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Consolidated Financial Statements 2019

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Consolidated Financial Statements 2019 KGI Bank Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Years Ended December 31, 2019 and 2018 and Independent Auditors’ Report DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES The Bank required to be included in the consolidated financial statements of affiliates in accordance with the “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” for the year ended December 31, 2019 are all the same as the companies required to be included in the consolidated financial statements of parent and subsidiary companies as provided in International Financial Reporting Standard 10 “Consolidated Financial Statements”. Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies. Hence, we have not prepared a separate set of consolidated financial statements of affiliates. Very truly yours, KGI BANK CO., LTD. March 26, 2020 - 1 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars) 2019 2018 ASSETS Amount % Amount % CASH AND CASH EQUIVALENTS (Notes 4, 6 and 41) $ 8,152,200 1 $ 7,034,362 1 DUE FROM THE CENTRAL BANK AND CALL LOANS TO BANKS (Note 7) 28,303,064 4 26,431,383 4 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 4, 8, 41 and 42) 78,108,576 12 81,922,752 12 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Notes 4, 9 and 42) 135,245,604 20 151,669,704 22 DEBT INVESTMENTS MEASURED AT AMORTIZED COST (Notes 4, 10 and 41) 11,136,022 2 11,965,807 2 SECURITIES PURCHASED UNDER RESELL AGREEMENTS (Notes 4 and 11) 18,686,598 3 15,164,692 2 RECEIVABLES, NET (Notes 4, 12, 41 and 42) 21,163,400 3 27,807,567 4 CURRENT TAX ASSETS (Notes 4 and 39) - - 16 - ASSETS HELD FOR SALE, NET (Notes 4 and 16) - - 29,649 - DISCOUNTS AND LOANS, NET (Notes 4, 13 and 41) 342,501,981 52 335,751,432 49 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD, NET (Notes 4 and 14) 963,203 - 789,208 - OTHER FINANCIAL ASSETS, NET (Notes 4, 15, 41 and 42) 1,984,230 - 1,477,248 - PROPERTY AND EQUIPMENT, NET (Notes 4, 16 and 42) 6,145,435 1 6,183,951 1 RIGHT-OF-USE ASSETS, NET (Notes 4 and 17) 2,196,115 1 - - INVESTMENT PROPERTY, NET (Notes 4, 18 and 42) 1,007,073 - 1,014,721 - INTANGIBLE ASSETS, NET 906,760 - 408,464 - DEFERRED TAX ASSETS (Notes 4 and 39) 1,350,850 - 2,290,358 1 OTHER ASSETS, NET (Notes 19, 28, 41 and 42) 8,437,739 1 13,332,712 2 TOTAL $ 666,288,850 100 $ 683,274,026 100 LIABILITIES AND EQUITY LIABILITIES Deposits from the Central Bank and banks (Notes 20 and 41) $ 22,965,260 3 $ 21,359,259 3 Financial liabilities at fair value through profit or loss (Notes 4, 8 and 41) 76,747,276 12 73,866,749 11 Notes and bonds issued under repurchase agreements (Notes 4, 8, 9, 10 and 21) 18,749,841 3 60,303,682 9 Payables (Note 22) 8,484,511 1 7,037,664 1 Current tax liabilities (Notes 4, 39 and 41) 600,802 - 530,563 - Deposits and remittances (Notes 23 and 41) 421,317,257 63 421,704,877 62 Bank debentures payable (Note 24) 10,450,000 2 7,350,000 1 Principal received on structured notes 30,248,517 5 24,020,358 3 Commercial paper payable, net (Note 25) 2,721,661 - 1,829,716 - Other borrowings (Note 26) 877,799 - 1,811,543 - Other financial liabilities 66,667 - 3,716 - Provisions (Notes 4, 27 and 28) 443,633 - 348,043 - Lease liabilities (Notes 4, 17 and 41) 2,196,791 - - - Deferred tax liabilities (Notes 4 and 39) 24,660 - 24,413 - Other liabilities (Notes 29 and 41) 6,017,947 1 4,503,104 1 Total liabilities 601,912,622 90 624,693,687 91 EQUITY (Notes 4 and 30) Equity attributable to owners of parent Capital Common stock 46,061,623 7 46,061,623 7 Capital surplus Additional paid-in capital 7,245,723 1 7,245,723 1 Other capital surplus 5,583 - 5,450 - Total capital surplus 7,251,306 1 7,251,173 1 Retained earnings Legal reserve 5,130,089 1 4,639,065 1 Special reserve 1,437,043 - 291,319 - Unappropriated earnings 3,437,555 1 1,636,748 - Total retained earnings 10,004,687 2 6,567,132 1 Other equity Exchange differences on translation of foreign financial statements (84,330) - 45,522 - Unrealized gain (loss) on equity instruments at fair value through other comprehensive income 556,081 - (10,074) - Unrealized gain (loss) on debt instruments at fair value through other comprehensive income 365,824 - (1,566,834) - Allowance for impairment loss of investments in debt instrument at fair value through other comprehensive income 16,439 - 25,933 - Total