Asia Cement Corporation and Subsidiaries

Consolidated Financial Statements for the Three Months Ended March 31, 2021 and 2020

Note: The translation version is intended for reference only. If any inconsistency between the Chinese and English versions, the Chinese version shall govern.

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

ASSETS CURRENT ASSETS Cash and cash equivalents (Notes 6 and 34) Financial assets at fair value through profit or loss - current (Note 7) Financial assets at fair value through other comprehensive income - current (Notes 8 and 35) Financial assets at amortized cost - current (Notes 6, 9, 34 and 35) Contract assets - current (Notes 28 and 34) Notes receivable Third parties Trade receivables Third parties (Notes 10 and 11) Related parties (Notes 10 and 34) Other receivables (Note 34) Current tax assets (Note 30) Inventories (Note 12) Prepayments (Note 34) Other current assets (Note 20) Total current assets NON-CURRENT ASSETS Investments accounted for using the equity method (Notes 14 and 35) Financial assets at fair value through other comprehensive income - non-current (Notes 8 and 35) Financial assets at amortized cost - non-current (Notes 6, 9, 34 and 35) Property, plant and equipment (Notes 15 and 35) Right-of-use assets (Notes 16 and 34) Investment properties (Notes 17 and 35) Intangible assets (Notes 18 and 19) Deferred tax assets (Note 30) Finance lease receivables - non-current (Note 11) Other non-current assets (Notes 20 and 34) Total non-current assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Notes 21 and 34) Short-term bills payable (Note 22) Financial liabilities at fair value through profit or loss - current (Notes 7 and 34) Contract liabilities - current (Note 28) Accounts payable and accrued expenses Third parties (Note 19) Related parties (Note 34) Dividends and bonuses payable Other payables - others Current tax liabilities (Note 30) Provisions - current (Note 25) Lease liabilities - current (Notes 16 and 34) Deferred revenue - current (Note 24) Current portion of long-term liabilities (Notes 23 and 34) Total current liabilities NON-CURRENT LIABILITIES Bonds payable (Note 23) Long-term borrowings (Notes 23 and 34) Provisions - non-current (Notes 20, 25 and 36) Deferred tax liabilities (Note 30) Lease liabilities - non-current (Notes 16 and 34) Deferred revenue - non-current (Note 24) Net defined benefit liabilities - non-current Other non-current liabilities (Note 20) Total non-current liabilities Total liabilities EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION (Note 27) Share capital Capital surplus Retained earnings Legal reserve Special reserve Unappropriated earnings Total retained earnings Other equity Total equity attributable to owners of the Corporation NON-CONTROLLING INTERESTS (Notes 27 and 32) Total equity TOTAL		March 31, 2021 Amount % $ 26,264,176 9 15,557,601 5 4,391,002 1 16,489,639 6 137,477 - 7,137,107 2 8,136,988 3 647,938 - 509,174 - 8,983 - 6,312,098 2 1,471,635 1 381,989 - 87,445,807 29 85,458,351 29 11,018,523 4 65,759 - 52,181,034 18 5,136,875 2 36,618,854 12 7,153,623 2 678,019 - 7,182,707 2 4,304,573 2 209,798,318 71 $ 297,244,125 100 $ 19,466,042 7 13,494,163 5 428,836 - 964,510 - 7,937,455 3 260,231 - 252,216 - 138,661 - 1,565,387 - 15,000 - 228,146 - 75,912 - 9,591,743 3 54,418,302 18 38,800,000 13 16,998,375 6 749,521 - 10,239,645 4 1,202,287 1 753,003 - 162,595 - 446,951 - 69,352,377 24 123,770,679 42 33,614,472 11 1,483,851 1 18,473,057 6 65,267,773 22 31,001,091 11 114,741,921 39 978,837 - 150,819,081 51 22,654,365 7 173,473,446 58 $ 297,244,125 100		December 31, 2020 Amount % $ 25,911,732 9 14,864,809 5 4,252,727 2 16,575,640 6 98,607 - 7,046,851 2 8,850,968 3 650,797 - 580,809 - 9,434 - 6,596,268 2 1,050,301 - 535,004 - 87,023,947 29 84,873,235 29 11,127,995 4 52,778 - 52,820,212 18 4,938,963 2 36,589,248 12 7,254,262 2 690,705 - 7,392,214 3 4,323,296 1 210,062,908 71 $ 297,086,855 100 $ 19,214,889 7 13,881,948 5 425,693 - 1,117,842 - 9,316,509 3 247,171 - 238,361 - 139,378 - 2,954,930 1 52,000 - 222,101 - 75,912 - 16,140,876 6 64,027,610 22 38,800,000 13 10,944,833 4 749,480 - 10,115,317 4 1,158,824 - 771,981 - 173,189 - 458,669 - 63,172,293 21 127,199,903 43 33,614,472 11 1,492,584 1 18,473,057 6 65,267,773 22 27,842,666 10 111,583,496 38 1,078,007 - 147,768,559 50 22,118,393 7 169,886,952 57 $ 297,086,855 100		March 31, 2020
						Amount % $ 29,628,489 10 4,978,032 2 4,257,832 1 30,314,689 10 61,605 - 8,208,583 3 9,292,582 3 905,116 - 602,592 - 6,589 - 8,119,424 3 1,395,090 - 546,143 - 98,316,766 32 83,040,473 27 9,857,076 3 59,662 - 50,983,833 17 5,013,651 2 36,372,710 12 6,896,715 2 530,121 - 7,976,204 3 4,391,701 2 205,122,146 68 $ 303,438,912 100 $ 29,338,695 10 19,801,186 7 141,430 - 854,248 - 11,676,131 4 287,493 - 238,603 - 309,786 - 1,329,008 - 51,246 - 188,677 - 75,912 - 7,096,396 2 71,388,811 23 19,303,063 7 33,605,606 11 725,707 - 9,968,006 3 1,265,396 1 828,915 - 159,427 - 361,609 - 66,217,729 22 137,606,540 45 33,614,472 11 1,456,060 1 16,727,089 6 64,463,426 21 28,092,169 9 109,282,684 36 (2,171,373) (1) 142,181,843 47 23,650,529 8 165,832,372 55 $ 303,438,912 100

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

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OPERATING REVENUE (Notes 28 and 34) OPERATING COSTS (Notes 12, 29 and 34) GROSS PROFIT OPERATING EXPENSES Administrative expenses (Notes 29 and 34) Expected credit gain (Note 10) Total operating expenses OPERATING INCOME NON-OPERATING INCOME AND EXPENSES Interest income Other income (Note 29) Other gains and losses (Note 29) Finance costs (Note 29) Share of profit of associates and joint ventures Total non-operating income and expenses PROFIT BEFORE INCOME TAX INCOME TAX EXPENSE (Note 30) NET INCOME OTHER COMPREHENSIVE LOSS, NET Items that will not be reclassified subsequently to profit or loss: Unrealized gain (loss) on investments in equity instruments at fair value through other comprehensive income Share of the other comprehensive income (loss) of associates and joint ventures		For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 Amount % $ 17,877,389 100 13,517,201 76 4,360,188 24 674,453 3 (37,285) - 637,168 3 3,723,020 21 186,605 1 178,194 1 264,843 1 (199,008) (1) 590,229 3 1,020,863 5 4,743,883 26 894,641 5 3,849,242 21 129,569 1 173,323 1 302,892 2		2020
				Amount % $ 13,138,882 100 10,440,940 80 2,697,942 20 679,294 5 (2,991) - 676,303 5 2,021,639 15 293,871 2 51,236 1 (581,646) (4) (375,063) (3) 158,251 1 (453,351) (3) 1,568,288 12 437,689 4 1,130,599 8 (2,700,728) (20) (1,406,547) (11) (4,107,275) (31) (Continued)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

Items that may be reclassified subsequently to profit or loss: Exchange differences on translating of the financial statements of foreign operations Share of the other comprehensive loss of associates and joint ventures Other comprehensive loss, net of income tax TOTAL COMPREHENSIVE INCOME (LOSS) NET PROFIT ATTRIBUTABLE TO: Owners of the Corporation Non-controlling interests TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO: Owners of the Corporation Non-controlling interests EARNINGS PER SHARE (Note 31) Basic Diluted		For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 Amount % $ (411,503) (2) (144,810) (1) (556,313) (3) (253,421) (1) $ 3,595,821 20 $ 3,200,039 18 649,203 3 $ 3,849,242 21 $ 3,059,849 17 535,972 3 $ 3,595,821 20 $ 1.02 $ 0.97		2020
				Amount % $ (551,612) (4) (87,995) (1) (639,607) (5) (4,746,882) (36) $ (3,616,283) (28) $ 743,772 5 386,827 3 $ 1,130,599 8 $ (3,864,421) (30) 248,138 2 $ (3,616,283) (28) $ 0.24 $ 0.24

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

(Concluded)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars)

	Equity Attributable to Owners of the Corporation	Equity Attributable to Owners of the Corporation
Share Capital Issued Shares Amount Capital Surplus 3,361,447 $ 33,614,472 $ 1,456,054 - - - - - - - - 6 - - - - - - - - - 3,361,447 $ 33,614,472 $ 1,456,060 3,361,447 $ 33,614,472 $ 1,492,584 - - - - - - - - (8,733 ) - - - - - - - - - 3,361,447 $ 33,614,472 $ 1,483,851	Retained Earnings Unappropriated Legal Reserve Special Reserve Earnings $ 16,727,089 $ 64,463,426 $ 27,373,840 - - 743,772 - - - - - - - - (20,711 ) - - (4,343 ) - - (389) $ 16,727,089 $ 64,463,426 $ 28,092,169 $ 18,473,057 $ 65,267,773 $ 27,842,666 - - 3,200,039 - - - - - - - - (75 ) - - (41,020 ) - - (519) $ 18,473,057 $ 65,267,773 $ 31,001,091		Other Equity		Total Other Equity $ 2,432,477 - (4,608,193 ) - - 4,343 - $ (2,171,373) $ 1,078,007 - (140,190 ) - - 41,020 - $ 978,837
		Exchange Differences on Unrealized Gain (Loss) on Translating the Financial Financial Assets at Fair Value Statements of Through Other Foreign Comprehensive Operations Income $ (5,913,201 ) $ 7,908,323 - - (508,488 ) (4,108,492 ) - - - - - 4,343 - - $ (6,421,689) $ 3,804,174 $ (6,108,955 ) $ 6,414,159 - - (433,485 ) 292,910 - - - - - 41,020 - - $ (6,542,440) $ 6,748,089	Gains on Property Revaluation $ 385,214 - 8,550 - - - - $ 393,764 $ 716,910 - 1 - - - - $ 716,971	Cash Flow Hedges $ 52,141 - 237 - - - - $ 52,378 $ 55,833 - 384 - - - - $ 56,217

Shares 3,361,447 - - - - - - 3,361,447 3,361,447 - - - - - - 3,361,447

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

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation expenses Amortization expenses Expected credit loss reversed on trade receivables Net (gain) loss on fair value changes of financial assets and liabilities designated as at fair value through profit or loss Finance costs Interest income Dividend income Share of profit of associates and joint ventures Loss (gain) on disposal of property, plant and equipment Gain on disposal of financial assets Impairment loss recognized on property, plant and equipment (Reversal) write-downs of inventories Unrealized loss (gain) on foreign exchange Gain on changes in fair value of investment properties Gain on modification of lease Changes in operating assets and liabilities Financial assets mandatorily classified as at fair value through profit or loss Contract assets Notes receivable Trade receivables Other receivables Inventories Prepayments Other current assets Contract liabilities Accounts payable and accrued expenses Provisions Net defined benefit liabilities Deferred revenue Cash generated from operations Interests received Dividends received Interests paid Income tax paid Net cash generated from operating activities		For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 4,743,883 1,161,466 67,803 (37,285) (409,294) 199,008 (186,605) (3,903) (590,229) 933 (285,288) - (31) 69,770 (30,736) (142) (833) (38,870) (118,709) 964,068 74,737 209,178 (440,457) 157,418 (149,021) (1,392,881) (36,959) (10,594) (18,978) 3,897,449 181,367 25,626 (120,999) (2,145,705) 1,837,738	2020 $ 1,568,288 1,163,968 63,943 (2,991) 640,900 375,063 (293,871) (3,983) (158,251) (5,331) (33,852) 362 207 (121,065) (34,109) - (833,527) 6,807 2,906,500 769,816 44,217 (358,481) 397,238 (7,236) (133,248) (1,451,114) 10,275 (4,781) (18,978) 4,486,766 122,849 3,983 (314,138) (2,146,018) 2,153,442 (Continued)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of financial assets at fair value through other comprehensive income Proceeds from sale of financial assets at fair value through other comprehensive income Proceeds from (purchase of) financial assets at amortized cost Acquisition of joint ventures Increase in long-term prepayments for investment Payments for property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease (increase) in refundable deposits Payments for intangible assets Payments for right-of-use assets Payments for investment properties Decrease in other non-current assets Proceeds from disposal of right-of-use assets Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Increase in short-term borrowings (Decrease) increase in short-term bills payable Proceeds from long-term borrowings Repayments of long-term borrowings Decrease in guarantee deposits received Repayment of the principal portion of lease liabilities Decrease in other non-current liabilities Acquisition of additional interests in subsidiaries Net cash (used in) generated from financing activities EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES NET INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS, END OF THE PERIOD		For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ - 100,759 17,676 (19,625) (1,451) (466,661) 8,269 30,303 (670) (177,631) (1,168) 37 2,055 (508,107) 244,782 (389,000) 4,268,351 (4,798,153) (75,436) (89,450) (5,166) (75) (844,147) (133,040) 352,444 25,911,732 $ 26,264,176	2020 $ (1,145,158) - (7,159,314) - (3,943) (1,684,288) 8,234 (78,617) (6,950) - - - - (10,070,036) 5,497,800 868,400 40,126,184 (33,474,477) (59,477) (49,719) (6,496) - 12,902,215 (92,627) 4,892,994 24,735,495 $ 29,628,489

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

(Concluded)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

1. ORGANIZATION AND OPERATIONS

Asia Cement Corporation (the “Corporation”) was incorporated in March 1957. It manufactures and sells cement, clinker, cement-related products and ready-mixed concrete, and engages in leasing activities. The Corporation is also required to undertake reforestation activities in designated areas. The Corporation’s shares have been listed on the Taiwan Stock Exchange since June 1962.

In June 1992 and September 1996, certain shares of the Corporation were sold by Far Eastern New Century Corporation (FENC) in the form of global depositary shares (GDSs). Such GDSs have been quoted through the SEAQ system of the London Stock Exchange and traded through the portal system of the National Association of Securities Dealers, Inc.

On March 25, 2021, in order to reduce the related management costs, the Corporation’s board of directors resolved to terminate the GDSs program and to delist from the London Stock Exchange

The consolidated financial statements are presented in the Corporation’s functional currency, New Taiwan dollar.

2. APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Corporation’s board of directors and authorized for issue on May 13, 2021.

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

a. Initial application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC)

The initial application of the IFRSs endorsed and issued into effect by the FSC did not have any material impact on the Group’s accounting policies.

b. New IFRSs in issue but not yet endorsed and issued into effect by the FSC

Effective Date New IFRSs Announced by IASB (Note 1) “Annual Improvements to IFRS Standards 2018-2020” January 1, 2022 (Note 2) Amendments to IFRS 3 “Reference to the Conceptual Framework” January 1, 2022 (Note 3) Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets To be determined by IASB between an Investor and its Associate or Joint Venture” IFRS 17 “Insurance Contracts” January 1, 2023 Amendments to IFRS 17 January 1, 2023 (Continued)

New IFRSs Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” Amendments to IAS 1 “Disclosure of Accounting Policies” Amendments to IAS 8 “Definition of Accounting Estimates” Amendments to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” Amendments to IAS 37 “Onerous Contracts - Cost of Fulfilling a Contract” Amendments to IAS 12 “Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction”	Effective Date Announced by IASB (Note 1)
	January 1, 2023 January 1, 2023 (Note 4) January 1, 2023 (Note 5) January 1, 2022 (Note 6) January 1, 2022 (Note 7) January 1, 2023 (Note 8) (Concluded)

New IFRSs
Amendments to IAS 1 “Classification of Liabilities as Current or
Non-current”

Amendments to IAS 1 “Disclosure of Accounting Policies”

Amendments to IAS 8 “Definition of Accounting Estimates”

Amendments to IAS 16 “Property, Plant and Equipment - Proceeds
before Intended Use”

Amendments to IAS 37 “Onerous Contracts - Cost of Fulfilling a
Contract”

Amendments to IAS 12 “Deferred Tax Related to Assets and
Liabilities Arising from a Single Transaction”

Effective Date
Announced by IASB (Note 1)

January 1, 2023
January 1, 2023 (Note 4)
January 1, 2023 (Note 5)
January 1, 2022 (Note 6)
January 1, 2022 (Note 7)
January 1, 2023 (Note 8)
(Concluded)

Note 1: Unless stated otherwise, the above New IFRSs are effective for annual reporting periods beginning on or after their respective effective dates.
Note 2: The amendments to IFRS 9 will be applied prospectively to modifications and exchanges of financial liabilities that occur on or after the annual reporting periods beginning on or after January 1, 2022. The amendments to IAS 41 “Agriculture” will be applied prospectively to the fair value measurements on or after the annual reporting periods beginning on or after January 1, 2022. The amendments to IFRS 1 “First-time Adoptions of IFRSs” will be applied retrospectively for annual reporting periods beginning on or after January 1, 2022.
Note 3: The amendments are applicable to business combinations for which the acquisition date is on or after the beginning of the annual reporting period beginning on or after January 1, 2022.
Note 4: The amendments will be applied prospectively for annual reporting periods beginning on or after January 1, 2023.
Note 5: The amendments are applicable to changes in accounting estimates and changes in accounting policies that occur on or after the beginning of the annual reporting period beginning on or after January 1, 2023.
Note 6: The amendments are applicable to property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended y management on or after January 1, 2021.
Note 7: The amendments are applicable to contracts for which the entity has not yet fulfilled all its obligations on January 1, 2022.
Note 8: The amendments are applicable to all transactions except the temporary differences deferred tax for leases and decommission obligation on or after January 1, 2022.

As of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the possible impact that the application of the above standards and interpretations will have on the Group’s financial position and financial performance and will disclose the relevant impact when the assessment is completed.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Statement of compliance

The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 “Interim Financial Reporting” as endorsed and issued into effect by the FSC. Disclosure information included in these interim consolidated financial statements is less than the disclosure information required in a complete set of annual consolidated financial statements.

b. Basis of preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments, investment properties which are measured at fair value, and net defined benefit assets (liabilities) which are measured at the present value of the defined benefit obligation less the fair value of plan assets.

The fair value measurements, which are grouped into Levels 1 to 3 based on the degree to which the fair value measurement inputs are observable and based on the significance of the inputs to the fair value measurement in its entirety, are described as follows:

1) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;
2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
3) Level 3 inputs are unobservable inputs for an asset or liability.
c. Basis of consolidation

Principles for preparing consolidated financial statements

The consolidated financial statements incorporate the financial statements of the Corporation and the entities controlled by the Corporation (i.e., its subsidiaries).

Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statement of profit or loss and other comprehensive income from the effective dates of acquisitions up to the effective dates of disposals, as appropriate.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Corporation.

All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation.

Total comprehensive income of subsidiaries is attributed to the owners of the Corporation and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the interests of the Group and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Corporation.

Refer to Note 13, Tables 6 and 7 for detailed information on subsidiaries (including percentages of ownership and main businesses).

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d. Other significant accounting policies

Except for the following, please refer to the consolidated financial statements for the year ended December 31, 2020.

1) Retirement benefits

Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant plan amendments, settlements, or other significant one-off events.

2) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. Interim period income taxes are assessed on an annual basis and calculated by applying to an interim period’s pre-tax income the tax rate that would be applicable to expected total annual earnings.

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, management is required to make judgments, estimations and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The Group considers the economic implications of the COVID-19 when making its critical accounting estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revisions affect only that period or in the period of the revisions and future periods if the revisions affect both current and future periods.

The consolidated financial statements for critical accounting judgments and key sources of estimation uncertainty are consistent with the consolidated financial statements for the year ended December 31, 2020.

6. CASH AND CASH EQUIVALENTS

Checking accounts and demand deposits Cash on hand Petty cash Cash equivalents (investments with original maturities of less than 3 months) Time deposits Commercial paper Repurchase agreements collateralized by bonds	March 31, 2021 $ 10,050,931 1,126 3,281 15,103,450 845,099 260,289 $ 26,264,176	December 31, 2020 $ 9,821,180 1,162 3,312 15,023,096 993,695 69,287 $ 25,911,732	March 31, 2020 $ 9,294,674 1,689 3,469 18,801,184 - 1,527,473 $ 29,628,489

10 -

As of March 31, 2021, December 31, 2020 and March 31, 2019, the Group’s bank deposits in the amounts of $152,231 thousand, $314,343 thousand and $215,227 thousand, respectively, are restricted as collaterals for bank loans and classified as financial assets at amortized cost in the balance sheets. Time deposits with original maturities of more than 3 months in the amounts of $5,920,684 thousand and $5,851,847 thousand, and $30,159,124 thousand, respectively, are also classified as financial assets at amortized cost in the balance sheets as of March 31, 2021, December 31, 2020 and March 31, 2019, Refer to Note 9.

