CHAINQUI — Annual Report 2021

Nov 11, 2021

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Stock Code:2509

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors’ Report For the Years Ended December 31, 2021 and 2020

Address: 1F., No.201-1, Jixian Rd., Sanchong District, New Taipei City 241, Taiwan Telephone: (02)87918888

The independent auditors’ report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ report and consolidated financial statements, the Chinese version shall prevail.

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Table of contents

Contents 1. Cover Page 2. Table of Contents 3. Representation Letter 4. Independent Auditors’ Report 5. Consolidated Balance Sheets 6. Consolidated Statements of Comprehensive Income 7. Consolidated Statements of Changes in Equity 8. Consolidated Statements of Cash Flows 9. Notes to the Consolidated Financial Statements (1) Company history (2) Approval date and procedures of the consolidated financial statements (3) New standards, amendments and interpretations adopted (4) Summary of significant accounting policies (5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty (6) Explanation of significant accounts (7) Related-party transactions (8) Pledged assets (9) Commitments and contingencies (10) Losses due to major disasters (11) Subsequent events (12) Other (13) Other disclosures (a) Information on significant transactions (b) Information on investees (c) Information on investment in mainland China (d) Major shareholders (14) Segment information

Page

1 2 3 4 5 6 7 8 9 9 9～10 10～28 29 30～59 59～60 60 60～61 61 61 61 62～64 64～65 65 65 66～67

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Representation Letter

The entities that are required to be included in the combined financial statements of Chainqui Construction Development Co., Ltd. as of and for the year ended December 31, 2021 under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports, and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with International Financial Reporting Standards No. 10 by the Financial Supervisory Commission, "Consolidated Financial Statements." In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Chainqui Construction Development Co., Ltd. and Subsidiaries do not prepare a separate set of combined financial statements.

Company name: Chainqui Construction Development Co., Ltd. Chairman: Lee, Yung-I Date: March 14, 2022

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KPMG

台北市110615信義路5段7號68樓(台北101大樓) 電 話 Tel + 886 2 8101 6666 68F., TAIPEI 101 TOWER, No. 7, Sec. 5, 傳 真 Fax + 886 2 8101 6667 Xinyi Road, Taipei City 110615, Taiwan (R.O.C.) 網 址 Web home.kpmg/tw

Independent Auditors’ Report

To the Board of Directors of Chainqui Construction Development Co., Ltd.:

Opinion

We have audited the consolidated financial statements of Chainqui Construction Development Co., Ltd. (the" Company") and its subsidiaries (together related to as the "Group”), which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, based on our audits and the reports of another auditor (please refer to Other Matter paragraph), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2021 and 2020, and its consolidated financial performance and its consolidated cash flows for the year ended December 31, 2021 and 2020, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretations developed by the International Financial Reporting Interpretations Committee (“IFRIC”) or the former Standing Interpretations Committee (“SIC”), endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Certification of Financial Statements by Certified Public Accountants and the auditing standards generally accepted in the Republic of China. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Certified Public Accountants Code of Professional Ethics in Republic of China (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. Based on our auditors and the reports of another auditor, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

KPMG, a Taiwan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

4-1

1. Revenue recognition

Please refer to notes 4(o) and 6(u) of the notes to consolidated financial statements for the accounting policy on revenue recognition and the details of revenue.

Description of key audit matter:

The construction industry, in which the Company is into, has a higher tendency of revenue fluctuation. Since the Company is a listed company, there is significant risk in fraud of sales revenue; therefore, the recognition of sales revenue is one of the most important evaluation in performing our audit procedures.

How the matter was addressed in our audit:

Our principal audit procedures included Testing the effectiveness of the design and implementing the internal control system of sales revenue. Inspection of sales contracts and real estate control transfer document etc.. Testing the samples of sales transaction before and after the end of the year to ensure the correctness of sales revenue.

2. Inventory evaluation

Please refer to notes 4(h), 5(a) and 6(f) of the notes to consolidated financial statements for the accounting policy on measuring inventory, assumptions used and uncertainties considered in determining the net realizable value and the details of inventory.

Description of key audit matter:

Inventory is a significant part of the consolidated balance sheets, and the evaluation of the inventory is determined in accordance with the IFRS, IASs, interpretation, as well as related guidance endorsed by the Financial Supervisory Commission, and the net realization. Since there is high fluctuation in the current real estate industry, there is a possible risk that the cost of inventory may be higher than the net price.

How the matter was addressed in our audit:

Our principal audit procedures included:

Based on the valuation report provided by the external real estate appraiser and is used to inquire the method of assessment and the use of the index material and relevant information. Auditors will then consider whether the subsequent changes in the economic situation may affect its conclusions.

Through reviewing the recent selling price of the premises and the return on investment analysis chart or by inquiring the selling price of premises nearby from the “Actual Selling Price of Real Estate” website.

Other Matter

Among the subsidiaries included in Chainqui Group’s consolidated financial statements, some of the financial statements have not been audited. Those statements were audited by another auditor, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for those subsidiaries, is based solely on the reports of another auditor. The financial statements of those certain subsidiaries reflect total assets constituting 38% and 39% of consolidated total assets at December 31, 2021 and 2020, and total operating revenues constituting 16% and 11% of consolidated total operating revenues for the years then ended.

Chainqui Construction Development Co., Ltd. has prepared its stand-along financial statements as of and for the years ended December 31, 2021 and 2020, on which we have issued an unmodified opinion.

4-2

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the IFRSs, IASs, IFRIC, SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance (including the supervisors) are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the auditing standards generally accepted in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with auditing standards generally accepted in the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

4-3

1. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors’ report are Chung-Che Chen and LiChen Lai.

KPMG

Taipei, Taiwan (Republic of China) March 14, 2022

Notes to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally accepted and applied in the Republic of China.

The independent auditors’ audit report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ audit report and consolidated financial statements, the Chinese version shall prevail.

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(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars)

Assets Current assets: 1100 Cash and cash equivalents (Note 6(a) and Note 6(x)) 1110 Current financial assets at fair value through profit or loss (Notes 6(b) and 6(x)) 1150 Notes receivable, net (Notes 6(d) and 6(x)) 1170 Accounts receivable, net (Notes 6(d) and 6(x)) 1200 Other receivables, net (Notes 6(e) and 6(x)) 1320 Inventories (for construction business), net (Notes 6(f)、8 and 9) 1410 Prepayments 1476 Other current financial assets (Notes 6(x) and 8) 1478 Construction deposits paid (Notes 6(k)、6(x) and 9) 1479 Other current assets (Note 6(k)) 1480 Current assets recognized as incremental costs to obtain contract with customers (Note 6(k)) Non-current assets: 1517 Non-current financial assets at fair value through other comprehensive income (Notes 6(c), 6(x) and 8) 1600 Property, plant and equipment (Notes 6(h) and 8) 1755 Right-of-use assets (Note 6(i)) 1760 Investment property, net (Notes 6(j) and 8) 1780 Intangible assets 1840 Deferred tax assets 1980 Other non-current financial assets (Notes 6(x) and 8) 1995 Other non-current assets, others Total assets	December 31, 2021 Amount % $ 2,186,810 29 34,352 - 243 - 49,059 1 26,037 - 2,187,818 29 188,234 2 129,502 2 121,294 2 103,343 1 72,531 1 5,099,223 67 115,071 1 215,071 3 6,408 - 2,082,535 27 1,389 - 51,414 1 75,105 1 7,372 - 2,554,365 33 $ 7,653,588 100	December 31, 2020 Amount % 2,306,792 29 119,761 2 23,073 - 55,032 1 28,655 - 2,355,909 30 40,672 1 50,585 1 129,291 2 110,231 1 1,779 - 5,221,780 67 95,263 1 200,231 2 8,924 - 2,181,215 28 541 - 39,627 1 92,929 1 7,372 - 2,626,102 33 7,847,882 100 Liabilities and Equity Current liabilities: 2100 Short-term borrowings (Notes 6(l) and 6(x)) 2110 Short-term notes and bills payable (Notes 6(n) and 6(x)) 2130 Current contract liabilities (Note 6(u)) 2150 Notes payable (Note 6(x)) 2170 Accounts payable (Note 6(x)) 2200 Other payables (Note 6(x)) 2230 Current tax liabilities 2280 Current lease liabilities (Note 6(o) and 6(x)) 2322 Long-term loans payable, current portion-other (Notes 6(m) and 6(x)) 2399 Other current liabilities, others Non-Current liabilities: 2540 Long-term loans (Notes 6(m) and 6(x)) 2580 Non-current lease liabilities (Notes 6(o) and 6(x)) 2640 Net defined benefit liability, non-current 2645 Guarantee deposits received (Note 6(x)) Total liabilities Equity attributable to owners of parent (Note 6(s)): 3110 Ordinary shares 3200 Capital surplus 3300 Retained earnings 3400 Other equity Total equity attributable to owners of parent: 36XX Non-controlling interests (Notes 6(g) and 6(s)) Total equity Total liabilities and equity	December 31, 2021		December 31, 2020 Amount % 1,418,626 18 54,934 1 20,875 - 24,997 - 162,908 2 118,649 2 36,171 1 4,981 - 11,107 - 31,147 - 1,884,395 24 1,097,553 14 4,016 - 2,058 - 5,535 - 1,109,162 14 2,993,557 38 2,245,505 29 647,558 8 1,840,421 23 (192,700) (2) 4,540,784 58 313,541 4 4,854,325 62 7,847,882 100
			Amount %
			$ 1,522,873 20 54,987 1 117,750 2 108,191 2 113,613 1 96,058 1 1,430 - 4,431 - 10,795 - 28,821 - 2,058,949 27 1,056,283 14 1,977 - 1,603 - 6,108 - 1,065,971 14 3,124,920 41 2,245,505 29 535,703 7 1,659,874 22 (220,041) (3) 4,221,041 55 307,627 4 4,528,668 59 $ 7,653,588 100

See accompanying notes to consolidated financial statements.

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(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

4000 Total operating revenue (Notes 6(u) and 7) 5000 Total operating costs (Note 6(f) and 6(q)) Gross profit from operations Operating expenses (Notes 6(q) and 6(v)): 6100 Total selling expenses 6200 Total administrative expenses Total operating expenses Net operating income Non-operating income and expenses (Note 6(w)): 7100 Total interest income 7010 Total other income 7020 Other gains and losses, net 7050 Finance costs, net (Note 6(f)) Total non-operating income and expenses Profit (loss) from continuing operations before tax 7951 Less: Income tax expenses (Note 6(r)) Profit (loss) 8300 Other comprehensive income: 8310 Components of other comprehensive income that will not be reclassified to profit or loss 8311 Gains (losses) on remeasurements of defined benefit plans (Note 6(q)) 8316 Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive income 8349 Income tax related to components of other comprehensive income that will not be reclassified to profit or loss 8360 Components of other comprehensive income (loss) that will be reclassified to profit or loss 8361 Exchange differences on translation of foreign financial statements 8399 Income tax related to components of other comprehensive income that will be reclassified to profit or loss (Note 6(r)) 8300 Other comprehensive income 8510 Comprehensive income Profit (loss), attributable to: 8610 Owners of parent 8620 Non-controlling interests Comprehensive (loss) income attributable to: 8710 Owners of parent 8720 Non-controlling interests Earnings per share (Note 6(t)) 9750 Basic earnings per share 9850 Diluted earnings per share	2021 Amount % $ 792,900 100 529,667 67 263,233 33 80,591 10 97,023 12 177,614 22 85,619 11 1,648 - 13,043 2 888 - (57,217) (7) (41,638) (5) 43,981 6 2,188 - 41,793 6 (112) - 19,808 2 - - 19,696 2 (66,579) (8) 11,787 1 (54,792) (7) (35,096) (5) $ 6,697 1 $ 44,115 6 (2,322) - $ 41,793 6 $ 16,662 2 (9,965) (1) $ 6,697 1 $ 0.20 $ 0.20	2020 Amount % 1,338,077 100 784,710 59 553,367 41 110,060 8 109,072 8 219,132 16 334,235 25 4,247 - 19,729 1 (6,508) - (81,569) (6) (64,101) (5) 270,134 20 38,345 3 231,789 17 (46) - 7,348 - - - 7,302 - (125,447) (9) 22,226 2 (103,221) (7) (95,919) (7) 135,870 10 232,341 17 (552) - 231,789 17 150,742 11 (14,872) (1) 135,870 10 1.03 1.03

See accompanying notes to consolidated financial statements.

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(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the years ended December 31, 2021 and 2020 (Expressed in Thousands of New Taiwan Dollars)

Balance at January 1, 2020 Profit (loss) Other comprehensive income Total comprehensive income Appropriation and distribution of retained earnings: Legal reserve appropriated Special reserve appropriated Cash dividends of ordinary share Stock dividends of ordinary share Other changes in capital surplus: Stock dividends from capital surplus Other changes in capital surplus Changes in ownership interests in subsidiaries Changes in non-controlling interests Balance at December 31, 2020 Profit (loss) Other comprehensive income Total comprehensive income Appropriation and distribution of retained earnings: Legal reserve appropriated Special reserve appropriated Cash dividends of ordinary share Other changes in capital surplus: Cash dividends from capital surplus Other changes in capital surplus Changes in non-controlling interests Balance at December 31, 2021							Equity attributable	Equity attributable	Equity attributable	Equity attributable	to owners of	parent	parent	parent	parent	parent	parent				Non- controlling interests	Total equity 4,762,864 231,789 (95,919) 135,870 - - (40,827) - - 880 - (4,462) 4,854,325 41,793 (35,096) 6,697 - - (224,550) (112,275) 420 4,051 4,528,668
	Share capital		Capital surplus				Retained earnings					Total other equity interest							Total equity attributable to owners of parent
												Exchange differences on translation of foreign financial statements		Unrealized gains (losses) on financial assets measured at fair value through other comprehensive income			Total other equity interest
	Ordinary shares				Legal reserve		Special reserve	Unappropriated retained earnings			Total retained earnings
	$ 2,041,368 - - - - - - 102,069 102,068 - - - 2,245,505 - - - - - - - - - $ 2,245,505		748,668		466,922		86,934		1,197,166		1,751,022		(69,605) - (88,901) (88,901) - - - - - - - - (158,506) - (47,149) (47,149) - - - - - - (205,655)		(41,542) - 7,348 7,348 - - - - - - - - (34,194) - 19,808 19,808 - - - - - - (14,386)		(111,147) - (81,553) (81,553) - - - - - - - - (192,700) - (27,341) (27,341) - - - - - - (220,041)		4,429,911		332,953 (552) (14,320) (14,872) - - - - - - (78) (4,462) 313,541 (2,322) (7,643) (9,965) - - - - - 4,051 307,627
			- -		- -		- -
			-		-		-
					44,046 - - - - - - -		- 24,213 - - - - - -
					510,968 - -		111,147 - -
					-		-
					23,229 - - - - -		- 81,553 - - - -
					534,197		192,700

See accompanying notes to consolidated financial statements.

