Balance Sheet Taiwan Navigation Co., Ltd.

Stocks

2617

TW0002617008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 2026-07-09			5-day change	1st Jan Change
30.50 ^TWD	+0.16%		0.00%	+0.99%

04-28	Taiwan Navigation Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
04-27	Taiwan Navigation Co., Ltd. announces Annual dividend, payable on August 12, 2026	CI

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Published financial data: TAIWAN NAVIGATION CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.23B	3.87B	3.99B	4.4B	4.3B
Total Revenues	3.23B	3.87B	3.99B	4.4B	4.3B
Cost of Goods Sold, Total	1.95B	2.53B	2.55B	2.56B	2.5B
Gross Profit	1.28B	1.34B	1.44B	1.84B	1.79B
Selling General & Admin Expenses, Total	161M	198M	201M	180M	205M
Depreciation & Amortization - (IS)	3.53M	3.41M	3.3M	4.15M	4.43M
Amortization of Goodwill and Intangible Assets - (IS)	515K	687K	327K	218K	-
Other Operating Expenses, Total	165M	202M	205M	184M	209M
Operating Income	1.11B	1.14B	1.24B	1.66B	1.59B
Interest Expense, Total	-40.51M	-167M	-361M	-379M	-310M
Interest And Investment Income	13.32M	774M	802M	113M	314M
Net Interest Expenses	-27.19M	607M	442M	-266M	3.96M
Income (Loss) On Equity Invest.	4.84M	10.97M	12.16M	5.14M	7.4M
Currency Exchange Gains (Loss)	-49.9M	122M	20.13M	2.2M	-30.91M
Other Non Operating Income (Expenses)	9.64M	18.34M	17.54M	153K	40.89M
EBT, Excl. Unusual Items	1.05B	1.89B	1.73B	1.4B	1.61B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	367M	217M	265M	20.38M	-
Insurance Settlements	1.51M	30.41M	8.09M	40.61M	12.64M
EBT, Incl. Unusual Items	1.42B	2.14B	2B	1.46B	1.62B
Income Tax Expense	98M	127M	338M	178M	294M
Earnings From Continuing Operations	1.32B	2.02B	1.66B	1.28B	1.33B
Net Income to Company	1.32B	2.02B	1.66B	1.28B	1.33B
Net Income - (IS)	1.32B	2.02B	1.66B	1.28B	1.33B
Net Income to Common Incl Extra Items	1.32B	2.02B	1.66B	1.28B	1.33B
Net Income to Common Excl. Extra Items	1.32B	2.02B	1.66B	1.28B	1.33B
Per Share Items
Net EPS - Basic	3.16	4.83	3.98	3.08	3.18
Basic EPS - Continuing Operations	3.16	4.83	3.98	3.08	3.18
Basic Weighted Average Shares Outstanding	417M	417M	417M	417M	417M
Net EPS - Diluted	3.16	4.82	3.98	3.07	3.17
Diluted EPS - Continuing Operations	3.16	4.82	3.98	3.07	3.17
Diluted Weighted Average Shares Outstanding	418M	418M	418M	418M	418M
Normalized Basic EPS	1.57	2.84	2.59	2.1	2.41
Normalized Diluted EPS	1.57	2.83	2.58	2.09	2.4
Dividend Per Share	2	2.2	1.6	1.5	-
Payout Ratio	28.45	41.42	55.21	52.03	47.22
Supplemental Items
EBITDA	1.16B	1.92B	2.1B	2.6B	2.51B
EBITA	1.11B	1.14B	1.24B	1.66B	1.59B
EBIT	1.11B	1.14B	1.24B	1.66B	1.59B
Effective Tax Rate - (Ratio)	6.91	5.92	16.88	12.19	18.16
Total Current Taxes	80.1M	83.11M	362M	293M	299M
Total Deferred Taxes	-249K	3.38M	-76.53M	1.65M	-1.76M
Normalized Net Income	656M	1.18B	1.08B	875M	1B
Interest Capitalized	13.65M	17.12M	45.46M	47.73M	31.71M
Non-Cash Pension Expense	311K	295K	770K	376K	345K
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	47.08M	41.46M	56.91M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	331M	716M	524M	772M	1.35B