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS - CURRENT

Financial assets at FVTPL Financial assets mandatorily classified as at FVTPL Derivative financial assets (not under hedge accounting) Cross-currency swap contracts Bond options Non-derivative financial assets Beneficiary certificates Listed shares Financial liabilities at FVTPL Financial liabilities held for trading Derivative financial liabilities (not under hedge accounting) Bond options Cross-currency swap contracts	March 31, 2021 $ - 109,012 10,019,337 5,429,252 $ 15,557,601 $ - 428,836 $ 428,836	December 31, 2020 $ - 94,743 9,311,570 5,458,496 $ 14,864,809 $ - 425,693 $ 425,693	March 31, 2020 $ 30,267 - 1,247,034 3,700,731 $ 4,978,032 $ 141,430 - $ 141,430

The Group entered into cross-currency swap contracts to manage exposures to exchange rate fluctuations. The Group’s financial hedging strategy is to avoid most of the cash flow risk exposure. As of March 31, 2021, December 31, 2020 and March 31, 2020, outstanding cross-currency swap contracts not under hedge accounting were as follows:

Notional Amounts		Range of Interest	Range of Interest
(In Thousands)	Maturity Date	Rates Paid	Rates Received
US$215,000	2021.09.15	-	2.68%-2.80%

11 -

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Domestic investments Listed shares Unlisted shares Foreign investments Listed shares Unlisted shares		March 31, 2021	March 31, 2021		December 31, 2020	December 31, 2020		March 31, 2020	March 31, 2020
		Current $ 4,256,991 - 4,256,991 134,011 - 134,011 $ 4,391,002	Non-current $ 8,901,530 1,690,003 10,591,533 - 426,990 426,990 $ 11,018,523		Current $ 4,102,617 - 4,102,617 150,110 - 150,110 $ 4,252,727	Non-current $ 9,043,782 1,691,106 10,734,888 - 393,107 393,107 $ 11,127,995		Current $ 4,103,720 - 4,103,720 154,112 - 154,112 $ 4,257,832	Non-current $ 7,762,664 1,619,756 9,382,420 - 474,656 474,656 $ 9,857,076

a. These investments in equity instruments are not held for trading. Instead, they are held for medium to long-term strategic purposes. Accordingly, the management elected to designate these investments in equity instruments as at FVTOCI as they believe that recognizing short-term fluctuations in these investments’ fair value in profit or loss would not be consistent with the Group’s strategy of holding these investments for long-term purposes.
b. Asia Cement Pioneer Investment Ltd. (ACP) acquired the shares of Cementon Micronesia LLC for US$3,900 thousand in September 2010. As of March 31, 2021, 50% of the investment consideration was not paid and accounted for as accounts payable and accrued expenses - third parties. The consideration will be paid once the counterparty asks for payment.
c. Refer to Note 35 for information relating to financial assets at fair value through other comprehensive income pledged as collaterals.

9. FINANCIAL ASSETS AT AMORTIZED COST

Time deposits with original maturities of more than 3 months Restricted assets Notes receivable Current Non-current	March 31, 2021 $ 5,920,684 152,231 10,482,483 $ 16,555,398 $ 16,489,639 $ 65,759	December 31, 2020 $ 5,851,847 314,343 10,462,228 $ 16,628,418 $ 16,575,640 $ 52,778	March 31, 2020 $ 30,159,124 215,227 - $ 30,374,351 $ 30,314,689 $ 59,662

Based on the Group’s assessment, the credit risk of these financial assets is not expected to be high and has not increased since initial recognition.

Refer to Note 35 for information relating to financial assets at amortized cost pledged as collaterals.

12 -

10. TRADE RECEIVABLES

At amortized cost Trade receivables - sales Finance lease receivable - current (Note 11) Construction receivable Operating lease receivable Less: Allowance for impairment loss - sales Less: Allowance for impairment loss - construction	March 31, 2021 $ 8,914,433 858,385 99,772 36,571 (1,123,525) (710) $ 8,784,926	December 31, 2020 $ 9,748,930 778,653 89,250 51,449 (1,165,856) (661) $ 9,501,765	March 31, 2020 $ 10,328,116 737,279 136,679 29,274 (1,032,763) (887) $ 10,197,698

Trade Receivables - Sales

The average credit period of receivables from sales of goods was 30-90 days. Specific customers with good credit records were given longer credit period occasionally. The average credit period for customers of concrete products was 180-365 days after construction of building was finished.

The Group reviews the recoverable amount of each individual trade debt at the end of the reporting period to ensure that adequate allowance is made for possible irrecoverable amounts. The Group obtains sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECLs. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of economic conditions at the reporting date.

The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. For trade receivables that have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

March 31, 2021

Gross carrying amount Loss allowance (lifetime ECLs) Amortized cost December 31, 2020 Gross carrying amount Loss allowance (lifetime ECLs) Amortized cost	Less than 90 Days 91 to 180 Days $ 5,323,397 $ 1,962,644 (97,394) (139,676) $ 5,226,003 $ 1,822,968 Less than 90 Days 91 to 180 Days $ 6,513,332 $ 1,440,464 (148,420) (99,688) $ 6,364,912 $ 1,340,776	181 to 365 Days Over 366 Days $ 742,878 $ 885,514 (195,306) (691,149) $ 547,572 $ 194,365 181 to 365 Days Over 366 Days $ 508,325 $ 1,286,809 (101,479) (816,269) $ 406,846 $ 470,540	Total $ 8,914,433 (1,123,525) $ 7,790,908 Total $ 9,748,930 (1,165,856) $ 8,583,074

13 -

March 31, 2020

Gross carrying amount Loss allowance (lifetime ECLs) Amortized cost	Less than 90 Days $ 5,045,480 (25,586) $ 5,019,894	91 to 180 Days $ 2,854,132 (104,533) $ 2,749,599	181 to 365 Days Over 366 Days $ 1,255,855 $ 1,172,649 (173,150) (729,494) $ 1,082,705 $ 443,155	Total $ 10,328,116 (1,032,763) $ 9,295,353

The above aging schedule was based on the invoice date.

The movements of the loss allowance of trade receivables were as follows:

Balance at January 1 Add: Amounts recovered from the prior year write-offs Less: Impairment loss reversed on receivables Effect of foreign currency exchange differences Balance at March 31	2021 $ 1,166,517 279 (37,285) (5,276) $ 1,124,235	2020 $ 1,043,758 - (2,991) (7,117) $ 1,033,650

11. FINANCE LEASE RECEIVABLES

Undiscounted lease payments Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 onwards Less: Unearned finance income Net investment in leases presented as finance lease receivables Current Non-current	March 31, 2021 $ 1,518,489 1,401,682 1,401,682 1,401,682 1,401,682 3,854,626 10,979,843 (2,938,751) $ 8,041,092 $ 858,385 7,182,707 $ 8,041,092	December 31, 2020 $ 1,401,682 1,401,682 1,401,682 1,401,682 1,401,682 4,205,046 11,213,456 (3,042,589) $ 8,170,867 $ 778,653 7,392,214 $ 8,170,867	March 31, 2020 $ 1,401,682 1,401,682 1,401,682 1,401,682 1,401,682 5,256,308 12,264,718 (3,551,235) $ 8,713,483 $ 737,279 7,976,204 $ 8,713,483

Chiahui Power Corp. (CHP) entered into a 25-year purchase and sale agreement with Taiwan Power Company (TPC). According to the agreement, all electricity generated by CHP is sold to TPC. CHP started its operation on December 15, 2003. Because the nature of the agreement is considered as conveyance of rights to use asset, the agreement is regarded as finance lease.

The Group measures the loss allowance for finance lease receivables at an amount equal to lifetime ECLs. As of March 31, 2021, no finance lease receivable was past due. The Group has not recognized a loss allowance for finance lease receivables after taking into consideration the historical default experience and the future prospects of the industries in which the lessees operate.

14 -

12. INVENTORIES

Finished goods Work in progress Raw materials Supplies	March 31, 2021 December 31, 2020 $ 1,721,331 $ 2,141,698 737,018 783,221 2,228,296 2,065,356 1,625,453 1,605,993 $ 6,312,098 $ 6,596,268	March 31, 2020 $ 2,870,946 1,020,879 2,408,165 1,819,434 $ 8,119,424

The cost of inventories recognized as cost of goods sold for the three months ended March 31, 2021 and 2020 was $12,461,079 thousand and $8,954,439 thousand, respectively. The cost of goods sold included inventory write-downs of $31 thousand and reversals of inventory write-downs of $207 thousand. The reversals of previous write-downs resulted from the sale of these inventories.

13. SUBSIDIARIES

a. Subsidiaries included in the consolidated financial statements

Investor
Subsidiary
The Corporation
Der Ching Investment Corp. (DCI)
Ya Tung Ready-Mixed Concrete Corp. (YTRMC)
Nan Hwa Cement Corp. (NHC)
Chiahui Power Corp. (CHP)
Asia Cement (Singapore) Pte. Ltd. (ACSPL)
ACCHC
Ya Li Precast and Prestressed Concrete Industries
Corp. (YLPPC)
Asia Investment Corp. (AIC)
Fu Ming Transport Corp. (FMT)
Asia Engineering Enterprise Corp. (AEE)
Sunrise Industrial Holdings Ltd. (SIHL)
Yuan Long Stainless Steel Corp. (YLSS)
Yali Transportation Corp. (YLT)
DCI
Kowloon Cement Corp. Ltd. (KCC)
Fu Shan Mineral Stone Co., Ltd. (FSMS)
AC Mega Investment Ltd. (ACM)
AC Mega II Investment Ltd. (ACM II)
AC Mega III Investment Ltd. (ACM III)
AC Mega IV Investment Ltd. (ACM IV)
AC Leap Investment Ltd. (ACL)
YTRMC
Ya Sing Ready-Mixed Concrete Corp. (YSRMC)
Ya Tung Vietnam Co., Ltd. (YTV)
PT Yatung Concrete International (PYCI)
Asia Oriental (Guam) LLC (AOG)
AOG
Asia Oriental Concrete, LLC (AOC)
FMT
Fu Da Transportation Corp. (FDT)
AEE
ACCHC
AIC
CHP
DCI
NHC
FMT
FSMS
FDT
YSRMC
AEE
YTRMC

Proportion of Ownership and Voting
Rights
March 31,
2021
December 31,
2020
March 31,
2020
Remark
99.99
99.99
99.99
Note 4
99.99
99.99
99.99
Note 4
99.98
99.98
99.94
Note 4
99.69
99.69
59.59
Notes 1, 4
99.96
99.96
99.96
Note 7
67.73
67.73
67.73
Note 1
83.92
83.92
83.81
Note 4
100.00
100.00
100.00
99.95
99.95
99.82
Note 4
99.74
99.74
98.23
Note 4
100.00
100.00
100.00
100.00
100.00
100.00
51.61
51.61
51.00
Note 4
49.00
49.00
49.00
99.56
99.56
99.56
100.00
100.00
100.00
Note 2
100.00
100.00
100.00
Note 2
100.00
100.00
100.00
Note 2
100.00
100.00
100.00
Note 2
100.00
100.00
100.00
Note 2
69.95
69.95
69.93
Note 5
100.00
100.00
100.00
-
-
99.00
Note 6
95.04
95.04
95.04
71.68
71.68
71.70
99.94
99.94
99.87
Note 5
0.20
0.20
0.20
0.01
0.01
0.01
-
-
-
0.02
0.02
0.02
0.02
0.02
0.02
0.38
0.38
0.38
0.03
0.03
0.03
0.05
0.05
0.05
0.07
0.07
0.07
-
-
-
(Continued)

15 -

Investor
Subsidiary
Asia Cement Explorer Investment Ltd. (ACE)
Asia Cement Pioneer Investment Ltd. (ACP)
Asia Cement Pioneer II Investment Ltd. (ACP II)
Asia Cement Pioneer III Investment Ltd. (ACP III)
Asia Cement Pioneer IV Investment Ltd. (ACP IV)
YLPPC
PYCI
Ya Li Precast Concrete India Pvt. Ltd. (YLPCIP)
AOG
ACSPL
Oriental Concrete Pte. Ltd. (OCPL)
ACCHC
ACCHC
Perfect Industrial Holdings Pte. Ltd. (PIHPL)
PIHPL
Asia Continent Investment Holdings Pte. Ltd.
(ACIHPL)
Oriental Industrial Holdings Pte. Ltd. (OIHPL)
ACIHPL
Jiangxi Yadong Cement Co., Ltd. (JYDC)
OIHPL
Wuhan Yadong Cement Co., Ltd. (WYDC)
Oriental Holdings Co., Ltd. (OHC)
Shanghai Yali Cement Products Co., Ltd.
(SHYLCP)
Hubei Yadong Cement Co., Ltd. (HYDCCL)
Sichuan Yali Concrete Produce Co., Ltd.
(SYCPCL)
Sichuan Yali Transport Co., Ltd. (SYTCL)
Yangzhou Yadong Cement Co., Ltd. (YYDCCL)
Sichuan Yadong Cement Co., Ltd. (SIYDCCL)
Chengdu Yali Cement Products Co., Ltd.
(CYCPCL)
Huanggang Yadong Cement Co., Ltd. (HGYDC)
JYDC
Jiangxi Yali Transport Co., Ltd. (JYLTC)
Nanchang Yadong Cement Co., Ltd. (NYDC)
Nanchang Yali Concrete Produce Ltd. (NYLC)
Ruichang Yadong New Material Co., Ltd. (RYNM)
OHC
JYDC
WYDC
NYDC
JYLTC
SHYLCP
SYTCL
SIYDCCL
HGYDC
YYDCCL
CYCPCL
HYDCCL
SYCPCL
Tai Zhou Oriental Construction Co., Ltd.
(TZOCCL)
WYDC
Wuhan Yali Cement Products Co., Ltd. (WYCPCL)
SIYDCCL
Sichuan Lanfeng Cement Co., Ltd. (SLCL)
SLCL
Sichuan Lanfeng Construction Co., Ltd. (SLCCL)
HYDCCL
Hubei Yali Transport Co., Ltd. (HYTCL)
Wuhan Yaxin Cement Co., Ltd. (WYXC)
KCC
Kowloon Concrete Corporation Limited (KCCL)
Join Fortune Trading Ltd. (JFTL)

Proportion of Ownership and Voting
Rights
March 31,
2021
December 31,
2020
March 31,
2020
Remark
100.00
100.00
100.00
Note 3
100.00
100.00
100.00
Note 3
100.00
100.00
100.00
Note 3
100.00
100.00
100.00
Note 3
100.00
100.00
100.00
Note 3
-
-
1.00
Note 6
99.99
99.99
99.99
4.96
4.96
4.96
100.00
100.00
100.00
4.07
4.07
4.07
100.00
100.00
100.00
100.00
100.00
100.00
99.99
99.99
99.99
85.00
85.00
85.00
90.00
90.00
90.00
100.00
100.00
100.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
51.22
51.22
51.22
90.00
90.00
90.00
52.00
52.00
51.99
Note 5
50.00
50.00
50.00
100.00
100.00
100.00
100.00
100.00
100.00
10.00
10.00
10.00
10.00
10.00
10.00
25.00
25.00
25.00
48.00
48.00
48.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
48.78
48.78
48.78
10.00
10.00
10.00
10.00
10.00
10.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
90.00
90.00
90.00
100.00
100.00
100.00
100.00
100.00
100.00
Note 2
(Concluded)

Remarks:

Note 1: Subsidiaries that have material non-controlling interests. See Tables 6 and 7 for the information on the places of incorporation and principal places of business.
Note 2: In the third quarter of 2020, the Corporation’s sub-subsidiaries, JFTL, ACL, ACM, ACM II, ACM Ⅲ, and ACM Ⅳ, underwent capital reduction in the amounts of HK$4,323 thousand, US$9,800 thousand, US$9,900 thousand, US$700 thousand, US$700 thousand and US$9,900 thousand, respectively.
16 -
Note 3: In October 2020, the Corporation’s sub-subsidiaries, ACE, ACP, ACP II, ACP Ⅲ, and ACP Ⅳ, underwent capital reduction in the amounts of US$10,700 thousand, US$10,000 thousand, US$10,200 thousand, US$10,200 thousand, and US$9,900 thousand, respectively.
Note 4: From April to December 2020, the Corporation acquired non-controlling interests in its subsidiaries, including CHP, YTRMC, DCI, FMT, NHC, AEE, YLT and YLPPC; refer to Note 32 to the consolidated financial statements for the year ended December 31, 2020.
Note 5: From July to December 2020, YTRMC, FMT and JYDC acquired non-controlling interests in their subsidiaries, YSRMC, FDT, and JYLTC, respectively; refer to Note 32 to the consolidated financial statements for the year ended December 31, 2020.
Note 6: On December 25, 2020, the Corporation’s subsidiaries, YTRMC and YLPPC, sold their interests in sub-subsidiary, PYCI, and the loss recognized from the disposal was $58,871 thousand.
Note 7: In January 2021, the Corporation acquired non-controlling interests in its subsidiary, ACSPL; refer to Note 32.
b. Subsidiaries excluded from the consolidated financial statements: None.

14. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Investments in associates Investments in joint ventures a. Investments in associates Material associates Listed shares FENC China Shanshui Cement Group Limited (CSCGL) U-Ming Marine Transport Corp. (U-Ming)	March 31, 2021 $ 84,868,753 589,598 $ 85,458,351 March 31, 2021 $ 42,034,662 14,099,100 9,581,094 65,714,856	December 31, 2020 $ 84,323,883 549,352 $ 84,873,235 December 31, 2020 $ 41,566,417 14,380,609 9,379,683 65,326,709	March 31, 2020 $ 82,543,314 497,159 $ 83,040,473 March 31, 2020 $ 42,577,525 11,553,654 10,077,111 64,208,290 (Continued)

17 -

Associates that are not individually material Unlisted shares Far Eastern Construction Co., Ltd. (FEC) Yuan Ding Co., Ltd. (YDC) Yuan Ding Enterprise (Shanghai) (YDES) Yue Yuan Investment Corp. (YYI) Oriental Securities Corp. (OSC) Yue Ding Enterprise Corp. (YDEC) FEDS Development Ltd. (FEDSDL) Yuan Ding Leasing Corp. (YDLC) Drive Catalyst SPC - SP Tranche Three (Catalyst Tranche Three) Drive Catalyst SPC - SP Tranche One (Catalyst Tranche One) Everstrong Iron & Steel Foundry Ltd. (EISF) Hubei Zhongjian Yadong Concrete Co., Ltd. (HZYCCL) Pao-Good Industry Co., Ltd. (PGIC) Opas Fund Segregated Portfolio Company (OFSPC) Drive Catalyst SPC (Catalyst) Perez-Mtec-ACC, LLC (PMA)	March 31, 2021 $ 5,011,006 4,422,986 3,011,178 2,520,934 1,989,890 691,501 644,893 378,838 127,401 106,181 103,341 90,466 53,225 1,538 479 40 19,153,897 $ 84,868,753	December 31, 2020 $ 4,935,305 4,441,817 3,038,347 2,453,784 1,942,089 695,211 634,350 377,260 127,392 106,171 100,653 90,194 52,544 1,538 479 40 18,997,174 $ 84,323,883	March 31, 2020 $ 4,823,308 4,489,859 2,999,867 2,050,682 1,822,718 658,307 649,361 372,233 118,515 120,532 97,973 78,456 51,076 1,607 488 42 18,335,024 $ 82,543,314 (Concluded)

At the end of the reporting period, the percentages of owners’ voting rights in associates held by the Group were as follows:

	March 31,	December 31,	March 31,
Name of Associate	2021	2020	2020
FENC	25.74%	25.74%	25.74%
U-Ming	41.41%	41.41%	41.41%
CSCGL	17.46%	17.46%	17.46%
FEC	33.76%	33.76%	33.76%
YDC	49.99%	49.99%	49.99%
YDES	40.00%	40.00%	40.00%
YYI	29.92%	29.92%	29.92%
OSC	18.93%	18.93%	18.93%
YDEC	30.84%	30.84%	30.84%
FEDSDL	25.00%	25.00%	25.00%
YDLC	43.60%	43.60%	43.60%
Catalyst Tranche Three	25.00%	25.00%	25.00%
Catalyst Tranche One	25.00%	25.00%	25.00%
			(Continued)

18 -

	March 31,	December 31,	March 31,
Name of Associate	2021	2020	2020
EISF	48.73%	48.73%	48.73%
HZYCCL	40.00%	40.00%	40.00%
PGIC	31.00%	31.00%	31.00%
OFSPC	33.00%	33.00%	33.00%
Catalyst	33.00%	33.00%	33.00%
PMA	33.00%	33.00%	33.00%
			(Concluded)

The Group is the single largest shareholder with 41.41% and 25.74% of the voting rights of associates, U-Ming and FENC, respectively. Considering the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other shareholders and the voting patterns at previous shareholders’ meetings, which indicate that other shareholders are not passive, the Group is not able to appoint more than half of the members of those charged with governance of U-Ming and FENC. Consequently, the Group considered and classified U-Ming and FENC as associates of the Group as it is merely able to exercise significant influence over U-Ming and FENC.

As of March 31, 2021, December 31, 2020 and March 31, 2020, the information of associates was as follows:

1) Fair values (Level 1) of investments in associates with available published price quotation are summarized as follows:

Name of Associate FENC CSCGL U-Ming	March 31, 2021 $ 41,606,405 $ 5,673,145 $ 14,451,481	December 31, 2020 $ 39,884,286 $ 5,068,493 $ 12,911,856	March 31, 2020 $ 31,067,034 $ 6,410,790 $ 9,097,785

2) The amounts of investments in associates pledged as collateral for bank borrowings are disclosed in Note 35.
b. Investments in joint ventures that are not individually material:

Unlisted companies Alliance Concrete Singapore Pte. Ltd. (Alliance) Wuhan Asia Marine Transport Co., Ltd. (WAMTC) Hubei Xinlongyuan Mining Co., Ltd. (HXMC) Jiangxi Ruiya New Materials Co., Ltd. (JRNMC) Profit Enterprises Int’l Ltd. (PEI) Empire Success Corp. Ltd. (ESC)	March 31, 2021 December 31, 2020 $ 293,653 $ 281,236 214,533 210,239 57,210 53,437 19,506 - 4,696 4,440 - - $ 589,598 $ 549,352		March 31, 2020 $ 235,077 202,648 38,982 - 3,732 16,720 $ 497,159

19 -

At the end of the reporting period, the percentages of owners’ voting rights in joint ventures held by the Group were as follows:

	March 31,	December 31,	March 31,
Name of Joint Ventures	2021	2020	2020
Alliance	50.00%	50.00%	50.00%
WAMTC	50.00%	50.00%	50.00%
HXMC	40.00%	40.00%	40.00%
JRNMC	45.00%	-	-
PEI	50.00%	50.00%	50.00%
ESC	-	-	50.00%

All the associates and joint ventures are accounted for using the equity method.

Due to the liquidation of ESC in the third quarter of 2020, the Corporation’s sub-subsidiary JFTL received cash refund of capital stock in the amount of HK$4,323 thousand for the year ended December 31, 2020.

In the first quarter of 2021, the Group incorporated JRNMC, which is engaged in the manufacturing and sale of gravel, under a joint venture agreement with the municipal government of Ruichang City. According to the agreement, operation policy decisions should be made by unanimous agreement of the shareholders of both entities. The Group has no right to obtain the variable rewards which is unavailable to the other shareholders and does not have direct ability to affect the rewards from investing in JRNMC. As a result, the Group has no control over JRNMC.

Refer to Table 6 “Information on Investees” and Table 7 “Information on Investments in Mainland China” for the nature of activities, principal place of business and country of incorporation of the associates and joint ventures.

Except for FENC and U-Ming, the investments accounted for using the equity method and the share of profit or loss and other comprehensive income of those investments were calculated based on the financial statements that have not been reviewed. The independent auditors of FENC and U-Ming expressed a qualified opinion on their reviews because some investees of these companies have not been reviewed.

