Taiwan Shin Kong Security Co., Ltd. and Subsidiaries

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1 Stock No Taiwan Shin Kong Security Co., Ltd. and Subsidiaries Consolidated Financial Statement and Auditors Report 2016 and 2015 Address: No.128, Xing ai Rd., Neihu Dist., Taipei City Tel: (02)

2 CONTENTS Item Page no. NO. OF NOTES TO FINANCIAL STATEMENT I. Cover page - II. Contents 2 - III. Declaration for Consolidated Financial 2 - Statements of Affiliated Companies IV. Auditors report 4~8 - V. Consolidated Balance Sheet 9 - VI. Consolidated statement of income 10~11 - VII. Consolidated Statements of Changes in 12 - Shareholders Equity VIII. Consolidated statement of cash flow 13~14 - IX Notes to consolidated financial statement (I) History 15 1 (II) Dates and procedures where the financial 15 2 reports were resolved (III) Applicability of newly promulgated and 15~26 3 amended standard rules and interpretations (IV) Summary of significant accounting 26~40 4 policies (V) Major sources of major accounting 40~41 5 judgments, estimate and hypotheses (VI) Explanation of important accounting titles 41~79 6~33 (VII) Transactions-related party 79~81 34 (VIII) Pledged assets (IX) Major contingent liabilities and 81~83 36 commitments made under unrecognized contracts (X) Others - - (XI) Noted disclosures 1. Information related to material 83~84, 87~98, 37 transactions 100~ Information related to reinvested 83~84, 87~98, 37 enterprises 100~ Information about investment in mainland china 84, (XII) Segment information 84~

3 Declaration for Consolidated Financial Statements of Affiliated Companies The companies to be included by the Company in the consolidated financial statement of affiliated enterprises in 2016 (Jan. 1, Dec. 31, 2016) pursuant to the Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises are the same as those to be included into the consolidated financial statement of the parent company and subsidiaries pursuant to the Statements of International Financial Reporting Standards (IFRS) No. 10. Further, the related information to be disclosed in the consolidated financial statement of affiliated enterprises has been disclosed in the said consolidated financial statement of parent company and subsidiaries. Accordingly, it is not necessary for the Company to prepare the consolidated financial statement of affiliated enterprises separately. Declared by: Taiwan Shin Kong Security Co., Ltd. and Subsidiaries Responsible person: Lin Po-Fong March 24,

4 Auditors report To: Taiwan Shin Kong Security Co., Ltd. Audit opinions We have audited the accompanying balance sheet of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries as of December 31, 2016 and 2015 and the related statements of income, retained earnings, cash flows, and notes to the consolidated financial statements (including the material accounting policies summary) for the years then ended. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries as of December 31, 2016 and 2015, and the results of its operations and its cash flows for the years then ended in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, International Financial Reporting Standards (IFRS) that were recognized by the Financial Supervisory Commission, International Accounting Standards, Interpretations, and Notices (IFRS), International Accounting Standards (IAS), Interpretation (IFRIC) and Interpretative Announcement (SIC). The basis for opinions We conducted our audit in accordance with the Regulations Governing Auditing and Attestation of Financial statements by Certified Public Accountants and generally accepted auditing standards. Our responsibilities under those standards are further described in the responsibilities of auditors for the audit of the consolidated financial statements. The personnel of the CPA Firm subject to the independence requirement have acted independently from the business operations of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries in accordance with the Code of Ethics and with other responsibilities of the Code of Ethics performed. We believed that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

5 Key audit matter The key audit matters means that the independent auditor has used their professional judgment as the basis to audit the most important matters on the 2016 consolidated financial statements of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries. These matters were addressed in the content of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on those matters. The key audit matters of the 2016 consolidated financial statements of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries are described as follows: Key audit matter 1: Income recognition The net operating income of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries amounted to NT$7,215,598 thousand in 2016, including NT$2,957,531 thousand for electronic security services, accounting for 41% of the total income that is considered significant. Please refer to Note 4 (14) and Note 38 of the consolidated financial statements regarding the income recognition accounting policies and the departmental income information disclosure. For the electronic security services income recognition of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries, the process involves the correctness of the amount recognized and the timing of income transfer. Since the electronic security services income is significant to the overall financial statements, it is classified as a key audit matter related to the consolidated financial statements of the current year. For the important matters in the preceding paragraph, the principal audit procedure adopted by the independent auditor to assess whether the recognition of the electronic security service income is reasonable or not is as follows: 1. Understand the management s recognition of the electronic security service income operating process and test whether its control operations are effective or not. 2. Sampling check on whether the system information and contract information are identical. 3. Obtain and check the electronic security services income related evidence; verify the amount of income recognized and the timing of entry. 4. Analyze the changes in gross profit and price spread of the electronic service income; also, verify its rationality. Key audit matter 2: Financial assets valuation The available-for-sale financial assets non-current of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries amounted to NT$2,743,273 thousand on December 31, 2016, accounting for 18% of the total assets that are substantial to Taiwan Shin Kong Security Co., Ltd. and its subsidiaries. Please refer to Note 4 (12), Note 5, and Note 8 of the consolidated financial statements for the financial assets accounting policies and the relevant information disclosure. The financial assets evaluation process of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries involves significant judgment, including the evaluation model which recognizes the fair value. Therefore, the independent auditor has the financial assets valuation classified as a key audit matter of the consolidated financial statements for the current year

