Morn Sun Feed Mill 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	156.31	70.93	75.19	55.53	76.81
Short-Term Investments	155.11	187.4	296.93	298.3	272.45
Trading Asset Securities	120.16	120.35	41.45	20.26	23.56
Cash & Short-Term Investments	431.57	378.68	413.57	374.09	372.82
Cash Growth	13.97%	-8.44%	10.55%	0.34%	8.33%
Accounts Receivable	507.34	533.38	540.73	554.22	500.8
Other Receivables	1	1.78	1.59	1.39	0.36
Receivables	508.34	535.17	542.32	555.61	501.16
Inventory	153.45	166.16	214.7	291.65	222
Prepaid Expenses	3.08	4.77	2.82	2.75	8.35
Other Current Assets	86.35	91.74	77.13	107.89	90.71
Total Current Assets	1,183	1,177	1,251	1,332	1,195
Property, Plant & Equipment	455.04	454.37	445.43	453.75	475.36
Long-Term Investments	499.27	430.9	409.89	361.37	402.38
Other Intangible Assets	0.5	0.11	0.21	0.26	0.31
Long-Term Deferred Tax Assets	17.07	15.89	16.43	17.28	17.5
Other Long-Term Assets	67.98	63.47	60.91	49.61	41.61
Total Assets	2,223	2,141	2,183	2,214	2,132
Accounts Payable	199.52	178.31	232.53	285.08	255.73
Accrued Expenses	73.78	64.63	57.79	34.96	56.06
Short-Term Debt	296.89	283.38	394.83	521.88	332.05
Current Portion of Long-Term Debt	3.66	-	-	-	-
Current Portion of Leases	8.63	5.97	4.79	6.72	7.92
Current Income Taxes Payable	1.6	21.35	29.08	-	18.46
Current Unearned Revenue	3.34	0.71	0.75	3.24	7.35
Other Current Liabilities	20.33	22.36	17.26	12.68	16.97
Total Current Liabilities	607.74	576.7	737.04	864.56	694.54
Long-Term Debt	11.34	35	-	-	20
Long-Term Leases	18.1	13.95	11.33	12.4	17.97
Long-Term Deferred Tax Liabilities	20.99	20.59	20.02	19.34	19.06
Other Long-Term Liabilities	0.73	1.03	0.2	0.2	0.2
Total Liabilities	658.91	647.27	768.59	896.5	751.77
Common Stock	442.32	413.39	393.7	385.98	367.6
Additional Paid-In Capital	144.28	145.21	145.21	145.21	145.21
Retained Earnings	821.81	743.14	568.98	451.86	534.2
Comprehensive Income & Other	94.07	144.49	246.03	247.4	221.55
Total Common Equity	1,502	1,446	1,354	1,230	1,269
Minority Interest	61.26	47.75	60.89	87.31	111.86
Shareholders' Equity	1,564	1,494	1,415	1,318	1,380
Total Liabilities & Equity	2,223	2,141	2,183	2,214	2,132
Total Debt	338.61	338.29	410.95	541	377.94
Net Cash (Debt)	92.96	40.39	2.63	-166.91	-5.13
Net Cash Growth	130.16%	1438.04%	-	-	-
Net Cash Per Share	2.09	0.91	0.06	-3.77	-0.12
Filing Date Shares Outstanding	44.23	44.23	44.23	44.23	44.23
Total Common Shares Outstanding	44.23	44.23	44.23	44.23	44.23
Working Capital	575.05	599.81	513.5	467.43	500.49
Book Value Per Share	33.97	32.70	30.61	27.82	28.68
Tangible Book Value	1,502	1,446	1,354	1,230	1,268
Tangible Book Value Per Share	33.96	32.69	30.60	27.81	28.67
Land	110.01	110.01	110.01	110.01	110.01
Buildings	323.72	321.95	320.05	308.58	298.76
Machinery	237.69	245.06	215.49	195.29	185.43
Construction In Progress	1.7	-	-	13.76	23.23
Leasehold Improvements	1.5	1.39	1.39	0.91	0.91

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.