AI assistant
THSRC — Interim / Quarterly Report 2021
May 24, 2021
52174_rns_2021-05-24_c051eedf-f625-4bd0-a7e9-33a5634a1eae.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Ticker Symbol: 2633
==> picture [151 x 89] intentionally omitted <==
Taiwan High Speed Rail Corporation 1Q’2021 Operation Report
5/25/2021
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 1
----- End of picture text -----
==> picture [77 x 49] intentionally omitted <==
Safe Harbor Notice
-
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.
-
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.
-
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.
-
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.
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 2
----- End of picture text -----
AGENDA
==> picture [151 x 89] intentionally omitted <==
I. BUSINESS OVERVIEW II. FINANCIAL OVERVIEW III. MARKET OUTLOOK & CSR PERFORMANCE
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 3
----- End of picture text -----
==> picture [77 x 49] intentionally omitted <==
I. BUSINESS OVERVIEW
1. High-Speed Rail Network
2. Operational Performance
==> picture [720 x 117] intentionally omitted <==
----- Start of picture text -----
Copyright © 2019 Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 4
----- End of picture text -----
1. High-Speed Rail Network
==> picture [77 x 49] intentionally omitted <==
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.).
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 5
----- End of picture text -----
2、Operational Performance
1. Train Frequency
(Daily Frequency)
==> picture [77 x 49] intentionally omitted <==
Daily Two-way Service (WEEKEND) Daily Two-way Service (WEEKDAY)
166 133 1,016 total weekly train services was scheduled since July 2019 Off-Peak Days (Tue.~Wed.): 133 train services per day Peak Days (Fri.~Sun.): 166 train services per day
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 6
----- End of picture text -----
==> picture [561 x 244] intentionally omitted <==
----- Start of picture text -----
Train Services Seat-Km
(frequency) (mn-km)
0.8%
2.1%
----- End of picture text -----
2. Transportation Capacity & Volume (1Q’21 vs. 1Q’20)
Transportation Capacity
==> picture [106 x 38] intentionally omitted <==
----- Start of picture text -----
Transportation
Volume
----- End of picture text -----
==> picture [561 x 207] intentionally omitted <==
----- Start of picture text -----
Ridership Passenger-Km
(thousand persons) (mn-km)
4.0%
2.6%
----- End of picture text -----
3. Ridership & Loading Factor
==> picture [77 x 49] intentionally omitted <==
(thousand persons)
Load Factor, (%)
Daily Avg. Ridership：1Q2021 YoY +5.1% Load Factor：1Q2021 YoY +2.5PP
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 8
----- End of picture text -----
4. Operational Performance
==> picture [77 x 49] intentionally omitted <==
| 2021.01.01 ~ 2021.3.31 | 2007.01.05 ~ 2021.3.31 | |
|---|---|---|
| Train Services | 13,659 | 685,395 |
| Cumulative Passengers (million passengers) |
14.3 | 667.7 |
| Passenger Kilometers (million-km) |
2,483 | 126,779 |
| Loading Factor | 56.24% | 56.82% |
| Reliability | 100% | 99.69% |
| Punctuality (delay < 5 min) |
99.89% | 99.52% |
| Avg. Delay Time (min) | 0.05 | 0.19 |
| Accidents resulting in Liabilities |
0 | 0 |
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 9
----- End of picture text -----
==> picture [77 x 49] intentionally omitted <==
II. FINANCIAL OVERVIEW
1. Financial Performance
2. Financial Risk Management 3. Corporate Credit Ratings & Market Cap
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 10
----- End of picture text -----
1. Financial Performance
1. Income Statement(1Q’21 vs. 1Q’ 20)
==> picture [77 x 49] intentionally omitted <==
| (NT$mn) | 1Q'2021 | 1Q'2021 | 1Q'2020 | 1Q'2020 | Variance Amount |
Var.% |
|---|---|---|---|---|---|---|
| Operatingrevenue | 9,867 | 100% | 9,600 | 100% | 267 | 2.8% |
| Operatingcosts | (6,409) | -67% | (6,313) | -54% | (96) | 1.5% |
| Gross Profit | 3,458 | 33% | 3,287 | 46% | 171 | 5.2% |