6 For the important matters in the preceding paragraph, the principal audit procedure adopted by the independent auditor to assess whether the fair value of financial assets is reasonable or not is as follows: 1. Understand the management s initiating of the financial assets assessment process and test whether its control operations are effective or not. 2. Perform a letter confirmation or an inventory count on the investment portfolio to confirm the existence of the subject matter and the actual number of shares held. 3. Obtain the financial assets appraisal report or the document for assessing the fair value of financial assets from the management. Invite the financial advisory experts of the Firm to help assess the appraisal report or review the appropriateness of the parameters used in the documents in order to conclude whether the calculations and conclusions are reasonable or not. 4. Evaluate the competency, professional competence, and independence of the independent appraisers used by the management; also, verify the qualifications of the appraisers. Other information Taiwan Shin Kong Security Co., Ltd. had duly worked out the 2016 and 2015 individual financial reports for which we, the Undersigned Certified Public Accountant, have duly worked out standard type, Audit Report with unqualified (unreserved) opinion for reference. Responsibilities of Management and Those in Charge with Governance of the Consolidated Financial Statements The responsibility of the management is to have the consolidated financial statements presented fairly, in all material respects, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, International Financial Reporting Standards (IFRS) that was recognized by the Financial Supervisory Commission, International Accounting Standards, Interpretations, and Notices (IFRS), International Accounting Standards (IAS), Interpretation (IFRIC) and Interpretative Announcement (SIC). Also, maintain the necessary internal controls related to the consolidated financial statements to ensure that the consolidated financial statements are free of any material misstatement arising from fraud or errors. In the preparation of the consolidated financial statements, the management s responsibility also includes assessing the continuing operation of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries, the disclosure of the relevant matters, and the adoption of the continuing operation accounting base, unless the management intends to liquidate Taiwan Shin Kong Security Co., Ltd. and its subsidiaries or cease business operation, or there is a lack of any option except for liquidation or suspension. The governance units (including the supervisor) of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries are responsible for supervising the financial reporting process. Auditor s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to - 6 -

7 issue and auditor s report. Reasonable assurance is a high level of assurance, but is not a guarantee that and audit conducted in accordance with the accounting principles generally accepted in the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. If fraud or errors are considered materials, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with the accounting principles generally accepted in the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also perform the following works: 1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design, and perform audit procedures responsive risks, and obtain evidence that is sufficient and appropriate to provide a basis of our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. 2. Obtain the necessary understanding on the internal control related to the audit in order to design appropriate audit procedures under the circumstances, but the purpose is not to express an opinion on the effectiveness of the internal control of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries. 3. Evaluate the appropriateness of accounting policies used and the reasonability of accounting estimates and related disclosures made by the management. 4. Use the audit evidence obtained as the basis to draw conclusions on the suitability of the continuing operation accounting base adopted by the management and whether or not there are events or circumstances causing significant doubts regarding the continuing operation ability of Taiwan Shin Kong Security Co., Ltd. and whether its subsidiaries have significant uncertainties. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the consolidated financial statements or, if such disclosure are inappropriate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor s report. However, future events or circumstances may result in the inability of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries to continue operating. 5. Evaluate the overall presentation, structure, and content of the consolidated statements, including the disclosures, whether the consolidated statements represent the underlying transactions and events in a matter that achieves fair presentation. 6. Obtain sufficient and appropriate audit evidence on the financial information of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries in order to express an opinion on the consolidated financial statements. The independent auditor is responsible for guiding, supervising, and implementing the audit of the Group; also, is responsible for forming an opinion on the audit of the Group

8 We communicate with those in charge of governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings (including any significant deficiencies in internal control that we identify during our audit). We also provide those in charge of governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, (related safeguards). The independent auditor has used the communications with the governing unit as the basis to determine the key audit matters to be performed on the 2016 consolidated financial statements of Taiwan Shin Kong Security Co., Ltd. and its subsidiaries. We describe these matters in our auditor s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communications. Deloitte & Touche CPA: Weng Po-Jen CPA: Chen Hui-Min Financial Supervisory Commission, Executive SFC s written approval No: Yuan s written approval No.: Tai-tsai-cheng-(6) No Jin-Guan-Cheng-Shen No.: March 24,

