~1~ CTCI CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT OF INDEPENDENT ACCOUNTANTS JUNE 30, 2019 AND 2018 ------------------------------------------------------------------------------------------------------------------------------------ For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail.
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CTCI CORPORATION AND SUBSIDIARIES · CTCI CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) (The balance sheets as of June 30,
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Components of other comprehensive income that will not be reclassified to
profit or loss
8311 Actuarial losses on defined benefit plans $ - - ( $ 19,951 ) - $ - - $ - - 8316 Unrealized gain or loss on valuation of financial assets at fair value through
other comprehensive income
6(3)
11,088 - ( 746 ) - 47,982 - 30,398 - 8320 Share of other comprehensive income of associates and joint ventures accounted
for using equity method
- - 572 - - - 1,079 - 8349 Income tax related to components of other comprehensive income that will not
be reclassified to profit or loss
6(29)
- - 19,379 - - - 19,379 - Components of other comprehensive income that will be reclassified to profit or
loss
8361 Cumulative translation differences of foreign operations ( 35,316 ) - 95,781 1 ( 11,345 ) - 47,228 - 8300 Total other comprehensive (loss) income for the period ( $ 24,228 ) - $ 95,035 1 $ 36,637 - $ 98,084 -
8500 Total comprehensive income for the period $ 376,475 3 $ 640,426 5 $ 781,007 3 $ 1,080,527 4
CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax $ 983,491 $ 1,294,176 Adjustments Adjustments to reconcile profit (loss) Gain on valuation of financial assets 6(25) ( 56,214 ) ( 26,136 ) Gain on reduction of capital of investments 6(25) ( 5,158 ) ( 64,420 ) Loss (gain) on disposal of property, plant and
equipment 6(25)
1,353 ( 66,798 ) Share of loss of associates and joint ventures
accounted for under equity method 6(7)
208,525 17,997 Depreciation 6(27) 282,881 179,778 Amortization 6(27) 74,638 77,765 Expected credit loss 12(2) 255 18,161 Interest income 6(24) ( 131,825 ) ( 107,931 ) Dividends income 6(23) ( 230 ) - Interest expense 6(26) 124,575 79,181 Compensation costs for employee stock options 6(28) 141,783 65,258 Changes in operating assets and liabilities Changes in operating assets Financial assets at fair value through profit or loss 166,790 356,191 Notes receivable ( 34,915 ) ( 93,782 ) Accounts receivable 4,377,315 1,227,302 Accounts receivable - related parties 447,298 10,346 Contract assets - current 5,982,512 2,052,307 Other receivables 108,907 72,002 Other receivables - related parties - 9,378 Inventories ( 113,081 ) 43,529 Prepayments ( 1,037,672 ) ( 982,128 ) Other current assets 208,887 8,088 Other non-current assets 84,690 115,957 Changes in operating liabilities Notes payable 3,441 1,155 Accounts payable ( 327,196 ) ( 3,268,147 ) Accounts payable - related parties ( 567,492 ) ( 52,988 ) Contract liabilities - current 276,228 ( 1,370,720 ) Other payables ( 931,800 ) ( 936,446 ) Other payables - related parties - ( 20 ) Other current liabilities ( 4,488,308 ) ( 3,715,087 ) Other non-current liabilities ( 363,273 ) ( 309,020 ) Cash inflow (outflow) generated from operations 5,416,405 ( 5,365,052 ) Interest received 130,758 114,732 Dividends received 63,685 72,063 Interest paid ( 126,758 ) ( 77,275 ) Income tax paid ( 386,692 ) ( 415,506 ) Net cash flows from (used in) operating activities 5,097,398 ( 5,671,038 )
(Continued)
CTCI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)
(UNAUDITED)
For the six-month periods ended June 30
Notes 2019 2018
The accompanying notes are an integral part of these consolidated financial statements.
~9~
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of financial assets at fair value
through other comprehensive income - current
$ 39,388 $ 202,556
Proceeds from disposal of financial assets at amortised
cost
297,428 89,693
Increase in investments accounted for under the equity
method
6(7)
- ( 27,500 )
Proceeds from disposal of investments accounted for
using equity method
224,494 -
Acquisition of property, plant and equipment 6(33) ( 2,209,867 ) ( 79,426 )
Proceeds from disposal of property, plant and equipment 2,569 226,388
Increase in prepayments for equipment ( 380,744 ) -
Increase in intangible assets ( 24,110 ) ( 12,826 )
Increase in refundable deposits ( 8,562 ) ( 993 )
Increase in other non-current assets ( 30,240 ) ( 30,583 )
Net cash flows from acquisition of subsidiaries ( 38,749 ) ( 49,440 )
Net cash flows (used in) from investing activities ( 2,128,393 ) 317,869
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) increase in short-term borrowings ( 3,018,217 ) 1,508,258
Increase in short-term notes and bills payable 250,913 -
Increase (decrease) in long-term borrowings 2,067,483 ( 172,200 )
Decrease in lease liabilities 6(9) ( 105,999 ) -
(Decrease) increase in deposits received (recognized in
other non-current liabilities)
( 71,267 ) 19,880
Proceeds from employee stock options exercised 1,678 30,334
Cash dividends paid 6(33) ( 137,017 ) ( 73,092 )
Increase in non-controlling interest - 4,100
Net cash flows (used in) from financing activities ( 1,012,426 ) 1,317,280
Net increase (decrease) in cash and cash equivalents 1,956,579 ( 4,035,889 )
Cash and cash equivalents at beginning of period 15,070,992 19,354,880
Cash and cash equivalents at end of period $ 17,027,571 $ 15,318,991
~10~
CTCI CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2019 AND 2018
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS,
EXCEPT AS OTHERWISE INDICATED)
(UNAUDITED)
1. HISTORY AND ORGANISATION
CTCI Corporation (the “Company”) was incorporated as a company limited by shares under the
provisions of the Company Law of the Republic of China on April 6, 1979 and commenced its operations
on May 1, 1979. The main business activities of the Company and its subsidiaries (collectively referred
herein as the “Group”) are the design, survey, construction and inspection of various engineering and
construction projects, plants, machinery and equipment and environmental protection projects. The
Company’s shares have been listed and traded on the Taiwan Stock Exchange since May 1993.
2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL
STATEMENTS AND PROCEDURES FOR AUTHORISATION
These consolidated financial statements were reported to the Board of Directors on August 2, 2019.
3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting
Standards (“IFRS”) as endorsed by the Financial Supervisory Commission (“FSC”)
New standards, interpretations and amendments endorsed by the FSC effective from 2019 are as
follows:
Except for the following, the above standards and interpretations have no significant impact to the
Group’s financial condition and financial performance based on the Group’s assessment.
New Standards, Interpretations and Amendments
Effective date by
International
Accounting
Standards Board
Amendments to IFRS 9, ‘Prepayment features with negative compensation’ January 1, 2019
IFRS 16, ‘Leases’ January 1, 2019
Amendments to IAS 19, ‘Plan amendment, curtailment or settlement’ January 1, 2019
Amendments to IAS 28, ‘Long-term interests in associates and joint ventures’ January 1, 2019
IFRIC 23, ‘Uncertainty over income tax treatments’ January 1, 2019
Annual improvements to IFRSs 2015-2017 cycle January 1, 2019
~11~
IFRS 16, ‘Leases’
A. IFRS 16, ‘Leases’, replaces IAS 17, ‘Leases’ and related interpretations and SICs. The standard
requires lessees to recognise a ‘right-of-use asset’ and a lease liability (except for those leases with
terms of 12 months or less and leases of low-value assets). The accounting stays the same for
lessors, which is to classify their leases as either finance leases or operating leases and account for
those two types of leases differently. IFRS 16 only requires enhanced disclosures to be provided
by lessors.
B. The Group has elected to apply IFRS 16 by not restating the comparative information (referred
herein as the ‘modified retrospective approach’) when applying “IFRSs” effective in 2019 as
endorsed by the FSC. Accordingly, the Group increased ‘right-of-use asset’ by $416,416 and
increased ‘lease liability’ by $416,416 with respect to the lease contracts of lessees on January 1,
2019.
