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Financial Instruments | 12 Months Ended
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Dec. 31, 2021
Financial Instruments |
Financial Instruments | Note 23. Financial Instruments
| (a) | Categories of financial instruments
| (i) | Financial assets
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2021
​ | ​ | ​ | (in thousands)
Financial assets measured at fair value through profit or loss (including current and noncurrent) | ​ | $ | 21,765 |  | 16,013
Financial assets measured at fair value through other comprehensive income | ​ | ​ | 742 | ​ | 410
Measured at amortized cost: | ​ |  |  |  |
Cash and cash equivalents | ​ |  | 184,938 |  | 336,024
Financial assets at amortized cost | ​ |  | 8,682 |  | 26,013
Accounts receivable and other receivables (including related parties) | ​ |  | 252,162 |  | 423,357
Restricted deposit (including current and noncurrent) | ​ |  | 104,141 |  | 154,136
Refundable deposits (including current and noncurrent) | ​ |  | 12,144 |  | 231,415
Subtotal | ​ |  | 562,067 |  | 1,170,945
Total | ​ | $ | 584,574 |  | 1,187,368
​
| (ii) | Financial liabilities
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2021
​ | ​ | (in thousands)
Measured at amortized cost: |  | ​ |  |  |
Short-term secured borrowings | ​ | $ | 104,000 |  | 151,400
Accounts payables and other payables (including related parties) | ​ |  | 222,739 |  | 305,755
Long-term unsecured borrowings (including current portion) | ​ | ​ | 58,500 | ​ | 52,500
Lease liabilities (including current and noncurrent) | ​ | ​ | 10,454 | ​ | 15,860
Guarantee deposits | ​ |  | 5,765 |  | 55,215
Total | ​ | $ | 401,458 |  | 580,730
​
| (b) | Liquidity risk
The following, except for payables (including related parties) that are repayable within a year, are the contractual maturities of financial liabilities, including estimated interest payments of unsecured borrowings, secured borrowings and lease liabilities. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Contractual |  | Within 6 |  | 6‑12 |  | ​ |  | ​ |  | Over 5
(in thousands) | ​ | cash flows | ​ | months | ​ | months | ​ | 1‑2 years | ​ | 2‑5 years | ​ | years
December 31, 2020 | ​ |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities | ​ |  |  |  |  |  |  |  |  |  |  |  |
Short-term secured borrowings | ​ | $ | 104,106 | ​ | 104,106 | ​ | - | ​ | - | ​ | - | ​ | -
Long-term unsecured borrowings (including current portion) | ​ | ​ | 60,684 |  | 3,216 |  | 3,209 |  | 6,379 |  | 18,862 |  | 29,018
Lease liabilities | ​ |  | 10,725 |  | 1,600 |  | 1,603 |  | 4,538 |  | 2,984 |  | -
Guarantee deposits | ​ |  | 5,765 |  | 5,765 |  | - |  | - |  | - |  | -
​ | ​ | $ | 181,280 |  | 114,687 |  | 4,812 |  | 10,917 |  | 21,846 |  | 29,018
December 31, 2021 | ​ |  |  |  |  |  |  |  |  |  |  |  |
Non-derivative financial liabilities | ​ |  |  |  |  |  |  |  |  |  |  |  |
Short-term secured borrowings | ​ | $ | 151,601 | ​ | 111,582 | ​ | 40,019 | ​ | - | ​ | - | ​ | -
Long-term unsecured borrowings (including current portion) | ​ | ​ | 54,015 |  | 3,167 |  | 3,159 |  | 6,287 |  | 18,624 |  | 22,778
Lease liabilities | ​ |  | 16,174 |  | 2,460 |  | 2,298 |  | 3,881 |  | 7,513 |  | 22
Guarantee deposits | ​ |  | 55,215 |  | 1,165 |  | - |  | 5,840 |  | 48,210 |  | -
​ | ​ | $ | 277,005 |  | 118,374 |  | 45,476 |  | 16,008 |  | 74,347 |  | 22,800
​ The Company does not expect the cash flows included in the maturity analysis to occur significantly earlier or at significantly different amounts.
| (c) | Currency risk
i. Exposure to foreign currency risk The Company’s significant exposure to foreign currency risk was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | December 31, 2020 | ​ | December 31, 2021
​ |  | Foreign |  | Exchange |  | Functional |  | Foreign |  | Exchange |  | Functional
​ | ​ | currency | ​ | rate | ​ | currency | ​ | currency | ​ | rate | ​ | currency
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets | ​ |  |  |  |  |  |  |  |  |  |  |
Monetary items | ​ |  |  |  |  |  |  |  |  |  |  |
NTD | ​ | 155,418 |  | 28.48 |  | 5,457 |  | 447,596 |  | 27.68 |  | 16,170
CNY | ​ | 35,630 |  | 6.5428 |  | 5,461 |  | 36,450 |  | 6.3941 |  | 5,701
Financial liabilities | ​ |  |  |  |  |  |  |  |  |  |  |
Monetary items | ​ |  |  |  |  |  |  |  |  |  |  |
NTD | ​ | 1,084,594 |  | 28.48 |  | 38,083 | ​ | 3,450,959 | ​ | 27.68 | ​ | 124,672
JPY | ​ | 632,215 |  | 103.0786 |  | 6,133 |  | 1,459,700 |  | 115.0936 |  | 12,683
​ ii. Sensitivity analysis The Company’s exposure to foreign currency risk arises from the translation of the foreign currency exchange gains and losses on cash and cash equivalents, accounts receivable, other receivable, accounts payable, other payable and lease liabilities that are denominated in foreign currency. Depreciation or appreciation of the USD by 10% against the New Taiwan Dollars (NTD), CNY and JPY at December 31, 2020 and 2021, while all other variables were remained constant, would have increased or (decreased) the net profit before tax of $3,330 thousand and $11,548 thousand, respectively. iii. Interest rate risk The Company’s short-term secured borrowings and long-term unsecured borrowings carried floating interest rates and fixed interest rates. The Company’s exposure to changes in interest rates is mainly from floating-rate borrowings. Any change in interest rates will cause the effective interest rates of borrowings to change and thus cause the future cash flows to fluctuate over time. The following sensitivity analysis is determined based on the exposure to interest rate risk. For floating-rate debts, the analysis assumes that the balances of outstanding debts at the end of the reporting period had been outstanding for the entire year. For the Company’s floating-rate debts, assuming all other variables were remained constant, an increase or a decrease in the interest rate by 0.25% would have resulted in a decrease or an increase in the net profit before tax for the years ended December 31, 2020 and 2021 by $146 thousand and $131 thousand, respectively.
