CPE - Interim / Quarterly Report 2021

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT MARCH 31, 2021 AND 2020

For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail.

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INDEPENDENT AUDITORS’ REVIEW REPORT

To the Board of Directors and Shareholders of Charoen Pokphand Enterprise (Taiwan) Co., Ltd.

Introduction

We have reviewed the accompanying consolidated balance sheets of Charoen Pokphand Enterprise (Taiwan) Co., Ltd. and subsidiaries (the “Group”) as at March 31, 2021 and 2020, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the threemonth periods then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers ” and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of Review

We conducted our reviews in accordance with the Statement of Auditing Standards No. 65, “Review of Financial Information Performed by the Independent Auditor of the Entity” in the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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資誠聯合會計師事務所 PricewaterhouseCoopers, Taiwan 11012 臺北市信義區基隆路一段 333 號 27 樓 27F, No. 333, Sec. 1, Keelung Rd., Xinyi Dist., Taipei 11012, Taiwan T: +886 (2) 2729 6666, F:+ 886 (2) 2729 6686, www.pwc.tw

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of March 31, 2021 and 2020 are reviewed, not audited)

ASSETS	Notes	March 31, 2021 AMOUNT % `$` `268,758` `1` `274,475` `1` `3,008` `-` `1,959,303 10` `55,663` `-` `4,810` `-` `21` `-` `1,698,194` `8` `1,520,806` `8` `271,256` `1` `22,291` `-` `6,078,585 29` `2,060,906 10` `100,045` `1` `11,399,598 55` `351,522` `2` `122` `-` `418,664` `2` `95,330` `-` `125,835` `1` `14,552,022 71` `$` `20,630,607 100`	March 31, 2020	March 31, 2020
		AMOUNT `$` `268,758` `274,475` `3,008` `1,959,303` `55,663` `4,810` `21` `1,698,194` `1,520,806` `271,256` `22,291` `6,078,585` `2,060,906` `100,045` `11,399,598` `351,522` `122` `418,664` `95,330` `125,835` `14,552,022` `$` `20,630,607`	AMOUNT `$` `1,108,402` `317,786` `-` `1,795,340` `-` `14,509` `-` `1,349,742` `1,357,561` `425,349` `8,200` `6,376,889` `1,727,226` `-` `9,158,924` `341,187` `498` `388,295` `76,144` `90,376` `11,782,650` `$` `18,159,539`	%
Current assets 1100 Cash and cash equivalents 1150 Notes receivable, net 1160 Notes receivable - related parties 1170 Accounts receivable, net 1180 Accounts receivable - related parties 1200 Other receivables 1210 Other receivables - related parties 130X Inventories, net 1400 Biological assets - current 1410 Prepayments 1470 Other current assets 11XX Total current assets Non-current assets 1517 Non-current financial assets at fair value through other comprehensive income 1550 Investments accounted for using equity method 1600 Property, plant and equipment, net 1755 Right-of-use assets 1780 Intangible assets 1830 Biological assets - non-current 1840 Deferred income tax assets 1900 Other non-current assets 15XX Total non-current assets 1XXX Total assets	6(1) 6(3) 7 6(3) 7 7 6(4) 6(5) 7 6(1) and 8 6(2) 6(7) 6(8) and 8 6(9) 6(10) 6(5)			`6` `2` `-` `10` `-` `-` `-` `7` `8` `2` `-`
				`35`
				`10` `-` `50` `2` `-` `2` `-` `1`
				`65`
				`100`

(Continued)

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of March 31, 2021 and 2020 are reviewed, not audited)

LIABILITIES AND EQUITY	Notes	March 31, 2021 AMOUNT % `$` `3,393,007` `17` `769,048` `4` `379,844` `2` `6,216` `-` `803,290` `4` `27,093` `-` `495,184` `2` `31,746` `-` `358,119` `2` `28,004` `-` `613,250` `3` `6,904,801` `34` `3,973,337` `19` `17,594` `-` `300,556` `1` `136,989` `1` `4,428,476` `21` `11,333,277` `55` `2,679,910` `13` `3,949` `-` `880,252` `4` `3,719,906` `18` `1,544,270` `8` `8,828,287` `43` `469,043` `2` `9,297,330` `45` `$` `20,630,607` `100`	December 31, 2020 AMOUNT % `$` `2,659,715` `14` `599,426` `3` `600,078` `3` `-` `-` `746,284` `4` `1,273` `-` `738,247` `4` `7,348` `-` `249,670` `1` `24,816` `-` `213,250` `1` `5,840,107` `30` `4,515,250` `23` `19,351` `-` `296,281` `1` `141,874` `1` `4,972,756` `25` `10,812,863` `55` `2,679,910` `14` `3,957` `-` `880,252` `5` `3,332,669` `17` `1,408,198` `7` `8,304,986` `43` `428,500` `2` `8,733,486` `45` `$` `19,546,349` `100`	March 31, 2020	March 31, 2020
		AMOUNT `$` `3,393,007` `769,048` `379,844` `6,216` `803,290` `27,093` `495,184` `31,746` `358,119` `28,004` `613,250` `6,904,801` `3,973,337` `17,594` `300,556` `136,989` `4,428,476` `11,333,277` `2,679,910` `3,949` `880,252` `3,719,906` `1,544,270` `8,828,287` `469,043` `9,297,330` `$` `20,630,607`	AMOUNT `$` `2,659,715` `599,426` `600,078` `-` `746,284` `1,273` `738,247` `7,348` `249,670` `24,816` `213,250` `5,840,107` `4,515,250` `19,351` `296,281` `141,874` `4,972,756` `10,812,863` `2,679,910` `3,957` `880,252` `3,332,669` `1,408,198` `8,304,986` `428,500` `8,733,486` `$` `19,546,349`	AMOUNT `$` `3,427,064` `978,912` `451,508` `-` `676,687` `115` `508,172` `43,726` `215,985` `22,328` `593,250` `6,917,747` `2,288,187` `34,700` `305,542` `139,810` `2,768,239` `9,685,986` `2,679,910` `2,152` `733,781` `3,141,566` `1,225,915` `7,783,324` `690,229` `8,473,553` `$` `18,159,539`	%
Current liabilities 2100 Short-term borrowings 2110 Short-term notes and bills payable 2150 Notes payable 2160 Notes payable - related parties 2170 Accounts payable 2180 Accounts payable - related parties 2200 Other payables 2220 Other payables - related parties 2230 Current income tax liabilities 2280 Current lease liabilities 2300 Other current liabilities 21XX Total current liabilities Non-current liabilities 2540 Long-term borrowings 2570 Deferred income tax liabilities 2580 Non-current lease liabilities 2600 Other non-current liabilities 25XX Total non-current liabilities 2XXX Total liabilities Equity attributable to owners of parent Share capital 3110 Common stock Capital surplus 3200 Capital surplus Retained earnings 3310 Legal reserve 3350 Unappropriated retained earnings Other equity interest 3400 Other equity interest 31XX Equity attributable to owners of the parent 36XX Non-controlling interest 3XXX Total equity Significant contingent liabilities and unrecognised contract commitments 3X2X Total liabilities and equity	6(11) 6(12) 7 7 6(13) 7 6(14) and 8 6(14) and 8 6(15) 6(16) 6(17) 6(18) 9				`19` `5` `3` `-` `4` `-` `3` `-` `1` `-` `3`
					`38`
					`12` `-` `2` `1`
					`15`
					`53`
					`15` `-` `4` `17` `7`
					`43`
					`4`
					`47`
					`100`

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

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except for earnings per share amounts) (UNAUDITED)

Items For the three-month periods ended March 31
2021
2020
Notes
AMOUNT
%
AMOUNT
%
6(19) and 7
$
5,718,985
100
$
5,241,193
100
6(4)(25)(26) and
7
(
4,814,259) (
84) (
4,623,061) (
88)
904,726
16
618,132
12
6(25)(26) and 7
(
245,624) (
5) (
240,341) (
5)
(
182,898) (
3) (
150,346) (
3)
12(2)
-
-
19
-
(
428,522) (
8) (
390,668) (
8)
6(5)(20)
(
7,614)
- (
4,432)
-
468,590
8
223,032
4
6(21)
28
-
537
-
6(22) and 7
2,263
-
2,538
-
6(23) and 7
15,725
-
84,572
2
6(24)
(
17,750)
- (
22,087) (
1)
6(7)
165
-
-
-
431
-
65,560
1
469,021
8
288,592
5
6(27)
(
90,241) (
1) (
57,419) (
1)
378,780
7
231,173
4
6(6)
-
- (
2,250)
-
$
378,780
7
$
228,923
4

4000
Operating revenue
5000
Operating costs
5950
Net operating margin
Operating expenses
6100
Selling and marketing expenses
6200
General and administrative
expenses
6450
Expected credit impairment
profit
6000
Total operating expenses
6500
Other income and expenses, net
6900
Operating profit
Non-operating income and
expenses
7100
Interest income
7010
Other income
7020
Other gains and losses
7050
Finance costs
7060
Share of profit of associates and
joint ventures accounted for
using equity method
7000
Total non-operating income
and expenses
7900
Profit before income tax
7950
Income tax expense
8000
Profit for the period from
continuing operations
8100
Loss from discontinued
operations
8200
Profit for the period

Items	For the three-month periods ended March 31 2021 2020 Notes AMOUNT % AMOUNT % 6(19) and 7 `$` `5,718,985` `100` `$` `5,241,193` `100` 6(4)(25)(26) and 7 `(` `4,814,259) (` `84) (` `4,623,061) (` `88)` `904,726` `16` `618,132` `12` 6(25)(26) and 7 `(` `245,624) (` `5) (` `240,341) (` `5)` `(` `182,898) (` `3) (` `150,346) (` `3)` 12(2) `-` `-` `19` `-` `(` `428,522) (` `8) (` `390,668) (` `8)` 6(5)(20) `(` `7,614)` `- (` `4,432)` `-` `468,590` `8` `223,032` `4` 6(21) `28` `-` `537` `-` 6(22) and 7 `2,263` `-` `2,538` `-` 6(23) and 7 `15,725` `-` `84,572` `2` 6(24) `(` `17,750)` `- (` `22,087) (` `1)` 6(7) `165` `-` `-` `-` `431` `-` `65,560` `1` `469,021` `8` `288,592` `5` 6(27) `(` `90,241) (` `1) (` `57,419) (` `1)` `378,780` `7` `231,173` `4` 6(6) `-` `- (` `2,250)` `-` `$` `378,780` `7` `$` `228,923` `4`
4000 Operating revenue 5000 Operating costs 5950 Net operating margin Operating expenses 6100 Selling and marketing expenses 6200 General and administrative expenses 6450 Expected credit impairment profit 6000 Total operating expenses 6500 Other income and expenses, net 6900 Operating profit Non-operating income and expenses 7100 Interest income 7010 Other income 7020 Other gains and losses 7050 Finance costs 7060 Share of profit of associates and joint ventures accounted for using equity method 7000 Total non-operating income and expenses 7900 Profit before income tax 7950 Income tax expense 8000 Profit for the period from continuing operations 8100 Loss from discontinued operations 8200 Profit for the period

(Continued)

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except for earnings per share amounts) (UNAUDITED)

