Published on March , TSE

Contents
Letter to Shareholders 002

Company Profile
I Registration Date of the Company 008
II A Chronology of Evergreen Marine Corporation (Taiwan) Ltd. 008

Corporate Governance Report

I Organization 014
II Directors and Management Team 018
III Implementation of Corporate Governance 058
IV Information Regarding the Company's Audit Fee and Independence 140
V Replacement of CPA 140
VI Audit Independence 140
VII Changes in Shareholding of Directors, Managers and Major Shareholders 141
VIII Relationship Among the Top Ten Shareholders 147
IX Ownership of Shares in Affliated Enterprise 148

Capital Overview
I Capital and Shares 150
II Bonds 158
III Preferred Stock 160
IV Global Depository Receipts 160
V Employee Stock Options 160
VI Status of New Shares Issuance in Connection with Mergers and 160
Acquisitions
VII Financing Plans and Implementation 161

OFFICE No.166, Sec. 2, Minsheng East Road, Taipei, Taiwan (886) 2-2505-7766
www.evergreen-marine.com No. 163, Sec. 1, Xinnan Rd., Luzhu Dist., Taoyuan, Taiwan. (886) 3- 312-3508
Kaohsiung Container Terminal 4 : Pier 116 , Port of Kaohsiung, (886) 7- 571-5171
Qijin Dist., Kaohsiung, Taiwan.
Kaohsiung Container Terminal 5 : No. 68, Guanghe Rd., (886) 7- 813-5171
Xiaogang Dist., Kaohsiung, Taiwan.
Kaohsiung Container Terminal 7 : No. 21, Zhougui Rd., (886) 7- 813-5171
Xiaogang Dist., Kaohsiung, Taiwan
CORPORATE GOVERANCE 2F, No.166, Sec. 2, Minsheng East Road, Taipei, Taiwan (886) 2-2500-1668
DEPARTMENT
www.evergreen-marine.com
 Business Development Outline
I Business Highlights 164
II Market and Industry Analysis 173
III Human Resources 179
IV Expenses for Environmental Protection 180
V Labor Relations 184
VI Information Security Management 189
VII Important Agreement 195

Financial Information
I Five-Year Financial Summary 202
II Five-Year Financial Analysis 206
III The Company should disclose the financial impact to the Company if the 211
Company and its affiliated companies have incurred any financial or cash
flow difficulties in 2023 and as of the date of this Annual Report
IV Audit Committee's Review Report 211
V Consolidated Financial Statements and Report of Independent Accountants 212
VI Parent Company Only Financial Statements and Report of Independent 357
Accountants

Review of Financial Conditions, Financial Performance,

and Risk Management
I Comparison of Financial Positions in the Last Two Years 492
II Comparison of Financial Performance in the Last Two Years 493
III Analysis of Cash Flow 494
IV Effects of Major Capital Expenditure on Finance and Business Operations 495
V Investment Policy in the Last Year, Main Causes for Profits or Losses, 496
Improvement Plans and Investment Plans for the Coming Year
VI Analysis of Risk Management 496
VII Other Important Issues 509

Special Disclosure
I Summary of Affiliated Companies 510
II Securities Issuance through Private Placement 531
III Holdings and Sale of Shares by Subsidiaries 531
IV Other Necessary Supplementary Information 531
V Any events in 2023 and as of the date of this annual report had significant 531
impacts on shareholders' right or security prices as stated in item 3
paragraph 2 of Article 36

AUDIT PRICEWATERHOUSE COOPERS (886) 2-2729-6666

www.pwc.com.tw AUDITOR: Chung-Hsi Lai, Hsiao-Tzu Chou
ADDRESS: 27th Floor 333 Keelung Road,
Sec. 1, Taipei, Taiwan
SPOKESPERSON NAME: Kuang-Hui Wu (886) 2-2505-7766
TITLE: President
EMAIL: mgt@evergreen-marine.com
VICE-SPOKESPERSON NAME: Cheng-Ping Mo (886) 2-2505-7766
TITLE: Finance Div. Finance Dept. Dept. Head
EMAIL: public@evergreen-marine.com
 01
Chapter
Letter to Shareholders

Dear shareholders,

The global shipping sector faced significant challenges in 2023 due to the
COVID-19 pandemic, high inflation, soaring interest rates, and the Russia-Ukraine
war. Key factors influencing container shipping markets include: 1. Sluggish global
economic recovery: The International Monetary Fund (IMF) reported a 3.1% global
growth rate in 2023, down from 3.5% in 2022, indicating a slow recovery of major
economies. 2. Escalating geopolitical and economic tensions: Ongoing conflicts
such as the China-US confrontation, the prolonged Russia-Ukraine war, sudden
conflicts such as the Israel-Hamas war, heightened tensions in the Taiwan Strait,
disputes in the South China Sea, and the Red Sea crisis disrupted global supply
chains and industrial operations. 3. Fluctuating market freight rates: The Shanghai
Containerized Freight Index by the Shanghai Shipping Exchange declined from 4,856
in Q1 2022 to 1,065 in Q4 2023, reflecting rapid changes in market conditions.
4. Stringent environmental regulations: Evolving environmental standards from
the International Maritime Organization (IMO), the European Union, the US, and
governments across the globe significantly impacted operating costs and future
planning in the shipping industry.
Amid escalating international conflicts and trade disputes advocating anti-
globalization, decoupling, supply chain disruption, protectionism, technological
barriers, de-risking, friendly shore outsourcing, and supply chain restructuring,
operational risks for the shipping industry are on the rise. Nevertheless, we are fully
committed to navigating the complexities of these challenges.

002
 External Competition regulatory, and Overall Business Environments
According to the latest statistics published by Alphaliner, the total capacity
of the global container ship fleet reached 28.14 million TEU in 2023, marking
a 8.2% increase from 2022. Despite a -0.3% growth rate in cargo loading
due to inflation, high interest rates, and soaring costs, we swiftly adapted our
operational strategies to bolster our core competitiveness: 1. Leverage alliances
and joint ventures for a robust global route network. 2. Construct advanced
energy-saving vessels to enhance competitiveness on each route. 3. Embrace
an environmental protection and emission reduction strategy by incorporating
an emission information platform. 4. Rigorously manage operating costs and
optimize fleet capacity allocation. 5. Continuously implement digital processes
to deliver top-notch services to customers.

003
 Future Strategies
In the face of numerous challenges in the business environment in 2023,
we have turned “challenges” into “opportunities” by actively deploying
strategies in four major aspects with more forward-looking actions to build
a more solid foundation for future operations. 1. Market trends: Currently,
we have invested relatively substantial capacity and resources in the East-
West routes. Therefore, when the market changes and economic growth in
advanced countries slows, we must adjust our capacity allocation in a timely
manner and pay attention to regional market routes with rapid growth in
cargo volume. 2. Capacity growth: In order to ensure the sustainability of our
operations, we will continue to invest resources in planning new capacity.
Average capacity growth is projected to exceed 5% over the next four years,
where the Group’s capacity will reach 1.75 million TEU in 2024, 1.86 million
TEU in 2025, and 1.92 million TEU in 2026, and eventually exceed 2 million
TEU in 2027, showing that we have full confidence in the future of shipping.
At present, our company ranks seventh in world capacity; however, in terms
of newbuilding, we rank among the top three, which in turn reflects our efforts
in energy conservation, emission reduction and core competitiveness. 3.
Key terminals: In order to cope with new capacity and future route planning,
we have actively invested in key terminals and added equipment to improve
the operational efficiency of existing terminals, including the 7th Container
Terminal of Kaohsiung Port, Singapore, Abu Qir, Rotterdam, the U.S. West
Coast and Colon Container Terminal, etc., in hopes of further improving our

004
service quality. 4. Sustainable management: With the deadline for achieving
the United Nations Sustainable Development Goals (SDGs) by 2023 closing in,
governments and industries have established more specific laws, regulations,
and practical requirements for the 17 SDGs. Meanwhile, as customers are
examining the positions and practices of shipping companies on ESG issues
with higher standards, companies that do not meet ESG standards can hardly
gain a foothold in the market.

Financial Performance
In 2023, our estimated total consolidated operating income was TWD
413.275 billion and our actual consolidated operating income was TWD 276.715
billion, representing an achievement rate of 67%.
In 2023, actual consolidated operating income totaled TWD 276.715 billion,
a decrease of TWD 350.569 billion compared to TWD 627.284 billion in 2022. In
2023, actual consolidated operating costs were TWD 226.806 billion, a decrease
of TWD 2.036 billion compared to TWD 228.841 billion in 2022.
For profitability analysis, we posted a ROA of 5.43%, a ROE of 7.59%, a net
profit margin of 14.45%, and an EPS of TWD 16.70.

005
 Operational Plan for 2024
2024 will be full of challenges and opptunities.
According to statistics released by Alphaliner, it is estimated that
market space supply and cargo volume will grow 9.7% and 3.0% in 2024,
respectively, with a supply-demand imbalance in the shipping market.
However, we understand that the market is volatile, whereas supply and
demand do not form a simple linear relationship. While there is a need for
shipping companies to keep abreast of changes in the external environment,
the most important thing for shipping companies is to actively enhance their
competitiveness by concentrating on how to build a perfect route service
network with advanced environmental friendly fleets and key terminals,
accelerating the digitalization of operations, as well as making quick
adjustments to their strategies, tools, or organizations amid the emergence
of new elements in marine shipping arising from the establishment of a new
ecosystem or the formation of new trends.

006
 With the evolution of human civilization, business competition among
shipping companies is no longer limited to maritime transportation on the sea,
but also in precision logistics warehousing and distribution on land, far-reaching
air satellite tracking, computing power for big data, and cross-border artificial
intelligence (AI) applications. In other words, competition in the market is all-
round and no longer just a simple consideration of freight rates and shipping
space. We endeavor to build our ability to quickly respond to market changes
through global digital operations, resource integration, and external connections,
which is also known as operational resilience.

Environmental Social and Governance

In response to prevailing ESG trends, we have committed ourselves to the
2050 Net zero Pathway, encompassing clean energy, eco-friendly fleets, and
the establishment of green supply and value chains. With an emphasis on social
inclusion, we have updated our official platforms to address health, education,
and sustainable urban and rural concerns. Our actions, tailored to diverse
global locations, aim to give back to society and foster inclusivity. To reinforce
sustainable management, a sustainability committee under the board reports
quarterly on governance enhancements, ensuring compliance with climate
risks, law and regulations, integrity, and information security. In anticipation of
increased market uncertainty from net-zero and ESG requirements, geopolitical
shifts, and supply chain security, we are aligning our global operations for
success while remaining mindful of clear standards set by organizations such as
the IMO for environmental and greenhouse gas issues in 2030, 2040, and 2050.

Chairman

007
02
Chapter
Company Profile

I. Registration Date of the Company:

September 25, 1968

II. A Chronology of Evergreen Marine Corporation (Taiwan) Ltd.

1968–1986
1. Established with a capital of NT$2 million.
2. Founding of Evergreen Shipping Agency (Japan) Corporation, Evergreen
Shipping Agency (America) Corporation, Evergreen Marine (UK) Limited,
Evergreen Shipping Agency (Deutschland) GmbH.
3. Launching of unprecedented round-the-world eastbound and westbound
services and announcing the plan to build twenty four 2,728 TEU G-type
container vessels in preparation for the services.

1987–2006
1. Listed on the Taiwan Stock Exchange (TWSE Stock Code: 2603).
2. Launching of Far East–US West Coast reefer service.
3. Founding of Evergreen Marine (Hong Kong) Limited, Evergreen Shipping
Agency Philippines Corporation, Evergreen Shipping Agency (Poland)
SP.Z.O.O, Evergreen Shipping Agency (France) S.A.S.
4. Issuance of Global Depository Receipts for a total value of US$115 million
on the London Stock Exchange.
5. Inauguration of Colon Container Terminal (CCT) in Panama.
6. Taiwan’s Customs authorities approved the implementation of an “overall
self-management” system to improve and upgrade Evergreen’s services
to shippers. / Evergreen Container Terminal No. 5, Berths 79, 80 and 81 in
Kaohsiung Port became fully operational.
7. Founding of Evergreen Shipping Agency (Korea) Corporation, Evergreen
Marine Corp. (Malaysia) Sdn. Bhd., Evergreen Shipping Agency (Netherlands)
B.V., Evergreen Shipping Agency (Thailand) Co., Ltd., and Evergreen Marine
(Singapore) Pte. Ltd.
8. Inauguration of Taranto Container Terminal in Italy as its transit hub in the
Mediterranean.

008
 9. Evergreen Seafarer Training Center awarded ISO-9001:2000 certificate for
quality systems, maritime simulator and training centers by DNV, a leading
classification society.
10. Chang Yang Development Co., Ltd. was established as a joint venture with
Tesco Taiwan for investment and construction of the Tesco Chingkuo Store
in Taoyuan City.
11. Certified for Safety, Quality, & Environmental Management by American
Bureau of Shipping.
12. Founding of Evergreen Shipping Agency (Australia) Pty. Ltd., Evergreen
Shipping Agency Indonesia, Evergreen Shipping Agency (Vietnam)
Corporation, Evergreen Shipping Agency (India) Private Ltd., Evergreen
Shipping Agency (Italy) S.p.A.
13. Evergreen Seafarer Training Center awarded an Occupational Training
Institution certificate by the Council of Labor Affairs of the Executive Yuan.
14. Investment in Taipei Port Container Terminal Corp.
15. Evergreen Group ordered ten 7,000 TEU-class S-type container vessels
from Mitsubishi Heavy Industries.
16. Inauguration of Pierce County Terminal (PCT) at Port of Tacoma.

2007–2016
1. Founding of Evergreen Shipping Spain, S.L., Evergreen Shipping Agency
(Switzerland) AG., Evergreen Shipping South Africa.
2. Evergreen Group signed shipbuilding agreements with Samsung Heavy
Industries for twenty 8,000 TEU-class L-type container vessels.
3. Launching of “ShipmentLink Mobile”, an application on its e-commerce
system to mobile devices.
4. Honored with AEO certificate by Customs Administration.
5. Evergreen Seafarer Training Center obtained ClassNK Certification.
6. Evergreen signed charter parties with both Costamare and Shoei
Kisen Kaisha to each provide, on charter, five 14,000 TEU-class T-type
containerships.
7. Evergreen Line partnered with CKYH Alliance members, including COSCO,
K Line, Yang Ming and Hanjin to establish CKYHE Alliance.
8. Ever Living, Evergreen’s first L-type container ship built by CSBC
Corporation was selected as Ship of the Year by Taiwan Society of Naval
Architects and Marine Engineers.

009
 9. Evergreen Marine signed charter parties with Shoei Kisen Kaisha for six
20,000 TEU-class G-type container vessels..
10. Evergreen signed shipbuilding agreements with CSBC Corporation and
Imabari Shipbuilding for ten 2,800 TEU-class B-type vessels each; a total of
twenty container ships.
11. Evergreen Line and CMA CGM, COSCO, OOCL signed a Memorandum
of Understanding to form OCEAN Alliance with comprehensive service
network, to begin operation in April 2017.
12. Evergreen teamed up with National Kaohsiung Marine University to provide
a special seafarer training program to cultivate maritime talents.
13. Evergreen Line named Best Shipping Line—Trans-Pacific by Asia Cargo
News at 2016 Asian Freight, Logistics and Supply Chain Awards (AFLAS).
14. In light of the business opportunity offered by the expanded Panama Canal,
Evergreen upgraded the vessel size of its Fast East – US East Coast service,
with the first 8,000 TEU-class L-type container ship passing through the
canal in July 2016.
15. Evergreen Line, CMA CGM, COSCO and OOCL signed a document
entitled the Day One Product, which set out the OCEAN Alliance's network,
including port rotation for each service loop.

2017
1. For an unprecedented third consecutive year, Evergreen Line received
the E-Commerce Excellence Award from LOG-NET, a leading information
systems integrator of ocean carriers and customers. Striving to create
efficient information system and reliable service chain, Evergreen continued
its pursuit of growth and success for its valued customers.
2. Evergreen teamed up with National Taiwan Ocean University to provide a
special seafarer training program to cultivate maritime talents.
3. Evergreen Line was named Best Shipping Line – Asia-Africa by Asia Cargo
News at the 2017 Asian Freight, Logistics, and Supply Chain Awards
(AFLAS).
4. OCEAN Alliance officially commenced operations, with service networks
covering Asia–Europe, Asia–Mediterranean, Asia–Trans-Pacific, Asia–North
America East Coast, Trans-Atlantic and Far East–Middle East/Red Sea
trades.
5. Evergreen Shipping Agency (Deutschland) Gmbh renamed Evergreen

010
 Shipping Agency (Europe) Gmbh, and merged with Evergreen Shipping
Agencies in the Netherlands, Belgium, France, Poland, Switzerland and
Austria.
6. Evergreen Marine Corp. and its subsidiary Peony Investment S.A. acquired
80% shares of Evergreen Marine (Hong Kong) Ltd.

2018
1. Evergreen signed shipbuilding agreements with Samsung Heavy Industries
for eight 12,000 TEU-class F-type container vessels and charter parties with
Shoei Kisen Kaisha for twelve ships of the same capacity.
2. Evergreen partnered with Bolero International to offer paperless bill of lading
and dispatch documentation via its ShipmentLink portal, simplifying supply
chain linkages and increasing efficiency.
3. Founding of Evergreen Shipping Services (Cambodia) Company Limited,
Evergreen Shipping Agency (Peru) S.A.C, Evergreen Shipping Agency (Chile)
SPA, Evergreen Shipping Agency Mexico S.A.DE C.V.
4. Evergreen Line received the E-Commerce Excellence Award from LOG-NET
for the fourth time. Striving to create efficient information system and reliable
service chain, Evergreen continues to work for the growth and success of its
valued customers.
5. Evergreen teamed up with National Taiwan Ocean University to provide a
special seafarer training program to cultivate maritime talents.
6. Evergreen Marine (Hong Kong) Ltd., a subsidiary of EMC, merged Hatsu
Marine (Hong Kong) Ltd.
7. Evergreen ordered four 2,500 TEU-class O-type container ships, chartered
ten units of the same capacity and twenty four 1,800 TEU-class C-type
vessels.

2019
1. Founding of Evergreen Shipping Agency (Colombia) S.A.S., Evergreen
Shipping Agency (Greece) Societe Anonyme, Evergreen Shipping Agency
(Israel) Ltd, Evergreen Shipping Agency Lanka (Private) Limited.
2. Evergreen Line and other OCEAN Alliance members extended the duration
of the alliance agreement to ten years and announced the Day Three
Product network.
3. Ever Boomy, Evergreen’s B-type container ship built by CSBC Corporation

011
 is the first domestic ship to have an open loop SOx scrubber system
installed and is selected as Ship of the Year by Taiwan Society of Naval
Architects and Marine Engineers.
4. Evergreen teamed up with National Taiwan Ocean University to provide a
special seafarer training program to cultivate maritime talents.
5. Evergreen ordered ten 24,000 TEU-class A-type container vessels in total
from Samsung Heavy Industries, Hudong-Zhonghua Shipbuilding, and
Jiangnan Shipyard.
6. Evergreen ordered four 1,800 TEU-class C-type container vessels from
Hyundai Mipo Dockyard.

2020
1. Rank among top 5% of TWSE-listed companies in sixth Corporate
Governance Evaluation.
2. Evergreen launched GreenX e-commerce platform, providing online
quotation, container space booking and digital payment services.
3. Evergreen teamed up with National Taiwan Ocean University to provide a
special seafarer training program to cultivate maritime talents.
4. Evergreen joined Ship Recycling Transparency Initiative, sharing eco-friendly
shipbreaking policies to support sustainable life cycle of vessels.
5. Founding of Evergreen Shipping Agency (Brazil) S.A.

2021
1. Evergreen teamed up with National Kaohsiung University of Science and
Technology to provide a special seafarer training program to cultivate
maritime talents.
2. Founding of Evergreen Marine (Asia) Pte. Ltd, Evergreen Shipping Agency
(Argentina) S.A, Evergreen Shipping Agency Saudi Co. (L.L.C.).
3. Evergreen ordered twenty 15,000 TEU-class M-type container vessels from
Samsung Heavy Industries.
4. Evergreen ordered twenty four container ships, including two 1,900 TEU-
class C-type, eleven 2,300 TEU-class W-type and eleven 3,000 TEU-class
V-type vessels, from Huangpu Wenchong Shipbuilding.
5. Evergreen Marine (Hong Kong) Ltd. a subsidiary of EMC, acquired 100%
shares of Unigreen Marine, S.A.

012
2022
1. Evergreen ordered three 24,000 TEU-class A-type container vessels from
Hudong-Zhonghua Shipbuilding.
2. Evergreen Marine Corp. acquired accumulated 62.25% shares of Evergreen
Security Corp.
3. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 70%
shares of Evergreen International Myanmar Co., Ltd.
4. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 100%
shares of Evergreen Shipping Agency (Japan) Corporation.
5. Founding of Evergreen Business Process Inc. (EBPI).
6. Founding of Evergreen Shipping Agency (Turkey) Corporation, Evergreen
Shipping Agency (Ecuador) S.A.
7. Evergreen continued to team up with National Kaohsiung University of
Science and Technology to provide a special seafarer training program.
8. Evergreen obtained double certifications for its greenhouse gas emission
inventory.

2023
1. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 100%
shares of Colon Container Terminal S.A.
2. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 100%
shares of Evergreen Marine (Singapore) Pte. Ltd.
3. Evergreen ordered twenty four 16,000 TEU methanol dual-fuelled container
ships in total from Samsung Heavy Industries and Nihon Shipyard.
4. Founding of Evergreen Shipping Agency (Uruguay) S.A.
5. Evergreen Inaugurated Terminal 7 at Kaohsiung Port, Taiwan's first
automated container terminal.
6. Evergreen obtained carbon footprint verification for Asia-Europe & Trans-
Pacific services.

2024
1. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 100%
shares of Italia Marittima S.p.A.
2. Evergreen Marine (Asia) Pte. Ltd., a subsidiary of EMC, acquired 20%
shares of Abu Qir Container Terminal Company S.A.E.

013
03
Chapter
Corporate Governance Report

I. Organization

1. Organizational Chart
PROJECT DIV.

SHIP DIV.

LOGISTICS DIV.

CUSTOMER RELATIONSHIP
MANAGEMENT DIV.

SHAREHOLDERS’
MEETING OPERATION COORDINATION DEPT.

INVESTMENT DEPT.

AUDIT
COMMITTEE OPERATION DEPT.

BOARD OF BUSINESS DIV.

DIRECTORS REMUNERATION
COMMITTEE
TRAFFIC DEPT.
CHAIRMAN

DOCUMENTATION DEPT.
SUSTAINABILITY
COMMITTEE
COMPUTER DIV.

AUDITING DEPT. FINANCE DIV.

SUPERVISORY DEPT.

CORPORATE GOVERNANCE DEPT.

COMPETITION HUMAN RESOURCES DEPT.

PRESIDENT COMPLIANCE
TEAM
PUBLIC RELATIONS DEPT.

INFORMATION SECURITY DEPT.

LEGAL DEPT.

CARGO CLAIM DEPT.

CHIEF EXECUTIVE
VICE PRESIDENT INSURANCE DEPT.

GENERAL AFFAIRS DEPT.

ESTATE MANAGEMENT DEPT.

CLINIC DEPT.

OCCUPATIONAL SAFETY & HEALTH DEPT.

TAIPEI PORT OFFICE

TAICHUNG OFFICE

KAOHSIUNG OFFICE

KAOHSIUNG TERMINAL DIV.

014
2. Major Corporate Functions

(1) According to the Company’s Articles of Incorporation, there are seven to

nine directors (including three independent directors) who are elected by the
Shareholders’ Meeting according to law, and whose term of office is three
years. The directors organize the Board of Directors and are responsible
for the resolution of the Company’s business. The matter is attended by
more than two-thirds of the directors and more than half of the directors’
consent. One person is elected as the chairman and another is the vice
chairman. The chairman represents the Company in all business matters. To
enhance corporate governance and strengthen the Board’s functions, the
Board of Directors has established an “Audit Committee”, “Remuneration
Committee” and “Sustainability Committee”.
(2) The Company assigns a President who adheres to the instructions of the
board of directors and oversee the Company's business. The President’s
appointment, dismissal and remuneration should be handled in accordance
with Article 29 of the Company Act.
(3) Chief Executive Vice President: Assisting the top management with
monitoring and achieving goals for businesses and operations.
(4) Auditing Dept.: Conducting internal audits, inspections, and reviews of the
internal control system to improve operational effectiveness.
(5) Competition Compliance Team: The team is responsible for establishing
the Company’s’ regulatory compliances, providing training, and ensuring
compliance with competition regulations.
(6) Project Div.: Monitoring global business strategy, alliances, chartered
vessels, fleet deployment, agency management, IT integration, industry
research, pricing guidance, and space control for all services.
(7) Ship Div.: Responsible for Shipbuilding supervision, vessel repair and
maintenance supervision, supplies arrangement, fuel and lubricating oil
procurement, fleet audits, marine technology enhancement, vessel energy
efficiency management and seamen’s human resources management.
(8) Logistics Div.: Responsible for deploying global empty containers,
managing terminal contracts, planning inland transportation, and overseeing
container-related affairs.
(9) Customer Relationship Management Div.: Responsible for developing,
designing, promoting, and managing ecommerce websites. They also
supervise global agency customer service, maintain document management
systems, process customer data, and handle bill of lading processing and

015
 ocean freight rating.
(10) Operation Coordination Dept.: Global long-term sailing schedule
management, fleet fuel consumption monitoring and analysis, terminal/
depot contracts negotiation and owned terminal operation management.
(11) Investment Dept.: Investment affairs.
(12) Operation Dept.: Responsible for managing the global short-term sailing
schedule, overseeing port cargo handling, and conducting inspections of
out-of-gauge and dangerous cargoes.
(13) Business Div.: Responsible for conducting market analysis and canvassing
of import and export cargo in Taiwan.
(14) Traffic Dept.: Providing export booking and consulting services for Taiwan.
(15) Documentation Dept.: Handling import and export documentation and
counter operations in Taiwan.
(16) Computer Div.: Responsible for system programming, information security
management, and planning, purchasing, and maintenance of information
appliances.
(17) Finance Div.: Corporate finance and accounting, agency account
assessment, and cost of revenue analysis.
(18) Supervisory Dept.: Inspecting cross-functional work procedures and
system requirements, and supervises and manages subsidiaries.
(19) Corporate Governance Dept.: Responsible for Shareholders’ Meeting,
Board Meeting and Functional Committee affairs, corporate governance
and shareholder related matters.
(20) Human Resources Dept.: Managing human resources, including talent
recruitment and retention, employees’ training, and organizational
development.
(21) Public Relations Dept.: Promoting and protecting the Company’s’ image
and products, and creates and disseminates press releases.
(22) Information Security Dept.: Managing and supervising information security.
(23) Legal Dept.: Handling corporate legal affairs, such as consultation,
contracts, and litigation.
(24) Cargo Claim Dept.: Handling cargo insurance and cargo claims, and
providing counseling on related affairs.
(25) Insurance Dept.: Handling marine hull insurance, P & I insurance and
claims for damages of ships, and providing counseling on related affairs.
(26) General Affairs Dept.: Responsible for general affairs, equipment

016
 maintenance, and staff canteen.
(27) Estate Management Dept.: Real estate management and related affairs.
(28) Clinic Dept.: Providing regular physical exams, health services, and health
management, including the provision of suitable health advice and fitness
for both sea and land crew.
(29) Ocupational Safety and Health Dept.: Planning and implementing
occupational safety and health.
(30) Tapei Port Office: Taipei Port shipping affairs.
(31) Taichung Office: Taichung cargo canvassing and shipping affairs.
(32) Kaohsiung Office: Kaohsiung cargo canvassing and shipping affairs.
(33) Kaohsiung Terminal Div.: Terminal operation, machinery and equipment
maintenance.

017
018
II. Directors and Management Team

1. Directors

(1) Director information

MAR. 30, 2024

Executives Directors
Shareholding When Current Shares Held by or Supervisors who are
Spouse & Minors
Gender Date Elected Shareholding Nominee Spouse or Within
Title Natio- Date First Shareholding Experience & Education Concurrent Positions in
Name Age Elected Tenure (Note 9) (Note 9) Arrangement Second Degree of
(Note 1) nality Elected (Note 4) Other Companies
(Note 2) (Note 3) Kinship

Shares (%) Shares (%) Shares (%) Number (%) Title Name Relation

HUI Not
R.O.C 2020.06.24 2023.05.30 3 Years 400,000 0.019 400,000 0.019 Not applicable 0 0.000 Not applicable Not applicable Not applicable
Corporation applicable

Chairman, Taipei Port

Director:
Container Terminal Corp.
Evergreen International
Chairman Chairman, United
Storage &Transport Corp.,
Representative: Male Stevedoring Corp.
R.O.C 2020.10.07 2023.05.30 3 Years Not applicable 0 0.000 0 0.000 0 0.000 Taipei Port Container Terminal None None None
Chang, Yen-I 61-70 Taipei College of Maritime
Corp.,
Technology in Navigation
Taiwan Terminal Services Corp.
(Now called Taipei University
Ltd.
of Marine Technology)

Vice Chairman, Evergreen

Marine Corp. (Taiwan) Ltd.
Taipei College of Maritime
Chang, Kuo- Male 1976.09.02
Director R.O.C 2023.05.30 3 Years 63,938,462 3.021 135,503,462 6.302 26,792,000 1.246 0 0.000 Technology in Marine None None None None
Hua 61-70 (Note 6)
Engineering (Now called
Taipei University of Marine
Technology)

Scept Not
Director R.O.C 2023.05.30 2023.05.30 3 Years 6,720,000 0.318 10,900,000 0.510 Not applicable 0 0.000 Not applicable Not applicable Not applicable
Corporation applicable
 Executives Directors
Shareholding When Current Shares Held by or Supervisors who are
Spouse & Minors
Gender Date Elected Shareholding Nominee Spouse or Within
Title Natio- Date First Shareholding Experience & Education Concurrent Positions in
Name Age Elected Tenure (Note 9) (Note 9) Arrangement Second Degree of
(Note 1) nality Elected (Note 4) Other Companies
(Note 2) (Note 3) Kinship

Shares (%) Shares (%) Shares (%) Number (%) Title Name Relation

Vice Group Chairman, Director:

Evergreen Group Evergreen International
Representative: Female 1982.06.12 Chairman, Evergreen Storage &Transport Corp.,
R.O.C 2023.05.30 3 Years Not applicable 37,025 0.002 0 0.000 0 0.000 None None None
Ko, Lee-Ching 71-80 (Note 7) International Corp. Evergreen Steel Corp.
National Keelung Girls’ Supervisor:
Senior High School Evergreen Sky Catering Corp.

