understood the subsequent sales status of slow moving inventories; and evaluated the adopted basis of the net realizable value to assess the reasonableness of the management's estimates of the allowance for inventory valuation.
3. The share of profit (loss) of subsidiaries and investments accounted for using equity method
Please refer to note (4)(h) "Investments of subsidiaries" for the accounting policies; note (6)(f) "Investments accounted for using equity method"for explanatory notes about the investments under equity method.
Description of key audit matters:
The subsidiaries, which are recognized under equity method, are distributors for the sale of electronic components and computer peripheral equipment with holding material assets, such as accounts receivable and inventories. Therefore, the share of profit (loss) of subsidiaries and investments accounted for using equity method which is one of the material items in the financial statements is considered a key matter in our audits.
How the matter was addressed in our audits:
Our main audit procedures for the aforementioned key audit matters include understanding the related controls over investments accounted for using equity method; testing the changes of the investment under equity method within the year, including the recognition of investments gains (losses) and the share of comprehensive income; as well as assessing whether the Company' s recognition of investments are in accordance with the related standards.
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Responsibilities of Management and Those Charged with Governance for the Financial Statements
The management is responsible for the preparation and fair presentation of the financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance (including Audit Committee) are responsible for overseeing the Company' s financial reporting process.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor' s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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6. Obtain sufficient and appropriate audit evidence regarding the financial information of the investments in other entities accounted for using the equity method to express an opinion on this financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audit resulting in this independent auditors' report are Au, Yiu-Kwan and Kuo, Kuan-Ying .
KPMG
Taipei, Taiwan (Republic of China)
March 11, 2024
Notes to Readers
The accompanying Parent Company only financial statements are intended only to present the financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such Parent Company only financial statements are those generally accepted and applied in the Republic of China.
The independent auditors' audit report and the accompanying Parent Company only financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' audit report and Parent Company only financial statements, the Chinese version shall prevail.
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(English Translation of Financial Statements Originally Issued in Chinese.)
WEIKENG INDUSTRIAL CO., LTD.
Balance Sheets
December 31, 2023 and 2022
(expressed in thousands of New Taiwan Dollars)
December 31, 2023 | December 31, 2022 | ||||||||
Assets | Amount | % | Amount | % | |||||
Current assets: | |||||||||
1100 | Cash and cash equivalents (note (6)(a)) | $ | 1,387,936 | 6 | 1,390,080 | 7 | |||
1110 | Current financial assets at fair value through profit or loss (note (6)(b)) | 850 | - | 644 | - | ||||
1170 | Notes and accounts receivable, net (notes (6)(d) and (7)) | 7,239,779 | 31 | 6,563,745 | 31 | ||||
1200 | Other receivables (note (7)) | 473,594 | 2 | 456,567 | 2 | ||||