Short Term Investments	6.02B	3.52B	2.38B	3.17B	2.09B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	6.35B	4.23B	2.9B	3.94B	3.44B
Accounts Receivable, Total	57.55M	57.93M	192M	149M	152M
Other Receivables	-	7.3M	-	-	-
Total Receivables	57.55M	65.22M	192M	149M	152M
Prepaid Expenses	118M	145M	143M	162M	-
Other Current Assets, Total	458M	78.82M	116M	5.47M	160M
Total Current Assets	6.98B	4.52B	3.35B	4.26B	3.75B
Gross Property Plant And Equipment	17.79B	21.86B	22.1B	25.39B	24.43B
Accumulated Depreciation	-4.81B	-5.31B	-4.88B	-4.68B	-5.32B
Net Property Plant And Equipment	12.98B	16.54B	17.22B	20.71B	19.12B
Long-term Investments	330M	251M	301M	321M	427M
Other Intangibles, Total	-	-	-	-	33.87M
Accounts Receivable Long-Term	-	62.34M	1.32B	1.28B	1.24B
Deferred Tax Assets Long-Term	7.72M	413K	1.94M	289K	2.17M
Other Long-Term Assets, Total	2.99B	3.25B	2.35B	1.39B	1.84B
Total Assets	23.28B	24.62B	24.56B	27.97B	26.41B
Liabilities
Accounts Payable, Total	124M	221M	163M	255M	207M
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	919M	215M	628M	1.21B	1B
Current Portion of Long-Term Debt	-	883M	-	121M	62.86M
Current Income Taxes Payable	75.41M	117M	402M	154M	288M
Unearned Revenue Current, Total	7.46M	-	-	-	-
Other Current Liabilities	225M	326M	328M	308M	317M
Total Current Liabilities	1.35B	1.76B	1.52B	2.05B	1.88B
Long-Term Debt	5.53B	6.21B	5.93B	6.58B	5.65B
Unearned Revenue Non Current	106M	-	-	-	-
Pension & Other Post Retirement Benefits	59.09M	51.53M	30.25M	23.27M	27.78M
Deferred Tax Liability Non Current	343M	339M	264M	264M	264M
Other Non Current Liabilities	254M	549M	845M	798M	752M
Total Liabilities	7.64B	8.91B	8.59B	9.72B	8.57B
Common Stock, Total	4.17B	4.17B	4.17B	4.17B	4.17B
Additional Paid In Capital	334M	334M	334M	334M	334M
Retained Earnings	7.64B	8.98B	9.73B	10.36B	11.07B
Comprehensive Income and Other	3.49B	2.22B	1.73B	3.38B	2.26B
Total Common Equity	15.64B	15.71B	15.97B	18.25B	17.84B
Total Equity	15.64B	15.71B	15.97B	18.25B	17.84B
Total Liabilities And Equity	23.28B	24.62B	24.56B	27.97B	26.41B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	417M	417M	417M	417M	417M
ECS Total Common Shares Outstanding	417M	417M	417M	417M	417M
Book Value / Share	37.47	37.65	38.27	43.74	42.75
Tangible Book Value	15.64B	15.71B	15.97B	18.25B	17.81B
Tangible Book Value Per Share	37.47	37.65	38.27	43.74	42.67
Total Debt	6.45B	7.31B	6.55B	7.92B	6.71B
Net Debt	105M	3.08B	3.65B	3.97B	3.28B
Debt Equivalent of Unfunded Proj. Benefit Obligation	59.09M	51.53M	30.25M	23.27M	27.78M
Equity Method Investments, Total	240M	179M	218M	202M	207M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	191M	191M	191M	191M	191M
Buildings, Total	89.22M	89.22M	89.22M	105M	105M
Machinery, Total	1.56B	1.56B	2.47B	2.49B	2.49B
Assets on Operating Lease - Gross	15.95B	20.02B	19.35B	22.6B	21.65B
Assets on Operating Lease - Accumulated Depreciation	-3.57B	-4.04B	-4.3B	-3.98B	-4.52B
Accumulated Allowance for Doubtful Accounts (Supple)	32K	1.23M	6.14M	1.37M	12.02M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.32B	2.02B	1.66B	1.28B	1.33B