15. PROPERTY, PLANT AND EQUIPMENT

Name of Joint Ventures Assets used by the Group Land Buildings Equipment Other Equipment Property Under Construction	March 31, 2021 $ 7,081,571 13,637,420 19,693,379 2,001,129 9,767,535 $ 52,181,034	December 31, 2020 $ 7,081,571 13,959,420 20,355,304 1,961,398 9,462,519 $ 52,820,212	March 31, 2020 $ 6,579,422 13,816,799 21,467,946 2,121,051 6,998,615 $ 50,983,833

Except for the recognition of depreciation expenses, the Group’s property, plant and equipment did not have significant addition, disposal and impairment for the three months ended March 31, 2021.

20 -

The above items of property, plant and equipment are depreciated on a fixed-percentage-on-decliningbalance basis or on a straight-line basis over the estimated useful life of the asset taken apart into major component elements:

Building Main buildings 15-60 years Other facilities 2-40 years Equipment 2-20 years Other equipment 2-15 years

As of March 31, 2021, the titles of land with carrying value of $89,019 thousand were temporarily registered in the name of trustees who had either signed an agreement or had pledged the land to the Corporation or to the subsidiaries.

Refer to Note 35 for the carrying amount of property, plant and equipment pledged by the Group as collaterals for borrowings.

16. LEASE ARRANGEMENTS

a. Right-of-use assets

Carrying amounts Land Buildings Equipment Additions to right-of-use assets Depreciation charge for right-of-use assets Land Buildings Equipment Lease liabilities Carrying amounts Current Non-current	March 31, 2021 $ 3,682,091 836,231 618,553 $ 5,136,875 March 31, 2021 $ 228,146 $ 1,202,287	December 31, 2020 March 31, 2020 $ 3,522,407 $ 3,537,818 859,273 877,643 557,283 598,190 $ 4,938,963 $ 5,013,651 For the Three Months Ended March 31	December 31, 2020 March 31, 2020 $ 3,522,407 $ 3,537,818 859,273 877,643 557,283 598,190 $ 4,938,963 $ 5,013,651 For the Three Months Ended March 31
		2021 $ 332,451 $ 38,802 21,652 38,813 $ 99,267 December 31, 2020 $ 222,101 $ 1,158,824	2020 $ 67,690 $ 35,868 19,925 38,161 $ 93,954 March 31, 2020 $ 188,677 $ 1,265,396

b. Lease liabilities
21 -

Range of discount rate for lease liabilities was as follows:

	March 31,	December 31,	March 31,
	2021	2020	2020
Land	1.06%-3.50%	1.06%-3.50%	1.06%-3.50%
Buildings	1.30%-4.90%	1.30%-4.90%	1.30%-4.90%
Equipment	1.17%-3.00%	1.17%-3.00%	1.17%-13.50%

c. Material lease-in activities and terms

The Group leases harbors, land, buildings and equipment for the use in business operations and has obtained land use rights in mainland China, Hong Kong, Singapore and Vietnam. Certain lease contracts specify that lease payment will be adjusted on the basis of changes in market rental rates or announced land value prices. The Group does not have bargain purchase options to acquire the leasehold assets at the end of the lease terms.

d. Other lease information

Lease arrangements under operating leases for the leasing out of investment properties are set out in Note 17. Lease arrangements for the leasing out of assets under finance leases are set out in Note 11.

Expenses relating to short-term leases Expenses relating to low-value asset leases Expenses relating to variable lease payments not included in the measurement of lease liabilities Total cash outflow for leases	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 68,649 $ 157 $ 13,132 $ 180,682	2020 $ 60,340 $ 161 $ 8,068 $ 136,461

The Group has elected to apply the recognition exemption and, thus, did not recognize right-of-use assets and lease liabilities for leases that qualify as short-term leases or low-value asset leases.

17. INVESTMENT PROPERTIES

Measurements at fair value Leased investment properties Undeveloped investment properties	March 31, 2021 $ 30,363,411 6,255,443 $ 36,618,854	December 31, 2020 $ 30,332,308 6,256,940 $ 36,589,248	March 31, 2020 $ 29,987,140 6,385,570
			$ 36,372,710

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Balance at January 1, 2020 Changes in fair value of investment properties Effect of foreign currency exchange differences Accounts receivable write-offs Balance at March 31, 2020 Balance at January 1, 2021 Changes in fair value of investment properties Effect of foreign currency exchange differences Additions Balance at March 31, 2021	Leased Investment Properties $ 29,954,068 34,109 (1,037) - $ 29,987,140 $ 30,332,308 30,736 (801) 1,168 $ 30,363,411	Undeveloped Investment Properties $ 6,222,371 - (3,182) 166,381 $ 6,385,570 $ 6,256,940 - (1,497) - $ 6,255,443	Total $ 36,176,439 34,109 (4,219) 166,381 $ 36,372,710 $ 36,589,248 30,736 (2,298) 1,168 $ 36,618,854

The investment properties for lease were as follows:

a. On January 1, 1998, the Corporation granted FEDSDL the right to construct a shopping center on a parcel of land it owned with an area of 6,976 square meters located in Lin-Ya, Kaohsiung. As consideration for the right to construct and the continued use of the land for fifty years, FEDSDL shall pay the following: (a) land use rights in the amount of $1,073,000 thousand and (b) annual rental at 5% of the reference price of such land announced by the local government. The proceeds of the land use rights were recorded as long-term deferred revenue and recognized as rental revenue on a periodic basis.
b. The Corporation and Far Eastern Resources Development Co. (FERD) equally owned a parcel of land located at Tun Hwa South Road, Taipei City. Under an agreement entered into with YDC, the Corporation and FERD had agreed on the following: (a) construction of a twin tower building (Taipei Metro) by YDC on the said land, (b) continued use of the land without additional compensation for 30 years starting from the date of the completion of the building. In view of the foregoing agreement, the Corporation recorded the 12% of the building construction cost or $1,402,753 thousand as building acquired and as long-term deferred revenue, and recognized as revenue on a periodic basis.
c. Others mainly included the following:
1) Asia-Cement Building held by the Corporation - leased to Far Eastern Department Stores Ltd.;
2) Pao-Ching Building held by the Corporation - leased to Sofiva Genomics;
3) Land and building in Chiayi City held by the Corporation;
4) Buildings in Sichuan held by SIYDCCL
5) Buildings in Wuhan held by HYDCCL;

The lease terms of the abovementioned land and buildings are 1-10 years, and the rents are paid monthly.

The Group’s undeveloped investment properties included a parcel of land located in Lin-Ya, Kaohsiung, as well as stores, apartments, and office buildings acquired by SIYDCCL, HYDCCL and SHYLCP as collaterals for overdue balances from customers.

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The fair values of investment properties were valued by independent qualified professional appraisers. According to local requirements, entities are required to have independent appraisal for the investment properties with individual carrying amount of $300 million or higher. The fair values of investment properties as of December 31, 2020 and 2019 were determined by qualified professional appraisers, Mr. Chang from Savills (Taiwan) Limited and Mr. Tsai and Ms. Hu from DTZ real estate appraisers firm on March 2, 2021 and March 4, 2020, respectively.

The fair value of Taipei Metro Tower as of March 31, 2021 was reappraised on April 28, 2021 by Mr. Tsai, and the value of other investment properties as of March 31, 2021 was based on the appraisal by professional qualified appraisers for annual reporting period ended December 31, 2020.

The fair value of investment properties was estimated using unobservable inputs (Level 3). The movements in the fair value were as follows:

Balance at January 1, 2020 Recognized in profit or loss (gain or loss from changes in fair value of investment properties) Recognized in other comprehensive income Exchange differences on translating the financial statements of foreign operations Transfer into Level 3 Balance at March 31, 2020 Balance at January 1, 2021 Recognized in profit or loss (gain or loss from changes in fair value of investment properties) Recognized in other comprehensive income Exchange differences on translating the financial statements of foreign operations Purchases Balance at March 31, 2021	Completed Investment Properties $ 29,954,068 34,109 (1,037) - $ 29,987,140 $ 30,332,308 30,736 (801) 1,168 $ 30,363,411	Investment Properties under Construction $ 6,222,371 - (3,182) 166,381 $ 6,385,570 $ 6,256,940 - (1,497) - $ 6,255,443	Total $ 36,176,439 34,109 (4,219) 166,381 $ 36,372,710 $ 36,589,248 30,736 (2,298) 1,168 $ 36,618,854

The fair value measurement of undeveloped land located in Lin-Ya, Kaohsiung, was measured by land development analysis. The increase in estimated total selling price, the increase in rate of return, or the decrease in overall capital interest rate would result in an increase in the fair value. The significant assumptions used were as follows:

Estimated total selling price Rate of return Overall capital interest rate	March 31, 2021 $ 19,492,803 22% 5.29%	December 31, 2020 $ 19,492,803 22% 5.29%	March 31, 2020 $ 19,379,643 22% 5.99%

The total selling price is estimated on the basis of the most effective use of the land or property available for sale after development is completed, taking into account the related regulations, domestic macroeconomic prospects, local land use, and market rates.

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The fair value of investment properties, except for undeveloped land, was measured using the income approach. The significant assumptions used were stated below. The increase in estimated future net cash inflows or the decrease in discount rates would result in increase in the fair value.

Expected future cash inflows Expected future cash outflows Expected future cash inflows, net Discount rate	March 31, 2021 $ 36,203,471 1,563,745 $ 34,639,726 1.99%-6.00%	December 31, 2020 $ 36,137,274 1,561,604 $ 34,575,670 1.98%-6.00%	March 31, 2020 $ 36,975,215 1,547,172 $ 35,428,043 2.07%-6.25%

The market rentals in the area where the investment properties are located were between $1 thousand and $5 thousand per ping (i.e., per 3.3 square meters).

The rental income generated for the three months ended March 31, 2021 and 2020 was $93,373 thousand and $91,362 thousand, respectively.

The expected future cash inflows to be generated by investment properties include rental income, interest income on rental deposits and disposal value. The rental income was extrapolated using the Group’s current rental contract, regional and market quotation, taking into account the annual rental growth rate; the income analysis covers a 10-year period, the interest income on rental deposits was extrapolated using the interest rate for one-year central bank-announced demand deposit interest rate; the disposal value was determined using the direct capitalization method under the income approach. The expected future cash outflows to be incurred by investment properties include expenditure such as land value taxes, house taxes, insurance premium, management costs, maintenance costs and others. These expenditures were extrapolated on the basis of the current level of expenditure, taking into account the future adjustment to the government-announced land value, and the tax rate promulgated under the House Tax Act.

The discount rate was determined by reference to the interest rate for two-year time deposits as posted by Chunghwa Post Co., Ltd., plus 0.75%, or estimated income capitalization rate, whichever is higher, as well as any asset-specific risk premiums. For the three months ended March 31, 2021 and 2020, the risk premiums were 0.40%-4.41% and 0.48%-4.50%, respectively.

Refer to Note 35 for the carrying amount of investment properties pledged by the Group as collaterals for borrowings.

18. INTANGIBLE ASSETS - GOODWILL

Cost Balance at January 1 Effect of foreign currency exchange differences Balance at December 31		For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 2,435,685 (12,403) $ 2,423,282	2020 $ 2,398,644 (17,359) $ 2,381,249

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The goodwill comprised of the following:

a. In April 2014, SYDCCL acquired 100% ownership of SLCL. The investment cost in excess of the fair value of net identifiable assets of the investee was the amount of goodwill, which was RMB554,241 thousand.
b. On December 31, 2014, the Corporation acquired control power over YLT. The investment cost in excess of the fair value of net identifiable assets of the investee was the amount of goodwill, which was $20,780 thousand.

As of March 31, 2021, the Group assessed that there was no indication of impairment on the cash-generating units including the goodwill listed above.

19. INTANGIBLE ASSETS - OTHERS

Quarry Right Computer software Other	March 31, 2021 December 31, 2020 $ 4,374,738 $ 4,461,289 29,302 30,987 326,301 326,301 $ 4,730,341 $ 4,818,577	March 31, 2020 $ 4,155,053 34,112 326,301 $ 4,515,466

The above items of other intangible assets with finite useful lives are amortized on a straight-line basis. Quarry rights are amortized over 5 to 47 years and the computer software and others are amortized over 3 to 5 years. The other items with indefinite useful lives will not be amortized until their useful lives are determined to be finite. Instead, they will be tested for impairment annually and whenever there is an indication that they may be impaired.

According to the Plan for the Reform of the Mineral Resource Royalty System issued by the State Council of the People's Republic of China, proceeds from prospecting and mining rights shall be changed into proceeds from assignment of mining rights and shall be determined according to valuation and benchmark market prices under similar conditions, whichever is higher. The proceeds from the transfer of mining rights shall be determined at one time and paid in the form of monetary funds. The specific measures for payment shall be developed separately by the Ministry of Finance in conjunction with the Ministry of Land and Resources.

The Group finalized the independent valuation report in accordance with the aforementioned reform plans related to the mine reserves and the estimated amount of the provision of mine reserve fund, which was capitalized into the cost of quarry. In addition, the Group was required to accrue cost of production of mine, which represented the quantity of mine excavated times the agreed amount of unit cost for the current and past years, and such amount was charged on the cost of sales of the Group. As of the March 31, 2021, the fund payables of mine reserve of RMB 299,724 thousand was accounted for as accounts payable and accrued expenses - third parties.

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20. OTHER NON-CURRENT ASSETS

Prepaid investments Net defined benefit assets Refundable deposits Others Refundable deposits Current (accounted for as other current assets) Non-current	March 31, 2021 $ 1,506,597 2,531,405 228,977 37,594 $ 4,304,573 $ 70,623 $ 228,977	December 31, 2020 $ 1,505,147 2,518,491 264,380 35,278 $ 4,323,296 $ 65,523 $ 264,380	March 31, 2020 $ 1,441,615 2,549,663 383,944 16,479 $ 4,391,701 $ 94,500 $ 383,944

The prepaid investments comprised of the following:

a. On March 23, 2017, the Corporation acquired 155 thousand issued shares of China Shanshui Investment Company Limited (CSI) in the amount of HK$577,662 thousand from six shareholders of CSI under a share purchase agreement. The Corporation already obtained the physical share certificates of the acquired shares of CSI. Pursuant to the Articles of Association of CSI, the share ownership can only be recorded on the register of shareholders if the board of directors of CSI approves the share transfer. The Corporation has submitted all necessary documents to CSI for registration of the share transfer, among which the registration of shares of CSI acquired from two of the six shareholders were completed and the related prepaid investments in the balance sheets were therefore reclassified to financial assets at FVTOCI - non-current.

In addition, Chan Hongqing, a PRC individual, claimed that the shares of CSI which the Corporation acquired from the other four shareholders were pledged as collaterals under a loan contract signed with him on August 17, 2015 and thus applied for arbitration with China International Economic and Trade Arbitration Commission in Beijing. Later, according to an order of the High Court of Hong Kong announced on June 27, 2017, it requested the appointment of interim receivers in respect of the shares of CSI held by the four shareholders until the end of the arbitral proceedings. On May 17, 2018, the High Court of Hong Kong set aside the order before the final award of the arbitration. The arbitral proceeding was therefore withdrawn on June 12, 2018.

On October 2, 2018, Chan Hongqing applied to the High Court of Hong Kong for interlocutory relief in another proceedings against the Corporation to prohibit the Corporation and the four CSI shareholders from transferring and registering their CSI shares. The application for interlocutory relief was heard in the High Court of Hong Kong on April 3, 2019 and was dismissed by the High Court of Hong Kong on March 16, 2021. In view of this order, the registration of share transfer by CSI’s board of directors will no longer be restricted to the above-mentioned application for interlocutory relief. However, on March 30, 2021, Chan Hongqing filed an appeal against the order made by the High Court of Hong Kong, and the trial was set to take place on July 7, 2021.

b. Chu Feng Power Corporation, Preparatory Office (Chu Feng) was founded in October 2016 by DCI, the Corporation’s subsidiary, for the development of offshore wind power in Taiwan. As of March 31, 2021, December 31, 2020 and March 31, 2020, the accumulated prepaid investments were $211,692 thousand, $210,241 thousand and $146,710 thousand, respectively. In March 2018, Chu Feng submitted an application to the Bureau of Energy, Ministry of Economic Affairs, ROC, for the offshore wind power project’s selection but finally failed to win the tender offer. Later, on March 25, 2020, DCI’s board of directors resolved to enter into a joint venture agreement with Innogy Renewables Beteiligungs GmbH Company (“Innogy”), which was under restructure and renamed as RWE Renewables Beteiligungs GmbH in August 2020, to further develop Chu Feng offshore wind project. As of March 31, 2021, DCI has received advance receipt for investment from Innogy in the amount of $150,000 thousand, which
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was accounted for as other non-current liabilities. In addition, the Group recognized the amounts paid within the preparatory period as other receivables or prepaid investments and also recognized full amounts of provisions based on the preparatory loss of Chu Feng; refer to Note 25.

21. SHORT-TERM BORROWINGS

Unsecured Secured Interest rate Final repayment date: Unsecured Secured	March 31, 2021 $ 18,716,042 750,000 $ 19,466,042 0.78%-3.40% 2021.12.29 2021.6.29	December 31, 2020 $ 18,464,889 750,000 $ 19,214,889 0.78%-3.10% 2021.10.25 2021.3.31	March 31, 2020 $ 27,908,695 1,430,000 $ 29,338,695 0.75%-6.00% 2021.2.20 2020.5.14

22. SHORT-TERM BILLS PAYABLE

Commercial paper Less: Unamortized discounts on bills payable Interest rate (%) 23. LONG-TERM LIABILITIES Bank loans Bonds Domestic bonds 1stunsecured bonds issued in 2016 1stunsecured bonds issued in 2019 2ndunsecured bonds issued in 2019 1stunsecured bonds issued in 2020 2ndunsecured bonds issued in 2020-A 2ndunsecured bonds issued in 2020-B	March 31, 2021 $ 13,499,400 5,237 $ 13,494,163 0.20%-1.11% March 31, 2021 $ 17,197,240 3,000,000 6,500,000 3,500,000 7,700,000 2,800,000 2,700,000	December 31, 2020 $ 13,888,400 6,452 $ 13,881,948 0.25%-1.21% December 31, 2020 $ 17,715,404 3,000,000 6,500,000 3,500,000 7,700,000 2,800,000 2,700,000	March 31, 2020 $ 19,806,900 5,714 $ 19,801,186 0.37%-1.32% March 31, 2020 $ 37,702,002 6,000,000 6,500,000 3,500,000 - - - (Continued)

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3rdunsecured bonds issued in 2020-A 3rdunsecured bonds issued in 2020-B 4thunsecured bonds issued in 2020-A 4thunsecured bonds issued in 2020-B Overseas bonds 3rdEuro convertible bonds issued in 2018 - US$215,000 thousand Less: Current portion	March 31, 2021 $ 4,000,000 2,200,000 4,100,000 5,300,000 41,800,000 6,392,878 65,390,118 9,591,743 $ 55,798,375	December 31, 2020 $ 4,000,000 2,200,000 4,100,000 5,300,000 41,800,000 6,370,305 65,885,709 16,140,876 $ 49,744,833	March 31, 2020 $ - - - - 16,000,000 6,303,063 60,005,065 7,096,396 $ 52,908,669 (Concluded)

a. Bank loans are repayable in installments at varying amounts or in one lump-sum payment prior to April 3, 2039. The Group has signed long-term revolving credit facilities with banks. As of March 31, 2021, December 31, 2020 and March 31, 2020, interest rates were 0.77%-3.35%, 0.74%-3.30 and 0.97%-6.75%, respectively.
b. Domestic bonds are repayable in installments at varying amounts or in one lump-sum on maturity prior to September 23, 2027. As of March 31, 2021, December 31, 2020 and March 31, 2020, interest rates were 0.57%-0.88%, 0.57%-0.88% and 0.79%-0.88%, respectively.
c. In order to repay the debt, save interest expenses, and strengthen the Corporation’s financial structure, on September 21, 2018, the Corporation issued US$215,000 thousand (equivalent to NT$6,620,710 thousand), which is the third zero coupon Euro convertible bond due on 2023.

The terms of the zero coupon Euro convertible bonds included the following:

1) Final redemption

Unless previously redeemed, repurchased and canceled, or converted, the Bonds will be redeemed on the maturity date at the settlement equivalent of 100.6% of the unpaid principal amount thereof.

2) The bonds are convertible into the Corporation’s ordinary shares (“Shares”) at any time on or after December 21, 2018 and prior to the close of business on August 22, 2023. The initial conversion price was NT$42.24 per Share, determined on the basis of a fixed exchange rate of NT$30.794=US$1.00.
3) Redemption at the option of the Corporation

At any time on or after September 21, 2021, the Corporation may redeem the bonds in whole, or from time to time in part, at the early redemption amount, if the closing price of the Shares, translated into U.S. dollars at the prevailing rate, during a period of 30 consecutive trading days, is at least 130% of the quotient of the early redemption amount divided by the number of Shares to be issued upon conversion of US$200,000 principal amount of the bonds on the applicable trading day based on the conversion price then in effect, translated into U.S. dollars at a fixed exchange rate of NT$30.794=US$1.00. Notwithstanding the foregoing, at any time, the Corporation may redeem the bonds in whole, but not in part, at the early redemption amount in U.S. dollars if at least 90% in principal amount of the bonds has already been redeemed, repurchased and cancelled, or converted.

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4) Redemption at the option of the bondholders

Unless previously redeemed, repurchased and cancelled or converted, each holder will have the right to require the Corporation to redeem in whole or in part of the bonds held by such holder on September 21, 2021 at a redemption price equal to the settlement equivalent of 101.81% of the principal amount in U.S. dollars. Any U.S. dollar denominated amount payable in respect of the bonds will be converted into NT dollars using a fixed exchange rate and then converted back to a U.S. dollar amount using the applicable prevailing rate at the time of redemption.

5) The conversion price shall be subject to adjustment when there is occurrence of, including (but not limited to), the following:
- a) Declaration of dividend in Shares or free distribution or bonus issue of Shares.
- b) Subdivision, consolidation and reclassification of Shares.
- c) Rights issues to shareholders.
- d) Employee share bonus.
- e) Warrants issued to holders of Shares.
- f) Issues of rights or warrants for equity-related securities to holders of Shares.
- g) Capital distributions, other distributions to shareholders.
- h) Issue of convertible or exchangeable securities other than to holders of Shares or on exercise of warrants.
- i) Other issues of Shares.
- j) Issue of equity related securities.
- k) Capital reduction.
- l) Tender or exchange offer.
- m) Any other event or circumstance which would have an effect analogous to any of the events in a) to l) above. The conversion price was NT$37.11 as of March 31, 2021.
d. On January 22, 2019, CHP signed the syndicated loan agreement with 10 banks, including Bank of Taiwan. CHP may borrow up to $10,500,000 thousand under this loan agreement.