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(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars)

Cash flows from (used in) operating activities: Profit before tax Adjustments: Adjustments to reconcile profit: Depreciation expenses Amortization expenses Net (gain) losses on financial assets or liabilities at fair value through profit or loss Interest expenses Interest income Dividend income Other revenue, overdue dividends and compensation of board and directors Gains on lease modifications Total adjustments to reconcile profit Changes in operating assets and liabilities: Changes in operating assets: Net loss (gain) on financial assets or liabilities at fair value through profit or loss Decrease in notes receivable Decrease (increase) in accounts receivable Decrease in other receivables Decrease in inventories Increase in prepayments Decrease (increase) in other current assets Decrease (increase) in other financial assets Increase in assets recognized as incremental costs to obtain contract with customers (Increase) decrease in other operating assets Total changes in operating assets Changes in operating liabilities: Increase (decrease) in contract liabilities Increase (decrease) in notes payable Decrease in accounts payable (Decrease) Increase in other payable Decrease in other current liabilities Decrease in net defined benefit liability Total changes in operating liabilities Total changes in operating assets and liabilities Total adjustments Cash inflow generated from operations Interest received Dividends received Interest paid Income taxes paid Net cash flows from (used in) operating activities	2021 $ 43,981 56,619 271 (5,148) 57,217 (1,648) (7,828) - (80) 99,403 90,557 22,830 5,800 2,348 117,207 (150,266) 6,886 (78,917) (70,752) 7,997 (46,310) 96,886 83,194 (49,213) (21,923) (2,300) (567) 106,077 59,767 159,170 203,151 1,648 7,828 (60,185) (36,785) 115,657	2020 270,134 58,038 93 1,805 81,569 (4,247) (6,752) 880 (43) 131,343 (57,154) 93,640 (22,215) 23,107 361,512 (36,465) (6,924) (26,866) 2,753 (80,337) 251,051 (1,673) (31,297) (99,288) 25,976 (15,982) (6,222) (128,486) 122,565 253,908 524,042 4,247 6,752 (92,343) (44,389) 398,309

See accompanying notes to consolidated financial statements.

8-1

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows (CONT’D)

For the years ended December 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars)

Cash flows from (used in) investing activities: Acquisition of property, plant and equipment Acquisition of intangible assets Acquisition of investment properties Decrease in other financial non-current assets Net cash flows from (used in) investing activities Cash flows from (used in) financing activities: Increase in short-term loans Decrease in short-term loans Increase in short-term notes and bills payable Decrease in short-term notes and bills payable Decrease in long-term loans Increase in guarantee deposits received Decrease in guarantee deposits received Decrease in other payables to related parties Payment of lease liabilities Cash dividends paid Change in non-controlling interests Net cash flows from (used in) financing activities Effect of exchange rate changes on cash and cash equivalents Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

See accompanying notes to consolidated financial statements.

9

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

For the years ended December 31, 2021 and 2020

(Expressed in Thousands of New Taiwan Dollars, Unless Otherwise Specified)

(1) Company history

Chainqui Construction Development Co., Ltd. (the “Company”) was established on January 27, 1973. The Company’s registered office address is located at 1F., No.201-1, Jixian Rd., Sanchong Dist, New Taipei City 241, Taiwan. The major business activities of the Company are the construction, sales, and leasing of residential and commercial buildings. Please refer to Note 14 for related information of the Group entities main business activities.

(2) Approval date and procedures of the consolidated financial statements:

The consolidated financial statements were authorized for issuance by the Board of Directors on March 14, 2022.

(3) New standards, amendments and interpretations adopted:

• (a) The impact of the International Financial Reporting Standards (“IFRSs”) endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted.

The Group has initially adopted the following new amendments, which do not have a significant impact on its consolidated financial statements, from January 1, 2021:

• ●Amendments to IFRS 4 “Extension of the Temporary Exemption from Applying IFRS 9”

• ●Amendments to IFRS 9, IAS39, IFRS7, IFRS 4 and IFRS 16 “Interest Rate Benchmark Reform— Phase 2”

• ●Amendments to IFRS 16 “Covid-19-Related Rent Concessions beyond June 30, 2021”

• (b) The impact of IFRS issued by the FSC but not yet effective

The Group assesses that the adoption of the following new amendments, effective for annual period beginning on January 1, 2022, would not have a significant impact on its consolidated financial statements:

• －

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

• －

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

• ●Annual Improvements to IFRS Standards 2018–2020

• ●Amendments to IFRS 3 “Reference to the Conceptual Framework”

(Continued)

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CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (c) The impact of IFRS issued by IASB but not yet endorsed by the FSC

The Group does not expect the following new and amended standards, which have yet to be endorsed by the FSC, to have a significant impact on its consolidated financial statements:

• ●Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”

• ●IFRS 17 “ Insurance Contracts” and amendments to IFRS 17 “ Insurance Contracts”

• ●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 12 “Deferred Tax related to Assets and Liabilities arising from a Single Transaction”

(4) Summary of significant accounting policies:

• (a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (hereinafter referred to as “the Regulations” ), International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed and issued into effect by the Financial Supervisory Commission, ROC.

• (b) Basis of preparation

• (i) Basis of measurement

Except for the following significant accounts, the consolidated financial statements have been prepared on a historical cost basis:

• 1) Financial instruments at fair value through profit or loss are measured at fair value;

• 2) Financial assets at fair value through other comprehensive income are measured at fair value;

• 3) The defined benefit liabilities (assets) are measured at fair value of the plan assets less the present value of the defined benefit obligation, limited as explained in note 4(p).

(ii) Functional and presentation currency

The functional currency of each Group entity is determined based on the primary economic environment in which the entity operates. The consolidated financial statements are presented in New Taiwan Dollar (NTD), which is the Company’ s functional currency. All financial information presented in NTD has been rounded to the nearest thousand.

(Continued)

11

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (c) Basis of consolidation

• (i) Principle of preparation of the consolidated financial statements

The consolidated financial statements comprise the Company and subsidiaries. Subsidiaries are entities controlled by the Group. The Group ‘controls’ an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intragroup balances and transactions, and any unrealized income and expenses arising from Intragroup transactions are eliminated in preparing the consolidated financial statements. The Group attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

The Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances. Changes in the Group’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received will be recognized directly in equity, and the Group will attribute it to the owners of the parent.

• (ii) List of subsidiaries included in the consolidated financial statements:

Name of investor	Name of subsidiary	Principal activity	Shareholding December 31, 2021 December 31, 2020 Notes	Shareholding December 31, 2021 December 31, 2020 Notes
			December 31, 2021
The Company The Company The Company The Company The Company The Company The Company Pao-Shin Investment Co., Ltd.	Pao-Shin Investment Co., Ltd. Chain-Hung Apartment Building Management and Maintenance Ltd. Chain-Shin-Hao Supermarket Ltd. Chain-Da Development Co., Ltd. Castle Rock Investment S.A. (SAMOA) Chainqui Holding Co., Ltd. (SAMOA) Chainqui Construction Co., Ltd. (SAMOA) Chia-Yuan Construction Co., Ltd.	Investing activities Mansions management Services Conduct of supermarket Constructing, selling, and leasing of residential and commercial buildings. Investing activities Investing activities Investing activities Constructing activities	% 99.99 % 99.99 % 75.00 % 82.00 % 100.00 % 100.00 % 100.00 % 100.00	% 99.99 % 99.99 % 75.00 % 82.00 % 100.00 % 100.00 % 100.00 % 100.00

(Continued)

12

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Name of investor	Name of subsidiary	Principal activity	Shareholding December 31, 2021 December 31, 2020 Notes	Shareholding December 31, 2021 December 31, 2020 Notes
			December 31, 2021
Pao-Shin Investment Co., Ltd. Pao-Shin Investment Co., Ltd. Pao-Shin Investment Co., Ltd. Pao-Shin Investment Co., Ltd. Chia-Yuan Construction Co., Ltd. Castle Rock Investment S.A. (SAMOA) Noah Investment Capital Limited (SAMOA) Zenith Global Capital S.A. (SAMOA) Chainqui Holding Co., Ltd. (SAMOA) Chainqui Development USA, LLC. Chainqui Development USA, LLC. Chainqui Development USA, LLC. Chainqui Construction Co., Ltd. (SAMOA) Galore Development Group Inc. Chainqui Development Seattle, LLC.	Rich Key Asia Ltd. Profit Asia Ltd. New Momentum, Ltd. Ever Easy Management, Ltd. Daho Security Co., Ltd. Noah Investment Capital Limited (SAMOA) Zenith Global Capital S.A. (SAMOA) Lexy Star International Co., Ltd Chainqui Development USA, LLC. Chainqui Development Belltown LLC. Chainqui Development Virginia LLC. Chainqui Development Roosevelt, LLC. Galore Development Group Inc. Chainqui Development Seattle, LLC. Chainqui Development Wallingford, LLC.	Investing activities Investing activities Investing activities Investing activities Security services Investing activities Investing activities Investing activities Investing activities Constructing, selling, and leasing of residential and commercial buildings. Constructing, selling, and leasing of residential and commercial buildings. Constructing, selling, and leasing of residential and commercial buildings. Investing activities Investing activities Constructing, selling, and leasing of residential and commercial buildings.	% 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 91.83 % 82.74 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 50.00 % 100.00 % 100.00	% 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 91.83 % 82.74 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 50.00 % 100.00 % 100.00

(Continued)

13

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Name of investor	Name of subsidiary	Principal activity	Shareholding December 31, 2021 December 31, 2020 Notes	Shareholding December 31, 2021 December 31, 2020 Notes
			December 31, 2021
Chainqui Development Seattle, LLC.	Chainqui Development Harborview, LLC.	Constructing, selling, and leasing of residential and commercial buildings.	% 100.00	% 100.00

Note: For the information on investees, please refer to Note 13(b).

• (iii) Subsidiaries excluded from consolidation: None.

• (d) Foreign currencies

• (i) Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. At the end of each subsequent reporting period, monetary items denominated in foreign currencies are translated into the functional currencies using the exchange rate at that date. Non-monetary items denominated in foreign currencies that are measured at fair value are translated into the functional currencies using the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured based on historical cost are translated using the exchange rate at the date of the transaction

Exchange differences are generally recognized in profit or loss, except for those differences relating to the following, which are recognized in other comprehensive income:

• 1) an investment in equity securities designated as at fair value through other comprehensive income;

• 2) a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; or

• 3) qualifying cash flow hedges to the extent that the hedges are effective.

• (ii) Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into the presentation currency at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into the presentation currency at the average exchange rate. Exchange differences are recognized in other comprehensive income.

(Continued)

14

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

When a foreign operation is disposed of such that control, significant influence, or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

When the settlement of a monetary receivable from or payable to a foreign operation is neither planned nor likely to occur in the foreseeable future, exchange differences arising from such a monetary item that are considered to form part of the net investment in the foreign operation are recognized in other comprehensive income.

• (e) Current and non-current distinction

An asset is classified as current under one of the following criteria, and all other assets are classified as non current.

• (i) It is expected to be realized, or intended to be sold or consumed, in the normal operating cycle;

• (ii) It is held primarily for the purpose of trading;

• (iii) It is expected to be realized within twelve months after the reporting period; or

• (iv) The asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

A liability is classified as current under one of the following criteria, and all other liabilities are classified as non-current.

An entity shall classify a liability as current when:

• (i) It is expected to be settled in the normal operating cycle;

• (ii) It is held primarily for the purpose of trading;

• (iii) It is due to be settled within twelve months after the reporting period; or

• (iv) The Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by issuing equity instruments do not affect its classification.

(Continued)

15

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(f) Cash and cash equivalents

Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Time deposits which meet the above definition and are held for the purpose of meeting short term cash commitments rather than for investment or other purposes should be recognized as cash equivalents.

Bank overdrafts that are repayable on demand and form an integral part of the Group’ s cash management are included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows.

(g) Financial instruments

Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(i) Financial assets

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

On initial recognition, a financial asset is classified as measured at: amortized cost; Fair value through other comprehensive income (FVOCI) – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

• 1) Financial assets measured at amortized cost

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

• ‧ it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• ‧ its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(Continued)

16

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

These assets are subsequently measured at amortized cost, which is the amount at which the financial asset is measured at initial recognition, plus/minus, the cumulative amortization using the effective interest method, adjusted for any loss allowance. Interest income, foreign exchange gains and losses, as well as impairment, are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

• 2) Fair value through other comprehensive income (FVOCI)

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

• ‧ it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

• ‧ its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an instrument-by-instrument basis.

Debt investments at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss.

Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss.

Dividend income is recognized in profit or loss on the date on which the Group’s right to receive payment is established.

• 3) Fair value through profit or loss (FVTPL)

All financial assets not classified as amortized cost or FVOCI described as above are measured at FVTPL, including derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset, which meets the requirements to be measured at amortized cost or at FVOCI, as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.

(Continued)

17

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• 4) Impairment of financial assets

The Group recognizes loss allowances for expected credit losses (ECL) on financial assets measured at amortized cost (including cash and cash equivalents, amortized costs, notes and trade receivables, other receivable, leases receivable, guarantee deposit paid and other financial assets), debt investments measured at FVOCI and contract assets.