Items	For the three-month periods ended March 31	For the three-month periods ended March 31
	2021	2020
	AMOUNT `$` `113,905` `113,905` `22,167` `22,167` `$` `136,072` `$` `514,852` `$` `387,237` `8,457)` `$` `378,780` `$` `523,309` `8,457)` `$` `514,852` `$`
Other comprehensive income Components of other comprehensive income that will not be reclassified to profit or loss 8316 Unrealised gain or loss on financial assets at fair value through other comprehensive income 8310 Other comprehensive income (loss) that will not be reclassified to profit or loss Components of other comprehensive income that will be reclassified to profit or loss 8361 Currency translation differences of foreign operations 8360 Other comprehensive income that will be reclassified to profit or loss 8300 Total other comprehensive income (loss) for the period 8500 Total comprehensive income (loss) for the period Profit (loss) attributable to: 8610 Owners of the parent 8620 Non-controlling interest Comprehensive income (loss) attributable to: 8710 Owners of the parent 8720 Non-controlling interest Earnings per share (in dollars) 9710 Basic earnings per share from continuing operations 9720 Basic earnings (losses) per share from discontinued operations 9750 Total basic earnings per share 9810 Diluted earnings per share from continuing operations 9820 Diluted earnings (losses) per share from discontinued operations 9850 Total diluted earnings per share
	`$`
	`$`
	`$`

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

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated) (UNAUDITED)

		Equity attributable to owners of the parent	Equity attributable to owners of the parent	Equity attributable to owners of the parent	Equity attributable to owners of the parent
Share capital - common stock	Capital surplus	Retained Earnings		Other equity interest			Total
		Legal reserve	Unappropriated retained earnings	Financial statements translation differences of foreign operations	Total Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income
`$ 2,679,910` `-` `-` `-` `-` `-` `-` `-` `-` `$ 2,679,910` `$ 2,679,910` `-` `-` `-` `-` `-` `$ 2,679,910`	`$` `2,137` `-` `-` `-` `(` `5` `)` `-` `20` `-` `-` `$` `2,152` `$` `3,957` `-` `-` `-` `(` `8` `)` `-` `$` `3,949`	`$ 733,781` `-` `-` `-` `-` `-` `-` `-` `-` `$ 733,781` `$ 880,252` `-` `-` `-` `-` `-` `$ 880,252`	`$` `2,907,219` `234,347` `-` `234,347` `-` `-` `-` `-` `-` `$` `3,141,566` `$` `3,332,669` `387,237` `-` `387,237` `-` `-` `$` `3,719,906`	`($ 17,432 )` `-` `52,206` `52,206` `-` `-` `-` `-` `-` `$ 34,774` `($ 132,921 )` `-` `22,167` `22,167` `-` `-` `($ 110,754 )`	`$ 1,616,717` `-` `(` `425,576` `)` `(` `425,576` `)` `-` `-` `-` `-` `-` `$ 1,191,141` `$ 1,541,119` `-` `113,905` `113,905` `-` `-` `$ 1,655,024`	`$ 7,922,332` `234,347` `(` `373,370 )` `(` `139,023 )` `(` `5 )` `-` `20` `-` `-` `$ 7,783,324` `$ 8,304,986` `387,237` `136,072` `523,309` `(` `8 )` `-` `$ 8,828,287`		`$` `704,662` `(` `5,424` `)` `(` `295` `)` `(` `5,719` `)` `-` `(` `14,784` `)` `(` `20` `)` `69,000` `(` `62,910` `)` `$` `690,229` `$` `428,500` `(` `8,457` `)` `-` `(` `8,457` `)` `-` `49,000` `$` `469,043`	`$ 8,626,994` `228,923` `(` `373,665` `)` `(` `144,742` `)` `(` `5` `)` `(` `14,784` `)` `-` `69,000` `(` `62,910` `)` `$ 8,473,553` `$ 8,733,486` `378,780` `136,072` `514,852` `(` `8` `)` `49,000` `$ 9,297,330`

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

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

(UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES
Profit from continuing operations before tax
Loss from discontinued operations before tax
Profit before tax
Adjustments
Adjustments to reconcile profit (loss)
Expected credit impairment profit

Depreciation

Depreciation of right-of-use assets

Amortization

Interest income

Interest expense

(Gain on reversal of) Provision for loss on inventory
market price decline

Change in fair value less cost to sell of biological
assets

Investment income recognised under equity method

Loss (gain) on disposal of property, plant and
equipment

Gain arising from lease modifications
Impairment loss of non-financial assets

Gain on disposal of investment

Changes in operating assets and liabilities
Changes in operating assets
Notes receivable
Notes receivable - related parties
Accounts receivable
Accounts receivable - related parties
Other receivables
Other receivables - related parties
Inventories
Biological assets
Prepayments
Changes in operating liabilities
Notes payable
Notes payable - related parties
Accounts payable
Accounts payable - related parties
Other payables
Other payables - related parties
Net defined benefit liability
Cash (outflow) inflow generated from operations
Refund of income tax
Net cash flows (used in) from operating activities For thethree-monthperiods endedMarch 31
Notes
2021
2020
$
469,021 $
288,592
- (
3,000 )
469,021
285,592
12(2)
- (
19 )
6(8)(25)
180,384
167,027
6(9)(25)
11,389
10,404
6(25)
1,016
1,130
6(21)
(
28 ) (
794 )
6(24)
17,750
22,087
6(4)
3,656 (
21,690 )
6(5)(20)
7,614
4,432
6(7)
(
165 )
-
6(23)
1,285 (
2,207 )
- (
2 )
6(10)(23)
-
13,331
6(6)(23)
- (
84,145 )
6,292 (
1,586 )
(
3,008 )
-
(
55,912 )
27,298
(
55,663 ) (
11,913 )
8,685 (
11,672 )
(
21 ) (
2,813 )
(
385,458 )
181,635
(
113,929 ) (
67,201 )
173,429 (
105,964 )
(
220,234 ) (
22,404 )
6,216
-
57,006
25,215
25,820 (
60,066 )
(
190,469 ) (
139,084 )
24,398
20,976
(
4,885 ) (
4,907 )
(
35,811 )
222,660
3,617
-
(
32,194 )
222,660

(Continued)

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CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

(UNAUDITED)

CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in other current assets
Acquisition of property,plant and equipment

Proceeds from disposal of property, plant and equipment
Acquisition of intangible assets

(Increase) decrease in other non-current assets
Cash receipt of interest
Loss of control in subsidiaries
Proceeds from disposal of subsidiaries

Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term borrowings
Increase in short-term notes and bills payable
Proceeds from long-term borrowings
Payment of long-term borrowings
Payment of lease liabilities

Cash payment for interest
Cash receipt from non-controlling interest of a subsidiary
through capital increase establishment
Cash dividends paid to non-controlling interest
Capital surplus - dividends not received by shareholders
(reversed)
Net cash flows from financing activities
Effects of changes in foreign exchange rate
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period For thethree-monthperiods endedMarch 31
Notes
2021
2020
$
25,643 ($
500 )
6(29)
(
739,213 ) (
587,734 )
1,224
2,900
6(10)
- (
83 )
(
18,649 )
5,349
28
930
- (
257,374 )
6(6)
-
246,654
(
730,967 ) (
589,858 )
733,292
1,083,576
169,622
253
701,400
425,000
(
843,313 ) (
1,233,313 )
6(9)
(
9,533 ) (
8,952 )
(
17,258 ) (
21,061 )
49,000
69,000
- (
14,784 )
(
8 ) (
5 )
783,202
299,714
1,038
3,137
21,079 (
64,347 )
6(1)
247,679
1,172,749
6(1)
$
268,758 $
1,108,402

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

~10~

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated) (UNAUDITED)

1. HISTORY AND ORGANISATION

Charoen Pokphand Enterprise (Taiwan) Co., Ltd. (the “Company”) was incorporated on August 22, 1977 as a company limited by shares under the Statute for Investment by Overseas Chinese and the provisions of the Company Act of the Republic of China. The main activities of the Company and its subsidiaries (collectively referred herein as the “Group”) are the manufacture and sale of animal feeds, livestock, chicken and processed meat products. The Company’s common stock has been traded on the Taiwan Stock Exchange since July 27, 1987. Charoen Pokphand Foods Public Company Limited (“CPF”), which was incorporated in Thailand, indirectly holds 39% equity interest in the Company.

2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION

These consolidated financial statements were reported to the Board of Directors on May 11, 2021.

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS”) as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by the FSC effective from 2021 are as follows:

New Standards,Interpretations andAmendments Amendments to IFRS 4, ‘Extension of the temporary exemption from applying IFRS 9’ Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, ‘ Interest Rate Benchmark Reform— Phase 2’ Amendment to IFRS 16, ‘Covid-19-related rent concessions beyond 30 June 2021’	Effective date by International Accounting StandardsBoard
	January 1, 2021 January 1, 2021 April 1, 2021(Note)

Note: Earlier application from January 1, 2021 is allowed by FSC.

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

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(2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted by the Group

None.

(3) IFRSs issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs endorsed by the FSC are as follows:

==> picture [467 x 48] intentionally omitted <==

----- Start of picture text -----

Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
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New Standards, Interpretations and Amendments	Effective date by International Accounting StandardsBoard
Amendments to IFRS 3, ‘Reference to the conceptual framework’	January 1, 2022
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets	To be determined by
between an investor and its associate or joint venture’	International Accounting
	Standards Board
IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendments to IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendments to IAS 1, ‘Classification of liabilities as current or	January 1, 2023
non-current’
Amendments to IAS 1, ‘Disclosure of accounting policies’	January 1, 2023
Amendments to IAS 8, ‘Definition of accounting estimates’	January 1, 2023
Amendments to IAS 16, ‘Property, plant and equipment: proceeds	January 1, 2022
before intended use’
Amendments to IAS 37, ‘Onerous contracts—cost of fulfilling a	January 1, 2022
contract’
Annual improvements to IFRS Standards 2018–2020	January 1, 2022

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies adopted are consistent with Note 4 in the consolidated financial statements for the year ended December 31, 2020, except for the compliance statement, basis of preparation, and basis of consolidation and additional policies as set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

A. The consolidated financial statements of the Group have been prepared in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” and the International Accounting Standards 34, ‘Interim Financial Reporting’ as endorsed by the FSC.
B. These consolidated financial statements are to be read in conjunction with the consolidated

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financial statements for the year ended December 31, 2020.

(2) Basis of preparation

A. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:
(a) Financial assets at fair value through other comprehensive income.
(b) Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligation.
(c) Biological assets measured at fair value less costs to sell.
B. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the “IFRSs”) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

A. Basis for preparation of consolidated financial statements:

The basis for preparation of consolidated financial statements are consistent with those of the year ended December 31, 2020.

