CWP — Investor Presentation 2025

Feb 14, 2025

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Century Group Investor Presentation

Covering:

Century Iron & Steel Industrial Co., Ltd. (9958 TT, CIAS) Century Wind Power Co., Ltd. (2072 TT, CWP) Century Huaxin Wind Energy Co., Ltd. (7752 TT, CHWE )

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Stephen Lai February 2025

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Century Group At a Glance

Transformation from Onshore Steel Structure to Offshore Wind

Century Group, established in 1987, has more than 35-years of expertise in onshore steel structures and is now migrating into the offshore wind industry.

Century Group is providing turnkey solutions for offshore wind underwater substructure, including fabrication, project management, supply chain management and harbor marshalling services.

People

2000+ in total 1500+ blue collars 1700 500+ white collars 1700+ offshore wind

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Facilities

4 Locations: Taipei Harbor, Guanyin, Taichung Harbor and Yulin, in total 120 Ha with expansions to APAC region

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Products and Services

Turnkey solutions for Jacket Foundations, Pin Piles and Wind Turbine Towers, including related management services

Sales*

FY 2019: TWD 2,402m 9.05B FY 2020: FY 2021: TWD 9,935mTWD 5,727m FY 2022: TWD 9,222m FY 2023: TWD 14,515m FY 2024 Q1-Q3: TWD 9,049m

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34.61%
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Gross Margin*

FY 2019: 15.41% FY 2020: 25.83% FY 2021: 21.54% FY 2022: 4.80% FY 2023: 17.00% FY 2024 Q1-Q3: 34.61%

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6.53
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Earnings per Share*

FY 2019: TWD 3.66 FY 2020: TWD 3.59 FY 2021: TWD 5.46 FY 2022: TWD 1.59 FY 2023: TWD 4.46 FY 2024 Q1-Q3: TWD 6.53

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*Note: all financial figures are based on CIAS consolidated statements

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Agenda

01 Offshore Wind Market Overview

02 Century Group Overview

03 Individual Companies Overview

04 Business Status and Look-Forward

Future Targets and Strategies

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01 Offshore Wind Market Overview
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Offshore Wind Farm How it Works

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Picture Source: https://wind.imarine.cn/news/101008.html

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Offshore Wind Developments From Europe to Taiwan

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Source: 4coffshore
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Abundant Wind Resources in Taiwan Strait

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2036

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Taiwan Offshore Wind Development and Policy Three Phases Targeting over 20GW by 2035

2015

2020 2026 2028 2030 2032 Phase 3: Zonal Development Phase 1: Demonstration Phase 2: Grid Allocation 3.1 3.2 3.3 3.4 and 3.5

Demonstration

Grid Allocation:

Zonal Development:

• Targeting 300MW

• 2020-2024 Projects:

• 2026-2027, Phase 3.1:

• CAPEX and Feed-in Tariff subsidies

• 3 projects were awarded and 238MW was realized

Feed-in Tariff applied

• 10 projects awarded (3,808 MW) with localization requirement (LR)

• 2025 Auction Projects:

• Auction for electricity price

• 2 projects awarded (1,664 MW) without LR

• 5 projects awarded (2,335 MW) with 60% LR

• 2028-2029, Phase 3.2:

• 5 projects awarded (2,700 MW) with self-selecting LR

• 2030 onward, Phase 3.3 to 3.5:

Targeting 1,500 MW per year with relaxation of LR

• Floating Wind Demonstration:

Targeting 270MW – 540MW for 3 projects in 2029-2030

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Asia Pacific Offshore Wind Development Over 50GW New-Installed (ex. China) by 2033

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2021 Taiwan
2026 Korea
2027 Vietnam
2028 Japan, India
2030 Rest of Asia
2031 Australia
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Source: GWEC, Global Offshore Wind Report 2024

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02 Century Group Overview
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Corporate Structure

