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CMT — AGM Information 2025
Jun 5, 2025
52166_rns_2025-06-05_a29112a2-78e8-4f23-a052-3d15723a51ea.pdf
AGM Information
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TWSE Stock Code: 2612
Chinese Maritime Transport Ltd. 2025 Annual Shareholders’ Meeting Meeting Minutes (Translation)
Convening Method: Physical Meeting
Time: 9 a.m., Wednesday, May 28, 2025
Place: Regent Taipei – VIP ROOM
(4F.,No. 3, Ln. 39, Sec. 2 Zhongshan North Road, Taipei, Taiwan, R.O.C.)
Attendance:
Total outstanding CMT Shares: 197,484,593 shares,
Total shares represented by shareholders present in person or by proxy: 168,898,758 shares (including shares voted via electronic transmission).
Percentage of shares held by shareholders present in person or by proxy: 85.52%.
Directors Present: 7 out of 8 Directors were presented (majority of the board of directors), including William Peng (Chairman), James S.C. Tai, Charlie Mei, Telvin Ju, David Hsu, James Tarng, Donald Kuo-Liang Chao (Independent Director/Convener of Audit Committee),
Other Present: Chen-Cheng Chang (Member of Compensation Committee)
Au, Yiu-Kwan (KPMG Independent Auditor) Andy Wang (Attorney-in-law)
Chairperson: William Peng (Chairman)
Minute Recorder: Ming-Hung Hsieh
A. Chairperson Announced Commencement: The aggregate shareholding of the shareholders presented in person or by proxy constituted a quorum. The Chairperson called the meeting to order.
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B. Chairperson’s Address (omitted)
C. Report Items
1. 2024 Business report
Explanation: Please refer to attachment 1.
2. 2024 Audit Committee’s review report
Explanation: Please refer to attachment 2.
3. Summary of endorsements and guarantees
Explanation: The balance of endorsements and guarantees by CMT to its subsidiaries was NT$ 242,882,000 as the end of December 2024.
4. Distribution of the 2024 compensation of Employees and Directors
Explanation: In accordance with Article 26 of CMT’s Articles of Incorporation, NT$ 10,415,212 for Employees’ compensation and NT$ 10,415,212 for Directors’ compensation were allocated, which will be distributed in cash.
5. Distribution of the 2024 cash dividends
Explanation:
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5.1 In accordance with Article 26-1 of CMT’s Articles of Incorporation, the Board of Directors is authorized to decide to distribute all or part of dividends to be distributed in cash.
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5.2 CMT will distribute cash dividends of NT$ 414,717,645 to shareholders from the accumulated distributable earnings up to the close of the current period, the cash dividends will be distributed at NT$ 2.1 per share.
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5.3 The calculation of cash dividend distribution is up to one NT dollar, and less than one dollar is rounded.
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D. Resolutions
1. To accept 2024 business report and financial statements
Proposed by the Board of Directors
Explanation:
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1.1 CMT’s 2024 Financial Statements have been audited by KPMG, and an independent auditors’ report has been issued on the record, together with the business report and financial statements, which have been reviewed by Audit Committee and approved by the Board of Directors, submit to the shareholders’ meeting for acceptance.
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1.2 Please refer to attachment 1 and attachment 3.
Resolution: Voting Result:
Shares represented at the time of voting: 168,812,694.
| VotingResult | % of the total represented sharepresent |
|---|---|
| Votes in favor: 166,442,032 votes (including 137,202,669 shares voted via elec- tronic transmission) |
98.59% |
| Votes against: 13,107 votes (including 13,107 shares voted via electronic transmission) |
0.01% |
| Votes invalid : 0 votes | 0% |
| Votes abstained: 2,357,555 votes (including 2,356,544 shares voted via electronic transmission) |
1.40 % |
RESOLVED, that 2024 business report and financial statements were hereby accepted as submitted.
2. To approve the proposal for distribution of 2024 profits
Proposed by the Board of Directors
Explanation:
CMT’s 2024 profit distribution proposal has been approved by the Board of Directors. The earnings distribution is as follows:
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(unit: NTD)
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Chinese Maritime Transport Ltd.
Earning Distribution Table of 2024
Item Amount
Unappropriated returned earnings of previous year 6,913,466,341
Add: 2024 net income 1,012,798,465
Less: Losses on remeasurements of defined benefit plans 7,548,000
Disposal from investment in equity instrument measured at
fair value through other 262,638,465
10% Legal reserve appropriated -128,298,493
2024 Earnings available for distribution 1,154,686,437
Earnings available for distribution 8,068,152,778
Less:
2024 Earning distribution (cash dividend 2.1 per share) -414,717,645
Unappropriated returned earnings at the end of year 7,653,435,133
P.S. The calculation of cash dividend distribution is up to one NT dollar, and less than one dollar is rounded. The
cash dividends less than one NT dollar shall be transferred to other income by the Company.
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Resolution: Voting Result:
Shares represented at the time of voting: 168,812,694.
| VotingResult | % of the total represented sharepresent |
|---|---|
| Votes in favor: 166,516,976 votes (including 137,277,613 shares voted via elec- tronic transmission) |
98.64% |
| Votes against: 16,552 votes (including 16,552 shares voted via electronic transmission) |
0.01% |
| Votes invalid : 0 votes | 0 % |
| Votes abstained: 2,279,166 votes (including 2,278,155 shares voted via electronic transmission) |
1.35% |
RESOLVED, that the above proposal was hereby approved as proposed.
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E. Discussion and Election
1. To amend the Articles of Incorporation
Proposed by the Board of Directors
Explanation:
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1.1 In accordance with the requirements of Article 14, Paragraph 6 of Securities and Exchange Act, the Company shall specify in its Articles of Incorporation that a certain percentage of its annual earnings shall be allocated for compensation distributions for its non-executive employees. It is proposed to amend the Articles of Incorporation.
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1.2 Please refer to the amendment comparison table for the Articles of Incorporation as attachment 4.
Resolution: Voting Result:
Shares represented at the time of voting: 168,898,758.
| VotingResult | % of the total represented sharepresent |
|---|---|
| Votes in favor: 166,519,849 votes (including 137,280,486 shares voted via elec- tronic transmission) |
98.59% |
| Votes against: 13,678 votes (including 13,678 shares voted via electronic transmission) |
0.01% |
| Votes invalid : 0 votes | 0% |
| Votes abstained: 2,365,231 votes (including 2,278,156 shares voted via electronic transmission) |
1.40% |
RESOLVED, that the above proposal was hereby approved as proposed.
2. To amend the Procedures for Endorsements and Guarantees
Proposed by the Board of Directors
Explanation:
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2.1 In accordance with Regulations Governing Loaning of Funds and Making of Endorsements / Guarantees by Public Companies, it is proposed to amend of the Procedures for Endorsements and Guarantees to meet the future operation needs.
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2.2 Please refer to the amendment comparison table for the Procedures for Endorsements and Guarantees as attachment 5.
Resolution: Voting Result:
Shares represented at the time of voting: 168,898,758
| VotingResult | % of the total represented sharepresent |
|---|---|
| Votes in favor: 164,609,856 votes (including 135,370,493 shares voted via electronic transmission) |
97.46% |
| Votes against: 1,920,451 votes (including 1,920,451 shares voted via electronic transmission) |
1.14% |
| Votes invalid : 0 votes | 0% |
| Votes abstained: 2,368,451 votes (including 2,281,376 shares voted via electronic transmission) |
1.40% |
RESOLVED, that the above proposal was hereby approved as proposed.
3. Election of the 18th Session Company Directors (including three independent directors)
Proposed by the Board of Directors
Explanation:
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3.1 The tenure of the 17th Session Board of Directors of the Company is from May 12, 2022 to May 11,2025. Hereby, according to the law, proposal for election in the meeting.
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3.2 In accordance with the Articles of Incorporation, nine directors (including three independent directors) will be elected by candidates’ nomination system.
The tenure of 18th Session Board of Directors will be effective immediately after election, with duration of three years from May 28, 2025 to May 27, 2028.
- 3.3 Please refer to attachment 6 for the list of candidates for directors and independent directors.
