Stock Code:1301

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors' Review Report For the Six Months Ended June 30, 2024 and 2023

Address: No.100, Shuiguan Rd., Renwu Dist., Kaohsiung City 814, Taiwan (R.O.C.)
Telephone: (07)371-1411
Telephone: (02)2712-2211

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

Contents	Page
1. Cover Page	1
2. Table of Contents	2
3. Independent Auditors’ Review Report	3
4. Consolidated Balance Sheets	4
5. Consolidated Statements of Comprehensive Income	5
6. Consolidated Statements of Changes in Equity	6
7. Consolidated Statements of Cash Flows	7
8. Notes to the Consolidated Financial Statements
(1) Company history	8
(2) Approval date and procedures of the consolidated financial statements	8
(3) New standards, amendments and interpretations adopted	8~11
(4) Summary of material accounting policies	12~13
(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty	13~14
(6) Explanation of significant accounts	14~55
(7) Related-party transactions	55~62
(8) Assets pledged as security	62
(9) Significant commitments and contingencies	63
(10) Losses due to major disasters	64
(11) Subsequent events	64
(12) Others	64
(13) Other disclosures
(a) Information on significant transactions	65~70
(b) Information on investees	71
(c) Information on investment in Mainland China	72
(d) Major shareholders	72
(14) Segment information	73

KPMG

盐快速京科合作贸所方济产

KPMG

台北市110615信義路5段7號68樓(台北101大樓)

68F., TAIPEI 101 TOWER, No. 7, Sec. 5,

Xinyi Road, Taipei City 110615, Taiwan (R.O.C.)

電話 Tel +886 2 8101 6666

傳真 Fax +886 2 8101 6667

網址 Web kpmg.com/tw

Independent Auditors' Review Report

To the Board of Directors

Formosa Plastics Corporation:

Introduction

We have reviewed the accompanying consolidated balance sheets of Formosa Plastics Corporation (“the Company”) and its subsidiaries (together referred to as “the Group”) as of June 30, 2024 and 2023, and the related consolidated statements of comprehensive income for the three months and six months ended June 30, 2024 and 2023, as well as the changes in equity and cash flows for the six months ended June 30, 2024 and 2023, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

Except as explained in the Basis for Qualified Conclusion paragraph, we conducted our reviews in accordance with the Standard on Review Engagements 2410, “Review of Financial Information Performed by the Independent Auditor of the Entity” of the Republic of China. A review of the 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 conducted in accordance with the Standards on Auditing of the Republic of China 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.

Basis for Qualified Conclusion

As stated in Note 4(b), the consolidated financial statements included the financial statements of certain non-significant subsidiaries, which were not reviewed by independent auditors. These financial statements reflect total assets amounting to $28,725,451 thousand and $26,773,248 thousand, constituting 5.23% and 5.15% of consolidated total assets, total liabilities amounting to $16,942,358 thousand and $13,727,241 thousand, constituting 8.14% and 7.75% of consolidated total liabilities as of June 30, 2024 and 2023, respectively, and total comprehensive income (loss) amounting to $(49,282) thousand, $(363,699) thousand, $246,210 thousand and $(862,440) thousand, constituting (1.32)%, 23.22%, 201.68% and (7.54)% of consolidated total comprehensive income (loss) for the three months and six months ended June 30, 2024 and 2023, respectively.

Furthermore, as stated in Note 6(f), the other equity accounted investments of the Group in its investee companies of $129,417,191 thousand and $117,484,572 thousand as of June 30, 2024 and 2023, respectively, and its equity in net earnings on these investee companies of $521,024 thousand, $86,412 thousand, $618,075 thousand and $942,859 thousand for the three months and six months ended June 30, 2024 and 2023, respectively, were recognized solely on the financial statements prepared by these investee companies, but not reviewed by independent auditors.

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

KPMG

Qualified Conclusion

Except for the adjustments, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and equity accounted investee companies described in the Basis for Qualified Conclusion paragraph above been reviewed by independent auditors, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as of June 30, 2024 and 2023, and of its consolidated financial performance for the three months and six months ended June 30, 2024 and 2023, and its consolidated cash flows for the six months ended June 30, 2024 and 2023 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Other Matter

We did not review the financial statements of certain investee companies which represented investments in other entities accounted for using equity method. Those financial statements were reviewed by other auditors, whose review reports have been furnished to us, and our conclusion, insofar as it relates to the amounts included for those, are based solely on the review reports of other auditors. The aforementioned investments accounted for using the equity method amounting to $100,293,157 thousand and $96,744,446 thousand, constituting 18.26% and 18.62% of consolidated total assets as of June 30, 2024 and 2023, respectively, and the related share of profit of associates and joint ventures accounted for using the equity method amounting to $883,503 thousand, $(14,290) thousand, $2,433,609 thousand and $1,493,750 thousand, constituting 65.78%, (1.33)%, 142.83% and 42.21% of consolidated total profit before tax for the three months and six months ended June 30, 2024 and 2023 respectively.

The engagement partners on the reviews resulting in this independent auditors’ review report are Kuo, Hsin-Yi and Ko, Hui-Chih.

KPMG

Taipei, Taiwan (Republic of China)

August 8, 2024

Notes to Readers

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

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

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

June 30, 2024, December 31 and June 30, 2023

(Expressed in Thousands of New Taiwan Dollars)

Assets	June 30, 2024		December 31, 2023		June 30, 2023
		Amount	%	Amount	%	Amount	%
Current assets:
1100	Cash and cash equivalents (Note 6(a))	$ 7,051,368	1	6,147,041	1	11,210,121	2
1110	Current financial assets at fair value through profit or loss (Note 6(b))	1,780,430	-	1,641,598	-	1,619,218	-
1120	Current financial assets at fair value through other comprehensive income (Note 6(b))	72,117,122	13	90,739,431	17	94,004,647	19
1150	Notes receivable, net (Notes 6(c) and (r))	2,173,200	-	1,721,802	-	1,942,329	-
1170	Accounts receivable, net (Notes 6(c) and (r))	10,952,901	2	9,340,997	2	8,098,867	2
1180	Accounts receivable – related parties, net (Notes 6(c), (r) and 7)	2,975,685	1	3,186,784	1	3,292,623	1
1200	Other receivables (Note 6(d))	3,856,576	1	1,905,005	-	2,041,557	-
1210	Other receivables – related parties (Notes 6(d) and 7)	26,376,429	5	18,954,547	4	15,807,935	3
130X	Inventories (Note 6(e))	25,767,770	5	21,439,773	4	23,016,380	4
1470	Other current assets	8,135,683	1	4,561,284	1	4,353,932	1
	Total current assets	161,187,164	29	159,638,262	30	165,387,609	32
	Non-current assets:
1517	Non-current financial assets at fair value through other comprehensive income (Note 6(b))	25,615,272	5	18,408,990	4	14,980,585	3
1550	Investments accounted for using equity method (Note 6(f))	229,710,348	42	222,537,086	42	214,229,018	41
1600	Property, plant and equipment (Notes 6(g), 7 and 8)	117,135,573	21	112,452,052	21	108,489,136	21
1755	Right-of-use assets (Note 6(h))	2,365,244	1	2,307,666	-	2,349,732	1
1780	Intangible assets	656,362	-	563,243	-	579,826	-
1840	Deferred tax assets	1,126,068	-	1,192,430	-	1,156,974	-
1900	Other non-current assets (Note 8)	11,484,801	2	13,638,627	3	12,352,715	2
	Total non-current assets	388,093,668	71	371,100,094	70	354,137,986	68
	June 30, 2024		December 31, 2023		June 30, 2023
---	---	---	---	---	---	---
	Amount	%	Amount	%	Amount	%
Liabilities and Equity
Current liabilities:
Short-term borrowings (Note 6(i))	$ 30,771,394	6	23,466,921	4	12,844,727	3
Short-term notes and bills payable (Note 6(j))	27,415,459	5	30,663,374	6	18,858,692	4
Current contract liabilities (Note 6(r))	854,775	-	1,309,623	-	1,574,379	-
Accounts payable	3,100,388	-	6,838,697	1	2,259,021	-
Accounts payable – related parties (Note 7)	5,621,523	1	4,792,543	1	6,447,210	1
Other payables	6,686,571	1	347,761	-	26,884,207	5
Other payables – related parties (Note 7)	4,196,913	1	17,395,867	3	14,682,413	3
Current lease liabilities (Note 6(m))	60,851	-	60,234	-	67,589	-
Current portion of bonds payable (Note 6(l))	8,798,748	2	3,699,403	1	6,848,166	1
Current portion of long-term borrowings(Notes 6(k) and 8)	12,955,324	2	1,543,394	-	5,000,000	1
Other current liabilities (including related parties) (Notes 6(f) and 7)	15,593,109	3	12,983,859	3	15,987,933	3
Total current liabilities	116,055,055	21	103,101,676	19	111,454,337	21
Non-Current liabilities:
Bonds payable (Note 6(f))	35,607,193	6	34,664,786	7	34,667,100	7
Long-term debts (Notes 6(k) and 8)	15,142,589	3	21,362,108	4	6,808,865	1
Deferred tax liabilities	19,713,259	4	19,209,364	4	19,123,242	4
Non-current lease liabilities (Note 6(m))	1,264,252	-	1,294,833	-	1,325,104	-
Long-term payables to related parties (Note 7)	16,062,750	3	-	-	-	-
Net defined benefit liabilities – non-current	3,445,727	1	3,609,170	1	3,660,358	1
Other non-current liabilities (Note 6(f))	898,847	-	136,274	-	100,297	-
Total non-current liabilities	92,134,617	17	80,276,535	16	65,684,966	13
Total liabilities	208,189,672	38	183,378,211	35	177,139,303	34
Equity (Note 6(p)):
Ordinary shares	63,657,408	12	63,657,408	12	63,657,408	12
Capital surplus	11,804,561	2	11,829,847	2	11,795,560	2
Retained earnings:
Legal reserve	79,259,054	14	78,532,046	15	78,532,046	15
Special reserve	87,681,152	16	87,559,869	16	87,559,869	17
Unappropriated retained earnings	39,111,268	7	44,712,409	8	41,009,867	8
Total retained earnings	206,051,474	37	210,804,324	39	207,101,782	40
Other equity interest	59,577,717	11	61,068,566	12	59,831,542	12
Total equity	341,091,160	62	347,360,145	65	342,386,292	66
Total liabilities and equity	$ 549,280,832	100	530,738,356	100	519,525,595	100

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the three months and six months ended June 30, 2024 and 2023

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

	For the three months ended June 30,				For the six months ended June 30,
		2024		2023		2024		2023
		Amount	%	Amount	%	Amount	%	Amount	%
4000	Operating revenue (Notes 6(r) and 7)	$ 51,108,854	100	48,446,828	100	99,217,347	100	100,660,145	100
5000	Operating costs (Notes 6(e), (g), (h), (n), (s) and 7)	47,370,530	93	47,517,648	98	93,645,788	94	96,264,407	96
	Gross profit from operations	3,738,324	7	929,180	2	5,571,559	6	4,395,738	4
	Operating expenses (Notes 6(c), (g), (h), (n), (s) and 7):
6100	Selling expenses	1,848,091	4	1,656,500	3	3,548,344	4	3,299,277	3
6200	Administrative expenses	824,977	1	799,729	2	1,549,195	1	1,778,591	2
6300	Research and development expenses	855,680	2	916,621	2	1,681,800	2	1,776,487	2
6450	Expected credit losses (gains)	39,895	-	29,147	-	67,680	-	(2,555)	-
	Total operating expenses	3,568,643	7	3,401,997	7	6,847,019	7	6,851,800	7
	Net operating income (losses)	169,681	-	(2,472,817)	(5)	(1,275,460)	(1)	(2,456,062)	(3)
	Non-operating income and expenses (Notes 6(f), (g), (m), (t) and 7):
7100	Interest income	163,772	-	135,749	-	328,986	-	250,192	-
7010	Other income	232,182	1	3,304,204	7	272,745	-	3,364,707	3
7020	Other gains and losses	148,639	-	491,747	2	824,127	1	838,127	1
7050	Finance costs	(775,702)	(1)	(457,917)	(1)	(1,498,202)	(1)	(894,425)	(1)
7060	Recognized share of profit of associates and joint ventures accounted for using equity method, net	1,404,527	3	72,122	-	3,051,684	3	2,436,609	3
	Total non-operating income and expenses	1,173,418	3	3,545,905	8	2,979,340	3	5,995,210	6
	Profit before tax	1,343,099	3	1,073,088	3	1,703,880	2	3,539,148	3
7950	Less: Income tax expenses (benefits) (Note 6(o))	(21,492)	-	(151,966)	-	118,433	-	(28,414)	-
	Net income	1,364,591	3	1,225,054	3	1,585,447	2	3,567,562	3
8300	Other comprehensive income (loss) (Notes 6(o) and (p)):
8310	Components of other comprehensive income (loss) that will not be reclassified to profit or loss:
8316	Unrealized (losses) gains from equity instruments measured at fair value through other comprehensive income	(1,250,312)	(3)	(3,520,445)	(7)	(11,421,274)	(12)	5,471,553	5
8320	Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss	1,866,056	4	(413,439)	(1)	1,994,037	2	2,702,059	3
8349	Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	-	-	-	-	-	-	-	-
	Total components of other comprehensive income (loss) that will not be reclassified to profit or loss	615,744	1	(3,933,884)	(8)	(9,427,237)	(10)	8,173,612	8
8360	Components of other comprehensive income (loss) that will be reclassified to profit or loss:
8361	Exchange differences on translation of foreign financial statements	1,529,173	3	446,859	1	7,404,987	8	(141,452)	-
8370	Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss	327,810	1	392,456	1	1,089,854	1	(407,636)	-
8399	Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss	109,896	-	(302,896)	-	530,974	1	(247,214)	-
	Total components of other comprehensive income (loss) that will be reclassified to profit or loss	1,747,087	4	1,142,211	2	7,963,867	8	(301,874)	-
8300	Other comprehensive income (loss)	2,362,831	5	(2,791,673)	(6)	(1,463,370)	(2)	7,871,738	8
8500	Total comprehensive income (loss)	$ 3,727,422	8	(1,566,619)	(3)	122,077	-	11,439,300	11
		Before Tax	After Tax	Before Tax	After Tax	Before Tax	After Tax	Before Tax	After Tax
	Basic/Diluted earnings per share (in New Taiwan Dollars) (Note 6(q))	$ 0.21	0.21	0.17	0.19	0.27	0.25	0.56	0.56

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the six months ended June 30, 2024 and 2023

(Expressed in Thousands of New Taiwan Dollars)

Balance on January 1, 2023

Net Income for the period

Other comprehensive income for the period

Total comprehensive income for the period

Appropriation and distribution of retained earnings:

Legal reserve appropriated

Special reserve appropriated

Cash dividends of ordinary share

Changes in equity of associates and joint ventures accounted for using equity method

Other changes in capital surplus:

Other changes in capital surplus

Balance on June 30, 2023

Balance on January 1, 2024

Net Income for the period

Other comprehensive income for the period

Total comprehensive income for the period

Appropriation and distribution of retained earnings:

Legal reserve appropriated

Special reserve appropriated

Cash dividends of ordinary share

Changes in equity of associates and joint ventures accounted for using equity method

Disposal of investments accounted for using equity method

Other changes in capital surplus:

Changes in equity of associates and joint ventures accounted for using equity method

Other changes in capital surplus

Balance on June 30, 2024

Equity attributable to owners of parent

Retained earnings					Total other equity interest
Ordinary shares	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income	Gains (losses) on hedging instruments	Revaluation surplus
$ 63,657,408	11,797,297	74,910,988	82,520,970	72,838,396	(603,353)	51,638,474	(77,910)	1,002,593
-	-	-	-	3,567,562	-	-	-	3,567,562
-	-	-	-	-	(308,754)	8,173,612	6,880	-
-	-	-	-	3,567,562	(308,754)	8,173,612	6,880	-
-	-	3,621,058	-	(3,621,058)	-	-	-	-
-	-	-	5,038,899	(5,038,899)	-	-	-	-
-	-	-	-	(26,736,112)	-	-	-	-
-	-	-	-	(22)	-	-	-	(22)
-	(1,737)	-	-	-	-	-	-	(1,737)
$ 63,657,408	11,795,560	78,532,046	87,559,869	41,009,867	(912,107)	59,812,086	(71,030)	1,002,593
$ 63,657,408	11,829,847	78,532,046	87,559,869	44,712,409	(1,924,536)	62,058,632	(68,123)	1,002,593
-	-	-	-	1,585,447	-	-	-	1,585,447
-	-	-	-	-	7,893,345	(9,427,237)	70,522	-
-	-	-	-	1,585,447	7,893,345	(9,427,237)	70,522	-
-	-	727,008	-	(727,008)	-	-	-	-
-	-	-	121,283	(121,283)	-	-	-	-
-	-	-	-	(6,365,741)	-	-	-	(6,365,741)
-	-	-	-	(35)	-	-	-	(35)
-	-	-	-	27,479	-	(27,479)	-	-
-	55	-	-	-	-	-	-	55
-	(25,341)	-	-	-	-	-	-	(25,341)
$ 63,657,408	11,804,561	79,259,054	87,681,152	39,111,268	5,968,809	52,603,916	2,399	1,002,593

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the six months ended June 30, 2024 and 2023

(Expressed in Thousands of New Taiwan Dollars)

	For the six months ended June 30,
	2024	2023
Cash flows from (used in) operating activities:
Profit before tax	$ 1,703,880	3,539,148
Adjustments:
Adjustments to reconcile gain (loss):
Depreciation expenses	4,005,369	3,757,976
Amortization expenses	294,211	260,723
Expected credit losses (reversal of expected credit losses)	67,680	(2,555)
Interest expenses	1,498,202	894,425
Net gain on financial assets at fair value through profit or loss	(138,833)	(56,498)
Interest income	(328,986)	(250,192)
Dividend income	(189,361)	(3,253,131)
Share of profit of associates and joint ventures accounted for using equity method	(3,051,684)	(2,436,609)
Gain on disposal of property, plant and equipment	(18,231)	(355,368)
Gain on disposal of investments accounted for using equity method	(3,933)	-
Unrealized foreign exchange (gains) losses	(81,005)	191,584
Total adjustments to reconcile gain (loss)	2,053,429	(1,249,645)
Changes in operating assets and liabilities:
Changes in operating assets:
Notes receivable	(451,397)	53,858
Accounts receivable	(1,604,212)	1,422,179
Accounts receivable – related parties	211,099	904,766
Other receivables	(2,469,061)	(528,882)
Other receivables – related parties	88,021	154,680
Inventories	(2,160,198)	(545,438)
Other current assets	(3,574,400)	607,388
Total changes in operating assets	(9,960,148)	2,068,551
Changes in operating liabilities:
Accounts payable	(3,738,494)	(3,183,000)
Accounts payable – related parties	828,980	118,884
Other payables	368,198	428,421
Other payables – related parties	(91,385)	(701,294)
Other current liabilities (including contract liabilities)	1,998,048	1,204,694
Net defined benefit liabilities	(163,443)	(226,508)
Total changes in operating liabilities	(798,096)	(2,358,803)
Total changes in operating assets and liabilities	(10,758,244)	(290,252)
Total adjustments	(8,704,815)	(1,539,897)
Cash (outflow) inflow from operations	(7,000,935)	1,999,251
Interest received	223,338	244,928
Dividends received	3,750	246,968
Interest paid	(1,496,118)	(916,598)
Income taxes refund (paid)	64,670	(5,551,415)
Net cash flows used in operating activities	(8,205,295)	(3,976,866)
Cash flows from (used in) investing activities:
Acquisition of investments accounted for using equity method	(3,074,081)	-
Proceeds from disposal of investments accounted for using equity method	3,933	-
Acquisition of property, plant and equipment	(8,042,531)	(5,939,582)
Proceeds from disposal of property, plant and equipment	32,361	742,644
Acquisition of intangible assets	(12,879)	(11,441)
(Increase) Decrease in other receivables – related parties	(110,906)	1,556,734
Decrease (Increase) in other non-current assets	1,852,320	(2,006,414)
Net cash flows used in investing activities	(9,351,783)	(5,658,059)
Cash flows from (used in) financing activities:
Increase in short-term borrowings	121,987,794	76,605,204
Decrease in short-term borrowings	(115,192,688)	(78,661,464)
Decrease in short-term notes and bills payable	(3,250,000)	(550,000)
Proceeds from issuing bonds	8,400,000	11,100,000
Repayments of bonds	(2,350,000)	(5,700,000)
Proceeds from long-term debts	5,000,000	4,512,448
Repayments of long-term debts	-	(4,032,522)
Increase in other payables – related parties and long-term payables to related parties	2,073,975	1,069,674
Payment of lease liabilities	(33,943)	(34,610)
Decrease in other non-current liabilities	(117,502)	(119,236)
Cash dividends paid	(25,341)	(1,737)
Net cash flows from financing activities	16,492,295	4,187,757
Effect of exchange rate changes on cash and cash equivalents	1,969,110	(452,874)
Net increase (decrease) in cash and cash equivalents	904,327	(5,900,042)
Cash and cash equivalents at the beginning of period	6,147,041	17,110,163
Cash and cash equivalents at the end of period	$ 7,051,368	11,210,121

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

June 30, 2024 and 2023

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

(1) Company history

Formosa Plastics Corporation (the “Company”) was incorporated on November 5, 1954, and established its factories in Kaohsiung City. The Company and its subsidiaries (the “Group”) engage in the manufacture and sale of plastic raw materials, chemical fibers, and petrochemical products. The Company has gone through several capital increases and established many divisions, and become a well-diversified enterprise.

