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Financial statementsCHUNGHWA TELECOM CO LTD financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data CHUNGHWA TELECOM CO LTD files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,676 | 7,040 | 6,938 | 7,393 | 7,588 | 7,053 | 7,289 | 7,013 |
| Cost of revenue | 4,954 | 4,559 | 4,545 | 4,880 | 4,871 | 4,449 | 4,630 | 4,470 |
| Gross profit | 2,722 | 2,481 | 2,393 | 2,513 | 2,717 | 2,604 | 2,659 | 2,543 |
| Research and development | 131 | 122 | 132 | 137 | 133 | 123 | 127 | 127 |
| Selling, general and administrative | 156 | 150 | 159 | 178 | 191 | 214 | 222 | 219 |
| Operating income | 1,576 | 1,426 | 1,359 | 1,508 | 1,620 | 1,524 | 1,514 | 1,429 |
| Pre-tax income | 1,620 | 1,470 | 1,400 | 1,525 | 1,661 | 1,536 | 1,535 | 1,459 |
| Income tax | 265 | 210 | 266 | 289 | 325 | 304 | 292 | 285 |
| Net income to minority interests | 40 | 33 | 32 | 46 | 52 | 49 | 36 | 40 |
| Net income | 1,315 | 1,227 | 1,102 | 1,190 | 1,284 | 1,183 | 1,207 | 1,134 |
| EPS, basic | 0.17 | 0.16 | 0.14 | 0.15 | 0.17 | 0.15 | 0.16 | 0.15 |
| EPS, diluted | 0.17 | 0.16 | 0.14 | 0.15 | 0.17 | 0.15 | 0.16 | 0.15 |
Balance sheet
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 942 | 924 | 1,212 | 1,097 | 1,294 | 1,639 | 1,032 | 1,106 |
| Inventory | 298 | 494 | 580 | 442 | 408 | 368 | 376 | 369 |
| Total current assets | 2,677 | 2,995 | 3,145 | 2,913 | 3,281 | 3,316 | 3,371 | 3,445 |
| Property, plant and equipment | 9,740 | 9,439 | 9,484 | 10,022 | 10,423 | 9,488 | 9,547 | 8,839 |
| Lease right-of-use assets | 380 | 392 | 398 | 361 | 367 | 333 | ||
| Total assets | 15,213 | 15,258 | 15,952 | 18,026 | 18,489 | 17,019 | 17,105 | 16,295 |
| Short-term debt | 2 | 3 | 3 | 2 | 2 | 23 | 19 | 7 |
| Total current liabilities | 2,157 | 2,065 | 2,211 | 2,608 | 2,387 | 2,204 | 2,213 | 2,501 |
| Lease liabilities | 216 | 221 | 255 | 239 | 244 | 224 | ||
| Total liabilities | 2,750 | 2,696 | 3,104 | 4,235 | 4,461 | 4,278 | 4,279 | 4,224 |
| Retained earnings | 4,551 | 4,798 | 4,889 | 5,264 | 5,422 | 4,944 | 4,982 | 4,715 |
| Shareholders' equity | 12,177 | 12,240 | 12,510 | 13,394 | 13,604 | 12,337 | 12,420 | 11,675 |
| Minority interests | 286 | 322 | 338 | 397 | 424 | 404 | 406 | 396 |
| Total equity | 12,463 | 12,562 | 12,848 | 13,791 | 14,028 | 12,741 | 12,826 | 12,071 |
| Total liabilities and equity | 15,213 | 15,258 | 15,952 | 18,026 | 18,489 | 17,019 | 17,105 | 16,295 |
Cash flow statement
| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | |
|---|---|---|---|---|---|---|---|---|
| Net income | 1,355 | 1,260 | 1,134 | 1,236 | 1,336 | 1,232 | 1,243 | 1,174 |
| Cash from operations | 2,393 | 2,168 | 2,421 | 2,652 | 2,699 | 2,472 | 2,436 | 2,417 |
| Capital expenditures | -907 | -933 | -807 | -838 | -1,274 | -1,026 | -1,004 | -877 |
| Cash from investing | -1,239 | -1,066 | -907 | -2,431 | -1,125 | -1,003 | -1,639 | -1,078 |
| Dividends paid | -1,293 | -1,215 | -1,162 | -1,167 | -1,204 | -1,163 | -1,191 | -1,126 |
| Cash from financing | -1,234 | -1,144 | -1,302 | -349 | -1,237 | -1,132 | -1,330 | -1,266 |
| Exchange rate effect | 4 | 3 | 2 | -1 | 0 | 2 | -1 | 1 |
| Net change in cash | -76 | -39 | 214 | -129 | 337 | 339 | -534 | 74 |
| Free cash flow | 1,486 | 1,235 | 1,614 | 1,814 | 1,425 | 1,446 | 1,432 | 1,540 |
| Interest paid | 1 | 1 | 4 | 5 | 6 | 7 | 10 | 10 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 36.3% | Gross profit / revenue. |
| Operating margin | 20.4% | Operating income / revenue. |
| Pre-tax margin | 20.8% | Pre-tax income / revenue. |
| Net margin | 16.2% | Net income / revenue. |
| FCF margin | 22.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 34.5% | Cash from operations / revenue. |
| Effective tax rate | 19.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 9.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.8% | Net income / average total assets. |
| Return on invested capital (ROIC) | 10.5% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 1.8% | Research and development expense / revenue. |