As of March 31, 2021, CHP’s credit lines used were as follows:

		Amount	Amount
Loan Item	Category	(In Thousands)		Interest Rate	Contract Period
A	Loan	NT$	5,000,000	1.797%	20 years
D	Contract bonding	NT$	2,750,000	0.450%	60 days
D	Contract bonding	NT$	431,000	0.450%	87 days
D	Contract bonding	US$	2,202	0.450%	365 days

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The financial commitment that should be maintained by CHP under the payment terms are as follows:

1) Debt ratio as of year-end (total debt divided by total equity);
a) Under 200% from 2019 to 2023.
b) Under 150% from 2024 to 2039.
2) Interest coverage ratio should be at least 150% from 2019 to 2039.

The above financial ratios are based on audited financial statements. Debt ratio and interest coverage ratio should be reviewed at least on annual basis.

24. DEFERRED REVENUE

Land use right Others Current Non-current	March 31, 2021 December 31, 2020 $ 705,646 $ 722,667 123,269 125,226 $ 828,915 $ 847,893 $ 75,912 $ 75,912 753,003 771,981 $ 828,915 $ 847,893	March 31, 2020 $ 773,731 131,096 $ 904,827 $ 75,912 828,915 $ 904,827

a. The deferred revenue on land use rights in Lin-Ya, Kaohsiung granted to FEDSDL (Note 17) is amortized to income over 50 years on a straight-line basis.
b. The deferred revenue on land use rights of Taipei Metro granted to YDC (Note 17) is amortized to income over 30 years on a straight-line basis.

25. PROVISIONS

Preparatory costs provisions (Note 20) Decommissioning provisions Accrued reward provisions Compensation of traffic accident provisions Other provisions (Note 36) Current Non-current	March 31, 2021 December 31, 2020 $ 270,195 $ 260,080 217,942 217,942 82,511 132,511 146,633 143,707 47,240 47,240 $ 764,521 $ 801,480 $ 15,000 $ 52,000 749,521 749,480 $ 764,521 $ 801,480	March 31, 2020 $ 270,691 217,942 130,757 136,923 20,640 $ 776,953 $ 51,246 725,707 $ 776,953

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26. RETIREMENT BENEFIT PLANS

a. Defined contribution plans

The Corporation and the subsidiaries adopted a pension plan under the Labor Pension Act (LPA), which is a state-managed defined contribution plan. Under the LPA, an entity makes monthly contributions to employees’ individual pension accounts at specific rate of monthly salaries and wages.

For the three months ended, March 31, 2021 and 2020, the pension expenses of defined contribution plans were $51,645 thousand, $28,945 thousand, respectively, which are included in consolidated statements of comprehensive income.

b. Defined benefit plans

Employee benefits expense in respect of the defined benefit plans applied the respective actuarially determined annual pension cost discount rate as of December 31, 2020 and 2019 and was recognized in the following line items in its respective periods.

Operating costs Operating expenses	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ (249) (684) $ (933)	2020 $ (1,102) (1,306) $ (2,408)

27. EQUITY

a. Share capital

Number of shares authorized (in thousands) Shares authorized Number of shares issued and fully paid (in thousands) Shares issued	March 31, 2021 4,000,000 $ 40,000,000 3,361,447 $ 33,614,472	December 31, 2020 4,000,000 $ 40,000,000 3,361,447 $ 33,614,472	March 31, 2020 4,000,000 $ 40,000,000 3,361,447 $ 33,614,472

Fully paid ordinary shares, which have a par value of $10, carry one vote per share and carry a right to dividends.

The total of 350,000 thousand and 10,000 thousand shares of the Corporation’s authorized shares are reserved for the issuance of convertible bonds and employee share option, respectively.

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b. Capital surplus

May be used to offset a deficit, distributed as cash dividends, or transferred to share capital (1) Donation The difference between consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition Change of capital surplus of associates and joint ventures accounted for using the equity method (2) May be used to offset a deficit only Change of capital surplus of associates and joint ventures accounted for using the equity method (3) May not be used for any purpose Share warrants Change of capital surplus of associates and joint ventures accounted for using the equity method	March 31, 2021 December 31, 2020 $ 41,790 $ 41,790 55,325 55,325 983,797 992,530 1,080,912 1,089,645 128,456 128,456 185,411 185,411 89,072 89,072 274,483 274,483 $ 1,483,851 $ 1,492,584	March 31, 2020 $ 41,790 54,907 992,530 1,089,227 128,141 185,411 53,281 238,692 $ 1,456,060

1) Such capital surplus may be used to offset a deficit; in addition, when the Corporation has no deficit, such capital surplus may be distributed as cash dividends or transferred to share capital (limited to a certain percentage of the Corporation’s capital surplus and to once a year).
2) Such capital surplus from the effect of changes in associate’s ownership interest in its subsidiary that resulted from actual acquisition and disposal of equity may be used to offset a deficit or distributed as cash dividends or share dividends under Article 241-1 of Company Act.
3) Such capital surplus from the effect of changes in associate’s ownership interest in its subsidiary that resulted from equity transactions other than actual acquisition and disposal may be used to offset a deficit under Article 239-1 of Company Act.
c. Retained earnings and dividends policy

Under the dividends policy as set forth in the Corporation’s Articles of Incorporation (the “Articles”), apart from paying all its income taxes in the case where there are net incomes at the end of the year, the Corporation shall make up for accumulated losses in past years. Where there is still balance, the Corporation shall set aside 10% of the sum of said profit in balance and the amount of profit (or loss) items adjusted to the current year’s undistributed earnings other than the said profit as legal reserve and a special reserve as required by law. Subject to certain business conditions under which the Corporation may retain a portion of the remaining balance, the Corporation may distribute to the shareholders the remainder together with undistributed profits from previous years in proportion to the number of the

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shares held by each shareholder as shareholders’ dividend. However in the case of increase in the Corporation's share capital, the shareholders' dividend to be distributed to the shareholders of increased shares for the year shall be decided by the shareholders’ meeting. For the policies on distribution of employees’ compensation and remuneration of directors, refer to employees’ compensation and remuneration of directors in Note 29(f).

The distribution of shareholders’ dividend shall take into consideration the changes in the outlook of the Corporation’s businesses, the lifespan of the various products or services that have an impact on future capital needs and taxation. Shareholders’ dividend shall be distributed with the aim of maintaining stable shareholders’ dividend distributions. Save for the purposes of improving the financial structure, reinvestments, production expansion or other capital expenditures in which capital is required, when distributing shareholders’ dividend, the dividend payout ratio each fiscal year shall be no less than 50% of the final surplus which is the sum of after-tax profit of the fiscal year to withhold previous loss, if any, legal reserve and special reserve as required by law; the cash dividend shall not be less than 10% of the total shareholders’ dividend distributed in the same year.

These appropriations shall be resolved by the shareholders in the following year and given effect to in the financial statements of that year.

The legal reserve may be used to offset deficits. If the Corporation has no deficit and the legal reserve has exceeded 25% of the Corporation’s paid-in capital, the excess may be transferred to capital or distributed in cash.

The Corporation is required to appropriate to or reverse from special reserve amounts that pertains to items referred to under Rule No. 1010012865, Rule No. 1010047490 and Rule No. 1030006415 issued by the FSC and the directive titled “Questions and Answers for Special Reserves Appropriated Following Adoption of IFRSs”.

The appropriations of earnings for 2020 that were proposed by the board of directors on March 25, 2021 and the appropriations of earnings for 2019 that had been resolved by the shareholders in their meeting on June 23, 2020, were as follows:

Legal reserve Special reserve Cash dividends Cash dividends per share (NT$)	Appropriation of Earnings	Appropriation of Earnings	Appropriation of Earnings
	For the Year Ended December 31
		2020 $ 1,310,348 $ 1,209,096 $ 11,933,138 $ 3.55	2019 $ 1,745,968 $ 804,347 $ 10,084,341 $ 3.0

The appropriations of earnings for 2020 are subject to the resolution of the shareholders’ meeting to be held on June 25, 2021.

d. Special reserve recognized at the date of transition

In the first-time adoption of IFRSs, the amounts of adjusted unrealized revaluation increments, cumulative translation adjustments and unappropriated earnings recognized from the investment properties of associates which used fair value as deemed cost were $10,715,430 thousand, $3,163,258 thousand and $52,494 thousand, respectively; the Corporation appropriated the amounts to special reserve.

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In addition, on the initial application of the fair value model to investment properties, the Corporation appropriated to special reserve the amount of the net increase in fair value of investment properties and transferred it to retained earnings. Additional special reserve should be appropriated for subsequent net increases in fair value. The amount appropriated may be reversed to the extent that the cumulative net increases in fair value decrease or on the disposal of investment properties.

The Group and its associates used and disposed of some of the related assets; accordingly, special reserve reversed to unappropriated earnings amounted to $548,152 thousand as of March 31, 2021.

e. Other equity items
1) Exchange differences on translating the financial statements of foreign operations

For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
2021 2020 $ (6,108,955) $ (5,913,201) (298,363) (416,482) (135,122) (92,006) $ (6,542,440) $ (6,421,689) For the Three Months Ended March 31
2021 2020 $ 6,414,159 $ 7,908,323 129,654 (2,697,228) 173,326 (1,415,066) (10,070) 3,802 41,020 4,343 $ 6,748,089 $ 3,804,174 For the Three Months Ended March 31
	2021 $ 55,833 384 $ 56,217	2020 $ 52,141 237 $ 52,378

2) Unrealized gain (loss) on financial assets at FVTOCI
3) Cash flow hedges
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4) Gains on property revaluation

Balance at January 1 Share from associates and joint ventures accounted for using the equity method Balance at March 31	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 716,970 1 $ 716,971	2020 $ 385,214 8,550 $ 393,764

f. Non-controlling interests

Balance at January 1 Attributable to non-controlling interests: Share in profit for the period Other comprehensive income (loss) during the period Exchange difference on translating the financial statements of foreign operations Unrealized loss on financial assets at FVTOCI Share of other comprehensive loss of associates and joint ventures accounted for using the equity method Changes in percentage of ownership interests in subsidiaries Balance at March 31		For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 22,118,393 649,203 (113,140) (85) (6) - $ 22,654,365	2020 $ 23,381,680 386,827 (135,130) (3,500) (59) 20,711 $ 23,650,529

28. OPERATING REVENUE

a. Revenue from contracts with customers

Operating revenue Sales of goods Electric power revenue Transportation revenue Rental revenue Engineering revenue Income from investments Sale of investments Cost of investments sold Gain on sale of investments, net Dividends Total income from investments Less: Sales returns and discounts Total operating revenue, net		For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 16,322,434 459,627 502,612 216,426 102,204 1,311,722 1,026,434 285,288 1,220 286,508 12,422 $ 17,877,389	2020 $ 11,127,668 1,220,233 434,431 267,513 58,566 277,212 243,360 33,852 1,160 35,012 4,541 $ 13,138,882

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b. Contract balances

Contract assets Contract liabilities	March 31, 2021 December 31, 2020 $ 137,477 $ 98,607 $ 964,510 $ 1,117,842	March 31, 2020 $ 61,605 $ 854,248

The changes in the balance of contract assets and contract liabilities primarily result from the timing difference between the Group’s performance and the respective customer’s payment.

29. NET PROFIT

Net profit was as follows:

a. Other income

Government grants Dividends Others	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 48,196 2,683 127,315 $ 178,194		2020 $ 9,312 2,823 39,101 $ 51,236

b. Other gains and losses

Net foreign exchange (losses) gains Net gain (loss) on financial assets and liabilities designated as at FVTPL Gain on changes in fair value of investment properties (Note 17) Bank charges Preparatory costs Miscellaneous expenses	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ (29,505) 409,294 30,736 (34,547) (10,115) (101,020) $ 264,843	2020 $ 76,703 (640,900) 34,109 (33,054) (7,675) (10,829) $ (581,646)

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c. Finance costs

For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
2021 2020 $ 194,256 $ 363,096 22,573 22,256 9,296 18,173 - 585 (27,117) (29,047) $ 199,008 $ 375,063 For the Three Months Ended March 31
2021 2020 $ 27,117 $ 29,047 0.688%-1.151% 0.722%-1.797% For the Three Months Ended March 31
	2021 $ 1,104,688 55,711 1,067 $ 1,161,466 $ 65,634 2,169 $ 67,803	2020 $ 878,798 283,814 1,356 $ 1,163,968 $ 61,493 2,450 $ 63,943

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e. Employee benefits expense

Post-employment benefits (Note 26) Defined contribution plans Defined benefit plans Short-term benefits Salary Remuneration of directors Labor and health insurance Other employees - related expenses Termination benefits Total employee benefits expense Post-employment benefits (Note 26) Defined contribution plans Defined benefit plans Short-term benefits Salary Remuneration of directors Labor and health insurance Other employees - related expenses Total employee benefits expense		For the	Three Months Ended March 31, 2021	Three Months Ended March 31, 2021
		Operating Costs $ 42,079 (249) 834,634 - 46,744 38,132 - $ 961,340 For the	Operating Expenses Non-operating Expenses Total $ 9,468 $ 98 $ 51,645 (684) - (933) 206,174 1,791 1,042,599 39,969 - 39,969 12,454 111 59,309 27,914 - 66,046 - 3 3 $ 295,295 $ 2,003 $ 1,258,638 Three Months Ended March 31, 2021
		Operating Costs $ 18,887 (1,102) 636,817 - 38,556 26,281 $ 719,439	Operating Expenses Non-operating Expenses $ 10,058 $ - (1,306) - 259,075 1,721 10,170 - 14,603 - 23,514 - $ 316,114 $ 1,721	Total $ 28,945 (2,408) 897,613 10,170 53,159 49,795 $ 1,037,274

f. Employees’ compensation and remuneration of directors

According to the Corporation’s Articles, the Corporation accrued employees’ compensation and remuneration of directors at the rates between 0.1% and 4% and no higher than 2.5%, respectively, of net profit before income tax, employees’ compensation, and remuneration of directors. The employees’ compensation and remuneration of directors for the three months ended March 31, 2021 and 2020, respectively, were as follows:

Employees’ compensation Remuneration of directors	For the Three Months Ended March 31
	2021 2020 $ 43,510 $ 9,648 38,072 7,236

If there is a change in the amounts after the annual consolidated financial statements are authorized for issue, the differences are recorded as a change in the accounting estimate.

39 -

The appropriations of employees’ compensation and remuneration of directors for 2020 and 2019 that were resolved by the board of directors on March 25, 2021 and March 25, 2020, respectively, were stated below:

Employees’ compensation Remuneration of directors	For the Year Ended December 31	For the Year Ended December 31
	2020 Cash Shares $ 189,834 $ - 166,104 -	2019
		Cash Shares $ 261,064 $ - 230,296 -

There is no difference between the actual amounts of employees’ compensation and remuneration of directors paid and the amounts recognized in the consolidated financial statements for the years ended December 31, 2020 and 2019.

The information about the employees’ compensation and remuneration of directors resolved by the Corporation’s board of directors in 2021 and 2020 is available at the Market Observation Post System website of the Taiwan Stock Exchange.

30. INCOME TAXES RELATING TO CONTINUING OPERATIONS

a. Income tax recognized in profit or loss

Major components of tax expense were as follows:

Current tax In respect of the current year Adjustments for prior years Deferred tax In respect of the current year Income tax expense recognized in profit or loss	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 808,581 (50,000) 758,581 136,060 $ 894,641	2020 $ 546,410 - 546,410 (108,721) $ 437,689

b. The latest years of income tax returns which had been examined and cleared by the tax authorities were as follows:

Company The Corporation DCI YTRMC YSRMC FMT AEE AIC FDT YLPPC	Year
	2018 2018 2019 2019 2019 2019 2018 2019 2018 (Continued)

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Company FSMS NHC CHP YLSS YLT	Year
	2018 2018 2019 2019 2018 (Concluded)

31. EARNINGS PER SHARE

Basic earnings per share Diluted earnings per share	Unit: NT$ Per Share For the Three Months Ended March 31	Unit: NT$ Per Share For the Three Months Ended March 31	Unit: NT$ Per Share For the Three Months Ended March 31
		2021 $ 1.02 $ 0.97	2020 $ 0.24 $ 0.24

The earnings and weighted average number of ordinary shares outstanding used for the earnings per share computation were as follows:

Net Profit for the Period

Profit for the period attributable to owners of the Corporation Effect of potentially dilutive ordinary shares: Convertible bonds Earnings used in the computation of diluted earnings per share Weighted average number of ordinary shares outstanding (in thousand		For the Three Months Ended March 31	For the Three Months Ended March 31
	2021 $ 3,200,039 7,845 $ 3,207,884 shares):		2020 $ 743,772 - $ 743,772

Weighted average number of ordinary shares in computation of basic earnings per share Effect of potentially dilutive ordinary shares: Convertible bonds Employees’ compensation Weighted average number of ordinary shares used in the computation of diluted earnings per share	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 3,129,007 178,408 4,724 3,312,139	2020 3,130,220 - 6,424 3,136,644

The weighted average number of ordinary shares used in the computation of basic earnings per share is the weighted average outstanding shares after subtracting the shares of the Corporation held by the associates treated as treasury shares.

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When an entity pays employee compensation that may be settled in shares or cash at the entity’s option, the entity shall presume that the employee compensation will be settled in shares, and the resulting potential shares shall be included in diluted earnings per share if the effect is dilutive. The number of shares is estimated by dividing the entire amount of the compensation by the closing price of the shares at the balance sheet date. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the number of shares to be distributed to employees is resolved in the following year.

32. EQUITY TRANSACTIONS WITH NON-CONTROLLING INTERESTS

The Group acquired non-controlling interests in ACSPL in March 2020. The transaction was accounted for as equity transactions, since it did not have effect on the Group’s control over this subsidiary.

Consideration paid The proportionate share of the carrying amount of the net assets of the subsidiary transferred from non-controlling interests Differences recognized from equity transactions Line items adjusted for equity transactions Capital surplus - difference between consideration paid and the carrying amount of the subsidiaries’ net assets during actual acquisition Retained earnings	ACSPL $ (75) - $ (75) $ - (75) $ (75)

33. FINANCIAL INSTRUMENTS

a. Fair value of financial instruments not measured at fair value

March 31, 2021

Carrying Amount Financial liabilities Financial liabilities measured at amortized cost Bonds payable (include current portion) $ 48,192,878 December 31, 2020 Carrying Amount Financial liabilities Financial liabilities measured at amortized cost Bonds payable (include current portion) $ 48,170,305	Fair Value
	Level 1 Level 2 Level 3 Total $ 50,595,719 $ - $ - $ 50,595,537 FairValue
	Level 1 Level 2 Level 3 Total $ 49,777,749 $ - $ - $ 49,777,749

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March 31, 2020

Carrying Amount Financial liabilities Financial liabilities measured at amortized cost Bonds payable (include current portion) $ 22,303,063	Fair Value
	Level 1 Level 2 Level 3 Total $ 23,199,044 $ - $ - $ 23,199,044

b. Fair values of financial instruments measured at fair value on a recurring basis

1) Fair value hierarchy

March 31, 2021 Financial assets at FVTPL Listed shares Beneficiary certificates Convertible options Financial assets at FVTOCI Domestic listed shares Domestic unlisted shares Overseas listed shares Overseas unlisted shares Financial liabilities at FVTPL Cross-currency swap contracts December 31, 2020 Financial assets at FVTPL Listed shares Beneficiary certificates Convertible options	Level 1 $ 5,429,252 1,484,026 - $ 6,913,278 $ 13,158,521 - 134,011 - $ 13,292,532 $ - Level 1 $ 5,458,496 1,088,908 - $ 6,547,404	Level 2 $ - 8,535,311 - $ 8,535,311 $ - - - - $ - $ - Level 2 $ - 8,222,662 - $ 8,222,662	Level 3 $ - - 109,012 $ 109,012 $ - 1,690,003 - 426,990 $ 2,116,993 $ 428,836 Level 3 $ - - 94,743 $ 94,743	Total $ 5,429,252 10,019,337 109,012 $ 15,557,601 $ 13,158,521 1,690,003 134,011 426,990 $ 15,409,525 $ 428,836 Total $ 5,458,496 9,311,570 94,743 $ 14,864,809 (Continued)

43 -

Financial assets at FVTOCI Domestic listed shares Domestic unlisted shares Overseas listed shares Overseas unlisted shares Financial liabilities at FVTPL Cross-currency swap contracts March 31, 2020 Financial assets at FVTPL Listed shares Beneficiary certificates Convertible options Financial assets at FVTOCI Domestic listed shares Domestic unlisted shares Overseas listed shares Overseas unlisted shares Financial liabilities at FVTPL Cross-currency swap contracts	Level 1 $ 13,146,399 - 150,110 - $ 13,296,509 $ - Level 1 $ 3,700,731 793,581 - $ 4,494,312 $ 11,866,384 - 154,112 - $ 12,020,496 $ -	Level 2 $ - - - - $ - $ - Level 2 $ - 453,453 - $ 453,453 $ - - - - $ - $ -	Level 3 $ - 1,691,106 - 393,107 $ 2,084,213 $ 425,693 Level 3 $ - - 30,267 $ 30,267 $ - 1,619,756 - 474,656 $ 2,094,412 $ 141,430	Total $ 13,146,399 1,691,106 150,110 393,107 $ 15,380,722 $ 425,693 (Concluded) Total $ 3,700,731 1,247,034 30,267 $ 4,978,032 $ 11,866,384 1,619,756 154,112 474,656 $ 14,114,908 $ 141,430

There were no transfers between Levels 1 and 2 for the three months ended March 31, 2021 and 2020.

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2) Reconciliation of Level 3 fair value measurements of financial instruments

Balance at January 1, 2021 Recognized in profit or loss Net gain (loss) on financial instruments at FVTPL Recognized in other comprehensive income Unrealized gain on financial instruments at FVTOCI Balance at March 31, 2021 Balance at January 1, 2020 Recognized in profit or loss Net gain (loss) on financial instruments at FVTPL Recognized in other comprehensive income Unrealized loss on financial instruments at FVTOCI Balance at March 31, 2020		Financial Instruments at FVTPL Derivatives Financial Assets Financial Liabilities $ 94,743 $ (425,693) 14,269 (3,143) - - $ 109,012 $ (428,836) Financial Instruments at FVTPL Derivatives Financial Assets Financial Liabilities $ - $ (112,070) 30,267 (29,360) - - $ 30,267 $ (141,430)		Financial Assets at FVTOCI Equity Instruments $ 2,084,213 - 32,780 $ 2,116,993 Financial Assets at FVTOCI Equity Instruments $ 2,219,586 - (125,174) $ 2,094,412	Total $ 1,753,263 11,126 32,780 $ 1,797,169 Total $ 2,107,516 907 (125,174) $ 1,983,249



		Financial Assets $ - 30,267 - $ 30,267

3) Valuation techniques and inputs applied for Level 2 fair value measurement

Financial Instruments Valuation Techniques and Inputs

Mutual funds The Group uses net asset value as the basis to determine the fair value as the Group has determined that the net asset value of the mutual fund represents fair value at the end of the reporting period.

