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


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
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.

  1. 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.
  2. 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.