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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	6,413	4,800	4,287	17,569	16,559	21,619
Short-Term Investments	18,915	15,322	16,072	16,972	9,955	22,939
Cash & Short-Term Investments	25,327	20,122	20,360	34,541	26,514	44,558
Cash Growth	-1.30%	-1.17%	-41.06%	30.28%	-40.50%	32.53%
Accounts Receivable	320.66	284.52	420.21	509.51	413.95	665.96
Other Receivables	-	18.73	28.22	28.22	180.6	9.65
Receivables	1,555	1,533	1,678	1,708	2,021	1,845
Inventory	3,354	2,775	2,762	2,652	2,426	2,346
Prepaid Expenses	650.84	867.78	868.21	835.74	836.8	1,182
Other Current Assets	412.52	254.47	287.78	251.12	339.42	43.12
Total Current Assets	31,299	25,553	25,957	39,987	32,137	49,974
Property, Plant & Equipment	488.81	516.34	668.61	699.14	533.83	684
Long-Term Investments	82.5	134.72	6.06	6.48	6.03	6.04
Other Intangible Assets	341,195	342,562	345,822	352,142	359,614	368,085
Long-Term Deferred Tax Assets	9,345	8,634	8,262	7,401	6,174	6,997
Other Long-Term Assets	3,180	3,403	3,156	2,468	2,075	2,160
Total Assets	385,591	380,803	383,871	402,704	400,540	427,907
Accounts Payable	799.59	326.95	380.69	237.14	403.87	533.34
Accrued Expenses	4,213	5,159	4,752	10,024	3,344	2,988
Short-Term Debt	8,832	8,838	10,410	21,986	21,967	14,999
Current Portion of Long-Term Debt	-	-	3,999	4,999	-	-
Current Portion of Leases	168.73	183.38	186.05	165.85	159.57	165.46
Current Income Taxes Payable	1,742	694.65	844.97	3,093	-	10.81
Current Unearned Revenue	1,282	899.5	1,486	902.03	1,286	1,053
Other Current Liabilities	9,623	10,272	9,321	6,456	1,790	10,276
Total Current Liabilities	26,660	26,374	31,380	47,862	28,950	30,026
Long-Term Debt	220,467	220,339	218,810	222,332	245,096	270,084
Long-Term Leases	66.45	60.55	237.67	278.01	238.11	395.01
Long-Term Unearned Revenue	83.63	84.23	62.29	47.39	6.75	9.48
Pension & Post-Retirement Benefits	196.84	200.69	241.74	281.84	275.82	290.24
Long-Term Deferred Tax Liabilities	3.73	3.37	0.51	0.3	0.02	1.14
Other Long-Term Liabilities	63,243	60,968	61,065	60,566	58,683	59,324
Total Liabilities	310,720	308,030	311,796	331,368	333,250	360,129
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	18,415	16,317	15,619	14,880	10,834	11,322
Shareholders' Equity	74,871	72,773	72,075	71,336	67,290	67,778
Total Liabilities & Equity	385,591	380,803	383,871	402,704	400,540	427,907
Total Debt	229,534	229,421	233,642	249,760	267,460	285,643
Net Cash (Debt)	-204,207	-209,299	-213,283	-215,219	-240,946	-241,084
Net Cash Per Share	-36.28	-37.19	-37.89	-38.24	-42.81	-42.83
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	4,639	-821.16	-5,423	-7,875	3,186	19,948
Book Value Per Share	13.30	12.93	12.81	12.67	11.96	12.04
Tangible Book Value	-266,325	-269,789	-273,747	-280,806	-292,324	-300,307
Tangible Book Value Per Share	-47.32	-47.93	-48.64	-49.89	-51.94	-53.36
Land	0.03	0.03	0.03	0.03	0.03	0.03
Machinery	1,087	1,081	968.93	920.16	813.44	753.73
Leasehold Improvements	144.04	144.04	144.04	122.89	82.13	82.13

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