Election Results:
The list of the newly elected Directors (including three independent directors) with votes received as follows:
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List of newly elected Directors:
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Account No. Name Received Votes
12770 AGCMT Group Representative: 181,492,578 votes
William Peng
12770 AGCMT Group Representative: 174,162,668 votes
James S.C. Tai
12770 AGCMT Group Representative: 170,048,035 votes
Telvin Ju
12770 AGCMT Group Representative: 166,077,944 votes
David Hsu
12770 AGCMT Group Representative: 165,006,136 votes
James Tarng
12770 AGCMT Group Representative: 164,469,713 votes
Da-fang Chang
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List of newly elected Independent Directors:
| Name | Received Votes |
|---|---|
| Donald Kuo-Liang Chao | 159,304,177 votes |
| KOAY Keat Loon | 157,266,821 votes |
| MOH, Angela Jen-Yin | 157,198,989 votes |
4. To propose the approval of releasing non-competition restrictions on the Company’s newly elected Directors and its representatives
Proposed by the Board of Directors
Explanation:
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4.1 In accordance with Article 209 of the Company Act, a director who does anything for himself or on behalf of another person that is within the scope of the company’s business, shall explain to the meeting of shareholders the essential contents of such an act and secure its approval.
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4.2 After this election, if the newly elected directors (including independent directors) have competition behavior as stipulated in Article 209 of the Company Act, it is proposed to apply to the Shareholders’ Meeting for permission to release their non-competition restrictions.
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4.3 Please refer to attachment 7 for the proposed list of directors (including independent directors) of releasing non-competition restrictions.
Resolution: Voting Result:
Shares represented at the time of voting: 168,898,758.
| VotingResult | % of the total represented sharepresent |
|---|---|
| Votes in favor: 166,489,873 votes (including 137,250,510 shares voted via electronic transmission) |
98.57% |
| Votes against: 36,496 votes (including 36,496 shares voted via electronic transmission) |
0.02% |
| Votes invalid : 0 votes | 0% |
| Votes abstained: 2,372,389 votes (including 2,285,314 shares voted via electronic transmission) |
1.41% |
RESOLVED, that the above proposal was hereby approved as proposed.
F. Extempore Motion(s) : None.
G. Meeting adjourned: Meeting ended at 09:33 a.m., May 28, 2025.
There are no questions asked from shareholders at this shareholders’ meeting.
(This minutes of the shareholders’ meeting was stated according to Article 183 of the Company Act for its summary of the essential points of the proceedings and the results of the meeting, of which the video record and the Chinese version shall prevail if any discrepancy.)
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Attachment 1
Chinese Maritime Transport Ltd.
2024 Business Report
1. Market Overview
With dry bulk seaborne trade volume on the rise, Capesize spot rates increased nearly 40% yearon-year in 2024. Average time-charter equivalent (TCE) performed well in Q1, surpassing US$35,000 in March. Buoyed by strong long-haul cargo demand and market optimism, both spot and forward freight rates remained elevated with TCE again surpassing US$30,000 in early Q3. However, supplydemand imbalances in Q4 sent freight rates plunging below US$10,000 in late December. For the year, the Baltic Capesize Index (BCI) averaged 2,724 points, with TCE averaging US$22,592.
China’s demand for raw materials including coal, bauxite and iron ore continued rising in 2024. With global coal prices remaining relatively low, China’s coal imports surpassed 500 million tons in the year. Spurred by record electric vehicle production volume, China’s bauxite demand soared. Iron ore imports, meanwhile, increased 5% year-on-year to 1.21 billion tons. This was due to China’s steel exports increasing, despite lower output.
With Africa’s massive Simandou mining region set to start exporting high-quality iron ore in 2025, long-haul dry bulk shipping demand is expected rise. At the same time, new vessel deliveries will go down in the next three years. In 2024, 38 new Capesize bulk carriers were delivered against eight scrapped, yielding global tonnage growth of just 1.6% in the year. Clarksons is forecasting global freight level and tonne-mile demand growth of 0.6% and 0.7% in 2025, respectively, along with 35 new Capesize deliveries. New International Maritime Organization (IMO) environmental regulations have also accelerated scrapping, which will further tighten tonnage supply.
Although China’s real estate sector remains sluggish and domestic demand weakens, market sentiment is optimistic due to various stimulus policies announced by the PRC government. Some research institutions believe China’s real estate sector is entering a recovery cycle, which would boost steel demand and freight rates.
2. Operating Plan; Implementation Achievement; Budget Operating Income, Expenditures, Profitability Analysis
Despite significant changes and challenges in both global and domestic political and economic landscapes, CMT achieved profit growth in 2024. Consolidated revenue from our shipping, trucking, and container terminal businesses totaled NT$4.64 billion, a 15.52% increase from NT$4.01 billion in 2023. Consolidated operating costs and expenses increased 9.44% year-on-year to NT$3.94 billion in 2024, while consolidated net operating income increased 85.18% to NT$693.09 million. Consolidated non-operating income totaled NT$361.79 million, while net income attributable to the owners of the
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parent company increased 208.47% from NT$328.33 million in 2023 to NT$1.01 billion in 2024. Earnings per share in 2024 was NT$5.13.
3. Operational Overview and Approach
3.1 Shipping
We are actively modernizing our fleet to optimize energy consumption and operational efficiency. In H1 2024, we took delivery of two more high-spec, energy-efficient bulk carriers from CSSC Qingdao Beihai Shipbuilding Co. We also commissioned a total of four new 210,000-DWT bulk carriers from CSBC Corp.,Taiwan in August 2024 and March 2025, respectively. In October 2024, we further optimized fleet performance and reduced the average age of our fleet with the sale of our oldest vessel, M.V. China Peace. We are also progressively retrofitting and upgrading our existing fleet to align with IMO energy and emission reduction standards. Our ship management system continues digital optimization, with a sustained focus on our three core priorities of environmental protection, navigational safety, and cybersecurity.
3.2 Trucking
2024 was a challenging year for Taiwan’s container transport sector due to rising costs, falling inland freight rates, labor shortage, and reduced cargo volume. We proactively responded to these challenges by improving our labor environment, acquiring eco-competitive tractors and equipment, and reinforcing digital management. With international container shipping lines adjusting their strategies in response to Taiwan’s unstable import/export volume, the overall transport market faced critical challenges both domestically and abroad. We remain committed to sustainable operations and Environmental, Social, and Governance (ESG) principles, and will continue implementing various digitalization, energy efficiency, carbon reduction, and labor-friendly initiatives to stay competitive in this evolving landscape.
3.3 Terminals
CMT Logistics was named Keelung Customs’ [outstanding certified autonomous management container yard] in 2024 from a field of dozens. This was Keelung Customs (under the Customs Administration of the Ministry of Finance)’s inaugural autonomous warehouse and container yard operator evaluation, and the recognition affirmed our longstanding efforts to enhance management and service quality through technology. The honor also motivates us to continue meeting customer needs and earning their trust. Although Taiwan’s overall exports did grow in 2024 due to the information and communication technology sector, the container terminal business was affected by the continued decline of traditional manufacturing exports and raw material imports. With strong business strategies in place, however, our team was able to minimize the impact of these challenges and achieve performance targets.
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3.4 Environmental Protection, Social Responsibility and Corporate Governance
Even as we strive to maximize shareholder value, our ESG targets remain the cornerstone of our commitment to sustainability. We published our consolidated company’s inaugural greenhouse gas inventory report and sustainability report in 2023 and obtained CPA-certified assurance reports in Chinese and English for both, well ahead of statutory deadlines. We continue to implement advanced digital information systems and robust risk control policies to create greater value for shareholders and employees while fulfilling our corporate social responsibility for long-term sustainability.
3.4.1 Environmental Protection
All of our business units have energy conservation and emission reduction initiatives in place to protect environmental resources. In shipping, carbon emission levels are closely monitored and we collaborate with classification societies and other institutions on energy efficiency and emission reduction research. Our ships are powered by low-sulfur fuel and utilize meteorological navigation to optimize routes and reduce fuel consumption. Our newest vessels are fuel-efficient, diesel-powered with dual-fuel main engines. In trucking, we have added latest sixth-generation emission standard-compliant tractors and electric tractors to our fleet and we promote eco driving. In terminals, we are systematically replacing older container handlers with electric models and primarily use operating machinery certified “gold medal” by the Ministry of Environment’s pollution emission evaluation system.
