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Taishin Financial Holding Co., Ltd. and Subsidiaries

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Taishin Financial Holding Co., Ltd. and Subsidiaries Taishin Financial Holding Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Three Months Ended March 31, 2016 and 2015 and Independent Auditors’ Review Report WorldReginfo - 6316de3a-ca15-4987-a01e-ce90f079d124 INDEPENDENT AUDITORS’ REVIEW REPORT The Board of Directors and Stockholders Taishin Financial Holding Co., Ltd. We have reviewed the accompanying consolidated balance sheets of Taishin Financial Holding Co., Ltd. (“Taishin Financial Holding”) and its subsidiaries (collectively referred to as the “Group”) as of March 31, 2016 and 2015 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2016 and 2015. These consolidated financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our reviews. We conducted our reviews in accordance with Statement of Auditing Standards No. 36, “Review of Financial Statements” issued by the Auditing Standards Committee of the Accounting Research and Development Foundation of the Republic of China (“ROC”). A review consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the ROC, the objective of which is the expression of an opinion regarding the consolidated financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with the Regulations Governing the Preparation of Financial Statements by Financial Holding Companies, Regulations Governing the Preparation of Financial Reports by Public Banks, Regulations Governing the Preparation of Financial Reports by Securities Firms, Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Accounting Standards 34 “Interim Financial Reporting” endorsed by the Financial Supervisory Commission of the Republic of China. May 26, 2016 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 ROC and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally applied in the ROC. 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 ROC. 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. - 1 - WorldReginfo - 6316de3a-ca15-4987-a01e-ce90f079d124 TAISHIN FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) March 31, 2016 (Reviewed) December 31, 2015 (Audited) March 31, 2015 (Reviewed) ASSETS Amount % Amount % Amount % Cash and cash equivalents (Notes 5 and 7) $ 14,685,285 1 $ 22,250,463 2 $ 18,044,408 1 Due from the Central Bank and call loans to banks (Note 8) 43,445,030 3 46,840,901 3 33,138,519 2 Financial assets at fair value through profit or loss (Notes 5 and 9) 105,898,604 7 119,742,250 8 98,410,005 7 Available-for-sale financial assets, net (Notes 5, 10 and 32) 298,532,315 20 290,124,810 19 270,968,706 19 Securities purchased under resell agreements (Note 5) 421,127 - 2,978,852 - 231,025 - Receivables, net (Notes 5, 11 and 12) 90,428,901 6 104,718,618 7 93,540,474 7 Current tax assets (Notes 5 and 39) 361,873 - 389,782 - 181,655 - Loans, net (Notes 5 and 12) 834,859,441 56 834,605,345 55 820,956,845 58 Held-to-maturity financial assets, net (Notes 5 and 13) 5,110 - 5,110 - 2,534 - Investments accounted for using the equity method, net (Notes 5 and 14) 35,823,867 3 34,986,174 2 33,298,705 3 OTHER FINANCIAL ASSETS, NET Financial assets carried at cost, net (Note 15) 2,671,596 - 2,711,186 - 2,661,099 - Investments in debt investment without active market, net (Note 16) - - - - 300,000 - Other miscellaneous financial assets, net (Notes 12 and 17) 9,337,331 1 8,363,302 1 6,357,688 1 Other financial assets, net 12,008,927 1 11,074,488 1 9,318,787 1 Investment property, net (Notes 5 and 18) 889,417 - 891,781 - 919,825 - Property and equipment, net (Notes 5 and 19) 18,418,327 1 18,234,698 1 18,035,876 1 Intangible assets, net (Notes 5 and 20) 2,055,744 - 2,022,001 - 2,002,981 - Deferred tax assets (Notes 5, 6 and 39) 3,567,540 - 3,517,778 - 3,628,343 - Other assets, net (Note 21) 20,603,995 2 27,847,591 2 18,275,164 1 TOTAL $ 1,482,005,503 100 $ 1,520,230,642 