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

The consolidated financial statements for the six months ended June 30, 2024 and 2023 were authorized for issuance by the board of directors on August 8, 2024.

(3) New standards, amendments and interpretations adopted:

(a) The impact of the IFRS Accounting Standards endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted.

The Group has initially adopted the following new amendments, which do not have a significant impact on its consolidated financial statements, from January 1, 2024:

Amendments to IAS 1 “Classification of Liabilities as Current or Non-current”
Amendments to IAS 1 “Non-current Liabilities with Covenants”
Amendments to IAS 7 and IFRS 7 “Supplier Finance Arrangements”
Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback”

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

The Group assesses that the adoption of the following new amendments, effective for annual period beginning on January 1, 2025, would not have a significant impact on its consolidated financial statements:

Amendments to IAS 21 “Lack of Exchangeability”

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following new and amended standards, which may be relevant to the Group, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC:

Standards or Interpretations	Content of amendment	Effective date per IASB
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”	The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011) in dealing with the sale or contribution of assets between an investor and its associate or joint venture.	Effective date to be determined by IASB
	The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
IFRS 18 “Presentation and Disclosure in Financial Statements”	The new standard introduces three categories of income and expenses, two income statement subtotals and one single note on management performance measures. The three amendments, combined with enhanced guidance on how to disaggregate information, set the stage for better and more consistent information for users, and will affect all the entities.	January 1, 2027
	• A more structured income statement: under current standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. The new standard promotes a more structured income statement, introducing a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Standards or Interpretations	Content of amendment	Effective date per IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	• Management performance measures (MPMs): the new standard introduces a definition for management performance measures, and requires companies to explain in a single note to the financial statements why the measure provides useful information, how it is calculated and reconcile it to an amount determined under IFRS Accounting Standards.
• Greater disaggregation of information: the new standard includes enhanced guidance on how companies group information in the financial statements. This includes guidance on whether information is included in the primary financial statements or is further disaggregated in the notes.	January 1, 2027
IFRS 19 “Subsidiaries without Public Accountability: Disclosures”	The new standard allows eligible subsidiaries to apply the reduced disclosure requirements in the new standard while applying the requirements in other IFRS Accounting Standards except for the disclosure requirements. Eligible subsidiaries may voluntarily choose to apply the new standard in its financial statements provided that, at the reporting date:
• it does not have public accountability; and
• its ultimate or intermediate parent produces consolidated financial statements under IFRS Accounting Standards.
A subsidiary applying the new standard is required to clearly state that the new standard has been adopted.	January 1, 2027

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Standards or Interpretations	Content of amendment	Effective date per IASB
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”	The amendments set out:
1. The company generally derecognises its trade payable on the settlement date. However, the amendments provide an exception for the derecognition of financial liabilities. The exception allows the company to derecognise its trade payable before the settlement date, potentially, when it uses an electronic payment system that meets all of the following criteria:
• no practical ability to withdraw, stop or cancel the payment instruction;
• no practical ability to access the cash to be used for settlement as a result of the payment instruction; and
• the settlement risk associated with the electronic payment system is insignificant.
2. An additional SPPI test for financial assets with contingent features that are not related directly to a change in basic lending risks or costs – e.g. where the cash flows change depending on whether the borrower meets an ESG target specified in the loan contract. The amendments also include additional disclosures for all financial assets and financial liabilities that have certain contingent features that are:
• not related directly to a change in basic lending risks or costs; and
• are not measured at fair value through profit or loss.	January 1, 2026

The Group is evaluating the impact on its consolidated financial position and consolidated financial performance upon the initial adoption of the abovementioned standards or interpretations. The results thereof will be disclosed when the Group completes its evaluation.

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

IFRS 17 “Insurance Contracts” and amendments to IFRS 17 “Insurance Contracts”
Annual Improvements to IFRS Accounting Standards—Volume 11

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(4) Summary of material accounting policies:

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the preparation and guidelines of IAS 34 “Interim Financial Reporting” which are endorsed and issued into effect by FSC, and do not include all of the information required by the Regulations and International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed and issued into effect by the FSC (hereinafter referred to IFRS Accounting Standards endorsed by the FSC) for a complete set of the annual consolidated financial statements.

Except the following accounting policies mentioned below, the material accounting policies adopted in the consolidated financial statements are the same as those in the consolidated financial statement for the year ended December 31, 2023. For the related information, please refer to note 4 of the consolidated financial statements for the year ended December 31, 2023.

(b) Basis of consolidation

(i) List of subsidiaries in the consolidated interim financial statements:

Name of Investor	Name of subsidiaries	Business activity	Percentage of Ownership (%)			Note
			June 30, 2024	December 31, 2023	June 30, 2023
The Company	Formosa Plastics Corporation (Cayman) Limited	Investment	100 %	100 %	100 %
The Company	Formosa Industries Corporation, U.S.A.	High Density Polyethylene	100 %	100 %	100 %	(Note)
Formosa Plastics Corporation (Cayman) Limited	Formosa Industries (Hong Kong) Limited	Investment	100 %	100 %	100 %
Formosa Industries (Hong Kong) Limited	Formosa Industries (Ningbo) Co., Ltd.	Plastics	100 %	100 %	100 %
Formosa Industries (Hong Kong) Limited	Formosa Electronic (Ningbo) Co., Ltd.	Electronics	100 %	100 %	100 %

Note: The immaterial subsidiaries’ financial statements for the six-month periods ended June 30, 2024 and 2023 have not been reviewed by independent auditors.

(ii) Subsidiary not included in the consolidated financial statements: None.

(c) Employee benefits

The pension cost in the interim period was calculated and disclosed on a year-to-date basis by using the actuarially determined pension cost rate at the end of prior fiscal year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off events.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(d) Income taxes

The income tax expenses have been prepared and disclosed in accordance with paragraph B12 of International Financial Reporting Standards 34, Interim Reporting.

Income tax expenses for the period are measured by multiplying together the pre-tax income for the interim reporting period and the management’s best estimate of effective annual tax rate. This should be recognized fully as tax expense for the current period and allocated to current and deferred taxes based on its proportionate size.

For a change in tax rate that is substantively enacted in an interim period, the effect of the change immediately should be recognized in the interim period in which the change occurs.

Temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases shall be measured based on the tax rates that have been enacted or substantively enacted at the time of the asset or liability is recovered or settled and be recognized directly in equity or other comprehensive income as tax expense.

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

The preparation of the consolidated financial statements in conformity with the Regulations and IFRSs (in accordance with IAS 34 “Interim Financial Reporting” and endorsed by the FSC) requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Except for the following, the preparation of the consolidated interim financial statements, estimates and underlying assumptions were reviewed on an ongoing basis in are in conformity with the consolidated financial statements for the year ended December 31, 2023. For related information, please refer to note 5 of the consolidated financial statements for the year ended December 31, 2023.

The accounting policies involved significant judgments and the information that have significant effect on the amounts recognized in the consolidated financial statements are as below:

(a) Judgment of whether the Group has substantive control over Formosa Petrochemical Corporation

The Group holds 28.56% outstanding ordinary shares of Formosa Petrochemical Corporation, who has a total number of 15 directors in its board, including 2 seats representing the Group. Although the Group is the biggest shareholder of Formosa Petrochemical Corporation, the Group does not have definite control on its overall operating related activities. Therefore, it is determined that the Group has no control over Formosa Petrochemical Corporation.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Judgment of whether the Group has substantive control over Formosa Heavy Industries Corporation

The Group holds 32.92% outstanding ordinary shares of Formosa Heavy Industries Corporation, who has a total number of 7 directors in its board, with the Group obtaining none of the seats, but having only one supervisor serving as its representative. Although the Group is the biggest shareholder of Formosa Heavy Industries Corporation, the Group does not have definite control on its overall operating related activities. Therefore, it is determined that the Group has no control over Formosa Heavy Industries Corporation.

The Group holds 50.00% outstanding shares of Sky Dragon Investments Limited, which has only 1 director who is not connected with the Group. Although the Group is the biggest shareholder of Sky Dragon Investments Limited, the Group does not have definite control on its overall operating related activities. Therefore, it is determined that the Group has no control over Sky Dragon Investments Limited.

(d) Judgment of whether the Group has substantive control over Taiwan Tokuyama Corporation.

The Group holds 50.00% outstanding shares of Taiwan Tokuyama Corporation, which has a total number of 3 directors who are not related to the Group, resulting in the Group to have no definite control over Taiwan Tokuyama Corporation and its overall operating related activities.

(6) Explanation of significant accounts:

Except for the following disclosures, there is no significant difference as compared with those disclosed in the consolidated financial statements for the year ended December 31, 2023. Please refer to Note 6 of the 2023 annual consolidated financial statements.

(a) Cash and cash equivalents

	June 30, 2024	December 31, 2023	June 30, 2023
Cash on hand	$ 409	362	332
Bank deposits	2,274,351	3,325,160	4,269,495
Cash equivalents
Time deposits	3,743,251	2,821,519	6,180,574
Repurchase bonds	1,033,357	-	759,720
	$ 7,051,368	6,147,041	11,210,121

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Financial assets at fair value through profit or loss and other comprehensive income

	June 30, 2024	December 31, 2023	June 30, 2023
ii) Mandatorily measured at FVTPL
Private fund	$ 1,780,430	1,641,598	1,619,218
Please refer to Notes 6(t) for amount of remeasurement at FVTPL.
	June 30, 2024	December 31, 2023	June 30, 2023
ii) Equity investments at fair value through other comprehensive income
Current:
Domestic listed stocks (TWSE and TPEx)	$ 71,972,822	90,590,581	93,834,022
Domestic emerging stocks	144,300	148,850	170,625
Non-current:
Domestic non-listed stocks	4,790,882	5,127,160	5,152,493
Foreign non-listed stocks	20,824,390	13,281,830	9,828,092
Total	$ 97,732,394	109,148,421	108,985,232

The Group designated the investments shown above as equity instruments at fair value through other comprehensive income because these equity instruments represent those investments that the Group intends to hold for long-term for strategic purposes.

There were no disposals of strategic investments and transfers of any cumulative gain or loss within equity relating to these investments as of June 30, 2024 and 2023.

	June 30, 2024	December 31, 2023	June 30, 2023
Notes receivable from operating activities	$ 2,173,200	1,721,802	1,942,329
Accounts receivable (including related parties) —at amortized cost	13,586,262	12,228,523	11,080,352
Account receivables—at fair value through other comprehensive income	493,663	382,492	390,474
Less: allowance for doubtful receivables	(151,339)	(83,234)	(79,336)
	$ 16,101,786	14,249,583	13,333,819

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group applies the simplified approach to provide for its expected credit losses, i.e. the use of lifetime expected loss provision for all receivables on June 30, 2024, December 31 and June 30, 2023. To measure the expected credit losses, accounts receivables have been grouped based on shared credit risk characteristics and the days past due, as well as the incorporated forward-looking information. The loss allowance were determined as follows:

	June 30, 2024
	Gross carrying amount	Weighted-average loss rate	Loss allowance
Current	$ 15,390,432	0.236%	36,341
1 to 30 days past due	698,798	4.762%	33,279
31 to 60 days past due	139,349	44.457%	61,950
More than 61 days past due	24,546	80.537%	19,769
	$ 16,253,125		151,339
	December 31, 2023
	Gross carrying amount	Weighted-average loss rate	Loss allowance
Current	$ 13,378,738	0.136%	18,051
1 to 30 days past due	858,046	3.222%	27,643
31 to 60 days past due	87,030	35.183%	30,620
More than 61 days past due	9,003	76.867%	6,920
	$ 14,332,817		83,234
	June 30, 2023
	Gross carrying amount	Weighted-average loss rate	Loss allowance
Current	$ 12,753,908	0.171%	21,775
1 to 30 days past due	600,978	3.772%	22,671
31 to 60 days past due	26,348	36.227%	9,545
More than 61 days past due	31,921	79.401%	25,345
	$ 13,413,155		79,336

The movement of the allowance for doubtful receivable was as follows:

	For the six months ended June 30,
	2024	2023
Beginning balance	$ 83,234	82,103
Impairment losses (reversed) recognized	67,680	(2,555)
Foreign exchange losses (gains)	425	(212)
Ending balance	$ 151,339	79,336

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group entered into a factoring and financing agreement (without-recourse) with a financial institution. According to the contract, the net accounts receivable that have matured but are still uncollected will be paid by the financial institution, except for those affected by trade disputes. The outstanding accounts receivable factoring transaction between the Group and the financial institution was as follows:

June 30, 2024
KC de Mexico	Purchaser	Factoring Balance		Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	CITIBANK	USD	15,213 $	609,840	-	-	None
		$	493,663
December 31, 2023
KC de Mexico	Purchaser	Factoring Balance		Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	CITIBANK	USD	12,907 $	609,840	USD 462	6.527%–6.573%	None
		$	396,695		14,203
June 30, 2023
KC de Mexico	Purchaser	Factoring Balance		Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	CITIBANK	USD	12,541 $	609,840	-	-	None
		$	390,474

(d) Other receivables

	June 30, 2024	December 31, 2023	June 30, 2023
Other receivables—loans to related parties	$ 17,800,149	17,689,244	7,233,297
Other receivables—related parties	8,758,400	1,438,881	8,574,638
Other receivables	3,856,576	1,905,005	2,041,557
Less : Loss allowance	(182,120)	(173,578)	-
	$ 30,233,005	20,859,552	17,849,492

As of June 30, 2024 and December 31, 2023, based on the management’s assessment of expected credit loss for other receivables, the Group anticipated credit impairment on other receivables from joint venture company “Formosa Mitsui Advanced Chemical Co., Ltd.”, which was expected to be liquidated in 2024, and had recognized a provision for loss allowance of $182,120 and $173,578 thousand, respectively.

As of June 30, 2023, there are no expected credit loss required for other receivables after the management’s assessment.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(e) Inventories

	June 30, 2024	December 31, 2023	June 30, 2023
Finished goods	$ 15,109,419	12,988,928	13,485,115
Work in process	2,461,444	1,278,826	1,162,209
Raw materials	5,312,429	3,973,415	5,167,509
Supplies	394,893	472,051	498,813
Machinery and accessories in process	2,456,847	2,691,147	2,675,685
Others	32,738	35,406	27,049
	$ 25,767,770	21,439,773	23,016,380

Change of net realizable value of inventories :

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Write-down of inventories (Reversal of write-downs)	$(1,678)	818,662	(174,292)	405,341

The changes in net realizable value of the above inventories have been recognized as cost of goods sold.

