CSBC (2208) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for the years ended December 31, 2024 and 2023 were audited and present fairly in all material respects in accordance with IFRS and local regulations.

• The company operates primarily in shipbuilding, vessel construction, machinery manufacturing, and related services.

• The audit highlighted the high uncertainty and materiality of accounting estimates for construction contract costs, which significantly affect profit recognition.

Financial highlights

• Revenue for 2024 was NT$14.49 billion, down 32% year-over-year from NT$21.48 billion in 2023.

• Net loss for 2024 was NT$2.79 billion, an improvement from a net loss of NT$4.05 billion in 2023.

• Basic loss per share improved to NT$2.20 in 2024 from NT$4.32 in 2023.

• Gross margin remained negative, with operating losses of NT$3.06 billion in 2024 and NT$2.41 billion in 2023.

• Total assets decreased to NT$34.02 billion at year-end 2024 from NT$39.30 billion at year-end 2023.

• Total liabilities decreased to NT$24.95 billion from NT$32.63 billion, while equity increased to NT$9.07 billion from NT$6.67 billion.

Outlook and guidance

• Unfulfilled contract obligations totaled NT$36.58 billion as of December 31, 2024, expected to be recognized as revenue through October 2031.

• Major shipbuilding and EPC projects are scheduled for delivery through 2026.