IBF — Annual Report 2017

Apr 16, 2018

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~~2017 Annual Results~~

Agenda

 WFH Operation Highlights  IBFC Operation Highlights  WLS Operation Highlights  Waterland VC Operation Highlights  Guo Want Operation Highlights  Q & A

WFH Operation Highlights

Organizational Chart of Affiliated Enterprises

Date ： 2017-12-31

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Through consistent integrity and superior investment expertise, WFH strives to provide optimal financial solutions to our clients.

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WFH Operation Highlights

Operating Summary-Consolidated Financial Info

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0.86
2014 2015 2016 2017 YoY
0.78
Net Income- 0.66
After Tax 1,733 1,563 2,110 2,371 12.37% 0.58
( NT$mn )
Stockholders’ 2,371
Equity 29,581 30,354 30,935 32,308 4.44% 2,110
( NT$mn) 1,733
1,563
Book Value
Per Share 11.22 11.34 11.43 11.68 2.19%
(NT$)
EPS(NT$) 0.66 0.58 0.78 0.86 10.26%
2014 2015 2016 2017
Net Income-After Tax(NT$ mn) EPS(NT$)
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The profit grew 12.37% YoY in 2017, book value per share reached NT$11.68 and EPS reached NT$ 0.86, thanks to profit growth of subsidiaries.

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WFH Operation Highlights

Operating Summary-Consolidated Financial Info

	2017Q1	2018Q1 (Unaudited)	QoQ
Net Income-After Tax ( NT$mn )	546	601	10.07%
Stockholders’ Equity ( NT$mn)	31,647	32,961	4.15%
Book Value Per Share (NT$)	11.69	11.91	1.88%
EPS(NT$)	0.2	0.22	10.00%

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The profit of Q1 2018 achieved a 10.07% growth over Q1 2017, with EPS reaching NT$ 0.22, and NT$ 11.91 Book Value Per Share.

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WFH Operation Highlights

Operating Summary-Financial Ratios

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7.17%
2014 2015 2016 2017 YoY
6.33%
5.48%
ROA [1]
0.82 0.66 0.85 0.97 14.12% 4.69%
(%)
ROE [1]
5.48 4.69 6.33 7.17 13.27%
(%)
CAR
172.76 178.06 169.12 172.36 1.92% 0.85% 0.97
(%) 0.82% 0.66%
DLR
110.67 110.55 110.10 106.87 -2.93% 2014 2015 2016 2017
(%)
ROA(%) ROE(%)
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Note ： 1. ROA and ROE are based on consolidated financial statements.

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、 ROA ROE grew in 2017; CAR and DLR are well managed. The average DLR of other financial holdings is 111.26%, whereas WFH’s is 106.87%, demonstrating that WFH creates higher profit with lower leverage.

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WFH Operation Highlights

Operating Summary-Financial Ratios

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7.17%
2018Q1
2017Q1 QoQ 6.63%
(Unaudited)
ROA (%) [1 ] 0.92 1.00 8.70%
ROE (%) [1 ] 6.63 7.17 8.14%
CAR (%) 165.98 170.08 2.47% 0.92% 1.00%
DLR (%) 110.01 106.74 -2.97% 2017Q1 2018Q1
ROA(%) ROE(%)
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Note ： 1. ROA and ROE are based on consolidated financial statements.

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ROA and ROE of Q1 2018 are higher than that of Q1 2017, CAR and DLR are also maintained in an outstanding level.

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WFH Operation Highlights

Subsidiaries Financial Info - IBFC

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1.24
1.17
2014 2015 2016 2017 YoY
1.04
0.91
Net Profit
2,542 2,885 3,203 3,665 14.42%
( NT$mn )
Net Income 2,251
2,111
-After Tax 1,643 1,873 2,111 2,251 6.63% 1,873
( NT$mn ) 1,643
EPS(NT$) 0.91 1.04 1.17 1.24 5.98%
ROE(%)
(Annualize 6.53 7.18 7.87 8.16 3.68% 2014 2015 2016 2017
d)
Net Income-After Tax(NT$mn) EPS(NT$)
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In the past 4 years, IBFC strove to maintain bill guarantee business and interest spreads, and to develop various new business to keep its leadership in direct-finance market. IBFC profit recorded 6.63% growth in 2017, well in line with its long term direction of growth.

