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Y.C.C. Interim / Quarterly Report 2021

Nov 15, 2021

51783_rns_2021-11-15_c57bcf37-b37d-404f-a19b-35af8dc71344.pdf

Interim / Quarterly Report

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT

JUNE 30, 2021 AND 2020

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

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INDEPENDENT AUDITORS’ REVIEW REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of Y.C.C. Parts Mfg. Co., Ltd.

Introduction

We have reviewed the accompanying consolidated balance sheets of Y.C.C. Parts Mfg. Co., Ltd. and subsidiaries (the “Group”) as at June 30, 2021 and 2020, and the related consolidated statements of comprehensive income for the three months and six months then ended, as well as the related statements of changes in equity and of cash flows for the six months then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of review

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

Basis for qualified conclusion

As explained in Note 4(3), the financial statements of insignificant consolidated subsidiaries were not reviewed by independent auditors. Total assets of these subsidiaries amounted to NT$754,830 thousand and NT$519,336 thousand, constituting 14.64% and 10.22% of the consolidated total assets as at June 30, 2021 and 2020, respectively, total liabilities amounted to NT$270,438 thousand and NT$110,038

~2~

thousand, constituting 16.21% and 6.81% of the consolidated total liabilities as at June 30, 2021 and 2020, respectively, and the total comprehensive loss amounted to NT$4,176, NT$1,033 thousand, NT$9,106 thousand and NT$6,906 thousand, constituting 37.51%, 4.84%, 18.48% and 38.53% of the consolidated total comprehensive loss for the three months and six months then ended, respectively.

Qualified conclusion

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of consolidated subsidiaries been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at June 30, 2021 and 2020, and of its consolidated financial performance for the three months and six months then ended and its consolidated cash flows for the six months then ended in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission.

Wang, Yu-Chuan Liu, Mei-Lan

For and on behalf of PricewaterhouseCoopers, Taiwan August 13, 2021

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ review report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, 2021, DECEMBER 31, 2020 AND JUNE 30, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of June 30, 2021 and 2020 are reviewed, not audited)

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June 30, 2021 December 31, 2020 June 30, 2020
Assets Notes AMOUNT % AMOUNT % AMOUNT %
Current assets
1100 Cash and cash equivalents 6(1) $ 496,471 10 $ 742,410 14 $ 693,386 14
1110 Financial assets at fair value 6(2)
through profit or loss - current 38,048 1 18,301 - 35,355 1
1136 Financial assets at amortised cost - 6(4)
current 473,993 9 261,058 5 148,150 3
1150 Notes receivable, net 6(5) 65,635 1 29,553 - 30,682 -
1170 Accounts receivable, net 6(5) 474,495 9 591,658 11 491,709 10
1200 Other receivables 4,253 - 3,579 - 9,441 -
130X Inventories 6(6) 314,311 6 302,754 6 285,093 6
1470 Other current assets 6(7) and 8 73,183 2 86,426 2 61,692 1
11XX Current Assets 1,940,389 38 2,035,739 38 1,755,508 35
Non-current assets
1517 Financial assets at fair value 6(3)
through other comprehensive
income - non-current 56,431 1 52,241 1 47,539 1
1535 Ffinancial assets at amortised cost 6(4) and 8
- non-current 300 - 300 - 88,890 2
1600 Property, plant and equipment 6(8) and 8 2,792,214 54 2,767,101 52 2,614,747 51
1755 Right-of-use assets 6(9) and 8 142,099 3 146,668 3 140,343 3
1760 Investment property, net 6(10) and 8 15,842 - 16,506 1 16,267 -
1780 Intangible assets 6(11) 7,904 - 8,203 - 67,313 1
1840 Deferred income tax assets 109,044 2 115,287 2 115,593 2
1900 Other non-current assets 6(12) 90,302 2 156,356 3 236,848 5
15XX Total non-current assets 3,214,136 62 3,262,662 62 3,327,540 65
1XXX Total assets $ 5,154,525 100 $ 5,298,401 100 $ 5,083,048 100
(Continued)
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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS JUNE 30, 2021, DECEMBER 31, 2020 AND JUNE 30, 2020

(Expressed in thousands of New Taiwan dollars) (The balance sheets as of June 30, 2021 and 2020 are reviewed, not audited)

