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HANNSTAR DISPLAY 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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REVIEW REPORT OF INDEPENDENT ACCOUNTANTS TRANSLATED FROM CHINESE
To the Board of Directors and Shareholders of Hannstar Co., Ltd.
Introduction
We have reviewed the accompanying consolidated balance sheets of Hannstar Display Corporation and its
subsidiaries (the “Group”) as of June 30, 2019 and 2018, and the related consolidated statements of comprehensive
income for the three-month and six-month periods ended June 30, 2019 and 2018, as well as the consolidated
statements of changes in equity and of cash flows for the six-month periods ended June 30, 2019 and 2018, and
notes to the financial statements, including a summary of significant accounting policies. Management is
responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
“Regulations Governing the Preparation of Financial Reports by Securities Issuers” and International Accounting
Standard 34 “Interim Financial Reporting” as endorsed by the Financial Supervisory Commission. 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 the Statement
of Auditing Standards No. 65 “Review of Financial Information Performed by the Independent Auditor of the
Entity” in the Republic of China. 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 such an audit opinion.
Basis for Qualified Conclusion
As explained in Notes 4(3) and 6(7), we did not review the financial statements of certain insignificant
consolidated subsidiaries, which statements reflect total assets (including investments accounted for under equity
method) of NT$9,663,806 thousand and NT$9,235,815 thousand, constituting 20% and 18% of the consolidated
total assets, and total liabilities of NT$2,504,544 thousand NT$2,113,000 thousand, constituting 30% and 21% of
the consolidated total liabilities as of June 30, 2019 and 2018, respectively, and total comprehensive income
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(including share of profit and other comprehensive income of associates and joint ventures accounted for under
equity method) of NT$34,832 thousand, NT$331,604 thousand, NT$123,658 thousand and NT$271,033 thousand,
constituting 17%, 29%, 26% and 14% of the consolidated total comprehensive income for the three-month and
six-month periods ended June 30, 2019 and 2018, respectively. These amounts and the information disclosed in
Note 13 were based solely on the not reviewed financial statements of these companies as of June 30, 2019 and
2018.
Qualified Conclusion
Except for the adjustments to the consolidated financial statements, if any, as might have been determined
to be necessary had the financial statements of certain consolidated subsidiaries (including investments accounted
for under equity method) been reviewed by independent accountants, that we might have become aware of had it
not been for the situation described above, based on our reviews, nothing has come to our attention that causes 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 June 30, 2019 and 2018, and of its consolidated financial
performance for the three-month and six-month periods then ended and its consolidated cash flows for the six-
month periods then ended in accordance with the “Regulations Governing the Preparations of Financial Reports
by Securities Issuers” and International Accounting Standard 34, “Interim Financial Reporting” as endorsed by
the Financial Supervisory Commission.
Chen, Ching-Chang Lin, Chun-Yao
For and on behalf of PricewaterhouseCoopers, Taiwan
August 7, 2019
------------------------------------------------------------------------------------------------------------------------------------------------- The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and report of independent accountants are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