C. The Group has used the following practical expedients permitted by the standard at the date of
initial application of IFRS 16:
(a) Reassessment as to whether a contract is, or contains, a lease is not required, instead, the
application of IFRS 16 depends on whether or not the contracts were previously identified as
leases applying IAS 17 and IFRIC 4.
(b) The use of a single discount rate to a portfolio of leases with reasonably similar characteristics.
(c) The accounting for operating leases whose period will end before December 31, 2019 as short-
term leases and accordingly, rent expense of $149,657 was recognized in the second quarter
of 2019.
(d) The exclusion of initial direct costs for the measurement of ‘right-of-use asset’.
(e) The use of hindsight in determining the lease term where the contract contains options to
extend or terminate the lease.
D. The Group calculated the present value of lease liabilities by using the weighted average
incremental borrowing interest rate of 0.68%.
E. The Group recognized lease liabilities which had previously been classified as ‘operating leases’
under the principles of IAS 17, ‘Leases’. The reconciliation between operating lease commitments
under IAS 17 measured at the present value of the remaining lease payments, discounted using
the lessee’s incremental borrowing rate and lease liabilities recognized as of January 1, 2019 is as
follows:
Operating lease commitments disclosed by applying IAS 17 as at
December 31, 2018 768,470$
Less: Short-term leases 20,952)(
Add/Less: Adjustments relating to changes in the index or rate
affecting variable lease payments 331,102)(
Total lease contracts amount recognised as lease liabilities by
applying IFRS 16 on January 1, 2019416,416$
~12~
(2) Effect of new issuances of or amendments to IFRSs as endorsed by the FSC but not yet adopted by
the Group
None.
(3) IFRSs issued by IASB but not yet endorsed by the FSC
New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as
endorsed by the FSC are as follows:
The above standards and interpretations have no significant impact to the Group’s financial condition
and financial performance based on the Group’s assessment.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted are consistent with Note 4 in the consolidated financial
statements for the year ended December 31, 2018, except for the compliance statement, basis of
preparation, basis of consolidation and additional policies as set out below. These policies have been
consistently applied to all the periods presented, unless otherwise stated.
(1) Compliance statement
A. The consolidated financial statements of the Group have been prepared in accordance with the
“Regulations Governing the Preparation of Financial Reports by Securities Issuers” and the
International Accounting Standard 34, ‘Interim financial reporting’ as endorsed by the FSC.
B. These consolidated financial statements are to be read in conjunction with the consolidated
financial statements for the year ended December 31, 2018.
(2) Basis of preparation
A. Except for the following items, the consolidated financial statements have been prepared under
the historical cost convention:
(a) Financial assets and financial liabilities (including derivative instruments) at fair value through
profit or loss.
(b) Financial assets at fair value through other comprehensive income.
New Standards, Interpretations and Amendments
Effective date by
International Accounting
Standards Board
Amendments to IAS 1 and IAS 8, ‘Disclosure Initiative-Definition of
Material’
January 1, 2020
Amendments to IFRS 3, ‘Definition of a business’ January 1, 2020
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets
between an investor and its associate or joint venture’
To be determined by
International Accounting
Standards Board
IFRS 17, ‘Insurance contracts’ January 1, 2021
~13~
(c) Defined benefit liabilities recognized based on the net amount of pension fund assets less
present value of defined benefit obligation.
B. The preparation of financial statements in conformity with IFRS, requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group’s accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements are disclosed in Note 5.
(3) Basis of consolidation
A. Basis for preparation of consolidated financial statements:
The basis for preparation of these consolidated financial statements is the same as that for the
preparation of the consolidated financial statements as of and for the year ended December 31,
2018.
B. Subsidiaries included in the consolidated financial statements:
Name of Investor Name of SubsidiaryMain Business
ActivitiesJune 30, 2019
December 31,
2018June 30, 2018 Description
CTCI Corp. CTCI Advanced
Systems Inc.
Design and
installation of
software
48.72 48.72 48.72 Note 1
CTCI Corp. CTCI Development
Corp.
Real estate and
leasing business
100.00 100.00 100.00 Note 2,3
CTCI Corp. CTCI Investment
Corp.
Investments 100.00 100.00 100.00 Note 3
CTCI Corp.
CTCI Investment
Corp.
CTCI Smart
Engineering Corp.
Planning and
design of
construction
projects
97.09 97.09 97.09 Note 3
CTCI Corp.
CTCI Development
Corp.
CTCI Resources
Engineering Inc.
Planning, design
and
supervision of
mechanical and
electrical
engineering
projects
99.06 99.06 99.06 Note 3
CTCI Corp. CTCI Americas,
Inc.
Business
development and
related engineering
services and
planning
100.00 100.00 100.00 Note 3
CTCI Corp. CTCI Singapore Pte.
Ltd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
Ownership (%)
~14~
Name of Investor Name of SubsidiaryMain Business
ActivitiesJune 30, 2019
December 31,
2018June 30, 2018 Description
CTCI Investment
Corp.
CTCI Development
Corp.
ECOVE Environment
Services Corp.
CTCI Smart
Engineering Corp.
CTCI Resources
Engineering Inc.
CTCI Chemical
Corp.
Manufacturing of
chemical products
75.49 75.49 75.49 Note 3
CTCI Corp.
CTCI Investment
Corp.
CTCI Development
Corp.
ECOVE
Environment Corp.
Investments 57.72 57.72 57.72
ECOVE Environment
Corp.
ECOVE Wujih
Energy Corp.
Environmental
engineering
100.00 98.00 98.00 Note 8
ECOVE Environment
Services Corp.
- 2.00 2.00
ECOVE Environment
Corp.
ECOVE Waste
Management Corp.
Environmental
engineering
100.00 100.00 100.00
ECOVE Environment
Corp.
ECOVE Waste
Management Corp.
ECOVE
Environment
Services Corp.
Environmental
engineering
93.16 93.16 93.16
ECOVE Environment
Corp.
ECOVE Environment
Services Corp.
ECOVE Miaoli
Energy Corp.
Environmental
engineering
75.00 75.00 75.00
ECOVE Environment
Corp.
Yuan Ding
Resources
Management Corp.
Environmental
engineering
100.00 60.00 60.00
ECOVE Waste
Management Corp.
- 40.00 40.00
ECOVE Environment
Services Corp.
ECOVE
Environment
Consulting Corp.
Environmental
engineering
100.00 100.00 100.00 Note 3
CTCI Corp.
ECOVE Environment
Services Corp.
SINOGAL-Waste
Services CO., Ltd.
Environmental
engineering
60.00 60.00 60.00 Note 3
CTCI Corp. CTCI Overseas
(BVI) Corp.
Investments 100.00 100.00 100.00 Note 3
CTCI Overseas (BVI)
Corp.
CTCI Overseas Co.,
Ltd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
Ownership (%)
Note 3, 8
~15~
Name of Investor Name of SubsidiaryMain Business
ActivitiesJune 30, 2019
December 31,
2018June 30, 2018 Description
CTCI Overseas Co.,
Ltd.
CTCI Beijing Co.,
Ltd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Overseas Co.,
Ltd.
CIMAS Engineering
Company
Planning and
design of
construction
projects
83.00 50.00 50.00 Note 3,7
CTCI Overseas Co.,
Ltd.
Universal
Engineering (BVI)
Corp.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Overseas Co.,
Ltd.
CIPEC Construction
Company Inc.
Planning and
design of
construction
projects
39.89 39.89 39.89 Note 1,3
CTCI Overseas Co.,
Ltd.
CINDA Engineering
& Construction
Private Limited
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Corp.
CTCI Overseas Co.,
Ltd.
CTCI Arabia Ltd. Design and
construction of
chemical factories
100.00 100.00 100.00 Note 3
CTCI Smart
Engineering
Corp.
CTCI Overseas Co.,
Ltd.
CTCI Shanghai Co.,
Ltd.
Consulting services
for construction
projects
- - 100.00 Note 3,6
CTCI Beijing Co.,
Ltd.
CTCI Shanghai Co.,
Ltd.
Consulting services
for construction
projects
100.00 100.00 - Note 3,6
CTCI Shanghai Co.,
Ltd.
CTCI Trading
Shanghai Co., Ltd.
General trade 100.00 100.00 100.00 Note 3,6
CTCI Corp.
CTCI Overseas Co.,
Ltd.
