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

12 Months Ended

Dec. 31, 2021

Text block [abstract]

Summary of Financial Instruments by Category

(a) Financial instruments by category

		December 31, 2020				December 31, 2021
		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			63,488				359,960
Financial assets at fair value through other comprehensive income
Designation of equity instruments			262,007				384,521
Financial assets at amortized cost
Cash and cash equivalents			4,113,651				5,906,176
Financial assets at amortized cost			254,801				66,778
Notes receivable			599				1,035
Accounts receivable			5,364,156				6,344,246
Other receivables			51,436				86,879
Refundable deposits			21,186				21,278
			10,131,324				13,170,873
Financial liabilities
Financial liabilities at amortized cost
Short-term bank loans			—				731,751
Notes payable			2,899				23
Accounts payable			966,821				1,012,391
Other payables			3,249,403				4,378,439
Long-term bank loans (including current portion)			7,733,565				9,413,365
Lease liabilities (including current portion)			870,495				851,251
Guarantee deposits			21,670				21,625
			12,844,853				16,408,845

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, 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

		December 31, 2021
		Foreign currency				Exchange rate				Carrying amount (NT$000)
(Foreign currency: functional currency)
Financial assets
Monetary items
US$000			188,143				27.6800				5,207,798
JPY000			141,523				0.2405				34,036
RMB000			4,944				4.3440				21,477
Non-monetary items
JPY000			1,598,839				0.2405				384,521
RMB000			827,811				4.3440				3,596,012
Financial liabilities
Monetary items
US$000			53,042				27.6800				1,468,203
JPY000			1,089,668				0.2405				262,005

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, 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				—

		Year ended December 31, 2021
		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	%			260,390				—
JPY000			5	%			1,702				—
RMB000			5	%			1,074				—
Financial liabilities
Monetary items
US$000			5	%			73,410				—
JPY000			5	%			13,103				—

Summary of Loss Rate Methodology

As of December 31, 2020 and 2021 the loss rate methodologies are as follows:

		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	)

		December 31, 2021
		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			400,375				6,346,156				86,895
Loss allowance			(120	)			(1,910	)			(16	)

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:

		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	)

		2021
		Contract assets				Accounts receivable (including related parties)				Other receivables (including related parties)
		NT$000				NT$000				NT$000
January 1			(117	)			(1,620	)			(10	)
Provision for impairment loss			(3	)			(290	)			(6	)
December 31			(120	)			(1,910	)			(16	)

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

		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

		December 31, 2021
		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
Short-term bank loans			733,523				—				—				—				733,523
Long-term bank loans			114,953				2,817,662				4,568,521				2,265,350				9,766,486
Lease liabilities			182,186				119,748				54,113				691,764				1,047,811
Guarantee deposits			—				—				—				21,625				21,625
			1,030,662				2,937,410				4,622,634				2,978,739				11,569,445

Summary of Natures of Assets and Liabilities

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

		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

		December 31, 2021
		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			359,960				—				—				359,960
Financial assets at fair value through other comprehensive income
- Foreign unlisted stocks			—				—				384,521				384,521
			359,960				—				384,521				744,481

Summary of Movements of Level 3

(d) The following table shows the movements of Level 3 for the years ended December 31, 2020 and 2021:

		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

		December 31, 2021
		Debt instruments				Equity instruments				Total
		NT$000				NT$000				NT$000
January 1			10,368				262,007				272,375
Gains or losses recognized in profit or loss
Recorded as non-operating expenses			(941	)			—				(941	)
Gains or losses recognized in other comprehensive income
Recorded as unrealized gains on valuation of financial assets at fair value through other comprehensive income			—				122,514				122,514
Sold in the period			(9,427	)			—				(9,427	)
December 31			—				384,521				384,521

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, 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

Fair value as of December 31, 2021

Valuation technique

Significant unobservable input

Range (weighted average method)

Relationship of inputs to fair value

NT$000

Non-derivative equity instrument:

Foreign unlisted stocks

384,521

Comparable companies

Price to book ratio multiple

3.46

The higher the multiple, the higher the fair value

Enterprise value to EBITDA multiple

9.43

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, 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

										December 31, 2021
										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 unlisted stocks			Price to book ratio multiple				±1%				—				—				46				46
			Enterprise value to EBITDA multiple				±1%				—				—				3,443				3,443
			Discount for lack of marketability				±1%				—				—				4,585				4,585
											—				—				8,074				8,074

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