3.4.2 Social Responsibility
We are fully compliant with Maritime Labour Convention guidelines (also known as the Bill of Rights for Seafarers). We regularly conduct crew satisfaction surveys and monitor our crews’ physical and mental health. Apart from telemedicine services and the establishment of a seafarers’ rights and welfare action alliance, we hold occupational safety workshops and conduct navigational and management system audits. We have implemented various quality management systems, including ISO 9001. Onshore, we have a legally compliant occupational health and safety management system in place along with grievance filing and disciplinary procedures for workplace violations. We also provide communication and leadership training.
We believe in a [people-oriented, employee-first] philosophy and hold various education and training programs. We also offer continuing education incentives. Benefits provided by our employee welfare committee include education, childbirth and childcare subsidies. Externally, we are committed to social welfare and fulfill our corporate social responsibility through contributions to the Weici Charity Foundations, our Chinese Maritime Transport Scholarships program, and corporate internship program.
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3.4.3 Corporate Governance
To realize our sustainability goals, we optimize corporate governance though risk management, cybersecurity, stakeholder engagement, ethical business practices, and intellectual property management. We have a comprehensive supplier management system to evaluate suppliers’ sustainability performance. In addition, we require signed commitments to environmental protection and fair trade from suppliers.
Global uncertainty from inflation and geopolitical risk continues to take its toll. While there have been signs of de-escalation in the Russia-Ukraine and Gaza wars, U.S. policies ranging from trade tariffs to the Federal Reserve’s interest rate adjustments have the industry adopting a prepared approach. Meanwhile, the biggest factor affecting the performance of the industry is how quickly China’s real estate sector and overall economy recover. In the face of these challenges, our team will continue to adhere to our core business philosophy of [“remaining nimble to take advantage of great opportunities.”] We continue to optimize operating performance as we deliver maximum value to our shareholders and society. We demonstrate our commitment to sustainable development.
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Attachment 2
2024 Audit Committee’s Review Report
The Company's 2024 annual business report, parent company-only financial statements and consolidated financial statements, and earnings distribution statement were prepared by the Board of Directors, of which the financial statements have been audited and certified by KPMG accountants Au, Yiu-Kwan and Chien, Szu-Chuan. The aforementioned statements, along with the business report and earnings distribution statement have been reviewed and found no discrepancies by the Audit Committee, and we hereby submit this report in accordance with relevant requirements of the Securities and Exchange Act and the Company Act.
Chinese Maritime Transport Ltd.
Audit Committee
Convener: Donald Kuo-Liang Chao
March 13, 2025
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Attachment 3
2024 Independent Auditors’ Report
To the Board of Directors of CHINESE MARITIME TRANSPORT LTD.:
Opinion
We have audited the consolidated financial statements of CHINESE MARITIME TRANSPORT LTD. and its subsidiaries (“the Group”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.
In our opinion, based on our audits and the report of other auditors (please refer to Other Matter paragraph), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretation developed by the International Financial Reporting Interpretations Committee (“IFRIC”) or the former Standing Interpretations Committee (“SIC”) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Other Matter
We did not audit the financial statements of the investee which represented the investment accounted for using the equity method of the Group. Those statements were audited by another auditors, whose report has been furnished to us, and our opinion, insofar as it relates to the amount is based solely on the report of other auditors. The investment accounted for using the equity method constituting 2.54% and 2.81% of total assets at December 31, 2024 and 2023, respectively. The related shares of profit of associates accounted for using the equity method constituted 3.26% and 8.51% of total profit before tax for the years ended December 31, 2024 and 2023, respectively.
CHINESE MARITIME TRANSPORT LTD. has prepared its parent company only financial statements as of and for the years ended December 31, 2024 and 2023, on which we have issued an unmodified opinion with Emphasis of the Matter and an unmodified opinion with Emphasis of the Matter and Other Matter, respectively, for reference.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon,
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and we do not provide a separate opinion on these matters. In our judgment, the key audit matters that should be communicated in the audit report are as follows:
Recognition of freight revenue – vessel chartering and container hauling
Please refer to Note (4)(p) for the accounting policy of “Revenue” and to Note (6)(r) for information details.
Description of key audit matters:
The main activities of the Group are bulk carrier operation through overseas subsidiaries, domestic container hauling and storage, and related business. Freight revenue vessel chartering and container hauling is one of the significant items in the consolidated financial statements, and the amounts and changes may affect the users’ understanding on the entire financial statements. Therefore, the testing over freight revenue–vessel chartering and container hauling recognition is considered a key matter in our audits.
Audit Procedures:
Our principal audit procedures included: testing the related controls over the sale and receipts cycle, conducting the confirmation process used to examine the accounts receivable and revenue of major customers, executing substantive analytical procedures of freight revenue–vessel chartering, and assessing the contract liabilities, as well as evaluating whether the Group’s timing of revenue recognition is accurate in accordance with the related accounting standards.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the IFRSs, IASs, IFRC, SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance (including the Audit Committee) are responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
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involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audit resulting in this independent auditors’ report are Au, Yiu Kwan and Chien, Szu Chuan.
KPMG
Taipei, Taiwan (Republic of China) March 13, 2025
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(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES
Consolidated Balance Sheets
December 31, 2024 and 2023
(Expressed in Thousands of New Taiwan Dollars)
| Assets Current assets: 1100 Cash and cash equivalents (note 6(a)) 1110 Current financial assets at fair value through profit or loss (note 6(b)) 1150 Notes and accounts receivable, net (note 6(d)) 1220 Current tax assets 1301 Inventories (note 6(e)) 1470 Other current assets 1476 Other current financial assets (notes 6(j) and 8) Non-current assets: 1510 Non-current financial assets at fair value through profit or loss (note 6(b)) 1517 Non-current financial assets at fair value through other comprehensive income (notes 6(c) and 8) 1550 Investments accounted for using equity method, net (note 6(f)) 1600 Property, plant and equipment (notes 6(g) and 8) 1755 Right-of-use assets (note 6(h)) 1760 Investment property, net (note 6(i)) 1780 Intangible assets 1840 Deferred tax assets (note 6(o)) 1900 Other non-current assets 1975 Net defined benefit asset, non-current (note 6(n)) 1980 Other non-current financial assets (notes 6(j) and 8) Total assets |
