Revenue & Profitability
Financial Performance
In 2021, HIWIN achieved a consolidated net income of NT$27.27 billion, net profit of NT$3.15 billion, and net profit per share of NT$10.36. Please refer to the 2021 Annual Report for more information on HIWIN’s business performance and financial information.
2019~2021 Operating Results (consolidated)
Unit: NT$ Million
| Item\Year |
2019 |
2020 |
2021 |
| Net Operating Revenue |
20,210 |
21,267 |
27,265 |
| Gross Profit |
6,775 |
5,790 |
9,815 |
| Operating Profit |
2,401 |
1,732 |
5,115 |
| Net Profit |
1,641 |
1,699 |
3,115 |
Note: Please refer to the 2021 Annual Report for entities and affiliated corporates included in the consolidated financial report.
2019~2021 Financial Data on Company Performance (consolidated)
| Indicators |
2019 |
2020 |
2021 |
Net Operating Revenue
(NT$ Million) |
20,210 |
21,267 |
27,265 |
Operating Costs
(NT$ Million) |
13,435 |
15,476 |
17,450 |
| Profit Margin (%) |
8.12 |
7.99 |
11.57 |
| Basic EPS (NT$) |
5.67 |
5.87 |
10.36 |
| Debt Ratio (%) |
51.06 |
42.98 |
40.30 |
| ROE (%) |
6.82 |
6.93 |
11.30 |
Note: The basic EPS for 2019 and 2020 has been adjusted retroactively.
2019~2021 Distribution of Profits
Unit: NT$ Million
| Item\Year |
2019 |
2020 |
2021 |
Details |
| Cost of Goods Sold |
13,435 |
15,476 |
17,450 |
Operating Costs |
| Employee Compensation & Benefits |
5,081 |
5,863 |
7,377 |
Salary, labor and health insurance, postemployment benefits, and other employee benefits (including meal allowances, employee benefits/ welfare, training fees, and group insurance) |
| Dividend Distribution |
2,104 |
557 |
662 |
Cash dividends from last year’s earnings |
| Tax Expenses |
476 |
475 |
1,433 |
Various tax expenses |
| Social Investments |
117 |
133 |
146 |
Social participation and donations |
Grants
Investments in past years toward capital increase and expansion comply with the Ministry of Economic Affairs’ Regulations for Encouraging Manufacturing Enterprises and Technical Service Enterprises in the Newly Emerging, Important and Strategic Industries. Therefore, some HIWIN products are exempt from profit-seeking enterprise income tax for five consecutive years. Machine and equipment purchases, research development, and talent training expenses in the past complied with the now-defunct Statue for Upgrading Industries. Therefore, HIWIN enjoys the following tax deductions:
2019~2021 Income Tax Deductions
Unit: NT$ Thousand
| Year |
Income Tax Deductions |
| 2019 |
251,499 |
| 2020 |
236,920 |
| 2021 |
109,824 |
Note:
1. Income tax deductions for 2020 and 2021 have not been approved by revenue service offices.
2. In 2019, the estimated grant is NT$294.956 (NT$ Thousand) and the actual income tax deduction is NT$251,499 (NT$ Thousand).
Tax Management
Income tax expense represents the sum of currently payable and deferred taxes.
- Current tax: According to the Income Tax Act of the R.O.C. (Taiwan). An additional tax on unappropriated earnings is provided for in the year the shareholders approve to retain earnings. Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.
- Deferred tax: Deferred tax is calculated on temporary differences between the carrying amounts of assets and liabilities and the corresponding tax bases used in the computation of taxable profit.
2019~2021 Profit-seeking Enterprise Income Taxes are as follows:
Unit: NT$ Million
| Item |
2019 |
2020 |
2021 |
| Current Income Tax |
476 |
475 |
1,433 |
| Deferred Income Tax |
93 |
130 |
(113) |
| Total |
569 |
605 |
1,320 |
| Net Profit |
1,641 |
1,699 |
3,155 |
| Effective Tax Rate(%) |
34.7% |
21.5% |
29.0% |
Please refer to the 2021 Annual Report for more information on HIWIN’s income taxes.