Executive Vice President,

Director Finance Department of
Evergreen Marine Corp. President :
(Taiwan) Ltd. Evergreen Marine Corp.
Representative: Male 2.41 Chief Executive Vice (Taiwan) Ltd.
R.O.C 2020.06.24 2024.01.01 Not applicable 40,887 0.002 0 0.000 0 0.000 None None None
Wu, Kuang-Hui 61-70 Years President, Evergreen Marine Director:
Corp. (Taiwan) Ltd. Taipei Port Container Terminal
Master of Business Corp.
Administration, National Sun
Yat-Sen University

HUI Not
R.O.C 2020.06.24 2023.05.30 3 Years 400,000 0.019 400,000 0.019 Not applicable 0 0.000 Not applicable Not applicable Not applicable
Corporation applicable

Director & President, Ever-

Director:
green International Corp.
EVA Airways Corp., Evergreen
Director Executive Vice President,
International Storage &
Representative: Male 2011.06.24 Legal Dept., Evergreen
R.O.C 2023.05.30 3 Years Not applicable 774 0.000 0 0.000 0 0.000 Transport Corp., Evergreen None None None
Tai, Jiin-Chyuan 61-70 (Note 8) International Corp.
Steel Corp., Evergreen Sky
Master of Maritime Law,
Catering Corp., Taipei Port
National Taiwan Ocean
Container Terminal Corp.
University

019
020
Executives Directors
Shareholding When Current Shares Held by or Supervisors who are
Spouse & Minors
Gender Date Elected Shareholding Nominee Spouse or Within
Title Natio- Date First Shareholding Experience & Education Concurrent Positions in
Name Age Elected Tenure (Note 9) (Note 9) Arrangement Second Degree of
(Note 1) nality Elected (Note 4) Other Companies
(Note 2) (Note 3) Kinship

Shares (%) Shares (%) Shares (%) Number (%) Title Name Relation

Evergreen Steel Not

R.O.C 2014.06.18 2023.05.30 3 Years 15,304,681 0.723 15,304,681 0.712 Not applicable 0 0.000 Not applicable Not applicable Not applicable
Corp. applicable

President,
Evergreen Shipping Agency
(Netherlands) B.V. Chief Executive Vice President,
Director Div. Chief of Logistics Div. Evergreen Marine Corp.
Representative: Male 2.41 of Evergreen Marine Corp. (Taiwan) Ltd.
R.O.C 2024.01.01 2024.01.01 Not applicable 92 0.000 0 0.000 0 0.000 None None None
Lin, Wen-Kuei 61-70 Years (Taiwan) Ltd. Director:
National Taiwan Ocean Taipei Port Container Terminal
University Merchant Marine Corp.
(Now called National Taiwan
Ocean University)

Chairman, Chunghwa Post

Co., Ltd.
Political Deputy Minister,
Ministry of Transportation &
Independent Male Communicatio-ns
R.O.C Yu, Fang-Lai 2017.06.22 2023.05.30 3 Years 0 0.000 0 0.000 0 0.000 0 0.000 None None None None
Director 71-80 MBA of Institute of Manage-
ment Science, National
Chiao Tung University(Now
called National Yang Ming
Chiao Tung University)

Partner, CPA, Zhi Cheng CPA

Partner, Pricewaterhouse
Firm
Coopers, Taiwan
Independent Male Independent Director:
R.O.C Li, Chang-Chou 2017.06.22 2023.05.30 3 Years 0 0.000 0 0.000 0 0.000 0 0.000 Master of Accounting, Uni- None None None
Director 51-60 Silicon Optronics, Inc.,
versity of Illinois at Urbana-
St.Shine Optical Co., Ltd.,
Champaign
Hotai Insurance Co., Ltd.
 Executives Directors
Shareholding When Current Shares Held by or Supervisors who are
Spouse & Minors
Gender Date Elected Shareholding Nominee Spouse or Within
Title Natio- Date First Shareholding Experience & Education Concurrent Positions in
Name Age Elected Tenure (Note 9) (Note 9) Arrangement Second Degree of
(Note 1) nality Elected (Note 4) Other Companies
(Note 2) (Note 3) Kinship

Shares (%) Shares (%) Shares (%) Number (%) Title Name Relation

Attorney-in-Charge, Tai-Yang
Life Science Business Law
Office
Master degree:
Law,
National Taiwan
Attorney-in-Charge, Tai-Yang
Independent Chang, Chia- Male University
R.O.C 2014.06.18 2023.05.30 3 Years 0 0.000 0 0.000 0 0.000 0 0.000 Life Science Business Law None None None
Director Chee 61-70 Medicine Institute of
Office
Molecular Medicine,
National Taiwan University
Department of Accounting
and Information Technology
National Chung Cheng
University

Note 1: For a corporate shareholder, the name of the corporate shareholder and its representative shall be listed separately (when listing the representative of a
corporate shareholder, the name of the corporate shareholder shall also be noted), and Form 1 below shall also be completed.
Note 2: Please state the actual age, or, alternatively, state the age interval into which the actual age falls, e.g., 41~50 years, 51~60 years.
Note 3: Specify the time the person first began to serve as a director or supervisor of the Company. If there has been any break within a term or between terms,
add a note specifying the circumstances.
Note 4: Specify experience and qualifications related to the current position. If during a period specified above the person has served in a position at a CPA firm
that serves as external auditor/attestor, specify the position held and the duties for which the person was responsible.
Note 5: Where the chairperson of the board of directors and the general manager or person of an equivalent post (the highest level manager) of a company
are the same person, spouses, or relatives within the first degree of kinship, an explanation shall be given of the reason for, reasonableness, necessity
thereof, and the measures adopted in response thereto (e.g., increasing the number of independent directors and ensuring that a majority of directors do

021
022
not concurrently serve as an employee or managerial officer): None.
Note 6: Mr. Chang, Kuo-Hua has served as a director of the Company from 09/02/1976 to 12/31/1998, 06/20/2001 to 06/24/2004, 06/19/2008 to 06/24/2011,
and from 06/18/2014 till present.
Note 7: Ms. Ko, Lee-Ching has served as a director or supervisor of the Company from 06/12/1982 to 03/31/1983, 06/11/1983 to 06/12/1984, and from
05/09/1992 till present.
Note 8: Mr. Tai, Jiin-Chyuan has served as a director of the Company from 06/24/ 2011 to 06/23/2014, and from 06/24/2020 till present.
Note 9: The Company had issued 2,116,420,082 shares when current Board of Directors was elected on 05/30/2023. As of 03/30/2024, the Company has
issued 2,150,248,040 shares.
Note 10: The diversity policy of the Board of Directors: Please refer to page 28 to 29.
(2) Major shareholders of the institutional shareholders

MAR. 30, 2024

Name of Institutional Shareholder Major Shareholders of Institutional

(Note1) Shareholder (Note2)

Yang, Mei-Chen (86.36%)

HUI Corporation
Chang, Chien-Hui (13.64%)

Yang, Mei-Chen (97.31%)

Scept Corporation
Chang, Sheng-En (2.69%)

Evergreen Marine Corp. (Taiwan) Ltd. (19%)

Chang, Kuo-Hua (6.18%)
Continental Engineering Corp. (6.15%)
Chang, Kuo-Cheng (6%)
Chang Yung-Fa Foundation (6%)
Evergreen Steel Corp. (Note 4) CAPITAL TIP Customized Taiwan Select High
Dividend ETF(5%)
Yang, Mei-Chen (4.87%)
Chang, Sheng-En (4.78%)
Wei-Dar Development Co., Ltd. (3.07%)
TSRC Corp. (2.91%)

Note1: If the directors and supervisors are institutional shareholders, please disclose the
name of institute.
Note2: For the institutional shareholder which is not belong to the Company’s organization, its
name and shareholding ratio should be disclosed, i.e., the name of the contributor or
donor and its contribution or donation ratio. The major shareholders of the institutional
shareholder (for those holding more than 10% shares) and its shareholdings
percentage should be disclosed. If the major shareholders of the institutional
shareholders are institute, please fill in chart 2.
Note3: The data is provided by institutional shareholders, and from public information on
website of Administration of Commerce, MOEA or MOPS.
Note4: The data of Evergreen Steel Corp. was the close period information of the
Shareholders’ Meetings of 2024.
Note5: When the institutional shareholder is not company organization, the mentioned name
of institution and its shareholding ratio, which shall be disclosed, are defined as
name of endower and its endowment ratio. The endower have passed away, add
“Deceased”.

023
 (3) Major shareholders of the Company’s major institutional shareholders

MAR. 30, 2024

Legal Entity Name of Institutional Major Shareholders of Institutional

(Note1) Shareholders (Note2) Shareholders (Note3)

Chang, Kuo-Hua (6.3%)

CAPITAL TIP Customized Taiwan Select High
Dividend ETF (6.19%)
Chang, Sheng-En (4.14%)
Chang, Yung-Fa (Deceased) (3.22%)
Cathay United Bank Trust Account – Chang,
Evergreen Marine
Kuo-Hua (2.97%)
Corp. (Taiwan) Ltd.
New Labor Pension Fund (1.48%)
Fubon Life Insurance Co., Ltd. (1.45%)
J.P. Morgan Securities Plc (1.44%)
Yang, Mei-Chen (1.25%)
Cathay United Bank Trust Account – Yang,
Mei-Chen (0.88%)

Continental
Continental Holdings Corp. (99.99%)
Engineering Corp.

Chang ,Yung-Fa (Deceased)

Evergreen Steel Chang, Shu-Hua (Deceased)
Corp. Chang, Kuo-Hua
Chang, Kuo-Ming
Chang, Kuo-Cheng
Evergreen International Corp.
Chang Yung-Fa
Evergreen Marine Corp. (Taiwan) Ltd.
Foundation
Everglory Transport Corp.
(Note 6)
Evergreen Investment Corp.
Eversafty Container Terminal Corp.
Evermaster Industrial Corp.
Evergenius Computer Information Corp.
Everlaural Trading Corp. Ltd.
Uniglory Marine Corp.

CAPITAL TIP Custom-

ized Taiwan Select Not applicable
High Dividend ETF

Wei-Dar Development
Maoshi Corp. (99.59%)
Co., Ltd.

024
 Legal Entity Name of Institutional Major Shareholders of Institutional
(Note1) Shareholders (Note2) Shareholders (Note3)

Bunker Industry Inc. (8.42%)

Han-De Construction Co., Ltd. (7.64%)
Wei-Dar Development Co., Ltd. (6.50%)
Formosa Petrochemical Corporation (4.99%)
Fubon Life Insurance Co., Ltd. (4.5%)
Evergreen Steel
TSRC Corp. Tamerton Group Limited (4.19%)
Corp.
Hao Ran Foundation (3.41%)
Cathay Life Insurance Co., Ltd. (2.62%)
Miriton Investment Limited (1.71%)
Citibank Taiwan in custody for Norges Bank
Investment Account (1.34%)

Note 1: Name of Institutional Shareholders of Table 1.

Note 2: Name of Major Shareholders of Institutional Shareholders of Table 1.
Note 3: Fill in the name and shareholding ratio of the major shareholders (with the top-ten
shareholding ratio) of the institutional shareholders.
Note4: The data is provided by institutional shareholders, and from public information on
website of Administration of Commerce, MOEA or MOPS.
Note 5: When the institutional shareholder is not company organization, the mentioned
name of institution and its shareholding ratio, which shall be disclosed, are defined
as name of endower and its endowment ratio. The endower have passed away, add
“Deceased”.
Note 6: The endowers are the endowers listed in the Charter of Endowment of Chang Yung-
Fa Foundation.

025
 (4) Disclosure of Professional Qualifications of Directors and Independence of
Independent Directors

MAR. 30, 2024

Number of Other Public Companies

in Which the Individual is
Professional Qualifications and Independence
Name and Title Concurrently Serving as an
Independence Criteria Criteria
Independent Director or the member
of Remuneration Committee

1. Education:
Taipei College of Maritime Technology in
Navigation
Chairman, (Now called Taipei University of Marine
N/A 0
Chang, Yen-I Technology)
2. Professional qualifications and experience:
Please refer to page 18 to 22. (Director
information)

1. Education:
Taipei College of Maritime Technology in
Marine Engineering
Director, (Now called Taipei University of Marine
N/A 0
Chang, Kuo-Hua Technology)
2. Professional qualifications and experience:
Please refer to page 18 to 22. (Director
information)

1. Education:
National Keelung Girls’ Senior High School
Director,
2. Professional qualifications and experience: N/A 0
Ko, Lee-Ching
Please refer to page 18 to 22. (Director
information)

1. Education:
Master of Maritime Law, National Taiwan
Director, Ocean University
N/A 0
Tai, Jiin-Chyuan 2. Professional qualifications and experience:
Please refer to page 18 to 22. (Director
information)

1. Education:
Director,
Master of Business Administration, Na-
Wu, Kuang-Hui
tional Sun Yat-Sen University
(Convener of the N/A 0
2. Professional qualifications and experience:
Sustainability
Please refer to page 18 to 22. (Director
Committee)
information)

026
 Number of Other Public Companies
in Which the Individual is
Professional Qualifications and Independence
Name and Title Concurrently Serving as an
Independence Criteria Criteria
Independent Director or the member
of Remuneration Committee

1. Education:
National Taiwan Ocean University Mer-
chant Marine
Director, (Now called National Taiwan Ocean Uni-
N/A 0
Lin, Wen-Kuei versity)
2. Professional qualifications and experience:
Please refer to page 18 to 22. (Director
information)

1. Education:
MBA of Institute of Management Science,
National Chiao Tung University
(Now called National Yang Ming Chiao
Tung University)
Independent
2. Professional qualifications and experience:
Director,
Political Deputy Minister, Ministry of Trans-
Yu, Fang-Lai
portation & Communications (2002~2008)
(Committee
Administrative Deputy Minister, Ministry
member of the
of Transportation & Communications
Remuneration 0
(2008~2009) Comply with the
Committee, the
Chairman, Chunghwa Post Co., Ltd. independence
Audit Committee
(2009~2013) requirements of
and the
Director, China Aviation Development “ Regulations
Sustainability
Foundation (2013~2016) Governing
Committee)
Independent Director, Evergreen In- Appointment
ternational Storage & Transport Corp. of Independent
(2014~2017) Directors and
Independent Director, Evergreen Marine Compliance
Corporation (Taiwan) Ltd. (Since 2017) Matters for
Public
Independent 1. Education: Companies ”
Director, Master of Accounting, University of Illinois (Note 2)
Li, Chang-Chou at Urbana-Champaign
(Convener of the 2. Professional qualifications and experience: Independent Director: Silicon Optron-
Audit Commit- Partner, PricewaterhouseCoopers, Taiwan ics, Inc., St.Shine Optical Co.,Ltd.,
tee, Committee (1999~2012) Hotai Insurance Co., Ltd.
member of the Partner, CPA, Zhi Cheng CPA Firm (Since The member of Remuneration Com-
Remuneration 2013) mittee: Silicon Optronics, Inc., St.Shine
Committee and Independent Director, Axcen Photonics Optical Co.,Ltd.
the Sustainability Corporation, Ltd. (2015~2020)
Committee) Independent Director, Kuen Ling machin-
ery refrigerating Co., LTD. (2015~2021)

027
 Number of Other Public Companies
in Which the Individual is
Professional Qualifications and Independence
Name and Title Concurrently Serving as an
Independence Criteria Criteria
Independent Director or the member
of Remuneration Committee

Independent Director, Evergreen Marine

Corporation (Taiwan) Ltd. (Since 2017)
Independent Director, Silicon Optronics,
Inc. (Since 2017)
Independent Director, Hotai Insurance Co.,
Comply with the
Ltd. (Since 2020)
independence
Independent Director, St. Shine Optical
requirements of
Co., Ltd. (Since 2021)
“ Regulations
Governing
Independent
1. Education: Appointment
Director,
Master degree: Master of Law, National Tai- of Independent
Chang, Chia-
wan University, Master of Science of Medi- Directors and
Chee
cine Institute of Molecular Medicine ,Na- Compliance
(Convener of
tional Taiwan University, Master of Science Matters for
the Remunera-
in Accounting and Information Technology, Public
tion Committee, 0
National Chung Cheng University Companies ”
Committee
2. Professional qualifications and experience: (Note 2)
member of the
Tai-Yang Life Science Business Law Office
Audit Committee
Attorney-in-Charge (Since 1994)
and the
Independent Director, Evergreen Marine
Sustainability
Corporation (Taiwan) Ltd. (Since 2014)
Committee)

Note 1: There are none of the situations listed in Article 30 of the Company Act with the 9 directors of the Company.
Note 2: The Company conducts regular reviews of the qualifications of its Independent Directors, once a year. The three
Independent Directors themselves, as well as their spouses, relatives within the second degree of kinship, or
lineal relatives within the third degree of kinship, are not natural person shareholders holding an aggregate of 1%
or more of the total number of issued shares of the Company or ranking in the top 10 in holdings. Additionally,
they are not directors, supervisors, or employees of the Company or its affiliated companies. The other three
Independent Directors are not directors, supervisors, or employees of the companies listed in Article 3, Paragraph
1, Subparagraphs 5 to 8 of the “Regulations Governing Appointment of Independent Directors and Compliance
Matters for Public Companies”. Furthermore, apart from serving as Independent Directors and members of
the functional committees of the Company, they do not provide auditing or other professional services for
the Company. Based on the above, all three Independent Directors meet the independence requirements.

(5) Diversity, Independence and Professionalism of the Board of Directors

(1) Diversity of the Board of Directors:

A. According to the “Corporate Governance Best Practice Principles” of the
Company, as stated in Paragraph 3 of Article 20, the composition of the Board

028
 of Directors should be diversified. Additionally, Paragraph 4 of the same Article requires
that the members of the Board of Directors possess professional knowledge, skills, and
abilities. The current Directors of the Company have expertise in various fields, including
transportation management, business management, law, finance accounting, government
and supervision, information technology and medical science among others. This
diversity can enhance the professionalism of the Board of Directors’ decision-making and
contribute to the Company’s long-term development and operation.
B. The Company places great emphasis on gender equality in the composition of the
board members, with a goal of at least 10% female representation. Currently, the Board
comprises 9 members, one of whom is female, accounting for 11.11% of the Board.
C. Going forward, the Company will modify its diversity policy in a timely manner based on
the actual operation of the Board of Directors and its needs, with the aim of achieving the
ideal goal of corporate governance.
D. The diversification of the Company’s Board of Directors is as follows:
Diversity Items
Basic Composition Professional Abilities
Directors

Tenure of
Employee Government
Independent Business Transportation Finance Information Medical
Title Name Nationality Gender Age of the Law &
Director less Management Management Accounting Technology Science
Company Supervision
than three

Chairman Chang, Yen-I R.O.C Male 61-70 3 3

Director Chang, Kuo-Hua R.O.C Male 61-70 3 3

Director Ko, Lee-Ching R.O.C Female 71-80 3 3 3 3

Director Tai, Jiin-Chyuan R.O.C Male 61-70 3 3 3 3

Director Wu, Kuang-Hui R.O.C Male 61-70 3 3 3 3

Director Lin, Wen-Kuei R.O.C. Male 61-70 3 3 3

Independent
Yu, Fang-Lai R.O.C Male 71-80 3 3 3 3
Director

Independent
Li, Chang-Chou R.O.C Male 51-60 3 3 3
Director

Independent Chang, Chia-

R.O.C Male 61-70 3 3 3 3 3
Director Chee

(2) Independence and Professionalism of the Board of Directors

A. The Company has a total of nine directors, three of whom are independent directors,
accounting for 33.33% of the total number of directors. To strengthen the independence
and operational efficiency of the Board of Directors, the Company has formulated the
“Rules for the Scope of Responsibilities of Independent Directors”. All independent
directors perform their duties in accordance with these rules and have not established

029
 any relationship with the management or the Company during their term of office. The
three independent directors are able to independently and effectively supervise the
operation of the Board of Directors to prevent any harm to the interests of the Company
or impairment of fair judgment.
B. All directors of the Company have no spouses or relatives within the second degree of
kinship also serving. If board meeting matters involve interests of directors that could
prejudice the interest of the Company, said directors shall refrain from discussing and
voting on the proposal to ensure that the Board of Directors can make resolutions
independently and objectively.
C. According to Article 20, Paragraph 4 of the Company’s “Corporate Governance
Regulations”, members of the Board of Directors should pay attention to gender equality
and possess the knowledge, skills, and accomplishments necessary to perform their
duties. To achieve the ideal goal of corporate governance, all members of the Board of
Directors should have the following capabilities:
a. Operational Judgment
b. Accounting and Financial Analysis
c. Management
d. Crisis Management
e. Industry Knowledge
f. International Market View
g. Leadership
h. Decision-Making
Note 1: Professional qualifications and experience:
The professional qualifications and experience of individual directors should be stated. If they
are members of the audit committee and possess accounting or financial expertise, they
should also state their accounting or financial background and work experience. Additionally,
it should be indicated whether there are any circumstances outlined in Article 30 of the
Company Act.
Note 2: Independent directors are required to disclose their independence, which includes but is not
limited to the following: whether they, their spouse, or relatives within the second degree are
directors, supervisors, or employees of the Company or its affiliated companies; the number
and proportion of the Company’s shares held in the name of another person; whether they
serve as a director, supervisor, or supervisor of a company that has a specific relationship
with the Company (as defined in Article 3, Paragraph 1, Subparagraphs 5 to 8 of the
Regulations Governing Appointment of Independent Directors and Compliance Matters for
Public Companies); and the amount of remuneration received for providing business, legal,
financial, accounting, and other services to the Company or its affiliates in the last two years.

030
 2. Management Team
MAR. 30, 2024

Shareholding by Managers Who are Spouses or

Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP:EVERGREEN MARINE CORP.

(TAIWAN) LTD.
CHIEF EXECUTIVE VICE Director:
WU, KUANG-
PRESIDENT ROC Male 2024.01.01 40,887 0.002 0 0 0 0 PRESIDENT Taipei Port Container NIL NIL NIL
HUI
EDU:NATIONAL SUN YAT-SEN Terminal Corp.
UNIVERSITY
BUSINESS MANAGEMENT

EXP: EVERGREEN SHIPPING

AGENCY (NETHERLANDS)
CHIEF
B.V. Director:
EXECUTIVE
ROC LIN, WEN-KUEI Male 2024.01.01 92 0 0 0 0 0 PRESIDENT Taipei Port Container NIL NIL NIL
VICE
EDU:NATIONAL TAIWAN OCEAN Terminal Corp.
PRESIDENT
UNIVERSITY
MERCHANT MARINE

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
MARKETING DIV.
PROJECT DIV. WANG, PEI-
ROC Male 2021.01.01 0 0 0 0 0 0 EXECUTIVE VICE PRESIDENT NIL NIL NIL NIL
DIV. CHIEF CHUN
EDU:UNIVERSITY OF HERTFORD-
SHIRE
BUSINESS ADMINISTRATION

031
032
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
SHIPBUILDING DEPT.
SHIP DIV. HUANG, EXECUTIVE VICE PRESIDENT
ROC Male 2020.04.01 34,800 0.002 0 0 0 0 NIL NIL NIL NIL
DIV. CHIEF TSUNG-YUNG EDU:NATIONAL TAIWAN OCEAN
UNIVERSITY
SYSTEMS ENGINEERING
AND NAVAL ARCHITECTURE

EXP: EVERGREEN INTERNATIONAL

CORP.
CUSTOMER
INTERNATIONAL CUSTOMER
RELATIONSHIP
SERVICE DIV.
MANAGEMENT ROC FANG, YU-YEN Female 2020.04.10 465 0 0 0 0 0 NIL NIL NIL NIL
EXECUTIVE VICE PRESIDENT
DIV.
EDU:SHILIN HIGH SCHOOL OF
DIV. CHIEF
COMMERCE
BUSINESS MANAGEMENT

Exp: EVERGREEN SHIPPING

AGENCY (AMERICA) CORP.
BUSINESS DIV. CHANG, DA-
ROC Male 2023.12.25 0 0 0 0 0 0 PRESIDENT NIL NIL NIL NIL
DIV. CHIEF CHIH
EDU:SOOCHOW UNIVERSITY
BUSINESS ADMINISTRATION

EXP: EVERGREEN INTERNATION-

AUDITING
COMPUTER AL CORP. COMPUTER DIV.
HUANG, CHAO- DEPT. WU, YU-
DIV. ROC Male 2022.03.17 0 0 1,286 0 0 0 EXECUTIVE VICE PRESIDENT NIL COUPLES
KUO DEPT. CHI
DIV. CHIEF EDU:TAMKANG UNIVERSITY
HEAD
COOPERATIVE ECONOMICS

EXP: ITALIA MARITTIMA S.p.A.

FINANCE DEPT.
FINANCE DIV.
ROC TSAI, I-JUNG Male 2014.07.01 0 0 0 0 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
DIV. CHIEF
EDU:TAMKANG UNIVERSITY
ACCOUNTING
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
LOGISTICS DIV. EQUIPMENT
LOGISTICS CONTROL DEPT.
KUO, YUAN-
DIV. ROC Male 2024.03.01 8 0 0 0 0 0 DEPT. HEAD NIL NIL NIL NIL
PING
DIV. CHIEF EDU:NATIONAL YANG MING UNI-
VERSITY
TRANSPORTATION AND
LOGISTICS MANAGEMENT

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
KSG TERMINAL DIV. TER-
KSG TERMI- Chairman:
WU, YUEH- MINAL OPERATION DEPT.II
NAL DIV. ROC Male 2024.03.01 0 0 0 0 0 0 Taiwan Terminal Services NIL NIL NIL
FENG DEPT. HEAD
DIV. CHIEF Corp. Ltd
EDU:KAOHSIUNG COLLEGE OF
MARINE TECHNOLOGY SHIP-
PING TECHNOLOGY

EXP: EVERGREEN MARINE (UK)

LTD.
PROJECT DIV. CHAIRMAN
CHEN, WEI-
DEPUTY DIV. ROC Male 2023.01.05 10,366 0 0 0 0 0 EDU:UNIVERSITY OF CENTRAL NIL NIL NIL NIL
HSUN
CHIEF OKLAHOMA
FAMILY AND CONSUMER
SCIENCE EDUCATION

033
034
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
KSG TERMI- KSG TERMINAL DIV. MAINTE-
NAL DIV. PAN, CHIN- NANCE DEPT.II
ROC Male 2024.03.01 0 0 0 0 0 0 NIL NIL NIL NIL
DEPUTY DIV. TUNG DEPT. HEAD
CHIEF EDU:KAOHSIUNG COLLEGE OF
TECHNOLOGY
MECHANICAL ENGINEERING

EXP: TAIPEI PORT CONTAINER

TERMINAL CORP.
OPERATION
CHAIRMAN
COORDINA- SU, TENG-
R.O.C Male 2020.01.01 0 0 0 0 0 0 EDU:NATIONAL TAIWAN OCEAN NIL NIL NIL NIL
TION DEPT. HUAN
UNIVERSITY
DEPT. HEAD
SHIPPING AND TRANSPOR-
TATION MANAGEMENT

EXP: EVERGREEN SHIPPING

PROJECT DIV. AGENCY(EUROPE) GMBH
BUSINESS PRESIDENT
COORDINA- R.O.C WEI, WEI-DER Male 2021.01.01 52,116 0.002 0 0 0 0 EDU:NATIONAL CHUNG HSING NIL NIL NIL NIL
TION DEPT. UNIVERSITY
DEPT. HEAD FINANCE AND COOPERATIVE
MANAGEMENT

EXP: EVERGREEN SHIPPING

AGENCY (AMERICA) CORP.
PROJECT DIV.
DALLAS OFFICE
NORTH
HSU, SENIOR VICE PRESIDENT
AMERICA R.O.C Male 2022.01.01 0 0 0 0 0 0 NIL NIL NIL NIL
CHING-CHE EDU:NATIONAL CHUNG HSING
DEPT.
UNIVERSITY
DEPT. HEAD
FOREIGN LANGUAGES AND
LITERATURES
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
LATIN AMERICA DEPT.
PROJECT DIV.
DEPUTY SENIOR VICE PRESI-
LATIN AMERI- SU, MING-
R.O.C Male 2021.01.01 0 0 0 0 0 0 DENT NIL NIL NIL NIL
CA DEPT. SUNG
EDU:NATIONAL CHIAO TUNG
DEPT. HEAD
UNIVERSITY
TRANSPORTATION AND
LOGISTICS MANAGEMENT

EXP: EVERGREEN SHIPPING

PROJECT DIV. AGENCY(EUROPE) GMBH
EUROPE HUANG, PRESIDENT
R.O.C Male 2021.01.01 172 0 375 0 0 0 NIL NIL NIL NIL
DEPT. SHENG-PENG EDU:CHINESE CULTURE UNIVER-
DEPT. HEAD SITY
MECHANICAL ENGINEERING

EXP: EVERGREEN SHIPPING

AGENCY(EUROPE) GMBH
PROJECT DIV.
FRANCE BRANCH EXECU-
NEAR EAST HUANG, MING-
R.O.C Male 2021.01.01 0 0 0 0 0 0 TIVE VICE PRESIDENT NIL NIL NIL NIL
DEPT. JER
EDU:FU JEN CATHOLIC UNI-
DEPT. HEAD
VERSITY
INTERNATIONAL TRADE

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
SHIP DIV. MARITECH DEPT.
SHIP DIV.
DEPUTY SENIOR VICE
SEAMAN YANG, HONG-
R.O.C Male 2023.02.01 0 0 0 0 0 0 PRESIDENT NIL NIL NIL NIL
DEPT. MING
EDU:NATIONAL CHIAO TUNG
DEPT. HEAD
UNIVERSITY
TRANSPORTATION & LOGIS-
TICS MANAGEMENT

035
036
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

CUSTOMER AL CORP.
RELATION- INTERNATIONAL CUSTOMER
SHIP MAN- SERVICE DIV.
AGEMENT DIV. CUSTOMER SERVICE SYS-
CUSTOMER CHIU, PING- TEM DEPT.
R.O.C Female 2022.01.01 0 0 0 0 0 0 NIL NIL NIL NIL
RELATION- CHUAN DEPUTY SENIOR VICE PRESI-
SHIP MAN- DENT
AGEMENT EDU:NATIONAL SUN YAT-SEN
DEPT. UNIVERSITY
DEPT. HEAD INFORMATION MANAGE-
MENT

CUSTOMER EXP: EVERGREEN INTERNATION-

RELATION- AL CORP.
SHIP MAN- CUSTOMER SERVICE DIV.
AGEMENT DIV. DOCUMENTATION DEPT.
CUSTOMER R.O.C CHOU, SO-HUI Female 2022.07.04 83,705 0.004 24,067 0.001 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
DATA PRO- EDU:FU JEN CATHOLIC UNIVER-
CESSING SITY
DEPT.II FRENCH LANGUAGE AND
DEPT. HEAD CULTURE

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
INVESTMENT
KSG TERMINAL DIV. DIV.
DEPT R.O.C KUO, FENG-YI Male 2024.03.01 0 0 0 0 0 0 NIL NIL NIL NIL
CHIEF
DEPT. HEAD
EDU:TUNGHAI UNIVERSITY BUSI-
NESS ADMINISTRATION
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
BUSINESS DIV. IMPORT
BUSINESS DIV.
DEPT. DEPUTY SENIOR VICE
IMPORT DEPT. R.O.C LU, PAO-LUNG Male 2022.03.10 0 0 0 0 0 0 NIL NIL NIL NIL
PRESIDENT
DEPT. HEAD
EDU:NATIONAL TAIWAN INSTI-
TUTE OF TECHNOLOGY
INDUSTRIAL MANAGEMENT

EXP: EVERGREEN INTERNATION-

AL CORP.
CUSTOMER SERVICE DIV.
TRAFFIC
TRAFFIC DEPT.
DEPT. R.O.C LEE, KUEI-CHU Female 2022.10.17 10,772 0.001 1,000 0 0 0 NIL NIL NIL NIL
SENIOR VICE PRESIDENT
DEPT. HEAD
EDU:NATIONAL TAIPEI COLLEGE
OF BUSINESS
BANKING AND INSURANCE

EXP: EVERGREEN INTERNATION-

COMPUTER AL CORP.
DIV. SOFT- COMPUTER DIV. SOFTWARE
WARE DE- CHEN, SHENG- DESIGNING DEPT.III SENIOR
R.O.C Male 2022.03.17 0 0 0 0 0 0 NIL NIL NIL NIL
SIGNING PAO VICE PRESIDENT
DEPT.III EDU:NATIONAL CHIAO TUNG
DEPT. HEAD UNIVERSITY
APPLIED MATHEMATICS

EXP: ITALIA MARITTIMA S.p.A.