(f) Investments accounted for using equity method

The components of the investments accounted for using equity method were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Formosa Petrochemical Corporation	$ 93,251,052	95,893,554	89,812,822
Formosa Plastics Corp., U.S.A.	81,010,668	76,598,468	76,847,719
Formosa Heavy Industries Corp.	6,962,901	6,664,662	6,768,531
Sky Dragon Investments Limited	-	631,603	2,250,836
Mai Liao Power Corp.	16,065,144	13,805,045	11,108,806
Formosa Sumco Technology Corporation	7,042,105	7,395,360	6,931,624
Formosa Transportation Corp.	1,270,124	1,237,189	1,233,900
Formosa Fairway Corp.	-	5,572	15,966
Yi-Jih Development Corp.	19,644	19,651	19,659
Ya Tai Development Corp.	19,572	19,646	19,638
Formosa Automobile Corporation	422,908	390,857	566,065

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	June 30, 2024	December 31, 2023	June 30, 2023
Hwa Ya Technology Park Management Consulting Corporation	$ 4,328	4,299	4,180
Formosa Environmental Technology Corporation	236,830	234,962	233,333
Formosa Resources Corporation	7,553,745	7,714,128	7,624,709
Formosa Plastics Construction Corporation	1,044,632	1,051,647	579,194
Formosa Group (Cayman) Limited	920,081	835,318	809,404
Formosa Olefins, L.L.C.	6,501,288	5,746,602	5,832,698
Lolita Packaging, L.L.C.	37,343	9,685	254
Formosa Smart Energy Tech Corporation	4,217,727	1,733,910	999,824
Taiwan Tokuyama Corporation	576,216	-	-
Joint ventures
Formosa Asahi Spandex Co., Ltd.	990,178	979,254	970,087
Formosa Daikin Advanced Chemical Co., Ltd.	1,358,996	1,336,390	1,321,903
Formosa Tokuyama Advanced Chemicals Co., Ltd.	204,866	229,284	277,866
	$ 229,710,348	222,537,086	214,229,018

The Group’s shares of profit (loss) of associates and joint ventures were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Associates
Formosa Petrochemical Corporation	$ 782,789	(302,003)	2,220,821	948,574
Formosa Plastics Corp., U.S.A.	393,853	43,417	516,209	695,587
Formosa Heavy Industries Corp.	(17,601)	(62,094)	(27,428)	(298,917)
Sky Dragon Investment Limited	(591,159)	(484,512)	(1,283,593)	(819,448)
Mai Liao Power Corp.	838,086	595,141	1,645,338	1,254,271
Formosa Sumco Technology Corporation	100,714	287,713	212,788	545,176
Formosa Transportation Corp.	13,460	6,904	32,935	23,635
Formosa Fairway Corp.	-	(3,432)	(3,204)	(6,859)

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Yi-Jih Development Corp.	$ (4)	(4)	(8)	(8)
Ya Tai Development Corp.	(75)	(18)	(73)	(24)
Formosa Automobile Corporation	10,554	31,405	32,051	57,074
Hwa Ya Technology Park Management Consulting Corporation	16	31	29	40
Formosa Environmental Technology Corporation	794	493	1,867	1,518
Formosa Resources Corporation	(483,364)	(153,557)	(773,300)	(226,418)
Formosa Plastics Construction Corporation	(5,539)	(346)	(7,015)	288
Formosa Group (Cayman) Limited	19,250	12,395	37,514	31,190
Formosa Olefins, L.L.C.	327,031	246,354	426,769	462,391
Lolita Packaging, L.L.C.	26,664	-	26,664	-
Formosa Smart Energy Tech Corporation	(15,460)	(1,144)	(16,184)	(994)
Taiwan Tokuyama Corporation	2,135	-	2,135	-
Joint ventures
Formosa Asahi Spandex Co., Ltd.	3,339	(15,590)	10,925	(45,164)
Formosa Daikin Advanced Chemical Co., Ltd.	7,979	(9,911)	22,606	(23,487)
Formosa Mitsui Advanced Chemical Co., Ltd.	2,498	(91,286)	(1,745)	(101,948)
Formosa Tokuyama Advanced Chemicals Co., Ltd.	(11,433)	(27,834)	(24,417)	(59,868)
	$ 1,404,527	72,122	3,051,684	2,436,609

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Associates

1) The information of the major associate of the investments accounted for using the equity method was as follows:

Associates	Relationship	Registration Country	Percentage of ownership
			June 30, 2024	December 31, 2023	June 30, 2023
Formosa Petrochemical Corporation	Formosa Petrochemical Corporation, the supplier of raw materials for the Group, engages in the manufacturing and sales of petroleum products and petrochemical raw materials.	Taiwan	28.56 %	28.56 %	28.56 %
Formosa Plastics Corp., U.S.A.	Formosa Plastics Corp., U.S.A, engages in the manufacturing and sales of oil, plastic raw materials, and petrochemical raw materials, and is also the sales target of the Group.	U.S.A	22.66 %	22.66 %	22.66 %

The fair value of investments in publicly traded stocks of the major associate was as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Formosa Petrochemical Corporation	$ 176,291,576	219,548,305	229,342,282

The aggregated financial information of the major associate was as follows:

A. The financial information of Formosa Petrochemical Corporation was as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Current assets	$ 256,499,123	257,789,731	249,074,710
Non-current assets	172,120,846	158,371,896	154,551,166
Current liabilities	(66,192,738)	(44,489,619)	(50,676,027)
Non-current liabilities	(30,248,791)	(30,453,810)	(34,428,042)
Net assets	$ 332,178,440	341,218,198	318,521,807
Net assets attributable to non-controlling interest of Formosa Petrochemical Corporation	$ 5,374,230	4,883,912	4,952,555
Net assets attributable to Formosa Petrochemical Corporation	$ 326,804,210	336,334,286	313,569,252

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Revenue	$ 170,616,350	159,397,250	341,813,288	344,039,534
Net income (loss)	$ 2,722,669	(1,167,990)	7,746,693	3,266,210
Other comprehensive income (loss)	3,469,426	(3,638)	2,027,868	8,347,316
Total comprehensive income (loss)	$ 6,192,095	(1,171,628)	9,774,561	11,613,526
Comprehensive income attributable to non-controlling interest of Formosa Petrochemical Corporation	$ 61,352	94,770	252,718	54,152
Comprehensive income (loss) attributable to Formosa Petrochemical Corporation	$ 6,130,743	(1,266,398)	9,521,843	11,559,374
	For the six months ended June 30,
---	---	---
	2024	2023
Share of net assets of the associate at the beginning of period	$ 95,893,554	89,018,096
Comprehensive income attributable to the Group	2,798,596	3,786,984
Dividends received	(5,441,098)	(2,992,258)
Share of net assets of the associate at the end of period	93,251,052	89,812,822
Total carrying amount of equity of the associate at the end of period	$ 93,251,052	89,812,822

B. The financial information of Formosa Plastics Corp., U.S.A. was as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Current assets	$ 137,327,737	147,205,375	132,300,509
Non-current assets	294,655,286	262,143,348	275,615,169
Current liabilities	(18,285,659)	(19,393,491)	(16,071,330)
Non-current liabilities	(40,928,900)	(39,884,496)	(40,659,813)
Net assets	$ 372,768,464	350,070,736	351,184,535

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	June 30, 2024	December 31, 2023	June 30, 2023
Net assets attributable to non-controlling interest of Formosa Plastics Corp., U.S.A.	$ 13,467,232	12,002,585	12,048,278
Net assets attributable to Formosa Plastics Corp., U.S.A.	$ 359,301,232	338,068,151	339,136,257
	For the three months ended June 30,		For the six months ended June 30,
---	---	---	---
	2024	2023	2024
Revenue	$ 40,259,228	34,727,520	76,463,094
Net income	$ 2,331,024	594,458	3,059,909
Other comprehensive income	5,181,078	12,881,780	19,245,506
Total comprehensive income	$ 7,512,102	13,476,238	22,305,415
Comprehensive income attributable to non-controlling interest of Formosa Plastics Corp., U.S.A.	$ 592,749	402,834	781,614
Comprehensive income attributable to Formosa Plastics Corp., U.S.A.	$ 6,919,353	13,073,404	21,523,801
	For the six months ended June 30
---	---	---
	2024	2023
Share of net assets of the associate at the beginning of period	$ 76,598,468	75,212,016
Comprehensive income attributable to the Group	4,412,200	1,635,681
Share of net assets of the associate at the end of period	81,010,668	76,847,697
Add: Equity adjustment	-	22
Total carrying amount of equity of the associate at the end of period	$ 81,010,668	76,847,719

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) The Group’s financial information for investments accounted for using the equity method that are individually insignificant was as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Carrying amount of individually insignificant associates’ equity	$ 52,894,588	47,500,136	44,998,621
	For the three months ended June 30,	For the six months ended June 30,
	2024	2023	2024
Attributable to the Group:
Net income	$ 225,502	475,329	307,285
Other comprehensive income (loss)	1,268,946	130,056	3,024,567
Total comprehensive income	$ 1,494,448	605,385	3,331,852

3) On March 28, 2024, the Group disposed of its entire 33.33% equity interest in Formosa Fairway Corp. for a disposal consideration of $3,933 thousand, resulting in the disposal gain of $3,933 thousand to be recognized as other gains and losses in the consolidated statements of comprehensive income, and the related interest from the associate of $27,479 thousand to be reclassified from other comprehensive income (loss) to retained earnings upon disposal.

4) The Group invested in “Sky Dragon Investments Limited” (an investee accounted for using the equity method) and recognized the losses of $591,159 thousand and $1,283,593 thousand for the three months and six months ended June 30, 2024, respectively. As of June 30, 2024, since the Group's cumulative losses from the above investment had already exceeded the book value, the amount of $638,763 thousand had been reclassified from the investment to other non-current liabilities as the Group intends to continue to support the investee company.

5) On May 17, 2024, the Company participated in the cash capital increase of Formosa Smart Energy Tech Corporation, an associate owned by the Company, with the total investment amounting to $2,500,000 thousand based on its original shareholding ratio of 25%.

6) On April 17, 2024, the Company purchased 50% equity interest of Taiwan Tokuyama Corporation, a wholly-owned subsidiary of Japan Tokuyama Corporation, with the initial purchase price of $574,081 thousand. The total consideration (capped at $1,100,000 thousand) will be subject to reevaluation following the auditor's report of Taiwan Tokuyama Corporation for the year ended December 31, 2025.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Joint ventures

The Group’s financial information for investments in individually insignificant joint venture accounted for using equity method at the reporting date was as follows. This financial information is included in the consolidated financial statements.

	June 30, 2024	December 31, 2023	June 30, 2023
Carrying amount of individually insignificant joint ventures' equity	$ 2,554,040	2,544,928	2,569,856
	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024
Attributable to the Group:
Net income (loss)	$ 2,383	(144,621)	7,369
Other comprehensive (loss) income	(1,531)	1,737	(7,652)
Total comprehensive income (loss)	$ 852	(142,884)	(283)

The Group invested in “Formosa Mitsui Advanced Chemical Co., Ltd.” (an investee accounted for using the equity method) and recognized the losses of $2,498 thousand and $1,745 thousand for the three months and six months ended June 30, 2024, respectively. As of June 30, 2024, due to the agreement between the Group and the party to the joint venture to liquidate the investee company within one year, the Group’s cumulative losses from the above investment had already exceeded the book value by $164,223 thousand, resulting in the Group reclassifying the investment to other current liabilities.

(iii) Collaterals

There are no investments accounted for using the equity method which were pledged to banks as collateral to secure the Group’s bank loans as of June 30, 2024, December 31 and June 30, 2023.

(iv) The share of profit or loss and other comprehensive income of those investments accounted for using equity method, except that Formosa Petrochemical Corporation and Formosa Sumco Technology Corporation are calculated based on financial statements reviewed by CPA, is calculated based on unreviewed financial statements.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(g) Property, plant and equipment

The movements of cost and accumulated depreciation and impairments of property, plant and equipment of the Group for the six months ended June 30, 2024 and 2023 were as follows:

	Land and land improvements	Buildings and constructions	Machinery and equipment	Other facilities	Construction in progress	Total
Cost:
Balance at January 1, 2024	$ 13,350,697	29,688,447	207,525,139	9,421,648	39,312,601	299,298,532
Additions	-	312,769	439,803	169,201	7,120,758	8,042,531
Disposals	-	(6,663)	(317,709)	(69,936)	-	(394,308)
Reclassification	14,139	1,479,166	6,155,005	287,853	(10,224,826)	(2,288,663)
Effect of exchange rate changes	105,860	361,207	3,276,936	100,694	1,025,823	4,870,520
Balance at June 30, 2024	$ 13,470,696	31,834,926	217,079,174	9,909,460	37,234,356	309,528,612
Balance at January 1, 2023	$ 13,592,424	29,715,939	202,513,898	8,831,877	34,257,454	288,911,592
Additions	-	17,397	386,070	380,593	5,155,522	5,939,582
Disposals	(380,870)	(4,706)	(798,443)	(79,595)	-	(1,263,614)
Reclassification	5,714	21,184	2,131,412	59,530	(2,270,062)	(52,222)
Effect of exchange rate changes	25,328	(137,598)	(670,917)	(39,394)	(463,013)	(1,285,594)
Balance at June 30, 2023	$ 13,242,596	29,612,216	203,562,020	9,153,011	36,679,901	292,249,744
Accumulated depreciation/ impairments:
Balance at January 1, 2024	$ 535,674	20,637,382	159,250,543	6,422,881	-	186,846,480
Depreciation for the period	68,492	473,502	3,061,675	348,552	-	3,952,221
Disposals	-	(6,663)	(304,407)	(69,108)	-	(380,178)
Reclassification	-	283	(376)	248	-	155
Effect of exchange rate changes	31,054	145,739	1,728,025	69,543	-	1,974,361
Balance at June 30, 2024	$ 635,220	21,250,243	163,735,460	6,772,116	-	192,393,039
Balance at January 1, 2023	$ 407,863	19,825,915	155,312,844	6,049,487	-	181,596,109
Depreciation for the period	63,176	428,723	2,908,636	308,411	-	3,708,946
Disposals	-	(4,706)	(794,685)	(76,947)	-	(876,338)
Reclassification	-	311	(357)	357	-	311
Effect of exchange rate changes	6,855	(61,907)	(583,764)	(29,604)	-	(668,420)
Balance at June 30, 2023	$ 477,894	20,188,336	156,842,674	6,251,704	-	183,760,608
Carrying amounts:
Balance at June 30, 2024	$ 12,835,476	10,584,683	53,343,714	3,137,344	37,234,356	117,135,573
Balance at December 31, 2023	$ 12,815,023	9,051,065	48,274,596	2,998,767	39,312,601	112,452,052
Balance at June 30, 2023	$ 12,764,702	9,423,880	46,719,346	2,901,307	36,679,901	108,489,136

(i) Collaterals

The property, plant and equipment pledged to secure bank loans as of June 30, 2024, December 31 and June 30, 2023, are described in Note 8.

(ii) As of June 30, 2024, December 31 and June 30, 2023, the Group’s parcels of land with title temporarily registered under the names of third parties for trust purpose had carrying value as of $33,529 thousand which were recorded under property, plant and equipment. The Group has implemented a deed of trust with the authorities to secure the Group’s rights related to the abovementioned properties.

(iii) Please refer to Note 6(t) for further information about the capitalized interest on borrowings for the purchase of the property, plant and equipment and gain on disposal of property, plant and equipment.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(h) Right-of-use assets

The Group leases land. Information about leases for which the Group is a leasee is presented below:

	Land
Cost:
Balance at January 1, 2024	$ 2,446,009
Additions	3,979
Disposals	(3,979)
Effect of exchange rate change	109,417
Balance at June 30, 2024	$ 2,555,426
Balance at January 1, 2023	$ 1,681,893
Additions	792,872
Reclassifications	3,444
Effect of exchange rate change	(23,520)
Balance at June 30, 2023	$ 2,454,689
Accumulated depreciation:
Balance at January 1, 2024	$ 138,343
Depreciation for the period	53,148
Disposals	(3,979)
Effect of exchange rate change	2,670
Balance at June 30, 2024	$ 190,182
Balance at January 1, 2023	$ 56,974
Depreciation for the period	49,030
Effect of exchange rate change	(1,047)
Balance at June 30, 2023	$ 104,957
Carrying amount:
Balance at June 30, 2024	$ 2,365,244
Balance at December 31, 2023	$ 2,307,666
Balance at June 30, 2023	$ 2,349,732

For the six months ended June 30, 2024 and 2023, the Group increased the right-of-use assets, please refer to Note 6(m).

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Short-term borrowings

(i) Short-term borrowings consisted of the following:

	June 30, 2024	December 31, 2023	June 30, 2023
Unsecured short-term borrowings	$ 30,771,394	23,466,921	12,844,727
Interest rate	1.635%~1.746%	1.650%~2.830%	1.562%~1.656%

(ii) Issuance and redemption of loans

	For the six months ended June 30,
	2024	2023
Balance at the beginning of period	$ 23,466,921	14,900,000
New issuance during the period	121,987,794	76,605,204
Repayments during the period	(115,192,688)	(78,661,464)
Effect of exchange rate change	509,367	987
Balance at the end of period	$ 30,771,394	12,844,727

(j) Short-term notes and bills payable

	June 30, 2024
	Institutions	Interest rate	Amount
Short-term notes and bills payable	Bank SinoPac	1.45%~1.67%	$ 900,000
Short-term notes and bills payable	Fubon Commercial Bank, Ltd.	1.465%~1.775%	2,900,000
Short-term notes and bills payable	International Bills Finance Corporation	1.45%~1.66%	2,600,000
Short-term notes and bills payable	China Bills Finance Corporation	1.45%~1.76%	4,000,000
Short-term notes and bills payable	Grand Bills Finance Corporation	1.45%~1.67%	350,000
Short-term notes and bills payable	CTBC Bank Co., Ltd.	1.66%~1.76%	3,500,000
Short-term notes and bills payable	Yuanta Commercial Bank Co., Ltd.	1.67%~1.76%	3,200,000
Short-term notes and bills payable	E.SUN Commercial Bank, Ltd.	1.465%~1.775%	3,750,000
Short-term notes and bills payable	Taishin International Bank Co., Ltd.	1.45%~1.65%	900,000
Short-term notes and bills payable	Mega Bills Finance Co., Ltd.	1.45%~1.76%	5,400,000
			27,500,000
Less: Discount on short-term notes and bills payable			(84,541)
Total			$ 27,415,459

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2023
	Institutions	Interest rate	Amount
Short-term notes and bills payable	Union Bank of Taiwan Co., Ltd.	1.400%	$ 400,000
Short-term notes and bills payable	International Bills Finance Corporation	1.510%~1.545%	1,400,000
Short-term notes and bills payable	China Bills Finance Corporation	1.430%~1.545%	7,650,000
Short-term notes and bills payable	Bank SinoPac	1.500%~1.545%	550,000
Short-term notes and bills payable	Yuanta Commercial Bank Co., Ltd.	1.510%	1,000,000
Short-term notes and bills payable	Taishin International Bank Co., Ltd.	1.405%~1.455%	2,700,000
Short-term notes and bills payable	Mega Bills Finance Co., Ltd.	1.430%~1.545%	3,550,000
Short-term notes and bills payable	CTBC Bank Co., Ltd.	1.430%~1.545%	8,200,000
Short-term notes and bills payable	E.SUN Commercial Bank, Ltd.	1.554%~1.560%	3,800,000
Short-term notes and bills payable	Fubon Commercial Bank, Ltd.	1.500%~1.525%	1,500,000
			30,750,000
Less: Discount on short-term notes and bills payable			(86,626)
Total			$ 30,663,374
	June 30, 2023
	Institutions	Interest rate	Amount
Short-term notes and bills payable	Union Bank of Taiwan Co., Ltd.	1.32%~1.40%	$ 1,700,000
Short-term notes and bills payable	International Bills Finance Corporation	1.40%~1.41%	1,100,000
Short-term notes and bills payable	China Bills Finance Corporation	1.40%~1.50%	2,700,000
Short-term notes and bills payable	Bank SinoPac	1.40%~1.50%	1,500,000
Short-term notes and bills payable	Grand Bills Finance Corporation	1.40%~1.41%	1,100,000
Short-term notes and bills payable	Yuanta Commercial Bank Co., Ltd.	1.41%	1,800,000
Short-term notes and bills payable	Taishin International Bank Co., Ltd.	1.35%	2,000,000
Short-term notes and bills payable	Mega Bills Finance Co., Ltd.	1.33%~1.50%	4,200,000
Short-term notes and bills payable	CTBC Bank Co., Ltd.	1.40%~1.50%	1,200,000
Short-term notes and bills payable	Ta Ching Bills Finance Corporation	1.41%	300,000
Short-term notes and bills payable	E.SUN Commercial Bank, Ltd.	1.345%	1,000,000
Short-term notes and bills payable	Dah Chung Bills Finance Corporation	1.50%	300,000
			18,900,000
Less: Discount on short-term notes and bills payable			(41,308)
Total			$ 18,858,692

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(k) Long-term debts

(i) Long-term debts consisted of the following:

	June 30, 2024	December 31, 2023	June 30, 2023
Unsecured long-term debts	$ 28,097,913	22,905,502	11,808,865
Less: Current portion	(12,955,324)	(1,543,394)	(5,000,000)
Total	$ 15,142,589	21,362,108	6,808,865
Repayment period	2024~2028	2024~2025	2023~2028
Interest rate	1.625%~3.10%	1.542%~1.746%	1.625%~3.1%

(ii) Issuance and redemption of loan

	For the six months ended June 30,
	2024	2023
Balance at the beginning of period	$ 22,905,502	11,437,383
New issuance during the period	5,000,000	4,512,448
Repayments during the period	-	(4,032,522)
Effect of exchange rate change	192,411	(108,444)
Balance at the end of period	$ 28,097,913	11,808,865

(iii) Joint Credit Agreement

In order to secure working capital for its operational turnover, the Group has entered into a joint loan agreement with a consortium of seventeen financial institutions, with Hua Nan Commercial Bank as the lead bank, on April 14, 2023, as follows:

1) Credit line: $12,500,000 thousand.
2) Interest Rate: as settled with each participating bank.
3) Period: 3 years (including an 1-year extension).
4) The following financial ratios in the Company's annual audited and certified financial statements, included in the contractual restrictions, must comply with specified requirements. Failure to do so will result in the suspension of credit utilization or immediate repayment of outstanding loans:

a) Current Ratio (Current Assets / Current Liabilities): Not less than one hundred percent.
b) Debt Ratio (Total Liabilities / Net Worth): Not exceeding one hundred and fifty percent.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

5) As of June 30, 2024, all financial ratios of the Group have complied with the provisions stated in the joint credit agreement.

