UCC - Annual Report 2024 | FinancialReports.eu

Universal Cement Corporation

Financial Statements for the Years Ended December 31, 2024 and 2023 and Independent Auditors’ Report

INDEPENDENT AUDITORS’ REPORT

The Board of Directors and Shareholders Universal Cement Corporation

Opinion

We have audited the accompanying financial statements of Universal Cement Corporation (the Company), which comprise the balance sheets as of December 31, 2024 and 2023, and the statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission (FSC) of Taiwan, the Republic of China (ROC).

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and auditing standards generally accepted in the ROC. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the ROC, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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The key audit matter of the Company’s financial statements for the year ended December 31, 2024 is stated as follows:

Occurrence of sales of concrete products

Refer to Note 4 (m) and Note 23, the Company mainly manufactures and sells cement, ready mixed concrete and gypsum board panels. The sales amount of some concrete customers changed greatly in 2024 or specific characteristics. Sales is the main source of the Company’s revenue and has a material impact on the Company’s financial statements. Consequently, occurrence of sales of concrete products is considered as a key audit matter.

Our audit procedures in respect of the above key audit matter are described as follows:

We understood the design of the Company’s internal controls on accounting for sales. We tested the implementation and operating effectiveness of the internal controls.
We selected samples from the sales records, and verified that the products and quantities listed on the delivery orders and the invoices are the same and for the same customers. We noted that the delivery orders are signed by the customers and confirmed that the payee matched the transaction counterparty.

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

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

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

Those charged with governance, including the audit committee, are responsible for overseeing the Company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Financial Statements

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

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

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision, and performance of the Company audit. We remain solely responsible for our audit opinion.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the year ended December 31, 2024 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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The engagement partners on the audit resulting in this independent auditors’ report are Chi Chen Lee and Hung Ju Liao.

Deloitte & Touche Taipei, Taiwan

Republic of China

March 10, 2025

Notice to Readers

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

For the convenience of readers, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ report and financial statements shall prevail. The English version not audited by an accountant.

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Universal Cement Corporation

BALANCE SHEETS DECEMBER 31, 2024 AND 2023

BALANCE SHEETS DECEMBER 31, 2024 AND 2023
(In Thousands of New Taiwan Dollars)
ASSETS Amount % CURRENT ASSETS Cash and cash equivalents (Notes 4 and 6) $ 477,598 2 Financial assets at fair value through profit or loss - current (Notes 4 and 7) 8,887 - Financial assets at fair value through other comprehensive income - current (Notes 4 and 8) 2,697,892 10 Financial assets at amortized cost - current (Notes 4, 9, 10 and 32) 67 - Notes receivable (Notes 4, 11 and 23) 376,047 1 Net Accounts receivable (Notes 4, 11 and 23) 1,110,132 4 Net Accounts receivable from related parties (Notes 4, 11, 23 and 31) 23,804 - Other receivables (Notes 4 and 31) 627 - Inventories (Notes 4 and 12) 332,499 1 Prepayments (Note 31) 19,076 - Other current assets (Notes 11and 23) 7,817 - Total current assets 5,054,446 18 NON-CURRENT ASSETS Financial assets at fair value through other comprehensive income - non-current (Notes 4 and1,922,184 7 Financial assets at amortized cost - non-current (Notes 4, 9, 10 and 32) 5,858 - Investments accounted for using the equity method (Notes 4 and 13) 14,252,068 51 Property, plant and equipment (Notes 4 and 14) 6,269,869 22 Right-of-use assets (Notes 4 and 15) 47,681 - Investment properties (Notes 4 and 16) 633,572 2 Other intangible assets (Notes 4 and 17) 8,064 - Deferred tax assets (Notes 4 and 25) 10,558 - Prepayments for equipment 26,427 - Net defined benefit assets (Notes 4 and 21) - - Total non-current assets 23,176,281 82 TOTAL $ 28,230,727 $ 100 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Note 18) $ 2,100,000 8 Short-term bills payable (Notes 4 and 18) - - Contract liabilities - current (Notes 4 and 23) 408 - Accounts Payable (Note 19) 524,434 2 Accounts Payable to related parties (Notes 19 and 31) 14,301 - Other payables (Notes 20 and 31) 652,110 2 Current tax liabilities (Note 25) 116,953 - Lease liabilities - current (Notes 4, 15 and 31) 11,335 - Long-term borrowings due within one year (Note 18) - - Other current liabilities (Note 20) 27,612 - Total current liabilities 3,447,153 12 NON-CURRENT LIABILITIES Deferred tax liabilities (Notes 4 and 25) 1,081,596 4 Lease liabilities - non-current (Notes 4, 15 and 31) 37,202 - Guarantee deposits received 8,020 - Total non-current liabilities 1,126,818 4 Total liabilities 4,573,971 16 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 22) Capital stock - common stock 6,866,818 24 Capital surplus 122,786 1 Retained earnings Legal reserve 3,130,978 11 Special reserve 3,185,793 11 Unappropriated earnings 8,042,060 29 Total retained earnings 14,358,831 51 Other equity 2,308,321 8 Total equity 23,656,756 84 TOTAL $ 28,230,727 100 December 31, 2024	December 31, 2023
	Amount $ 187,223 4,661 2,262,037 30,060 387,881 1,209,571 60,568 482 335,749 10,919 3,787	% 1 - 9 - 1 5 - - 1 - -
	4,492,938	17
	1,608,577 7,027 13,398,561 6,261,756 57,524 634,139 10,183 13,880 45,458 6,697	6 - 51 24 - 2 - - - -
	22,043,802	83
	$ 26,536,740	$ 100
	$ 1,610,000 234,887 530 637,988 41,543 343,853 121,251 11,760 500,000 20,949	6 1 - 2 - 1 1 - 2 -
	3,522,761	13
	1,088,374 46,306 10,117	4 1 -
	1,144,797	5
	4,667,558	18
	6,732,175	25
	123,719	-
	2,920,126 3,185,793 8,099,817	11 12 31
	14,205,736	54
	807,552	3
	21,869,182	82
	$ 26,536,740	100

The accompanying notes are an integral part of the financial statements.

Universal Cement Corporation

STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

2024	2023
Amount $ 6,139,433 4,815,367 1,324,066 122,601 233,506 65,697 (1,464) 420,340 903,726 2,004 229,215 17,205 ( 40,564) 562,971 770,831 1,674,557 192,270 1,482,287 762,462 249,728 1,012,190 505,821 1,518,011 $ 3,000,298 $ 2.16 2.15	Amount $ 6,007,860 4,721,870 1,285,990 145,489 240,303 63,498 (6,377) 442,913 843,077 5,033 218,605 ( 117,059) ( 48,582) 1,394,594 1,452,591 2,295,668 187,910 2,107,758 ( 62,751) 96,481 33,730 (210,016) (176,286) $1,931,472 $ 3.07 3.06	% 100 79
		21
		2 4 1 -
		7
		14
		- 4 ( 2) ( 1) 23
		24
		38 3
		35
		( 1) 2
		1
		(4)
		(3)
		32

The accompanying notes are an integral part of the financial statements.

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Universal Cement Corporation

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

Capital Stock - Common Stock	Capital Surplus			Equity Attributabl	e to Owners of the Company	e to Owners of the Company				Total Equity
			Retained Earnings			Other Equity			Total
		Legal Reserve	Special Reserve	Unappropriated Earnings	Exchange Differences on Translating Foreign Operations	Unrealized Gain on Financial Assets at Fair Value Through Other Comprehensive Income	Remeasurement of Defined Benefit Plans	other
$ 6,536,092 - - 196,083 - - - - - -	$ 123,499 - - - 221 - - ( 1) - -	$ 2,715,883 204,243 - - - - - - - -	$ 3,185,793 - - - - - - - - -	$ 7,372,038 ( 204,243) ( 980,414) ( 196,083) - 1,620 ( 859) - 2,107,758 -	($ 799,476) - - - - - - - - - 210,016	$ 1,711,898 - - - - ( 1,620) 859 - - 31,870	$ 89,394 - - - - - - - - 1,860	($ 17,217) - - - - - - - - -	$ 984,599 - - - - ( 1,620) 859 - - ( 176,286)	$ 20,917,904 - ( 980,414) - 221 - - ( 1) 2,107,758 ( 176,286)
-	-	-	-	2,107,758	- 210,016	31,870	1,860	-	( 176,286)	1,931,472
6,732,175 - - 134,643 - - - - -	123,719 - - - ( 926) - ( 7) - -	2,920,126 210,852 - - - - - - -	3,185,793 - - - - - - - -	8,099,817 ( 210,852) ( 1,211,791) ( 134,643) - 17,242 - 1,482,287 -	( 1,009,492) - - - - 505,821	1,743,007 - ( 17,242) - - 1,001,677	91,254 - - - - 10,513	( 17,217) - - - - -	807,552 - - - - - - - ( 17,242) - - - 1,518,011	21,869,182 - - - ( 1,211,791) - - ( 926) - - - - 7 - 1,482,287 - 1,518,011
-	-	-	-	1,482,287	505,821	1,001,677	10,513	-	1,518,011	3,000,298
$ 6,866,818	$122,786	$ 3,130,978	$ 3,185,793	$ 8,042,060	($ 503,671)	$2,727,442	$101,767	($17,217)	$2,308,321	$23,656,756

The accompanying notes are an integral part of the financial statements.

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Universal Cement Corporation

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation expenses Amortization expenses Expected credit gain recognized Interest expenses Interest income Dividend income Share of profit of associates accounted for using the equity method Net gain on disposal of property, plant and equipment Net gain on fair value changes of financial assets designated as at fair value through profit or loss Impairment losses on assets Changes in operating assets and liabilities Notes receivable Accounts receivable (Including related parties) Other receivables Inventories Prepayments Other current assets Contract liabilities Notes payable Accounts payable (Including related parties) Other payables Other current liabilities Net defined benefit plan Cash generated from operations Interest received Dividends received Income tax paid Net cash generated from operating activities	2024 $ 1,674,557 160,064 3,578 ( 1,464) 40,564 ( 2,004) ( 190,716) ( 562,971) ( 9,879) ( 4,384) - 11,834 137,502 ( 145) 3,250 ( 8,157) ( 3,865) ( 122) - ( 140,796) 37,706 6,663 6,697 1,157,912 2,004 748,118 (200,024) 1,708,010	2023
		$ 2,295,668 126,467 3,626 ( 6,377) 48,582 ( 5,033) ( 178,687) ( 1,394,594) ( 525) ( 721) 116,111 12,017 ( 3,421) 880 ( 30,879) 8,643 7,494 290 ( 30) 22,490 26,036 ( 725) -
		1,047,312 5,033 690,755 (182,537)
		1,560,563

(Continued)

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Universal Cement Corporation

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the capital reduction of financial assets at fair value through other comprehensive income Increase in financial assets at amortized cost Decrease in financial assets at amortized cost Proceeds from sale of financial assets at fair value through profit or loss Proceeds from the capital reduction of financial assets at fair value through profit or loss Payments for property, plant and equipment Proceeds from disposal of property, plant and equipment Payments for intangible assets Decrease in other receivables Net cash generated from /(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Increase (Decrease) in short-term loans Decrease in short-term bills payable Increase in long-term loans Repayment of long-term loans Proceeds from guarantee deposits received Refund of guarantee deposits received Increase in other payables to related parties Repayment of the principal portion of lease liabilities Cash dividends paid Acquisition of additional interests in subsidiaries Interest Paid Net cash used in financing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	2024 $ 13,000 ( 35,446) 66,608 - 158 ( 147,645) 11,570 ( 1,459) - (93,214) 490,000 (235,000) - (500,000) 59 (2,156) 280,000 (12,025) (1,211,791) (93,315) (40,193) ( 1,324,421) 290,375 187,223 $477,598	2023
		$ 13,213 ( 32,543) 180 3,595 - ( 180,337) 686 ( 2,485) 220,500
		22,809
		( 600,000) ( 565,000) 500,000 - 2,160 ( 405) - ( 10,902) ( 980,414) (113) (47,492)
		( 1,702,166)
		( 118,794) 306,017
		$187,223

The accompanying notes are an integral part of the financial statements.

(Concluded)

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NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Universal Cement Corporation

1. GENERAL INFORMATION

Universal Cement Corporation (the Company) was incorporated in the Republic of China (ROC) in March 1960. The Company mainly manufactures and sells cement, ready mixed concrete and gypsum board panels.

The Company’s shares have been listed on the Taiwan Stock Exchange (TWSE) since February 1971.

The financial statements are presented in the Company’s functional currency, New Taiwan dollar.

2. APPROVAL OF FINANCIAL STATEMENTS

The accompanying financial statements were approved by the Company’s board of directors on March 10, 2025.

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

a. The initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC).

The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did not have any material impact on the Company’s accounting policies.

b. The IFRS Accounting Standards endorsed by the FSC for application starting from 2025

New, Amended and Revised Standards and Interpretations Amendments to IAS 21 “Lack of Exchangeability” Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” - the amendments to the application guidance of classification of financial assets	Effective Date Announced by IASB (Note 1)
	January 1, 2025 (Note 1) January 1, 2026 (Note 2)

Note 1: An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2025. Upon initial application of the amendments to IAS 21, the Company shall not restate the comparative information and shall recognize any effect of initially applying the amendments as an adjustment to the opening balance of retained earnings or, if applicable, to the cumulative amount of translation differences in equity as well as affected assets or liabilities.
Note 2: An entity shall apply those amendments for annual reporting periods beginning on or after

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January 1, 2026. It is permitted to apply these amendments for an earlier period beginning on January 1, 2025. An entity shall apply the amendments retrospectively but is not required to restate prior periods. The effect of initially applying the amendments shall be recognized as an adjustment to the opening balance at the date of initial application. An entity may restate prior periods if, and only if, it is possible to do so without the use of hindsight.

As of the date the financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of other standards and interpretations will have on the Company’s financial position and financial performance and will disclose the relevant impact when the assessment is completed.

c. The IFRS Accounting Standards in issue but not yet endorsed and issued into effect by the FSC

New, Amended and Revised Standards and Interpretations	Effective Date Announced by IASB (Note 1)
Annual Improvements to IFRS Accounting Standards - Volume 11 Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” - the amendments to the application guidance of derecognition of financial liabilities Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” IFRS 17 “Insurance Contracts” Amendments to IFRS 17 Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information” IFRS 18 “Presentation and Disclosure in Financial Statements” IFRS 19 “Subsidiaries without Public Accountability: Disclosures”	January 1, 2026 January 1, 2026 January 1, 2026 To be determined by IASB January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2027 January 1, 2027

New, Amended and Revised Standards and Interpretations

Effective Date
Announced by IASB
(Note 1)

Annual Improvements to IFRS Accounting Standards - Volume 11
Amendments to IFRS 9 and IFRS 7 “Amendments to the
Classification and Measurement of Financial Instruments” - the
amendments to the application guidance of derecognition of
financial liabilities
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing
Nature-dependent Electricity”
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture”
IFRS 17 “Insurance Contracts”
Amendments to IFRS 17
Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 -
Comparative Information”
IFRS 18 “Presentation and Disclosure in Financial Statements”
IFRS 19 “Subsidiaries without Public Accountability: Disclosures”

January 1, 2026
January 1, 2026
January 1, 2026
To be determined by IASB
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2027
January 1, 2027

Note : Unless stated otherwise, the above IFRS Accounting Standards are effective for annual reporting periods beginning on or after their respective effective dates.

