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Y.S.H. Interim / Quarterly Report 2021

Dec 30, 2021

52371_rns_2021-12-30_db2a0329-5d39-4c7c-acb9-c8e9df325cec.pdf

Interim / Quarterly Report

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Stocks Code: 3705

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

Consolidated Financial Statements

For the Three Months Ended March 31, 2021 and 2020 and Independent Auditors' Review Report

Address: No. 1191, Sec. 1, Zhongshan Rd., Dajia Dist., Taichung City Phone: 02-25450185

Notice to Readers

The accompanying financial statements are intended only to present the financial position, financial performance and cash flows in accordance with accounting principlesand 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 arethose generally applied in the Republic of China. For the convenience of readers, the independent auditors’ review report and the accompanyingfinancial statements have been translated into English from the original Chineseversion prepared and used in the Republic of China. If there is any conflict between the Englishversion and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ review report and financial statementsshall prevail.

1

Table of Contents

No. of Notes to
Financial
Item Page Statements
I. Cover Page 1 -
II. Table of Contents 2 -
III. Independent Auditors' Review Report 3-4 -
IV. Consolidated Balance Sheets 5 -
V. Consolidated Statements of Comprehensive
Income 6-8 -
VI. Consolidated Statements of Changes in
Equity 9 -
VII. Consolidated Statements of Cash Flows 10-11 -
VIII. Notes to Consolidated Financial Statements
(I) General Information 12 1
(II) Approval of Financial Statements 12 2
(III) Application of New and Amended
Standards and Interpretations 12-14 3
(IV) Summary of Significant Accounting
Policies 14-16 4
(V) Critical Accounting Judgements and
Key Sources of Estimation
Uncertainty and Assumptions 16 5
(VI) Descriptions of Material Accounting
Items 16-46 6 to 30
(VII) Related Party Transactions 46-48 31
(VIII) Pledged Assets 49 32
(IX) Significant Contingent Liabilities
and Unrecognized Contract
Commitments 49 33
(X) Significant Disaster Loss - -
(XI) Significant Subsequent Events - -
(XII) Other Matters 50 34
(XIII) Significant Assets and Liabilities
Denominated in Foreign Currencies 50-53 35
(XIV) Separately Disclosed Items
1. Information on significant
transactions 52-53, 56-58 36
2. Investees 52-59 36
3. Information on investments in
mainland China 53-60 36
4. Information on Major
Shareholders 54 36
(XV) Segment Information 54 37

2

Independent Auditors' Review Report

The Board of Directors and Shareholders YungShin Global Holding Corporation

Introduction

We have reviewed the Consolidated Balance Sheets of YungShin Global Holding Corporation and its subsidiaries as of March 31, 2021 and 2020, the Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity, Consolidated Statements of Cash Flows and Notes to Consolidated Financial Statements (including Summary of Significant Accounting Policies) for the period from January 1 to March 31, 2021 and 2020. Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

Except for matters described in the following paragraph titled “Basis for Qualified Conclusion,” we conducted our reviews in compliance with Statements of Auditing Standards (SAS) No. 65 “Review of Financial Information Performed by the Independent Auditor of the Entity.” 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 stated in Note 12 to the consolidated financial statements, the financial statements of the insignificant subsidiaries incorporated into the aforesaid consolidated financial statements for the

3

same periods have not been reviewed by CPA. The total assets as of March 31, 2021 and 2020 amounted to NT$3,183,682 thousand and NT$3,786,088 thousand, respectively, accounting for 26.93% and 30.82% of the consolidated total assets, respectively. The total liabilities as of March 31, 2021 and 2020 amounted to NT$1,315,696 thousand and NT$1,661,051 thousand, respectively, accounting for 26.09% and 29.43% of the consolidated total liabilities, respectively. The comprehensive income from January 1 to March 31, 2021 and 2020 amounted to NT$35,985 thousand and NT$55,112 thousand, respectively, accounting for 26.69% and 25.06% of the consolidated comprehensive income, respectively. As disclosed in Note 13 to the consolidated financial statements, the balance of investments accounted for using the equity method as of March 31, 2021 and 2020 were NT$1,175,741 thousand and NT$1,160,133 thousand, respectively, and as of March 31, 2021 and 2020, the share of comprehensive gain of associates and joint ventures accounted for using the equity method were NT$8,204 thousand and NT$19,309 thousand, respectively, in accordance with the financial statements of investees referred to in the first paragraph which were not reviewed. In addition, information on investees in Note 36 to the consolidated financial statements together with the information on the aforesaid subsidiaries and investees were also not reviewed.

Qualified Conclusion

Except for possible effects from the financial statements of the non-material subsidiaries mentioned in the paragraph titled "Basis for Qualified Conclusion" if they were reviewed by the independent auditors, we did not discover matters which would lead us to believe that the aforementioned consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of Yungshin Global Holding Corporation and its subsidiaries as of March 31, 2021 and 2020, and their consolidated financial performance as of March 31, 2021 and 2020, and their consolidated financial performance and cash flows from January 1 to March 31, 2021 and 2020 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standards 34, "Interim Financial Reporting," endorsed and issued into effect by the Financial Supervisory Commission.

Deloitte & Touche

CPA Tung-Feng Lee

CPA Chih-Yuan Chen

Securities and Futures Bureau Approval Financial Supervisory Commission Approval Document No. Document No. Tai-Cai-Zheng-6 No. 0930128050 Jin-Guan-Zheng-Shen-1060023872

May 12, 2021

4

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

March 31, 2021, December 31, 2020, and March 31, 2020

Code

1100
1110
1136
1150
1170
1180
1200
1220
130X
1410
1479
11XX

1517
1550
1600
1755
1760
1780
1840
1990
15XX
1XXX

Code

2100
2130
2150
2170
2180
2219
2230
2280
2320
2365
2399
21XX

2527
2540
2550
2570
2580
2640
2670
25XX
2XXX

3110
3200
3310
3320
3350
3300
3400
3500
31XX
36XX

3XXX
 ASSETS
CURRENT ASSETS
Cash and cash equivalents (Note 6)

Financial assets at fair value through profit or loss - current
(Note 7)
Financial assets at amortized cost - current (Note 8)
Notes receivable, net (Note 10)
Accounts receivable, net (Note 10)
Accounts receivable from related parties (Note 31)
Other receivables (Note 31)
Current tax assets (Notes 4 and 25)
Inventories (Note 11)
Prepayments
Other current assets

Total current assets

NON-CURRENT ASSETS
Financial assets at fair value through other comprehensive income
- non-current (Note 9)
Investments accounted for using the equity method (Note 13)
Property, plant and equipment (Notes 14 and 32)
Right-of-use assets (Note 15)
Investment properties (Note 16)
Intangible assets
Deferred tax assets (Notes 4 and 25)
Other non-current assets (Notes 17 and 32)

Total non-current assets

Total assets

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term borrowings (Notes 18 and 32)

Contract liabilities - current (Note 23)
Notes payable (Note 19)
Accounts payable (Note 19)
Accounts payable to related parties (Note 31)
Other payables (Notes 20 and 31)
Current tax liabilities (Notes 4 and 25)
Lease liabilities - current (Note 15)
Long-term borrowings due within one year (Notes 18 and 32)
Refund liabilities - current (Note 23)
Other current liabilities

Total current liabilities

NON-CURRENT LIABILITIES
Contract liabilities - non-current (Note 23)
Long-term borrowings (Notes 18 and 32)
Employee benefit provisions - non-current (Notes 4 and 21)
Deferred tax liabilities (Notes 4 and 25)
Lease liabilities - non-current (Note 15)
Defined benefit liabilities (Notes 4 and 21)
Other non-current liabilities

Total non-current liabilities

Total liabilities

EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION
(NOTE 22)
Share capital

Capital surplus

Retained earnings
Legal reserve
Special reserve
Unappropriated earnings

Total retained earnings

Other equity

Treasury shares

Total equity attributable to owners of the Corporation
Non-controlling interests

Total equity

Total liabilities and equity
 March 31, 2021
(Reviewed)
Amount
%
$ 1,002,878
9

63,482
1
7,000
-
219,741
2
1,283,862
11
32,335
-
45,919
-
570
-
2,843,533
24
218,761
2
23,527

-

5,741,608

49

52,084
-
1,175,741
10
4,417,427
37
97,631
1
36,785
-
58,417
1
130,367
1
112,192

1

6,080,644

51

$ 11,822,252
100

$ 1,818,784
15

15,233
-
7,638
-
437,304
4
25,680
-
742,292
6
175,506
2
29,237
-
5,476
-
10,679
-
45,492

1

3,313,321

28

253,867
2
929,761
8
48,374
-
310,647
3
30,556
-
99,284
1
56,311

1

1,728,800

15

5,042,121

43

2,664,230

23

2,148,273

18

648,691
5
265,965
2
1,149,330

10

2,063,986

17


337,837)
(
3)


1,439)

-

6,537,213
55
242,918

2

6,780,131

57

$ 11,822,252
100
 (In Thousands of New Taiwan Dollars)
December 31, 2020
(Audited)
March 31, 2020
(Reviewed)
Amount
%
Amount
%
$ 1,478,002
12
$ 1,272,183
10
23,868
-
23,922
-
166,488
1
7,000
-
281,295
2
316,616
3
1,368,639
11
1,472,494
12
26,832
-
52,787
1
50,196
-
71,978
1
570
-
651
-
2,829,553
23
2,497,525
20
203,888
2
263,496
2
25,509

-

13,614

-
6,454,840

51

5,992,266

49
50,043
1
64,318
1
1,184,511
9
1,160,133
9
4,459,976
35
4,539,599
37
102,937
1
104,994
1
37,568
-
39,024
-
64,886
1
32,056
-
125,821
1
118,219
1
131,310

1

234,965

2
6,157,052

49

6,293,308

51
$ 12,611,892
100
$ 12,285,574
100
$ 2,531,337
20
$ 2,754,671
22
17,663
-
14,930
-
3,528
-
8,461
-
491,103
4
524,123
4
20,041
-
42,077
-
990,009
8
768,981
6
150,784
1
179,985
2
29,248
-
28,829
-
16,167
-
310,937
3
23,785
-
117,970
1
31,465

1

54,730

1
4,305,130

34

4,805,694

39
253,867
2
179,200
2
921,639
7
105,781
1
47,047
-
43,090
-
305,718
3
309,393
3
36,246
-
44,271
-
111,165
1
104,255
1
54,818

1

53,346

-
1,730,500

14

839,336

7
6,035,630

48

5,645,030

46
2,664,230

21

2,664,230

22
2,146,301

17

2,145,724

17
648,691
5
573,689
5
265,965
2
243,197
2
983,579

8

1,146,987

9
1,898,235

15

1,963,873

16

304,005)
(
2)
(
301,882)
(
2)

1,439)

-
(
1,439)

-
6,403,322
51
6,470,506
53
172,940

1

170,038

1
6,576,262

52

6,640,544

54
$ 12,611,892
100
$ 12,285,574
100
Amount
$ 1,002,878
63,482
7,000
219,741
1,283,862
32,335
45,919
570
2,843,533
218,761
23,527

5,741,608

52,084
1,175,741
4,417,427
97,631
36,785
58,417
130,367
112,192

6,080,644

$ 11,822,252

$ 1,818,784
15,233
7,638
437,304
25,680
742,292
175,506
29,237
5,476
10,679
45,492

3,313,321

253,867
929,761
48,374
310,647
30,556
99,284
56,311

1,728,800

5,042,121

2,664,230

2,148,273

648,691
265,965
1,149,330

2,063,986


337,837)


1,439)

6,537,213
242,918

6,780,131

$ 11,822,252
 Amount
$ 1,478,002
23,868
166,488
281,295
1,368,639
26,832
50,196
570
2,829,553
203,888
25,509

6,454,840

50,043
1,184,511
4,459,976
102,937
37,568
64,886
125,821
131,310

6,157,052

$ 12,611,892

$ 2,531,337
17,663
3,528
491,103
20,041
990,009
150,784
29,248
16,167
23,785
31,465

4,305,130

253,867
921,639
47,047
305,718
36,246
111,165
54,818

1,730,500

6,035,630

2,664,230

2,146,301

648,691
265,965
983,579

1,898,235


304,005)


1,439)

6,403,322
172,940

6,576,262

$ 12,611,892
















(
(















(
(

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

(Please refer to Deloitte & Touche's review report on May 12, 2021)

Chairman: Fang-Hsin Lee

President: Fang-Hsin Lee

Accounting Manager: Yu-Yi Lee

5

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

January 1 to March 31, 2021 and 2020

(Reviewed, Not Audited)

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

January 1 to March January 1 to March January 1 to March 31, January 1 to March 31, January 1 to March 31,
31 ,2021 2020
Code Amount % Amount %
4000 Net operating revenue
(Notes 23 and 31) $ 1,778,832
 100 $ 1,984,858
 100
5000 Operating costs
(Notes 11, 24 and 31) 928,103
 52 1,069,220
 54
5900 Gross profit
 850,729
 48 915,638
 46
OPERATING EXPENSES
(NOTES 24 AND 31)
6100 Selling and marketing
expenses 427,212
 24 403,248
 20
6200 General and administrative
expenses 116,258 6 122,372 6
6300 Research and development
expenses 102,092 6 97,871 5
6450 (Gain on reversal) loss of
expected credit loss 161
-		 ( 956)
 -
6000 Total operating expenses
 645,723
 36 622,535
 31
6900 Income from Operations
 205,006
 12 293,103
 15
NON-OPERATING INCOME AND
EXPENSES(NOTE 24)
7100 Interest income 601 - 694 -
7010 Other income 17,265 1 14,813 1
7020 Other gains and losses
 (
3,569 )
-		 (
3,905 )
-
7050 Finance costs
 (
7,647 )
-		 (
14,221 ) (
1 )
7060 Share of profit or loss of
associates accounted for
using the equity method 8,204
-		 19,309
 1
7000 Total non-operating
income and expenses 14,854
1		 16,690
 1

(Continued on next page)

6

(Continued from previous page)