YEARS ENDED JUNE 30 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(The balance sheets as of June 30, 2019 and 2018 are reviewed, not audited)
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June 30, 2019 December 31, 2018 June 30, 2018 Assets Notes AMOUNT % AMOUNT % AMOUNT %
Current assets 1100 Cash and cash equivalents 6(1) $ 3,899,034 8 $ 4,478,818 9 $ 5,582,193 11 1110 Current financial assets at fair
value through profit or loss
6(2)
69,138 - 1,102 - 36,670 - 1136 Current financial assets at
amortised cost
6(1)(4) and
7 12,384,877 25 12,686,395 26 13,866,608 26 1150 Notes receivable, net 5,534 - 5,751 - 8,054 - 1170 Accounts receivable, net 6(5) 1,504,983 3 946,603 2 2,130,732 4 1180 Accounts receivable - related
parties
7
1,674 - 19,008 - 19,058 - 1200 Other receivables 225,299 - 217,284 1 153,598 - 1210 Other receivables - related
parties
7
4,309 - 7,317 - 872,773 2 130X Inventory 6(6) 1,237,708 3 1,137,177 2 1,142,035 2 1476 Other current financial assets 8 50,866 - 50,866 - 170,560 - 1479 Other current assets 438,999 1 413,616 1 382,930 1 11XX Total current Assets 19,822,421 40 19,963,937 41 24,365,211 46 Non-current assets 1510 Non-current financial assets at
fair value through profit or loss
6(2)
11,407 - 11,392 - 21,019 - 1517 Non-current financial assets at
fair value through other
comprehensive income
6(3)
927,225 2 971,068 2 1,186,331 2 1535 Non-current financial assets at
amortised cost, net
6(4) and 7
1,500,000 3 1,500,000 3 3,433,462 6 1550 Investments accounted for
under equity method
6(7)
4,063,457 9 3,889,660 8 3,963,610 8 1600 Property, plant and equipment 6(8) and 8 17,149,915 35 17,597,456 36 17,481,338 33 1755 Right-of-use assets 6(9) 830,545 2 - - - - 1760 Investment property, net 6(10) 4,050,105 8 4,058,824 9 1,407,500 3 1780 Intangible assets 6(11) 391,775 1 397,727 1 400,059 1 1840 Deferred tax assets 15,530 - 15,530 - 11,000 - 1915 Prepayments for business
facilities
6(25)
62,213 - 85,284 - 337,405 1 1975 Non-current prepaid pension
cost
44,795 - 44,529 - 62,854 - 1990 Other non-current assets 6(24) 93,353 - 88,492 - 62,900 - 15XX Total non-current assets 29,140,320 60 28,659,962 59 28,367,478 54 1XXX Total assets $ 48,962,741 100 $ 48,623,899 100 $ 52,732,689 100
(Continued)
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
YEARS ENDED JUNE 30 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(The balance sheets as of June 30, 2019 and 2018 are reviewed, not audited)
The accompanying notes are an integral part of these consolidated financial statements.
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June 30, 2019 December 31, 2018 June 30, 2018 Liabilities and Equity Notes AMOUNT % AMOUNT % AMOUNT %
Current liabilities 2100 Short-term borrowings 6(12) $ 619,872 1 $ 687,974 1 $ 937,748 2 2120 Current financial liabilities at
fair value through profit or loss 6(2)
23,841 - 4,252 - 20,797 - 2130 Current contract liabilities 34,267 - 102,978 - 51,803 - 2150 Notes payable 30,162 - 53,118 - 44,382 - 2170 Accounts payable 2,194,409 5 1,871,054 4 2,071,005 4 2180 Accounts payable to related
parties 7
- - 11 - - - 2213 Payable on machinery and
equipment 6(25)
934,402 2 1,225,868 3 1,612,968 3 2219 Other payables, others 6(13) 2,787,731 6 1,993,478 4 4,106,441 8 2220 Other payables to related
parties 7
300,414 1 276,131 1 217,512 1 2230 Current income tax liabilities 126,148 - 560,629 1 563,847 1 2250 Provisions for liabilities -
current
167,763 - 322,120 1 167,766 - 2280 Current lease liabilities 6(9) 143,883 - - - - - 2399 Other current liabilities 71,043 - 53,895 - 86,832 - 21XX Total current Liabilities 7,433,935 15 7,151,508 15 9,881,101 19 Non-current liabilities 2570 Deferred tax liabilities 20,229 - 20,229 - 9,752 - 2580 Non-current lease liabilities 6(9) 753,090 2 - - - - 2600 Other non-current liabilities 125,775 - 125,794 - 5,316 - 25XX Total non-current
liabilities