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June 30, 2021 December 31, 2020 June 30, 2020
Liabilities and Equity Notes AMOUNT % AMOUNT % AMOUNT %
Current liabilities
2100 Short-term borrowings 6(13) $ 314,689 6 $ 333,396 6 $ 138,559 3
2120 Financial liabilities at fair value 6(2)
through profit or loss - current - - 27,305 1 11,946 -
2130 Current contract liabilities 6(21) 22,586 1 20,177 - 24,648 -
2150 Notes payable 91,782 2 118,492 2 111,719 2
2170 Accounts payable 208,206 4 251,103 5 179,470 4
2200 Other payables 6(14) 273,394 5 134,314 3 249,354 5
2230 Current income tax liabilities 6(28) 49,426 1 78,868 1 86,568 2
2320 Long-term liabilities, current 6(15)
portion 112,800 2 137,261 3 186,470 4
2399 Other current liabilities, others 9,639 - 1,507 - 586 -
21XX Current Liabilities 1,082,522 21 1,102,423 21 989,320 20
Non-current liabilities
2540 Long-term borrowings 6(15) 519,747 10 575,299 11 618,013 12
2560 Income tax liabilities - non-current 6(28) 51,007 1 20,630 - - -
2570 Deferred income tax liabilities 649 - - - - -
2600 Other non-current liabilities 6(16) 13,920 - 14,388 - 8,148 -
25XX Total non-current liabilities 585,323 11 610,317 11 626,161 12
2XXX Total Liabilities 1,667,845 32 1,712,740 32 1,615,481 32
Equity attributable to owners of
parent
Share capital 6(18)
3110 Share capital - common stock 741,389 14 741,389 14 741,389 15
Capital surplus 6(19)
3200 Capital surplus 1,193,259 24 1,193,259 23 1,193,024 24
Retained earnings 6(20)
3310 Legal reserve 329,574 6 317,795 6 317,795 6
3320 Special reserve 105,212 2 119,480 2 119,480 2
3350 Unappropriated retained earnings 1,112,167 22 1,203,831 23 1,135,601 22
Other equity interest
3400 Other equity interest ( 104,645)( 2)( 105,211)( 2)( 144,181)( 3)
3500 Treasury shares 6(18) ( 526) - ( 526) - ( 526) -
31XX Equity attributable to owners
of the parent 3,376,430 66 3,470,017 66 3,362,582 66
36XX Non-controlling interests 110,250 2 115,644 2 104,985 2
3XXX Total equity 3,486,680 68 3,585,661 68 3,467,567 68
Significant contingent liabilities and 9
unrecognised contract commitments
3X2X Total liabilities and equity $ 5,154,525 100 $ 5,298,401 100 $ 5,083,048 100
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The accompanying notes are an integral part of these consolidated financial statements.

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, (losses) earnings per share) (UNAUDITED)

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Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Items Notes AMOUNT % AMOUNT % AMOUNT % AMOUNT %
4000 Sales revenue 6(21) $ 464,729 100 $ 422,106 100 $ 981,371 100 $ 922,218 100
5000 Operating costs 6(6)(26)(27) ( 358,653)( 77)( 308,519)( 73)( 746,518)( 76)( 650,839)( 71)
5900 Net operating margin 106,076 23 113,587 27 234,853 24 271,379 29
Operating expenses 6(26)(27)
6100 Selling expenses ( 29,192)( 6)( 25,347)( 6)( 64,238)( 7)( 60,644)( 7)
6200 General and administrative
expenses ( 27,295)( 6)( 30,083)( 7)( 60,199)( 6)( 59,028)( 6)
6300 Research and development
expenses ( 8,577)( 2)( 7,264)( 2)( 14,477)( 1)( 15,911)( 2)
6450 Impairment loss (impairment 12(2)
gain and reversal of
impairment loss) determined
in accordance with IFRS 9 9,117 2 ( 5,621)( 1) 589 - ( 3,351) -
6000 Total operating expenses ( 55,947)( 12)( 68,315)( 16)( 138,325)( 14)( 138,934)( 15)
6900 Operating profit 50,129 11 45,272 11 96,528 10 132,445 14
Non-operating income and
expenses
7100 Interest income 6(22) 769 - 2,795 1 1,624 - 6,260 1
7010 Other income 6(23) 3,785 1 2,563 1 7,818 1 6,826 1
7020 Other gains and losses 6(24) ( 55,996)( 12)( 57,107)( 14)( 28,561)( 3)( 59,714)( 7)
7050 Finance costs 6(25) ( 4,470)( 1)( 3,734)( 1)( 9,105)( 1)( 8,433)( 1)
7000 Total non-operating income
and expenses ( 55,912)( 12)( 55,483)( 13)( 28,224)( 3)( 55,061)( 6)
7900 Profit (loss) before income tax ( 5,783)( 1)( 10,211)( 2) 68,304 7 77,384 8
7950 Income tax expense (benefit) 6(28) 1,023 - ( 10,789)( 3)( 18,318)( 2)( 32,011)( 3)
8200 Profit (loss) for the period ($ 4,760)( 1)($ 21,000)( 5) $ 49,986 5 $ 45,373 5
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(Continued)

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars, (losses) earnings per share) (UNAUDITED)