CTCI Engineering
& Construction
Sdn. Bhd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Overseas Co.,
Ltd.
Sumber Mampu
Sdn. Bhd.
Investments 10.00 10.00 10.00 Note 1, 3
Ownership (%)
~16~
Name of Investor Name of SubsidiaryMain Business
ActivitiesJune 30, 2019
December 31,
2018June 30, 2018 Description
Sumber Mampu Sdn.
Bhd.
CTCI Engineering &
Construction Sdn.
Bhd.
CTCI Corp.
Superiority
(Thailand) Co., Ltd.
CTCI (Thailand)
Co., Ltd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Advanced
Systems Inc.
Century Ahead Ltd. Investments 100.00 100.00 100.00 Note 3
Century Ahead Ltd. CTCI Advanced
Systems Shanghai
Inc.
Computer skills
services
100.00 100.00 100.00 Note 3
Universal
Engineering (BVI)
Corp.
Superiority
(Thailand) Co., Ltd.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Corp. CTCI Machinery
Corp.
Planning and
design of
construction
projects
100.00 100.00 100.00 Note 3
CTCI Corp. CCJV P1
Engineering &
Construction Sdn.
Bhd.
Planning of
construction
projects
99.00 99.00 99.00 Note 3
CTCI Development
Corporation
Crown Asia-2
Investment Limited
Investments 100.00 100.00 100.00 Note 3
CTCI Singapore Pte.
Ltd.
CTCI Netherlands
B.V.
Engineers and
other technical
design and
consultancy
100.00 100.00 100.00 Note 3
CTCI Corp. CTCI-HDEC
(Chungli)
Corporation.
Waste water
treatment
Sewerage System
51.00 51.00 51.00 Note 3
CTCI Corp. CTCI CMCE JV
SDN. BHD.
Planning and
design of
construction
projects
51.00 51.00 51.00 Note 3
ECOVE Environment
Corp.
ECOVE Environment
Services Corp.
ECOVE Solvent
Recycling
Corporation
Environmental
engineering
90.00 90.00 90.00 Note 3,4
ECOVE Environment
Corp.
ECOVE Solar
Energy Corporation
Electric Power
Supply
100.00 100.00 50.00 Note 5
CTCI MALAYSIA
Sdn. Bhd.
Planning and
design of
construction
projects
Note 3
Ownership (%)
100.00 100.00 100.00
~17~
Note 1: Being the Company’s controlled entities, these subsidiaries that were under 50% owned
by the Company directly or indirectly were included in the consolidated financial
statements.
Note 2: On December 12, 2018, the Company's Board of Directors decided to increase its share
in the subsidiary, CTCI Development Corp., with a total investment amount of
$1,800,000. As of June 30, 2019 and December 31, 2018, the Company has invested
$180,000.
Note 3: The financial statements of the entity as of and for the six-month periods ended June 30,
2019 and 2018 were not reviewed by the independent accountants as the entity did not
meet the definition of significant subsidiary.
Note 4: In May 2018, the subsidiaries, ECOVE Environment Corp. and ECOVE Environment
Services Corp., acquired ECOVE Solvent Recycling Corp. by cash, which became a
subsidiary whose 90% equity was indirectly held by the Company. The acquiree was
consolidated into the financial statements effective from the date of acquisition.
Note 5: The subsidiary, ECOVE Environment Corp.,which originally held 50% of the equity of
ECOVE Solar Energy Corporation, acquired the remaining shares of ECOVE Solar
Energy Corporation by cash in September 2018, and became a subsidiary whose 100%
equity was indirectly held by the Group. The acquiree was consolidated into the financial
statements effective from the date of acquisition.
Note 6: In August 2018, the subsidiary, CTCI Beijing Co., Ltd, acquired a 100% equity interest
of the subsidiaries, CTCI Smart Engineering Corp. and CTCI Overseas Co., Ltd., by cash
and shares.
Note 7: In March 2019, CTCI Overseas Co., Ltd. purchased 646 thousand shares of CIMAS
Engineering Company and obtained 33% of the shares.
Note 8: In May 2019, the Group implemented an organisational restructuring. ECOVE
Environment Services Corp. and ECOVE Waste Management Corp. sold its originally
held 2% equity interest of ECOVE Wujih Energy Corp. and 40% equity interest of Yuan
Ding Resources Management Corp. to ECOVE Environment Corp.
Name of Investor Name of SubsidiaryMain Business
ActivitiesJune 30, 2019
December 31,
2018June 30, 2018 Description
ECOVE Solar Energy
Corporation
ECOVE Solar
Power Corporation
Electric Power
Supply
100.00 100.00 - Note 3,5
ECOVE Solar Energy
Corporation
ECOVE Central
Corporation Ltd.
Electric Power
Supply
100.00 100.00 - Note 3,5
ECOVE Solar Energy
Corporation
ECOVE South
Corporation Ltd.
Electric Power
Supply
100.00 100.00 - Note 3,5
ECOVE Solar Energy
Corporation
G.D International,
LLC.
Electric Power
Supply
100.00 100.00 - Note 3,5
G.D International,
LLC.
Lumberton Solar
W2-090, LCC.
Electric Power
Supply
100.00 100.00 - Note 3,5
Ownership (%)
~18~
C. Subsidiaries not included in the consolidated financial statements: None.
D. Adjustments for subsidiaries with different balance sheet date: None.
E. Significant restrictions: None.
F. Subsidiaries that have non-controlling interests that are material to the Group:
As of June 30, 2019, December 31, 2018 and June 30, 2018, the non-controlling interest amounted
to $2,906,067, $3,167,430 and $2,929,152, respectively. The information on non-controlling
interest and respective subsidiaries is as follows:
Summarized financial information of the subsidiaries:
Balance sheets
Statements of comprehensive income
Name of subsidiary
Principal place
of business Amount Ownership (%) Amount Ownership (%) Amount Ownership (%)
(4) Reconciliation information of segmental income
Intra-segment sales are of arm’s length transactions. The measurement of external revenues reported
to the Board of Directors is consistent with revenues in the statement of comprehensive income. The
reconciliation information of income from continuing operations before income tax and segmental
income is as follows:
2019 2018
Segmental income 966,037$ 1,087,975$
Adjustment and elimination 6,076 12,238
Share of loss of associates and
joint ventures accounted for using equity
method 208,525)( 17,997)(
Interest income 131,825 107,931
Foreign exchange gain 116,729 35,208
Finance costs 124,575)( 79,181)(
Others 95,924 148,002
Income from continuing operations before
income tax 983,491$ 1,294,176$
For the six-month periods ended June 30,
Item Value
0 CTCI Corp. CTCI
Engineering &
Construction
Sdn. Bhd.
Other
receivables
Yes 1,105,930$ 1,086,960$ -$ - 2 - For
operational
need
-$ - -$ 3,271,505$ 6,543,011$ -
0 CTCI Corp. CTCI
Machinery
Corp.
Other
receivables
Yes 650,000 650,000 632,000 1.01% 2 - For
operational
need
- - - 3,271,505 6,543,011 -
0 CTCI Corp. CTCI Arabia
Ltd.
Other
receivables
Yes 1,485,106 1,459,632 1,372,986 2.311%
~2.799%
2 - For
operational
need
- - - 3,271,505 6,543,011 -
0 CTCI Corp. CTCI
Singapore
Pte. Ltd.
Other
receivables
Yes 1,421,910 1,397,520 1,384,527 2.684%
~2.799%
2 - For
operational
need
- - - 3,271,505 6,543,011 -
0 CTCI Corp. CTCI Smart
Engineering
Corp.
Other
receivables
Yes 500,000 500,000 363,000 1.01% 2 - For
operational
need
- - - 3,271,505 6,543,011 -
0 CTCI Corp. CTCI
(Thailand)
Co., Ltd.
Other
receivables
Yes 800,000 800,000 716,248 1.01% 2 - For
operational
need
- - - 3,271,505 6,543,011 -
0 CTCI Corp. CIPEC
Construction
Inc.
Other
receivables
Yes 631,960 621,120 - - 2 - For
operational
need
- - - 3,271,505 6,543,011 -
1 CTCI
Advanced
System Inc.
CTCI Corp. Other
receivables
Yes 45,000 45,000 - - 2 - For
operational
need
- - - 53,442 213,769 -
2 CTCI
Overseas
Co., Ltd.
