Cash flow Taiwan Navigation Co., Ltd.

Equities

2617

TW0002617008

Marine Freight & Logistics

End-of-day quote Taiwan S.E. Other stock markets 2024-09-13			5-day change	1st Jan Change
30.95 ^TWD	+0.81%		+1.48%	-6.21%

08-13	Taiwan Navigation Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2024	CI
08-02	Taiwan Navigation Logs NT$580 Million Profit in H1	MT

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Published financial data: TAIWAN NAVIGATION CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.11B	2.49B	3.23B	3.87B	3.99B
Total Revenues	3.11B	2.49B	3.23B	3.87B	3.99B
Cost of Goods Sold, Total	2.37B	1.9B	1.95B	2.53B	2.55B
Gross Profit	743M	595M	1.28B	1.34B	1.44B
Selling General & Admin Expenses, Total	136M	130M	161M	198M	201M
Depreciation & Amortization - (IS)	2.54M	3.55M	3.53M	3.41M	3.3M
Amortization of Goodwill and Intangible Assets - (IS)	466K	610K	515K	687K	327K
Other Operating Expenses, Total	139M	134M	165M	202M	205M
Operating Income	604M	461M	1.11B	1.14B	1.24B
Interest Expense, Total	-93.25M	-45.44M	-40.51M	-167M	-361M
Interest And Investment Income	35.58M	36.98M	13.32M	774M	802M
Net Interest Expenses	-57.67M	-8.46M	-27.19M	607M	442M
Income (Loss) On Equity Invest.	6.95M	4.48M	4.84M	10.97M	12.16M
Currency Exchange Gains (Loss)	267K	-73.72M	-49.9M	122M	20.13M
Other Non Operating Income (Expenses)	34.81M	8.15M	9.64M	18.34M	17.54M
EBT, Excl. Unusual Items	588M	392M	1.05B	1.89B	1.73B
Gain (Loss) On Sale Of Investments	-5.2M	-	-	-	-
Gain (Loss) On Sale Of Assets	183M	187M	367M	217M	265M
Insurance Settlements	-	134M	1.51M	30.41M	8.09M
EBT, Incl. Unusual Items	766M	712M	1.42B	2.14B	2B
Income Tax Expense	165M	194M	98M	127M	338M
Earnings From Continuing Operations	601M	518M	1.32B	2.02B	1.66B
Net Income to Company	601M	518M	1.32B	2.02B	1.66B
Net Income - (IS)	601M	518M	1.32B	2.02B	1.66B
Net Income to Common Incl Extra Items	601M	518M	1.32B	2.02B	1.66B
Net Income to Common Excl. Extra Items	601M	518M	1.32B	2.02B	1.66B
Per Share Items
Net EPS - Basic	1.44	1.24	3.16	4.83	3.98
Basic EPS - Continuing Operations	1.44	1.24	3.16	4.83	3.98
Basic Weighted Average Shares Outstanding	417M	417M	417M	417M	417M
Net EPS - Diluted	1.44	1.24	3.16	4.82	3.98
Diluted EPS - Continuing Operations	1.44	1.24	3.16	4.82	3.98
Diluted Weighted Average Shares Outstanding	418M	418M	418M	418M	418M
Normalized Basic EPS	0.88	0.59	1.57	2.84	2.59
Normalized Diluted EPS	0.88	0.59	1.57	2.83	2.58
Dividend Per Share	0.8	0.9	2	2.2	1.6
Payout Ratio	90.25	64.43	28.45	41.42	55.21
Supplemental Items
EBITDA	650M	511M	1.16B	1.92B	2.1B
EBITA	604M	462M	1.11B	1.14B	1.24B
EBIT	604M	461M	1.11B	1.14B	1.24B
Effective Tax Rate - (Ratio)	21.52	27.26	6.91	5.92	16.88
Total Current Taxes	105M	222M	80.1M	83.11M	362M
Total Deferred Taxes	59.91M	-27.39M	-249K	3.38M	-76.53M
Normalized Net Income	368M	245M	656M	1.18B	1.08B
Interest Capitalized	21.54M	20.66M	13.65M	17.12M	45.46M
Non-Cash Pension Expense	683K	3.01M	311K	295K	770K
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	47.08M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	408M	325M	331M	716M	524M
Short Term Investments	971M	1.06B	6.02B	3.52B	2.38B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.38B	1.38B	6.35B	4.23B	2.9B
Accounts Receivable, Total	98.36M	111M	57.55M	57.93M	192M
Other Receivables	-	-	-	7.3M	-
Total Receivables	98.36M	111M	57.55M	65.22M	192M
Prepaid Expenses	89.71M	98.68M	118M	145M	143M
Other Current Assets, Total	24.88M	449M	458M	78.82M	116M
Total Current Assets	1.59B	2.04B	6.98B	4.52B	3.35B