January 1 to March January 1 to March January 1 to March January 1 to March January 1 to March January 1 to March 31, 31,
31 ,2021 2020
Code Amount % Amount %
7900 Net profit before income tax $ 219,860
 13
 $ 309,793
 16
7950 Tax expenses
(Notes 4 and 25) 51,229
 3
 52,576
 3
8200 Net profit for the period
 168,631
 10
 257,217
 13
OTHER COMPREHENSIVE
INCOME/(LOSS)
8310 Items that will not be
reclassified subsequently
to profit or loss:
8316 Unrealized gain/(loss) on
investments in equity in-
struments at fair value
through other comprehen-
sive income 2,401 -
 (
5,953 )		 -
8360 Items that may be reclassi-
fied subsequently to profit
or loss:
8361 Exchange differences on
translating the financial
statements of foreign op-
erations (
31,653 )		 (
2 )		 (
4,005 )		 -
8370 Share of other comprehen-
sive profit or loss of asso-
ciates and joint ventures
accounted for using the
equity method (
13,623 )		 (
1 )		 (
34,836 )		 ( 2 )
8399 Income tax relating to items
that may be reclassified
subsequently to profit or
loss (Note 25) 9,058
 1
 7,491
 -
8300 Other comprehensive in-
come/(loss), net of in-
come tax ( 33,817)
 ( 2)
 ( 37,303)
 ( 2)
8500 Total comprehensive income
for the period $ 134,814
 8
 $ 219,914
 11

7

Code
NET PROFIT ATTRIBUTABLE TO:
8610
Owners of the Corporation
8620
Non-controlling interests
8600

TOTAL COMPREHENSIVE
INCOME ATTRIBUTABLE TO:

8710
Owners of the Corporation
8720
Non-controlling interests
8700

EARNINGS PER SHARE
(NOTE 26)
FROM CONTINUING
OPERATIONS
9750
Basic

9850
Diluted
 January 1 to March
31 ,2021
Amount
%
$ 165,751
10

2,880

-

$ 168,631
10

$ 131,919
8

2,895

-

$ 134,814

8

$ 0.62

$ 0.62
 January 1 to March 31,
2020		 January 1 to March 31,
2020		 January 1 to March 31,
2020
Amount
$ 165,751

2,880

$ 168,631

$ 131,919
2,895

$ 134,814

$ 0.62
$ 0.62		 Amount
$ 254,502

2,715

$ 257,217

$ 218,585

1,329

$ 219,914

$ 0.96
$ 0.96		 %















13

-
13
11

-
11

The accompanying notes are an integral part of the consolidated financial statements. (Please refer to Deloitte & Touche's review report on May 12, 2021)

Chairman: Fang-Hsin Lee President: Fang-Hsin Lee Accounting Manager: Yu-Yi Lee

8

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

January 1 to March 31, 2021 and 2020

(Reviewed, Not Audited)

(In Thousands of New Taiwan Dollars)

Code
A1
BALANCE ON JANUARY 1,
2020
C7
Changes in capital surplus from
investments in associates
accounted for using the
equity method
D1
Net profit from January 1 to
March 31, 2020
D3
Other comprehensive
income/(loss) from January 1
to March 31, 2020
D5
Total comprehensive
income/(loss) for the three
months ended March 31,
2020
Z1
Balance on March 31, 2020		 EquityAttributable t EquityAttributable t EquityAttributable t EquityAttributable t o Owners ofthe Company (Note22) o Owners ofthe Company (Note22) o Owners ofthe Company (Note22) Total
$ 6,250,116
1,805
254,502

35,917)
218,585
$ 6,470,506		 Non-Controlling
Interests
$ 168,709

-
2,715
(
1,386)

1,329
$ 170,038		 Non-Controlling
Interests
$ 168,709

-
2,715
(
1,386)

1,329
$ 170,038		 Total Equity
Share Capital
$ 2,664,230
-
-
-
-
$ 2,664,230		 Capital Surplus
$ 2,143,919

1,805

-
-

-

$ 2,145,724
 RetainedEarnings Total
$ 1,709,371
-
254,502
-
254,502
$ 1,963,873		 Otherequityitems Total
$ 265,965)

-

-

35,917)


35,917)

$ 301,882)
 Treasury Shares
$ 1,439)
-
-
-
-
$ 1,439)
Exchange
Differences on
Translating the
Financial
Statements of
Foreign Operations
($ 287,440)

-
-
(
29,964)
(
29,964)
($ 317,404)		 Unrealized
Gain/(Loss) on
Financial Assets
at Fair Value
Through Other
Comprehensive
Income
$ 21,475

-
-
(
5,953)
(
5,953)
$ 15,522
Legal Reserve
$ 573,689
-
-
-
-
$ 573,689		 Special Reserve
$ 243,197
-
-
-
-
$ 243,197		 Unappropriated
Earnings
$ 892,485
-
254,502
-
254,502
$ 1,146,987
























(

(
(
(

(
(
 (

(
(
(		 (



(

(

(

(

 $ 6,418,825
1,805
257,217

37,303)
219,914
$ 6,640,544
A1
Balance on January 1, 2021
M7
Changes in percentage of
ownership interests in
subsidiaries
C7
Changes in capital surplus from
investments in associates
accounted for using the
equity method
D1
Net profit from January 1 to
March 31, 2021
D3
Other comprehensive
income/(loss) from January 1
to March 31, 2021
D5
Total comprehensive
income/(loss) for the three
months ended March 31,
2020
O1
Non-controlling interests
Z1
Balance on March 31, 2021





$ 2,664,230
-
-
-
-
-
-
$ 2,664,230





$ 2,146,301

1,936

36

-
-

-

-

$ 2,148,273





$ 648,691
-
-
-
-
-
-
$ 648,691





$ 265,965
-
-
-
-
-
-
$ 265,965





$ 983,579
-
-
165,751
-
165,751
-
$ 1,149,330





$ 1,898,235
-
-
165,751
-
165,751
-
$ 2,063,986		 (


(
(

(		 $ 318,358)
-
-
-

36,233)

36,233)
-
$ 354,591)





$ 14,353
-
-
-
2,401
2,401
-
$ 16,754		 (


(
(

(		 $ 304,005)

-

-

-

33,832)


33,832)

-

$ 337,837)
 (





(		 $ 1,439)
-
-
-
-
-
-
$ 1,439)


(


 $ 6,403,322
1,936
36
165,751

33,832)
131,919
-
$ 6,537,213
(




 $ 172,940

1,419)
-
2,880
15
2,895
68,502
$ 242,918


(


 $ 6,576,262
517
36
168,631

33,817)
134,814
68,502
$ 6,780,131

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

(Please refer to Deloitte & Touche's review report on May 12, 2021)

Chairman: Fang-Hsin Lee

President: Fang-Hsin Lee

Accounting Manager: Yu-Yi Lee

9

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

January 1 to March 31, 2021 and 2020

(Reviewed, Not Audited)

(In Thousands of New Taiwan Dollars)

Code
CASH FLOWS FROM OPERATING ACTIVITIES
A10000
Profit before tax

A20010
Adjustments for:
A20100
Depreciation
A20200
Amortization
A20300
(Gain on reversal) loss of expected
credit loss
A20400
Gain on financial assets at fair value
through profit or loss
A20900
Finance costs
A21200
Interest income

A21900
Compensation costs of employee
stock options
A22300
Share of profit/(loss) of associates
using the equity method

A22500
Loss on disposal of property, plant
and equipment
A23100
Loss on disposal of subsidiaries
A23700
Loss (reversed) for inventory de-
valuation and obsolescence loss
A30000
Changes in operating assets and liabilities
A31130
Notes receivable
A31150
Trade receivables
A31160
Trade receivables from related par-
ties

A31180
Other receivables
A31200
Inventories

A31230
Prepayments

A31240
Other current assets
A32125
Contract liabilities

A32130
Notes payable
A32150
Trade payables

A32160
Trade payable to related parties
A32180
Other payables

A32200
Employee benefit provisions
A32230
Other current liabilities
(Continued on the next page)		 January 1 to March
31 ,2021
$ 219,860

96,134
6,809
161

-

7,647
(
601 )
517
(
8,204 )
1,166
-
6,440


62,069

84,174
(
5,503 )
4,277

(
20,457 )
(
14,873 )
1,982

(
2,430 )
4,110
(
53,799 )
5,639
(
247,499 )
1,327

897
 January 1 to March
31, 2020
$ 309,793
95,320
4,186
(
956 )
(
54 )
14,221
(
694 )
-
(
19,309 )
13
4,080
(
1,529 )
(
13,047 )
113,046

6,866
(
17,466 )

14,827
(
76,600 )
(
7,886 )

175,981
6,475

92,466
11,968
(
207,293 )
(
863 )
(
40,606 )

10

(Continued from the previous page)

January 1 to March January 1 to March January 1 to March January 1 to March
Code 31,2021 31,2020
A32240 Net defined benefit liabilities
 ( $ 11,881 ) ( $ 4,536 )
A32990 Other non-current liabilities
 ( 235)
 ( 1,549)
A33000 Cash generated from operations 137,727 456,854
A33100 Interest received 601 516
A33300 Interest paid
 ( 7,865 ) ( 13,842 )
A33500 Income tax paid
 ( 17,066)
 ( 17,654)
AAAA Net cash generated from operating activities 113,397
 425,874
CASH FLOWS FROM INVESTING ACTIVITIES
B00050 Proceeds from sale of financial assets at
amortized cost 158,850 17,755
B00100 Purchase of financial assets at fair value
through profit or loss
 ( 39,614 ) ( 23,868 )
B02700 Acquisition of property, plant and
equipment
 ( 44,516 ) ( 71,215 )
B02800 Proceeds from disposal of property, plant
and equipment 597 111
B03800 Decrease in refundable deposits 8,650 13,369
B04500 Acquisition of intangible assets
 ( 377 ) -
B06700 Decrease (increase) in other non-current
assets 294
 ( 18,868 )
B07200 Increase in prepayments for equipment
 ( 3,421)
 -
BBBB Net cash generated from (used in)
investing activities
 80,463
 ( 82,716)
CASH FLOWS FROM FINANCING ACTIVITIES
C00100 Proceeds from short-term borrowings 300,000 100,000
C00200 Repayments of short-term borrowings
 ( 1,002,800 ) ( 277,300 )
C01700 Repayments of long-term borrowings
 ( 1,494 ) ( 201,563 )
C03100 Increase (decrease) in guarantee deposits 1,728
 ( 4,487 )
C04020 Repayment of the principal portion of
lease liabilities
 ( 7,530 ) ( 5,090 )
C05800 Changes in non-controlling interests
 68,502
 -
CCCC Net cash used in financing activities ( 641,594)
 ( 388,440)
DDDD Effects of exchange rate changes on cash and
cash equivalents
 ( 27,390)
 5,705
EEEE
 Net decrease in cash and cash equivalents
 ( 475,124 ) ( 39,577 )
E00100 Cash and cash equivalents, beginning of period 1,478,002
 1,311,760
E00200 Cash and cash equivalents, end of period
 $ 1,002,878
 $ 1,272,183
The accompanying notes are an integral part of the consolidated financial statements.
(Please refer to Deloitte & Touche's review report on May 12, 2021)

Chairman: Fang-Hsin Lee President: Fang-Hsin Lee Accounting Manager: Yu-Yi Lee

11

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

January 1 to March 31, 2021 and 2020

(Reviewed, Not Audited)

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

1. GENERAL INFORMATION

Yungshin Global Holding Corporation (the “Corporation”) was established in January 2011. The Corporation and its subsidiaries (collectively referred herein as the “Group”) are mainly engaged in investing, manufacturing and selling medicines, animal drugs, agricultural chemicals, industrial medicine, and cosmetics.

The Corporation was incorporated on January 3, 2011, through a share swap with Yung Shin Pharmaceutical Industrial Company Limited, and the Corporation’s shares have been traded on the Taiwan Stock Exchange in the Republic of China since January 3, 2011. YungShin Pharmaceutical Industrial Company Limited is now a wholly-owned subsidiary of the Corporation.

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

2. APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were published upon approval by the Board of Directors on May 12, 2021.

  1. APPLICATION OF NEW AND AMENDED STANDARDS AND INTERPRETATIONS

  2. a. The first-time application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (hereinafter referred to as "IFRSs") endorsed and issued into effect by the Financial Supervisory Commission (hereinafter referred to as "FSC"). The initial application of the IFRSs endorsed and issued into effect by the FSC did not have material impact on the Group’s accounting policies.

  3. b. IFRSs issued by the International Accounting Standards Board (IASB) but not yet endorsed and issued into effect by the FSC.

12

New, Amended and Revised Standards and
Interpretations
“Annual Improvements to IFRS Standards 2018-2020”
Amendments to IFRIC 3 “Index of concept
architecture”
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 IAS 1 “Classification of Liabilities
as Current or Non-current”
Amendments to IAS 1 "Disclosure of Accounting
Policies"
Amendments to IAS 8 "Definition of Accounting
Estimates"
Amendments to IAS 12 "Deferred Income Tax
related to Assets and Liabilities Derived from
Single Transaction"
Amendments to IAS 16 “Property, Plant and
Equipment - Proceeds before Intended Use”
Amendments to IAS 37 “Onerous Contracts - Cost of
Fulfilling a Contract”		 Effective Date Announced
by theIASB(Note1)
January 1, 2022 (Note 2)
January 1, 2022 (Note 3)
To be determined by IASB
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023 (Note 6)
January 1, 2023 (Note 7)
January 1, 2023 (Note 8)
January 1, 2022 (Note 4)
January 1, 2022 (Note 5)

  • Note 1: Unless stated otherwise, the above new, amended and revised IFRSs are effective for annual reporting periods beginning on or after their respective effective dates.

  • Note 2: The amendments to IFRS 9 are applied prospectively to modifications and exchanges of financial liabilities that occur on or after the annual reporting periods beginning on or after January 1, 2022. The amendments to IAS 41 “Agriculture” are applied prospectively to the fair value measurements on or after the annual reporting periods beginning on or after January 1, 2022. The amendments to IFRS 1 “First-time Adoptions of IFRSs” are applied retrospectively for annual reporting periods beginning on or after January 1, 2022.

  • Note 3: The amendments are applicable to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2022.

  • Note 4: The amendments are applicable to property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after January 1, 2021.

13

  • Note 5: The amendments are applicable to contracts for which the entity has not yet fulfilled all its obligations on January 1, 2022.

  • Note 6: These amendments are applicable prospectively to the annual reporting periods beginning on or after January 1, 2023.

  • Note 7: These amendments are applicable prospectively to accounting estimates and accounting policies changed in the annual reporting periods beginning on or after January 1, 2023.