B. Subsidiaries included in the consolidated financial statements:

Name of investor	Name of subsidiary	Main business activities		Ownership (%)	Ownership (%)	March 31, 2020	Note
				March 31, 2021	December 31, 2020
The Company The Company The Company	Plenty Type Limited (Cayman Islands) Charoen Pokphand (Taiwan) Corp., Ltd. Arbor Acres Taiwan Co., Ltd.	Management of producing and non- producing business investments Management of importing and exporting business Husbandry, management of chickens to produce breeder chicken and daily chicken		100.00 90.00 50.00	100.00 90.00 50.00	100.00 90.00 50.00	Note 5 Note 1

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Name of investor	Name of subsidiary	Main business activities March 31, 2021 December 31, 2020 Management of layers and related business 68.00 68.00 Management of layers and related business 51.00 51.00 Management of producing and non- producing business investments 99.99 99.99 Feeds producing, poultry raising, processing and sales 0.00 0.00 Management of layers and related business 60.00 60.00 Ownership (%)	Main business activities March 31, 2021 December 31, 2020 Management of layers and related business 68.00 68.00 Management of layers and related business 51.00 51.00 Management of producing and non- producing business investments 99.99 99.99 Feeds producing, poultry raising, processing and sales 0.00 0.00 Management of layers and related business 60.00 60.00 Ownership (%)	March 31, 2020	Note
The Company The Company Plenty Type Limited (Cayman Islands) Chia Tai Lianyungang Co., Ltd. Rui Fu Foods Co., Ltd.	Rui Mu Foods Co., Ltd. Rui Fu Foods Co., Ltd. Chia Tai Lianyungang Co., Ltd. Lianyungang Chia Tai Agro-industry Development Co., Ltd. Sheng Da Foods Co., Ltd.		68.00 51.00 99.99 0.00 60.00	52.00 51.00 99.99 0.00 75.00	Note 4 Note 6 Note 2 Note 3

Note 1: The Company’s direct or indirect shareholding ratio does not exceed 50%. However, the Company holds more than half of the seats of the Board of Directors. Thus, the subsidiary was included in the consolidation.
Note 2: On January 22, 2020, Chia Tai Lianyungang Co., Ltd. completed the disposal of its 70% equity interest in Lianyungang Chia Tai Agro-industry Development Co., Ltd., refer to Note 6(6) for more details.
Note 3: In February 2020 and December 2020, Sheng Da Foods Co., Ltd. increased its capital by cash and the 2 million preferred shares were fully subscribed by Jih Ching Egg Co., Ltd. and Li - Chun Farm Product Co., Ltd., respectively, in line with the joint venture agreement entered into between Rui Fu Foods Co., Ltd. and Jih Ching Egg Co., Ltd. as well as Li - Chun Farm Product Co., Ltd. Therefore, the shareholding ratio of Rui Fu Foods Co., Ltd. decreased to 60% from 100%. On December 28, 2020, Jih Ching Egg Co., Ltd. and Li - Chun Farm Product Co., Ltd. converted all preferred shares to ordinary shares totalling 4,000,000 shares.
Note 4: In April 2020, Rui Mu Foods Co., Ltd. increased its capital by cash and the 10 million ordinary shares were fully subscribed by the Company. Therefore, the shareholding ratio of the Company increased to 68% from 52%.
Note 5: In October 2020, the Board of Directors of Plenty Type Limited (Cayman Islands) resolved to decrease its capital and the number of shares reduced was 15,151,515 shares,

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totalling NT$99,978.

Note 6: Rui Fu Foods Co., Ltd. increased its capital by cash in January 2021, and the Company subscribed ordinary share proportionately to ownership in the amount of 5,100,000 shares, equivalent to $51,000.
C. Subsidiaries not included in the consolidated financial statements: None.
D. Adjustments for subsidiaries with different balance sheet dates: None.
E. Significant restrictions: None.
F. Subsidiaries that have non-controlling interests that are material to the Group: None.

(4) Income tax

The interim period income tax expense is recognised based on the estimated average annual effective income tax rate expected for the full financial year applied to the pretax income of the interim period, and the related information is disclosed accordingly.

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

There have been no significant changes as of March 31, 2021. Please refer to Note 5 in the consolidated financial statements for the year ended December 31, 2020.

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

Cash on hand and revolving funds Checking accounts Demand deposits	March 31, 2021 5,293 $ 4,745 258,720 268,758 $	December31,2020 4,363 $ 4,262 239,054 247,679 $	March 31, 2020
			5,031 $ 4,160 1,099,211
			1,108,402 $

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.
B. On March 31, 2021, December 31,2020 and March 31, 2020, the Group has restricted cash and cash equivalents pledged as collateral totalling $8,200, $8,200 and $8,200, respectively, classified as other current financial assets and shown as ‘other current assets’. Please refer to Note 8 for details.
C. On March 31, 2021 and December 31, 2020, the Group has restricted cash and cash equivalents under the Regulations Governing the Management, Utilisation, and Taxation of Repatriated Offshore Funds totalling $14,091 and $39,734, respectively, classified as other current financial

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assets and shown as ‘other current assets’.

(2) Financial assets at fair value through other comprehensive income

Items Non-current items: Equity instruments Listed stocks Valuation adjustment	March31,2021 476,033 $ 1,584,873 2,060,906 $	December31,2020 471,176 $ 1,454,696 1,925,872 $	March31,2020
			508,036 $ 1,219,190
			1,727,226 $

A. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below:

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----- Start of picture text -----

For the three-month periods ended March 31,
2021 2020
Equity instruments at fair value through other
comprehensive income
Fair value change recognised in other
comprehensive income $ 113,905 ($ 425,576)
----- End of picture text -----

B. The subsidiary, Plenty Type Limited (Cayman Islands), holds CPF’s shares, which are traded on the Thailand Stock Exchange. CPF is the ultimate parent company of the Group.

(3) Notes and accounts receivable

		March 31, 2021	March 31, 2021		December 31, 2020			March31,2020
Notes receivable		$	274,475		280,767 $		$	317,786
Accounts receivable		$	1,966,531		1,910,619 $		$	1,797,021
Less: Allowance for
uncollectible
accounts	(		7,228)	(	7,228)	(		1,681)
		$	1,959,303		1,903,391 $		$	1,795,340

A. The ageing analysis of accounts receivable is as follows:

Current Up to 120 days Over 120 days Over one year	March31,2021 1,910,193 $ 45,418 9,777 1,143 1,966,531 $	December31,2020 1,863,893 $ 42,342 3,253 1,131 1,910,619 $	March31,2020
			1,741,291 $ 51,371 3,229 1,130
			1,797,021 $

The above ageing analysis was based on past due date.

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B. As of March 31, 2021, December 31,2020 and March 31, 2020, accounts receivable and notes receivable were all from contracts with customers. As of January 1, 2020, the balance of accounts receivable and notes receivable from contracts with customers amounted to $2,138,379.
C. As of March 31, 2021, December 31,2020 and March 31, 2020, all the Group’s notes receivable were not past due.
D. The credit quality of accounts receivable was in the following category based on the Group’s Credit Quality Control Policy:

March 31, 2021 December31,2020 With guarantee 138,828 $ 130,299 $ Without guarantee 1,827,703 1,780,320 1,966,531 $ 1,910,619 $	March31,2020 125,156 $ 1,671,865
	1,797,021 $

The Group holds commercial papers, real estate and deposits as collateral for accounts receivable.

E. As at March 31, 2021, December 31,2020 and March 31, 2020, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group’s notes receivable was $274,475, $280,767 and $317,786, respectively, while the amount that best represents the Group’s accounts receivable was $1,959,303, $1,903,391 and $1,795,340, respectively.
F. Information relating to credit risk of notes and accounts receivable (including related parties) is provided in Note 12(2).

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(4) Inventories

Raw materials Packing supplies Work in progress Finished goods General merchandise Inventory in transit Raw materials Packing supplies Work in progress Finished goods General merchandise Inventory in transit	Allowance for Cost valuation loss 1,053,971 $ - $ 34,710 400) ( 38,584 - 518,137 11,800) ( 54,478 3,217) ( 13,731 - 1,713,611 $ 15,417) ($ March31,2021 December 31, 2020	Bookvalue
		1,053,971 $ 34,310 38,584 506,337 51,261 13,731 1,698,194 $

	Allowance for Cost valuation loss 747,851 $ 238) ($ 33,402 995) ( 29,550 - 454,351 9,250) ( 54,127 1,278) ( 8,872 - 1,328,153 $ 11,761) ($	Book value
		747,613 $ 32,407 29,550 445,101 52,849 8,872
		1,316,392 $

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					March31,2020
					Allowance for
		Cost			valuation loss		Bookvalue
Raw materials	$	758,815		$	-	$	758,815
Packing supplies		31,073	(		600)		30,473
Work in progress		32,247			-		32,247
Finished goods		517,732	(		37,980)		479,752
General merchandise		45,050	(		739)		44,311
Inventory in transit		4,144			-		4,144
	$	1,389,061	($		39,319)	$	1,349,742

The cost of inventories recognised as expense for the period:

	For the three-month periods	For the three-month periods	For the three-month periods	For the three-month periods	ended March 31,
		2021			2020
Cost of goods sold	$	4,810,120		$	4,723,306
Loss on (gain on reversal of) decline in market
value		3,656	(		21,690)
Others		483	(		16)
Less: Operating costs from discontinued
operations		-	(		78,539)
	$	4,814,259		$	4,623,061

A. The cost of goods sold includes the cost of selling biological assets.
B. Others pertain mainly to gain and loss on physical inventory count and income from disposal of leftover and scraps.
C. The Group reversed from a previous inventory write-down and accounted for as reduction of cost of goods sold because of the increase in market prices of certain finished goods.

(5) Biological assets

A. Biological assets

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			March31,2021		December31,2020	December31,2020			March31,	2020
Biological assets - current:
Consumable biological
assets		$	1,145,884		$	1,075,447		$	1,115,027
Consumable biological
assets - changes in
fair value less costs
to sell			43,353			50,967				19,692
Bearer biological
assets			745,128			667,659				551,283
Bearer biological
assets - accumulated
depreciation	(		413,559)	(		360,030)	(			328,441)
		$	1,520,806		$	1,434,043		$	1,357,561
Biological assets-non-
current:
Bearer biological
assets		$	506,826		$	488,466		$		476,590
Bearer biological
assets - accumulated
depreciation	(		88,162)	(		89,354)	(			88,295)
		$	418,664		$	399,112		$		388,295
Consumable biological	assets are those that are			to be		harvested as agricultural products or sold
biological assets. Bearer		biological assets are those other than consumable							biological	assets.
Movements of biological assets are as follows:
				For the three-month periods ended March 31,
						2021			2020
At January 1				$		1,833,155	$		1,683,087
Purchases						335,566			202,696
Costs and expenses input						1,800,482			1,798,993
Sales				(		788,055)	(		739,315)
Losses on changes in fair		value less costs to
sell				(		7,614)	(			4,432)
Transferred to inventories				(		1,232,848)	(		1,196,611)
Others				(		1,216)				1,438
At March 31				$		1,939,470	$		1,745,856

Consumable biological assets are those that are to be harvested as agricultural products or sold as biological assets. Bearer biological assets are those other than consumable biological assets.

B. Movements of biological assets are as follows:

C. Biological assets are comprised of broiler chicken, breeder chicken, fattening swine, and breeder swine, etc. Biological assets, other than fattening swine which are measured at fair value less costs to sell at each reporting date, are measured at cost less accumulated depreciation and impairment losses. The fair value of fattening swine is measured using quoted market prices as references.

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The market prices or fair values at the present condition of breeders are unavailable due to short production cycle; the market prices or fair values at present condition of broiler chickens are difficult to obtain. The valuation based on a discounted cash flow method is considered unreliable given the uncertainty with respect to external factors such as climate, weather, diseases etc. Therefore, breeders and broiler chicken are measured using the cost approach. Cost of biological assets includes all costs incurred during the growth cycle such as costs of new-born animals, feeds, and other farm costs. Bearer biological assets are depreciated using the straight-line method through the productive period of each biological asset. The productive period of breeder swine is approximately 24 ~ 36 months; the productive period of breeder chickens is approximately 30 weeks ~ 1 year. For the three-month periods ended March 31, 2021 and 2020, depreciation expense on biological assets amounted to $107,855 and $108,339, respectively.

D. Estimates of physical quantities of biological assets are as follows:

March 31, 2021 December 31, 2020 March 31, 2020 Livestock production: Estimates of physical 5,639,067 5,681,548 6,342,086 quantities (Units: heads)

E. Financial risk management policies

The Group is exposed to commodity risks arising from changes in market prices of chickens and swine. The Group does not anticipate that the prices of the agricultural products will decline significantly in the foreseeable future and there is no available derivative or other contracts. The Group reviews the predictions of the price of the agriculture products regularly, and considers to take the financial risk.

(6) Non-current assets held for sale and discontinued operations

A. The assets and liabilities related to Lianyungang Chia Tai Agro-industry Development Co., Ltd. have been reclassified as held for sale and presented as discontinued operations as they meet the definition of discontinued operations following the approval of Chia Tai Lianyungang Co., Ltd.’s Board of Directors on February 18, 2019 to sell all shares held in Lianyungang Chia Tai Agroindustry Development Co., Ltd. to the related party, Chia Tai (China) Investment Co., Ltd. The proceeds from disposal amounted to CNY 61,768 thousand and the actual proceeds received amounted to CNY 57,725 thousand after deducting the withholding tax of CNY 4,043 thousand in accordance with the Enterprise Income Tax Law of the People’s Republic of China. The transaction procedures were completed in January 2020. The gain on disposal of the shares in Lianyungang Chia Tai Agro-industry Development Co., Ltd. amounted to $84,145.

