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THSRC — Interim / Quarterly Report 2021
Aug 13, 2021
52174_rns_2021-08-13_a367c55a-a4a6-4fc6-8917-e131a568c679.pdf
Interim / Quarterly Report
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Ticker Symbol: 2633
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Taiwan High Speed Rail Corporation 1Ｈ, 2021 Operation Report
08/16/2021
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Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
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Safe Harbor Notice
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The information contained in this presentation and its accompanying announcements, including content relating to business outlooks, financial operations, and business forecasts, is based on information derived from internal corporate data and external economic developments as a whole.
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The Company's actual operations, financial conditions, and operational performance may differ from forecasted information; this may be due to various factors including but not limited to market demand, changes in policies and regulations and overall economic conditions, and other factors or risks beyond the Company’s control.
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The information provided in this presentation reflects the Company's current views about the future; correctness, completeness, or reliability of said views are not explicitly or implicitly expressed or warranted. The Company is not responsible for updating or amending changes or adjustments made to the contents of this presentation, if such changes or adjustments should occur in the future.
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For the convenience of readers, this presentation has been translated into English from an original Chinese version. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, information in the Chinese-language presentation shall prevail.
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Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
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AGENDA
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I. BUSINESS OVERVIEW II. FINANCIAL OVERVIEW III. MARKET OUTLOOK & CSR PERFORMANCE
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I. BUSINESS OVERVIEW
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1. High-Speed Rail Network 2. Operational Performance
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1. High-Speed Rail Network
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Operation Area 11 Cities
Population 90 %
Route Length (km) 350
Stations 12
Maintenance Bases 5
Train Model 700T
Total Train Sets 34
Maximum Speed 300 km/h Business Scope of THSRC Item Content Passenger Transportation Offers direct train, semi-direct train, and stopping train transport. Service Operation of Affiliated Retail space leasing(convenient stores, food and beverage, etc.), retail, parking lots Services at stations, trolley sales, advertising sales(lightboxes, wall space, column space, product displays, train decorations, etc.).
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2. Operational Performance
1. Train Frequency
(Daily Frequency)
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Daily Two-way Service (WEEKEND) Daily Two-way Service (WEEKDAY)
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166 133
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A total of 1,016 weekly train services were scheduled since July 2019.
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In response to the impact of the epidemic, a temporary train schedule adjustment was carried out on May 21, 2021 to reduce the number of train services from 1,016 to 845 per week.
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In response to the severe impact of the epidemic, the second phase for temporary train schedule adjustment was implemented on May 27, 2021 to reduce the number of train services to 556 per week.
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The number of train services has been increased from 556 to 845 per week since August 6, 2021.
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2. Trend of Transportation Capacity & Volume
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(Frequency) Train Services
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5.6%
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Transportation Capacity
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Seat-Km
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(mn-km)
6.8%
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Ridership
Passenger-Km
(thousand persons)
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(mn-km)
7.7%
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7.1%
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Transportation
Volume
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3. Ridership & Loading Factor
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(thousand persons/day)
Load Factor, (%)
- Daily Avg. Ridership：1H2021 YoY - 6.6%
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5. Operational Performance
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| 2021.01.01 ~ 2021.6.30 | 2007.01.05 ~ 2021.6.30 | |
|---|---|---|
| Train Services | 24,790 | 696,526 |
| Cumulative Passengers (millionpassengers) |
23.0 | 676.5 |
| Passenger Kilometers (million-km) |
3,996 | 128,292 |
| Loading Factor | 49.75% | 56.58% |
| Reliability | 100% | 99.69% |
| Punctuality (delay<5 min) |
99.88% | 99.52% |
| Avg. Delay Time (min) | 0.08 | 0.19 |
| Accidents resulting in Liabilities |
0 | 0 |
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II. FINANCIAL OVERVIEW
1. Financial Performance
2. Financial Risk Management 3. Corporate Credit Rating & Market Cap
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1. Financial Performance
1. Income Statement
| (NT$mn) | 1H2021 | 1H2021 | 1H2020 | 1H2020 | Variance Amount |
Var.% |
|---|---|---|---|---|---|---|
| Operatingrevenue | 15,969 | 100% | 17,206 | 100% | (1,237) | -7.2% |
| Operatingcosts | (12,869) | -80% | (12,647) | -74% | (222) | 1.8% |
| Gross Profit | 3,100 | 20% | 4,558 | 26% | (1,458) | -32.0% |
| Operatingexpenses | (615) | -4% | (555) | -3% | (60) | 10.8% |
| Net OperatingIncome | 2,485 | 16% | 4,004 | 23% | (1,519) | -37.9% |
| Non-operating income and expenses |
||||||
| Interest expenses | (2,843) | -18% | (3,042) | -18% | 199 | -6.5% |
| Stabilization reserve | 2,423 | 15% | 271 | 2% | 2,152 | 794.1% |
| Others | 97 | 1% | 141 | 1% | (44) | -31.2% |
| Net Income before tax | 2,162 | 14% | 1,373 | 8% | 789 | 57.5% |
| Income tax | (295) | -2% | 194 | 1% | (489) | -252.1% |