1300 | Inventories, net (note (6)(e)) | 6,187,022 | 27 | 4,511,439 | 22 | ||||
1470 | Prepaid expenses and other current assets | 56,161 | - | 18,060 | - | ||||
15,345,342 | 66 | 12,940,535 | 62 | ||||||
Non-current assets: | |||||||||
1517 | Non-current financial assets at fair value through other comprehensive | ||||||||
income (note (6)(c)) | 77,285 | - | 81,089 | - | |||||
1550 | Investments accounted for using equity method, net (note (6)(f)) | 7,338,484 | 32 | 7,421,717 | 36 | ||||
1600 | Property, plant and equipment (note (6)(g)) | 106,128 | - | 91,831 | 1 | ||||
1755 | Right-of-use assets (notes (6)(h) and (7)) | 132,872 | 1 | 55,414 | - | ||||
1780 | Intangible assets | 620 | - | 4,371 | - | ||||
1840 | Deferred tax assets (note (6)(o)) | 139,419 | 1 | 144,830 | 1 | ||||
1900 | Other non-current assets | 22,270 | - | 23,050 | - | ||||
7,817,078 | 34 | 7,822,302 | 38 |
Total assets | $ | 23,162,420 100 | 20,762,837 100 | |||||
Liabilities and Equity | December 31, 2023 | December 31, 2022 | |||||||||||
Amount | % | Amount | % | ||||||||||
Current liabilities: | |||||||||||||
2100 | Short-term borrowings (note (6)(i)) | $ | 5,681,720 | 24 | 5,915,021 | 29 | |||||||
2120 | Current financial liabilities at fair value through profit or loss (note (6)(b)) | - | - | 784 | - | ||||||||
2130 | Current contract liabilities (note (6)(r)) | 22,230 | - | 16,410 | - | ||||||||
2170 | Accounts payable (note (7)) | 4,820,600 | 21 | 1,517,039 | 7 | ||||||||
2200 | Other payables (notes (6)(j) and (7)) | 390,085 | 2 | 557,256 | 3 | ||||||||
2230 | Current tax liabilities | 191,901 | 1 | 265,308 | 1 | ||||||||
2280 | Current lease liabilities (notes (6)(l) and (7)) | 53,811 | - | 31,520 | - | ||||||||
2300 | Other current liabilities | 444,480 | 2 | 397,700 | 2 | ||||||||
11,604,827 | 50 | 8,701,038 | 42 | ||||||||||
Non-current liabilities: | |||||||||||||
2500 | Non-current financial liabilities at fair value through profit or loss | ||||||||||||
(note (6)(b)) | 14,144 | - | 31,173 | - | |||||||||
2530 | Bonds payable (note (6)(k)) | 1,768,116 | 8 | 1,870,309 | 9 | ||||||||
2570 | Deferred tax liabilities (note (6)(o)) | 857,291 | 4 | 873,504 | 5 | ||||||||
2580 | Non-current lease liabilities (notes (6)(l) and (7)) | 81,756 | - | 27,052 | - | ||||||||
2640 | Non-current net defined benefit liabilities (note (6)(n)) | 69,867 | - | 79,956 | - | ||||||||
2670 | Other non-current liabilities | 199 | - | 187 | - | ||||||||
2,791,373 | 12 | 2,882,181 | 14 | ||||||||||
Total liabilities | 14,396,200 | 62 | 11,583,219 | 56 | |||||||||
Equity (note (6)(p)): | |||||||||||||
3100 | Common Stock | 4,280,715 | 18 | 4,235,432 | 20 | ||||||||
3200 | Capital surplus | 1,526,125 | 7 | 1,440,646 | 7 | ||||||||
Retained earnings: | |||||||||||||
3310 | Legal reserve | 1,304,638 | 6 | 1,132,248 | 6 | ||||||||
3320 | Special reserve | - | - | 454,583 | 2 | ||||||||
3350 | Unappropriated earnings | 1,667,096 | 7 | 1,908,636 | 9 | ||||||||
2,971,734 | 13 | 3,495,467 | 17 | ||||||||||
Other equity interest: | |||||||||||||
3410 | Exchange differences on translation of foreign financial statements | 79,453 | - | 89,420 | - | ||||||||
3420 | Unrealized gains (losses) on financial assets measured at fair value through | ||||||||||||
other comprehensive income | (91,807) | - | (81,347) | - | |||||||||
(12,354) | - | 8,073 | - | ||||||||||
Total equity | 8,766,220 | 38 | 9,179,618 | 44 | |||||||||
Total liabilities and equity | $ | 23,162,420 | 100 | 20,762,837 | 100 | ||||||||
See accompanying notes to financial statements.
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(English Translation of Financial Statements Originally Issued in Chinese.)
WEIKENG INDUSTRIAL CO., LTD.