IFRS 18 “Presentation and Disclosure in Financial Statements”

IFRS 18 will supersede IAS 1” Presentation of Financial Statements”. The main changes comprise:

Items of income and expenses included in the statement of profit or loss shall be classified into the operating, investing, financing, income taxes and discontinued operations categories.

The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.

Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into Companys based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as “other” only if it cannot find a more informative label.

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Disclosures on Management-defined Performance Measures (MPMs): When in public communications outside financial statements and communicating to users of financial statements management’s view of an aspect of the financial performance of the Company as a whole, the Company shall disclose related information about its MPMs in a single note to the financial statements, including the description of such measures, calculations, reconciliations to the subtotal or total specified by IFRS Accounting Standards and the income tax and non-controlling interests effects of related reconciliation items.

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

a. Statement of compliance

The financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

b. Basis of preparation

The financial statements have been prepared on the historical cost basis except for financial instruments which are measured at fair value, and net defined benefit liabilities which are measured at the present value of the defined benefit obligation less the fair value of plan assets.

The fair value measurements, which are grouped into Levels 1 to 3 based on the degree to which the fair value measurement inputs are observable and based on the significance of the inputs to the fair value measurement in its entirety, are described as follows:

1) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;
2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
3) Level 3 inputs are unobservable inputs for an asset or liability.

When preparing its financial statements, the Company used the equity method to account for its investments in subsidiaries and associates. In order for the amounts of the net profit for the year, other comprehensive income for the year and total equity in its financial statements to be the same as the amounts attributable to the owners of the Company in its consolidated financial statements, adjustments arising from the differences in accounting treatments between the parent company only basis and the consolidated basis were made to investments accounted for using the equity method, share of profit or loss of subsidiaries and associates, share of other comprehensive income of subsidiaries and associates and related equity items, as appropriate, in these financial statements.

c. Classification of current and non-current assets and liabilities

Current assets include:

1) Assets held primarily for the purpose of trading;
2) Assets expected to be realized within 12 months after the reporting period; and

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3) Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.

Current liabilities include:

1) Liabilities held primarily for the purpose of trading;
2) Liabilities due to be settled within 12 months after the reporting period; and
3) Liabilities for which the Company does not have an unconditional right to defer settlement for at least 12 months after the reporting period.

Assets and liabilities that are not classified as current are classified as non-current.

d. Foreign currencies

In preparing the financial statements of each individual Company entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period.

Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the period except for exchange differences arising from the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income.

Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

For the purpose of presenting financial statements, the functional currencies of the Company entities (including subsidiaries in other countries that use currencies which are different from the currency of the Company) are translated into the presentation currency, the New Taiwan dollars as follows: Assets and liabilities are translated at the exchange rates prevailing at the end of the reporting period; and income and expense items are translated at the average exchange rates for the period. The resulting currency translation differences are recognized in other comprehensive income (attributed to the owners of the Company and non-controlling interests as appropriate).

e. Inventories

Inventories consist of raw materials and supplies, merchandise, finished goods and work-in-process. Inventories are stated at the lower of cost or net realizable value. Inventory write-downs are made by item, except where it may be appropriate to Company similar or related items. The net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Inventories are recorded at the weighted-average cost on the balance sheet date.

f. Investments in subsidiaries

Equity method is adopted for investments in subsidiaries.

A subsidiary is an entity in which that the Company has control.

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Under the equity method, the investments are initially recognized at costs, and the subsequent carrying amount upon acquisition shall increase/decrease according to the share of profit or loss from subsidiaries and other comprehensive income, and profit allocation entitled to the Company. In addition, changes in other interests in subsidiaries entitled to the Company are recognized according to the shareholding.

Changes in the Company's ownership interests in subsidiaries not resulting in the loss of control are accounted for as equity transactions. The differences between the carrying amount of investments and the fair value of the paid or received consideration are directly recognized as equity.

Where the Company's share of loss from a subsidiary equal to or exceeds the interests in the subsidiary (including the carrying amount of the subsidiary using equity method and other long-term interests substantially are a part of net investments of the Company in the subsidiary), the Company continues to recognize losses according to the shareholding.

Where the acquisition costs exceed the share of net fair value of the subsidiary's identifiable assets and liabilities entitled to the Company on the date of acquisition, such amount is recognized as goodwill. Goodwill is included in the carrying amount of such investments and shall not be amortized. The exceeding amount of the share of net fair value of the subsidiary's identifiable assets and liabilities entitled to the Company on the date of acquisition to the acquisition costs is recognized as gains of the year.

For impairment evaluation, the Company considers cash-generating units (the "CGUs") and compares its recoverable amount based on the individual financial report, as a whole. Subsequently, where the recoverable amount of the assets increases, the Company recognizes the reversal of impairment loss as gains. However, the carrying amount of the assets less the reversal of impairment loss shall not exceed the carrying amount of the asset less the amortization should have been recognized under the condition where no impairment loss is recognized.

When losing control over a subsidiary, the Company measure its remaining investments in its former subsidiary based on the fair value on the date when control is lost. The differences between the fair value of the remaining investments and any consideration from disposals, and the carrying amount of the investment on the date when control is lost are recognized in profit or loss for the year. Furthermore, the accounting for all amounts related to the subsidiary that is recognized in other comprehensive income shall be on the basis required for the Company in direct disposals of assets or liabilities.

The unrealized gain or loss from downstream transactions between the Company and its subsidiaries is written off in the individual financial report. Gain or loss from upstream and side stream transactions between the Company and its subsidiaries are recognized in the individual financial report, to the extent where the Company is not related to the interests of subsidiaries.

g. Investment in associates

An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture.

The Company uses the equity method to account for its investments in associates.

Under the equity method, an investment in an associate is initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate. The Company also recognizes the changes in the Company’s share of equity of associates.

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Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets and liabilities of an associate at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.

When the Company subscribes for additional new shares of the associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus – changes in capital surplus from investments in associates accounted for using the equity method. If the Company’s ownership interest is reduced due to the additional subscription of the new shares of associate, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate is reclassified to profit or loss on the same basis as would be required had the investee directly disposed of the related assets or liabilities. When the adjustment should be debited to capital surplus, but the capital surplus recognized from investments accounted for using the equity method is insufficient, the shortage is debited to retained earnings.

When the Company’s share of losses of an associate equals or exceeds its interest in that associate (which includes any carrying amount of the investment accounted for using the equity method and long-term interests that, in substance, form part of the Company’s net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses and liabilities are recognized only to the extent that the Company has incurred legal obligations, or constructive obligations, or made payments on behalf of that associate.

The entire carrying amount of the investment is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

The Company discontinues the use of the equity method from the date on which its investment ceases to be an associate. Any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate. The Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required had that associate directly disposed of the related assets or liabilities.

When a Corporation entity transacts with its associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s financial statements only to the extent that interests in the associate are not related to the Company.

h. Property, plant and equipment

Property, plant and equipment are measured at cost, less accumulated depreciation and accumulated impairment loss.

Property, plant and equipment in the course of construction are measured at cost less any recognized impairment loss. Cost includes professional fees and borrowing costs eligible for capitalization. Such assets are depreciated and classified to the appropriate categories of property, plant and equipment when completed and ready for intended use.

Depreciation on property, plant and equipment is recognized using the straight-line method. Each

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significant part is depreciated separately. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

On derecognition of an item of property, plant and equipment, the difference between the sales proceeds and the carrying amount of the asset is recognized in profit or loss.

i. Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties also include land held for a currently undetermined future use.

Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method.

For a transfer of classification from property, plant and equipment to investment properties, the deemed cost of the property for subsequent accounting is its carrying amount at the end of owner-occupation.

On derecognition of an investment property, the difference between the net disposal proceeds and the carrying amount of the asset is included in profit or loss.

j. Intangible assets

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful life, residual value, and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

On derecognition of an intangible asset, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

k. Impairment of property, plant and equipment, investment properties, right-of-use assets and intangible assets

At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, investment properties, right-of-use assets and intangible assets to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Corporate assets are allocated to the individual cash-generating units on a reasonable and consistent basis of allocation.

The recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss.

When an impairment loss is subsequently reversed, the carrying amount of the corresponding asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is

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recognized in profit or loss.

l. Financial instruments

Financial assets and financial liabilities are recognized when a Corporation entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

1) Financial assets

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

a) Measurement category

Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and investments in equity instruments at FVTOCI

i. Financial assets at FVTPL

Financial assets are classified as at FVTPL when such a financial asset is mandatorily classified or designated as at FVTPL. Financial assets mandatorily classified as at FVTPL include investments in equity instruments which are not designated as at FVTOCI and debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria.

Financial assets at FVTPL are subsequently measured at fair value, with dividends or interest and any remeasurement gains or losses on such financial assets are recognized in other gains or losses. Fair value is determined in the manner described in Note 31.

ii. Financial assets at amortized cost

Financial assets that meet the following conditions are subsequently measured at amortized cost:

i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition, financial assets at amortized cost, including cash and cash equivalents, notes receivable, accounts receivable, other receivables and financial assets at amortized cost, are measured at amortized cost, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset, except for:

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i) Purchased or originated credit-impaired financial assets, for which interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of such financial assets; and
ii) Financial assets that are not credit-impaired on purchase or origination but have subsequently become credit-impaired, for which interest income is calculated by applying the effective interest rate to the amortized cost of such financial assets in subsequent reporting periods.

A financial asset is credit impaired when one or more of the following events have occurred:

i) Significant financial difficulty of the issuer or the borrower;
ii) Breach of contract, such as a default;
iii) It is becoming probable that the borrower will enter bankruptcy or undergo a financial reorganization; or
iv) The disappearance of an active market for that financial asset because of financial difficulties.

Cash equivalents include time deposits with original maturities within 3 months from the date of acquisition, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments.

iii. Investments in equity instruments at FVTOCI

On initial recognition, the Company may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.

Dividends on these investments in equity instruments are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.

b) Impairment of financial assets and contract assets

The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including accounts receivable), as well as contract assets.

The Company always recognizes lifetime expected credit losses (i.e. ECLs) on accounts receivable and contract assets. For all other financial instruments, the Company recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs.

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Expected credit losses reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

For internal credit risk management purposes, the Company determines that the following situations indicate that a financial asset is in default (without taking into account any collateral held by the Company):

i. Internal or external information shows that the debtor is unlikely to pay its creditors.
ii. When a financial asset is more than 365 days past due unless the Company has reasonable and corroborative information to support a more lagged default criterion.

The impairment loss of all financial assets is recognized in profit or loss by a reduction in their carrying amounts through a loss allowance account.

c) Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.

2) Equity instruments

Equity instruments issued by a Corporation entity are classified as equity in accordance with the substance of the contractual arrangements and the definitions of an equity instrument.

Equity instruments issued by a Corporation entity are recognized at the proceeds received, net of direct issue costs.

The repurchase of the Company’s own equity instruments is recognized in and deducted directly from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of the Company’s own equity instruments.

3) Financial liabilities

a) Subsequent measurement

All the financial liabilities are measured at amortized cost using the effective interest method.

b) Derecognition of financial liabilities

The difference between the carrying amount of the financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

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m. Revenue recognition

The Company identifies contracts with customers, allocates the transaction price to the performance obligations and recognizes revenue when performance obligations are satisfied.

Revenue from the sale of goods comes from sales of cement, ready mixed concrete and gypsum board panels. Sales of cement, ready mixed concrete and gypsum board panels are recognized as revenue when the goods are shipped because it is the time when the customer has full discretion over the manner of distribution, has the primary responsibility for sales to future customers and bears the risks of obsolescence. Accounts receivable and contract assets are recognized concurrently. Certain payments, which are retained by the customer as specified in the contract, are intended to ensure that the Company adequately completes all of its contractual obligations. Such retention receivables are recognized as contract assets until the Company satisfies its performance obligations. When the customer initially purchases cement, the transaction price received is recognized as a contract liability until the goods have been delivered to the customer.

n. Leases

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease.

1) The Company as lessor

Leases are classified as finance leases whenever the terms of a lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases.

2) The Company as lessee

The Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for short-term leases and low-value asset leases accounted for by applying recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms.

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the balance sheets.

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.

Lease liabilities are initially measured at the present value of the lease payments. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses the lessee’s incremental borrowing rate.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. The Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use-assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the balance sheets.

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o. Employee benefits

1) Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

2) Retirement benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.

Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the projected unit credit method. Service costs (including current service cost, as well as gains and losses on settlements) and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liability (asset) represents the actual deficit (surplus) in the Company’s defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future contributions to the plans. p. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

1) Current tax

The Company determines its current income (loss) according to the regulations established by the jurisdictions of the tax return to calculate its income tax payable (recoverable).

According to the Income Tax Law of ROC, an additional tax of unappropriated earnings is provided for as income tax in the year the shareholders approve to retain the earnings.

Adjustments of prior years’ tax liabilities are added to or deducted from the current years’ tax provision.

2) Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences and unused loss carryforwards to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the

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temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liabilities are settled or the assets are realized based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

3) Current and deferred taxes

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Based on the assessment of the Company's management, the accounting policies, estimates, and assumptions adopted by the Company has not been subject to material accounting judgements, estimates and assumptions uncertainty.

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6. CASH AND CASH EQUIVALENTS

Cash on hand and petty cash Checking accounts and demand deposits	December 31	December 31
	2024 $ 313 477,285 $477,598	2023 $ 321 186,902
		$187,223

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets-current Financial assets mandatorily classified as at FVTPL Non-derivative financial assets Listed shares	December 31	December 31
	2024 $8,887 $8,887	2023 $4,661
		$4,661

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

Investments in equity instruments at FVTOCI-Current Domestic investments Listed shares Investments in equity instruments at FVTOCI-Non-current Domestic investments Listed private equity Unlisted shares	December 31	December 31
	2024 $2,697,892 $ 592,020 1,330,164 $1,922,184	2023 $2,262,037
		$ 349,700 1,258,877
		$1,608,577

These investments in equity instruments are held for medium to strategic purposes. Accordingly, the management elected to designate these investments in equity instruments as at FVTOCI as they believe that recognizing shortterm fluctuations in these investments’ fair value in profit or loss would not be consistent with the Company’s strategy of holding these investments for strategic purposes.

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9. FINANCIAL ASSETS AT AMORTIZED COST

Current Time deposits with original maturity of more than 3 months (a) Pledged time deposits (a) Non-current Pledged time deposits (a) Refundable deposits	December 31	December 31
	2024 $ - 67 $67 $ 2,500 3,358 $5,858	2023 $ 29,993 67
		$30,060
		$ 2,500 4,527
		$7,027

a. The ranges of interest rates of time deposits and pledged time deposits with original maturities of more than 3 months at the end of the reporting period were as follows:

Time deposits and pledged time deposits	December 31
	2024 2023 1.69% 1.565%-5.47%

The information on pledged time deposits is set out in Note 33.

b. Refer to Note 10 for information relating to the credit risk management and impairment of investments in financial assets at amortized cost.

10. CREDIT RISK MANAGEMENT FOR INVESTMENTS IN DEBT INSTRUMENTS

Investments in debt instruments were classified as financial assets at amortized cost.

Gross carrying amounts Financial assets at amortized cost - current Financial assets at amortized cost - non-current	December 31	December 31
	2024 $ 67 5,858 $5,925	2023 $ 30,060 7,027
		$37,087

The Company invests only in debt instruments that have low credit risk for the purpose of impairment assessment. In measuring 12-month expected credit losses or lifetime expected credit losses for debt instrument investments, the Company considers the historical default rates, the current financial condition of debtors, and the future prospects of the industries. Due to the low credit risk of debtors and sufficient ability to settle contractual cash flows, as of December 31, 2024, and for the periods ended December 31, 2024 and 2023, no expected credit losses have been recognized in financial assets measured at amortized cost.