9 SKS and its subsidiaries Notes to Consolidated Financial Statement Consolidated Balance Sheet December 31, 2016 and 2015 Unit: NTD1,000 December 31, 2016 December 31, 2015 Code Assets Amount % Amount % Current assets 1100 Cash and cash equivalents (Note 6) $ 3,268, $ 3,876, Financial assets through profit and/or loss with measuring for the faire values-current (Notes 4 and 7) 144, , Available-for-sale financial assets - current (Notes 4 and 8) 2,864, ,034, Liability instrument investments for which no active market existscurrent (Notes 4 and 10) 33,715-28, Notes receivable (Notes 4 and 11) 143, , Accounts receivable (Notes 4, 11 and 34) 459, , Other accounts receivable (Notes 18) 82, , Income tax assets for the year (Notes 4 and 28) 2, X Inventories (Notes 4 and 12) 318, , Total other current assets (Notes 18) 166, , XX Total current assets 7,483, ,153, Noncurrent assets 1523 Available-for-sale financial assets - noncurrent (Notes 4 and 8) 2,743, ,223, Financial assets carried at cost - noncurrent (Notes 4 and 9) 169, , Investment under Equity method (Notes 4 and 14) 30,603-28, Real estates, plant and equipment (Notes 4, 15, 34 and 35) 3,632, ,499, Real estate investments (Notes 4, 16 and 35) 399, , Intangible assets (Notes 4 and 17) 30,579-22, Deferred income tax assets (Notes 4 and 28) 170, , Other noncurrent assets - others (Notes 18 and 35) 214, , XX Total noncurrent assets 7,391, ,778, XXX Total assets $ 14,875, $ 14,932, Code Liabilities and shareholders equity Current liabilities 2100 Short-term loan (Notes 19) $ 896,000 6 $ 1,351, Short-term notes and bills payable (Notes 19) 439, , Notes payable (Notes 20 and 34) 29,910-54, Accounts payable (Notes 20 and 34) 311, , Other accounts payable (Notes 21 and 34) 1,046, ,053, Income tax liabilities for the year (Notes 4 and 28) 83, , Provision for liabilities-current (Notes 4, and 22) 1,215-1, Advance receipts (Note 21 and 34) 853, , Other current liabilities-others 65,559-56,468-21XX Total current liabilities 3,726, ,412, Noncurrent liabilities 2550 Provision for liabilities-non-current (Notes 4, and 22) 54,010-46, Defined benefit liabilities- Non-current (Notes 4, and 23) 462, , Guarantee deposits received (Note 24) 353, , XX Total noncurrent liabilities 869, , XXX Total liabilities 4,596, ,383, Interest attributable to owners belonging to the parent company (Note 25) 3110 Common shares 3,836, ,836, Additional paid-in capital 150, ,302 1 Retained earnings 3310 Legal reserve 1,532, ,425, Unappropriated earnings 2,737, ,690, Total retained earnings 4,270, ,116, Other equity 1,181, , Treasury stocks ( 39,521 ) - ( 39,521 ) - 31XX The owners interest belongs to the Company 9,399, ,763, XX Non-controlling interest 879, , XXX Total shareholders equity 10,279, ,549, Total liabilities and shareholders equity $ 14,875, $ 14,932, Notes to the consolidated financial statements constitute a part of these financial statements. Chairman: Lin Po-Fong Manager: Hung Kuo-Chao Executive Accountant: Weng Tsung-Hsien - 9 -

10 SKS and its subsidiaries Notes to Consolidated Financial Statement Consolidated statement of income Years ended December 31, 2016 and 2015 Unit: NTD1,000, except for EPS (NT$) Code Amount % Amount % 4000 Net revenues (Notes 4, 26 and 34) $ 7,215, $ 7,046, Operating expenses (Notes 27 and 34) ( 4,680,740 ) ( 65 ) ( 4,453,374 ) ( 63 ) 5900 Gross income from operations 2,534, ,593, Operating expenses (Notes 27 and 34) 6100 Sales promotion expenses ( 216,030 ) ( 3 ) ( 217,209 ) ( 3 ) 6200 Operating expenses ( 1,360,119 ) ( 19 ) ( 1,335,290 ) ( 19 ) 6300 R&D expense ( 24,392 ) - ( 16,308 ) ( 1 ) 6000 Total operating expenses ( 1,600,541 ) ( 22 ) ( 1,568,807 ) ( 23 ) 6900 Net operating profit 934, ,024, Non-operating income and expense (Note 27) 7010 Other revenue (Note 34) 275, , Other gain or loss 48, , Financial cost ( 21,255 ) - ( 25,183 ) The share of the profit or loss of associates, joint ventures that adopt equity method 2,514-2, Reversed impairment profit (loss) ( 26,069 ) - 3, Total non-operating income and expense 278, , Income before tax 1,213, ,354, Income tax expense (Note 28) ( 199,427 ) ( 3 ) ( 223,281 ) ( 3 ) 8200 Net income 1,013, ,131, Other comprehensive income Not reclassified to profit and loss: 8311 Defined benefit plan re-measurement amount ( 59,671 ) ( 1 ) ( 99,480 ) ( 1 ) 8349 Incomes tax related to titles not subject to reclassification 10,144-16, ( 49,527 ) ( 1 ) ( 82,568 ) ( 1 ) (To be continued)

11 (Continued) Code Amount % Amount % May be reclassified to profit and loss subsequently: 8361 The difference in foreign exchange converted with the financial reports of overseas operating institutions ( $ 11,873 ) - ( $ 3,652 ) Unrealized profit (loss) of Available-for-sale financial assets 530,598 7 ( 323,359 ) ( 5 ) 8370 The share of other comprehensive income of associates and joint ventures recognized in equity method ( 2,123 ) - ( 1,177 ) Income tax related to items that may be reclassified (Note 28) 2, ,846 7 ( 327,461 ) ( 5 ) 8300 Other comprehensive income (net amount after tax) of the current period 469,319 7 ( 410,029 ) ( 6 ) 8500 Total comprehensive income this term $ 1,483, $ 721, The net earnings belong to 8610 The owner of the Company $ 973, $ 1,072, Non-controlling interest 40, , $ 1,013, $ 1,131, The total comprehensive income belongs to 8710 The owner of the Company $ 1,404, $ 683, Non-controlling interest 78, , $ 1,483, $ 721, Earnings per share (Note 29) 9710 Basic EPS $ 2.55 $ Diluted earnings per share $ 2.55 $ 2.81 Notes to the consolidated financial statements constitute a part of these financial statements. Chairman: Lin Po-Fong Manager: Hung Kuo-Chao Executive Accountant: Weng Tsung-Hsien