FINANCE DIV.
CHIEF EXECUTIVE VICE
FINANCE Supervisor:
PRESIDENT
DEPT. MO, CHENG- Taiwan Terminal Services
R.O.C Male 2017.02.22 8,000 0 507 0 0 0 EDU:TAMSUI INSTITUTE OF BUSI- NIL NIL NIL
DEPT. HEAD PING Corp. Ltd.
NESS ADMINISTRATION
(FINANCE
PUBLIC FINANCE AND TAXA-
SUPERVISOR)
TION

037
038
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
SUPERVISORY SUPERVISORY DEPT.
CHAO, HUI-
DEPT. R.O.C Female 2022.01.10 0 0 0 0 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
LING
DEPT. HEAD EDU:NATIONAL CHENGCHI UNI-
VERSITY
BANKING

EXP: EVERGREEN INTERNATION-

CORPORATE
AL CORP.
GOVERNANCE HSIEH, SHU-
R.O.C Female 2016.04.27 0 0 0 0 0 0 STOCKS DEPT. NIL NIL NIL NIL
DEPT. HUI
SENIOR VICE PRESIDENT
DEPT. HEAD
EDU:SOOCHOW UNIVERSITY LAW

EXP: EVERGREEN GROUP MAN-

HUMAN AGEMENT OFFICE
RESOURCES JUNIOR VICE PRESIDENT
R.O.C YANG, PI-SAO Female 2014.01.01 7,200 0 0 0 0 0 NIL NIL NIL NIL
DEPT. EDU:LAWRENCE TECHNOLOGI-
DEPT. HEAD CAL UNIVERSITY
BUSINESS ADMINISTRATION

EXP: EVERGREEN INTERNATION-

AL CORP.
PUBLIC RELA- PUBLIC RELATIONS DEPT.
TIONS DEPT. R.O.C LI, YING-TI Female 2022.03.10 10,000 0 0 0 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
DEPT. HEAD EDU:SHIH HSIN SCHOOL OF
JOURNALISM
JOURNALISM
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN MARINE CORP.

(MALAYSIA) SDN.BHD. LO-
TAIPEI PORT GISTICS DEPT. SENIOR VICE
LU, HUANG-
OFFICE R.O.C Male 2023.10.13 0 0 0 0 0 0 PRESIDENT NIL NIL NIL NIL
CHUAN
OFFICE HEAD EDU:CHIN-YI INSTITUTE OF TECH-
NOLOGY
ELECTRICAL POWER

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
SHIP DIV. SEAMAN DEPT.
SHIP DIV.
DEPUTY SENIOR VICE PRESI-
MARITECH
R.O.C LI, HUA-LUNG Male 2022.02.14 12,076 0.001 0 0 0 0 DENT NIL NIL NIL NIL
DEPT.
EDU:NATIONAL TAIWAN OCEAN
DEPT. HEAD
UNIVERSITY
SHIPPING AND TRANSPOR-
TATION MANAGEMENT

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
SHIP DIV. MAINTENANCE DEPT. DEPU-
YEH, CHING-
SUPPLY DEPT. R.O.C Male 2020.07.01 9,200 0 0 0 0 0 TY SENIOR VICE PRESIDENT NIL NIL NIL NIL
RONG
DEPT. HEAD EDU:NATIONAL TAIWAN OCEAN
UNIVERSITY
MARINE ENGINEERING

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
SHIP DIV. SHIPBUILDING
SHIP DIV.
DEPT.
SHIPBUILDING WENG, CHAO-
R.O.C Male 2023.08.31 120 0 100 0 0 0 JUNIOR VICE PRESIDENT NIL NIL NIL NIL
DEPT. YUEH
EDU:NATIONAL CHENG KUNG
DEPT. HEAD
UNIVERSITY
NAVAL ARCHITECTURE EN-
GINEERING

039
040
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN MARINE CORP.

LOGISTICS (TAIWAN) LTD.
DIV. LOGISTICS DIV. EQUIPMENT
EQUIPMENT SERVICE DEPT.
R.O.C LIN, YU-CHANG Male 2024.03.01 0 0 13 0 0 0 NIL NIL NIL NIL
CONTROL DEPT. HEAD
DEPT. EDU:FU JEN CATHOLIC UNIVER-
DEPT. HEAD SITY
ECONOMICS

EXP:EVERGREEN INTERNATIONAL
CUSTOMER
CORP.
RELATION-
INTERNATIONAL CUSTOMER
SHIP MAN-
SERVICE DIV.
AGEMENT DIV.
CHIEN, CHIN- DATA MAINTENANCE DEPT.II
CUSTOMER R.O.C Female 2022.06.20 0 0 0 0 0 0 NIL NIL NIL NIL
FANG DEPUTY SENIOR VICE PRESI-
DATA PRO-
DENT
CESSING
EDU:NATIONAL TAIPEI COLLEGE
DEPT.I
OF BUSINESS
DEPT. HEAD
INTERNATIONAL TRADE

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
OPERATION COORDINATION
OPERATION DEPT.
HWANG, YI-
DEPT. R.O.C Male 2018.04.01 0 0 0 0 0 0 DEPUTY SENIOR VICE PRESI- NIL NIL NIL NIL
SYOU
DEPT. HEAD DENT
EDU:CHINA JUNIOR COLLEGE
OF MARINE TECHNOLOGY
NAVIGATION
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
BUSINESS DIV. AMERICA
BUSINESS
DEPT.
DIV. AMERICA
R.O.C JEN, YI-KANG Male 2022.03.10 369 0 0 0 0 0 DEPUTY SENIOR VICE PRESI- NIL NIL NIL NIL
DEPT.
DENT
DEPT. HEAD
EDU:NATIONAL CHENGCHI UNI-
VERSITY
ORIENTAL LANGUAGES

EXP: EVERGREEN INTERNATION-

AL CORP.
BUSINESS DIV. EUROPE
DEPT.
BUSINESS
DEPUTY SENIOR VICE PRESI-
DIV. EUROPE
R.O.C CHENG, CHI-YI Male 2022.03.10 0 0 0 0 0 0 DENT NIL NIL NIL NIL
DEPT.
EDU:NATIONAL TAIPEI COLLEGE
DEPT. HEAD
OF BUSINESS
TRANSPORTATION AND
COMMUNICATION MANAGE-
MENT

EXP: EVERGREEN SHIPPING

AGENCY (JAPAN) CORP.
BUSINESS DIV. BUSINESS DEPT.
INTRA ASIA CHIANG, KUO- DEPT. HEAD
R.O.C Male 2022.07.01 171 0 0 0 0 0 NIL NIL NIL NIL
DEPT. WEI EDU:FU JEN CATHOLIC UNIVER-
DEPT. HEAD SITY
JAPANESE LANGUAGE AND
CULTURE

041
042
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP:EVERGREEN INTERNATIONAL
CORP.
INTERNATIONAL CUSTOMER
DOCUMENTA- SERVICE DIV.
TION DEPT. R.O.C LIN, CHI-DAY Female 2022.10.17 0 0 0 0 0 0 DATA MAINTENANCE DEPT.I NIL NIL NIL NIL
DEPT. HEAD DEPUTY SENIOR VICE PRESI-
DENT
EDU:TAMKANG UNIVERSITY
INTERNATIONAL TRADE

EXP:EVERGREEN INTERNATIONAL
CORP.
COMPUTER COMPUTER DIV. SYSTEM
DIV. SYSTEM MANAGEMENT DEPT. JU-
MANAGE- R.O.C LIN, YU-HUAN Male 2023.02.01 0 0 0 0 0 0 NIOR VICE PRESIDENT NIL NIL NIL NIL
MENT DEPT. EDU:YUAN-ZE INSTITUTION OF
DEPT. HEAD TECHNOLOGY
COMPUTER SCIENCE AND
ENGINEERING

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
AUDITING FINANCE DIV. FINANCE DEPT. COMPUT- HUANG,
DEPT. R.O.C WU, YU-CHI Female 2015.01.01 1,286 0 0 0 0 0 JUNIOR VICE PRESIDENT NIL ER DIV. CHAO- COUPLES
DEPT. HEAD EDU:CHUNGYU INSTITUE OF DIV. CHIEF KUO
TECHNOLOGY
ACCOUNTING

EXP: EVERGREEN INTERNATION-

AL CORP.
KAOHSIUNG OFFICE
KAOHSIUNG
WANG, CHIEN- DEPUTY SENIOR VICE PRESI-
OFFICE R.O.C Male 2022.03.10 0 0 0 0 0 0 NIL NIL NIL NIL
KUO DENT
OFFICE HEAD
EDU:NATIONAL CHENGCHI UNI-
VERSITY
INTERNATIONAL TRADE
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN SHIPPING

AGENCY (CHINA) CO., LTD.
PROJECT DIV. (SHANGHAI BRANCH) MA-
BUSINESS RINE DEPT.
COORDINA- DEPUTY SENIOR VICE PRESI-
R.O.C HUANG, YI-EN Male 2023.12.01 100 0 0 0 0 0 NIL NIL NIL NIL
TION DEPT. DENT
DEPUTY DEPT. EDU:NATIONAL TAIWAN OCEAN
HEAD UNIVERSITY
SHIPPING AND TRANSPOR-
TATION MANAGEMENT

CUSTOMER
RELATION- EXP: EVERGREEN INTERNATION-
SHIP MAN- AL CORP.
AGEMENT DIV. INTERNATIONAL CUSTOMER
CUSTOMER SERVICE DIV.
RELATION- R.O.C CHEN, MEI-CHI Female 2023.02.01 0 0 0 0 0 0 CUSTOMER SERVICE SYS- NIL NIL NIL NIL
SHIP MAN- TEM DEPT.
AGEMENT JUNIOR VICE PRESIDENT
DEPT. EDU:TAMKANG UNIVERSITY IN-
DEPUTY DEPT. TERNATIONAL TRADE
HEAD

EXP: EVERGREEN SHIPPING

AGENCY (DEUTSCHLAND)
OPERATION
GMBH LOGISTICS DEPT.
COORDINA-
DEPUTY SENIOR VICE PRESI-
TION DEPT. R.O.C TSAI, YU-TA Male 2023.12.01 0 0 0 0 0 0 NIL NIL NIL NIL
DENT
DEPUTY DEPT.
EDU:CHINA JUNIOR COLLEGE OF
HEAD
TECHNOLOGY
ELECTRICAL ENGINEERING

043
044
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
INVESTMENT
INVESTMENT DEPT. DEPUTY
DEPT FAN, CHENG-
R.O.C Male 2024.03.01 0 0 0 0 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
DEPUTY DEPT. FU
EDU:CHUNG YUAN CHRISTIAN
HEAD
UNIVERSITY
HYDRAULIC ENGINEERING

EXP: EVERGREEN INTERNATION-

AL CORP.
SUPERVISORY
SUPERVISORY DEPT.
DEPT. CHENG, HUI-
R.O.C Female 2023.02.01 465 0 0 0 0 0 JUNIOR VICE PRESIDENT NIL NIL NIL NIL
DEPUTY DEPT. CHEN
EDU:MING CHUAN COLLEGE OF
HEA
MANAGEMENT
FINANCIAL MANAGEMENT

EXP: EVERGREEN SHIPPING

AGENCY (CHINA) CO., LTD.
HUMAN
(SHANGHAI BRANCH) HU-
RESOURCES
MAN RESOURCES DEPT.
DEPT. R.O.C LIN, AN-YI Male 2022.01.01 0 0 0 0 0 0 NIL NIL NIL NIL
JUNIOR VICE PRESIDENT
DEPUTY DEPT.
EDU:NATIONAL CENTRAL UNI-
HEAD
VERSITY
BUSINESS ADMINISTRATION

EXP: EVERGREEN MARINE CORP.

FINANCE DIV.
(TAIWAN) LTD.
FINANCE
FINANCE DIV. FINANCE DEPT.
DEPT.
CHANG, DEPUTY JUNIOR VICE PRESI-
DEPUTY DEPT. R.O.C Male 2019.01.01 800 0 0 0 0 0 NIL NIL NIL NIL
CHUAN-FU DENT
HEAD (AC-
EDU:NATIONAL CHUNG HSING
COUNTING
UNIVERSITY
SUPERVISOR)
PUBLIC FINANCE
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: COLON CONTAINER TERMI-

FINANCE DIV.
NAL S.A.
ASSESSMENT
FINANCE DEPT. SENIOR VICE
DEPT.II R.O.C LEE, SHU-FENG Male 2022.06.01 15,200 0.001 0 0 0 0 NIL NIL NIL NIL
PRESIDENT
VICE PRESI-
EDU:FU JEN CATHOLIC UNIVER-
DENT
SITY STATISTICS

PROJECT DIV.
EXP: EVERGREEN INTERNATION-
BUSINESS
AL S.A.
COORDINA- TSENG, NENG-
R.O.C Male 2021.01.01 0 0 0 0 0 0 HKG REPRESENTATIVE NIL NIL NIL NIL
TION DEPT. FANG
EDU:TUNGHAI UNIVERSITY INTER-
VICE PRESI-
NATIONAL BUSINESS
DENT

PROJECT DIV. EXP: EVERGREEN SHIPPING

BUSINESS AGENCY(EUROPE) GMBH
COORDINA- NETHERLANDS BRANCH
R.O.C SHIH, WANG-YI Male 2021.10.18 12,000 0.001 0 0 0 0 NIL NIL NIL NIL
TION DEPT. EXECUTIVE VICE PRESIDENT
VICE PRESI- EDU:TUNGHAI UNIVERSITY SO-
DENT CIAL WORK

EXP: EVERGREEN INTERNATION-

AL CORP.
PROJECT DIV. BUSINESS DIV. AMERICA
BUSINESS DEPT.
COORDINA- CHEN, CHUN- DEPUTY SENIOR VICE PRESI-
R.O.C Male 2021.01.01 0 0 0 0 0 0 NIL NIL NIL NIL
TION DEPT. YEN DENT
VICE PRESI- EDU:NATIONAL TAIWAN OCEAN
DENT UNIVERSITY
SHIPPING AND TRANSPOR-
TATION MANAGEMENT

045
046
Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
PROJECT DIV.
BUSINESS DIV. EUROPE
BUSINESS
DEPT.
COORDINA- CHENG, MIN-
R.O.C Male 2021.01.01 0 0 0 0 0 0 DEPUTY SENIOR VICE PRESI- NIL NIL NIL NIL
TION DEPT. CHOU
DENT
VICE PRESI-
EDU:CHINESE CULTURE UNIVER-
DENT
SITY
INTERNATIONAL TRADE

EXP: EVERGREEN MARINE (UK)

PROJECT DIV.
LIMITED
BUSINESS
PROJECT DIV. DEPUTY SE-
COORDINA- SHEU, DONG-
R.O.C Male 2021.01.01 0 0 0 0 0 0 NIOR VICE PRESIDENT NIL NIL NIL NIL
TION DEPT. HAN
EDU:NATIONAL CHUNG HSING
VICE PRESI-
UNIVERSITY
DENT
ECONOMICS

PROJECT DIV.
EXP: EVERGREEN SHIPPING
REEFER &
AGENCY (ISRAEL) LTD.
SPECIAL
HUANG, TENG- PRESIDENT
CONTAINER R.O.C Male 2023.11.13 0 0 0 0 0 0 NIL NIL NIL NIL
WEI EDU:NATIONAL TAIPEI COLLEGE
DEPT.
OF BUSINESS
VICE PRESI-
INTERNATIONAL TRADE
DENT

EXP: EVERGREEN MARINE CORP.

OPERATION
(TAIWAN) LTD.
COORDINA-
CHANG, CHIH- PROJECT DEPT. DEPUTY
TION DEPT. R.O.C Male 2018.02.01 0 0 0 0 0 0 NIL NIL NIL NIL
CHAO SENIOR VICE PRESIDENT
VICE PRESI-
EDU:TAMKANG UNIVERSITY NAVI-
DENT
GATION
 Shareholding by Managers Who are Spouses or
Current Spouse & Minor
Title Date First Nominee Experience & Education within Second Degrees of
Nationality Name Gender Shareholding Shareholding Other Position
(Note1) Elected Arrangement (Note2) Kinship

Shares % Shares % Shares % Title Name Relation

EXP: EVERGREEN INTERNATION-

AL CORP.
OPERATION BUSINESS DIV. INTRA ASIA
COORDINA- DEPT.
YEH, CHENG-
TION DEPT. R.O.C Male 2019.03.18 1,200 0 0 0 0 0 DEPUTY SENIOR VICE PRESI- NIL NIL NIL NIL
HUNG
VICE PRESI- DENT
DENT EDU:NATIONAL CHIAO TUNG
UNIVERSITY
MANAGEMENT SCIENCE

EXP: EVERGREEN MARINE CORP.

(TAIWAN) LTD.
PROJECT DIV. BUSINESS CO-
SUPERVISORY
ORDINATION DEPT. DEPUTY
DEPT. JOU, KUEN-
R.O.C Male 2021.04.25 0 0 89 0 0 0 SENIOR VICE PRESIDENT NIL NIL NIL NIL
VICE PRESI- CHENG
EDU:NATIONAL TAIPEI COLLEGE
DENT
OF BUSINESS
INFORMATION MANAGE-
MENT

Note1: The information in this table should be disclosed for the general manager, assistant general managers, deputy assistant general managers, and the chiefs of
all the company's divisions and branch units, including all persons in positions equivalent to general manager, assistant general manager, or deputy assistant
general manager, regardless of job title.
Note2: Specify experience and qualifications related to the current position. If during a period specified above, the person has served in a position at a CPA firm that
serves as external auditor/attestor, specify the position held and the duties for which the person was responsible.
Note3: The General Manager or person of equivalent position (Top Manager) and the Chairman are the same person, each other’s spouse, or relatives in the first-
degree: None.

047
048
3. Remuneration of Directors, President, and Vice Presidents

(1) Remuneration of General Directors and Independent Directors

Unit: TWD Thousands

Remuneration Total Remuneration Relevant Remuneration Received by Directors Who are Also Employees Total Compensation
(A+B+C+D) and (A+B+C+D+E+F+G) Compensation
Directors Ratio of Total Salary, Bonuses, and and Ratio of Total
Base Compensation (A) Allowances (D) Employee Compensation (G) from an
Severance Pay (B) Compensation (C) Remuneration to Net Allowances (E) Severance Pay (F) Compensation to Net
(Note 1) (Note 3) (Note 5) Invested
(Note 2) Income (Note7) (Note 4) Income (Note 7) Company and
Title Name Consolidated the Company

Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Subsidiaries Consolidated Other than the
EMC
Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries of EMC Subsidiaries Company’s
EMC EMC EMC EMC EMC EMC EMC EMC Subsidiaries
of EMC of EMC of EMC of EMC of EMC of EMC of EMC (Note 6) of EMC
(Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 8)
Cash Stock Cash Stock

HUI Corporation
10,411/ 10,411/ 10,411/ 10,411/
Chairman Representative: 8,351 8,351 0 0 2,000 2,000 60 60 0 0 0 0 0 0 0 0 2,186
0.03% 0.03% 0.03% 0.03%
Chang, Yen-I

1,554/ 1,554/ 1,554/ 1,554/

Director Chang, Kuo-Hua 0 0 0 0 1,500 1,500 54 54 0 0 0 0 0 0 0 0 0
0.00% 0.00% 0.00% 0.00%

Scept Corporation
1,560/ 1,560/ 5,549/ 5,549/
Director Representative: 0 0 0 0 1,500 1,500 60 60 3,607 3,607 108 108 275 0 275 0 3,298
0.00% 0.00% 0.02% 0.02%
Ko, Lee-Ching

HUI Corporation
1,560/ 1,560/ 5,643/ 5,643/
Director Representative: 0 0 0 0 1,500 1,500 60 60 3,701 3,701 108 108 275 0 275 0 4,092
0.00% 0.00% 0.02% 0.02%
Tai, Jiin-Chyuan

Scept Corporation
1,572/ 1,572/ 9,726/ 9,726/
Director Representative: 0 0 0 0 1,500 1,500 72 72 6,095 6,095 1,623 1,623 437 0 437 0 24
0.00% 0.00% 0.03% 0.03%
Hsieh, Huey-Chuan
 Remuneration Total Remuneration Relevant Remuneration Received by Directors Who are Also Employees Total Compensation
(A+B+C+D) and (A+B+C+D+E+F+G) Compensation
Directors Ratio of Total Salary, Bonuses, and and Ratio of Total
Base Compensation (A) Allowances (D) Employee Compensation (G) from an
Severance Pay (B) Compensation (C) Remuneration to Net Allowances (E) Severance Pay (F) Compensation to Net
(Note 1) (Note 3) (Note 5) Invested
(Note 2) Income (Note7) (Note 4) Income (Note 7) Company and
Title Name Consolidated the Company

Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Subsidiaries Consolidated Other than the
EMC
Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries of EMC Subsidiaries Company’s
EMC EMC EMC EMC EMC EMC EMC EMC Subsidiaries
of EMC of EMC of EMC of EMC of EMC of EMC of EMC (Note 6) of EMC
(Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 6) (Note 8)
Cash Stock Cash Stock

Evergreen Steel
Corporation 1,560/ 1,560/ 7,970/ 7,970/
Director 0 0 0 0 1,500 1,500 60 60 5,864 5,864 108 108 438 0 438 0 387
Representative: 0.00% 0.00% 0.02% 0.02%
Wu, Kuang-Hui

Independent 1,516/ 1,516/ 1,516/ 1,516/

Yu, Fang-Lai 1,360 1,360 0 0 0 0 156 156 0 0 0 0 0 0 0 0 0
Director 0.00% 0.00% 0.00% 0.00%

Independent 1,522/ 1,522/ 1,522/ 1,522/

Li, Chang-Chou 1,360 1,360 0 0 0 0 162 162 0 0 0 0 0 0 0 0 0
Director 0.00% 0.00% 0.00% 0.00%

Independent 1,522/ 1,522/ 1,522/ 1,522/

Chang, Chia-Chee 1,360 1,360 0 0 0 0 162 162 0 0 0 0 0 0 0 0 0
Director 0.00% 0.00% 0.00% 0.00%

1. Describe the policy, system, standards and structure in place for paying remuneration to directors and describe the relationship of factors such as the duties and risks undertaken and time invested by the directors to the amount of remuneration paid:
(1) According to “Payment Regulation of Directors Compensation”, the Company’s Independent Directors receive monthly remuneration as well as allowances for each Board Meeting and committee meeting they attend; Independent Directors do not participate in the distribution of Directors’
Compensation.
In addition, the Company can see the Evaluation Results of Board of Directors as a reference for determining compensation of Independent Directors.
These directors receive monthly remuneration as well as a travel allowance for each committee meeting they attend.
(2) The Company conducts periodic reviews of the remuneration standard and structure for independent directors. These reviews are based on the Company’s operating performance, future operating risks, the degree of participation by independent directors, and the value of their contributions
to the Company’s operations.
2. In addition to the above remuneration, director remuneration shall be disclosed as follows when received from companies included in the consolidated financial statements in the most recent year to compensate directors for their services: None.

Note 1: Directors’ remuneration for 2023 (Including ’salary, subsidy, severance pay, and various bonuses)
Note 2: Directors’’ remuneration for 2023 which was approved by the Board of Directors in 2024.

049
050
Note 3: Includes the relevant business execution expenses of directors in 2023 (including transportation allowance, special expenses, various allowances,
dormitory, car and other physical supplies, etc.). In the case of housing, car or other means of transportation, or expenses incurred by an individual, the
nature of the assets provided and the actual or fair-market cost of the rental, fuel, and other payments shall be disclosed. In addition, if there is a driver,
please note the Company’s payment for the driver, but the payment is not counted as remuneration.
Note 4: Relevant remuneration received by directors who are also employees (including the President, Executive Vice President, other managers and employees)
in 2023, including salary, subsidy, severance pay, and various bonuses, incentive payment, transportation allowance, special expenses, various
allowances, dormitory, car, and other physical supplies. In the case of housing, car or other means of transportation, or expenses incurred by an
individual, the nature of the assets provided and the actual or fair-market cost of the rental, fuel, and other payments shall be disclosed. In addition, if
there is a driver, please note the Company’s payment for the driver, but the payment is not counted as remuneration. The salary recognized in accordance
with IFRS 2 “Share-based payment,” including obtaining employee stock option certificates, restricted stock awards and participating in capital increased
by cash shall also be included in the remuneration.
Note 5: Employees’’ compensation for 2023 which was approved by the Board of Directors in 2024.
Note 6: Total amount of remuneration paid to the directors by EMC and its consolidated subsidiaries.
Note 7: Net income is the profit after tax of the parent-company-only financial statements of 2023.
Note 8: a. This column shows the amount of remuneration received by the directors from the other invested companies which are not subsidiaries; or the parent
company.
b. Remuneration refers to the reward (including remuneration for employees, directors and supervisors) received by the directors when they are engaged
in an investment enterprise other than a subsidiary; or as directors, supervisors or managers of the parent company; and business execution fees and
other relevant remuneration.
Note 9: Scept Corp. appointed Mr. Wu, Kuang-Hui to replace Mr. Hsieh, Huey-Chuan as its representative and the director of the Company on January 1, 2024.
Note 10: Evergreen Steel Corp. appointed Mr. Lin, Wen-Kuei to replace Mr. Wu, Kuang-Hui as its representative and the director of the Company on January 1,
2024.
* The contents of the remuneration disclosed in this form are different from the concept of income under the Income Tax Act. Therefore, the purpose of this form
is for information disclosure and is not for tax purposes.
 (2) Remuneration of the President and Vice Presidents

Unit: TWD thousands

Ratio of total
Compensation
Bonuses and compensation To-
Salary (A) Employee Compensation (D) Paid to the
Severance Pay (B) Allowances (C) tal compensation
(Note 1) (Note 3) President and Vice
(Note 2) (A+B+C+D) and to net
Presidents from an
income (%) (Note 6)
Invested
Title Name
Consolidated Company Other
Consolidated Consolidated Consolidated Subsidiaries Consolidated than the Com-
Subsidiaries Subsidiaries Subsidiaries EMC
EMC EMC EMC of EMC EMC
Subsidiaries pany’s Subsidiaries
of EMC of EMC of EMC (Note 4) of EMC and the Company
(Note 4) (Note 4) (Note 4) (Note 4) ( Note 7)
Cash Stock Cash Stock

President Hsieh, Huey-Chuan

Chief Executive Vice

Wu, Kuang-Hui
President

Division Chief Tsai, I-Jung

Division Chief Wang, Pei-Chun

Division Chief Lin, Wen-Kuei

Division Chief Fang, Yu-Yen 62,931/ 62,931/

38,548 38,548 2,766 2,766 17,577 17,577 4,040 0 4,040 0 411
0.18% 0.18%
Division Chief Huang, Tsung-Yung

Division Chief Chang, Da-Chih

Division Chief Lian, Chung-Te

Division Chief Huang, Chao-Kuo

Department Head Wei, Wei-Der

Department Head Su, Teng-Huan

051
 Name of President and Executive Vice Presidents
Range of Remuneration The Invested Company of
EMC (Note 5)
EMC (E) (Note 7)

Under TWD1,000,000 - -

TWD1,000,001 ~ TWD2,000,000 - -

TWD2,000,001 ~ TWD3,500,000 Wang, Pei-Chun Wang, Pei-Chun

Tsai, I-Jung, Wei, Wei-Der, Tsai, I-Jung, Wei, Wei-Der,

TWD3,500,001 ~ TWD5,000,000
Su, Teng-Huan Su, Teng-Huan

Hsieh, Huey-Chuan, Wu, Hsieh, Huey-Chuan, Wu,

Kuang-Hui, Chang, Da- Kuang-Hui, Chang, Da-
Chih, Lin, Wen-Kuei, Fang, Chih, Lin, Wen-Kuei, Fang,
TWD5,000,001 ~ TWD10,000,000
Yu-Yen, Huang, Chao-Kuo, Yu-Yen, Huang, Chao-Kuo,
Huang, Tsung-Yung, Lian, Huang, Tsung-Yung, Lian,
Chung-Te, Chung-Te,

TWD10,000,001 ~ TWD15,000,000 - -

TWD15,000,001 ~ TWD30,000,000 - -

TWD30,000,001 ~ TWD50,000,000 - -

TWD50,000,001 ~ TWD100,000,000 - -

Over TWD100,000,000 - -

Total 12 12

Note 1: Includes President and Executive Vice Presidents’ salary, subsidy, and severance pay for
2023.
Note 2: Includes President and Executive Vice Presidents’ bonus, incentive payment, transportation
allowance, special expenses, various allowances, dormitory, car, and other physical supplies.
In the case of housing, car or other means of transportation or expenses incurred by an
individual, the nature of the assets provided, and the actual or fair-market cost of the rental,
fuel, and other payments shall be disclosed. In addition, if there is a driver, please note the
Company’s payment for the driver, but the payment is not counted as remuneration. The
salary recognized in accordance with IFRS 2 “Share-based payment,” including obtaining
employee stock option certificates, restricted stock awards and participating in capital
increased by cash shall also be included in the remuneration.
Note 3: Presidents’ and Executive Vice Presidents’ remuneration for 2023 which was approved by the
Board of Directors in 2024.
Note 4: Total amount of remuneration paid to the Presidents and Vice Executive Presidents by EMC
and its consolidated subsidiaries.
Note 5: The names of the Presidents and Executive Vice Presidents are disclosed according to their
total remuneration received from the Company.
Note 6: Net income is the profit after tax of the parent-company-only financial statements of 2023.