| SG&A / revenue | 3.1% | Selling, general and administrative expense / revenue. |
| Capex / revenue | 12.5% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -2.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 0.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -4.4% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -2.2% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 1.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -5.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -4.1% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 1.0% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -6.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -4.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 0.6% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -6.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -4.1% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 1.4% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -0.8% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -3.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -0.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 7.5% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 2.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -0.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -6.0% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -5.0% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | -1.4% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -4.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | -4.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 0.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.38x | Current assets / current liabilities. |
| Quick ratio | 0.44x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.44x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 25.9% | Total liabilities / total assets. |
| Working capital | $944.0M | Current assets - current liabilities. |
| Tangible book value | $11.68B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.42x | Revenue / average total assets. |
| Fixed asset turnover | 0.76x | Revenue / average property, plant and equipment. |
| Inventory turnover | 12.0x | Cost of revenue / average inventory. |
| Days inventory | 30 days | 365 x average inventory / cost of revenue. |
| FCF conversion | 135.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 36.3% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.15 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $0.15 | Net income per basic share, as reported (split-adjusted). |
| Payout ratio | 99.3% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 73.1% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $35.80B | Share price x shares outstanding. |
| Enterprise value | $34.69B | Market cap + total debt - cash - short-term investments. |
| P/E | 31.6x | Market cap / net income. Only when net income is positive. |
| P/S | 5.10x | Market cap / revenue. |
| P/B | 3.07x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 3.07x | Market cap / tangible book value, when positive. |
| P/FCF | 23.2x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 14.8x | Market cap / cash from operations, when positive. |
| EV/Sales | 4.95x | Enterprise value / revenue. |
| EV/EBIT | 24.3x | Enterprise value / operating income, when both are positive. |
| EV/FCF | 22.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.3% | Free cash flow / market cap. |
| Earnings yield | 3.2% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 3.1% | Dividends paid over the period / market cap. |
| Shareholder yield | 3.1% | (Dividends paid + share buybacks) / market cap. |
What was CHUNGHWA TELECOM CO LTD's revenue in fiscal 2024?
CHUNGHWA TELECOM CO LTD reported revenue of $7.01B for fiscal 2024, 3.8% lower than the year before.
Was CHUNGHWA TELECOM CO LTD profitable in fiscal 2024?
Yes. Net income was $1.13B, a net margin of 16.2%.
How much free cash flow did CHUNGHWA TELECOM CO LTD generate in fiscal 2024?
Cash from operations of $2.42B minus capital expenditures of $877.0M left free cash flow of $1.54B.