12 SKS and its subsidiaries Notes to Consolidated Financial Statement Consolidated Statements of Changes in Shareholders Equity Years ended December 31, 2016 and 2015 Unit: NTD1,000 Capital stock The owners interest belongs to the Company Other items of interest Retained earnings The difference in foreign exchange converted with the financial reports of overseas operating Unrealized profit Code Shares (thousand) Amount Additional paid-in capital Legal reserve Unappropriated earnings institutions (loss) of Available-for-sale financial assets Treasury stocks Total Non-controlling interest (Note 25) Total shareholders equity A1 Balance at January 1, ,653 $ 3,836,531 $ 146,302 $ 1,322,032 $ 2,530,118 ( $ 4,888 ) $ 1,018,731 ( $ 39,521 ) $ 8,809,305 $ 743,977 $ 9,553,282 Appropriation and allocation of earnings in 2014 B1 Legal reserve ,379 ( 103,379 ) B5 Cash dividend to the Company s shareholders ( 728,941 ) ( 728,941 ) - ( 728,941 ) D net profit ,072, ,072,036 59,011 1,131,047 D3 Other comprehensive income after tax, ( 78,950 ) ( 3,434 ) ( 306,110 ) - ( 388,494 ) ( 21,535 ) ( 410,029 ) D5 Total comprehensive income, ,086 ( 3,434 ) ( 306,110 ) - 683,542 37, ,018 O1 Increase in non-controlling interest ,977 3,977 Z1 Balance at December 31, ,653 3,836, ,302 1,425,411 2,690,884 ( 8,322 ) 712,621 ( 39,521 ) 8,763, ,430 9,549,336 Appropriation and allocation of earnings in 2015 B1 Legal reserve ,204 ( 107,204 ) B5 Cash dividend to the Company s shareholders ( 767,306 ) ( 767,306 ) - ( 767,306 ) M7 C7 Change in other additional paid-in capital Changes in the ownership equity of a subsidiary (Note 30) - - 4,381 - ( 5,456 ) ( 1,075 ) 1,075 - Changes of the affiliates recognized under the Equity Method ( 232 ) ( 232 ) - ( 232 ) D net profit , ,500 40,216 1,013,716 D3 Other comprehensive income after tax, ( 46,352 ) ( 10,615 ) 487, ,766 38, ,319 D5 Total comprehensive income, ,148 ( 10,615 ) 487,733-1,404,264 78,769 1,483,035 O1 Increase in non-controlling interest ,239 14,239 Z1 Balance at December 31, ,653 $ 3,836,531 $ 150,683 $ 1,532,615 $ 2,737,834 ( $ 18,937 ) $ 1,200,354 ( $ 39,521 ) $ 9,399,559 $ 879,513 $ 10,279,072 Notes to the consolidated financial statements constitute a part of these financial statements. Chairman: Lin Po-Fong Manager: Hung Kuo-Chao Executive Accountant: Weng Tsung-Hsien

13 SKS and its subsidiaries Notes to Consolidated Financial Statement Consolidated statement of cash flow Years ended December 31, 2016 and 2015 Unit: NTD1,000 Code Cash flow from operating activities A10010 Current year net profit before taxation $ 1,213,143 $ 1,354,328 A20010 The loss items of the gains that do not affect cash flow A20300 Bad debt expense 406 1,323 A20100 Depreciation 441, ,618 A29900 Depreciation on real estate investments (presented as a deduction to rental income) 5,500 5,535 A20200 Amortization 8,972 5,777 A29900 Provision for liabilities 7,748 12,321 A22300 The share of the profit or loss of associates, joint ventures that adopt equity method ( 2,514 ) ( 2,970 ) A20900 Financial cost 21,255 25,183 A21200 Interest revenue ( 5,919 ) ( 6,233 ) A21300 Dividend income ( 204,546 ) ( 235,831 ) A23700 A22500 A20400 A23500 A21000 A23100 A29900 A30000 A31110 Loss on inventory devaluation and obsolescence 2,021 1,042 Loss (gain) in disposal of real estate, plant buildings, equipment & facilities 1,059 ( 408 ) The profit in financial assets measured in fair values through profit and/or loss method ( 2,076 ) ( 264 ) Loss in impairment in financial assets (Gain on price recovery) 26,069 ( 3,539 ) Loss (gain) from disposal of financial assets carried at cost ( 29 ) 8,642 Net gain from disposal of available-for-sale financial assets ( 79,550 ) ( 62,627 ) Fixed assets converted into consumable costs 28,976 31,833 Net change in operating assets and liabilities Decrease in financial assets held to provide transactions A31130 Notes receivable 2,105 3,486 A31150 Accounts receivable ( 60,527 ) ( 11,076 ) A31180 Other accounts receivable 36,506 ( 409 ) A31200 Inventories ( 67,963 ) ( 3,154 ) A31240 Other current assets ( 12,210 ) ( 15,341 ) A32130 Notes payable ( 24,988 ) ( 17,970 ) A32150 Accounts payable 88,088 ( 934 ) A32180 Other payables ( 4,658 ) ( 31,783 ) A32200 Receipt in advance 14,095 ( 9,916 ) A32230 Other current liabilities 9,091 4,767 A32230 Accrued pension liabilities ( 234,176 ) ( 18,551 ) A33000 Cash yielded in business operation 1,207,855 1,425,675 (To be continued)