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WFH Operation Highlights

Subsidiaries Financial Info - IBFC

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2018Q1
2017Q1 QoQ 0.28
(Unaudited)
0.27
Net Profit
794 749 -5.67%
( NT$mn )
Net Income - 510
After Tax 510 484 -5.10%
484
( NT$mn )
EPS(NT$) 0.28 0.27 -3.57%
ROE(%)
7.46 6.83 -8.45% 2017Q1 2018Q1
(Annualized)
Net Income-After Tax(NT$mn) EPS(NT$)
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IBFC’s Net Income-After Tax of Q1 2018 is NT$ 484 million, a 5.10% decline over Q1 2017 resulted from weakening performance of equity and foreign bond investment, which is caused by global market turmoil.

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WFH Operation Highlights

Subsidiaries Financial Info - WLS

2014 2015 2016 2017 YoY Net Income – After Tax ( NT$mn ) 180 75 211 413 95.73% EPS(NT$) 0.20 0.08 0.23 0.47 104.35% ROA(%) (Annualized) 0.56 0.23 0.66 1.22 84.85% ROE(%) (Annualized) 1.88 0.77 2.17 4.48 106.45%	180 75 211 413 0.20 0.08 0.23 0.47 2014 2015 2016 2017 Net Income(NT$mn) EPS(NT$)

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Although WLS’ earnings fluctuated in recent 4 years, it has remained growth in the past 2 years. With proper proprietary trading and outstanding brokerage business in 2017, its profits of 2017 marked a record high of the past 4 years.

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WFH Operation Highlights

Subsidiaries Financial Info - WLS

2017Q1 2018Q1 (Unaudited) QoQ Net Income – After Tax ( NT$mn ) 97 119 22.68% EPS(NT$) 0.11 0.16 45.45% ROA(%) (Annualized) 1.10 1.28 16.36% ROE(%) (Annualized) 3.96 5.44 37.37%	97 119 0.11 0.16 2017Q1 2018Q1 Net Income-After Tax (NT$mn) EPS(NT$)

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Thanks to the augmenting profit from brokerage business, the Net Income-After Tax in Q1 2018 is NT$ 119 million, delivering a 22.68% growth over Q1 2017.

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WFH Operation Highlights

Subsidiaries Financial Info–Waterland VC

2014 2015 2016 2017 YoY Net Income- After Tax ( NT$mn ) 123 -112 64 71 10.94% EPS(NT$) 1.02 -0.73 0.41 0.46 12.20% ROA(%) (Annualized) 7.60 -5.88 3.19 3.23 1.25% ROE(%) (Annualized) 9.26 -7.65 4.63 5.13 10.80%	123 -112 64 71 1.02 -0.73 0.41 0.46 2014 2015 2016 2017 Net Income(NT$mn) EPS(NT$)

1. In 2015, Profits of Waterland VC had been impacted by the decline trading volumes of Emerging Stock Board, a fluctuated stock market and losses of investments; and then it also suffered investment loss of its subsidiary, GuoWant.

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1. Since the second half of 2016, several companies in its portfolio went on IPO, and Guo-Want started to profit, which leads to a 10.94% profit growth in 2017.

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WFH Operation Highlights

Subsidiaries Financial Info–Waterland VC

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2018Q1
2017Q1 QoQ 0.52
(Unaudited)
Net Income-
After Tax 17 81 376.47%
( NT$mn )
81
EPS(NT$) 0.11 0.52 372.73%
0.11
ROA(%)
3.33 14.10 323.42%
(Annualized) 17
ROE(%)
5.06 22.94 353.36% 2017Q1 2018Q1
(Annualized) Net Income-After Tax (NT$mn) EPS(NT$)
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Waterland VC’s Net Income-After Tax in Q1 2018 marked a stunning 376.47% growth over Q1 2017 due to valuation gain on emerging stocks.