| Operatingexpenses | (285) | -3% | (270) | -3% | (15) | 5.6% |
| Net OperatingIncome | 3,173 | 30% | 3,017 | 43% | 156 | 5.2% |
| Non-operating income and expenses |
||||||
| Interest expenses | (1,414) | -15% | (1,614) | -13% | 200 | -12.4% |
| Stabilization reserve | (660) | -2% | (383) | -14% | (277) | 72.3% |
| Others | 64 | 1% | 67 | - | (3) | -4.5% |
| Net Income before tax | 1,163 | 14% | 1,086 | 16% | 77 | 7.1% |
| Income tax | 211 | 1% | 43 | 1% | 168 | 390.7% |
| Net Income | 1,374 | 15% | 1,130 | 17% | 244 | 21.6% |
| EPS | 0.24 | 0.20 |
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 11
----- End of picture text -----
2. Net Profits & Operating Revenues 1) Revenue Structures
==> picture [77 x 49] intentionally omitted <==
| (NT$bn) | 1Q2021 | 1Q2020 | YoY% |
|---|---|---|---|
| Railway Revenue | 9.50 | 9.23 | 2.9% |
| Non-railway Revenue | 0.36 | 0.37 | -0.3% |
| Total | 9.87 | 9.60 | 2.8% |
==> picture [360 x 243] intentionally omitted <==
Note: Non-railway revenues mainly include rental incomes, advertising revenues, and onboard sales
2. Net Profits & Operating Revenues
==> picture [77 x 49] intentionally omitted <==
2) Operating Revenue, Gross Profit & Net Income
==> picture [565 x 342] intentionally omitted <==
----- Start of picture text -----
(NT$bn)
(%)
----- End of picture text -----
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © 2019 Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 13
----- End of picture text -----
3. EBITDA & EBITDA Margin
==> picture [77 x 49] intentionally omitted <==
==> picture [41 x 11] intentionally omitted <==
----- Start of picture text -----
(NT$bn)
----- End of picture text -----
==> picture [391 x 256] intentionally omitted <==
----- Start of picture text -----
(%)
----- End of picture text -----
EBITDA Margin
EBITDA
-
1Q2021： YoY +2.7%
-
Due to impact of the pandemic in
-
，
-
‘20 EBITDA Margin reduced to 66.4%.
-
1Q‘21 EBITDA Margin shows upward trend.
4. Balance Sheets
==> picture [77 x 49] intentionally omitted <==
| (NT$mn) | 2021.3.31 | 2020.12.31 | 2020.3.31 |
|---|---|---|---|
| Current assets | 43,244 | 38,621 | 37,975 |
| Operatingconcession asset | 375,179 | 378,291 | 387,005 |
| Other non-current assets | 10,925 | 10,654 | 10,219 |
| Total assets | 429,347 | 427,567 | 435,198 |
| Current liabilities | 6,652 | 7,067 | 12,025 |
| Non-current liabilities | 351,235 | 350,413 | 350,966 |
| Total liabilities | 357,886 | 357,480 | 362,992 |
| Common stock | 56,283 | 56,283 | 56,283 |
| Capital surplus | 173 | 173 | 173 |
| Legal reserve & unappropriated earnings |
15,005 | 13,631 | 15,751 |
| Total equity | 71,461 | 70,087 | 72,207 |
| Total liabilities & equity | 429,347 | 427,567 | 435,198 |
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 15
----- End of picture text -----
5. Statement of Cash Flows
==> picture [77 x 49] intentionally omitted <==
| (NT$mn) | 2021.3.31 | 2020.12.31 | 2020.3.31 |
|---|---|---|---|
| Cash & cash equivalents at the beginning of the period |
652 | 16,272 | 16,272 |
| Cash flows from operating activities | (1,203) | (1,532) | 3,715 |
| Cash flows from investing activities | 4,595 | 821 | (10,950) |
| Cash flows from financing activities | 45 | (14,909) | (8,016) |
| Net increase in cash & cash equivalents | 3,437 | (15,620) | (15,252) |
| Cash & cash equivalents at the end of theperiod |
4,089 | 652 | 1,020 |
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 16
----- End of picture text -----
2、Financial Risk Management
==> picture [77 x 49] intentionally omitted <==
==> picture [562 x 359] intentionally omitted <==
----- Start of picture text -----
(%)
----- End of picture text -----
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 17
----- End of picture text -----
3. Corporate Credit Ratings & Market Cap
==> picture [77 x 49] intentionally omitted <==
(US$bn) Agency Long-term Short-term Outlook Taiwan twAAA twA-1+ Stable Ratings Fitch AA+(twn) F1+(twn) Stable April 23, 2021: Taiwan Ratings upgraded THSRC’s long-term rating to “ twAAA,” while Outlook remained ” Stable.”