  • Note 8: The amendments are applicable prospectively to the transactions incurred after January 1, 2022, except for the deferred income tax accounted for on temporary differences in leasing and decommissioning obligation as of January 1, 2022.

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

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  • a. Statement of Compliance

These interim consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 “Interim Financial Reporting” as endorsed and issued into effect by the FSC. Disclosure information included in these interim consolidated financial statements is less than the disclosure information required in a complete set of annual consolidated financial statements under the IFRSs.

  • b. Basis of Preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments which are measured at fair values, 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:

14

  • 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 the 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 the asset or liability.

  • c. Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Corporation and the entities controlled by the Corporation (i.e., its subsidiaries). Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition up to the effective date of disposal, as appropriate.

The financial statements of the subsidiaries have been moderately adjusted to bring their accounting policies in line with those used by the Corporation.

All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation.

Total comprehensive income of subsidiaries is attributed to the owners of the Corporation and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions.

The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Corporation.

Please refer to Note 12 and Appendixes 4 and 5 for details, shareholding ratio, and operations of subsidiaries.

  • d. Other Significant Accounting Policies

Except for the following, refer to the summary statement on significant accounting policies in the consolidated financial statements for the year ended December 31, 2020.

15

  • 1) Defined retirement benefits

Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant plan amendments, settlements, or other significant one-off events.

  • 2) Other long-term employee benefits

Other long-term employee benefits have the same accounting treatment as the pension benefit in defined benefit plan, except that the relevant remeasurements are recognized in profit or loss.

  • 3) Share-based payment agreement Employee stock options are based on the fair value of equity instruments on grant date and the best estimate of the expected value. The expenses are recognized on a straight-line basis over the vested period, and the capital surplus -employee stock options are adjusted at the same time. If it is vested at grant date, the expense is recognized in full at the same date. The date of approval by the Board of Directors of the Company is the grant date.

On each balance sheet date, the Group revises its estimate on the number of employee stock options expected to vest. If the original estimate is revised, the effect is recognized in profit or loss such that the cumulative expenses reflect the revised estimate, and the capital reserve – restricted shares for employees is adjusted accordingly.

  • 4) Income tax

Income tax expense represents the sum of the tax currently payable and deferred tax. Interim period income taxes are assessed on an annual basis and calculated by applying to an interim period’s pre-tax income the tax rate that would be applicable to expected total annual earnings.

  1. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION AND ASSUMPTIONS

In the application of the Group’s accounting policies, the management is required to make judgments, estimates, and assumptions based on historical experience and other critical factors for related information that are not readily available from other sources. Actual results may differ from original estimates.

The Group takes into account the economic impact of the COVID-19 epidemic in the consideration of material accounting estimates, and the management will continue to

16

review the estimates and the basic assumptions. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

6. CASH AND CASH EQUIVALENTS


Cash on hand

Bank deposits
Cash equivalent (investments
with original maturities of
less than 3 months)
Time deposit

 March 31, 2021
$ 1,213

995,665


6,000

$ 1,002,878
 December 31,
2020

$ 976

1,471,026

6,000

$ 1,478,002
 March 31, 2020 March 31, 2020






$ 979
1,263,204
8,000
$ 1,272,183

7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS


Financial assets-current
Mandatorily classified as at
FVTPL
Non-derivative financial
assets
Product Development
Investment Agreement

Derivative instruments
(non-hedging)
-Forward contracts

 March 31, 2021
$ 63,482


-

$ 63,482
 December 31,
2020

$ 23,868


-

$ 23,868
 March 31, 2020 March 31, 2020






$ 23,868

54
$ 23,922

The Group and other companies signed an investment agreement for product development cooperation. The agreement stipulates that when the product development results are authorized and the authorization fee is obtained, the royalties will be distributed in a certain proportion.

The forward contracts not applicable to general hedge accounting and not matured at the end of each reporting period are stated as follows:

March 31, 2020

Contract Amount Currency Time to Maturity (In Thousands) Buying forward JPY to EUR May 7, 2020 JPY 10,701/EUR 90 to May 29, 2020

17

8. FINANCIAL ASSETS AT AMORTIZED COST


Current
Time deposits with original
maturities of more than 3
months		 March 31, 2021
$ 7,000
 December 31,
2020

$ 166,488
 March 31, 2020 March 31, 2020
$ 7,000

9. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME


Non-current
Listed shares

Unlisted shares

 March 31, 2021
$ 7,757


44,327

$ 52,084
 December 31,
2020

$ 7,234


42,809

$ 50,043
 March 31, 2020 March 31, 2020






$ 8,735
55,583
$ 64,318

These investments in equity instruments are held for medium-term and long-term purposes and expected to make profits through long-term investments. Management elected to designate these investments to be measured at fair value through other comprehensive income as they believed that recognizing short-term fluctuations in these investments' fair value in profit or loss would not be consistent with the aforementioned strategy of holding these investments for long-term purposes.

10. NOTES RECEIVABLE AND ACCOUNTS RECEIVABLE


Notes receivable
Notes receivable

Less: Loss allowance


Accounts receivable
Accounts receivable

Less: Loss allowance

 March 31, 2021
$ 220,447

(
706)

$ 219,741

$ 1,301,884

(
18,022)

$ 1,283,862
 December 31,
2020

$ 282,516

(
1,221)

$ 281,295

$ 1,386,058

(
17,419)

$ 1,368,639
 March 31, 2020 March 31, 2020

(


(
(


(
(


(
 $ 317,073
457)
$ 316,616
$ 1,488,213
15,719)
$ 1,472,494

The Group's credit period for commodity sales averages 75~120 days. Impairment loss recognized on accounts receivable is assessed based on individual assessment, aging analysis, historical experience, and analysis of customers' current financial position to estimate unrecoverable amounts.

Unless there is objective evidence showing that the accounts receivable of a specific counterparty are unrecoverable and an appropriate loss allowance is recognized individually, the loss allowance is set aside, in principle, based on the assessment carried

18

out by the historical experience-collecting body, which categorizes customers into different risk groups and recognizes loss allowance according to the expected credit loss of each group.

Aging analysis of notes and accounts receivable is as follows:

March 31, 2021

March 31, 2021
Expected credit loss rate
Total carrying amount

Allowance for loss (expected
credit losses during the
period)

Amortized cost

December 31, 2020
Expected credit loss rate
Total carrying amount

Allowance for loss
(expected credit losses
during the period)

Amortized cost

March 31, 2020
Expected credit loss rate
Total carrying amount

Allowance for loss
(expected credit losses
during the period)

Amortized cost
 0 to 120 days
 121 to 365 days
0%~30%
$ 134,746

(
6,039)

$ 128,707

121 to 365 days
0%~30%
$ 121,183

(
4,399)

$ 116,784

121 to 365 days
0%~30%
$ 131,095

(
3,823)

$ 127,272
 Above 366 days
100%
$ 2,588

(
2,588)

$ -

Above 366 days
100%
$ 293

(
293)

$ -

Aged above
366 days
100%
$ 180

(
180)

$ -
 Total

(
 0%~5%
$ 1,384,997

10,101)

$ 1,374,896

0 to 120 days
(
 $ 1,522,331
18,728)
$ 1,503,603
Total

(
 0%~5%
$ 1,547,098

13,948)

$ 1,533,150

0 to 120 days
(
(
 $ 1,668,574
18,640)
$ 1,649,934
Total

(
 0%~5%
$ 1,674,011

12,173)

$ 1,661,838
(
(
(
 $ 1,805,286
16,176)
$ 1,789,110

The above aging analysis is based on date an account is established.

Information on changes in loss allowances for notes receivable and accounts receivable is as follows:

is as follows:
Balance on January 1
Add: Provision for credit loss
Less: Reversal of credit loss
Difference of foreign exchange
Balance at End of Period		 January 1 to March
31 ,2021
$ 18,640
161
-
(
73)
$ 18,728		 January 1 to March
31, 2020

(
 $ 16,820
-
(
956 )

312
$ 16,176

19

11. INVENTORIES

INVENTORIES

Finished goods

Work in progress
Raw materials

Supplies
Inventory in transit

 March 31, 2021
$ 807,604

263,832
1,602,539

143,627

25,931

$ 2,843,533
 December 31,
2020

$ 998,439

224,729
1,411,545

146,408

48,432

$ 2,829,553
 March 31, 2020









$ 881,632
284,900
1,071,814
197,949
61,230
$ 2,497,525

The cost of goods sold related to inventories from January 1 to March 31, 2021 and 2020 was NT$928,103 thousand and NT$1,069,220 thousand respectively.

The cost of goods sold from January 1 to March 31, 2021 and 2020 include diminution in value of inventory and discard loss of NT$6,440 thousand and reversal income of NT$1,529 thousand, respectively.

12.

The inventory reversal incomes were due to the disposal of some falling price and slow moving inventories, which leads to the recovery of net realized value of inventories. SUBSIDIARIES

a. Subsidiaries included in the consolidated financial statements

Investor
Company		 Subsidiary Name Nature of Activities ProportionofOwnership (%) ProportionofOwnership (%) ProportionofOwnership (%) Remarks
March 31,
2021		 December
31,2020

100.00%

100.00%

100.00%

100.00%

100.00%

73.50%
-

82.60%

89.81%

89.66%

100.00%

96.50%

100.00%

60.00%
-		 March 31,
2020
The Corporation

The Corporation

The Corporation

The Corporation

The Corporation

Yung Shin
Pharmaceutical

Yung Shin
Pharmaceutical

YSPINC

YSP INC

YSP CNH

YSP CNH

YSP CNH

YSP CNH

YSP CNH

YSP CNH
 Yung Shin Pharmaceutical
Industrial Co., Ltd.

AnTec Biotech Co., Ltd.

ChemixInc. (Chemix)

YSP International Company
Limited (YSPINC)

Vetnostrum Animal Health Co.,
Ltd.

Angel Associates (Taiwan), Inc.
Vetnostrum Animal Health Co.,
Ltd.
Carlsbad Technology, Inc. (CTI)
Yung Shin China Holding
Company Limited (YSP CNH)

Yung Shin Pharmaceutical Ind.
(Kunshan) Co., Ltd.

Shanghai Yung Zip
Pharmaceutical Trading Co.,
Ltd.
Yung Shin Company Limited

Farmtec Research Co., Ltd.
Globecare Trading (Shanghai)
Co., Ltd.
Chung Shin (JiangSu) Clinical
Research Co., Ltd.		 Manufacturing and trading
of medicine and cosmetics
Extraction and
manufacturing of trees
Sales of medicine
Trade, investment, and other
related businesses
Manufacturing and trading
of medicine
Import/export trade
Manufacturing and trading
of medicine
Manufacturing and trading
of medicine
Trade, investment, and other
related businesses
Sales of medicine
Import/export trade
Sales of medicine
Research and development
of medicine and
authorization of the
transfer of R&D
achievements
Import/export trade
Research and development
of medicine and
consulting service for the
transfer of R&D
achievements		 100.00%
100.00%
100.00%
100.00%
100.00%
73.50%
-
74.13%
89.81%
89.66%
100.00%
96.50%
100.00%
60.00%
-
100.00%

100.00%

100.00%

100.00%

-

73.50%
100.00%

82.60%

89.81%

92.10%

100.00%

96.50%

100.00%

60.00%
100.00%
-

(1)(2)

(1)

-
(1)(4)

(1)

(1)(4)

(1)(6)

-

(3)

(1)

(1)

(1)

(1)

(1)(5)

20

Remarks:

  • 1) The company is not a major subsidiary. Its financial statements have not been reviewed by CPAs.

  • 2) AnTec Biotech Co., Ltd. was dissolved on December 31, 2016, and approved by the Taichung City Government in Order Fu-Shou-Jing-Shang-Zi No. 10607018000. Currently, it is still in the liquidation process.

  • 3) The Board of Directors of Yung Shin Pharmaceutical Ind. (Kunshan) Co., Ltd. approved a cash capital increase by issuing 3,349,000 shares on July 20, 2020, and the registration procedure was completed on December 31, 2020. Since Yung Shin China Holding Company Limited did not participate in the capital increase proportionally, its proportion of ownership interest decreased from 92.10% to 89.66%, accordingly.

  • 4) On May 7, 2020, under the approval of the Board of Directors that had been authorized to exercise the rights on behalf of the shareholders’ meeting, Yung Shin Pharmaceutical Industrial Co., Ltd. underwent capital reduction by returning cash to shareholders with investments accounted for using the equity method. The recorded capital reduction date was set on July 1, 2020, when Yung Shin Pharmaceutical Industrial Co., Ltd. refunded to the only shareholder (the Corporation) 100% equity of its subsidiary, Vetnostrum Animal Health Co., Ltd. After the capital reduction, the Corporation holds 100% ownership of Vetnostrum Animal Health Co., Ltd.

  • 5) Chung Shin (Jiangsu) Clinical Research Co., Ltd. completed the liquidation procedure in December 2020.

  • 6) On January 15, 2021, YSP International Company Limited invested US$6.5 million in capital increase for CARLSBAD TECHNOLOGY, INC. Since YSP International Company Limited did not participate in the capital increase proportionally, its proportion of ownership interest decreased from 82.60% to 74.13% accordingly.

  • b. Subsidiary not included in the consolidated financial statements: None.

  • c. The Group didn’t have subsidiaries with material non-controlling interests.

21

13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Investment in associates

Investment in associates

Material associates
Y.S.P. Southeast Asia Holding
Bhd. (YSP SAH)
Associates that are not
individually material
 March 31, 2021
$ 881,678


294,063

$ 1,175,741
 December 31,
2020

$ 891,417


293,094

$ 1,184,511
 March 31, 2020






$ 884,881
275,252
$ 1,160,133

Material associates

Name of
Associate		 Nature of
Activities

Biopharmaceutical
research and
technical services
 Principal Place
of Business
Malaysia
 Proportion of Ownership and
Voting Rights		 Proportion of Ownership and
Voting Rights		 Proportion of Ownership and
Voting Rights
March
31, 2021
37.20%		 December
31, 2020
37.20%
March
31, 2020
YSP SAH
 37.49%

The Corporation holds 37.20% of the voting rights of YSP SAH and is the single largest shareholder. Given the size and dispersion of holdings relative to those of other shareholders, other shareholdings do not extremely disperse. The Corporation is not yet able to direct the relevant activities of YSP SAH. Management of the Corporation believe that the Group only has significant influence on YSP SAH and thus presents it as an associate.