(iv) Secured bank loans

The assets pledged to secure loans are described in Note 8.

(l) Bonds payable

(i) Bonds payable consisted of the following:

	June 30, 2024	December 31, 2023	June 30, 2023
Domestic unsecured nonconvertible corporate bonds	$ 44,405,941	38,364,189	41,515,266
Less: current portion	(8,798,748)	(3,699,403)	(6,848,166)
Total	$ 35,607,193	34,664,786	34,667,100
Expiry	2024~2034	2023~2031	2023~2031

(ii) Issuance and redemption of domestic unsecured nonconvertible corporate bonds

1) Issuance

	For the six months ended June 30,
	2024	2023
Amount	$ 8,400,000	11,100,000
Interest rate	1.82% ~ 1.9%	1.55% ~ 1.62%
Expiry	2029 ~ 2034	2029 ~ 2031

2) Repayment

	For the six months ended June 30,
	2024	2023
Amount	$ 2,350,000	5,700,000

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) The terms of domestic unsecured nonconvertible corporate bonds as of June 30, 2024, December 31 and June 30, 2023 were as follows:

	The second domestic unsecured nonconvertible corporate bond in 2013	The first domestic unsecured nonconvertible corporate bond in 2014	The first domestic unsecured nonconvertible corporate bond in 2017	The second domestic unsecured nonconvertible corporate bond in 2018
Issue amount	$ 8,500,000	6,000,000	7,000,000	9,300,000
2024.06.30 Ending balance	-	4,998,951	-	4,096,706
2024.06.30 Current portion	-	2,500,000	-	2,699,341
2023.12.31 Ending balance	-	5,498,450	1,849,631	4,096,047
2023.12.31 Current portion	-	499,772	1,849,631	1,350,000
2023.06.30 Ending balance	3,149,510	5,497,902	1,849,158	4,095,387
2023.06.30 Current portion	3,149,510	499,498	1,849,158	1,350,000
Issuance date	November 8, 2013	May 21, 2014	May 19, 2017	June 26, 2018
Coupon rate	1.42% · 1.94%	1.83% · 1.92%	1.09% · 1.32%	0.82% · 0.93% · 1.09%
Interest payment date	November 8	May 21	May 19	June 26
Repayment method	Payable in 2 equal installments for each different coupon rate in 2017–2018 and 2022–2023, respectively.	Payable in 2 equal installments for each different coupon rate in 2023–2024 and 2025–2026, respectively.	Payable in 2 equal installments for each different coupon rate in 2021–2022 and 2023–2024, respectively.	Payable in 2 equal installments for each different coupon rate in 2022–2023, 2024–2025 and 2027–2028, respectively.
	The first domestic unsecured nonconvertible corporate bond in 2020	The first domestic unsecured nonconvertible corporate bond in 2021	The first domestic unsecured nonconvertible corporate bond in 2023	The first domestic unsecured nonconvertible corporate bond in 2024
Issue amount	$ 8,350,000	7,500,000	11,100,000	8,400,000
2024.06.30 Ending balance	8,344,066	7,493,619	11,085,680	8,386,919
2024.06.30 Current portion	3,599,407	-	-	-
2023.12.31 Ending balance	8,343,176	7,492,637	11,084,248	-
2023.12.31 Current portion	-	-	-	-
2023.06.30 Ending balance	8,342,286	7,491,656	11,089,367	-
2023.06.30 Current portion	-	-	-	-
Issuance date	June 22, 2020	September 15, 2021	June 27, 2023	May 14, 2024
Coupon rate	0.58% · 0.63% · 0.67%	0.46% · 0.52%	1.55% · 1.62%	1.82% · 1.90%
Interest payment date	June 22	September 15	June 27	May 14
Repayment method	Payable in 2 equal installments for each different coupon rate in 2024–2025, 2026–2027 and 2029–2030, respectively.	Payable in 2 equal installments for each different coupon rate in 2025–2026 and 2027–2028, respectively.	Payable in 2 equal installments for each different coupon rate in 2027–2028 and 2029–2030, respectively.	Payable in 2 equal installments for each different coupon rate in 2028–2029 and 2033–2034, respectively.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(m) Lease liabilities

The carrying values of lease liabilities were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Current	$ 60,851	60,234	67,589
Non-current	$ 1,264,252	1,294,833	1,325,104

Please refer to Note 6(u) the maturity analysis.

The amount of lease liabilities decreased due to early termination is $0 thousand.

The amounts recognized in profit or loss were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Interest on lease liabilities	$ 6,801	7,124	13,671	13,016
Expenses relating to short-term leases	$ 35,479	26,439	71,334	56,455

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

	For the six months ended June 30,
	2024	2023
Total cash outflow for leases	$ 118,948	104,081

(i) Real estate leases

As of June 30, 2024, the Group leases land for Ship berthing, loading, unloading, storage and transfer operations. The leases typically run for a period of 1 to 20 years. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term.

Some leases provide for additional rent payments that are based on changes in the local price indices, or sales that the Group incurred at the leased store in the period. Some also require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor; these amounts are generally determined annually.

(ii) Other leases

The Group leases buildings with contract terms of one year or less. These leases are short-term. The Group has elected not to recognize its right-of-use assets and lease liabilities for these leases.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(n) Employee benefits

(i) Defined benefit plans

Management believes that there was no material volatility of the market, no material reimbursement and settlement or other material one-time events since prior fiscal year. As a result, the pension cost in the accompanying interim period was measured and disclosed according to the actuarial report as of December 31, 2023 and 2022.

The expenses recognized in profit or loss for the Group were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Operating costs	$ 19,267	21,547	38,513	43,057
Selling expenses	875	896	1,716	1,769
Administrative expenses	6,764	7,686	13,583	15,432
	$ 26,906	30,129	53,812	60,258

(ii) Defined contribution plans

The Labor Pension Act ("The Act") prescribes a defined contribution plan. Pursuant to the Act, the Company has made monthly contributions equal to 6% of each employee's monthly salary to employees' pension accounts.

Subsidiaries in China are governed by China laws and regulation. Based on China laws and regulation, those companies contribute for employees' pension benefits at rates ranging from 14% of salary every month and remit those contributions to the related authority.

The Group's expenses for the pension plan contributions to the Bureau of Labor Insurance were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Operating costs	$ 72,882	65,834	147,575	131,389
Selling expenses	2,635	2,607	5,228	5,193
Administrative expenses	28,603	31,497	57,632	62,100
	$ 104,120	99,938	210,435	198,682

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(o) Income tax

(i) The components of income tax were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Current income tax expenses	$ 45,909	16,999	72,187	135,790
Deferred tax expenses (benefits)
The origination of temporary differences	(67,401)	(168,965)	46,246	(164,204)
Income tax expenses (benefits)	$ (21,492)	(151,966)	118,433	(28,414)

(ii) The amounts of income tax expenses (benefits) recognized in other comprehensive income were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign financial statements	$ 109,896	(302,896)	530,974	(247,214)

(iii) The Company's income tax return for the year 2022 had been examined and approved by the R.O.C tax authorities.

(iv) Global minimum top-up tax

As of June 30, 2024, there have been no legislative or substantive legislative enactments on supplementary taxes in any country where the operations of the are located; hence, no related deferred income taxes have been recognized. Although the retrospective application of Amendments to IAS 12 "International Tax Reform—Pillar Two Model Rules" has no impact on its consolidated financial statements, the Group is closely monitoring the legislative developments related to the introduction of the Global minimum top-up tax in the jurisdictions where it operates.

The Group has applied the deferred tax accounting based on the temporary mandatory relief policy. Due to the impacts of the top-up tax, the income tax incurred by the Group during the year will be recognized as current tax. For the related information, please refer to Note 4(r) to the consolidated financial statements for the year ended December 31, 2023.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(p) Capital and other equity

Except for the following disclosure, there was no significant change in capital and other equity for the periods from January 1 to June 30, 2024 and 2023. For the related information, please refer to Note 6(p) to the consolidated financial statements for the year ended December 31, 2023.

(i) Capital surplus

The components of capital surplus were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Paid-in capital in excess of par value	$ 8,130,081	8,130,081	8,130,081
Treasury stock transactions	16,263	16,263	16,263
Equity in capital surplus of investee companies	203,094	203,039	202,809
Overdue unpaid directors’ remuneration and dividends	457,620	482,961	448,904
Paid-in capital in excess of the par value derived from overseas corporate bond conversion	2,997,503	2,997,503	2,997,503
	$ 11,804,561	11,829,847	11,795,560

(ii) Retained earnings

According to the Company’s Articles of Association, the Company’s annual net earnings, after providing for income tax and covering the losses of previous years, are first set aside for legal reserve at the rate of 10% thereof. However, this is not the case when the statutory surplus reserve has reached the amount of paid-in capital of the Company. In addition, a special reserve shall also be set aside as necessary. The remainder plus the undistributed earnings at the beginning of the same period, if any, should be distributed as part of the appropriation of earnings by the Board of Directors for resolution by the shareholders at the Annual Shareholders’ Meeting.

According to the Company’s Articles of Association, the Board of Directors is authorized to distribute cash dividends by the attendance of at least two-thirds of the directors and the resolution of a majority of the directors attended, and to report the distribution to the Shareholders’ Meeting; the distribution of stock dividends is proposed to the Shareholders’ Meeting for resolution.

The Company's business is a mature industry with table profits each year. The Company also adopts a dividend policy that combines cash dividends, capitalization from earnings, and capitalization from capital surplus. At least 50% of the Company's distributable earnings, after deducting legal reserve and special reserve, should be distributed as cash dividends, with cash dividends as the first priority, and the combined ratio of capitalization from earnings to capital surplus and from capitalization to capital surplus should not exceed 50% of the total dividends. The Company also adopts a dividend distribution policy, under which, net earnings after deducting the legal reserve and special reserve may first be distributed by way of cash

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

dividends which shall be equal to at least fifty percent (50%) of the Company’s total dividend distribution every year. The capitalization of earnings and capital surplus shall not exceed fifty percent of the total dividends.

1) Legal reserve

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

2) Special reserve

As the Company opted to avail of the exemptions allowed under IFRS 1 “First-time Adoption of International Financial Reporting Standards” during the Company’s first-time adoption of the IFRS Accounting Standards endorsed by the FSC, unrealized revaluation increments and cumulative translation adjustments (gains) of $2,790,507 thousand under shareholders’ equity were reclassified to retained earnings. When the related assets are used, disposed of, or reclassified, the Company may reverse the appropriation of the special reserve in proportion to the original appropriation. The carrying amount of the special reserve amounted to $2,790,507 thousand as of June 30, 2024, December 31 and June 30, 2023, respectively.

In accordance with the requirements issued by the FSC, a portion of earnings shall be allocated as special reserve during earnings distribution. If the Company has already reclassified a portion of earnings to special reserve under the preceding subparagraph, it shall make supplemental allocation of special reserve for any difference between the amount it has already allocated and the amount of the current-period total net reduction of other shareholders’ equity. An equivalent amount of special reserve shall be allocated from the after-tax net profit in the period, plus items other than after-tax net profit in the period, that are included in the undistributed current-period earnings and the undistributed prior-period earnings. A portion of undistributed prior-period earnings shall be reclassified to special earnings reserve (and does not qualify for earnings distribution) to account for cumulative changes to the net reduction of other shareholders’ equity pertaining to prior periods. Amounts of subsequent reversals pertaining to the net reduction of other shareholders’ equity shall qualify for additional distributions.

3) Earnings distribution

The amounts of cash dividends for the 2023 and 2022 earnings distribution had been approved at the shareholders’ meeting held on June 20, 2024 and May 30, 2023, respectively, as follows:

	2023	2022
Dividends distributed to ordinary shareholders:
Cash	$ 6,365,741	26,736,112
Dividends per share (in New Taiwan Dollars)	$ 1.00	4.20

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Other equity

	Exchange differences on translation of foreign financial statements	Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income	Gains (losses) on hedging instruments	Revaluation surplus	Total
Balance at January 1, 2024	$ (1,924,536)	62,058,632	(68,123)	1,002,593	61,068,566
Exchange differences on foreign operations	6,874,013	-	-	-	6,874,013
Exchange differences on associates and joint ventures accounted for using equity method	1,019,332	-	-	-	1,019,332
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income, associates and joint ventures accounted for using equity method	-	1,994,037	-	-	1,994,037
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income	-	(11,421,274)	-	-	(11,421,274)
Disposal of investments accounted for using equity method	-	(27,479)	-	-	(27,479)
Share of cash flow hedge of associates and joint ventures	-	-	70,522	-	70,522
Balance at June 30, 2024	$ 5,968,809	52,603,916	2,399	1,002,593	59,577,717
Balance at January 1, 2023	$ (603,353)	51,638,474	(77,910)	1,002,593	51,959,804
Exchange differences on foreign operations	105,762	-	-	-	105,762
Exchange differences on associates and joint ventures accounted for using equity method	(414,516)	-	-	-	(414,516)
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income, associates and joint ventures accounted for using equity method	-	2,702,059	-	-	2,702,059
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income	-	5,471,553	-	-	5,471,553
Share of cash flow hedge of associates and joint ventures	-	-	6,880	-	6,880
Balance at June 30, 2023	$ (912,107)	59,812,086	(71,030)	1,002,593	59,831,542

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(q) Earnings per share

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

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Basic earnings per share
Net income attributable to ordinary shareholders	$ 1,364,591	1,225,054	1,585,447	3,567,562
Weighted-average number of ordinary shares (in thousands)	6,365,741	6,365,741	6,365,741	6,365,741
	$ 0.21	0.19	0.25	0.56
Diluted earnings per share
Net income attributable to ordinary shareholders (diluted)	$ 1,364,591	1,225,054	1,585,447	3,567,562
Weighted-average number of ordinary shares (basic) (in thousands)	6,365,741	6,365,741	6,365,741	6,365,741
Effect of dilutive potential ordinary shares
Effect of employee share bonus (in thousands)	39	22	78	653
Weighted-average number of ordinary shares (diluted) (in thousands)	6,365,780	6,365,763	6,365,819	6,366,394
	$ 0.21	0.19	0.25	0.56

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(r) Revenue from contracts with customers

(i) Disaggregation of revenue

	For the three months ended June 30, 2024
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Total
Primary geographical markets :
Taiwan	$ 4,912,373	2,363,510	1,416,084	1,676,995	3,680,144	838,723	14,887,829
Mainland China	3,972,237	2,573,671	5,771,060	4,332,861	409,502	110,651	17,169,982
Others	7,769,339	4,511,085	1,077,015	3,055,323	2,296,111	342,170	19,051,043
	$ 16,653,949	9,448,266	8,264,159	9,065,179	6,385,757	1,291,544	51,108,854
Major products :
PVC	$ 11,288,923	-	-	-	-	-	11,288,923
Liquid caustic soda	3,644,865	-	-	-	-	-	3,644,865
HDPE	-	2,622,434	-	-	-	-	2,622,434
LLDPE	-	3,802,087	-	-	-	-	3,802,087
EVA	-	2,940,962	-	-	-	-	2,940,962
PP	-	-	7,663,671	-	-	-	7,663,671
POM	-	-	600,488	-	-	-	600,488
AE	-	-	-	4,749,439	-	-	4,749,439
SAP	-	-	-	1,823,014	-	-	1,823,014
Carbon fiber	-	-	-	599,375	-	-	599,375
n-Butanol	-	-	-	1,241,744	-	-	1,241,744
AN	-	-	-	-	2,971,485	-	2,971,485
MMA	-	-	-	-	1,303,575	-	1,303,575
ECH	-	-	-	-	524,458	-	524,458
Others	1,720,161	82,783	-	651,607	1,586,239	1,291,544	5,332,334
	$ 16,653,949	9,448,266	8,264,159	9,065,179	6,385,757	1,291,544	51,108,854
	For the three months ended June 30, 2023
---	---	---	---	---	---	---	---
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Total
Primary geographical markets :
Taiwan	$ 4,901,467	2,340,747	1,262,946	1,312,390	3,207,330	1,153,224	14,178,104
Mainland China	3,770,577	4,249,025	4,154,121	3,921,956	281,439	168,440	16,545,558
Others	7,856,409	4,491,462	831,019	2,527,884	1,857,685	158,707	17,723,166
	$ 16,528,453	11,081,234	6,248,086	7,762,230	5,346,454	1,480,371	48,446,828
Major products :
PVC	$ 10,857,722	-	-	-	-	-	10,857,722
Liquid caustic soda	3,959,191	-	-	-	-	-	3,959,191
HDPE	-	3,340,725	-	-	-	-	3,340,725
LLDPE	-	3,313,615	-	-	-	-	3,313,615
EVA	-	4,335,592	-	-	-	-	4,335,592
PP	-	-	5,713,900	-	-	-	5,713,900
POM	-	-	534,186	-	-	-	534,186
AE	-	-	-	3,399,753	-	-	3,399,753
SAP	-	-	-	2,023,312	-	-	2,023,312
Carbon fiber	-	-	-	836,388	-	-	836,388
n-Butanol	-	-	-	775,628	-	-	775,628
AN	-	-	-	-	2,178,259	-	2,178,259
MMA	-	-	-	-	894,808	-	894,808
ECH	-	-	-	-	680,808	-	680,808
Others	1,711,540	91,302	-	727,149	1,592,579	1,480,371	5,602,941
	$ 16,528,453	11,081,234	6,248,086	7,762,230	5,346,454	1,480,371	48,446,828