December 31, 2024 Amount % $ 4,360,635 16 96,288 - 252,556 1 17,163 - 37,094 - 170,361 1 186,937 1 |
December 31, 2024 Amount % $ 4,360,635 16 96,288 - 252,556 1 17,163 - 37,094 - 170,361 1 186,937 1 |
December 31, 2023 Amount % 3,946,557 17 584,528 2 274,723 2 224 - 60,079 - 93,286 - 319,433 2 5,278,830 23 22,453 - 1,253,522 5 657,814 3 15,963,261 68 155,255 1 34,330 - 4,188 - 9,442 - 9,477 - 2,002 - 23,094 - 18,134,838 77 23,413,668 100 Liabilities and Equity Current liabilities: 2100 Short-term borrowings (note 6(k)) 2130 Current contract liabilities (note 6(r)) 2150 Notes and accounts payable 2200 Other payables 2230 Current tax liabilities 2280 Current lease liabilities (note 6(l)) 2300 Other current liabilities 2320 Long-term liabilities, current portion (note 6(k)) Non-current liabilities: 2530 Bonds payable (note 6(k)) 2540 Long-term borrowings (note 6(k)) 2570 Deferred tax liabilities (note 6(o)) 2580 Non-current lease liabilities (note 6(l)) 2640 Net defined benefit liabilities, non-current (note 6(n)) 2670 Other non-current liabilities, others Total liabilities Equity attributable to owners of parent (note 6(p)): 3100 Common stock 3200 Capital surplus Retained earnings: 3310 Legal reserve 3320 Special reserve 3350 Unappropriated earnings 3400 Other equity interest Total equity attributable to owners of parent 3610 Non-controlling interests Total equity Total liabilities and equity |
December 31, 2024 | December 31, 2024 | December 31, 2023 Amount % 3,019,696 13 42,014 - 174,767 1 157,122 1 90,859 - 52,839 - 2,814 - 743,438 3 |
December 31, 2023 Amount % 3,019,696 13 42,014 - 174,767 1 157,122 1 90,859 - 52,839 - 2,814 - 743,438 3 |
|---|---|---|---|---|---|---|---|
| Amount $ 2,889,778 109,117 170,151 196,185 21,569 37,709 3,797 3,408,994 |
% | Amount 3,019,696 42,014 174,767 157,122 90,859 52,839 2,814 743,438 |
|||||
11 - 1 1 - - - 12 |
|||||||
| Amount $ 4,360,635 96,288 252,556 17,163 37,094 170,361 186,937 |
|||||||
6,837,300 |
25 |
4,283,549 |
18 |
||||
5,121,034 |
19 |
5,278,830 |
|||||
- 6,206,559 614,827 97,492 4,037 3,616 |
- 23 3 - - - |
2,500,000 4,249,826 607,743 108,261 11,072 3,834 |
11 18 4 - - - |
||||
11,881 743,247 1,929,003 19,385,270 129,882 34,765 10,914 9,856 9,217 4,726 22,606 |
- 3 7 71 - - - - - - - |
22,453 1,253,522 657,814 15,963,261 155,255 34,330 4,188 9,442 9,477 2,002 23,094 |
|||||
6,926,531 |
26 |
7,480,736 |
33 |
||||
13,763,831 |
51 |
11,764,285 |
51 |
||||
1,974,846 |
7 |
1,974,846 |
8 |
||||
53,411 |
- |
53,411 |
- |
||||
1,993,120 359,487 8,196,451 |
7 1 30 |
1,960,427 359,487 7,143,644 |
8 2 31 |
||||
22,291,367 |
81 |
18,134,838 |
|||||
$ 27,412,401 |
100 |
23,413,668 |
|||||
10,549,058 |
38 |
9,463,558 |
41 |
||||
1,050,720 |
4 |
92,656 |
- |
||||
13,628,035 |
49 |
11,584,471 |
49 |
||||
20,535 |
- |
64,912 |
- |
||||
13,648,570 |
49 |
11,649,383 |
49 |
||||
$ 27,412,401 |
100 |
23,413,668 |
100 |
- 17 -
(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2024 and 2023
(Expressed in Thousands of New Taiwan Dollars, Except earnings per share)
| 4000 Operating revenues (notes 6(r), 7 and 14) 4621 Freight revenue-vessel chartering 4622 Freight revenue-container hauling and logistics 4623 Freight revenue-airline agent and others 5000 Operating costs (notes 6(e), (n) and 12) 5621 Freight cost-vessel chartering 5622 Freight cost-container hauling and logistics 5623 Freight cost-airline agent and others 5900 Gross profit Operating expenses: 6000 Operating expenses (notes 6(n), (t), 7 and 12) 6450 Expected credit losses (reversal gains) (note 6(d)) 6900 Net operating income Non-operating income and expenses: 7010 Other income (notes 6(b) and (c)) 7050 Finance costs (note 6(s)) 7060 Share of profit (loss) of associates and joint ventures accounted for using equity method (note 6(f)) 7100 Interest income 7210 Gains on disposals of property, plant and equipment, net (note 6(g)) 7230 Foreign exchange gains (losses), net 7235 Gains on financial assets at fair value through profit or loss, net (note 6(b)) 7590 Miscellaneous disbursements 7540 7900 Profit from continuing operation before tax 7950 Less: Income tax expenses (note 6(o)) Profit 8300 Other comprehensive income: 8310 Items that may not be reclassified subsequently to profit or loss 8311 Gains (losses) on remeasurements of defined benefit plans 8316 Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive income (note 6(c)) 8349 Less: Income tax related to items that may not be reclassified to profit or loss (note 6(o)) Items that may not be reclassified to profit or loss 8360 Items that may be reclassified subsequently to profit or loss 8361 Exchange differences on translation of foreign financial statements 8370 Share of other comprehensive income of associates and joint ventures accounted for using the equity method, items that may be reclassified to profit or loss (note 6(f)) Items that may be reclassified subsequently to profit or loss 8300 Other comprehensive income, net Total comprehensive income Profit, attributable to: Owners of parent Non-controlling interests Comprehensive income attributable to: Owners of parent Non-controlling interests Earnings per share(note 6(q)) 9750 Basic net income per share (NT Dollars) 9850 Diluted net income per share (NT Dollars) |
2024 | % 68 30 2 |
2023 | % 59 39 2 |
|---|---|---|---|---|
| Amount $ 3,131,834 1,423,071 82,927 |
Amount 2,381,878 1,567,155 65,859 |
|||
4,637,832 |
100 |
4,014,892 |
100 |
|
2,260,133 1,111,734 81,343 |
49 24 2 |
1,918,483 1,191,289 47,745 |
48 30 1 |
|
3,453,210 |
75 |
3,157,517 |
79 |
|
1,184,622 |
25 |
857,375 |
21 |
|
491,644 (110) |
11 - |
483,182 (81) |
12 - |
|
491,534 |
11 |
483,101 |
12 |
|
693,088 |
14 |
374,274 |
9 |
|
129,131 (511,015) 57,888 177,295 428,571 30,055 51,166 (1,298) |
3 (11) 1 4 9 1 1 - |
145,801 (367,944) 36,819 151,616 11,556 (1,700) 83,154 (1,013) |
4 (9) 1 4 - - 2 - |
|
361,793 |
8 |
58,289 |
2 |
|
1,054,881 44,460 |
22 1 |
432,563 108,695 |
11 3 |
|
1,010,421 |
21 |
323,868 |
8 |
|
9,435 396,457 1,887 |
- 9 - |
(1,759) 50,291 (352) |
- 1 - |
|
404,005 |
9 |
48,884 |
1 |
|
793,073 31,173 |
17 1 |
(4,312) (191) |
- - |
|
824,246 |
18 |
(4,503) |
- |
|
1,228,251 |
27 |
44,381 |
1 |
|
$ 2,238,672 |
48 |
368,249 |
9 |
|
| $ 1,012,798 (2,377) |
21 - |
328,329 (4,461) |
8 - |
|
$ 1,010,421 |
21 |
323,868 |
8 |
|
| 2,241,049 (2,377) |
48 - |
372,710 (4,461) |
9 - |
|
$ 2,238,672 |
48 |
368,249 |
9 |
|
| $ | 5.13 | 1.66 | ||
| $ | 5.12 | 1.66 |
- 18 -
(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2024 and 2023
(Expressed in Thousands of New Taiwan Dollars)
Equity attributable to owners of parent
| Balance at January 1, 2023 Appropriation and distribution of retained earnings: Legal reserve appropriated Special reserve reversed Cash dividends of ordinary shares Net income (losses) for the year ended December 31, 2023 Other comprehensive income for the year ended December 31, 2023 Total comprehensive income for the year ended December 31, 2023 Changes in non-controlling interests-subsidiary cash capital increase Balance at December 31, 2023 Appropriation and distribution of retained earnings: Legal reserve appropriated Cash dividends of ordinary shares Net income (losses) for the year ended December 31, 2024 Other comprehensive income for the year ended December 31, 2024 Total comprehensive income for the year ended December 31, 2024 Changes in non-controlling interests-capital injection of subsidiary by cash Disposal of investments in equity instruments designated at fair value through other comprehensive income Balance at December 31, 2024 |
Share capital |
Capital sur- plus |
**Retained earnings ** | **Retained earnings ** | Total other equity interest | Total other equity interest | Total other equity interest | Total equity attributable to owners ofparent |
Non-controlling interests |
Total equity |
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exchange dif- ferences on translation of foreign financial statements |
Unrealized gains (losses) from fi- nancial assets measured at fair value through other comprehensive income |
