Evergreen Marine Corp Taiwan Ltd

TWSE:2603

Taiwan / Industrials / Marine Transportation

Overview

News

10Y Historical Financials

Stock Price

227.50 TWD


Key Metrics	Latest
Total Revenue	463.6 B
Adjusted EBITDA	178.8 B
EBITDA Margin	38.6%
Net Profit Margin	29.8%
Total Assets	914.2 B
Total Debt	169.8 B

10Y Historical Financial Statements

Summary Financials


Summary Financials

	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	12 Months

Revenue	133,814	124,468	150,583	169,237	190,589	207,078	489,407	627,284	276,715	463,568	463,568
% Growth		-7.0%	21.0%	12.4%	12.6%	8.7%	136.3%	28.2%	-55.9%	67.5%

Adjusted EBITDA	4,045	(1,593)	12,046	8,289	13,127	43,959	295,366	388,360	52,061	178,836	178,836
% Margin	3.0%	-1.3%	8.0%	4.9%	6.9%	21.2%	60.4%	61.9%	18.8%	38.6%	38.6%

Adjusted EBIT	(4,161)	(9,730)	4,316	(584)	4,282	34,614	284,624	373,686	33,116	154,680	154,680
% Margin	-3.1%	-7.8%	2.9%	-0.3%	2.2%	16.7%	58.2%	59.6%	12.0%	33.4%	33.4%

Adjusted Net Income	(4,540)	(9,920)	5,832	(1,051)	(507)	28,669	262,914	345,313	30,277	138,232	138,232
% Margin	-3.4%	-8.0%	3.9%	-0.6%	-0.3%	13.8%	53.7%	55.0%	10.9%	29.8%	29.8%

Adjusted Basic EPS	(3.08)	(6.72)	3.91	(0.62)	(0.28)	14.89	125.33	89.96	14.31	64.30	64.30

Supporting Calculations

Income Statement

Balance Sheet

Statement of Cashflows


Income Statement
											Original
TWD	Fiscal Year Ending										Latest
(in millions)	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
	FY - 9	FY - 8	FY - 7	FY - 6	FY - 5	FY - 4	FY - 3	FY - 2	FY - 1	FY	LTM

Revenue	133,814	124,468	150,583	169,237	190,589	207,078	489,407	627,284	276,715	463,568	463,568
% Growth	NA	-7.0%	21.0%	12.4%	12.6%	8.7%	136.3%	28.2%	-55.9%	67.5%

Cost of Revenue	(132,194)	(127,956)	(139,694)	(161,771)	(176,072)	(161,591)	(187,412)	(228,841)	(226,806)	(287,463)	(287,463)
Gross Profit	1,619	(3,488)	10,889	7,465	14,518	45,487	301,995	398,442	49,909	176,105	176,105
% Revenue	1.2%	-2.8%	7.2%	4.4%	7.6%	22.0%	61.7%	63.5%	18.0%	38.0%	38.0%

Research and Development	0	0	0	0	0	0	0	0	0	0	0
Selling and Marketing	0	0	(1,387)	(1,533)	(1,586)	(1,866)	(3,708)	(5,292)	(3,044)	(3,768)	(3,768)
General and Admin	(5,701)	(6,235)	(5,172)	(6,522)	(8,687)	(9,009)	(13,602)	(19,473)	(13,770)	(17,678)	(17,678)
Other Inc / (Exp)	18	1,741	3,943	2,992	1,348	1,322	6,294	22,469	21,599	20,296	20,296
Total Operating Exp	(5,683)	(4,495)	(2,615)	(5,063)	(8,925)	(9,553)	(11,016)	(2,296)	4,785	(1,150)	(1,150)

Operating Income	(4,064)	(7,983)	8,274	2,402	5,593	35,934	290,979	396,146	54,694	174,954	174,954
% Revenue	-3.0%	-6.4%	5.5%	1.4%	2.9%	17.4%	59.5%	63.2%	19.8%	37.7%	37.7%

Interest Expense	(618)	(826)	(826)	(1,207)	(4,814)	(4,094)	(2,744)	3,278	9,478	5,396	5,396
Pre-tax Income	(4,682)	(8,809)	7,448	1,195	779	31,840	288,235	399,424	64,172	180,350	180,350
Earnings of Discontinued Ops.	0	0	0	0	0	0	0	0	0	0	0
Provision for Taxes	(57)	244	(786)	(1,117)	(1,002)	(3,073)	(25,125)	(53,252)	(24,196)	(36,366)	(36,366)
Net Income to Company	(4,739)	(8,565)	6,662	79	(223)	28,767	263,110	346,173	39,976	143,984	143,984
% Margin	-3.5%	-6.9%	4.4%	0.0%	-0.1%	13.9%	53.8%	55.2%	14.4%	31.1%	31.1%