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B. The cash flow information of the discontinued operations is as follows:

	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	endedMarch31,
		2021		2020
Operating cash flows	$	-	($	40,567)
Investing cash flows		-	(	180,956)
Financing cash flows		-	(	77,212)
Effect of foreign exchange		-	(	363)
Total cash flows	$	-	($	299,098)

C. Analysis of the result of discontinued operations, and the result recognised on the remeasurement of disposal group, is as follows:

Operating revenue Operating costs Operating expenses Total non-operating income and expenses Loss before tax from discontinued operations Income tax benefit Loss after tax from discontinued operations Attributable to: Discontinued operations of parent company Non-controlling interest Loss after tax from discontinued operations	2021 2020 - $ 86,391 $ - 78,539) ( - 10,393) ( - 459) ( - 3,000) ( - 750 - $ 2,250) ($ - $ 1,575) ($ - 675) ( - $ 2,250) ($ For the three-month periods ended March 31,

No impairment loss occurred based on the remeasurement of the disposal group held for sale at the lower of its carrying amount or fair value less costs to sell.

D. For the profit from continuing and discontinued operations attributable to owners of the parent, please refer to Note 6(28) Earnings per share for the details.
(7) Investment accounted for using equity method joint ventures

The carrying amount of the Group’s interests in all individually immaterial joint ventures and the Group’s share of the operating results are summarised below:

As of March 31, 2021, December 31,2020 and March 31, 2020, the carrying amount of the Group’s individually immaterial joint ventures amounted to $100,045, $99,880 and $0, respectively.

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For the three-month periods ended March 31,

Profit for the period from continuing operations Other comprehensive income, net of tax Total comprehensive income	2021 165 $ - 165 $	2020
		- $ -
		- $

The Company jointly established a joint venture, Feng Sheng Livestock Co., Ltd., with a joint venture party on July 20, 2020. The authorised capital was $600,000. As of March 31, 2021, the paid-in capital was $200,000, equivalent to 20 million shares of common stock. Both the Company and the joint venture party invested in the joint venture in the amount of $100,000 and each held 50% equity interest in the joint venture.

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(8) Property, plant and equipment

At January 1, 2021 Cost Accumulated depreciation 2021 Opening net book amount as at January 1 Additions Disposals Reclassifications Depreciation Closing net book amount as at March 31 At March 31, 2021 Cost Accumulated depreciation	Land 2,700,970 $ - 2,700,970 $ 2,700,970 $ 9,932 - 273,852 - 2,984,754 $ 2,984,754 $ - 2,984,754 $	Land improvements	Buildings and structures	Machinery and equipment	Transportation equipment	Leasehold improvements	Other equipment	Construction in progress and equipment to be inspected Total 2,633,662 $ 15,754,230 $ - 4,858,112) ( 2,633,662 $ 10,896,118 $ 2,633,662 $ 10,896,118 $ 633,485 686,373 - 2,509) ( 464,353) ( - - 180,384) ( 2,802,794 $ 11,399,598 $ 2,802,794 $ 16,320,466 $ - 4,920,868) ( 2,802,794 $ 11,399,598 $
		185,876 $ 59,810) ( 126,066 $ 126,066 $ 312 - 420 4,236) ( 122,562 $ 185,605 $ 63,043) ( 122,562 $	3,948,001 $ 1,395,534) ( 2,552,467 $ 2,552,467 $ 13,504 386) ( 85,652 51,376) ( 2,599,861 $ 3,973,740 $ 1,373,879) ( 2,599,861 $	3,891,542 $ 2,212,956) ( 1,678,586 $ 1,678,586 $ 16,767 - 30,383 66,690) ( 1,659,046 $ 3,912,869 $ 2,253,823) ( 1,659,046 $	358,829 $ 163,656) ( 195,173 $ 195,173 $ 2,337 1,824) ( 15,416 13,329) ( 197,773 $ 374,632 $ 176,859) ( 197,773 $	1,018,486 $ 610,083) ( 408,403 $ 408,403 $ 5,982 - - 22,732) ( 391,653 $ 1,013,520 $ 621,867) ( 391,653 $	1,016,864 $ 416,073) ( 600,791 $ 600,791 $ 4,054 299) ( 58,630 22,021) ( 641,155 $ 1,072,552 $ 431,397) ( 641,155 $

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At January 1, 2020 Cost Accumulated depreciation Less: Transferred non- current assests held for sale 2020 Opening net book amount as at January 1 Additions Disposals Reclassifications Depreciation Loss of control in subsidiaries Net exchange differences Closing net book amount as at March 31 At March 31, 2020 Cost Accumulated depreciation	Land 2,377,957 $ - 2,377,957 $ - 2,377,957 $ 2,377,957 $ 50 - 125,105 - - - 2,503,112 $ 2,503,112 $ - 2,503,112 $	Land improvements	Buildings and structures	Machinery and equipment	Transportation equipment	Leasehold improvements	Other equipment	Construction in progress and equipment to be inspected Total 1,066,646 $ 13,657,991 $ - 4,769,685) ( 1,066,646 $ 8,888,306 $ - 121,060) ( 1,066,646 $ 8,767,246 $ 1,066,646 $ 8,888,306 $ 505,284 559,382 - 693) ( 222,392) ( - - 167,027) ( 1,042) ( 120,473) ( 9) ( 571) ( 1,348,487 $ 9,158,924 $ 1,348,487 $ 13,642,966 $ - 4,484,042) ( 1,348,487 $ 9,158,924 $
		160,084 $ 45,681) ( 114,403 $ - 114,403 $ 114,403 $ 9,184 - - 3,604) ( - - 119,983 $ 167,906 $ 47,923) ( 119,983 $	3,782,534 $ 1,347,834) ( 2,434,700 $ 34,474) ( 2,400,226 $ 2,434,700 $ 13,939 - 13,063 47,232) ( 34,129) ( 161) ( 2,380,180 $ 3,662,005 $ 1,281,825) ( 2,380,180 $	4,035,713 $ 2,305,232) ( 1,730,481 $ 76,664) ( 1,653,817 $ 1,730,481 $ 12,697 - 58,976 64,334) ( 75,580) ( 355) ( 1,661,885 $ 3,734,687 $ 2,072,802) ( 1,661,885 $	299,461 $ 178,436) ( 121,025 $ 2,934) ( 118,091 $ 121,025 $ 15,146 693) ( 14,325 9,737) ( 2,866) ( 13) ( 137,187 $ 305,447 $ 168,260) ( 137,187 $	987,956 $ 530,653) ( 457,303 $ - 457,303 $ 457,303 $ - - 5,492 22,428) ( - - 440,367 $ 990,029 $ 549,662) ( 440,367 $	947,640 $ 361,849) ( 585,791 $ 6,988) ( 578,803 $ 585,791 $ 3,082 - 5,431 19,692) ( 6,856) ( 33) ( 567,723 $ 931,293 $ 363,570) ( 567,723 $

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A. Amount of borrowing costs capitalised as part of property, plant and equipment and the range of the interest rates for such capitalisation are as follows:

	Forthe three-monthperiods endedMarch31,	Forthe three-monthperiods endedMarch31,
	2021	2020
Amount capitalised	4,487 $	1,595 $
Interest rate range	1.00%~1.34%	1.12%~1.56%

B. Information about the property, plant and equipment that were pledged to others as collateral is provided in Note 8.
C. As of March 31, 2021, December 31,2020 and March 31, 2020, the Group held 214 parcels, 208 parcels and 204 parcels of agricultural land, respectively. The carrying amounts of land registered under the title of others amounted to $1,093,155, $1,046,317 and $989,660, respectively. The titles of these parcels of land are registered under the title of individuals, however, the Group has agreements with those individuals to pledge these agricultural land to the Group.

(9) Leasing arrangements - lessee

A. The Group leases various assets including land, buildings, business vehicles, and other equipment. Rental contracts are typically made for periods of 1 to 22 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.
B. The carrying amount of right-of-use assets and the depreciation charge are as follows:

Land Buildings Transportation equipment (Cargo truck) Other equipment	March31,2021 Carrying amount 291,594 $ 27,366 21,788 10,774 351,522 $	December31,2020 Carrying amount 298,184 $ 16,061 22,047 9,623 345,915 $	March31,2020
			Carrying amount
			315,797 $ 9,829 3,450 12,111
			341,187 $

~26~

	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	endedMarch31,
		2021		2020
	Depreciation charge		Depreciation charge
Land	$	6,590	$	6,582
Buildings		2,139		1,593
Transportation		1,257		530
equipment (Cargo
truck)
Other equipment		1,403		1,699
	$	11,389	$	10,404

C. For the three-month periods ended March 31, 2021 and 2020, the additions to right-of-use assets were $16,996 and $5,634, respectively.
D. The Group has no significant profit or loss in relation to lease contracts for the three-month periods ended March 31, 2021 and 2020.
E. For the three-month periods ended March 31, 2021 and 2020, the Group’s total cash outflow for leases were $9,533 and $8,952, respectively.

(10) Intangible assets

Software At January 1, 2021 Cost 10,651 $ Accumulated amortisation and impairment 10,477) ( 174 $ 2021 At January 1 174 $ Amortisation 52) ( At March 31 122 $ At March 31, 2021 Cost 10,651 $ Accumulated amortisation and impairment 10,529) ( 122 $	Goodwill Total - $ 10,651 $ - 10,477) ( - $ 174 $ - $ 174 $ - 52) ( - $ 122 $ - $ 10,651 $ - 10,529) ( - $ 122 $

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Short-term borrowings At January 1, 2020 Cost $ Accumulated amortisation and impairment ( $ 2020 At January 1 $ Additions Amortisation ( Impairment loss Net exchange differences At March 31 $ At March 31, 2020 Cost $ Accumulated amortisation and impairment ( $ Type ofborrowings Unsecured borrowings Letters of credit Type ofborrowings Unsecured borrowings Letters of credit Type ofborrowings Unsecured borrowings Letters of credit				Total 23,776 9,943) 13,833 13,833 83 210) 13,331) 123 498 10,651 10,153) 498 Collateral
		$	$ (
		$	$
		$ (
		$
		$
	$	$

Unsecured borrowings Letters of credit Type ofborrowings				None None Collateral
Unsecured borrowings Letters of credit Type ofborrowings				None None Collateral
Unsecured borrowings Letters of credit				None None

(11) Short-term borrowings

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(12) Short-term notes and bills payable

Commercial paper		March31,2021		December31,2020	December31,2020		March31,2020
payable		770,000 $		$	600,000		980,000 $
Less: Unamortised
discounts	(	952)	(		574)	(	1,088)
		769,048 $		$	599,426		978,912 $
Interest rate range		0.23%~0.89%			0.28%~0.89%		0.34%~0.93%

The short-term notes and bills payable were guaranteed by certain financial institutions.