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Century Iron & Steel Steel Structures
Industrial (9958 TT, CIAS) Foundation Components
Est. 1987
58.95% 45.93%
Century Wind Power Century Huaxin Wind
(2072 TT, CWP) Energy (7752 TT, CHWE)
Est. 2017 Est. 2020
54.26%
Jacket Foundations Pin Piles
Floating Foundations Small Tubular Pipes
Wind Turbin Towers
9.90%
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Century Heavy Industry Heavy Lift
International (CHII) Heavy Transportation
Est. 2017
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*Note: shareholding percentages as of 30 September 2024

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Key Milestones From Onshore Steel Construction to Offshore Wind Foundations

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1987 2003 2013 2017 2019 2020 2020 2024
CIAS The Biggest Early Entry of CWP CHII CWP Delivery of 1 [st] Signing of 1 [st]
Established Government Steel Offshore Wind by Established Established Listed in OTC Jacket Project 3.1 Project
Structure Project Participating in CIP CFXD CIP FM
Nangang Station Demonstration 62 Jackets 20 Jackets
99 Pin Piles
NOW
1994 2008 2015 2018 2020 2021 2024
Delivery of 1 [st] CIAS Delivery of 1 [st] Signing of 1 [st] CHWE Delivery of 1 [st] CHWE
Semiconductor Public Listed Offshore Met Mast Offshore Wind Established Pin Pile Project Listed in OTC
Factory for TSMC In TWSE In Taiwan Commercial Contract Ørsted
CIP CFXD 117 Pin Piles
62 Jackets
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Our Path into the Offshore Wind Market Early Entry by Participation in Taiwan’s Demonstration Project – 2013 to 2015

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Our Path into the Offshore Wind Market European Visits

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Challenges and Opportunities Quality Management, Technology and Harbor Facility

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Quality
Management
System
(Certifications)
Harbor Technology
(Facilities, (Know-How &
Storage Areas & Experience)
Load-Out Quay)
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Certifications to Meet Offshore Wind Standards Becoming a Qualified Supplier

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ISO 9001
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General Quality Management

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ISO 45001

Health & Safety Management

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ISO 14001
Environmental
Protection
Management
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ISO 3834 EN 1090 Welding Quality Welding Management Technology Qualification

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Strategic Partnership Technology Transfer from Bladt Industries A/S

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Strategic cooperation with Bladt
Industries A/S, one of the biggest
offshore wind foundation fabricators,
in 2018.
5-year technology transfer, project
management, supply chain
management.
Successful delivery of the first
offshore wind jacket project: CIP
CFXD 62 Jackets in 2023.
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Securing Harbor Facilities 50 Hectare Lands and 200m Exclusive Quayside in Taipei Harbor

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Securing Harbor Facilities 30 Hectare Lands in Taichung Harbor

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Secured Projects Secured134 Jackets and 409 Pin Piles

Phase	Contract Signing	Clients	Projects	Products	Quantities	Status
Phase 2: Grid Allocation	Oct 2018		CFXD	Jackets	62	Delivered
	May 2019		Greater Changhua	Pin Piles	81	Delivered
	Nov 2019		CFXD	Pin Piles	69	Delivered
	Dec 2020		Greater Changhua	Pin Piles	36	Delivered
	Jun 2021		TPC 2	Jackets	31	Execution
	Jun 2021		TPC 2	Pin Piles	124	Execution
	Dec 2022		Hailong 2a	Jackets	21	Execution
Phase 3: Zonal Development	Jun 2024		FengMiao	Pin Piles	99	Execution
	Jun 2024		FengMiao	Jackets	20	Execution

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03 Individual Companies Overview
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Fabrication Yard Locations Four Fabrication Yards, 120 Hectares in Total

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CWP Taipei Harbor Yard (50 Hectares)

CIAS Guanyin Yard (30 Hectares) CHWE Taichung Harbor Yard (30 Hectares) CIAS Yunlin Yard (10 Hectares)

Jacket Foundation Floating Foundation Project/Supply Chain Management Foundation Marshalling Management Onshore Steel Structure Jacket Component Pin Pile Component Project Mangement Pin Pile Foundation Small Tubular Pipe Wind Turbine Tower Project/Supply Chain Management