Minority Interest in Earnings	331	1,957	344	215	336	(4,402)	(24,095)	(11,972)	(4,639)	(4,531)	(4,531)
Net Income to Stockholders	(4,408)	(6,608)	7,005	294	113	24,365	239,015	334,201	35,337	139,453	139,453

Preferred Dividends	0	0	0	0	0	0	0	0	0	0	0
Other Adj.	0	0	0	0	0	0	0	0	0	0	0

Net Income to Common	(4,408)	(6,608)	7,005	294	113	24,365	239,015	334,201	35,337	139,453	139,453
% Margin	-3.3%	-5.3%	4.7%	0.2%	0.1%	11.8%	48.8%	53.3%	12.8%	30.1%	30.1%

As Reported
Basic EPS (Continuing Ops)	(2.99)	(4.48)	4.70	0.17	0.06	12.66	113.93	87.07	16.70	64.87	64.87
Diluted EPS (Continuing Ops)	(3.00)	(4.48)	4.70	0.17	0.05	12.40	113.04	86.22	16.42	64.76	64.76

WA Basic Shares Out.	1,475.19	1,475.19	1,490.72	1,696.37	1,814.72	1,925.28	2,097.82	3,838.51	2,116.45	2,149.89	2,149.89
WA Diluted Shares Out.	1,475.19	1,475.19	1,492.07	1,696.45	1,814.72	1,966.93	2,114.82	3,876.51	2,155.64	2,153.69	2,153.69

EBITDA, EBIT Reconciliation
EBT, Incl. Unusual Items	(4,682)	(8,809)	7,448	1,195	779	31,840	288,235	399,424	64,172	180,350	180,350
Addback: Net Interest Expense	618	826	826	1,207	4,814	4,094	2,744	(3,278)	(9,478)	(5,396)	(5,396)
Addback: Other Non Operating Expenses, Total	(367)	84	(2,838)	(1,460)	(927)	(1,188)	(6,090)	(21,299)	(8,471)	(12,501)	(12,501)
Addback: Depreciation & Amortization	8,206	8,137	7,730	8,873	8,844	9,345	10,742	14,675	18,945	24,156	24,156
Addback: Restructuring Charges	0	0	0	0	0	0	0	0	0	0	0
Addback: Merger / Acquisition Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Goodwill Impairment	0	0	(6)	0	0	0	0	0	0	0	0
Addback: Gain (Loss) On Sale Of Invest.	584	1	(613)	123	49	(0)	(11)	(34)	(6,525)	720	720
Addback: Gain (Loss) On Sale Of Assets	(314)	(1,881)	(502)	(1,510)	(424)	(127)	(238)	(1,122)	(1,633)	(5,265)	(5,265)
Addback: Asset Writedown	0	49	0	0	0	0	0	0	0	0	0
Addback: In Process R&D Expenses	0	0	0	0	0	0	0	0	0	0	0
Addback: Insurance Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Legal Settlements	0	0	0	0	0	0	0	0	0	0	0
Addback: Other Unusual Items	0	0	0	(139)	(9)	(5)	(16)	(7)	(4,949)	(3,229)	(3,229)
Adjusted EBITDA	4,045	(1,593)	12,046	8,289	13,127	43,959	295,366	388,360	52,061	178,836	178,836
% Margin	3.0%	-1.3%	8.0%	4.9%	6.9%	21.2%	60.4%	61.9%	18.8%	38.6%	38.6%

Adjusted EBIT	(4,161)	(9,730)	4,316	(584)	4,282	34,614	284,624	373,686	33,116	154,680	154,680
% Margin	-3.1%	-7.8%	2.9%	-0.3%	2.2%	16.7%	58.2%	59.6%	12.0%	33.4%	33.4%

Adjusted Net Income Reconciliation
Net Income to Company	(4,739)	(8,565)	6,662	79	(223)	28,767	263,110	346,173	39,976	143,984	143,984
Addback: Unusual Items	270	(1,830)	(1,120)	(1,526)	(383)	(132)	(265)	(1,162)	(13,107)	(7,774)	(7,774)
Less: Tax Benefit of Unusual Items (26%)	(70)	476	291	397	100	34	69	302	3,408	2,021	2,021
Adjusted Net Income	(4,540)	(9,920)	5,832	(1,051)	(507)	28,669	262,914	345,313	30,277	138,232	138,232
% Margin	-3.4%	-8.0%	3.9%	-0.6%	-0.3%	13.8%	53.7%	55.0%	10.9%	29.8%	29.8%

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Evergreen Marine Corp Taiwan Ltd

TWSE:2603

Taiwan / Industrials / Marine Transportation

10Y Historical Financials