Depreciation & Amortization - CF	622M	781M	865M	940M	926M
Amortization of Goodwill and Intangible Assets - (CF)	515K	687K	2.73M	2.62M	-
Depreciation & Amortization, Total	622M	782M	867M	942M	926M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	2.87M
(Gain) Loss From Sale Of Asset	-367M	-217M	-265M	-20.38M	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-4.84M	-10.97M	-12.16M	-5.14M	-7.4M
Provision and Write-off of Bad Debts	-3.16M	1.2M	6.61M	-4.85M	10.71M
Other Operating Activities, Total	-47.27M	-594M	-234M	20.36M	128M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	17.38M	-2.33M	3.48M	9.72M	-6.64M
Change In Accounts Payable	45.54M	83.45M	-59.29M	82.36M	-39.43M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	294M	303M	94.09M	103M	1.76M
Cash from Operations	1.88B	2.36B	2.06B	2.41B	2.34B
Capital Expenditure	-4.66B	-3.32B	-2.14B	-3.48B	-581M
Sale of Property, Plant, and Equipment	302M	328M	420M	1.17B	-
Sale (Purchase) of Real Estate properties	90.64M	121M	-	-12.53M	-
Sale (Purchase) of Intangible assets	-	-	-	-	-17.33M
Investment in Marketable and Equity Securities, Total	190M	553M	616M	145M	334M
Other Investing Activities, Total	1.05B	1.1B	807M	120M	324M
Cash from Investing	-3.03B	-1.22B	-294M	-2.06B	60.45M
Short Term Debt Issued, Total	21.61M	-	417M	544M	-
Long-Term Debt Issued, Total	3.08B	1.98B	869M	3.24B	571M
Total Debt Issued	3.1B	1.98B	1.29B	3.78B	571M
Short Term Debt Repaid, Total	-	-725M	-	-	-174M
Long-Term Debt Repaid, Total	-1.51B	-1.05B	-2.05B	-2.87B	-1.28B
Total Debt Repaid	-1.51B	-1.78B	-2.05B	-2.87B	-1.45B
Common Dividends Paid	-376M	-835M	-918M	-668M	-626M
Common & Preferred Stock Dividends Paid	-376M	-835M	-918M	-668M	-626M
Other Financing Activities, Total	-46.4M	-154M	-358M	-380M	-313M
Cash from Financing	1.16B	-784M	-2.04B	-136M	-1.82B
Foreign Exchange Rate Adjustments	-4.65M	29.64M	881K	37.69M	-4.52M
Net Change in Cash	5.64M	385M	-267M	248M	575M
Supplemental Items
Cash Interest Paid	40.09M	154M	358M	381M	314M
Cash Income Tax Paid (Refund)	114M	81.44M	130M	424M	162M
Levered Free Cash Flow	-3.3B	-1.35B	-732M	-1.78B	1.23B
Unlevered Free Cash Flow	-3.28B	-1.25B	-506M	-1.55B	1.42B
Change In Net Working Capital	-65.29M	-577M	8.23M	42.32M	-100M
Net Debt Issued / Repaid	1.59B	204M	-762M	912M	-883M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.47	2.96	3.14	3.95	3.65
Return on Total Capital	3.67	3.15	3.39	4.26	3.91
Return On Equity %	9.99	12.86	10.5	7.5	7.35
Return on Common Equity	9.99	12.86	10.5	7.5	7.35
Margin Analysis
Gross Profit Margin %	39.59	34.56	36.1	41.89	41.74
SG&A Margin	5	5.12	5.04	4.08	4.76
EBITDA Margin %	36	49.53	52.7	59.12	58.42
EBITA Margin %	34.48	29.36	31.03	37.77	36.88
EBIT Margin %	34.46	29.34	30.97	37.71	36.88
Income From Continuing Operations Margin %	40.92	52.03	41.68	29.16	30.83
Net Income Margin %	40.92	52.03	41.68	29.16	30.83
Net Avail. For Common Margin %	40.92	52.03	41.68	29.16	30.83
Normalized Net Income Margin	20.33	30.57	27.05	19.89	23.36