052
Note 7: a. This column shows the amount of remuneration received by the President and Executive Vice
Presidents from the other invested companies which are not subsidiaries; or the parent company.
b. If the President and Executive Vice Presidents receive any remuneration from the other invested
companies which are not subsidiaries or the parent company, they shall incorporate this
remuneration into column E of the remuneration scale and change the field name to “The Parent
Company and all other Invested Businesses.”
c. Remuneration refers to the reward (including remuneration for employees, directors and
supervisors) received by the President and Executive Vice President as being directors,
supervisors, or managers of the other invested companies which are not subsidiaries; and
business execution fees and other relevant remuneration.
* The contents of the remuneration disclosed in this form are different from the concept of income under the
Income Tax Act. As such, the purpose of this form is for information disclosure and is not for tax purposes.

(3) Name and distribution of managers who distribute employee compensation

December 31, 2023

Unit: TWD thousands

Employee
Employee Ratio of Total
Compensation in
Title Compensation Amount to Net
Name Stock Total
(Note1) in Cash Income (%)
(Fair Market Value)
(Note2) (Note3)
(Note2)

HSIEH, HUEY-
PRESIDENT
CHUAN

CHIEF EXECUTIVE
WU, KUANG-HUI
VICE PRESIDENT

DIVISION CHIEF TSAI, I-JUNG

DIVISION CHIEF WANG, PEI-CHUN

DIVISION CHIEF LIN, WEN-KUEI

DIVISION CHIEF FANG, YU-YEN

Executive
HUANG, TSUNG- 0 15,618 15,618 0.04%
Officers DIVISION CHIEF
YUNG

DIVISION CHIEF LIAN, CHUNG-TE

DIVISION CHIEF CHANG, DA-CHIH

HUANG, CHAO-
DIVISION CHIEF
KUO

DIVISION CHIEF KUO, FENG-YI

DEPUTY DIVISION
CHEN, WEI-HSUN
CHIEF

053
 Employee
Employee Ratio of Total
Compensation in
Title Compensation Amount to Net
Name Stock Total
(Note1) in Cash Income (%)
(Fair Market Value)
(Note2) (Note3)
(Note2)

DEPARTMENT HEAD WEI, WEI-DER

DEPARTMENT HEAD HSU, CHING-CHE

DEPARTMENT HEAD SU, MING-SUNG

HUANG, SHENG-
DEPARTMENT HEAD
PENG

DEPARTMENT HEAD HUANG, MING-JER

DEPARTMENT HEAD KUO, YUAN-PING

DEPARTMENT HEAD WU, YU-CHI

DEPARTMENT HEAD LI, YING-TI

DEPARTMENT HEAD YANG, PI-SAO

DEPARTMENT HEAD CHAO, HUI-LING

DEPARTMENT HEAD MO, CHENG-PING

DEPARTMENT HEAD HSIEH, SHU-HUI

CHIU, PING-CH-
Executive DEPARTMENT HEAD UAN 0 15,618 15,618 0.04%
Officers
DEPARTMENT HEAD CHIEN, CHIN-FANG

DEPARTMENT HEAD CHOU, SO-HUI

DEPARTMENT HEAD LI, HUA-LUNG

YANG, HONG-
DEPARTMENT HEAD
MING

CHEN, JENN-
DEPARTMENT HEAD
HWANG

YEH, CHING-
DEPARTMENT HEAD
RONG

WENG, CHAO-
DEPARTMENT HEAD
YUEH

DEPARTMENT HEAD HWANG, YI-SYOU

DEPARTMENT HEAD SU, TENG-HUAN

DEPARTMENT HEAD FAN, CHENG-FU

DEPARTMENT HEAD LEE, KUEI-CHU

054
 Employee
Employee Ratio of Total
Compensation in
Title Compensation Amount to Net
Name Stock Total
(Note1) in Cash Income (%)
(Fair Market Value)
(Note2) (Note3)
(Note2)

DEPARTMENT HEAD LIN, CHI-DAY

DEPARTMENT HEAD JEN, YI-KANG

DEPARTMENT HEAD CHENG, CHI-YI

DEPARTMENT HEAD CHIANG, KUO-WEI

DEPARTMENT HEAD LU, PAO-LUNG

CHEN, SHENG-
DEPARTMENT HEAD
PAO

DEPARTMENT HEAD LIN, YU-HUAN

DEPARTMENT HEAD WU, YUEH-FENG

DEPARTMENT HEAD PAN, CHIN-TUNG

LU, HUANG-CH-
OFFICE HEAD
UAN

WANG, CHIEN-
OFFICE HEAD
KUO

Executive DEPUTY
LIN, AN-YI 0 15,618 15,618 0.04%
Officers DEPARTMENT HEAD

DEPUTY
CHENG, HUI-CHEN
DEPARTMENT HEAD

DEPUTY
HUANG, YI-EN
DEPARTMENT HEAD

DEPUTY
CHEN, MEI-CHI
DEPARTMENT HEAD

DEPUTY
TSAI, YU-TA
DEPARTMENT HEAD

JOU, KUEN-
VICE PRESIDENT
CHENG

VICE PRESIDENT LEE, SHU-FENG

TSENG, NENG-
VICE PRESIDENT
FANG

VICE PRESIDENT SHIH, WANG-YI

VICE PRESIDENT CHEN, CHUN-YEN

055
 Employee
Employee Ratio of Total
Compensation in
Title Compensation Amount to Net
Name Stock Total
(Note1) in Cash Income (%)
(Fair Market Value)
(Note2) (Note3)
(Note2)

CHENG, MIN-
VICE PRESIDENT
CHOU

VICE PRESIDENT SHEU, DONG-HAN

VICE PRESIDENT HUANG, TENG-WEI

CHANG, CHIH-
VICE PRESIDENT
Executive CHAO
0 15,618 15,618 0.04%
Officers YEH, CHENG-
VICE PRESIDENT
HUNG

DEPUTY
DEPARTMENT HEAD
CHANG, CHUAN-
(PRINCIPAL
FU
ACCOUNTING
OFFICER)

Note 1: The title as of December 31, 2023

Note 2: The amount of employees’ compensation for managers for 2023, which was approved by the
Board of Directors in 2024.
Note 3: Net income is the profit after tax of the parent-company-only financial statements of 2023.
Note 4: The scope of application of the manager is based on the letter from the Financial Supervisory
Commission R.O.C. (Taiwan) on March 27, 2003, the Taiwanese Certificate of Finance (Tai-Cai-
Zheng-San-Zi), No. 0920001301, the scope of which is as follows:
(1) President and equivalent
(2) Executive Vice President and equivalent
(3) Senior Vice President and Deputy Senior Vice President or equivalent
(4) Head of Finance Department
(5) Head of Accounting Department
(6) Other persons who have the right to manage affairs and sign on behalf of the Company

056
4. Comparison of Remuneration for Directors, President and Vice
Presidents in the Most Recent Two Fiscal Years and Remuneration
Policy for Director, President and Vice Presidents:

(1) The ratio of total remuneration paid by the Company and by all companies
included in the consolidated financial statements for the two most recent
fiscal years to directors, president and vice presidents of the Company, to
the net income.

Consolidated Subsidiaries
EMC
of EMC
Title

2022 2023 2022 2023

Directors 0.01% 0.06% 0.01% 0.06%

President and
0.07% 0.18% 0.07% 0.18%
Vice Presidents

(2) The policies, standards, and portfolios for the payment of remuneration, the
procedures for determining remuneration, and the correlation with risks and
business performance:
A. Director Remuneration Policy:
The Company, based on “Regulations of Remuneration Committee” and
“Payment Guidelines for Director Remuneration”, includes in a director’s
remuneration wage, pay, stock option, bonus, pension, unemployment
benefits, business operational fees and others. The ratio of profit
distributed to Directors as bonus for short-term performance and the
time for the payment of certain variable pays should be determined
based on the nature of the industry and the Company’s operations.
The Company’s Director Remuneration Policy, based on the Company’s
Articles of Incorporation and “Payment Guidelines for Director
Remuneration”, stipulates that if the Company makes a profit for the
fiscal year, the Company will allocate Directors’ Renumeration no
more than 2% of the profit. If the Company has accumulated loss,
the Company shall reserve an amount to offset accumulated losses
beforehand.
For Evergreen Marine, individual Director’s participation in company
operation and contribution will be determined based on a Director’s
personal performance, result of self-evaluation of Director performance
(including but not limited to attendance, in-service education,
participation in operation, interaction with the management team,

057
 sustainability promotion, corporate governance implementation and other
standards).
B. Manager’s Remuneration Policy:
The company has established a reasonable salary structure for managers based
on the “Manager’s Remuneration Payment Method.” This method “includes fixed
remuneration such as salary and allowances, as well as variable remuneration
such as year-end bonuses and employee remuneration, pension, and severance
pay. Additionally, the method outlines a performance evaluation process
for managers. The adjustment of annual salary, bonuses, and remuneration
payments are determined based on the results of the annual performance
evaluation. As the method has specific regulations linking a manager’s personal
performance to their remuneration payment, there is no separate remuneration
claim clause.

III. Implementation of Corporate Governance

1. Board of Directors

In 2023, a total 3 meetings of the Board of Directors were held before the election
of directors at Annual General Shareholders’ Meeting on May 30, 2023, and a total
7 meetings of the Board of Directors were held after the election of directors. The
attendance of directors is as follows:

Attendance Attendance
By
Title Name in Person Rate (%) Remarks
Proxy
(B) (B/A)

Board of Directors of the 22nd Term (current) [Required numbers of attendance: 7 (A) ]

HUI Corporation
Re-elected on
Chairman Representative: 7 0 100%
May 30, 2023.
Chang, Yen-I

Re-elected on
Director Chang, Kuo-Hua 6 1 85.71%
May 30, 2023.

Scept Corporation
Re-elected on
Representative: 7 0 100%
May 30, 2023.
Ko, Lee-Ching
Director Re-elected on
Scept Corporation
May 30, 2023.
Representative: 7 0 100%
Term ceased on
Hsieh, Huey-Chuan
Jan. 1, 2024.

HUI Corporation
Re-elected on
Director Representative: 7 0 100%
May 30, 2023.
Tai, Jiin-Chyuan
058
 Attendance Attendance
By
Title Name in Person Rate (%) Remarks
Proxy
(B) (B/A)

Evergreen Steel Corporation

Re-elected on
Director Representative: 7 0 100%
May 30, 2023.
Wu, Kuang-Hui

Independent Re-elected on
Yu, Fang-Lai 7 0 100%
Director May 30, 2023.

Independent Re-elected on
Li, Chang-Chou 7 0 100%
Director May 30, 2023.

Independent Re-elected on
Chang, Chia-Chee 7 0 100%
Director May 30, 2023.

Board of Directors of the 21st Term (previous) [Required numbers of attendance: 3 (A)]

HUI Corporation
Chairman Representative: 3 0 100%
Chang, Yen-I

Director Chang, Kuo-Hua 3 0 100% -

Evergreen International S.A.

Representative: 3 0 100%
Ko, Lee-Ching

Director Term ceased on

Evergreen International S.A. Feb. 14, 2023.
Representative: 1 0 100% Required num-
Hsieh, Huey-Chuan bers of atten-
dance: 1

HUI Corporation
Director Representative: 3 0 100%
Tai, Jiin-Chyuan

Evergreen Steel Corporation

Director Representative: 3 0 100%
Wu, Kuang-Hui
-
Independent
Yu, Fang-Lai 3 0 100%
Director

Independent
Li, Chang-Chou 3 0 100%
Director

Independent
Chang, Chia-Chee 3 0 100%
Director

059
 Other mentionable items:
1. Please specify the dates of the Board Meetings, period, agenda and all independent
directors’ opinions and the Company’s responses if one of following situation has
occurred in the Board Meetings:
(1) The items listed in Article 14-3 of Securities and Exchange Act: Not applicable
as the Company has established the Audit Committee. For more information
about the items listed in Article 14-5 of Securities and Exchange Act, please
refer to page 131 to 139 (Major Resolutions of Board Meetings and Functional
Committees).
(2) Except for the proposal mentioned above, other literally recorded resolutions
which are opposed or have qualified opinion by independent directors: None.
2. If the directors have personal interest conflicts to the proposal and are required
for recusal, please specify the names of the directors, proposal, reason and the
resolution: Please refer to page 131 to 139 (Major Resolutions of Board Meetings
and Functional Committees).
3. The Self-evaluation of the performance of the Board of Directors:

Evaluation Cycle
Once a year
(Note 1)

Evaluation Period From Jan. 1, 2023 to Dec. 31, 2023. The evaluation result was submitted
(Note 2) to Board Meeting on Mar. 14, 2024.

Evaluation Scope
The Board, the Board members and the functional committees.
(Note 3)

Internal self-evaluation of the Board, the Board members, and the func-
Evaluation Method tional committees (Audit Committee, Remuneration Committee and Sus-
(Note 4) tainability Committee) members were conducted by the way of filling out
questionnaire from Directors.

1. Self-Evaluation of Board Performance: This evaluation assessed the

Board’s participation in the operation of the company, the quality of deci-
sions made by the Board of Directors, the composition and structure of
the Board of Directors, the election and continuing education of the di-
rectors, the implementation and promotion of sustainable management
Evaluation Indexes practices (ESG), and their adherence to internal control policies.
(Note 5) 2. Board Member Performance Self-Evaluation: This evaluation assessed
each board member’s alignment with the goals and missions of the
Company, their awareness of the duties of a director, their participation in
the operation of the Company, their management of internal relationships
and communication, their professionalism and continuing education, and
their adherence to internal control policies.

060
 3. Functional Committees (Audit Committee, Remuneration Committee and
Sustainability Committee) Performance Self-Evaluation: This evaluation
assessed the functional committees’ participation in the operation of the
Evaluation Indexes
Company, their awareness of the duties of the functional committees,
(Note 5)
the quality of decisions made by the functional committees, the makeup
of the functional committees and the election of its members, and their
adherence to internal control policies.

1. The Board Performance Self-Evaluation: Excellent, average score of 4.98.

2. Board Member Performance Self-Evaluation: Excellent, average score of
4.96.
3. Audit Committee Performance Self-Evaluation: Excellent, average score
Evaluation Result
of 5.
(Full score: 5)
4. Remuneration Committee Performance Self-Evaluation: Excellent, aver-
age score of 4.94.
5. Sustainability Committee Performance Self-Evaluation: Excellent, aver-
age score of 5.

Note 1: Fill in the cycle on which the board evaluations are performed, for example: performed once
per year.
Note 2: Fill in the period covered by the board evaluation, for example: An evaluation was
performed of the performance of the board of directors from 1 January 2023 to 31
December 2023.
Note 3: The scope of the evaluation should cover the performance of the board as a whole, the
individual directors, and the functional committees.
Note 4: The performance evaluation methods may include internal evaluation by the board, self-
evaluations by individual board members, peer evaluations by board members, evaluations
external organizations or experts engaged for that purpose, or other suitable method.
Note 5: The evaluation content shall include at least the following based on the scope of the
evaluation:
(1) Evaluation of the performance of the board should include at least the following: degree
of the board’s participation in the operation of the company; the quality of the board’s
decision making; composition and structure of the board; election and continuing
education of the directors; internal control.
(2) Evaluation of the performance of individual directors should include at least the
following: familiarity with the goals and missions of the company; awareness of the
duties of a director; participation in the operation of the company; management of
internal relationships and communication; the director's professionalism and continuing
education; internal control.
(3) Evaluation of the performance of the functional committees: degree of participation in
the operation of the company; awareness of the duties of the functional committee;
quality of decisions made by the functional committee; makeup of the functional
committee and election of its members; internal control.

061
 4. The goals of strengthening the functions of the Board of Directors in the current
year and recent years (e.g. establish an audit committee, enhance information
transparency, etc.):
(1) The Company has purchased liability insurance for its directors, supervisors,
and key employees to mitigate the risk of their legal responsibility and
improve corporate governance.
(2) The Company has established the Audit Committee and the “Rules
Governing the Duties of Independent Directors” to further improve the
Board’s effectiveness.
(3) To increase information transparency, the Company voluntarily publishes
important resolutions from Board Meetings and Functional Committees'
Meetings and establishes several zones on its website, including Corporate
Sustainability, Stakeholder Engagement, Ethical Management, Investor
Relations, and Corporate Governance.
(4) The Company regularly invites lecturers to provide training courses for
directors twice a year to enhance their professional abilities and implement
corporate governance. The directors of the Company have completed
training courses in 2023 in accordance with the "Directions for the
Implementation of Continuing Education for Directors of TWSE Listed and
TPEx Listed Companies", and the relevant content has been disclosed on
Market Observation Post System (MOPS) and the Company's website.
(5) The Company established “The Standard Operating Procedure for
Handling Directors’ Requests” on May 13, 2019, to enable directors to
obtain appropriate and timely assistance in making requests or requesting
information, thereby improving the Board’s effectiveness.
(6) In addition to the Audit Committee and Remuneration Committee the
Company has established in accordance with the law, the Company has
established the Sustainability Committee on December 22, 2022, to fulfill its
corporate social responsibility and achieve sustainable operation goals. The
Sustainability Committee has been raised to the function committee under
the Board of Directors.
(7) The CPAs regularly attend the Board Meeting to report on the audit of
financial reports and communicate with the Directors on the audit matters.

062
2. Composition, Responsibilities and Operations of the Audit
Committee:

A. The Audit Committee of the Company is composed of 3 independent

directors, whose major duties are to review and supervise: the Company’s
financial reports, accounting and internal control system, the major asset
transactions, endorsements and guarantees, and the offering or issuance
of securities.

B. Annual Tasks of the Audit Committee in 2023:

(A) Review financial reports:

The Company’s annual business report, financial reports, and surplus
distribution proposals were all reviewed by the Audit Committee and
submitted to the Board for discussion. After being approved by the
Board, the proposals were presented to the annual general meeting of
shareholders for acknowledgement.
In addition, each quarterly financial report was submitted to the Board for
discussion after being reviewed and approved by the Audit Committee.
(B) Assess the effectiveness of internal control system:
The self-assessment of internal control system and its implementation
are completed by the internal units every year; the audit unit reports
to the Audit Committee regularly and submits the amendment of the
internal control system and the annual internal control statement to Audit
Committee for review. In addition, the audit unit has at least four times
closed-door meetings with the Audit Committee every year to enable the
Committee to understand the financial status, operational effectiveness, risk
management, information security, regulatory compliance, and to assess
the Company’s internal control effectiveness.
(C) Appoint the Company’s certified public accountants:
The Audit Committee conducts an annual evaluation of the professionalism,
independence, suitability, and reasonableness of remuneration for CPAs,
using Audit Quality Indicators (AQIs) as a reference. During the 6th Audit
Committee meeting of the 3rd term, the Audit Committee reviewed and
approved the proposal to appoint Mr. Lai, Chung-Hsi and Ms. Chou, Hsiao-
Tzu, both CPAs from PricewaterhouseCoopers Taiwan (PwC Taiwan), as the
Company’s CPAs for 2024, along with their remuneration. Additionally, CPAs
hold at least four times closed-door meetings with the Audit Committee
each year to discuss matters related to financial reports.

063
 C. Implementation Status of the Audit Committee:

A total of 9 (A) meetings of the Audit Committee were held in 2023 and the
attendance of Committee member is as follows:

Attendance Attendance
By
Title Name in Person Rate (%) Remarks
Proxy
(B) (B/A)

Convener Li, Chang-Chou 9 0 100%

Re-elected
Member Yu, Fang-Lai 9 0 100% on May 30,
2023.
Member Chang, Chia-Chee 9 0 100%

Other mentionable items:

1. If any of the following circumstances occur, the dates of meetings, sessions,
contents of motion, objection, expression of reservation or qualified opinion by
independent directors’ resolutions of the Audit Committee and the Company’s
response to the Audit Committee’s opinion should be specified:
(1) The items listed in Article 14-5 of Securities and Exchange Act: Please refer
to page 131 to 139. (Major Resolutions of Board Meetings and Functional
Committees)
(2) Except for the proposal mentioned above, other resolutions which are not
approved by Audit Committee but are approved by two-third of directors:
None.
2. If there are independent directors’ avoidance of motions in conflict of interest,
the directors’ names, contents of motion, causes for avoidance and voting
should be specified: Please refer to page 131 to 139. (Major Resolutions of
Board Meetings and Functional Committees)
3. Communications between the Independent Directors, the Company’s Chief
Internal Auditor and CPAs (shall include the major issues, methods and results
of communication concerning the Company’s financial and operational status,
etc.)
(1) The communications between the independent directors and the
Company’s chief internal auditor:
A. Communication method
The Independent Directors and the chief internal auditor have at least
four closed-door communication meetings every year. In 2023, the
Independent Directors and the chief internal auditor had seven closed-
door communication meetings to report the results of execution of
internal audit and the operation of internal control.

064
 B. The summaries of communication in 2023:

NO Date Communication Content The Company’s Response

Feb. 13
1 Audit Internal audit reports of Dec. 2022 Submitted to Board Meeting.
Committee

1. Submitted to Board Meeting.

2. After being approved, the
proposal was submitted to
1. Internal audit reports of Jan. 2023
Mar. 14 Board Meeting for a resolu-
2. Revision of Internal control sys-
2 Audit tion.
tems
Committee 3. After being approved, the
3. 2022 Internal Control Statement
proposal was submitted to
Board Meeting for a resolu-
tion.

1. Submitted to Board Meeting.

1. Internal audit reports from Feb.
May 12 2. After being approved, the
2023 to Mar. 2023
3 Audit proposal was submitted to
2. Revision of Internal control sys-
Committee Board Meeting for a resolu-
tems
tion.

Jun. 19
4 Audit Internal audit reports of Apr. 2023 Submitted to Board Meeting.
Committee

Aug. 11
Internal audit reports from May 2023
5 Audit Submitted to Board Meeting.
to Jun. 2023
Committee

Nov. 13
Internal audit reports from Jul. 2023
6 Audit Submitted to Board Meeting.
to Sep. 2023
Committee

1. Submitted to Board Meeting.

Dec. 22 1. Internal audit reports from Oct. 2. After being approved, the
7 Audit 2023 to Nov. 2023 proposal was submitted to
Committee 2. 2024 Internal Auditing Plan Board Meeting for a resolu-
tion.

(2) The communications between the Independent Directors and CPAs:

A. Communication method
The Independent Directors and CPAs have at least four closed-door
communication meetings every year. In case of abnormal occurrence, a
meeting may be convened at any time. The Independent Directors and

065
 CPAs had four closed-door communication meetings in 2023, to report the
financial situation and the audit results of the Company and its subsidiaries,
and to explain the materially adjusting journal entries and the influence of
legislation amendment on accounts.
B. The summaries of communication in 2023:

The Company’s
NO Date Communication Content
Response

1. CPAs Report: 2022 Financial Statement Report

Mar. 14
audit scope and results. Submitted to
1 Audit
2. CPAs discussed and communicated the problems Board Meeting.
Committee
raised by the independent directors.

1. CPAs Report: 2023 Q1 Financial Statement Report

review scope and results.
May 12
2. CPAs discussed and communicated the problems Submitted to
2 Audit
raised by the independent directors. Board Meeting.
Committee
3. Sharing updated regulations of Securities and Fu-
tures Bureau, FSC.

1. CPAs Report: 2023 Q2 Financial Statement Report

review scope and results.
Aug. 11
2. CPAs discussed and communicated the problems Submitted to
3 Audit
raised by the independent directors. Board Meeting.
Committee
3. Sharing updated regulations of Securities and Fu-
tures Bureau, FSC.

1. CPAs Report: 2023 Q3 Financial Statement Report

Nov. 13
review scope and results. Submitted to
4 Audit
2. CPAs discussed and communicated the problems Board Meeting.
Committee
raised by the independent directors.

3. Implementation Status of the Remuneration Committee

A. Professional Qualifications and Independence Analysis of Remuneration

Committee Members

The Remuneration Committee is composed of 3 independent directors, and

their professional qualification, experience, independence criteria and number
of other public companies in which the individual is concurrently serving as a
remuneration committee member, please refer to page 27 to page 28.

066
B. The Duties of the Remuneration Committee are as follows:

1. Establish and periodically review the performance evaluation and remuneration

policy, system, standards, and structure for directors and managers.
2. Periodically evaluate and establish the remuneration of directors and managers.

C. Remuneration Committee Meeting Status

1. The term of office of current Remuneration Committee is from May 30, 2023 to
May 29, 2026.
2. A total of 3 meetings(A) were held in 2023. Please refer to page 131 to 139
for resolutions made by the Remuneration Committee and the attendance of
Committee members is as follows:

Attendance
Attendance By
Title Name Rate (%) Remarks
in Person (B) Proxy
(B/A)

Chang, Chia-
Convener 3 0 100%
Chee
Assumed
Member Yu, Fang-Lai 2 1 66.67% office on May
30, 2023.
Li, Chang-
Member 3 0 100%
Chou

Other mentionable items:

1. If the Board of Directors decline to adopt or modify a recommendation of the
remuneration committee, it should specify the date of the meeting, session,
content of the motion, resolution by the Board of Directors, and the Company’s
response to the remuneration committee’s opinion (e.g. the remuneration passed
by the Board of Directors exceed the recommendation of the remuneration
committee, the circumstances and cause for the difference shall be specified):
None.
2. Resolutions of the remuneration committee objected to by members or subject to
a qualified opinion and recorded or declared in writing, the date of the meeting,
session, content of the motion, all members’ opinions and the response to
members’ opinion should be specified: None.

4. Implementation Status of the Sustainability Committee

A. Professional Qualifications and Independence Analysis of Sustainability

Committee Members

067
 The Sustainability Committee is composed of 5 members, more than half
of whom are independent directors. The President serves as the convener, and
Project Div. Business Coordination Dept. Head serves as the vice convener.

B. The Duties of the Sustainability Committee are as follows:

1. Review and formulate policies, strategies, goals, or management guidelines

about sustainability.
2. Review annual work plans about sustainability.
3. Supervise and track the progress, results and relevant matters of work plans of
the executing group.

C. Sustainability Committee Meeting Status

1. The term of office of current Sustainability Committee is from May 30, 2023 to
May 29, 2026.
2. A total of 6 meetings(A) were held in 2023. The attendance of Committee
members is as follows:

Professional Attendance
Attendance By
Title Name Qualification & Rate (%) Remarks
in Person(B) Proxy
Experience (B/A)

Term ceased
Hsieh, Huey-
Convener 6 0 100% on Jan. 1,
Chuan
2024

Member Yu, Fang-Lai 6 0 100%

Please refer to
page 26 to 30
Li, Chang-
Member 6 0 100%
Chou

Chang, Chia-
Member 6 0 100%
Chee Assumed
office on
Sustainability May 30,
Management, 2023
Business
Vice Management,
Wei, Wei-Der 6 0 100%
Convener Transportation
Management,
Risk Manage-
ment

068
 3. The Major Resolutions of Sustainability Committee Meeting:
Date Report Items Discussion Items
1. Formulate the 2023 sustainability work plan.
– Submitted to Board meeting on Mar. 14.
1. Overview of sustainable development
2. Amend “Sustainability Policy” and “Sustainable
operations.
Mar. 13, Development Principles” and repeal “Corpo-
2. Greenhouse gas inventory and verifica-
2023 rate Sustainability Committee Charter”.
tion schedule of the Company and its
– After being approved, the proposal was
subsidiaries in 2022.
submitted to Board Meeting on Mar. 14 for
a resolution.
Amend “Risk Management Policy” and rename
Greenhouse gas inventory and verification as “Risk Management Policy and Procedures”.
May 12,
schedule of the Company and its subsid- – After being approved, the proposal was sub-
2023
iaries in 2022. mitted to Board meeting on May 12 for a
resolution.
Jun. 19, Climate-related financial disclosure (TCFD
None.
2023 framework) implementation status in 2022.
1. Greenhouse gas inventory and verifica-
tion schedule of the Company and its
Aug. 11,
subsidiaries in 2022. None.
2023
2. Implementation of sustainability report
of 2022.
Greenhouse gas inventory and verification
Nov. 13,
schedule of the Company and its subsid- None.
2023
iaries in 2023.
1. Implementation of risk management in
Dec. 22, 2023. Formulate the 2024 sustainability work plan.
2023 2. The Company’s communication with – Submitted to Board meeting on Mar. 14.
various stakeholders in 2023.
1. Greenhouse gas inventory and verifica-
tion schedule of the Company and its
Mar. 14,
subsidiaries in 2023. None.
2024
2. Implementation of the Sustainable De-
velopment in 2023.