4) Valuation techniques and inputs applied for Level 3 fair value measurement
a) The fair values of convertible bond options are determined using the information available from the counterparty for valuation based on the option pricing model. The option pricing model incorporates the present value techniques and reflects both the time value and the intrinsic value of options.
45 -
b) The fair value of cross currency swap contracts is determined using the information available from the counterparty for valuation. The counterparty measures the fair value of a cross currency swap contracts using the discounted cash flows model. Future cash flows are estimated based on observable forward exchange rates at balance sheet dates and contract forward rates and discounted at rates that reflect the credit risk of various counterparties.
c) The fair values of unlisted shares are determined by using the asset approach or the market approach. In the asset approach, the fair values are estimated by using the net asset value measured at fair value based on the unlisted investees’ latest financial statements, while taking into account the liquidity discount and non-controlling interest discount. In the market approach, the fair values are estimated based on the market transaction prices of comparable companies with similar industrial and business characteristics and liquidity discount are considered.
c. Categories of financial instruments

		March 31,	December 31,	March 31,
		2021	2020	2020
Financial	assets
Financial	assets at FVTPL	$ 15,557,601	$ 14,864,809 $	4,978,032
Financial	assets at amortized cost (1)	59,250,781	59,669,575	79,011,713
Financial	assets at FVTOCI	15,409,525	15,380,722	14,114,908
Financial	liabilities
Financial	liabilities at amortized cost (2)	106,686,670	108,685,604	121,418,356
Financial	liabilities at FVTPL	428,836	425,693	141,430

1) The balances include financial assets at amortized cost, which comprise cash and cash equivalents, debt investments, notes receivable, trade receivables and other receivables.
2) The balances include financial liabilities measured at amortized cost, which comprise short-term and long-term loans, short-term and long-term bills payable, trade and other payables, and bonds issued.
d. Financial risk management objectives and policies

The Group’s major financial instruments include equity and debt investments, trade receivables, trade payables, bonds payable, borrowings and lease liabilities. The Group’s Corporate Treasury function provides services to the business, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including foreign currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Group mitigates the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Group’s policies approved by the Corporation’s board of directors, which provides written principles on foreign currency risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis.

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1) Market risk

The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group entered into cross-currency swap contracts to mitigate its exposure to foreign currency risk and interest risk.

a) Foreign currency risk

Several subsidiaries of the Corporation have foreign currency denominated sales and purchases and foreign currency financing activities, which expose the Group to foreign currency risk.

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities (including those eliminated on consolidation) and of the derivatives exposed to foreign currency risk at the end of the reporting period are set out in Note 38.

Sensitivity analysis

The Group was mainly exposed to the RMB and USD.

The following table details the Group’s sensitivity to a 5% increase and decrease in the functional currency against the relevant foreign currencies. The sensitivity rate of 5% was used when reporting foreign currency risk internally to key management personnel and representing management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis included only outstanding foreign currency denominated monetary items less notional amounts of cross-currency swap. The analysis assumed a 5% change in foreign currency rates at the end of the reporting period. A positive number below indicates an increase in pre-tax profit assuming the New Taiwan dollars weakened by 5% against the relevant currency. For a 5% strengthening of New Taiwan dollars against the relevant currency, there would be an equal and opposite impact on pre-tax profit and the balances shown below would be negative.

Increase (decrease) in pre-tax profit	RMB Impact For the Three Months Ended March 31 2021 2020 $ 87,668 $ 45,989	USD Impact
		For the Three Months Ended March 31
		2021 2020 $ 551,474 $ 717,882

b) Interest rate risk

The Group is exposed to interest rate risk because entities in the Group borrows funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix of fixed and floating rate borrowings and using cross currency swap contracts.

The carrying amounts of the Group’s financial assets and financial liabilities with exposure to changes in interest rates at the end of the reporting period were as follows:

	March 31,	December 31,	December 31,	March 31,
	2021		2020	2020
Fair value interest rate risk
Financial assets	$ 17,945,405	$	18,929,599	$ 32,877,954
Financial liabilities	78,444,481		78,458,021	81,675,123
Cash flow interest rate risk
Financial assets	24,441,172		23,251,722	26,659,522
Financial liabilities	21,336,275		21,905,450	28,923,896

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Sensitivity analysis

The sensitivity analysis below was determined based on the Group’s exposure to changes in interest rates of non-derivative instruments at the end of the reporting period.

If interest rates had been 0.01% higher/lower and all other variables were held constant, the Group’s pre-tax profit for the three months ended March 31, 2021 and 2020 would have increased/decreased by $56 thousand and $(107) thousand, respectively, which was mainly due to the Group’s exposure to changes in interest rates of its variable-rate bank borrowings and bank deposits.

c) Other price risk

The Group is exposed to price risk through its investments in listed equity securities, corporate bonds and beneficiary certificates of funds.

Sensitivity analysis

The sensitivity analysis below is based on the exposure to investment position price risks at the end of the reporting period.

If investment position prices had been 1% higher/lower, pre-tax profit for the three months ended March 31, 2021 and 2020 would have increased/decreased by $154,486 thousand and $49,478 thousand, respectively, as a result of the changes in fair value of financial assets at fair value through profit or loss, and the pre-tax other comprehensive income for the three months ended March 31, 2021 and 2020 would have increased/decreased by $132,925 thousand and $120,205 thousand, respectively, as a result of the changes in fair value of financial assets at fair value through other comprehensive income.

2) Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. As at the end of the reporting period, the Group’s maximum exposure to credit risk which would cause a financial loss to the Group due to the failure of counterparties to discharge an obligation and financial guarantees provided by the Group is equal to the carrying amount of the financial assets as stated in the balance sheets. The Group adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts with entities that are rated the equivalent of investment grade and above. The Group uses publicly available financial information and its own trading records to rate its major customers. The Group’s exposure and the credit ratings of its counterparties are continuously monitored.

The counterparties in trade receivables consist of a large number of clients in different industries and regions. The Group evaluates clients’ financial condition continuously.

Credit risk represents the potential negative impact on the financial assets of the Group if counterparties or third parties breach the contracts. The Group evaluates credit risk exposure on contracts with positive carrying value. The Group evaluated the credit risk exposure as immaterial because all counterparties are reputable financial institutions and companies with good credit ratings.

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3) Liquidity risk

The Group manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents deemed adequate to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. In addition, management monitors the utilization of bank borrowings and ensures compliance with loan covenants.

a) Liquidity and interest rate tables for non-derivative financial liabilities

The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Group can be required to pay. The tables included both interest and principal cash flows.

March 31, 2021

On Demand or Less than 1 Month Non-derivative financial liabilities Non-interest bearing $ 2,773,556 Lease liabilities 21,705 Variable interest rate liabilities 7,939,433 Fixed interest rate liabilities 8,788,230 $ 19,522,924	1-3 Months $ 2,616,744 43,409 5,000,000 7,875,771 $ 15,535,924	3 Months to 1 Year $ 2,517,283 195,340 299,432 12,649,082 $ 15,661,137	1-5 Years $ 342,148 653,167 4,112,734 37,500,965 $ 42,609,014	5+ Years $ 86,616 941,583 3,984,676 10,200,000
				$ 15,212,875

Additional information about the maturity analysis for lease liabilities:

Less than 1
Year		1-5 Years	5-10 Years		10-15 Years		15-20 Years		20+ Years
Lease liabilities$ 260,454	$	653,167	$	280,547	$	196,851	$	151,069	$	313,116
December 31, 2020
	On Demand or
		Less than			3	Months to
		1 Month	1-3 Months			1 Year		1-5 Years		5+ Years
Non-derivative financial liabilities
Non-interest bearing	$	3,808,419	$	3,176,763	$	2,313,266	$	319,796	$	84,814
Lease liabilities		21,282		42,564		191,540		601,765		960,792
Variable interest rate liabilities		6,110,000		4,400,000		2,582,865		5,147,909		3,664,676
Fixed interest rate liabilities		11,347,931		11,787,808		13,009,109		30,732,248		10,200,000
	$	21,287,632	$	19,407,135	$	18,096,780	$	36,801,718	$	14,910,282

Additional information about the maturity analysis for lease liabilities:

Lease liabilities	Less than 1 Year $ 255,386	1-5 Years $ 601,765	5-10 Years $ 284,211	10-15 Years $ 199,642	15-20 Years $ 153,264	20+ Years $ 323,675

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March 31, 2020

On Demand or Less than 1 Month Non-derivative financial liabilities Non-interest bearing $ 6,763,393 Lease liabilities 21,164 Variable interest rate liabilities 2,500,000 Fixed interest rate liabilities 16,792,051 $ 26,076,608	1-3 Months $ 3,135,872 42,328 7,681,185 8,602,581 $ 19,461,966	3 Months to 1 Year $ 1,580,170 190,476 203,938 20,456,522 $ 22,431,106	1-5 Years $ 676,360 650,906 15,867,232 34,369,896 $ 51,564,394	5+ Years $ 117,615 1,049,996 2,671,541 -
				$ 3,839,152

Additional information about the maturity analysis for lease liabilities:

Lease liabilities	Less than 1 Year $ 253,968	1-5 Years $ 650,906	5-10 Years $ 352,591	10-15 Years $ 203,832	15-20 Years $ 156,220	20+ Years $ 337,353

The amounts above of variable interest rate non-derivative financial assets and liabilities are subject to change if actual variable interest rates differ from those estimates of interest rates at the end of the reporting period.

b) Liquidity and interest rate tables for derivative financial liabilities

The following table details the Group’s liquidity analysis of its derivative financial instruments. The table is based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis. When the amount payable or receivable is not fixed, the amount disclosed is determined by reference to the projected interest rates as illustrated by the yield curves at the end of the reporting period.

March 31, 2021

On Demand or Less than 1 Month 1-3 Months 3 Months to 1 Year Net settled Cross-currency swap contracts $ - $ (43,175) $ (43,175) December 31, 2020 On Demand or Less than 1 Month 1-3 Months 3 Months to 1 Year Net settled Cross-currency swap contracts $ - $ (42,155) $ (86,183)	1-5 Years $ - 1-5 Years $ -	5+ Years $ -
		5+ Years $ -

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March 31, 2020

On Demand or Less than 1 Month 1-3 Months 3 Months to 1 Year Net settled Cross-currency swap contracts $ - $ (45,239) $ (135,717)	1-5 Years $ (91,472)	5+ Years $ -

e. Transfers of financial assets: None.
f. Offsetting financial assets and financial liabilities: None.
g. Reclassifications: None.

34. TRANSACTIONS WITH RELATED PARTIES

Balances and transactions between the Corporation and its subsidiaries, which are related parties of the Corporation, have been eliminated on consolidation and are not disclosed in this note. Besides information disclosed elsewhere in the other notes, details of transactions between the Group and other related parties are disclosed below.

Transactions with related parties are conducted under normal terms.

Balances and transactions between the Group and single related party are disclosed separately except when the amount is less than 10% of the total balances or transactions; otherwise, the amounts are lumped together as others.

a. Related party name and category

Related Party Name FENC U-Ming EISF OSC HZYCCL FEDSDL SHSTC YDC Opas Fund Segregated Portfolio Company Alliance WAMTC HXMC Malaysia Garment Manufacturers Pte. Ltd. CHC Resources Corporation Far Eastern Apparel Co., Ltd.	Related Party Category
	Associate Associate Associate Associate Associate Associate Associate Associate Associate Joint venture Joint venture Joint venture Other Other Other (Continued)

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Related Party Name
Chubei New Century Shopping Mall Co., Ltd.
Chu Chiang Enterprise Corp. Ltd.
Chu Feng
Air Liquide Far Eastern Co.
Oriental Petrochemical (Taiwan) Corporation
Ya Tung Department Store Ltd.
Oriental Institute of Technology
Far Eastern Memorial Hospital
Oriental Green Materials Limited
Ho Hwei Enterprise Corp. Ltd.
Oriental Union Chemical Corp.
NanKung Enterprise Ltd.
New Century InfoComm Tech Co., Ltd.
U-Ming Transport (Singapore) Private Limited
YDT Technology International Corporation
Ding & Ding Management Consultants Co., Ltd.
Far Eastern Ai Mai Co., Ltd.
Far Eastern Fibertech Co., Ltd.
Far Eastern Department Store Ltd.
Far Eastern Polytex (Vietnam) Ltd.
Far Eastern International Bank (FEIB)
FERD
Far Eastern General Construction Inc.
Far EasTone Telecommunications Co., Ltd.
Far Eastern Leasing Corporation
Far Eastern Property Insurance Agency Co., Ltd.
Far Eastern International Leasing Corporation
Lien Fang Enterprise Corp. Ltd.

Related Party Category

Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
Other
(Concluded)

Note: Other related party relationships mainly include associates’ subsidiaries, legal person in which the chairman is the same as the Corporation’s chairman and the director is also the Corporation’s chairman.

b. Operating transactions

Operating revenue Associates Others Joint ventures Operating cost Associates Others Joint ventures	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 210,605 494,228 178,502 $ 883,335 $ 163,765 165,932 119,189 $ 448,886	2020 $ 162,691 436,076 195,276 $ 794,043 $ 174,654 209,102 110,737 $ 494,493

52 -

Receivables from related parties (including notes receivable, trade receivables, other receivables and contract assets):

Associates Others Joint ventures	March 31, 2021 December 31, 2020 $ 86,659 $ 87,954 502,359 484,322 123,601 144,687 $ 712,619 $ 716,963	March 31, 2020 $ 152,329 608,887 244,326 $ 1,005,542

Accounts payable and accrued expenses to related parties:

March 31,
2021
December 31,
2020
Associates
$ 74,315
$ 98,416

Others
112,281
89,977
Joint ventures

73,635

58,778

$ 260,231
$ 247,171

The outstanding trade payables and receivables from related parties are unsecured.
Prepayments:
March 31,
2021
December 31,
2020
Associates
$ 15,000
$ 15,000
Others

4,129

1,854
$ 19,129
$ 16,854
c. Transactions with FEIB
March 31,
2021
December 31,
2020
Bank deposits (Note)
$ 3,722,503
$ 3,622,676

Bank loans
$ 830,000
$ 830,000

Cross-currency swap contracts
$ (29,301)
$ (26,854)

March 31,
2020
$ 95,690
80,860
110,943
$ 287,493
March 31,
2020
$ 15,000

544
$ 15,544
March 31,
2020
$ 15,284,720

$ 1,930,000

$ 2,605

As of March 31, 2021, December 31, 2020 and March 31, 2020, the notional principal of the above outstanding cross-currency swap contracts were all US$15,000 thousands.

Note: The balances included amounts recognized as financial assets measured at amortized cost, and other non-current assets (refundable deposits).

53 -

d. Compensation of key management personnel

The amounts of the compensation of directors and other key management personnel for the three months ended March 31, 2020 and 2019 were as follows:

Short-term employee benefits Post-employment benefits	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 52,506 189 $ 52,695	2020 $ 21,377 216 $ 21,593

The remuneration of directors and key executives is determined by the remuneration committee based on the performance of individuals and market trends.

e. Other transactions with related parties
1) Operating expense - rental

Associates Others	For the Three Months Ended March 31	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 12,704 3,022 $ 15,726	2020 $ 12,131 2,181 $ 14,312

2) Lease agreement

Acquisitions of right-of-use assets

Others Lease liabilities Others	March 31, 2021 $ 220,989	For the Three Months Ended March 31	For the Three Months Ended March 31
		2021 $ 28,800 December 31, 2020 $ 205,261	2020 $ - March 31, 2020 $ 180,955

3) The nature of the Group’s transaction with OFSPC is acquisition or disposal of OPAS Fund Segregated Portfolio’s overseas fund through OFSPC’s platform. The portfolio’s decision is made and managed by the investment committee which is composed of the Group and other investors. The Group’s investment activities through OFSPC’s platform for the three months ended March 31, 2021 and 2020 included acquisition of $282,300 thousand and $241,120 thousand, respectively. For the three months ended March 31, 2020, disposal and gain on disposal were $277,212 thousand and $33,852 thousand, respectively.

54 -

35. ASSETS PLEDGED AS COLLATERAL

The following assets are provided as collaterals for short-term and long-term bank borrowings or for purchases from suppliers.

Investment properties Investments accounted for using the equity method Property, plant and equipment Financial assets at fair value through other comprehensive income Financial assets at amortized cost	March 31, 2021 $ 13,857,983 9,038,360 2,456,479 204,000 152,231 $ 25,709,053	December 31, 2020 $ 13,857,983 8,919,905 2,530,035 204,000 314,343 $ 25,826,266	March 31, 2020 $ 13,855,572 13,216,312 2,634,938 1,101,875 215,227 $ 31,023,924

36. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

As of March 31, 2021, the Corporation and its subsidiaries had the following significant commitments and contingencies:

a. Unused letters of credit of US$11,600 thousand, and EUR1,854 thousand.
b. Guarantee notes issued for related parties:

The Corporation AIC DCI NHC YTRMC YLPPC AEE YSRMC FSMS YLSS YLSS DCI FSMS YTRMC YSRMC FDT FMT	March 31, 2021 $ 14,809,100 13,312,215 1,174,850 1,000,000 497,642 300,000 150,000 30,000 $ 31,273,717 $ 100,000 $ 50,000 $ 48,747 $ 2,000

55 -
c. CHP entered into agreements on the following transactions:
1) Purchase of natural gas from Chinese Petroleum Corporation.
2) Power Plant (base load unit) Purchase and Sale Contract, Power Plant (medium-load unit) Purchase and Sale Contract and Electricity Purchase and Sale Contract for Gas Recirculation with Taiwan Power Company.
3) Contractual Service Agreement with General Electric Global Services GmbH.
4) Contract of Engineering, Procurement and Construction with General Electric Global Services GmbH. and GE Global Parts & Products, GmbH.
d. The estimated payments for construction of plants and acquisition of land use rights and equipment of JYDC, HYDCCL, SIYDCCL, HGYDC and SLCL in the future amount to RMB24,427 thousand.
e. YSRMC supplied ready-mixed concrete to Da Cin Construction Co., Ltd. (“Da Cin”) during 2003. The owner of the project under construction demanded Da Cin to take responsibility for repairing the construction flaws. Da Cin requested YSRMC to compensate the loss and damage on the construction. However, both parties did not reach an agreement from 2006 to 2009. Da Cin filed an appeal and requested YSRMC to indemnify $22,881 thousand in April 2010. In July 2014, the local court concluded that YSRMC has to pay indemnity in the amount of $17,642 thousand. In 2010, 2014, and 2020, YSRMC estimated the related compensation loss, which was accounted for as provisions, of $13,800 thousand, $3,840 thousand and $27,600 thousand, respectively, with a total of $45,240 thousand. YSRMC also filed an appeal against the court’s decision in October 2014. Da Cin requested additional compensation of $137,544 thousand in the second instance, and the total damage compensation claimed was $160,425 thousand together with the amount in the first instance. However, Dan Cin’s appeal was dismissed in the second instance; thus YSRMC did not have to bear any expenses. Da Cin further filed an appeal with the Supreme Court, and the case remanded to the High Court was still dismissed. Later, Dan Cin has filed an appeal with the Supreme Court once again, and the case is under trail at the Supreme Court at the moment.
f. On March 13, 2013, the No. 1114 Commissioners’ Meeting of Fair Trade Commission resolved that independent power producers violated Article 14, Paragraph 1 of Fair Trade Act due to the rejection of power purchase rate adjustment with TPC and fined CHP $400,000 thousand. Accordingly, CHP recognized penalty expenses, which is included in other losses in the consolidated financial statements for the year ended December 31, 2013. The penalty is payable in 60 monthly installments and covered by a long-term note payable. CHP had filed an appeal on April 17, 2013.

On September 12, 2013, the Petitions and Appeals Committee of the Executive Yuan rescinded the imposition of penalty (the “Penalty Disposition”) and advised the Fair Trade Commission to impose more appropriate disposition with refund of penalty paid by CHP. However, CHP’s appeal against the imposition of illegal concerted action among independent power producers (the “Act Disposition”) was dismissed.

Regarding the Penalty Disposition, the Fair Trade Commission resolved a penalty of $370,000 thousand on November 13, 2013. CHP thus adjusted the penalty expenses in other gains and losses for the year ended December 31, 2013. The disposition was revoked again by the Petitions and Appeals Committee on May 9, 2014. Then the Fair Trade Commission imposed a penalty of $364,000 thousand on July 9, 2014. CHP recognized a reversal gain of $6,000 thousand in other income for the year ended December 31, 2014 and issued a long-term note payable in 60 installments for the penalty in accordance with the disposition. In addition, CHP also filed an appeal to defend its interest on August 11, 2014.

On December 11, 2014, Letter from the Petitions and Appeals Committee indicates that the filing of appeal against the Penalty Disposition is suspended until the administrative court makes the final judgment on the Act Disposition.

56 -

Regarding the Act Disposition, on November 7, 2013, CHP filed an administrative litigation at the Taipei High Administrative Court against the dispositions of the Fair Trade Commission. The Taipei High Administrative Court ruled in favor of CHP on October 29, 2014. Nevertheless, the Fair Trade Commission filed an appeal with the Supreme Administrative Court. The Supreme Administrative Court dismissed the judgment made by the Taipei High Administrative Court on July 2, 2015. The case was remanded to the Taipei High Administrative Court on May 25, 2017, and the Taipei High Administrative Court still revoked the administrative disciplinary action and the judgement of the appeal. The Fair Trade Commission filed an appeal with the Supreme Administrative Court and the case was remanded to the Taipei High Administrative Court on September 27, 2018. On May 16, 2020, the Taipei High Administrative Court revoked the administrative disciplinary action and the judgement of the appeal once again. On July 9, 2020, the Fair Trade Commission served a statement of appeal upon CHP, and the Taipei High Administrative Court has transferred the case to the Supreme Administrative Court on August 18, 2020.

g. On March 15, 2013, Letter No. 102035 from the Fair Trade Commission indicated concerted action among CHP and other independent power producers due to the rejection of power purchase rate adjustment with TPC. Accordingly, in August 2015, TPC filed at the Taipei District Court a civil mediation which requests CHP to compensate $2.35 billion plus interest from November 1, 2007 to the settlement date for the damage caused. Later, in September 2015, TPC filed at the Taipei District Court a civil litigation appeal which requests CHP to compensate $2.349 billion plus interest from November 1, 2007 to the settlement date as well as an apology published in major newspapers. TPC also filed at the Taipei High Administrative Court an administrative litigation which requests CHP to compensate the damage caused which amounted to $1.4 billion plus interest from November 1, 2007 to the settlement date with a 5% annual interest rate.