The Group measures loss allowances at an amount equal to lifetime expected credit loss (ECL), except for the following which are measured as 12-month ECL:

• ‧ debt securities that are determined to have low credit risk at the reporting date; and

• ‧ other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECL.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Group’s historical experience and informed credit assessment as well as forward-looking information.

The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of ‘investment grade which is considered to be BBB- or higher per Standard & Poor’s, Baa3 or higher per Moody’s or twA or higher per Taiwan Ratings’.

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 365 days past due.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘ creditimpaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:

• ‧ significant financial difficulty of the borrower or issuer;

• ‧ a breach of contract such as a default or being more than 365 days past due;

(Continued)

18

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• ‧ the lender of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession that the lender would not otherwise consider;

• ‧ it is probable that the borrower will enter bankruptcy or other financial reorganization; or

• ‧ the disappearance of an active market for a security because of financial difficulties.

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in other comprehensive income instead of reducing the carrying amount of the asset.

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 365 days past due based on historical experience of recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.

• 5) Derecognition of financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of balance sheet but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

• (ii) Financial liabilities and equity instruments

• 1) Classification of debt or equity

Debt and equity instruments issued by the Group are classified as financial liabilities or equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

2) Equity instrument

An equity instrument is any contract that evidences residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued are recognized as the amount of consideration received, less the direct cost of issuing.

(Continued)

19

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

3) Financial liabilities

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

4) Derecognition of financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount of a financial liability extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

5) Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount presented in the statement of balance sheet when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(h) Inventories

Inventories are measured at the lower of cost and net realizable value. When the cost of inventories is higher than the net realizable value, it should be offset against the cost to net realizable value, and the amount of inventory should be recognized as cost of goods sold in the current period. The methods of determining the net realizable value are as follows:

• (i) Land held for development: the Group’s management estimates the net realizable value of land held for development based on market value.

• (ii) Construction-in-progress—projects: Net realizable value is the estimated selling price (based on market value), less, the estimated costs of completion and selling expenses.

• (iii) Properties and land held for sale: Net realizable value is estimated selling price (based on market value), less, the estimated costs of selling expenses.

(Continued)

20

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(i) Investment property

Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services, or for administrative purposes. Investment property is measured at cost on initial recognition, and subsequently at cost, less accumulated depreciation and accumulated impairment losses. Depreciation expense is calculated based on the depreciation method, useful life, and residual value which are the same as those adopted for property, plant and equipment.

Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount) is recognized in profit or loss.

Rental income from investment property is recognized as other revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognized as an integral part of the total rental income, over the term of the lease.

(j) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

(ii) Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

• (iii) Depreciation

Depreciation is calculated on the cost of an asset less its residual value and is recognized in profit or loss on a fixed percentage of diminishing value method basis over the estimated useful lives of each component of an item of property, plant and equipment.

Land is not depreciated.

The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows:

1)	Buildings	3~50	years
2)	Miscellaneous equipment	3~15	years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(Continued)

21

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(k) Leased

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

• (i) As a leasee

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliably determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise the following:

• － fixed payments, including in-substance fixed payments;

• － variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

• － amounts expected to be payable under a residual value guarantee; and

• － payments for purchase or termination options that are reasonably certain to be exercised.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when:

• － there is a change in future lease payments arising from the change in an index or rate; or

• － there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee; or

• － there is a change in the lease term resulting from a change of its assessment on whether it will exercise an option to purchase the underlying asset, or

• － there is a change of its assessment on whether it will exercise an extension or termination option; or

• － there is any lease modifications

(Continued)

22

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

When the lease liability is remeasured, other than lease modifications, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero.

When the lease liability is remeasured to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease, the Group accounts for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease, and recognize in profit or loss any gain or loss relating to the partial or full termination of the lease.

The Group presents right-of-use assets that do not meet the definition of investment and lease liabilities as a separate line item respectively in the statement of financial position.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of vehicles that have a lease term of 12 months or less and leases of low-value assets, including office equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

For sale-and-leaseback transactions, the Group applies the requirements for determining when a performance obligation is satisfied in IFRS15 to determine whether the transfer of an asset is accounted for as a sale of the asset. If the transfer of an asset satisfies the requirement of IFRS15 to be accounted for as a sale of the asset, the Group derecognizes the transferred asset, then measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. For leaseback transaction, the Group applies the lessee accounting policy. If the transfer of an asset does not satisfy the requirement of IFRS15 to be accounted for as a sale of the asset, the Group continues to recognize the transferred asset and recognizes the financial liability equal to the transfer proceeds.

(ii) As a lessor

When the Group acts as a lessor, it determines at lease commencement whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then the lease is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.

If an arrangement contains lease and non-lease components, the Group applies IFRS15 to allocate the consideration in the contract.

(Continued)

23

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The lessor recognizes a finance lease receivable at an amount equal to its net investment in the lease. Initial direct costs, such as lessors to negotiate and arrange a lease, are included in the measurement of the net investment. The lessor recognizes the interest income over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor’ s net investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other income’.

(l) Intangible assets

• (i) Recognition and measurement

Other intangible assets, including customer relationships, patents and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses.

(ii) Subsequent expenditure

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.

• (iii) Amortization

Amortization is calculated over the cost of the asset, less its residual value, and is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use.

The estimated useful lives for current and comparative periods are as follows:

1) Software 5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(m) Impairment of non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.

(Continued)

24

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

(n) Provisions

A provision is recognized if, as a result of a past event, the Group has a present obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

(o) Revenue

• (i) Revenue from contracts with customers

Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The Group recognizes revenue when it satisfies a performance obligation by transferring control of a good or a service to a customer. The accounting policies for the Group’s main types of revenue are explained below.

• 1) Land development and sale of real estate

The Group develops and sells residential properties and usually sales properties in advance during construction or before construction begins. Revenue is recognized when control over the properties has been transferred to the customer. The properties have generally no alternative use for the Group due to contractual restrictions. However, an enforceable right to payment does not arise until legal title of a property has passed to the customer. Therefore, revenue is recognized at a point in time when the legal title has passed to the customer.

The revenue is measured at the transaction price agreed under the contract. For sale of readily available house, in most cases, the consideration is due when legal title of a property has been transferred. While deferred payment terms may be agreed in rare circumstances, the deferral never exceeds twelve months. The transaction price is therefore not adjusted for the effects of a significant financing component. For preselling properties, the consideration is usually received by installment during the period from contract inception until the transfer of properties to the customer. If the contract includes a significant financing component, the transaction price will be adjusted for the effects of the time value of money during the period, using the specific borrowing rate of the construction project. Receipt of a prepayment from a customer is recognized as contract liability. Interest expense and contract liability are recognized when adjusting the effects of the time value of money. Accumulated amount of contract liability is recognized as revenue when control over the property has been transferred to the customer.

(Continued)

25

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

2) Construction contracts

The Group enters into contracts to build residential properties, commercial buildings and the Group recognizes revenue over time on the basis of the construction costs incurred to date as a proportion of the total estimated costs of the contract. The consideration promised in the contract includes fixed and variable amounts. The customer pays the fixed amount based on a payment schedule. For some variable considerations (for example, a penalty payment calculated based on delay days) the Group recognizes revenue only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. If the Group has recognized revenue, but not issued a bill, then the entitlement to consideration is recognized as a contract asset. The contract asset is transferred to receivables when the entitlement to payment becomes unconditional public constructions. Because its customer controls the asset as it is constructed, the

If the Group cannot reasonably measure its progress towards complete satisfaction of the performance obligation of a construction contract, the Group shall recognize revenue only to the extent of the costs expected to be recovered.

A provision for onerous contracts is recognized when the Group expects the unavoidable costs of performing the obligations under a construction contract exceed the economic benefits expected to be received under the contract.

Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.

3) Services

Revenue from services rendered is recognized in profit or loss in proportion to the stage of completion of the transaction at the reporting date. If the Group has recognized revenue, but not issued a bill, then the entitlement to consideration is recognized as a contract asset.

4) Lease income

Lease income from the investment property is recognized in income on a straight-line basis over the lease term. Incentives granted to the Group to enter into the operating lease are spread over the lease term on a straight-line basis so that the lease income received is reduced accordingly. Revenue from property rental is recognized in profit or loss, under other income.

5) Financing components

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the group does not adjust any of the transaction prices for the time value of money.

(Continued)

26

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(ii) Contract costs

• 1) Incremental costs of obtaining a contract

The Group recognizes as an asset the incremental costs of obtaining a contract with a customer if the Group expects to recover those costs. The incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained shall be recognized as an expense when incurred, unless those costs are explicitly chargeable to the customer regardless of whether the contract is obtained.

The Group applies the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

• 2) Costs to fulfil a contract

If the costs incurred in fulfilling a contract with a customer are not within the scope of another Standard (for example, IAS 2 Inventories, IAS 16 Property, Plant and Equipment or IAS 38 Intangible Assets), the Group recognizes an asset from the costs incurred to fulfil a contract only if those costs meet all of the following criteria:

• a) the costs relate directly to a contract or to an anticipated contract that the Group can specifically identify;

• b) the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and

• c) the costs are expected to be recovered.

General and administrative costs, costs of wasted materials, labor or other resources to fulfil the contract that were not reflected in the price of the contract, costs that relate to satisfied performance obligations (or partially satisfied performance obligations), and costs for which the Group cannot distinguish whether the costs relate to unsatisfied performance obligations or to satisfied performance obligations(or partially satisfied performance obligations), the Group recognizes these costs as expenses when incurred.

• (p) Employee benefits

• (i) Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

(ii) Defined benefit plans

The Group’s net obligation in respect of defined benefit plans is calculated separately for each the plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

(Continued)

27

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income, and accumulated in retained earnings within equity. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset). Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

• (iii) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(q) Income tax

Income taxes comprise current taxes and deferred taxes. Except for expenses related to business combinations or recognized directly in equity or other comprehensive income, all current and deferred taxes are recognized in profit or loss.

Current taxes comprise the expected tax payables or receivables on the taxable profits (losses) for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payables or receivables are the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date.

Deferred taxes arise due to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. Deferred taxes are recognized except for the following:

• (i) temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profits (losses) at the time of the transaction;

(Continued)

28

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (ii) temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

Deferred tax assets are recognized for the carry forward of unused tax losses, unused tax credits, and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefits will be realized; such reductions are reversed when the probability of future taxable profits improves.

Deferred taxes are measured at tax rates that are expected to be applied to temporary differences when they reserve, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax assets and liabilities are offset if the following criteria are met:

• (i) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and

• (ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either:

• 1) the same taxable entity; or

• 2) different taxable entities which intend to settle current tax assets and liabilities on a net basis, or to realize the assets and liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

(r) Earnings per share

The Group discloses the Company’s basic and diluted earnings per share attributable to ordinary shareholders of the Company. Basic earnings per share are calculated as the profit attributable to ordinary shareholders of the Company divided by the weighted-average number of ordinary shares outstanding. Diluted earnings per share are calculated as the profit attributable to ordinary shareholders of the Company, divided by the weighted-average number of ordinary shares outstanding after adjustment for the effects of all potentially dilutive ordinary shares, such as convertible bonds and employee compensation.

(s) Operating segments

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Group). Operating results of the operating segment are regularly reviewed by the Group’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. Each operating segment consists of standalone financial information.

(Continued)

29

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty:

The preparation of the consolidated financial statements in conformity with the Regulation and the IFRSs endorsed by the FSC requires management to make judgments, estimates, and assumptions that affect the application of the accounting policies and the reported amount of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

The management continues to monitor the accounting estimates and assumptions. The management recognizes any changes in accounting estimates during the period and the impact of those changes in accounting estimates in the following period.

• (a) Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is as follows:

• (i) Valuation of inventories

Since the inventory is measured at a low cost and net realized value, the cost should be offset against the net realized value when the inventory cost is higher than the net realized value. The amount of deductible should be recognized as cost of sales. Please refer to Note 4 (h) for the method used in determining the net value of the net realization; also, please refer to note 6(f) for inventory evaluation.

• (b) The Group’s accounting policies include measuring financial and non-financial assets and liabilities at fair value through profit or loss.

The Group’s financial instrument valuation group conducts independent verification on fair value by using data sources that are independent, reliable, and representative of exercise prices. This financial instrument valuation group also periodically adjusts valuation models, conducts back-testing, renews input data for valuation models, and makes all other necessary fair value adjustments to assure the rationality of fair value. The Group strives to use market observable inputs when measuring assets and liabilities. Different levels of the fair value hierarchy to be used in determining the fair value of financial instruments are as follows:

• (i) Level 1: quoted prices (unadjusted) in active markets for identifiable assets or liabilities.

• (ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• (iii) Level 3: inputs for the assets or liability that are not based on observable market data.

For any transfer within the fair value hierarchy, the impact of the transfer is recognized on the reporting date.

Please refer to notes listed as below for assumptions used in measuring fair value.

• (i) Note 6(j) , Investment property

• (ii) Note 6(x) , Financial instruments

(Continued)

30

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(6) Explanation of significant accounts:

(a) Cash and cash equivalents

Cash on hand Checking accounts Demand deposits Foreign currency deposits Time deposits Cash and cash equivalents	December 31, 2021 $ 426 93,550 1,931,173 26,661 135,000 $ 2,186,810	December 31, 2020
		455 95,732 2,077,477 13,128 120,000
		2,306,792

Please refer to Note 6(x) for the interest rate risk and sensitivity analysis of the financial assets and liabilities of the Group.

• (b) Financial assets at fair value through profit or loss

• (i) The components of financial assets were as follows:

Financial assets at fair value through profit or loss-current: Share of exchange-listed and OTC-listed companies Stock of emerging-listed companies Monetary fund	December 31, 2021 $ 34,337 15 - $ 34,352	December 31, 2020
		29,297 14 90,450
		119,761

• (ii) For information on the Group’ s hedge of credit, currency and interest rate of the financial instruments, please refer to Note 6(x).