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WFH Operation Highlights

Subsidiaries -Financial Ratios

IBFC	2014	2015	2016	2017	2018Q1 (Unaudited)
ROA(%)	0.89	0.92	0.96	1.01	0.89
ROE(%)	6.53	7.18	7.87	8.16	6.83
CAR(%)	15.47	16.08	14.90	15.23	14.88
NPL(%)	0.25	0.26	0.01	0.39	0.38
WLS	2014	2015	2016	2017	2018Q1
ROA(%)	0.56	0.23	0.66	1.22	1.28
ROE(%)	1.88	0.77	2.17	4.48	5.44
CAR(%)	406.65	397.02	434.07	333	371
Waterland VC	2014	2015	2016	2017	2018Q1
ROA(%)	7.60	-5.88	3.19	3.23	14.10
ROE(%)	9.26	-7.65	4.63	5.13	22.94
ROA and	ROE of IBFC, WLS and Waterland VC			all marked
annual gro	wth in 2017.	IBFC’s CAR still maintains a h		igh CAR.

ROA and ROE of IBFC, WLS and Waterland VC all marked annual growth in 2017. IBFC’s CAR still maintains a high CAR.

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WFH Operation Highlights

Profit contribution from subsidiaries

							Unit：	NT$mn
	2014		2015		2016		2017
Subsidiaries
	Amount	%	Amount	%	Amount	%	Amount	%
IBFC	1,643	91.10%	1,873	105.90%	2,111	90.84%	2,251	88.00%
WLS	39	2.20%	34	1.90%	123	5.29%	231	9.03%
Waterland VC	122	6.70%	-138	-7.80%	90	3.87%	76	2.97%
Total	1,804	100.00%	1,769	100.00%	2,324	100.00%	2,558	100.00%

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The main profit of WFH came from the earnings of IBFC as usual, but profit contribution from WLS also increased significantly in recent 2 years.

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WFH Operation Highlights

Quarterly Revenue and Profit

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Unit ： NT$mn
1,861
2,000
1,800 1,648
1,518
1,600 1,391 1,465 1,402 1,442
1,400
1,200
941
1,000
654 667
800 591 585 617
546 541
600
280
400
200
0
2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4
Consolidated Net Revenues 1,518 1,391 1,465 941 1,402 1,442 1,648 1,861
Net Income-After Tax 654 591 585 280 546 541 617 667
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In 2016 Q4, Trump’s victory in U.S. presidential election had been unexpected and caused financial market turmoil, which led to climbing bond yield that eroded profit. In 2017 the consolidated net revenue grew quarter by quarter, and the net income kept steady. In 2017 Q4 the net income after tax is NT$ 667 million, attesting to a stable growth.

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WFH Operation Highlights

Summary of 2017 Performance and Earnings

• WFH group had kept growth of profits in 2017, mainly benefited from the stable performance of bills finance and bond trading business, as well as outstanding performance of securities brokerage and proprietary trading.

• Following 2016, there was still excess liquidity in the money market that tightened spreads in 2017. To cope with market opportunity, IBFC proactively develops green finance projects and keeps developing real estate projects, aiming to build dual profit engines and to enhance spreads, to maximize overall profitability.

• Earnings of WLS increased 95.73% in 2017 as a result of outstanding brokerage business and constantly profitable proprietary trading of securities and bonds.

• Since the second half of 2016, several companies in Waterland VC’s portfolio went on IPO with good share prices, and VC’s subsidiary Guo-Want regain profits, which leads to a 10.94% profit growth in 2017.

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WFH Operation Highlights

Allotment Of Shares In Recent 5 Years

Year	2013	2014	2015	2016	2017	2018
Cash Dividend(NT$)	0.18	0.23	0.29	0.26	0.55	0.65
Stock Dividend(NT$)	0.30	0.23	0.30	0.26	0.15	0.12
Total Dividend (NT$)	0.48	0.46	0.59	0.52	0.70	0.77
EPS for the previous year (NT$)	0.55	0.52	0.66	0.58	0.78	0.86
Dividend Payout Ratio	87.27%	88.46%	89.39%	89.66%	89.74%	89.53%
The average closing price(NT$)	10.05	9.42	8.23	8.16	9.64	9.87*
Cash Dividend Yield	1.79%	2.44%	3.52%	3.19%	5.71%	6.59%

*During January ~ March, 2018

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WFH’s dividend payout ratios in recent 5 years are nearly 90%. A hefty portion of dividend was distributed in cash in 2017, and WFH plans to distribute NT$ 0.65 cash dividend in 2018, which makes a 6.59% dividend yield based on the average closing price from January to March 2018. Due to a sound and robust capital structure, higher proportion of cash 18 dividend will be WFH’s preferred dividend policy in the foreseeable future.