CHP and TPC did not reach an agreement in the civil mediation council meeting held on October 7, 2015. Later, TPC included the damage compensation claimed in the civil mediation in the administrative litigation appeal and the total compensation claimed in the statement of the administrative litigation amounted to $3.75 billion plus interest from November 1, 2007 to the settlement date with a 5% annual interest rate. On November 27, 2015, the administrative court ruled that the litigation proceedings are suspended until the administrative court makes the final judgment on the Act Disposition. However, on July 12, 2016, Taipei High Administrative Court notified that the power purchase and sales contracts between independent power producers and TPC are subject to the performance of obligation under the Civil Code. Therefore, the abovementioned ruling for suspension was revoked and the administrative litigation for compensation would be transferred to the Taipei District Court. TPC filed counter appeal against the ruling; however, the appeal was dismissed by the Supreme Administrative Court on December 30, 2016. This case has been transferred to the Taipei District Court on January 25, 2017 and dismissed by Taipei District Court on April 12, 2019. Later TPC filed an appeal on May 17, 2019, and the case is currently heard by the Taiwan High Court.

In light of the civil proceedings, on March 1, 2016, TPC added posterior statement which requests the capital expenditure it paid to CHP from October 9, 2007 to November 30, 2012 according to the power purchase and sales contracts to be recalculated relying on CHP’s capital ratio. Accordingly, CHP would compensate at least $2.349 billion to TPC. The Taipei District Court dismissed the appeal on November 1, 2018, and CHP filed an appeal subsequently. This case is currently heard by the Taiwan High Court.

CHP considered the payment of the indemnity is not possible unless TPC can provide proof that the damage was caused by CHP and their appeal is filed within the statute of limitation. As of the date the financial statements were authorized for issue, the amount of the compensation cannot be reasonably estimated. Therefore, CHP could not assess the possible impact on its financial position and did not recognize any contingent liabilities.

57 -
h. On December 4, 2015 and December 17, 2015, CSCGL, China Shanshui Cement Group (Hong Kong) Company Limited and China Pioneer Cement (Hong Kong) Company Limited (collectively referred as “Shanshui Cement Group”) commenced legal proceedings against former directors of CSCGL in respect of the alleged dishonest breaches of fiduciary duty or alleged conspiracy to cause damages to CSCGL during their tenures. The proceedings arose from disputes between CSCGL’s present and former board of directors over the changes in management and the takeover of the headquarters of CSCGL. On April 7, 2016, the Corporation was added as the 10th defendant. The Corporation engaged lawyers to take legal actions in connection with the unqualified claim to defend its reputation and interests. As of the auditors’ review report date, the trial was set to take place, starting from April to June 2021. The Corporation considered that it is premature to evaluate at this stage the possible outcome of the proceedings and, therefore, did not recognize any contingent liabilities.
i. Tianrui Group Company Limited and Tianrui (International) Holding Company Limited (collectively referred as “Tianrui Group”), CSI and former directors of CSCGL, in breach of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and share Buy-backs issued by the Hong Kong Securities and Futures Commission and the fiduciary duties, have engaged in unfair prejudicial conducts in favor of Tianrui directly and indirectly through CSCGL which are detrimental to the interests of the shareholders including the Corporation. The Corporation filed a writ of summons to the High Court of Hong Kong in June 2017 and has been seeking legal advice in relation to the legal proceedings. As the respondents’ applications to strike out the petition for technical reasons, the Corporation amended the applications accordingly. As of the auditors’ review report date, no further decision has been rendered yet.
j. On August 30, 2018, Tianrui (International) Holding Company Limited (“Tianrui”) presented a petition to the Grand Court of the Cayman Islands (the “Grand Court”) seeking to wind up CSCGL, and Tianrui further filed an application for the appointment of joint provisional liquidators (“JPLs”) over CSCGL, which was accepted by the Grand Court on September 4, 2018. On August 12, 2019, CSCGL had made applications to the Grand Court for the above-mentioned winding-up petition to be struck out and/or stayed. However, the Grand Court dismissed CSCGL’s applications according to the announcement dated April 7, 2020 at the news website of the Hong Kong Exchanges and Clearing Limited. Pursuant to the Grand Court’s decision, the winding up petition filed by Tianrui is considered a dispute between CSCGL’s shareholders and thus needs to be amended. The amendments shall include but not limited to adding the Corporation as defendants. Later, Tianrui filed an application with the Grand Court to amend its winding-up petition and the Corporation was added as defendants in the petition. By an order of the Grand Court announced on January 27, 2021, the Grand Court granted Tianrui’s amendments to the winding-up petition against CSCGL and added the Corporation as defendants. On March 19, 2021, the Corporation received the legal documents from Tianrui and has appointed legal counsel in relation to the petition. Since no further verdict has been rendered yet, the Corporation considered that it is premature to evaluate at this stage the possible outcome of the proceedings. Therefore, the Corporation assessed that the winding-up petition did not have any material impact on its investments in CSCGL.

37. OTHER ITEMS

Due to the impact of the COVID-19 pandemic, the Group considered the economic implications of the epidemic when making its critical accounting estimates based on the information available as of the balance sheet date; refer to Note 5. With this, the Group assessed that there are no doubts in the aspects of the Group’s ability to continue as a going concern, risk of asset impairment and financing activities as of the date the consolidated financial statements were authorized for issue. The Group will stay alert to the development and situation of the COVID-19 and will take necessary action to mitigate the business risk

58 -

38. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The Group’s significant financial assets and liabilities denominated in foreign currencies were as follows:

March 31, 2021

		Foreign		New Taiwan
	Currencies		Exchange Rate	Dollars
Financial assets
Monetary items
USD	$	607,669	28.49	$ 17,309,463
RMB		404,489	4.335	1,753,363
EUR		18,468	33.28	614,625
HKD		1,468	3.64	5,342
Non-monetary item
HKD		629,182	3.64	2,290,222
USD		308,048	28.49	8,774,752
RMB		40,910	4.335	177,336
Financial liabilities
Monetary items
USD		435,466	28.49	12,404,257
Non-monetary item
USD		15,055	28.49	428,836
December 31, 2020
		Foreign		New Taiwan
	Currencies		Exchange Rate	Dollars
Financial assets
Monetary items
USD	$	578,136	28.43	$ 16,436,405
RMB		402,575	4.357	1,754,078
EUR		27,487	34.82	957,098
HKD		24,169	3.643	88,046
Non-monetary item
HKD		632,081	3.643	2,302,672
USD		297,146	28.43	8,447,863
RMB		39,500	4.357	172,102
Financial liabilities
Monetary items
USD		428,114	28.43	12,171,293
Non-monetary item
USD		14,973	28.43	425,682

59 -

March 31, 2020

		Foreign		New Taiwan
	Currencies		Exchange Rate	Dollars
Financial assets
Monetary items
USD	$	1,212,563	30.18	$ 36,589,092
HKD		520,050	3.868	2,011,552
RMB		215,963	4.259	919,772
EUR		10,302	33.04	340,379
AUD		2,912	18.52	53,930
Non-monetary item
HKD		646,804	3.868	2,501,838
RMB		40,374	4.259	171,948
USD		20,512	30.18	618,939
Financial liabilities
Monetary items
USD		951,751	30.18	28,719,072
Non-monetary item
USD		4,687	30.18	141,430

For the three months ended March 31, 2021 and 2020, the total amounts of realized and unrealized net foreign exchange (losses) gains were $(29,505) thousand and $76,703 thousand, respectively. It is impractical to disclose net foreign exchange losses by each significant foreign currency because of the variety of the foreign currency transactions and functional currencies of the Group.

39. SEPARATELY DISCLOSED ITEMS

a. Information about significant transactions and b. information of investees:
1) Financing provided to others (Table 1)
2) Endorsements/guarantees provided (Table 2)
3) Marketable securities held (excluding investments in subsidiaries, associates and joint ventures) (Table 3)
4) Marketable securities acquired or disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: None.
5)Acquisition of individual real estate at costs of at least NT$300 million or 20% of the paid-in capital: None.
6) Disposal of individual real estate at prices of at least NT$300 million or 20% of the paid-in capital: None.
7) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 4)
8) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 5)
60 -
9) Information on investees (Table 6)
10) Trading in derivative instruments (Note 7)
c. Information on investments in mainland China
1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, net income of investees, investment income or loss, carrying amount of the investment at the end of the year, repatriations of investment income, and limit on the amount of investment in the mainland China area (Table 7)
2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses (Table 8):
- a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the year
- b) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the year
- c) The amount of property transactions and the amount of the resultant gains or losses
- d) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the year and the purposes
- e) The highest balance, the ending balance, the interest rate range, and total current period interest with respect to the financing of funds
- f) Other transactions that have a material effect on the profit or loss for the year on the financial position, such as the rendering or receipt of services
d. Intercompany relationships and significant intercompany transactions (Table 8)
e. Information of major shareholders: List all shareholders with ownership of 5% or greater showing the name of the shareholder, the number of shares owned, and percentage of ownership of each shareholder (Table 9)

40. SEGMENT INFORMATION

Information reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. The Group’s reportable segments were as follows: Cement, electric power, investment, engineering, transportation, stainless steel and leasing.

61 -

a. Segment revenue and results

Cement Electric power Investment Engineering Transportation Stainless steel Leasing Non-operating income and expenses Profit before income tax		Segment Revenue For the Three Months Ended March 31 2021 2020 $ 14,920,935 $ 10,116,235 563,466 1,389,782 286,508 35,012 102,204 58,566 502,581 434,431 1,389,107 1,006,892 112,588 97,964 $ 17,877,389 $ 13,138,882		Segment Profit	Segment Profit
				For the Three Months Ended March 31
		2021 $ 14,920,935 563,466 286,508 102,204 502,581 1,389,107 112,588 $ 17,877,389		2021 $ 3,295,008 (5,998) 232,782 11,488 77,149 53,423 59,168 3,723,020 1,020,863 $ 4,743,883	2020 $ 1,663,148 291,755 (21,634) 4,726 53,842 (23,525) 53,327 2,021,639 (453,351) $ 1,568,288

Segment revenue reported above represents revenue generated from external customers.

b. Segment assets and liabilities, and other segment information

The Group does not report segment assets and liabilities or other segment information to the chief operating decision maker. Therefore, no information is disclosed here.

62 -

TABLE 1

ASIA CEMENT CORPORATION AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

No.	Lender	Borrower	Financial Statement Account	Related Parties	Highest Balance for the Period	Ending Balance (Note 2)	Actual Borrowing Amount	Interest Rate (Note 3)	Nature of Financing	Business Transaction Amounts	Reasons for Short-term Financing	Allowance for Impairment Loss	Collateral	Collateral	Financing Limit for Each Borrower (Note 1)	Aggregate Financing Limits (Note 1)
													Item	Value
1	OIHPL	ACCHC	Other receivables	Y	$ 192,703	$ 190,729	$ 190,729	3.89%	Necessary for short-term financing	$ -	Operating capital	$ -	-	$ -	20% of net worth $11,141,963	50% of net worth $27,854,906
2	OHC	SIYDCCL SLCL ACCHC	Other receivables Other receivables Other receivables	Y Y Y	875,921 1,094,902 2,600,856	- - 2,600,856	- - -	- - -	Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing	- - -	Operating capital Operating capital Operating capital	- - -	- - -	- - -	20% of net worth $2,810,661 Same as above Same as above	50% of net worth $7,026,652 Same as above Same as above
3	JYDC	YYDCCL TZOCCL SHYLCP ACCHC	Other receivables Other receivables Other receivables Other receivables	Y Y Y Y	437,961 525,553 394,165 2,627,764	216,738 216,738 216,738 2,600,856	- 130,043 130,043 2,600,856	- 3.85% 3.85% 2.77%	Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing	- - - -	Operating capital Operating capital Operating capital Operating capital	- - - -	- - - -	- - - -	20% of net worth $5,455,525 Same as above Same as above Same as above	50% of net worth $13,638,811 Same as above Same as above Same as above
4	HYDCCL	WYXC HXMC WYCPCL SYCPCL ACCHC	Other receivables Other receivables Other receivables Other receivables Other receivables	Y Y Y Y Y	87,592 43,796 87,592 87,592 1,863,947	86,695 - 86,695 - 1,863,947	- - - - 1,300,428	- - - - 2.77%	Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing	- - - - -	Operating capital Operating capital Operating capital Operating capital Operating capital	- - - - -	- - - - -	- - - - -	20% of net worth $2,112,923 Same as above Same as above Same as above Same as above	50% of net worth $5,282,307 Same as above Same as above Same as above Same as above
5	WYDC	WYXC WYCPCL SYCPCL ACCHC	Other receivables Other receivables Other receivables Other receivables	Y Y Y Y	109,490 109,490 175,184 520,171	108,369 108,369 - 520,171	- - - 433,476	- - - 2.77%	Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing Necessary for short-term financing	- - - -	Operating capital Operating capital Operating capital Operating capital	- - - -	- - - -	- - - -	20% of net worth $533,706 Same as above Same as above Same as above	50% of net worth $1,334,265 Same as above Same as above Same as above
6	HGYDC	ACCHC	Other receivables	Y	1,083,690	1,083,690	866,952	2.77%	Necessary for short-term financing	-	Operating capital	-	-	-	20% of net worth $1,158,953	50% of net worth $2,897,383
7	SLCL	SLCCL	Other receivables	Y	175,184	173,390	151,717	3.85%	Necessary for short-term financing	-	Operating capital	-	-	-	20% of net worth $1,725,487	50% of net worth $4,313,717
8	SIYDCCL	SYCPCL ACCHC	Other receivables Other receivables	Y Y	390,128 2,600,856	390,128 2,600,856	260,086 -	3.85% -	Necessary for short-term financing Necessary for short-term financing	- -	Operating capital Operating capital	- -	- -	- -	20% of net worth $4,911,899 Same as above	50% of net worth $12,279,746 Same as above

Note 1: The net value was calculated based on reviewed financial statements as of March 31, 2021.

Note 2: The ending balance is the financing credit lines to the respective borrowers approved by the board of directors of lenders.

Note 3: The interest rate was for the three months ended March 31, 2021.

Note 4: The foreign currency amounts are expressed in New Taiwan dollars at exchange rate as of March 31, 2021.

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TABLE 2

ASIA CEMENT CORPORATION AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED FOR THE THREE MONTHS ENDED MARCH 31, 2021 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

No.	Endorser/ Guarantor	Endorsee/Guarantee	Endorsee/Guarantee	Limits on Each Endorsement/ Guarantee Given on Behalf of Each Party (Note 1)	Maximum Amount Endorsed/ Guaranteed During the Period	Outstanding Endorsement/ Guarantee at the End of the Period	Actual Borrowing Amount	Amount Endorsed/ Guaranteed by Collaterals	Ratio of Accumulated Endorsement/ Guarantee to Net Equity in Latest Financial Statements (%)	Aggregate Endorsement/ Guarantee Limit (Note 1)	Endorsement/ Guarantee Given by Parent on Behalf of Subsidiaries	Endorsement/ Guarantee Given by Subsidiaries on Behalf of Parent	Endorsement/ Guarantee Given on Behalf of Companies in Mainland China
		Name	Relationship (Note 3)
0	The Corporation	AIC DCI FSMS NHC AEE YLPPC YSRMC YTRMC	b b b b b b b b	50% of net worth ($75,409,541) Same as above Same as above Same as above Same as above Same as above Same as above Same as above	$ 14,809,100 13,312,125 30,000 1,174,850 300,000 497,642 150,000 1,000,000	$ 14,809,100 13,312,125 30,000 1,174,850 300,000 497,642 150,000 1,000,000	$ 9,890,000 8,050,000 30,000 330,000 200,000 197,400 15,000 290,000	None None None None None None None None	9.82 8.83 0.02 0.78 0.20 0.33 0.10 0.66	100% of net worth ($150,819,081) Same as above Same as above Same as above Same as above Same as above Same as above Same as above	Y Y Y Y Y Y Y Y	- - - - - - - -	- - - - - - - -
1	DCI	FSMS	b	50% of net worth ($7,141,035)	50,000	50,000	25,000	None	0.35	100% of net worth ($14,282,069)	Y	-	-
2	YLSS	YLSS	-	50% of net worth ($891,884)	100,000	100,000	30,000	100,000	5.61	100% of net worth ($1,783,768)	-	-	-
3	YTRMC	YSRMC	b	50% of net worth ($1,255,573)	48,747	48,747	48,747	None	1.94	100% of net worth ($2,511,145)	Y	-	-
4	FDT	FMT	d	50% of net worth ($429,642)	2,000	2,000	-	None	0.23	100% of net worth ($859,283)	-	-	-

Note 1: The net value was calculated based on the lenders’ latest audited/reviewed financial statements.

Note 2: The foreign currency amounts are expressed in New Taiwan dollars at exchange rate as of March 31, 2021.

Note 3: The relationship between guarantor and guarantee are as follows:

a. A company with which the Corporation engages business.
b. A company in which the Corporation directly and indirectly holds more than 50% of the voting shares.
c. A company that directly and indirectly holds more than 50% of the voting shares in the Corporation.
d. A company in which the Corporation directly and indirectly holds more than 90% of the voting shares.
e. The Corporation fulfills its contractual obligations by providing mutual endorsements/guarantees for another company in the same industry or for joint builders for purposes of undertaking a construction project.
f. All capital contributing shareholders make endorsements/guarantees for their jointly invested company in proportion to their shareholding percentages.
g. Companies in the same industry provide among themselves joint and several securities for a performance guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
64 -

TABLE 3

ASIA CEMENT CORPORATION AND SUBSIDIARIES

MARKETABLE SECURITIES HELD MARCH 31, 2021

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account		March 31, 2021	March 31, 2021		Note
				Shares or Units	Carrying Amount	Percentage of Ownership (%)	Fair Value
The Corporation DCI	Beneficiary certificates Deutsche Far Eastern DWS Taiwan Flagship Security Investment Trust Fund Ordinary shares China Conch Venture Holding Far EasTone Far Eastern Department Stores Ltd. Oriental Union Chemical Corp. CHC Resources Corporation Far Eastern International Bank Kaohsiung Rapid Transit Taiwan Stock Exchange Corp. Ding Ding Hotel Corp. L’ Hotel de Chine Hotel China Trade & Development Corp. Pan Asia Engineers & Constructors Corp. Linkou Recreation Corporation China Shanshui Investment Corp Beneficiary certificates Polaris Taiwan Top 50 Tracker Fund ChinaAMC CSI 300 Index ETF Yuanta/P-shares Taiwan Dividend Plus ETF Opas Fund Segregated Portfolio Tranche B Chang An Fund Yuanta Global NexGen Communication Innovative Technology ETF Yuanta Global NextGen Communications ETF Ordinary shares Industrial and Commercial Bank of China, A share China Mobile Communications Corporation Haitong Securities Co., Ltd. Taiwan Cement Co., Ltd. Hsing Ta Cement Co., Ltd. Tong Yang Industry Co., Ltd E Ink Holdings corporation Eclat Textile Co., Ltd. Merry Electronics Co., Ltd Chunghwa Picture Tubes, Ltd. TCI Co., Ltd. Lite-On Technology Corporation Micro-Star International Co., Ltd.	- - The major shareholder of the investor is the corporate director of the investee The investor and the investee have the same chairman The investor and the investee have the same chairman The investor is the corporate director of the investee The chairman of the investor is the vice-chairman of the investee - - The investor is the corporate director of the investee - - The investor is the corporate supervisor of the investee - - - - - Related party in substance - - - - - - - - - - - - - - - -	Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - current Financial assets at fair value through other comprehensive income - current Financial assets at fair value through other comprehensive income - noncurrent Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through profit or loss - current Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through profit or loss - current Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above	10,000,000 11,443,000 31,034,372 80,052,950 63,766,522 22,801,185 81,047,743 15,873,243 8,683,279 555,638 598,121 250,003 1,551,395 5 49,928 400,000 160,000 6,899,000 7,200 145,000 2,600,000 2,600,000 2,000,000 210,000 1,800,000 4,191,654 3,037,854 1,204,000 2,000,000 288,000 1,071,000 275,223 400,000 1,500,000 950,000	$ 316,600 1,522,400 1,989,303 1,921,271 1,240,259 1,061,395 867,211 73,119 477,667 5,340 19,319 3,902 11,542 - 315,899 53,900 35,410 238,912 280,636 4,135,488 73,788 73,122 48,029 38,946 47,109 196,169 70,023 43,645 110,200 138,240 142,443 - 86,400 94,200 165,300	- 0.63 0.95 5.65 7.20 9.17 2.35 5.70 1.16 0.53 0.20 0.38 1.36 0.50 4.99 - 0.06 - - - - - - - 0.02 0.07 0.89 0.20 0.18 0.10 0.51 - 0.34 0.06 -	$ 316,600 1,522,400 1,989,303 1,921,271 1,240,259 1,061,395 867,211 73,119 477,667 5,340 19,319 3,902 11,542 - 315,899 53,900 35,410 238,912 280,636 4,135,488 73,788 73,122 48,029 38,946 47,109 196,169 70,023 43,645 110,200 138,240 142,443 - 86,400 94,200 165,300

(Continued)