• (iii) The Group loaned their financial asset at fair value through profit or loss to Yuan Securities for the purpose of earning interest revenue during the brokerage period, wherein the Group does not have the right to vote. The Group earned the total amounts $14 thousand from January 1, 2021 to December 31, 2021, as well as $173 thousand from January 1, 2020 to December 31, 2020. The book value of the financial assets leased on December 31, 2021 and 2020 were both $0 thousand.

• (iv) As of December 31, 2021 and 2020, the above financial assets of the Group had not been pledged as collateral for borrowings.

(Continued)

31

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (c) Financial assets at fair value through other comprehensive income

December 31, 2021 Equity instruments at fair value through other comprehensive income: Domestic Listed Common Shares: Capital Securities Corp. $ 84,227 Taiwan High Speed Rail Corporation 5,920 O-Bank Co., Ltd. 24,924 Total $ 115,071	December 31, 2020 67,332 6,340 21,591 95,263

• (i) The Group holds these equity instrument as long-term strategic instrument instead of trading purpose and are accounted for under fair value through other comprehensive income.

• (ii) Please refer to Note 6(b) for the leasing information of the Group’s financial assets.

• (iii) Please refer to Note 6(x) for credit and market risk information.

• (iv) The above financial assets were pledged as collateral for long-term borrowings and financial guarantee; please refer to Note 8.

• (d) Notes and accounts receivable

December 31, 2021 Notes receivable $ 243 Accounts receivable 51,471 Less: Loss allowance (2,412) $ 49,302	December 31, 2020
	23,073 57,444 (2,412)
	78,105

The Group applies the simplified approach to provide for its expected credit losses, i.e. the use of lifetime expected loss provision for all receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due, as well as incorporated forward looking information, including macroeconomic and relevant industry information. The loss allowance provision in Taiwan were determined as follows:

Current More than 365 days	December 31, 2021	December 31, 2021	December 31, 2021
	Gross carrying amount $ 49,302 2,412 $ 51,714	Weighted- average loss rate 0% 100%	Loss allowance provision
			- 2,412
			2,412

(Continued)

32

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Current More than 365 days	December 31, 2020	December 31, 2020	December 31, 2020
	Gross carrying amount $ 78,105 2,412 $ 80,517	Weighted- average loss rate 0% 100%	Loss allowance provision
			- 2,412
			2,412

The movement of allowance for expected credit losses were as follows:

The movement of allowance for expected credit losses were as	follows:	follows:
Beginning balance (as ending balance)	For the years ended December 31
	2021 $ 2,412	2020
		2,412

The aforementioned notes and trade receivable of the Group had not been pledged as collateral for long-term borrowings.

(e) Other receivables

Other receivables Less: Loss allowance	December 31, 2021 $ 55,261 (29,224) $ 26,037	December 31, 2020
		57,879 (29,224)
		28,655

The movement of the allowance for other receivables are the same as of December 31, 2021 and 2020.

For further credit risk information, please refer to Note 6(x).

• (f) Inventories

Properties and land held for sale Land held for development Construction in progress Prepayments for land purchase	December 31, 2021 $ 36,718 1,605,136 493,048 52,916 $ 2,187,818	December 31, 2020 486,804 1,626,994 229,205 12,906
		2,355,909

(i) There were no write-downs of inventories to net realizable value for the years ended December 31, 2021 and 2020.

(Continued)

33

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(ii) The information of capitalized interests was as follows:

Interest expenses Capitalized interest Capitalized interest rate	For the years ended December 31
	2021 2020 $ 60,306 87,527 3,089 5,958 1.61%~2.06% 1.70%~2.09%

(iii) As of December 31, 2021 and 2020, the aforesaid inventories were pledged as collateral. Pease refer to Note 8.

(iv) As of December 31, 2021 and 2020, the recovery of inventories expected to exceed 12 months were as follows:

were as follows:
Inventories	December 31, 2021 $ 2,151,100	December 31, 2020
		1,869,105

(v) During 2021, the Group has changed the usage of its partial inventories, therefore, had been reclassified from inventories to property, plant and equipment according to the definition. Please refer to Note 6(h) .

(g) Subsidiaries that have material non-controlling interest

Subsidiaries that have material non-controlling interest were as follows:

Subsidiaries Country of registration Chain-Da Development Co., Ltd. Taiwan Zenith Global Capital S.A. (SAMOA) Samoa Galore Development Group INC. Samoa	Percentage of non- controlling interests
	December 31, 2021 December 31, 2020 % 18.00 % 18.00 % 17.26 % 17.26 % 50.00 % 50.00

The following information on the aforementioned subsidiaries have been prepared in accordance with IFRS endorsed by the FSC. Intra-group transactions were not eliminated in this information.

• (i) Chain-Da Development Co., Ltd. collective financial information

Current assets Current liabilities Net assets Non-controlling interest	December 31, 2021 $ 153,805 (30,864) $ 122,941 $ 22,129	December 31, 2020 158,138 (31,224) 126,914 22,845

(Continued)

34

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

	For	the years ended	December 31	December 31
		2021	2020
Sales revenue	$	-	-
Net loss	$	(3,973)		(553)
Other comprehensive income		-	-
Comprehensive income	$	(3,973)		(553)
Net income attribute to non-controlling interest	$	(716)		(100)
Comprehensive income attribute to non-controlling	interest$	(716)		(100)
	For	the years ended	December 31
		2021	2020
Net cash flows from operating activities	$	(4,337)	(19,677)
Cash flows from investing activities		624	(22,215)
Net decrease in cash and cash equivalents	$	(3,713)	(41,892)
Dividends to NCI	$	-	-

(ii) ZENITH GLOBAL CAPITAL S.A. (SAMOA) collective financial information

Current assets Non-current assets Current liabilities Net assets Non-controlling interest Sales revenue Net income Other comprehensive income Comprehensive income Net income attribute to non-controlling interest Comprehensive income attribute to non-controlling interest Net cash flows from operating activities Net cash flows from financing activities Net increase in cash and cash equivalents Dividends to NCI

December 31, 2021 December 31, 2020 $ 179,521 184,757 405,482 416,835 (2,775) (2,855) $ 582,228 598,737 $ 100,493 103,342 For the years ended December 31 2021 2020 $ - - $ 314 2,388 - - $ 314 2,388 $ 54 412 $ 54 412 For the years ended December 31 2021 2020 $ (46) (41) - (4,272) $ (46) (4,313) $ - -

(Continued)

35

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iii)GALORE DEVELOPMENT GROUP INC. collective financial information

Current assets Non-current assets Current liabilities Net assets Non-controlling interest Sales revenue Net loss Other comprehensive income Comprehensive income Net income attribute to non-controlling interest Comprehensive income attribute to non-controlling interest Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Net increase in cash and cash equivalents Dividends to NCI

December 31, 2021 December 31, 2020 $ 5,099 5,296 244,951 247,948 (18) - $ 250,032 253,244 $ 125,016 126,613 For the years ended December 31 2021 2020 $ - - $ (4,437) (3,107) - - $ (4,437) (3,107) $ (2,218) (1,554) $ (2,218) (1,554) For the years ended December 31 2021 2020 $ (48) (377) (8,304) - 8,304 (99,680) $ (48) (100,057) $ - -

2021 $ (48) (8,304) 8,304 $ (48) $ -

(h) Property, plant and equipment

The movements in cost, depreciation, and impairment of property, plant and equipment of the Group for the years ended December 31, 2021 and 2020 were as follows:

Land Cost or deemed cost: Balance on January 1, 2021 $ 165,722 Additions - Disposals - Transferred from inventories 6,213 Effect of changes in foreign exchange rates - Balance on December 31, 2021 $ 171,935	Buildings 67,535 1,109 - 10,986 - 79,630	Other facilities 13,999 344 (377) - (186) 13,780	Vehicles 3,572 610 - - (93) 4,089	Total 250,828 2,063 (377) 17,199 (279) 269,434

(Continued)

36

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Land Balance on January1, 2020 $ 165,722 Additions - Reclassification - Effect of changes in foreign exchange rates - Balance on December 31, 2020 $ 165,722 Depreciation and impairment loss: Balance on January 1, 2021 $ - Depreciation for the year - Disposals - Effect of changes in foreign exchange rates - Balance on December 31, 2021 $ - Balance on January 1, 2020 $ - Depreciation for the year - Effect of changes in foreign exchange rates - Balance on December 31, 2020 $ - Carrying amounts: Balance on December 31, 2021 $ 171,935 Balance on January 1, 2020 $ 165,722 Balance on December 31, 2020 $ 165,722	Buildings 67,335 200 - - 67,535 39,895 1,197 - - 41,092 38,920 975 - 39,895 38,538 28,415 27,640	Other facilities 7,153 546 6,647 (347) 13,999 8,863 2,519 (377) (89) 10,916 6,420 2,528 (85) 8,863 2,864 733 5,136	Vehicles 3,480 267 - (175) 3,572 1,839 573 - (57) 2,355 1,487 442 (90) 1,839 1,734 1,993 1,733	Total
				243,690 1,013 6,647 (522
				250,828
				50,597 4,289 (377 (146
				54,363
				46,827 3,945 (175
				50,597
				215,071
				196,863
				200,231

For information on the aforesaid property, plant and equipment pledged as collateral, please refer to Note 8.

(i) Right-of-use assets

The Group leases many assets including land and buildings, and vehicles. Information about lease for which the Group as a lessee is presented below:

Cost: Balance on January 1, 2021 Additions Lease amandment Disposals Balance on December 31, 2021 Balance on January 1, 2020 Additions Reclassification to Investment property Balance on December 31, 2020	Buildings $ - - - - $ - $ 118 - (118) $ -	Vehicles 15,115 5,269 377 (6,556) 14,205 13,020 8,808 (6,713) 15,115	Total 15,115 5,269 377 (6,556) 14,205 13,138 8,808 (6,831) 15,115 (Continued)

37

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Accumulated depreciation and impairment losses: Balance on January 1, 2021 Depreciation for the year Disposals Balance on December 31, 2021 Balance as of January 1 2020 Depreciation for the year Disposals Balance on December 31, 2020 Carrying amount: Balance on December 31, 2021 Balance on January 1, 2020 Balance on December 31, 2020	Buildings $ - - - $ - $ 36 11 (47) $ - $ - $ 82 $ -	Vehicles 6,191 5,873 (4,267) 7,797 4,290 5,325 (3,424) 6,191 6,408 8,730 8,924	Total 6,191 5,873 (4,267) 7,797 4,326 5,336 (3,471) 6,191 6,408 8,812 8,924

(j) Investment property

The movements in cost, depreciation, and impairment of investment property of the Group for the years ended December 31, 2021 and 2020 were as follows:

Cost or deemed cost: Balance on January 1, 2021 Additions Effect of changes in foreign exchange rates Balance on December 31, 2021 Balance on January 1, 2020 Effect of changes in foreign exchange rates Balance on December 31, 2020 Depreciation and impairment loss: Balance on January 1, 2021 Depreciation for the year Effect of changes in foreign exchange rates Balance on December 31, 2021 Balance on January 1, 2020 Depreciation for the year Effect of changes in foreign exchange rates Balance on December 31, 2020	Assets Land Buildings $ 291,051 2,011,904 - 1,545 (4,162) (52,413) $ 286,889 1,961,036 $ 298,855 2,110,083 (7,804) (98,179) $ 291,051 2,011,904 $ - 121,740 - 46,457 - (2,807) $ - 165,390 $ - 76,599 - 48,757 - (3,616) $ - 121,740	Total 2,302,955 1,545 (56,575) 2,247,925 2,408,938 (105,983) 2,302,955 121,740 46,457 (2,807) 165,390 76,599 48,757 (3,616) 121,740
	Land $ 291,051 - (4,162) $ 286,889 $ 298,855 (7,804) $ 291,051 $ - - - $ - $ - - - $ -

(Continued)

38

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Carrying amount: Balance on December 31, 2021 Balance on January 1, 2020 Balance on December 31, 2020 Fair value: Balance on December 31, 2021 Balance on December 31, 2020	Assets Land Buildings Total $ 286,889 1,795,646 2,082,535 $ 298,855 2,033,484 2,332,339 $ 291,051 1,890,164 2,181,215 $ 3,031,301 $ 2,455,214	Total
	Land $ 286,889 $ 298,855 $ 291,051
		2,082,535
		2,332,339
		2,181,215

• (i) The investment property contains commercial buildings and land held for leasing. Please refer to Note 6(p) for other related information (including rental income and direct operating expenses arising from investment property that generate rental income).

• (ii) The fair value of investment properties (as measured or disclosed in the financial statements) was based on (i) the actual selling price of the real estate transactions reported on the websites of the Ministry of the Interior, R.O.C. and estate agents, as well as (ii) a valuation by a qualified independent appraiser who has recent valuation experience in the location and category of the investment property being value. The inputs of levels of fair value hierarchy in determining the fair value had been classified to Level 3.

(iii) Information for the aforesaid investment property pledged as collateral, please refer to Note 8.

• (k) Other current assets

Construction deposits paid Other current assets, others Current incremental costs to obtain a contract with customers	December 31, 2021 $ 121,294 103,343 72,531 $ 297,168	December 31, 2020
		129,291 110,231 1,779
		241,301

• (i) Construction deposits paid

Construction deposits paid include construction deposit and green building deposit.

• (ii) Other current assets, others

Other current assets, others include temporary payments and payments for other.

(iii) Current incremental costs to obtaining a contract

The Group expects that incremental commission fees paid to intermediaries, and the bonus for the internal sales department are recoverable. The Group has therefore capitalized them as contract costs. Capitalized commission fees are amortized when the related revenues are recognized. For the years ended December 31, 2021 and 2020 the Group recognized $13,668 thousand and $38,210 thousand, respectively, of amortized expense.