| (d) | Fair value information
i. Financial instruments not measured at fair value The Company considers that the carrying amounts of financial assets and financial liabilities measured at amortized cost approximate their fair values. ii. Financial instruments measured at fair value (1) Fair value hierarchy ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Carrying | ​ | Fair Value
(in thousands) |  | Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets measured at fair value through profit or loss |  | ​ |  |  |  |  |  |  |  |  |
Money market fund | ​ | $ | 7,799 | ​ | 7,799 | ​ | - | ​ | - | ​ | 7,799
Equity securities-unlisted company | ​ | ​ | 13,966 |  | - |  | - |  | 13,966 |  | 13,966
Subtotal | ​ |  | 21,765 |  | 7,799 |  | - |  | 13,966 |  | 21,765
Financial assets measured at fair value through other comprehensive income | ​ |  |  |  |  |  |  |  |  |  |
Equity securities-unlisted company | ​ |  | 742 |  | - |  | - |  | 742 |  | 742
Total | ​ | $ | 22,507 |  | 7,799 |  | - |  | 14,708 |  | 22,507
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Carrying | ​ | Fair Value
(in thousands) | ​ | Amount | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Financial assets measured at fair value through profit or loss | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ |
Money market fund | ​ | $ | 2,345 | ​ | 2,345 | ​ | - | ​ | - | ​ | 2,345
Equity securities-unlisted company | ​ | ​ | 13,668 | ​ | - | ​ | - | ​ | 13,668 | ​ | 13,668
Subtotal | ​ | ​ | 16,013 | ​ | 2,345 | ​ | - | ​ | 13,668 | ​ | 16,013
Financial assets measured at fair value through other comprehensive income | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​
Equity securities-unlisted company | ​ | ​ | 410 | ​ | - | ​ | - | ​ | 410 | ​ | 410
Total | ​ | $ | 16,423 | ​ | 2,345 | ​ | - | ​ | 14,078 | ​ | 16,423
​ (2) Valuation techniques and assumptions used in fair value measurement The fair value of financial instruments traded in active markets is determined with reference to quoted market prices. The fair value of financial instruments is based on the valuation techniques. The fair value using valuation techniques refers to the current fair value of other financial instruments with similar conditions and characteristics, or using a discounted cash flow method, or other valuation techniques which include model calculating with observable market data at the reporting date. The fair value of equity securities-unlisted company is determined by reference to market valuations for similar operating entities quoted in an active market based on the net assets value of investees. The significant unobservable input is primarily the liquidity discounts, 28% for 2021. The estimated fair value would increase (decrease) if the liquidity discount rate were lower (higher). (3) Transfer between levels of the fair value hierarchy There were no transfers between levels for the years ended December 31, 2020 and 2021. (4) Movement in financial assets included in Level 3 of fair value hierarchy ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Financial assets | ​ | ​
​ | ​ | Financial assets | ​ | at fair value | ​ | ​
​ | ​ | at fair value | ​ | through other | ​ | ​
​ | ​ | through profit or | ​ | comprehensive | ​ | ​
(in thousands) |  | loss |  | income |  | Total
January 1, 2020 | ​ | $ | 13,500 | ​ | 709 | ​ | 14,209
Disposal-capital reduction of investment | ​ | ​ | - | ​ | (32) | ​ | (32)
Recognized in other comprehensive income | ​ | ​ | - | ​ | 65 | ​ | 65
Recognized in profit or loss | ​ | ​ | 466 | ​ | - | ​ | 466
December 31, 2020 | ​ | $ | 13,966 | ​ | 742 | ​ | 14,708
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Financial assets | ​ | ​
​ | ​ | Financial assets | ​ | at fair value | ​ | ​
​ | ​ | at fair value | ​ | through other | ​ | ​
​ |  | through profit or |  | comprehensive |  | ​
(in thousands) | ​ | loss | ​ | income | ​ | Total
January 1, 2021 | ​ | $ | 13,966 |  | 742 |  | 14,708
Disposal-capital reduction of investment | ​ |  | - |  | (151) |  | (151)
Recognized in other comprehensive income | ​ |  | - |  | (181) |  | (181)
Recognized in profit or loss | ​ |  | (298) |  | - |  | (298)
December 31, 2021 | ​ | $ | 13,668 |  | 410 |  | 14,078
​

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