14 (Continued) Code A33300 Interest paid ( $ 21,255 ) ( $ 25,183 ) A33500 Income tax paid ( 213,080 ) ( 334,955 ) AAAA Net cash inflow from operating activities 973,520 1,065,537 Cash flow from investing activities B00300 Acquisition of available-for-sale financial assets ( 27,197 ) ( 206,400 ) B01200 Financial assets carried at cost ( 32,300 ) - B01400 Return of capital from capital reduction of financial assets carried at cost 26,787 62,652 B00400 Proceeds from the disposal of available-for-sale financial assets 288, ,627 B00700 Proceeds from disposal of bond investments for which no active market exists. ( 5,028 ) 8,113 B02700 Procurement of Real estates, plant and equipment ( 616,165 ) ( 561,707 ) B04500 Procurement of intangible assets ( 16,647 ) ( 16,667 ) B02800 Proceeds from sales of real estate, plant buildings, equipment & facilities 5,725 1,677 B07500 Interest collected 5,919 6,233 B07600 Dividends received from the affiliated company 1,659 - B07600 Dividends received 204, ,615 B01800 Proceeds for acquisition of long-term investments under equity method ( 3,347 ) ( 1,889 ) B07100 Prepaid equipment amount ( 4,831 ) ( 2,668 ) B06700 Decrease in other assets 9,597 15,483 BBBB Net cash outflow from investing activities ( 162,492 ) ( 192,931 ) Cash flow from financing activities C00600 Decrease in short-term notes payable ( 269,660 ) ( 240,173 ) C00200 Decrease in short-term loan ( 455,500 ) ( 257,000 ) C01700 Long-term loan paid - ( 2,375 ) C03100 Increase in deposit received 65,796 13,811 C04500 Cash dividend paid ( 767,306 ) ( 728,941 ) C05800 Change in non-controlling interest 14,239 3,977 CCCC Net cash outflow from financing activities ( 1,412,431 ) ( 1,210,701 ) DDDD Impact of change in exchange rate upon cash & cash equivalents ( 6,906 ) ( 2,919 ) EEEE Decrease in cash and cash equivalents ( 608,309 ) ( 341,014 ) E00100 Balance of cash and cash equivalents-beginning 3,876,416 4,217,430 E00200 Balance of cash and cash equivalents-end $ 3,268,107 $ 3,876,416 Notes to the consolidated financial statements constitute a part of these financial statements. Chairman: Lin Po-Fong Manager: Hung Kuo-Chao Executive Accountant: Weng Tsung-Hsien

15 SKS and its subsidiaries Notes to Consolidated Financial Statement Notes to consolidated financial statement Years ended December 31, 2016 and 2015 (Expressed in Thousand New Taiwan Dollars unless specified otherwise) I. History and general information of the Company II. III. (I) Taiwan Shin Kong Security Co., Ltd. and the entities controlled by the Company (hereinafter collectively referred to as Consolidated Company ) were incorporated in January 1980 in Taipei City and with 22 branches and 69 offices setup throughout the years. The Company is primarily engaged in the design, sale, lease, installation, maintenance, repairing and inspection of natural calamity, theft and fire resistant facilities, and the import/export related to the said products, as well as operation and investment of the relevant business. The Consolidated Company s stocks have been traded on TSE since December The present Consolidated Financial Report is expressed in New Taiwan Dollars, the functional currency adopted by Taiwan Shin Kong Security Co., Ltd. Dates and procedures where the financial reports were resolved The present Consolidated Financial Report was duly promulgated after being officially resolved in the board of directors meeting convened on March 24, 217. Applicability of newly promulgated and amended standard rules and interpretations The Regulations Governing the Preparation of Financial Reports by Securities Issuers that is not yet effective and the IFRS, IAS, IFRIC, and SIC 2017 version approved by the Financial Supervisory Commission According to the Jin-Guan-Zheng-Shen No Letter and Jin-Guan-Zheng-Shen No Letter issued by the Financial Supervisory Commission (referred to as the FSC hereinafter), the Consolidated Company should start from the year of 2017 to adopt the IFRS, IAS, IFRIC, and SIC 2017 version (referred to as the IFRSs hereinafter) that was published by the International Accounting Standards Board (IASB) and approved by the Financial Supervisory Commission; also, the Regulations Governing the Preparation of Financial Reports by Securities Issuers amendments. New promulgation/amendment/amended Rules and Interpretation The annual improvement during the period. The annual improvement during the period. The annual improvement during the period. The effective date promulgated by IASB(Note 1) July 1, 2014 (Note 2) July 1, 2014 January 1, 2016 (Note 3) (To be continued)