(13) Other payables

March 31, 2021 Accrued salary 236,902 $ Payables for machinery and equipment 8,304 Contract liabilities - Others 249,978 495,184 $	December31,2020 417,022 $ 61,144 - 260,081 738,247 $	March 31, 2020 221,592 $ 7,367 418 278,795 508,172 $

- (14) Long term borrowings

Long-term borrowings and equipment Contract liabilities Others	8,304 - 249,978 495,184 $ $	61,144 - 260,081 738,247	$	7,367 418 278,795 508,172
		Interest rate
Type ofborrowings	Borrowing period	range		March31,2021
Secured loans	2017.10.5~2030.12.15	0.1%-1.4%	$	1,496,587
Unsecured credit loans	2017.9.6~2023.12.31	0.79%-1.35%		3,090,000
				4,586,587
Less: Current portion (shown as ‘Other current liabilities’)			(	613,250)
			$	3,973,337

		Interest rate
Type of borrowings	Borrowing period	range		December31,2020
Secured loans	2017.10.5~2030.12.15	0.1%-1.4%	$ 1,198,500
Unsecured credit loans	2017.9.6~2023.12.31	0.79%-1.35%		3,530,000
				4,728,500
Less: Current portion (shown as ‘Other current liabilities’)			(	213,250)
			$4,515,250

		Interest rate
Type ofborrowings	Borrowing period	range		March31,2020
Secured loans	2017.10.5~2026.4.3	1.33%-1.63%	$	456,437
Unsecured credit loans	2017.9.6~2022.10.27	1.03%-1.50%		2,425,000
				2,881,437
Less: Current portion (shown as ‘Other current liabilities’)			(	593,250)
			$	2,288,187

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Information on collaterals pledged for long-term borrowings is provided in Note 8.

(15) Pensions

A. Defined benefit plans

(a) The Company and its domestic subsidiaries have defined benefit pension plans in accordance with the Labor Standards Act, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Labor Standards Act. Under the defined benefit plans, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company and its domestic subsidiaries contribute monthly an amount equal to specific percentage of the employees’ monthly salaries and wages to the retirement fund deposited with the Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiaries would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balances are insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company and its domestic subsidiaries will make contributions to cover the deficit by next March.
(b) For the aforementioned pension plan, the Group recognised pension costs of $682 and $861 for the three-month periods ended March 31, 2021 and 2020, respectively.
(c) Expected contributions to the defined benefit pension plans of the Group for the year ending December 31, 2021 have no material differences from actual contributions for the year ended December 31, 2020.

B. Defined contribution plans

(a) Effective July 1, 2005, the Company and its domestic subsidiaries have established defined contribution pension plans (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiaries contribute monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. The pension costs for the aforementioned defined contribution pension plans of the Group for the three-month periods ended March 31, 2021 and 2020 were $13,734 and $12,058, respectively.
(b) The Company’s Mainland China subsidiary, Lianyungang Chia Tai Agro-industry Development Co., Ltd., has a defined contribution plan. Monthly contributions to an independent fund administered by the government in accordance with the pension regulations

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in the People’s Republic of China (PRC) are based on certain percentage of employees’ monthly salaries and wages. The contribution percentage has been adjusted to 16% since May 1, 2019. Other than the monthly contributions, the Group has no further obligations. The pension costs for the aforementioned defined contribution pension plan of this subsidiary for the three-month periods ended March 31, 2021 and 2020 were $0 and $451, respectively.

(16) Share capital - common stock

As of March 31, 2021, the Company’s authorised capital was $3,579,000, consisting of 357,900 thousand shares of common stock, and the paid-in capital was $2,679,910, consisting of 267,991 thousand shares of common stock with a par value of $10 (in dollars) per share. All proceeds from shares issuance have been collected.

For the three-month periods ended March 31, 2021 and 2020, there were no changes in the number of the Company’s ordinary shares outstanding.

(17) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Act requires that the amount of capital surplus to be capitalised mentioned above should not exceed 10% of the paidin capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

(18) Retained earnings

A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then 10% of the remaining amount shall be set aside as legal reserve. A special reserve is set aside or reversed in accordance with related laws or regulations by the Competent Authority. The remainder, if any, along with the accumulated unappropriated earnings in prior years, shall be distributed as shareholders’ bonus as resolved by the shareholders. Cash dividends to shareholders shall account for at least 10% of the total dividends distributed to shareholders. If cash dividend is lower than $0.1 (in dollars) per share, dividends are distributed using share dividends.
B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company’s paid-in capital.

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C. In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.
D. The appropriations of earnings for 2019 have been resolved at the shareholders’ meeting on June 23, 2020, as follows:

	2019	2019
			Dividends
			per share
	Amount		(in dollars)
Legal reserve	146,471 $
Cash dividends	1,071,964	$	4

E. Events after the balance sheet date:

The appropriations of earnings for 2020 proposed by the Board of Directors on May 11, 2021 are as follows. The dividends payable is not reflected in the consolidated financial statements of the Group.

	2020	2020
			Dividends
			per share
	Amount		(in dollars)
Legal reserve	164,389 $
Cash dividends	1,205,959	$	4.5

The appropriation proposal of 2020 earnings has not yet been resolved at the shareholders’ meeting.

(19) Operating revenue

Revenue from contracts with customers Less: Operating revenue from discontinued operations	2021 2020 5,718,985 $ 5,327,584 $ - 86,391) ( 5,718,985 $ 5,241,193 $ For the three-monthperiods ended March31,

A. Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods at a point in time in the following geographical regions:

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For the three-month period			Domestic			Asia			Total
ended March 31, 2021
Total segment revenue		$	5,850,114		$	-		$	5,850,114
Inter-segment revenue	(		131,129)			-	(		131,129)
Revenue from external
customer contracts		$	5,718,985		$	-		$	5,718,985
Timing of revenue recognition
At a point in time		$	5,718,985		$	-		$	5,718,985
For the three-month period			Domestic			Asia			Total
ended March 31, 2020
Total segment revenue		$	5,349,831		$	86,391		$	5,436,222
Inter-segment revenue	(		108,638)			-	(		108,638)
Revenue from external
customer contracts		$	5,241,193		$	86,391		$	5,327,584
Timing of revenue recognition
At a point in time		$	5,241,193		$	86,391		$	5,327,584
Less: Operating revenue from
discontinued operations			-	(		86,391)	(		86,391)
		$	5,241,193		$	-		$	5,241,193

B. Contract liabilities

The Group has recognised the following revenue-related contract liabilities:

Contract liabilities: Contract liabilities - advance receipts	March31,2021 - $	December31,2020 - $	March31,2020
			418 $

C. Information on revenue categorised by nature is provided in Note 14(2).

(20) Other income and expenses, net

Other income and expenses, net are gains (losses) on change in fair value less costs to sell of biological assets.

	For	the three-monthperiods	the three-monthperiods	ended March31,
		2021		2020
Other income and expenses, net	($	7,614)	($	4,432)

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(21) Interest income

For the three-month periods ended March 31,

Interest income from bank deposits Less: Interest income from discontinued operations

For t	he three-monthp	er	iods	ended March31,
	2021			2020
$	28		$	794
	-	(		257)
$	28		$	537

(22) Other income

Rental income

For the three-month periods ended March 31,	For the three-month periods ended March 31,
2021 2,263 $	2020
	2,538 $

(23) Other gains and losses

For the three-month periods ended March 31,

Gain (loss) on disposal of property, plant and equipment Gain on disposal of investment Impairment loss on non-financial assets Foreign exchange gains Other gains and losses Less: Other gains and losses from discontinued operations

			2020
($	1,285)		2,207 $
	-		84,145
	-	(	13,331)
	11,306		2,050
	5,704		8,785
	-		716
$	15,725		84,572 $

(24) Finance costs

Interest expense: Bank borrowings	Forthe three-monthperiods endedMarch31,	Forthe three-monthperiods endedMarch31,
	2021 17,750 $	2020
		22,087 $

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(25) Expenses by nature (Including discontinued operations)

For the three-month period ended March 31, 2021

Employee benefit expense Depreciation on property, plant and equipment Depreciation on right-of- use assets Amortisation	Operating Operating cost expenses 364,235 $ 207,169 $ 163,505 16,879 8,697 2,692 914 102 537,351 $ 226,842 $	Total
		571,404 $ 180,384 11,389 1,016 764,193 $

Operating Operating cost expenses Total Employee benefit expense 337,723 $ 176,374 $ 514,097 $ Depreciation on property, plant and equipment 155,215 11,812 167,027 Depreciation on right-of- use assets 8,350 2,054 10,404 Amortisation 872 258 1,130 502,160 $ 190,498 $ 692,658 $ For the three-month period ended March 31, 2020	Operating Operating cost expenses Total Employee benefit expense 337,723 $ 176,374 $ 514,097 $ Depreciation on property, plant and equipment 155,215 11,812 167,027 Depreciation on right-of- use assets 8,350 2,054 10,404 Amortisation 872 258 1,130 502,160 $ 190,498 $ 692,658 $ For the three-month period ended March 31, 2020	Operating Operating cost expenses Total Employee benefit expense 337,723 $ 176,374 $ 514,097 $ Depreciation on property, plant and equipment 155,215 11,812 167,027 Depreciation on right-of- use assets 8,350 2,054 10,404 Amortisation 872 258 1,130 502,160 $ 190,498 $ 692,658 $ For the three-month period ended March 31, 2020
	Operating expenses 176,374 $ 11,812 2,054 258 190,498 $	Total
		514,097 $ 167,027 10,404 1,130
		692,658 $

(26) Employee benefit expense (Including discontinued operations)

For the three-month period ended March 31, 2021

Wages and salaries Labor and health insurance Pension costs Other personnel expenses	Operating cost 304,940 $ 33,666 9,294 16,335 364,235 $	Operating expenses 186,138 $ 14,021 5,122 1,888 207,169 $	Total
			491,078 $ 47,687 14,416 18,223
			571,404 $

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For the three-month period ended March 31, 2020

Operating cost Wages and salaries 285,012 $ Labor and health insurance 28,069 Pension costs 8,245 Other personnel expenses 16,397 337,723 $	Operating expenses Total 156,686 $ 441,698 $ 11,738 39,807 5,125 13,370 2,825 19,222 176,374 $ 514,097 $

Other personnel expenses include meal allowance, training expenses and employee benefits.

A. According to the Articles of Incorporation of the Company, an amount equal to at least 1% of the Company’s distributable profit of the current year should be appropriated as employees’ compensation expense. If the Company has an accumulated deficit, earnings should be reserved to cover the accumulated losses in advance.
B. For the three-month periods ended March 31, 2021 and 2020, employees’ compensation was accrued at $4,879 and $2,778, respectively. The aforementioned amounts were recognised in wages and salaries expense.

For the three-month period ended March 31, 2021, the employees’ compensation was estimated and accrued based on 1% (as prescribed by the Company’s Articles of Incorporation) of distributable profit of current year as of the end of reporting period.

For 2020, the difference of $178 between employees’ compensation of $20,889 resolved by the Board of Directors and the amount of $20,711 recognised in the 2020 financial statements, mainly resulting from a variance in estimation, will be adjusted in profit or loss for 2021. The employees’ compensation in 2020 has not yet been distributed, so the adjustment of the variance was not yet reflected in the consolidated financial statements of the Group.

C. Information about employees’ compensation and directors’ and supervisors’ remuneration of the Company as resolved by the Board of Directors will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

(27) Income tax

A. Income tax expense
(a) Components of income tax expense:

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	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	endedMarch31,
			2021		2020
Current tax:
Current tax on profits for the period		$	108,449	$	45,454
Tax on undistributed surplus earnings			-		-
Prior year income tax underestimation
(overestimation)	(		3,617)		-
Total current tax			104,832		45,454
Deferred tax:
Origination and reversal of temporary
differences	(		14,591)		11,215
Total deferred tax	(		14,591)		11,215
Income tax expense			90,241		56,669
Less: Income tax expense from
discontinued operations			-		750
Income tax expense		$	90,241	$	57,419

(b) The income tax relating to components of other comprehensive income is as follows:

Remeasurement of defined benefit obligations	For the three-month periods ended March 31,	For the three-month periods ended March 31,
	2021 - $	2020
		- $

B. The income tax returns through 2019 of the Company and its subsidiaries - Charoen Pokphand (Taiwan) Corp., Ltd., Arbor Acres Taiwan Co., Ltd., and Sheng Da Foods Co., Ltd. have been assessed and approved by the Tax Authority. The income tax returns through 2018 of the Company and its subsidiaries - Rui Mu Foods Co., Ltd. and Rui Fu Foods Co., Ltd. have been assessed and approved by the Tax Authority.