Other information required to be disclosed:

1. If the board of directors does not accept, or amends, any recommendation of the
Sustainability Committee, specify the board meeting date, meeting session number,
content of the recommendation(s), the outcome of theresolution(s) of the board of
directors, and the measures taken by the Company with respect to the opinions given by
of the Sustainability Committee: None.
2. With respect to any matter for resolution by the Sustainability Committee, if there is
any dissenting or qualified opinion of a committee member that is on record or stated
in writing, specify the Sustainability Committee meeting date, meeting session number,
content of the motion, the opinions of all members, and the measures taken by the
Company with respect to the members’ opinion: None.
069
 5. Corporate Governance Implementation Status and Deviations from “the
Corporate Governance Best-Practice Principles for TWSE/TPEx Listed
Companies”

Implementation Status Deviations from “the

Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

1. Does the Company establish and 3 The Board of Directors has approved None
disclose the Corporate Governance the “Corporate Governance Best Prac-
Best-Practice Principles based tice Principles”, which is disclosed on
on “Corporate Governance Best- both the Company’s website and Mar-
Practice Principles for TWSE/TPEx ket Observation Post System (MOPS).
Listed Companies”?

2. Shareholding structure & share-

holders’ rights
(1) Does the Company establish 3 The Shareholders’ Affairs Section is in None
an internal operating procedure charge of handling the shareholders’
to deal with shareholders’ sug- suggestions, doubts and disputes ac-
gestions, doubts, disputes and cording to the internal operating pro-
litigations, and implement it ac- cedures.
cordingly?

(2) Does the Company possess 3 Responsibility is assigned to the rel- None
the list of its major shareholders evant departments.
who actually control the Com-
pany and the ultimate owners of
those shares?

(3) Does the Company establish 3 The Company has established risk None
and execute the risk manage- control measures within the internal
ment and firewall system within control operating procedures.
its affiliates?

(4) Does the Company establish 3 1. The Company, by the resolution of None
internal rules against insiders the Board of Directors, has estab-
trading with undisclosed infor- lished the “Procedures for Handling
mation? Material Inside Information” and
“Insider Trading Prevention Man-
agement” within the internal control
operating procedures to regulate
the trading of the Company’s eq-
uity based securities by insiders.
2. The Company amended the “Co-
porate Governance Best Practice

070
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

Principles” and the “Insider Trad-

ing Prevention Management” on
December 22, 2022, and stipulated
that the directors are not allowed
to trade Company securities with
the nature of equity during the
closed period (30 days before the
announcement of annual financial
reports and 15 days before the an-
nouncement of the quarterly finan-
cial reports).
The Company provides the sched-
uled board meeting date table for
the next year at the end of each
year, which indicates the sched-
uled meeting dates of approving
the financial reports and the closed
period of prohibiting a director from
trading its shares. The Company
reminded the Directors the closed
period of preceding paragraph via
E-MAIL on Feb. 10, Apr. 26, Jul. 24,
and Oct. 25 of 2023.
3. To enable the directors and man-
agers of the Company to fully
understand the relevant rules and
penalties regarding insider trading,
the Company provides the directors
and managers with a monthly Q&A
on insider trading prevention and
forwards information on insider trad-
ing prevention immediately.
4. In order to implement the Com-
pany’s policy of preventing insider
trading, the Company launched an
online (E-learning) course entitled
“Preventing Insider Trading” in July
2023 (be scheduled for 30 minutes),
with a total of 2,462 employees
participating. The course includes

071
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

information on the reasons for in-

sider trading, example explanations,
and criminal responsibility. In ad-
dition, the employees passed the
online test, and the completion rate
was 100%.

3. Composition and Responsibilities

of the Board of Directors
(1) Does the Board develop and 3 Please refer to page 28 to page 29 None
implement the diversification for the implementation of the diversi-
policy, specific management ob- fied policy of the Company’s Board of
jectives and implementation of Directors.
the Board of Directors?

(2) Does the Company voluntarily 3 In addition to the Audit Committee None
establish other functional com- and Remuneration Committee that
mittees in addition to the Re- the Company has established in ac-
muneration Committee and the cordance with the law, the Company
Audit Committee? has established the Sustainability
Committee on December 22, 2022
to fulfill corporate social responsibility
and achieve the goal of sustainable
operation and raised it to the function
committee under the Board of Direc-
tors. The Sustainability Committee
has five members appointed by the
Board of Directors, more than half of
whom are independent directors. The
committee shall assist in reviewing
corporate sustainability policies, strat-
egies, goals or management guide-
lines, corporate sustainability annual
plans and other related matters. The
operation of the Sustainability Com-
mittee can play a sound supervisory
function and strengthen the manage-
ment function of the Board of Direc-
tors.

072
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

(3) Does the Company establish a 3 1. The Company has established the None
standard to measure the per- “Regulations Governing the Board
formance of the Board annually, Performance Evaluation”, and has
report the results of the perfor- disclosed it on both the Company’s
mance evaluation to the Board, website and the Market Observa-
and use it as a reference for in- tion Post System (MOPS).
dividual directors’ remuneration 2. The “Regulations Governing the
and nomination? Board Performance Evaluation”
stipulates that the Company shall
conduct an internal board perfor-
mance evaluation at least once a
year. Additionally, the Company’s
board performance evaluation may
be conducted by an external in-
dependent professional institution
or a panel of external experts and
scholars once every three years.
3. The evaluation results of the Board
of Directors’ performance in 2023
(please refer to Note 1) were sub-
mitted to the Board meeting on
March 14, 2024.
4. The annual evaluation results of the
Board of Directors’ performance
are also used as a basis for con-
sideration of individual director’s
remuneration and nomination.

(4) Does the Company regularly 3 The Audit Committee conducts an None
evaluate the independence of annual evaluation of the profes-
CPAs? sionalism, independence, suitability,
and reasonableness of remunera-
tion for CPAs, using Audit Quality
Indicators (AQIs) as a reference,
a n d t h e C PA s h a v e c o m p l e t e d
independent reports for the appointed
auditing affair. The assignment and
remuneration of CPAs for the 2024
financial and tax certification has been
approved by the Board of Directors on

073
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

Dec. 22, 2023. The assigned accoun-

tants are not directors, supervisors,
managers, employees or shareholders
of the Company or its affiliates and
have been confirmed as non-stake-
holders, which meets the require-
ments of the competent authority for
independent judgment.
Please refer to Note 2 for the indepen-
dence evaluation of CPAs.

4. Does the TWSE/TPEx Listed Com- 3 1. The Board of Directors appointed None
panies appoint an adequate number the head of the Corporate Gover-
of corporate governance personnel nance Department, Hsieh, Shu-
with appropriate qualifications and Hui, as the Chief Corporate Gover-
appoint a chief corporate gover- nance Officer of the Company by
nance officer to deal with corporate the Board Meeting dated May 13,
governance business (including but 2019, and not holding other posi-
not limited to provide directors and tions concurrently. In addition, the
supervisors necessary information; number of professional corporate
assist directors and supervisors to governance personnel is sufficient,
handle the matters related to the to protect shareholders’ rights and
Board of Directors and Sharehold- strengthen the Board’s functional-
ers’ Meeting in accordance with the ity. The Officer has at least 3 years’
laws and regulations; and handle sufficient experience in corporate
the Company registration, change governance affairs such as share-
registration of company, and pre- holders’ meeting, board meeting
pare the minutes of Board of Direc- and others, that is eligible for the
tors meeting and Shareholders’ position of Chief Corporate Gover-
Meeting) ? nance Officer.
2. The main duties of the Compa-
ny’s Chief Corporate Governance
Officer are as follows:
(1) Handling matters relating to
Board Meetings and Sharehold-
ers’ meetings according to laws.
(2) Producing minutes of Board
meetings and Shareholders’
meetings.

074
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

(3) Assisting in onboarding and

continuous development of di-
rectors.
(4) Furnishing information required
for business execution by direc-
tors.
(5) Assisting directors with legal
compliance.
(6) Reporting to the Board of Direc-
tors on the results of their review
of whether the qualifications of
independent directors comply
with relevant laws and regula-
tions during the nomination,
election, and term of office.
(7) Handling matters relating to
changes in directors.
(8) Other matters set out in the
Company’s Articles of Incorpo-
ration or contracts.
3. The execution of duties in 2023 are
as follow:
(1) To furnish Directors with relevant
information and regulations to
perform their duties and ar-
ranged training courses for di-
rectors:
a. To irregularly provide the Di-
rectors with the latest regu-
lations on corporate gover-
nance.
b. To provide the Directors with
the necessary Company’s
information to effectively per-
form their duties and maintain
smooth communication be-
tween the Directors and all
department heads.
c. To arrange at least four closed-
door meetings to facilitate
face-to-face communication

075
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

between independent direc-

tors, the chief internal auditor,
and CPAs to gain a deeper
understanding of the Compa-
ny’s audit and financial status,
as well as the audit results.
d. To hold two Directors’ training
courses (3 hours each time).
(2) To handle matters relating to
functional committees, board
meetings and shareholders’
meetings according to laws:
a. To notify each director of
the meeting agenda at least
seven days in advance, pro-
vide all necessary materials,
remind directors who have a
conflict of interest not to par-
ticipate in discussion or voting
on related agenda items, and
distribute the meeting min-
utes to each director within
20 days after the meeting.
b. To assist in announcing ma-
terial information after board
meetings to ensure the legal-
ity and accuracy of the infor-
mation. This helps to protect
the information equity of in-
vestor transactions.
c. To register the date of the
shareholders’ meeting and
produce meeting notices,
handbooks, and minutes in
accordance with the law.
(3) To handle matters relating to
changes in directors.
a. To review regularly (once a
year) whether the qualifica-
tions of independent directors

076
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

comply with relevant laws

and regulations and submit to
Board Meeting.
b. To provide required informa-
tion and handle various an-
nouncements in accordance
with law when the Director
changes.
c. To handle matters of applica-
tion for change of registration.
4. Chief corporate governance officer
training records in 2023 (please re-
fer to Note 3).

5. Does the Company establish a 3 The Company’s website has a “Stake- None
communication channel and build holders Engagement Zone” (https://
a designated section on its website csr.evergreen-marine.com/csr/jsp/
for stakeholders (including but not CSR_StakeholderEngagement.jsp),
limited to shareholders, employees, which exposes the management of
customers, and suppliers), as well material issues, the communication
as handle all the issues they care channels, communications reports
for in terms of corporate social re- and provides a CSR mailbox to re-
sponsibilities? spond to ESG-related issues. Through
material issues questionnaires, the
company analyzes decarbonization,
shipping operation and performance,
data safety and privacy, safe ship op-
erations, corporate governance and
integrity, energy management, waste
and emission management, labor right
and welfare, diversity, equity and inclu-
sion (DEI) and employee health and
safety. The Company set up relevant
policies, management guidelines, eval-
uation and management mechanisms,
tracking annual performance and
setting future goals for all 10 material
issues. The Company is well aware of
the concern issues from stakehold-
ers through diversified communica-
tion channels, and make appropriate

077
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

responses to stakeholders’ opinions

with an open and rigorous attitude.
The Company collect and report to
the board of directors on communica-
tion with stakeholders every year, and
disclose it in the annual sustainability
report in the “Policy and Report Zone”
of the website. Please refer to Note 4
for the communication with stakehold-
ers in 2023.

6. Does the Company appoint a 3 The Company does not assign any Whereas stocks af-
professional shareholder service agency to be in charge of its Share- fairs is managed by
agency to deal with Shareholders’ holders’ Meeting affairs. the Company itself, the
Meeting affairs? Shareholders’ Meeting
is conducted following
government regulation
and Articles of Incorpo-
ration of the Company
to ensure its lawfulness,
effectiveness, and safe-
ness.

7. Information Disclosure
(1) Does the Company have a cor- 3 1. Financial and Business information: None
porate website to disclose both The Company has set up a corpo-
financial standings and the sta- rate website (URL: https://www.ever-
tus of corporate governance? green-marine.com/emc/financial/jsp/
EMC_FinancialInformation.jsp?lang=
en&p=financialReports), where the fi-
nancial and business information are
disclosed, and designated relevant
personnel to monitor and provided
investors with accurate company in-
formation.
2. Corporate governance status:
“Corporate Governance Zone”
( h t t p s : / / w w w. e v e r g r e e n - m a -
rine.com/emc/governance/
j s p / E M C _ B o a r d O f D i r e c t o r.
jsp?lang=en) is set up in the

078
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

Company’s website, which has dis-

closed the operation of the Board
of Directors and the functional
committees, internal audit organi-
zation and implementation situa-
tion, corporate governance operat-
ing situation, corporate governance
officer and internal regulations of
the Company, in order to assist
stakeholders to understand the op-
eration of corporate governance.

(2) Does the Company have other 3 The Company has set up an English None
information disclosure channels website (URL: https://www.evergreen-
(e.g. building an English web- marine.com/?lang=en) and a desig-
site, appointing designated per- nated personnel is responsible for the
sonnel to handle the Company’s Company’s information collection and
information collection and dis- disclosure, and spokesperson system
closure, creating a spokesman establishment. In addition, the Com-
system, webcasting investor pany’s website has disclosed the infor-
conferences)? mation about the investor conference
information that the Company held or
has been invited to over the years

(3) Does the Company announce 3 The Company follows relevant laws Though the Company
and report the annual financial and regulations to announce and re- didn’t announce and
statements within two months port the annual financial statements report the annual finan-
after the end of the fiscal year, on time after the end of the fiscal year, cial statement within
and announce and report the and announce and report the first, two months after the
first, second, and third quarter second, and third quarter financial end of the fiscal year,
financial statements as well as statements as well as the operating the quarterly financial
the operating status of each status of each month before the pre- statements and the
month before the prescribed scribed deadline. monthly operating situ-
deadline? Please see https://emops.twse.com. ation are announced
tw/server-java/t58query and reported within the
prescribed time limit in
accordance with the
law.

079
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

8. Is there any other important infor-

mation to facilitate a better under-
standing of the Company’s corpo-
rate governance practices?
(1) Employee rights and employee 3 1. Employee rights and benefits None
wellness (1) In 2002, the Company estab-
lished measures to prevent and
address sexual harassment,
including procedures for report-
ing and disciplinary action. Ad-
ditionally, the Company created
a mailbox and dedicated phone
line on the internal website to
ensure the protection of em-
ployees’ rights and interests.
(2) The company has created poli-
cies regarding human rights and
regularly assesses the risks and
impacts related to human rights.
This is done to ensure that all
employees are treated with re-
spect and dignity, in line with
the UN Universal Declaration of
Human Rights, the UN Global
Compact, the ILO Declaration
on Fundamental Principles and
Rights at Work, and the ILO
Maritime Labour Convention of
2006.
(3) The company has implemented
a thorough training program that
includes personalized mentor-
ship to the Company ensure
all business operations run
smoothly. Regular performance
reviews and appraisals are con-
ducted to provide employees
with references for their’ future
career development. Addition-
ally, supervisors can improve

080
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

communication and enhance

employee performance through
appraisal interviews.
2. Employee care
(1) The Company offers free lunch
to promote employee’ health
and ensure food safety.
(2) In Taipei, Taoyuan and Kaohsi-
ung, the Company sponsored
15 clubs in three categories:
“ball sports, health and well-
ness, and outdoor recreation”,
which encourage employees
to relieve work pressure, con-
nect with feelings and promote
physical and mental health.
(3) Regularly organize group activi-
ties, such as Evergreen Family
Day, basketball games, etc., to
enhance employee communica-
tion and peer friendship.
(4) The Company set up a dispen-
sary staffed by doctors and
nurses providing medical con-
sultation, workplace health pro-
motion and regular free physical
examination. and installed AED
units improving the first and im-
mediate assistance.
(5) The company implemented the
Employee Assistance Programs
(EAPs) with external profes-
sional institutions to provide the
needed employees with free
psychological counseling.
(6) In terms of shipboard life, Ever-
green’s modern container ves-
sels provide a comfortable living
environment. Full-time chefspre-
pare nutritious and varied meals

081
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

for everyone. Communication is

the top issue for young people
today. The majority of Evergreen
software that make it easy for
crews to stay in contact with
their families.

(2) Investor relations 3 “Investor Service Zone” is set up in None

the Company’s website (URL: https://
www.evergreen-marine.com/emc/
financial/jsp/EMC_FinancialInforma-
tion.jsp?lang=en&p=annualReports)
to provide investors with information
on operations and finances.

(3) Supplier relations and rights of 3 (1) “Supplier management’’ is set up None
stakeholders in the Company’s website (URL:
https://csr.evergreen-marine.com/
csr/jsp/CSR_SupplierManage-
ment.jsp) to reveals our value
chain, major aspects of the Suppli-
er Code of Conduct and our sup-
pliers’ screening and performance
evaluation result.
(2) “Supplier Code of conduct” is set
up in the Company’s website (URL:
https://csr.evergreen-marine.com/
csr/jsp/CSR_SupplierCodeCon-
duct.jsp) to establish common val-
ues and standards which suppliers
need to comply when doing busi-
ness with us.
(3) “Stakeholder Zone” is set up in the
Company’s website (URL: https://
csr.evergreen-marine.com/csr/jsp/
CSR_ContactWindow.jsp)to list
communication channels for stake-
holders.

082
 Implementation Status Deviations from “the
Corporate Gover-
nance Best-Practice
Evaluation Item
Yes No Abstract Illustration Principles for TWSE/
TPEx Listed Compa-
nies” and Reasons

(4) Directors’ training records 3 The directors of the Company have None
completed training courses ac-
cording to “Directions for the Imple-
mentation of Continuing Educa-
tion for Directors of TWSE Listed
and TPEx Listed Companies”.
Please refer to the Company’s web-
site (URL:https://www.evergreen-ma-
rine.com/emc/governance/jsp/EMC_
BoardOfDirector.jsp?lang=en) and
MOPS for complete information of the
continuing training of the Company’s
directors.

(5) The implementation of risk man- 3 Please refer to the Assessment of None
agement policies and risk evalu- Risk Management in chapter 7.
ation measures

(6) Purchasing insurance for direc- 3 The Company has purchased liability None
tors and supervisors insurance for its directors since 2015.

9. Please specify the Company’s measures for the evaluation results published by Corporate Governance Center of
Taiwan Stock Exchange Corporation which should be improved:
(1) The Company were ranked as 6% to 20% of the 10th year of corporate governance assessment by the Taiwan
Stock Exchange in 2023. It means that the implement of Corporate Governance is in good condition.
(2) The Company was invited to attend Investor Conferences hosted by SinoPac Securities Co., Ltd. on Apr. 14,
2023 and Oct. 6, 2023. Relevant information has been disclosed on the Company’s website.
(3) The Company’s directors completed training courses in accordance with the “Directions for the Training of
Continuing Education for Directors of TWSE Listed and TPEx Listed Companies” in 2023. The Company will
continue to encourage directors to attend training courses.
(4) The Company established the Sustainability Committee on Dec. 22, 2022, and it has been raised to the func-
tion committee under the Board of Directors. The Sustainability Committee has five members appointed by the
Board of Directors, with more than half being Independent Directors.
(5) The Company upload uninterrupted audio and video recordings of the Annual General Meeting of Sharehold-
ers in 2023 on the Company’s website. (UTL: https://www.evergreen-marine.com/emc/shareholder/jsp/EMC_
ShareholderAffairs.jsp?lang=en&p=meeting)
(6) The Company has obtained the certification from Taiwan Intellectual Property Management System (TIPS) in
2023.

083
 Note 1: The Evaluation Results of Board of Directors of 2023

Self-evaluation Board members Audit Remuneration Sustainability

The Board
Scope (For themselves) Committee Committee Committee

Average score
4.98 4.96 5.00 4.94 5.00
(Full score: 5)

Evaluation
Excellent Excellent Excellent Excellent Excellent
Results

Note 2: Independence of CPA

Independence
Item Evaluation
of CPA

1. CPAs and their family members did not provide or receive gifts or
special offers to the Company or its affiliates, top management,
Conformity Yes
directors and supervisors, and did not affect or threaten the inde-
pendence of the CPAs.

2. CPAs and their family members or the management of the firm

with supervisory duties did not have the following circumstances
during the auditing period:
- Serve as a manager, supervisor, or director of the Company or Conformity Yes
its affiliates.
- Positioned as one who has a direct and significant influence on
the Company’s accounting records or financial statements.

3. CPAs and their family members have not received any awards for
Conformity Yes
non-audit services from the Company or its affiliates.

4. One who resigned from CPAs or the auditing team did not have
the following circumstances:
- Acting as a director, supervisor(including non-executive director
and supervisor) or top management of the Company or affili-
Conformity Yes
ates controlled by the Company, or one who may have a direct
and significant influence on the Company’s accounting records
or the financial statements audited by the firm.
- Being promoted to the above positions.

5. During the auditing period, the members of the auditing team did
Conformity Yes
not hold any appointments of the Company.

6. CPAs appointed by the Company have followed the rotation

policy to reduce the threat posed by long-term appointments to Conformity Yes
independence and impartiality.

7. There are no direct or material indirect financial interests, finan-

cial agreements, bank deposits, securities accounts or insurance
Conformity Yes
plans that violate the independence norms between the CPAs
and their family members and the Company or its affiliates.

084
 Independence
Item Evaluation
of CPA

8. There is no commercial cooperation or other commercial relation-

ship between the CPAs and their family members and the Com- Conformity Yes
pany.

9. There is no pending or foreseeable lawsuit involving the audit or

non-audit services of the firm between the CPAs and the Compa- Conformity Yes
ny, and no lawsuit which is significant to the firm or the Company.

10. The Company or its affiliates have not owed professional fee to
Conformity Yes
the firm for the provided service.

11. The total amount of the professional fee of the Company and its
affiliates would not have an influence on the independence of Conformity Yes
CPAs.

12. There is no agreement between the CPAs and the Company to

Conformity Yes
receive or pay commission, referral fee or professional fee.

Note 3: Chief Corporate Governance Officer Training Records In 2023

Professional Training
Date Training Sessions
Organization Hours

Taiwan Corporate Governance Linking ESG with executive compensation - case

May 25 1
Association sharing of how company Boards drive the alignment

Taiwan Stock Exchange Cathy sustainable Finance and Climate Change

Jul. 4 6
Corporation Summit

Taiwan Corporate Governance Risks and Opportunities of Climate Change and

Jul. 14 3
Association Net-Zero Policies to Business Operations

Aug. 17~ Taiwan Corporate Governance

Sustainable governance training course 9
Aug.18 Association

Taiwan Corporate Governance

Aug. 30 The Impacts and Strategies of ChatGPT on industries 1
Association

Taiwan Corporate Governance

Oct. 30 AI application, legal issues and auditing 3
Association

Taiwan Corporate Governance Wangdao Management Accounting and Corporate

Dec. 28 1
Association Governance

Total Training Hours 24

085
 Note 4: Issues concerned by stakeholders

Communication Channels, Response

Importance to the
Stakeholder Priority Issues Methods and Communication
Company
Frequency
Employee The members and • Shipping operation and • Contact person: Human Resources
the most important performance Dept. Mr. Huang
assets of the Com- • Labor rights and welfare E-mail : hrd@evergreen-marine.com
pany • Corporate governance • EIP e-Bulletin board (any time)
and integrity • Corporate / departmental meetings
• Data safety and privacy (monthly)
• Employee health and • Inter-departmental coordination meeting
safety (ad hoc)
• Management Year End Talk (annually)
• Labor-management meeting/ Employee
Welfare Committee meeting/ Labor
Safety and Health Committee meeting/
Labor Retirement Reserve Supervision
Committee (quarterly)
• Appeal dedicated mail box (any time)
• Sexual harassment compliant hotline/
mail box (any time)
2023 communication performance:
1. Posted 38 pieces of social club info, 37 pieces of event info, 98 pieces of welfare info,
and 36 pieces of safety/health info on the EIP.
2. Senior executives hold monthly business meetings and announce important matters on
the EIP. Department heads hold monthly departmental meetings, and cross-departmen-
tal coordination meetings at any time to meet business needs. Top management held a
year-end talk on Dec. 25.
3. Held labor-management meetings, employee welfare committee meetings, labor safety
and health committee meetings, and labor retirement reserve supervisory committee
meetings 4 times a year.
4. Received one employee complaint case: conducted an investigation in accordance with
the company’s complaint handling procedures, and responded to the complainant within
the time limit for the case. Zero sexual harassment complaint case.
5. Conducted 38 sessions of pre-employment seminars for seafarers and 16 on-board
opinion exchange sessions.
Competent Communicate with • Employee health and • Contact person: Business Coordination
authority the government in safety Dept. Mr. Liu
order to help the • Shipping operation and E-mail : csr@evergreen-marine.com
government agen- performance • Letter (ad hoc)
cies understand the • Labor rights and welfare • Meeting (ad hoc)
operations of the • Diversity, equity and in-
Company and con- clusion (DEI)
tribute our expertise
in shipping to the
policy and law-mak-
ing process

086
 Communication Channels, Response
Importance to the
Stakeholder Priority Issues Methods and Communication
Company
Frequency
2023 Communication Performance:
1. Expressed shipping industry opinions on the extension of the “Maritime Joint Operations
Block Exemption Order” through the World Shipping Council (WSC). However, the Euro-
pean Commission and the British Competition and Markets Authority still decided not to
extend the block exemption order after its expiration.
2. Expressed industry opinions on policies and law amendments related to the container
shipping industry to the competent authorities of the US, the UK, the EU and Asian
countries through WSC; explained the current situation of container shipping and partici-
pated in 7 environmental protection meetings
3. Replied to 4 questionnaires collected by the competent authorities regarding the current
situation of the container shipping market, mergers and acquisitions, and competition.
4. Participated the “Corporate Service Integrity Platform” of the Customs Administration,
Ministry of Finance in March
5. Invited to share on the Taiwan International Port Corporation’s Forum sharing Evergreen’s
experience in sustainable operations and integrity governance.
6. Communicated 10 times with the Maritime Port Bureau of Ministry of Transport, 2 times
with the Maritime & Port Authority of Singapore, 1 time with the Maritime UK, 3 times
with Taiwan Ocean University, and participated in 5 seminars with classification societies
on issues related to navigation safety and marine environmental protection.
7. Participated bi-monthly the labor safety meeting held by Kaohsiung Shipowners Asso-
ciation.
Customer Through the opti- • Shipping operation and • Contact person: Mr. Dai
mization of services performance E-mail : customer@evergreen-marine.
and communica- • Data safety and privacy com
tions to maximize • Risk management • Company’s website/APP (any time)
value for customers • Safe ship operations • Customer satisfaction survey (quarterly)
• OCEAN Alliance promotional seminar (ad
hoc)
2023 Communication Performance:
1. Provide instant messages and respond to customer needs through official website and
customer mailboxes; send electronic customer satisfaction surveys monthly to under-
stand customer needs and concerns.
2. Upgraded the E-counter to provide electronic B/L and invoices, with the electronic B/L
ratio reaching 77%
3. Send customer satisfaction surveys quarterly to understand customer needs and con-
cerns. Collected 1,231 questionnaires from Taiwan customers throughout the year, and
responded to customers’ suggestions.

087
 Communication Channels, Response
Importance to the
Stakeholder Priority Issues Methods and Communication
Company
Frequency
Supplier S h a re h o l d e r p a r- • Sustainable procure- • Contact person: Mr. Dai
ticipation is a way to ment E-mail : supplier@evergreen-marine.com
improve the imple- • Shipping operation and • Meeting (ad hoc)
mentation of corpo- performance • Supplier questionnaire survey (annually)
rate governance. • Corporate governance • Supplier evaluation (annually)
Provide products and integrity
and services that • Employee health and
satisfy the Compa- safety
ny’s quality require-
ments and works
together to create
good services
2023 Communication Performance:
1. Required suppliers to comply with Company’s Supplier Code of Conduct, encouraged
them to sign the “Sustainable Corporate Responsibility Commitment” and incorporate
ESG clauses into their contracts.
2. Required suppliers to complete “Supply Chain Sustainability Assessment Questionnaire.”
An audit will be conducted for improvement if the self-assessment score less than 70
points.
3. Statistics of ESG implementation of first-tier key suppliers (containing more than 80% of
the procurement amount):
• 3.1 Continue to promote the signing of the “Sustainable Corporate Responsibility
Commitment” and the inclusion of ESG clauses in contracts by new first-tier key
suppliers.
• 3.2 Collected 441 “Supply Chain Sustainability Assessment“ from first-tier key supplier,
with a recovery rate of 80.18%.
O t h e r s h i p - P ro v i d e s h i p p e r s • Shipping operation and • Contact person: Business Coordination
ping compa- with better service performance Dept. Mr. Chen
nies through alliance or • Labor rights and welfare E-mail : bcdjvs@tw.evergreen-line.com
joint services which • Data safety and privacy • In-person/virtual meeting (ad hoc)
meet the require- • Sustainable procure-
ments of the Com- ment
pany • Corporate governance
and integrity
• Energy management
2023 Communication Performance:
1. Ocean Alliance held 3 meetings and discussed the 2023 Day 7 Product and 2024 Day 8
Product.
2. Discussed respectively with CMA and COSCO on carbon reduction strategies and rel-
evant environmental laws and regulations.