100 $ 1,420,953,852 100 LIABILITIES AND EQUITY Due to the Central Bank and banks (Note 22) $ 51,448,819 4 $ 64,689,878 4 $ 68,915,480 5 Financial liabilities at fair value through profit or loss (Notes 5 and 9) 39,296,191 3 49,915,794 3 30,627,336 2 Securities sold under repurchase agreements (Note 5) 84,819,267 6 80,211,187 5 77,301,599 6 Commercial papers issued, net (Note 23) 2,784,324 - 2,672,740 - 879,158 - Payables (Note 24) 20,082,334 1 21,115,147 2 17,600,300 1 Current tax liabilities (Notes 5 and 39) 1,157,874 - 625,188 - 1,606,806 - Deposits and remittances (Note 25) 1,025,938,161 69 1,040,466,391 69 986,386,758 69 Bonds payable (Note 26) 75,000,000 5 75,000,000 5 55,000,000 4 Other borrowings (Note 27) 8,858,140 1 9,455,210 1 7,346,268 1 Provisions (Notes 5 and 28) 1,030,715 - 1,020,107 - 791,744 - Other financial liabilities (Note 29) 46,385,990 3 47,180,126 3 52,507,106 4 Deferred tax liabilities (Notes 5 and 39) 57,160 - 57,347 - 53,931 - Other liabilities (Note 30) 2,733,410 - 2,861,598 - 2,941,607 - Total liabilities 1,359,592,385 92 1,395,270,713 92 1,301,958,093 92 EQUITY ATTRIBUTABLE TO OWNERS OF PARENT (Note 32) Capital stock Common stock 88,604,104 6 88,599,429 6 88,525,792 6 Preferred stock 3,625,684 - 7,251,368 - 7,251,368 - Advance receipts for capital stock 17,282 - 4,449 - 37,144 - Capital surplus 7,148,625 - 10,220,503 1 10,648,428 1 Retained earnings Legal reserve 5,466,453 1 5,466,453 - 5,315,307 - Special reserve 465,368 - 465,368 - 465,368 - Unappropriated earnings 16,429,365 1 12,893,353 1 6,032,167 1 Other equity Exchange differences on translation of foreign financial statements 56,964 - 117,513 - 72,660 - Unrealized gains (losses) on available-for-sale financial assets 467,219 - (188,818 ) - 518,790 - Equity attributable to owners of parent 122,281,064 8 124,829,618 8 118,867,024 8 NON-CONTROLLING INTERESTS 132,054 - 130,311 - 128,735 - Total equity 122,413,118 8 124,959,929 8 118,995,759 8 TOTAL $ 1,482,005,503 100 $ 1,520,230,642 100 $ 1,420,953,852 100 The accompanying notes are an integral part of the consolidated financial statements - 2 - WorldReginfo - 6316de3a-ca15-4987-a01e-ce90f079d124 TAISHIN FINANCIAL HOLDING CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) (Reviewed, Not Audited) For the Three Months Ended March 31 2016 2015 Amount % Amount % INTEREST INCOME (Notes 5 and 33) $ 7,368,949 79 $ 7,206,513 73 INTEREST EXPENSES (Note 33) (2,997,711) (32) (2,870,049) (29) NET INTEREST INCOME (Note 33) 4,371,238 47 4,336,464 44 NET INCOME OTHER THAN NET INTEREST INCOME (Note 5) Net service fee and commissions income (Note 34) 2,827,065 30 3,261,525 33 Gain on financial assets and liabilities at fair value through profit or loss (Note 35) 1,340,235 15 1,894,533 19 Realized gain on available-for-sale financial assets (Note 36) 79,505 1 93,025 1 Foreign exchange gains (losses) (258,626) (3) (830,672) (9) Impairment loss on assets (Note 15) (983) - (9,457) - Share of profit (loss) of associates and joint ventures accounted for using equity method (Note 14) 777,765 8 660,667 7 Net other non-interest income Net other miscellaneous income 159,595 2 465,824 5 Net income other than net interest income 4,924,556 53 5,535,445 56 NET REVENUE AND GAINS 9,295,794 100 9,871,909 100 (PROVISIONS) REVERSED ALLOWANCE FOR BAD DEBT EXPENSES AND GUARANTEE LIABILITY (Notes 5 and 12) (270,866) (3) 76,491 1 OPERATING EXPENSES Employee benefits expenses (Note 37) (2,654,494) (28) (2,853,911) (29) Depreciation and amortization expenses (Note 38) (237,872) (3) (226,995) (2) Other general and administrative expenses (1,767,397) (19) (1,767,946) (18) Total operating expenses (4,659,763) (50) (4,848,852) (49) INCOME BEFORE INCOME TAX 4,365,165 47 5,099,548 52 INCOME TAX EXPENSE (Notes 5 and 39) (526,075) (6) (576,000) (6) NET INCOME 3,839,090 41 4,523,548 46 (Continued) - 3 - WorldReginfo - 6316de3a-ca15-4987-a01e-ce90f079d124 TAISHIN FINANCIAL HOLDING CO., LTD.
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