Superiority
(Thailand)
Co., Ltd.
Other
receivables
Yes 71,803 71,803 71,803 2.520% 2 - For
operational
need
- - - 695,882 695,882 -
Allowance
for
doubtful
accounts
Collateral
Limit on loans
granted to
a single party
(Note 7)
Ceiling on
total loans
granted
(Note 7) Footnote
Reason
for short-term
financing
(Note 6)
No.
(Note 1) Creditor Borrower
General
ledger
account
(Note 2)
Is a
related
party
Maximum
outstanding
balance during
six-month
period ended
June 30, 2019
(Note 3)
Balance at
June 30, 2019
(Note 8)
Actual amount
drawn down
Interest
rate
Nature of
loan
(Note 4)
Amount of
transactions
with the
borrower
(Note 5)
CTCI Corporation and its subsidiaries
Loans to others
For the six-month period ended June 30, 2019
Table 1 Expressed in thousands of NTD
(Except as otherwise indicated)
Table 1 Page 1
Item Value
Allowance
for
doubtful
accounts
Collateral
Limit on loans
granted to
a single party
(Note 7)
Ceiling on
total loans
granted
(Note 7) Footnote
Reason
for short-term
financing
(Note 6)
No.
(Note 1) Creditor Borrower
General
ledger
account
(Note 2)
Is a
related
party
Maximum
outstanding
balance during
six-month
period ended
June 30, 2019
(Note 3)
Balance at
June 30, 2019
(Note 8)
Actual amount
drawn down
Interest
rate
Nature of
loan
(Note 4)
Amount of
transactions
with the
borrower
(Note 5)
2 CTCI
Overseas
Co., Ltd.
CIPEC
Construction
Inc.
Other
receivables
Yes 312,472$ 21,491$ 21,480$ 2.625% 2 - For
operational
need
-$ - -$ 695,882$ 695,882$ -
2 CTCI
Overseas
Co., Ltd.
CTCI CMCE
JV SDN.
BHD.
Other
receivables
Yes 37,704 21,739 9,006 3.751% 2 - For
operational
need
- - - 695,882 695,882 -
2 CTCI
Overseas
Co., Ltd.
CTCI
Americas
Inc.
Other
receivables
Yes 129,552 127,330 127,330 2.333%
~2.604%
2 - For
operational
need
- - - 695,882 695,882 -
2 CTCI
Overseas
Co., Ltd.
CCJV P1
Engineering
& Construction
Sdn. Bhd.
Other
receivables
Yes 432,558 357,144 357,144 2.581%
~2.644%
2 - For
operational
need
- - - 695,882 695,882 -
3 CTCI
Overseas
(BVI) Corp.
CIPEC
Construction
Inc.
Other
receivables
Yes 20,811 - - - 2 - For
operational
need
- - - 698,646 698,646 -
4 ECOVE
Environment
Corp.
CTCI Solar
Energy
Corporation
Other
receivables
Yes 200,000 200,000 200,000 1.01% 2 - For
operational
need
- - - 457,868 1,831,470 -
5 ECOVE
Environment
Services
Corp.
ECOVE Solvent
Recycling
Corporation
Other
receivables
Yes 70,000 70,000 55,000 1.01% 2 - For
operational
need
- - - 63,659 254,637 -
5 ECOVE
Environment
Services
Corp.
ECOVE Miaoli
Energy Corp.
Other
receivables
Yes 70,000 70,000 - - 2 - For
operational
need
- - - 63,659 254,637 -
5 ECOVE
Environment
Services
Corp.
CTCI
Machinery
Corp.
Other
receivables
Yes 35,000 30,000 - - 2 - For
operational
need
- - - 63,659 254,637 -
5 ECOVE
Environment
Services
Corp.
CTCI Resources
Engineering
Inc.
Other
receivables
Yes 35,000 - - - 2 - For
operational
need
- - - 63,659 254,637 -
Table 1 Page 2
Item Value
Allowance
for
doubtful
accounts
Collateral
Limit on loans
granted to
a single party
(Note 7)
Ceiling on
total loans
granted
(Note 7) Footnote
Reason
for short-term
financing
(Note 6)
No.
(Note 1) Creditor Borrower
General
ledger
account
(Note 2)
Is a
related
party
Maximum
outstanding
balance during
six-month
period ended
June 30, 2019
(Note 3)
Balance at
June 30, 2019
(Note 8)
Actual amount
drawn down
Interest
rate
Nature of
loan
(Note 4)
Amount of
transactions
with the
borrower
(Note 5)
5 ECOVE
Environment
Services
Corp.
CTCI Corp. Other
receivables
Yes 70,000$ 30,000$ -$ - 2 - For
operational
need
-$ - -$ 63,659$ 254,637$ -
5 ECOVE
Environment
Services
Corp.
CTCI Smart
Engineering
Corp.
Other
receivables
Yes 70,000 30,000 - - 2 - For
operational
need
- - - 63,659 254,637 -
6 CTCI Solar
Energy
Corporation
ECOVE
Central
Corporation
Ltd.
Other
receivables
Yes 17,000 17,000 - - 2 - For
operational
need
- - - 287,539 287,539 -
6 CTCI Solar
Energy
Corporation
ECOVE South
Corporation
Ltd.
Other
receivables
Yes 14,000 14,000 14,000 1.71% 2 - For
operational
need
- - - 287,539 287,539 -
6 CTCI Solar
Energy
Corporation
ECOVE Solar
Power
Corporation
Other
receivables
Yes 200,000 156,000 28,000 1.71% 2 - For
operational
need
- - - 287,539 287,539 -
7 ECOVE
Waste
Management
Corp.
CTCI
Machinery
Corp.
Other
receivables
Yes 7,000 7,000 - - 2 - For
operational
need
- - - 6,786 27,144 -
7 ECOVE
Waste
Management
Corp.
CTCI Smart
Engineering
Corp.
Other
receivables
Yes 7,000 7,000 - - 2 - For
operational
need
- - - 6,786 27,144 -
8 CTCI Beijing
Co., Ltd.
CTCI Shanghai
Co., Ltd.
Other
receivables
Yes 275,922 271,080 - - 2 - For
operational
need
- - - 707,341 707,341 -
Table 1 Page 3
Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Fill in the name of account in which the loans are recognised, such as receivables-related parties, current account with stockholders, prepayments, temporary payments, etc.
Note 3: Fill in the maximum outstanding balance of loans to others during the six-month period ended June 30, 2018
Note 4:.The numbers filled in for the nature of loans are as follows:
(1) Business association is labeled as “1”
(2) Short-term financing is labeled as “2”.
Note 5: Fill in the amount of business transactions when nature of the loan is related to business transactions, which is the amount of business transactions occurred between the creditor and borrower in the current year.
Note 6: Fill in purpose of loan when nature of loan belongs to short-term financing, for example, repayment of loan, acquisition of equipment, working capital, etc.
Note 7: The calculation and amount on ceiling of loans are as follows:
[The company]
(1) The limit on loans granted to a single party shall not exceed 20% of the Company's net assets value.
(2) The ceiling on total loans shall not exceed 40% of the Company's net assets value.
[Domestic subsidiaries and overseas subsidiaries]
(1) The limit on loans granted to a single party by domestic subsidiaries and overseas subsidiaries shall not exceed 10% and 40% of the Company's net value, respectively.
(2) The ceiling on total loans shall not exceed 40% of the Company's net assets value.
Note 8: The amounts of funds to be loaned to others which have been approved by the board of directors of a public company in accordance with Article 14, Item 1 of the “Regulations Govering Loaning of Funds and Making
of Endorsements/Guarantees by public Companies” should be included in its published balance of loans to others at the end of the reporting period to reveal the risk of loaning the public company bears , even though they
have not yet been appropriated. However, this balance should excluded the loans repaid when repayments are done subsequently to reflect the risk adjustment. In addition, if the board of directors of a public company has
authorised the chairman to loan funds in instalments or in revolving within certain lines and within one year in accordance with Article 14, Item 2,of the “Regulations Governing Loaning of Funds and Making of Endorsements/
Guarantees by Public Companies”, the published balance of loans to others at the end of the reporting period should also include these lines of loaning approved by the board of directors , and these lines of loaning should not be
excluded from this balance even though the loans are repaid subsequently, for taking into consideration they could be loaned again thereafter.
