Taiwan High Speed Rail Balance Sheet

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
Cash & Equivalents	4,800	4,287	17,569	16,559	21,619
Short-Term Investments	15,322	16,072	16,972	9,955	22,939
Cash & Short-Term Investments	20,122	20,360	34,541	26,514	44,558
Cash Growth	-1.17%	-41.06%	30.28%	-40.50%	32.53%
Accounts Receivable	284.52	420.21	509.51	413.95	665.96
Other Receivables	18.73	28.22	28.22	180.6	9.65
Receivables	1,533	1,678	1,708	2,021	1,845
Inventory	2,775	2,762	2,652	2,426	2,346
Prepaid Expenses	867.78	868.21	835.74	836.8	1,182
Other Current Assets	254.47	287.78	251.12	339.42	43.12
Total Current Assets	25,553	25,957	39,987	32,137	49,974
Property, Plant & Equipment	516.34	668.61	699.14	533.83	684
Long-Term Investments	134.72	6.06	6.48	6.03	6.04
Other Intangible Assets	342,562	345,822	352,142	359,614	368,085
Long-Term Deferred Tax Assets	8,634	8,262	7,401	6,174	6,997
Other Long-Term Assets	3,403	3,156	2,468	2,075	2,160
Total Assets	380,803	383,871	402,704	400,540	427,907
Accounts Payable	326.95	380.69	237.14	403.87	533.34
Accrued Expenses	5,159	4,752	10,024	3,344	2,988
Short-Term Debt	8,838	10,410	21,986	21,967	14,999
Current Portion of Long-Term Debt	-	3,999	4,999	-	-
Current Portion of Leases	183.38	186.05	165.85	159.57	165.46
Current Income Taxes Payable	694.65	844.97	3,093	-	10.81
Current Unearned Revenue	899.5	1,486	902.03	1,286	1,053
Other Current Liabilities	10,272	9,321	6,456	1,790	10,276
Total Current Liabilities	26,374	31,380	47,862	28,950	30,026
Long-Term Debt	220,339	218,810	222,332	245,096	270,084
Long-Term Leases	60.55	237.67	278.01	238.11	395.01
Long-Term Unearned Revenue	84.23	62.29	47.39	6.75	9.48
Pension & Post-Retirement Benefits	200.69	241.74	281.84	275.82	290.24
Long-Term Deferred Tax Liabilities	3.37	0.51	0.3	0.02	1.14
Other Long-Term Liabilities	60,968	61,065	60,566	58,683	59,324
Total Liabilities	308,030	311,796	331,368	333,250	360,129
Common Stock	56,283	56,283	56,283	56,283	56,283
Additional Paid-In Capital	172.98	172.98	172.98	172.98	172.98
Retained Earnings	16,317	15,619	14,880	10,834	11,322
Shareholders' Equity	72,773	72,075	71,336	67,290	67,778
Total Liabilities & Equity	380,803	383,871	402,704	400,540	427,907
Total Debt	229,421	233,642	249,760	267,460	285,643
Net Cash (Debt)	-209,299	-213,283	-215,219	-240,946	-241,084
Net Cash Per Share	-37.19	-37.89	-38.24	-42.81	-42.83
Filing Date Shares Outstanding	5,628	5,628	5,628	5,628	5,628
Total Common Shares Outstanding	5,628	5,628	5,628	5,628	5,628
Working Capital	-821.16	-5,423	-7,875	3,186	19,948
Book Value Per Share	12.93	12.81	12.67	11.96	12.04
Tangible Book Value	-269,789	-273,747	-280,806	-292,324	-300,307
Tangible Book Value Per Share	-47.93	-48.64	-49.89	-51.94	-53.36
Land	0.03	0.03	0.03	0.03	0.03
Machinery	1,081	968.93	920.16	813.44	753.73
Leasehold Improvements	144.04	144.04	122.89	82.13	82.13

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