11. NOTES RECEIVABLE AND ACCOUNTS RECEIVABLE (INCLUDING RELATED PARTIES)

Notes receivable At amortized cost Notes receivable - operating Accounts receivable (Including related parties) At amortized cost Less: Allowance for impairment loss	December 31	December 31
	2024 $376,047 $ 1,136,734 2,798 $1,133,936	2023 $387,881
		$ 1,274,290 4,151
		$1,270,139

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a. Notes receivable

The Company analyzed notes receivable was not past due based on past due status, and The Company did not recognize an expected credit loss for notes receivable as of December 31, 2024 and 2023.

b. Accounts receivable (Including related parties)

The average collection period for receivables due to sales was between 30 to 90 days. No interest was charged on accounts receivable. In order to minimize credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, The Company reviews the recoverable amount of each individual trade debt at the end of the reporting period to ensure that adequate allowance is made for possible irrecoverable amounts. In this regard, the management believes The Company's credit risk was significantly reduced.

The Company recognizes loss allowance based on the use of lifetime expected credit losses on accounts receivable. The expected credit losses on accounts receivable are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of economic conditions at the reporting date. As The Company's historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished according to The Company's different customer base.

The Company writes off an account receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. For account receivables that have been written off, The Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

The following table details the loss allowance of accounts receivables based on The Company's provision matrix.

December 31, 2024 Expected credit loss rate Gross carrying amount Loss allowance (Lifetime ECL) Amortized cost December 31, 2023 Expected credit loss rate Gross carrying amount Loss allowance (Lifetime ECL) Amortized cost	0.12% $ 845,439 ( 510) $ 844,929 0.13% $ 908,083 (652) $ 907,431 Less than 30 Days Less than 30 Days	0.34% $ 209,761 (709) $209,052 0.37% $ 253,239 (945) $252,294 31-60 Days 31-60 Days	0.79% $ 62,448 (496) $ 61,952 0.88% $ 69,759 (615) $ 69,144 61-90 Days 61-90 Days	2.70% $ 15,206 (411) $14,795 2.96% $ 37,718 (1,118) $ 36,600 91-120 Days 91-120 Days	10.93% $ 3,149 ( 344) $2,805 13.41% $ 5,337 (716) $4,621 121-150 Days 121-150 Days	38.57% $ 656 (253) $403 37.51%-54.09% $ 154 (105) $49 151-365 Days 151-365 Days	100.00% $ 75 (75) $- 100.00% $ - - $- Over 365 Days Over 365 Days	Total
								$ 1,136,734 (2,798)
								$1,133,936
								Total
								$ 1,274,290 (4,151)
								$1,270,139

The Company has received accounts receivable of over 366 days in January 2024 and did not recognize the loss allowance of accounts receivable.

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The movements of the loss allowance of contract asset (included in other current assets) and accounts receivable (including related parties) were as follows:

For the the year of 2024

Balance at January 1 Less: Allowance (reversal) for the year Less: Written off for the year Balance at December 31 For the year of 2023	Contract Asset $ 370 ( 165) - $205	Accounts Receivable (Including related parties) $ 4,151 ( 1,299) (54) $2,798	Total
			$ 4,521 ( 1,464) (54)
			$3,003

Balance at January 1 Less: Allowance (reversal) for the year Less: Written off for the year Balance at December 31	Contract Asset $ 1,548 ( 1,178) - $370	Accounts Receivable (Including related parties) $ 11,974 - 5,199 (2,624) $4,151	Total
			$ 13,522 ( 6,377) (2,624)
			$4,521

12. INVENTORIES

Finished goods Work in progress Raw materials and supplies	December 31	December 31
	2024 $ 91,314 27,109 214,076 $332,499	2023 $ 124,393 8,932 202,424
		$335,749

The cost of inventories recognized as cost of goods sold

	December	December	31
	2024			2023
$	4,815,367	$		4,721,870

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13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Investments in subsidiaries Investments in associates a. Investments in subsidiaries Chiayi Ready-mixed Concrete Industry Co., Ltd. Huan-Chung International Co., Ltd. Kaohsiung Pier Transportation Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Uneo Inc. Li-Yong Development Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd. Chiayi Ready-mixed Concrete Industry Co., Ltd. (a) Huan-Chung International Co., Ltd. Kaohsiung Pier Transportation Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Uneo Inc. (b) Li-Yong Development Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd.	Decem	ber 31
	2024 $ 2,904,563 11,347,505 $ 14,252,068 Decem	2023 $ 2,594,020 10,804,541
		$ 13,398,561
		ber 31
	2024 $ 86,160 127,405 95,408 1,143,400 371,137 51,108 19,279 1,010,666 $ 2,904,563 Proportion of O Voting Rights	2023 $ 41,180 117,559 98,146 872,621 339,014 18,940 19,281 1,087,279
		$ 2,594,020
		wnership and Percentage
	Decem	ber 31
	2024 86.63% 69.99% 100.00% 100.00% 58.18% 100.00% 100.00% 67.45%	2023 86.63% 69.99% 100.00% 100.00% 58.18% 100.00% 100.00% 67.45%

a. The Company conduct a cash capital increase of $50,000 thousand decided at the shareholders' meeting in October 2024, our company increased its capital by $43,315 thousand, resulting in an increase in shareholding ratio, and the registration has been completed.

b. The Company conduct a cash capital increase of $50,000 thousand decided at the board meeting in November 2024, our company fully increased its capital according to the original shareholding ratio, and the registration has been completed.

b. Investments in Associates

Unlisted companies Material associate Lio-Ho Machine Works Ltd. Material associates Name of Associate Lio-Ho Machine Works Ltd.	December 31
	2024 2023 $ 11,347,505 $ 10,804,541 Proportion of Ownership and Voting Rights Percentage
	December 31
	2024 2023 29.86% 29.86%

Refer to Table 5 “Information on Investees” for the nature of activities, principal place of business and country of incorporation of the associates.

The summarized financial information below represents amounts shown in the financial statements of Lio-Ho Machine Works Ltd. which were prepared in accordance with IFRSs and adjusted by the Company for equity accounting purposes.

Equity Operating revenue Net profit for the year Other comprehensive loss Dividends received from Lio-Ho Machine Works Ltd.	December 31
	2024 2023 $ 38,002,890 $ 36,184,500 December 31
	2024 2023 $ 8,900,037 $ 10,690,916 $ 1,590,817 $ 2,815,952 $ 1,727,573 ($ 689,919) $ 447,907 $ 447,907

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14. PROPERTY, PLANT AND EQUIPMENT

Cost Balance at January 1, 2023 Additions Disposals Reclassification Balance at December 31, 2023 Accumulated depreciation and impairment Balance at January 1, 2023 Depreciation expense Disposals Impairment loss Balance at December 31, 2023 Net carrying amounts at December 31, 2023 Cost Balance at January 1, 2024 Additions Disposals Reclassification Balance at December 31, 2024 Accumulated depreciation and impairment Balance at January 1, 2024 Depreciation expense Disposals Reclassification Balance at December 31, 2024 Net carrying amounts at December 31, 2024	Land $ 4,387,120 - - - $ 4,387,120 $ - - - - $- $ 4,387,120 $ 4,387,120 - - - $ 4,387,120 $ - - - - $- $ 4,387,120	Buildings $ 2,010,087 4,858 - 23,771 $ 2,038,716 $ 1,164,692 28,738 - - $ 1,193,430 $ 845,286 $ 2,038,716 13,704 - 235 $ 2,052,655 $ 1,193,430 28,710 - - $ 1,222,140 $ 830,515	Machinery and equipment $ 3,240,736 20,822 ( 8,356) - $ 3,253,202 $ 3,042,848 34,668 ( 8,356) - $ 3,069,160 $ 184,042 $ 3,253,202 89,190 ( 4,807) 791,910 $ 4,129,495 $ 3,069,160 53,597 ( 4,807) 468,872 $ 3,586,822 $ 542,673	Transportation equipment $ 512,276 40,471 ( 3,902) - $ 548,845 $ 391,781 29,455 ( 3,741) - $ 417,495 $ 131,350 $ 548,845 11,958 ( 41,241) - $ 519,562 $ 417,495 $ 34,827 - 39,594 - $ 412,728 $ 106,834	Other equipment $ 756,013 31,597 ( 6,692) 21,182 $ 802,100 $ 563,117 21,795 ( 6,692) - $ 578,220 $ 223,880 $ 802,100 12,016 ( 1,589) 165,364 $ 977,891 $ 578,220 $ 30,024 - 1,545 24,405 $ 631,104 $ 346,787	Construction in progress $ 960,288 68,020 - ( 44,953) $ 983,355 $ 377,166 - - 116,111 $ 493,277 $ 490,078 $ 983,355 30,094 - ( 957,509) $ 55,940 $ 493,277 - - ( 493,277) $- $ 55,940	Total
							$ 11,866,520 165,768 ( 18,950) -
							$ 12,013,338
							$ 5,539,604 114,656 ( 18,789) 116,111
							$ 5,751,582
							$ 6,261,756
							$ 12,013,338 156,962 ( 47,637) -
							$ 12,122,663
							$ 5,751,582 147,158 ( 45,946) -
							$ 5,852,794
							$ 6,269,869

The Company identified indications of impairment due to lower-than-expected capacity utilization of certain equipment at the Lujhu gypsum board plant. Accordingly, an impairment loss of NT$116,111 thousand was recognized in 2023 and included in non-operating expenses.

The recoverable amount was determined based on the replacement cost approach, taking into account the total cost to acquire or construct a new asset in current conditions, less deductions for physical, functional, and economic obsolescence.

The above items of property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives as follows:

Buildings

Main buildings 20-60 years Outbuildings and construction 2-16 years Engineering systems 9-16 years Machinery equipment 2-17 years Transportation equipment 2-7 years Other equipment 2-20 years

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15. LEASE ARRANGEMENTS

a. Right-of-use assets

Carrying amounts Buildings Transportation equipment Additions to right-of-use assets Depreciation charge for right-of-use assets Buildings Transportation equipment	December 31	December 31
	2024 2023 $ 34,717 $ 40,878 12,964 16,646 $47,681 $57,524 December 31	2023 $ 40,878 16,646
		$57,524
	2024 $2,473 $ 7,872 4,467 $12,339	2023 $10,211
		$ 7,754 3,490
		$11,244

Except for the aforementioned additions and recognized depreciation, the Company did not recognize significant sublease income or impairment losses on right-of-use assets in 2024 and 2023.

b. Lease liabilities

Carrying amounts Current Non-current Buildings Transportation equipment Other lease information Expenses relating to short-term leases Expenses relating to low-value assets leases Total cash outflow for leases Ranges of discount rates for lease liabilities were as follows:	December 31	December 31
	2024 2023 $11,335 $11,760 $37,202 $46,306 December 31	2023 $11,760
		$46,306
	2024 2023 0.9% 0.9% 0.9%-1.7885% 0.9%-1.7885% December 31
	2024 $22,120 $549 $35,208	2023 $21,142
		$502
		$33,037

c. Other lease information

The Company leases certain assets which qualify as short-term leases and low-value asset leases. the Company has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases.

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16. INVESTMENT PROPERTIES

INVESTMENT PROPERTIES
Cost Balance at January 1 and December 31, 2023 Accumulated depreciation and impairment Balance at January 1, 2023 Depreciation expense Balance at December 31, 2023 Net carrying amounts at December 31, 2023 Cost Balance at January 1 and December 31, 2024 Accumulated depreciation and impairment Balance at January 1, 2024 Depreciation expense Balance at December 31, 2024 Net carrying amounts at June 30, 2024	Land $663,849 $ 43,232 - $43,232 $620,617 Land $663,849 $ 43,232 - $43,232 $620,617	Buildings $ 98,227 $ 84,138 567 $84,705 $13,522 Buildings $ 98,227 $ 84,705 567 $85,272 $12,955	Total
			$762,076
			$ 127,370 567
			$127,937
			$634,139
			Total
			$762,076
			$ 127,937 567
			$128,504
			$633,572

As of December 31, 2024 and 2023, the Company has not yet completed the property registration of the land, both are amounting to $95,795 thousand because of the restriction in the regulations but the property has been secured with mortgage registration.

The investment properties are depreciated using the straight-line method over 61 years of useful lives.

The fair values of the investment properties of the Company as of December 31, 2024 and 2023 were $1,807,994 thousand and $1,612,019 thousand, respectively. The fair values were determined by the independent appraisal company on each balance sheet date in the past three years with reference to similar real estate. The fair value was determined based on market evidence of similar transactions or the Company's management's reference to actual transaction prices in nearby areas.

Gross lease payments receivable of the future under operating leases of investment properties were as follows:

Year 1 Year 2 Year 3 Year 4 Year 5 Year 5 onwards	December 31	December 31
	2024 $ 10,800 7,625 7,553 7,653 4,302 11,900 $49,833	2023 $ 11,073 6,688 6,701 6,701 6,801 3,451
		$41,415

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17. OTHER INTANGIBLE ASSETS

Cost Balance at January 1, 2023 Additions Balance at December 31, 2023 Accumulated amortization Balance at January 1, 2023 Amortization expense Balance at December 31, 2023 Net carrying amounts at December 31, 2023 Cost Balance at January 1, 2024 Additions Balance at December 31, 2024 Accumulated amortization Balance at January 1, 2024 Amortization expense Balance at December 31, 2024 Net carrying amounts at December 31, 2024	Patents $ 8,428 423 $ 8,851 $ 5,605 679 $ 6,284 $2,567 $ 8,851 474 $ 9,325 $ 6,284 743 $7,027 $2,298	Licenses and Franchises $ 5,762 - $ 5,762 $ 4,104 237 $4,341 $1,421 $ 5,762 - $ 5,762 $ 4,341 237 $4,578 $1,184	Trademarks $ 44 - $44 $ 14 4 $18 $26 $ 44 - $44 $ 18 4 $22 $22	Computer Software $ 11,192 2,062 $13,254 $ 4,379 2,706 $7,085 $ 6,169 $ 13,254 985 $14,239 $ 7,085 2,594 $ 9,679 $4,560	Total
					$ 25,426 2,485
					$27,911
					$ 14,102 3,626
					$17,728
					$10,183
					$ 27,911 1,459
					$29,370
					$ 17,728 3,578
					$21,306
					$ 8,064

Except for the recognition of amortization expenses, there was no significant increase, disposal or impairment of the intangible assets of the Company in 2024 and 2023.

The above intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:

Patents	8-19 years
Licenses and franchises	10 years
Trademarks	10 years
Computer Software	3 years

18. BORROWINGS

a. Short-term borrowings

b. c.	Unsecured borrowings Line of credit borrowings The range of interest rates Short-term bills payable Commercial papers Less: Unamortized discount on bills payable The Company did not provide any collateral over these balance. Promissory Institutions December 31, 2023 Taiwan Finance Co., Ltd. Mega Bills Finance Co., Ltd. Long -term borrowings Unsecured borrowings Line of credit borrowings Long-term borrowings Less: Long-term borrowings due within one year	Nominal Amount $ 80,000 155,000 $235,000	Decemb	2023 $1,610,000 1.75%-1.82% 2023 $ 235,000 113 $234,887 Carrying Value $ 79,972 154,915 $234,887 2023 $ 500,000 500,000 $- er 31 er 31 er 31	Interest Rate
			2024 $2,100,000 1.85%-1.99% Decemb
			2024 $ - - $- Discount Amount $ 28 85 $113 Decemb
					1.798% 1.828%
			2024 $ - - $-

The Company obtained new unsecured bank loans in February and September 2023, amounting to $280,000 thousand and $220,000 thousand respectively. These loans are due in March and October 2024, with annual interest rates of 1.795% as of December 31, 2023. The Company repaid the loans early in March 2024.