088
 Communication Channels, Response
Importance to the
Stakeholder Priority Issues Methods and Communication
Company
Frequency
Shareholder, P e o p l e w h o h o l d • Shipping operation and • Contact person:
institutional c o m p a n y s h a r e s performance Shareholder: Corporate Governance
investor and have the right to at- • Corporate governance Dept. Ms. Chiu TEL: 886-2-25001668
financial insti- tend shareholders’ and integrity E-mail : cgdsas@evergreen-marine.com
tutions meetings and have • Risk management Investors and creditors: Finance Dept.
voting rights. Ms. Huang
S h a re h o l d e r p a r- TEL: 886-2-25001280
ticipation is a way to E-mail: finir@evergreen-marine.com
improve the imple- • “Investor Service Zone” in Company’s
mentation of corpo- website (any time)
rate governance. • Important financial and business infor-
Provide the neces- mation in MOPS (as specified by the
sary funds for the competent authority)
operation of the • Respond to investor inquiries (ad hoc)
Company and re- • Annual reports of Shareholders’ Meeting
quire transparency (annually)
with the operating • Investor conference (at least twice a
situation year)
2023 Communication Performance:
1. Set up investor Q&A’ mailbox and dedicated line to answer investors’ questions.
2. Posted 76 major news announcements (as a listed company) in Chinese/English.
3. Held General Meeting of Shareholders on May 30 and all inquiries from shareholders an-
swered by the chairman or the designated personnel.
4. Attended 2 investor conferences held by SinoPac Securities on April 14 and October 6
addressing Company’s overall operating overview, strategies and industry prospects.
C o m m u n i t y, Local residents and • Data safety and privacy • Contact person:
social group groups that are • Labor rights and welfare Community: General Affairs Dept.
and non-profit closely connected • Shipping operation and Mr. Wu
organization to the Company’s performance E-mail: gadgas@evergreen-marine.com
location and ser- • Employee health and Social group: Human Resources Dept.
vices and partners safety Mr. Lai
in the engagement • Corporate governance • Meeting (ad hoc)
of social care and and integrity • Sponsorship & event planning meeting
charitable activities • Safe ship operations
2023 Communication Performance:
1. Organized marine career lectures in nearby schools and one-day off-campus visits to
promote maritime education and culture
2. Communicated with local communities where the offices are located; completed the
drainage widening project suggested by residents in the Nankan.
3. Sponsored solar photovoltaic equipment in rural schools in Yunlin and Pingtung, donat-
ed 24 boxes of second-hand toys to the Toy Association in August; donated 100 sets of
second-hand computers to students from disadvantaged families in Nantou in Decem-
ber; donated frozen packaged food and New Year dishes to social welfare groups

089
 Communication Channels, Response
Importance to the
Stakeholder Priority Issues Methods and Communication
Company
Frequency
4. Sponsored 7 classical concerts by the Evergreen Symphony Orchestra; sponsored the
“11th Marine Painting Competition” organized by the Evergreen Maritime Museum
5. Planted 1,400 coastal tree species at the Jiabao Coast in Linkou and Kaohsiung in
March; organized a mountain cleaning activity in Taoyuan in July and 26 kilograms of
waste were removed; Held wetland protection activities in Kaohsiung Wetland Park and
removed 107.8 kilograms of waste and invasive alien species.
Media G i v e t h e g e n e r a l • Ship operation and per- • Contact person: Public Relation Dept.
public a better un- formance Ms. Yang
derstanding of the • Risk management E-mail: prd@evergreen-marine.com
Company through • Decarbonization • Shareholders’ meeting (ad hoc)
good communica- • Investor conference (at least twice a
tions and informa- year)
tion dissemination • Press releases (ad hoc)
• Company’s website (any time)
2023 Communication Performance:
1. Invited media to attend 2 investor conferences on April 14 and October 6, with 30 media
representatives in attendance respectively.
2. Invited media to attend General Meeting of Shareholders on May 30, with 40 participants
from the media.
3. Held the opening ceremony of the 7th Kaohsiung Container Terminal, with 50 Kaohsiung
reporters and 10 Taipei reporters participated.

090
6. Corporate Sustainable Development and Deviations from “the Corporate
Sustainable Development Best-Practice Principles for TWSE/TPEx Listed
Companies” and Reasons

Implementation Status Deviations from “the

Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

1. Does the Company establish 3 Evergreen follows the “Sustainable Devel- None
exclusively (or concurrently) opment Best Practice Principles for TWSE/
dedicated unit to promote TPEx Listed Companies” and “Corporate
corporate sustainable de- Governance Best Practice Principles”
velopment, with first-line and set up Sustainability Committee as a
managers authorized by the functional committee under the board of
Board to be in charge of its Directors. The committee has 5 members
management and the Board from board of Directors and 3 of them
supervise the management are independent directors, the president
status? serves as the convener, and the head of
Business Coordination Department(BCD)
serves as the deputy convener. The main
responsibilities are to review and formulate
sustainability-related policy objectives and
annual work plans, and supervise the im-
plementation progress, results and related
matters of the work plans. The sustainabil-
ity committee and the working teams hold
meetings at least twice a year, and report
implementation results to the board of di-
rectors twice a year.
There are working teams under the Sus-
tainability Committee, and the head of the
BCD is responsible for convening group
meetings and assisting in the promotion of
various tasks. The working teams consist of
four issue groups: environmental protection,
social inclusion, corporate governance, and
sustainable procurement. Please refer to
the Table 1 for the structure of Sustainability
Committee.
The Committee held 6 meetings in 2023
to report to the Board of Directors on the
implementation of matters related to pro-
moting sustainable development, with an
attendance rate of 100%. The contents
091
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

includes are as below:

1. Formulate a sustainable work plan for
2023, CSR report preparation working
schedule, greenhouse gas inventory
inspection and verification and climate-
related financial disclosure Expose (TCFD
architecture) execution situation
2. Reported on December 22, 2023 be-
tween our company and Communication
situation with various stakeholders, risk
management evaluation and establish
2024 annual sustainability working plan.
3. Revise the company’s “Sustainability
Policy” , “Sustainable Development Best
Practice Principles” and “Risk Manage-
ment Policies and Procedures”.
The board of directors conducted a meet-
ing to review the report from Sustainability
Committee and evaluate implementation
effectiveness and supervise sustainable
development plans & operations, and also
urge the company to implement sustainable
policy-related management plans, specific
promotion plans and practicing sustainable
development.

2. Does the Company conduct 3 The Sustainability Committee working None

a risk assessment of environ- teams are responsible for risk manage-
mental, social and corporate ment-related business, implementing the
governance issues, which risk management mechanism, and execut-
is related to the Company’s ing risk management-related business in
operations, and formulate accordance with the “Risk Management
relevant risk management Policies and Procedures” and the “Risk
policies or strategies by Ma- Management Assessment Procedures.”
teriality Principle? The Company’s risk management process
includes risk identification, risk assessment,
risk control, risk monitoring, risk disclosure
and communication. Based on double ma-
teriality (impact & financial), the Company
identifies risks that may be faced in the
operation process such as environmental,
092
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

social, governance, sustainable procure-

ment, etc. and classified the risks into six
categories: (1) strategic risk, (2) market and
operational risk, (3) legal risk, (4) financial
risk, (5) information risk, (6) hazard risk. The
Company conducted risk management
assessment in 2023 and according to the
self-assessment risk analysis, there were
no high-risk, 26 medium-risk and 123 low-
risk issues and which meant the Company
could maintain current control methods.
On December 22, 2023, the Committee
reported the risk management implementa-
tion status to the Board of Directors.
In view of the increasingly severe climate
change, Evergreen has introduced the
framework of Task Force on Climate-
related Financial Disclosure (TCFD) to
identify the opportunities and challenges
brought by climate change and extreme
climate. Climate change impact that af-
fected operations has been integrated into
Evergreen’s risk assessment system and
corresponding measures has also been
adopted as well. Please refer to the Table 2
for the corresponding measures. With aim
to have stakeholders better understand our
corporate sustainable promotion plan and
implementation results, Evergreen regularly
publishes relevant information on the web-
site and Sustainability Report.

3. Environment Issue
(1) Does the Company estab- 3 As a leader in maritime industry, Evergreen None
lish proper environmental is committed to building an environmentally
management systems friendly fleet, actively participating many
based on the characteris- international environmental protection proj-
tics of their industries? ects. And proceeding from various aspects
such as weather navigation analysis, op-
timization of route speed, in order to syn-
chronize with the world and to protect the
093
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

marine environment. We have established

“Safety and Environmental Management
System” for our fleet and onshore person-
nel, and obtained the ISO 14001 Environ-
mental Management System (The validity
period of the certificate is to August 12,
2026). We implement the environmental
protection management system with a
responsible attitude to prevent the occur-
rence of environmental protection accidents
and minimize the risk. There was no major
environmental protection accident in 2023.

(2) Does the Company en- 3 The company is committed to adhering None
deavor to improve energy to international environmental protection
efficiency and use renew- conventions and regulations in various re-
able materials which have gions, while taking a cautious approach. It
low impact on the envi- places a strong emphasis on pollution pre-
ronment? vention, energy conservation, greenhouse
gas reduction, and planetary protection. To
ensure environmental protection and pollu-
tion prevention for ships sailing at sea, the
Company has established strict standards
and operating procedures. It employs vari-
ous operational management measures,
emission reduction strategies, and ship
design optimization to reduce ship energy
consumption. Additionally, the Company
continuously introduces a new generation
of eco-friendly ships to reduce pollution
and greenhouse gas emissions, thereby
contributing to the protection of the earth’s
environment. To continuously improve en-
ergy efficiency, the Company adopts the
following methods:
1. Optimizing routes and sailing at suitable
speeds.
2. Continuous monitoring of ship fuel con-
sumption and host operating status to
ensure propulsion performance of main

094
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

engines and conform to CII carbon

emission regulations.
3. Using weather navigation to provide the
fleet with real-time weather information
in order to select the best routes for
maximum fuel efficiency.
4. Improving cargo handling efficiency to
shorten port stays.
5. Properly planning ship cargo loads and
reduce ballast water loading to maximize
economic benefits.
6. Application of special anti-fouling paint
to ship hulls.
7. Continuously introduce new energy use
to reduce greenhouse gas emissions.
In addition, the Company’s buildings are all
pursuing energy-saving policies. In order to
achieve energy-saving goals and eliminate
energy waste, the following measures are
also implemented:
1. Fully replaced dormitory lighting with
LED energy-saving lamps and appli-
ances in Nankan, which save 417.5
thousand kWh every year.
2. To replace an old official vehicle with a
new one in June, 2023 and replace the
pure fuel vehicle with hybrid vehicle in
Taipei. The difference in fuel efficiency
per liter between the two is 8 kilometers.
The annual mileage of the official ve-
hicle is calculated as 15,000 kilometers,
which can save approximately 660 liters
of fuel per year compared to older cars.
3. The company’s photocopy machines are
all rented by Taiwan FUJIFILM Business
Innovation Corp. After the company’s
photocopiers are replaced, the material
recycling rate can reach more than 96%,
and the toner recycling rate is 100%,
which can reduce the waste of resources.

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 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

(3) Does the Company as- 3 Due to the escalating severity of climate None
sess the potential risks change, Evergreen has implemented the
and opportunities of cli- Task Force on Climate-related Financial
mate change for the Com- Disclosure (TCFD) framework to recognize
pany and take measures the potential opportunities and challenges
to respond to climate- presented by climate change and extreme
related issues? weather conditions. The impact of climate
change on our operations, including the
heightened frequency of extreme weather
events, alterations in domestic and foreign
regulations, increased customer awareness
of environmental protection, changes in en-
ergy policies, and equipment requirements,
has been integrated into our risk assessment
systems. Corresponding measures have also
been adopted and are outlined in Table 3.

(4) Does the Company sum- 3 Evergreen Marine complies with relevant None
marize greenhouse gas laws and regulations of government agen-
emissions, water con- cies and established a “Greenhouse Gas
sumption and total weight (GHG) Inventory Team” in 2022 to carry
of waste in the past two out GHG inventory and verification. The
years and formulate poli- Company also obtained dual certification
cies for energy conserva- of ISO 14064-1:2018 and GHG Protocol
tion, carbon reduction, in 2022 and 2023. For details regarding
greenhouse gas reduc- GHG inventory and the reduction targets,
tion, water use reduction please refer to Note 3 (page 113 ~ page
or other waste manage- 114). And the water and waste consump-
ment simultaneously? tion, please refer to Note 4 (page 114 ~
page 116). A solid and comprehensive
GHG inventory is an important foundation
for achieving carbon reduction goals. Ev-
ergreen Marine has continued to deepen
GHG inventory in 2023, conducting ocean
container transport services carbon foot-
print on two major routes in accordance
with the ISO 14067:2018 standard, the
first shipping company certified by BSI
British Standards Institution. We will imple-
ment a transport chain operations GHG

096
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

emissions inventory plan that complies with

ISO14083:2023 standards to further con-
solidate our carbon reduction strategy.
In addition, Evergreen Marine continued
to carry out a number of carbon reduc-
tion strategies this year to reduce GHG
emissions in operations, including orders
on new green ships and methanol dual-
fuel ships, promoting the electrification of
terminal facilities, introducing smart reefer
monitoring systems, and implementing ship
energy efficiency Management plans, op-
timizing routes and container position, as
well as the fleet’s use of shore power and
bio-fuels, to fully implement our sustainable
shipping commitments.

4. Social Issue
(1) Does the Company for- 3 Evergreen Marine formulated Human None
mulate appropriate man- Rights Policies and regularly conducts Hu-
agement policies and man Right Risks and Impact Assessment
procedures according to to promote the working environment where
relevant regulations and all workers are treated with respect and
the International Bill of Hu- dignity in accordance with the UN Univer-
man Rights? sal Declaration of Human Rights (UDHR),
the UN Global Compact (UNGC), the ILO
Declaration on Fundamental Principles and
Rights at Work and the ILO Maritime La-
bour Convention, 2006 (MLC, 2006).
In 2023, all Evergreen Marine shore per-
sonnel were over the age of 18 while crew
members over 16. Evergreen Marine did
not have any violations of human rights in
2023. For more information on Evergreen
Marine’s human rights policies, please refer
to the corporate websites (https://www.ev-
ergreen-marine.com/emc/policy/jsp/EMC_
HumanRights.jsp?lang=en).

097
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

(2) Does the Company set 3 To enhance our global business team and None
and implement reasonable attract and retain top talent, the Company
employee welfare mea- offers competitive salaries and fringe ben-
sures (including compen- efits to both shore and ship personnel. Our
sation, leave and fringe remuneration policy is in compliance with
benefits) and reflect the labor laws and regulations, and we ensure
operating performance that our generous remuneration packages
or results on employees are not influenced by gender, religion, race,
compensation? or political bias. Additionally, annual bo-
nuses are awarded to employees based on
the Company’’s profitability and individual
performance, as a recognition of their ex-
ceptional work.
It is important to note that the remuneration
for both national and foreign crew mem-
bers must meet the standards set by the
Ministry of Transportation and Communica-
tions (MOTC) and the collective bargaining
agreement with the International Transport
Workers’’ Federation (ITF).

(3) Does the Company pro- 3 The company has established an Occu- None
vide a healthy and safe pational Safety and Health Management
working environment and Department and responsibility for formulat-
organize training on health ing, planning and promoting occupational
and safety for its employ- safety and health-related businesses to
ees on a regular basis? eliminate hazards and reduce occupational
safety and health risks. The relevant pre-
ventive measures are as follows: (For de-
tails, please refer to page 188 ~ page 189)
1. The company has established occupa-
tional safety and health management
system(Kaohsiung 4th, 5th and 7 th
container centers) and also obtained
ISO45001:2018 and CNS 45001:2018
(TOSHMS) dual certification. (the verifi-
cation of the 4th and 7 th container cen-
ters are valid until October 2024.)
2. In compliance with occupational safety
and health laws and regulations, we
implement risk assessment (regularly),
098
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

health management and training and

also other measures are carried out to
ensure a safe working environment and
maintain physical and mental health.
3. In 2023, there were eight occupational
accidents among our employees, and
the eight employees were injured. (Ac-
counting for 0.26% of the employees in
that year) Accident investigations have
been completed for all occupational
accident cases, and improvement mea-
sures such as risk assessment, envi-
ronmental engineering improvements,
operating process adjustments, and em-
ployee education and training have been
re-implemented.
4. In accordance with the requirements of
fire protection regulations, our company
declares fire protection equipment main-
tenance (once a year), daily fire source
inspections (daily) and employee disas-
ter prevention and evacuation drills (once
every six months).

(4) Does the Company pro- 3 The Company has always believed that None
vide its employees with “talent is the most valuable asset of an en-
effective career develop- terprise.” We provide equal employment
ment training programs? opportunities to young people and patiently
teach them everything from the ground up.
Our current employees are offered a variety
of professional training courses and a pro-
active rotation scheme. Through rotation
and expatriate assignments, we hone our
employees’ professional abilities and inter-
national horizons to enhance our operating
performance. The training expenses for
both shore and ship personnel totaled more
than thirteen million New Taiwan dollars in
2023.
The Company has also implemented an in-
novative “ship-shore rotation” system that
099
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

allows ship personnel to work on shore. The

professional knowledge of exceptional ship
personnel helps ensure that ship schedul-
ing, freight space configuration, terminal
loading/unloading, and ship maintenance
operations meet the needs of operations at
sea. This improves the overall efficiency of
the service chain. Ship personnel can also
take advantage of the ship-shore rotations
and expatriate assignment system to further
their development at sea and on land, as
well as to care for their families.
Ship personnel training:
Seamen waiting on shore for their next as-
signment receive professional training at
the center in accordance with the 2010
amendment of the STCW Convention (In-
ternational Convention on Standards of
Training, Certification, and Watch-keeping
for Seafarers). The ESTC also administers
additional courses on company policy
awareness, shipboard system operations,
and professional development based on
mariners’’ roles aboard the ship. This keeps
them up to date on the latest navigational
knowledge and techniques, enhances
their navigation and engineering expertise,
strengthens their identification with the
Company’s management system, and in-
creases their’ loyalty to the Company.
Shore personnel training:
Through on-the-job training, departmental
professional training, and training courses
provided by external organizations, staff
members learn the necessary skills for daily
operations. The Company also enhances
shore personnel’s inter-departmental knowl-
edge and teamwork spirit through rotation
schemes between different functions. For
overseas talents, The Company provides ex-
patriate assignments to enhance employees
100
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

international horizons and career develop-

ment, and provides physical Training cours-
es and online courses cover subjects such
as digital transformation, career and learn-
ing, communication and marketing, and po-
litical and economic trends.

(5) Does the Company for- 3 The Company has established the “Ever- None
mulate relevant consumer green Line Sustainability Policy” and related
protection policies and operating procedures. The global subsidiar-
appeal procedures ac- ies and agencies should abide by the com-
cording to relevant regu- mitments of anti-bribery, anti-corruption
lations and international and anti-discrimination in their business ac-
standards in regards of tivities, strive to avoid pollution and improve
the customer health, safe- marine environment. The Company has a
ty and privacy, and mar- competition law compliance manual that
keting and labeling of the complies with the competition law, and is
products and services? committed to complying with global com-
petition laws and will never engage in any
acts which violates violation the competi-
tion law.

(6) Does the Company for- 3 The Company’s “Supplier Code of Con- None
mulate a supplier man- duct” refers to international standards,
agement policy that re- such as the “Universal Declaration of Hu-
quires suppliers to follow man Rights”, “International Labor Organiza-
relevant norms and the tion Declaration on Fundamental Principles
implementation status in and Rights at Work”, etc., covering labor,
issues such as environ- health and safety, environment, ethics and
mental protection, occu- management system. Followed the “Sup-
pational safety and health, plier Evaluation Procedures”, the company
or labor rights, etc.? evaluates qualified suppliers at least once
a year and add ESG assessment criteria
requiring suppliers to sign “Supplier Social
Sustainability Commitments”, fill in “Supply
Chain Sustainability Assessment Question-
naire” and include ESG related clauses in
contracts.
The Company set up supplier management
KPIs to increase the numbers of the “Sup-
plier Social Sustainability Commitments”,

101
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

the “Supply Chain Sustainability Assess-

ment Questionnaire “ from first tier key sup-
pliers, and the ESG clauses in the contract.
Those who get a score of less than 70
points are considered as high-risk suppli-
ers and an audit will be followed. Evergreen
will conduct ESG on-site reviews targeting
at least 3 companies in 2024 and continue
to pay attention to the performance of sup-
pliers in corporate social responsibility and
hope to achieve sustainable growth with
suppliers in procurement cooperation.

5. Does the Company refer to 3 Evergreen’s 2023 Sustainability report fol- None
international reporting rules or lows the Global Reporting Initiative Stan-
guidelines to prepare Corpo- dards (GRI Standards) in terms of its edi-
rate Sustainable report and torial structure, the Marine Transportation
other reports that disclose Standards, which were formulated by the
non-financial information of Sustainability Accounting Standards Board
the Company? Has the said (SASB), Taiwan Stock Exchange Corpora-
Report acquired statement of tion Rules Governing the Preparation and
assurance from the 3rd party Filing of Sustainability Reports by TWSE
verification unit? Listed Companies, the Task Force on Cli-
mate-Related Financial Disclosures (TCFD)
framework, Global Compact, and Global
Compact -Sustainable Ocean Principles.
The Sustainability Report has been subject-
ed to assurance by a CPA in accordance
with “Stat Assurance Engagements Stan-
dards No.3000 of Assurance Engagements
other than Audits or Reviews of Historical
Financial Information by ROC.

6. If the Company has established the corporate sustainable principles based on “the Corporate Sustainable Devel-
opment Best-Practice Principles for TWSE/TPEx Listed Companies”, please describe any discrepancy between
the Principles and their implementation:
The Company has formulated the “Evergreen Marine Sustainable Development Best Practice Principles” and op-
erated in accordance with this code of practice, thus no discrepancies have occurred.

102
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

7. Other important information to facilitate better understanding of the Company’s corporate social responsibility
practices:
The Company has been committed to promoting social welfare for a long time, participating in sailing career lec-
tures, sponsoring art and cultural activities and charity, and continuing to carry out a number of industry-universi-
ty cooperation with maritime colleges, actively investing in the education and cultivation of maritime talents, and
also attaching importance to local care and social give back.
(1) Environmental Protection
Following the relevant regulations, we established a “Greenhouse gas inventory team” in 2022, and cooper-
ated with professional accounting firms and British Standards Institute (BSI) to carry out greenhouse gas
inventory and verification. We obtained ISO 14064-1:2018 and GHG Protocol carbon emission inventory cer-
tifications in 2022 and 2023, through the inventory and year-by-year emission reduction actions, to implement
the commitment of sustainable shipping.
We have set a carbon dioxide emission reduction target. Based on 2008, and plan to reduce the
carbon dioxide emission rate by 50% in 2030, and expect to achieve the goal of carbon neutral-
ity before 2050. This is the core value of Evergreen Marine in response to global climate change.
We incorporate the concept of environmental protection into its fleet planning, utilizing cutting-edge ship-
building technology and equipment to construct an environmentally conscious fleet that contributes to the
sustainable development of transportation services and the marine environment that international trade
relies on. It has always been the principle and goal of the Company to provide high-quality services to
deliver the goods to the destination port safely and on time, and to make sure the environmental protec-
tion, energy saving, greenhouse gas emission reduction and air pollution reduction at the same time. The
new ship types ordered by the Company are all planned by the Shipbuilding Department. We take the
lead in relevant international regulations and conventions in ship design, and apply advanced ship technol-
ogy to develop optimized ship types to achieve the best efficiency of ship loading and energy saving goals.
We remain committed to utilizing the latest technology to construct new ships that prioritize both
performance and environmental protection. All environmental protection designs comply with rel-
evant international regulations, such as preventing marine oil pollution (through the installation of
double-shell built-in oil tanks that effectively reduce the risk of oil leakage), air pollution and cli-
mate change (in accordance with the Montreal, Kyoto, and Paris Agreements to reduce GWP, ODP,
SOx, NOx emissions), biodiversity (through pressure tank water treatment), and other related issues.
Both the newly built Type M and Type A ships improve energy efficiency and reduce greenhouse gas emis-
sions, NOx, SOx emissions, and more. In the new ship construction plan, the ship structure of the fleet will
be further optimized. This series of ships adopts a long-stroke main engine, optimized ship type, and bow
equipped with a Hybrid type SOx scrubber. This type of ship will significantly reduce carbon emissions.
We have also obtained ISO 14001:2015 environmental protection certification. We implemented the environ-
mental protection management system in a responsible manner to eliminate environmental risks, and estab-
lished an “Environmental Protection Section” on our official website. We have not only introduced environ-
mental protection measures, but published annual environmental protection-related data.

103
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

] Historical environmental data

n CO2

Vessels CO2 Annual Emission

2008

2023
Declined to
31.70g/Teu-Km

2013

2018
2022

n NOx

Vessels NOx Annual Emission

2008
2023
Declined to
0.747g/Teu-Km

2013

2018
2022

n SOx

Vessels SOx Annual Emission

2008

2023
Declined to
2013

0.115g/Teu-Km
2018

2022

Note: The greenhouse gas emission information of the Company is verified by Class NK.

104
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

(2) Evergreen Marine contributed to Society in 2023:

1. Earth Day 2023, Extended to Green World Week
To enhance colleagues’ awareness of environmental protection and integrate eco-friendly concepts into
daily life, Evergreen Marine launched the “Decarbonization Passport” activity to encourage colleagues to
continue recycling resources and donate used toys. Measure of the decarbonizing effect of each habit,
from eating, clothing, housing and transportation is then calculated to arrive at personal carbon emissions.
Extra green Points are then awarded when habits are changed to reduce said carbon emissions. Evergreen
will then allow these points to be redeemed in the form of credit at the participating stores. As per the re-
sults from the first two quarters of 2023, these daily carbon reduction habits are collectively equivalent to
about 343 tons per year of CO2e emissions.
2. Tree-Planting and Protection of Enviromant for a Suctainable and Green Earth
With the commitment to environmental protection, tree-planting activities were organized on
April 22, 2023 and March 11, 2023 in collaboration with the Forestry Company. A total of 128
and 78 colleagues and family members participated at JiaBao beach in Linkou District, New
Taipei City and public wetland in Qieding District, Kaohsiung City, planting a total of 1,400 trees.
Furthermore, in response to environmental conservation, on November 11, 2023, 40 colleagues
and family members in the Kaohsiung area responded to the call of the “Wilderness Conserva-
tion Association” to conduct a “Habitat Guardians” activity at the Anzigang Wetland Park in Nan-
zih District, Kaohsiung City, removing a total of 107.8 kilograms of garbage and waste.
3. Career Lecture at Local Junior High School
Evergreen Marine conducted a maritime career lecture at “Guan-Ming Junior High School” in Luzhu Dis-
trict, Taoyuan City, on December 6, 2023. The lecture is mainly targeted 8th-grade students, with approxi-
mately 220 participants. After the lecture, 40 students were selected to visit the “Evergreen Seafarer Train-
ing Center” on December 13, 2023, providing them with a deeper understanding of maritime professions
and relevant information for future studies, achieving the goals of promoting the shipping industry and car-
ing for local public welfare.
4. The 11th “Paint a Marvelous Ship” Awards
Evergreen Marine sponsored an award ceremony for the 11th “Paint a Marvelous Ship- Painting Competi-
tion for the Elementary Schools in Taiwan” on July 8, 2023 with the special performance of Heart of Ocean
to all participants. All awardees and their families were invited to participate ceremony, experiencing the
importance of caring for the ocean and environmental protection through the performance.
5. Mountain Clean-up for Sustainable and Green Earth
To enhance colleagues’ environmental awareness, a mountain cleanup was organized in collaboration with
the “Chinese Taipei Alpine Association” to the Mt. Wujiutong in Luzhu District, Taoyuan City, on July 29,
2023. A total of 93 colleagues and their family members participated, removing approximately 26 kilograms
of trash, contributing to the preservation of the ecological environment.

105
 Implementation Status Deviations from “the
Corporate Social
Responsibility Best-
Promotion Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

6. Caring for Rural Community and Disadvantaged Students

In response to the insufficient resources in rural areas, Evergreen Marine collaborated with the “Chang
Yung-Fa Foundation” on December 19, 2023 to invite 70 students and teachers from “She-Zi Elementary
School” in Xinwu District, Taoyuan City, to celebrate Christmas at the foundation. The event included in-
teractive performances and a Christmas meal provided by “Evergreen Sky Catering Corporation” and a
guided tour given by the “Evergreen Maritime Museum.
7. 2023 Classical Music Banquet
Evergreen Marine sponsored the “Evergreen Symphony Orchestra” on seven “Classical Music Banquet”
concerts in 2023, with a total of 2,620 concert tickets provided for the Company’s employees and their
families for free. The Company also invited customers, charities and social welfare groups to the concerts.
8. Build Green Campuses
In response to the UN net-zero emissions goal and a commitment to sustainable development, Evergreen
Marine collaborated with the “Chang Yung-Fa Foundation” to donate solar photovoltaic equipment to the
“Evergreen Lily Elementary School” and the “Zhanghu Junior and Elementary School of Ecology”. This
aims to create green campuses and promote environmental education. The solar equipment at Evergreen
Lily Elementary School has a capacity of approximately 38.68KW, generating about 48,344 kWh per year,
saving around 24.6 tons of CO2e annually. The solar equipment at Zhanghu Junior and Elementary School
of Ecology has a capacity of about 52.44KW, generating approximately 65,550 kWh per year, expected to
save around 33.36 tons of CO2e annually.