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Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Items Notes AMOUNT % AMOUNT % AMOUNT % AMOUNT %
Other comprehensive income
Components of other
comprehensive income that
will not be reclassified to profit
or loss
8316 Unrealised gains (losses) on 6(3)
valuation of equity instrument
at fair value through profit or
loss ($ 3,249)( 1) $ 10,047 2 $ 4,190 - ($ 10,003)( 1)
8310 Components of other
comprehensive income
(loss) that will not be
reclassified to profit or loss ( 3,249)( 1) 10,047 2 4,190 - ( 10,003)( 1)
Components of other
comprehensive income that
will be reclassified to profit or
loss
8361 Financial statements
translation differences of
- -
foreign operations ( 3,123) ( 10,409)( 2)( 4,909) ( 17,444)( 2)
8360 Components of other
comprehensive loss that
will be reclassified to profit
or loss ( 3,123) - ( 10,409)( 2)( 4,909) - ( 17,444)( 2)
8300 Total other comprehensive loss
- -
for the period ($ 6,372)( 1)($ 362) ($ 719) ($ 27,447)( 3)
8500 Total comprehensive (loss)
income for the period ($ 11,132)( 2)($ 21,362)( 5) $ 49,267 5 $ 17,926 2
Profit (loss), attributable to:
8610 Owners of parent ($ 3,733)( 1)($ 20,281)( 5) $ 54,095 5 $ 49,564 5
8620 Profit (loss), attributable to :
- - - -
Non-controlling interests ( 1,027) ( 719) ( 4,109) ( 4,191)
Total ($ 4,760)( 1)($ 21,000)( 5) $ 49,986 5 $ 45,373 5
Comprehensive (loss) income
attributable to:
8710 Owners of parent ($ 9,062)( 2)($ 18,788)( 4) $ 54,661 6 $ 24,864 3
8720 Non-controlling interests ( 2,070) - ( 2,574)( 1)( 5,394)( 1)( 6,938)( 1)
Total ($ 11,132)( 2)($ 21,362)( 5) $ 49,267 5 $ 17,926 2
Basic (losses) earnings per share 6(29)
9750 Basic (losses) earnings per
share ($ 0.05)($ 0.27) $ 0.73 $ 0.67
9850 Diluted (losses) earnings per
share ($ 0.05)($ 0.27) $ 0.73 $ 0.67
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The accompanying notes are an integral part of these consolidated financial statements.

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars) (UNAUDITED)

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Equity attributable to owners of the parent
Retained earnings Other equity interest
Total Unrealised
gains (losses)
Total Financial from financial
unappropriated statements assets measured
Total capital retained translation at fair value
surplus, earnings differences of through other
Share capital - additional paid- (accumulated foreign comprehensive Non-controlling
Notes common stock in capital Legal reserve Special reserve deficit) operations income Treasury shares Total interests Total equity
Six months ended June 30, 2020
Balance at January 1, 2020 $ 741,389 $ 1,193,024 $ 280,161 $ 88,059 $ 1,303,340 ($ 95,167 ) ($ 24,314 ) ($ 526 ) $ 3,485,966 $ 111,923 $ 3,597,889
Profit (loss) for the period - - - - 49,564 - - - 49,564 ( 4,191 ) 45,373
Other comprehensive loss for the 6(3)
period - - - - - ( 14,697 ) ( 10,003 ) - ( 24,700 ) ( 2,747 ) ( 27,447 )
Total comprehensive income
(loss) for the period - - - - 49,564 ( 14,697 ) ( 10,003 ) - 24,864 ( 6,938 ) 17,926
Appropriation and distribution of 6(20)
2019 earnings
Legal reserve - - 37,634 - ( 37,634 ) - - - - - -
Special reserve - - - 31,421 ( 31,421 ) - - - - - -
Cash dividends - - - - ( 148,248 ) - - - ( 148,248 ) - ( 148,248 )
Balance at June 30, 2020 $ 741,389 $ 1,193,024 $ 317,795 $ 119,480 $ 1,135,601 ($ 109,864 ) ($ 34,317 ) ($ 526 ) $ 3,362,582 $ 104,985 $ 3,467,567
Six months ended June 30, 2021
Balance at January 1, 2021 $ 741,389 $ 1,193,259 $ 317,795 $ 119,480 $ 1,203,831 ($ 75,596 ) ($ 29,615 ) ($ 526 ) $ 3,470,017 $ 115,644 $ 3,585,661
Profit (loss) for the period - - - - 54,095 - - - 54,095 ( 4,109 ) 49,986
Other comprehensive (loss) 6(3)
income for the period - - - - - ( 3,624 ) 4,190 - 566 ( 1,285 ) ( 719 )
Total comprehensive income
(loss) for the period - - - - 54,095 ( 3,624 ) 4,190 - 54,661 ( 5,394 ) 49,267
Appropriation and distribution of 6(20)
2020 earnings
Legal reserve - - 11,779 - ( 11,779 ) - - - - - -
Special reserve - - - ( 14,268 ) 14,268 - - - - - -
Cash dividends - - - - ( 148,248 ) - - - ( 148,248 ) - ( 148,248 )
Balance at June 30, 2021 $ 741,389 $ 1,193,259 $ 329,574 $ 105,212 $ 1,112,167 ($ 79,220 ) ($ 25,425 ) ($ 526 ) $ 3,376,430 $ 110,250 $ 3,486,680
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The accompanying notes are an integral part of these consolidated financial statements.

