Taiwan High Speed Rail Income Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	54,648	53,186	49,812	37,133	30,228
Revenue Growth (YoY)	2.75%	6.77%	34.14%	22.84%	-22.76%
Cost of Revenue	31,125	29,829	27,619	25,890	25,702
Gross Profit	23,523	23,357	22,193	11,243	4,526
Selling, General & Admin	1,735	1,813	1,625	1,288	1,173
Amortization of Goodwill & Intangibles	-	13.64	10.76	9.79	8.89
Other Operating Expenses	287.74	-	-	-	-
Operating Expenses	2,023	1,861	1,661	1,323	1,208
Operating Income	21,500	21,496	20,532	9,920	3,318
Interest Expense	-6,457	-6,633	-6,816	-6,232	-5,757
Interest & Investment Income	404.19	454.1	419.96	205.01	95.43
Currency Exchange Gain (Loss)	5.94	37.85	11.08	54.03	34.93
Other Non Operating Income (Expenses)	-7,332	-7,217	-11,196	482.04	6,479
EBT Excluding Unusual Items	8,122	8,137	2,951	4,430	4,170
Gain (Loss) on Sale of Investments	-	-	-	-	26.46
Gain (Loss) on Sale of Assets	-29.62	-112.25	-62.09	-179.05	-47.93
Other Unusual Items	23.58	15.92	6,849	15.01	117.16
Pretax Income	8,116	8,041	9,738	4,266	4,266
Income Tax Expense	1,535	1,590	1,914	496.29	654.7
Net Income	6,580	6,451	7,824	3,769	3,611
Net Income to Common	6,580	6,451	7,824	3,769	3,611
Net Income Growth	2.00%	-17.55%	107.58%	4.39%	-38.20%
Shares Outstanding (Basic)	5,628	5,628	5,628	5,628	5,628
Shares Outstanding (Diluted)	5,628	5,628	5,628	5,628	5,628
EPS (Basic)	1.17	1.15	1.39	0.67	0.64
EPS (Diluted)	1.17	1.15	1.39	0.67	0.64
EPS Growth	2.00%	-17.54%	107.55%	4.39%	-38.20%
Free Cash Flow	20,615	16,631	27,697	9,780	26,840
Free Cash Flow Per Share	3.66	2.96	4.92	1.74	4.77
Dividend Per Share	-	1.050	1.020	0.670	0.758
Dividend Growth	-	2.94%	52.24%	-11.61%	-27.81%
Gross Margin	43.05%	43.92%	44.55%	30.28%	14.97%
Operating Margin	39.34%	40.42%	41.22%	26.72%	10.98%
Profit Margin	12.04%	12.13%	15.71%	10.15%	11.95%
Free Cash Flow Margin	37.72%	31.27%	55.60%	26.34%	88.79%
EBITDA	35,038	35,732	33,983	23,343	17,365
EBITDA Margin	64.12%	67.18%	68.22%	62.86%	57.45%
D&A For EBITDA	13,538	14,236	13,451	13,423	14,048
EBIT	21,500	21,496	20,532	9,920	3,318
EBIT Margin	39.34%	40.42%	41.22%	26.72%	10.98%
Effective Tax Rate	18.92%	19.77%	19.65%	11.63%	15.35%
Advertising Expenses	71.56	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.