The investments accounted for using the equity method and the Corporation’s share in the profit or loss and other comprehensive income of such investments were calculated based on the financial statements not audited by the CPAs. However, the management believed that the unaudited financial statements of the aforesaid invested company would not lead to significant impacts.

Fair values (Level 1) of investments in associates with open market quotations are summarized as follows:

summarized as follows:
Name of Associate

YSP SAH
 March 31, 2021
$ 769,981
 December 31,
2020

$ 835,098
 March 31, 2020
$ 669,997

22

14. PROPERTY, PLANT AND EQUIPMENT

COST

Balance on January 1,
2020

Additions
Disposal and scrapping
Reclassifications
Effects of foreign
currency exchange
differences

Balance on March 31,
2020

ACCUMULATED
DEPRECIATION
AND IMPAIRMENT

Balance on January 1,
2020

Depreciation
Disposal and scrapping
Effects of foreign
currency exchange
differences

Balance on March 31,
2020


Net amount on January
1, 2020

Net amount on March
31, 2020


COST

Balance on January 1,
2021

Additions
Disposal and scrapping
Reclassifications
Effects of foreign
currency exchange
differences

Balance on March 31,
2021

ACCUMULATED
DEPRECIATION
AND IMPAIRMENT

Balance on January 1,
2021

Depreciation
Disposal and scrapping
Effects of foreign
currency exchange
differences

Balance on March 31,
2021


Net amount on January
1, 2021

Net amount on March
31, 2021
 Land Buildings and
Structures		 Machinery and
Equipment		 Transportation
Equipment		 Office
Equipment		 Other
Equipment		 Construction in
Process		 Total






















$ 2,235,250
-
-
-

772

$ 2,236,022

$ -
-
-

-

$ -

$ 2,235,250

$ 2,236,022

$ 2,229,477

(
5,551)

$ 2,223,926

$ -
-
-

-

$ -

$ 2,229,477

$ 2,223,926
 $ 3,476,864

6,955
(
1,000 )

24,298
(
2,508)

$ 3,504,609

$ 2,454,359

27,423
(
1,000 )

2,420

$ 2,483,202

$ 1,022,505

$ 1,021,407

$ 3,720,807
3,896
(
281 )
11,147
(
8,081)

$ 3,727,488

$ 2,554,302

29,439
(
234 )
(
4,082)

$ 2,579,425

$ 1,166,505

$ 1,148,063
 $ 3,816,068

2,983
(
2,975 )

35,853
(
526)

$ 3,851,403

$ 3,044,993

43,649
(
2,952 )
(
2,253)

$ 3,083,437

$ 771,075

$ 767,966

$ 3,958,001

6,608
(
8,216 )

24,147
(
3,044)

$ 3,977,496

$ 3,126,950

44,513
(
7,885 )
(
2,434)

$ 3,161,144

$ 831,051

$ 816,352
 $ 45,744

-

-

-
(
79)

$ 45,665

$ 31,529

1,125

-
(
43)

$ 32,611

$ 14,215

$ 13,054

$ 46,173

1,047
(
4,919 )

3,495
(
62)

$ 45,734

$ 32,927

1,173
(
3,967 )
(
28)

$ 30,105

$ 13,246

$ 15,629
 $ 201,312

294
(
52 )

-

117

$ 201,671

$ 176,061

2,286
(
47 )

71

$ 178,371

$ 25,251

$ 23,300

$ 181,144

2,714
(
2,215 )

-
(
46)

$ 181,597

$ 161,283

1,740
(
1,937 )
(
19)

$ 161,067

$ 19,861

$ 20,530
 $ 732,691

2,495
(
2,391 )

6,739
(
1,299)

$ 738,235

$ 598,900

12,207
(
2,295 )

389

$ 609,201

$ 133,791

$ 129,034

$ 772,312

2,596
(
2,604 )

7,338
(
470)

$ 779,172

$ 636,902

11,637
(
2,449 )
(
296)

$ 645,794

$ 135,410

$ 133,378
 $ 335,217

58,488

-
(
44,889 )

-

$ 348,816

$ -

-

-

-

$ -

$ 335,217

$ 348,816

$ 64,426

27,655

-
(
32,532 )

-

$ 59,549

$ -

-

-

-

$ -

$ 64,426

$ 59,549
 $ 10,843,146

71,215
(
6,418 )

22,001
(
3,523)
$ 10,926,421
$ 6,305,842

86,690
(
6,294 )

584
$ 6,386,822
$ 4,537,304
$ 4,539,599
$ 10,972,340

44,516
(
18,235 )

13,595
(
17,254)
$ 10,994,962
$ 6,512,364

88,502
(
16,472 )
(
6,859)
$ 6,577,535
$ 4,459,976
$ 4,417,427

Depreciation of property, plant and equipment of the Corporation is based on a straight-line basis according to the following estimated useful lives:

Buildings and structures 1 to 45 years
Machinery and equipment 1 to 20 years
Transportation equipment 5 to 6 years
Office equipment 2 to 12 years
Other equipment 1 to 20 years

Property, plant and equipment pledged as collateral, were set out in Note 32.

23

15. LEASE ARRANGEMENTS

a. Right-of-use assets

Right-of-use assets
March 31, 2021
December 31,
2020
Carrying amounts
Land
$ 49,060
$ 49,930
Buildings
26,277
29,506
Transportation equipment
20,019
21,264
Machinery and equipment
2,275

2,237
$ 97,631
$ 102,937
January 1 to March
31 ,2021
Additions to right-of-use assets
$ 2,467
Depreciation on
right-of-use assets
Land
$ 683
Buildings
3,769
Transportation equipment
2,442
Machinery and equipment

63
$ 6,957		 December 31,
2020
March 31, 2020
$ 52,115
44,748
7,430

701
$ 104,994
January 1 to March
31, 2020		 March 31, 2020



$ 488
$ 727
4,638
2,345
255
$ 7,965

b.Lease liabilities

Lease liabilities
Carrying amount
Current

Non-current
 March 31, 2021
$ 29,237

$ 30,556
 December 31,
2020

$ 29,248

$ 36,246
 March 31, 2020



$ 28,829
$ 44,271

Range of discount rate for lease liabilities was as follows:

Land
Buildings
Transportation equipment
Machinery and equipment		 March 31, 2021
0.90%~1.05%
0.90%~3.28%
0.78%~1.05%
0.78%		 December 31,
2020

0.95%~1.05%
0.90%~3.28%
0.78%~1.05%
0.80%~1.05%		 March 31, 2020
0.95%~1.05%
0.95%~1.05%
0.80%~1.05%
1.05%

c. Material lease activities and terms

Prior to commencement of the lease, a subsidiary in the mainland region leased land for the use of plants from the People’s Republic of China under prepaid rent with terms of 41 to 50 years, the right-of-use assets are transferred upon obtaining the land certificate with fixed amortization of installments during the lease period.

24

The Corporation leases a number of machines and transportation equipment for business use, and their lease terms range from 2 to 4 years. At the end of the lease term, the lease agreements do not entitle the Corporation to renew the lease agreements or to acquire the assets.

The Corporation also leases a number of land and buildings for use as plants and offices. The lease terms range from 2 to 10 years. At the end of the lease term, the Corporation has no preferential right to acquire the leased building.

d.Other lease information

Lease arrangements under operating leases for the leasing out of investment properties are set out in Note 16.

erties are set out in Note 16.
Expenses relating to short-term
leases and low-value asset leases
Total cash outflow for leases		 January 1 to March
31 ,2021
$ 1,638
$ 9,492		 January 1 to March
31, 2020


$ 1,606
$ 6,774

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

16. INVESTMENT PROPERTIES

INVESTMENT PROPERTIES

Completed investment properties		 March 31, 2021
$ 36,785
 December 31,
2020

$ 37,568
 March 31, 2020
$ 39,024

The buildings and their decoration works of investment properties held by the Corporation are depreciated by straight-line basis over the estimated useful lives of 4 to 34 years.

Other than recognizing depreciation expenses, the Corporation's investment property did not incur any material addition, disposal, and impairment for the three-month periods ended March 31, 2021 and 2020.

The total amount of lease payments to be collected in the future for investment property on operating lease is as follows:

25


Year 1

Year 2
Year 3

 March 31, 2021
$ 2,530

2,281

497

$ 5,308
 December 31,
2020

$ 2,574

1,750

486

$ 4,810
 March 31, 2020 March 31, 2020






$ 924
224
-
$ 1,148

The management of the Corporation used the valuation model that market participants would use in determining the fair value, and the fair value was measured using Level 3 inputs. The valuation was arrived at by reference to market evidence of transaction prices from the website of Department of Land Administration. The fair values were NT$79,190 thousand and NT$78,832 thousand as of December 31, 2020 and 2019, respectively. The management of the Corporation had assessed and determined that there were no significant changes in the fair value as of March 31, 2021 and 2020.

  1. OTHER NON-CURRENT ASSETS

Refundable deposits

Prepayments for equipment
Restricted assets
Other non-current assets

 March 31, 2021
$ 50,829

34,847
4,000

22,516

$ 112,192
 December 31,
2020

$ 59,479

45,021
4,000

22,810

$ 131,310
 March 31, 2020 March 31, 2020






$ 111,774
41,984
4,000
77,207
$ 234,965

For other non-current assets pledged by the Corporation as collateral for bank borrowings are set out in Note 32.

18. BORROWINGS

a. Borrowings

Borrowings

Secured borrowings(Note 32)
Bank loans


Unsecured borrowings
Line of credit borrowings

 March 31, 2021
$ 607,924


1,210,860

$ 1,818,784
December 31,
2020

$ 872,621

1,658,716

$ 2,531,337
 March 31, 2020






$ 818,257
1,936,414
$ 2,754,671

The interest rates of bank revolving loans were 0.48% to 4.35%, 0.49% to 4.80% and 0.49% to 4.79% per annum at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

26

b.Long-term borrowings

Long-term borrowings

Secured borrowings(Note 32)
Bank loans

Unsecured borrowings
Bank loans

Subtotal
Less: Classified as por-
tion due within one year
Long-term borrowings

Interest rate range
Credit loans
Secured borrowings
Due date		 March 31, 2021
$ 175,237


760,000

935,237
(
5,476)

$ 929,761

0.78%~0.90%
0.85%~1.10%
March 2025		 December 31,
2020

$ 177,806


760,000

937,806
(
16,167)

$ 921,639

0.78%~0.90%
0.85%~1.10%
March 2025		 March 31, 2020
$ 116,718

300,000
416,718
(
310,937)
$ 105,781
0.85%~1.10%
1.32%
March 2025

19. ACCOUNTS PAYABLE

ACCOUNTS PAYABLE

Notes payable
Trade

Accounts payable
Trade
 March 31, 2021
$ 7,638

$ 437,304
 December 31,
2020

$ 3,528

$ 491,103
 March 31, 2020



$ 8,461
$ 524,123

No interest accrued on notes payable and accounts payable. The Corporation has financial risk management policies to ensure that all payables are paid within the pre-agreed credit terms.

20. OTHER PAYABLE

OTHER PAYABLE

Payables for salaries or
bonuses
Compensation payable to
employees
Remuneration payable to
directors
Payables for research fee
Payables for purchases of
equipment
Others

 March 31, 2021
$ 243,246

48,332
17,928
6,949
3,824

422,013

$ 742,292
 December 31,
2020

$ 475,285

40,671
14,703
5,850
11,213

442,287

$ 990,009
 March 31, 2020






$ 266,603
56,665
29,324
8,835
4,807
402,747
$ 768,981

27

21. RETIREMENT BENEFIT PLAN

The pension expenses related to the defined benefit plan recognized from January 1 to March 31, 2021 and 2020, are calculated based on the pension cost rate determined on December 31, 2020 and 2019, and the amounts were NT$636 thousand and NT$821 thousand, respectively.

Beside, the provisions for the long-tem employee benefit for the appointed managers by the Corporation was NT$48,374 thousand, NT$47,047 thousand and NT$43,090 thousand on March 31, 2021, December 31, 2020 and March 31, 2020, respectively.

22. EQUITY

a. Ordinary shares

Ordinary shares

Number of shares
authorized (in thousands)
Shares authorized

Number of shares issued and
fully paid (in thousands)
Shares issued

Surplus


Capital surplus

May be used to offset a deficit,
distributed as cash dividends, or
transferred to share capital
Unappropriated earnings
before exchange of
shares (Note 1)
Issuance of ordinary shares
(Note 2)
Donations (Note 2)
Trading of treasury shares
(Note 2)
May only be used to offset
a deficit
Changes in percentage of
ownership interests in
subsidiaries and
associates (Note 3)
Total
 March 31, 2021

310,000

$ 3,100,000


266,423

$ 2,664,230


2,112,367

$ 4,776,597

March 31, 2021
$ 829,732

1,282,635

530
94

35,282

$ 2,148,273
 December 31,
2020


310,000

$ 3,100,000


266,423

$ 2,664,230


2,112,367

$ 4,776,597

December 31,
2020

$ 829,732

1,282,635

530
94

33,310

$ 2,146,301
 March 31, 2020

310,000
$ 3,100,000

266,423
$ 2,664,230

2,112,367
$ 4,776,597
March 31, 2020









$ 829,732
1,282,635
530
-

32,827
$ 2,145,724

b. Capital surplus

Note 1: According to Paragraph 4, Article 30 of the Business Mergers and Acquisi-

tions Act, when a company becomes a wholly-owned subsidiary of another

28

company through share swap between the two companies, although its unappropriated retained earnings are recognized as capital reserve of another company (i.e., holding company) due to the share swap, its earnings appropriation is not restricted by Paragraph 1, Article 241 of the Company Act. Additionally, according to Order Jing-Shang-Zi No. 09402428670 dated December 15, 2005, the capital reserve of a holding company can be appropriated as cash dividends if it was the unappropriated retained earnings of a subsidiary before share swap between a holding company and a subsidiary. Further, according to Order Tai-Cai-Rong-(1)-Zi No. 0910016280, as such capital surplus does not result from operation of a holding company, the above statement does not extend to employees’ compensation and remuneration of directors and supervisors.

  • Note 2: Such capital surplus may be used to offset a deficit; in addition, when the Corporation has no deficit, such capital surplus may be distributed as cash dividends or transferred to share capital (limited to a certain percentage of the Corporation’s capital surplus and to once a year).