899,094 2 146,023 - 15,068 - 2XXX Total Liabilities 8,333,029 17 7,297,531 15 9,896,169 19 Share capital 6(15) 3110 Share captial - common stock 31,339,339 64 32,339,339 66 32,339,339 61 Capital surplus 6(16) 3200 Capital surplus 1,123,185 2 842,099 2 842,099 2 Retained earnings 6(17) 3310 Legal reserve 1,711,377 3 1,609,021 3 1,609,021 3 3320 Special reserve 736,273 2 72,442 - 72,442 - 3350 Unappropriated retained
earnings
6,447,035 13 7,774,470 16 8,467,262 16 Other equity interest 3400 Other equity interest ( 753,212 ) ( 1 ) ( 736,271 ) ( 1 ) ( 493,643 ) ( 1 ) 3500 Treasury shares 6(15) - - ( 605,126 ) ( 1 ) - - 31XX Total equity attributable to
owners of parent
40,603,997 83 41,295,974 85 42,836,520 81 36XX Non-controlling interests 25,715 - 30,394 - - - 3XXX Total equity 40,629,712 83 41,326,368 85 42,836,520 81 Significant contingent liabilities
and unrecognised contract
commitments
9
3X2X Total liabilities and equity $ 48,962,741 100 $ 48,623,899 100 $ 52,732,689 100
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(UNAUDITED)
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Three months ended June 30 Six months ended June 30
2019 2018 2019 2018
Items Notes AMOUNT % AMOUNT % AMOUNT % AMOUNT %
4000 Operating revenue 6(18) and 7 $ 4,261,570 100 $ 5,131,800 100 $ 7,524,022 100 $ 9,574,455 100
5000 Operating costs 6(6)(21) ( 3,689,248 ) ( 87 ) ( 3,673,175 ) ( 72 ) ( 6,600,771 ) ( 88 ) ( 6,793,723 ) ( 71 )
5900 Gross profit from
operations
572,322 13 1,458,625 28 923,251 12 2,780,732 29
5910 Unrealised loss from sales ( 20 ) - ( 6 ) - ( 120 ) - ( 6 ) -
5950 Gross profit from operations 572,302 13 1,458,619 28 923,131 12 2,780,726 29
Operating expenses 6(21) and 7
6100 Selling expenses ( 116,497 ) ( 3 ) ( 100,762 ) ( 2 ) ( 210,105 ) ( 3 ) ( 201,131 ) ( 2 )
6200 General and administrative
expenses
( 131,461 ) ( 3 ) ( 211,083 ) ( 4 ) ( 268,126 ) ( 3 ) ( 393,135 ) ( 4 )
6300 Research and development
expenses
( 203,792 ) ( 5 ) ( 181,361 ) ( 3 ) ( 310,904 ) ( 4 ) ( 376,896 ) ( 4 )
6450 Impairment gain and reversal
of impairment loss determined
in accordance with IFRS 9
16,989 1 4,876 - 14,333 - 6,540 -
6000 Total operating expenses ( 434,761 ) ( 10 ) ( 488,330 ) ( 9 ) ( 774,802 ) ( 10 ) ( 964,622 ) ( 10 )
6900 Net operating income 137,541 3 970,289 19 148,329 2 1,816,104 19
Non-operating income and
expenses
7010 Other income 6(19) and 7 94,964 2 149,538 3 170,944 2 248,635 2
7020 Other gains and losses 6(20) ( 10,961 ) - ( 5,553 ) - 22,728 - ( 30,154 ) -
7050 Finance costs ( 14,800 ) - ( 13,218 ) - ( 30,387 ) - ( 26,499 ) -
7060 Share of profit of associates
and joint ventures accounted
for under equity method
6(7)
94,847 2 162,852 3 173,917 2 127,489 1
7000 Total non-operating
income and expenses
164,050 4 293,619 6 337,202 4 319,471 3
7900 Profit before income tax 301,591 7 1,263,908 25 485,531 6 2,135,575 22
7950 Total tax expense (income) 6(22) 3,185 - ( 434,565 ) ( 9 ) 2,196 - ( 433,706 ) ( 4 )
8200 Profit for the year $ 304,776 7 $ 829,343 16 $ 487,727 6 $ 1,701,869 18
(Continued)
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30 (Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(UNAUDITED)
The accompanying notes are an integral part of these consolidated financial statements.
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Three months ended June 30 Six months ended June 30
2019 2018 2019 2018
Items Notes AMOUNT % AMOUNT % AMOUNT % AMOUNT %
Other comprehensive income
Components of other
comprehensive income that will
not be reclassified to profit or
loss
8316 Unrealised gains (losses) from
investments in equity
instruments measured at fair
value through other
comprehensive income
( $ 7,066 ) - $ 47,720 1 ( $ 2,988 ) - $ 48,323 -
8320 Share of other comprehensive
income of associates and joint
ventures accounted for using
equity method
( 108,327 ) ( 2 ) 131,364 2 ( 53,507 ) ( 1 ) 84,057 1
8310 Other comprehensive
income that will not be
reclassified to profit or loss
( 115,393 ) ( 2 ) 179,084 3 ( 56,495 ) ( 1 ) 132,380 1
Components of other
comprehensive income that will
be reclassified to profit or loss
8361 Financial statements
translation differences of
