Morn Sun Feed Mill 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	56.87	70.93	75.19	55.53	76.81	104.75
Short-Term Investments	144.24	187.4	296.93	298.3	272.45	213.01
Trading Asset Securities	97.19	120.35	41.45	20.26	23.56	26.37
Cash & Short-Term Investments	298.3	378.68	413.57	374.09	372.82	344.14
Cash Growth	-63.91%	-8.44%	10.55%	0.34%	8.33%	4.88%
Accounts Receivable	531.45	533.38	540.73	554.22	500.8	376.87
Other Receivables	6.64	1.78	1.59	1.39	0.36	1.06
Receivables	538.1	535.17	542.32	555.61	501.16	377.93
Inventory	166.95	166.16	214.7	291.65	222	186.91
Prepaid Expenses	3.15	4.77	2.82	2.75	8.35	3.01
Other Current Assets	99.22	91.74	77.13	107.89	90.71	71.72
Total Current Assets	1,106	1,177	1,251	1,332	1,195	983.7
Property, Plant & Equipment	462.23	454.37	445.43	453.75	475.36	391.76
Long-Term Investments	477.5	430.9	409.89	361.37	402.38	404.92
Other Intangible Assets	0.56	0.11	0.21	0.26	0.31	0.34
Long-Term Deferred Tax Assets	18.21	15.89	16.43	17.28	17.5	16
Other Long-Term Assets	62.88	63.47	60.91	49.61	41.61	97.94
Total Assets	2,127	2,141	2,183	2,214	2,132	1,895
Accounts Payable	227.15	178.31	232.53	285.08	255.73	160.91
Accrued Expenses	62.99	61.67	57.79	34.96	56.06	62.2
Short-Term Debt	216.06	283.38	394.83	521.88	332.05	294.48
Current Portion of Long-Term Debt	5.67	-	-	-	-	6.67
Current Portion of Leases	8.45	5.97	4.79	6.72	7.92	6.43
Current Income Taxes Payable	-	21.35	29.08	-	18.46	19.91
Current Unearned Revenue	3.23	0.71	0.75	3.24	7.35	2.36
Other Current Liabilities	35.38	25.31	17.26	12.68	16.97	29.49
Total Current Liabilities	558.94	576.7	737.04	864.56	694.54	582.43
Long-Term Debt	29.33	35	-	-	20	13.33
Long-Term Leases	19.4	13.95	11.33	12.4	17.97	17.42
Long-Term Deferred Tax Liabilities	21.93	20.59	20.02	19.34	19.06	20.04
Other Long-Term Liabilities	1.47	1.03	0.2	0.2	0.2	0.2
Total Liabilities	631.07	647.27	768.59	896.5	751.77	633.42
Common Stock	442.32	413.39	393.7	385.98	367.6	350.1
Additional Paid-In Capital	145.21	145.21	145.21	145.21	145.21	145.21
Retained Earnings	772.48	743.14	568.98	451.86	534.2	489.43
Comprehensive Income & Other	92.95	144.49	246.03	247.4	221.55	142.71
Total Common Equity	1,453	1,446	1,354	1,230	1,269	1,127
Minority Interest	43.05	47.75	60.89	87.31	111.86	133.79
Shareholders' Equity	1,496	1,494	1,415	1,318	1,380	1,261
Total Liabilities & Equity	2,127	2,141	2,183	2,214	2,132	1,895
Total Debt	278.92	338.29	410.95	541	377.94	338.33
Net Cash (Debt)	19.38	40.39	2.63	-166.91	-5.13	5.81
Net Cash Growth	-95.68%	1438.04%	-	-	-	-
Net Cash Per Share	0.44	0.91	0.06	-3.77	-0.12	0.13
Filing Date Shares Outstanding	44.23	44.23	44.23	44.23	44.23	44.23
Total Common Shares Outstanding	44.23	44.23	44.23	44.23	44.23	44.23
Working Capital	546.77	599.81	513.5	467.43	500.49	401.27
Book Value Per Share	32.85	32.70	30.61	27.82	28.68	25.49
Tangible Book Value	1,452	1,446	1,354	1,230	1,268	1,127
Tangible Book Value Per Share	32.84	32.69	30.60	27.81	28.67	25.48
Land	110.01	110.01	110.01	110.01	110.01	110.01
Buildings	323.59	321.95	320.05	308.58	298.76	197.93
Machinery	258.45	245.06	215.49	195.29	185.43	103.03
Construction In Progress	0.26	-	-	13.76	23.23	105.05
Leasehold Improvements	1.39	1.39	1.39	0.91	0.91	0.91

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.