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	For the six months ended June 30, 2024
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Total
Primary geographical markets :
Taiwan	$ 9,681,877	4,744,518	2,737,320	3,072,854	6,578,960	1,612,885	28,428,414
Mainland China	7,462,769	5,813,487	10,277,529	8,420,237	990,533	233,098	33,197,653
Others	16,229,102	8,496,753	2,161,893	5,922,038	4,165,447	616,047	37,591,280
	$ 33,373,748	19,054,758	15,176,742	17,415,129	11,734,940	2,462,030	99,217,347
Major products :
PVC	$ 21,652,573	-	-	-	-	-	21,652,573
Liquid caustic soda	8,374,377	-	-	-	-	-	8,374,377
HDPE	-	5,059,294	-	-	-	-	5,059,294
LLDPE	-	7,215,090	-	-	-	-	7,215,090
EVA	-	6,626,743	-	-	-	-	6,626,743
PP	-	-	14,042,697	-	-	-	14,042,697
POM	-	-	1,134,045	-	-	-	1,134,045
AE	-	-	-	9,090,854	-	-	9,090,854
SAP	-	-	-	3,736,278	-	-	3,736,278
Carbon fiber	-	-	-	1,087,642	-	-	1,087,642
n-Butanol	-	-	-	2,206,397	-	-	2,206,397
AN	-	-	-	-	5,284,832	-	5,284,832
MMA	-	-	-	-	2,388,730	-	2,388,730
ECH	-	-	-	-	1,165,492	-	1,165,492
Others	3,346,798	153,631	-	1,293,958	2,895,886	2,462,030	10,152,303
	$ 33,373,748	19,054,758	15,176,742	17,415,129	11,734,940	2,462,030	99,217,347
	For the six months ended June 30, 2023
---	---	---	---	---	---	---	---
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Total
Primary geographical markets :
Taiwan	$ 10,351,117	4,733,648	2,525,849	2,643,629	7,048,586	2,041,729	29,344,558
Mainland China	7,280,523	8,745,719	8,089,562	7,626,150	799,119	401,885	32,942,958
Others	17,025,561	9,569,349	1,967,398	6,048,755	3,504,876	256,690	38,372,629
	$ 34,657,201	23,048,716	12,582,809	16,318,534	11,352,581	2,700,304	100,660,145
Major products :
PVC	$ 21,442,752	-	-	-	-	-	21,442,752
Liquid caustic soda	9,362,268	-	-	-	-	-	9,362,268
HDPE	-	6,528,893	-	-	-	-	6,528,893
LLDPE	-	6,977,579	-	-	-	-	6,977,579
EVA	-	9,408,154	-	-	-	-	9,408,154
PP	-	-	11,408,924	-	-	-	11,408,924
POM	-	-	1,173,885	-	-	-	1,173,885
AE	-	-	-	7,478,916	-	-	7,478,916
SAP	-	-	-	4,126,955	-	-	4,126,955
Carbon fiber	-	-	-	1,838,967	-	-	1,838,967
n-Butanol	-	-	-	1,631,351	-	-	1,631,351
AN	-	-	-	-	4,751,605	-	4,751,605
MMA	-	-	-	-	1,729,281	-	1,729,281
ECH	-	-	-	-	1,453,310	-	1,453,310
Others	3,852,181	134,090	-	1,242,345	3,418,385	2,700,304	11,347,305
	$ 34,657,201	23,048,716	12,582,809	16,318,534	11,352,581	2,700,304	100,660,145

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Contract balances

	June 30, 2024	December 31, 2023	June 30, 2023
Notes receivable	$ 2,173,200	1,721,802	1,942,329
Accounts receivable (including related parties)	14,079,925	12,611,015	11,470,826
Less: allowance for impairment	(151,339)	(83,234)	(79,336)
Total	$ 16,101,786	14,249,583	13,333,819
	June 30, 2024	December 31, 2023	June 30, 2023
Contract liabilities - unearned sales	$ 854,775	1,309,623	1,574,379

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

The major change in the balance of the contract liabilities is the difference between the time frame in the performance obligation to be satisfied and the payment to be received.

The amounts of revenue recognized for the six months ended June 30, 2024 and 2023 that were included in the contract liabilities balance at the beginning of the periods were $879,295 thousand and $887,765 thousand, respectively.

(s) Remunerations to employees

According to the Company's Articles of Association, once the Company has annual profit, it should appropriate 0.05%~0.5% of the pre-tax net profit before deducting remunerations to employees. However, if the Company has accumulated deficits, an amount should be reserved to offset the deficits.

The remunerations to employees amounted to $2,248 thousand, $1,482 thousand, $4,495 thousand and $4,538 thousand for the three months and six months ended June 30, 2024 and 2023, respectively. These amounts were calculated using the Company's pre-tax income for each period before deducting the remunerations of employees multiplied by the proposed percentages of remunerations of employees as stated in the Company's Articles of Association. These remunerations were expensed under operating costs or expenses for each period. If there are any subsequent adjustments to the actual remuneration amounts after the annual shareholders' meeting, the adjustments will be regarded as changes in accounting estimates and will be reflected in profit or loss in the following year.

For the years ended December 31, 2023 and 2022, the remunerations to employees amounted to $8,989 thousand and $55,483 thousand, respectively, which were consistent with the actual distributions. The information is available on the Market Observation Post System website.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(t) Non-operating income and expenses

(i) Interest income

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Interest income from bank deposits	$ 36,762	83,845	80,850	130,417
Other interest income	127,010	51,904	248,136	119,775
	$ 163,772	135,749	328,986	250,192

(ii) Other income

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Rent income	$ 42,821	51,073	83,384	111,576
Dividend income	189,361	3,253,131	189,361	3,253,131
	$ 232,182	3,304,204	272,745	3,364,707

(iii) Other gains and losses

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Gain on disposals of property, plant and equipment	$ 5,571	1,154	18,231	355,368
Gain on disposal of investments accounted for using equity method	-	-	3,933	-
Foreign exchange gains	58,180	279,510	460,725	194,640
Gains on financial assets at fair value through profit or loss	48,681	52,781	138,833	56,498
Other gains	77,796	186,456	272,545	327,611
Other losses	(41,589)	(28,154)	(70,140)	(95,990)
	$ 148,639	491,747	824,127	838,127

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Finance costs

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Interest expense	$ 867,418	543,255	1,673,187	1,065,659
Less: capitalized interest	(91,716)	(85,338)	(174,985)	(171,234)
Interest expense from bank loans	$ 775,702	457,917	1,498,202	894,425
Capitalized interest rate	0.010%–6.577%	1.130%–6.422%	0.011%–6.604%	1.130%–6.422%

(u) Financial Instruments

Except for the contention mentioned below, there was no significant change in the fair value of the Group’s financial instruments and degree of exposure to credit risk, liquidity risk and market risk arising from financial instruments. For related information, please refer to Note 6(u) to the consolidated financial statements for the year ended December 31, 2023.

(i) Liquidity risk

The following table shows the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.

	Carrying amount	Contractual cash flows	Within 6 months	6–12 months	1–2 years	2–5 years	Over 5 years
June 30, 2024
Non-derivative financial liabilities
Unsecured bank loans	$ 30,771,394	31,136,038	31,136,038	-	-	-	-
Unsecured bonds payable (including current portion)	44,405,941	46,472,846	1,356,278	5,718,745	8,480,785	23,461,328	7,455,710
Short-term notes and bills payable	27,415,459	27,500,000	27,500,000	-	-	-	-
Long-term debts (including current portion)	28,097,913	29,264,979	-	422,495	20,317,803	8,524,681	-
Accounts payable (including related parties)	8,721,911	8,721,911	8,721,911	-	-	-	-
Other payables (including related parties)	8,606,866	8,606,866	8,606,866	-	-	-	-
Loans from related parties (including long-term)	18,339,368	22,075,644	491,090	2,339,452	-	19,245,102	-
Other current liabilities	11,400,279	11,400,279	11,400,279	-	-	-	-
Employees’ savings (record other current liabilities)	229,181	230,986	230,986	-	-	-	-
Lease liabilities	1,325,103	1,586,771	43,618	43,618	87,236	347,992	1,064,307
	$ 179,313,415	186,996,320	89,487,066	8,524,310	28,885,824	51,579,103	8,520,017

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Carrying amount	Contractual cash flows	Within 6 months	6–12 months	1–2 years	2–5 years	Over 5 years
December 31, 2023
Non-derivative financial liabilities
Unsecured bank loans	$ 23,466,921	23,700,380	23,700,380	-	-	-	-
Unsecured bonds payable (including current portion)	38,364,189	40,140,283	2,366,785	1,362,555	7,961,770	15,254,853	13,194,320
Short-term notes and bills payable	30,663,374	30,750,000	30,750,000	-	-	-	-
Long-term debts (including current portion)	22,905,502	23,913,946	-	1,579,930	18,527,171	3,806,845	-
Accounts payable (including related parties)	11,631,240	11,631,240	11,631,240	-	-	-	-
Other payables (including related parties)	2,357,855	2,357,855	2,357,855	-	-	-	-
Loans from related parties	15,385,773	15,579,111	15,579,111	-	-	-	-
Other current liabilities	8,676,641	8,676,641	8,676,641	-	-	-	-
Employees’ savings	192,573	193,969	193,969	-	-	-	-
Lease liabilities	1,355,067	1,630,389	43,618	43,618	87,236	348,182	1,107,735
	$ 154,999,135	158,573,814	95,299,599	2,986,103	26,576,177	19,409,880	14,302,055
June 30, 2023
Non-derivative financial liabilities
Unsecured bank loans	$ 12,844,727	12,951,747	12,951,747	-	-	-	-
Unsecured bonds payable (including current portion)	41,515,266	43,460,818	3,180,555	3,746,125	5,791,990	15,787,508	14,954,640
Secured bank loans	18,858,692	18,900,000	18,900,000	-	-	-	-
Short-term notes and bills payable	11,808,865	12,429,779	5,031,250	-	2,558,650	4,839,879	-
Notes and accounts payable (including related parties)	8,706,231	8,706,231	8,706,231	-	-	-	-
Other payables (including related parties)	29,112,620	29,112,620	29,112,620	-	-	-	-
Loans from related parties	12,454,000	14,053,592	-	-	14,053,592	-	-
Other current liabilities	11,694,792	11,694,792	11,694,792	-	-	-	-
Employees’ savings (record other current liabilities)	200,948	202,406	202,406	-	-	-	-
Lease liabilities	1,392,693	1,681,997	51,608	43,618	87,236	348,372	1,151,163
	$ 148,588,834	153,193,982	89,831,209	3,789,743	22,491,468	20,975,759	16,105,803

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

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Market risk

1) Currency risk

a) Exposure to currency risk

The Group’s significant exposure to foreign currency risk was as follows:

	June 30, 2024
	Foreign currency (in thousand)	Exchange Rate	New Taiwan Dollars
Financial assets
Monetary items
USD	$ 293,673	32.4500	9,529,689
EUR	2,528	34.8339	88,060
JPY	18,503	0.2025	3,747
RMB	704	4.5532	3,205
Financial liabilities
Monetary items
USD	68,602	32.4500	2,226,135
EUR	447	34.8339	15,571
JPY	77,224	0.2025	15,638
	December 31, 2023
---	---	---	---
	Foreign currency (in thousand)	Exchange Rate	New Taiwan Dollars
Financial assets
Monetary items
USD	$ 268,567	30.7350	8,254,407
EUR	1,603	33.9755	54,463
JPY	55,243	0.2172	11,999
RMB	636	4.3394	2,760
Financial liabilities
Monetary items
USD	41,034	30.7350	1,261,180
EUR	1,246	33.9755	42,333
JPY	176,488	0.2172	38,333

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	June 30, 2023
	Foreign currency (in thousand)	Exchange Rate	New Taiwan Dollars
Financial assets
Monetary items
USD	$ 298,697	31.1350	9,299,931
EUR	3,857	33.7979	130,359
JPY	67,430	0.2149	14,491
RMB	817	4.3089	3,520
Financial liabilities
Monetary items
USD	33,976	31.1350	1,057,843
EUR	209	33.7979	7,064
JPY	46,033	0.2149	9,892

b) Sensitivity analysis

The Group’s exposure to foreign currency risk arises from the foreign currency exchange gains and losses on cash and cash equivalents, accounts receivable, other receivables, long and short-term borrowings, accounts payable and other payables which are denominated in foreign currencies. A strengthening of 1% of the NTD against the USD, EUR, JPY and RMB as of June 30, 2024 and 2023 would have decreased the net income before tax by $73,674 thousand and $83,735 thousand for the six months ended June 30, 2024 and 2023, respectively. The analysis is performed on the same basis for both periods.

c) Foreign exchange gains (losses) on monetary items

Since the Group has many kinds of functional currency, the information on foreign exchange gains (losses) on monetary items is disclosed by total amount. For the six months ended June 30, 2024 and 2023, the foreign exchange gain (including realized and unrealized portions) amounted to $460,725 thousand and $194,640 thousand, respectively.

2) Other market price risk

For the six months ended June 30, 2024 and 2023, the sensitivity analyses for the changes in the securities price at the reporting date were performed using the same basis for comprehensive income as illustrated below:

Prices of securities at the reporting date	For the six months ended June 30,
	2024		2023
	Other comprehensive income after tax	Net income	Other comprehensive income after tax	Net income
Increasing 1%	$ 721,171	-	940,046	-
Decreasing 1%	$ (721,171)	-	(940,046)	-

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Fair value of financial instruments

1) Fair value hierarchy

The fair value of financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income (available for sale financial assets) is measured on a recurring basis.

The carrying amounts and fair values of the Group's financial assets and liabilities, including the information on fair value hierarchy, were as follows; however, except as described in the following paragraphs, for financial instruments not measured at fair value whose carrying amount is reasonably close to the fair value and lease liabilities, disclosure of fair value information is not required:

	June 30, 2024
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss	$ 1,780,430	-	1,780,430	-	1,780,430
Financial assets at fair value through OCI
Domestic listed stocks (TWSE and TPEx)	$ 71,972,822	71,972,822	-	-	71,972,822
Domestic emerging stocks	144,300	-	144,300	-	144,300
Unquoted equity instruments at fair value	25,615,272	-	-	25,615,272	25,615,272
Accounts receivable	493,663	-	-	493,663	493,663
Total	$ 98,226,057	71,972,822	144,300	26,108,935	98,226,057
Financial assets measured at amortized cost
Cash and cash equivalents	$ 7,051,368	-	-	-	-
Notes and accounts receivable (including related parties)	15,608,123	-	-	-	-
Other receivables (including related parties)	30,233,005	-	-	-	-
Total	$ 52,892,496	-	-	-	-

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	June 30, 2024
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial liabilities measured at amortized cost
Bonds payable (including current portion)	$ 44,405,941	-	-	-	-
Short-term notes and bills payable	27,415,459	-	-	-	-
Short-term borrowings	30,771,394	-	-	-	-
Long-term debts (including current portion)	28,097,913	-	-	-	-
Loans from related parties(including long-term)	18,339,368	-	-	-	-
Notes and accounts payable (including related parties)	8,721,911	-	-	-	-
Other payables (including related parties)	8,606,866	-	-	-	-
Other current liabilities	11,400,279	-	-	-	-
Employees’ savings(record other current liabilities)	229,181	-	-	-	-
Lease liabilities	1,325,103	-	-	-	-
Total	$ 179,313,415	-	-	-	-
	December 31, 2023
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss	$ 1,641,598	-	1,641,598	-	1,641,598
Financial assets at fair value through OCI
Domestic listed stocks (TWSE and TPEx)	$ 90,590,581	90,590,581	-	-	90,590,581
Domestic emerging stocks	148,850	-	148,850	-	148,850
Unquoted equity instruments at fair value	18,408,990	-	-	18,408,990	18,408,990
Accounts receivable	382,492	-	-	382,492	382,492
Total	$ 109,530,913	90,590,581	148,850	18,791,482	109,530,913
Financial assets measured at amortized cost
Cash and cash equivalents	$ 6,147,041	-	-	-	-
Notes and accounts receivable (including related parties)	13,867,091	-	-	-	-
Other receivables (including related parties)	20,859,552	-	-	-	-
Total	$ 40,873,684	-	-	-	-

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2023
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial liabilities measured at amortized cost
Bonds payable (including current portion)	$ 38,364,189	-	-	-	-
Short-term notes and bills payable	30,663,374	-	-	-	-
Short-term borrowings	23,466,921	-	-	-	-
Long-term debts (including current portion)	22,905,502	-	-	-	-
Loans from related parties	15,385,773	-	-	-	-
Accounts payable (including related parties)	11,631,240	-	-	-	-
Other payables (including related parties)	2,357,855	-	-	-	-
Other current liabilities	8,676,641	-	-	-	-
Employees’ savings (record other current liabilities)	192,573	-	-	-	-
Lease liabilities	1,355,067	-	-	-	-
Total	$ 154,999,135	-	-	-	-
	June 30, 2023
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss	$ 1,619,218	-	1,619,218	-	1,619,218
Financial assets at fair value through OCI
Domestic listed stocks (TWSE and TPEx)	$ 93,834,022	93,834,022	-	-	93,834,022
Domestic emerging stocks	170,625	-	170,625	-	170,625
Unquoted equity instruments at fair value	14,980,585	-	-	14,980,585	14,980,585
Unquoted equity instruments at fair value	390,474	-	-	390,474	390,474
Total	$ 109,375,706	93,834,022	170,625	15,371,059	109,375,706
Financial assets measured at amortized cost
Cash and cash equivalents	$ 11,210,121	-	-	-	-
Notes and accounts receivable (including related parties)	12,943,345	-	-	-	-
Other receivables (including related parties)	17,849,492	-	-	-	-
Total	$ 42,002,958	-	-	-	-

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	June 30, 2023
	Carrying value	Fair value
		Level 1	Level 2	Level 3	Total
Financial liabilities measured at amortized cost
Bonds payable (including current portion)	$ 41,515,266	-	-	-	-
Short-term notes and bills payable	18,858,692	-	-	-	-
Short-term borrowings	12,844,727	-	-	-	-
Long-term debts (including current portion)	11,808,865	-	-	-	-
Loans from related parties	12,454,000	-	-	-	-
Accounts payable (including related parties)	8,706,231	-	-	-	-
Other payables (including related parties)	29,112,620	-	-	-	-
Other current liabilities	11,694,792	-	-	-	-
Employees’ savings	200,948	-	-	-	-
Lease liabilities	1,392,693	-	-	-	-
Total	$ 148,588,834	-	-	-	-

2) Valuation techniques for financial instruments not measured at fair value

The Group’s valuation techniques and assumptions used for financial instruments not measured at fair value are as follows:

A. Financial assets measured at amortized cost

If the quoted prices in active markets are available, the market price is established as the fair value. Otherwise, the estimated valuation or prices used by competitors are adopted.