Onshore Steel Structure Jacket Component Pin Pile Component Project Management

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CWP
Taipei Harbor Yard
CIAS
Guanyin Yard
CHWE
Taichung Harbor Yard
CIAS
Yunlin Yard
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Products and Scope of Works
Blade
CHWE
Nacelle Tower Fabrication
Tower
Component
CWP
Subcontractors:
Jacket Foundation
Fabrication
Jacket Foundation
Sea Level
Seabed
Component
CHWE
Subcontractor:
Pin Pil es Pin Pile
Fabrication
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Century Iron & Steel Industrial (9958 TT, CIAS) Extensive Steel Structure Fabrication & Construction Experiences

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Basic Information

Establishment in 1987 Capitalization of TWD 2,568,966,650 Fabrication Yards at Guanyin (30 Ha) and Yunlin (10 Ha)

Main Products and Services

Onshore Steel Structure Fabrication and Construction Jacket and Pin Pile Component Fabrication Project Management

Key Strength

Extensive and Long Experiences in Steel Structure Fabrication and Construction, Including Residential/Commercial Buildings, Yards, Airport Terminals, Bridges, etc.

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CIAS
Guanyin Yard
CIAS
Yunlin Yard
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Century Wind Power (2072 TT, CWP) Large Storage Areas with Exclusive Deep-Water Quayside

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Basic Information

Establishment in 2017 Capitalization of TWD 1,700,000,000 Fabrication Yard at Taipei Harbor (50 Ha)

Main Products and Services

Turn-Key Solution for Jacket/Floating Foundation Fabrication Project/Supply Chain Management Foundation Marshalling Management

Key Strength

Large Storage Areas with Exclusive Deep-Water Quayside Complete Supply Chain with Extensive Project and Supply Chain Management Experiences

CWP Taipei Harbor Yard

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Taipei Harbor Facilities 50 Hectare Lands with Exclusive Quayside

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Exclusive Heavy-
Load Quay
Storage
Storage
Century Triple
Yard 3 Towers
Component
Yard 1
Storage
Painting
House
Yard 2 Yard 5
Fabrication
Areas
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Taipei Harbor Facilities Key Highlights

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Century Triple Towers

Painting House

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• Largest Painting House in APAC Region

• XXL Jacket Foundation Final Assembly Stations

• 4 Halls for Continuous Production

• Safest, Most Efficient, Most Cost-Effective Methodology

• Precise Temperature and Humidity Control Ensure Painting Quality

• To Achieve 8 Jackets per Month Capacity

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Yard 3 Hall B & Hall E
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• Highest Single Floor Building

• Allowing 4 to 6 Semi/Final Assembly Work-Stations

• Preventing from Climate Impacts (Wind and Rain)

• Allowing 24/7 Production

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Heavy-Load Quayside

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• 20T/m2 and 235m HeavyLoad Quayside with 14m Water Depth Allowing Heavy Lift Vessels Berthing

• 10 Ha Hinterland for Final Product Storage

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Century Huaxin Wind Energy (7752 TT, CHWE) Well-Designed Production Lines with Latest Automatic Equipment

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Basic Information

Establishment in 2020 Capitalization of TWD 2,000,000,000 Fabrication Yard at Taichung Harbor (30 Ha)

Main Products and Services

Turn-Key Solutions for Pin Pile Foundation, Small Tubular Pipe, and Wind Turbine Tower Fabrication Project/Supply Chain Management

Key Strength

Large Storage Areas and Closed to Quayside for Load-Out Well-designed Production Lines with Latest Automatic Equipment Extensive Project and Supply Chain Management Experiences

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CHWE
Taichung Harbor Yard
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Taichung Harbor Facilities 30 Hectare Lands and Closed to Quayside for Load-Out

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Yard 2C Yard 2B
Small Tubular Painting House
Yard 2A
Yard 1
Storage
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Financial Performance

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CIAS, 9958 TT
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CWP, 2072 TT

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15 8
12
6
9
4
6
2
3
0 0
TWD B TWD
per Share
OR GP NI EPS
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15 9
12
6
9
3
6
0
3
-3
0
-3 -6
2022 2023 2024Q1-2 2024
TWD B TWD
OR GP NI EPS per Share
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Gross Margin
3.08%  27.42%
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Gross Margin 13.25%  34.61%