other equity 854,014 - (1,505,453) - Total equity of parent company 64,171,630 10 58,374,475 9 Non-controlling interests 204,598 - 205,864 - Total equity 64,376,228 10 58,580,339 9 TOTAL $ 666,288,850 100 $ 683,274,026 100 The accompanying notes are an integral part of the consolidated financial statements. - 6 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars, Except Earnings Per Share) Percentage Increase 2019 2018 (Decrease) Amount % Amount % % INTEREST REVENUES (Notes 4, 31 and 41) $ 13,663,389 118 $ 13,221,471 146 3 INTEREST EXPENSES (Notes 4, 31 and 41) (6,820,339) (59) (6,074,574) (67) 12 NET INTEREST 6,843,050 59 7,146,897 79 (4) NET REVENUES OTHER THAN INTEREST Service fee income, net (Notes 4, 32 and 41) 1,792,082 16 1,811,980 20 (1) Gains on financial assets or liabilities measured at fair value through profit or loss, net (Notes 4 and 33) 1,652,569 14 609,744 7 171 Realized gain (loss) on financial assets measured at fair value through other comprehensive income (Notes 4 and 34) 1,186,022 10 (448,120) (5) 365 Foreign exchange loss, net (136,075) (1) (182,874) (2) (26) Reversal of impairment loss (impairment loss) on assets, net (Notes 4 and 35) 27,395 - (5,607) - 589 Share of the profit (loss) of associates accounted for using equity method (Notes 4 and 14) 104,810 1 (72,623) (1) 244 Other non-interest income, net (Notes 16, 36 and 41) 137,521 1 209,819 2 (34) Total net revenues other than interest 4,764,324 41 1,922,319 21 148 TOTAL NET REVENUE 11,607,374 100 9,069,216 100 28 REVERSAL (PROVISION) OF ALLOWANCE FOR BAD DEBTS EXPENSE, COMMITMENT AND GUARANTEE LIABILITY PROVISION (Note 4) (365,413) (3) 49,299 1 (841) (Continued) - 7 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars, Except Earnings Per Share) Percentage Increase 2019 2018 (Decrease) Amount % Amount % % OPERATING EXPENSES (Notes 17, 28, 37, 38 and 41) Employee benefits expense $ (3,839,045) (33) $ (3,683,847) (40) 4 Depreciation and amortization expense (827,934) (7) (422,486) (5) 96 Other general and administrative expenses (1,730,127) (15) (2,071,270) (23) (16) Total operating expenses (6,397,106) (55) (6,177,603) (68) 4 INCOME BEFORE INCOME TAX 4,844,855 42 2,940,912 33 65 INCOME TAX EXPENSE (Notes 4 and 39) (1,228,194) (11) (777,667) (9) 58 NET INCOME 3,616,661 31 2,163,245 24 67 OTHER COMPREHENSIVE INCOME (Notes 4 and 39) Items that will not be reclassified subsequently to profit or loss, net of income tax Remeasurement of defined benefit plans (44,997) (1) (81,437) (1) (45) Gain (loss) on equity instruments measured at fair value through other comprehensive income 324,502 3 (134,656) (2) 341 Share of the other comprehensive gain (loss) of associates accounted for using equity method 108,590 1 (36,235) - 400 Income tax related to components of other comprehensive income that will not be reclassified to profit or loss 8,956 - 3,653 - 145 Items that will be reclassified subsequently to profit or loss, net of income tax Exchange differences on translation of foreign financial statements (112,103) (1) 55,674 1 (301) Share of the other comprehensive income of associates accounted for using equity method (17,750) - 22,076 - (180) (Continued) - 8 - KGI BANK CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 (In Thousands of New Taiwan Dollars, Except Earnings Per Share) Percentage Increase 2019 2018 (Decrease) Amount % Amount % % Gain (loss) on debt instruments measured at fair value through other comprehensive income $ 1,945,259 17 $ (1,621,539) (18) 220 Impairment loss (reversal of impairment loss) on debt instruments measured at fair value through other comprehensive income (9,494) - 4,165 - (328) Income tax related to components of other comprehensive income that will be reclassified to profit or loss (12,601) - - - - Other comprehensive income (loss), net of income tax 2,190,362 19 (1,788,299) (20) 222 TOTAL COMPREHENSIVE INCOME, NET OF TAX $ 5,807,023 50 $ 374,946 4 1,449 NET PROFIT ATTRIBUTABLE TO: Owners of parent $ 3,606,608 31 $ 2,145,454 24 68 Non-controlling interests 10,053 - 17,791 - (43) $ 3,616,661 31 $ 2,163,245 24 67 TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Owners of parent $ 5,797,022 50 $ 357,452 4 1,522 Non-controlling interests 10,001 - 17,494 - (43) $ 5,807,023 50 $ 374,946 4 1,449 EARNINGS PER SHARE (Note 40) Basic $ 0.78 $ 0.47 The accompanying notes are an integral part of the consolidated financial statements.
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