Table 1 Page 4
Company name
Relationship
with the
endorser/
guarantor
(Note 2)
0 CTCI Corp. Universal Engineering
(BVI) Corporation
2 49,072,581$ 31,598$ 31,056$ -$ -$ 0.19% 98,145,162$ Y N N -
0 CTCI Corp. CTCI Machinery Corp. 2 49,072,581 4,836,207 4,835,482 4,486,444 - 29.56% 98,145,162 Y N N -
0 CTCI Corp. CTCI Development Corp. 2 49,072,581 500,000 500,000 - - 3.06% 98,145,162 Y N N -
0 CTCI Corp. CTCI Americas, Inc. 2 49,072,581 1,441,912 1,417,179 120,625 - 8.66% 98,145,162 Y N N -
0 CTCI Corp. CTCI Engineering &
Construction Sdn. Bhd.
2 49,072,581 1,857,034 1,844,146 1,409,362 - 11.27% 98,145,162 Y N N -
0 CTCI Corp. CTCI Singapore Pte. Ltd. 2 49,072,581 2,518,062 2,481,908 164,559 - 15.17% 98,145,162 Y N N -
0 CTCI Corp. CINDA Engineering &
Construction Pvt. Ltd.
2 49,072,581 3,095,856 3,072,010 1,472,556 - 18.78% 98,145,162 Y N N -
0 CTCI Corp. CTCI Arabia Ltd. 2 49,072,581 3,797,435 3,640,956 2,004,783 - 22.26% 98,145,162 Y N N -
0 CTCI Corp. CTCI Overseas Co., Ltd. 2 49,072,581 4,956,543 4,872,910 1,414,508 - 29.79% 98,145,162 Y N N -
0 CTCI Corp. CTCI Trading
Shanghai Co., Ltd.
2 49,072,581 161,239 86,957 - - 0.53% 98,145,162 Y N Y -
0 CTCI Corp. CTCI Shanghai Co., Ltd. 2 49,072,581 1,035,737 1,035,737 233,943 - 6.33% 98,145,162 Y N Y -
0 CTCI Corp. CTCI Beijing Co., Ltd. 2 49,072,581 1,096,232 1,078,662 567,542 - 6.59% 98,145,162 Y N Y -
0 CTCI Corp. CCJV P1 E&C Sdn. Bhd. 2 49,072,581 1,248,121 1,226,712 280,975 - 7.50% 98,145,162 Y N N -
0 CTCI Corp. CTCI Smart Engineering
Corp.
2 49,072,581 29,623 29,115 - - 0.18% 98,145,162 Y N N -
Amount of
endorsements/
guarantees
secured with
collateral
Ratio of
accumulated
endorsement/
guarantee amount
to net asset value
of the endorser/
guarantor
company
Ceiling on
total amount of
endorsements/
guarantees provided
(Note 3)
Provision of
endorsements/
guarantees by
parent
company to
subsidiary
(Note 7)
Provision of
endorsements/
guarantees by
subsidiary to
parent
company
(Note 7)
Outstanding
endorsement/
guarantees
amount at
June 30, 2019
(Note 5)
CTCI Corporation and its subsidiaries
Provision of endorsements and guarantees to others
For the six-month period ended June 30, 2019
Table 2 Expressed in thousands of NTD
(Except as otherwise indicated)
Number
(Note 1)
Endorser/
guarantor
Party being
endorsed/guaranteedLimit on
endorsements/
guarantees
provided for
a single party
(Note 3)
Maximum
outstanding
endorsement/
guarantee
amount as of
June 30, 2019
(Note 4)
Provision of
endorsement
s/guarantees
to the party
in Mainland
China
(Note 7) Footnote
Actual amount
drawn down
(Note 6)
Table 2 Page 1
Company name
Relationship
with the
endorser/
guarantor
(Note 2)
Amount of
endorsements/
guarantees
secured with
collateral
Ratio of
accumulated
endorsement/
guarantee amount
to net asset value
of the endorser/
guarantor
company
Ceiling on
total amount of
endorsements/
guarantees provided
(Note 3)
Provision of
endorsements/
guarantees by
parent
company to
subsidiary
(Note 7)
Provision of
endorsements/
guarantees by
subsidiary to
parent
company
(Note 7)
Outstanding
endorsement/
guarantees
amount at
June 30, 2019
(Note 5)
Number
(Note 1)
Endorser/
guarantor
Party being
endorsed/guaranteedLimit on
endorsements/
guarantees
provided for
a single party
(Note 3)
Maximum
outstanding
endorsement/
guarantee
amount as of
June 30, 2019
(Note 4)
Provision of
endorsement
s/guarantees
to the party
in Mainland
China
(Note 7) Footnote
Actual amount
drawn down
(Note 6)
0 CTCI Corp. CTCI (Thailand) Co.,
Ltd.
2 49,072,581$ 1,980,826$ 1,980,826$ 445,602$ -$ 12.11% 98,145,162$ Y N N -
0 CTCI Corp. CTCI Chemical Corp. 2 49,072,581 20,144 19,798 12,096 - 0.12% 98,145,162 Y N N -
0 CTCI Corp. CTCI-HDEC (Chungli)
Corporation
6 49,072,581 102,000 102,000 102,000 - 0.62% 98,145,162 Y N N -
0 CTCI Corp. CB&I-CTCI B.V. 6 49,072,581 6,695,578 6,580,729 6,580,729 - 40.23% 98,145,162 N N N -
0 CTCI Corp. Blue Whale Water
Technology Co., Ltd.
6 49,072,581 769,300 769,300 673,260 - 4.70% 98,145,162 N N N -
0 CTCI Corp. HDEC-CTCI (Linhai)
Corporation
6 49,072,581 1,215,000 1,215,000 180,000 - 7.43% 98,145,162 N N N -
0 CTCI Corp. CIPEC Construction Inc. 2 49,072,581 527,099 525,520 318,982 - 3.21% 98,145,162 Y N N -
0 CTCI Corp. EVER ECOVE Corp. 6 49,072,581 1,102,500 1,102,500 87,500 - 6.74% 98,145,162 N N N -
0 CTCI Corp. CTCI Malaysia Sdn. Bhd. 2 49,072,581 853,146 838,512 15,747 - 5.13% 98,145,162 Y N N -
0 CTCI Corp. CTCI CMCE JV
SDN. BHD.
6 49,072,581 470,254 - - - - 98,145,162 N N N -
1 CTCI
Advanced
System Inc.
Century Ahead Ltd. 2 534,423 18,959 18,634 - - 3.49% 1,068,846 N N N -
2 CTCI
Machinery
Corp.
CTCI Smart Engineering
Corp.
5 1,441,303 560,000 560,000 560,000 - 116.56% 2,882,607 N N N -
3 CTCI
Chemical
Corp.
CTCI Machinery Corp. 5 716,009 532,830 532,830 532,830 - 223.25% 1,432,019 N N N -
3 CTCI
Chemical
Corp.
CTCI Corp. 3 716,009 18,817 18,817 18,817 - 7.88% 1,432,019 N Y N -
Table 2 Page 2
Company name
Relationship
with the
endorser/
guarantor
(Note 2)
Amount of
endorsements/
guarantees
secured with
collateral
Ratio of
accumulated
endorsement/
guarantee amount
to net asset value
of the endorser/
guarantor
company
Ceiling on
total amount of
endorsements/
guarantees provided
(Note 3)
Provision of
endorsements/
guarantees by
parent
company to
subsidiary
(Note 7)
Provision of
endorsements/
guarantees by
subsidiary to
parent
company
(Note 7)
Outstanding
endorsement/
guarantees
amount at
June 30, 2019
(Note 5)
Number
(Note 1)
Endorser/
guarantor
Party being
endorsed/guaranteedLimit on
endorsements/
guarantees
provided for
a single party
(Note 3)
Maximum
outstanding
endorsement/
guarantee
amount as of
June 30, 2019
(Note 4)
Provision of
endorsement
s/guarantees
to the party
in Mainland
China
(Note 7) Footnote
Actual amount
drawn down
(Note 6)
4 CTCI
Shanghai
Co., Ltd.