  • Note 3: Such capital surplus arises from the effects of changes in ownership interests in subsidiaries resulting from equity transactions other than actual disposals or acquisitions or from changes in capital surplus of subsidiaries accounted for using the equity method.

  • c. Retained earnings

  • In accordance with the Company’s Articles of Incorporation, current year’s earnings shall be distributed in the following order:

  • 1) Pay all taxes under laws and decrees;

  • 2) Offset prior years’ losses;

  • 3) Set aside 10% of remaining amount as legal reserve;

  • 4) Special reserve is set aside under relevant regulations;

  • 5) Dividend rate shall not be higher than 10% per annum; no dividend would be distributed if no earnings; and

  • 6) Appropriation of the remainder plus the accumulated unappropriated retained earnings of prior year shall be proposed by the board of directors and resolved by the stockholders.

Dividends appropriation shall be proposed by the Board of Directors during its meeting, with the amount between 10% to 90% of the accumulated unappropri-

29

ated retained earnings. Of the total dividends, cash dividends shall account for 20% or greater of the total dividends distributed. Please refer to Note 24(7) - "Remuneration for Employees and Directors" for the policy of employee and director bonus distribution stipulated in the Articles of Incorporation of the Company.

The Corporation’s dividend policy is summarized below:

As the Corporation operates in a volatile business environment and is in the stable growth stage, dividends would be distributed in the form of capitalization of earnings, capitalization of capital reserve and cash. Low cash dividend policy would be adopted when any investment would be conducted and can increase the Corporation’s profitability; in this case, dividends would be distributed in the form of capitalization of earnings or capital reserve. High cash dividend policy would be adopted when capital expansion has affected the Corporation’s profitability.

The legal reserve shall be exclusively used to cover accumulated deficit, to issue new stocks or distribute cash to shareholders in proportion to their share ownership. The use of legal reserve for the issuance of stocks or cash dividends to shareholders in proportion to their share ownership is permitted provided that the balance of such reserve exceeds 25% of the Corporation’s paid-in capital.

In accordance with the regulations, the Corporation shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.

The Company held a meeting of the Board of Directors on March 30, 2021 and a Regular Shareholders' Meeting on May 28, 2020, and proposed and approved the distribution of earnings for 2020 and 2019 as follows:

Legal reserve

Special reserve
Cash dividends		 Distribution of Earnings
2019
$ 75,002

22,768
586,130		 Dividends Per Share
(NT$)		 Dividends Per Share
(NT$)
2020
$ 77,499

38,040
532,846		 2020
$ -
-
2.00		 2019
$ -

-

2.20

The distribution of earnings for 2020 is subject to the resolution of the Shareholders' Meeting to be held on May 26, 2021.

30

d. Non-controlling interests

Non-controlling interests
Balance on January 1
Attributable to non-controlling interests
Net profit for the period
Other comprehensiveincome/(loss)
Issuance ofordinaryshares for
cash from subsidiaries
Changes in ownership interests in
subsidiaries
Balance at end of period		 January 1 to March
31 ,2021
$ 172,940
2,880
15
68,502
(
1,419)
$ 242,918		 January 1 to March
31, 2020

(
 $ 168,709
2,715
(
1,386 )
-

-
$ 170,038

e. Treasury shares

Treasury shares
Purpose
2021
Shares held by subsidiaries
2020
Shares held by subsidiaries		 Number of
Shares on
January1
58
58		 Increase
During the
Period

-

-		 (Shares in Thousands)
Decrease
During the
Period
Number of
shares as of
March31
-

58
-

58



Angel Associates (Taiwan), Inc., the investee of the Corporation’s subsidiary, Yung Shin Pharm. Ind. Co., Ltd., acquired 55 thousand shares of Yung Shin Pharm. Ind. Co., Ltd. on November 12, 2001 before the amendments to the Company Act. The purpose of holding shares was solely for investing.

On January 3, 2011, Yung Shin Pharm. Ind. Co., Ltd. was established by the Corporation through share swap and Yung Shin Pharm. Ind. Co., Ltd. became a wholly-owned subsidiary of the Corporation. According to Order Tai-Cai-Zheng-3-Zi No. 0920124301, the shares of Yung Shin Pharm. Ind. Co., Ltd. held by Angel Associates (Taiwan), Inc. were exchanged into the shares of the Corporation through share swap.

A sub-subsidiary, Angel Associates (Taiwan) Inc., acquired the Corporation’s shares transferred from earnings on September 5, 2015, therefore holding a total of 58 thousand shares of the Corporation as of March 31, 2021 and 2020.

A sub-subsidiary, Angel Associates (Taiwan) Inc., held the Corporation’s shares with book value amounting to NT$1,958 thousand. As of March 31, 2021, December 31, 2020 and March 31, 2020, the market value of treasury shares was NT$2,566 thousand, NT$2,595 thousand and NT$2,572 thousand, respectively.

31

The subsidiaries holding treasury shares are bestowed shareholders’ rights, except the rights

to participate in any share issuance for cash and to vote. 23. OPERATING REVENUE

OPERATING REVENUE
Revenue fromcontractswith
customers		 January 1 to March
31 ,2021
$ 1,778,832		 January 1 to March
31, 2020
$ 1,984,858

Contract Liabilities and Refund Liabilities

The Corporation recognizes contract assets and contract liabilities related to revenue from contracts with customers as follows:


Contract liabilities-current
Customer loyalty programs

Sales revenue received in
advance

Refund liabilities (Note)

Contract liabilities
-non-current
Sales revenue received in
advance		 March 31, 2021
$ 8,549


6,684

$ 15,233

$ 10,679

$ 253,867
 December 31,
2020

$ 8,549


9,114

$ 17,663

$ 23,785

$ 253,867
 March 31, 2020 March 31, 2020












$ 5,571
9,359
$ 14,930
$ 117,970
$ 179,200

Note: Refund liabilities are mainly due to estimated sales allowances.

24. NET INCOME FROM CONTINUING OPERATIONS

a. Interest income

nterest income
Bank deposits
Other income
Rental income
Development and testing
income
Other income		 January 1 to March
31 ,2021
$ 601
January 1 to March
31 ,2021
$ 2,058
2,021

13,186
$ 17,265		 January 1 to March
31, 2020
$ 694
January 1 to March
31, 2020




$ 2,686
260
11,867
$ 14,813

b.Other income

32

c. Other gains and losses

Other gains and losses
Netforeignexchange gains
(losses)
Loss on disposal of property,
plant and equipment
Loss on disposal of subsidiaries
Gain on financial assets at fair
value through profit or loss
Others		 January 1 to
March 31 ,2021
( $ 1,437 )
(
1,166 )
-
-
(
966)
($ 3,569)		 January 1 to
March 31, 2020
$ 1,895
(
13 )
(
4,080 )
54
(
1,761)
($ 3,905)

d.Finance costs

inance costs
Interest on bank loans
Lease liabilities interests		 January 1 to
March 31 ,2021
$ 7,323

324
$ 7,647		 January 1 to
March 31, 2020




$ 14,143
78
$ 14,221

e. Depreciation and amortization

Depreciation and amortization
Property, plant, and equipment
Right-of-use assets
Investment properties
Intangible assets		 January 1 to
March 31 ,2021
$ 88,502
6,957
675

6,809
$ 102,943		 January 1 to
March 31, 2020




$ 86,690
7,965
665
4,186
$ 99,506
An analysis of depreciation by function
Operating costs
Operating expenses
Non-operating expenses
An analysis of amortization by function
Operating costs
Operating expenses		 January 1 to
March 31 ,2021
$ 78,652
16,807

675
$ 96,134
$ 1,145

5,664
$ 6,809		 January 1 to
March 31, 2020		 January 1 to
March 31, 2020










$ 72,961
21,694
665
$ 95,320
$ 1,304
2,882
$ 4,186

(Continued on next page)

33

(Continued from previous page)

f. Employee benefit expenses

mployee benefit expenses
Short-term employee benefits
Post-employment benefits
Defined contribution plans
Defined benefit plans (Note 21)
Share-based payments
Equity-settled share-based
payment (Note 27)
Other employee benefits
Total employee benefit expenses
An analysis of employee benefit
expenses by function
Operating costs
Operating expenses		 January 1 to
March 31 ,2021
$ 394,911
13,275

636
13,911

517

51,697
$ 461,036
$ 173,717
287,319
$ 461,036		 January 1 to
March 31, 2020














$ 326,110
9,654
821
10,475
-
33,845
$ 370,430
$ 129,447
240,983
$ 370,430

g. Employees’ compensation and remuneration of directors

The Corporation accrued employees’ compensation and remuneration of directors at rates that are not lower than 0.3% and not higher than 2%, respectively, of net profit before income tax. The employees’ compensation and remuneration of directors for the three-month periods ended March 31, 2021 and 2020 are as follows:

Rate

Rate
Employees’ compensation
Remuneration of directors
Amount		 2021
0.3%
2%		 2020
0.3%
2%
Amount
Employees’ compensation
Remuneration of directors		 January 1 to
March 31 ,2021
$ 551
$ 3,675		 January 1 to
March 31, 2020


$ 792
$ 4,979

If there is a change in the amounts after the annual consolidated financial statements were authorized for issue, the differences are recorded as a change in the accounting estimate.

34

The Company resolved the remuneration to employees and directors for 2020 and 2019 at the meeting of Board of Directors on March 30, 2021 and March 27, 2020 as follows:

follows:
Amount
Employees’ compensation
Remuneration of directors		 2020
$ 2,475
$ 16,503		 2019


$ 2,369
$ 15,793

The amount of remuneration distributed to employees and directors for the years ended December 31, 2020 that had been resolved by the Board of Directors and those recognized in the consolidated financial statements for 2020 are consistent.

The actual appropriations of remuneration of directors for 2019 at the Corporation were different from the amounts recognized in the annual consolidated financial statements, and the differences between the amounts had been adjusted in profit or loss for 2020.

loss for 2020.
Amount of
appropriation
resolved by the
board of directors

Amount recognized in
the annual financial
statements
 2019
Employees’
compensation
$ 2,369

$ 2,369
 Remuneration
of directors


$ 11,845
$ 15,793

For information on the Company's remunerations for employees and Directors as resolved by the Board of Directors in 2021 and 2020, please visit the "Market Observation Post System" of Taiwan Stock Exchange.

35

25. INCOME TAXES RELATING TO CONTINUING OPERATION

a. Income tax recognized in profit or Loss

Major components of tax expense were as follows:

Major components of tax expense were as follows:
January 1 to
March 31 ,2021
Current income tax
In respect of the current year
$ 41,954
Adjustments for prior years

12
41,966
Deferred tax
In respect of the current year

9,263
Income tax expenses
recognized in profit or loss
$ 51,229
Income tax recognized in other comprehensive income
January 1 to
March 31 ,2021
Deferred income tax
Exchange differences on
translationofforeign
operations
$ 9,058		 January 1 to
March 31, 2020
$ 54,028
(
3,180)
50,848

1,728
$ 52,576
January 1 to
March 31, 2020
$ 7,491

b. Income tax recognized in other comprehensive income

c. Income tax assessment

Income tax returns of the Corporation and Angel Associates (Taiwan), Inc. have been assessed by the tax authorities through 2019: Yungshin Pharm Ind. Co. and Vetnostrum Animal Health Co. have been assessed by tax authorities through 2018.

26. EARNINGS PER SHARE

EARNINGS PER SHARE
Basic earnings per share
Total basic earnings per share
Diluted earnings per share
Total diluted earnings per share		 January 1 to
March 31 ,2021
$ 0.62
$ 0.62		 (In NT$ per share)
January 1 to
March 31, 2020
$ 0.96
$ 0.96


36

The earnings and weighted average number of ordinary shares used in the computation of earnings per share were as follows:

Net profit for the period

Net profit for the period
Net profit attributable to owners of
the Corporation
Effect of potentially dilutive ordinary
shares:
Employees’ compensation
Earnings used in the computation
of dilutedearningsper share
from continuing operations
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
ordinarysharesused in the
computation of diluted earnings
per share		 January 1 to
March 31 ,2021
$ 165,751

-
$ 165,751
January 1 to
March 31 ,2021
266,365

26
266,391		 January 1 to
March 31, 2020
$ 254,502

-
$ 254,502
(In Thousands of Shares)		 January 1 to
March 31, 2020

January 1 to
March 31, 2020




266,365
71
266,436

If the Corporation chooses to offer employee compensation or share profits in the form of cash or stock, while calculating diluted earnings per share, and assuming that the compensation is paid in the form of stock, the dilutive potential common shares will be included in the weighted average number of outstanding shares to calculate diluted earnings per share. 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.

  1. SHARE-BASED PAYMENT AGREEMENT

Employee stock options plan

The subsidiary Vetnostrum Animal Health Co. granted 5,000 stock options to employees in March 2021, each option for subscribing 1,000 ordinary shares. Recipients include employees that meet specific conditions within the Company. The lifetime of these stock options is five years, and the holders of these stock options are entitled to exercise

37

a certain percentage of the stock options granted as of the date 24 months, 36 months and 48 months after the stock options expire.

From January 1 to June 31, 2021 and 2020, the subsidiary Vetnostrum Animal Health Co. issued new employee stock options, and the information on the issued employee stock options is as follows:


Employees stock option
Option outstanding at the
beginning of the
period
Options granted

Option outstanding at the
end of the period

Exercisable at the end of
the period

The weighted average
fair value of the
employee stock
options for the current
period (NT$)
 January 1 to March 31 ,2021 January 1 to March 31 ,2021
Number of
Options
(Thousand)
-

5,000

5,000

-
$ 2.9458		 Weighted
Average
Exercise
Price (NT$)



$ -
18.90
18.90
18.90

The recognized remuneration cost from January 1 to March 31, 2021 was NT$517 thousand.

28. DISPOSAL OF SUBSIDIARIES

ASHIN Company Limited completed the liquidation process in February 2020, and loss on disposal of subsidiary amounted to $4,080 thousand which was the reclassification of other comprehensive income in respect of subsidiaries.

29. CAPITAL MANAGEMENT

The Corporation's objectives when managing capital are based on the scale of the industry involved, considering future growth and product development in the industry, and setting appropriate market share, as well as plan for corresponding capital expenditure, calculation of operating capital needed for financial operations, and considering operating profit and cash inflows arising from product competitiveness, to determine appropriate capital structure. Please refer to the balance sheets of each period for information on liability and capitalization ratios.