Table1 The structure of corporate sustainability committee

BOARD OF DIRECTORS

SUSTAINABILITY COMMITEE

WORKINGTEAMS

ENVIRONMENTAL CORPORATE SUSTAINABLE

SOCIAL INCLUSION
PROTECTION GOVERNANCE PROCUREMENT

106
Table2 Risk assessment and management policy
The company conducts risk identification and assessment of important issues on the basis of the
Materiality Principle for corporate sustainability development, and formulates relevant risk management
policies, strategies and corresponding countermeasures for the assessed risks:

Important
Risk assessment Risk management policies and strategies
issues

Evergreen endeavors to enforce all possible protective measures that contrib-

ute to the improvement of terrestrial and marine environment, in order to pro-
vide sustainable marine transportation service and the related services. All Ev-
ergreen employees and management, both onshore and offshore operations,
Environmental protection
are required to strictly comply with international and regional environmental
Environmental and ecological
protection laws and regulations. The company also develops state-of the-
conservation
art technology and installs scrubber to help safeguarding the marine ecology,
port safety and happiness of mankind with all efforts. In order to effectively
reduce environmental impact, the Company has developed an execution plan
and targets, which are regularly tracked and reviewed.

The company is certified by ISO 45001 for Occupational Safety and Health
Management System. In addition, Evergreen Marine has formulated “Occupa-
tional Safety and Health Management Plan” in order to implement safety and
health management and self-inspection. The plan is also used for managing
the working areas and personnel, and the Company has appointed dedicated
personnel to be in charge of the safety and health management and supervi-
Occupational safety
sion affairs. In accordance with occupational safety and health related regula-
tions and operational requirements, the Company also organized occupational
safety, including dangerous goods training, fire prevention manager training,
fire drill training (evacuation of personnel), brief introduction of relevant regula-
tions on operational safety and health, operational management, self-inspec-
tion before, during, and after the operation, emergency response, etc.
Social

The transport of goods by sea is a part of international trade. The regula-

tions of the International Maritime Dangerous Goods Code (IMDG Code)
require dangerous goods to be properly labeled (with label which conforms
to the specification) for transport to serve as a warning and to make them
easy to be identified. Evergreen Marine has therefore offered dangerous good
Cargo Safety placards which are in full compliance with the size and quality of the IMDG
specification. These placards serve as a clear indication of dangerous goods
among all other goods in the container during the transportation process. The
company’s dangerous goods team is composed of talents with professional
background and having the goods checked at all levels, it enables to prevent
the occurrence of concealing and misreporting of dangerous goods.

107
 Important
Risk assessment Risk management policies and strategies
issues

1. The company has established a corporate governance team and internal

control mechanism for relevant departments to manage risks for exchange
rate, interest rate, credit, liquidity, excessive market concentration, inter-
national political and economic, epidemic, sanctions, hackers, viruses and
other invasions, abnormal climate, and sharp fluctuations in fuel prices,
terminal strikes, delays in ships and docking, and poor quality for delivery,
etc., Through risks identification, a proper corresponding countermeasures
Corporate Socioeconomic and
has been set up for minimizing the impact of risks.
Governance regulatory compliance
2. As a globally reputable container shipping company, Evergreen Marine in-
sists on conducting its business in a lawful, transparent and ethical manner
and is committed to complying with global competition law, anti-bribery
and anti-corruption law, privacy law and economic sanctions regulations.
As such, the company has established regulatory compliance policies and
guidelines to facilitate compliance, and supervises it so as to prevent illegal
activities from happening.

Table3 Implementation of climate-related information

TCFD recommends
Category Company’s management strategy and actions
disclosure items

Governance B o a r d ’s o v e r s i g h t o f Evergreen Marine has established a sustainability committee under the Board
climate-related risks and of Directors, is the highest guidance and supervisory unit for climate-related
opportunities issues. The President acts as the convener. The Governance issues group un-
der sustainability committee, responsible for relevant issues, established TCFD
working team for working planning and implementation.

The role of management The chairperson of the TCFD working team is the President, who is responsi-
in assessing and manag- ble for high-level management commitment and supervision. The team leader
ing climate-related risks is the head of the Project Division responsible for supervising the establish-
and opportunities ment and implementation of climate change risk and opportunity manage-
ment. The TCFD working team report working progress and the assessments
result to the sustainability committee and Board of Directors every year.

Strategy The Short-, medium- and The duration of impacts is divided into short-term (0-2 years), medium-term
long-term climate-related (2-10 years), and long-term (more than 10 years). Evergreen marine conducts
risks and opportunities various operational risk and opportunity assessments on the scope of influ-
identified ence. The list of climate-related risks, opportunities are as follows:

Short-term Medium-term Long-term

• Transition risk - policies • Transition risk - mar- • Physical risk - long-

and regulations: The ket: Customers shift to term: Sea level rise
International Maritime low-carbon products will cause damage to

108
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

Organization (IMO) and change supplier operating bases and

formulates ship en- selection criteria. equipment, resulting
ergy efficiency indica- • Transition risk -tech- in reduced revenue
tors, ships that do not nology: Investment or additional mainte-
meet the requirements and R&D costs of new nance costs.
should formulate im- energy ships. • Opportunity-resilience:
provement plans. • Opportunaity - market: Participate in interna-
• Physical risk - immedi- Develop green routes tional research, invest
acy: Extreme weather using low-carbon or in R&D and innovative
events such as floods, zero-carbon fuels (in- development, and
typhoons lead to in- cluding biofuels), enter strengthen the ability
c re a s e d o p e r a t i n g new and emerging to adapt to climate
costs. markets to increase change.
• Opportunity - resource revenue.
efficiency: Improve
ship energy efficiency,
obtain relevant certifi-
cation, reduce carbon
tax and rela ted oper-
ating costs.

Impact of climate-related Transition risks Physical risks Climate opportunities

risks and opportunities
on business, strategy and The International Mari- Climate change leads To fulfill the company’s
financial planning time Organization (IMO) to abnormal weather commitment to environ-
has formulated medium- s u c h a s t y p h o o n s , mental protection, the
t e r m a n d l o n g - t e r m floods, and bad wal- company actively re-
greenhouse gas emis- ruses, which poses a news its fleet of environ-
sion reduction strategies huge threat to the safety mentally friendly ships,
for the entire shipping of ships sailing at sea, considering economies
industry, two new regu- and may increase sail- of scale and reduction
lations such as the Ener- ing time and fuel costs. of carbon dioxide emis-
gy Efficiency Ship Index In response to possible sions.
(EEXI) and the Carbon d a m a g e c a u s e d b y To maximize fuel efficien-
Intensity Indicator (CII) extreme weather, imple- cy, and strictly control
have been added. ment safety manage- the total fuel consump-
For ships that do not ment measures such tion to effectively reduce
meet the requirements, as securing containers, operating costs, each
an improvement plan standardizing wharf sup- ship is equipped with
s h o u l d b e f o r m u - plier equipment to meet weather navigation sys-
l a t e d . T h e c o m p a n y earthquake and typhoon tem to provide the fleet
conduct various op- prevention standards, with real-time weather
erational management and setting standards information to choose
m e a s u re s , e m i s s i o n for self-owned wharf the optimized route,

109
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

reduction strategies, shutdown. When ex- also we plan to use re-

optimized ship design treme weather events newable energy to pro-
to reduce ship energy occur during the voyage vide low-carbon prod-
consumption, and con- of the ship, the cor- ucts certified by a third-
tinuously introduces a responding strategies party impartial unit to
new generation of eco- such as changing ships, meet customer needs,
friendly ships to meet diverting to other ports, enhance the company’s
regulatory requirements and transporting goods brand competitiveness,
and reduce pollution and by other means of trans- develop new markets,
greenhouse gas emis- portation may be adopt- and increase operating
sions. ed so as to ensure the income.
Financial Impact As- supply of route services
sessment and Scenario remains stable.
Analysis Financial Impact As-
• EU Cap and Trade: sessment and Scenario
Shipping compa- Analysis
nies must obtain • Low water level of
EUA covered 70% Panama Canal:
of emissions. As- The climate change
suming Business is impacting the
as Usual (BAU), to Panama Canal
calculate based which resulted in
on 2023 emis- low water level. The
sions, under EU Fit Canal Authority has
for55 and IEA NZE imposed Fresh Wa-
scenario. It might ter Surcharge and
cause a financial increased tolls. The
impact accounting company adjusts
for 0.65%~0.83% ships schedule and
of the revenue in uses inland trucks
2025. or trains, and de-
• Compulsory Regu- tours. The assess-
lations for the ment time is 2024,
Shipping Industry: which may cause a
To meet the Carbon financial impact ac-
Intensity Indicator counting for 0.24%
(CII) requirements, of the revenue.
we order new eco- • E x t re m e c l i m a t e
friendly ships and impact has hin-
install carbon re- dered fuel supply
duction equipment operations:
on existing ships. Extreme weather
It might cause a

110
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

financial impact events cause

accounting for schedule delays,
0.03%~9.7% of supply disruptions
capital expenditure and additional fuel
in 2023~2026. costs. The assess-
• Low-Carbon Tech- ment time is 2024,
nology Transforma- which may cause a
tion: financial impact ac-
The extra fuel counting for 0.22%
cost from adding of the revenue.
biofuel to existing
ships meet IMO
carbon reduction
requirement with
the target to get all
vessels to be cate-
gorized as at least
C-Class. It might
cause a financial
impact accounting
for 0.53%~0.69%
in 2025.

Strategic resilience and • Transition risk: Evergreen Marine considers the commitment goal
consideration of different of the 2015 Paris Agreement, that is, to limit global temperature
climate-related scenarios rise within 1.5 degrees Celsius, Evergreen Marine simulates and
analyzes the impact of future climate change, and based on this,
formulate countermeasures as a reference for their operating
strategy adjustments.
• Physical risk: Evergreen Marine refers to the Sixth Assessment
Report on Climate Change AR6 issued by IPCC, chooses the
most severe climate model RCP 8.5 as the basis for discussion,
and evaluates the relevant physical risk.

Risk The process of climate- In accordance with the risk management process includes risk identification,
Management related risks identification risk measurement, risk management, risk disclosure and communication. TCFD
and evaluation working team analyze the overall value chain, review and identify the climate
risks that may be faced in operation, and classify the nature of the risks, impact
extent and possibility. Risk categories cover transition risks such as policies
and regulations, technology risks, reputation risks, and market risks, as well as
immediate and long-term physical risks. After assessment and analysis of the
impact degree and possibility, based on the degree of impact and risk incidence
rate is used as the basis for implementing risk management for the company.

111
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

The management process Adopting appropriate strategies and measures to the risks faced to reduce
of climate-related risks risks to an acceptable level. The relevant departments are responsible for moni-
toring and implementing various processes and management, and reporting to
senior executives and the Board of directors on a regular basis. Carry out cli-
mate scenario analysis with major risks and opportunities as assessed, quantify
the potential impact and impact on finance, set goals and continuously monitor.

How to integrate the iden- • Evergreen Marine carries out risk and opportunity assessment
tification, assessment and based on the type, impact possibility and impact degree of risks
management process of and opportunities, and outputs a climate risk opportunity matrix
climate-related risks into to identify major climate risks and opportunities, and propose
the company’s overall risk relevant response measures. The relevant identification, assess-
management system ment and management process and risk opportunity matrix are
shown below:
• Identification, assessment and management process:
Climate issues collection→Risk/opportunity identification and
assessment→Major risk/opportunity identification→Formulate
strategies and climate scenario analysis→Quantify the potential
impact on finance→Target setting and monitor.
• Risks and Opportunities Matrix

Metrics Describe the metrics used IMO (International Maritime Organization) has formulated the medium- and
& Targets by the company to assess long-term greenhouse gas reduction strategy for the entire shipping industry,
climate-related risks and which is 40% reduction in carbon emission (for both existing and new ships)
opportunities, following its by 2030 and 70% by 2040 with 2008 as the base year, and reach Net Zero by
strategy and risk manage- 2050. In response to this strategy, the Company has formulated its short-, me-
ment process dium and long-term greenhouse gas reduction goals. With 2008 as the base
year, the Company plans to reduce the fleet’s CO2 emission by 50% by 2030
and reach Net Zero by 2050.

112
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

Disclose the emissions of In the face of the rising climate emergency, the International Maritime Organi-
Scope 1, 2, and 3 zation has further improved ship carbon reduction standards. Evergreen Ma-
and their related risks rine try our best to make concrete contributions to mitigating climate change,
therefore, we are committed to set carbon reduction targets in accordance
with SBT (Science-Based Carbon Targets) specifications to limit global warm-
ing to 1.5°C.
The organizational boundary of the Evergreen Marine’s 2023 GHG inventory
covers the container ships operated and subsidiaries under the consolidated
financial reports. In order to comply with the SBT commitment, in addition to
C3 fuel and energy related activities, C5 waste processing, C6 employee busi-
ness travel & C7 employee commuting, the calculation scope 3 will add C2
capital assets & C4 upstream transportation and cargo distribution. Since C2
and C4 are verified for the first time, the emission data may change.
However, the GHG emissions has not yet been verified by a third party and it’s
expected to be completed and acquired the double certification of ISO 14064-
1:2018 and GHG Protocol in June. Please refer to the 2023 Sustainability Re-
port for the verified data.
The emissions of Scope 1, 2 and 3 in the table below are reported in metric
tons of CO2e/year (t CO2e). And the greenhouse gas emission intensity of
Scope 1 and Scope 2 are reported in Tons of CO2e / million revenue.

Direct Indirect Other indirect Greenhouse

greenhouse emissions emissions gas emission
gas emissions from energy (scope 3) intensity
(scope 1) (scope 2) (scope 1 +
scope 2)

2022 8,149,605 35,610 994,496 13.05

2023 9,601,145 73,180 2,854,033 34.96

(Note 1) The GHG of Scope 1, 2 and 3 in 2022 were obtained ISO 14064-
1:2018 and GHG Protocol certifications, which were verified by the British Stan-
dards Institution (BSI), a third-party independent organization in Jun. 2023.
(Note 2) The organizational boundary of the Evergreen Marine’s 2022 GHG
inventory covers the container ships operated and subsidiaries under the con-
solidated financial reports. And scope 3 was calculated by C3 fuel and energy
related activities, C5 waste processing, C6 employee business travel & C7
employee commuting.
(Note 3) The organizational boundary of the Evergreen Marine’s 2023 GHG
inventory covers the container ships operated and subsidiaries under the con-
solidated financial reports. And scope 3 was calculated by C2 capital assets,
C3 fuel and energy related activities, C4 upstream transportation and cargo
distribution, C5 waste processing, C6 employee business travel & C7 employ-
ee commuting.

113
 TCFD recommends
Category Company’s management strategy and actions
disclosure items

(Note 4) The operating revenue of 2023 and 2022’s consolidated income

statement were NTD 276,715 millions and NTD 627,284 millions

Targets used to manage • Fleet energy efficiency improvement management objectives:

climate-related risks and Evergreen Marine’s latest M-type ships and A-type ships have
opportunities, and perfor- effectively improved energy efficiency, reduced emissions of
mance of related targets greenhouse gases nitrogen oxides, sulfur oxides etc., and also
helped improve the accuracy of shipping schedules as well as
enhance market competitiveness. The construction and design
of new ships combines the concept of environment protection,
continuously optimize ship design and reduces ship energy con-
sumption so as to comply with the Carbon Intensity Index (CII)
regulations.
• Carbon emission and energy management goals: The CO2 emis-
sions rate of the fleets operated by the company and its subsid-
iaries has dropped from 38.20 g /TEU-KM in 2022 to 31.70 g /
TEU-KM in 2023.

Table4 Statistics of greenhouse gas emissions, water consumption and waste disposal in recent 3 years
Evergreen Marine's GHG Inventory uses the operational control-based approach to define
organizational boundaries. The following table discloses data related to container ships operated by
Evergreen Marine and its subsidiaries, Kaohsiung container terminals and office buildings in Taiwan in
2023. However, the GHG emissions has not yet been verified by a third party and it’s expected to be
completed in June. Please refer to the 2023 Sustainability Report for the verified data.

• Statistics of greenhouse gas emissions from vessels operated by Evergreen Marine and its subsidiaries in
the past 3 years

2021 2022 2023

Fleet CO2 emissions

8,193,076 8,144,399 9,537,459
(ton CO2e)

Fleet CO2 emission rate

42.68 38.20 31.70
(g/TEU-KM)

Note 1: The vessels operated in 2023 increased by 31 ships compared with 2022, resulting in an increases
in GHG emissions.
Note 2: The 2023 marine fuel emission factors use the latest IMO RESOLUTION MEPC.376 (80). The
biofuel emission factors are based on the proof of sustainability for biofuels provided by the original
supplier.

114
• Statistics of greenhouse gas emissions from shore operations - Kaohsiung terminals in the past 3 years

2021 2022 2023

Direct GHG emissions

7,970.16 4,828.08 2,575.62
(ton CO2e)

Indirect GHG emissions

22,812.55 23,737.60 33,885.80
(ton CO2e)

GHG emission intensity

4.48 4.17 5.88
(ton CO2e/operation vulome)

Note 1: GHG emission intensity = (the summary of Direct and Indirect GHG emissions) / “Move” refers to
the number of containers loaded and unloaded in Kaohsiung Terminals by using diesel and electric
locomotives.
Note 2: Evergreen consolidated the operations of the Terminal 4 & 5 and moved to the newly established
Terminal 7 in 2023. Due to the higher power consumption caused by operating in three container
terminals at the same time, and the electrification of the RMGC at Terminal 4, the overall power
consumption (Scope 2) increased in 2023.

• Statistics of GHG emissions from Evergreen Marine Taiwan offices in the past 3 years

2021 2022 2023

Direct GHG emissions

138.03 397.08 408.18
(ton CO2e)

Indirect GHG emissions

1,679.44 4,293.13 4,849.06
(ton CO2e)

GHG emission intensity

0.07 0.11 0.09
(ton CO2e/M2)

Note 1: GHG emission intensity = Direct and Indirect GHG emission / Total building floor area (59,815M2).
Note2 : Due to the expansion of the organization and personnel in 2022 and 2023, energy consumption
increased significantly.

• Statistics of water consumption from Evergreen Marine in the past 3 years

Operation Item Unit 2021 2022 2023

Owned ships Fresh water Ton 73,625 81,774 78,296

Shore operations Tap water Ton 48,467 71,662 305,665

Ton/ million
Water consumption intensity - 0.2495 0.2446 1.3876
revenue

115
 Note 1: Fresh water supply for owned ships was calculated based on the amount ships have applied for.
Due to the expansion of the organization and personnel and increase of vessels in 2022, water
consumption increased significantly.
Note 2: The organizational boundary of 2021 & 2022 water consumption of shore operations cover
only Evergreen Marine. And the organizational boundary of 2023 water consumption of shore
operations covers subsidiaries under the consolidated financial reports. The company will review
the reduction target for onshore operations (1% reduction in 2025 compared with 2020) and
continue to implement improvement measures.

• Statistics of waste disposal from Evergreen Marine in the past 3 years

Disposal
Operation Item Unit 2021 2022 2023
method

Incinerator ashes
& operational Landfill Ton 68.23 75.56 67.24
waste
Owned Ships

Domestic waste
Incineration Ton 119.35 127.59 147.36
& cooking oil

Shore operations Domestic waste Incineration Ton 231.17 313.04 3,053.77

waste disposal Ton/ million

- - 0.0009 0.0008 0.0120
intensity revenue

Note 1: Due to the new ships delivered in 2022 & 2023, quantity of waste on board increased.
Note 2: The organizational boundary of 2021 & 2022 waste disposal of shore operations cover only
Evergreen Marine. And the organizational boundary of 2023 water consumption of shore
operations covers subsidiaries under the consolidated financial reports. The company will review
the reduction target for onshore operations (1% reduction in 2025 compared with 2020) and
continue to implement improvement measures.

116
7. Climate-related Information of Listed Companies

Items Execution Status

We have established a sustainability committee under the Board

of Directors, is the highest guidance and supervisory unit for
climate-related issues. The President acts as the convener. The
Governance issues group under sustainability committee, respon-
sible for relevant issues, established TCFD working team for work-
1. Description on the Board and
ing planning and implementation.
Management’s oversight and
The chairperson of the TCFD working team is the President, who
governance on climaterelated
is responsible for high-level management commitment and su-
risks and opportunities
pervision. The team leader is the head of the Project Division re-
sponsible for supervising the establishment and implementation
of climate change risk and opportunity management. The TCFD
working team report working progress and the assessments result
to the sustainability committee and Board of Directors every year.

In accordance with Task Force on Climate-related Financial Dis-

closures (TCFD) framework and the risk management process in-
cludes risk identification, risk measurement, risk management, risk
2. Description on how the identified disclosure and communication. TCFD working team analyze the
climate risks and opportunities overall value chain, review and identify the climate risks that may
impact the company’s business, be faced in operation, and classify the nature of the risks, impact
strategies, and finance (short, extent and possibility.
mid, longterm) Please refer to the climate risk opportunity matrix on page 112 of
this Annual Report.
Please refer to “Implementation of climate-related information /
Strategy” on page 108~page 111 of this Annual Report.

3. Description on the impact ex-

Please refer to “Implementation of climate-related information /
treme climate events and transi-
Strategy” on page 108~page 111 of this Annual Report.
tional actions have on finance

4. Description on how the climate

risk identification, assessment,
Please refer to “Implementation of climate-related information” on
and management process is inte-
page 108~page 114 of this Annual Report.
grated in the overall risk manage-
ment system

5. Should scenario analysis is used 1. Transition risk: Evergreen Marine considers the commitment
to assess the Company’s resil- goal of the 2015 Paris Agreement, that is, to limit global tem-
ience in face of climate change perature rise within 1.5 degrees Celsius, Evergreen Marine
risks, explanations on the sce- simulates and analyzes the impact of future climate change,
nario, parameters, hypothesis, and based on this, formulate countermeasures as a reference
analysis factors and major finan- for their operating strategy adjustments.
cial impacts should be provided 2. Physical risk: Evergreen Marine refers to the Sixth Assessment

117
 Items Execution Status

Report on Climate Change AR6 issued by IPCC, chooses the

most severe climate model RCP 8.5 as the basis for discussion,
and evaluates the relevant physical risk.
The major financial impacts on transition risk and physical risk:
please refer to “Implementation of climate-related information /
Strategy ” on page 108~page 111 of this Annual Report.

IMO (International Maritime Organization) has formulated the me-

6. Should there be transitional pro- dium- and long-term greenhouse gas reduction strategy for the
grams in response to manag- entire shipping industry, which is 40% reduction in carbon emis-
ing climate-related risks, please sion (for both existing and new ships) by 2030 and 70% by 2040
explain the program’s content with 2008 as the base year, and reach Net Zero by 2050. In re-
and metrics and targets used to sponse to this strategy, the Company has formulated its short-,
identify and manage physical and medium and long-term greenhouse gas reduction goals. With
transitional risks 2008 as the base year, the Company plans to reduce the fleet’s
CO2 emission by 50% by 2030 and reach Net Zero by 2050.

7. Should the internal carbon pric-

ing is used as the planning tool,
N/A
the pricing mechanism should be
explained

8. Should climate-related targets The Company has formulated its greenhouse gas reduction goals
are in place, information such with 2008 as the base year, the Company plans to reduce the
as their scope of action, GHG fleet’s CO2 emission by 50% by 2030 and reach Net Zero by 2050.
emissions, planned timeline, and We have adopted a series of carbon reduction measures, reduc-
yearly achieved progress should ing vessels speeds and adding new vessels to our operations. The
be stated; for targets achieved CO2 emissions rate of the fleets operated by the company and its
through carbon offset and RECs, subsidiaries have dropped to 31.70 g /TEU-KM in 2023, which
the source of offset amount and reduce the fleet’s CO2 emission by 68% with 2008 as the base
number of RECs should be stat- year and reduce the fleet’s CO2 emission by 17% with 2022 as the
ed base year .

Please refer to “Implementation of climate-related information /

9. GHG inventory and assurance
Metrics & Targets” on page 112~page 114 and “Statistics of green-
status, and reduction goals, strat-
house gas emissions, water consumption and waste disposal in
egies and specific action plans
recent 3 years” on page 114~page 116 of this Annual Report.

118
8. Ethical Corporate Management

Implementation Status Deviations from “the

Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

1. Establishment of ethical corporate

management policies and adopted
measures
(1) Does the Company formulate 3 The Company’s Ethical Corporate None
ethical management policies Management Best Practice Principles
approved by the Board of Direc- (https://www.evergreen-marine.com/
tors, and specify such policies emc/policy/jsp/EMC_EthicalCorpo-
and practices in both the Com- rateManagement.jsp?lang=en) were
pany’s guidelines and external established and resolved by the
documents, as well as the com- Board of Directors on Dec. 22, 2014.
mitment of the Board of Direc- The Company’s ethical management
tors and top management to policies and practices, as well as the
actively implement the policies? commitment of the Board of Direc-
tors and top management to actively
implementing the policies are speci-
fied in the Principles. In addition, the
principles are publicly disclosed in the
“Ethical Management Zone” (https://
csr.evergreen-marine.com/csr/jsp/
CSR_EthicalManagement.jsp) of the
Company’s website and on the inter-
nal bulletin board.

(2) Does the Company establish a 3 The Company has established risk None
risk assessment mechanism for assessment mechanism and stan-
unethical behavior, regularly ana- dardized relevant preventive mea-
lyze and evaluate the business sures in accordance with “Ethical
activities with high risk of unethi- Corporate Management Best Practice
cal behavior within the business Principles for TWSE/TPEx Listed
scope, and based on which to Companies” paragraph 2 of Article 7
formulate preventive measures stipulated by Taiwan Stock Exchange,
and shall at least cover the pre- and the business activities with high
ventive measures on unethical risk of unethical behavior; all depart-
behavior stipulated in paragraph ments of the Company are required
2, Article 7 of “Ethical Corpo- to implement. In addition, Legal Divi-
rate Management Best-Practice sion (Competition Compliance Team
Principles for TWSE/TPEx Listed included) is responsible for promoting
Companies”? the Company’s regulatory compliance

119
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

policies, providing the education and

training on fair trade law and continu-
ously promoting the risk control of un-
ethical behavior and other preventive
measures, to ensure the Company’s
business activities have proper proce-
dures and basis to follow.

(3) Does the Company specify the 3 The Company’s Procedures for Ethi- None
relevant procedures, conduct cal Management and Conduct Guide-
guidelines, punishment for viola- line (https://www.evergreen-marine.
tion, and rules of appeal in the com/emc/policy/jsp/EMC_EthicalMa-
formulated preventive measures nagementGuideline.jsp?lang=zh-tw)
against unethical behaviour, as were established and resolved by the
well as implement and regularly Board of Directors on Mar. 26, 2015.
review and revise the aforemen- This guideline states the preventive
tioned measure? measures against unethical behavior,
offering and accepting bribes and
improper benefits, or attending meet-
ing or business activities involving
any potential conflict of interest. The
guideline also covers the punishment
for violation and rules for appeal. The
responsible department of the Com-
pany shall promote and supervise the
implementation of the ethical corpo-
rate management policies and pre-
ventive measures.

2. The implementation of ethical cor-

porate management policy
(1) Does the Company evaluate busi- 3 The Company has standardized the None
ness suppliers’ ethical records requirements for the ethical record
and include ethics-related clauses assessment and the signing of the
in business contracts? ethical behavior clause in the “Ethical
Corporate Management Best-Practice
Principles”. The Company shall avoid
engaging in commercial activities with
suppliers involving in unethical behavior
or against the Company’s CSR poli-
cies. When entering into a contract,

120
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

the content of the contract shall in-

clude terms requiring compliance with
CSR policies and ethical principles of
both parties; the Company may ter-
minate or revoke the term of the con-
tract at any time if the supplier violates
the policy and principles, and has a
significant impact on the environment
and society of the supply source com-
munity.

(2) Does the Company establish 3 The Human Resources Department None
an exclusively dedicated unit (HRD) has been designated by the
supervised by the Board to be Company to oversee the establish-
in charge of ethical corporate ment of ethical corporate manage-
management promotion and ment policies and preventive mea-
regularly (at least once a year) sures against unethical behavior, as
report to the Board regard- well as supervise their implementa-
ing the ethical management tion. Furthermore, the HRD assists the
policies, preventive measures Board of Directors and management
against unethical behavior and in verifying and assessing the effec-
implementation status? tiveness of the preventive measures
taken to implement ethical manage-
ment. The HRD regularly reports to
the Board in December each year.
The report presented at the Board of
Directors’’ meeting held on Dec. 22,
2023 is summarized as follows:
1. Policies on Ethical Management:
To prevent any unethical behav-
ior by employees, the Company’s
top management emphasized in
monthly managerial meetings and
announced to all employees that all
business activities must comply
with competition laws, prevent in-
sider trading, adhere to information
security policies, and protect con-
fidential information, among other
policies.

121
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

2. Ethical Management Risk Assess-

ment:
In accordance with the Ethical Cor-
porate Management Best Practice
Principles and Guidelines for Con-
duct, the Company has established
an effective risk assessment mech-
anism and conducts an annual
review. The results appraised by all
departments in 2023 revealed that
all business activities were at a low
risk level, and current control sys-
tems could remain unchanged.
3. Training on Ethical Management
Related Issues:
(1) In 2023, the Company organized
orientation courses on ethical
management and morality, anti-
bribery and anti-corruption poli-
cies, competition compliance,
and general data protection
regulation (GDPR). A total of 94
new employees completed the
courses.
(2) In 2023, the Company organized
an e-learning course on the pre-
vention of insider trading man-
agement. A total of 2,462 em-
ployees completed the courses
and test, with a completion rate
of 100%.
4. Complaint Mailbox:
No cases against the code of con-
duct were received via the com-
plaint mailbox in 2023.

122
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

(3) Does the Company establish 3 In order to prevent conflicts of inter- None
policies to prevent conflicts of est and establish effective commu-
interest and provide appropriate nication channels, the Company has
communication channels, and implemented the “Ethical Corporate
implement it? Management Best-Practice Prin-
ciples” and “Procedures for Ethical
Management and Conduct Guide-
lines” in 2014 and 2015, respectively.
These policies are enforced through
the use of the corporate internal con-
trol system, audit system, and various
internal management regulations.

(4) Has the Company established 3 The company has established an ef- None
effective systems for both ac- fective accounting system, internal
counting and internal control control system, and internal audit
to facilitate ethical corporate implementation rules. The internal
management, and are internal audit unit conducts an annual internal
auditors or CPAs check the risk audit to examine the implementation
assessment results on high-risk status of the internal control system,
unethical behavior and conduct continuously reviews the company’s
an audit plan for prevention pro- operating procedures, and develops
grams? an audit plan based on the assess-
ment results of the risks associated
with unethical behavior. This plan is
designed to examine the implemen-
tation status of preventive measures
against unethical behavior.

