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Financial risk management and fair values of financial instruments (Tables)

12 Months Ended

Dec. 31, 2020

Text block [abstract]

Summary of Financial Instruments by Category

a) Financial instruments

(a) Financial instruments by category

		December 31, 2019				December 31, 2020
		NT$000				NT$000
Financial assets
Financial assets at fair value through profit or loss
Financial assets mandatorily measured at fair value through profit or loss			11,038				63,488
Financial assets at fair value through other comprehensive income
Designation of equity instruments			121,808				262,007
Financial assets at amortized cost
Cash and cash equivalents			4,704,084				4,113,651
Financial assets at amortized cost			237,420				254,801
Notes receivable			765				599
Accounts receivable			4,452,904				5,364,156
Accounts receivable – related parties			1,045				—
Other receivables			89,676				51,436
Other receivables – related parties			2,948				—
Refundable deposits			21,145				21,186
			9,642,833				10,131,324
Financial liabilities
Financial liabilities at amortized cost
Notes payable			—				2,899
Accounts payable			819,548				966,821
Other payables			2,977,036				3,249,403
Long-term bank loans (including current portion)			9,041,645				7,733,565
Guarantee deposits			1,095				21,670
			12,839,324				11,974,358
Lease liabilities (including current portion)			692,951				870,495

Information on Assets and Liabilities Denominated in Foreign Currencies whose Values would be Materially Affected by Exchange Rate Fluctuations

The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

		December 31, 2019
		Foreign currency				Exchange rate				Carrying amount (NT$000)
(Foreign currency: functional currency)
Financial assets
Monetary items
US$000			188,369				29.9800				5,647,303
JPY000			266,819				0.2760				73,642
RMB000			6,197				4.3050				26,678
Non-monetary items
JPY000			441,334				0.2760				121,808
RMB000			730,108				4.3050				3,143,117
Financial liabilities
Monetary items
US$000			7,867				29.9800				235,853
JPY000			1,033,394				0.2760				285,217

		December 31, 2020
		Foreign currency				Exchange rate				Carrying amount (NT$000)
(Foreign currency: functional currency)
Financial assets
Monetary items
US$000			175,840				28.4800				5,007,923
JPY000			137,635				0.2763				38,029
RMB000			6,838				4.3770				29,930
Non-monetary items
JPY000			948,270				0.2763				262,007
RMB000			690,178				4.3770				3,020,908
Financial liabilities
Monetary items
US$000			26,410				28.4800				752,157
JPY000			1,538,241				0.2763				425,016

Details of Exposure to Currency Risk Arising from Recognized Monetary Assets or Liabilities Denominated in a Currency Other Than Functional Currency

Analysis of foreign currency market risk arising from significant foreign exchange variations:

		Year ended December 31, 2018
		Sensitivity analysis
		Change in exchange rate				Effect on profit (loss) (NT$000)				Effect on other comprehensive income (NT$000)
Financial assets
Monetary items
US$000			5	%			261,492				—
JPY000			5	%			2,470				—
RMB000			5	%			1,979				—
Financial liabilities
Monetary items
US$000			5	%			27,997				—
JPY000			5	%			33,887				—

		Year ended December 31, 2019
		Sensitivity analysis
		Change in exchange rate				Effect on profit (loss) (NT$000)				Effect on other comprehensive income (NT$000)
Financial assets
Monetary items
US$000			5	%			282,365				—
JPY000			5	%			3,682				—
RMB000			5	%			1,334				—
Financial liabilities
Monetary items
US$000			5	%			11,793				—
JPY000			5	%			14,261				—

		Year ended December 31, 2020
		Sensitivity analysis
		Change in exchange rate				Effect on profit (loss) (NT$000)				Effect on other comprehensive income (NT$000)
Financial assets
Monetary items
US$000			5	%			250,396				—
JPY000			5	%			1,901				—
RMB000			5	%			1,497				—
Financial liabilities
Monetary items
US$000			5	%			37,608				—
JPY000			5	%			21,251				—

Summary of Loss Rate Methodology

As of December 31, 2019 and 2020 the loss rate methodologies are as follows:

		December 31, 2019
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
Expected loss rate			0.030	%			0.030	%			0.030	%
Total carrying amount			377,983				4,455,300				92,642
Loss allowance			(114	)			(1,351	)			(18	)

		December 31, 2020
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
Expected loss rate			0.030	%			0.030	%			0.030	%
Total carrying amount			389,133				5,365,776				51,446
Loss allowance			(117	)			(1,620	)			(10	)

Summary of Movements in Relation to Loss Allowance for Contract Assets, Accounts Receivable and Other Receivables

7. Under the simplified approach, movements in relation to loss allowance for contract assets, accounts receivable, and other receivables are as follows:

		2018
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
January 1_ IAS 39			—				—				—
Adjustments for applying new standards			(115	)			(1,819	)			(7	)
January 1_IFRS 9			(115	)			(1,819	)			(7	)
Provision for impairment loss			(20	)			(322	)			(7	)
Reversal of impairment loss			—				—				1
December 31			(135	)			(2,141	)			(13	)

		2019
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
January 1			(135	)			(2,141	)			(13	)
Provision for impairment loss			—				—				(5	)
Reversal of impairment loss			21				790				—
December 31			(114	)			(1,351	)			(18	)

		2020
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
January 1			(114	)			(1,351	)			(18	)
Provision for impairment loss			(3	)			(269	)			—
Reversal of impairment loss			—				—				8
December 31			(117	)			(1,620	)			(10	)

Maturity Profile of Non-derivative Financial Liabilities Based on Contracted Undiscounted Payments