Statements of Comprehensive Income
For the years ended December 31, 2023 and 2022
(expressed in thousands of New Taiwan Dollars, except for earnings per share)
2023 | 2022 | |||||||||
Amount | % | Amount | % | |||||||
4100 | Net sales revenue (notes (6)(r) and (7)) | $ | 33,150,275 | 100 | 28,811,601 | 100 | ||||
5000 | Cost of sales (notes (6)(e) and (7)) | 31,194,854 | 94 | 26,748,962 | 93 | |||||
Gross profit | 1,955,421 | 6 | 2,062,639 | 7 | ||||||
Operating expenses (notes (6)(l), (6)(n), (7) and (12)): | ||||||||||
6100 | Selling expenses | 770,531 | 2 | 844,851 | 3 | |||||
6200 | Administrative expenses | 270,116 | 1 | 350,782 | 1 | |||||
6450 | Expected credit losses (reversal gains) (note (6)(d)) | (632) | - | 1,561 | - | |||||
1,040,015 | 3 | 1,197,194 | 4 | |||||||
Net operating income | 915,406 | 3 | 865,445 | 3 | ||||||
Non-operating income and expenses: | ||||||||||
7100 | Interest income | 19,960 | - | 3,473 | - | |||||
7010 | Other income (notes (6)(m) and (7)) | 372,319 | 1 | 387,179 | 1 | |||||
7230 | Foreign currency exchange gains, net (note (6)(t)) | 137,925 | - | 174,752 | 1 | |||||
7235 | Gains (losses) on financial assets (liabilities) at fair value through profit or loss, net (note (6)(k)) | 15,868 | - | (6,783) | - | |||||
7375 | Share of profit of subsidiaries, associates and joint ventures accounted for using equity method | (70,773) | - | 920,098 | 3 | |||||
(note (6)(f)) | ||||||||||
7050 | Financial costs (notes (6)(k) and (6)(l)) | (358,535) | (1) | (206,824) | (1) | |||||
7590 | Miscellaneous disbursements | (193) | - | (702) | - | |||||
116,571 | - | 1,271,193 | 4 | |||||||
7900 | Profit before tax | 1,031,977 | 3 | 2,136,638 | 7 | |||||
7950 | Less: Income tax expenses (note (6)(o)) | 245,210 | 1 | 437,504 | 1 | |||||
8200 | Profit | 786,767 | 2 | 1,699,134 | 6 | |||||
Other comprehensive income: | ||||||||||
8310 | Items that will not be reclassified to profit or loss | |||||||||
8311 | Changes on remeasurements of defined benefit plans (note (6)(n)) | 3,110 | - | 30,954 | - | |||||
8316 | Unrealized (losses) gains from investments in equity instruments measured at fair value through | |||||||||
other comprehensive income | (10,460) | - | (169) | - | ||||||
8349 | Less: Income tax related to items that will not be reclassified to profit or loss (note (6)(o)) | 622 | - | 6,191 | - | |||||
(7,972) | - | 24,594 | - | |||||||
8360 | Items that may be reclassified to profit or loss | |||||||||
8361 | Exchange differences on translation of foreign financial statements | (12,460) | - | 578,532 | 2 | |||||
8399 | Less: Income tax related to items that will be reclassified to profit or loss (note (6)(o)) | (2,493) | - | 115,707 | - | |||||
(9,967) | - | 462,825 | 2 | |||||||
Other comprehensive income | (17,939) | - | 487,419 | 2 | ||||||
8500 | Comprehensive income | $ | 768,828 | 2 | 2,186,553 | 8 | ||||
Earnings per ordinary share (expressed in New Taiwan dollars): (note (6)(q)) | ||||||||||
9750 | Basic earnings per share | $ | 1.85 | 4.03 | ||||||
9850 | Diluted earnings per share | $ | 1.61 | 3.67 | ||||||
See accompanying notes to financial statements.
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(English Translation of Financial Statements Originally Issued in Chinese.)
WEIKENG INDUSTRIAL CO., LTD.
