China Steel (2002) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for 2024 and 2023 were audited and present a fair view in accordance with IFRS and local regulations.

• Revenue from the steel department accounted for over 70% of total operating revenue, with revenue recognition identified as a key audit matter due to market demand fluctuations.

• The audit opinion was unmodified, and no material misstatements were found.

Financial highlights

• Operating revenue for 2024 was NT$360.54 billion, down slightly from NT$363.33 billion in 2023.

• Net profit for 2024 was NT$3.88 billion, up from NT$3.53 billion in 2023.

• Gross profit margin decreased to 4% in 2024 from 5% in 2023.

• Basic and diluted EPS for 2024 were both NT$0.13.

• Total assets at year-end 2024 were NT$695.06 billion, with total equity of NT$341.49 billion.

Outlook and guidance

• The company expects to be subject to carbon fees starting January 2025, with liabilities recognized based on 2024 emissions and payment due in May 2026.

• New IFRS standards, including IFRS 18 and amendments to IAS 21, will be adopted in future periods, with ongoing assessment of their impact.