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

(UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense (including investment
property)
Depreciation expense - right-of-use assets
Amortisation expense
Expected credit impairment (gain) loss
Net gain (loss) on financial assets or liabilities at
fair value through profit or loss
Interest expense
Interest income
Government grant
Gain on disposal of property, plant and
equipment
Impairment loss
Unrealised foreign exchange (gain) loss
Changes in operating assets and liabilities
Changes in operating assets
Notes receivable, net
Accounts receivable, net
Other receivables
Inventories
Other current assets
Other non-current assets
Changes in operating liabilities
Contract liabilities - current
Notes payable
Accounts payable
Other payables
Other current liabilities
Cash inflow generated from operations
Interest received
Interest paid
Income taxes paid
Net cash flows from operating activities		 Six months ended June 30
Notes
2021
2020
$
68,304
$
77,384
6(26)
160,257
148,147
6(26)
2,866
2,222
6(26)
3,689
3,559
12(2)
(
589 )
3,351
6(24)
(
38,522 )
7,669
6(25)
9,105
8,433
6(22)
(
1,624 ) (
6,260 )
6(16)
(
308 )
-
6(24)
(
1,069 ) (
58 )
6(24)
-
27,696
(
1,196 )
3,950
(
36,112 ) (
7,802 )
119,053
262,131
(
3,228 ) (
2,896 )
(
11,557 ) (
22,450 )
(
4,339 ) (
17,636 )
-
2,476
2,409
10,322
(
9,450 ) (
1,710 )
(
42,897 ) (
68,306 )
(
58,661 ) (
51,891 )
264
64
156,395
378,395
1,295
6,262
(
6,971 ) (
6,989 )
(
7,769 ) (
562 )
142,950
377,106

(Continued)

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Y.C.C. PARTS MFG. CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(Expressed in thousands of New Taiwan dollars)

(UNAUDITED)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through
profit or loss
Proceeds from disposal of financial assets at fair
value through profit or loss
Increase in financial assets at amortised cost
Acquisition of property, plant and equipment
Payment for capitalized interest
Gain on disposal of property, plant and equipment
Acquisition of intangible assets
Acquisition of use-of-right assets
Decrease in other current assets
Increase in other non-current assets
(Increase) decrease in refundable deposits
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term borrowings
Decrease in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Increase in other current assets
Repayment of principal portion of lease liabilities
Increase in guarantee deposits received
Net cash flows used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period		 Six months ended June 30
Notes
2021
2020
($
26,997 ) ($
15,379 )
18,467
19,286
(
208,771 ) (
68,283 )
6(30)
(
75,781 ) (
69,525 )
6(8)
(
1,287 ) (
1,605 )
2,332
58
6(11)
(
1,437 ) (
4,000 )
6(9)
-
(
32,819 )
17,582
17,819
(
21,997 ) (
24,505 )
(
2 )
100
(
297,891 ) (
178,853 )
485,502
40,000
(
500,254 ) (
154,440 )
-
95,600
(
81,509 ) (
174,553 )
8,000
-
6(31)
(
296 )
-
6(31)
-
657
(
88,557 ) (
192,736 )
(
2,441 ) (
12,761 )
(
245,939 ) (
7,244 )
742,410
700,630
$
496,471
$
693,386

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

~10~

  4. (1)

(2)

(3)

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(1)

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  • (2)

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(4)

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(5)

5.

6.

(1)

(2)

(3)

  • June 30

  • June 30

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  • June 30

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  • June 30

(4)

June 30, 2021, December 31, 2020 and June 30, 2020

(5)

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(6)

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(7)

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, 2021, December 31, 2020 and , 2020

(11)

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  • months ended June 30,

  • 2020

(12)

(13) (14)

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- (15) Long term borrowings

Type ofborrowings
Borrowing period
Repayment term
Long-term bank
borrowings
Unsecured borrowings From November
26, 2018 to
November 26,
2023
The loan is fully disbursed once the
contract is signed; interest is
repayable monthly; principal is
repayable monthly in 48
installments with 1-year grace
period on principal only
Unsecured borrowings From August 31,
2016 to February
15, 2023
Starting from August 15, 2019,
principal is repayable quarterly;
interest is repayable monthly
Unsecured borrowings From September
14, 2017 to
September 14,
2022
Starting from October 14, 2018,
principal and interest are repayable
monthly in 48 installments
Unsecured borrowings From December
26, 2019 to
December 26,
2026
The loan is disbursed within three
years after contract is signed;
interest is repayable monthly;
principal is repayable monthly in 48
installments with a 3-year grace
period on principal only
Secured borrowings
From January 6,
2016 to January 6,
2031
Principal and interest are repayable
monthly after a 3-year grace period
Secured borrowings
From December
26, 2019 to
December 26,
2026
The loan is disbursed within three
years after contract signed; interest
is repayable monthly; principal is
repayable monthly in 48
installments with a 3-year grace
period on principal only
Less: Current portion
Less: Discount on
government grants