(Continued)

39

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(l) Short-term loans

Unsecured bank loans Secured bank loans Total Unused credit line Range of interest rates	December 31, 2021 $ 557,000 965,873 $ 1,522,873 $ 463,200 1.47%~2.75%	December 31, 2020
		286,182 1,132,444
		1,418,626
		407,200
		1.49%~4.39%

(i) Borrowing and repayment

The Group borrowed $497,000 thousand and $363,049 thousand of its short-term loans, for the years ended December 31, 2021 and 2020, respectively. In addition, the Group repaid $374,356 thousand and $602,735 thousand for the years ended December 31, 2021 and 2020, respectively.

(ii) Collateral for bank loans

The Group had pledged as the collateral for bank borrowings, please refer to Note 8.

(m) long-term loans

The details were as follows:

Secured bank loans－Matured in August, 2026 Less: Current portion Total Unused credit line Range of interest rates	December 31, 2021 $ 1,067,078 (10,795) $ 1,056,283 $ - 2.78%~2.99%	December 31, 2020
		1,108,660 (11,107
		1,097,553
		-
		2.88%~4.6%

(i) Borrowing and repayment

For the years ended December 31, 2021 and 2020, the Group both borrowed the amounts of $0 thousand, for its long-term loans. In addition, the Group repaid the amounts of $10,564 thousand and $176,914 thousand, respectively.

(ii) Collateral for bank loans

The Group had pledged as the collateral for bank borrowings, please refer to Note 8.

(Continued)

40

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (n) Short-term notes and bills payable

Commercial paper payable Less: Discount on short-term notes and bills payable Total Commercial paper payable Less: Discount on short-term notes and bills payable Total

December 31, 2021 Guarantee or acceptance institution Range of interest rates (%) Amount Shanghai Commercial & Savings Bank-Head Office 1.900% $ 35,000 Far Eastern Commercial Bank Chung-Ching Branch 1.985% 20,000 55,000 (13) $ 54,987 December 31, 2020 Guarantee or acceptance institution Range of interest rates (%) Amount Shanghai Commercial & Savings Bank-Head Office 2.500% $ 35,000 Far Eastern Commercial Bank Chung-Ching Branch 2.100% 20,000 55,000 (66) $ 54,934

Guarantee or acceptance institution Shanghai Commercial & Savings Bank-Head Office Far Eastern Commercial Bank Chung-Ching Branch

The Group had pledged as collateral for short-term notes and bills payable, please refer to Note 8.

• (o) Lease liabilities

The Group’s lease liabilities were as follows：

Current Non-current	December 31, 2021 $ 4,431 $ 1,977	December 31, 2020
		4,981
		4,016

For the years ended December 31, 2021 and 2020, the Group recognized its lease liabilities amounting to $5,269 thousand and $8,808 thousand, respectively, each having an interest rate of 2.02%, with their maturities in July 2023 and October 2022, respectively.

Please refer to Note 6(x) for maturity analysis.

(Continued)

41

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

The amounts recognized in profit or loss were as follows：

Interest on lease liabilities Expenses relating to short-term leases	For the year ended December 31	For the year ended December 31
	2021 $ 160 $ 308	2020
		192
		299

The amounts recognized in the statement of cash flows for the Group were as follows：

Total cash outflow for leases	For the years ended December 31	For the years ended December 31
	2021 $ 6,334	2020
		5,770

(i) Other leases

The Group leases vehicles, with lease terms of 3 years.

The Group also leases office equipment with contract terms of one to three years. These leases are short-term and leases of low-value items. The Group has elected not to recognize right-ofuse assets and lease liabilities for these leases.

(p) Operating leases

Leases as lessor

The Group leases out its investment property. The Group has classified these leases as operating leases, because it does not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Please refer to Note 6(j) sets out information about the operating leases of investment property.

A maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date ware as follows:

Less than one year Between one to five years More than five years	December 31, 2021 $ 64,215 69,533 21,598 $ 155,346	December 31, 2020 69,606 60,552 26,183
		156,341

• (i) For the years ended December 31, 2021 and 2020, the property rental income was $140,815 thousand and $159,170 thousand, respectively.

• (ii) For the years ended December 31, 2021 and 2020, the maintenance expenses for investment property were $3,768 thousand and $4,359 thousand, respectively.

(Continued)

42

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(q) Employee benefits

(i) Defined benefit plans

The Group determined the movement in the present value of the defined benefit obligations and the fair value of plan assets as follows:

December 31, 2021 Present value of benefit obligations $ 25,748 Fair value of plan assets 24,145 Recognized liabilities for defined benefit obligations $ 1,603 The Group’s employee benefit liabilities were as follows: December 31, 2021 Short-term vacation liability $ 100	December 31, 2020 25,149 23,091
	2,058
	December 31, 2020 100

The Group makes defined benefit plan contributions to the pension fund account with Bank of Taiwan that provide pension benefits for its employees upon retirement. Plans (covered by the Labor Standards Law) entitle a retired employee to receive retirement benefits based on years of service and average monthly salary for six months prior to retirement.

1) Composition of plan assets

The Group set aside pension funds in accordance with the Regulations for Revenues, Expenditures, Safeguard and Utilization of the Labor Retirement Fund and such funds are managed by the Bureau of Labor Funds, Ministry of Labor. Under these regulations, the minimum earnings from these pension funds shall not be less than the earnings from two-year time deposits with the interest rates offered by local banks.

As of the years ended December 31, 2021 and 2020, the Group’s contributions to the pension funds were deposited with Bank of Taiwan, and the balance were $24,145 thousand, and $23,091 thousand, respectively. For information on the utilization of the labor pension fund assets including the asset allocation and yield of the fund, please refer to the website of the Bureau of Labor Funds, Ministry of Labor.

• 2) Movements in the present value of the defined benefit obligations

The movements in the present value of the defined benefit obligations for the Group were as follows:

Defined benefit obligation at January 1 Benefit paid under the plan Current service costs and interest Re-measurements of the net defined benefit liabilities Defined benefit obligation at December 31	For the years ended December 31 2021 2020 $ 25,149 29,822 - (5,759) 266 361 333 725 $ 25,748 25,149	For the years ended December 31 2021 2020 $ 25,149 29,822 - (5,759) 266 361 333 725 $ 25,748 25,149
	2021 $ 25,149 - 266 333 $ 25,748
		25,149

(Continued)

43

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• 3) Movements in the fair value of plan assets

The movements in the present value of the defined benefit plan assets for the Group were as follows:

Fair value of plan assets at January 1 Interest income Re-measurements on the net defined benefit liabilities －Return on plan assets excluding interest income Contributions made Fair value of plan assets at December 31	For the years ended December 31	For the years ended December 31
	2021 $ 23,091 187 222 645 $ 24,145	2020
		21,589 219 679 604
		23,091

• 4) Expenses recognized in profit or loss

The Group’s pension expenses recognized in profit or loss for the years ended December 31, 2021 and 2020 were as follows:

Current service costs Net interest of the net defined benefit liabilities Operating costs and expenses	For the years ended December 31	For the years ended December 31
	2021 $ 65 14 $ 79 $ 79	2020
		63 79
		142
		142

• 5) Re-measurement on the net defined benefit liabilities recognized in other comprehensive income

The Group’ s remeasurement on the net defined benefit liabilities recognized in other comprehensive income as at December 31, 2021 and 2020 were as follows:

Cumulative amount at January 1 Recognized during the period Cumulative amount at December 31	For the years ended December 31	For the years ended December 31
	2021 $ 2,167 (112) $ 2,055	2020
		2,213 (46
		2,167

• 6) Actuarial assumptions

The following are the Group’s principal actuarial assumptions of the present value of the defined benefit obligations:

Discount rates Future salary increases	December 31, 2021 December 31, 2020 % 0.60 % 0.80 % 2.00 % 2.00

(Continued)

44

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

For the years ended December 31, 2021, the Group is expected to make a contribution payment of $645 thousand to the defined benefit plan for the one year period after the reporting date based on the actuarial report.

The weighted-average duration of the defined benefit plan is 7.8 years.

7)

Sensitivity Analysis

As of December 31, 2021 and 2020, the changes in the principal actuarial assumptions will impact the present value of the defined benefit obligations as follows:

December 31, 2021 Discount rate was changed by 0.25% Future salary increasing rate was changed by 1% December 31, 2020 Discount rate was changed by 0.25% Future salary increasing rate was changed by 1%	Impact on the present value of defined benefit obligations Increase Decrease (344) 354 1,448 (1,319) (366) 376 1,557 (1,409)

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown above. The method used in the sensitivity analysis is consistent with the calculation of pension liabilities in the balance sheets.

There is no change in the method and assumptions used in the preparation of sensitivity analysis for 2021 and 2020.

(ii) Defined contribution plans

The Group’s Taiwan subsidiaries allocate 6% of each employee’s monthly wages to the labor pension personal account at the Bureau of the Labor Insurance in accordance with the provisions of the Labor Pension Act. Under this defined contribution plan, the Group allocates a fixed amount to the Bureau of the Labor Insurance without additional legal or constructive obligations.

The Group’s pension costs under the defined contribution method were $3,918 thousand and $3,935 thousand for the years ended December 31, 2021 and 2020 respectively. Payment was made to the Bureau of Labor Insurance.

(Continued)

45

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(r) Income Tax

(i) Tax expense

The components of income tax were as follows:

Current tax expense Current period Prior years income tax adjustment Tax on undistributed surplus earnings Land value increment tax Tax expense	For the years ended December 31 2021 2020 $ 1,453 21,429 (2,458) (3,667) - 14,851 3,193 5,732 $ 2,188 38,345
	2021 $ 1,453 (2,458) - 3,193 $ 2,188

Reconciliations between income tax and profit before tax for the years ended December 31, 2021 and 2020 were as follows:

Profit (loss) before tax Income tax using the Company’s domestic tax rate Exempt income from selling lands Capitalized borrowing costs difference on tax and fiscal reporting Temporary difference on tax and fiscal reporting of advertisement expense Losses on valuation of financial assets Changes on unrecognized temporary differences Prior years income tax adjustment Land value increment tax Undistributed earnings additional tax Others Income tax expense	For the years ended December 31 2021 2020 $ 43,981 270,134 $ 8,796 52,412 (18,862) (48,366) 328 329 (1) (2) (1,029) 361 771 7 (2,458) (3,667) 3,193 5,732 - 14,851 11,450 16,688 $ 2,188 38,345	For the years ended December 31 2021 2020 $ 43,981 270,134 $ 8,796 52,412 (18,862) (48,366) 328 329 (1) (2) (1,029) 361 771 7 (2,458) (3,667) 3,193 5,732 - 14,851 11,450 16,688 $ 2,188 38,345
		52,412 (48,366) 329 (2) 361 7 (3,667) 5,732 14,851 16,688
		38,345

(ii) The amount of income tax recognized in other comprehensive income were as follows:

Items that may be reclassified subsequently to profit or loss: Exchange differences on translation	For the years ended December 31	For the years ended December 31
	2021 $ 11,787	2020
		22,226

(Continued)

46

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iii) Deferred tax assets and liabilities

1) Unrecognized deferred tax assets

Tax effect of deductible temporary differences Tax losses	December 31, 2021 $ 3,964 5,305 $ 9,269	December 31, 2020
		4,396 8,329
		12,725

The ROC Income Tax Act allows the carry forward of net losses, as assessed by the tax authorities, to offset against taxable income. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Group can utilize the benefits therefrom.

As of December 31, 2021, the Group's unused prior year's loss carry forward and the expiry years of the loss carry forward were as follows:

		The subsidiaries’
Year of loss		unutilized business loss	Expiry year
2012	$	344	2022
2014		667	2024
2015		1,095	2025
2016		816	2026
2018		13,473	2028
2019		660	2029
2020		2,873	2030
2021		6,598	2031
	$	26,526

• 2) Recognized deferred tax assets and liabilities

Changes in the amount of deferred tax assets and liabilities for the years ended December 31, 2021 and 2020 were as follows:

Deferred tax (liabilities) Balance on January 1, 2021 Recognized in comprehensive income Balance on December 31, 2021	Exchange differences on translation of foreign financial statements
	$ 39,627 11,787 $ 51,414

(Continued)

47

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Balance on January 1, 2020 Recognized in comprehensive income Balance on December 31, 2020	Exchange differences on translation of foreign financial statements
	$ 17,401 22,226 $ 39,627

(iv) The Corporation’s income tax return for the year 2019 had been examined by the tax authority.

• (s) Capital and other equity

(i) Ordinary shares

On of December 31, 2021 and 2020, the number of authorized ordinary shares were all 298,000 thousand shares, with a par value of $10 per share. The total value of the authorized ordinary shares amounted to $2,980,000; and the paid-in capital were 224,551 thousand, respectively.

A resolution was approved during the shareholders’ meeting held on June 9, 2020 for the Company to increase 50 shares for each thousand share from its retained earnings and additional paid in capital of $102,069 thousand and $102,068 thousand, respectively. The Company has received approval from the Financial Supervisory Commission R.O.C. (Taiwan) for this capital increase with September 2, 2020 as the date of capital increase. The relevant statutory registration procedures have been completed.

(ii) Capital surplus

The components of the capital surplus were as follows:

Additional paid-in capital arising from share Treasury stock transactions Other	December 31, 2021 $ 346,236 60,315 129,152 $ 535,703	December 31, 2020
		458,511 60,315 128,732
		647,558

According to the R.O.C. Company Act, capital surplus can only be used to offset a deficit, and only the realized capital surplus can be used to increase the common stock or be distributed as cash dividends. The aforementioned realized capital surplus includes capital surplus resulting from premium on issuance of capital stock and earnings from donated assets received. According to the Regulations Governing the Offering and Issuance of Securities by Securities Issuers, capital increases by transferring capital surplus in excess the par value should not exceed 10% of the total common stock outstanding.

A resolution was approved during the general meeting of the shareholders held on June 9, 2020, for the issuance of $102,068 thousand stock dividends through capital surplus; In addition, the amount of cash dividends $112,275 thousand through capital surplus had been approved in the shareholders’ meeting on July 20, 2021.