Total | ||||||||||
| Ordinary shares |
Legal reserve |
Special reserve |
Unappropriated **earnings ** |
Total | ||||||||
| $ 1,974,846 | 53,411 |
1,882,499 |
934,768 |
6,749,885 |
9,567,152 |
(216,492) |
263,360 |
46,868 |
11,642,277 |
9,373 |
11,651,650 |
|
- - - |
- - - |
77,928 - - |
- (575,281) - |
(77,928) 575,281 (430,516) |
- - (430,516) |
- - - |
- - - |
- - - |
- - (430,516) |
- - - |
- - (430,516) |
|
| - | - | 77,928 | (575,281) |
66,837 |
(430,516) |
- |
- | - | (430,516) |
- |
(430,516) |
|
| - - |
- - |
- - |
- - |
328,329 (1,407) |
328,329 (1,407) |
- (4,503) |
- 50,291 |
- 45,788 |
328,329 44,381 |
(4,461) - |
323,868 44,381 |
|
| - | - | - | - | 326,922 |
326,922 |
(4,503) |
50,291 |
45,788 |
372,710 |
(4,461) |
368,249 |
|
| - | - | - | - | - |
- |
- |
- |
- |
- |
60,000 |
60,000 |
|
| 1,974,846 - - |
53,411 - - |
1,960,427 32,693 - |
359,487 - - |
7,143,644 (32,693) (197,485) |
9,463,558 - (197,485) |
(220,995) - - |
313,651 - - |
92,656 - - |
11,584,471 - (197,485) |
64,912 - - |
11,649,383 - (197,485) |
|
| - | - | 32,693 | (230,178) |
(197,485) |
- |
- | - | (197,485) |
- |
(197,485) |
||
| - - |
- - |
- - |
- - |
1,012,798 7,548 |
1,012,798 7,548 |
- 824,246 |
- 396,457 |
- 1,220,703 |
1,012,798 1,228,251 |
(2,377) - |
1,010,421 1,228,251 |
|
| - | - | - | - | 1,020,346 |
1,020,346 |
824,246 |
396,457 |
1,220,703 |
2,241,049 |
(2,377) |
2,238,672 |
|
| - - |
- - |
- - |
- - |
- 262,639 |
- 262,639 |
- - |
- (262,639) |
- (262,639) |
- - |
(42,000) - |
(42,000) - |
|
| $ 1,974,846 |
53,411 |
1,993,120 |
359,487 |
8,196,451 |
10,549,058 |
603,251 |
447,469 |
1,050,720 |
13,628,035 |
20,535 |
13,648,570 |
- 19 -
(English Translation of Consolidated Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2024 and 2023
(Expressed in Thousands of New Taiwan Dollars)
| Cash flows from (used in) operating activities: Profit before tax Adjustments: Adjustments to reconcile profit (loss): Depreciation and amortization Expected reversal gains Net gain on financial assets at fair value through profit Interest expense Interest income Dividend income Share of profit of associates accounted for using the equity method Net gain on disposal of property, plant and equipment Others Total adjustments to reconcile profit (loss) Changes in operating assets and liabilities: Changes in operating assets: Decrease in financial assets at fair value through profit or loss Decrease in notes and accounts receivable (including related parties) Decrease (increase) in inventories Increase (decrease) in other current assets Decrease (increase) in net defined benefit assets Increase in other current financial assets Changes in operating liabilities: (Decrease) increase in notes and accounts payable Increase (decrease) in current contract liabilities Increase (decrease) in other current liabilities (Decrease) increase in net defined benefit liabilities Total changes in operating assets and liabilities Total adjustments Cash inflow generated from operations Interest received Dividend received Interest paid Income taxes paid Net cash flows from operating activities Cash flows used in investing activities: Acquisition of financial assets at fair value through other comprehensive income Proceeds from disposal of financial assets at fair value through other comprehensive income Proceeds from capital reduction of financial assets at fair value through other comprehensive income Acquisition of financial assets at fair value through profit or loss Proceeds from disposal of financial assets at fair value through profit or loss Acquisition of investments accounted for the using the equity method Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Acquisition of intangible assets Decrease (increase) in other current financial assets Increase in other non-current assets Decrease in other non-current financial assets Net cash flows used in investing activities Cash flows used in financing activities: (Decrease) increase in short-term borrowings Proceeds from long-term borrowings Repayments of long-term borrowings Payment of lease liabilities Cash dividends paid Changes in non-controlling interests-subsidiary cash capital increase Others Net cash flows from financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period |
2024 | 2023 432,563 |
|---|---|---|
| $ 1,054,881 | ||
1,369,330 (110) (51,166) 511,015 (177,295) (108,792) (57,888) (428,571) (154) |
1,174,674 (81) (83,154) 367,944 (151,616) (126,063) (36,819) (11,556) - |
|
1,056,369 |
1,133,329 |
|
6,481 22,277 22,985 (77,075) 13 (403) |
4,059 19,950 (60,079) 6,163 (2,002) (57,854) |
|
(25,722) |
(89,763) |
|
(4,616) 67,103 25,170 (337) |
2,610 (15,666) (22,370) 2,642 |
|
87,320 |
(32,784) |
|
61,598 |
(122,547) |
|
1,117,967 |
1,010,782 |
|
2,172,848 183,535 141,885 (497,403) (126,596) |
1,443,345 149,231 140,483 (361,969) (97,821) |
|
1,874,269 |
1,273,269 |
|
(92,372) 251,641 2,924 (350,035) 454,569 (20,875) (3,920,491) 657,300 (9,955) 126,217 (70,351) 488 |
(533,877) - 2,924 (484,319) 294,046 - (3,177,039) 23,787 (1,872) (60,345) (47,132) 320 |
|
| (2,970,940) | (3,983,507) |
|
(129,918) 2,822,181 (1,074,057) (51,324) (197,485) (42,000) (218) |
1,120,210 2,550,902 (660,712) (50,557) (430,516) 60,000 (167) |
|
1,327,179 |
2,589,160 |
|
183,570 |
1,263 |
|
414,078 3,946,557 |
(119,815) 4,066,372 |
|
$ 4,360,635 |
3,946,557 |
- 20 -
2024 Independent Auditors’ Report
To the Board of Directors of Chinese Maritime Transport Ltd.:
Opinion
We have audited the financial statements of Chinese Maritime Transport Ltd.(“the Company”), which comprise the balance sheets as of December 31, 2024,and 2023, the statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the financial statements, including a summary of material policies.
In our opinion, based on our audits and the report of other auditors (please refer to Other Matter paragraph), the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024,and 2023, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audits and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Other Matters
We did not audit the financial statements of the investee which represented the investment in another entity accounted for using the equity method of the Company. Those statements were audited by another auditors, whose report has been furnished to us, and our opinion, insofar as it relates to the amount is based solely on the report of other auditors. The investment accounted for using the equity method constituting 3.54% and 3.78% of total assets at December 31, 2024 and 2023, respectively. The related shares of profit of associates accounted for using the equity method constituting 3.36% and 9.71% of total profit before tax for the years ended December 31, 2024 and 2023, respectively.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In our judgment, the key audit matters that should be communicated in the audit report are as follows:
- Recognition of freight revenue–container hauling
Please refer to Note 4(o) for the accounting policy of “Revenue” and to Note 6(n) “Revenue from contracts with customers” for information details.
Description of key audit matters:
The main activities of the Company are container hauling and related business. Freight revenue container hauling is one of the significant items in the financial statements, and the amounts and changes may affect the users’understanding on the entire financial statements. Therefore, the testing over freight revenue container hauling recognition is considered a key matter in our audits.
- 21 -
Audit Procedures:
Our principal audit procedures included testing related controls over sale and receipts cycle, executing the confirmation process used to examine accounts receivable and revenue of major customers, and evaluating if the Company’s timing of revenue recognition is accurate in accordance with related accounting standards.
- Freight revenue–vessel chartering, using equity method investment, subsidiary
Please refer to Note 4(h) for the accounting policy of “Investments in subsidiary”, and to Note 6(d) for “Investments accounted for using equity method”.