38

30. FINANCIAL INSTRUMENTS

  • a. Information on fair value - financial instruments not measured at fair value

The disclosures of fair value are not required for financial instruments that are not measured at fair value with carrying amount approximating fair value.

b. Information on fair value - financial instruments measured at fair value on a recurring basis

  • 1) Fair value hierarchy

March 31, 2021

March 31, 2021
Financial assets at FVTPL
Non-financial assets
Product Development
Investment Agreement
Financial assets at FVTOCI
Investments in equity
instruments
Listed shares
Unlisted shares
Total
December 31, 2020
Financial assets at FVTPL
Non-financial assets
Product Development
Investment Agreement
Financial assets at FVTOCI
Investments in equity
instruments
Listed shares
Unlisted shares
Total
March 31, 2020
Financial assets at FVTPL
Derivative instruments

Non-financial assets
Product Development
Investment Agreement
Total

Financial assets at FVTOCI
Investments in equity
instruments
Listed shares
Unlisted shares
Total		 Level 1
$ -

$ 7,757

-
$ 7,757
Level 1
$ -

$ 7,234

-
$ 7,234
Level 1
$ -

-

$ -

$ 8,735

-
$ 8,735		 Level 2
$ -

$ -

-
$ -
Level 2
$ -

$ -

-
$ -
Level 2
$ 54

-

$ 54

$ -

-
$ -		 Level 3
$ 63,482

$ -

44,327
$ 44,327
Level 3
$ 23,868

$ -

42,809
$ 42,809
Level 3
$ -

23,868

$ 23,868

$ -

55,583
$ 55,583		 Total









$ 63,482
$ 7,757

44,327
$ 52,084
Total












$ 23,868
$ 7,234

42,809
$ 50,043
Total




















$ 54

23,868
$ 23,922
$ 8,735

55,583
$ 64,318

39

There was no transfer between Level 1 and Level 2 fair value measurement from January 1 to March 31, 2021 and 2020.

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

January 1 to March 31 ,2021

January 1 to March 31 ,2021
Financial Assets
Balance on January 1
Additions
Recognized in other
comprehensive income
(included in unrealized gain
(loss) on financial assets at fair
value through other
comprehensive income)
Balance at March 31		 Financial Assets
at FVTPL
$ 23,868
39,614

-
$ 63,482		 Financial Assets
at FVTOCI
$ 42,809
-

1,518

$ 44,327		 Total






$ 66,677
39,614
1,518
$ 107,809

January 1 to March 31, 2020

January 1 to March 31, 2020
Financial Assets
Balance on January 1
Additions
Recognized in other
comprehensive income
(included in unrealized gain
(loss) on financial assets at fair
value through other
comprehensive income)
Balance at March 31		 Financial Assets
at FVTPL
$ -
23,868

-
$ 23,868		 Financial Assets
at FVTOCI
$ 59,660
-
(
4,077)

$ 55,583		 Total



(
(
 $ 59,660
23,868
4,077)
$ 79,451
  • 3) Valuation techniques and inputs of Level 2 fair value measurement

Category of Financial Instruments Valuation Technique and Inputs The derivative financial Discounted cash flow: Future cash flows are estimated instruments - forward based on end-of-period observable forward exchanges exchange contracts and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.

  • 4) Valuation techniques and inputs of Level 3 fair value measurement
Financial assets at
FVTPL
Non-derivative
financial assets
investment
Financialassets at
FVTOCI
Investments in
equity instruments		 Fair value
on March
31, 2021		 Valuation
Technique
Recent
investment
price
Comparable
companies
in the
market		 Significant
Unobserva
ble Input
-
P/B
Lack of
liquidity
discount
 Range
(Average
Weighted)
-
0.54-5.77
35		 Relationship
Between Inputs
and Fair Value
$63,482
44,327		 -
The higher the
multiple and
control premium,
the higher the fair
value

40

Fair Value
on December
31, 2020
Valuation
Technique
Financial assets at
FVTPL
Non-derivative
financial assets
investment
$23,868
Recent
investment
price
Financial assets at
FVTOCI
Investments in
equity instruments
42,809
Comparable
companies
in the
market
Fair value
on March
31, 2020
Valuation
Technique
Financial assets at
FVTPL
Non-derivative
financial assets
investment
$23,868
Recent
investment
price
Financial assets at
FVTOCI
Investments in
equity instruments
55,583
Comparable
companies
in the
market
Category of financial instruments
March 31, 2021

Financial Assets
Financial assets at FVTPL
Mandatorily classified as at
FVTPL
$ 63,482

Financial assets at amortized
cost (Note 1)
2,646,564
Financial assets at FVTOCI
52,084
Financial Liabilities
Financial liabilities at amortized
cost (Note 2)
3,966,935		 Valuation
Technique

Significant
Unobserva
ble Input
Range
(Average
Weighted)
Relationship
Between Inputs
and Fair Value
-
-
-
P/B
Lack of
liquidity
discount
0.54 to 4.43
35
The higher the
multiple and
control
premium, the
higher the fair
value
Significant
Unobserva
ble Input
Range
(Average
Weighted)
Relationship
Between Inputs
and Fair Value
-
-
-
P/B
Lack of
liquidity
discount
0.44 to 3.08
35
The higher the
multiple and
control
premium, the
higher the fair
value
December 31, 2020
March 31, 2020
$ 23,868
$ 23,922
3,434,931
3,308,832
50,043
64,318
4,973,824
4,515,031		 Significant
Unobserva
ble Input
Range
(Average
Weighted)
Relationship
Between Inputs
and Fair Value
-
-
-
P/B
Lack of
liquidity
discount
0.54 to 4.43
35
The higher the
multiple and
control
premium, the
higher the fair
value
Significant
Unobserva
ble Input
Range
(Average
Weighted)
Relationship
Between Inputs
and Fair Value
-
-
-
P/B
Lack of
liquidity
discount
0.44 to 3.08
35
The higher the
multiple and
control
premium, the
higher the fair
value
December 31, 2020
March 31, 2020
$ 23,868
$ 23,922
3,434,931
3,308,832
50,043
64,318
4,973,824
4,515,031		 Relationship
Between Inputs
and Fair Value
Recent
investment
price
Comparable
companies
in the
market
Valuation
Technique		 -
The higher the
multiple and
control
premium, the
higher the fair
value
Relationship
Between Inputs
and Fair Value
$ 23,922
3,308,832
64,318
4,515,031

c. Category of financial instruments

Note 1: The balance includes cash and cash equivalents, financial assets measured at

amortized cost, such as notes receivable, accounts receivable, accounts receivables

  • related parties, other receivables, restricted assets, and refundable deposits.

Note 2: The balance includes short-term borrowings, notes payable, acounts payable, accounts payables - related parties, other payables, long-term borrowings

41

(including those due within one year) and other financial liabilities measured at amortized cost.

  • d. Financial risk management objectives and policies

The Corporation’s day-to-day business activities may expose it to financial risks, including market risk (foreign exchange risk, interest rate risk and other price risk), credit risk, and liquidity risk. The Corporation’s overall risk management policy focuses on steady management and does not seek to minimize potential adverse effects on the Corporation’s financial position and financial performance. The Corporation does not use derivative financial instruments to hedge certain risk exposures.

  1. Market risk

The main financial risks borned by the Group are currency risks (refer to (a) below) and interest rates (refer to (b) below).

The Group’s exposure to market risks of financial instruments and its management and measurement of such exposure remain unchanged.

  • 1) Currency risk

  • The carrying amounts of the Corporation’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are set out in Note 35.

Sensitivity analysis

The Corporation is exposed mainly to exchange rate fluctuations of USD, RMB and JPY.

The sensitivity analysis included only outstanding foreign currency denominated monetary items and adjusts the translation at the end of the reporting period for a 1% change in foreign currency rates.

The positive amount in the table below indicates the amount that will reduce the profit before tax when NTD appreciates by 1% against the relevant currencies; when NTD depreciates by 1% against the relevant foreign currency, its impact on the profit before tax or interests will be a negative number of the same amount.

42

Effect on Profit or
Loss
USD
RMB
JPY		 January 1 to
March 31 ,2021
$ 1,688
577
314		 January 1 to
March 31, 2020
$ 328
679
196

In management’s opinion, sensitivity analysis was unrepresentative of the inherent foreign exchange risk. The exposure at the end of the reporting period did not reflect the exposure during the period because sales are seasonal.

2) Interest rate risk

The Corporation is exposed to interest rate risk because entities in the Corporation borrow funds at both fixed and floating interest rates.

The carrying amounts of financial assets and financial liabilities of the Corporation exposed to interest rate risk on the balance sheet date are as follows:

follows:
Fair value interest rate
risk
- Financial assets

- Financial liabilities
Cash flow interest rate
risk
- Financial assets
- Financial liabilities		 March 31, 2021
$ 17,000
59,793
995,665
2,754,021		 December 31,
2020
$ 176,488

65,494

1,471,026

3,469,143		 March 31, 2020
$ 19,000

73,100

1,263,204

3,171,389

Sensitivity analysis

The sensitivity analysis below was determined based on the Corporation’s exposure to interest rates for both derivative and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of each liability outstanding at the end of the reporting period is outstanding for the whole year.

If interest rate increases/decreases by 10 basis points, held other variables constant, the Corporation's income before tax will decrease/increase by NT$440 thousand and NT$475 thousand from January 1 to March 31, 2021 and 2020, respectively.

43

3) Other price risks

The Corporation was exposed to equity price risk through its investments in listed equity securities. Equity investments are held for strategic rather than trading purposes. The Corporation does not actively trade these investments. The Corporation adopts sensitivity analysis to measure the equity price risk.

Sensitivity analysis

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

If the equity price increased/decreased by 1%, other comprehensive income before tax of the period from January 1 to March 31, 2021 and 2020 would have increased/decreased by NT$521 thousand and NT$643 thousand due to a change in the fair value of financial assets at fair value through other comprehensive income.

  1. Credit risk

Credit risk refers to risk of the financial loss of the Corporation due to a counterparty's delay in performing contractual obligations. As at the end of the reporting period, the Corporation’s maximum exposure to credit risk which will cause a financial loss to the Corporation due to failure of counterparties to discharge an obligation could arise from the carrying amount of the respective recognized financial assets as stated in the consolidated balance sheets.

The accounts receivable of the Corporation cover a large number of customers and spread across different industries and geographical regions. The Corporation continuously evaluates the business and financial status of the customers and monitors the collection of accounts receivable.

The credit risk on liquid funds and derivatives was limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

  1. Liquidity risk

Cash flow forecasting is performed in the operating entities of the Corporation and aggregated by the Corporation’s finance department. The Corporation’s finance department monitors rolling forecasts of the Corporation’s liquidity requirements to ensure it has sufficient cash to meet

44

operational needs. Such forecasting takes into consideration the Corporation’s debt financing plans, covenant compliance, and compliance with internal balance sheet ratio targets.

  • 1) Table of liquidity of non-derivative financial liabilities and interest risk The following table details the Corporation’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Corporation can be required to pay.

March 31, 2021

Non-derivative financial
liabilities
Non-interest bearing
liabilities
Lease liabilities
Short-term loan
Long-term borrowings
(included current
portion)		 Less than
1 Year
$ 1,212,914
31,640
1,823,180
9,340
$ 3,077,074		 1to2 Years
$ -

22,758

-
818,537
$ 841,295		 2to 5 years
$ -

8,325

-
116,975
$ 125,300		 Above 5Years
$ -

121

-

-
$ 121		 Total


















$ 1,212,914

62,844

1,823,180
944,852
$ 4,043,790

December 31, 2020

Non-derivative financial
liabilities
Non-interest bearing
liabilities

Lease liabilities
Short-term loan
Long-term
borrowings
(included current
portion)


March 31, 2020		 Less than
1 Year
$ 1,504,681
31,970
2,540,067
20,092
$ 4,096,810		 1to2 Years
$ -

28,535

-
813,061
$ 841,596		 2to 5 years
$ -

8,943

-
118,115
$ 127,058		 Above 5Years
$ -

49

-

-
$ 49		 Total
















$ 1,504,681

69,497

2,540,067
951,268
$ 5,065,513
Non-derivative financial
liabilities
Non-interest bearing
liabilities
Lease liabilities
Short-term loan
Long-term
borrowings
(included current
portion)		 Less than
1 Year
$ 1,343,052
29,132
2,800,166
310,261
$ 4,482,611		 1to2 Years
$ 590

44,747

-
6,310
$ 51,647		 2to 5 years
$ -

463

-
100,583
$ 101,046		 Above 5Years
$ -

-

-

-
$ -		 Total


















$ 1,343,642

74,342

2,800,166
417,154
$ 4,635,304

45

2) Financing limit

Financing limit
Unsecured bank
overdraft limit
- Amount used

- Amount unused


Secured bank overdraft
limit
- Amount used

- Amount unused

 March 31, 2021
$ 1,970,860

2,697,122

$ 4,667,982

$ 783,161

476,314

$ 1,259,475
 December 31,
2020
$ 2,418,716

1,950,419

$ 4,369,135

$ 1,050,427

219,492

$ 1,269,919
 March 31, 2020















$ 2,236,414
2,323,679
$ 4,560,093
$ 934,975
408,170
$ 1,343,145

31. RELATED PARTIES TRANSACTIONS

Balances and transactions between the Corporation and its related parties have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Corporation and other related parties are disclosed below.

  • a. Related parties and their relations

Related Party Relationship with the Group Yung Zip Chemical Ind. Co., Ltd. Associates Y.S.P. Southeast Asia Holding Bhd. Associates Y.S.P. Industries (M) Sdn. Bhd. Associates Taiwan Way Chein Industrial Co., Ltd. Associates Fang-Chen Lee, Fang-Yu Lee, etc. Substantial related party Yung Shin Amusement Co., Ltd. Substantial related party

Related Party Relationship with the Group Yung Shin Social Welfare Foundation Substantial related party TienTe Lee Biomedical Foundation Substantial related party Yung Shin Elderly Nursing Home Substantial related party Bio-X Lab Co., Ltd. Substantial related party E & A Health Develop Co., Ltd. Substantial related party Yung Shin (Meishan) Forest Trading Co., Ltd. Substantial related party isRed Pharma & Biotech Research Co., Ltd. Substantial related party Wei-Chen Tang, etc. Substantial related party

(Continued on next page)

46

(Continued from previous page)

  • b. Operating revenue
Financial Statement
Account
Sales

 Relationship with the
Group
Associates

Substantial related party

 January 1 to
March31,2021
$ 25,730


42

$ 25,772
 January 1 to
March31,2020		 January 1 to
March31,2020




$ 50,543
2,186
$ 52,729

Except for the transaction with Y.S.P. Industries (M) Sdn. Bhd. that has no similar type of transactions to be compared with, the prices of other sales above are the same as the general sales. The collection terms to related parties are the same as those to third parties, which are 135 days after sale of goods.

c. Purchase goods

Purchase goods
Relationship with the Group
Associates
Substantial related party		 January 1 to March
31 ,2021
$ 13,296

-
$ 13,296		 January 1 to March
31, 2020




$ 31,940
722
$ 32,662

The aforementioned purchasing price of goods from related parties is based on regular commercial terms and conditions. The payment term is the same with regular suppliers which becomes due in 180 days.