CTCI Trading Shanghai
Co., Ltd.
2 1,510,571$ 68,981$ 67,770$ 67,770$ -$ 13.46% 3,021,141$ N N Y -
5 CTCI
Resources
Engineering
Inc.
CTCI Smart Engineering
Corp.
5 867,506 267,102 267,102 267,102 - 92.37% 1,735,011 N N N -
6 ECOVE
Environment
Corp.
ECOVE Solar Power
Corporation
2 9,157,352 317,000 317,000 200,099 - 6.92% 13,736,028 N N N -
6 ECOVE
Environment
Corp.
ECOVE South
Corporation Ltd.
2 9,157,352 150,000 150,000 - - 3.28% 13,736,028 N N N -
6 ECOVE
Environment
Corp.
ECOVE Solar
Energy Corporation
2 9,157,352 1,927,353 1,927,353 1,335,643 - 42.09% 13,736,028 N N N -
6 ECOVE
Environment
Corp.
ECOVE Solvent
Recycling Corporation
2 9,157,352 155,800 155,800 42,000 - 3.40% 13,736,028 N N N -
6 ECOVE
Environment
Corp.
EVER ECOVE Corp. 6 9,157,352 220,500 220,500 17,500 - 4.82% 13,736,028 N N N -
7 ECOVE Solar
Energy
Corporation
ECOVE South
Corporation Ltd.
2 2,875,392 14,000 14,000 13,300 - 1.95% 4,313,088 N N N -
7 ECOVE Solar
Energy
Corporation
ECOVE Central
Corporation Ltd.
2 2,875,392 16,790 16,790 15,990 - 2.34% 4,313,088 N N N -
7 ECOVE Solar
Energy
Corporation
ECOVE Solar Power
Corporation
2 2,875,392 784,076 784,076 528,822 - 109.07% 4,313,088 N N N -
8 ECOVE Solar
Power
Corporation
ECOVE Solar Energy
Corporation
3 816,246 12,420 12,420 12,420 - 6.09% 1,224,369 N N N -
Table 2 Page 3
Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following six categories; fill in the number of category each case belongs to:
(1)Having 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.
(4)The endorsed/guaranteed parent company directly or indirectly owns more than 90% voting shares of the endorser/guarantor subsidiary.
(5)Mutual guarantee of the trade as required by the construction contract.
(6)Due to joint venture, each shareholder provides endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.
(7)The performance guarantees for the sale of pre-sales contracts under the Consumer Protection Law are jointly guaranteed.
Note 3: Fill in limit on endorsements/guarantees provided for a single party and ceiling on total amount of endorsements/guarantees provided as prescribed in the endorser/guarantor company’s
“Procedures for Provision of Endorsements and Guarantees”, and state each individual party to which the endorsements/guarantees have been provided and the calculation for ceiling on total amount
of endorsements/guarantees provided in the footnote.
[The company]
(1)The limit on endorsements and guarantees granted to a single party shall not exceed 300% of the Company’s net assets value in last financial statements which was audited by accountant.
(2)The ceiling on total endorsements and guarantees shall not exceed 600% of the Company’s net assets value in last financial statements which was audited by accountant.
[Domestic subsidiaries and overseas subsidiaries]
(1)The limit on endorsements and guarantees granted to a single party shall not exceed 100% to 400% of the Company's net assets value in last financial statements which was audited by accountant.
(2)The ceiling on total endorsements and guarantees shall not exceed 200% to 600% of the Company's net assets value in last financial statements which was audited by accountant.
Note 4: Fill in the year-to-date maximum outstanding balance of endorsements/guarantees provided as of the reporting period.
Note 5: Once endorsement/guarantee contracts or promissory notes are signed/issued by the endorser/guarantor company to the banks, the endorser/guarantor company bears endorsement/guarantee liabilities. And all other
events involve endorsements and guarantees should be included in the balance of outstanding endorsements and guarantees.
Note 6: Fill in the actual amount of endorsements/guarantees used by the endorsed/guaranteed company.
Note 7: Fill in ‘Y’ for those cases of provision of endorsements/guarantees by listed parent company to subsidiary and provision by subsidiary to listed parent company, and provision to the party in Mainland China.
Table 2 Page 4
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market value
CTCI Corp. Fund BlackRock Global Fund - European
Value Fund A2 USD Hedged
N/A Financial assets at fair value
through profit or loss-current
12,438 4,602$ - 4,442$ -
CTCI Corp. Fund Fubon US Preferred Stock ETF N/A Financial assets at fair value
through profit or loss-current
500,000 10,000 - 9,975 -
14,602 14,417$
Adjustment 185)(
14,417$
CTCI Corp. Common Stock China Steel Chemical Corp. The Company is the
supervisor
Financial asset at fair value
through other comprehensive
income-current
1,726,916 96,713$ - 233,134$ -
CTCI Corp. Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
644,015 6,505 - 6,247 -
CTCI Corp. Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
1,980,000 68,448 - 90,189 -
171,666 329,570$
Adjustment 157,904
329,570$
Table 3 Expressed in thousands of NTD
(Except as otherwise indicated)
Securities held by
(Note 1)
Relationship with the
securities issuer
(Note 2)
General
ledger account
As of June 30, 2019
Footnote
(Note 4)
CTCI Corporation and its subsidiaries
Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)
For the six-month period ended June 30, 2019
Table 3 Page 1
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market valueSecurities held by
Relationship with the
securities issuer
(Note 2)
General
ledger account
Footnote
(Note 4)
CTCI Corp. Common Stock Core Pacific City Co., Ltd. N/A Financial assets at fair value
through other comprehensive
income-non-current
22,428,000 360,000$ 2.26 219,392$ -
CTCI Corp. Common Stock CDIB & Partners Investment
Holding Corp.
The Company is the
supervisor
Financial assets at fair value
through other comprehensive
income-non-current
27,000,000 250,000 2.48 250,000 -
CTCI Corp. Common Stock Metro-consultant Co., Ltd. The Company is the
Board of director
Financial assets at fair value
through other comprehensive
income-non-current
300,000 3,000 6.00 3,000 -
CTCI Corp. Common Stock Ever Victory Global Limited. N/A Financial assets at fair value
through other comprehensive
income-non-current
9,440,000 292,225 2.62 292,225 -
CTCI Corp. Common Stock Heng Keng Corp. N/A Financial assets at fair value
through other comprehensive
income-non-current
20,000 3,000 5.12 - -
908,225 764,617$
Less: Accumulated impairment 143,608)(
764,617$
CTCI Investment
Corporation
Fund Franklin Templeton Sinoam Money
Market Fund
N/A Financial assets at fair value
through profit or loss-current
671,211 6,946$ - 6,946$ -
CTCI Investment
Corporation
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
69,030 670 - 670 -
CTCI Investment
Corporation
Common Stock CTCI Corp. The Company Financial assets at fair value
through other comprehensive
income-non-current
344,436 16,051 0.05 16,051 -
CTCI Investment
Corporation
Common Stock Global Strategic Investment Inc. N/A Financial assets at fair value
through other comprehensive
income-non-current
283,500 962 0.65 962 -
Table 3 Page 2
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market valueSecurities held by
Relationship with the
securities issuer
(Note 2)
General
ledger account
Footnote
(Note 4)
CTCI Development
Corp.
Common Stock CTCI Corp. The Company Financial assets at fair value
through other comprehensive
income-non-current
912,170 42,507$ 0.12 42,507$ -
CTCI Development
Corp.
Common Stock CTCI Advanced System Inc. Subsidiary Financial assets at fair value
through other comprehensive
income-non-current
324,417 14,096 1.38 14,096 -
CTCI Development
Corp.
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
173,010 1,678 - 1,678 -
CTCI Development
Corp.
Fund FSITC Money Market N/A Financial assets at fair value
through profit or loss-current
135,024 24,118 - 24,118 -
CTCI Resources
Engineering Inc.
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
291,080 2,823 - 2,823 -
CTCI Resources
Engineering Inc.
Common Stock Global Strategic Investment Inc. N/A Financial assets at fair value
through other comprehensive
income-non-current
567,000 1,924 1.29 1,924 -
CTCI Resources
Engineering Inc.