Statements of Changes in Equity
For the years ended December 31, 2023 and 2022 (expressed in thousands of New Taiwan Dollars)
Other equity interest | |||||||||||||||||||||||||||||||
Unrealized gains | |||||||||||||||||||||||||||||||
(losses) from | |||||||||||||||||||||||||||||||
financial assets | |||||||||||||||||||||||||||||||
Exchange | measured at | ||||||||||||||||||||||||||||||
differences on | fair value | ||||||||||||||||||||||||||||||
Retained earnings | translation of | through other | |||||||||||||||||||||||||||||
Common | Capital | Legal | Special | Unappropriated | foreign financial | comprehensive | Total | ||||||||||||||||||||||||
Balance at January 1, 2022 | stock | surplus | reserve | reserve | earnings | statements | income | equity | |||||||||||||||||||||||
$ | 4,159,342 | 1,275,927 | 960,709 | 365,705 | 1,715,388 | (373,405) | (81,178) | 8,022,488 | |||||||||||||||||||||||
Appropriation and distribution of retained earnings: | |||||||||||||||||||||||||||||||
Legal reserve appropriated | - | - | 171,539 | - | (171,539) | - | - | - | |||||||||||||||||||||||
Special reserve appropriated | - | - | - | 88,878 | (88,878) | - | - | - | |||||||||||||||||||||||
Cash dividends | - | - | - | - | (1,270,232) | - | - | (1,270,232) | |||||||||||||||||||||||
- | - | 171,539 | 88,878 | (1,530,649) | - | - | (1,270,232) | ||||||||||||||||||||||||
Profit for the year ended December 31, 2022 | - | - | - | - | 1,699,134 | - | - | 1,699,134 | |||||||||||||||||||||||
Other comprehensive income for the year ended December 31, 2022 | - | - | - | - | 24,763 | 462,825 | (169) | 487,419 | |||||||||||||||||||||||
Total comprehensive income for the year ended December 31, 2022 | - | - | - | - | 1,723,897 | 462,825 | (169) | 2,186,553 | |||||||||||||||||||||||
Issuance of convertible bonds | - | 114,313 | - | - | - | - | - | 114,313 | |||||||||||||||||||||||
Conversion of convertible bonds | 76,090 | 50,458 | - | - | - | - | - | 126,548 | |||||||||||||||||||||||
Others | - | (52) | - | - | - | - | - | (52) | |||||||||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||||||||||||||||
4,235,432 | 1,440,646 | 1,132,248 | 454,583 | 1,908,636 | 89,420 | (81,347) | 9,179,618 | ||||||||||||||||||||||||
Appropriation and distribution of retained earnings: | |||||||||||||||||||||||||||||||
Legal reserve appropriated | - | - | 172,390 | - | (172,390) | - | - | - | |||||||||||||||||||||||
Cash dividends | - | - | - | - | (1,312,988) | - | - | (1,312,988) | |||||||||||||||||||||||
Reversal of special reserve | - | - | - | (454,583) | 454,583 | - | - | - | |||||||||||||||||||||||
- | - | 172,390 | (454,583) | (1,030,795) | - | - | (1,312,988) | ||||||||||||||||||||||||
Profit for the year ended December 31, 2023 | - | - | - | - | 786,767 | - | - | 786,767 | |||||||||||||||||||||||
Other comprehensive income for the year ended December 31, 2023 | - | - | - | - | 2,488 | (9,967) | (10,460) | (17,939) | |||||||||||||||||||||||
Total comprehensive income for the year ended December 31, 2023 | - | - | - | - | 789,255 | (9,967) | (10,460) | 768,828 | |||||||||||||||||||||||
Conversion of convertible bonds | 45,283 | 85,479 | - | - | - | - | - | 130,762 | |||||||||||||||||||||||
Balance at December 31, 2023 | $ | 4,280,715 | 1,526,125 | 1,304,638 | - | 1,667,096 | 79,453 | (91,807) | 8,766,220 | ||||||||||||||||||||||
See accompanying notes to financial statements.
7
(English Translation of Financial Statements Originally Issued in Chinese.)
WEIKENG INDUSTRIAL CO., LTD.