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19. NOTES PAYABLE AND ACCOUNTS PAYABLE (INCLUDING RELATED PARTIES)

Notes payable and accounts payable (including related parties) were resulted from operating activities. The average credit period on purchases is 30-65 days. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Therefore, no interest was charged on the payables.

20. OTHER PAYABLES AND OTHER LIABILITIES

Current Other payable Payable for related parties Payable for salaries or bonus Payable for remuneration to employees Payable for promotion service fee Payable for remuneration to directors Payable for freight Payable for business tax Payable for utility bills Payable for taxes Payable for annual leave Payables for equipment Others Other liabilities Receipts in advance Temporary receipts Others	December 31	December 31
	2024 $ 283,154 100,181 53,000 51,247 49,000 38,041 15,255 12,565 11,995 10,303 1,480 25,889 $652,110 $ 16,158 11,454 - $27,612	2023 $ - 100,928 42,971 40,064 42,971 38,672 17,122 7,631 9,002 8,277 11,194 25,021
		$343,853
		$ 6,829 14,066 54
		$20,949

21. RETIREMENT BENEFIT PLANS

a. Defined contribution plans

The Company adopted a pension plan under the Labor Pension Act (the LPA), which is a state-managed defined contribution plan. Under the LPA, the Company makes monthly contributions to employees’ individual pension accounts at 6% of monthly salaries and wages.

b. Defined benefit plans

The defined benefit plan adopted by the Company in accordance with the Labor Standards Law is operated by the government. Pension benefits are calculated on the basis of the length of service and average monthly salaries of the 6 months before retirement. The Company contributes amounts equal to 3% of total monthly salaries and wages to a pension fund administered by the pension fund monitoring committee. Pension contributions are deposited in the Bank of Taiwan in the committee’s name. Before the end of each year, the Company assesses the balance in the pension fund. If the amount of the balance in the pension fund is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The pension fund is managed by the Bureau of Labor Funds, Ministry of Labor (“the Bureau”); the Company has no right to influence the investment policy and strategy.

In 2022, our company fully settled all employee retirement benefits and applied to the Bureau of Labor Insurance, MOL to close the pension fund. As of December 31, 2023, we are currently awaiting approval from the bureau to receive the remaining balance in the pension fund.

The amounts included in the balance sheets in respect of the Company’s defined benefit plans were as follows:

Present value of defined benefit obligation Fair value of plan assets Net defined benefit liability	December 31
	2023 $ - (6,697)
	($6,697)

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Movements in net defined benefit liability were as follows:

Movements in net defined benefit liability were as follows:
Balance at January 1 and December 31, 2023 Balance at January 1, 2023 Interest income Components of defined benefit costs recognized in profit or loss Settlement Balance at December 31, 2022	Present Value of the Defined Benefit Obligation $- $ - - - - $-	Fair Value of the Plan Assets ($6,697) ($ 6,697) (2,790) (2,790) 9,487 $-	Net Defined Benefit Liability
			($6,697)
			($ 6,697) - 2,790
			(2,790)
			9,487
			$-

An analysis by function of the amounts recognized in profit or loss in respect of the defined benefit plans for the Year Ended December 31, 2023 is as follows:

2023 is as follows:
Operating costs Selling and marketing expenses General and administrative expenses Research and development expenses	Amount
	($ 1,665) ( 447) ( 586) ( 92)
	($2,790)

22. EQUITY

a. Share capital

Number of shares authorized (thousands) Capital stock authorized Number of shares issued and fully paid (thousands) Capital stock issued	December 31	December 31
	2024 1,000,000 $10,000,000 686,682 $6,866,818	2023 1,000,000
		$10,000,000
		673,217
		$6,732,175

The Company’s shareholders meeting resolved to distribute share dividends of 19,608 thousand shares with par value of $10 on June 16, 2023, to increase the authorized share capital to $6,732,175 thousand. Which was approved by the Financial Supervisory Commission ("FSC") on July 3, 2023. The record date was July 29, 2023 and the change of registration was completed on August 16, 2023.

The Company’s shareholders meeting resolved to distribute share dividends of 13,464 thousand shares with par value of $10 on June 21, 2024, to increase the authorized share capital to $6,866,818 thousand. Which was approved by the Financial Supervisory Commission ("FSC") on June 27, 2024. The record date was July 22, 2024 and the change of registration was completed on August 7, 2024.

b. Capital surplus

Treasury share transactions May be used to offset a deficit only May be used to offset a deficit, distributed as cash dividends, or transferred to share capital (Note) Changes in interests in associates accounted for using the equity method Overdue dividends not collected by shareholders Differences between the actual equity value of subsidiaries acquired or disposed and its carrying amounts.	December 31	December 31
	2024 $ 21,606 56,451 22,260 22,469 $122,786	2023 $ 21,606 57,377 22,260 22,476
		$123,719

Note: Such capital surplus may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or transferred to share capital (limited to a certain percentage of the Company’s capital surplus every year).

c. Retained earnings and dividend policy

Under the dividend policy as set forth in the Company’s Articles, if the Company makes profit in a fiscal year, the profit shall be first utilized to pay taxes, offset losses of previous years, set aside as legal reserve with 10% of the remaining profit, set aside or reverse a special reserve in accordance with the laws and regulations, and lastly, together with any undistributed retained earnings, serve as the basis of a distribution plan proposed by the Company’s board of directors in accordance with the resolution of the shareholders’ meeting pertaining to the distribution of dividends and bonus to shareholders. The policies on the distribution of employees’ compensation and remuneration of directors in the Company ’s Articles refer to Note 24-g.

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According to the Company’s Articles, the bonus to shareholders can be distributed by way of stock dividends and cash dividends. However, the ratio for stock dividend shall not exceed 50% of the total distribution unless the value of cash dividends is less than $ 0.5 per share. The distribution of dividends can be adjusted by shareholders based on the Company’s profit, capital status, and operating requirement.

Appropriation of earnings to the legal reserve shall be made until the legal reserve equals the Company’s paid-in capital. The legal reserve may be used to offset deficits. If the Company has no deficit and the legal reserve has exceeded 25% of the Company’s paid-in capital, the excess may be transferred to capital or distributed in cash.

When a special reserve is appropriated for cumulative net amount of other deductions from equity from prior period and cumulative net increases in fair value measurement of investment properties from prior period, the sum of net profit for current period and items other than net profit that are included directly in the unappropriated earnings for current period if the prior unappropriated earnings is not sufficient.

The appropriations of 2023 and 2022 earnings have been proposed by the Company’s regular shareholders meeting on June 21, 2024 and June 16, 2023, respectively. The appropriations and dividends per share were as follows:

Legal reserve Cash dividends Stock dividends Cash dividends per share (NT$) Stock dividends per share (NT$)	2023 $210,852 $1,211,791 $134,643 $ 1.8 $ 0.2	2022
		$204,243
		$ 980,414
		$196,083
		$ 1.5 $ 0.3

The appropriation of earnings for 2024 had been proposed by the Company’s board of directors on March 10, 2025. The appropriation and dividends per share were as follows:

Legal reserve Cash dividends Cash dividends per share (NT$)	2024
	$149,953
	$1,167,359
	$ 1.7

The appropriation of earnings for 2024 will subject to the resolution of the shareholders meeting.

d. Special reserves

Special reserves First-time adoption IFRS Accounting Standards	December 31	December 31
	2024 $ 3,185,793	2023 $ 3,185,793

Because the increase in the retained earnings caused by the first-time adoption of IFRSs was insufficient to be appropriated for provision, the Company had provided for special reserve based on the increase of the retained earnings, an adjustment that was recorded per Company policy on first-time adoption.

e. Other equity items

1) Exchange differences on translating the financial statements of foreign operations

Balance at January 1 Recognized for the year Balance at December 31 Balance at January 1 Recognized for the year Other comprehensive income/(loss) during the year Balance at December 31 Share from associates accounted for using the equity method Share from subsidiaries and associates accounted for using the equity method Unrealized gain (loss) - equity instruments 2) Unrealized gain (loss) on financial assets at FVTOCI The cumulative profit or loss arising from the disposals of equity instruments is transferred to retained earnings. Reclassification of equity instruments from associates accounted for using the equity method to retained Earnings	For theyear Ended December 31	For theyear Ended December 31
	2024 2023 ($ 1,009,492) ($ 799,476) 505,821 (210,016) ($503,671) ($1,009,492) For theyear Ended December 31	2023 ($ 799,476) (210,016)
		($1,009,492)
	2024 $ 1,743,007 762,462 239,215 1,001,677 ( 17,242) - $2,727,442	2023 $ 1,711,898 ( 62,751) 94,621
		31,870
		( 1,620) 859
		$1,743,007

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3) Remeasurement of defined benefit plans

Balance at January 1 Share from associates accounted for using the equity method Balance at December 31	For theyear Ended December 31	For theyear Ended December 31
	2024 $ 91,254 10,513 $101,767	2023 $ 89,394 1,860
		$ 91,254

23. REVENUE

Revenue from contracts with customers Revenue from sale of goods

	For the Year Ended December 31	For the Year Ended December 31
	2024	2023
$	6,139,433	$6,007,860

a. Disaggregation of revenue

Concrete Cement Gypsum Board panels Other b. Contract balances	For the Year Ended December 31	For the Year Ended December 31
	2024 $ 4,212,905 831,114 1,077,450 17,964	2023 $ 4,087,151 844,195 1,053,982 22,532
	$6,139,433	$6,007,860

Notes and accounts receivable (Including related parties) Contract assets Sale of goods Less: Loss allowance Contract liabilities - current Sale of goods	2024 2023 $1,509,983 $1,658,020 $ 1,023 $ 1,850 205 370 818 1,480 $408 $530 December 31	January 1
	2024 $1,509,983 $ 1,023 205 818 $408	2023 $1,661,417
		$ 7,744 1,548
		6,196
		$240

In accordance with the terms of the contract, the Company recognizes the construction retention money as contract assets before completing the contractual obligations, and considers the historical default loss rates and the state of the industry in estimating expected credit loss.

Expected credit loss rate Loss allowance (Lifetime ECL) Gross carrying amount	December 31	December 31
	2024 20% $ 1,023 (205) $818	2023 20% $ 1,850 (370)
		$1,480

24. PROFIT BEFORE INCOME TAX

a. Interest income

Bank deposits Related parties loans Others

For the Year Ended December 31	For the Year Ended December 31
2024 $ 1,982 - 22 $2,004	2023 $ 2,299 2,734 -
	$5,033

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b. Other income

Dividend income Remuneration of directors Rental income - investment properties (Note 16) Others

For the Year Ended December 31	For the Year Ended December 31
2024 $ 190,716 15,408 14,370 8,721 $229,215	2023 $ 178,687 18,235 13,734 7,949
	$218,605

c. Other gains and losses

Net foreign exchange gains (losses) Gain on disposal of property, plant and equipment Gain (Loss) in financial assets Financial assets mandatorily classified as at FVTPL Impairment loss Others

For the Year Ended December 31	For the Year Ended December 31
2024 $ 1,228 9,879 4,384 - 1,714 17,205	2023 $ 518 525 721 ( 116,111) (2,712)
	($117,059)

d. Interest expense

For the Year Ended December 31

Interest on bank loans Interest on lease liabilities Interest on related parties loans

2024 $ 36,605 514 3,445 $40,564	2023 $ 48,091 491 -
	$48,582

e. Depreciation and amortization

Property, plant and equipment Right-of-use assets Investment properties Intangible assets

An analysis of depreciation - by function Operating costs Operating expenses Others (included in non-operating income and expense)

An analysis of amortization - by function Operating costs Operating expenses

For the Year Ended December 31	For the Year Ended December 31
2024 $ 147,158 12,339 567 3,578 $163,642 $ 123,875 35,622 567 $160,064 $ 546 3,032 $3,578	2023 $ 114,656 11,244 567 3,626
	$130,093
	$ 96,774 29,126 567
	$126,467
	$ 572 3,054
	$3,626

f. Employee benefits expense

Short-term employee benefits expense Salaries Labor and health insurance Others Post-employment benefits Defined contribution plans Defined benefit plans (Note 22)

An analysis of employee benefits expense - by function Operating costs Operating expenses

For the Year Ended December 31	For the Year Ended December 31
2024 $ 450,844 42,788 74,528 568,160 20,392 (2,790) 17,602 $585,762 $ 388,785 196,977 $585,762	2023 $ 444,832 42,690 65,131
	552,653
	20,042 -
	20,042
	$572,695
	$ 349,042 223,653
	$572,695

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g. Employees’ compensation and remuneration of directors

The Company accrued employees’ compensation and remuneration of directors at the rates no less than 1% and no higher than 3%, respectively, of net profit before income tax, employees’ compensation, and remuneration of directors. The compensation of employees and remuneration of directors for the year ended December 31, 2024 and 2023 have been approved on March 10, 2025 and March 15, 2024 respectively as follows:

Accrual rate Employees’ compensation Remuneration of directors Amount Employees’ compensation Remuneration of directors	For the Year Ended December 31	For the Year Ended December 31
	2024 2023 2.98% 1.8% 2.76% 1.8% For the Year Ended December 31
	2024 $53,000 $49,000	2023 $42,971
		$42,971

If there is a change in the amounts after the annual financial statements were authorized for issue, the differences will be recognized in the next year as a change in accounting estimate.

There was no difference between the actual amount of compensation of employees and remuneration of directors paid and the amount recognized in the consolidated financial statements for the years ended December 31, 2024 and 2023.

Information on the compensation of employees and remuneration of directors resolved by the Company’s Board of Directors is available at the Market Observation Post System website of the Taiwan Stock Exchange.