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WFH Operation Highlights

PB ratio, PE ratio & Cash Dividend Yield Of Financial Holding Companies

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Small &
All All
medium- Small &
All financial financial
Small & sized WFH medium-
financial holding holding
medium- financial sized
holding companies companies
sized holding financial
companies
financial companies holding
holding WFH companies
WFH companies
3.33%
3.15%
1.00
12.20
0.81 0.84 11.03 11.86 2.41%
P/B
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5-Years Average Cash Dividend Yield

P/E

、 WFH is a mid-long term value investment target, as its P/B P/E ratio is lower than average, and 5 years average cash dividend yield is higher than that of other small and medium sized financial holding companies, and also higher than that of the average of all financial holding companies.

Note ： The small & medium-sized finance holding companies refer to the share capital less than NT$100 billion and the large-scale finance holding companies refer to the share capital more than NT$ 100 billion. P/B = Stock closing price at year end 2017/Book Value Per Share at year end 2017 ； P/E = Stock closing price at year end 2017 / EPS of 2017 ； Cash Dividend Yield= Cash dividends are issued in 19 the current year / The closing price of the stock the day prior to the entitlement.

WFH Operation Highlights

The Impact of IFRS 9

As IFRS 9 taking effect, the net asset of WFH increased NT$ 410.9 million, including:

• A deduction of retained earnings by NT$ 273 million, caused by:

• Subsidiaries’ financial assets that were carried at cost or available-for-sale are reclassified as FVTPL, leading to NT$ 215.2 million deduction of retained earnings.

• The book value and interest receivable of subsidiaries’ bonds are re-evaluated by ECL model and recognized NT$ 58.1 million impairment.

• Other equity increased by NT$ 683.9 million, including mainly:

• NT$ 411.4 million gain on valuation from private shares owned by WFH and its subsidiaries.

• NT$ 215.3 million increase of equity as subsidiaries shares are reclassified from available-for-sale to FVTPL.

• NT$ 57.6 million increase of other equity as the book value of subsidiaries’ bonds are re-evaluated by ECL model.

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A enda g

 WFH Operating Highlights

 IBFC Operating Highlights  WLS Operating Highlights  Waterland VC Operating Highlights  Guo Want Operating Highlights  Q & A

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IBFC Operating Highlights

Revenue Breakdown

Unit ： NT$ mn.

		2014		2015		2016		2017
Bills	1,604	63.10%	1,890	65.52%	1,939	60.54%	2,395	63.35%
Bonds	783	30.80%	845	29.29%	1,003	31.31%	1,023	27.92%
Equity	46	1.81%	124	4.29%	81	2.53%	215	5.87%
Other	109	4.29%	26	0.90%	180	5.62%	32	0.86%
Total	2,542	100.00%	2,885	100.00%	3,203	100.00%	3,665	100.00%

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IBFC’s major profits come from bills and bonds business. Revenue in bills business increased in recent years as customer segmentation pricing policy was enforced to gear up interest spreads. Besides, since the inception of foreign currency bond business in 2014, IBFC has proactively built foreign bond position, which also generated good profits each year.

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IBFC Operating Highlights

Bills Revenue Composition

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Guaranteed CP
NT$ 100mn
Unit:bp
Interest Spreads
1200 220
1,066
999 1,010
973
1000
170
800 137.20
123.67 118.57 120
105
600
70
400
20
200
0 -30
2014 2015 2016 2017
Under Central Bank’s stabilizing monetary policy, excess liquidity in the
money market intensifies competition in credit loan business, entailing a
slight downturn of IBFC’s spreads of guaranteed CP. To cope with it,
IBFC proactively develops green finance projects and keeps developing
real estate projects, aiming to build dual profit engine and to enhance
spread, consequently the overall profitability. 23
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IBFC Operating Highlights

Asset Quality – NPL Ratio

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TW Banks Average IBFC
0.39%
0.28%
0.25% 0.26%
0.27%
0.25%
0.23%
0.01%
2014 2015 2016 2017
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In 2016, IBFC actively managed overdue accounts, making NPL ratio plunge to 0.01%. In 2017, the 0.39% NPL ratio is caused by TransAsia Airways dissolution. IBFC has secured aircrafts in full debt value as collateral, and expects to resolve in the first half of 2018.