65 -

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account		March 31, 2021	March 31, 2021		Note
				Shares or Units	Carrying Amount	Percentage of Ownership (%)	Fair Value
NHC YTRMC FMT FDT AEE	Synnex Technology International Corporation Radiant Opto-Electronics Corporation Chicony Electronics Co., Ltd. Chin-Poon Corporation China Life Insurance Company Limited, H share Far Eastern International Bank Oriental Union Chemical Corp. Far EasTone Mega Financial Holding Co., Ltd. Tripod Technology Corporation WPG Holdings Limited Far Eastern International Bank Far Eastern Department Stores Ltd. Oriental Union Chemical Corp. CHC Resources Corporation Picvue Electronics Co., Ltd. Ding Ding Hotel Corp. Far Eastern International Leasing Corporation Ordinary shares Far EasTone Ordinary shares Far EasTone Ordinary shares Everest Textile Co., Ltd. Oriental Union Chemical Corp. Far Eastern Department Store Ltd. Yi Tong Fiber Co., Ltd. Ordinary shares Far Eastern International Bank Far Eastern Department Store Ltd. Oriental Union Chemical Corp. Ding & Ding Management Consultants Co., Ltd. Ordinary shares Far EasTone Ding & Ding Management Consultants Co., Ltd.	- - - - - The chairman of the investor’s ultimate parent company is the vice-chairman of the investee The investor’s ultimate parent company and the investee have the same chairman The major shareholder of the investor is the corporate director of the investee - - - The chairman of the investor’s ultimate parent company is the vice-chairman of the investee The investor’s ultimate parent company and the investee have the same chairman The investor’s ultimate parent company and the investee have the same chairman The major shareholder of the investor is the corporate director of the investee - The major shareholder of the investor is the corporate director of the investee The investor is the corporate director of the investee The corporate supervisor of the investor is the corporate director of the investee The corporate supervisor of the investor is the corporate director of the investee The chairman of the investor’s major shareholder is the representative of the investee’s corporate director The investor’s ultimate parent company and the investee have the same chairman The investor’s ultimate parent company and the investee have the same chairman - The chairman of the investor’s ultimate parent company is the vice-chairman of the investee The investor’s ultimate parent company and the investee have the same chairman The investor’s ultimate parent company and the investee have the same chairman The investor is the corporate supervisor of the investee The corporate supervisor of the investor is the corporate director of the investee The investor is the corporate director of the investee	Same as above Same as above Same as above Same as above Financial assets at fair value through other comprehensive income - current Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through other comprehensive income - noncurrent Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through profit or loss - current Financial assets at fair value through other comprehensive income - current Financial assets at fair value through other comprehensive income - current Financial assets at fair value through other comprehensive income - noncurrent Same as above Same as above Financial assets at fair value through other comprehensive income - current Financial assets at fair value through other comprehensive income - noncurrent Same as above Same as above Financial assets at fair value through profit or loss - current Financial assets at fair value through other comprehensive income - noncurrent	2,360,000 1,570,000 1,900,000 2,150,000 457,000 38,729,718 41,246 215,000 9,958,000 1,700,000 4,814,000 100,119,299 13,630,966 10,506,792 4,812,514 161,700 213,442 45,258,938 50,000 230,000 13,279,219 2,256,782 1,185,713 5,256,454 304,157 935,029 3,254,125 1,336,064 120,000 420,867	$ 128,620 199,390 192,850 70,628 26,715 414,408 802 13,782 317,660 238,850 234,923 1,071,276 327,143 204,357 224,023 - 2,051 602,813 3,205 14,743 108,624 108,624 43,894 28,457 41,691 3,254 22,441 63,293 8,376 7,692 900	0.14 0.34 0.26 0.54 - 1.12 - 0.01 0.07 0.32 0.26 2.90 0.96 1.19 1.94 0.06 0.21 10.14 - - 2.60 0.25 0.08 5.94 0.01 0.07 0.37 16.00 - 5.04	$ 128,620 199,390 192,850 70,628 26,715 414,408 802 13,782 317,660 238,850 234,923 1,071,276 327,143 204,357 224,023 - 2,051 602,813 3,205 14,743 108,624 43,894 28,457 41,691 3,254 22,441 63,293 8,376 7,692 900	Note 3

(Continued)

66 -

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account		March 31, 2021	March 31, 2021		Note
				Shares or Units	Carrying Amount	Percentage of Ownership (%)	Fair Value
YLPPC AIC Asia Cement Pioneer Investment Ltd. FSMS	Ordinary shares Far EasTone Yamay International Development Corp. Beneficiary certificates Grand Power Fund ChinaAMC CSI 300 Index ETF Yuanta/P-shares Taiwan Dividend Plus ETF Yuanta Global NexGen Communication Innovative Technology ETF Yuanta Global NextGen Communications ETF Ordinary shares Hsing Ta Cement Co., Ltd Foxconn Technology Co., Ltd Eclat Textile Co., Ltd. Merry Electronics Co., Ltd E Ink Holdings corporation Hon Hai Precision Industry Co., Ltd. China Construction Bank Corporation, A share China Life Insurance Company Limited, H share China Mobile Communications Corporation TCI Co., Ltd. Lite-On Technology Corporation Micro-Star International Co., Ltd. Synnex Technology International Corporation Radiant Opto-Electronics Corporation Chicony Electronics Co., Ltd. Chin-Poon Corporation Far EasTone Nan Ya Plastics Corporation Inventec Corporation Tripod Technology Corporation WPG Holdings Limited China Life Insurance Company Limited, H share China Life Insurance Company Limited, A share Far Eastern International Bank Oriental Union Chemical Corp. Far Eastern Department Store Ltd. Ding Shen Investment Co., Ltd. Hsin Nan Construction Co., Ltd. Ordinary shares Cementon Micronesia L.L.C. Ordinary shares Stone Industry Resource System Corp	The chairman of the investor’s major shareholder is the representative of the investee’s corporate director - - - - - - - - - - - - - - - The investor is the corporate director of the investee - - - - - - The chairman of the investor’s ultimate parent company is the vice-chairman of the investee The investor’s ultimate parent company and the investee have the same chairman The investor’s ultimate parent company and the investee have the same chairman The investor is the corporate director of the investee - - -	Financial assets at fair value through other comprehensive income - current Financial assets at fair value through other comprehensive income - noncurrent Financial assets at fair value through profit or loss - current Same as above Same as above Same as above Same as above Financial assets at fair value through profit or loss - current Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through other comprehensive income - current Same as above Same as above Same as above Same as above Same as above Same as above Financial assets at fair value through other comprehensive income - noncurrent Same as above Same as above Same as above Same as above Financial assets at fair value through other comprehensive income - noncurrent Financial assets at fair value through other comprehensive income - noncurrent	105,000 15 122,000 380,000 6,906,000 2,600,000 2,600,000 7,348,650 2,043,000 288,000 1,071,000 2,000,000 1,720,000 2,500,000 1,350,000 448,000 400,000 1,500,000 950,000 2,360,000 1,570,000 1,900,000 2,150,000 1,426,303 3,286,000 2,882,000 1,700,000 4,821,000 986,000 360,000 138,865,723 1,552,156 11,361,972 40,328,640 2,696 100 10,000	$ 6,731 - 3,478,089 84,099 239,155 73,788 73,122 169,386 148,322 138,240 142,443 110,200 213,280 79,651 78,919 83,085 86,400 94,200 165,300 128,620 199,390 192,850 70,628 91,426 262,223 77,814 238,850 235,265 57,640 49,656 1,485,863 30,189 272,687 443,212 - 111,092 70	- - - 0.14 - - - 2.15 0.14 0.10 0.51 0.18 0.01 - - - 0.34 0.06 - 0.14 0.34 0.26 0.54 0.04 0.04 0.08 0.32 0.26 - - 4.03 0.18 0.80 18.00 - 10.00 0.15	$ 6,731 - 3,478,089 84,099 239,155 73,788 73,122 169,386 148,322 138,240 142,443 110,200 213,280 79,651 78,919 83,085 86,400 94,200 165,300 128,620 199,390 192,850 70,628 91,426 262,223 77,814 238,850 235,265 57,640 49,656 1,485,863 30,189 272,687 443,212 - 111,092 70	Note 4

(Continued)

67 -

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account		March 31, 2021	March 31, 2021		Note
				Shares or Units	Carrying Amount	Percentage of Ownership (%)	Fair Value
YLT YLSS KCC KCCL ACSPL OCPL ACCHC	Beneficiary certificates Polaris Taiwan Top 50 Tracker Fund Ordinary shares Far Eastern International Bank Far EasTone Ordinary shares Far EasTone Beneficiary certificates CSOP FTSE China A50 ETF Beneficiary certificates Allianz US High Yield Fund Opas Fund Segregated Portfolio Tranche Beneficiary certificates United Emerging Markets Bond Funds United Growth Fund Opas Fund Segregated Portfolio Tranche B Ordinary shares DBS Group Guocoland Ltd. Hong Leong Asia INTRACO Engro Corp Ltd. Ordinary shares Hiap Hoe Ltd. Beneficiary certificates Opas Fund Segregated Portfolio Tranche B Note receivables Wynn Fortune Global Limited EastPatron Limited Marble Arch Industrial Limited Prime Harbour Holdings Limited Sino Horizon International Limited	- The chairman of the investor’s ultimate parent company is the vice-chairman of the investee The chairman of the investor’s major shareholder is the representative of the investee’s corporate director The chairman of the investor’s major shareholder is the representative of the investee’s corporate director - - Related party in substance - - Related party in substance - - - - - - Related party in substance - - - - -	Financial assets at fair value through profit or loss - current Financial assets at fair value through other comprehensive income - noncurrent Same as above Financial assets at fair value through other comprehensive income - current Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - current Same as above Financial assets at fair value through profit or loss - current Same as above Same as above Financial assets at fair value through profit or loss - current Same as above Same as above Same as above Same as above Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - current Financial assets at amortized cost - current Same as above Same as above Same as above Same as above	350,000 3,103,945 71,099 130,000 300,000 97,741 1,606 3,232,758 745,068 6,660 33,976 26,666 20,000 46,875 2,000 44,260 7,308 790 700 700 790 700	$ 47,163 33,212 4,557 8,333 20,923 18,506 96,749 81,726 53,832 259,499 20,659 946 323 277 46 598 284,850 2,250,316 1,993,951 1,993,951 2,250,316 1,993,951	- 0.09 - - - - - - - - - - - - - - - - - - - -	$ 47,163 33,212 4,557 8,333 20,923 18,506 96,749 81,726 53,832 259,499 20,659 946 323 277 46 598 284,850 2,250,316 1,993,951 1,993,951 2,250,316 1,993,951	Note 5 Note 5 Note 5 Note 5 Note 5

(Continued)

68 -

(Concluded)

Note 1: Marketable securities in this table are shares, bonds, beneficiary certificates and securities derived from these items under IFRS 9 “Financial Instruments: Recognition and Measurement”.

Note 2: The carrying amounts of financial instruments measured at fair values are adjusted for fair value less accumulated impairment loss; the carrying amounts of financial instruments not measured at fair values are the original cost or amortized cost less accumulated impairment loss.

Note 3:

5,000 thousand shares ($120,000 thousand) of the securities are pledged as collaterals for bank loans of DCI..

Note 4: 3,500 thousand shares ($84,000 thousand) of the securities are pledged as collaterals for bank loans of AIC.

Note 5: The price per subscription unit is US$100,000.

69 -

TABLE 4

ASIA CEMENT CORPORATION AND SUBSIDIARIES

TOTAL PURCHASE FROM OR SALE TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 2021

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Purchasing or (Selling) Company Name	Related Party	Relationship		Transaction Details	Transaction Details	Transaction Details	Abnormal Transaction	Abnormal Transaction	Notes/Accounts (Payable) or Receivable	Notes/Accounts (Payable) or Receivable	Note
			Purchase (Sale)	Amount	% to Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% to Total
The Corporation ACSPL YTRMC FMT JYDC NYDC TZOCCL WYDC YYDCCL SIYDCCL SLCL	YTRMC ACSPL U-Ming Alliance Concrete Singapore Pte. Ltd. The Corporation Far Eastern General Construction Inc. The Corporation CHC Resources Corporation FENC WYDC NYDC TZOCCL YYDCCL JYDC JYDC JYDC JYDC SLCL SIYDCCL	A subsidiary of the Corporation A subsidiary of the Corporation An investee accounted for by equity method An investee accounted for by equity method Parent company Other related party Parent company Other related party An investee accounted for by equity method The same ultimate parent company A subsidiary of the Corporation The same ultimate parent company The same ultimate parent company Parent company The same ultimate parent company The same ultimate parent company The same ultimate parent company The same ultimate parent company The same ultimate parent company	Sales Sales Sales freight expense Sales Purchase Sales Purchase Purchase Sales Sales Purchase Sales Sales Sales Purchase Purchase Purchase Sales Purchase	$ (462,674) (150,837) 136,480 (175,925) 150,837 (115,202) 462,674 114,418 (119,265) (135,098) 208,896 (171,895) (524,778) (208,896) 171,895 135,098 524,778 (108,297) 108,297	(19) (6) 6 (82) 76 (4) 20 5 (43) (3) 8 (4) (13) (100) 100 55 76 (6) 13	Purchase 45 days after monthly closing Average 30 days Purchase 30 days after monthly closing Average 60 days Average 30 days Average 90 days Purchase 45 days after monthly closing Purchase 45 days after monthly closing Purchase 30 days after monthly closing Within 50 days Within 50 days Within 50 days Within 50 days Within 50 days Within 50 days Within 50 days Within 50 days Within 90 days Within 90 days	$ - - - - - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - - - - - -	$ 311,963 - (52,864) 122,425 - 177,668 (311,963) (53,342) 34,260 60,258 (161,853) 119,115 169,216 161,853 (119,115) (60,258) (169,216) 46,550 (46,550)	36 - (3) 80 - 5 (20) (3) 18 3 (41) 5 7 100 (93) (80) (73) 2 (20)

70 -

TABLE 5

ASIA CEMENT CORPORATION AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL FOR THE THREE MONTHS ENDED MARCH 31, 2021 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overdue	Overdue	Amounts Received in Subsequent Period	Allowance for Impairment Loss
					Amount	Action Taken
The Corporation YTRMC JYDC NYDC ACSPL JYDC HYDCCL HGYDC WYDC OIHPL SIYDCCL SLCL	YTRMC Far Eastern General Construction Inc. YYDCCL TZOCCL JYDC Alliance Concrete Singapore Pte. Ltd. ACCHC TZOCCL SHYLCP ACCHC ACCHC ACCHC ACCHC SYCPCL SLCCL	A subsidiary of the Corporation Other related party The same ultimate parent company The same ultimate parent company Parent company An investee accounted for by equity method Parent company The same ultimate parent company The same ultimate parent company Parent company Parent company Parent company Parent company The same ultimate parent company A subsidiary of the Corporation	$ 325,019 177,668 169,216 119,115 161,853 122,425 2,635,077 130,612 130,356 1,325,743 883,362 441,914 196,470 260,364 151,895	5.73 times 2.63 times 10.40 times 6.01 times 4.52 times 5.29 times Note Note Note Note Note Note Note Note Note	$ - - - - - - - - - - - - - - -	- - - - - - - - - - - - - - -	$ 119,067 69 169,216 119,115 - - - - - - - - - - -	$ - - - - - - - - - - - - - - -

Note: The accounts receivable from financing.

71 -

TABLE 6

ASIA CEMENT CORPORATION AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES ON WHICH THE CORPORATION EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA) FOR THE THREE MONTHS ENDED MARCH 31, 2021

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investor Company	Investee Company	Location	Main Businesses and Products	Investment Amount	Investment Amount	Balance as of March 31, 2021	Balance as of March 31, 2021	Balance as of March 31, 2021	Net Income (Loss) of the Investee	Share of Profits (Loss)	Note
				March 31, 2021	December 31, 2020	Shares	Percentage of Ownership	Carrying Value
The Corporation DCI	ACCHC FENC U-Ming DCI CHP YDC YYI ACSPL OSC AIC YTRMC YLSS FMT FEDSDL NHC YDLC YLT AEE EISF YLPPC SIHL CSCGL YDC FEC FENC KCC FSMS U-Ming AC Mega Investment Ltd. AC Leap Investment Ltd. AC Mega II Investment Ltd.	Cayman Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Singapore Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan B.V.I. Cayman Taiwan Taiwan Taiwan Hong Kong Taiwan Taiwan B.V.I. B.V.I. B.V.I.	Investment Textile Marine transportation Investment Power plant Investment Investment Cement Broker Investment Ready-mixed concrete, cement - related products Stainless steel Transportation Retails Cement, granulated blast-furnace slag Leasing Transportation Engineering Iron and steel Cement - related products Investment Investment Investment Construction Textile Cement Mining excavation, mineral processing and sales Marine transportation Investment Investment Investment	$ 13,660,637 3,459,787 510,236 2,556,033 8,501,564 2,232,220 911,058 187,033 154,207 1,212,679 1,042,260 2,661,240 70,174 500,000 411,106 309,049 25,012 7,895 31,463 145,061 2,898 4,821,008 289,987 140,138 1,263,385 36,024 112,096 27,619 532,331 553,246 268,817	$ 13,660,637 3,459,787 510,236 2,556,033 8,501,564 2,232,220 911,058 186,958 154,207 1,212,679 1,042,260 2,661,240 70,174 500,000 411,106 309,049 25,012 7,895 31,463 145,061 2,898 4,821,008 289,987 140,138 1,263,385 36,024 112,096 27,619 532,331 553,246 268,817	1,061,209,202 1,272,277,085 331,701,152 649,214,680 568,261,136 178,707,648 155,000,821 10,495,495 136,713,259 260,896,525 170,203,184 200,000,000 29,553,869 53,250,000 26,138,828 34,640,189 5,160,754 8,093,220 3,199,823 16,261,760 90,000 331,878,315 72,989,438 127,471,221 82,812,887 1,127,000 1,294,270 468,486 17,800,000 18,500,000 9,300,000	67.73 23.77 39.25 99.99 99.69 35.50 29.92 99.96 18.93 100.00 99.99 100.00 99.95 25.00 99.98 43.60 51.61 99.74 40.40 83.92 100.00 7.62 14.50 33.76 1.55 49.00 99.56 0.06 100.00 100.00 100.00	$ 48,713,968 38,718,844 9,218,391 14,599,573 10,380,057 3,136,594 2,520,934 4,826,705 1,980,890 4,298,686 2,819,823 2,005,581 1,501,170 644,893 331,960 378,838 261,517 183,798 86,135 97,025 53,877 6,154,195 1,286,392 5,011,006 2,490,154 449,629 126,226 28,909 564,765 663,555 304,123	$ 2,035,472 2,713,985 342,355 285,144 26,701 (32,033) (40,739) 147,505 248,968 277,876 308,952 66,286 60,479 41,838 11,201 4,162 10,244 5,926 6,655 11,277 250 (1,094,453) (32,033) 224,231 2,713,985 6,306 (1,356) 342,355 (8,461) (9,898) (4,495)	$ 1,378,625 472,283 134,489 285,138 26,618 (12,970) (12,189) 147,446 47,130 277,876 308,952 64,214 60,449 10,459 11,199 1,815 5,287 5,865 2,688 9,464 250 (91,443) Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable	A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation

(Continued)

72 -

Investor Company	Investee Company	Location	Main Businesses and Products	Investment Amount	Investment Amount	Balance as of March 31, 2021	Balance as of March 31, 2021	Balance as of March 31, 2021	Net Income (Loss) of the Investee	Share of Profits (Loss)	Note
				March 31, 2021	December 31, 2020	Shares	Percentage of Ownership	Carrying Value
DCI NHC YTRMC FMT FDT AEE YLPPC AIC	AC Mega III Investment Ltd. AC Mega IV Investment Ltd. Drive Catalyst SPC - SP Tranche One Drive Catalyst SPC - SP Tranche Three CSCGL PGIC FENC U-Ming CSCGL YSRMC YTV AOG FDT FENC YDEC U-Ming FENC ACCHC U-Ming CSCGL YDEC YLPCIP AOG FENC U-Ming CHP Asia Cement Pioneer Investment Ltd. Asia Cement Pioneer II Investment Ltd. Asia Cement Pioneer III Investment Ltd. Asia Cement Pioneer IV Investment Ltd. Asia Cement Explorer Investment Ltd. DCI	B.V.I. B.V.I. B.V.I. B.V.I. Cayman Taiwan Taiwan Taiwan Cayman Taiwan Vietnam Guam Taiwan Taiwan Taiwan Taiwan Taiwan Cayman Taiwan Cayman Taiwan India Guam Taiwan Taiwan Taiwan B.V.I. B.V.I. B.V.I. B.V.I. B.V.I. Taiwan	Investment Investment Investment Investment Investment Granulated blast-furnace slag Textile Marine transportation Investment Ready-mixed concrete Ready-mixed concrete Investment Transportation Textile Retail Marine transportation Textile Investment Marine transportation Investment Retail Tunnel lining segments Investment Textile Marine transportation Power plant Investment Investment Investment Investment Investment Investment	$ 268,817 484,454 123,120 123,960 872,619 36,771 15,240 1,027 282,957 69,955 201,823 236,240 30,894 40,263 160,424 1,891 31,322 50,541 38,931 266,942 20,776 8,338 66,816 405,473 77,446 376 1,794,320 529,811 275,817 275,810 304,443 76	$ 268,817 484,454 123,120 123,960 872,619 36,771 15,240 1,027 282,957 69,955 201,823 236,240 30,894 40,263 160,424 1,891 31,322 50,541 38,931 266,942 20,776 8,338 66,816 405,473 77,446 376 1,794,320 529,811 275,817 275,810 304,443 76	9,300,000 16,200,000 4,000 4,000 56,297,000 3,287,550 1,739,978 64,143 9,250,000 6,995,000 (Note) (Note) 37,959,570 4,415,299 32,137,744 50,000 1,020,000 3,161,500 3,485,997 8,368,000 4,639,637 (Note) (Note) 15,430,293 7,796,914 45,568 58,550,000 17,800,000 9,300,000 9,110,000 10,215,000 5,887	100.00 100.00 25.00 25.00 1.29 31.00 0.03 0.01 0.21 69.95 100.00 95.04 99.94 0.08 26.95 0.01 0.02 0.20 0.41 0.19 3.89 99.99 4.96 0.29 0.92 0.01 100.00 100.00 100.00 100.00 100.00 -	$ 348,851 698,556 106,181 127,401 1,043,306 53,225 39,980 599 170,940 130,942 285,087 (8,389) 878,565 109,002 603,573 1,452 30,822 106,661 21,402 154,647 87,928 1,755 (394) 645,860 40,909 850 2,058,564 692,268 281,920 347,936 148,382 76	$ (5,093) (10,378) 90 49 (1,094,453) 2,199 2,713,985 342,355 (1,094,453) 36,045 1,898 (569) 28,744 2,713,985 15,741 342,355 2,713,985 2,035,472 342,355 (1,094,453) 15,741 - (569) 2,713,985 342,355 26,701 (29,797) (10,251) (4,132) (5,220) (2,092) 285,144	Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable	A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A subsidiary of the Corporation

(Continued)

73 -

Investor Company	Investee Company	Location	Main Businesses and Products	Investment Amount	Investment Amount	Balance as of March 31, 2021	Balance as of March 31, 2021	Balance as of March 31, 2021	Net Income (Loss) of the Investee	Share of Profits (Loss)	Note
				March 31, 2021	December 31, 2020	Shares	Percentage of Ownership	Carrying Value
AIC YLT ACE ACP ACP II ACP III ACP IV Leap Mega Mega II Mega III Mega IV KCC JFTL AOG	FMT NHC AEE FSMS FDT YSRMC EISF YTRMC CSCGL U-Ming CSCGL Opas Fund Segregated Portfolio Company Drive Catalyst SPC CSCGL CSCGL CSCGL CSCGL CSCGL CSCGL CSCGL CSCGL CSCGL KCCL Join Fortune Trading Ltd. Profit Enterprises Int'l Ltd. Asia Oriental Concrete, LLC Perez-Mtec-ACC, LLC	Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Cayman Taiwan Cayman Cayman Cayman Cayman Cayman Cayman Cayman Cayman Cayman Cayman Cayman Cayman Hong Kong B.V.I. Hong Kong Guam Guam	Transportation Cement, granulated blast-furnace slag Engineering Mining excavation, mineral processing and sales Transportation Ready-mixed concrete Iron and steel Ready-mixed concrete, cement - related products Investment Marine transportation Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment Investment Ready-mixed concrete Investment Barge transportation Ready-mixed concrete Ready-mixed concrete	$ 176 78 116 119 110 37 15,649 53 556,895 58,840 266,882 1,531 494 1,959,250 544,689 290,967 292,032 567,556 554,533 293,393 292,743 504,078 36 68,495 22,204 226,456 8,546	$ 176 78 116 119 110 37 15,649 53 556,895 58,840 266,882 1,531 494 1,959,250 544,689 290,967 292,032 567,556 554,533 293,393 292,743 504,078 36 68,495 22,204 226,456 8,546	5,000 5,000 6,000 5,000 9,717 5,000 660,000 6,186 31,528,000 6,348,103 7,480,000 33 33 107,536,000 36,865,000 14,790,000 18,514,000 35,569,000 30,251,000 16,058,000 18,477,000 37,410,000 10,000 2,427,307 6,100,000 (Note) (Note)	0.02 0.02 0.07 0.38 0.03 0.05 8.33 - 0.72 0.75 0.17 33.00 33.00 2.47 0.85 0.34 0.43 0.82 0.70 0.37 0.42 0.86 100.00 100.00 50.00 71.68 33.33	$ 272 80 120 125 199 44 17,206 53 583,681 282,735 138,276 1,538 479 1,994,330 684,488 274,362 344,527 660,396 562,300 298,094 341,584 693,974 162,629 3,685 4,696 (20,357) 40	$ 60,479 11,201 5,926 (1,356) 28,744 36,045 6,655 308,952 (1,094,453) 342,355 (1,094,453) 1 (1) (1,094,453) (1,094,453) (1,094,453) (1,094,453) (1,094,453) (1,094,453) (1,094,453) (1,094,453) (1,094,453) 5,772 260 259 (794) -	Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable	A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation A sub-subsidiary of the Corporation

(Continued)

74 -

Investor Company	Investee Company	Location	Main Businesses and Products	Investment Amount	Investment Amount	Balance as of March 31, 2021	Balance as of March 31, 2021	Balance as of March 31, 2021	Net Income (Loss) of the Investee	Share of Profits (Loss)	Note
				March 31, 2021	December 31, 2020	Shares	Percentage of Ownership	Carrying Value
ACSPL ACCHC	OCPL ACCHC Alliance Concrete Singapore Pte. Ltd. PIHPL	Singapore Cayman Singapore B.V.I.	Ready-mixed concrete, leasing Investment Ready-mixed concrete Investment	$ 359,040 569,700 147,840 25,084,261	$ 359,040 569,700 147,840 25,084,261	17,000,000 63,790,798 6,000,000 9,379,303	100.00 4.07 50.00 100.00	$ 251,267 2,927,297 293,653 78,915,664	$ 1,072 2,035,472 77,733 2,165,681	Not applicable Not applicable Not applicable Not applicable	A sub-subsidiary of the Corporation A subsidiary of the Corporation A sub-subsidiary of the Corporation

Note: This is not a company limited by shares.