25. INCOME TAX

a. Income tax recognized in profit or loss

Major components of income tax expense were as follows:

Current tax In respect of the current period Additional unappropriated earnings Adjustments for prior years Deferred tax In respect of the current period	For the Year Ended December 31	For the Year Ended December 31
	2024 $ 181,058 20,119 (5,451) 195,726 (3,456) $192,270	2023 $ 170,697 25,818 (5,359)
		191,156
		(3,246)
		$187,910

A reconciliation of accounting profit and income tax expenses is as follows:

Profit before tax Income tax expense calculated at the statutory rate Non-deductible expenses (income) in determining taxable income Tax-exempt income Temporary difference Income tax on unappropriated earnings Adjustments for prior years	For the Year Ended December 31	For the Year Ended December 31
	2024 $1,674,557 $ 334,911 ( 113,531) ( 38,143) ( 5,635) 20,119 (5,451) $192,270	2023 $2,295,668
		$ 459,133 ( 279,063) ( 35,737) 23,118 25,818 (5,359)
		$187,910

b. Current tax liabilities

Current tax liabilities Income tax payable

December 31	December 31
2024 $116,953	2023
	$121,251

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c. Deferred tax assets and liabilities

The movements of deferred tax assets and deferred tax liabilities were as follows:

For the year of 2024 Deferred Tax Assets Temporary differences Unrealized exchange losses Unrealized payable promotion expenses Defined benefit obligation Others Deferred Tax Liabilities Temporary differences Land value increment tax Defined benefit obligation Unrealized exchange gains For the year of 2023 Deferred Tax Assets Temporary differences Unrealized exchange losses Unrealized payable promotion expenses Defined benefit obligation Others Deferred Tax Liabilities Temporary differences Land value increment tax Defined benefit obligation Unrealized exchange gains	Opening Balance $ 160 8,013 5,545 162 $13,880 $ 1,081,490 6,884 - $1,088,374 Opening Balance $ - 5,327 5,545 379 $11,251 $ 1,081,490 6,884 617 $1,088,991	Recognized in Profit or Loss -$ 160 2,236 ( 5,545) 147 -$3,322 $ - ( 6,884) 106 ($6,778) Recognized in Profit or Loss $ 160 2,686 - (217) $2,629 $ - - (617) ($617)	Closing Balance
			$ - 10,249 - 309
			$10,558
			$ 1,081,490 - 106
			$1,081,596
			Closing Balance
			$ 160 8,013 5,545 162
			$13,880
			$ 1,081,490 6,884 -
			$1,088,374

d. Deductible temporary differences, unused loss carryforwards and unused investment credits for which no deferred tax assets have been recognized in the balance sheets.

recognized in the balance sheets.
Temporary differences Inventory write-down and obsolescence losses Asset impairment losses	December 31
	2024 $ 31,818 645,504 $677,322	2023 $ 34,027 671,469
		$705,496

e. Income tax examinations

The tax returns of the Company through 2022 have been assessed by the tax authorities

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26. EARNINGS PER SHARE

The weighted average number of shares outstanding used in the earnings per share computation was adjusted retrospectively for the issuance of bonus shares. The record date was July 22, 2024. The basic and diluted earnings per share adjusted retrospectively from January 1 to December 31, 2022 were as follows:

Unit: NT$ Per Share

Before Retrospective Adjustment After Retrospective Adjustment Basic earnings per share $3.13 $3.07 Diluted earnings per share $3.12 $3.06 Net profit for the period 2024 2023 Net Profit for the Year $1,482,287 $2,107,758 Number of shares The earnings and weighted average number of ordinary shares outstanding in the computation of earnings per share were as follows: For the Year Ended December 31	Before Retrospective Adjustment After Retrospective Adjustment Basic earnings per share $3.13 $3.07 Diluted earnings per share $3.12 $3.06 Net profit for the period 2024 2023 Net Profit for the Year $1,482,287 $2,107,758 Number of shares The earnings and weighted average number of ordinary shares outstanding in the computation of earnings per share were as follows: For the Year Ended December 31	After Retrospective Adjustment
		$3.07
		$3.06
	2024 $1,482,287	2023 $2,107,758

Unit: Thousand shares

Weighted average number of ordinary shares in computation of basic earnings per share Effect of potentially dilutive ordinary shares: Employees’ compensation Weighted average number of ordinary shares in the computation of diluted earnings per share	For the Year Ended December 31	For the Year Ended December 31
	2024 686,682 2,197 688,879	2023 686,682 1,801
		688,483

The Company may settle compensation paid to employees in cash or shares; therefore, the Company assumes that the entire amount of the compensation or bonus will be settled in shares, and the resulting potential shares will be included in the weighted average number of shares outstanding used in the computation of diluted earnings per share, as the effect is dilutive. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the number of shares to be distributed to employees is resolved in the following year.

27. ACQUISITION OF SUBSIDIARIES

In November 2023, the Group acquired shares held by the non-controlling interest of Universal Concrete Industrial Corporation. And its shareholding increased from 58.12% to 58.18%.

The above transactions were accounted for as equity transactions since there was no change in the Corporation’s control over these subsidiaries. Refer to the note 28 of the consolidated financial statements for the year ended December 31, 2024 for the disclosures of equity movements of subsidiaries.

28. CASH FLOWS INFORMATION

Cash used in obtaining property, plant and equipment by the Company from January 1 to December 31 of 2024 and 2023 were as follows:

Increase in property, plant and equipment Decrease (increase) in payables for equipment Increase (decrease) in prepayments for equipment Paid in cash	For the Year Ended December 31	For the Year Ended December 31
	2024 $ 156,962 9,714 (19,031) $147,645	2023 $ 165,768 ( 858) 15,427
		$180,337

29. CAPITAL MANAGEMENT

The Company needs to maintain sufficient capital to fulfill the Company’s requirements of capital to build and expand its production facilities and equipment. Therefore, the capital management of the Company shall ensure on the necessary financial resources and a comprehensive operational plan to fulfill the future demand of working capital, capital expenditures, research and development expenses, debts repayment and dividend distributions.

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30. FINANCIAL INSTRUMENTS

a. Fair value of financial instruments are not measured at fair value

The Company believes that the carrying amounts of financial instruments that are not measured at fair value, including cash and cash equivalents, accounts receivable, financial assets at amortized cost, short-term loans, short-term bills payable, accounts payable, long-term borrowings due within one year, and guarantee deposits received, recognized in the financial statements approximate their fair value.

b. Fair value of financial instruments that are measured at fair value on a recurring basis
1) Fair value hierarchy

December 31, 2024 Financial assets at FVTPL Listed shares Financial assets at FVTOCI Investments in equity instruments Listed shares Unlisted shares December 31, 2023 Financial assets at FVTPL Listed shares Financial assets at FVTOCI Investments in equity instruments Listed shares Unlisted shares	Level 1 $ 8,887 $ 2,697,892 - $2,697,892 Level 1 $4,661 $ 2,262,037 - $2,262,037	Level 2 $- $ 592,020 - $ 592,020 Level 2 $- $ 349,700 - $ 349,700	Level 3 $- $ - 1,330,164 $1,330,164 Level 3 $- $ - 1,258,877 $1,258,877	Total
				$ 8,887
				$ 3,289,912 1,330,164
				$4,620,076
				Total
				$4,661
				$ 2,611,737 1,258,877
				$ 3,870,614

There were no transfers between Level 1 and 2 in 2024 and 2023.

2) Reconciliation of Level 3 fair value measurements of financial instruments

Balance at January 1 Recognized in profit (dividend income) Return of capital from reduction of share capital Balance at December 31 Recognized in other comprehensive income (unrealized valuation gain or loss on financial assets at fair value through other comprehensive income) Financial assets at fair value through other comprehensive	For the Year End	ed December 31
	2024 $ 1,258,877 71,287 - - $1,330,164	2023 $ 1,775,212 ( 514,868) 11,746 (13,213)
		$1,258,877

3) Valuation techniques and inputs applied for Level 2 fair value measurement

Category of financial instrument

Investments in equity instruments

Measurement technique and input value

Purchase of stock via private offering which is subject to a three-year-lock-up period. In light of the impact on the target to be measured due to the restriction of transaction, a discount is imposed to reflect the restricted liquidity of the stock. The target to be measure is the stock of a public listed company. The Closing price at the day of measurement was adopted as the fair value of an unrestricted stock price. The fair value of the restricted stock price is then derived via the Black-Scholes model.

4) Valuation techniques and inputs applied for Level 3 fair value measurement

The fair values of unlisted equity securities in ROC was estimated by the marketing valuation method. This method is based on the industry category, evaluation and operations of similar companies, or the net equity of the companies.

c. Categories of financial instruments

Financial assets Financial liabilities Financial assets at FVTOCI – Investments in equity instruments Financial assets at FVTPL Financial assets mandatorily classified as at FVTPL Financial assets at amortized cost (Note 1) Financial liabilities at amortized cost (Note 2)	December 31
	2024 2023 $ 8,887 $ 4,661 1,994,133 1,882,812 4,620,076 3,870,614 3,298,865 3,378,388

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1) The balances include financial assets at amortized cost, which comprise cash and cash equivalents, notes receivable, net accounts receivable (including related parties), other receivables, and financial assets at amortized cost (current and non-current).

2) The balances included financial liabilities at amortized cost, which comprise short-term borrowings, short-term bills payable, notes payable, accounts payable (including related parties), other payables, guarantee deposits received and long-term borrowings due within one year.

d. Financial Risk Management Objectives and Policies

The Company’s major financial instruments include investments in equity instruments, accounts receivable, accounts payables, loans and lease liabilities. The financial management department of the Company provides services to the business departments, coordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest risk and other price risk), credit risk and liquidity risk.

1) Market risk

The Company’s activities exposed it primarily to the financial risks of changes in interest rate risk (see (a) below) and other price risk (see (b) below).

a) Interest rate risk

The Company was exposed to interest rate risk arising from short-term borrowing at New Taiwan dollar (NTD) market rates with a markup. Due to lower NTD borrowing rates and small borrowing position, the interest rate sensitivity is lower, and the interest rate risk is little risk to the Company.

The carrying amounts of the Company’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows:

Fair value interest rate risk Financial assets Financial liabilities Cash flow interest rate risk Financial assets Financial liabilities	For the Year Ended December 31
	2024 2023 $ 5,925 $ 37,087 48,537 292,953 407,895 162,808 2,100,000 2,110,000

b) Other price risk

The Company was exposed to equity price risk through its investments in listed equity securities and mutual funds. The Company manages this exposure by maintaining a portfolio of investments with different risks. The Company’s equity price risk was mainly concentrated on equity instruments operating in shares and open-end mutual funds quoted in the Taiwan Stock Exchange. In addition, the Company will evaluate the price by the closing price of the equity investments and the net asset value of the fund every month.

Sensitivity analysis

The sensitivity analyses below were determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices of domestic listed equity securities(excluding private placement), which was hold by the Company calculated by $ 2,697,892 thousand and $ 2,262,037 thousand, had been 1% higher/lower, the pre-tax other comprehensive income for the year ended December 31, 2023 and 2022 would have increased/decreased by $ 26,979 thousand and $ 22,620 thousand, as a result of the changes in fair value of financial assets at FVTOCI.

2) Credit risk

Financial assets are exposed to the potential effects of outstanding contracts between the Company and its counterparty or other parties. Such effects include the credit risk concentration, components, contractual amounts, and other receivables of financial products engaged by the Company.

As at the end of the reporting period, the Company’s maximum exposure to credit risk is due to the failure of counterparties to discharge an obligation, which is from the carrying amount of financial assets are recognized from consolidated financial reports.

In addition to the following paragraph, the main customers of its credit are good, and the Company will regularly annually review the customer’s credit status, appropriately adjust the credit line, and will require customers to provide the necessary guarantees or trade by cash in special situations. The sales department understands the customer’s credit status through external peer visits. The customers mentioned above, had no significant credit risk exposure.

Part of the concrete customers of the Company are individuals and small-scale enterprises, except for a few large customers are concrete construction companies, industry characteristics resulting in some small-scale enterprises. In addition to using credit limit controls to reduce credit risks and the relevant proceedings to protect their claims, the Company has set adequate allowance for bad debts for higher credit risk customers in accordance with company policy. The credit risk arising from its maximum possible amount is disclosed in the Note 11.

the Company has no significant concentration of credit risk.

As of 31 December 2024 and 2023, the maximum exposure of the Company for engaging in endorsement/guarantee was NT$100,000 thousand and NT$130,000 thousand, respectively.

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3) Liquidity risk

The Company manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents deemed adequate to finance the Company’s operations and mitigate the effects of fluctuations in cash flows. In addition, management monitors the utilization of bank borrowings and ensures compliance with loan covenants.

a) Liquidity and interest risk rate table for non-derivative financial liabilities

The following table details the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Company can be required to pay. The table included both interest and principal cash flows. Specifically, bank loans with a repayment on demand clause were included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities were based on the agreed repayment dates.

To the extent that interest cash flows are at floating rates, the undiscounted interest amount was derived from the effective interest rate at the end of the reporting period.

December 31, 2024 Non-derivative financial liabilities Non-interest bearing Lease liabilities Variable interest rate liabilities Fixed interest rate liabilities December 31, 2023 Non-derivative financial liabilities Non-interest bearing Lease liabilities Variable interest rate liabilities Fixed interest rate liabilities Guaranteed liabilities	$ 1,190,845 3,052 1,785,515 100,000 $ 3,079,412 $ 1,023,384 3,196 1,896,386 235,000 130,000 $ 3,287,966 On Demand or Less than 3 Month On Demand or Less than 3 Month	$ - 8,693 322,149 - $ 330,842 $ - 9,068 223,213 - - $232,281 3 Months to 1 Year 3 Months to 1 Year	$ 8,020 37,435 - - $45,455 $ 10,117 40,494 - - - $ 50,611 1 Year to 5 Year 1 Year to 5 Year	6 Year to 10 Year
				$ - 386 - -
				$ 386
				6 Year to 10 Year
				$ - 6,801 - - -
				$ 6,801

The amount included above for variable interest rate instruments for non-derivative financial liabilities was subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period.

b) Financing facilities

Loan is an important resource of liquidity for the Company.

The short-term unsecured line of credit

	For the Year Ended	December 31
	2024	2023
	4,365,358	3,128,876

31. TRANSACTIONS WITH RELATED PARTIES

Except as disclosed in other notes, details of transactions between the Company and other related parties are disclosed below.

a. Name and relationship of related party

Kaohsiung Pier Transportation Co., Ltd.
Uneo Inc.
UCC Investment Co., Ltd.
Related Party Name
CHC Resources Corp.
Pao Good Industrial Co., Ltd
Yu-Sheng Investment Co., Ltd.
Universal Real Estate Development Co., Ltd.
Universal Ready-mixed Concrete Industry Co., Ltd.
Tainan Ready-mixed Concrete Industry Co., Ltd.
Chiayi Ready-mixed Concrete Industry Co., Ltd.
Sheng Yuan Investment Co., Ltd.
Bo-Chih Investment Co., Ltd.
Pan Asia (Engineers&Constructors) Corp.

Relationships of the Company

Subsidiary corporation
Subsidiary corporation
Subsidiary corporation
The key management of the Company
Subsidiary corporation
Subsidiary corporation
Subsidiary corporation
The key management of the Company
The Company acts as key management
The Company acts as key management
Subsidiary acts as juristic supervisor
The key management of the Company (a)
Other related parties

a) The chairman of our company since June 2023.

b. Sales of goods

Account Items	The Company acts as key management Subsidiary acts as juristic supervisor Subsidiaries Related Parties Category	For the Year End	ed December 31
Sales revenue		2024 $ 129,351 44,719 17,964 $192,034	2023 $ 99,420 139,405 22,532
			$261,357

The prices and terms to related parties were not significantly different from transactions with third parties. The credit terms were 1-3 months.

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c. Purchase of goods

Related Parties Category

The Company acts as key management Other related parties Subsidiaries

For the Year End	ed December 31
2024 $ 268,073 9,524 6,475 $284,072	2023 $ 263,138 9,269 -
	$272,407

The purchased of goods are mainly blast furnace slag and fly ash. The prices and terms to related parties were not significantly different from transaction with third parties. The credit terms were 30-65 days.

Account Items Receivables from related parties (Excluding c	Decem	ber 31
Accounts receivable - related parties Other receivables	2024 $ 17,613 4,010 2,213 32 $23,804 $147	2023 $ 11,422 47,430 1,818 102
		$ 60,568
		$-

The outstanding receivables from related parties are unsecured.

e. Payables to related parties

Account Items Related Parties Category / Name Accounts payable - related parties The Company acts as key management Subsidiaries Other related parties Other payables Subsidiaries

Decem	ber 31
2024 $ - 12,225 2,076 $14,301 $18,456	2023 $ 23,183 16,551 1,809
	$41,543
	$18,047

The outstanding accounts payables from related parties are unsecured and would be paid in cash.

f. Prepayments

Related Party Category The Company acts as key management

			December 31	December 31
		2024			2023
	$		764	$	-

g. Lease arrangements - Company is lessee

The Company leased the office for business use from Subsidiaries.