16 (Continued) The effective date New promulgation/amendment/amended Rules and promulgated by IASB Interpretation (Note 1) IFRS 10, IFRS 12, and IAS 28 amendments January 1, 2016 Investment entity: Application of the exceptions to the consolidated financial statements. IFRS 11 amendment Acquisition of joint operation January 1, 2016 equity. IFRS14 Deferred accounts under control January 1, 2016 IAS 1 amendment Disclosure Initiative January 1, 2016 IAS 16 and IAS 38 amendments An acceptable January 1, 2016 explanation of the depreciation and amortization method. IAS 16 and IAS 41 amendment Agriculture: January 1, 2016 Production Plant IAS 19 Amendment: Ascertained fringe benefit plans: July 1, 2014 Appropriation to employees IAS 36 Amendment: Disclosure of the recoverable January 1, 2014 amounts in non-financial assets IAS 39 Amendment: Continuity of contract January 1, 2014 replacement for derivative financial instruments and hedging accounting IFRIC 21 Taxation January 1, 2014 Note 1: Unless otherwise expressly remarked, the aforementioned new /Amendment/Amended Rules or Interpretation come into effect in the fiscal year starting from the respective specified effective dates. Note 2: The IFRS 2 amendment is applicable to the transactions on the grounds of shares on and after July 1, 2014 in case of the date of presentation. The IFRS 3 amendment is applicable to the enterprise merger cases on and after July 1, 2014 in case of date of acquisition. IFRS 13 comes into effect simultaneously at the time of amendment. Other amendments are applicable to the fiscal years after July 1, Note 3: In addition to the adoption of IFRS 5 amendment after January 1, 2016, the adoption of the remaining amendments can be applied retroactively after January 1, Except for the instructions below, the application of the amended Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs Version 2017 would not cause significant changes to the accounting policies of the consolidated company: 1. IAS 36 Amendment: Disclosure of the recoverable amounts in non-financial assets The amendments to IAS 36 are to clarify that the combined company is only required to disclose its current recoverable amount when recognizing or reversing the impairment loss of the asset or cash generating unit. In addition, if the recoverable amount of real estate, plant, and equipment, which have been recognized or reversed, is measured at fair net value of the disposal cost, the

17 combined company shall disclose the fair value level. For Level 2 or Level 3 fair value measurement, the valuation technology for measuring fair value and each key assumption will be disclosed additionally. If the fair net value of disposal cost is measured in accordance with the present value method, the discount rate adopted shall be disclosed additionally. The aforementioned amendment will be implemented in 2017 retroactively. 2. IFRIC 21 Taxation IFRIC 21 provides guidelines for recognizing various types of funds (known as taxation ) imposed by the government as liabilities, including the known timing of collection and amount, and the liability reserve without the known timing of collection and amount. The Consolidated Company should have the related liabilities assessed when the taxable transactions or activities occurred. Therefore, if the payment obligation has occurred over the lapse of time (for example, along with the income generated by the enterprise), the related liabilities should be recognized periodically; if the payment obligation has occurred when reaching a certain threshold (for example, revenue reached a specific amount), the related liabilities should be recognized when the threshold is reached. 3. The annual improvement during the period. The annual improvement during period amended a number of regulations, including IFRS 2 Share-Based Payment, IFRS 3 Enterprise Merger and IFRS 8 Operating Departments The IFRS 2 amendment changed the definitions of vested conditions and market price conditions and additionally provided the definitions of the conditions of performances and services. Under the said amendment, the targets of performances fixed for the conditions of performances may be set pursuant to the market values (market value conditions) of business operation of another entity of the same group or the equity tools. The setting of the said target performance was relevant to the overall or partial (e.g., a certain department) of the merging company. The duration to accomplish the performance should not be longer than the duration of services. Besides, the said amendment also clarified the target of stock price index. Where it simultaneously reflects the performances of other enterprises beyond the Merging Company and the group, it is not classified as the performance based conditions. The share-based payment settled according to the market price condition, non-market price condition, or non-vested condition will be treated differently in the sense of accounting process; therefore, the aforementioned amendments are expected to affect the share-based payment settlement vested after The IFRS 3 amendment was intended to clarify the contingent consideration of the enterprise merger. It should be measured for the fair values disregarding whether it falls within the applicability of IAS 39 or IFRS 9. The change in the fair value was recognized into the profit and/or loss. The aforementioned amendments are applicable to the transactions of business merger completed after The IFRS 8 amendment was intended to clarify that if the Merging Company makes an overall disclosure of the operating department of similar economic characteristics, it should disclose through consolidated financial reports to the management to be used for judgment in utilizing the assembling