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IBFC Operating Highlights

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Underwriting Volume in Bills

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Guaranteed CP Guaranteed Bills Guarantee-Free Bills Market Share

Unit: NT$ 100 mn

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3500 25.50%
24.36%
3000 25.12%
24.43% 25.00%
23.73%
2500
1292
24.50%
2000
958 700 1012
1500
499 24.00%
276 357 190
1000
23.50%
500 992 1014 1088 1120
0 23.00%
2014 2015 2016 2017
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The underwriting volume in bills by end Dec. 2017 is NT$ 29.1 billion, being the second largest with a share of 24.36% of the market. All the categories including the balance of guaranteed CP, guaranteed bills and guarantee-free bills all marked growth.

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IBFC Operating Highlights

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Underwriting volume in Bills – FRCP

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Unit: NT$ 100 mn FRCP Underwriting Volume
500
416
382
400
332
313
300
200
100
0
2014/12 2015/12 2016/12 2017/12
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In the past 3 years, the underwriting volume of FRCP keeps growing, amounting to NT$ 41.6 billion by end Dec. 2017, marking a 25.3% YoY growth. In 2017 IBFC served as the lead manager of guaranteefree bills underwriting syndicate for Taiwan High Speed Rail. IBFC will further promote FRCP business based on infrastructure projects developments.

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IBFC Operating Highlights

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Trading volume in Bills – Secondary market trading

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Unit ： NT$ mn.
6,000,000 30%
5,000,000
20%
4,000,000
3,000,000
10%
2,000,000
1,000,000 0%
2014 2015 2016 2017
Trading Volume 5,968,683 5,309,056 5,811,034 6,449,522
Market Share 25.25% 22.78% 23.07% 24.48%
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Domestic banks ranked highest in the buy side of CP secondary market in recent years, followed by state funds, corporate customers, and mutual funds. With diversified funding sources, IBFC still upholds market leadership in trading CP secondary market.

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Agenda

 WFH Operation Highlights  IBFC Operation Highlights  WLS Operation Highlights  Waterland VC Operation Highlights  Guo Want Operation Highlights  Q & A

WLS Operating highlights

Operation Overview

Operation Overview					Unit：NT$ 100mn
	2014	2015	2016	2017	YoY
Volume of Brokerage	12,721	10,460	8,660	14,039	62.11%
Market share of Brokerage(%)	2.19	1.87	1.83	2.10	14.75%
Balance of Margin Loan	104.36	96.53	74.65	85.35	14.33%
Market share of Margin Loan(%)	3.96	4.08	3.98	3.95	-0.75%

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The volume, market share and balance of margin loan of brokerage business in 2017 marked a strong growth over 2016 due to a robust securities market.

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WLS Operating highlights

Revenue Breakdown

Unit: NT$ ‘000

	2014		2015	2015	2016	2017
Brokerage	1,747,029	87.28%	1,503,283	76.21%	1,228,840 69.44%	1,727,547	69.76%
Proprietary Trading	205,144	10.25%	419,737	21.28%	538,858 30.45%	723,210	29.21%
Underwriting	36,769	1.84%	31,059	1.58%	(16,861) -0.95%	11,983	0.48%
Others	12,670	0.63%	18,425	0.93%	18,774 1.06%	13,642	0.55%
Total	2,001,612	100.00%	1,972,504	100.00%	1,769,611100.00%	2,476,382 100.00%

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Brokerage revenue increased in 2017 due to strong stock market and growing balance of customers’ margin loans. Proprietary trading contributed 30% of revenue as WLS had executed a successful investment strategy and portfolio, with a disciplined stop loss/lock in gain mechanism.