Description of key audit matters:
The main activity of some of the subsidiaries, accounted for using equity method investment, is operating bulk carrier. Freight revenue vessel chartering is one of the significant items in the financial statements based on the consideration of consolidated report, and the amounts and changes may affect the users’understanding on the entire financial statements. Therefore, the testing over freight revenue vessel chartering recognition is considered a key matter in our audits.
Audit procedures:
Our principal audit procedures included testing related controls over sale and receipts cycle of those subsidiaries, which are investments using equity method, executing substantive analytical procedures of freight revenue-vessel chartering, assessing contract liabilities, and evaluating if the timing of revenue recognition for freight revenue, vessel chartering, is accurate in accordance with related accounting standards.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance (including the Audit Committee) are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
-
22 -
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
-
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding investment subsidiary using equity method to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audit resulting in this independent auditors’ report are Yiu-Kwan Au and Szu-Chuan Chien.
KPMG
Taipei, Taiwan (Republic of China)
March 13, 2025
- 23 -
(English Translation of Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD.
Balance Sheets
December 31, 2024 and 2023
(Expressed in thousands of New Taiwan Dollars)
| Assets Current assets: 1100 Cash and cash equivalents(note 6(a)) 1150 Notes and accounts receivable, net(note 6(c)) 1220 Current tax assets 1470 Other current assets 1476 Other current financial assets(note 6(g)) Non-current assets: 1510 Non-current financial assets at fair value through profit or loss(note 6(b)) 1550 Investments accounted for using equity method, net(note 6(d)) 1600 Property, plant and equipment(notes 6(e) and 8) 1760 Investment property, net(note 6(f)) 1780 Intangible assets 1840 Deferred tax assets(note 6(k)) 1900 Other non-current assets 1975 Net defined benefit asset, non-current(note (j)) 1980 Other non-current financial assets(notes 6(g) and 8) Total assets |
December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
|---|---|---|---|---|
| Amount | % | Amount | % | |
| $ 923,832 90,228 8,486 16,386 6,773 |
5 - - - - |
562,259 82,154 - 14,821 2,019 |
3 - - - - |
|
1,045,705 |
5 |
661,253 |
3 |
|
11,881 17,911,282 611,863 19,799 9,361 3,543 1,942 4,726 5,653 |
- 92 3 - - - - - - |
22,453 16,073,414 591,596 19,876 3,550 2,035 3,177 2,002 5,785 |
- 93 4 - - - - - - |
|
18,580,050 |
95 |
16,723,888 |
97 |
|
$ 19,625,755 |
100 |
17,385,141 |
100 |
| Liabilities and Equity Current liabilities: 2100 Short-term borrowings(note 6(h)) 2150 Notes and accounts payable 2181 Accounts payable to related parties(note 7) 2220 Other payables to related parties(note 7) 2300 Other current liabilities(note 7) 2322 Long-term borrowings, current portion(note 6(h)) Non-Current liabilities: 2530 Bonds payable(note 6(h)) 2570 Deferred tax liabilities(note 6(k)) 2670 Other non-current liabilities, others Total liabilities Equity(note 6(l)): 3100 Common stock 3200 Capital surplus Retained earnings: 3310 Legal reserve 3320 Special reserve 3350 Unappropriated earnings 3400 Other equity interest Total equity Total liabilities and equity |
December 31, 2024 | December 31, 2023 | ||
| Amount | % | Amount | % | |
| $ 2,844,778 685 256,745 85,000 71,992 2,500,000 |
16 - 1 - - 13 |
2,759,743 512 106,505 85,000 118,615 - |
17 - 1 - 1 - |
|
| 5,759,200 | 30 |
3,070,375 |
19 |
|
- 237,958 562 |
- 1 - |
2,500,000 229,560 735 |
14 1 - |
|
| 238,520 | 1 |
2,730,295 |
15 |
|
5,997,720 |
31 |
5,800,670 |
34 |
|
1,974,846 |
10 |
1,974,846 |
11 |
|
53,411 |
- |
53,411 |
- |
|
| 1,993,120 359,487 8,196,451 |
10 2 42 |
1,960,427 359,487 7,143,644 |
11 2 41 |
|
10,549,058 |
54 |
9,463,558 |
54 |
|
1,050,720 |
5 |
92,656 |
1 |
|
13,628,035 |
69 |
11,584,471 |
66 |
|
$ 19,625,755 |
100 |
17,385,141 |
100 |
- 24 -
(English Translation of Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD.
Statements of Comprehensive Income
For the years ended December 31, 2024 and 2023
(Expressed in thousands of New Taiwan dollars , Except earnings per share)
| 4000 Operating Revenues(notes 6(n) and 7)) 4621 Freight revenue-vessel chartering 4622 Freight revenue-container hauling and logistics 4623 Freight revenue-airline agent and others 5000 Total operating costs(notes 7 and 12) 5900 Gross profit Operating expenses: 6000 Operating expenses (notes 6(j), (p), 7 and 12) 6900 Net operating loss Non-operating income and expenses: 7010 Other income (notes 6(b) and (i)) 7050 Finance costs (notes 6(o) and 7) 7070 Share of profit (loss) of associates and joint ventures accounted for using equity method (note 6(d)) 7100 Interest income 7210 Gains (losses) on disposal of property, plant and equipment, net (note 6(e)) 7235 Gains (losses) on financial assets at fair value through profit or loss (note 6(b)) Total non-operating income and expenses 7900 Profit from continuing operation before tax 7950 Less: Income tax expenses(note 6(k)) Profit 8300 Other comprehensive income: 8310 Items that may not be reclassified to profit or loss 8311 Gains on remeasurements of defined benefit plans (note 6(j)) 8330 Share of other comprehensive income of subsidiaries, associates and joint ventures accounted for using equity method, items that may not be reclassified to profit or loss 8349 Less：Income tax related to items that will not be reclassified to profit or loss (note 6(k)) 8360 Items that may be reclassified to profit or loss 8361 Exchange differences on translation of foreign financial statements 8380 Share of other comprehensive income of subsidiaries, associates and joint ventures accounted for using equity method, items that will be reclassified to profit or loss 8399 Less：Income tax related to items that will be reclassified to profit or loss (note 6(k)) Items that may be reclassified to profit or loss 8300 Other comprehensive income 8500 Total comprehensive income Earnings per share(note 6(m)) 9750 Basic net income per share (NT dollars) 9850 Diluted net income per share (NT dollars) |
2024 | 2023 | ||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| $ 69,360 489,572 19,581 |
12 85 3 |
79,092 507,035 21,482 |
13 83 4 |
|
578,513 478,886 |
100 83 |
607,609 497,317 |
100 82 |
|
99,627 225,738 |
17 39 |
110,292 202,654 |
18 33 |
|
(126,111) |
(22) |
(92,362) |
(15) |
|
47,062 (89,483) 1,172,566 24,299 5 (7,648) |
8 (15) 203 4 - (1) |
14,510 (77,091) 510,183 15,579 (1,488) 9,840 |
2 (13) 84 3 - 2 |
|
1,146,801 |
199 |
471,533 |
78 |
|
1,020,690 7,892 |
177 1 |
379,171 50,842 |
63 8 |
|
1,012,798 |
176 |
328,329 |
55 |
|
2,737 401,815 547 |
- 69 - |
80 48,820 16 |
- 8 - |
|
| 404,005 | 69 |
48,884 |
8 |
|
793,073 31,173 - |
137 5 - |
(4,312) (191) - |
(1) - - |
|
| 824,246 | 142 |
(4,503) |
(1) |
|
1,228,251 |
211 |
44,381 |
7 |
|
$ 2,241,049 |
387 |
372,710 |
62 |
|
| $ | 5.13 | 1.66 | ||
| $ | 5.12 | 1.66 |
- 25 -
(English Translation of Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD.