Interest rate range		 June 30,2021
88,833
$ 46,664
8,706
18,300
279,514
193,300
635,317
$ 112,800)
(
2,770)
(
519,747
$ 0.75%~1.9%
Type ofborrowings Borrowing period Repayment term December 31,2020 December 31,2020
Long-term bank
borrowings
Unsecured borrowings From November The loan is fully disbursed once the $ 113,833
26, 2018 to contract is signed; interest is
November 26, repayable monthly; principal is
2023 repayable monthly in 48
installments with 1-year grace
period on principal only
Unsecured borrowings From August 31, Starting from August 15, 2019, 59,998
2016 to February principal is repayable quarterly;
15, 2023 interest is repayable monthly
Unsecured borrowings From April 12, Repayment date is two years after 21,807
2016 to April 14, the borrowing date; interest is
2021 repayable quarterly
Unsecured borrowings From September Starting from October 14, 2018, 12,460
14, 2017 to principal and interest are repayable
September 14, monthly in 48 installments
2022
Unsecured borrowings From December The loan is disbursed within three 18,300
26, 2019 to years after contract is signed;
December 26, interest is repayable monthly;
2026 principal is repayable monthly in 48
installments with a 3-year grace
period on principal only
Secured borrowings From January 6, Principal and interest are repayable 294,097
2016 to January 6, monthly after a 3-year grace period
2031
Secured borrowings From December The loan is disbursed within three 193,300
26, 2019 to years after contract signed; interest
December 26, is repayable monthly; principal is
2026 repayable monthly in 48
installments with a 3-year grace
period on principal only
Secured borrowings From January 6, Starting from February 6, 2016,
2016 to January 6, principal and interest are repayable
2021 monthly 2,500
$ 716,295
Less: Current portion ( 137,261)
Less: Discount on
government grants ( 3,735)
$ 575,299
Interest rate range 0.75%~1.87%
Type ofborrowings
Borrowing period
Repayment term
Long-term bank
borrowings
Unsecured borrowings
From November
26, 2018 to
November 26,
2023
The loan is fully disbursed once
the contract is signed; interest is
repayable monthly; principal is
repayable monthly in 48
installments with 1-year grace
period on principal only
Unsecured borrowings
From August 31,
2016 to February
15, 2023
Starting from August 15, 2019,
principal is repayable quarterly;
interest is repayable monthly
Unsecured borrowings
From April 12,
2016 to April 14,
2021
Repayment date is two years
after the borrowing date; interest
is repayable quarterly
Unsecured borrowings
From September
14, 2017 to
September 14,
2022
Starting from October 14, 2018,
principal and interest are
repayable monthly in 48
installments
Unsecured borrowings
From September 3,
2015 to September
3, 2020
Starting from October 3, 2016,
principal and interest are
repayable monthly
Unsecured borrowings
From December
26, 2019 to
December 26,
2026
The loan is disbursed within
three years after contract is
signed; interest is repayable
monthly; principal is repayable
monthly in 48 installments with a
3-year grace period on principal
only
Unsecured borrowings
From September 3,
2015 to September
3, 2020
The 1stinstallment is 27 months
after the date of initial drawdown
with total 12 quarterly
installments; US$120,650 is
repayable in the 1st~11th
installments and US$120,580 is
repayable in the 12thinstallment		 June 30,2020
138,833
$ 73,332
45,497
16,666
6,851
11,500
3,573

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(16)

June 30

June 30

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(18)

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

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June 30

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(29)

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(30)

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7.

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8.

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(1)

(2)

  4. (1)

(2)

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Financial assets
Financial assets at fair value through profit
or loss
Financial assets mandatorily measured
at fair value through profit or loss
Financial assets at fair value through other
comprehensive income
Designation of equity instruments
Financial assets at amortised cost
Cash and cash equivalents
Financial assets at amortised cost
Notes receivable
Accounts receivable
Other receivables
Other financial assets - current
Guarantee deposits paid
Financial liabilities
Financial liabilities at fair value
through profit or loss
Financial liabilities held for trading
Financial liabilities at amortised cost
Short-term borrowings
Notes payable
Accounts payable
Other payables
Long-term borrowings (including
current portion)
Guarantee deposits received
Lease liabilities (including current portion)		 June 30,2021
December31,2020
38,048
$ 18,301
$ 56,431
$ 52,241
$ 496,471
$ 742,410
$ 474,293
261,358
65,635
29,553
474,495
591,658
4,253
3,579
8,631
26,213
2,280
2,278
1,526,058
$ 1,657,049
$ June 30,2021
December31,2020
-
$ 27,305
$ 314,689
$ 333,396
$ 91,782
118,492
208,206
251,103
273,394
134,314
635,317
716,295
923
935
1,524,311
$ 1,554,535
$ 2,635
$ 2,931
$		 June 30,2020
35,355
$
47,539
$
693,386
$ 237,040
30,682
491,709
9,441
-
1,345
1,463,603
$
June 30,2020
11,946
$
138,559
$ 111,719
179,470
249,354
804,483
1,151
1,484,736
$
-
$

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  • June 30

  • June 30

  • and six months June 30

  • June 30 June 30

  • June 30 June 30

June 30, 2021
Expected loss rate
Total book value
Loss allowance
December 31, 2020
Expected loss rate
Total book value
Loss allowance		 Not past
due
0%-1.3%
506,289
$ 5,805)
(
$ 500,484
Not past
due
0%~3%
591,747
$ 17,007)
(
$ 574,740		 0 to 60
days
61