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(28) Earnings per share

Basic earnings per share Profit attributable to ordinary shareholders Diluted earnings per share Profit from continuing operations attributable to ordinary shareholders Assumed conversion of all dilutive potential ordinary shares - employees’ compensation Profit from continuing operations attributable to ordinary shareholders plus assumed conversion of all dilutive potential ordinary shares Profit attributable to ordinary shareholders plus assumed conversion of all dilutive potential ordinary shares	Weighted average number of ordinary shares outstanding Earnings per share Amount aftertax (sharesinthousands) (indollars) 387,237 $ 267,991 1.45 $ 387,237 $ 267,991 - 350 387,237 268,341 1.44 $ 387,237 $ 268,341 1.44 $ Forthe three-monthperiod endedMarch31,2021	Weighted average number of ordinary shares outstanding Earnings per share Amount aftertax (sharesinthousands) (indollars) 387,237 $ 267,991 1.45 $ 387,237 $ 267,991 - 350 387,237 268,341 1.44 $ 387,237 $ 268,341 1.44 $ Forthe three-monthperiod endedMarch31,2021
		1.45 $
		1.44 $
		1.44 $

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For the three-month period ended March 31, 2020

				Weighted average
				number of ordinary
				shares outstanding		Earnings per share
		Amount	aftertax	(sharesinthousands)			(indollars)
Basic earnings per share
Profit from continuing
operations attributable to
ordinary shareholders		$	235,922	267,991		$	0.88
Loss from discontinued
operations	(		1,575)		(		0.01)
Profit attributable to ordinary
shareholders		$	234,347			$	0.87
Diluted earnings per share
Profit from continuing
operations attributable to
ordinary shareholders		$	235,922	267,991
Assumed conversion of all
dilutive potential ordinary
shares - employees’
compensation			-	341
Profit from continuing
operations attributable to
ordinary shareholders plus
assumed conversion of all
dilutive potential ordinary
shares			235,922	268,332		$	0.88
Loss from discontinued
operations	(		1,575)		(		0.01)
Profit attributable to ordinary
shareholders plus assumed
conversion of all dilutive
potential ordinary shares		$	234,347	268,332		$	0.87

(29) Supplemental cash flow information

Investing activities with partial cash payment are as follows:

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For the three-month periods ended March 31,

		For t	he three-monthpe	r	iods	ended March31,
			2021			2020
Acquisition of property, plant and equipment		$	686,373		$	559,382
Add: Opening balance of payable on equipment			61,144			35,719
Less: Ending balance of payable on equipment	(		8,304)	(		7,367)
Cash paid during the period		$	739,213		$	587,734

7. RELATED PARTY TRANSACTIONS

(1) Parent and ultimate controlling party

CPF (incorporated in Thailand) indirectly held 39% of the Company’s equity shares. The remaining shares were held by the general public. CPG is the major shareholder of CPF.

(2) Names of related parties and relationship

Names of related parties
Charoen Pokphand Foods Public Co., Ltd. (CPF)
Charoen Pokphand Group Co., Ltd. (CPG)
C.P. Consumer Products Company Limited
C.P. Merchandising Company Limited
Chia Tai Feedmill Pte. Ltd.
Ta Chung Investment Co., Ltd.
Chun Ta Investment Co., Ltd.
Perfect Companion (Taiwan) Co., Ltd.
Aviagen Incorporation
Mu Da Egg Co.
Fu Ding International Corporation
Fu Ting Foods Co., Ltd.
Li - Chun Farm Product Co., Ltd.
Jih Ching Egg Co., Ltd.
Shandong C.P. Livestock Co., Ltd.
Chia Tai Aquaculture (Nantong) Co., Ltd.
Chia Tai Investment Co., Ltd. (Formerly Chia Tai (China)
Investment Co., Ltd.)
Chia Tai Food (Suqian) Co., Ltd.
Chia Tai Animal Husbandry Investment (Beijing) Co., Ltd.
Chia Tai Electronic Commerce (Zhejiang) Co., Ltd.
C.P. Premix (Nantong) Co., Ltd.
Jiangsu C.T. & Suken Swine Co., Ltd.
Jiansu Huai Yin Chia Tai Co., Ltd.
Pizhou Chia Tai Food Co., Ltd.
Qingdao Chia Tai Agricultural Development Co., Ltd.
Qingdao CP Swine Business Co., Ltd.

Relationship withthe Group

Ultimate parent company
Other related parties
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"

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----- Start of picture text -----

Names of related parties Relationship with the Group
----- End of picture text -----

Names of related parties	Relationship withthe Group
Nantong Chia Tai Co., Ltd.	Other related parties
Nantong Chia Tai Agriculture Development Co., Ltd.	"
Xuzhou Chia Tai Feed Co., Ltd.	"
Taizhou Chia Tai Feed Co., Ltd.	"
Huaian C.P. Livestock Co., Ltd.	"
Fuzhou Da Fu Co., Ltd.	"
Hung Peng-Da	"
Hung Yu-Chun	"
Huang Wei-I	"
Lu Yi-Feng	"
Lu Xiang-Da	"
Lu Pei-Lun	"
Lan Fu-Shi	"
Zhang Jian-Wen	"

(3) Significant related party transactions and balances

A. Operating revenue

Sales of goods: Other related parties Less: Operating revenue from discontinued operations	2021 2020 102,223 $ 22,992 $ - 22,992) ( 102,223 $ - $ Forthe three-monthperiods endedMarch31,

Goods are sold based on the price lists in force and terms that would be available to third parties.

B. Purchases

Purchases of goods: Ultimate parent company Other related parties Less: Purchases from discontinued operations	2021 2020 3,123 $ - $ 59,865 21,925 - 19,764) ( 62,988 $ 2,161 $ Forthe three-monthperiods endedMarch31,

Goods are purchased from related parties on normal commercial terms and conditions.

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C. Receivables from related parties

Other related parties Other receivables: Other related parties Notes and accounts receivable:	March31,2021 58,671 $ 21 58,692 $	December31,2020 March31,2020 - $ - $ - - - $ - $

The receivables from related parties arise mainly from sale transactions. The receivables are unsecured in nature and bear no interest. No allowance for uncollectible accounts was provided for receivables from related parties.

D. Payables to related parties

Notes and accounts payable: Other related parties Other payable: Other related parties	March31,2021 33,309 $ 3,468 36,777 $	December31,2020 1,273 $ - 1,273 $	March31,2020
			115 $ -
			115 $

The payables to related parties arise mainly from purchase transactions. Other payables arise mainly from freight, processing fees and joint breeding fees. The payables bear no interest.

E. Prepayments:

==> picture [452 x 30] intentionally omitted <==

Prepayment was pertaining to the prepayment for jointly contractual breeding.

F. Rental income (shown as ‘Other income’)

Rental income: Other related parties	Forthe three-monthperiods endedMarch31,	Forthe three-monthperiods endedMarch31,
	2021 245 $	2020
		245 $

The rental receivables are collected annually or monthly based on the contracts.

G. Technical service agreement
(a) The Company signed a technical service agreement with CPG since 1996. CPG helps the Company to manufacture feeds, raise animals and to process meat products, and the Company

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pays compensation of THB12 million (net value) for the services annually. The commitment would not be terminated except when any of the two parties would agree to end the agreement. For the three-month periods ended March 31, 2021 and 2020, the Company recognised technical service expenses amounting to $2,907 and $3,273, respectively. As of March 31, 2021, December 31,2020 and March 31, 2020 the outstanding balances were approximately $0, $55 and $17, respectively, and shown as ‘other payables to related parties’.

(b) The Company signed a technical service agreement with CPG at the end of 2015. CPG helps the Company to raise animals and provides consulting services of related technical skills, and the Company pays compensation of $700 for the services monthly. The contract is effective for 5 years. The contract term was extended to five years effective from the end of 2020. For the three-month periods ended March 31, 2021 and 2020, the Company recognised technical service expense amounting to $2,100 and $2,100, respectively. As of March 31, 2021, December 31,2020 and March 31, 2020, the outstanding balances were $2,800, $700 and $4,200, respectively, and shown as ‘other payables to related parties’.

H. Trademark licensing agreement

The Company signed a trademark license agreement with CPG at the end of 2015. The contract authorises the Company to use ‘CP’ as trademark in the designated area (Republic of China). Royalties are paid monthly based on 1.5% of the net amount of sales. The contract is effective for 5 years. The contract term was extended to five years effective from the end of 2020. For the threemonth periods ended March 31, 2021 and 2020, the Company recognised royalties amounting to $18,885 and $19,486, respectively. As of March 31, 2021, December 31,2020 and March 31, 2020, the outstanding balances were $25,478, $6,593 and $39,509, respectively, and shown as ‘other payables to related parties’.

I. Property transactions

On April 14, 2020, the Board of Directors of Rui Mu Foods Co., Ltd. resolved to dispose the land located at Daochang Section, Houbi District, Tainan City to other related party for the purpose of activating the idle assets due to suspension of the plan to establish a chicken manure processing plant. The total transaction amount and gain on disposal were $23,642 and $678, respectively. The payment arising from the disposal had been collected in May 2020.

(4) Key management compensation

Salaries and other short-term employee benefits Post-employment benefits Total	For the three-monthperiods ended March31,	For the three-monthperiods ended March31,
	2021 49,512 $ 415 49,927 $	2020
		43,650 $ 399
		44,049 $

8. PLEDGED ASSETS

The Group’s assets pledged as collateral are as follows:

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----- Start of picture text -----

Book value
March 31, December 31, March 31,
Pledged assets 2021 2020 2020 Purpose
Time deposits (shown as $ 8,200 $ 8,200 $ 8,200 Guarantee deposit
‘Other current assets’)
Property, plant and
equipment
Land 1,028,046 979,811 142,803 Long-term borrowings
Buildings and structures 223,415 226,483 409,801 Long-term borrowings
Construction in progress 733,355 621,642 18,680 Long-term borrowings
$ 1,993,016 $ 1,836,136 $ 579,484
----- End of picture text -----

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT

COMMITMENTS

(1) Contingencies

The Group subsequently invested to establish chicken farms in Hualien county starting from 2018, and had submitted an application to the Hualien County Government for approval based on the Group’s building and feeding project. However, the Hualien County Government issued a letter on July 10, 2020 to terminate the Group’s application for the building of farming facilities on agricultural land without taking into consideration the measures and goodwill that the Group took in order to reach consensus with local residents and resolve controversy. The Group has appointed lawyers and filed an appeal as administrative remedy. For the administrative appeal filed against the administrative action concerning the revocation of the permission letter to use the land in dispute, the Council of Agriculture of Executive Yuan revoked the aforesaid administrative action in accordance with the Appeal Resolution Letter Order No. Nong-Su-Zi-1090727273, dated January 12, 2021. As for the administrative appeal filed against the administrative action concerning the disapproval Jingzhong Section, Shoufeng Township, Hualien County, the Council of Agriculture of Executive Yuan revoked the aforesaid administrative action in accordance with the Appeal Resolution Letter Order No. NongSu-Zi-1090721271, dated January 12, 2021, and requested the Hualien County Government to take other legitimate actions. As of March 31, 2021, the related costs incurred by the Group amounted to $71,118, excluding the cost of land.

(2) Commitments

A. As of March 31, 2021, December 31,2020 and March 31, 2020, the Group had opened unused letters of credit for purchases of raw materials and machinery of $732,892, $504,107 and $446,892, respectively.
B. As of March 31, 2021, December 31,2020 and March 31, 2020, the Group had several outstanding construction contracts and equipment purchase agreements. The balance outstanding amounted to $981,925, $1,378,909 and $975,748, respectively, and will be paid based on the percentage of completion.