B. Financial liabilities measured at amortized cost

If there is quoted price generated by transactions, the recent transaction price and quoted price data is used as the basis for fair value measurement. However, if no quoted prices are available, the discounted cash flows are used to estimate fair values.

3) Valuation techniques for financial instruments measured at fair value

The fair value of the financial instruments traded in active markets is based on quoted market prices. The fair value of listed equity instruments is based on the market prices that were published at main stock exchanges.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

If public quotations for financial instruments can be timely obtained frequently from exchanges, brokers, underwriters, industry associations, pricing services, or regulatory authorities, wherein the prices represent actual and regularly occurring fair market transactions, the financial instrument is considered to have an active market with publicly quoted prices. Otherwise, the market is considered inactive. Typically, wide bid-ask spreads, significant increase in bid-ask spreads, or very low trading volumes, are indicators of an inactive market.

If the financial instruments possessed by the Group have quoted market prices in active markets, the fair value was as follows:

The fair values of financial assets and financial liabilities with standard terms and conditions and traded in active markets are determined by reference to quoted market prices.

Measurements of fair value of financial instruments without an active market are based on valuation technique or quoted price from a competitor.

4) Transfers between Level 1 and Level 2

There was no transfer between levels for the six months ended June 30, 2023 and 2024.

5) Reconciliation of Level 3 fair values

	Fair value through other comprehensive income
	Unquoted equity instruments	Accounts payable
Opening balance, January 1, 2024	$ 18,408,990	382,492
Total gains and losses recognized:
In other comprehensive income	7,201,035	-
Increase	-	111,171
Effect of exchange rate changes	5,247	-
Ending balance, June 30, 2024	$ 25,615,272	493,663
Opening balance, January 1, 2023	$ 16,564,214	127,506
Total gains and losses recognized:
In other comprehensive income	(1,584,935)	-
Increase	-	262,968
Effect of exchange rate changes	1,306	-
Ending balance, June 30, 2023	$ 14,980,585	390,474

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

6) The valuation procedures for fair value measurements being categorized within Level 3 are to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price. According to the Group’s accounting policy, at the reporting date, the analysis of value changes of remeasured or reevaluated assets and liabilities is performed to ensure the reasonability of the evaluation results.

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

Most of the Group’s financial instruments that use Level 3 inputs involve only one significant unobservable input. Only equity investment with no-active markets have multiple significant unobservable inputs.

Quantified information of significant unobservable inputs was as follows:

Item	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Comparable Companies Approach	Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	The estimated fair value would increase if the multiplier were higher

8) Fair value measurements in Level 3 – sensitivity analysis of reasonably possible alternative assumptions

The Group’s measurement on the fair value of financial instruments is deemed reasonable despite different valuation models or assumptions may lead to different results. For fair value measurements in Level 3, changing one or more of the assumptions would have the following effects on profit or loss and other comprehensive income:

	Inputs	Change	Recognized in other comprehensive income
			Favorable change	Unfavorable change
June 30, 2024
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%
			$ 220,846	(220,846)

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Inputs	Change	Recognized in other comprehensive income
			Favorable change	Unfavorable change
December 31, 2023
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%
June 30, 2023			$ 134,263	(134,263)
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%
			$ 109,090	(109,090)

(v) Financial risk management

There were no material changes in the Group's financial risk management and policies as disclosed in Note 6(v) of the consolidated financial statements for the year ended December 31, 2023.

(w) Capital management

Management believes that the objectives, policies and processes of capital management of the Group has been applied consistently with those described in the consolidated financial statements for the year ended December 31, 2023. Also, management believes that there were no significant changes in the Group's capital management information as disclosed for the year ended December 31, 2023. Please refer to note 6(w) to the consolidated financial statements for the year ended December 31, 2023 for further details.

(x) Changes in liabilities arising from financing activities

Reconciliation of liabilities arising from financing activities was as follows:

	January 1, 2024	Cash flows	Non-cash changes	Effect of exchange rate changes	June 30, 2024
Short-term borrowings	$ 23,466,921	6,795,106	-	509,367	30,771,394
Short-term notes and bills payable	30,663,374	(3,250,000)	2,085	-	27,415,459
Long term debts (including current portion)	22,905,502	5,000,000	-	192,411	28,097,913
Bonds payable (including current portion)	38,364,189	6,050,000	(8,248)	-	44,405,941
Lease liabilities	1,355,067	(33,943)	3,979	-	1,325,103
Loans from related parties	15,385,773	2,073,975	-	879,620	18,339,368
Total liabilities from financing activities	$ 132,140,826	16,635,138	(2,184)	1,581,398	150,355,178

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	January 1, 2023	Cash flows	Non-cash changes	Effect of exchange rate changes	June 30, 2023
Short-term borrowings	$ 14,900,000	(2,056,260)	-	987	12,844,727
Short-term notes and bills payable	19,430,865	(550,000)	(22,173)	-	18,858,692
Long term debts (including current portion)	11,437,383	479,926	-	(108,444)	11,808,865
Bonds payable (including current portion)	36,120,673	5,400,000	(5,407)	-	41,515,266
Lease liabilities	634,430	(34,610)	792,873	-	1,392,693
Loans from related parties	11,208,420	1,069,674	-	175,906	12,454,000
Total liabilities from financing activities	$ 93,731,771	4,308,730	765,293	68,449	98,874,243

(7) Related-party transactions:

(a) Name of related parties

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

Name of related party	Relationship with the Group
Formosa Petrochemical Corporation	Associates
Formosa Plastics Corp., U.S.A.	Associates
Formosa Heavy Industries Corp.	Associates
Mai Liao Power Corp.	Associates
Formosa Sumco Technology Corporation	Associates
Formosa Transportation Corp.	Associates
Formosa Plastics Corp., Texas	Associates
Formosa Smart Energy Tech Corporation	Associates
Formosa Resources Corporation	Associates
Formosa Group (Cayman) Limited	Associates
Hua Ya Power Corp.	Associates
Formosa Heavy Industries (Ningbo) Corp.	Associates
Formosa Resources Australia	Associates
Formosa Steel IB	Associates
Japan Formosa Sumco Technology Corp.	Associates
Fujian Fuxin Special Steel Co., Ltd.	Associates
Formosa Transportation (Ningbo) Corp.	Associates
Formosa Automobile Corporation	Associates
Formosa Plastics Construction Corporation	Associates
Formosa Asahi Spandex Co., Ltd.	Joint ventures
Formosa Daikin Advanced Chemical Co., Ltd.	Joint ventures
Formosa Mitsui Advanced Chemical Co., Ltd.	Joint ventures
Formosa Tokuyama Advanced Chemicals Co., Ltd.	Joint ventures
Nan Ya Plastics Corporation	Other related parties
Formosa Chemicals and Fiber Corporation	Other related parties

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Name of related party	Relationship with the Group
Chang Gung Medical Foundation	Other related parties
Nan Ya PCB Corporation	Other related parties
PFG Fiber Glass Corporation	Other related parties
Nan Chung Petrochemical Corporation	Other related parties
Nan Ya Plastics (Guangzhou) Co., Ltd.	Other related parties
Nan Ya Plastics (Nantong) Co., Ltd.	Other related parties
Nan Ya Plastics (Huizhou) Co., Ltd.	Other related parties
Nan Ya Plastics (Xiamen) Co., Ltd.	Other related parties
Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.	Other related parties
Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Other related parties
Nan Ya Plastics (Ningbo) Co., Ltd.	Other related parties
Nan Ya Plastics (Indonesia) Co., Ltd.	Other related parties
Nan Ya Plastics Corporation America	Other related parties
Formosa Industries Corp., Vietnam	Other related parties
Formosa Taffeta Co., Ltd.	Other related parties
Formosa INEOS Chemicals Corporation	Other related parties
Formosa Biomedical Technology Corp.	Other related parties
Formosa Carpet Co., Ltd.	Other related parties
Formosa Idemitsu Petrochemical Corp.	Other related parties
Hong Jing Resources Corp.	Other related parties
Formosa Power (Ningbo) Co., Ltd.	Other related parties
Formosa Waters Technology Co., Ltd.	Other related parties
Formosa Chemicals Industries (Ningbo) Co., Ltd.	Other related parties
Formosa Plastics Marine Corp.	Other related parties
Formosa Group Ocean Marine Corp.	Other related parties
Mai-Liao Harbor Administration Corp.	Other related parties
Formosa Ha Tinh Steel Corporation	Other related parties
Nan Ya Technology Corporation	Other related parties
Nan Ya Plastics Corporation., U.S.A.	Other related parties
Inteplast Taiwan Corporation	Other related parties
Formosa Ha Tinh (Cayman) Ltd.	Other related parties
Xiamen Chang Gung hospital	Other related parties
Formosa Port (Ningbo) Co., Ltd.	Other related parties
Chang Gung Biotechnology Corporation	Other related parties
Formosa Technologies Corporation	Other related parties
Chang Gung University	Other related parties
Asian Pacific Investment Corp.	Other related parties

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Significant transactions with related-parties

(i) Sales to related parties

The amounts of significant sales by the Group to related parties were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Associates	$ 2,342,925	2,834,417	4,800,723	6,223,266
Joint ventures	70,582	96,569	143,737	227,560
Other related parties	4,494,905	4,497,016	8,939,124	9,841,539
	$ 6,908,412	7,428,002	13,883,584	16,292,365

The receivables from related parties were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Associates	$ 1,270,960	1,447,810	1,481,828
Joint ventures	32,940	26,641	38,136
Other related parties	1,671,785	1,712,333	1,772,659
	$ 2,975,685	3,186,784	3,292,623

The selling prices and collection terms of sales to domestic related parties are not significantly different from those with the third-party customers, and receivables are collected on the 27th of the month following the month of sales. The terms of receivables from foreign related parties are collected on the 10th or the 30th of the month following the month of sales, O/A 60 days, O/A 90 days or L/C at sight.

(ii) Purchase from related parties

The amounts of significant purchases by the Group from related parties were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Associates
Formosa	$ 14,045,546	16,234,706	28,573,271	34,327,734
Petrochemical Corporation
Other	1,733,183	2,189,684	3,780,609	5,006,999
Other related parties	1,414,782	1,148,908	2,655,439	2,240,063
	$ 17,193,511	19,573,298	35,009,319	41,574,796

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The payables from related parties were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Formosa Petrochemical Corporation	$ 5,014,360	4,038,790	5,753,967
Other	104,651	527,668	348,800
Other related parties	502,512	226,085	344,443
	$ 5,621,523	4,792,543	6,447,210

The purchase prices and payment terms of purchase with domestic related parties are not significantly different from those with third-party vendors, and payables are paid on the 27th or the 90th of the month following the month of purchase. The terms of payables for foreign related parties are paid on the 10th or the 30th of the month following the month of sales, or O/A 90 days.

(iii) Property transactions

1) Sales of equipment (recognized as property, plant and equipment) to related parties were as follows:

	For the three months ended June 30, 2023		For the six months ended June 30, 2023
	Disposal price	Gain from disposal	Disposal price	Gain from disposal
Associates	$ -	-	791,571	410,701

The Group has no outstanding balance from related transactions as of June 30, 2023.

The Group had no transactions involving the sales of equipment (recognized as property, plant, and equipment) to related parties for the six months ended June 30, 2024.

2) Purchase of equipment (recognized as property, plant and equipment) from related parties were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Associates	$ 2,944	2,101	2,944	2,101
Other related parties	258,015	311,496	385,259	384,044
	$ 260,959	313,597	388,203	386,145

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The outstanding balance of the Group at the end of the period is as follows (recognized as other payable-related parties):

	June 30, 2024	December 31, 2023	June 30, 2023
Other related parties	$ 139,268	53,788	53,363

3) Acquisition of financial assets

Related Parties Category	Financial Statement Account	For the three months ended June 30, 2024			For the six months ended June 30, 2024
		Number of Shares (in thousands)	Transaction Shares	Acquisition Price	Number of Shares (in thousands)	Transaction Shares	Acquisition Price
Associates
Formosa Smart Energy Tech Corporation	Investments accounted for using equity method	250,000	Shares of stock of Formosa Smart Energy Tech Corporation	$ 2,500,000	250,000	Shares of stock of Formosa Smart Energy Tech Corporation	2,500,000

The Group has no related transactions for the six months ended June 30, 2023.

(iv) Loans to and borrowings from related parties

The Group’s loans to related parties were as follows:

1) Loans to related parties

	Due from related parties (recognized as other receivables—related parties)
	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Formosa Heavy Industries Corp.	$ -	300,000	1,400,000
Formosa Heavy Industries (Ningbo) Corp.	15,493,859	14,765,617	2,684,507
Other	1,622,500	1,622,500	-
Joint ventures	364,240	433,900	673,928
Other related parties
Formosa Group Ocean Marine Corp.	319,550	567,227	2,474,862
Less: Impairment	(182,120)	(173,578)	-
	$ 17,618,029	17,515,666	7,233,297

As of June 30, 2024, December 31 and June 30, 2023, the interest income receivables from the abovementioned transactions amounted to $256,473 thousand, $118,721 thousand and $41,155 thousand, respectively, which were recognized as other receivables—related parties.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) Borrowings from related parties

| | Due to related parties
(recognized as other payables-related parties) | | |
| --- | --- | --- | --- |
| | June 30, 2024 | December 31, 2023 | June 30, 2023 |
| Associates | | | |
| Formosa Plastics Corp., U.S.A. | $ 16,062,750 | 13,216,050 | 12,454,000 |
| Other related parties | | | |
| Formosa Power (Ningbo) Co., Ltd. | 2,276,618 | 2,169,723 | - |
| | $ 18,339,368 | 15,385,773 | 12,454,000 |

As of June 30, 2024, December 31 and June 30, 2023, the accrued interest expenses from the abovementioned transactions amounted to $122,250 thousand, $83,659 thousand and $66,679 thousand, respectively, which were recognized as other current liabilities.

(v) Endorsements and guarantees

The Group’s endorsements and guarantees to secure related parties’ loans were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Formosa Group (Cayman) Limited	$ 8,112,500	7,683,750	7,783,750

(vi) Advances to related parties

1) The Group paid for service fees on behalf of related parties as follows:

	Other receivables-related parties
	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Fujian Fuxin Special steel Co., Ltd.	$ 1,197,040	1,316,734	1,461,779

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(vii) Leases

The rental income (recognized as other income) of the Group from leasing its office and buildings to related parties, were as follows:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Associates
Formosa Heavy Industries Corp.	$ 13,926	14,555	27,851	29,110
Formosa Heavy Industries Corp.	1,117	5,874	1,886	17,284
Joint ventures
Formosa Daikin Advanced Chemical Co., Ltd.	5,270	5,380	10,540	10,761
Other	2,251	2,307	4,503	4,613
Other related parties
Nan Ya Plastics Corporation	4,441	5,474	8,883	10,948
Other	3,052	14,184	6,155	17,669
	$ 30,057	47,774	59,818	90,385

The rentals charged to related parties are determined based on the local market prices, and rents are collected depending on the contract periods (e.g. monthly, semi-annually or annually).

(viii) Other transactions

1) The Group’s income received from related parties, such as sewage treatment income, wharf usage income and ocean outfall pipe usage income was as follows:

	Other receivables—related parties
	June 30, 2024	December 31, 2023	June 30, 2023
Associates	$ 8	-	10
Other related parties	427	3,426	4,513
	$ 435	3,426	4,523

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) The Group’s expenses paid to related parties, such as usage of water, power and steam, were as follows:

	Other payables—related parties
	June 30, 2024	December 31, 2023	June 30, 2023
Associates	$ 1,508,690	1,690,576	1,907,112
Other related parties	272,337	265,730	267,938
	$ 1,781,027	1,956,306	2,175,050

3) Dividends receivable

	Other receivables—related parties
	June 30, 2024	December 31, 2023	June 30, 2023
Associates
Formosa Petrochemical Corporation	$ 5,441,098	-	2,992,258
Mai Liao Power Corp.	1,114,205	-	-
Other	563,539		822,766
Other related parties
Nan Ya Plastics Corporation	-	-	2,350,071
Other	185,610	-	902,086
	$ 7,304,452	-	7,067,181

Key management personnel compensation comprised:

	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Short-term employee benefits	$ 13,459	14,041	27,169	30,899

(8) Assets pledged as security:

The carrying amounts of assets pledged as security were as follows:

Assets pledged as security	Liabilities secured by pledge	June 30, 2024	December 31, 2023	June 30, 2023
Property, plant and equipment	Bank loans	$ 2,151,200	2,151,901	2,152,638
Refundable deposits (recognized as other non-current assets)	Performance bond	108,994	111,986	111,777
		$ 2,260,194	2,263,887	2,264,415

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(9) Significant commitments and contingencies:

(a) The amounts of endorsements and guarantees for related parties were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Endorsements and guarantees	$ 8,112,500	7,683,750	7,783,750

(b) The amounts of unused outstanding letters of credit for the importation of raw materials for related parties were as follows:

	June 30, 2024	December 31, 2023	June 30, 2023
Unused standby letters of credit	$ 592,650	283,422	104,435

(c)(i) As of June 30, 2024, the Company’s investee, Formosa Ha Tinh (Cayman) Ltd. and Formosa Ha Tinh Steel Corporation, signed several contracts of syndicated credit lines with different banks amounting to USD 4,648,500 thousand and USD 2,453,500 thousand for their operational needs, respectively. According to the requirement of the bank consortium, the Company, together with the other related parties, have to issue a letter of undertaking and to manage the necessary funds to fulfill the repayment of obligations when needed.

(ii) As of June 30, 2024, Formosa Steel IB Pty Ltd., a subsidiary of the Company’s investee, Formosa Resources Corporation, signed several contracts of syndicated credit lines with different banks amounting to USD 695,000 thousand for its operational needs. According to the requirement of the bank consortium, the Company, together with the other related parties, have to issue a letter of undertaking based on its ownership of 25% and commit to monitor the operations of Formosa Steel IB Pty Ltd. to ensure that it completes its financial obligation.