1.5%-5%
35
39,546
$ $ 736)
(
(
$ 38,810
$ 0 to 60
days
61

10%~13% 30%
61,842
$ $ 7,427)
(
(
$ 54,415
$		 to 120
days		 121 to 180
days
1
24
100%
1
272
$ $ 272)
(
(
$ -
$ 121 to 180
days
1
24
90%~97%
1
1,701
$ $ 1,631)
(
(
$ 70
$		 81 to
0 days		 Over 241
days
100%
9,938
$ 9,938)
(
$ -
Over 241
days
100%
6,438
$ 6,438)
(
$ -		 Total
%-45%
1,514

678)

836
to 120
days		 00%
2,997

2,997)

-		 560,556
$ 20,426)
(
$ 540,130
Total
81 to
0 days
~35%
996

329)

667		 00%
2,398

2,398)

-		 665,122
$ 35,230)
(
$ 629,892

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  • June 30, 2021,

  • December 31, 2020 and June 30, 2020

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  - June 30

  - June 30

  • (4)

  • (1)

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  • (3)

  • (4)

  • (1)

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Limit on endorsements/
guarantees provided for a
Maximum outstanding
endorsement/
guarantee
Outstanding
endorsement/
guarantee amount at
Actual amount
Amount of
endorsements/
guarantees
Ratio of accumulated
endorsement/ guarantee
amount to net asset value of
Ceiling on total
amount of
endorsements/
Provision of
endorsements/guar
antees by parent
Provision of
endorsements/guarantees
Provision of
endorsements/guarantees
Number
(Note 1)
Endorser/guarantor
Companyname
Relationship with the
endorser/guarantor(Note 2)
single party
(Note 3)
amount as of June 30,
2021
June 30, 2021
(Note 4)
drawn down
(Note 4)
secured with
collateral
the endorser/guarantor
company
guarantees provided
(Note 3)
company to
subsidiary
by subsidiary to
parent company
to the party in Mainland
China
Footnote
Partybeingendorsed/guaranteed
Table 2
Expressed in thousands of NTD
(Except as otherwise indicated)		 0
Y.C.C. PARTS MFG. CO.,
LTD.
RISE BRIGHT HOLDINGS
LTD.
2
675,286
$ 12,188
$ 8,706
$ 8,706
$ -
$ 0.26%
1,350,572
$ Y
N
N
Note 5
0
Y.C.C. PARTS MFG. CO.,
LTD.
CHANGSHU FUTE
AUTOMOTIVE TRIM CO.,
LTD.
3
675,286
156,852
83,580
55,720
-
2.48%
1,350,572
Y
N
Y
Note 6
Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:
(1)The Company is
0
.
(2)The subsidiaries are numbered in order starting from
1
.
Note 2: Relationship between the endorser/guarantor and the Company is classified into the following three categories:
(1) Having business relationship.
(2) The endorser/guarantor parent company owns directly more than 50% voting shares of the endorsed/ guaranteed company.
(3) The endorser/guarantor parent company and its subsidiaries jointly own more than 50% voting shares of the endorsed/ guaranteed company.
Note 3: The Company
s limit on total endorsements/guarantees is 40% of net assets and limit on endorsements/guarantees provided for a single party is 20% of net assets.
Note 4: Balance at June 30, 2021 and actual amount drawn down were calculated at the USD buying and selling spot exchange rate of 27.86 on June 30, 2021.
Note 5: Endorsements and guarantees to RISE BRIGHT HOLDINGS LTD. approved by the Board of Directors amounted to US$312 thousand.
Note 6: Endorsements and guarantees to CHANGSHU FUTE AUTOMOTIVE TRIM CO., LTD. approved by the Board of Directors amounted to US$3,000 thousand.
Relationship
with the
securities
Securities held by
Marketable securities
issuer
General ledger account
Number of shares
Book value
Ownership (%)
Fair value
Footnote
As of June 30,2021
(Except as otherwise indicated)
June 30, 2021
Table 3
Expressed in thousands of NTD		 Y.C.C. PARTS MFG. CO., LTD.
HIROCA HOLDINGS LTD.
N
Non-current financial assets at fair value through other comprehensive income -
non current
855,000
81,856
$ 1.02%
56,431
$ Valuation adjustment
25,425)
(
56,431
$ Y.C.C. PARTS MFG. CO., LTD.
HIROCA HOLDINGS LTD.
N
Current financial assets at fair value through profit or loss - current
298,000
19,925
$ 0.36%
19,669
$ Y.C.C. PARTS MFG. CO., LTD.
LASTER TECH CO., LTD.
N
Current financial assets at fair value through profit or loss
280,000
10,890
0.30%
13,622
Y.C.C. PARTS MFG. CO., LTD.
GORDON AUTO BODY PARTS CO., LTD.
N
Current financial assets at fair value through profit or loss
130,000
1,227
0.08%
1,372
Y.C.C. PARTS MFG. CO., LTD.
NUUO INC.
N
Current financial assets at fair value through profit or loss - current
5,071
277
0.04%
128
Y.C.C. PARTS MFG. CO., LTD.
DA-LI DEVELOPMENT CO., LTD.
N
Current financial assets at fair value through profit or loss - current
457
11
0.00%
13
Valuation adjustment
2,474
34,804
$ 34,804
$
Number
(Note 1)
Companyname
Counterparty
Relationship (Note 2)
General ledger account