Line Item	Related Party Category
Lease liabilities Line Item	Subsidiaries Related Party Category
Interest expense	Subsidiaries

For the Year End	ed December 31
2024 $ 717 For the Year End	2023 $1,165
	ed December 31
2024 $ 8	2023 $ 5

The Company leased lands and buildings from related parties. The rental prices are determined with reference to the market standards and rentals payable monthly.

h. Lease arrangements - Company is lessor

The Company leased its office building, plant, machinery and equipment to related parties under operating leases for a term of 1-2 years. The rental prices are determined with reference to the market standards and charged on a monthly basis.

Total lease payment to be collected in the future is summarized as follows:

Related Party Category

The Company acts as key management The key management of the Company The chairman of our company Subsidiaries

Decem	ber 31
2024 $ 3,207 92 46 812 $4,157	2023 $ 3,207 46 23 848
	$4,124

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Total lease revenue is summarized as follows:

Related Party Category The Company acts as key management The key management of the Company The chairman of our company Subsidiaries

For the Year End	ed December 31
2024 $ 5,498 46 23 780 $ 6,347	2023 $ 5,498 57 12 748
	$ 6,315

i. Loan to related parties

Line Item

Interest income

Tainan Ready-mixed Concrete Industry Co., Ltd.

For the Year End	ed December 31
2024 $-	2023 $2,734

The Company provided an short-term loan to its subsidiary, interests accrued at 1.858%-2% based on the actual utilization amount during 2023, and the settlement shall be made in a lump-sum upon expiry.

j. Loan from related parties (included in other payables)

Related Party Category / Name Subsidiary/Tainan Ready-mixed Concrete Industry Co., Ltd. Interest expense Related Party Category / Name

Subsidiary/Tainan Ready-mixed Concrete Industry Co., Ltd.

The range of interest rates

Decem	ber 31
2024 $283,154 For the Year End	2023 $-
	ed December 31
2024 $ 3,445 1.40%-1.47%	2023 $-
	$-

k. Endorsement/guarantee

Endorsement/guarantee to others

The endorsement/guarantee amount provided by the Company for bank facilities of associates is as follows:

Subsidiaries Universal Ready-mixed Concrete Industry Co., Ltd. UCC Investment Co., Ltd. Uneo Inc. Category/name of associates	Decem	ber 31
	2024 $ 120,000 350,000 50,000 $ 520,000	2023 $ 120,000 350,000 50,000
		$ 520,000

Endorsement/guarantee acquired

The endorsement/guarantee amount provided by subsidiaries for the Company to undertake constructions according to contractual requirements is as follows:

Subsidiaries Kaohsiung Pier Transportation Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Category/name of associates	Decem	ber 31
	2024 $ 319,928 730,762 157,561 $1,208,251	2023 $ 319,928 443,909 157,561
		$ 921,398

l. Other transactions with related parties

1) Freight expense

Line item	For the Year End	ed December 31
Cost of sales – freight expenses Cost of marketing – freight expenses Cost of management – freight expenses	2024 $276,018 $14,581 $11	2023 $228,506
		$15,135
		$-

Regarding the freight transactions between the Company and its related parties, the prices are established according to the prices agreed by both parties, equivalent to that of the general suppliers.

The Company’s payment term for freight to related parties is approximately 45 to 60 days, equivalent to that of the general suppliers.

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Category/name of associates

2) Management service income

Subsidiary

For the Year End	ed December 31
2024 $19,902	2023 $15,122

The Company receives management service income from subsidiaries for employee dispatch and transfer, which is accounted for as a deduction item of salary expenses.

m. Compensation of key management personnel

Short-term employee benefits Post-employment benefits	For the Year End	ed December 31
	2024 $ 44,166 768 $44,934	2023 $ 31,440 599
		$ 32,039

The remuneration of directors and key executives was determined by the remuneration committee according to the performance of individuals and market trends.

32. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The following assets were provided as collateral for lease performance bonds and natural gas performance bonds of Port of Taichung, Taiwan International Ports

Pledged time deposits Current Non-current	Decem	ber 31
	2024 $ 67 2,500 $2,567	2023 $ 67 2,500
		$2,567

33. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

In addition to those disclosed in other notes, significant commitments and contingencies of the Company on the date of balance sheets were as follows:

a. Unrecognized commitments are as follows:

These notes were provided as engineering performance bonds, which could be refunded when the guarantee is terminated Promissory notes b. The promissory notes are as follows: Acquisition of property, plant and equipment Unused letters of credit for purchase of raw materials c. Unused letters of credit are as follows:	Decem	ber 31
	2024 $ 65,868 Decem	2023 $ 70,912
		ber 31
	2024 $ 94,575 Decem	2023 $115,806
		ber 31
	2024 $ 34,642	2023 $26,124

34. OTHER ITEMS

On February 15, 2023, the President announced amendments to the “Climate Change Response Act” and added regulations for the collection of carbon fees. Subsequently, the Ministry of Environment Notice announced on August 29, 2024 was hereby given, to commence a period of public comments for “Regulations Governing the Collection of Carbon Fees”, “Regulations for Administration of Voluntary Reduction Plans” and “Designated Greenhouse Gas Reduction Goal for Entities Subject to Carbon Fees”. On October 21, 2024, the carbon fee collection rates were announced, which will take effect from January 1, 2025. Based on the preliminary emission estimates for the 2024 fiscal year, The Group will become subjects of carbon fee collection. Therefore, they will recognize related liabilities based on actual emissions in 2025 and pay the carbon fees in May 2026.

35. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The following information was aggregated by the foreign currencies other than Company’s individual functional currency and the exchange rates between foreign currencies and respective functional currency were disclosed. The significant financial assets denominated in foreign currencies are as follows:

(In Thousands of New Taiwan Dollars and Foreign Currencies)

December 31, 2024 Financial Assets Monetary items USD RMB JPY	Foreign Currencies $ 438 926 108,488	Exchange Rate 32.785 4.478 0.2099	Carrying Amount
			$ 14,360 4,149 22,772

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December 31, 2023

Financial Assets Monetary items USD RMB EUR	Foreign Currencies $ 966 916 97	Exchange Rate 30.705 4.33 33.98	Carrying Amount
			$ 29,663 3,962 3,295

The exchange rate gains and losses of foreign currencies with significance (including realized and non-realized) are summarized as follows:

Foreign Currencies	For the Year Ended	For the Year Ended	December 31, 2023
	Exchange Rate 32.785 (USD:NTD) 4.478 (RMB:NTD) 0.21 (JPY:NTD) 4.222 (HKD:NTD) 34.14 (EUR:NTD) 24.13 (SGD:NTD)	Exchange Rate 30.705 (USD:NTD) 4.33 (RMB:NTD) 0.22 (JPY:NTD) 3.93 (HKD:NTD) 33.98 (EUR:NTD) 23.29 (SGD:NTD)	Net Foreign Exchange Gain and Loss
USD RMB JPY HKD EUR SGD			$ 304 ( 73) ( 1) 10 7 271
			$ 518

36. SEPARATELY DISCLOSED ITEMS

a. Information about significant transactions and investees:

1) Financing provided to others. (Table 1)

2) Endorsements/guarantees provided. (Table 2)

3) Marketable securities held (excluding investment in subsidiaries and associates). (Table 3)

4) Marketable securities acquired and disposed of at costs or prices of at least NT$ 300 million or 20% of the paid-in capital. (N/A)

5) Acquisition of individual real estate at cost of at least NT$ 300 million or 20% of the paid-in capital. (N/A)

6) Disposal of individual real estate at a price of at least NT$ 300 million or 20% of the paid-in capital. (N/A)

7) Total purchases from or sales to related parties amounting to at least NT$ 100 million or 20% of the paid-in capital. (Table 4)

8) Receivables from related parties amounting to at least NT$ 100 million or 20% of the paid-in capital. (N/A)

9) Trading in derivative instruments. (N/A)

b. Related information on investees. (Table 5)
c. Information on investments in mainland China

1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, net income or loss of investee and investment income or loss, carrying amount of the investment at the end of the period, repatriations of investment from the mainland China area. (N/A)

2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses

a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period: (N/A)

b) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the period: (N/A)

c)The amount of property transactions and the amount of the resultant gains or losses: (N/A)

d) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes: (N/A)

e) The highest balance, the end of period balance, the interest rate range, and total current period interest with respect to financing of funds: (N/A)

f) Other transactions that have a material effect on the profit or loss for the period or on the financial position, such as the rendering or receiving of services: (N/A)

d. Information on major shareholders: name, number and percentage of shareholding of shareholders with ownership achieving 5% and above. (Table 6)

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TABLE 1

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Lender	Borrower	Financial Statement Account	Related Parties	Highest Balance for the period	Ending Balance	Actual Borrowing Amount	Interest Rate (%)	Nature for Financing	Business Transaction Amounts	Reasons for Short-term Financing	Allowance for Impairment Loss	Collateral	Collateral	Financing Limits for Each Borrower `（`Note 2`）`	Aggregate Financing Limits (Note 3)
													Item	Value
0 0 1 0 0 2	The Company The Company UCC Investment Co., Ltd. The Company The Company Tainan Ready- mixed Concrete Industry Co., Ltd.	Tainan Ready-mixed Concrete Industry Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd. UCC Investment Co., Ltd. Uneo Inc. The Company	Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables	Yes Yes Yes Yes Yes Yes	800,000 300,000 300,000 250,000 400,000 $100,000	800,000 - 300,000 - $100,000 280,000	- - - - $ - 280,000	2.035 2.035 2.268 2.035 1.47 2.035	For short-term financing For short-term financing For short-term financing For short-term financing For short-term financing For short-term financing	- - - - $ - -	Operating capital Operating capital Operating capital Operating capital Operating capital Operating capital	- - - - $ - -	None Land and Plant None None None None	- - 300,000 - - $ -	9,462,702 9,462,702 9,462,702 457,637 389,718 $9,462,702	9,462,702 9,462,702 9,462,702 457,637 $9,462,702 389,718

Note 1: a: “0” is the Company.

b: Subsidiaries are numbered from “1”.

Note 2:

The upper limit for each borrower is 40% of the Company’s net asset value as stated in the latest financial statements; The upper limit for a subsidiary to a single enterprise is 40% of the net value of the subsidiary's most recent financial statements that have been audited (reviewed) by CPAs.

Note 3:

The aggregate limit for each borrower is 40% of the Company’s net asset value as stated in the latest financial statements; The aggregate limit for a subsidiary to a single enterprise is 40% of the net value of the subsidiary's most recent financial statements that have been audited (reviewed) by CPAs.

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TABLE 2

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Endorser / Guarantor	Endorsee / Guarantee	Endorsee / Guarantee	Limits on Endorsement/ Guarantee Given on Behalf of Each Party (Note 3)	Maximum Amount Endorsed / Guaranteed During the Period	Outstanding Endorsement / Guarantee at the End of the Period (Note 6)	Actual Borrowing Amount	Amount Endorsed / Guaranteed by Collaterals	Ratio of Accumulated Endorsement/Guarantee to Net Equity in Latest Financial Statements (%)	Aggregate Endorsement/ Guarantee Limit (Note 4 , Note 5, Note 7)	Endorsement/ Guarantee Given by Parent on Behalf of Subsidiaries	Endorsement/ Guarantee Given by Subsidiaries on Behalf of Parent	Endorsement/ Guarantee Given on Behalf of Companies in Mainland China
		Name	Relationship (Note 2)
0 1 2 3	The Company Kaohsiung Pier Transportation Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd.	Universal Ready-mixed Concrete Industry Co., Ltd. UCC Investment Co., Ltd. Uneo Inc. Universal Ready-mixed Concrete Industry Co., Ltd. The Company Universal Ready-mixed Concrete Industry Co., Ltd. The Company The Company	(1) (1) (1) (3) (2) (3) (2) (2)	$ 132,329 828,750 110,000 477,039 477,039 5,720,461 5,720,461 629,059	$ 120,000 350,000 50,000 341,607 319,928 132,564 730,762 157,561	$ 120,000 350,000 50,000 341,607 319,928 132,564 730,762 157,561	$ - 100,000 - - - - - -	$ - - - - - - - -	1 1 - 358 335 12 64 25	$ 23,656,756 23,656,756 23,656,756 954,077 954,077 11,440,922 11,440,922 629,059	Y Y Y N N N N N	N N N N Y N Y Y	N N N N N N N N

Note 1: a: “0” is the Company.

b: Subsidiaries are numbered from “1”.
Note 2: (1) The endorser / guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed / guaranteed subsidiary.
(2) The endorser / guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed / guaranteed company.
(3) The endorsed / guaranteed company owns directly and indirectly more than 50% voting shares of the endorser / guarantor parent company.

Note 3: The upper limit for the Company is equivalent to the capital of the endorsee; the upper limit for subsidiaries is equivalent to the net asset value of the subsidiaries as stated in its latest financial statements except that it is five times of the net as set value of Kaohsiung Pier Transportation Co., Ltd. and UCC Investment Co., Ltd.

Note 4: The upper limit for the Company is equivalent to the net asset value of the Company.

Note 5: The upper limit for the subsidiary is equivalent to the net asset value of the subsidiary as stated in its latest financial statements, unless the Company or other subsidiaries give more guarantee.

Note 6: The limits were approved by the board of directors.

Note 7: The upper limit for the subsidiary is equivalent to ten times of the net asset value of the subsidiary as stated in its latest financial statements.