foreign operations
11,957 - 141,708 3 39,554 1 104,008 1
8370 Share of other comprehensive
loss of associates and joint
ventures accounted for using
equity method
- - ( 2,958 ) - - - ( 6,191 ) -
8360 Other comprehensive
income that will be
reclassified to profit or loss
11,957 - 138,750 3 39,554 1 97,817 1
8300 Total other comprehensive
income for the year
( $ 103,436 ) ( 2 ) $ 317,834 6 ( $ 16,941 ) - $ 230,197 2
8500 Total comprehensive income for
the year
$ 201,340 5 $ 1,147,177 22 $ 470,786 6 $ 1,932,066 20
Profit (loss), attributable to:
8610 Owners of the parent $ 307,514 7 $ 829,343 16 $ 492,406 6 $ 1,701,869 18
8620 Non-controlling interest ( 2,738 ) - - - ( 4,679 ) - - -
$ 304,776 7 $ 829,343 16 $ 487,727 6 $ 1,701,869 18
Comprehensive income (loss)
attributable to:
8710 Owners of the parent $ 204,078 5 $ 1,147,177 22 $ 475,465 6 $ 1,932,066 20
8720 Non-controlling interests ( 2,738 ) - - - ( 4,679 ) - - -
$ 201,340 5 $ 1,147,177 22 $ 470,786 6 $ 1,932,066 20
Earnings per share 6(23)
9750 Basic earnings per share $ 0.10 $ 0.26 $ 0.16 $ 0.53
9850 Diluted earnings per share $ 0.10 $ 0.25 $ 0.16 $ 0.52
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(UNAUDITED)
Equity attributable to owners of the parent
Retained Earnings Other equity interest
Notes
Share capital -
common stock
Total capital
surplus, additional
paid-in capital
Legal reserve
Special reserve
Unappropriated
retained earnings
Financial
statements
translation
differences of
foreign operations
Unrealised gains
(losses) from
financial assets
measured at fair
value through
other
comprehensive
income
Unrealized gain or
loss on available-
for-sale financial
assets
Others
Treasury shares
Total
Non-controlling
interests
Total equity
The accompanying notes are an integral part of these consolidated financial statements.
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For the six-month period ended June 30, 2018 Balance at January 1, 2018 $ 32,339,339 $ 842,099 $ 938,151 $ 147,053 $ 8,045,768 ( $ 84,878 ) $ - $ 182,103 ( $ 169,667 ) $ - $ 42,239,968 $ - $ 42,239,968 Retroactive application and retrospective
restatement effect
- - - - 933,042 - ( 469,295 ) ( 182,103 ) - - 281,644 - 281,644 Balance at January 1 after adjustments 32,339,339 842,099 938,151 147,053 8,978,810 ( 84,878 ) ( 469,295 ) - ( 169,667 ) - 42,521,612 - 42,521,612 Profit for the period - - - - 1,701,869 - - - - - 1,701,869 - 1,701,869 Other comprehensive income - - - - - 97,817 132,380 - - - 230,197 - 230,197 Total comprehensive income - - - - 1,701,869 97,817 132,380 - - - 1,932,066 - 1,932,066 Distribution of 2017 earnings 6(17) Legal reserve - - 670,870 - ( 670,870 ) - - - - - - - - Reversal of special reserve - - - ( 74,611 ) 74,611 - - - - - - - - Cash dividend paid - - - - ( 1,616,967 ) - - - - - ( 1,616,967 ) - ( 1,616,967 ) Changes in equity of associates and joint
ventures accounted for using equity method
- - - - ( 191 ) - - - - - ( 191 ) - ( 191 ) Balance at June 30, 2018 $ 32,339,339 $ 842,099 $ 1,609,021 $ 72,442 $ 8,467,262 $ 12,939 ( $ 336,915 ) $ - ( $ 169,667 ) $ - $ 42,836,520 $ - $ 42,836,520 For the six-month period ended June 30, 2019 Balance at January 1, 2019 $ 32,339,339 $ 842,099 $ 1,609,021 $ 72,442 $ 7,774,470 ( $ 3,227 ) ( $ 563,377 ) $ - ( $ 169,667 ) ( $ 605,126 ) $ 41,295,974 $ 30,394 $ 41,326,368 Retroactive application and retrospective
restatement effect 3
- - - - ( 113,474 ) - - - - - ( 113,474 ) - ( 113,474 ) Balance at January 1 after adjustments 32,339,339 842,099 1,609,021 72,442 7,660,996 ( 3,227 ) ( 563,377 ) - ( 169,667 ) ( 605,126 ) 41,182,500 30,394 41,212,894 Profit for the period - - - - 492,406 - - - - - 492,406 ( 4,679 ) 487,727 Other comprehensive income (loss) - - - - - 39,554 ( 56,495 ) - - - ( 16,941 ) - ( 16,941 ) Total comprehensive income (loss) - - - - 492,406 39,554 ( 56,495 ) - - - 475,465 ( 4,679 ) 470,786 Distribution of 2018 earnings 6(17) Legal reserve - - 102,356 - ( 102,356 ) - - - - - - - - Special reserve - - - 663,831 ( 663,831 ) - - - - - - - - Cash dividend paid - - - - ( 940,180 ) - - - - - ( 940,180 ) - ( 940,180 ) Acquisition of treasury shares 6(15) - - - - - - - - - ( 113,788 ) ( 113,788 ) - ( 113,788 ) Retirement of treasury shares 6(15) ( 1,000,000 ) 281,086 - - - - - - - 718,914 - - - Balance at June 30, 2019 $ 31,339,339 $ 1,123,185 $ 1,711,377 $ 736,273 $ 6,447,035 $ 36,327 ( $ 619,872 ) $ - ( $ 169,667 ) $ - $ 40,603,997 $ 25,715 $ 40,629,712