Statements of Changes in Equity
For the years ended December 31, 2024 and 2023
(Expressed in thousands of New Taiwan dollars)
| Balance at January 1, 2023 Appropriation and distribution of retained earnings: Legal reserve appropriated Special reserve reversed Cash dividends of ordinary share Net income for the year ended December 31, 2023 Other comprehensive income for the year ended December 31, 2023 Total comprehensive income for the year ended December 31, 2023 Balance at December 31, 2023 Appropriation and distribution of retained earnings: Legal reserve appropriated Cash dividends of ordinary share Net income for the year ended December 31, 2024 Other comprehensive income for the year ended December 31, 2024 Total comprehensive income for the year ended December 31, 2024 Disposal of investments in equity instruments designated at fair value through other comprehensive income Balance at December 31, 2024 |
Share capital |
Capital surplus |
**Retained earnings ** | **Retained earnings ** | Total other equity interest | Total other equity interest | Total other equity interest | Total equity |
||
|---|---|---|---|---|---|---|---|---|---|---|
| Exchange dif- ferences on translation of foreign financial statements |
Unrealized gains (losses) from fi- nancial assets measured at fair value through other comprehen- sive income |
Total | ||||||||
| Ordinary shares |
Legal reserve |
Special reserve |
Unappropriated **earnings ** |
Total | ||||||
| $ 1,974,846 | 53,411 |
1,882,499 |
934,768 |
6,749,885 |
9,567,152 |
(216,492) |
263,360 |
46,868 |
11,642,277 |
|
- - - |
- - - |
77,928 - - |
- (575,281) - |
(77,928) 575,281 (430,516) |
- - (430,516) |
- - - |
- - - |
- - - |
- - (430,516) |
|
| - | - | 77,928 | (575,281) |
66,837 |
(430,516) |
- |
- | - | (430,516) |
|
| - - |
- - |
- - |
- - |
328,329 (1,407) |
328,329 (1,407) |
- (4,503) |
- 50,291 |
- 45,788 |
328,329 44,381 |
|
| - | - | - | - | 326,922 |
326,922 |
(4,503) |
50,291 |
45,788 |
372,710 |
|
| 1,974,846 - - |
53,411 - - |
1,960,427 32,693 - |
359,487 - - |
7,143,644 (32,693) (197,485) |
9,463,558 - (197,485) |
(220,995) - - |
313,651 - - |
92,656 - - |
11,584,471 - (197,485) |
|
| - | - | 32,693 | (230,178) |
(197,485) |
- |
- | - | (197,485) |
||
| - - |
- - |
- - |
- - |
1,012,798 7,548 |
1,012,798 7,548 |
- 824,246 |
- 396,457 |
- 1,220,703 |
1,012,798 1,228,251 |
|
| - | - | - | - | 1,020,346 |
1,020,346 |
824,246 |
396,457 |
1,220,703 |
2,241,049 |
|
| - | - | - | - | 262,639 |
262,639 |
- |
(262,639) |
(262,639) |
- |
|
| $ 1,974,846 |
53,411 |
1,993,120 |
359,487 |
8,196,451 |
10,549,058 |
603,251 |
447,469 |
1,050,720 |
13,628,035 |
- 26 -
(English Translation of Financial Statements Originally Issued in Chinese) CHINESE MARITIME TRANSPORT LTD.
Statements of Cash Flows
For the years ended December 31, 2024 and 2023
(Expressed in thousands of New Taiwan dollars)
| Cash flows from (used in) operating activities: Profit before tax Adjustments: Adjustments to reconcile profit (loss): Depreciation and amortization Net loss (gain) on financial assets or liabilities at fair value through profit or loss Interest expense Interest income Dividend income Share of profit of subsidiaries, associates and joint ventures accounted for using equity method Loss (gain) on disposal of property, plant and equipment, net Total adjustments to reconcile profit (loss) Changes in operating assets: (Increase) decrease in notes and accounts receivable (including related parties) Increase in other current assets Increase in other current financial assets Decrease in other operating assets Changes in operating liabilities: Increase (decrease) in notes and accounts payable (including related parties) Increase in net defined benefit liabilities Increase (decrease) in other current liabilities Decrease in other non-current liabilities Total changes in operating assets and liabilities Total adjustments Cash inflow (used in) from operations Interest received Dividends received Interest paid Income taxes paid Net cash flows from operating activities Cash flows used in investing activities: Proceeds from capital reduction of financial assets at fair value through profit or loss Acquisition of investments accounted for using equity method Proceeds from capital reduction of investments accounted for using equity method Decrease (increase) in other non-current financial assets Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease (increase) in other non-current assets Acquisition of intangible assets Net cash flows used in investing activities Cash flows from (used in) financing activities: Increase in short-term borrowings (Decrease) increase in other payables to related parties Cash dividends paid Net cash flows used in (from) financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period |
2024 | 2023 |
|---|---|---|
| $ 1,020,690 | 379,171 |
|
23,597 7,648 89,483 (24,299) (1,953) (1,172,566) (5) |
24,264 (9,840) 77,091 (15,579) (545) (510,183) 1,488 |
|
(1,078,095) |
(433,304) |
|
(8,074) (2,636) (5,119) 13 |
20,454 (984) (82) - |
|
| (15,816) | 19,388 |
|
150,413 - 19,353 (173) |
(55,296) 80 (4,570) (154) |
|
169,593 |
(59,940) |
|
153,777 |
(40,552) |
|
(924,318) |
(473,856) |
|
96,372 24,664 594,712 (89,264) (76,229) |
(94,685) 13,926 390,516 (76,439) (13,136) |
|
550,255 |
220,182 |
|
2,924 (933,760) 901,760 132 (39,906) 7 1,235 (8,624) |
2,924 (399,000) - (74) (5,289) - (2,335) (1,273) |
|
(76,232) |
(405,047) |
|
85,035 - (197,485) |
890,257 (60,000) (430,516) |
|
(112,450) |
399,741 |
|
361,573 562,259 |
214,876 347,383 |
|
$ 923,832 |
562,259 |
- 27 -
Attachment 4 Amendment comparison table for the Articles of Incorporation
==> picture [512 x 627] intentionally omitted <==
----- Start of picture text -----
After Amendment Before Amendment Explanation
Article 26 Article 26
If the Corporation makes profits If the Corporation makes profits In accordance with Article 14,
for the current year, the board of for the current year, the board of Paragraph 6 of the Securities and
directors shall resolve on the al- directors shall resolve on the al- Exchange Act and the Financial
location of 0.5%~2% as the em- location of 0.5%~2% as the em- Supervisory Commission’s Or-
ployee compensation (including ployee compensation and no der No. Zheng-Fa-1130385442
not less than 0.02% of profit more than 2% as the compensa- (issued on November 8, 2024), a
before tax for the non-execu- tion for directors. If the Corpora- company whose shares are listed
tive employee compensation) tion has cumulative losses, the on the TWSE shall specify in its
and no more than 2% as the com- amount equivalent to such losses Articles of Incorporation a cer-
pensation for directors. If the shall be reserved prior to the al- tain percentage of annual earn-
Corporation has cumulative location. ings to be allocated for salary ad-
losses, the amount equivalent to justments or remuneration distri-
The calculation of the employee/
such losses shall be reserved bution to non-executive employ-
directors compensation shall be
prior to the allocation. ees. Accordingly, certain provi-
made base on the amount of
sions of the Company’s Articles
The calculation of the employee/ profit before tax (excluding em-
of Incorporation are amended.
directors compensation shall be ployee/ directors compensation).
made base on the amount of
The Corporation may have the
profit before tax (excluding em-
profit distribution as employee
ployee/ directors compensation).
compensation in the form of
The Corporation may have the shares or in cash, shall be
profit distribution as employee adopted by a majority vote at a
compensation in the form of meeting of the board of directors
shares or in cash, shall be attended by two-thirds of the to-
adopted by a majority vote at a tal number of directors, and re-
meeting of the board of directors port such distribution to the
attended by two-thirds of the to- shareholders’ meeting.
tal number of directors, and re-
port such distribution to the
shareholders’ meeting.
Article 28 Article 28
……….. ……….
the forty-sixth amendment on the forty-sixth amendment on
June 9, 2023, the forty-seventh June 9, 2023.
amendment on May 28, 2025.