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10. SIGNIFICANT DISASTER LOSS

None.

11. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

None.

12. OTHERS

(1) Capital risk management

There were no significant changes in the reporting period, please refer to Note 12 in the consolidated financial statements for the year ended December 31, 2020.

(2) Financial risk of financial instruments

A. Financial instruments by category

Financial assets Financial assets measured at fair value through other comprehensive income Designation of equity instrument Financial assets at amortised cost Cash and cash equivalents Notes receivable (including related parties) Accounts receivable (including related parties) Other receivables (including related parties) Refundable deposits Other financial assets - current	March31,2021 2,060,906 $ 268,758 277,483 2,014,966 4,831 48,821 22,291 4,698,056 $	December31,2020 1,925,872 $ 247,679 280,767 1,903,391 13,495 49,402 47,934 4,468,540 $	March31,2020
			1,727,226 $ 1,108,402 317,786 1,795,340 14,509 41,757 8,200
			5,013,220 $

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March 31, 2021

December 31, 2020

March 31, 2020

	March31,2021	December31,2020	March31,2020
Financial liabilities Financial liabilities at amortised cost Short-term borrowings Short-term notes and bills payable Notes payable (including related parties) Accounts payable (including related parties) Other payables (including related parties) Long-term borrowings (including current portion) Lease liability	3,393,007 $ 769,048 386,060 830,383 526,930 4,586,587 10,492,015 $ 328,560 $	2,659,715 $ 599,426 600,078 747,557 745,595 4,728,500 10,080,871 $ 321,097 $	3,427,064 $ 978,912 451,508 676,802 551,898 2,881,437
			8,967,621 $
			327,870 $

B. Financial risk management policies

There were no significant changes in the reporting period, please refer to Note 12 in the consolidated financial statements for the year ended December 31, 2020.

C. Financial risks and degrees of financial risks
(a) Market risk

Foreign exchange risk

i. The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, HKD and CNY. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations.
ii. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency.
iii. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk.

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iv. The Group’s businesses involve some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: NTD; other certain subsidiaries’ functional currency: CNY and HKD). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

March 31, 2021

March31,2021	March31,2021
Exchangerate (Foreign currency : functional currency) Financial assets Monetary items USD:NTD USD 114 28.49 USD:HKD USD 3,430 7.80 CNY:HKD CNY 685 1.19 Non-monetary item THB:HKD THB 2,265,600 0.25 Financial liabilities Monetary items USD:NTD USD 10,215 28.59 JPY:NTD JPY 20,999 0.26 EUR:NTD EUR 23 33.68 SGD:NTD SGD 93 21.30 Exchangerate (Foreign currency : functional currency) Financial assets Monetary items USD:NTD USD 110 28.43 USD:HKD USD 3,461 7.80 CNY:HKD CNY 685 1.19 Non-monetary item THB:HKD THB 2,054,400 0.26 Financial liabilities Monetary items USD:NTD USD 7,546 28.53 EUR:NTD EUR 155 35.22 (inthousands) Foreign currency amount (inthousands) December31,2020 Foreign currency amount		Book value (NTD)
		3,258 $ 97,928 2,975 2,060,906 $ 292,004 $ 5,453 762 1,987
	Exchangerate 28.43 7.80 1.19 0.26 28.53 35.22	Book value (NTD)
		3,131 $ 97,828 2,948 1,925,872 $ 215,295 $ 5,459

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March 31, 2020

			March	31,2020
	Foreign currency
		amount				Book value
	(in	thousands)	Exchangerate			(NTD)
(Foreign currency :
functional currency)
Financial assets
Monetary items
USD:HKD	USD	9,995		7.80	$	304,591
CNY:HKD	CNY	7,185		1.09		30,720
Non-monetary item
THB:HKD	THB	1,886,240		0.24	$	1,727,226
Financial liabilities
Monetary items
USD:NTD	USD	2,182		30.28	$	66,063
EUR:NTD	EUR	600		33.44		20,064

Note: The functional currency of certain subsidiaries belonging to the Group is HKD. Thus, this information has to be considered when reporting.

v. Total exchange gain, including realised and unrealised arising from significant foreign exchange variation on the monetary items held by the Group for the three-month periods ended March 31, 2021 and 2020 amounted to $11,306 and $2,050, respectively.
vi. Analysis of foreign currency market risk arising from significant foreign exchange variation:

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For the three-month period ended March 31, 2021

(Foreign currency : functional currency) Financial assets Monetary items USD`：`NTD USD`：`HKD CNY`：`HKD Non-monetary item THB`：`HKD Financial liabilities Monetary items USD`：`NTD JPY`：`NTD EUR`：`NTD SGD`：`NTD (Foreign currency : functional currency) Financial assets Monetary items USD`：`HKD CNY`：`HKD Non-monetary item THB`：`HKD Financial liabilities Monetary item USD`：`NTD EUR`：`NTD	Sensitivity analysis
	Effect on other Degree of Effect on comprehensive variation profit or loss income 1% 33 $ - $ 1% 979 - 1% 30 - 1% - $ 20,609 $ 1% 2,920) ($ - $ 1% 55) ( - 1% 8) ( - 1% 20) ( - Forthe three-monthperiod endedMarch31,2020	Effect on other comprehensive income
	Sensitivity analysis
	Degree of Effect on variation profit or loss 1% 3,046 $ 1% 307 1% - $ 1% 661) ($ 1% 201) (	Effect on other comprehensive income
		- $ - 17,272 $ - $ -

Price risk

i. The Group is exposed to equity securities price risk because of investments held by the Group and classified on the consolidated balance sheet as financial assets at fair value through other comprehensive income. Please refer to Note 6(2).
ii. For the Group’s strategies for biological assets price risk, please refer to Note 6(5).

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iii. The Group’s investment in equity securities comprise foreign listed stocks. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, other equity for the three-month periods ended March 31, 2021 and 2020 would have increased/decreased by $20,609 and $17,272, respectively, as a result of gains/losses on equity securities classified as equity investment at fair value through other comprehensive income.

Cash flow and fair value interest rate risk

i. The Group’s interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. During the three-month periods ended March 31, 2021 and 2020, the Group’s borrowings at variable rate were denominated in NTD.
ii. The Group analyses its interest rate exposure on a dynamic basis. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. For each simulation, the same interest rate shift is used for all currencies. The scenarios run only for liabilities that represent the major interest-bearing positions.
iii. For the three-month periods ended March 31, 2021 and 2020, if interest rates on NTDdenominated borrowings at that date had been 1% higher/lower with all other variables held constant, post-tax profit for the three-month periods ended March 31, 2021 and 2020, would have been $9,173 and $5,763 lower/higher, respectively, mainly as a result of higher/lower interest expense on floating rate borrowings.

(b) Credit risk

i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is the contract cash flows when counterparties could not repay in full the accounts receivable based on the agreed terms.
ii. The Group manages their credit risk taking into consideration the entire group’s concern. According to the Group’s credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

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iii. Based on the Group’s historical experience, if the contract payments were past due over 17 days, there has been a significant increase in credit risk on that instrument since initial recognition. As a result, the Group should strengthen controls and make follow-up procedures.
iv. The Group pays attention on specific customers whose payments were past due to confirm the debts and recognises the allowance for bad debts when there is a concern about default based on the assessment of customers’ credit risk.
v. The Group classifies customers’ accounts receivable in accordance with customer types. The Group applies the simplified approach using loss rate methodology to estimate expected credit loss impairment under the provision matrix basis.
vi. The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights. As of March 31, 2021, December 31, 2020 and March 31, 2020, the Group’s written-off financial assets that are still under recourse procedures amounted to $179, $720 and $212, respectively.
vii. (i) The expected loss rate for well-reputed customers is 0.03%. As of March 31, 2021, December 31,2020 and March 31, 2020, the total book value of accounts receivable and loss allowance amounted to $759,002 and $0; $705,100 and $0; and $721,506 and $0, respectively.
(ii) The Group used the forecastability of the global economy to adjust historical and timely information to assess the default possibility of accounts receivable in accordance with customers’ credit. As of March 31, 2021, December 31,2020 and March 31, 2020, the expected loss rate is as follows:

March 31, 2021 Expected loss rate Total book value Loss allowance December 31, 2020 Expected loss rate Total book value Loss allowance March 31, 2020 Expected loss rate Total book value Loss allowance	GroupA 0%~100% 29,581 $ 6,327 GroupA 0%~100% 20,492 $ 6,327 GroupA 0%~100% 25,625 $ 1,637	GroupB 0.003%~10% 1,233,611 $ 901 GroupB 0.003%~10% 1,185,027 $ 901 GroupB 0.003%~10% 1,049,890 $ 44	Total
			1,263,192 $ 7,228 Total
			1,205,519 $ 7,228 Total
			1,075,515 $ 1,681

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Note: Customers are categorised into Group A and B based on their credit rating. The expected loss rate is assessed on an individual basis under each group.

viii. Movements in relation to the Group applying the simplified approach to provide loss allowance for notes and accounts receivable are as follows:

			2021
		Notes and accounts
		receivable (including
			related parties)
At January 1 (Same as March 31)		$	7,228
			2020
		Notes and accounts
		receivable (including
			related parties)
At January 1		$	1,700
Reversal of impairment loss	(		19)
At March 31		$	1,681

The reversal of impairment loss arising from customers’ contracts for the three-month periods ended March 31, 2021 and 2020 amounted to $0 and $19, respectively.

(c) Liquidity risk

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group treasury. Group treasury monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs. Such forecasting takes into consideration the Group’s financial ratio targets, covenant compliance and applicable external regulatory or legal requirements.
ii. The table below analyses the Group’s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

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Non-derivative financial liabilities

Non-derivative financial liabilities
March 31, 2021 Short-term borrowings Short-term notes and bills payable Notes payable (including related parties) Accounts payable (including related parties) Other payables (including related parties) Lease liabilities Long-term borrowings (including current portion) December 31, 2020 Short-term borrowings Short-term notes and bills payable Notes payable Accounts payable (including related parties) Other payables (including related parties) Lease liabilities Long-term borrowings (including current portion) Non-derivative financial liabilities	Less than 1year 3,393,007 $ 770,000 386,060 830,383 526,930 30,632 656,738 Less than 1year 2,659,715 $ 600,000 600,078 747,557 745,595 27,300 260,238	Between 1 and 5 years - $ - - - - 129,452 3,640,114 Between 1 and 5 years - $ - - - - 132,940 4,251,158	Over5 years
			- $ - - - - 195,001 385,242 Over5 years
			- $ - - - - 187,744 322,740

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Non-derivative financial liabilities

Non-derivative financial liabilities
			Between 1	and
March 31, 2020	Less	than 1year	5 years			Over5 years
Short-term borrowings	$	3,427,064	$	-	$	-
Short-term notes and bills payable		980,000		-		-
Notes payable		451,508		-		-
Accounts payable
(including related parties)		676,802		-		-
Other payables
(including related parties)		551,898		-		-
Lease liabilities		25,023	118,091			214,794
Long-term borrowings
(including current portion)		625,947	2,247,222			61,840

iii. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

(3) Fair value information

A. Details of the fair value of the Group’s financial assets and financial liabilities not measured at fair value are provided in Note 12(2) A.
B. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group’s investment in listed stocks is included in Level 1.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of the Group’s investment in biological assets is included in Level 2.

Level 3: Unobservable inputs for the asset or liability.