Gross Property Plant And Equipment	16.11B	14.21B	17.79B	21.86B	22.1B
Accumulated Depreciation	-5.36B	-4.76B	-4.81B	-5.31B	-4.88B
Net Property Plant And Equipment	10.75B	9.45B	12.98B	16.54B	17.22B
Long-term Investments	431M	2.21B	330M	251M	301M
Accounts Receivable Long-Term	-	-	-	62.34M	1.32B
Deferred Tax Assets Long-Term	970K	18.41M	7.72M	413K	1.94M
Other Long-Term Assets, Total	2.34B	3B	2.99B	3.25B	2.35B
Total Assets	15.11B	16.73B	23.28B	24.62B	24.56B
Liabilities
Accounts Payable, Total	130M	80.49M	124M	221M	163M
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	-	900M	919M	215M	628M
Current Portion of Long-Term Debt	27.67M	76.37M	-	883M	-
Current Income Taxes Payable	95.92M	91.4M	75.41M	117M	402M
Unearned Revenue Current, Total	-	7.46M	7.46M	-	-
Other Current Liabilities	252M	212M	225M	326M	328M
Total Current Liabilities	506M	1.37B	1.35B	1.76B	1.52B
Long-Term Debt	3.8B	4.03B	5.53B	6.21B	5.93B
Unearned Revenue Non Current	-	113M	106M	-	-
Pension & Other Post Retirement Benefits	67.55M	62.52M	59.09M	51.53M	30.25M
Deferred Tax Liability Non Current	364M	354M	343M	339M	264M
Other Non Current Liabilities	136M	15.77M	254M	549M	845M
Total Liabilities	4.87B	5.94B	7.64B	8.91B	8.59B
Common Stock, Total	4.17B	4.17B	4.17B	4.17B	4.17B
Additional Paid In Capital	334M	334M	334M	334M	334M
Retained Earnings	6.01B	6.19B	7.64B	8.98B	9.73B
Comprehensive Income and Other	-271M	85.4M	3.49B	2.22B	1.73B
Total Common Equity	10.24B	10.78B	15.64B	15.71B	15.97B
Total Equity	10.24B	10.78B	15.64B	15.71B	15.97B
Total Liabilities And Equity	15.11B	16.73B	23.28B	24.62B	24.56B
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	24.54	25.84	37.47	37.65	38.27
Tangible Book Value	10.24B	10.78B	15.64B	15.71B	15.97B
Tangible Book Value Per Share	24.54	25.84	37.47	37.65	38.27
Total Debt	3.83B	5.01B	6.45B	7.31B	6.55B
Net Debt	2.45B	3.62B	105M	3.08B	3.65B
Debt Equivalent of Unfunded Proj. Benefit Obligation	67.55M	62.52M	59.09M	51.53M	30.25M
Equity Method Investments, Total	109M	133M	240M	179M	218M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	191M	191M	191M	191M	191M
Buildings, Total	89.22M	89.22M	89.22M	89.22M	89.22M
Machinery, Total	1.56B	1.56B	1.56B	1.56B	2.47B
Assets on Operating Lease - Gross	14.28B	12.37B	15.95B	20.02B	19.35B
Assets on Operating Lease - Accumulated Depreciation	-4.19B	-3.55B	-3.57B	-4.04B	-4.3B
Accumulated Allowance for Doubtful Accounts (Supple)	2.6M	3.19M	32K	1.23M	6.14M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	601M	518M	1.32B	2.02B	1.66B
Depreciation & Amortization - CF	716M	584M	622M	781M	865M
Amortization of Goodwill and Intangible Assets - (CF)	-	610K	515K	687K	2.73M
Depreciation & Amortization, Total	716M	585M	622M	782M	867M
(Gain) Loss From Sale Of Asset	-183M	-187M	-367M	-217M	-265M
(Gain) Loss on Sale of Investments - (CF)	5.2M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-6.95M	-4.48M	-4.84M	-10.97M	-12.16M
Provision and Write-off of Bad Debts	-	590K	-3.16M	1.2M	6.61M
Other Operating Activities, Total	210M	65.13M	-47.27M	-594M	-234M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	-5.54M	-3.61M	17.38M	-2.33M	3.48M
Change In Accounts Payable	-4.79M	-46.38M	45.54M	83.45M	-59.29M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	62.46M	-41M	294M	303M	94.09M
Cash from Operations	1.39B	886M	1.88B	2.36B	2.06B
Capital Expenditure	-661M	-1.01B	-4.66B	-3.32B	-2.14B
Sale of Property, Plant, and Equipment	428M	377M	302M	328M	420M
Sale (Purchase) of Real Estate properties	-3.95M	76.65M	90.64M	121M	-