----- End of picture text -----
- 28 -
Attachment 5
Amendment comparison table for the Procedures for Endorsements and Guarantees
| After Amendment | Before Amendment | Explanation |
|---|---|---|
| Article 3 ……… The subsidiary and parent com- pany as referred to in these Pro- cedures shall be as determined under the Regulations Governing the Preparation of Financial Re- ports by Securities Issuers. |
Article 3 ……… The subsidiary and parent com- pany as referred to in these Pro- cedures shall be as determined under the regulations of the Fi- nancial Accounting Standards Bulletin No.5 and No.7 issued by the Accounting Research and De- velopment Foundation of the Re- public of China. |
In accordance with the Article 6 of the Regulations Governing Loaning of Funds and Making of Endorsements / Guarantees by Public Companies, the text of this article is revised. |
| Article 4: The ceiling on the amount of endorsements / guar- antees The total amount of external en- dorsements / guarantees shall worth no more than350%of the Corporation’s net worth. Among which the amount of endorse- ments/ guarantees for any single (a)whose voting shares are 100% owned by the Corporation shall not exceed 350%of the Corpora- tion’s net worth. (b)company whose more than 80% voting shares are owned by the Corpora- tion shall not exceed 30% of the Corporation’s net worth, the oth- ers shall not exceed 10% of the Corporation’s net worth. The total amount of endorse- ments / guarantees for the Corpo- ration and all its subsidiaries as a whole and the amount of en- dorsements / guarantees for a sin- gle enterprise shall not exceed 350%of the Corporation’s net worth. ……… |
Article 4: The ceiling on the amount of endorsements / guar- antees The total amount of external en- dorsements / guarantees shall worth no more than150%of the Corporation’s net worth. Among which the amount of endorse- ments/ guarantees for any single (a)whose voting shares are 100% owned by the Corporation shall not exceed150%of the Corpora- tion’s net worth. (b)company whose more than 80% voting shares are owned by the Corpora- tion shall not exceed 30% of the Corporation’s net worth, the oth- ers shall not exceed 10% of the Corporation’s net worth. The total amount of endorse- ments / guarantees for the Corpo- ration and all its subsidiaries as a whole and the amount of en- dorsements / guarantees for a sin- gle enterprise shall not exceed 150% of the Corporation’s net worth. ……… |
To meet future guarantee re- quirements for the replacement of old vessels with new ones, in- cluding performance guarantees for new shipbuilding contracts and bank financing guarantees, the Company plans to adjust the endorsements/ guarantees limit as needed. |
- 29 -
==> picture [512 x 27] intentionally omitted <==
----- Start of picture text -----
After Amendment Before Amendment Explanation
----- End of picture text -----
| Article 6 ……… 4. The financial department shall assess or recognize the contin- gent losses of the endorsement / guarantee and appropriately dis- close the endorsements / guaran- tees information, and provide rel- evant information to the certified public accountant to implement the necessary verification proce- dures, and issue a proper audited report. ……… |
Article 6 ……… 4. The financial department shall assess or recognize the contin- gent losses of the endorsement / guaranteein accordance with the provisions of the Financial Ac- counting Standards Bulletin No.9,and appropriately disclose the endorsements/guarantees in- formation, and provide relevant information to the certified pub- lic accountant to implement the necessary verification proce- dures, and issue a proper audited report. ……… |
In accordance with the Article 26 of the Regulations Governing Loaning of Funds and Making of Endorsements / Guarantees by Public Companies, the text of this article is revised. |
|
|---|---|---|---|
- 30 -
Attachment 6
Chinese Maritime Transport Ltd. The List of Candidates for Directors and Independent Directors
==> picture [519 x 648] intentionally omitted <==
----- Start of picture text -----
Holding
Title Name Education Experience Current Position
shares
Director AGCMT Group MBA, Columbia CMT Chair CMT Chair 54,604,522
Representative: University (USA) CMT Vice Chair Dimerco Express shares
William Peng CMT Executive Vice Presi- Corporation Board
dent Director
Dimerco Express Corpora-
tion Board Director
Director AGCMT Group MSc in Naval Ar- CMT President CMT President 54,604,522
Representative: chitecture, Uni- General Manager –cum- Global Energy Mar- shares
James S.C. Tai versity of Strath- Technical Director Fleet itime Board Direc-
clyde, Glasgow tor
Management Department
(UK) OOCL
Global Energy Maritime
Board Director
Director AGCMT Group PhD in Chemis- CMT Senior Vice President CMT Senior Vice 54,604,522
Representative: try, University of Associated Transport Chair President shares
Telvin Ju Miami (USA) CMT Logistics Chair CMT Logistics
Chair
China Container Terminal
Director China Container
Terminal Director
Johns Hopkins University,
Department of Chemistry re-
searcher
Director AGCMT Group MS in Transporta- CMT Vice President CMT Vice Presi- 54,604,522
Representative: tion Management, Associated Transport Chair dent shares
David Hsu University of AG Motors Chair Associated
Maryland (USA) China Container Terminal Transport Chair
Board Director AG Motors Chair
China Container
Terminal Board Di-
rector
Director AGCMT Group MBA, McMaster CMT Assistant Vice Presi- CMT Assistant Vice 54,604,522
Representative: University (Can- dent, Spokesperson President, Spokes- shares
James Tarng ada) Global Energy Maritime person
Board Supervisor Global Energy Mar-
itime Board Super-
visor
Director AGCMT Group Bachelor of Ac- AGCMT Group Board Su- AGCMT Group 54,604,522
Representative: counting, Soo- pervisor Board Supervisor shares
Da-fang Chang chow University Associated International Associated Interna-
Board Supervisor tional Board Super-
AG Motors Board Supervi- visor
sor AG Motors Board
Supervisor
----- End of picture text -----
- 31 -
| Title | Name | Education | Experience | Current Position | Holding shares |
| Independent Director |
Donald Kuo- Liang Chao (Note) |
MS in Shipping and Shipbuilding Management, Massachusetts In- stitute of Technol- ogy (USA) |
CMT Independent Director CR Classification Society Chair China Steel Express Corpo- ration Chair China Steel Express Corpo- ration President Hong Kong Shougang Inter- national Group Board Direc- tor Hong Kong Shougang Ship- ping President |
CMT Independent Director Ji Xiao Zhuang Co. Ltd. Board Supervi- sor |
0 shares |
| Independent Director |
KOAY Keat Loon |
MBA, Peperdine University Bachelor of Arts with a major in Economics- Busi- ness University of Cal- ifornia , Los An- geles |
Senior Advisor of Altamar CAM Partners Director, International Com- mercial Bank of China (cur- rently known as “Mega Inter- national Commercial Bank”) Vice President of Equity In- vestment, Nan Shan Life In- surance Co., Ltd. Managing Director (Fund), PineBridge Investments (Hong Kong) Asia Limited (previous known as AIG Global Investment (Asia) Ltd.) |
Nil | 0 shares |
| Independent Director |
MOH Angela Jen-Yin |
MBA, Massachu- setts Institute of Technology Bachelor of Sci- ence in Econom- ics, summa cum laude The Wharton School, Univer- sity of Pennsylva- nia |
Morgan Stanley Asia Limited Hong Kong, Managing Director, Director of Taiwan Equity Research, Associate Director of Greater China Equity Research |
Regina Miracle In- ternational (Hold- ings) Limited (HKEX Stock Code: 2199) Independent Non- Executive Director, Member of Audit, Remuneration and Nomination Com- mittees |
0 shares |
Note: Mr. Donald Kuo-Liang Chao has served as the Company's independent director for three consecutive terms. With over 40 years of extensive experience and professional knowledge in the shipping industry, not only he could provide valuable advice and insights for the Company’s operations and development but also plays a key role in passing down the experience of the Board of Directors and independent directors. Therefore, after careful evaluation, he has been nominated again as an independent director.
- 32 -
Attachment 7
Chinese Maritime Transport Ltd. Proposed list of Directors for releasing the non-competition restrictions
==> picture [455 x 195] intentionally omitted <==
----- Start of picture text -----
Service as positions in other companies with the same
Name
scope of the company’s business
William Peng Dimerco Express Corporation, Director
James S.C. Tai Global Energy Maritime Co., Ltd. , Director
Telvin Ju China Container Terminal Corporation, Director
David Hsu China Container Terminal Corporation, Director
----- End of picture text -----
- 33 -