(Continued)

48

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iii) Retained earnings

The Company’ s articles of incorporation require that after-tax earnings shall first be offset against any deficit, and 10% of the remaining balance shall be set aside as legal reserve. The appropriation for legal reserve is discontinued when the balance of legal reserve equals the total authorized capital. Special reserve may be appropriated for operations or to meet regulations. The remaining earnings, if any, may be appropriated according to the proposal presented in the annual shareholders' meeting by the Board of Directors.

The Company adopts the dividend policy determined by considering the budget for the coming year. The distribution ratios of cash may not be less than 10% of total dividends. When the debt ratio of the annual financial statements is higher than 50% or when the Company has major expenditure plan, which exceeds 10% of the amount of paid-in capital, the stock dividends has to be redistributed.

1) Legal reserve

When a company incurs no loss, it may, pursuant to a resolution by a shareholders’ meeting, distribute its legal reserve by issuing new shares or by distributing cash, and only the portion of legal reserve which exceeds 25% of capital may be distributed.

2) Special reserve

In accordance with Rule No. 1010012865 issued by the FSC on April 6, 2012, a portion of the current period earnings and undistributed prior period earnings shall be reclassified as special earnings reserve during earnings distribution. The amount to be reclassified should equal the current-period total net reduction of other shareholders’ equity. Similarly, a portion of undistributed prior period earnings shall be reclassified as special earnings reserve (and does not qualify for earnings distribution) to account for cumulative changes to other shareholders’ equity pertaining to prior periods. Amounts of subsequent reversals pertaining to the net reduction of other shareholders’ equity shall qualify for additional distributions.

3) Earnings Distribution

The amount of appropriations of earnings for 2020 had been approved in the shareholders’ meeting on July 20, 2021. The appropriations of earnings for 2019 had been approved in the shareholders’ meeting on June 9, 2020. These earnings were appropriated as follows:

Dividends distributed to ordinary shareholders: Cash Shares Total	2020 Amount per share Total Amount $ 1.00 224,550 - - $ 224,550	2019	2019
		Amount per share 0.20 0.50	Total Amount
			40,827 102,069
			142,896

(Continued)

49

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(iv) OCI accumulated in reserves, net of tax

Exchange differences on translation of foreign financial statements Balance on January 1, 2021 $ (158,506) Exchange differences on foreign operations (47,149) Unrealized gains from financial assets measured at fair value through other comprehensive income - Balance on December 31, 2021 $ (205,655) Balance on January 1, 2020 $ (69,605) Exchange differences on foreign operations (88,901) Unrealized gains from financial assets measured at fair value through other comprehensive income - Balance on December 31, 2020 $ (158,506) (v) Non-controlling interests (net of tax) Balance on January 1, 2021 Profit attributable to non-controlling interests Foreign currency translation differences－foreign operations (net of tax) Changes in non-controlling interests Balance on December 31, 2021 Balance on January 1, 2020 Profit attributable to non-controlling interests Foreign currency translation differences－foreign operations (net of tax) Changes in ownership interests in subsidiaries Changes in non-controlling interests Balance on December 31, 2020	Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income Total (34,194) (192,700) - (47,149) 19,808 19,808 (14,386) (220,041) (41,542) (111,147) - (88,901) 7,348 7,348 (34,194) (192,700) NCI $ 313,541 (2,322) (7,643) 4,051 $ 307,627 $ 332,953 (552) (14,320) (78) (4,462) $ 313,541

(Continued)

50

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(t) Earnings per share

The basic earnings per share and diluted earnings per shares were calculated as follows:

Basic earnings per share Profit (losses) attributable to ordinary shareholders of the Company Weighted-average number of ordinary shares Diluted earnings per share Profit (loss) attributable to ordinary shareholders of the Company (diluted) Weighted-average number of ordinary shares (diluted) Effect of employee share bonus Weighted-average number of ordinary shares (diluted)	For the years ended December 31	For the years ended December 31
	2021 $ 44,115 224,551 $ 0.20 $ 44,115 224,551 84 224,635 $ 0.20	2020
		232,341
		224,551
		1.03
		232,341
		224,551 313
		224,864
		1.03

(u) Revenue from contracts with customers

• (i) Revenue from contracts with customers

Primary geographical markets： Taiwan United States Major products/services lines： Sales of land and building Rental of land and building Service revenue Primary geographical markets： Taiwan United States Major products/services lines： Sales of land and building Rental of land and building Service revenue	For	the years ended December 31, 2021	the years ended December 31, 2021	the years ended December 31, 2021
	Construction Development Department Construction Department Other Department Total $ 631,283 - 31,734 663,017 129,883 - - 129,883 $ 761,166 - 31,734 792,900 $ 619,074 - - 619,074 136,572 - 4,243 140,815 5,520 - 27,491 33,011 $ 761,166 - 31,734 792,900 For the years ended December 31, 2020	Construction Department		Total 663,017 129,883
				792,900
				619,074 140,815 33,011
				792,900
		Construction Department	Other Department 46,609 - 46,609 - 4,245 42,364 46,609	Total 1,189,737 148,340
		- - - - - - -
				1,338,077
				1,129,908 159,170 48,999
				1,338,077

(Continued)

51

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(ii) Contract balances

December 31, 2021 Notes receivable $ 243 Accounts receivable 51,471 Less: Allowance for impairment (2,412) Total $ 49,302 Contract liabilities-Sales of land and building $ 117,360 Contract liabilities-Rental of land and building 390 Total $ 117,750	December 31, 2020 23,073 57,444 (2,412) 78,105 20,450 425 20,875	January 1, 2020 116,713 35,930 (2,412) 150,231 22,120 - 22,120

For details on accounts receivable and allowance for impairment, please refer to Note 6(d).

The major change in the balance of contract assets and contract liabilities is the difference between the time frame in the performance obligation to be satisfied and the payment to be received. There are no significant changes for the years ended December 31, 2021 and 2020.

The aforementioned contract liabilities-sales of building and land include the advanced receipt of properties and land presale for Chain Qui 101 and Chain Qui Jia Yuan. The Group has not applied for presale of Bali Taipei Port Building as of December 31, 2021.

(v) Remuneration of employees and directors

The Company’s articles of incorporation require that earnings shall first be offset against any deficit, then, a minimum of 1% will be distributed as employee remuneration and a maximum of 5% will be allocated as directors’ and supervisors’ remuneration. Employees who entitled to receive the abovementioned employee remuneration, in shares or cash, include the employees of the subsidiaries of the Company who meet certain specific requirements.

The distribution of remuneration to employees, directors and supervisors shall be determined by a resolution adopted by a majority vote at a meeting of Board of Directors attended by two-thirds of the total number of directors. The aforesaid distribution shall be submitted to the shareholders' meeting.

For the years ended December 31, 2021 and 2020, the Company estimated its employee remuneration amounting to $723 thousand and $4,293 thousand, respectively, and directors' and supervisors’ remuneration amounting to $1,929 thousand and $11,448 thousand, respectively. The estimated amounts mentioned above are calculated based on the net profit before tax, excluding the remuneration to employees, directors and supervisors of each period, multiplied by the percentage of remuneration to employees, directors and supervisors as specified in the Company’s articles. These remunerations were expensed under operating costs or operating expenses during 2021 and 2020.

For the year ended December 31, 2020 and 2019, the remunerations to employees amounted to $4,293 thousand and $7,753 thousand, the remunerations to directors amounted to $11,448 thousand and $20,676 thousand, respectively.

(Continued)

52

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(w) Non-operating income and expenses

(i) Interest income

The details of interest income were as follows:

Interest income from bank deposits Other interest income Total interest		For the years ended December 31	For the years ended December 31
	2021 $ 1,579 69 $ 1,648		2020
			4,173 74
			4,247

(ii) Other income

The details of other income were as follows:

Dividend income Income from counter-party default Other income	For the years ended December 31	For the years ended December 31
	2021 $ 7,828 - 5,215 $ 13,043	2020
		6,752 10 12,967
		19,729

(iii) Other gains and losses

The details of other gain and losses were as follows:

Lease improvement Foreign exchange (losses) gains Gains (losses) on financial assets at fair value through profit or loss Other expenses	For the years ended December 31 2021 2020 $ 80 - (1,163) (2,008) 5,148 (1,805) (3,177) (2,695) $ 888 (6,508)
	2021 $ 80 (1,163) 5,148 (3,177) $ 888

(iv) Finance costs

The details of finance costs were as follows:

Interest expense	For the years ended December 31 2021 2020 $ (57,217) (81,569)
	2021 $ (57,217)

(Continued)

53

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(x) Financial instruments

• (i) Credit risk

• 1) Credit risk exposure

The carrying amounts of financial assets and contract assets represented the maximum credit risk exposure of the Group.

• 2) Concentration of credit risk

Since the Group had a large number of unrelated customers, there were no concentration of credit risk.

• 3) Receivables and debt securities

For credit risk exposure of note and trade receivables, please refer to Note 6(d).

Other financial assets at amortized cost are other receivables, all of these financial assets are considered to have low risk, and thus, the impairment provision recognized during the period was limited to 12 months expected losses.

(ii) Liquidity risk

The following are the contractual maturities of financial liabilities, excluding the estimated interest payment and the impact of netting agreements.

December 31, 2021 Non-derivative financial liabilities Non-interest bearing liabilities Lease liabilities Floating rate liabilities Fixed rate liabilities December 31, 2020 Non-derivative financial liabilities Non-interest bearing liabilities Lease liabilities Floating rate liabilities Fixed rate liabilities	Carrying amount $ 317,862 6,408 2,589,951 54,987 $ 2,969,208 $ 306,554 8,997 2,527,286 54,934 $ 2,897,771	Contractual cash flows 317,862 6,496 2,790,587 55,000		Within 6 months	6-12 months		1-2 years	3-5 years	More than 5 years
				317,862 2,489 162,627 55,000 537,978 306,554 2,827 200,043 55,000 564,424	- 1,979 368,849 -		- 2,028 493,941 - 495,969 - 2,970 452,396 - 455,366	- - 632,623 - 632,623 - 1,181 555,273 - 556,454	- - 1,132,547 -
		3,169,945			370,828				1,132,547
		306,554 9,175 2,960,445 55,000			- 2,197 353,451 -				- - 1,399,282 -
		3,331,174			355,648				1,399,282

The Group does not expect the cash flows included in the maturity analysis to occur significantly earlier or at significantly different amounts.

(Continued)

54

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (iii) Market risk

• 1) Interest rate analysis

Please refer to the notes on liquidity risk management and interest rate exposure of the Group’s financial assets and liabilities.

The following sensitivity analysis is based on the exposure to the interest rate risk of derivative and non-derivative financial instruments on the reporting date. Regarding assets with variable interest rates, the analysis is based on the assumption that the amount of assets outstanding at the reporting date was outstanding throughout the year. The rate of change is expressed as the interest rate increases or decreases by 50 basis points when reporting to management internally, which also represents the Group management's assessment of the reasonably possible interest rate change.

If the interest rate had increased or decreased by 50 basis points, with all other variable factors remaining constant, the Group’s net income would have increased or decreased by $10,360 thousand and $10,109 thousand for the years ended December 31, 2021 and 2020. This is mainly due to the Group’s borrowing at variable rates.

• 2) Other market price risk

Price of securities at reporting date Increasing 10% Decreasing 10%	For the years ended December 31 2021 2020 Other comprehensive income after tax Net income Other comprehensive income after tax Net income $ 11,507 3,435 9,526 2,931 $ (11,507) (3,435) (9,526) (2,931)	For the years ended December 31 2021 2020 Other comprehensive income after tax Net income Other comprehensive income after tax Net income $ 11,507 3,435 9,526 2,931 $ (11,507) (3,435) (9,526) (2,931)
	2021
	Other comprehensive income after tax $ 11,507 $ (11,507)	Net income
		3,435

• (iv) Fair value of financial instruments

• 1) Categories of financial instruments and fair value hierarch

The fair value of financial assets and liabilities were as follows (including the information on fair value hierarchy, but excluding the measurements that have similarities to fair value, and those fair value that cannot be reliably measured, or inputs that are unobservable in the active markets):

Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income Stock of exchange-listed and OTC-listed companies		December 31, 2021	December 31, 2021	December 31, 2021
	Book Value $ 34,352 $ 115,071		Fair Value
		Level 1 34,352 115,071	Level 2 - -	Level 3 - -	Total 34,352
					115,071

(Continued)

55

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Financial assets measured at amortized cost Cash and cash equivalents Notes and accounts receivable Other receivables Construction deposits paid Other financial assets Subtotal Financial liabilities measured at amortized cost Bank loans Short-term transaction instrument payables Notes and accounts payable Other payables Lease liabilities Guarantee deposits received Subtotal Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income Stock of exchange-listed and OTC-listed companies Financial assets measured at amortized cost Cash and cash equivalents Notes and accounts receivable Other receivables Construction deposits paid Other financial assets Subtotal Financial liabilities measured at amortized cost Bank loans Short-term transaction instrument payables Notes and accounts payable Other payables Lease liabilities Guarantee deposits received Subtotal			December 31, 2021	December 31, 2021	December 31, 2021
	Book Value			Fair Value
			Level 1 Level 2 Level 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - December 31, 2020			Total - - - - -
	$ 2,186,810 49,302 26,037 121,294 204,607 2,588,050 $ 2,589,951 54,987 221,804 96,058 6,408 6,108 2,975,316
						-
						- - - - - -
						-
		Book Value		Fair Value
			Level 1 119,761 95,263 - - - - - - - - - - - - -	Level 2 - - - - - - - - - - - - - - -	Level 3 - - - - - - - - - - - - - - -	Total 119,761
	$ 119,761 $ 95,263 $ 2,306,792 78,105 28,655 129,291 143,514 2,686,357 $ 2,527,286 54,934 187,905 118,649 8,997 5,535 2,903,306
						95,263
						- - - - -
						-
						- - - - - -
						-

(Continued)

56

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• 2) Valuation techniques for financial instruments measured at fair value

Financial instruments traded in active markets are based on quoted market prices. Market prices quoted from main exchanges and over-the-counter are the basis of fair value of equity instruments and credit instrument traded in active markets.