18 base. Besides, the amendment also clarified the Merging Company should disclose the total assets of the departments which should be reported into the adjustment information of the total amounts of that department only in the event when the assets of the department should be provided to the major policymakers. When the amendment to IFRS 8 is applied retroactively in 2017, the description of the aggregated base for judgment will be added. When the amendment to IFRS 13 is applied in 2017 retroactively, the short-term accounts receivables and accounts payables without interest rate defined and not significantly affected by the discount should be measured according to the amount in the original invoice. IAS 24 Disclosure of concerned parties was amended to clarify that in the event that the managerial entity that provides services to the key management of the Merging Company is a concerned party of that merging company, it should disclose the amounts having been paid or payable to the managerial entity that provided services to the management. The Merging Company was, nevertheless, not required to disclose the categories in the compositions of the salary remuneration. 4. The annual improvement during the period. The annual improvements during the period amended certain regulations, notably IFRS 3, IFRS 13 and IAS 40 investment-oriented real estate. The IFRS 3 amendment was intended to clarify the accounting manager that is not applicable to the financial reports of the concerted agreement regarding incorporation. The aforementioned amendments will be applied prospectively starting from The amendment to IFRS 13 is to clarify that when the contracts are included and processed in accordance with IAS 39 or IFRS 9, even if the contracts do not comply with the definition of financial assets or financial liabilities in IAS 32 Financial Instruments: Presentation, the exceptional requirements on the fair value of financial assets and financial liabilities measured according to the net amount basis (i.e. combination exception ) are applicable. The IAS 40 amendment was intended to clarify that the Merging Company should simultaneously, on the grounds of IAS 40 and IFRS 3 judgments, ascertain that the acquired investment-oriented real estate was in the attributes of acquired assets or entrepreneurial merger. 5. IFRS 11 amendment Acquisition of joint operation equity. Such amendment provides that when the combined company (joint operator) obtains a joint operating interest in accordance with the business definition, the identifiable assets and liabilities are measured at fair value in accordance with IFRS 3 and other standards and principles, and the acquisition costs are recognized as expenses (except for the bonds or equity securities issuance cost), goodwill and the deferred income tax relating to the original recognition of assets and liabilities is recognized, and goodwill impairment is assessed at least annually. In addition, disclose the information on business combination. If the combined company is going to set up joint operations with the existing priced and invested business operation, it should also be dealt with according to the aforesaid provisions

19 If the entity in the joint operation is a jointly controlled entity before and after obtaining the joint operation equity, such acquisition is not subject to the aforementioned provisions. The aforementioned amendment is applicable to the joint operation equity obtained after The amount of the joint operation equity obtained in the prior periods will not be adjusted. 6. IAS 16 and IAS 38 amendments An acceptable explanation of the depreciation and amortization method. Enterprises should adopt appropriate methods of depreciation and amortization to reflect the expected patterns of future economic benefits from the consumption of the property, plant, and equipment and intangible assets. According to IAS 16 Property, plant, and equipment amendment, income is not an appropriate basis to measure the depreciation expense of property, plant, and equipment, and the amendment does not allow an exception to have depreciation expense appropriated based on the income. According to IAS 38 Intangible Assets amendment, except in the following specific circumstances, income is not an appropriate basis to measure the amortization expense of intangible assets: (1) Intangible assets is expressed in accordance with the income measurement (for example, it is preconditioned in the contract that income reached a certain threshold is no longer entitled to use the intangible assets), or (2) The correlation between income and economic benefit consumption of intangible assets can be evidenced. 7. The annual improvement during the period. The annual amendments made to the standards of IFRS 5 Available-for-sale noncurrent assets and discontinued units, IFRS 7, IAS 19, and IAS 34. According to IFRS 5 amendment, the reclassification of the available-for-sale and available-for-distribution to shareholders noncurrent assets (or disposal groups) is not a change in a sale plan or an allocation to shareholders plan; therefore, the accounting treatment under the original classification needs not be reversed. In addition, when the available-for-distribution to shareholders noncurrent asset no longer meet the available-for-distribution conditions (also no longer meets the available-for-sale conditions), it should be processed same as the assets classification ceased and available-for-sale. The aforementioned amendments will be applied to the transactions initiated after IAS 19 amendment clarifies that when determining whether the high-quality corporate bond that is used to estimate the retirement benefits discount rate is with a market in-depth or not, it should be assessed in accordance with the corporate bond market that is valued by the Consolidated Company with the same currency of the benefits paid. In other words, it should be assessed in accordance with the currency levels (rather than national or regional level). When the aforementioned amendments are applicable in 2017, it will be applied on January 1, 2016 retroactively; also, the initial adjustments resulting will be recognized and booked in the net defined benefit liabilities, deferred income tax assets, and retained earnings of the day

20 (II) 8. The amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers The said amendments, in addition to adding several accounting accounts in response to the implementation of IFRSs in 2017 and complying with the requirement for the disclosure of the impairment loss of non-financial assets, have several recognition and measurement requirements enhanced in accordance with the implementation of IFRSs in Taiwan, including the disclosure of related party transactions and goodwill. According to the said amendments, if the Chairman or President of other companies or institutions and the combined company is the same person, or is a spouse or secondary relative, it is deemed as a real related party unless it is evidenced as not having controlling power or significant influence. In addition, according to the amendments, it is necessary to disclose the name and relationship of the related party that has major transactions conducted with the combined company. If the transaction amount or transaction balance with one single related party is more than 10% of the total transaction amount of the combined company, it shall be disclosed independently as a related party. In addition, if the actual operating situation of the acquired company after the merger is significantly different from the expected effect at the time of acquisition, the amendment shall be disclosed. When the aforementioned amendment is applicable in 2017 retroactively, the related party transaction and impairment of goodwill will be disclosed additionally. In addition to the aforementioned effects, as of the publication date of the consolidated financial statements, the combined company continued to assess the impact of the amended Regulations Governing the Preparation of Financial Reports by Securities Issuers and IFRSs applicable in 2017 on the financial status and financial performance in various periods; also, the relevant impacts will be disclosed upon the completion of the assessment. FRSs announced by IASB pending on the recognition of FSC The Consolidated Company has not adopted the following IFRSs published by the IASB but not yet recognized by the FSC. FSC did not announce the effective date of any other standards beyond IFRS 9 and IFRS 15, which will be applicable in 2018, as of the date this consolidated financial statements was released. The effective date New promulgation/amendment/amended Rules and promulgated by IASB Interpretation (Note 1) The annual improvement during the Note 2 period. The amendment to IFRS 2 on share-based payment- January 1, 2018 classification and measurement. IFRS 9 financial instruments January 1, 2018 (Note 3) IFRS 9 and The IFRS 7 Amendment: Mandatory January 1, 2018 effective date and excessive disclosure IFRS 10 and IAS 28 amendment Assets sales or Uncertain contribution between the investor and the affiliated company or joint venture. IFRS 15 Income from customer contracts January 1, 2018 (To be continued)