Levered Free Cash Flow Margin	-102.33	-34.98	-18.34	-40.5	28.57
Unlevered Free Cash Flow Margin	-101.55	-32.28	-12.69	-35.12	33.08
Asset Turnover
Asset Turnover	0.16	0.16	0.16	0.17	0.16
Fixed Assets Turnover	0.29	0.26	0.24	0.23	0.22
Receivables Turnover (Average Receivables)	38.26	67.07	31.71	25.81	28.57
Short Term Liquidity
Current Ratio	5.17	2.57	2.21	2.08	2
Quick Ratio	4.74	2.44	2.04	2	1.91
Operating Cash Flow to Current Liabilities	1.39	1.34	1.36	1.17	1.25
Days Sales Outstanding (Average Receivables)	9.54	5.44	11.51	14.18	12.78
Average Days Payable Outstanding	19.13	24.84	27.48	29.92	33.68
Long Term Solvency
Total Debt/Equity	41.25	46.52	41.04	43.37	37.63
Total Debt / Total Capital	29.2	31.75	29.1	30.25	27.34
LT Debt/Equity	35.38	39.53	37.11	36.06	31.65
Long-Term Debt / Total Capital	25.04	26.98	26.31	25.15	23
Total Liabilities / Total Assets	32.83	36.19	34.96	34.74	32.45
EBIT / Interest Expense	27.45	6.79	3.42	4.38	5.11
EBITDA / Interest Expense	42.81	11.47	5.83	6.86	8.09
(EBITDA - Capex) / Interest Expense	-72.19	-8.37	-0.1	-2.32	6.22
Total Debt / EBITDA	3.72	3.81	3.12	3.04	2.67
Net Debt / EBITDA	0.06	1.6	1.74	1.53	1.3
Total Debt / (EBITDA - Capex)	-2.21	-5.22	-188.26	-8.99	3.48
Net Debt / (EBITDA - Capex)	-0.04	-2.2	-104.84	-4.51	1.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	29.51	20.04	3.03	10.27	-2.28
Gross Profit, 1 Yr. Growth %	114.67	4.8	7.62	27.96	-2.62
EBITDA, 1 Yr. Growth %	127.26	10.59	9.64	23.7	-3.34
EBITA, 1 Yr. Growth %	140.88	2.21	8.91	34.2	-4.41
EBIT, 1 Yr. Growth %	141.09	2.19	8.74	34.28	-4.41
Earnings From Cont. Operations, 1 Yr. Growth %	154.79	52.64	-17.48	-22.83	3.31
Net Income, 1 Yr. Growth %	154.79	52.64	-17.48	-22.83	3.31
Normalized Net Income, 1 Yr. Growth %	167.91	80.56	-8.85	-18.91	14.77
Diluted EPS Before Extra, 1 Yr. Growth %	154.84	52.53	-17.43	-22.86	3.26
Accounts Receivable, 1 Yr. Growth %	-48.19	0.65	219.59	-22.1	1.61
Net Property, Plant and Equip., 1 Yr. Growth %	37.36	27.46	4.13	20.26	-7.7
Total Assets, 1 Yr. Growth %	39.2	5.76	-0.28	13.91	-5.58
Tangible Book Value, 1 Yr. Growth %	45.02	0.47	1.64	14.29	-2.34
Common Equity, 1 Yr. Growth %	45.02	0.47	1.64	14.29	-2.26
Cash From Operations, 1 Yr. Growth %	111.81	25.72	-13.74	16.81	-2.89
Capital Expenditures, 1 Yr. Growth %	362.24	-28.76	-35.58	62.89	-83.33
Levered Free Cash Flow, 1 Yr. Growth %	374.61	-58.96	-42.78	143.5	-168.92
Unlevered Free Cash Flow, 1 Yr. Growth %	391.02	-61.84	-56.89	205.18	-192.03
Dividend Per Share, 1 Yr. Growth %	122.22	10	-27.27	-6.25	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.79	24.68	11.21	6.59	3.81
Gross Profit, 2 Yr. CAGR %	31.14	49.99	6.2	17.35	11.63
EBITDA, 2 Yr. CAGR %	33.63	93.73	10.12	16.46	9.29
EBITA, 2 Yr. CAGR %	35.68	56.91	5.51	20.9	13.17
EBIT, 2 Yr. CAGR %	35.7	56.96	5.42	20.84	13.29
Earnings From Cont. Operations, 2 Yr. CAGR %	48.2	97.21	12.23	-20.2	-10.71
Net Income, 2 Yr. CAGR %	48.2	97.21	12.23	-20.2	-10.71
Normalized Net Income, 2 Yr. CAGR %	37.36	119.94	28.29	-14.03	-3.53
Diluted EPS Before Extra, 2 Yr. CAGR %	48.14	97.16	12.23	-20.19	-10.75