Investment in Marketable and Equity Securities, Total	-586M	-1.64B	190M	553M	616M
Other Investing Activities, Total	39.65M	248M	1.05B	1.1B	807M
Cash from Investing	-783M	-1.94B	-3.03B	-1.22B	-294M
Short Term Debt Issued, Total	-	900M	21.61M	-	417M
Long-Term Debt Issued, Total	575M	1.8B	3.08B	1.98B	869M
Total Debt Issued	575M	2.7B	3.1B	1.98B	1.29B
Short Term Debt Repaid, Total	-258M	-	-	-725M	-
Long-Term Debt Repaid, Total	-355M	-1.32B	-1.51B	-1.05B	-2.05B
Total Debt Repaid	-613M	-1.32B	-1.51B	-1.78B	-2.05B
Common Dividends Paid	-542M	-334M	-376M	-835M	-918M
Common & Preferred Stock Dividends Paid	-542M	-334M	-376M	-835M	-918M
Other Financing Activities, Total	-94.03M	-55.19M	-46.4M	-154M	-358M
Cash from Financing	-675M	995M	1.16B	-784M	-2.04B
Foreign Exchange Rate Adjustments	-7.03M	-22.45M	-4.65M	29.64M	881K
Net Change in Cash	-70.33M	-82.86M	5.64M	385M	-267M
Supplemental Items
Cash Interest Paid	93.97M	47.82M	40.09M	154M	358M
Cash Income Tax Paid (Refund)	12.98M	226M	114M	81.44M	130M
Levered Free Cash Flow	598M	-696M	-3.3B	-1.35B	-732M
Unlevered Free Cash Flow	657M	-667M	-3.28B	-1.25B	-506M
Change In Net Working Capital	-224M	532M	-65.29M	-577M	8.23M
Net Debt Issued / Repaid	-38.46M	1.38B	1.59B	204M	-762M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.5	1.81	3.47	2.96	3.14
Return on Total Capital	2.65	1.93	3.67	3.15	3.39
Return On Equity %	5.82	4.93	9.99	12.86	10.5
Return on Common Equity	5.82	4.93	9.99	12.86	10.5
Margin Analysis
Gross Profit Margin %	23.85	23.88	39.59	34.56	36.1
SG&A Margin	4.36	5.2	5	5.12	5.04
EBITDA Margin %	20.89	20.52	36	49.53	52.7
EBITA Margin %	19.39	18.54	34.48	29.36	31.03
EBIT Margin %	19.39	18.51	34.46	29.34	30.97
Income From Continuing Operations Margin %	19.3	20.8	40.92	52.03	41.68
Net Income Margin %	19.3	20.8	40.92	52.03	41.68
Net Avail. For Common Margin %	19.3	20.8	40.92	52.03	41.68
Normalized Net Income Margin	11.8	9.83	20.33	30.57	27.05
Levered Free Cash Flow Margin	19.22	-27.92	-102.33	-34.98	-18.34
Unlevered Free Cash Flow Margin	21.09	-26.78	-101.55	-32.28	-12.69
Asset Turnover
Asset Turnover	0.21	0.16	0.16	0.16	0.16
Fixed Assets Turnover	0.28	0.25	0.29	0.26	0.24
Receivables Turnover (Average Receivables)	27.48	23.79	38.26	67.07	31.71
Short Term Liquidity
Current Ratio	3.15	1.49	5.17	2.57	2.21
Quick Ratio	2.92	1.09	4.74	2.44	2.04
Operating Cash Flow to Current Liabilities	2.76	0.65	1.39	1.34	1.36
Days Sales Outstanding (Average Receivables)	13.28	15.39	9.54	5.44	11.51
Average Days Payable Outstanding	20.6	20.34	19.13	24.84	27.48
Long Term Solvency
Total Debt/Equity	37.37	46.42	41.25	46.52	41.04
Total Debt / Total Capital	27.2	31.7	29.2	31.75	29.1
LT Debt/Equity	37.1	37.36	35.38	39.53	37.11
Long-Term Debt / Total Capital	27.01	25.52	25.04	26.98	26.31
Total Liabilities / Total Assets	32.24	35.53	32.83	36.19	34.96
EBIT / Interest Expense	6.48	10.15	27.45	6.79	3.42
EBITDA / Interest Expense	14.15	23.01	42.81	11.47	5.83
(EBITDA - Capex) / Interest Expense	7.07	0.83	-72.19	-8.37	-0.1
Total Debt / EBITDA	2.9	4.79	3.72	3.81	3.12
Net Debt / EBITDA	1.85	3.46	0.06	1.6	1.74
Total Debt / (EBITDA - Capex)	5.8	132.07	-2.21	-5.22	-188.26
Net Debt / (EBITDA - Capex)	3.71	95.56	-0.04	-2.2	-104.84
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-7.52	-20	29.51	20.04	3.03
Gross Profit, 1 Yr. Growth %	-13.85	-19.89	114.67	4.8	7.62
EBITDA, 1 Yr. Growth %	-56	-21.42	127.26	10.59	9.64
EBITA, 1 Yr. Growth %	-15.6	-23.58	140.88	2.21	8.91
EBIT, 1 Yr. Growth %	-15.6	-23.62