Statements of Cash Flows
For the years ended December 31, 2023 and 2022 (expressed in thousands of New Taiwan Dollars)
2023 | 2022 | ||||||
Cash flows from (used in) operating activities: | |||||||
Profit before tax | $ | 1,031,977 | 2,136,638 | ||||
Adjustments: | |||||||
Adjustments to reconcile profit (loss): | |||||||
Depreciation expenses | 65,123 | 64,132 | |||||
Amortization expenses | 7,054 | 8,765 | |||||
Expected (reversal gains) credit losses | (632) | 1,561 | |||||
Net (gains) losses on financial assets or liabilities at fair value through profit or loss | (15,868) | 6,783 | |||||
Interest expenses | 358,535 | 206,824 | |||||
Interest income | (19,960) | (3,473) | |||||
Dividend income | (231) | - | |||||
Share of (loss) profit of subsidiaries, associates and joint ventures accounted for using equity method | 70,773 | (920,098) | |||||
Others | (546) | (36) | |||||
464,248 | (635,542) | ||||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in notes and accounts receivable | (675,402) | 19,879 | |||||
Increase in other receivable | (16,889) | (22,001) | |||||
Increase in inventories | (1,675,583) | (1,477,337) | |||||
Decrease in prepaid expenses and other current assets | 6,015 | 89,662 | |||||
(2,361,859) | (1,389,797) | ||||||
Decrease in financial liabilities at fair value profit or loss | (915) | - | |||||
Increase (decrease) in accounts payable | 3,303,561 | (1,383,216) | |||||
Decrease in other payable | (142,454) | (64) | |||||
Increase in contract liabilities and other current liabilities | 52,600 | 84,113 | |||||
Decrease in net defined benefit liabilities | (6,979) | (11,312) | |||||
3,205,813 | (1,310,479) | ||||||
Total changes in operating assets and liabilities | 843,954 | (2,700,276) | |||||
Total adjustments | 1,308,202 | (3,335,818) | |||||
Cash flow from (used in) operations | 2,340,179 | (1,199,180) | |||||
Interest received | 19,416 | 3,473 | |||||
Dividends received | 231 | - | |||||
Interest paid | (355,798) | (142,689) | |||||
Income taxes paid | (327,548) | (153,745) | |||||
Net cash flows from (used in) operating activities | |||||||
1,676,480 | (1,492,141) | ||||||
Cash flows from (used in) investing activities: | |||||||
Acquisition of financial assets at fair value through other comprehensive income | (9,056) | (42,000) | |||||
Proceeds from capital reduction of financial assets at fair value through other comprehensive income | 2,400 | 807 | |||||
Acquisition of investment accounted for using equity method | - | (298,150) | |||||
Acquisition of property, plant and equipment | (18,055) | (1,751) | |||||
Disposal of property, plant and equipment | 571 | - | |||||
Increase in refundable deposits | (42,466) | (109) | |||||
Acquisition of intangible assets | (3,303) | (4,124) | |||||
Increase in other prepayments | (464) | (115) | |||||
Net cash flows used in investing activities | |||||||
(70,373) | (345,442) | ||||||
Cash flows from (used in) financing activities: | |||||||
Decrease (increase) in short-term borrowings | (233,301) | 1,003,675 | |||||
Proceeds from issuing bonds | - | 2,000,000 | |||||
Repurchase of bonds | - | (1,638) | |||||
Increase in guarantee deposits received | 12 | - | |||||
Payment of lease liabilities | (61,974) | (57,520) | |||||
Cash dividends paid | (1,312,988) | (1,270,232) | |||||
Net cash flows (used in) from financing activities | |||||||
(1,608,251) | 1,674,285 | ||||||
Net decrease in cash and cash equivalents | |||||||
(2,144) | (163,298) | ||||||
Cash and cash equivalents at beginning of period | 1,390,080 | 1,553,378 | |||||
Cash and cash equivalents at end of period | $ | 1,387,936 | 1,390,080 | ||||
See accompanying notes to financial statements.
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Weikeng Industrial Co. Ltd. published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 07:33:01 UTC.