2024 Q1-3 Figures

2024 Q1-2 Figures

• Operating Revenue: TWD 9.05B, YoY -5.13%

• Operating Revenue: TWD 4.34B, YoY +69.22%

• Gross Profit: TWD 3.13B, YoY +147.79%

• Gross Profit: TWD 1.19B, YoY +1405.58%

• Net Income: TWD 2.15B, YoY +233.70%

• Net Income: TWD 0.84B, (-0.09B in 2023Q1-2)

• Earnings per Share: TWD 6.53, YoY +159.13%

• Earnings per Share: TWD 5.97, (-0.78 in 2023Q1-2)

CHWE, 7752 TT

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0.2
450
0
300
-0.2
150
0 -0.4
-150 -0.6
-300 -0.8
2022 2023 2024Q1-2 2024
TWD M TWD
OR GP NI EPS per Share
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Gross Margin 10.91%  13.87%

2024 Q1-2 Figures

• Operating Revenue: TWD 410.94M, YoY +215.89%

• Gross Profit: TWD 57.01M, YoY +301.53%

• Net Income: TWD 17.88M, (-51.18M in 2023Q1-2)

• Earnings per Share: TWD 0.11, (-0.34 in 2023Q1-2)

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Abbreviations: (1) OR: Operating Revenue; (2) GP: Gross Profit; (3) NI: Net Income; (4) EPS: Earnings per Share-Basic

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04 Business Status and Look-Forward
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Project Pipelines Over 300 Jackets, 1000 Pin Piles, 300 Towers by 2029

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05 Future Targets and Strategies
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Future Targets and Strategies

Facing External Environment with Strategies to Achieve Targets

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Promising Domestic Market

Targeting installed capacity of 14.5GW by 2035, with supports from various government

Market potential by 2029: 300 jackets, 1,000 pin piles and 300 towers

To Secure Domestic Market

Starting from Phase 3.1 and 3.2, the NonLocalization Portion will be targeted, in addition to the Localization Portion Strive to exceed 2029 market size projections of 300 jackets, 1,000 pin piles and 300 towers by 2029

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Relaxation of Localization

Localization requirements are expected to be gradually relaxed and reduced, starting from Phase 3.3

Facing international competition is inevitable

To Exercise Cost Optimization

With three commercial projects executed, Century Group will be able to reduce the learning-curves and ramp-up period

Cost Optimization by increasing capacity, consolidating supply chain, developing overseas production/supply chain

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Booming APAC Market

Over 50GW installed capacity (excluding China) is targeted by 2033.

This includes: Korea, Vietnam, Japan, The Philippines, Australia, etc., were Century Group existing clients such as CIP and Ørsted are presented

To Expand to Regional Markets

The Philippines, Japan, and Australia will be targeted first given the lack of major competitors

Regarding establishing fabrication yards in regional countries, Indonesia is being thoroughly evaluated, followed by Japan

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For Further Information:

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CIAS: Aaron Chu CWP: Stephen Lai CHWE: Eros Chang

CIAS: aachiu@century.com.tw CWP: stephenlai@cwptw.com CHWE: eroschang@chwetw.com

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Appendices

01 Appendix 1: Financial Statements

02 Appendix 2: ESG Highlights

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Appendix 1: Financial Statements
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CIAS Financial Statements

Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000	Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000	Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000	Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000	Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000	Financial Statements after adopting IFRSs (9958 TT, CIAS) Unit : TWD ‘000
	Items	2024Q3	2023Q3	Year 2023	Year 2022
Balance Sheet	Total Assets	38,025,096	34,735,722	35,499,125	29,360,142
	Total Liabilities	18,301,815	23,405,521	21,821,723	19,119,083
	Total Equity	19,723,281	11,330,201	13,677,402	10,241,059
	Book Value Per Share (TWD)	49.92	33.59	37.59	29.95
Statement of Comprehensive Income	Operating Revenue	9,049,851	9,539,392	14,515,598	9,222,058
	Operating Income(Loss)	2,770,357	917,868	1,956,074	92,562
	Income before Tax(Loss)	2,694,632	810,159	1,681,133	165,513
	EPS (TWD)	6.53	2.52	4.46	1.59
Statement of Cash Flows	Net Cash Inflow Generated by Operating Activities (Outflow)	2,719,800	-559,015	-376,776	1,367,131
	Net Cash Inflow Used in Investing Activities (Outflow)	-599,941	-4,731,635	-4,563,001	-2,615,584
	Net Cash Inflow Used in Financing Activities (Outflow)	593,293	5,589,440	5,627,505	1,071,996