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TABLE 3

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES MARKETABLE SECURITIES HELD

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account	FOR THE YEAR ENDED DECEMBER 31, 2024	FOR THE YEAR ENDED DECEMBER 31, 2024	FOR THE YEAR ENDED DECEMBER 31, 2024	FOR THE YEAR ENDED DECEMBER 31, 2024	Note
				Shares/ Units	Carrying Value	Percentage of Ownership (%)	Fair Value Or Net Equity
The Company UCC Investment Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd.	Listed shares Prince Housing & Development Corp. CTBC Financial Holding Co., Ltd. Far EasTone Telecommunications Co., Ltd. CHC Resources Corp. Creative Sensor Inc. Privately offered shares Creative Sensor Inc. Unlisted shares Grand Bills Finance Corp. Universal Real Estate Development Co., Ltd. Universal Venture Capital Investment Corp. Chinatrust Investment Co., Ltd. Kaohsiung Rapid Transit Corp. Chie-Ho Engineering & Development Co., Ltd, Unison Environmental & Technical Services Co., Ltd. Mutual funds Cathay No. 2 Real Estate Investment Trust Listed shares Prince Housing & Development Corp. Tainan Spinning Co., Ltd. Privately offered shares Creative Sensor Inc. Unlisted shares Pan Asia (Engineers&Constructors) Corp. Darzhen Venture Corp. Darchan Venture Corp. Limited partnership Taiwania Capital Buffalo Fund V, LP. Listed shares CTBC Financial Holding Co., Ltd. CTBC Financial Holding Co., Ltd. Preferred Shares C	The juristic director of the Company acts as juristic director - - The Company acts as juristic director The Company acts as juristic director The Company acts as juristic director The Company acts as juristic director The Company acts as juristic director - - - - - - The juristic director of the Company acts as juristic director The juristic director of the Company acts as juristic director The Company acts as juristic director Subsidiary of the Company acts as juristic supervisor Representative of the juristic director of the Company acts as director Representative of the juristic director of the Company acts as supervisor - - -	Financial assets at FVTOCI - current Financial assets at FVTOCI - current Financial assets at FVTOCI - current Financial assets at FVTOCI - current Financial assets at FVTPL - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non - current Financial assets at FVTPL - current Financial assets at FVTOCI - current Financial assets at FVTOCI - current Financial assets at FVTOCI - non - current Financial assets at FVTOCI - non-current Financial assets at FVTOCI - non-current Financial assets at FVTOCI - non-current Financial assets at FVTPL - non-current Financial assets at FVTOCI - current Financial assets at FVTOCI - current	40,621,948 28,441,983 306,219 17,020,254 142,200 11,700,000 43,999,488 24,864,000 1,400,000 1,981,995 1,286,063 171,131 600,000 24,000 42,375,900 55 8,100,000 3,102,803 673,200 4,000,000 - 60,000 2,987	$ 416,375 1,112,082 27,376 1,142,059 8,887 592,020 579,913 651,934 15,305 70,372 12,640 - - 372 434,353 1 409,860 167,831 11,372 40,107 40,948 2,346 172	2.50 0.14 0.01 6.85 0.11 8.72 8.14 16.44 1.16 1.05 0.46 0.16 30.00 - 2.61 - 6.04 2.71 8.06 3.64 3.23 - -	$ 416,375 1,112,082 27,376 1,142,059 8,887 592,020 579,913 651,934 15,305 70,372 12,640 - - 372 434,353 1 409,860 167,831 11,372 40,107 40,948 2,346 172

- 48 -

TABLE 4

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO OF AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Purchaser/Seller	Counterparty	Relationship	Transaction Details	Transaction Details	Transaction Details	Transaction Details	Differences in transaction terms compared to third party transactions	Differences in transaction terms compared to third party transactions	Notes/Accounts Receivable (Payable)	Notes/Accounts Receivable (Payable)	Note
			Purchases/ Sales	Amount	Percentage of Total Purchases (Sales) (%)	Payment Terms	Unit Price	Credit Period	Balance	Percentage of Total Notes/Accounts Receivable (Payable)
The Company Huan-Chung International Co., Ltd.	Kaohsiung Pier Transportation Co., Ltd. CHC Resources Corp. CHC Resources Corp. Universal Ready- mixed Concrete Industry Co., Ltd.	Subsidiary-100% The Group acts as key management The Group acts as key management Same ultimate parent company	Freight expense Purchase Sale Sale	$ 290,610 268,073 ( 129,351) ( 164,788)	8 8 ( 2) ( 2)	45 - 60 days after shipment 30 - 65 days after shipment 30 - 60 days after sale 90-120 days after sale	Note 1 Equivalent Equivalent Equivalent	Equivalent Equivalent Equivalent Equivalent	($ 12,225) - 17,613 42,998	( 2) - 1 3	Note 2

Note1: There is no comparison on the purchase price between related parties and the third parties because there is no similar product. Note2: The prepayment balance is $ 764 thousand as of Decemtember 31,2024.

- 49 -

TABLE 5

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE YEAR ENDED DECEMBER 31, 2024

(Amounts In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount	Original Investment Amount	As of December 31, 2024	As of December 31, 2024	As of December 31, 2024	Net Income (Loss) of the Investee	Share of Profits/Losses of Investee	Note
				December 31, 2024	December 31, 2023	Shares	Percentage of Ownership	Carrying Amount
The Company UCC Investment Co., Ltd.	Huan-Chung International Co., Ltd. Chiayi Ready-mixed Concrete Industry Co., Ltd. Kaohsiung Pier Transportation Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Uneo Inc. Li-Yong Development Co., Ltd. Lio-Ho Machine Works Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Chiayi Ready-mixed Concrete Industry Co., Ltd. Huan-Chung International Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd. Lio-Ho Machine Works Ltd. Bao Horng Cement Corp.	Taichung city Chiayi County Kaohsiung city Taipei city Taichung city Taipei city Taipei city Taoyuan city Tainan city Taichung city Chiayi County Taichung city Tainan city Taoyuan city Yilan County	Import, export, and sale of cement, cement material, fuel, and production Manufacturing and marketing of ready- mixed concrete Trucking operation Investment activities Manufacturing and marketing of ready- mixed concrete and gravel Marketing of electronic products Investment activities, trading for real estate and leasing business Manufacturing and marketing of metal parts and automotive components Additional processing and marketing of ready-mixed concrete and cement Manufacturing and marketing of ready- mixed concrete and gravel Manufacturing and marketing of ready- mixed concrete Import, export, and sale of cement, cement material, fuel, and production Additional processing and marketing of ready-mixed concrete and cement Manufacturing and marketing of metal parts and automotive components Manufacturing and sales of cement and furnace slag related products	$ 69,993 65,157 74,580 650,000 33,887 341,671 20,000 174,997 238,180 8,128 12 13 178 93 41,583	$ 69,993 22,643 74,580 650,000 33,887 291,671 20,000 174,997 238,180 858 5 13 178 93 -	6,999,333 6,583,874 7,560,000 82,875,000 7,698,963 11,000,000 2,000,000 89,581,468 2,023,624 260,892 1,056 667 10,000 1,680 2,557,648	69.99 86.63 100.00 100.00 58.18 100.00 100.00 29.86 67.45 1.97 0.01 0.01 0.33 - 26.92	$ 127,405 86,160 95,408 1,143,400 371,137 51,108 19,279 11,347,505 1,010,666 8,128 12 13 178 93 59,663	$ 31,965 1,921 ( 1,126) 31,515 113,663 ( 17,832) ( 2) 1,590,817 ( 23,698)	$ 22,375 1,665 ( 1,126) 31,515 67,694 ( 17,832) ( 2) 475,018 ( 16,336)

- 50 -

TABLE 6

UNIVERSAL CEMENT CORPORATION AND SUBSIDIARIES

INFORMATION ON MAJOR SHAREHOLDERS DECEMBER31, 2024

Name of the major shareholder	Shares	Shares
	Number of Shares	Percentage of Ownership (%)
Sheng-Yuan Investment Co., Ltd. Yu-Sheng Investment Co., Ltd HOU, BO-YI	70,895,594 70,653,357 54,494,358	10.32% 10.28% 7.93%

Note 1:

The information on major shareholders in the table is information related to shareholders with aggregate ownership in the Company achieving 5% and above by holding ordinary shares and special shares that completed the non-physical registration and delivery (including treasury shares), calculated by the TDCC on the last business day at the end of the quarter. The share capital stated in the consolidated financial report of the Company may differ from the number of shares that completed the non-physical registration and delivery due to the differences in the basis of preparation and calculation.

Regarding the information above, where shareholders entrust their shares with a trust, the information shall be disclosed in a separate personal account of the client in the nature of a trust account opened by the trustee. When shareholders with shareholding over 10% carrying out the insider’s equity report according to Note 2: laws and regulations related to securities trading, the shareholding shall include its personal shareholding, plus shares entrusted with trust and possessing the right of utilization and decision-making. For information on the insider’s equity report, please refer to MOP.

- 51 -

THE CONTENTS OF STATEMENTS OF MAJOR ACCOUNTING ITEMS

Item
Major Accounting Items in Assets, Liabilities and Equity
Statement of Cash
Statement of Financial Assets at FVTPL - Current
Statement of Financial Assets at FVTOCI - Current
Statement of Notes Receivable
Statement of Accounts Receivable
Statement of Inventories
Statement of Financial Assets at FVTOCI - Non-current
Statement of Changes in Investments accounted for using the Equity Method
Statement of Changes in Property, Plant and equipment
Statement of Changes in Accumulated Depreciation of Property, Plant and Equipment
Statement of Changes in Right-of-use Assets
Statement of Changes in Accumulated Depreciation of Right-of-use Assets
Statement of Changes in Investment Properties
Statement of Changes in Accumulated Depreciation of Investment Properties
Statement of Changes in Intangible Assets
Statement of Deferred Income Tax Assets
Statement of Short-term Borrowings
Statement of Accounts Payable
Statement of Other Payables
Statement of Other Current Liabilities
Statement of Lease Liabilities
Statement of Deferred Income Tax Liabilities
Major Accounting Items in Profit or Loss
Statement of Net Revenue
Statement of Operating Costs
Statement of Operating Expenses
Summary of Employee Benefits, Depreciation, and Amortization Expenses by Function for the Year

No./Ref.

Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5
Schedule 6
Schedule 7
Schedule 8
Note 14
Note 14
Schedule 9
Schedule 9
Note 16
Note 16
Note 17
Note 25
Schedule 10
Schedule 11
Note 20
Note 20
Schedule 13
Note 25
Schedule 13
Schedule 14
Schedule 15
Schedule 16

- 53 -

SCHEDULE 1

Universal Cement Corporation

STATEMENT OF CASH

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Except Foreign Currency)

Cash on hand and petty cash Bank deposits Checking accounts Demand deposits Foreign currency deposits (Note) Item	Amount
	$313
	69,390 366,566 41,329
	477,285

	$ 477,598

Note: Including US$ 438,010.89, €$ 1,313.09, RMB$ 926,421.81, HK$ 981.92 and JPY$ 108,487,934. （ US$1 ＝ $32.785 、 EUR$1=$34.14 、 RMB$1=4.478 、 HKD$1 ＝ $4.222 及 JPY$1 ＝ 0.2099 ）

- 54 -

SCHEDULE 2

Universal Cement Corporation

STATEMENTS OF FINANCIAL ASSETS AT FVTPL – CURRENT DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Domestic listed shares Creative Sensor Inc. Item	Number of shares 142,200	Amount $ 8,887	Acquisition costs $ 7,627	Unit price (NT$) Total $ 62.5 $ 8,887 Fair Value(Note)	Guarantee provided or pledge
				Unit price (NT$) $ 62.5
					None

Note: Please refer to Note 30.

- 55 -

SCHEDULE 3

Universal Cement Corporation

STATEMENTS OF FINANCIAL ASSETS AT FVTOCI – CURRENT DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Current Domestic listed shares Prince Housing & Development Corp. CTBC Financial Holding Co., Ltd. Far EasTone Telecommunications Co., Ltd. CHC Resources Corp. Item	Number of shares 40,621,948 28,441,983 306,219 17,020,254	Amount $ 416,375 1,112,082 27,376 1,142,059 $ 2,697,892	Acquisition costs $ 601,561 455,560 20,974 108,500 $ 1,186,595	Unit price (NT$) Total $ 10.25 $ 416,375 39.10 1,112,082 89.40 27,376 67.10 1,142,059 $ 2,697,892 Fair Value(Note)	Guarantee provided or pledge
				Unit price (NT$) $ 10.25 39.10 89.40 67.10
					None None None None

Note: Please refer to Note 30.

- 56 -

SCHEDULE 4

Universal Cement Corporation

STATEMENT OF NOTES RECEIVABLE

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Name KUN YI Building Materials CO., LTD FU TSU Construction CO., LTD. VERIZON Construction CO., LTD Others (Note)	Amount
	$ 46,587 25,967 24,266 279,227
	$ 376,047

Note: The balance of each company is less than 5% of the balance under this item.

- 57 -

SCHEDULE 5

Universal Cement Corporation

STATEMENT OF ACCOUNTS RECEIVABLE

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Non-related party HUNG HSIN Building Materials CO., LTD. FU TSU Construction Co., LTD. Others (Note) Less: Loss allowance Related party CHC Resources Corp. Pan Asia (Engineers&Constructors) Corp. Others (Note) Less: Loss allowance Name	Amount
	$ 62,833 64,255 985,810
	1,112,898 2,766
	$ 1,110,132
	$ 17,613 4,010 2,213
	23,836 32
	$ 23,804

Note: The balance of each company is less than 5% of the balance under this item.

- 58 -

SCHEDULE 6

Universal Cement Corporation

STATEMENT OF INVENTORIES DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Finished goods Work in progress Raw materials Item	Amount	Amount
	Costs $ 91,314 27,109 214,076 $ 332,499	Net realizable value
		$ 106,240 30,656 209,627
		$ 346,523

Note: Please refer to Note 4 for the basis of net realizable value.

- 59 -

SCHEDULE 7

Universal Cement Corporation

STATEMENT OF FINANCIAL ASSETS AT FVTOCI -NON-CURRENT DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Privately offered shares of listed companies Creative Sensor Inc. Shares of unlisted companies Universal Venture Capital Investment Corp. Chinatrust Investment Co., Ltd. Universal Real Estate Development Co., Ltd. Grand Bills Finance Corp. Kaohsiung Rapid Transit Corp. Name	Opening	Amount $ 349,700 14,990 84,700 598,228 548,673 12,286 $ 1,608,577 balance	Number of shares Amount ( 1,300,000) ($13,000) - - - - - - - - - - ($13,000) Increase (decrease) during the year	Unrealized gain or loss on financial assets $ 255,320 315 ( 14,328) 53,706 31,240 354 $ 326,607	Number of shares Fair value 11,700,000 $ 592,020 1,400,000 15,305 1,981,995 70,372 24,864,000 651,934 43,999,488 579,913 1,286,063 12,640 $ 1,922,184 Closing balance	Guarantee provided or pledge
	Number of shares 13,000,000 1,400,000 1,981,995 24,864,000 43,999,488 1,286,063		Number of shares ( 1,300,000) - - - - -		Number of shares 11,700,000 1,400,000 1,981,995 24,864,000 43,999,488 1,286,063
						None None None None None None

Note: The decrease during the year was resulting from the proceeds from the capital reduction of Creative Sensor Inc., which is $13,000 thousand.

- 60 -

SCHEDULE 8

Universal Cement Corporation

STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Name	Opening	balance	Increase ( during	decrease) the year	Gain (Loss) on Investments	Capital Surplus	Actuarial Gains (Losses) from Defined Benefit Plans	Cumulative Translation Adjustments	Unrealized Gain (Loss) on Financial Products	Number of Shares		Closing balance			Note
	Number of Shares	Amount	Number of Shares	Amount							Shareholding (%)	Amount	Market Price or Net Equity	Guarantee Provided or Pledge
Investment in subsidiary Huan-Chung International Co., Ltd. UCC Investment Co., Ltd. Universal Ready-mixed Concrete Industry Co., Ltd. Kaohsiung Pier Transportation Co., Ltd. Chiayi Ready-mixed Concrete Industry Co., Ltd. Uneo Inc. Li-Yong Development Co., Ltd. Tainan Ready-mixed Concrete Industry Co., Ltd. Investment in associate Lio-Ho Machine Works Ltd.	6,999,333 75,000,000 7,698,963 7,560,000 2,252,378 6,000,000 2,000,000 2,023,624 89,581,468	$ 117,559 872,621 339,014 98,146 41,180 18,940 19,281 1,087,279	- 7,875,000 - - 4,331,496 5,000,000 - -	($ 12,529) - ( 34,645) ( 1,612) 43,315 50,000 - ( 60,709)	$ 22,375 31,515 67,694 ( 1,126) 1,665 ( 17,832) ( 2) ( 16,336)	$ - - ( 926) - - - - -	$ - - - - - - - -	$ - - - - - - - -	$ - 239,264 - - - - - 432	6,999,333 82,875,000 7,698,963 7,560,000 6,583,874 11,000,000 2,000,000 2,023,624 89,581,468	69.99 100 58.18 100 86.63 100 100 67.45 29.86	$ 127,405 1,143,400 371,137 95,408 86,160 51,108 19,279 1,010,666	$ 127,405 1,143,400 371,137 95,408 86,160 51,108 19,279 1,010,666	None None None None None None None None None	Note 1 Note 2 Note 1 Note 1 Note 3 Note 3 Note 1 Note 1
		2,594,020		( 16,180)	87,953	-926	0	-	239,696			2,904,563	2,904,563
		10,804,541		( 447,907)	475,018	-	10,513	505,821	( 481)			11,347,505	11,347,505
		$ 13,398,561		($464,087)	$ 562,971	-$ 926	$ 10,513	$ 505,821	$ 239,215			$ 14,252,068	$ 14,252,068

Note 1: The decrease amount during the year was cash dividends received.