(iii) As of June 30, 2024, the Company’s investee, Formosa Resources Corporation, signed several contracts of syndicated credit lines with different bank amounting of USD 430,000 thousand for its operational needs, respectively. According to the requirement of the bank consortium, the Company, together with the other related parties, have to issue a letter of undertaking based on its ownership of 25% and commit to monitor the operations of Formosa Resources Corporation to ensure that it completes its financial obligation.

(iv) As of June 30, 2024, Formosa Resources Australia Pty Ltd., the subsidiaries of the Company’s investee Formosa Resources Corporation’s, signed several contracts of syndicated credit lines with different bank amounting to USD 550,000 thousand for its operational needs, respectively. According to the requirement of the bank consortium, the Company, together with the other related parties, have to issue a letter of undertaking based on its ownership of 25% and commit to monitor the operations of Formosa Resources Australia Pty Ltd. to ensure that it completes its financial obligation.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(10) Losses due to major disasters: None
(11) Subsequent events: None
(12) Others:

(a) A summary of employee benefits, depreciation, and amortization, by function, is as follows:

	For the three months periods ended June 30, 2024				For the three months periods ended June 30, 2023
	Operating costs	Operating expenses	Non-operating expenses	Total	Operating costs	Operating expenses	Non-operating expenses	Total
Employee benefits
Salaries	1,543,757	941,271	-	2,485,028	1,507,937	985,921	-	2,493,858
Labor and health insurance	141,365	72,369	-	213,734	132,123	76,042	-	208,165
Pension	92,149	38,877	-	131,026	87,381	42,686	-	130,067
Remuneration of directors	-	2,560	-	2,560	-	2,480	-	2,480
Others	91,629	19,073	-	110,702	75,625	19,851	-	95,476
Depreciation	1,533,483	502,554	29	2,036,066	1,381,141	468,736	1,012	1,850,889
Amortization	65,973	41,382	2,341	109,696	113,463	20,653	2,614	136,730
	For the six months periods ended June 30, 2024				For the six months periods ended June 30, 2023
---	---	---	---	---	---	---	---	---
	Operating costs	Operating expenses	Non-operating expenses	Total	Operating costs	Operating expenses	Non-operating expenses	Total
Employee benefits
Salaries	3,094,798	1,897,780	-	4,992,578	3,025,242	1,973,846	-	4,999,088
Labor and health insurance	278,693	145,109	-	423,802	263,805	151,797	-	415,602
Pension	186,088	78,159	-	264,247	174,446	84,494	-	258,940
Remuneration of directors	-	5,040	-	5,040	-	4,800	-	4,800
Others	170,755	38,650	-	209,405	145,754	43,780	-	189,534
Depreciation	3,011,028	994,284	57	4,005,369	2,823,978	932,958	1,040	3,757,976
Amortization	207,384	81,994	4,833	294,211	187,655	67,841	5,227	260,723

(b) Seasonality of operations:

The Group's operations were not affected by seasonality or cyclicality factors.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(13) Other disclosures:

(a) Information on significant transactions:

The followings were the information on significant transactions required by the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” for the Group for the six months ended June 30, 2024:

(i) Fund financing to other parties (the amounts expressed in CNY are in thousands):

(In Thousands of New Taiwan Dollars)

No.	Name of lender	Name of borrower	Account name	Related party	Highest balance of financing to other parties during the period	Ending balance	Actual usage amount during the period	Range of interest rates during the period	Purposes of fund financing for the borrower	Transaction amount for business between two parties	Reasons for short-term financing	Colateral	Individual funding loan limits	Maximum limit of fund financing	Note
Allowance for bad debt	Item	Value
0	The Company	Formosa Petrochemical Corp.	Other receivables-related parties	Yes	6,000,000	4,500,000	-	2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Formosa Chemicals & Fiber Corp.	Other receivables-related parties	Yes	6,000,000	4,500,000	-	2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Nan Ya Plastic Corp.	Other receivables-related parties	Yes	6,000,000	4,500,000	-	2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Formosa Heavy Industries Corp.	Other receivables-related parties	Yes	7,600,000	5,700,000	-	1.994% - 2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Formosa Plastics Construction Corporation	Other receivables-related parties	Yes	5,200,000	4,800,000	-	2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Formosa Steel IB	Other receivables-related parties	Yes	1,622,500	1,622,500	1,622,500	1.994% - 2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Formosa Group Ocean Marine Corp.	Other receivables-related parties	Yes	657,227	319,550	319,550	1.994% - 2.122%	2	-	Short-term financing	-	-	-	68,218,232
0	The Company	Japan Formosa Ibanez Technology Corp.	Other receivables-related parties	Yes	490,000	-	-	1%	2	-	Short-term financing	-	-	-	68,218,232
1	Formosa Industries (Ningbo) Co., Ltd.	Formosa Mining Advanced Chemical (Ningbo) Co., Ltd.	Other receivables-related parties	Yes	855,964 (CNY188,000)	364,240 (CNY80,000)	364,240 (CNY80,000)	2.760%	2	-	Short-term financing	182,120	-	-	22,271,634
1	Formosa Industries (Ningbo) Co., Ltd.	Formosa Heavy Industries (Ningbo) Corp.	Other receivables-related parties	Yes	16,736,828 (CNY3,676,000)	15,229,785 (CNY3,345,000)	15,229,785 (CNY3,345,000)	2.760%	2	-	Short-term financing	-	-	-	22,271,634
2	Formosa Electronics (Ningbo) Co., Ltd.	Formosa Heavy Industries (Ningbo) Corp.	Other receivables-related parties	Yes	264,074 (CNY58,000)	264,074 (CNY58,000)	264,074 (CNY58,000)	2.760%	2	-	Short-term financing	-	-	-	301,782
2	Formosa Electronics (Ningbo) Co., Ltd.	Formosa Industries (Ningbo) Co., Ltd.	Other receivables-related parties	Yes	318,710 (CNY 70,000)	318,710 (CNY 70,000)	318,710 (CNY 70,000)	2.760%	2	-	Short-term financing	-	-	-	377,227

Note 1: (1) Those with business contact please fill in 1
(2) Those necessary for short-term financing please fill in 2.

Note 2: (1) Capital loaned to other parties should not exceed 50% of the lender’s net worth, of which the sum loaned to non-interested parties for capital requirements should not exceed 40% of the net worth of borrower.
(2) The cap amount of loans to associates and interested parties should not exceed 25% of the equity of the lenders. Other parties should not exceed 20% of the lender’s net worth.
(3) Subsidiaries’ capital loaned to associates and interested parties should not exceed 50% of the equity of the lenders. Other parties should not exceed 40% of the lender’s net worth. However, subsidiaries’ capital loaned to the parties located in non-Taiwan and directly or indirectly held by the company 100% of the shares should not exceed 50% of the lender’s net worth.
(4) The subsidiaries’ cap amount of loans to other parties should not exceed 100% of its equity. Non-interested parties should not exceed 40% of its net worth. However, subsidiaries’ capital loaned to the parties located in non-Taiwan and directly or indirectly held by the company 100% of the shares are not limited.

Note 3: The ending balance was approved by the Board of Directors.

Note 4: The exchange rate of New Taiwan dollars to CNY on June 30, 2024, is 4.553 to 1.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(ii) Guarantees and endorsements for other parties:

(In Thousands of New Taiwan Dollars)

No.	Name of guarantor	Counter-party of guarantee and endorsement		Limitation on amount of guarantees and endorsements for a specific enterprise	Highest balance for guarantees and endorsements during the period	Balance of guarantees and endorsements as of reporting date	Actual usage amount during the period	Property pledged for guarantees and endorsements (Amount)	Ratio of accumulated amounts of guarantees and endorsements to net worth of the latest financial statements	Maximum amount for guarantees and endorsements	Parent company endorsements guarantees to third parties on behalf of subsidiary	Subsidiary endorsements guarantees to third parties on behalf of parent company	Endorsements guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company (Note 2)
0	The Company	Formosa Group (Cayman) Limited	0	221,709,254	8,135,500	8,112,500	8,112,500	–	2.38 %	443,418,508	N	N	N

Note 1: The guarantees and endorsements of the Company and its subsidiaries were listed in the form of numbers with the rules below:
(1) The Company is represented by 0.
(2) The subsidiaries are represented numerically starting from 1.

Note 2: There are seven conditions in which the Company may have guarantees or endorsements for other parties as follows:
(1) The Company has business relationship.
(2) The Company holds directly and indirectly more than 50% of the voting shares of the subsidiaries.
(3) In aggregate, the Company holds directly or its subsidiaries hold indirectly more than 50% of the investee.
(4) Subsidiaries in which the Company holds directly or indirectly more than 90% of the voting shares make endorsement and guarantees for each other.
(5) The Company is required to provide guarantees or endorsements for the construction project based on the construction contract.
(6) The stockholders of the Company provide guarantees or endorsements for the investee in proportion to their stockholding percentage.
(7) According to Consumer Protection Act, companies are required to provide guarantees and endorsements for joint and several liability if take part in business of preconstruction real estate.

Note 3: The total amount of guarantees and endorsements by the Company shall not exceed 1.3 times of the Company's net asset, and the amount of guarantees and endorsements for a specific enterprise shall not exceed 65% of the aforementioned total amount

(iii) Information regarding securities held at the reporting date (subsidiaries, associates and joint ventures not included):

(In Thousands of New Taiwan Dollars)

Name of holder	Category and name of security	Relationship with company	Account title	Ending balance
				Shares/Units (thousands)	Carrying value	Percentage of ownership (%)	Fair value
The Company	Asian Pacific Investment Corp.	Other related parties	Non-current financial assets at fair value through other comprehensive income	68,743	2,147,531	16.17 %	2,147,531
The Company	Mai-Liao Harbor Administration Corp.	Other related parties	Non-current financial assets at fair value through other comprehensive income	39,574	999,715	17.99 %	999,715
The Company	Taiwan Aerospace Corp.	-	Non-current financial assets at fair value through other comprehensive income	1,103	30,872	0.81 %	30,872
The Company	Chinese Television System Inc.	-	Non-current financial assets at fair value through other comprehensive income	1,769	44,796	1.05 %	44,796
The Company	China Investment & Development Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	1,287	3,734	0.80 %	3,734
The Company	Formosa Plastics Development Corp.	-	Non-current financial assets at fair value through other comprehensive income	20,471	233,984	18.00 %	233,984
The Company	Xiangho Aircraft Leasing Corp.	-	Non-current financial assets at fair value through other comprehensive income	2,071	-	9.55 %
The Company	Formosa Petrochemical Transportation Corporation, Ltd.	-	Non-current financial assets at fair value through other comprehensive income	2,642	103,839	12.00 %	103,839
The Company	Formosa Technologies Corporation	Other related parties	Non-current financial assets at fair value through other comprehensive income	2,925	362,950	12.50 %	362,950
The Company	Formosa Plastics Marine Corp.	Other related parties	Non-current financial assets at fair value through other comprehensive income	11,657	536,214	15.00 %	536,214

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Name of holder	Category and name of security	Relationship with company	Account title	Ending balance				Note
				Shares/Units (thousands)	Carrying value	Percentage of ownership (%)	Fair value
The Company	Formosa Group Ocean Investment Corp.	-	Non-current financial assets at fair value through other comprehensive income	3	12,651,125	19.00 %	12,651,125
The Company	Formosa Plastics Maritime Corp.	-	Non-current financial assets at fair value through other comprehensive income	354	107,625	18.11 %	107,625
The Company	Guangyuan Investment Corp.	-	Non-current financial assets at fair value through other comprehensive income	3,750	35,775	3.91 %	35,775
The Company	Central Leasing International Corp.	-	Non-current financial assets at fair value through other comprehensive income	2,373	-	1.43 %
The Company	Inteplast Taiwan Corporation	Other related parties	Non-current financial assets at fair value through other comprehensive income	2,160	60,793	18.00 %	60,793
The Company	Mega Growth Venture Capital Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	1,390	10,942	1.97 %	10,942
The Company	Minima Technology Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	7,405	112,112	18.81 %	112,112
The Company	Formosa Ha Tinh (Cayman) Limited	-	Non-current financial assets at fair value through other comprehensive income	621,178	8,062,893	11.43 %	8,062,893
					25,504,900		25,504,900
The Company	Nan Ya Plastics Corporation	Other related parties	Current financial assets at fair value through other comprehensive income	783,357	38,619,494	9.88 %	38,619,494
The Company	Formosa Chemicals & Fiber Corporation	Other related parties	Current financial assets at fair value through other comprehensive income	198,744	10,016,694	3.39 %	10,016,694
The Company	Nan Ya Technology Corp.	Other related parties	Current financial assets at fair value through other comprehensive income	334,815	23,336,634	10.81 %	23,336,634
The Company	Puriblood medical Co.,Ltd	-	Current financial assets at fair value through other comprehensive income	1,300	144,300	9.14 %	144,300
					72,117,122		72,117,122
The Company	Mega Prosperity Private Placement Fund	-	Current financial assets at fair value through profit or loss	4,554	1,780,430	-	1,780,430	Note
Formosa Plastics Corporation (Cayman) Limited	Swancor (Jiangsu) Carbon Fiber Composite Co., Ltd.	-	Non-current financial assets at fair value through other comprehensive income	-	110,372	16.11 %	110,372

Note: The unit of measurement for item 4,554 is in thousands.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(iv) Individual securities acquired or disposed of with accumulated amount exceeding the lower of $300 million or 20% of the capital stock:

(In Thousands of New Taiwan Dollars)

Name of company	Category and name of security	Account name	Name of counter-party	Relationship with the company	Beginning Balance		Purchases		Sales				Ending Balance
					Shares (thousands)	Amount	Shares (thousands)	Amount	Shares (thousands)	Price	Cost	Gain (loss) on disposal	Shares (thousands)	Amount
The Company	Securities- Formosa Smart Energy Tech Corporation	Investments accounted for using equity method	Formosa Smart Energy Tech Corporation	Associates	175,000	1,733,910	250,000	2,500,000	-	-	-	-	425,000	4,217,727 (Note 2)
The Company	Securities- Taiwan Tokuyama Corporation	Investments accounted for using equity method	Japan TokuyamaCorporation	Non-related parties	-	-	10,000	574,081	-	-	-	-	10,000	576,216 (Note 3)

Note 1: The "securities" in this table refer to stocks, bonds, beneficiary certificates, and the marketable securities derived from the above items.
Note 2: The ending balance includes the share of profit of associates and joint ventures accounted for using equity method of $(16,184) thousand.
Note 3: The ending balance includes the share of profit of associates and joint ventures accounted for using equity method of $2,135 thousand.

(v) Acquisition of individual real estate with amount exceeding the lower of $300 million or 20% of the capital stock: None
(vi) Disposal of individual real estate with amount exceeding the lower of $300 million or 20% of the capital stock: None
(vii) Related-party transactions for purchases and sales with amounts exceeding the lower of $100 million or 20% of the capital stock:

(In Thousands of New Taiwan Dollars)

Name of company	Related party	Nature of relationship	Transaction details				Transactions with terms different from others		Notes/Accounts receivable (payable)		Note
			Purchases/Sales	Amount	Percentage of total purchases/sales	Payment terms	Unit price	Payment terms	Ending balance	Percentage of total notes/accounts receivable (payable)
The Company	Nan Ya Plastics Corporation	Other related parties	(Sales)	(4,664,681)	6.29 %	Before the 27th of the following month	-		845,397	6.86%
The Company	Formosa Chemicals & Fiber Corporation	〃	〃	(1,808,920)	2.44 %	Before the 27th of the following month	-		324,157	2.63%
The Company	Formosa Petrochemical Corporation	Associates	〃	(3,025,651)	4.08 %	Before the 27th of the following month	-		537,073	4.63%
The Company	Formosa Taffeta Co. Ltd.	Other related parties	〃	(105,409)	0.14 %	Before the 27th of the following month	-		8,024	0.07%
The Company	Formosa Chemicals Industries (Ningbo) Co., Ltd.	〃	〃	(752,072)	1.01 %	O/A 60 days	-		115,847	0.94%
The Company	Formosa Industries Corp., Vietnam	Other related parties	〃	(103,028)	0.14 %	O/A 60 days	-		-	-%
The Company	Formosa Industries (Ningbo) Co., Ltd.	Parent-subsidiary	〃	(3,987,478)	5.37 %	O/A 90 days	-		922,131	7.48%	Note2
The Company	Formosa Plastics Corp., U.S.A.	Associates	〃	(1,569,804)	2.12 %	O/A 90 days	-		707,960	5.74%
Formosa Industries (Ningbo) Co., Ltd.	The Company	Parent-subsidiary	〃	(514,234)	2.15 %	Before the 30th of the following month	-		195,309	6.84%	Note2
Formosa Industries (Ningbo) Co., Ltd.	Nan Ya Plastics (Nantong) Co., Ltd.	Other related parties	〃	(429,111)	1.79 %	Before the 30th of the following month	-		90,822	2.13%

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Name of company	Related party	Nature of relationship	Transaction details				Transactions with terms different from others		Notes/Accounts receivable (payable)		Note
			Purchases/Sales	Amount	Percentage of total purchases/sales	Payment terms	Unit price	Payment terms	Ending balance	Percentage of total notes/accounts receivable (payable)
Formosa Industries Corporation, U.S.A.	The Company	Parent-subsidiary	(Sales)	(207,658)	3.76 %	Before the 90th of the following month	-		66	0.01%	Note2
Formosa Industries Corporation, U.S.A.	Inteplast Group	Other related parties	〃	(533,322)	9.66 %	Before the 10th of the following month	-		97,322	16.87%
The Company	Formosa Industries Corporation, U.S.A.	Parent-subsidiary	Purchases	207,658	0.35 %	Before the 90th of the following month	-		(66)	-%	Note2
The Company	Nan Ya Plastics Corporation	Other related parties	〃	833,185	1.40 %	Before the 27th of the following month	-		(135,756)	2.26%
The Company	Formosa Chemicals & Fiber Corporation	〃	〃	1,644,512	2.77 %	Before the 27th of the following month	-		(318,402)	5.30%
The Company	Formosa Petrochemical Corporation	Associates	〃	28,573,271	48.17 %	Before the 27th of the following month	-		(5,014,360)	83.50%
The Company	Formosa Heavy Industries Corp.	〃	〃	617,077	1.04 %	Before the 27th of the following month	-		(1,042)	0.02%
The Company	Formosa INFOS Chemicals Corporation	Other related parties	〃	124,608	0.21 %	Before the 90th of the following month	-		-	-%
The Company	Formosa Industries (Ningbo) Co., Ltd.	Parent-subsidiary	〃	514,234	0.87 %	Before the 30th of the following month	-		(195,309)	3.25%	Note2
Formosa Industries (Ningbo) Co., Ltd.	The Company	Parent-subsidiary	〃	3,987,478	18.06 %	O/A 90 days	-		(922,131)	24.37%	Note1, Note2
Formosa Industries Corporation, U.S.A.	Formosa Plastics Corp. U.S.A.	Associates	Purchases	3,163,532	91.05 %	Before the 10th of the following month	-		(103,609)	39.67%

Note1 : Including the purchases of raw materials on behalf of related parties.
Note2 : The amounts of the transactions and the ending balances have been eliminated in the consolidated financial statements.

