Taiwan High Speed Rail Cash Flow 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
Net Income	6,580	6,451	7,824	3,769	3,611
Depreciation & Amortization	13,729	14,413	13,624	13,595	14,220
Other Amortization	69.19	64.06	47.91	40.15	38.71
Loss (Gain) From Sale of Assets	29.62	112.25	62.09	179.05	47.93
Other Operating Activities	7,589	-1,221	6,357	-7,565	-6,195
Change in Accounts Receivable	135.69	89.3	-95.57	252.01	-447.87
Change in Inventory	-12.33	-110.79	-225.68	-80	-269.78
Change in Accounts Payable	-54.13	144.49	-160.74	-140.11	263.62
Change in Other Net Operating Assets	-7,375	-3,247	318.75	-223.15	390.03
Operating Cash Flow	20,691	16,695	27,751	9,827	26,876
Operating Cash Flow Growth	23.93%	-39.84%	182.39%	-63.43%	-
Capital Expenditures	-75.65	-64.56	-54.35	-46.9	-36.2
Sale of Property, Plant & Equipment	0.03	-	-	-	-
Sale (Purchase) of Intangibles	-9,871	-8,155	-6,081	-5,191	-3,665
Investment in Securities	670.08	795.68	-6,683	12,705	-5,125
Other Investing Activities	-281.07	-34.72	-57.9	-	-
Investing Cash Flow	-9,558	-7,458	-12,875	7,467	-8,826
Short-Term Debt Issued	-	-	42.67	7,000	15,000
Long-Term Debt Issued	1,000	-	-	-	9,000
Total Debt Issued	1,000	-	42.67	7,000	24,000
Short-Term Debt Repaid	-1,575	-11,623	-	-10.92	-40.47
Long-Term Debt Repaid	-4,188	-5,172	-10,169	-25,166	-15,164
Total Debt Repaid	-5,763	-16,796	-10,169	-25,177	-15,205
Net Debt Issued (Repaid)	-4,763	-16,796	-10,126	-18,177	8,795
Common Dividends Paid	-5,910	-5,741	-3,771	-4,266	-5,910
Other Financing Activities	38.26	18.08	25	93.95	32.22
Financing Cash Flow	-10,634	-22,518	-13,872	-22,349	2,918
Foreign Exchange Rate Adjustments	13.57	-0.5	5.96	-5.97	-0.08
Net Cash Flow	512.47	-13,282	1,010	-5,061	20,968
Free Cash Flow	20,615	16,631	27,697	9,780	26,840
Free Cash Flow Growth	23.96%	-39.95%	183.19%	-63.56%	-
Free Cash Flow Margin	37.72%	31.27%	55.60%	26.34%	88.79%
Free Cash Flow Per Share	3.66	2.96	4.92	1.74	4.77
Cash Interest Paid	5,686	11,893	6,851	14,085	6,045
Cash Income Tax Paid	2,052	4,705	-106.64	-141.6	78.4
Levered Free Cash Flow	13,987	11,470	30,174	2,458	16,636
Unlevered Free Cash Flow	18,023	15,615	34,433	6,353	20,235
Change in Working Capital	-7,305	-3,124	-163.24	-191.25	15,154

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