Fund Yuanta De-Li Money Market Fund N/A Financial assets at fair value
through profit or loss-current
3,371,941 55,045 - 55,045 -
CTCI Resources
Engineering Inc.
Fund Taishin 1699 Money Market Fund N/A Financial assets at fair value
through profit or loss-current
3,328,669 45,085 - 45,085 -
ECOVE Waste
Management
Corporation
Fund Taishin 1699 Money Market Fund N/A Financial assets at fair value
through profit or loss-current
3,234,775 43,815 - 43,815 -
ECOVE Waste
Management
Corporation
Fund Franklin Templeton Sinoam Money
Market Fund
N/A Financial assets at fair value
through profit or loss-current
630,309 6,523 - 6,523 -
ECOVE Waste
Management
Corporation
Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
478,841 21,811 - 21,811 -
Table 3 Page 3
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market valueSecurities held by
Relationship with the
securities issuer
(Note 2)
General
ledger account
Footnote
(Note 4)
ECOVE Wujih
Energy
Corporation
Fund FSITC Money Market N/A Financial assets at fair value
through profit or loss-current
37,981 6,784$ - 6,784$ -
ECOVE Wujih
Energy
Corporation
Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
475,508 21,659 - 21,659 -
ECOVE
Environment
Corp.
Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
472,758 21,534 - 21,534 -
ECOVE
Environment
Corp.
Fund FSITC Money Market N/A Financial assets at fair value
through profit or loss-current
56,070 10,015 - 10,015 -
ECOVE
Environment
Corp.
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
116,157 1,127 - 1,127 -
ECOVE
Environment
Corp.
Common Stock TeamWIN Opto-Electronics
Co., Ltd.
N/A Financial assets at fair value
through other comprehensive
income-non-current
150,000 475 2.46 475 -
ECOVE
Environment
Corp.
Common Stock Eastern Pacific Energy Sdn. Bhd. ECOVE Environment
Corp.'s President is the
director
Financial assets at fair value
through other comprehensive
income-non-current
10,000 68 10.00 68 -
ECOVE
Environmental
Services
Corporation
Common Stock CTCI Corp. The Company Financial asset at fair value
through other comprehensive
income-current
1,028 48 - 48 -
ECOVE
Environmental
Services
Corporation
Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
1,251,971 57,027 - 57,027 -
ECOVE
Environmental
Services
Corporation
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
145,567 1,412 - 1,412 -
Table 3 Page 4
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market valueSecurities held by
Relationship with the
securities issuer
(Note 2)
General
ledger account
Footnote
(Note 4)
ECOVE
Environmental
Services
Corporation
Fund Schroder 2022 Maturity Emerging Market
Quality Sovereign Bond Fund
N/A Financial assets at fair value
through profit or loss-current
35,000 11,350$ - 11,350$ -
ECOVE
Environmental
Services
Corporation
Fund Taishin 1699 Money Market Fund N/A Financial assets at fair value
through profit or loss-current
4,441,844 60,164 - 60,164 -
ECOVE
Environmental
Services
Corporation
Fund Yuanta De-Li Money Market Fund N/A Financial assets at fair value
through profit or loss-current
1,227,267 20,034 - 20,034 -
ECOVE Mioali
Energy
Corporation
Fund FSITC Taiwan Money Market N/A Financial assets at fair value
through profit or loss-current
130,559 2,000 - 2,000 -
ECOVE Mioali
Energy
Corporation
Fund FSITC Money Market N/A Financial assets at fair value
through profit or loss-current
39,259 7,012 - 7,012 -
CTCI (Thailand)
Co., Ltd.
Common Stock CHIYODA(Thailand) Co. Ltd. N/A Financial assets at fair value
through other comprehensive
income-non-current
3,600 363 9.00 363 -
Crown Asia-2
Investment Limited
Common Stock CTCI Corp. The Company Financial assets at fair value
through other comprehensive
income-non-current
500 23 - 23 -
CTCI Advanced
System Inc.
Fund FSITC Taiwan Money Market N/A Financial assets at fair value
through profit or loss-current
718,669 11,010 - 11,010 -
CTCI Advanced
System Inc.
Fund FSITC Money Market N/A Financial assets at fair value
through profit or loss-current
252,060 45,023 - 45,023 -
Table 3 Page 5
Type of
marketable
securities Name of Investee company
Number of shares/
denominations
Book value
(Note 3)
Ownership
(%) Market valueSecurities held by
Relationship with the
securities issuer
(Note 2)
General
ledger account
Footnote
(Note 4)
CTCI Advanced
System Inc.
Common Stock Taiwan Cement Corp. N/A Financial asset at fair value
through other comprehensive
income-current
908,578 41,386$ - 41,386$ -
CTCI Advanced
System Inc.
Common Stock United Renewable Energy Co., Ltd. N/A Financial asset at fair value
through other comprehensive
income-current
140,430 1,362 - 1,362 -
CTCI Advanced
System Inc.
Bonds BANK OF CHINA LTD PARIS N/A Financial asset at fair value
through other comprehensive
income-current
6,000,000 27,291 - 27,291 Note 5
Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities in accordance with IAS 39, ‘Financial instruments: recognition and measurement’.
Note 2: Leave the column blank if the issuer of marketable securities is non-related party.
Note 3: Fill in the book value without deduction of allowance for valuation loss of the marketable securities.
Note 4: The number of shares of securities and their amounts pledged as security or pledged for loans and their restrictions on use under some agreements should be stated in the footnote if the securities presented herein have such conditions.
Note 5: The book value of bonds denominated in CNY.
Table 3 Page 6
Purchases (sales) Amount
Percentage of
total purchases
(sales) Credit term Unit price Credit term Balance
Corporation Second-tier subsidiary108,889 3.06 - Active collection - -
CTCI Engineering & Construction
Sdn. Bhd.
CCJV P1 Engineering &
Construction Sdn. Bhd. Subsidiary189,974 3.30 - - - -
Note:Other accounts receivable arise from lending capital.
CTCI Corporation and its subsidiaries
Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more
For the six-month period ended June 30, 2019
Expressed in thousands of NTD
(Except as otherwise indicated)
Amount collected
subsequent to the
balance sheet date
Allowance for
doubtful accounts Creditor Counterparty
Relationship
with the counterparty
Balance as at
June 30, 2019 Turnover rate
Overdue receivables
Table 5 Page 1
General ledger
account Amount Transaction terms
Percentage of consolidated total
operating revenues or total assets
(Note 3)
0 CTCI Corp. CTCI Overseas Co., Ltd. 1 Sales revenue 453,324$ Negotiated by both
parties
1.67%
1 ECOVE Environmental Services
Corporation
ECOVE Waste Management Corporation 3 Sales revenue 319,846 Negotiated by both
parties
1.18%
1 ECOVE Environmental Services
Corporation
ECOVE Wujih Energy Corporation 3 Sales revenue 121,275 Negotiated by both
parties
0.45%
2 ECOVE Wujih Energy Corporation ECOVE Waste Management Corporation 3 Sales revenue 215,885 Negotiated by both
parties
0.80%
3 CTCI Advanced System
Inc.
CTCI Corp. 2 Sales revenue 116,498 Negotiated by both
parties
0.43%
4 CTCI Development Corp. CTCI Corp. 2 Sales revenue 154,318 Negotiated by both
parties
0.57%
12 CTCI Engineering & Construction
Sdn. Bhd.
CCJV P1 Engineering & Construction Sdn. Bhd. 3 Sales revenue 212,802 Negotiated by both
parties
0.79%
1 ECOVE Environmental Services
Corporation
ECOVE Waste Management Corporation 3 Accounts
receivable
108,889 Negotiated by both
parties
0.16%
12 CTCI Engineering & Construction
Sdn. Bhd.