Apr. 2021 Market Cap $175.0 bn (≒US$5.7bn)
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 18
----- End of picture text -----
==> picture [77 x 49] intentionally omitted <==
III、MARKET OUTLOOK & CSR PERFORMANCE 1. Inter-City Public Transport Market 2. CSR Performance
==> picture [720 x 55] intentionally omitted <==
----- Start of picture text -----
Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential.
Page 19
----- End of picture text -----
==> picture [77 x 49] intentionally omitted <==
1. Inter-City Public Transport Market
==> picture [142 x 13] intentionally omitted <==
----- Start of picture text -----
Passenger Proportions
----- End of picture text -----
==> picture [167 x 13] intentionally omitted <==
----- Start of picture text -----
Passenger-km Proportions
----- End of picture text -----
==> picture [720 x 322] intentionally omitted <==
----- Start of picture text -----
(thousand persons) (thousand persons-km)
Jan~Feb 2021 Trend of Passenger Status Jan~Feb 2021 Trend of Passenger-km Status
12.3%
8.7%
8.6%
23.1%
10.6% 22.4%
Avg,
Passenger
Copyright © Distance 2018 Taiwan High Speed Rail Corporation. All Contents Confidential. Source：MOTC
Page 20 Page 20
----- End of picture text -----
2、CSR Performance
、 、 ESG（Environmental Social Governance）Promote and Awards
-
2021.04 Ranked in the top 5% of the Corporate Governance Evaluation for the 4[th] consecutive years.
-
2021.03 For the past 12 years, the “High-Speed Educational Endowment Program” has been in collaboration with the Down Syndrom Foundation to raise an amount of more than NTD 148 million in donations, which helped almost 27,000 developmentally challenged children and provided them with better resources..
-
2021.01 The establishment of the THSRC e-procurement, a paperless procurement process to implement environmental protection and to promote sustainable supply chain development.
-
2020.12 The first domestic railway company to obtain Environmental Management System (EMS) certification from the British Standards Institute (BSI).
-
2020.07 Received excellent certification under the Corporate Governance Evaluations, hosted by the Taiwan Corporate Governance Association.
-
2020.07 Continued to be selected as a constituent of the “FTSE4Good Index Series.” 2020.07 Continued to be selected as a constituent of the “TWSE CG 100 Index.” 2020.06 Continued to be selected as a constituent of the “FTSE4GOOD TIP Taiwan ESG Index.”
-
2014.11 Awarded with the carbon footprint certificate for high-speed rail service, THSR was the first domestic transportation mode to obtain the eco-label.
Conclusion
==> picture [77 x 49] intentionally omitted <==
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.
Page 22 Page 22
==> picture [355 x 540] intentionally omitted <==
To learn more about THSRC, please visit http://www.thsrc.com.tw
==> picture [346 x 63] intentionally omitted <==
Page 23