Accounts Receivable, 2 Yr. CAGR %	-23.51	-27.79	82.49	57.78	-11.03
Net Property, Plant and Equip., 2 Yr. CAGR %	9.86	32.32	15.2	11.9	5.36
Total Assets, 2 Yr. CAGR %	24.11	21.34	2.7	6.58	3.71
Tangible Book Value, 2 Yr. CAGR %	23.57	20.71	1.06	7.78	5.59
Common Equity, 2 Yr. CAGR %	23.57	20.71	1.06	7.78	5.69
Cash From Operations, 2 Yr. CAGR %	16.03	63.19	4.86	0.38	6.5
Capital Expenditures, 2 Yr. CAGR %	165.58	81.46	-32.26	2.43	-47.89
Levered Free Cash Flow, 2 Yr. CAGR %	134.89	39.56	-52.92	18.04	29.55
Unlevered Free Cash Flow, 2 Yr. CAGR %	123.37	36.89	-60.68	14.7	67.6
Dividend Per Share, 2 Yr. CAGR %	58.11	56.35	-10.56	-17.43	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.42	7.54	17	10.9	3.55
Gross Profit, 3 Yr. CAGR %	14	21.69	34.28	13.01	10.27
EBITDA, 3 Yr. CAGR %	-7.72	43.4	60.25	14.47	9.41
EBITA, 3 Yr. CAGR %	15.85	23.45	38.93	14.31	11.73
EBIT, 3 Yr. CAGR %	15.83	23.46	38.89	14.27	11.76
Earnings From Cont. Operations, 3 Yr. CAGR %	11.3	49.66	47.5	-0.94	-13.03
Net Income, 3 Yr. CAGR %	11.3	49.66	47.5	-0.94	-13.03
Normalized Net Income, 3 Yr. CAGR %	16.97	50.47	63.98	10.1	-5.33
Diluted EPS Before Extra, 3 Yr. CAGR %	11.33	49.59	47.51	-0.96	-13.04
Accounts Receivable, 3 Yr. CAGR %	-23.45	-16.18	19.94	37.41	36.25
Net Property, Plant and Equip., 3 Yr. CAGR %	3.04	15.44	22.16	16.87	4.95
Total Assets, 3 Yr. CAGR %	15.43	17.67	13.66	6.31	2.36
Tangible Book Value, 3 Yr. CAGR %	14.49	15.33	13.98	5.29	4.26
Common Equity, 3 Yr. CAGR %	14.49	15.33	13.98	5.29	4.33
Cash From Operations, 3 Yr. CAGR %	7.71	19.18	32.55	8.7	-0.72
Capital Expenditures, 3 Yr. CAGR %	176.18	71.28	28.49	-9.25	-44.07
Levered Free Cash Flow, 3 Yr. CAGR %	57.42	31.31	1.71	-18.58	-1.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	52.83	23.94	-8.78	-22.16	6.59
Dividend Per Share, 3 Yr. CAGR %	15.44	40.1	21.14	-9.14	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.59	6.57	3.45	7.16	11.54
Gross Profit, 5 Yr. CAGR %	109.2	23.97	10.81	19.94	24.71
EBITDA, 5 Yr. CAGR %	12.44	11.8	7.3	31.95	37.5
EBITA, 5 Yr. CAGR %	77.77	27.13	11.6	22.42	27.99
EBIT, 5 Yr. CAGR %	77.75	27.12	11.55	22.4	28.02
Earnings From Cont. Operations, 5 Yr. CAGR %	70.8	34	11.67	16.38	20.67
Net Income, 5 Yr. CAGR %	70.8	34	11.67	16.38	20.67
Normalized Net Income, 5 Yr. CAGR %	121.96	45.85	21.37	20.28	32.63
Diluted EPS Before Extra, 5 Yr. CAGR %	70.39	33.95	11.69	16.35	20.65
Accounts Receivable, 5 Yr. CAGR %	-18.53	-11.04	8.36	8.71	6.43
Net Property, Plant and Equip., 5 Yr. CAGR %	4.78	5.73	7.74	14.01	15.14
Total Assets, 5 Yr. CAGR %	10.83	9.82	10.16	13.1	9.57
Tangible Book Value, 5 Yr. CAGR %	9.99	10.45	8.91	12.25	10.55
Common Equity, 5 Yr. CAGR %	9.99	10.45	8.91	12.25	10.59
Cash From Operations, 5 Yr. CAGR %	26.9	15.27	6.56	11.57	21.44
Capital Expenditures, 5 Yr. CAGR %	15.27	-0.08	57.42	39.44	-10.45
Levered Free Cash Flow, 5 Yr. CAGR %	13.9	-10.12	-2.86	24.39	12.04
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.01	-11.23	-11.21	18.67	16.35
Dividend Per Share, 5 Yr. CAGR %	-	25.74	4.24	13.4	-