(viii) Receivables from related parties with amounts exceeding the lower of $100 million or 20% of the capital stock:

(In Thousands of New Taiwan Dollars)

Name of company	Counter-party	Nature of relationship	Ending balance	Turnover rate	Overdue		Amounts received in subsequent period	Allowance for bad debts	Note
					Amount	Action taken
The Company	Nan Ya Plastics Corporation	Other related parties	845,397	11.48	-	-	789,714	-
The Company	Formosa Chemicals & Fiber Corporation	〃	324,157	11.85	-	-	230,974	-
The Company	Formosa Petrochemical Corporation	Associates	537,073	13.08	-	-	398,582	-
The Company	Formosa Chemicals Industries (Ningbo) Co., Ltd.	Other related parties	115,847	6.93	-	-	-	-
The Company	Formosa Industries (Ningbo) Co., Ltd.	Parent-subsidiary	922,131	8.08	-	-	232,670	-	Note
The Company	Formosa Plastics Corp., U.S.A.	Associates	707,960	3.59	-	-	-	-
The Company	Formosa Group Ocean Marine Corp.	Other related parties	319,550	-	-	-	-	-
The Company	Fujian Fusin Special Steel Co., Ltd	Associates	1,197,040	-	-	-	-	-
The Company	Formosa Steel IB	〃	1,622,500	-	-	-	-	-
The Company	Formosa Petrochemical Corporation	〃	5,441,098	-	-	-	-	-

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Name of company	Country-party	Nature of relationship	Ending balance	Turnover rate	Overdue		Amounts received in subsequent period	Allowance for bad debts	Note
					Amount	Action taken
The Company	Mai Liao Power Corp.	Associates	1,114,205	-	-	-	-	-
The Company	Formosa Sumco Technology Corp.	〃	563,539	-	-	-	-	-
The Company	Mai-Liao Harbor Administration Corp.	Other related parties	101,744	-	-	-	-	-
Formosa Industries (Ningbo) Co., Ltd.	Formosa Mitsui Advanced Chemical (Ningbo) Co., Ltd.	Joint ventures	364,240	-	-	-	-	-
Formosa Industries (Ningbo) Co., Ltd.	Formosa Heavy Industries (Ningbo) Corp.	Associates	15,229,785	-	-	-	-	-
Formosa Electronics (Ningbo) Co., Ltd.	Formosa Heavy Industries (Ningbo) Corp.	〃	264,074	-	-	-	-	-
Formosa Electronics (Ningbo) Co., Ltd.	Formosa Industries (Ningbo) Co., Ltd.	〃	318,710	-	-	-	-	-	Note

Note : The amounts of the transactions and the ending balances have been eliminated in the consolidated financial statements.

(ix) Trading in derivative instruments: None.

(x) Business relationships and significant intercompany transactions:

(In Thousands of New Taiwan Dollars)

No.	Name of company	Name of counter-party	Nature of relationship	Intercompany transactions
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
0	The Company	Formosa Industries (Ningbo) Co., Ltd.	1	Sales	3,987,478	O/A 90 days	4.02%
0	The Company	Formosa Industries (Ningbo) Co., Ltd.	1	Accounts receivable	922,131	〃	0.17%
1	Formosa Industries (Ningbo) Co., Ltd.	The Company	2	Sales	514,234	Before the 30th of the following month	0.52%
1	Formosa Industries (Ningbo) Co., Ltd.	The Company	2	Accounts receivable	195,309	〃	0.04%
2	Formosa Electronics (Ningbo) Co., Ltd.	Formosa Industries (Ningbo) Co., Ltd.	3	Other receivables	318,710	-	0.06%
3	Formosa Industries Corporation U.S.A.	The Company	2	Sales	207,658	Before the 90th of the following month	0.21%
3	Formosa Industries Corporation U.S.A.	The Company	2	Accounts receivable	66	〃	-%

Note 1: Companies are numbered as follows:
1. Parent company—0
2. Subsidiary—starting from 1

Note 2: The relationships between transaction parties are numbered as follows:
1. Parent company and subsidiary—1
2. Subsidiary and parent company—2
3. Subsidiary and subsidiary—3

Note 3: The business relationships and significant transactions between the parent and subsidiary companies only disclose information on sales and accounts receivable. The corresponding purchases and accounts payable are not further detailed.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(b) Information on investees:

The followings are the information on investees for the six months ended June 30, 2024 (excluding information on investees in Mainland China):

(In Thousands of New Taiwan Dollars)

Name of investee	Name of investee	Location	Main businesses and products	Original investment amount		Balance as of June 30, 2024			Net income (house) of investee	Share of profit/house of investee	Note
				June 30, 2024	December 31, 2023	Shares (thousands)	Ownership	Carrying value
The Company	Formosa Petrochemical Corporation	Taiwan	Petrochemicals	30,144,951	30,144,951	2,720,540	28.56 %	93,251,852	7,750,424	2,220,821	Note1, Note 3
The Company	Formosa Plastics Corp., U.S.A.	U.S.A.	Chemicals	5,614,024	5,614,024	70	22.66 %	81,010,668	3,059,909	516,209	Note1, Note 3
The Company	Formosa Heavy Industries Corp.	Taiwan	Mechanical equipment	2,498,463	2,498,463	661,458	32.92 %	6,962,901	(82,449)	(27,428)	Note1, Note 3
The Company	Sky Dragon Investment Limited	Saman	Investment	13,221,416	13,221,416	425,000	50.00 %	-	(2,567,186)	(1,283,593)	Note1, Note 3
The Company	Formosa Plastics Corp. (Cayman Ltd.)	Cayman Islands	Investment	27,347,136	27,347,136	78	100.00 %	56,372,227	(221,666)	(221,666)	Note 1, Note 2, Note 3
The Company	Mai Liao Power Corp.	Taiwan	Electricity	5,985,531	5,985,531	764,201	24.94 %	16,065,144	6,596,628	1,645,338	Note1, Note 3
The Company	Formosa Sunoco Technology Corp.	Taiwan	Electronics manufacture	1,709,987	1,709,987	112,708	29.06 %	7,042,105	732,245	212,788	Note1, Note 3
The Company	Formosa Transportation Corp.	Taiwan	Transportation	110,664	110,664	6,566	33.33 %	1,270,124	98,805	32,935	Note1, Note 3
The Company	Formosa Fairway Corp.	Taiwan	Transportation	-	33,330	-	- %	-	(9,613)	(3,204)	Note 3
The Company	Yi-Jih Development Corp.	Taiwan	Construction	12,003	12,003	1,200	28.72 %	19,644	(26)	(8)	Note 3
The Company	Ya Tai Development Corp.	Taiwan	Development of land	54,034	54,034	1,306	45.04 %	19,572	(163)	(73)	Note 3
The Company	Formosa Asahi Spandex Co., Ltd.	Taiwan	Artificial fiber	501,752	501,752	50	50.00 %	990,178	21,849	10,925	Note 3
The Company	Formosa Automobile Corporation	Taiwan	Automobile	270,442	270,442	27,044	45.00 %	422,908	71,227	32,051	Note 3
The Company	Hwa Ya Technology Park Management Consulting Corporation	Taiwan	Service business	341	341	33	33.00 %	4,328	88	29	Note 3
The Company	Formosa Daikin Advanced Chemical Co., Ltd.	Taiwan	Chemical industry	100,000	100,000	24	50.00 %	1,358,996	45,212	22,606	Note 3
The Company	Formosa Resources Corporation	Taiwan	Mining industry	9,099,071	9,099,071	909,907	25.00 %	7,553,745	(3,093,201)	(773,300)	Note1, Note 3
The Company	Formosa Environmental Technology Corporation	Taiwan	Environmental industry	417,145	417,145	41,714	24.34 %	236,830	7,677	1,867	Note1, Note 3
The Company	Formosa Plastics Construction Corporation	Taiwan	Construction	1,100,000	1,100,000	110,000	33.33 %	1,044,632	4,269	(7,015)	Note 3
The Company	Formosa Hu Tinh (Cayman) Limited	Cayman Islands	Investment	377	377	13	25.00 %	920,081	150,056	37,514	Note1, Note 3
The Company	Formosa Industries Corporation, U.S.A.	U.S.A	Chemicals	17,736,955	17,736,955	6	100.00 %	11,783,093	(390,895)	(390,895)	Note 1, Note 2, Note 3
The Company	Formosa Tokuyama Advanced Chemicals Co., Ltd.	Taiwan	Semiconductor	500,000	500,000	50,000	50.00 %	204,866	(48,834)	(24,417)	Note 3
The Company	Formosa Smart Energy Tech Corporation	Taiwan	Battery green energy	4,250,000	1,750,000	425,000	25.00 %	4,217,727	(64,734)	(16,184)	Note 3
The Company	Taiwan Tokuyama Corporation	Taiwan	Chemical industry	574,081	-	10,000	50.00 %	576,216	4,269	2,135	Note 3
Formosa Plastics Corporation (Cayman) Limited	Formosa Industries (Hong Kong) Limited	Hong Kong	Reinvestment	15,801,889 (USD501,902)	15,801,889 (USD501,902)	-	100.00 %	56,433,540 (USD1,739,092)	(219,824) (USD-6,889)	(219,824) (USD-6,889)	Note 1, Note 2, Note 3
Formosa Industries Corporation, U.S.A.	Formosa Olefins, L.L.C.	U.S.A.	Olefins	3,527,939 (USD108,075)	3,527,939 (USD108,075)	-	33.00 %	6,501,288 (USD200,348)	1,293,237 (USD40,531)	426,769 (USD13,375)	Note 3, Note 4
Formosa Industries Corporation, U.S.A.	Lolita Packaging, L.L.C.	U.S.A.	Transportation	306,478 (USD9,880)	306,478 (USD9,880)	-	38.00 %	37,343 (USD1,151)	70,170 (USD2,199)	26,664 (USD836)	Note 3, Note 4

Note 1: Including cumulative translation adjustments.
Note 2 : The amount had been eliminated in the consolidated financial statements.
Note 3 : Investments accounted for using equity method.
Note 4 : The exchange rate of New Taiwan dollars to US dollars on June 30, 2024 is 32.450 to 1.

The average exchange rate of New Taiwan dollars to US dollars for the six months ended June 30, 2024, is 31.907 to 1.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(i) Names of investees in Mainland China, major operations, and other information:

(In Thousands of New Taiwan Dollars)

Name of investee	Major operations	Total amount of paid-in capital	Method of investment	Investment Rates
				Outflow	Inflow
Formosa Industries (Ningbo) Co., Ltd.(Note 2)	Plastics	31,188,589
(USD880,023)	(2)	26,928,755
(USD845,278)	-	-	26,928,755
(USD845,278)	(272,855)
(USD 4,551)	100.00%	(272,855)
(USD 5,154)	55,679,006
(USD 715,842)	-
Formosa Electronic (Ningbo) Co., Ltd.(Note 2)	Electronics	74,645
(USD2,260)	(2)	66,137
(USD2,000)	-	-	66,137
(USD2,000)	53,030
(USD1,662)	100.00%	53,030
(USD1,662)	754,455
(USD23,250)	-
Formosa Mitut Advanced Chemical Co., Ltd.	Electrolyte	501,096
(USD17,400)	(2)	250,548
(USD4,700)	-	-	250,548
(USD4,700)	(1,490)
(USD-55)	50.00%	(1,745)
(USD-55)	-	-
Vejian Fusin Special Steel Co., Ltd.	Steel	34,547,544
(USD1,460,000)	(2)	13,221,416
(USD425,800)	-	-	13,221,416
(USD425,800)	(4,401,216)
(USD-137,938)	29.16%	(1,283,595)
(USD-40,229)	-	-
Swanzer (Jiangsu) Carbon Fiber Composite Co., Ltd.	Carbon fiber	616,986
(USD19,000)	(2)	99,993
(USD3,060)	-	-	99,993
(USD3,060)	12,283
(USD385)	16.11%	-	110,372
(USD3,401)	-

Note1: Investment methods are classified into the following three categories.
1. Direct investment in Mainland China.
2. Indirect investment in Mainland China through a third-region company.
3. Others.

Note 2: The amounts of the transactions and the ending balances have been offset in the consolidated financial statements.

Note 3: Except for Formosa Mitsui Advanced Chemicals Co., Ltd. and Fu Hsin Special Steel Co., Ltd., which are accounted for and recognized based on their respective unreviewed financial statements for the same period, and Wei (Jiangsu) Composite Materials Co., Ltd., which is measured at fair value through other comprehensive income as non-current financial assets, all other financial statements have been reviewed by Taiwanese parent company auditors.

(ii) Limitation on investment in Mainland China:

	Accumulated investment in Mainland China as of June 30, 2024(Note1)	Investment amounts authorized by Investment Commission, MOEA (Note2)	Upper limit on investment (Note 3)
	40,566,849
(USD1,284,830)	46,365,955
(USD1,428,843)	-

Note 1: The exchange rate of New Taiwan dollars to US dollars on June 30, 2024 is 32.450 to 1.
Note 2: Includes USD 144,013 thousand approved capital increase out of retained earnings.
Note 3: The Industrial Development Bureau of the MOEA issued a letter to the Company stating that it qualifies under Section 12 of the Statute for Upgrading Industries.

(iii) Significant transactions:

The significant inter-company transactions with the subsidiary in Mainland China, which were eliminated in the preparation of consolidated financial statements, are disclosed in "Information on significant transactions".

(d) Major shareholders:

Shareholder's Name	Shares	Percentage
Chang Gung Medical Foundation	601,011,035	9.44 %
Formosa Chemicals and Fiber Corporation	486,978,694	7.64 %
The business department of Standard Chartered International Commercial Bank entrusted with the custody of Credit Suisse AG-Credit Suisse Singapore Branch investment account	398,731,554	6.26 %

(i) The information of major shareholders, which is provided by the Taiwan Depository & Clearing Corporation, is calculated based on the shareholders holding more than 5% of the Company's common shares that have been issued without physical registration. The share capital in the consolidated financial statements may differ from the actual number of shares that have been issued without physical registration due to different bases of preparation and calculation.

(ii) Where the stocks are entrusted by shareholders, information is disclosed by the individual account of settlor who has segregated trust accounts opened by trustees. As for shareholders filing shareholdings of insiders with 10% or more of the Corporation's stocks pursuant to the securities and exchange laws and regulations, the number of stocks owned shall be ones owned by the persons plus ones entrusted where the shareholders have the power to decide how to utilize the trust property. Please access the Market Observation Post System website for information on insiders' shareholding filings.

(Continued)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(14) Segment information:

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

	For the three months periods ended June 30, 2024
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Revenue:
Revenue from external customers	$ 16,653,949	9,448,266	8,264,159	9,065,179	6,385,757	1,290,953	591	51,108,854
Intersegment revenues	503,480	6,169	19,801	21,825	376,065	2,245,437	(3,172,777)	-
Total revenue	$ 17,157,429	9,454,435	8,283,960	9,087,004	6,761,822	3,536,390	(3,172,186)	51,108,854
Reportable segment profit or loss	$ 588,948	(499,069)	(111,344)	(268,019)	301,676	229,762	1,101,145	1,343,099
	For the three months periods ended June 30, 2023
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Revenue:
Revenue from external customers	$ 16,528,453	11,081,234	6,248,086	7,762,230	5,346,454	1,479,941	430	48,446,828
Intersegment revenues	617,376	4,872	11,376	20,699	349,718	2,260,432	(3,264,473)	-
Total revenue	$ 17,145,829	11,086,106	6,259,462	7,782,929	5,696,172	3,740,373	(3,264,043)	48,446,828
Reportable segment profit or loss	$ (147,223)	87,107	(548,143)	(587,548)	(268,847)	154,772	2,382,970	1,073,088
	For the six months periods ended June 30, 2024
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Revenue:
Revenue from external customers	$ 33,373,748	19,054,758	15,176,742	17,415,129	11,734,940	2,461,282	748	99,217,347
Intersegment revenues	1,047,817	14,206	25,907	45,335	689,518	4,025,737	(5,848,520)	-
Total revenue	$ 34,421,565	19,068,964	15,202,649	17,460,464	12,424,458	6,487,019	(5,847,772)	99,217,347
Reportable segment profit or loss	$ 101,672	(938,372)	(317,974)	(520,758)	78,061	404,840	2,896,411	1,703,880
	For the six months periods ended June 30, 2023
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Revenue:
Revenue from external customers	$ 34,657,201	23,048,716	12,582,809	16,318,534	11,352,581	2,699,422	882	100,660,145
Intersegment revenues	1,285,304	11,449	23,742	41,753	773,571	5,059,818	(7,195,637)	-
Total revenue	$ 35,942,505	23,060,165	12,606,551	16,360,287	12,126,152	7,759,240	(7,194,755)	100,660,145
Reportable segment profit or loss	$ 566,876	346,216	(1,111,256)	(859,068)	(769,702)	427,893	4,938,189	3,539,148
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Reportable segment assets
June 30, 2024	$ 32,094,324	15,210,979	40,472,198	26,076,322	5,749,017	497,832,814	(68,154,822)	549,280,832
December 31, 2023	$ 31,868,722	14,420,028	35,995,351	22,737,733	5,360,116	486,145,032	(65,788,626)	530,738,356
June 30, 2023	$ 31,044,953	14,356,145	33,223,885	22,980,445	5,602,041	480,221,109	(67,902,983)	519,525,595
	Plastic division	Polyolefin division	Polypropylene division	Tairylan division	Chemistry division	Others divisions	Adjustments and eliminated	Total
Reportable segment liabilities
June 30, 2024	$ 4,688,185	1,630,134	2,654,106	2,317,344	198,739	198,168,211	(1,467,047)	208,189,672
December 31, 2023	$ 5,136,617	1,655,842	1,999,354	1,762,727	489,931	173,381,330	(1,047,590)	183,378,211
June 30, 2023	$ 5,056,400	2,128,447	2,239,031	2,190,077	537,325	166,427,041	(1,439,018)	177,139,303

AI assistant

FPC — Interim / Quarterly Report 2024

51762_rns_2024-12-23_5f227cf7-94c7-4236-8bfd-460df88ce3b6.pdf

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Table of contents

Independent Auditors' Review Report

Introduction

Scope of Review

Basis for Qualified Conclusion

Qualified Conclusion

Other Matter

Notes to Readers

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(4) Summary of material accounting policies:

(a) Statement of compliance

(b) Basis of consolidation

(i) List of subsidiaries in the consolidated interim financial statements:

(ii) Subsidiary not included in the consolidated financial statements: None.

(c) Employee benefits

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(6) Explanation of significant accounts:

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Joint ventures

(iii) Collaterals

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(h) Right-of-use assets

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FORMOSA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

FPC Interim / Quarterly Report 2024