CCJV P1 Engineering & Construction Sdn. Bhd. 3 Accounts
receivable
189,974 Negotiated by both
parties
0.28%
0 CTCI Corp. CTCI CMCE JV SDN. BHD. 3 Accounts
receivable
121,826 Negotiated by both
parties
0.18%
0 CTCI Corp. CTCI Machinery Corp. 1 Other receivables 632,000 Negotiated by both
parties
0.92%
0 CTCI Corp. CTCI (Thailand ) Co., Ltd. 1 Other receivables 716,248 Negotiated by both
parties
1.05%
CTCI Corporation and its subsidiaries
Significant inter-company transactions during the reporting period
For the six-month period ended June 30, 2019
Table 6 Expressed in thousands of NTD
(Except as otherwise indicated)
Number
(Note 1) Company name Counterparty
Relationship
(Note 2)
Transaction
Table 6 Page 1
General ledger
account Amount Transaction terms
Percentage of consolidated total
operating revenues or total assets
(Note 3)
Number
(Note 1) Company name Counterparty
Relationship
(Note 2)
Transaction
0 CTCI Corp. CTCI Arabia Ltd. 1 Other receivables 1,372,986$ Negotiated by both
parties
2.00%
0 CTCI Corp. CTCI Singapore Pte. Ltd. 1 Other receivables 1,384,527 Negotiated by both
parties
2.02%
0 CTCI Corp. CTCI Smart Engineering Corp. 1 Other receivables 363,000 Negotiated by both
parties
0.53%
5 ECOVE Environment Corp. ECOVE Solar Energy Corporation 3 Other receivables 200,000 Negotiated by both
parties
0.29%
6 CTCI Overseas Co., Ltd. CCJV P1 Engineering & Construction Sdn. Bhd. 3 Other receivables 357,144 Negotiated by both
parties
0.52%
6 CTCI Overseas Co., Ltd. CTCI Americas Inc. 3 Other receivables 127,330 Negotiated by both
parties
0.19%
0 CTCI Corp. CTCI Overseas (BVI) Co. and its subsidiaries. 1 Advance
construction
receipt
5,795,050 Negotiated by both
parties
8.46%
7 CTCI Machinery Corp. CTCI Corp. 2 Advance
construction
receipt
3,335,759 Negotiated by both
parties
4.87%
8 CTCI Resources Engineering Inc. CTCI Corp. 2 Advance
construction
receipt
252,390 Negotiated by both
parties
0.37%
9 CTCI (Thailand ) Co., Ltd. CTCI Corp. 2 Advance
construction
receipt
720,506 Negotiated by both
parties
1.05%
0 CTCI Corp. CTCI Development Corp. 1 Refundable
deposits
128,300 Negotiated by both
parties
0.19%
0 CTCI Corp. CTCI Machinery Corp. 1 Guarantee 4,835,482 Not applicable Not applicable
0 CTCI Corp. CTCI Development Corp. 1 Guarantee 500,000 Not applicable Not applicable
0 CTCI Corp. CTCI Americas, Inc. 1 Guarantee 1,417,179 Not applicable Not applicable
0 CTCI Corp. CTCI Engineering & Construction Sdn. Bhd. 1 Guarantee 1,844,146 Not applicable Not applicable
Table 6 Page 2
General ledger
account Amount Transaction terms
Percentage of consolidated total
operating revenues or total assets
(Note 3)
Number
(Note 1) Company name Counterparty
Relationship
(Note 2)
Transaction
0 CTCI Corp. CTCI Singapore Pte. Ltd. 1 Guarantee 2,481,908$ Not applicable Not applicable
0 CTCI Corp. CINDA Engineering & Construction Pvt. Ltd. 1 Guarantee 3,072,010 Not applicable Not applicable
0 CTCI Corp. CTCI Arabia Ltd. 1 Guarantee 3,640,956 Not applicable Not applicable
0 CTCI Corp. CTCI Overseas Co., Ltd. 1 Guarantee 4,872,910 Not applicable Not applicable
0 CTCI Corp. CTCI Shanghai Co., Ltd. 1 Guarantee 1,035,737 Not applicable Not applicable
0 CTCI Corp. CTCI Beijing Co., Ltd. 1 Guarantee 1,078,662 Not applicable Not applicable
0 CTCI Corp. CCJV P1 E&C Sdn. Bhd. 1 Guarantee 1,226,712 Not applicable Not applicable
0 CTCI Corp. CTCI (Thailand) Co., Ltd. 1 Guarantee 1,980,826 Not applicable Not applicable
0 CTCI Corp. CTCI-HDEC (Chungli) Corporation 1 Guarantee 102,000 Not applicable Not applicable
0 CTCI Corp. CIPEC Construction Inc. 1 Guarantee 525,520 Not applicable Not applicable
0 CTCI Corp. CTCI Malaysia Sdn. Bhd. 1 Guarantee 838,512 Not applicable Not applicable
7 CTCI Machinery Corp. CTCI Smart Engineering Corp. 3 Guarantee 560,000 Not applicable Not applicable
10 CTCI Chemical Corp. CTCI Machinery Corp. 3 Guarantee 532,830 Not applicable Not applicable
8 CTCI Resources Engineering Inc. CTCI Smart Engineering Corp. 3 Guarantee 267,102 Not applicable Not applicable
5 ECOVE Environment Corp. ECOVE Solar Power Corporation 3 Guarantee 317,000 Not applicable Not applicable
5 ECOVE Environment Corp. ECOVE South Corporation Ltd. 3 Guarantee 150,000 Not applicable Not applicable
5 ECOVE Environment Corp. ECOVE Solar Energy Corporation 3 Guarantee 1,927,353 Not applicable Not applicable
5 ECOVE Environment Corp. ECOVE Solvent Recycling Corporation 3 Guarantee 155,800 Not applicable Not applicable
11 ECOVE Solar Energy Corporation ECOVE Solar Power Corporation 3 Guarantee 784,076 Not applicable Not applicable
Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(1)Parent company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Relationship between transaction company and counterparty is classified into the following three categories; fill in the number of category each case belongs to (If transactions between parent company and subsidiaries or between
subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction;
for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):
(1)Parent company to subsidiary.
(2)Subsidiary to parent company.
(3)Subsidiary to subsidiary.
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on
accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 4: The Company may decide to disclose or not to disclose transaction details in this table based on the Materiality Principle.
Table 6 Page 3
Balance as at
June 30, 2019
Balance as at
December 31, 2018 Number of shares Ownership (%) Book value
7,354 7,354 656,360 9.24 24,769 37,294 3,448 A second-
tier
subsidiary
CTCI Singapore
Pte. Ltd.
CTCI Netherlands B.V. Netherlands Engineers and other technical
design and consultancy.
11,274 11,274 300,000 100.00 51,183 965 965 A second-
tier
subsidiary
CTCI Engineering &
Construction Sdn.
Bhd.
CTCI Malaysia SDN.
BHD.
Malaysia Investment and planning
of related engineering.
1,357 1,357 150,000 20.00 2,737 8,083 1,617 A second-
tier
subsidiary
CTCI Malaysia
SDN. BHD.
MIE INDUSTRIAL
SDN. BHD.
Malaysia Equipment & Instrument,
Procurement & Construction,
Panel.
185,537 185,537 14,000,000 28.00 327,142 31,869 8,923 An investee
under
equity
method
SUMBER MAMPU
SDN. BHD.
CTCI Malaysia SDN.
BHD.
Malaysia Investment and planning
of related engineering.
5,428 5,428 600,000 80.00 10,949 8,083 6,467 A second-
tier
subsidiary
Note 1: If a public company is equipped with an overseas holding company and takes consolidated financial report as the main financial report according to the local law rules,
it can only disclose the information of the overseas holding company about the disclosure of related overseas investee information.
Note 2: If situation does not belong to Note 1, fill in the columns according to the following regulations:
(1) The columns of ‘Investee’, ‘Location’, ‘Main business activities’, Initial investment amount’ and ‘Shares held as at June 30, 2019’ should fill orderly in the Company’s (public company’s)
information on investees and every directly or indirectly controlled investee’s investment information, and note the relationship between the Company (public company) and its investee each
(ex. direct subsidiary or indirect subsidiary) in the ‘footnote’ column.
(2) The ‘Net profit (loss) of the investee for the six-month period ended June 30, 2019’ column should fill in amount of net profit (loss) of the investee for this period.
(3) The ‘Investment income (loss) recognised by the Company for the six-month period ended June 30, 2019’ column should fill in the Company (public company) recognised investment income (loss)
of its direct subsidiary and recognised investment income (loss) of its investee accounted for under the equity method for this period. When filling in recognised investment income (loss) of its
direct subsidiary, the Company (public company) should confirm that direct subsidiary’s net profit (loss) for this period has included its investment income (loss) which shall be recognised by regulations.