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CIAS Consolidated Balance Sheets

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CIAS Consolidated Balance Sheets (Cont’d)

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CIAS Consolidated Income Statements

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CIAS Consolidated Statements of Changes in Equity

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CIAS Consolidated Statements of Cash Flows

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CWP Financial Statements

Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000	Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000	Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000	Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000	Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000	Financial Statements after adopting IFRSs (2072 TT,CWP) Unit : TWD ‘000
	Items	2024Q2	2023Q2	Year 2023	Year 2022
Balance Sheet	Total Assets	19,322,705	16,630,504	18,756,853	14,530,849
	Total Liabilities	10,313,338	11,749,178	10,163,721	9,551,806
	Total Equity	9,009,367	4,881,326	8,593,132	4,979,043
	Book Value Per Share (TWD)	64.33	40.57	61.36	41.36
Statement of Comprehensive Income	Operating Revenue	4,337,508	2,563,233	8,212,916	2,893,757
	Operating Income(Loss)	1,079,848	-46,556	1,154,904	-682,253
	Income before Tax(Loss)	1,058,847	-119,901	1,020,862	-700,752
	EPS (TWD)	5.97	-0.78	6.67	-5.41
Statement of Cash Flows	Net Cash Inflow Generated by Operating Activities (Outflow)	8,068	-344,881	165,481	-434,985
	Net Cash Inflow Used in Investing Activities (Outflow)	-296,638	-1,527,240	-2,518,040	-1,957,893
	Net Cash Inflow Used in Financing Activities (Outflow)	-120,001	1,788,790	2,824,519	2,377,643

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CWP Consolidated Balance Sheets

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CWP Consolidated Balance Sheets (Cont’d)

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CWP Consolidated Income Statements

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CWP Consolidated Statements of Changes in Equity

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CWP Consolidated Statements of Cash Flows

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CHWE Financial Statements

Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000	Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000	Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000	Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000	Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000	Financial Statements after adopting IFRSs (7752 TT, CHWE) Unit : TWD ‘000
	Items	2024Q2	2023Q2	Year 2023	Year 2022
Balance Sheet	Total Assets	8,396,259	-	5,440,867	3,873,037
	Total Liabilities	2,556,826	-	2,647,388	1,145,395
	Total Equity	5,839,433	-	2,793,479	2,727,642
	Book Value Per Share (TWD)	29.20	-	18.62	18.18
Statement of Comprehensive Income	Operating Revenue	410,942	-	475,729	125,588
	Operating Income(Loss)	4,658	-	33,288	-79,248
	Income before Tax(Loss)	17,876	-	7,322	-100,770
	EPS (TWD)	0.11	-	0.05	-0.71
Statement of Cash Flows	Net Cash Inflow Generated by Operating Activities (Outflow)	50,446	-	-120,971	10,828
	Net Cash Inflow Used in Investing Activities (Outflow)	-371,096	-	-1,323,142	-1,508,668
	Net Cash Inflow Used in Financing Activities (Outflow)	3,166,897	-	1,101,982	1,308,345

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Appendix 2: ESG Highlights
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Sustainable Achievements and Performance

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Contents from CIAS 2023 ESG Report issued in August 2024.

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Corporate Sustainability Images

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Contents from CIAS 2023 ESG Report issued in August 2024.

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For More ESG Information:

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CIAS: century.com.tw/en/duty/50/ CWP: cwptw.com/en/duty/78/ CHWE: chwetw.com/en/duty/20/

CIAS: jack.lee@century.com.tw CWP: cwp.x@cwptw.com CHWE: winnihuang@chwetw.com

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