| Net Income | 1,867 | 12% | 1,567 | 9% | 300 | 19.1% |
| EPS | 0.33 | 0.28 |
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２. Net Profits & Operating Revenues
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1) Revenue Structures
| (NT$bn) | 1H2021 | 1H2020 | YoY% |
|---|---|---|---|
| Railway Revenue | 15.31 | 16.61 | -7.8% |
| Non-railway | |||
| Revenue | 0.65 | 0.59 | 10.1% |
| Total | 15.97 | 17.21 | -7.2% |
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Note: Non-railway revenues mainly include rental incomes, advertising revenues, and onboard sales
2. Net Profits & Operating Revenues
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2) Operating Revenue, Gross Profit & Net Income
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(NT$bn)
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(%)
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3. EBITDA & EBITDA Margin
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(NT$bn)
(%)
EBITDA
EBITDA Margin
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1H2021： YoY - 13.3%
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Due to impact of the pandemic in
， 1H’21 EBITDA Margin reduced to 60.1%
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4. Balance Sheets
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| (NT$mn) | 2021.6.30 | 2020.12.31 | 2020.6.30 |
|---|---|---|---|
| Current assets | 42,589 | 38,621 | 39,507 |
| Operatingconcession asset | 372,403 | 378,291 | 383,797 |
| Other non-current assets | 10,368 | 10,654 | 10,213 |
| Total assets | 425,360 | 427,567 | 433,518 |
| Current liabilities | 18,950 | 7,067 | 28,188 |
| Non-current liabilities | 340,366 | 350,413 | 339,496 |
| Total liabilities | 359,316 | 357,480 | 367,684 |
| Common stock | 56,283 | 56,283 | 56,283 |
| Capital surplus | 173 | 173 | 173 |
| Legal reserve & unappropriated earnings |
9,588 | 13,631 | 9,378 |
| Total equity | 66,044 | 70,087 | 65,834 |
| Total liabilities & equity | 425,360 | 427,567 | 433,518 |
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5. Statement of Cash Flows
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| (NT$mn) | 2021.6.30 | 2020.12.31 | 2020.6.30 |
|---|---|---|---|
| Cash & cash equivalents at the beginningof theperiod |
652 | 16,272 | 16,272 |
| Cash flows from operating activities | 7,972 | (1,532) | 3,715 |
| Cash flows from investing activities | 13,604 | 821 | 538 |
| Cash flows from financing activities | 45 | (14,909) | (7,998) |
| Net increase in cash & cash equivalents |
21,597 | (15,620) | (11,336) |
| Cash & cash equivalents at the end of theperiod |
22,249 | 652 | 4,936 |
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2、Financial Risk Management
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(%)
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3. Corporate Credit Ratings & Market Cap
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(US$bn)
Agency Long-term Short-term Outlook
Taiwan
twAAA twA-1+ Stable
July 2021
Ratings
Market Cap
Fitch AA+(twn) F1+(twn) Stable $168.8 bn
(≒US$5.5bn)
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III、MARKET OUTLOOK & CSR PERFORMANCE 1. Inter-City Public Transport Market 2. CSR Performance
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1. Inter-City Public Transport Market
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Passenger Proportions
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Passenger-km Proportions
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(thousand persons)
(thousand persons-km) Jan~May 2021 Trend of Passenger-km Status
Jan~May 2021 Trend of Passenger Status
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12.4%
Avg,
Passenger
Copyright © Distance 2018 Taiwan High Speed Rail Corporation. All Contents Confidential.
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10.4%
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Source：MOTC Page 20 Page 20
2、 CSR Performance
ESG（Environmental、Social、Governance）Promote and Awards
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2021.07 Continued to be selected as a constituent of the "FTSE4Good Index Series.“
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2021.04 Ranked top 5% in Corporate Governance Evaluation for the fourth consecutive years.
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2021.03 For the past 12 years, the “High-Speed Educational Endowment Program” has been in collaboration with the Down Syndrome Foundation to raise an amount of more than NTD 148 million and is estimated to have helped more than 27,000 disadvantaged schoolchildren achieve their dreams of learning.
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2021.01 The THSRC e-procurement, a paperless procurement process, was introduced to implement environmental protection and to promote sustainable supply chain development.
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2020.12 The first domestic railway company to obtain Environmental Management System (EMS) certification from the British Standards Institute (BSI).
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2020.07 Awarded excellent certification under the Corporate Governance Evaluations, hosted by the Taiwan Corporate Governance Association.
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2020.07 Continued to be selected as a constituent of the “TWSE CG 100 Index.”
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2020.06 Continued to be selected as a constituent of the “FTSE4GOOD TIP Taiwan ESG Index.”
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2014.11 Awarded with the carbon footprint certificate for high-speed rail service, THSR was the first domestic transportation mode to obtain the carbon label.
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Conclusion
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Vision: To be the platform for advancement and enjoyment.
Integrate technology into services for new 4T smart and convenient life. THSRC strives to be one of the top ten brands in Taiwan.
運輸 To build professional transportation systems that provide high quality . T services and products ransportation
科技 To implement intelligent transportation that improves operational efficiency T and quality, and enhances services, safety, and emergency responses. echnology
在地 To combine unique local cultures and landscapes to create a multicultural T aiwan platform. 關懷 To establish brand culture, enhance talent skills and corporate efficiency, T ouch and participate in social caring and environmental protection.
To combine unique local cultures and landscapes to create a multicultural platform.
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To learn more about THSRC, please visit http://www.thsrc.com.tw
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