Note 2. The increase in the number of shares during the year was due to the capitalization of retained earnings by the investee. Note 3: The increase during the year was due to cash capital contributions.

- 61 -

SCHEDULE 9

Universal Cement Corporation

STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Costs Balance at January 1, 2024 Increase during the year Decrease during the year Remeasurement Balance at December 31, 2024 Accumulated depreciation Balance at January 1, 2024 Decrease during the year Depreciation expenses Balance at December 31, 2024 Carrying amount at December 31,2024 Item	Buildings $ 51,725 1,688 - 23 $ 53,436 $ 10,847 - 7,872 $ 18,719 $ 34,717	Transportation Equipment $ 24,950 785 ( 5,640) - $ 20,095 $ 8,304 ( 5,640) 4,467 $ 7,131 $ 12,964	Total
			$ 76,675 2,473 ( 5,640) 23
			$ 73,531
			$ 19,151 ( 5,640) 12,339
			$ 25,850
			$ 47,681

Note: Please refer to Note 31.

- 62 -

SCHEDULE 10

Universal Cement Corporation

STATEMENT OF SHORT-TERM LOANS DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Current First Commercial Bank First Commercial Bank Taiwan Shin Kong Commercial Bank Bank of Taiwan Bank of Taiwan Mizuho Bank CTBC Bank Yuanta Commercial Bank Item	Loan Period October 09, 2024 - January 07, 2025 October 14, 2024 - January 07, 2025 December 04, 2024 - January 04, 2025 November 12, 2024 - May 09, 2025 December 12, 2024 - May 09, 2025 December 12, 2024 - January 10, 2025 December 26, 2024 - March 26, 2025 December 12, 2024 - March 12, 2025	Amount 1.85 1.85 1.99 1.90 1.90 1.95 1.96 1.94	Acquisition costs $ 150,000 80,000 100,000 250,000 70,000 300,000 800,000 350,000 $ 2,100,000	Unit price (NT$) $ 600,000 600,000 300,000 600,000 600,000 300,000 800,000 700,000	Total
					None None None None None None None None

Note ： Refers to the period of utilization.

- 63 -

SCHEDULE 11

Universal Cement Corporation

STATEMENT OF ACCOUNTS PAYABLE DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Non-related party TCC Group Holdings CO., Ltd. Shiny G&M Associated Co., Ltd. Sing Bee Enterprise Co., Ltd. Others (Note) Related party Kaohsiung Pier Transportation Co., Ltd. Pao Good Industrial Co., Ltd. Item	Amount
	$ 206,624 37,232 30,049 250,529
	$ 524,434
	$ 12,225 2,076
	$ 14,301

Note: The balance of each company is less than 5% of the balance under this item.

- 64 -

SCHEDULE 12

Universal Cement Corporation

STATEMENT OF LEASE LIABILITIES DECEMBER 31, 2024 (In Thousands of New Taiwan Dollars)

Item Description Building Central Office Building Southern office Building Fengshan Concrete Plant Building Taitang Tianfu Section Transportation equipment Service car for headquarters Transportation equipment Service car for Ta-Fu Gypsum Board Plant Transportation equipment Service car for Yeun Kung Concrete Plant Transportation equipment Service car for Ta-Fu Concrete Plant Transportation equipment Service car for Xiaogang Concrete Plant Transportation equipment Service car for Nantz Concrete Plant Transportation equipment Service car for Yeun Kung Concrete Plant Transportation equipment Service car for Chao zhou Concrete Plant Transportation equipment Service car for headquarters Transportation equipment Service car for Yeun Kung Concrete Plant Transportation equipment Service car for Xiaogang Concrete Plant	Lease period April 01, 2020 - March 31, 2025 August 01, 2023 - July 31, 2026 September 01, 2022 - August 31, 2029 August 16, 2024 - August 16, 2029 August 26, 2021 - August 26, 2025 December 30, 2020 - November 30, 2025 November 30, 2022 - November 30, 2029 November 30, 2022 - November 30, 2029 November 30, 2022 - November 30, 2029 November 30, 2022 - November 30, 2029 March 10, 2023 - March 10, 2030 November 29, 2023 - November 29, 2030 December 29, 2023 - December 28, 2027 May 29, 2024 - May 29, 2027 June 24, 2024 - June 24, 2027	Discount rate (%) 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.7885 0.9 0.9	Closing balances
			$ 100 717 33,069 1,578 403 253 605 1,210 1,210 1,814 635 2,293 4,016 317 317
			$ 48,537

- 65 -

SCHEDULE 13

Universal Cement Corporation

STATEMENT OF NET REVENUES FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Cement Concrete Gypsum board Others Less: sales return and discounts Item	Quantity 264,275.72 t 1,501,765 M3 15,673,096.52 M2	Amount
		$ 836,604 4,215,299 1,107,284 17,964
		6,177,151 37,718
		$ 6,139,433

- 66 -

SCHEDULE 14

Universal Cement Corporation

STATEMENT OF OPERATING COSTS FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Raw materials at the beginning of the year Add: Incoming materials during the year Others Less: Others Direct raw materials used Direct labor Manufacturing expenses Manufacturing costs Add: Work in progress at the beginning of the year Incoming materials during the year Others Less: Work in progress at the end of the year Cost of finished goods Add: Finished goods at the beginning of the year Commodity Tax Purchase of finished goods Others Less: Finished goods at the end of the year Others Cost of sales Add: Unamortized fixed manufacturing expenses Less: Revenue from sale of scraps Others Operating costs Item Raw materials at the end of the year	Amount
	$ 202,424 2,600,634 2,209 214,076 70,141
	2,521,050 93,712 1,156,289
	3,771,051 8,932 884,392 4,694 27,109
	4,641,960 124,393 61,922 20,233 56,527 91,314 10,060
	4,803,661 14,610 937 1,967
	$ 4,815,367

- 67 -

SCHEDULE 15

Universal Cement Corporation

STATEMENT OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Salaries and wages, bonus, and employee’s remuneration Remuneration to directors Freight expenses Commission expenses Contracted research expenses Depreciation Expected credit loss (gain) Others (Note)	Selling and marketing expenses $ 26,177 - 38,188 39,230 - 1,168 - 17,838 $122,601	General and administrative expense $ 52,884 55,820 127 - - 33,463 - 91,212 $233,506	R&D expenses $ 35,828 - - - 4,206 991 - 24,672 $65,697	Expected credit loss (gain) $ - - - - - - ( 1,464) - ($1,464)	Total
					$ 114,889 55,820 38,315 39,230 4,206 35,622 ( 1,464) 133,722
					$420,340

Note: The balance of each company is less than 5% of the balance under this item.

- 68 -

SCHEDULE 16

Universal Cement Corporation

STATEMENT OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Operating costs Operating expenses Non-operating income and expenses Total $ 335,955 $ 114,889 $ - $ 450,844 31,774 11,014 - 42,788 13,119 4,483 - 17,602 - 55,820 - 55,820 7,937 10,771 - 18,708 $ 388,785 $196,977 $- $ 585,762 $123,875 $35,622 $567 $ 160,064 $546 $3,032 $- $ 3,578 FOR THE YEARS ENDED DECEMBER 31, 2024	Operating costs Operating expenses Non-operating income and expenses Total $ 335,955 $ 114,889 $ - $ 450,844 31,774 11,014 - 42,788 13,119 4,483 - 17,602 - 55,820 - 55,820 7,937 10,771 - 18,708 $ 388,785 $196,977 $- $ 585,762 $123,875 $35,622 $567 $ 160,064 $546 $3,032 $- $ 3,578 FOR THE YEARS ENDED DECEMBER 31, 2024	Operating costs Operating expenses Non-operating income and expenses Total $ 335,955 $ 114,889 $ - $ 450,844 31,774 11,014 - 42,788 13,119 4,483 - 17,602 - 55,820 - 55,820 7,937 10,771 - 18,708 $ 388,785 $196,977 $- $ 585,762 $123,875 $35,622 $567 $ 160,064 $546 $3,032 $- $ 3,578 FOR THE YEARS ENDED DECEMBER 31, 2024	FOR THE YEARS ENDED DECEMBER 31, 2023	FOR THE YEARS ENDED DECEMBER 31, 2023	FOR THE YEARS ENDED DECEMBER 31, 2023	FOR THE YEARS ENDED DECEMBER 31, 2023
Operating costs $ 335,955 31,774 13,119 - 7,937 $ 388,785 $123,875 $546	Operating expenses $ 114,889 11,014 4,483 55,820 10,771 $196,977 $35,622 $3,032	Non-operating income and expenses $ - - - - - $- $567 $-	Operating costs $ 301,446 28,996 13,350 - 5,250 $ 349,042 $ 96,774 $572	Operating expenses $ 143,386 13,694 6,692 48,666 11,215 $223,653 $29,126 $3,054	Non-operating income and expenses $ - - - - - $- $ 567 $ -	Total
						$ 444,832 42,690 20,042 48,666 16,465
						$ 572,695
						$ 126,467
						$ 3,626

Note:

Number of employees for the current year and the previous year was 536 and 538, respectively, in which there were both 4 directors who are not concurrently employees.
Companies whose shares are listed and traded on TWSE or TPEx shall disclose the following information:

(1) Average employee’s benefit expenses for the year amounted to NT$981 thousand (“total employee’s benefit expenses for the year – total director’s remuneration”/“number of employees for the year – number of directors who are not concurrently employees”). Average employee’s benefit expenses for the previous year amounted to NT$899 thousand (“total employee’s benefit expenses for the previous year – total director’s remuneration”/“number of employees for the previous year – number of directors who are not concurrently employees”).

(2) Average employee’s salary expenses for the year amounted to NT$833 thousand (total salary expenses for the year/“number of employees for the year – number of directors who are not concurrently employees”). Average employee’s salary expenses for the previous year amounted to NT$840 thousand (total salary expenses for the previous year/ “number of employees for the previous year – number of directors who are not concurrently employees”).

(3) Average adjustments and changes in employee’s salary expenses achieved 1% (“average employee’s salary expenses for the year - average employee’s salary expenses for the previous year”/average employee’s salary expenses for the previous year).
The Company has established its Audit Committee, and the Company has no supervisor.
Salary and remuneration policy:

(1) Remuneration shall be provided for directors of the Company in executing the Company’s businesses, and the amount shall be subject to its participation in the Company’s operations and the value of its contribution. According to the requirements under Article 29 of the Company’s articles of association, the remuneration for the Company’s chairman, vice-chairman, and directors regarding the execution of their duties shall be determined by the board of directors based on the standards within the industry, taking into account its contribution, performance and the future risks of the Company. Furthermore, according to Article 33, where the Company recorded a profit during the year, the board of directors may resolve to allocate no more than 3% of the abovementioned profit as director’s remuneration, which may only be distributed in cash.

(2) General manager, vice general manager, assistant managers, and other management of the Company execute the Company’s operations according to the orders from the board of directors; their remuneration shall be subject to the requirements of Article 31 of the Company’s articles of association and Article 29 of the Company Act. The standards or the management’s remuneration shall be determined based on its personal performance and its contribution to the overall operations of the Company, with reference to the payment standards in the market.

(3) For directors and management listed in paragraphs (1) and (2) above, their salary and remuneration policy, system, standard, and structure shall be subject to the requirements under the Regulations Governing the Appointment and Exercise of Powers by the Remuneration Committee of a Company Whose Stock is Listed on the Taiwan Stock Exchange or the Taipei Exchange, and submitted to the Remuneration Committee for review and discussion.

(4) The employee’s remuneration policy is determined based on personal competency, contribution to the Company, performance, market value of the post, taking into account the future operating risks of the Company, which shall be positively correlated to the operating performance. Where the Company recorded a profit for the year, the Company shall allocate no less than 1% as the employee’s remuneration according to the requirements under the Articles of Association. The overall remuneration package for employees primarily includes the fixed basic salaries, bonuses, and benefits. Regarding the payment standards, fixed basic salaries are approved and paid in accordance with the market trend of the post held by employees, bonuses are distributed based on the achievement of the employee’s and the department’s objectives and the Company’s operating performance, while benefits are designed for employees according to the requirements under the laws and regulations, with equal considerations given to the demands of employees.

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AI assistant

UCC — Annual Report 2024

51738_rns_2024-12-30_bbb48cf0-fb51-4f33-8b02-592db7d6aff8.pdf

Universal Cement Corporation

INDEPENDENT AUDITORS’ REPORT

Opinion

Basis for Opinion

Key Audit Matters

Occurrence of sales of concrete products

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

Auditors’ Responsibilities for the Audit of the Financial Statements

Notice to Readers

BALANCE SHEETS DECEMBER 31, 2024 AND 2023

Universal Cement Corporation

STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

Universal Cement Corporation

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

Universal Cement Corporation

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

Universal Cement Corporation

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

Universal Cement Corporation

1. GENERAL INFORMATION

2. APPROVAL OF FINANCIAL STATEMENTS

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

g. Investment in associates

h. Property, plant and equipment

l. Financial instruments

a) Measurement category

2) Equity instruments

3) Financial liabilities

m. Revenue recognition

n. Leases

o. Employee benefits

1) Short-term employee benefits

2) Retirement benefits

3) Current and deferred taxes

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

9. FINANCIAL ASSETS AT AMORTIZED COST

10. CREDIT RISK MANAGEMENT FOR INVESTMENTS IN DEBT INSTRUMENTS

11. NOTES RECEIVABLE AND ACCOUNTS RECEIVABLE (INCLUDING RELATED PARTIES)

a. Notes receivable

b. Accounts receivable (Including related parties)

For the the year of 2024

12. INVENTORIES

13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

14. PROPERTY, PLANT AND EQUIPMENT

Buildings

15. LEASE ARRANGEMENTS

a. Right-of-use assets

b. Lease liabilities

c. Other lease information

16. INVESTMENT PROPERTIES

17. OTHER INTANGIBLE ASSETS

18. BORROWINGS

19. NOTES PAYABLE AND ACCOUNTS PAYABLE (INCLUDING RELATED PARTIES)

20. OTHER PAYABLES AND OTHER LIABILITIES

21. RETIREMENT BENEFIT PLANS

b. Defined benefit plans

22. EQUITY

e. Other equity items

3) Remeasurement of defined benefit plans

23. REVENUE

24. PROFIT BEFORE INCOME TAX

For the Year Ended December 31

g. Employees’ compensation and remuneration of directors

25. INCOME TAX

c. Deferred tax assets and liabilities

26. EARNINGS PER SHARE

27. ACQUISITION OF SUBSIDIARIES

28. CASH FLOWS INFORMATION

29. CAPITAL MANAGEMENT

30. FINANCIAL INSTRUMENTS

Category of financial instrument

Measurement technique and input value

UCC Annual Report 2024