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30

Agenda

 WFH Operation Highlights  IBFC Operation Highlights  WLS Operation Highlights  Waterland VC Operation Highlights  Guo Want Operation Highlights  Q & A

Waterland VC Operation Highlights

Revenue Breakdown

									Unit:	NT$ ‘000	NT$ ‘000
	2014			2015			2016		2017
Gain on disposal of investments, net	84,262		41.17%	15,934		57.09%	117,258	61.75%	100,683		50.44%
Equity in gain of affiliates, net	108,082		52.81%	-		-	55,336	29.14%	82,781		41.48%
Dividend income	11,260		5.50%	10,454		37.46%	16,549	8.72%	15,933		7.98%
Other income	1,058		0.52%	1,521		5.45%	747	0.39%	202		0.10%
Total	204,662	100.00%		27,909	100.00%		189,890 100.00%		199,599 100.00%

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The main income of Waterland VC comes from the disposal of long-term investments and profits of its subsidiary, Guo -Want.

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32

Waterland VC Operation Highlights

Portfolio of Invested Industries

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19%
39%
17%
6% 11%
8%
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Traditional

Biotechnology Semi-conductors Electronic Parts and Components Optoelectronics Others

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At the end of 2017, total long-term investments amounted to NT$ 1.14 billion, most of which are in traditional industries, biotechnology industries and semi-conductors, followed by electronic parts and components and optoelectronics industries.

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33

Agenda

 WFH Operation Highlights  IBFC Operation Highlights  WLS Operation Highlights  Waterland VC Operation Highlights  Guo Want Operation Highlights

 Q & A

Guo Want Operation Highlights

Financial Highlights

Financial Highlights	2014 2015 2016 2017 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 430,000 480,000 530,000 Unit: RMB’000	2014 2015 2016 2017 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 430,000 480,000 530,000 Unit: RMB’000	2014 2015 2016 2017 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 430,000 480,000 530,000 Unit: RMB’000	2014 2015 2016 2017 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 61,296 47,472 52,190 53,603 21,873 -14,036 11,480 20,383 450,087 509,028 524,523 522,154 430,000 480,000 530,000 Unit: RMB’000
	61,296 47,472 52,190 53,603 21,873 11,480 20,383 509,028 524,523 522,15
	-14,036 450,087
	2014	2015	2016	2017
Revenue	61,296	47,472	52,190	53,603
Net Income (Loss)	21,873	-14,036	11,480	20,383
Balance of Credit Extended	450,087	509,028	524,523	522,154

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Except for an annual loss in 2015 caused by RMB devaluation, Guo-Want is generally performing well. The net income in 2017 grew 77.5% over 2016, demonstrating a strong profitability.

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Guo Want Operation Highlights

Industry Sectors of the Loan Portfolio

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17%
35%
15%
13%
9%
11%
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Real Estate

Medical Industry

Transportation Industry

Machineary Manufacturing Industry

Metal Processing Industry

Others

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The loan portfolio is mainly consisted of real estate, medical, transportation, machinery manufacturing and metal processing industries, which take 65% of total credit extended.

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Guo Want Operation Highlights

Non-Performing Loans

Non-Performing Loans	Non-Performing Loans
Unit: RMB’000
600,000		20.00%
500,000		16.00% 18.00%
200,000 300,000 400,000		6.00% 8.00% 10.00% 12.00% 14.00%		Outstanding NPL NPL Ratio	Balance
0 100,000	NPL ratio in 2017 dropped significantly to 1.45%, because Guo- 0.00% 2.00% 4.00%
	Want had classified overdue receivables and written off bad debts,
	and then further engaged relentlessly in overdue accounts that may				37
	be recovered.

Guo Want Operation Highlights

Summary of WFH’s investment in Guo-Want

Guo-Want

Unit: NT$’000

Accumulated Carrying Percentage AccumuPaid-in Outflow of 2014 2015 2016 2017 Amount of lated Capital Investment P&L P&L P&L P&L as of Q4 Ownership P&L* from Taiwan 2017 904,543 904,543 100% 108,172 -71,915 55,356 87,844 975,978 168,309

*Including exchange gain/loss

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According to the financial statements of all financial holdings and banks released on Market Observation Post System, Guo-Want recognized NT$ 71.9 million loss in 2015, NT$ 55.4 million profit in 2016 and NT$ 87.8 million profit in 2017, which, in accumulation, is ranked top three among peers.

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