  • d. Operating expenses
Operating expenses
Relationship with the Group
Associates
Substantial related party		 January 1 to March
31 ,2021
$ 410

1,571
$ 1,981		 January 1 to March
31, 2020




$ 3
1,012
$ 1,015

e. Contribution expenses (shown as operating expenses)

Relationship with the Group
Substantial related party		 January 1 to March
31 ,2021
$ 2,400		 January 1 to March
31, 2020		 January 1 to March
31, 2020
$ 2,400

f. Receivables from related parties

.
Receivables		 from related parties
Financial
Statement Ac-
count
Accounts
Receivable


 Relationship with the
Group		 March 31, 2021
$ 28,759

3,563

13


32,335
 December 31,
2020		 March 31, 2020
$ 50,472
2,266

49

52,787
Y.S.P. Industries (M)
Sdn. Bhd.
Associates
Substantial related party

$ 24,112
2,702
18
26,832		 $ 50,472
2,266
49
52,787

47

Other Receivables
Yung Shin (Meishan)
Forest Trading Co., Ltd.
Associates
Substantial related party

 11,333
182
77

11,592

$ 43,927
 11,333
75
19

11,427

$ 38,259
 11,333
956
42
12,331

$ 65,118
g.
Payable to related parties
Financial
Statement
Account
Relationship with the
Group
Accounts Payable
Yung Zip Chemical Ind.
Co., Ltd.
Associates
Substantial related party

Other Payables
TienTe Lee Biomedical
Foundation
isRed Pharma & Biotech
Research Co., Ltd.
Yung Shin Social Wel-
fare Foundation
Associates
Substantial related party

 g.
Payable to related parties
Financial
Statement
Account
Relationship with the
Group
Accounts Payable
Yung Zip Chemical Ind.
Co., Ltd.
Associates
Substantial related party

Other Payables
TienTe Lee Biomedical
Foundation
isRed Pharma & Biotech
Research Co., Ltd.
Yung Shin Social Wel-
fare Foundation
Associates
Substantial related party

 March 31, 2021
$ 25,066

614

-


25,680

1,800
1,430
600
-

9


3,839

$ 29,519
 December 31,
2020		 December 31,
2020		 March 31, 2020
$ 41,687
357

33

42,077
1,500
2,605
900
3

-

5,008
$ 47,085		 March 31, 2020
$ 41,687
357

33

42,077
1,500
2,605
900
3

-

5,008
$ 47,085
Yung Zip Chemical Ind.
Co., Ltd.
Associates
Substantial related party

TienTe Lee Biomedical
Foundation
isRed Pharma & Biotech
Research Co., Ltd.
Yung Shin Social Wel-
fare Foundation
Associates
Substantial related party




$ 19,186
144
711
20,041
1,000
-
-
104
-
1,104
$ 21,145		 $ 41,687
357
33
42,077
1,500
2,605
900
3
-
5,008
$ 47,085
  • h. Lease agreement

The Corporation leased out investment properties of land and buildings to associates and substantial related parties. The Corporation received fixed monthly lease payments according to rental rate for similar assets.

Relationship with the Group
Associates
Substantial related party		 January 1 to March
31 ,2021
$ 164

45
$ 209		 January 1 to March
31, 2020		 January 1 to March
31, 2020




$ 164
45
$ 209

i. Key management compensation

Key management compensation
Relationship with the Group
Short-term employee benefits
Post-employment benefits		 January 1 to March
31 ,2021
$ 3,755

1,327
$ 5,082		 January 1 to March
31, 2020




$ 3,755
1,313
$ 5,068

The compensation of directors and other key management personnel is determined by the Remuneration Committee based on individual performance.

48

32. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The following assets of the Corporation have been provided as collateral for certain short-term borrowings, long-term borrowings, performance guarantees and other credit accommodations:

accommodations:

Land

Buildings and structures
Refundable deposits
Restricted assets (classified as
other non-current assets)
 March 31, 2021
$ 608,243

352,215
50,788

4,000

$ 1,015,246
 December 31,
2020

$ 608,243

153,459
59,479

4,000

$ 825,181
 March 31, 2020






$ 608,243
163,429
110,931
4,000
$ 886,603

33. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

  • a. Capital expenditure contracted for at the balance sheet date but unrecognized is as follows:
follows:

Property, plant, and equip-
ment		 March 31, 2021
$ 58,444
 December 31,
2020

$ 63,055
 March 31, 2020
$ 92,530
  • b. The subsidiary, Yung Shin Pharm. Ind. Co., Ltd., appointed other biotechnology companies to authorize and transfer technology and research and development. Expenses that have not been recognized from signed contracts are as follows:

Authorization and transfer
of technology and
research and development		 March 31, 2021
$ 60,572
 December 31,
2020

$ 67,470
 March 31, 2020 March 31, 2020
$ 60,418

Except for aforementioned expenses, royalty to be paid in the future is based on an agreed upon percentage of product sales.

  • c. The Corporation preventively withdrew active pharmaceutical ingredients from the shelves since July 2018 to coordinate with Food and Drug Administration as the active pharmaceutical ingredients provided by Zhejiang Huahai Pharmaceutical Co., Ltd., which were used by the Corporation, suspiciously contained genotoxicity ingredients. As of May 12, 2021, there was no lawsuit related to this event.

49

34. OTHER MATTERS

The Corporation evaluated the economic impact caused by the COVID-19 pandemic, and as of the date of publication of the consolidated financial statements, there had been no significant impact on the Corporation. The Corporation will continue to observe the relevant pandemic situation and evaluate its impact.

  1. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES The Corporation significant financial assets and liabilities denominated in foreign currencies aggregated by foreign currencies other than the functional currencies and the related exchange rates between foreign currencies and respective functional currencies. Significant assets and liabilities denominated in foreign currencies are as follows: March 31, 2021
Assets denominated
in foreigncurrencies
Monetary items
USD

RMB

JPY


Non-monetary items
Investments accounted
for using the equity
method
MYR
 Foreign
Currency
$ 8,637


13,286


135,548





128,319
 Exchange Rate
28.54 (USD:NTD)

4.34 (RMB:NTD)
0.26 (JPY:NTD)




6.87 (MYR:NTD)
 Carrying
Amount



$ 246,457
57,693
34,931
$ 339,081
$ 881,678

(Continued on next page)

50

(Continued from previous page)

Foreign
Currency
Liabilities
denominated in
foreign currencies

Monetary items


USD
$ 2,723

JPY

13,512



December 31, 2020
Foreign
Currency
Assets denominated
in foreign curren-
cies
Monetary items
USD
$ 8,072

RMB

5,784

JPY

95,735



Non-monetary
items

Investments
accounted for
using the equity
method

MYR

127,445


Liabilities
denominated in
foreign
currencies

Monetary items


USD

2,821

JPY

1,396


 ExchangeRate


28.54 (USD:NTD)

0.26 (JPY:NTD)



Exchange Rate
28.48 (USD:NTD)

4.36 (RMB:NTD)
0.28 (JPY:NTD)




6.99 (MYR:NTD)



28.48 (USD:NTD)

0.28 (JPY:NTD)


 Carrying
Amount


$ 77,701
3,482
$ 81,183
Carrying
Amount

Assets denominated
in foreign curren-
cies
Monetary items
USD

RMB

JPY


Non-monetary
items

Investments
accounted for
using the equity
method
MYR


Liabilities
denominated in
foreign
currencies
Monetary items

USD

JPY






$ 229,891
25,246
26,452
$ 281,589
$ 891,417
$ 80,342
386
$ 80,728

51

March 31, 2020

Assets denominated
in foreign
currencies
Monetary items
USD

RMB

JPY


Non-monetary
items
Investments
accounted for
using the equity
method
MYR


Liabilities
denominated in
foreign
currencies
Monetary items

USD

JPY

 Foreign
Currency
$ 5,446


15,940


87,323





125,872


Foreign
Currency



$ 4,361


17,314


 Exchange Rate
30.23 (USD:NTD)

4.26 (RMB:NTD)
0.28 (JPY:NTD)




7.03 (MYR:NTD)

Exchange Rate


30.23 (USD:NTD)

0.28 (JPY:NTD)


 Carrying
Amount



$ 164,633
67,904
24,450
$ 256,987
$ 884,881
Carrying
Amount


$ 131,833
4,848
$ 136,681

From the years ended March 31, 2021 and 2020, the Corporation generated the currency exchange losses of NT$1,437 thousand and the currency exchange gains of NT$1,895 thousand. It is impractical to disclose net foreign exchange gains (losses) by each significant foreign currency due to the variety of the foreign currency transactions and functional currencies of the group entities.

  1. SEPARATELY DISCLOSED ITEMS

  2. a. Information on significant transactions

  3. b. Investees:

    • 1) Financing provided for others: None.

    • 2) Endorsements/guarantees provided for others: Table 1.

    • 3) Marketable securities held at the end of the period (excluding investments in subsidiaries, associates, and joint ventures): Table 2.

52

  • 4) Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of the paid-in capital: (None)

  • 5) Acquisition of property at costs of at least NT$300 million or 20% of the paid-in capital: (None)

  • 6) Disposal of property at prices of at least NT$300 million or 20% of the paid-in capital: (None)

  • 7) Purchases from or sales to related parties amounting to NT$100 million or 20% of the paid-in capital or more: None.

  • 8) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: None.

  • 9) Derivatives Trading: None

  • 10) Intercompany relationships and significant intercompany transactions: Table 3.

  • 11) Information on investee companies: Table 4.

  • c. Information on investments in Mainland China:

  • Information on invested companies in mainland China (name, main business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, investment income, carrying amount of investment at end of period, repatriations of investment income, and limit on the amount of investment in mainland China): Table 5.

  • 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:

    • (1) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the year: None.

    • (2) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the year: None.

    • (3) The amount of property transactions and the amount of the resultant gains or losses: None.

    • (4) The balances and purposes of negotiable endorsements/guarantees or collateral provided: Table 1.

    • (5) The maximum remaining balance, ending balance, range of interest rate and total amount of current interest of financing facilities: None.

53

(6) Other transactions that have a material effect on the profit or loss for the year or on the financial position, such as the rendering or receiving of services: None

  • d. Information on major shareholders: The name of major shareholders, number of shares, and percentage of ownership for those who holds 5% or more of ownership: None.

37. SEGMENT INFORMATION

Management has determined the reportable operating segments based on the reports reviewed by the chief operating decision maker that are used to make strategic decisions.

The chief operating decision maker considers the business from a geographic perspective, and divides reportable operating segments into four areas of business in Taiwan, USA, Mainland China and Japan. The Corporation derives its revenue primarily from the manufacturing and sale of pharmaceuticals and cosmetics.

Segment revenue and operation results

Segment revenue

Segment profit or loss

Interest income
Other income
Other gains and losses
Finance costs
Share of the profit of
associates and joint
ventures accounted for
under equity method
Net profit before tax
Depreciation and
amortization		 January January 1 to March 31 ,2021 1 to March 31 ,2021 1 to March 31 ,2021
Taiwan
$ 1,212,041

$ 189,021
 USA
$ 153,990

$ 9,500
 Mainland
China
$ 306,460

$ 1,269
 Japan
$ 106,341

$ 5,216





 Total




$ 1,778,832
$ 205,006
601
17,265
(
3,569 )
(
7,647 )

8,204
$ 219,860
$ 102,943
Segment revenue

Segment profit or loss

Interest income
Other income
Other gains and losses
Finance costs
Share of the profit of
associates and joint
ventures accounted for
under equity method
Net profit before tax
Depreciation and
amortization		 January January 1 to March 31, 2020 2020
Taiwan
$ 1,395,432

$ 267,575
 USA
$ 197,253

$ 14,003
 Mainland
China
$ 261,306

$ 9,361
 Japan
$ 130,867

$ 2,164





 Total




$ 1,984,858
$ 293,103
694
14,813
(
3,905 )
(
14,221 )

19,309
$ 309,793
$ 99,506

54

The measurement of inter-segment sales is based on market value.

Segment profit represents the profit earned by each segment without the allocation of interest income, other income, other gains and losses, finance costs, share of profit or loss of associates accounted for using the equity method. This was the measure reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance.

55

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

January 1 to March 31, 2021

Table 1

(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
for the Period		 Outstanding
Endorsement/
Guarantee at End
of the Period
(Note 5)		 Actual Amount
Used		 Amount
Endorsed/Guaranteed
by Collateral		 Ratio of Accumulated
Endorsement/
Guarantee to Net
Equity in Latest
Financial Statements		 Aggregate
Endorsement/
Guarantee
Limit
(Note 4)		 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		 Remarks
Name of Associate Relationship
(Note 2)
0
1		 YungShin Global
Holding
Corporation
Vetnostrum Animal
Health Co., Ltd.		 Chemix Inc.
Yung Shin
Pharmaceutical
Ind. (Kunshan)
Co., Ltd.
Carlsbad
Technology Inc.
Vetnostrum Animal
Health Co., Ltd.		 2
2
2
-		 $ 1,280,644
1,280,644
1,280,644
185,336		 $ 160,244

428,025

861,757

10,000		 $ 152,043

428,025

861,757

10,000		 $ 128,850

-

479,074

5,000		 $ -

-

-

-		 2.37%
6.68%
13.46%
1.08%		 $ 3,201,661
3,201,661
3,201,661
463,341		 Yes

Yes

Yes

No		 No
No
No
No		 No
Yes
No
No		 -
-
-
Note
6

Note 1: The numbers filled in for financing provided by the Corporation are described as follows:

  • (1) The Corporation is “0.”