If the quoted price of a financial instrument can be obtained in time and often from exchanges, brokers, underwriters, industrial union, pricing institute, or authorities and such price can reflect those actual trading and frequently happen in the market, then the financial instrument is considered to have a quoted price in an active market. If a financial instrument does not accord with the definition aforementioned, then it is considered to be without a quoted price in an active market. In general, market with low trading volume or high bid-ask spreads is an indication of non-active market.

The Group’ s financial instruments, such as stock of listed companies and beneficiary certificates, are trade in active markets, and the fair value is based on quoted market prices.

Measurements of fair value of financial instruments without an active market are based on valuation technique or quoted price from a competitor. Fair value, measured by using a valuation technique that can be extrapolated from either similar financial instrument, the discounted cash flow method, or other valuation techniques, including models, is calculated based on available market data at the reporting date.

If the financial instruments held by the Group have no active market, the fair value is estimated through the comparable market organization method. The main assumption behind this is that the estimated pre-tax, pre-depreciation, and pre-amortization earnings of the investee company is added to the earnings multiplier derived from the comparable quoted price of the listed company. The estimate has adjusted the lack of discount on the market liquidity of the equity securities.

• 3) There were no transfers from each level for the years ended December 31, 2021 and 2020.

• 4) Quantified information on significant unobservable inputs (Level 3) used in fair value measurement

The Group’s financial instruments that use Level 3 inputs to measure fair value include “ Financial assets measured at fair value through other comprehensive income– equity investments”. The Group uses “Net asset value method” as the evaluation technique.

(Continued)

57

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (y) Financial risk management

• (i) Overview

The Group have exposure to the following risks from its financial instruments:

• 1) credit risk

• 2) liquidity risk

• 3) market risk

The following likewise discusses the Group’s objectives, policies and processes for measuring and managing the above mentioned risks. For more disclosures about the quantitative effects of these risks exposures, please refer to the respective notes in the accompanying consolidated financial statements.

(ii) Structure of risk management

The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework. The Board has established the Risk Management Committee, which is responsible for developing and monitoring the Group’s risk management policies. The committee reports regularly to the Board of Directors on its activities.

The Group’s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group Audit Committee oversees that management’s supervision is in compliance with the Group’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

(iii) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers and investments in debt securities.

1) Trade and other receivable

The Risk Management Committee has established a credit policy, under which, each new customer is analyzed individually for creditworthiness before the Group’ s standard payment and delivery terms and conditions are offered. The Group’ s review includes external ratings, when available, and, in some cases, bank references. Purchase limits are established for each customer and represent the maximum open amount without requiring the approval from the Risk Management Committee; these limits are reviewed quarterly. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a prepayment basis.

(Continued)

58

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

2) Investment

The exposure to credit risk for the bank deposits, fixed income investments, and other financial instruments is measured and monitored by the Group’s finance department. The Group only deals with banks, other external parties, corporate organizations, government agencies and financial institutions with good credit rating. The Group expects the counterparties above to meet their obligations, hence, there is no significant credit risk arising from these counterparties.

3) Guarantee

In accordance with the Group’ s policy, the Company may act as a guarantor, if necessary, for its business operation. The Group no provided the external guarantees, as well as guarantees for its subsidiaries, with amounting to $195,650 thousand and $201,250 thousand, respectively, for the years ended December 31, 2021 and 2020.

(iv) Liquidity risk

The Group manages sufficient cash and cash equivalents so as to cope with its operations and mitigate the effects of fluctuations in cash flows. The Group’ s management supervises the banking facilities and ensures compliancy with the terms of the loan agreements.

Loans and borrowings from the bank form an important source of liquidity for the Group. For the years ended December 31, 2021 and 2020, the Group had unused short-term bank facilities of $463,200 thousand and $407,200 thousand, respectively.

(v) Market risk

Market risk is a risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices that will affect the Group’ s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

1) Currency risk

The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of the Group’s entities, primarily the New Taiwan Dollars and US Dollars (USD). The currencies used in these transactions are denominated in TWD and USD.

2) Interest rate risk

The Group’s interest rate risk arises from short-term and long-term loans bearing floating interest rates. Future cash flow will be affected by changes in market interest rates. Please refer to Notes 6(x) for details.

3) Other market price risk

The Group is exposed to equity price risk due to investments in equity securities. Please refer to Notes 6(x) for details.

(Continued)

59

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(z) Capital management

The Board’s policy is to maintain a strong capital base in order to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of ordinary shares, non-redeemable preference shares and retained earnings. The Board of Directors monitors the return on capital, as well as the level of dividends to ordinary shareholders. The Group’s debt to equity ratios at the balance sheet date were as follows:

Total liabilities Less: cash and cash equivalents Net debt Total equity Total capital Debt to equity ratios	December 31, 2021 $ 3,124,920 (2,186,810) $ 938,110 $ 4,528,668 $ 5,466,778 % 17.16	December 31, 2020
		2,993,557 (2,306,792)
		686,765
		4,854,325
		5,541,090
		% 12.39

Management believes that there were no changes in the Group’s approach to capital management for the years ended December 31, 2021 and 2020.

(7) Related-party transactions:

• (a) Names and relationship with related parties

The following are entities that have had transactions with related parties and the Group during the periods covered in the consolidated financial statements.

Name of related party	Relationship with the Group
Chain Chan Investment Co., Ltd.	The entity’s chairman is the Company’s director
Chain Qui Cultural & Educational Foundation	The entity’s chairman is the First immediate
	family member of the chairman of the Company
Chain-I Investment Co., Ltd.	Same chairman with the Company
Global Industrial Co., Ltd.	Related Party
Chain-Da Investment Co., Ltd.	Related Party

• (b) Significant transactions with related parties

• (i) Lease

Relationship Other related parties	For the years ended December 31	For the years ended December 31
	2021 $ 120	2020
		57

(Continued)

60

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (ii) Borrowings from Related Parties:

The unsecured loan principal of USD3,500 thousand was calculated based on the exchange rate of 3% on December 31, 2020. The above-mentioned borrowings have been fully repaid as of December 31, 2020. For the year ended December 31, 2020, the interest expense for borrowings totaled $334 thousand.

(c) Key management personnel compensation

Key management personnel compensation
Short-term employee benefits	For the years ended December 31
	2021 $ 31,757	2020
		40,753

(8) Pledged assets:

The carrying values of the Group’s pledged assets were as follows:

Pledged assets Object Restricted asset (recognized as other financial assets－ current) Short-term loans, long- term loans and trust account Other financial assets－current and non-current Guarantee deposits and bid bond Construction deposit paid Green building deposits Financial assets at fair value through other comprehensive income－non-current Short-term notes and bills payable Properties and land held for sale Short-term loans Land held for development Short-term loans Construction-in-progress-land and projects Short-term loans Property, plant and equipment Short-term loans Investment properties Short-term loans and long-term loans	December 31, 2021 $ 122,236 7,270 - 24,672 - 1,546,255 395,775 105,366 2,071,016 $ 4,272,590	December 31, 2020
		43,109 9,585 22,777 21,372 198,370 1,568,014 70,286 189,223 2,181,215
		4,303,951

(9) Commitments and contingencies:

• (a) Major commitments and contingencies were as follows:

• (i) As of December 31, 2021 December 31, 2020, and December 31, 2020, the total prices of property sale contracts were as follows:

The contract prices (before tax) The sum of the consideration received	December 31, 2021 $ 1,171,760 $ 117,360	December 31, 2020
		92,924
		20,450

(Continued)

61

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

• (ii) As of December 31, 2021, December 31, 2020, and December 31, 2020, the refundable deposit notes the Group had issued for short-term loans, commercial papers payable and land development corporations were as follows:

The refundable deposits notes $	December 31, 2021 469,000	December 31, 2020 469,000

• (iii) The price of construction contract and the unpriced project payments according to the contracting project between the Company and the vendor were as follows:

The price of construction contract (before tax) $ The unpriced project payments $	December 31, 2021 703,834 612,260	December 31, 2020
		-
		-

• (iv) The unrecognized contract commitment of obtaining inventories according to purchasing land held for development were as follows:

Obtaining inventories (construction industry) $	December 31, 2021 10,284	December 31, 2020
		21,947

• (b) Other

As of December 31, 2021 and 2020, the refundable deposits paid, through cooperation with the landowners, amounted to $121,294 thousand and $106,514 thousand, respectively.

(10) Losses due to major disasters: None

(11) Subsequent events: None

(12) Other:

The employee benefits, depreciation, depletion and amortization expenses, categorized by function, were as follows:

as follows:
		For the years ended December 31
By function By item	For the year ended2021			For the year ended2020
	Operating Cost	Operating expense	Total	Operating Cost	Operating expense	Total
Employee benefit Salary Health and labor insurance Pension Others Depreciation Amortization	$ 27,120 2,661 1,469 462 46,457 -	76,566 5,570 2,341 2,224 10,162 271	103,686 8,231 3,810 2,686 56,619 271	24,706 431 249 64 48,757 -	93,422 7,601 3,698 2,455 9,281 93	118,128 8,032 3,947 2,519 58,038 93

(Continued)

62

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD.AND SUBSIDIARIES Notes to Consolidated Financial Statements

(13) Other disclosures:

• (a) Information on significant transactions:

The following is the information on significant transactions required by the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” for the Group:

• (i) Loans to other parties: None

• (ii) Guarantees and endorsements for other parties:

								(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)
No.	Name of guarantor	Counter-party of guarantee and endorsement		Limitation on amount of guarantees and endorsements for a specific enterprise	Highest balance for guarantees and endorsements during the period	Balance of guarantees and endorsements as of reporting date	Actual usage amount during the period	Property pledged for guarantees and endorsements (Amount)	Ratio of accumulated amounts of guarantees and endorsements to net worth of the latest financial statements	Maximum amount for guarantees and endorsements	Parent company endorsements/ guarantees to third parties on behalf of subsidiary	Subsidiary endorsements/ guarantees to third parties on behalf of parent company	Endorsements guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company
0	The Company	Chainqui Holding Co., Ltd. (SAMOA)	2	4,221,041	201,635	195,650	130,519	330,000	% 4.64	6,331,562	Y	N	N

• Note a: In accordance with the Company’s related regulations, the limit on endorsements and guarantees for any single entity is 50% of the Company’s net worth based on the latest financial statement and the limit on accumulated amount of transactions of endorsements and guarantees is 150% of the Company’s net worth based on the latest financial statements.

• Note b: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories:

  • (a) Having business relationship.

  • (b) The endorser/guarantor parent company owns directly more than 50% voting shares of the endorsed/guaranteed subsidiary.

  • (c) The endorser/guarantor parent company and its subsidiaries jointly own more than 50% voting shares of the endorsed/guaranteed company.

  • (d) The endorsed/guaranteed parent company directly or indirectly owns more than 90% voting shares of the endorser/guarantor subsidiary.

  • (e) Mutual guarantee of the trade as required by the construction contract.

  • (f) Due to joint venture, each shareholder provides endorsements/guarantees parent company in proportion to its ownership.

  • (g) Under the Consumer Protection Act, performance guarantees for pre-sale contracts for companies in the same industry.

• (iii) Securities held as of December 31, 2021 (excluding investment in subsidiaries, associates and joint ventures):

(In thousands of New Taiwan Dollars)

Name of holder	Category and name of security	Relationship with company	Account title	Ending balance	Ending balance	Ending balance	Ending balance	Highest balance during the year Percentage of ownership (%)	Note
				Shares/Units (thousands)	Carrying value	Percentage of ownership (%)	Fair value
The Company	Stock- Capital Securities Corporation	-	Non-current financial assets at fair value through other comprehensive income	4,969,171	84,227	% -	84,227	% -	-
"	Stock- Taiwan High Speed Rail Corporation	-	Non-current financial assets at fair value through other comprehensive income	200,000	5,920	% -	5,920	% -	-
"	Stock- Firich Enterprises Co., Ltd.	-	Current financial assets at fair value through profit or loss	247,299	8,804	% -	8,804	% -	-

(Continued)

63

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD.AND SUBSIDIARIES Notes to Consolidated Financial Statements

Name of holder	Category and name of security	Relationship with company	Account title	Ending balance	Ending balance	Ending balance	Ending balance	Highest balance during the year Percentage of ownership (%)	Note
				Shares/Units (thousands)	Carrying value	Percentage of ownership (%)	Fair value
The Company	Stock- Hontai Finance Co., Ltd.	-	Current financial assets at fair value through profit or loss	250,000	23,050	% -	23,050	% -	-
"	Stock- Tiga Gaming Inc.	-	Current financial assets at fair value through profit or loss	1,000	15	% -	15	% -	-
"	Stock- Era Communications Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	16,545	-	% 0.01	-	% 0.01	-
"	Stock- Taiwan On Line Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	803,582	-	% 11.97	-	% 11.97	-
"	Stock- Spring House Entertainment Technology Inc.	-	Non-current financial assets at fair value through other comprehensive income	412,812	-	% 2.80	-	% 2.80	-
Pao-Shin Investment Co., Ltd.	Stock- O-Bank Co., Ltd.	-	Non-current available-for-sale financial assets, net	3,115,430	24,924	% -	24,924	% -	pledged 3,084,000 shares
"	Stock- Firich Enterprises Co., Ltd.	-	Current financial assets at fair value through profit or loss	69,749	2,483	% -	2,483	% -	-
"	Stock- Lightware Link, Inc.	-	Non-current financial assets at cost, net	511,480	-	% -	-	% -	-
"	Stock- Era Communications Co., Ltd.	-	Non-current financial assets at cost, net	46,880	-	% -	-	% -	-
ZENITH GLOBAL CAPITAL S.A. (SAMOA)	GOER INTERNATIONA L CO., LTD.	-	Non-current financial assets at fair value through other comprehensive income	180,000	-	% 18.00	-	% 18.00	-

• (iv) Individual securities acquired or disposed of with accumulated amount exceeding the lower of NT$300 million or 20% of the capital stock: None

• (v) Acquisition of individual real estate with amount exceeding the lower of NT$300 million or 20% of the capital stock: None