		December 31, 2019
		Within 1 year				1 to 3 years				3 to 5 years				Over 5 years				Total
		NT$000				NT$000				NT$000				NT$000				NT$000
Non-derivative financial liabilities
Long-term bank loans			914,159				1,786,842				6,848,327				—				9,549,328
Lease liabilities			36,806				60,111				57,836				762,699				917,452
Guarantee deposits			—				—				—				1,095				1,095
			950,965				1,846,953				6,906,163				763,794				10,467,875

		December 31, 2020
		Within 1 year				1 to 3 years				3 to 5 years				Over 5 years				Total
		NT$000				NT$000				NT$000				NT$000				NT$000
Non-derivative financial liabilities
Long-term bank loans			846,401				3,558,597				2,198,717				1,487,808				8,091,523
Lease liabilities			145,594				160,146				54,689				718,752				1,079,181
Guarantee deposits			—				—				—				21,670				21,670
			991,995				3,718,743				2,253,406				2,228,230				9,192,374

Summary of Natures of Assets and Liabilities

i) The related information of natures of the assets and liabilities is as follows:

		December 31, 2019
		Level 1				Level 2				Level 3				Total
		NT$000				NT$000				NT$000				NT$000
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
- Foreign partnership interests			—				—				11,038				11,038
Financial assets at fair value through other comprehensive income
- Foreign unlisted stocks			—				—				121,808				121,808
			—				—				132,846				132,846

		December 31, 2020
		Level 1				Level 2				Level 3				Total
		NT$000				NT$000				NT$000				NT$000
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
- Listed stocks			53,120				—				—				53,120
- Foreign partnership interests			—				—				10,368				10,368
Financial assets at fair value through other comprehensive income
- Foreign unlisted stocks			—				—				262,007				262,007
			53,120				—				272,375				325,495

Summary of Movements of Level 3

(d) The following table shows the movements of Level 3 for the years ended December 31, 2019 and 2020:

		December 31, 2019
		Debt instruments				Equity instruments				Total
		NT$000				NT$000				NT$000
January 1			11,471				174,357				185,828
Gains or losses recognized in profit or loss
Recorded as non-operating expenses			(433	)			—				(433	)
Gains or losses recognized in other comprehensive income
Recorded as unrealized losses on valuation of financial assets at fair value through other comprehensive income			—				(52,549	)			(52,549	)
December 31			11,038				121,808				132,846

		December 31, 2020
		Debt instruments				Equity instruments				Total
		NT$000				NT$000				NT$000
January 1			11,038				121,808				132,846
Gains or losses recognized in profit or loss
Recorded as non-operating expenses			(670	)			—				(670	)
Gains or losses recognized in other comprehensive income
Recorded as unrealized gains on valuation of financial assets at fair value through other comprehensive income			—				140,199				140,199
December 31			10,368				262,007				272,375

Summary of Qualitative Information and Sensitivity Analysis of Changes in Significant Unobservable Inputs Under Valuation Model Used in Level 3 Fair Value Measurement

(f) The following is the qualitative information and sensitivity analysis of changes in significant unobservable inputs under valuation model used in Level 3 fair value measurement:

Fair value as of December 31, 2019

Valuation technique

Significant unobservable input

Range (weighted average method)

Relationship of inputs to fair value

NT$000

Non-derivative debt instrument:

Foreign partnership interests

11,038

Discounted cash flow

Discount rate

0.30

%

The lower the discount rate, the higher the fair value

Non-derivative equity instrument:

Foreign unlisted stocks

121,808

Comparable companies

Price to book ratio multiple

1.22

The higher the multiple, the higher the fair value

Enterprise value to EBITDA multiple

10.51

The higher the multiple, the higher the fair value

Discount for lack of marketability

15.80

%

The higher the discount for lack of marketability, the lower the fair value

Fair value as of December 31, 2020

Valuation technique

Significant unobservable input

Range (weighted average method)

Relationship of inputs to fair value

NT$000

Non-derivative debt instrument:

Foreign partnership interests

10,368

Discounted cash flow

Discount rate

0.30

%

The lower the discount rate, the higher the fair value

Non-derivative equity instrument:

Foreign unlisted stocks

262,007

Comparable companies

Price to book ratio multiple

1.97

The higher the multiple, the higher the fair value

Enterprise value to EBITDA multiple

12.00

The higher the multiple, the higher the fair value

Discount for lack of marketability

15.80

%

The higher the discount for lack of marketability, the lower the fair value

Summary of Effect of Profit or Loss or of Other Comprehensive Income from Financial Assets Categorized

						December 31, 2019
						Recognized in profit or loss								Recognized in other comprehensive income
		Input		Change		Favorable change				Unfavorable change				Favorable change				Unfavorable change
						NT$000				NT$000				NT$000				NT$000
Financial assets:
Foreign partnership interests		Discount rate		Note			—				—				—				—
Foreign unlisted stocks		Price to book ratio multiple		± 1%			—				—				53				53
		Enterprise value to EBITDA multiple		± 1%			—				—				850				900
		Discount for lack of marketability		± 1%			—				—				1,460				1,460
							—				—				2,363				2,413

										December 31, 2020
										Recognized in profit or loss								Recognized in other comprehensive income
		Input				Change				Favorable change				Unfavorable change				Favorable change				Unfavorable change
										NT$000				NT$000				NT$000				NT$000
Financial assets:
Foreign partnership interests			Discount rate				Note				—				—				—				—
Foreign unlisted stocks			Price to book ratio multiple				± 1	%			—				—				30				30
			Enterprise value to EBITDA multiple				± 1	%			—				—				2,153				2,153
			Discount for lack of marketability				± 1	%			—				—				3,142				3,084
											—				—				5,325				5,267

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