Amount
Transaction terms
Percentage of consolidated total operating
revenues or total assets
(Note 3)
Transaction
(Except as otherwise indicated)
Table 5
Expressed in thousands of NTD
Y.C.C. PARTS MFG. CO., LTD. and subsidiaries
Significant inter-company transactions during the reporting periods
Six months ended June 30, 2021		 0
Y.C.C. PARTS MFG. CO., LTD.
RISE BRIGHT HOLDINGS LTD.
1
Other receivables
195,267
$ Principal and interest are repayable
at the maturity date
3.79%
0
Y.C.C. PARTS MFG. CO., LTD.
CHANGSHU FUTE AUTOMOTIVE TRIM CO.,
LTD.
1
Other receivables
18,722
Interest is repayable quarterly
0.36%
0
Y.C.C. PARTS MFG. CO., LTD.
LIAONING HETAI AUTOMOTIVE PARTS
CO., LTD
1
Other receivables
89,388
Principal and interest are repayable
at the maturity date
1.73%
1
CHANGSHU FUTE AUTOMOTIVE TRIM CO., LTD.
CHANGSHU XINXIANG AUTOMOBILE
PARTS CO., LTD.
3
Other accrued expenses
19,663
30 days after monthly billings
0.38%
1
CHANGSHU FUTE AUTOMOTIVE TRIM CO., LTD.
LIAONING HETAI AUTOMOTIVE PARTS
CO., LTD
3
Accounts receivable
15,738
60 days after monthly billings
0.31%
1
CHANGSHU FUTE AUTOMOTIVE TRIM CO., LTD.
LIAONING HETAI AUTOMOTIVE PARTS
CO., LTD
3
Sales revenue
26,367
60 days after monthly billings
2.69%
Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(1) Parent company is
0
.
(2) The subsidiaries are numbered in order starting from
1
.
Note 2: Relationship between transaction company and counterparty is classified into the following three categories; fill in the number of category each case belongs to (If transactions between parent company and subsidiaries or between subsidiaries refer to the same transaction,
and subsidiaries or between subsidiaries refer to it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction;
for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):
(1) Parent company to subsidiary.
(2) Subsidiary to parent company.
(3) Subsidiary to subsidiary.
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the
period to consolidated total operating revenues for income statement accounts.
Note 4: Transaction amount that did not reach $10 million or more will not be disclosed.
Note 5: The transactions were eliminated when preparing the consolidated financial statements.
Net profit (loss) of
the investee for the
Investment income (loss)
recognised by the
Balance as at
Balance as at
six months ended
Company for six months
Investor
Investee
Location
Main business activities
June 30,2021
December 31,2020
Number of shares
Ownership (%)
Book value
June 30,2021
ended June 30,2021
Footnote
Initial investment amount
Shares held as at June 30,2021		 Y.C.C. PARTS MFG. CO., LTD.
UNITED SKILLS CO., LTD.
Taiwan
Manufacturing vehicles
and their parts
50,000
$ 50,000
$ 5,000
100.00%
49,991
$ 288)
($ 288)
($ Subsidiary
Y.C.C. PARTS MFG. CO., LTD.
RISE BRIGHT HOLDINGS LTD.
Samoa
Holding company
1,077,179
1,077,179
-
100.00%
501,238
29,853)
(
29,853)
(
Subsidiary
(Note)
RISE BRIGHT HOLDINGS LTD.
CHINA FIRST HOLDINGS LTD.
Samoa
Holding company
1,158,673
1,158,673
-
89.44%
563,106
27,934)
(
24,984)
(
Subsidiary
(Note)
Note: The company does not hold any share in the investee because the investee is a limited company.
Accumulated amount
of remittance from
Taiwan
Accumulated amount of
remittance from Taiwan
Net income of
Ownership held by
Investment income (loss)
recognised by the Company
Book value of
investments in
Accumulated amount of
investment income remitted
Investee in Mainland China
Main business activities
Paid-in capital
Investment method
(Note 1)
to Mainland China as
of January1,2021
Remitted to
Mainland China
Remitted back
to Taiwan
of Mainland China as of
June 30,2021
investee as of
June 30,2021
the Company
(direct or indirect)
for the six months ended June
30,2021(Note 2)
Mainland China as of
June 30,2021
back to Taiwan as of
June 30,2021
Footnte
Amount remitted from Taiwan to
Mainland China/Amount remitted
back to Taiwan for the six months
ended June 30,2021		 CHANGSHU FUTE
AUTOMOTIVE TRIM CO.,
LTD.
Injecting and surface coating air bag
covers of automobiles,producing and
selling various accessories of
automobiles and electronic plastic parts
423,150
$ 2
827,609
$ -
$ -
$ 827,609
$ 24,409)
($ 89.44%
21,831)
($ 307,583
$ -
$ Note 5
Note 7
LIAONING HETAI
AUTOMOTIVE PARTS CO.,
LTD.
Injecting and surface coating parts of air
bags with inflation system,covers,
interior and exterior accessories of air
bag and electronic equipment systems
347,588
2
268,009
-
-
268,009
6,620)
(
73.89%
4,891)
(
184,767
-
Note 6