C. The related information on financial and non-financial instruments measured at fair value by level based on the nature, characteristics and risks of the assets and liabilities is as follows:

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March 31, 2021 Assets Recurring fair value measurements Biological assets Financial assets at fair value through other comprehensive income: Equity securities December 31, 2020 Assets Recurring fair value measurements Biological assets Financial assets at fair value through other comprehensive income: Equity securities March 31, 2020 Assets Recurring fair value measurements Biological assets Financial assets at fair value through other comprehensive income: Equity securities	Level 1 - $ 2,060,906 $ Level 1 - $ 1,925,872 $ Level 1 - $ 1,727,226 $	Level 2 871,587 $ - $ Level 2 828,736 $ - $ Level 2 795,072 $ - $	Level3 - $ - $ Level3 - $ - $ Level3 - $ - $	Total
				871,587 $
				2,060,906 $
				Total
				828,736 $
				1,925,872 $
				Total
				795,072 $
				1,727,226 $

D. The methods and assumptions of the Group used to measure fair value are as follows:
(a) The instruments the Group used quoted market prices as their fair values (that is, Level 1) are listed stocks, whose quoted market prices are based on the closing prices which are classified as financial assets at fair value through other comprehensive income.
(b) The Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect credit risk of the counterparty and the Group’s credit quality.
(c) Details of methods for measuring Level 2 - Biological assets are provided in Note 6(5).
E. For the three-month periods ended March 31, 2021 and 2020, there was no transfer between Level 1and Level 2.
F. For the three-month periods ended March 31, 2021 and 2020, there was no transfer into or out from Level 3.

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13. SUPPLEMENTARY DISCLOSURES

(1) Significant transactions information

A. Loans to others: None.
B. Provision of endorsements and guarantees to others during the three-month period ended March 31, 2021: None.
C. Holding of marketable securities at March 31, 2021 (not including subsidiaries, associates and joint ventures):

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----- Start of picture text -----

Marketable securities Relationship with General ledger As of March 31, 2021
Securities held by Types Name the securities issuer account Number of shares Book value Ownership Fair value (Note 1) Footnote
----- End of picture text -----

Securities held by	Types Name t	he securities issu	er account	umber of shares	Book value	wnership	Fair	value(Note 1) Footnote
Plenty Type Limited	Common share CHAROEN POKPHAND	None	Financial assets at fair value	4,501,000	$ -	0.02%	$	-
(Cayman Islands)	(USA), INC.		through profit or loss
Plenty Type Limited	Common share CHAROEN POKPHAND	(Note 2)	Financial assets at fair value	76,800,000	2,060,906	0.89%		2,060,906
(Cayman Islands)	FOODS PUBLIC		through other comprehensive
	COMPANY LIMITED		income

Note 1: The numbers filled in for market value are as follows:

(1) Where there is a quoted market price, the fair value is based on the closing price at the balance sheet date, the fair value of open-end funds is based on the net asset value at the balance sheet date.

(2) Where there is no quoted market price, this column is filled in with the book value per share for stocks or left blank for other instruments.

Note 2: Investee company accounted for as financial assets at fair value through other comprehensive income by Plenty Type Limited (Cayman Islands), which is ultimate parent entity of the Company

D. Acquisition or sale of the same security with the accumulated cost exceeding NT$300,000 or 20% of the Company’s paid-in capital during the three-month period ended March 31, 2021: None.
E. Acquisition of real estate reaching NT$300,000 or 20% of paid-in capital or more during the three-month period ended March 31, 2021: None.
F. Disposal of real estate reaching NT$300,000 or 20% of paid-in capital or more during the three-month period ended March 31, 2021: None.
G. Purchases or sales of goods from or to related parties reaching NT$100,000 or 20% of paid-in capital or more during the three-month period ended March 31, 2021: None.
H. Receivables from related parties reaching NT$100,000 or 20% of paid-in capital or more as at March 31, 2021: None.
I. Trading in derivative instruments undertaken during the three-month period ended March 31, 2021: None
J. Significant inter-company transactions during the three-month period ended March 31, 2021:

The inter-company transactions below 1% of consolidated assets or revenue are not disclosed.

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(2) Information on investees

Names, locations and other information of investee companies (not including investees in Mainland China):

Investor	Investee	Location	Main business activities	Initial investment amount	Initial investment amount	Shares held as of March 31,2021	Shares held as of March 31,2021	Shares held as of March 31,2021	Net profit of the investee	Investment income recognised by the Company	Footnote
				Balance as of March 31,2021	Balance as of December 31, 2020	Number of shares	Ownership (%)	Book value
The Company The Company The Company The Company The Company The Company Plenty Type Limited (Cayman Islands) Rui Fu Foods Co., Ltd.	Plenty Type Limited (Cayman Islands) Charoen Pokphand (Taiwan) Corp., Ltd. Arbor Acres Taiwan Co., Ltd. Rui Mu Foods Co., Ltd. Rui Fu Foods Co., Ltd. Feng Sheng Livestock Co., Ltd. Chia Tai Lianyungang Co., Ltd. Sheng Da Foods Co., Ltd.	Cayman Islands Taiwan Taiwan Taiwan Taiwan Taiwan Hong Kong Taiwan	Management of producing and non-producing business investments Management of importing and exporting businesses Husbandry management of chickens to produce breeder chicken and daily chicken Husbandry management of layers and related business Husbandry management of layers and related business Electric livestock slaughter Management of producing and non-producing business investments Husbandry management of layers and related business	620,471 $ 20,086 60,131 193,860 306,000 100,000 19,910 HKD 60,000	620,471 $ 20,086 60,131 193,860 255,000 100,000 19,910 HKD 60,000	81,218,564 2,443,716 1,600,000 20,400,000 30,600,000 10,000,000 999,999 6,000,000	100.00 90.00 50.00 68.00 51.00 50.00 99.99 60.00	2,162,773 $ 44,191 95,133 176,370 261,236 100,045 4,053 52,517	1,205) ($ 3,699 8,947 11,421) ( 16,618) ( 330 158) ( 3,755) (	1,205) ($ 3,329 4,474 7,766) ( 8,475) ( 165 - -	Subsidiary (Note 1) Subsidiary Subsidiary Subsidiary Subsidiary (Note 1) Investment accounted for using equity method - joint ventures Indirectly owned subsidiary (Note 2) Indirectly owned subsidiary (Note 2)

Note 1: Including recognition of current profit of its investees.

Note 2: Current period income has been recognised by subsidiaries and indirectly owned subsidiaries.

(3) Information on investments in Mainland China

None.

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(4) Major shareholders information

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----- Start of picture text -----

Shares
Name of major shareholders Name of shares held Ownership (%)
----- End of picture text -----

Name of majorshareholders N	ame ofsharesheld Ow	nership (%)
Charoen Pokphand (Taiwan) Investment Ltd.,	26,802,733	10.00
Bermuda
Bright Excel Investments Limited, BVI	24,832,500	9.26
Giant Crown Investments Limited, BVI	16,946,479	6.32
Chun Ta Investment Co., Ltd .	15,176,525	5.66

14. OPERATING SEGMENT INFORMATION

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decision.

The Group’s Chief Operating Decision-Maker considers the business from a product type perspective. The main activities of the Group are feeds business, meat processing business, food processing business, management of importing and exporting animal medicine and husbandry business. The reportable segments are as follows:

A. Feeds business: Manufacture and sale of animal feeds and wholesale of commodity;
B. Meat processing business;
C. Food processing business; and
D. Husbandry business: Husbandry management of chickens to produce eggs and meat.

There is no material change in the basis for formation of entities and division of segments in the Group or in the measurement basis for segment information in this period.

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(2) Segment information

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

For the three-month period ended March 31, 2021

Revenues from third parties Revenues from the Group Total segment revenue Segment income (loss)

	Forthe three-monthperiod endedMarch31,2021
Feeds $ 3,101,920 87,478 $ 3,189,398 $437,459	Meat processing Food processing Husbandry Others $ 1,301,216 $ 924,755 $ 370,609 $ 20,485 8,516 475 20,260 14,400 $1,309,732 $ 925,230 $ 390,869 $ 34,885 $49,981 $ 39,570 ($23,773) ($27,772)	Total $ 5,718,985 131,129
		$ 5,850,114
		$475,465

	For the three-month period ended March 31,
Feeds Meat processing $ 2,848,995 $ 1,272,699 64,078 9,241 $2,913,073 $1,281,940 $284,923 ($ 9,147)	Food processing Husbandry Others $ 933,407 $ 247,117 $ 25,366 278 23,271 11,770 $ 933,685 $270,388 $ 37,136 $ 69,573 ($11,691) ($28,029)	Total $ 5,327,584 108,638
		$ 5,436,222
		$ 305,629

Note 1 ： The Feeds segment includes operating revenue from discontinued operations.

Note 2 ： The Feeds segment includes profit (loss) from discontinued operations.

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(3) Reconciliation for segment income (loss)

Sales between segments are carried out at arm’s length. The operating revenue from external customers reported to the Chief Operating Decision-Maker is measured in a manner consistent with that in the statement of comprehensive income.

A reconciliation of reportable segment income to the income before tax from continuing operations for the three-month periods ended March 31, 2021 and 2020 is provided as follows:

	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	Forthe three-monthperiods	endedMarch31,
		2021			2020
Reportable segment income	$	503,237		$	333,658
Other segment loss	(	27,772)	(		28,029)
Total segment		475,465			305,629
Interest expense	(	17,750)	(		22,087)
Foreign exchange gains, net		11,306			2,050
Income before tax from discontinued segment		-			3,000
Income before tax from continuing segment	$	469,021		$	288,592

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AI assistant

CPE — Interim / Quarterly Report 2021

51746_rns_2021-12-30_785a567a-8054-4829-8527-eae4bc5d910b.pdf

INDEPENDENT AUDITORS’ REVIEW REPORT

Introduction

Scope of Review

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2021, DECEMBER 31, 2020 AND MARCH 31, 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2021 AND 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

CHAROEN POKPHAND ENTERPRISE (TAIWAN) CO., LTD. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020

1. HISTORY AND ORGANISATION

2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(3) IFRSs issued by IASB but not yet endorsed by the FSC

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Compliance statement

(2) Basis of preparation

(3) Basis of consolidation

B. Subsidiaries included in the consolidated financial statements:

(4) Income tax

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

6. DETAILS OF SIGNIFICANT ACCOUNTS

assets and shown as ‘other current assets’.

(2) Financial assets at fair value through other comprehensive income

(3) Notes and accounts receivable

(4) Inventories

(5) Biological assets

(6) Non-current assets held for sale and discontinued operations

B. The cash flow information of the discontinued operations is as follows:

(8) Property, plant and equipment

(9) Leasing arrangements - lessee

(10) Intangible assets

(12) Short-term notes and bills payable

(13) Other payables

- (14) Long term borrowings

(15) Pensions

A. Defined benefit plans

B. Defined contribution plans

(16) Share capital - common stock

(17) Capital surplus

(18) Retained earnings

(19) Operating revenue

B. Contract liabilities

(20) Other income and expenses, net

(21) Interest income

(22) Other income

(23) Other gains and losses

(24) Finance costs

(25) Expenses by nature (Including discontinued operations)

(26) Employee benefit expense (Including discontinued operations)

(28) Earnings per share

(29) Supplemental cash flow information

7. RELATED PARTY TRANSACTIONS

(1) Parent and ultimate controlling party

(2) Names of related parties and relationship

(3) Significant related party transactions and balances

A. Operating revenue

B. Purchases

C. Receivables from related parties

D. Payables to related parties

H. Trademark licensing agreement

I. Property transactions

(4) Key management compensation

8. PLEDGED ASSETS

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT

COMMITMENTS

(1) Contingencies

(2) Commitments

10. SIGNIFICANT DISASTER LOSS

11. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

12. OTHERS

(1) Capital risk management

(2) Financial risk of financial instruments

Foreign exchange risk

CPE Interim / Quarterly Report 2021