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China Motor Corporation and Subsidiaries

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China Motor Corporation and Subsidiaries China Motor Corporation and Subsidiaries Consolidated Financial Statements for the Nine Months Ended September 30, 2019 and 2018 and Independent Auditors’ Review Report INDEPENDENT AUDITORS’ REVIEW REPORT The Board of Directors and the Shareholders China Motor Corporation Introduction We have reviewed the accompanying consolidated balance sheets of China Motor Corporation and its subsidiaries (collectively, the “Group”) as of September 30, 2019 and 2018, the related consolidated statements of comprehensive income for the three months ended September 30, 2019 and 2018 and for the nine months ended September 30, 2019 and 2018, the consolidated statements of changes in equity and cash flows for the nine months then ended and the related notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the “consolidated financial statements”). 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 as explained in the following paragraph, we conducted our reviews in accordance with Statement of Auditing Standards 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 The financial statements of some non-significant subsidiaries included in the consolidated financial statements were not reviewed. As of September 30, 2019 and 2018, the combined total assets of these non-significant subsidiaries were NT$11,980,280 thousand and NT$12,621,724 thousand, respectively, both representing 19% and 20% of the consolidated total assets, and the combined total liabilities of these non-significant subsidiaries were NT$3,828,737 thousand and NT$3,115,382 thousand, respectively, representing 23% and 39%, respectively, of the consolidated total liabilities; for the three months ended September 30, 2019 and 2018 and for the nine months ended September 30, 2019 and 2018, the amounts of combined comprehensive income (loss) of these non-significant subsidiaries were NT$(212,566) thousand and NT$49,106 thousand, NT$(433,944) thousand and NT$136,102 thousand, respectively, representing 240% and 11%, 106% and 5%, respectively, of the consolidated total comprehensive income. As disclosed in Note 16 to the consolidated financial statements, as of September 30, 2019 and 2018, some investments accounted for using the equity method were NT$15,899,464 thousand and NT$17,510,280 thousand, respectively, and for the three months ended September 30, 2019 and 2018 and for the - 1 - nine months ended September 30, 2019 and 2018, total comprehensive income of these equity-method investments were NT$174,804 thousand and NT$45,825 thousand, NT$1,021,230 thousand and NT$1,056,810 thousand, respectively, which were calculated on the basis of financial statements that have not been reviewed. Qualified Conclusion Based on our reviews, except for the adjustments, if any, as might have been determined to be necessary had the financial statements of the aforementioned non-significant subsidiaries, the investments accounted for using the equity method and the relevant information disclosed been reviewed, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as of September 30, 2019 and 2018, its consolidated financial performance for the three months ended September 30, 2019 and 2018, and its consolidated financial performance and its consolidated cash flows for the nine months ended September 30, 2019 and 2018 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. The engagement partners on the reviews resulting in this independent auditors’ review report are Chih-Ming Shao and Ya-Ling Wong. Deloitte & Touche Taipei, Taiwan Republic of China November 13, 2019 Notice to Readers The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally applied in the Republic of China. For the convenience of readers, the independent auditors’ review report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ review report and consolidated financial statements shall prevail. - 2 - CHINA MOTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) September 30, 2019 December 31, 2018 September 30, 2018 (Reviewed) (Audited) (Reviewed) ASSETS Amount % Amount % Amount % CURRENT ASSETS Cash and cash equivalents (Note 6) $ 13,612,051 22 $ 14,429,460 23 $ 13,549,632 21 Financial assets at fair value through profit or loss (Note 7) 654,069 1 567,643 1 692,748 1 Financial assets at amortized cost (Notes 9 and 10) 367,305 1 104,359 - 301,467 - Financial assets for hedging (Note 11) 279,314 - 743,303 1 432,681 1 Notes and accounts receivable, net (Note 12) 1,077,258 2 1,177,454 2 1,295,062 2 Trade receivables from related parties (Note 30) 1,922,514 3 1,952,469 3 1,763,067 3 Other receivables 420,679 1 98,749 - 525,593 1 Inventories (Note 13) 3,486,489 6 4,070,264 6 3,592,668 6 Prepayments (Note 30) 1,371,688 2 1,134,247 2 1,029,649 2 Non-current assets held for sale (Note 15) 148,023 - 148,023 - - - Other current assets (Note 31) 689,136 1 596,590 1 396,488 - Total current assets 24,028,526 39 25,022,561 39 23,579,055 37 NON-CURRENT ASSETS Financial assets at fair value through profit or loss (Note 7) 695,808 1 734,341 1 724,592 1 Financial assets at fair value through other comprehensive income (Note 8) 205,398 - 227,396 - 252,699 - Financial assets at amortized cost (Notes 9 and 10) 659,391 1 824,705 1 875,430 1 Investments accounted for using the equity method (Note 16) 26,766,817 43 29,106,774 45 28,938,721 46 Property, plant and equipment (Notes 17, 30 and 31) 6,714,146 11 6,388,147 10 6,337,148 10 Right-of-use assets (Notes 4 and 18) 474,695 1 - - - - Investment properties (Notes 19 and 31) 1,368,807 2 1,380,002 2 1,383,783 2 Intangible assets under development 345,682 1 304,163 1 282,402 1 Deferred tax assets (Note 26) 276,125 1 336,711 1 317,591 1 Other non-current assets 136,024 - 179,616 - 263,889 1 Total non-current assets 37,642,893 61 39,481,855 61 39,376,255 63 TOTAL $ 61,671,419 100 $ 64,504,416 100 $ 62,955,310 100 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Notes 20 and 31) $ 630,000 1 $ 645,000 1 $ 640,000 1 Short-term bills payable 59,963 - 93,972 - 167,887 - Notes and accounts payable 1,979,534 3 2,705,317 4 2,135,317 3 Trade payables to related parties (Note 30) 545,158 1 944,954 2 640,463 1 Other payables (Note 21) 10,826,735 18 2,717,065 4 2,786,881 5 Current tax liabilities (Notes 4 and 26) 317,708 - 117,081 - 156,406 - Lease liabilities (Notes 4 and 18) 95,425 - - - - - Other current liabilities (Notes 7, 11 and 30) 370,482 1 297,523 1 382,032 1 Total current liabilities 14,825,005 24 7,520,912 12 6,908,986 11 NON-CURRENT LIABILITIES Long-term borrowings (Note 20) 20,000 - - - - - Deferred tax liabilities (Note 26) 407,785 1 268,161 1 149,386 - Lease liabilities (Notes 4 and 18) 384,038 1 - - - - Net defined benefit liabilities (Notes 4 and 22) 694,471 1 910,328 1 875,369 2 Other non-current liabilities 24,167 - 30,926 - 11,968 - Total non-current liabilities 1,530,461 3 1,209,415 2 1,036,723 2 Total liabilities 16,355,466 27 8,730,327 14 7,945,709 13 EQUITY ATTRIBUTABLE TO OWNERS OF THE CORPORATION (Note 23) Ordinary shares 5,536,203 9 13,840,508 22 13,840,508 22 Capital surplus 6,391,520 10 6,403,633 10 6,413,249 10 Retained earnings Legal reserve 9,257,157 15 8,897,857 14 8,897,857 14 Special reserve 1,046,585 1 1,046,967 1 1,046,967 2 Unappropriated earnings 20,191,241 33 22,486,952 35 21,830,835 35 Total retained earnings 30,494,983 49 32,431,776 50 31,775,659 51 Other equity Exchange differences on translating the financial statements of foreign operations (831,511) (1) (646,278)
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