CHANGSHU XINXIANG
AUTOMOBILE PARTS CO.,
LTD.
Manufacturing and selling parts, interior
and exterior accessories and
electronic system parts of automobiles
and molds, gauges, clamps and jigs for
injection
60,450
2
63,055
-
-
63,055
1,628
89.44%
1,456
52,343
-
Note 4
CHANG JIE
TECHNOLOGY CO., LTD.
Injecting and surface coating air bag
covers of automobiles,producing and
selling various accessories of
automobiles and automatic production
equipments for spraying
133,225
2
134,421
-
-
134,421
3,826)
(
99.78%
3,818)
(
125,545
-
Note 3
Note 1: Investment methods are classified into the following three categories; fill in the number of category each case belongs to:
(1) Directly invest in a company in Mainland China.
(2) Through investing in existing companies in the third area, RISE BRIGHT HOLDINGS LTD. and CHINA FIRST HOLDINGS LTD. , which then invested in the investee in Mainland China.
(3) Others.
Note 2: The amounts listed in the table denominated in foreign currencies are translated into New Taiwan dollars at the exchange rates at the balance sheet date.
Note 3: Paid-in capital is US$4,510 thousand and accumulated amount of remittance from Taiwan to Mainland China is US$4,500 thousand.
Note 4: Paid-in capital is US$2,000 thousand and accumulated amount of remittance from Taiwan to Mainland China is US$2,000 thousand.
Note 5: Paid-in capital is US$14,000 thousand and accumulated amount of remittance from Taiwan to Mainland China is US$26,300 thousand.
Note 6: Paid-in capital is US$11,500 thousand and accumulated amount of remittance from Taiwan to Mainland China is US$8,591 thousand.
Note 7:
Investment income (loss) recognised by the Company for the three months ended March 31, 2021 was based on the financial statements that were reviewed by parent company
s CPA.
Companyname
Accumulated amount of remittance from
Taiwan to Mainland China as of
June 30,2021
Investment amount approved by
the Investment Commission of
the Ministry of Economic
Affairs (MOEA)
Ceiling on investments
in Mainland China
imposed by the
Investment
Commission of
MOEA
Y.C.C. PARTS MFG. CO.,
LTD.
$ 1,293,094
$ 1,294,050
$ 2,025,858
Note 1: The amounts listed in the table denominated in foreign currencies are translated into New Taiwan dollars at the exchange rates at the balance sheet date.
Note 2: Calculation for ceiling on investments in Mainland China (60% of net assets) is based on MOEA
Regulations Governing the Permission of Investment or Technical Cooperation in Mainland Area
.
Note 3: At the end of this period, the investment amount transmitted from Taiwan to mainland China was US$40,098 thousand. The investment amount permitted by the Investment Commission of Ministry of Economic Affairs(MOEA) was US$42,098 thousand.
Name of major shareholders
Number of shares held
Ownership (%)
Table 8
Shares
Y.C.C. PARTS MFG. CO., LTD. and subsidiaries
Major shareholders information
June 30, 2021		 HAO QUN INVESTMENT & DEVELOPMENT CO.,LTD
11,791,000
15.90%
SONG QUN INVESTMENT & DEVELOPMENT CO.,LTD
10,731,000
14.47%
HE HAN INVESTMENT CO.,LTD
7,586,503
10.23%
RU HAN INVESTMENT CO.,LTD
5,964,420
8.04%
HUANG KAI INVESTMENT CO.,LTD
5,791,500
7.81%
(1) The major shareholders information was from the data that the Company issued common shares (including treasury shares) and preference shares in dematerialised form which were registered and held by the shareholders above 5%
on the last operating date of each quarter and was calculated by the Taiwan Depository & Clearing Corporation.
The share capital which was recorded on the financial statements may be different from the actual number of shares in dematerialised form because of a different calculation basis.
(2) If the aforementioned data contains shares which were kept in trust by the shareholders, the data that was disclosed was the settlor's separate account for the fund set by the trustee.
As for the shareholder who reports share equity as an insider whose shareholding ratio is greater than 10% in accordance with Securities and Exchange Act, the shareholding ratio includes the self-owned shares and trusted shares,
at the same time, persons who have power to decide how to allocate the trust assets. For the information of reported share equity of insider, please refer to the Market Observation Post System.
Description: If the company applies Taiwan Depository & Clearing Corporation for the information of the table, the followings can be explained in the notes of the table.

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