• (vi) Disposal of individual real estate with amount exceeding the lower of NT$300 million or 20% of the capital stock: None

• (vii) Related-party transactions for purchases and sales with amounts exceeding the lower of NT$100 million or 20% of the capital stock: None

(viii) Receivables from related parties with amounts exceeding the lower of NT$100 million or 20% of the capital stock: None

• (ix) Trading in derivative instruments: None

• (x) Business relationships and significant intercompany transactions:

(In thousands of New Taiwan Dollars)

				(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)	(In thousands of New Taiwan Dollars)
No.	Name of company	Name of counter-party	Nature of relationship	Intercompany transactions
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
0	The Company	Chia-Yuan Construction Co., Ltd.	1	Accounts payable	4,750	The same as the term for other general trading partners	0.06%
0	The Company	Chia-Yuan Construction Co., Ltd.	1	Notes payable	20,074	The same as the term for other general trading partners	0.26%
1	Chia-Yuan Create Co., Ltd.	The Company	2	Notes receivable	10,037	The same as the term for other general trading partners	0.13%
1	Chia-Yuan Construction Co., Ltd.	The Company	2	Accounts receivable	14,787	The same as the term for other general trading partners	0.19%
1	Chia-Yuan Construction Co., Ltd.	The Company	2	Construction revenue	77,075	The same as the term for other general trading partners	9.72%

(Continued)

64

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD.AND SUBSIDIARIES Notes to Consolidated Financial Statements

No.	Name of company	Name of counter-party	Nature of relationship	Intercompany transactions	Intercompany transactions	Intercompany transactions	Intercompany transactions
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
1	Chia-Yuan Construction Co., Ltd.	The Company	2	Construction cost	75,533	The same as the term for other general trading partners	9.54%
2	Chain-Hung Apartment Building Management and Maintenance Ltd.	Da-Ho Security Co., Ltd.	3	Other cost	12,183	The same as the term for other general trading partners	1.54%
3	Da-Ho Security Co., Ltd.	Chain-Hung Apartment Building Management and Maintenance Ltd.	3	Service revenue	12,183	The same as the term for other general trading partners	1.54%

Note 1: The numbers denote the following:

• (1) 0 represents the Company.

• (2) 1 represents the Chia-Yuan Create Co., Ltd.

• (3) 2 represents the Chain-Hung Apartment Building Management and Maintenance Ltd.

• (4) 3 represents the Da-Ho Security Co., Ltd.

Note 2: Relationship with the listed companies:

• (1) The Company to subsidiary.

• (2) Subsidiary to the Company.

• (3) Subsidiary to subsidiary.

Note 3: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(b) Information on investees:

The following is the information on investees for the years ended December 31, 2021:

(In thousands of New Taiwan Dollars)

Name of investor	Name of investee	Location	Main businesses and products	Original investment amount	Original investment amount	Balance as of December 31, 2021	Balance as of December 31, 2021	Balance as of December 31, 2021	Highest balance during the year Percentage of ownership	Net income (losses) of investee	Share of profits/losses of investee	Note
				December 31, 2021	December 31, 2020	Shares (thousands)	Percentage of ownership	Carrying value
The Company	Chain-Hung Apartment Building Management and Maintenance Ltd.	Taiwan	Mansions management Services	10,000	10,000	999,996	% 99.99	8,899	% 99.99	(1,704)	(1,958)
The Company	Pao-Shin Investment Co., Ltd.	Taiwan	Investing activities	164,640	164,640	17,999,991	% 99.99	140,393	% 99.99	(6,353)	(5,587)
The Company	Chain-Shin-Hao Supermarket Ltd.	Taiwan	Conduct of supermarket	25,710	25,710	2,571,000	% 75.00	27,718	% 75.00	2,163	1,622
The Company	Chain-Da Development Co., Ltd.	Taiwan	Constructing, selling, and leasing of residential and commercial buildings.	82,000	82,000	8,200,000	% 82.00	100,812	% 82.00	(3,973)	(3,257)
The Company	CASTLE ROCK INVESTMENT S.A. (SAMOA)	SAMOA	Investing activities	508,229	508,229	16,206,000	% 100.00	461,957	% 100.00	136	136
The Company	CHAINQUI HOLDING CO., LTD (SAMOA)	SAMOA	Investing activities	1,894,721	1,824,837	61,260,000	% 100.00	1,447,734	% 100.00	(43,468)	(43,468)
The Company	CHAINQUI CONSTRUCTION CO., LTD (SAMOA)	SAMOA	Investing activities	170,242	170,242	5,500,000	% 100.00	148,529	% 100.00	(2,252)	(2,252)
Pao-Shin Investment Co., Ltd.	MEN'S FOCUS COMPANY	Taiwan	Magazine distribution industry	10,000	10,000	1,000,000	% 43.48	-	% 43.48	-	-
Pao-Shin Investment Co., Ltd.	Chia-Yuan Create Co., Ltd.	Taiwan	Constructing activities	98,879	98,879	11,500,000	% 100.00	117,243	% 100.00	(2,969)	-
Pao-Shin Investment Co., Ltd.	Rich Key Asia LTD.	Hong Kong	Investing activities	996	996	-	% 100.00	-	% 100.00	-	-
Pao-Shin Investment Co., Ltd.	Ever Easy Management	Hong Kong	Investing activities	753	753	-	% 100.00	-	% 100.00	-	-
Pao-Shin Investment Co., Ltd.	New Momentum LTD.	SAMOA	Investing activities	415	415	-	% 100.00	-	% 100.00	-	-

(Continued)

65

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD.AND SUBSIDIARIES Notes to Consolidated Financial Statements

Name of investor	Name of investee	Location	Main businesses and products	Original investment amount	Original investment amount	Balance as of December 31, 2021	Balance as of December 31, 2021	Balance as of December 31, 2021	Highest balance during the year Percentage of ownership	Net income (losses) of investee	Share of profits/losses of investee	Note
				December 31, 2021	December 31, 2020	Shares (thousands)	Percentage of ownership	Carrying value
Pao-Shin Investment Co., Ltd.	Profit Asia LTD.	SAMOA	Investing activities	431	431	-	% 100.00	-	% 100.00	-	-
CHIA-YUAN CREATE CO., LTD.	DAHO SECURITY CO., LTD.	Taiwan	Security services	40,000	40,000	4,000,000	% 100.00	39,643	% 100.00	(218)	-
CASTLE ROCK INVESTMENT S.A. (SAMOA)	NOAH INVESTMENT CAPITAL LIMITED (SAMOA)	SAMOA	Investing activities	489,976	489,976	15,624,000	% 91.83	447,733	% 91.83	210	-
NOAH INVESTMENT CAPITAL LIMITED (SAMOA)	ZENITH GLOBAL CAPITAL S.A. (SAMOA)	SAMOA	Investing activities	526,533	526,533	16,782,000	% 82.74	481,735	% 82.74	314	-
ZENITH GLOBAL CAPITAL S.A. (SAMOA)	LEXY STAR INTERNATIONAL CO., LTD.	Malaysia	Investing activities	416,042	416,042	13,700,000	% 100.00	405,482	% 100.00	360	-
CHAINQUI HOLDING CO., LTD (SAMOA)	CHAINQUI DEVELOPMENT USA LLC	U.S.A	Investing activities	2,002,173	1,973,803	64,585,000	% 100.00	1,562,993	% 100.00	(41,014)	-
CHAINQUI DEVELOPMEN T USA LLC	CHAINQUI DEVELOPMENT BELLTOWN LLC	U.S.A	Investing activities	1,115,238	1,115,238	36,410,000	% 100.00	869,213	% 100.00	(20,143)	-
CHAINQUI DEVELOPMEN T USA LLC	CHAINQUI DEVELOPMENT VIRGINIA, LLC	U.S.A	Constructing, selling, and leasing of residential and commercial buildings.	794,280	765,910	25,200,000	% 100.00	623,613	% 100.00	(15,952)	-
CHAINQUI DEVELOPMEN T USA LLC	CHAINQUI DEVELOPMENT ROOSEVELT, LLC	U.S.A	Constructing, selling, and leasing of residential and commercial buildings.	54,855	54,855	1,800,000	% 100.00	49,611	% 100.00	120	-
CHAINQUI CONSTRUCTI ON CO., LTD(SAMOA)	GALORE DEVELOPMENT GROUP INC.	U.S.A	Investing activities	143,346	139,168	4,650,000	% 50.00	125,016	% 50.00	(4,437)	-
GALORE DEVELOPMEN T GROUP INC.	CHAINQUI DEVELOPMENT SEATTLE, LLC	U.S.A	Investing activities	278,233	269,878	9,100,000	% 100.00	244,951	% 100.00	(4,388)	-
CHAINQUI DEVELOPMEN T SEATTLE, LLC	CHAINQUI DEVELOPMENT WALLINGFORD, LLC	U.S.A	Constructing, selling, and leasing of residential and commercial buildings.	160,083	160,083	5,150,000	% 100.00	143,946	% 100.00	(936)	-
CHAINQUI DEVELOPMEN T SEATTLE, LLC	CHAINQUI DEVELOPMENT HARBORVIEW, LLC	U.S.A	Constructing, selling, and leasing of residential and commercial buildings.	115,337	106,982	3,850,000	% 100.00	99,285	% 100.00	(2,982)	-

(c) Information on investment in mainland China: None

• (d) Major shareholders:

Major shareholders:
Shareholding Shareholder’s Name	Shares	Percentage
Chain-I Investment Co., Ltd.	28,463,661	% 12.67
Chain-Chan Investment Co., Ltd.	21,447,410	% 9.55
Chain-Da Investment Co., Ltd.	16,257,347	% 7.23
Yu-Ching Construction Co., Ltd.	15,762,552	% 7.01
Lee Long-Kwang	14,255,555	% 6.34

(Continued)

66

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

(14) Segment information:

• (a) General Information

The Group’s operating segments required to be disclosed are categorized as Real Estate Transaction Group and Construction Group. These two groups have different market and marketing strategy, which are described as follows:

• (i) Real Estate Transaction Group: commissioning contractor to construct commercial and residential buildings for leasing and sales.

• (ii) Construction Group: engaging in the business of construction and civil engineering.

• (b) Reportable segment profit or loss, segment assets, segment liabilities, and their measurement and reconciliations

The Group uses the internal management report that the chief operating decision maker reviews as the basis to determine its resource allocation and make a performance evaluation. The internal management report includes profit before taxation, (excluding any extraordinary activity and foreign exchange gain or losses,) since taxation, extraordinary activity and foreign exchange gains or losses are managed on a group basis, they cannot be allocated to each reportable segment. In addition, not all reportable segments include depreciation and amortization of significant non-cash items. The reportable amount is similar to that of the report used by the chief operating decision maker.

The operating segment accounting policies are similar to that of described in Note 4 “significant accounting policies” except for the recognition and measurement of pension cost, which is on a cash basis. The Group treated intersegment sales and transfers as third-party transactions. They are measured at market prices.

The Group’s operating segment information and reconciliation were as follows:

Revenue： Revenue from external customers Intersegment revenues Interest revenues Total revenue Interest expense Depreciation and amortization Share of profit of associates and joint ventures accounted for using equity method Reportable segment profit Asset: Investments accounted for using equity method Reportable segment asset Reportable segment liability		For the years ended December 31, 2021	For the years ended December 31, 2021	For the years ended December 31, 2021
	Real Estate Transaction $ 761,166 576 1,080 $ 762,822 56,659 55,824 (54,764) $ (6,338) $ 2,336,042 $ 9,152,459 $ 3,087,197	Construction - 77,075 92 77,167 - 53 (218) (2,969) 39,643 221,095 111,224	Other 31,734 12,772 476 44,982 558 1,013 (2,969) (5,740) 117,243 884,244 42,617	Adjustment and eliminations - (90,423) - (90,423) - - 57,951 59,028 (2,492,928) (2,604,210) (116,118)	Total 792,900 - 1,648
					794,548
					57,217 56,890 - 43,981
					-
					7,653,588
					3,124,920

(Continued)

67

CHAINQUI CONSTRUCTION DEVELOPMENT CO., LTD. AND SUBSIDIARIES Notes to the Consolidated Financial Statements

Revenue： Revenue from external customers Intersegment revenues Interest revenues Total revenue Interest expense Depreciation and amortization Share of profit of associates and joint ventures accounted for using equity method Reportable segment profit Asset: Investments accounted for using equity method Reportable segment asset Reportable segment liability		For the years ended December 31, 2020	For the years ended December 31, 2020	For the years ended December 31, 2020	Total 1,338,077 - 4,247
	Real Estate Transaction $ 1,291,468 388 1,580 $ 1,293,436 80,922 57,252 56,566 $ 210,802 $ 2,379,035 $ 9,338,974 $ 2,926,976	Construction - 81,426 107 81,533 - 9 139 (3,157) 39,861 138,414 25,574	Other 46,609 404 2,560 49,573 647 870 3,226 (108) 120,212 911,993 45,205	Adjustment and eliminations - (82,218) - (82,218) - - (59,931) 62,597 (2,539,108) (2,541,499) (4,198)
					1,342,324
					81,569 58,131 - 270,134
					-
					7,847,882
					2,993,557

• (c) Product and services information

Revenue from external customers of the Group were as follow:

Item Land and building sale revenue Rental revenue Service revenue	For the years ended December 31	For the years ended December 31
	2021 $ 619,074 140,815 33,011 $ 792,900	2020
		1,129,908 159,170 48,999
		1,338,077

(d) Geographic information

In presenting information on the basis of geography, segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.

Geographical information Revenue from external customers: Taiwan United States Non-current assets: Taiwan United States Other Total	For the years ended December 31	For the years ended December 31
	2021 $ 663,017 129,883 $ 792,900 $ 422,521 1,837,662 52,592 $ 2,312,775	2020
		1,189,737 148,340
		1,338,077
		393,335 1,936,596 68,352
		2,398,283

Non-current assets include property, plant and equipment, right-of-use assets, investment property, intangible assets, and other assets, not including financial instruments, deferred tax assets (noncurrent).