Taiwan High Speed Rail Balance Sheet

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

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	5,968	4,287	17,569	16,559	21,619	651.77
Short-Term Investments	9,141	16,072	16,972	9,955	22,939	17,751
Trading Asset Securities	-	-	-	-	-	15,218
Cash & Short-Term Investments	15,109	20,360	34,541	26,514	44,558	33,621
Cash Growth	-23.79%	-41.06%	30.28%	-40.50%	32.53%	-9.52%
Accounts Receivable	343.72	420.21	509.51	413.95	665.96	218.09
Other Receivables	242.41	28.22	28.22	180.6	9.65	-
Receivables	1,850	1,678	1,708	2,021	1,845	1,461
Inventory	2,906	2,762	2,652	2,426	2,346	2,069
Prepaid Expenses	217.05	868.21	835.74	836.8	1,182	1,355
Other Current Assets	299.39	287.78	251.12	339.42	43.12	115.02
Total Current Assets	20,382	25,957	39,987	32,137	49,974	38,621
Property, Plant & Equipment	529.09	668.61	699.14	533.83	684	821.9
Long-Term Investments	81.29	6.06	6.48	6.03	6.04	5.33
Other Intangible Assets	343,136	345,822	352,142	359,614	368,085	378,375
Long-Term Deferred Tax Assets	8,093	8,262	7,401	6,174	6,997	7,673
Other Long-Term Assets	3,558	3,156	2,468	2,075	2,160	2,071
Total Assets	375,779	383,871	402,704	400,540	427,907	427,567
Accounts Payable	393.92	380.69	237.14	403.87	533.34	274.78
Accrued Expenses	4,015	4,752	10,024	3,344	2,988	3,227
Short-Term Debt	8,829	10,410	21,986	21,967	14,999	57.09
Current Portion of Long-Term Debt	-	3,999	4,999	-	-	-
Current Portion of Leases	189.43	186.05	165.85	159.57	165.46	166.88
Current Income Taxes Payable	-	844.97	3,093	-	10.81	104.26
Current Unearned Revenue	1,370	1,486	902.03	1,286	1,053	611.54
Other Current Liabilities	7,555	9,321	6,456	1,790	10,276	2,626
Total Current Liabilities	22,353	31,380	47,862	28,950	30,026	7,067
Long-Term Debt	220,210	218,810	222,332	245,096	270,084	276,086
Long-Term Leases	101.71	237.67	278.01	238.11	395.01	522.98
Long-Term Unearned Revenue	86.33	62.29	47.39	6.75	9.48	11.65
Pension & Post-Retirement Benefits	234.57	241.74	281.84	275.82	290.24	281.45
Long-Term Deferred Tax Liabilities	3.07	0.51	0.3	0.02	1.14	-
Other Long-Term Liabilities	61,614	61,065	60,566	58,683	59,324	73,511
Total Liabilities	304,602	311,796	331,368	333,250	360,129	357,480
Common Stock	56,283	56,283	56,283	56,283	56,283	56,283
Additional Paid-In Capital	172.98	172.98	172.98	172.98	172.98	172.98
Retained Earnings	14,721	15,619	14,880	10,834	11,322	13,631
Total Common Equity	71,177	72,075	71,336	67,290	67,778	70,087
Shareholders' Equity	71,177	72,075	71,336	67,290	67,778	70,087
Total Liabilities & Equity	375,779	383,871	402,704	400,540	427,907	427,567
Total Debt	229,330	233,642	249,760	267,460	285,643	276,833
Net Cash (Debt)	-214,221	-213,283	-215,219	-240,946	-241,084	-243,212
Net Cash Per Share	-38.06	-37.89	-38.24	-42.81	-42.83	-43.21
Filing Date Shares Outstanding	5,628	5,628	5,628	5,628	5,628	5,628
Total Common Shares Outstanding	5,628	5,628	5,628	5,628	5,628	5,628
Working Capital	-1,971	-5,423	-7,875	3,186	19,948	31,554
Book Value Per Share	12.65	12.81	12.67	11.96	12.04	12.45
Tangible Book Value	-271,959	-273,747	-280,806	-292,324	-300,307	-308,288
Tangible Book Value Per Share	-48.32	-48.64	-49.89	-51.94	-53.36	-54.77
Land	0.03	0.03	0.03	0.03	0.03	0.03
Machinery	1,025	968.93	920.16	813.44	753.73	722.1
Leasehold Improvements	144.04	144.04	122.89	82.13	82.13	80.53

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