21 (Continued) The effective date New promulgation/amendment/amended Rules and promulgated by IASB Interpretation (Note 1) Amendment to IFRS 15, The interpretation of IFRS January 1, IFRS 16 leases January 1, 2019 IAS 7 amendment Disclosure Initiative January 1, 2017 IAS 12 amendment Recognition of unrealized loss as January 1, 2017 deferred income tax assets Amendments to the IAS 40 Investment Property January 1, 2018 IFRIC 22 Foreign Currency Transactions and January 1, 2018 Advance Note 1: Unless otherwise expressly remarked, the aforementioned new/ Amendment/Amended Rules or Interpretation come into effect in the fiscal year starting from the respective specified effective dates. Note 2: The amendments to IFRS 12 are applicable retroactively in the years after January 1, The amendments to IAS 28 are applicable retroactively in the years after January 1, IFRS 9 financial instruments Recognition and measuring of the financial assets In the aspect of the financial assets, all those, which previously belonged to IAS 39 recognition and measuring scope of the financial instruments and the subsequent measuring of the financial assets, were measured with the post-amortization cost or with the measuring of fair values. IFRS 9 has financial assets classified as follows: For the debt instruments invested by the Consolidated Company, if the contractual cash flow is exclusive for the payment of principal and the interest on the outstanding principal amount, the classification and measurement are as follows: (1) For the financial assets held for the purpose of charging contractual cash flows, the financial assets should be measured at the amortized cost. The financial assets are subsequently with interest income recognized in profit and loss in accordance with the effective interest rate and the impairment will be assessed continuously with the impairment profit and loss recognized in profit and loss. (2) For the financial assets held for the purpose of charging contractual cash flows and selling financial assets, the financial assets are measured at fair value through other comprehensive profit and loss. The financial assets are subsequently with interest income recognized in profit and loss in accordance with the effective interest rate and the impairment will be assessed continuously with the impairment profit and loss and exchange profit and loss recognized in profit and loss; also other changes in fair value are recognized in other comprehensive profit and loss. When the financial assets are offset or reclassified, the change in fair value

22 accumulated in other comprehensive profit and loss shall be reclassified to profit and loss. The financial assets not in compliance with the conditions referred to above that are invested by the Consolidated Company are measured at fair value and with the change in fair value recognized in profit and loss. However, the Consolidated Company may choose at the time of original recognition to have the not-held-for-trade equity investment measured at the fair value through other comprehensive profit and loss. For this type of financial assets, dividend income is recognized in profit and loss; also, other related profit and loss is recognized in other comprehensive profit and loss without assessing impairments subsequently. The change in fair value accumulated in other comprehensive profit and loss will not be reclassified to profit and loss. Impairment of financial assets IFRS 9 adopts Expected credit loss model to recognize impairments of financial assets. The financial assets measured at the amortized cost, the financial assets measured at the fair value through other comprehensive profit and loss mandatorily, rent receivables, contractual assets or loan commitments and financial guarantee contracts derived from IFRS 15 Income from customer contracts are all with allowance for credit losses recognized. If the credit risk of the financial assets referred to above has not been significantly increased since the original recognition, the allowance for credit losses is measured in accordance with the expected credit losses within the next 12 months. If the credit risk of the financial assets referred to above has been significantly increased since the original recognition and the credit risk is significant, the allowance for credit losses is measured in accordance with the expected credit losses in the remaining duration period. For the accounts receivable, that do not include significant financial composition, the allowance for credit loss must be measured in accordance with the expected credit loss in the duration period. In addition, for the financial assets with credit impairment incurred at the original recognition, the Consolidated Company should have calculated the effective interest rate after the credit adjustment with the expected credit losses incurred at the original recognition included for consideration. In addition, the subsequent allowance for credit losses is measured in accordance with the subsequently accumulated changes in expected credit loss. Transitional provisions When IFRS 9 is in force, it is not applicable to the items that had been written-off prior to the first-time application date. Classification, measurement, and impairment of financial assets shall be applicable in retrospect. Since the consolidated company is not required to recompile the statements for comparison, the accumulated effect of the first use of the system is recognized as of the day of first use. The use of general hedge accounting is deferred, but the profit and loss of options for hedge shall be recognized retroactively

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