  • (2) The subsidiaries are numbered in order starting from “1.”

  • Note 2: The relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories; the number of category in each case belongs to: (1) Having a business relationship.

  • (2) The endorser/guarantor parent company owns directly more than 50% voting shares of the endorsed/guaranteed subsidiary.

  • (3) The endorser/guarantor parent company and its subsidiaries jointly own more than 50% voting shares of the endorsed/guaranteed company.

Note 3: The upper limit for endorsement/guarantee cannot exceed 20% of the Corporation’s net worth for single business being endorsed.

Note 4: The upper limit for endorsement/guarantee cannot exceed 50% of the Corporation’s net worth for total outside party being endorsed/guaranteed.

Note 5: The outstanding endorsement/guarantee amounts are converted into New Taiwan dollars at the spot exchange rates prevailing on March 31, 2021.

Note 6: The letter of guarantee was provided to customs (Taipei customs, Customs Administration, Ministry of Finance) by the bank for the importation of goods.

56

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

March 31, 2021

Table 2

(In Thousands of New Taiwan Dollars)

Holding Company
Name		 Type and Name of Marketable
Securities		 Relationship with the
Holding Company		 Financial Statement Account March 31, 2021 March 31, 2021 March 31, 2021 Remarks
Number of
shares/units		 Carrying Amount Percentage of
Ownership (%)
Fair Value
(Note 1)
Chemix Inc.
Yung Shin
Pharmaceutical
Industrial Co., Ltd.
Angel Associates
(Taiwan), Inc.		 Stock - Sawai Pharmaceutical
Co., Ltd.
Stock - Ana Holding Inc.
Stock - Missioncare Co., Ltd.
Stock - Missioncare Asset
Management Co., Ltd.
Stock - Limited Liability
Fengyuan Medical Waste
Disposal Equipment Used
Cooperatives
Stock - International Green
Handle Co., Ltd.
Stock - YungShin Global
Holding Corporation		 None
None
None
None
None
None
Parent company		 Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current
Financial assets at fair value
through other comprehensive
income - non-current		 5,126
1,000
3,161,052
1,338,947
1,000
1,567
58,059		 $ 7,094
663
31,358
12,947
8
14
1,958		 -
-
2.17%
2.11%
0.07%
0.07%
0.02%		 $ 7,094
663
31,358
12,947
8
14
2,566		 -
-
-
-
-
-
Note 2

Note 1: The bases of the market value of listed shares were the closing price of listed shares, funds and net asset value as of March 31, 2021. Unlisted shares, emerging market shares and funds were measured by valuation techniques and inputs applied for Level 3 fair value. Refer to Note 30 for more details.

Note 2: The book value of this security was transferred to treasury stock.

57

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT TRANSACTIONS

January 1 to March 31, 2021

Table 3

(In Thousands of New Taiwan Dollars)

No.
(Note 1)		 Company Name Counterparty Relationship
(Note 2)		 Transaction Details (Notes 3 and 5) Transaction Details (Notes 3 and 5) Transaction Details (Notes 3 and 5)
Financial Statement Account Amount Payment Terms % to Total Revenue
or Assets
1
1
1		 Yung Shin Pharmaceutical Industrial
Co., Ltd.
Yung Shin Pharmaceutical Industrial
Co., Ltd.
Yung Shin Pharmaceutical Industrial
Co., Ltd.		 Vetnostrum Animal Health Co.,
Ltd.
Chemix Inc.
Vetnostrum Animal Health Co.,
Ltd.		 3
3
3		 Sales
Accounts receivable
Accounts receivable		 $ 36,906
12,925
59,801		 (Note 4)
(Note 4)
(Note 4)		 2%
-
1%

  • 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: The relationship between a company and its counterparty is classified into the following three categories, the number of category in each case belongs to:

  • (1) Parent company to subsidiary.

  • (2) Subsidiary to parent company.

  • (3) Subsidiary to subsidiary.

  • Note 3: Regarding the percentage of transaction amount to consolidated total operating revenue or total assets, it is computed based on period-end balance of transaction to consolidated total assets of balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues of income statement accounts.

  • Note 4: The transaction terms are comparable with those for third parties.

  • Note 5: A transaction is disclosed if it amounts to more than NT$10,000 thousand.

  • Note 6: The consolidated subsidiaries’ ending balances were excluded from the consolidation.

58

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES

January 1 to March 31, 2021

Table 4

(In Thousands of New Taiwan Dollars and Foreign Currencies)

Investor Company Investee Company Location Main Businesses and
Products		 Original Investment Amount Original Investment Amount As of March 31, 2021 As of March 31, 2021 As of March 31, 2021 Net Profit or Loss
of the Investee
(Note 1)		 Investment Profit or
Loss Recognized
for the Current Pe-
riod (Note 1)		 Remarks
March 31, 2021 December 31, 2020 Number of Shares Ratio Carrying Amount
(Note 1)
YungShin Global Holding
Corporation
Yung Shin Pharmaceutical
Industrial Co., Ltd.
Ysp International
Company Limited
Yung Shin China Holding
Co., Ltd.		 Yung Shin Pharmaceutical
Industrial Co., Ltd.
YSP International Company
Limited
Vetnostrum Animal Health Co.,
Ltd.
Chemix Inc.
Yung Zip Chemical Ind. Co., Ltd.
AnTec Biotech Co., Ltd.
Angel Associates (Taiwan), Inc.
Biotrust International Corporation
Ltd.
Yung Shin China Holding Co., Ltd.
Carlsbad Technology, Inc.
Y.S.P. Southeast Asia Holding Bhd.
Yung Shin Company Limited		 Taiwan
British Virgin
Islands
Taiwan
Japan
Taiwan
Taiwan
Taiwan
Taiwan
Cayman
Islands
USA
Malaysia
Hong Kong		 Manufacturing and
trading of medicine
and cosmetics
Trade, investment, and
other related
businesses
Manufacturing and
trading of medicine
Trading of medicine
Manufacturing and sales
of active
pharmaceutical
ingredients
Extraction,
manufacturing, and
sales of wood
products
Import/export trade
Biopharmaceutical
research and technical
services
Trade, investment, and
other related
businesses
Manufacturing and
trading of medicine
Biopharmaceutical
research and technical
services
Sales of medicine		 $ 4,151,196
1,208,096
1,254,603
JPY 880,000
≒
270,248
152,968
170,095
3,675
66,500
894,016
USD
27,015
≒
806,183
MYR 52,366
≒
500,615
HKD
7,720
≒
30,087		 $ 4,151,196
1,208,096
1,254,603
JPY 880,000
≒
270,248
152,968
170,095
3,675
66,500
894,016
USD
20,515
≒
621,193
MYR 52,366
≒
500,615
HKD
7,720
≒
30,087		 66,648,417
10,000
55,000,000
192
8,817,302
17,200,000
3,675
8,750,000
29,541,265
7,502,874
52,365,605
7,720		 100.00
100.00
100.00
100.00
20.81
100.00
73.50
35.00
89.81
74.13
37.20
96.50		 $ 3,450,865
1,841,433
1,255,628
344,588
165,071
52,668
9,662
196,307
748,965
212,303
881,678
45,792		 $ 133,959
15,520
26,893
(
JPY1,964)
≒(
526)
(
4,645 )
-
47
2,445
3,950
USD
270
≒
7,671
MYR
2,791
≒
19,277
(
HKD51)
≒(
187)		 $ 134,635

14,623
27,166
(
437 )

5
-
-
-

-
-
-
-		 Subsidiary
Subsidiary
Subsidiary
Subsidiary
Associates
(Note 3)
Subsidiary
Sub-subsidiary
(Note 4)
Associates
(Note 3)
Sub-subsidiary
(Note 4 and 6)
Sub-subsidiary
(Note 4 and 5)
Associates
(Note 3 and 4)
Sub-subsidiary
(Note 4)

Note 1: Net profit or loss of the investee amounts are converted at the average exchange rates for the three months ended March 31, 2021, other amounts are converted into New Taiwan dollars at the spot exchange rates prevailing at March 31, 2021. Note 2: Refer to Table 5 for the information on investee companies in the Mainland.

Note 3: The associate is a reinvestment accounted for using the equity method.

Note 4: Investment income (loss) is recognized through subsidiaries.

Note 5: The Corporation and Yung Zip Chemical Ind. Co., Ltd. hold a 74.13%% and 2.52% equity interest in CTI, respectively. The Corporation’s consolidated ownership in CTI is 74.65%.

Note 6: The Corporation and Yung Zip Chemical Ind. Co., Ltd. hold a 89.81% and 10.19% equity interest in Yung Shin China Holding Co., Ltd., respectively. The Corporation’s consolidated ownership in Yung Shin China Holding Co., Ltd. is 91.93%.

Note 7: The investment income from the invested companies, the long-term equity investments of the invested companies and the net equities of the invested companies were all eliminated during the preparation of the consolidated financial statements, except Yung Zip Chemical Ind. Co., Ltd., Biotrust International Corporation Ltd. and Y.S.P. Southeast Asia Holding Bhd.

59

YUNGSHIN GLOBAL HOLDING CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

January 1 to March 31, 2021

Table 5

(In Thousands of New Taiwan Dollars and Foreign Currencies)

Investee Company Main Businesses and
Products		 Main Businesses and
Products		 Paid-in Capital Method of
Investment
(Note 1)

Accumulated
Outward Remittance
for Investments from
Taiwan as of January
1, 2021

Accumulated
Outward Remittance
for Investments from
Taiwan as of January
1, 2021		 Investment Flows Investment Flows Accumulated
Outward
Remittance for
Investments from
Taiwan as of
March 31, 2021		 Accumulated
Outward
Remittance for
Investments from
Taiwan as of
March 31, 2021		 Net Income
(Loss) of the
Investee		 Percentage of
Ownership in
Direct or
Indirect
Investment		 Investment
Income (Loss)		 Carrying Amount
as of March 31,
2021
Accumulated
Repatriation of
Investment
Income as of
March 31, 2021		 Remar
ks



Outflow		 Inflow
Yung Shin
Pharmaceutical
Ind. (Kunshan)
Co., Ltd.
Shanghai Yung Zip
Pharmaceutical
Trading Co., Ltd.
Farmtec Research
Co., Ltd.
Globecare Trading
(Shanghai) Co.,
Ltd.
Jilin Perrit Biotech
Limited		 Production and sale of Western
medicine, finished
pharmaceuticals, APIs, and
chemical intermediates
International trade, trade
between companies in the
bonded zone, and trade
representation within the
bonded zone: Warehousing
and simple commercial
processing within the
bonded zone
Trading based on contracts for
technology and
pharmaceutical related
technology development,
patent rights, verification
registration, and clinical
regulatory appointments
Trading, wholesale and retail
of health products,
cosmetics, medicines,
human testing reagents, and
the aforesaid related raw
materials, semi-finished
products and production
equipment
Production of pharmaceutical
intermediates, production
and sales of active
pharmaceutical ingredients,
sales of chemical products,
and development and
service of chemical
technology and
biotechnology
RMB 126,271
≒
468,483
RMB
33,525
≒
121,120
RMB
17,087
≒
75,700
RMB
17,667
≒
78,844
RMB
36,668
≒
160,047		 2
2
2
2
3		 RMB
113,209
≒
409,904
USD
4,000
≒
121,120
-
-
-		 $ -
-
-
-
-		 $ -
-
-
-
-		 RMB 113,209
≒
409,904
USD
4,000
≒
121,120

-

-

-		 RMB
1,148
≒
5,023
(RMB
54)
≒(
237)
(RMB
6)
≒(
26)
RMB
-
≒(
2)
RMB
1,737
≒
7,603		 82.42%
91.93%
91.93%
70.04%
2.25%		 $ 4,140
(
218 )
(
24 )
(
1 )
171		 $ 614,482

86,857

4,593

11,687

12,328		 $ -

-

-

-

-		 Note 2
Note 2
Note 2
Note 3
Note 7
Accumulated Outward Remittance for
Investments in Mainland China as of
March 31, 2021 (Note 4)		 Investment Amounts Authorized by
Investment Commission, M.O.E.A. (Note 5)		 Upper Limit on the Amount of Investment
Stipulated by the Investment Commission,
M.O.E.A. (Note 6)
YungShin Global Holding Corporation $ 531,024 $ 835,790 $ 4,068,076

Note 1: Investment methods are classified into the following three categories, the number of category in each case belongs to:

  • (1) Directly invest in a company in mainland China.

  • (2) Invest in an existing company in the third area, which then invests in the investee in mainland China.

60

  • (3) Others.

  • Note 2: The Corporation and Yung Zip Chemical Ind. Co., Ltd. hold a 89.81% and 10.19% equity interest in YungShin China Holding Co., Ltd. respectively. The Corporation’s consolidated ownership in YungShin China Holding Co., Ltd. is 91.93%. YungShin China Holding Co., Ltd. hold a 89.66% equity interest in YungShin Pharmaceutical Ind. (KunShan) Co., Ltd. The group’s consolidated ownership in YungShin Pharmaceutical Ind. (KunShan) Co., Ltd. is 82.42%.

  • Note 3: The Corporation and Yung Zip Chemical Ind. Co., Ltd. hold a 89.81% and 10.19% equity interest in YungShin China Holding Co., Ltd., respectively. YungShin China Holding Co., Ltd. and Y.S.P. Southeast Asia Holding Bhd. (an investment accounted for using the equity method) hold a 60.00% and 40.00% equity interest in Globecare Trading Co., Ltd., respectively. The group’s consolidated ownership in Globecare Trading Co., Ltd. is 70.04%.

  • Note 4: The amount remitted from Taiwan was USD17,960 thousand.

  • Note 5: The approved investment amount by the Investment Commission amounting to US$29,290 thousand was converted at the spot exchange rate of 28.535 (NTD:USD) prevailing on March 31, 2021.

  • Note 6: Calculated in accordance with the “Rules on Review of Investment and Technology Cooperation in mainland China” of the Ministry of Economic Affairs (60% of net worth).

  • Note 7: The Group holds a 2.25% equity interest in Jilin Perrit Biotech Limited. As the Group has 2 of 5 directors of Jilin Perrit Biotech Limited, it has significant influence and is thus classified as an associate.

  • Note 8: The profit or loss of investments between investee companies, long-term equity investments, and the net equity of investee companies were all eliminated during the preparation of the consolidated financial statements, except for Jilin Perrit Biotech Limited.

61

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