(Concluded)

75 -

TABLE 7

ASIA CEMENT CORPORATION AND SUBSIDIARIES

INVESTMENT IN MAINLAND CHINA FOR THE THREE MONTHS ENDED MARCH 31, 2021 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investee Company	Main Businesses and Products	Paid-in Capital	Method of Investment (Note 2)	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Remittance of Funds	Remittance of Funds	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 1)	Carrying Amount as of March 31, 2021	Accumulated Repatriation of Investment Income as of March 31, 2021
					Outward	Inward
SHYLCP JYDC WYDC SHYFCP OHC NYLC NYDC SIYDCCL CYCPCL JYLTC	It manufactures and sells ready-mixed concrete and cement - related products It manufactures and sells cement, clinker and ready-mixed concrete (including cement - related products). It manufactures and sells cement, slag powder and slag cement. It manufactures and sells ready-mixed concrete and cement - related products Investment It manufactures and sells ready-mixed concrete and cement - related products It manufactures and sells cement, slag powder and slag cement. Cement, clinker, slag powder and ready-mixed concrete (including cement - related products) It manufactures and sells ready-mixed concrete and cement - related products Transportation	US$15,000 (equivalent to NT$427,275 thousand) US$356,104 (equivalent to NT$10,143,622 thousand) US$36,140 (equivalent to NT$1,029,448 thousand) N/A US$204,191 (equivalent to NT$5,816,381 thousand) RMB60,000 (equivalent to NT$260,086 thousand) RMB90,000 (equivalent to NT$390,128 thousand) US$368,340 (equivalent to NT$10,492,165 thousand) US$4,100 (equivalent to NT$116,789 thousand) RMB12,500 (equivalent to NT$54,185 thousand)	(2) (2) (2) N/A (2) (2) (2) (2) (2) (2)	US$11,200 (equivalent to NT$319,032 thousand) US$93,035 (equivalent to NT$2,650,102 thousand) RMB(764,554 ) (equivalent to NT$(3,314,158) thousand) US$22,081 (equivalent to NT$628,977 thousand) RMB(3,533) (equivalent to NT$(15,315) thousand) US$1,270 (equivalent to NT$36,176 thousand) US$54,191 (equivalent to NT$1,543,631 thousand) - - US$67,585 (equivalent to NT$1,925,159 thousand) RMB(266,775) (equivalent to NT$(1,156,406) thousand) US$2,023 (equivalent to NT$57,625 thousand) -	$ - - - - - - - - - -	$ - - - - - - - - - -	US$11,200 (equivalent to NT$319,032 thousand) US$93,035 (equivalent to NT$2,650,102 thousand) RMB(764,554 ) (equivalent to NT$(3,314,158) thousand) US$22,081 (equivalent to NT$628,977 thousand) RMB(3,533) (equivalent to NT$(15,315) thousand) US$1,270 (equivalent to NT$36,176 thousand) US$54,191 (equivalent to NT$1,543,631 thousand) - - US$67,585 (equivalent to NT$1,925,159 thousand) RMB(266,775) (equivalent to NT$(1,156,406) thousand) US$2,023 (equivalent to NT$57,625 thousand) -	RMB(395) (equivalent to NT$(1,723) thousand) RMB246,065 (equivalent to NT$1,073,097 thousand) RMB(14,877) (equivalent to NT$(64,879) thousand) N/A RMB50,989 (equivalent to NT$222,365 thousand) RMB1,720 (equivalent to NT$7,501 thousand) RMB2,193 (equivalent to NT$9,564 thousand) RMB161,467 (equivalent to NT$704,162 thousand) RMB564 (equivalent to NT$2,460 thousand) RMB746 (equivalent to NT$3,253 thousand)	72.00 68.40 72.00 N/A 72.00 68.40 52.20 72.00 72.00 70.12	RMB(284) (equivalent to NT$(1,239) thousand) RMB168,309 (equivalent to NT$734,001 thousand) RMB(10,711) (equivalent to NT$(46,711) thousand) N/A RMB36,712 (equivalent to NT$160,102 thousand) RMB1,176 (equivalent to NT$5,129 thousand) RMB1,145 (equivalent to NT$4,993 thousand) RMB116,256 (equivalent to NT$506,996 thousand) RMB406 (equivalent to NT$1,771 thousand) RMB523 (equivalent to NT$2,281 thousand)	RMB7,312 (equivalent to NT$31,696 thousand) RMB4,304,251 (equivalent to NT$18,657,895 thousand) RMB443,240 (equivalent to NT$1,921,339 thousand) N/A RMB2,334,242 (equivalent to NT$10,118,379 thousand) RMB127,065 (equivalent to NT$550,796 thousand) RMB92,080 (equivalent to NT$399,145 thousand) RMB4,079,311 (equivalent to NT$17,682,834 thousand) RMB54,028 (equivalent to NT$234,198 thousand) RMB27,025 (equivalent to NT$117,147 thousand)	US$800 (equivalent to NT$22,788 thousand) US$50,781 (equivalent to NT$1,446,497 thousand) RMB764,554 (equivalent to NT$3,314,158 thousand) US$4,469 (equivalent to NT$127,299 thousand) RMB3,533 (equivalent to NT$15,315 thousand) - US$809 (equivalent to NT$23,044 thousand) - - US$27,009 (equivalent to NT$769,351 thousand) RMB266,775 (equivalent to NT$1,156,406 thousand) US$77 (equivalent to NT$2,193 thousand) -

(Continued)

76 -

Investee Company	Main Businesses and Products	Paid-in Capital	Method of Investment (Note 2)	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Remittance of Funds	Remittance of Funds	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 1)	Carrying Amount as of March 31, 2021	Accumulated Repatriation of Investment Income as of March 31, 2021
					Outward	Inward
HYDCCL CYSPC SYCPCL SYTCL YYDCCL HGYDC HYTCL WYCPCL WYXC HZYCCL HXMC WAMTC TZOCCL	Cement, clinker, slag powder and ready-mixed concrete (including cement - related products) Slag powder It manufactures and sells ready-mixed concrete and cement - related products Transportation Cement, slag powder and ready-mixed concrete (including cement - related products) Cement, clinker, slag powder and ready-mixed concrete (including cement - related products) Transportation It manufactures and sells ready-mixed concrete and cement - related products Cement, clinker, slag powder and ready-mixed concrete (including cement - related products) It manufactures and sells ready-mixed concrete and cement - related products Production and sales of limestone Marine transportation Cement - related products	US$154,800 (equivalent to NT$4,409,478 thousand) N/A US$3,300 (equivalent to NT$94,001 thousand) US$3,500 (equivalent to NT$99,698 thousand) US$35,530 (equivalent to NT$1,012,072 thousand) US$86,170 (equivalent to NT$2,454,552 thousand) RMB13,000 (equivalent to NT$56,352 thousand) RMB60,000 (equivalent to NT$260,086 thousand) RMB90,000 (equivalent to NT$390,128 thousand) RMB30,000 (equivalent to NT$130,043 thousand) RMB10,000 (equivalent to NT$43,348 thousand) RMB35,500 (equivalent to NT$153,884 thousand) US$16,000 (equivalent to NT$455,760 thousand)	(2) N/A (2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2)	US$44,610 (equivalent to NT$1,270,716 thousand) RMB(221,904) (equivalent to NT$(961,901) thousand) US$980 (equivalent to NT$27,915 thousand) US$2,970 (equivalent to NT$84,600 thousand) US$2,158 (equivalent to NT$61,471 thousand) US$14,833 (equivalent to NT$422,518 thousand) RMB(7,729) (equivalent to NT$(33,503) thousand) US$13,513 (equivalent to NT$384,918 thousand) RMB(132,908) (equivalent to NT$(576,124) thousand) - - - - - - -	$ - - - - - - - - - - - - -	$ - - - - - - - - - - - - -	US$44,610 (equivalent to NT$1,270,716 thousand) RMB(221,904) (equivalent to NT$(961,901) thousand) US$980 (equivalent to NT$27,915 thousand) US$2,970 (equivalent to NT$84,600 thousand) US$2,158 (equivalent to NT$61,471 thousand) US$14,833 (equivalent to NT$422,518 thousand) RMB(7,729) (equivalent to NT$(33,503) thousand) US$13,513 (equivalent to NT$384,918 thousand) RMB(132,908) (equivalent to NT$(576,124) thousand) - - - - - - -	RMB34,624 (equivalent to NT$150,996 thousand) N/A RMB16,605 (equivalent to NT$72,415 thousand) RMB27 (equivalent to NT$118 thousand) RMB18,611 (equivalent to NT$81,163 thousand) RMB46,281 (equivalent to NT$201,833 thousand) RMB(210) (equivalent to NT$(916) thousand) RMB(17,563) (equivalent to NT$(76,593) thousand) RMB5,657 (equivalent to NT$24,670 thousand) RMB424 (equivalent to NT$1,849 thousand) RMB2,476 (equivalent to NT$10,798 thousand) RMB2,293 (equivalent to NT$10,000 thousand) RMB(779) (equivalent to NT$(3,397) thousand)	72.00 N/A 72.00 72.00 72.00 72.00 72.00 72.00 64.79 28.80 28.80 34.20 72.00	RMB24,929 (equivalent to NT$108,716 thousand) N/A RMB11,955 (equivalent to NT$52,136 thousand) RMB20 (equivalent to NT$87 thousand) RMB13,400 (equivalent to NT$58,438 thousand) RMB33,322 (equivalent to NT$145,318 thousand) RMB(151) (equivalent to NT$(659) thousand) RMB(12,646) (equivalent to NT$(55,150) thousand) RMB3,572 (equivalent to NT$15,578 thousand) RMB122 (equivalent to NT$532 thousand) RMB672 (equivalent to NT$2,931 thousand) RMB848 (equivalent to NT$3,698 thousand) RMB(533) (equivalent to NT$(2,324) thousand)	RMB1,754,773 (equivalent to NT$7,606,520 thousand) N/A RMB14,128 (equivalent to NT$61,241 thousand) RMB33,215 (equivalent to NT$143,979 thousand) RMB322,238 (equivalent to NT$1,396,824 thousand) RMB962,506 (equivalent to NT$4,172,233 thousand) RMB13,470 (equivalent to NT$58,389 thousand) RMB57,404 (equivalent to NT$248,833 thousand) RMB260,365 (equivalent to NT$1,128,620 thousand) RMB15,026 (equivalent to NT$65,134 thousand) RMB9,502 (equivalent to NT$41,189 thousand) RMB33,852 (equivalent to NT$146,740 thousand) RMB66,726 (equivalent to NT$289,241 thousand)	US$12,990 (equivalent to NT$370,020 thousand) RMB221,904 (equivalent to NT$961,901 thousand) - - US$992 (equivalent to NT$28,257 thousand) US$1,016 (equivalent to NT$28,941 thousand) RMB7,729 (equivalent to NT$33,503 thousand) US$1,837 (equivalent to NT$52,327 thousand) RMB132,908 (equivalent to NT$576,124 thousand) - - - - - - -

(Continued)

77 -

Investee Company	Main Businesses and Products	Main Businesses and Products	Paid-in Capital	Method of Investment (Note 2)	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Remittance of Funds	Remittance of Funds	Accumulated Outward Remittance for Investment from Taiwan as of March 31, 2021	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 1)	Carrying Amount as of March 31, 2021	Accumulated Repatriation of Investment Income as of March 31, 2021
							Outward	Inward
SLCL SLCCL YDES RYNM JRYNM	Cement, clinker, slag powder and ready-mixed concrete (including cement - related products) Cement - related products Wholesale of chemical products and machinery equipment, design and development of computer software and network technology Building materials, products and construction waste Mineral resource mining, port management, waterway general goods transportation and construction		RMB600,000 (equivalent to NT$2,600,856 thousand) RMB20,000 (equivalent toNT$86,695 thousand) RMB1,763,425 (equivalent to NT$7,644,024 thousand) RMB2,000 (equivalent to NT$8,670 thousand) RMB10,000 (equivalent to NT$43,348 thousand)	(2) (2) (2) (2) (2)	$	- - - - -	$ - - - - -	$ - - - - -	$ - - - - -	RMB75,895 (equivalent to NT$330,980 thousand) RMB(411) (equivalent to NT$(1,792) thousand) RMB(6,665) (equivalent to NT$(29,066) thousand) RMB33,451 (equivalent to NT$145,881 thousand) RMB- (equivalent to NT$- thousand)	72.00 72.00 28.80 68.40 30.78	RMB54,144 (equivalent to NT$236,124 thousand) RMB(296) (equivalent to NT$(1,291) thousand) RMB(1,920) (equivalent to NT$(8,373) thousand) RMB22,881 (equivalent to NT$99,785 thousand) RMB- (equivalent to NT$- thousand)	RMB1,860,409 (equivalent to NT$8,064,427 thousand) RMB(16,517) (equivalent to NT$(71,597) thousand) RMB500,154 (equivalent to NT$2,168,048 thousand) RMB118,315 (equivalent to NT$512,867 thousand) RMB3,078 (equivalent to NT$13,342 thousand)	$ - - - - -

Accumulated Outward Remittance for Investment in Mainland China as of March 31, 2021		Investment Amounts Authorized by Investment Commission, MOEA				Upper Limit on the Amount of Investment Stipulated by Investment Commission, MOEA
US$547,270 (Note 3) (equivalent to NT$15,588,986 thousand) RMB(1,397,403) (equivalent to NT$(6,057,407) thousand)		US$2,284,279 (equivalent to NT$65,067,687 thousand)				(Note 4)

Note 1: The information is based on the financial statements reviewed by independent auditors.

Note 2: The investor companies were incorporated in Mainland China by a company (2) (ACCHC) which was incorporated in the area other than Taiwan and Mainland China in order to invest in Mainland China.

Note 3: As of March 31, 2021, accumulated investments in China Shanshui Cement Group Ltd, which is listed at HKEx, and China Shanshui Investment Company Limited were US$150,620 thousand and US$66,201 thousand, respectively, which were included in Accumulated Outward Remittance for Investment in Mainland China.

Note 4: The Corporation obtained certificate No. 10920439220 from Industrial Development Bureau, Ministry of Economic Affairs, according to the “Regulations Governing the Approval of Investment or Technical Cooperation in Mainland China”, the accumulation of fund is not limited.

Note 5: The foreign currency amounts of original investment amount and carrying value are expressed in New Taiwan dollars at exchange rate as of March 31, 2021 the foreign currency amount of net income is expressed in New Taiwan dollars at average exchange rate for the three months ended March 31, 2021.

(Concluded)

78 -

TABLE 8

ASIA CEMENT CORPORATION AND SUBSIDIARIES

BUSINESS RELATIONSHIP AND SIGNIFICANT INTERCOMPANY TRANSACTIONS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (In Thousands of New Taiwan Dollars)

Number	Company Name	Counterparty	Relationship (Note)	Transaction Details	Transaction Details		% to Total Revenue or Assets
				Financial Statement Account	Amount	Transaction Terms
0	The Corporation	YTRMC ACSPL	1 1 1	Accounts receivable Sales Sales	$ 325,019 475,557 150,837	Based on regular terms Based on regular terms Based on regular terms	- 3 1
1	SIYDCCL	SYCPCL SLCL	3 1	Other receivables Sales	260,364 108,297	Based on regular terms Based on regular terms	- 1
2	HGYDC	ACCHC	2	Other receivables	883,362	Based on regular terms	-
3	JYDC	SHYLCP ACCHC WYDC TZOCCL YYDCCL	3 2 3 3 3 3 3 3	Other receivables Other receivables Sales Other receivables Accounts receivable Sales Accounts receivable Sales	130,356 2,635,077 135,098 130,612 119,115 171,895 169,216 524,778	Based on regular terms Based on regular terms Based on regular terms Based on regular terms Based on regular terms Based on regular terms Based on regular terms Based on regular terms	- 1 1 - - 1 - 3
4	NYDC	JYDC	2 2	Accounts receivable Sales	161,853 208,896	Based on regular terms Based on regular terms	- 1
5	RYNM	JYDC	2	Prepayment	966,423	Based on regular terms	-
6	WYDC	ACCHC	2	Other receivables	441,914	Based on regular terms	-
7	SLCL	SLCCL	1	Other receivables	151,895	Based on regular terms	-
8	HYDCCL	ACCHC	2	Other receivables	1,325,743	Based on regular terms	-
9	OIHPL	ACCHC	2	Other receivables	196,470	Based on regular terms	-

Note: 1. Parent to subsidiary.
Subsidiary to parent.
Between subsidiaries.
79 -

TABLE 9

ASIA CEMENT CORPORATION AND SUBSIDIARIES

INFORMATION OF MAJOR SHAREHOLDERS FOR THE THREE MONTHS ENDED MARCH 31, 2021

Name of Major Shareholder	Shares	Shares
	Number of Shares	Percentage of Ownership (%)
FENC Far Eastern Medical Foundation	750,511,324 181,566,797	22.32 5.40

Note: The information of major shareholders presented in this table is provided by the Taiwan Depository & Clearing Corporation based on the number of ordinary shares and preferred shares held by shareholders with ownership of 5% or greater, that have been issued without physical registration (including treasury shares) by the Corporation as of the last business day for the current quarter. The share capital in the parent company only financial statements may differ from the actual number of shares that have been issued without physical registration because of different preparation basis.

80 -

AI assistant

ACC — Interim / Quarterly Report 2021

51736_rns_2021-11-15_ef3e7133-cd35-4570-8467-0593e237dd31.pdf

Asia Cement Corporation and Subsidiaries

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

ASIA CEMENT CORPORATION AND SUBSIDIARIES

1. ORGANIZATION AND OPERATIONS

2. APPROVAL OF FINANCIAL STATEMENTS

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Statement of compliance

Principles for preparing consolidated financial statements

1) Retirement benefits

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS - CURRENT

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

9. FINANCIAL ASSETS AT AMORTIZED COST

10. TRADE RECEIVABLES

Trade Receivables - Sales

March 31, 2020

11. FINANCE LEASE RECEIVABLES

12. INVENTORIES

13. SUBSIDIARIES

a. Subsidiaries included in the consolidated financial statements

Remarks:

14. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

15. PROPERTY, PLANT AND EQUIPMENT

16. LEASE ARRANGEMENTS

c. Material lease-in activities and terms

d. Other lease information

17. INVESTMENT PROPERTIES

18. INTANGIBLE ASSETS - GOODWILL

19. INTANGIBLE ASSETS - OTHERS

20. OTHER NON-CURRENT ASSETS

21. SHORT-TERM BORROWINGS

22. SHORT-TERM BILLS PAYABLE

24. DEFERRED REVENUE

25. PROVISIONS

26. RETIREMENT BENEFIT PLANS

a. Defined contribution plans

b. Defined benefit plans

27. EQUITY

b. Capital surplus

4) Gains on property revaluation

f. Non-controlling interests

28. OPERATING REVENUE

a. Revenue from contracts with customers

b. Contract balances

29. NET PROFIT

a. Other income

b. Other gains and losses

c. Finance costs

e. Employee benefits expense

30. INCOME TAXES RELATING TO CONTINUING OPERATIONS

31. EARNINGS PER SHARE

Net Profit for the Period

32. EQUITY TRANSACTIONS WITH NON-CONTROLLING INTERESTS

33. FINANCIAL INSTRUMENTS

March 31, 2020

Financial Instruments Valuation Techniques and Inputs

1) Market risk

a) Foreign currency risk

Sensitivity analysis

Sensitivity analysis

c) Other price risk

Sensitivity analysis

ACC Interim / Quarterly Report 2021