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(UNAUDITED)
Notes 2019 2018
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CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax $ 485,531 $ 2,135,575 Adjustments Adjustments to reconcile profit (loss) Expected credit gain on doubtful accounts ( 14,333 ) ( 6,540 ) Depreciation 6(21) 967,011 981,401 Amortisation 6(21) 11,104 16,747 Interest expense 30,387 26,499 Interest income 6(19) ( 109,314 ) ( 127,956 ) Net gain on disposal of property, plant and equipment ( 6,331 ) ( 105 ) Net gain on modification of leasing arrangement 6(20) ( 21,453 ) - Share of profit of associates and joint ventures
accounted for under equity method 6(7)
( 173,917 ) ( 127,489 ) (Realised) unrealised loss (gain) - intercompany 120 6 Changes in operating assets and liabilities Changes in operating assets Financial assets at fair value through profit or loss -
current
( 68,036 ) 88,334 Financial assets at fair value through profit or loss -
non-current
( 15 ) 3,280 Notes receivable 217 40 Accounts receivable ( 544,047 ) 3,889 Accounts receivable from related parties 17,334 259 Other receivable 7,406 214,987 Other receivables from related parties 3,008 ( 8,933 ) Inventories ( 100,531 ) ( 42,820 ) Other current assets ( 25,383 ) ( 78,143 ) Other financial assets – current - ( 2,903 ) Prepaid pension cost ( 266 ) ( 506 ) Changes in operating liabilities Current financial liabilities at fair value through
profit or loss
19,589 17,268 Contract liabilities - current ( 68,711 ) ( 80,790 ) Notes payable ( 22,956 ) ( 8,863 ) Accounts payable 323,355 ( 167,504 ) Accounts payable to related parties ( 11 ) - Other payables ( 145,738 ) 62,062 Other payables from related parties 24,283 59,329 Provisions for liability - current ( 154,357 ) ( 12 ) Other current liabilities 17,148 ( 106,036 ) Other non-current liabilities ( 20 ) ( 4,155 )
Cash inflow generated from operations 451,074 2,846,921 Income tax paid ( 432,285 ) ( 111,746 )
Net cash flows from operating activities 18,789 2,735,175
(Continued)
HANNSTAR DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)
(UNAUDITED)
Notes 2019 2018
The accompanying notes are an integral part of these consolidated financial statements.
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CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other
comprehensive income - non-current
( $ 12,514 ) ( $ 14,863 )
Decrease in current financial assets at amortised cost, net 301,518 258,964
Acquisition of investments accounted for under equity
method
7
- ( 200,000 )
Acquisition of property, plant and equipment 6(25) ( 741,928 ) ( 1,932,372 )
Proceeds from disposal of property, plant and equipment 44,169 1,378
Proceeds from disposal of right-of-use assets 33,554 -
Acquisition of intangible assets ( 961 ) ( 173,456 )
Other non-current assets ( 54,216 ) ( 87 )
Interest received 93,893 99,695
Net cash flows used in investing activities ( 336,485 ) ( 1,960,741 )
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in short-term loans 6(12) ( 67,502 ) ( 109,973 )
Payments of acquire treasury shares ( 113,788 ) -
Interest paid ( 30,987 ) ( 27,381 )
Repayment of lease principal 6(9) ( 70,993 ) -
Net cash flows used in financing activities ( 283,270 ) ( 137,354 )
Effects of changes in exchange rates 21,182 53,941
Net (decrease) increase in cash and cash equivalents ( 579,784 ) 691,021
Cash and cash equivalents at beginning of period 4,478,818 4,891,172
Cash and cash equivalents at end of period $ 3,899,034 $ 5,582,193