(5) Does the Company regularly 3 The Company disseminates its integ- None
hold internal and external edu- rity policies through a variety of chan-
cational trainings on operational nels, including monthly departmental
integrity? meetings, the e-Bulletin Board, and
management’s remarks. As part of
the orientation process for 94 new
employees in shipping-related roles in
2023, training was provided on ethical
management and morality, anti-bribery
and anti-corruption policies, competi-
tion compliance, and the General Data

123
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

Protection Regulation (GDPR). Fur-

thermore, an online course on the
prevention of insider trading was con-
ducted in 2023, with a total of 2,462
employees completing the courses
and tests.

3. Operation of the Company’s integ-

rity system
(1) Does the Company establish 3 The Company encourages both inter- None
both reward/punishment system nal and external personnel to report
and integrity hotline, as well as acts of unethical and misconduct. In
a convenient integrity channel? addition to the integrity system stipu-
Can the accused be reached lated in the “Ethical Corporate Man-
by an appropriate person for agement Best-Practice Principles”,
follow-up? the Company has established the
“Employee Complaint Regulations”.
After the whistleblower reports or ap-
peals to the supervisors at all levels
and Human Resources Department,
the case will then be filed and investi-
gated or reported to the independent
director, a relevant reward/punishment
system is also stipulated in the man-
agement rules of the Company In ad-
dition, an independent whistle blowing
mailbox (comment@evergreen-ma-
rine.com) is made available and has
been disclosed on the “Stakeholder
Zone” in the Company’s website and
on the internal e-bulletin board, in a
way to establish a convenient integrity
channel. This mailbox is under the
responsibility of the supervisor of Hu-
man Resources Department.

124
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

(2) Does the Company establish 3 According to the “Ethical Corporate None
standard operating procedures Management Best Practice Principles”
for confidential reporting on in- and “Employee Complaint Regula-
vestigating accusation cases? tions,” whistleblowers are permitted
to report cases verbally, in writing, or
anonymously. The company is then
responsible for recording the report,
gathering relevant information, con-
ducting an investigation, and providing
a response to the whistleblower within
10 working days. If necessary, the re-
sponse time may be extended for an
additional 10 days, but this extension
is limited to two times. Additionally,
the “Ethical Corporate Management
Best Practice Principles” require that
the contents of the report be handled
confidentially and that whistleblowers
be protected from any inappropriate
treatment resulting from their com-
plaint.

(3) Does the Company provide 3 The designated Human Resources None
proper whistleblower protec- Managers will be responsible for
tion? handling the cases. The relevant
regulations outline the procedures
and methods for investigating and
handling cases, as well as provisions
for protecting whistleblowers from any
inappropriate treatment resulting from
their complaints. These measures are
in place to ensure the protection of
whistleblowers.

125
 Implementation Status Deviations from “the
Ethical Corporate
Management Best-
Evaluation Item Practice Principles
Yes No Abstract Illustration for TWSE/TPEx
Listed Companies”
and Reasons

4. Strengthening information disclosure

Does the Company disclose its 3 The “Ethical Corporate Manage- None
ethical corporate management ment Best Practice Principles” and
policies and the results of its imple- the outcomes of our implementation
mentation on the Company’s web- have been published on the “Ethical
site and MOPS? Management Section” of the com-
pany’s website (https://www.ever-
green-marine.com/emc/policy/jsp/
EMC_EthicalCorporateManagement.
jsp?lang=en) and MOPS. This infor-
mation is now readily available to the
public.

5. If the Company has established the ethical corporate management policies based on the Ethical Corporate Man-
agement Best-Practice Principles for TWSE/TPEx Listed Companies, please describe any discrepancy between
the policies and their implementation: None

6. Other important information to facilitate a better understanding of the Company’s ethical corporate management
policies (e.g., review and amend its policies): None

9. Corporate Governance Guidelines and Regulations

The “Corporate Governance Best Practice Principles” and the important relevant
regulations can be found on the “Company's website” or MOPS. For more details and
information, please refer to https://www.evergreen-marine.com/emc/governance/jsp/EMC_
InternalRegulations.jsp?lang=en or http://mops.twse.com.tw.

126
10.Other Important Information Regarding Corporate Governance

(1) The status of management level attending corporate governance related

continuing education/training in 2023:

Professional
Name and Title Date Training Sessions and Hours
Organization

Taiwan Corporate Risks and Opportunities of Climate

President Hsieh,
Jul. 14 Governance Change and Net-Zero Policies to
Huey-Chuan
Association Business Operations. / 3 hours

Chief Executive
Taiwan Corporate
Vice President Wu, AI application, legal issues and au-
Oct. 30 Governance
Kuang-Hui diting / 3 hours
Association

(2) The training courses condition for Auditing officer and Accounting officer

A. Auditing personnel

Professional
Name Date Training Sessions and Hours
Organization

1. Common deficiencies in in-

ternal control management
in enterprises and practical
1. Accounting Reach &
cases analysis /6 hrs
1. Jul. 07, 2023 Development Foundation
WU, YU-CHI 2. Practical analysis of the latest
2. Nov. 30, 2023 2. Accounting Reach &
“Sustainable Development
Development Foundation
Action Plan” and the impact
of net-zero carbon emissions
on financial reporting /6 hrs

B. Accounting Supervisor
The accounting supervisor of the Company, Chang, Chuan-Fu, has participated
in the continuing education course held by the training institution as determined by
the competent authority for 12 hours in accordance with Article 6 of the “Eligibility
Rules for the Accounting Supervisor of the Issuer’s Securities Exchange and the
Professional Training Method”.

Professional
Name Date Training Sessions and Hours
Organization

Accounting Supervisor Continu-

ing Education Course (Account-
Sep. 21, 2023~ Accounting Research and
Chang, Chuan-Fu ing, Corporate Governance,
Sep. 22, 2023 Development Foundation
Ethics and Legal Responsibil-
ity)/12 hours
127
 (3) “Internal Major Information Processing Procedures” of the Company:

In order to establish a good internal information processing and disclosure

mechanism, the “Internal Major Information Processing Procedures” of the
Company was approved by the Board of Directors on Dec. 22, 2014 and has
been disclosed on the Company’s website for directors, supervisors, managers
and employees of the Company to follow as a basis in order to avoid violations
or insider trading.

11.Internal Control Systems

(1) Internal Control System Execution Status

Evergreen Marine Corp. (Taiwan) LTD.

Internal Control Statement

Date: March 14, 2024

The Company states the following with regard to its internal control system
during the period from Jan. 01, 2023 to Dec. 31, 2023, based on the findings of
a self-evaluation:
1. The Company is fully aware that establishing, operating, and maintaining an
internal control system are the responsibility of its Board of Directors and
management. The Company has established such a system aimed at providing
reasonable assurance of the achievement of objectives in the effectiveness
and efficiency of operations (including profits, performance, and safeguard of
asset security), reliability, timeliness, transparency of reporting, and compliance
with applicable laws and regulations.
2. An internal control system has inherent limitations. No matter how perfectly
designed, an effective internal control system can provide only reasonable
assurance of accomplishing the three goals mentioned above. Furthermore,
the effectiveness of an internal control system may change along with changes
in environment or circumstances. The internal control system of the Company
contains self-monitoring mechanisms, however, and the Company takes
corrective actions as soon as a deficiency is identified.
3. The Company judges the design and operating effectiveness of its internal
control system based on the criteria provided in the Regulations Governing the
Establishment of Internal Control Systems by Public Companies promulgated
by the Securities and Futures Commission, Ministry of Finance (herein below,
the “Regulations”). The internal control system judgment criteria adopted by

128
 the Regulations divide internal control into five elements based on the process
of management control: 1. control environment 2. risk assessment 3. control
activities 4. information and communications 5. monitoring. Each element
further contains several items. Please refer to the Regulations for details.
4. The Company has evaluated the design and operating effectiveness of its
internal control system according to the aforesaid criteria.
5. Based on the findings of the evaluation mentioned in the preceding paragraph,
the Company believes that during the stated time period its internal control
system (including its supervision of subsidiaries), encompassing internal
controls for knowledge of the degree of achievement of operational
effectiveness and efficiency objectives, reliability, timeliness, transparency of
reporting, and compliance with applicable laws and regulations, was effectively
designed and operating, and reasonably assured the achievement of the
above-stated objectives.
6. This Statement will become a major part of the content of the Company’s
Annual Report and Prospectus, and will be made public. Any falsehood,
concealment, or other illegality in the content made public will entail legal
liability under Articles 20, 32, 171, and 174 of the Securities and Exchange
Law.
7. This statement has been passed by the Board of Directors Meeting of the
Company held on March 14, 2024, where zero of the 9 attending directors
(include commissioned to attend) expressed dissenting opinions, and all
affirmed the content of this Statement.

Evergreen Marine Corp. (Taiwan) LTD.

Chairman:

President:

129
 (2) If the Company designated CPA to audit internal control system, CPA audit
report should be disclosed:

None.

12.For the most recent fiscal year or during the current fiscal year up to the
date of publication of the annual report, disclose any sanctions imposed
in accordance with the law upon the Company or its internal personnel,
any sanctions imposed by the Company upon its internal personnel for
violations of internal control system provisions, principal deficiencies,
and the state of any efforts to make improvements: None.

13.Major Resolutions of Shareholders’ Meeting and Board Meetings and

Functional Committees

(1) Major Resolutions of Shareholders’ Meeting

Date of
Summary of Important Proposals Execution
Meeting

Cash dividends to common share-

holders is NT$70 per share, with total
NT$148,149,405,740 the dividend
1. To approve 2022 earnings distribution.
record date was on Jul. 8, 2023. The
cash dividend was distributed on Jul.
May 30, 2023 26, 2023.

2. To elect nine Directors(including three The election of directors has been

Independent Directors) according to approved and registered by the Com-
the Articles of Incorporation of the merce Department, Ministry of Eco-
Company. nomic Affairs (letter No. 11230108560).

130
(2) Major Resolutions of Board Meetings and Functional Committees (Audit Committee,
Remuneration Committee and Sustainability Committee)

Board Meeting The Date, Session, Independent

Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

Feb. 13, 2023

1st Audit Committee Meeting
1. Deliberation Result:
Approved unanimously by Audit Com-
1. To approve making endorsements and guarantees for subsidiaries.
mittee members.
2. Objection, expression of reservation or
Feb. 13, 2023 qualified opinion by independent direc-
st
(1 Board Meeting) tors: None

2. To make proposal on 2023 Annual General Shareholders’ Meeting

to elect new directors.
3. To make proposal on 2023 Annual General Shareholders’ Meeting
-
to release the restriction of competitive activities of the Directors to
be elected.
4. To convene 2023 Annual General Shareholders’ Meeting.

1. To amend “Payment Guidelines for Director Remuneration”.

2. To approve the allowances for Independent Directors to attend
Board Meetings and directors who concurrently serve as members Mar. 13, 2023
of functional committees to attend meetings of various commit- 1st Remuneration Committee Meeting
tees. 1. Deliberation Result:
3. To approve 2022 Directors’ Compensation. Approved unanimously by Remunera-
4. To approve 2022 Employees’ Compensation. tion Committee members.
Recusal of Directors and voting situation of Board of Directors 2. Objection, expression of reservation or
• Director Wu, Kuang-Hui has direct personal interest conflicts to qualified opinion by independent direc-
the proposal. tors: None
• Except for director who recused himself from the discussion and
resolution, all 7 attendance agreed and approved the proposal.
Mar. 14, 2023
(2nd Board Meet- 5. To ratify the acquisition of new build container of Evergreen Marine

ing) (Asia) Pte. Ltd., the subsidiary of EMC.

Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I also served as the director of Evergreen Mar. 14, 2023
Marine (Asia) Pte. Ltd. 2nd Audit Committee Meeting
• Except for director who recused himself from the discussion and 1. Deliberation Result:
resolution, all 7 attendance agreed and approved the proposal. Approved unanimously by Audit Com-
6. To approve the contract novation of building container vessels mittee members.
between Evergreen Marine (Asia) Pte. Ltd. and Evergreen Marine 2. Objection, expression of reservation or
(Singapore) Pte. Ltd. qualified opinion by independent direc-
Recusal of Directors and voting situation of Board of Directors tors: None
• Chairman Chang, Yen-I also served as the director of Evergreen
Marine (Asia) Pte. Ltd.; Director Ko, Lee-Ching also served as
the director of Evergreen Marine (Singapore) Pte. Ltd.

131
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

• Except for directors who recused themselves from the discus-

sion and resolution, all 6 attendance agreed and approved the
proposal.
7. To approve 2022 Business Report.
8. To approve 2022 Parent-Company-Only Financial Report and
Consolidated Financial Report.
9. To approve 2022 Earnings Distribution.
10. To approve making endorsements and guarantees for subsidiaries.
11. To approve the 2022 Internal Control Statement.
Mar. 14, 2023 12. To amend “Internal Control System”.
(2nd Board Meet-
Mar. 13, 2023
ing)
1st Sustainability Committee Meeting
1. Deliberation Result:
13. To amend “Sustainability Policy” and “Sustainable Development Approved unanimously by Sustainabil-
Principles” and repeal “Corporate Sustainability Committee Char- ity Committee members.
ter”. 2. Objection, expression of reservation or
qualified opinion by independent direc-
tors: None

14.To nominate 9 directors (including 3 independent directors) as can-

-
didates.

May 12, 2023

2nd Sustainability Committee Meeting
1. Deliberation Result:
Approved unanimously by Sustainabil-
1. To amend “Risk Management Policy”.
ity Committee members.
2. Objection, expression of reservation or
qualified opinion by independent direc-
tors: None
May 12, 2023 2. To approve the acquisition of container of Evergreen Marine (Asia)
rd
(3 Board Meeting) Pte. Ltd., the subsidiary of EMC. May 12, 2023
Recusal of Directors and voting situation of Board of Directors 3rd Audit Committee Meeting
• Chairman Chang, Yen-I also served as the director of Evergreen 1. Deliberation Result:
Marine (Asia) Pte. Ltd. Approved unanimously by Audit Com-
• Except for director who recused himself from the discussion and mittee members.
resolution, all 7 attendance agreed and approved the proposal. 2. Objection, expression of reservation or
3. To approve consolidated financial report for the three months qualified opinion by independent direc-
ended Mar. 31, 2023. tors: None
4. To amend “Internal Control System”.

1. To re-elect the chairman of the Board of Directors.

May 30, 2023 2. To approve the appointment of the members of the 5th Remunera-
st
(The 1 Meeting of tion Committee. -
the 22nd Board) 3. To approve the appointment of the members of the 2nd Sustainabil-
ity Committee.

132
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

1. To approve Evergreen Marine (Asia) Pte. Ltd., the subsidiary of

EMC, acquires shares of Evergreen Marine (Singapore) Pte. Ltd.
from Evergreen International S.A.
Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I also served as the director of Evergreen
Marine (Asia) Pte. Ltd.; Director Chang, Kuo-Hua and Ko, Lee-
Ching also served as the directors of Evergreen International S.A.
• Except for directors who recused themselves from the discus-
sion and resolution, all 6 attendance agreed and approved the
proposal.
2. To approve the acquisition of newly-built container of Evergreen Jun. 19, 2023
Marine (Asia) Pte. Ltd., the subsidiary of EMC from Evergreen The 1st Meeting of the 3rd Audit Committee
Heavy Industrial Corp. (Malaysia) Berhad. 1. Deliberation Result:
Jun. 19, 2023
Recusal of Directors and voting situation of Board of Directors Approved unanimously by Audit Com-
(The 2nd Meeting
• Chairman Chang, Yen-I also served as the director of Evergreen mittee members
of the 22nd Board)
Marine (Asia) Pte. Ltd.; Chairman Chang, Yen-I, and Director 2. Objection, expression of reservation or
Wu, Kuang-Hui also served as the directors of Evergreen Heavy qualified opinion by independent direc-
Industrial Corp. (Malaysia) Berhad. tors: None
• Except for directors who recused themselves from the discus-
sion and resolution, all 7 attendance agreed and approved the
proposal.
3. To approve the disposal of shares of EVA Airways Corp.
Recusal of Directors and voting situation of Board of Directors
• Director Tai, Jiin-Chyuan also served as the director of EVA
Airways Corp.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
4. To approve making endorsements and guarantees for subsidiaries.

Jul. 11, 2023

To approve the acquisition of Methanol Dual Fuel Container Vessels of The 2nd Meeting of the 3rd Audit Commit-
Evergreen Marine (Asia) Pte. Ltd., the subsidiary of EMC. tee
Jul. 11, 2023 Recusal of Directors and voting situation of Board of Directors 1. Deliberation Result:
(The 3rd Meeting of • Chairman Chang, Yen-I also served as the director of Evergreen Approved unanimously by Audit Com-
nd
the 22 Board) Marine (Asia) Pte. Ltd. mittee members
• Except for director who recused himself from the discussion and 2. Objection, expression of reservation or
resolution, all 8 attendance agreed and approved the proposal. qualified opinion by independent direc-
tors: None

133
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

1. To amend “Regulations of Remuneration Committee”.

2. To review the “Regulations of Payment for Directors”.
3. To approve Independent Directors’ remuneration.
Recusal of Directors and voting situation of Board of Directors
• Independent Director Yu, Fang-Lai, Independent Director Li,
Chang-Chou and Independent Director Chang, Chia-Chee have
Aug. 11, 2023
direct personal interest conflicts to the proposal.
The 1st Meeting of the 5th Remuneration
• Except for the Independent Directors who recused themselves
Committee Meeting
from the discussion and resolution, all 6 attendances agreed
1. Deliberation Result:
and approved the proposal.
Approved unanimously by Remunera-
4. To approve the allowances for Directors to attend (including in
tion Committee members.
person and by video) Board Meetings and concurrently serve as
2. Objection, expression of reservation or
members of functional committees to attend various committee
qualified opinion by independent direc-
meetings.
tors: None
5. To approve 2023 Chairman’s compensation.
Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I has direct personal interest conflicts to
the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
Aug. 11, 2023
(The 4th Meeting of 6. To approve the acquisition of right-of-use asset of dedicated
the 22nd Board) terminal of Ben E. Nutter Container Terminal on behalf of Everport
Terminal Services Inc., the subsidiary of EMC from “City of Oak-
land”.
Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I and Director Hsieh, Huey-Chuan also
served as the directors of Everport Terminal Services Inc.
• Except for directors who recused themselves from the discus- Aug.11, 2023
sion and resolution, all 7 attendance agreed and approved the The 3rd Meeting of the 3rd Audit Committee
proposal. 1. Deliberation Result:
7. To approve the acquisition of shares of Euromax Terminal Rotter- Approved unanimously by Audit Com-
dam B.V. from Evergreen Marine (Asia) Pte. Ltd., the subsidiary of mittee members.
EMC. 2. Objection, expression of reservation or
Recusal of Directors and voting situation of Board of Directors qualified opinion by independent direc-
• Chairman Chang, Yen-I also served as the director of Evergreen tors: None
Marine (Asia) Pte. Ltd.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
8. To approve the contract novation of building container vessels
between Evergreen Marine (UK) Ltd. and Evergreen Marine (Asia)
Pte. Ltd.
Recusal of Directors and voting situation of Board of Directors

134
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

• Chairman Chang, Yen-I also served as the director of Evergreen

Marine (Asia) Pte. Ltd.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
9. To approve consolidated financial report for the six months ended
Jun. 30, 2023.

Nov.13, 2023
The 4th Meeting of the 3rd Audit Committee
1. Deliberation Result:
Nov. 13, 2023 1. To approve consolidated financial report for the nine months ended
Approved unanimously by Audit Com-
(The 5th Meeting of Sep. 30, 2023.
mittee members.
the 22nd Board) 2. To approve making endorsements and guarantees for subsidiaries.
2. Objection, expression of reservation or
qualified opinion by independent direc-
tors: None

Nov. 27, 2023

The 5th Meeting of the 3rd Audit Committee
1. To approve Evergreen Marine (Asia) Pte. Ltd., the subsidiary of
1. Deliberation Result:
Nov. 27, 2023 EMC, acquires newly-built containers.
Approved unanimously by Audit Com-
(The 6th Meeting of 2. To approve the acquisition of newly-built reefer containers.
mittee members.
the 22nd Board) 3. To approve the acquisition of newly-built refrigeration units from
2. Objection, expression of reservation or
Carrier Transicold Pte. Ltd. and Maersk Container Industry AS.
qualified opinion by independent direc-
tors: None

1. To amend the “Regulations Governing the Board Performance

Evaluation”.
2. To revise the attachment “Salary and Compensation Structure
for Managers’ Ranks” of the “Payment Regulations of Managers
Compensation”.
3. To approve the 2023 bonus for management. Dec. 22, 2023
Recusal of Directors and voting situation of Board of Directors The 2nd Meeting of the 5th Remuneration
• Director Hsieh, Huey-Chuan and Wu, Kuang-Hui have direct Committee Meeting
Dec. 22, 2023
personal interest conflicts to the proposal. 1. Deliberation Result:
(The 7th Meeting of
• Except for directors who recused themselves from the discus- Approved unanimously by Remunera-
the 22nd Board)
sion and resolution, all 7 attendance agreed and approved the tion Committee members.
proposal. 2. Objection, expression of reservation or
4. To approve the appointment of the President and 2024 remunera- qualified opinion by independent direc-
tion. tors: None
Recusal of Directors and voting situation of Board of Directors
• Director Wu, Kuang-Hui has direct personal interest that con-
flicts with the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.

135
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

5. To approve the severance pay of the President.

Recusal of Directors and voting situation of Board of Directors
• Director Hsieh, Huey-Chuan has direct personal interest that
conflicts with the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
6. To approve the retirement pension of the Executive Vice President.
Recusal of Directors and voting situation of Board of Directors
• Director Wu, Kuang-Hui has direct personal interest that con-
flicts with the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
7. To approve 2024 compensation for management.
Recusal of Directors and voting situation of Board of Directors
• Director Wu, Kuang-Hui has direct personal interest conflicts to
the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
Dec. 22, 2023 8. To approve the 2023 Chairman’s bonus.
(The 7th Meeting of Recusal of Directors and voting situation of Board of Directors
nd
the 22 Board) • Chairman Chang, Yen-I has direct personal interest conflicts to
the proposal.
• Except for director who recused himself from the discussion and
resolution, all 8 attendance agreed and approved the proposal.
9. To approve 2024 Chairman’s compensation.
Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I has direct personal interest conflicts to
the proposal.
• Except for the director who recused himself from the discus-
sion and resolution, all 8 attendance agreed and approved the
proposal.

Dec. 22, 2023

The 4th Meeting of the 2nd Sustainability
Committee
1. Deliberation Result:
10. To formulate the 2024 sustainability work plan. Approved unanimously by Sustainabil-
ity Committee members.
2. Objection, expression of reservation or
qualified opinion by independent direc-
tors: None

136
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

11. To approve 2024 Operation and Budget Plan.

12. To approve the Company’s certified public accountants and remu-
neration.
13. To formulate the “Pre-approval Policy for Non-Assurance Services
by Certified Public Accountants Firms”.
14. To approve 2024 Internal Audit Plan. Dec. 22, 2023
15. To approve the acquisition of container of Evergreen Marine (Asia) The 6th Meeting of the 3rd Audit Committee
Pte. Ltd., the subsidiary of EMC from Evergreen Heavy Industrial 1. Deliberation Result:
Corp. (Malaysia) Berhad. Approved unanimously by Audit Com-
Recusal of Directors and voting situation of Board of Directors mittee members.
• Chairman Chang, Yen-I also served as the director of Evergreen 2. Objection, expression of reservation or
Marine (Asia) Pte. Ltd.; Chairman Chang, Yen-I and Director qualified opinion by independent direc-
Wu, Kuang-Hui also served as the directors of Evergreen Heavy tors: None
Industrial Corp. (Malaysia) Berhad.
• Except for directors who recused themselves from the discus-
sion and resolution, all 7 attendance agreed and approved the
proposal.
16. To approve the change of Financial Officer.

1. To approve Evergreen Marine (Asia) Pte. Ltd., the subsidiary of EMC,

acquires shares of Italia Marittima S.p.A. from Balsam Estate B.V.
Recusal of Directors and voting situation of Board of Directors
• Chairman Chang, Yen-I also served as the director of Evergreen
Marine (Asia) Pte. Ltd.; Chairman Chang, Yen-I, Director Chang,
Kuo-Hua and Wu, Kuang-Hui also served as the directors of
Peony Investment S.A.; Director Chang, Kuo-Hua and Ko, Lee-
Ching also served as the directors of Evergreen International S.A.
• Except for directors who recused themselves from the discus-
sion and resolution, all 5 attendance agreed and approved the Jan. 31, 2024
proposal. The 7th Meeting of the 3rd Audit Committee
[ Balsam Estate B.V.’s original shareholders are Evergreen Inter- 1. Deliberation Result:
Jan. 31, 2024
national S.A. and Peony Investment S.A.] Approved unanimously by Audit Com-
(The 8th Meeting of
2. To approve Peony Investment S.A., the subsidiary of EMC, acquire mittee members.
the 22nd Board)
shares of South Asia Gateway Terminals (Private) Limited from 2. Objection, expression of reservation or
Evergreen International S.A. qualified opinion by independent direc-
Recusal of Directors and voting situation of Board of Directors tors: None
• Chairman Chang, Yen-I, Director Chang, Kuo-Hua and Wu,
Kuang-Hui also served as the directors of Peony Investment S.A.;
Director Chang, Kuo-Hua and Ko, Lee-Ching also served as the
directors of Evergreen International S.A.
• Except for directors who recused themselves from the discus-
sion and resolution, all 5 attendance agreed and approved the
proposal.
3. To approve the acquisition of shares of Taipei Port Container Termi-
nal Corporation from Evergreen International S.A.

137
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

Recusal of Directors and voting situation of Board of Directors

• Director Chang, Kuo-Hua and Ko, Lee-Ching also served as the
directors of Evergreen International S.A.
• Except for directors who recused themselves from the discus-
sion and resolution, all 7 attendance agreed and approved the
proposal.
4. To approve the acquisition of real estate of Evergreen Marine (UK)
Limited., the subsidiary of EMC from Evergreen International S.A.
Recusal of Directors and voting situation of Board of Directors
• Director Chang, Kuo-Hua and Ko, Lee-Ching also served as the
directors of Evergreen International S.A.
• Except for directors who recused themselves from the discus-
sion and resolution, all 7 attendance agreed and approved the
proposal.
5. To approve making endorsements and guarantees for subsidiaries.

6. To set the capital increase record date of common stocks trans-

ferred from the 4th Domestic Unsecured Convertible Bond.
7. To appoint the new member of the Sustainability Committee. -
8. To amend “Corporate Governance Best Practice Principles”.
9. To convene 2024 Annual General Shareholders’ Meeting.

1. To approve 2023 Employees’ Compensation. Mar.14, 2024

Recusal of Directors and voting situation of Board of Directors The 3rd Meeting of the 5th Remuneration
• Director Wu, Kuang-Hui and Lin, Wen-Kuei have direct personal Committee Meeting
interest conflicts to the proposal. 1. Deliberation Result:
• Except for directors who recused themselves from the discus- Approved unanimously by Remunera-
sion and resolution, all 7 attendance agreed and approved the tion members.
proposal. 2. Objection, expression of reservation or
2. To approve 2023 Directors’ Compensation. qualified opinion by independent direc-
3. To amend “Regulations of Remuneration Committee”. tors: None

4. To approve the acquisition of container vessels of Italia Marittima

Mar.14, 2024 S.p.A., from Evergreen Marine (Asia) Pte. Ltd., the subsidiary of
(The 9th Meeting of EMC.
the 22nd Board) Recusal of Directors and voting situation of Board of Directors Mar.14, 2024
• Chairman Chang, Yen-I also served as the director of Evergreen The 8th Meeting of the 3rd Audit Committee
Marine (Asia) Pte. Ltd.; Director Wu, Kuang-Hui also served as 1. Deliberation Result:
the director of Italia Marittima S.p.A. Approved unanimously by Audit Com-
• Except for directors who recused themselves from the discus- mittee members.
sion and resolution, all 7 attendance agreed and approved the 2. Objection, expression of reservation or
proposal. qualified opinion by independent direc-
5. To approve the contract novation of building container vessels be- tors: None
tween Evergreen Marine (Hong Kong) Ltd. and Evergreen Marine
(Asia) Pte. Ltd.
Recusal of Directors and voting situation of Board of Directors

138
 Board Meeting The Date, Session, Independent
Date & Major Proposals Directors’ Opinions and Resolution of
Session Functional Committee

• Chairman Chang, Yen-I and Director Wu, Kuang-Hui are also di-
rectors of Evergreen Marine (Hong Kong) Ltd.; Chairman Chang,
Yen-I is also director of Evergreen Marine (Asia) Pte.
• Except for directors who recused themselves from the discus-
sion and resolution, all 7 attendance agreed and approved the
proposal.
6. To approve 2023 Business Report.
7. To approve 2023 Parent-Company-Only Financial Report and
Consolidated Financial Report.
8. To approve 2023 Earnings Distribution.
9. To approve making endorsements and guarantees for subsidiaries.
10. To amend “Audit Committee Charter”.
11. To approve the 2023 Internal Control Statement.
12. To amend “Internal Control System”.

13. To amend “Rules and Procedures of the Shareholders’ Meeting”.

14. To amend “Regulations for Electing Directors”. -
15. To amend “Rules of Procedure for Board of Directors Meetings”.

The Company’s Response to the Opinions of Independent Directors /Functional Committee: None.

14.Major Issues of Record or Written Statements Made by Any Director or

Supervisor Dissenting to Important Resolutions Passed by the Board of
Directors: None

15.Resignation or Dismissal of the Company’s Key Individuals:

Appointment Reason of Resig-

Title Name Dismissal date
Date nation or Dismissal

President Hsieh, Huey-Chuan 2019.04.15 2024.01.01 Retirement

Financial Officer Wu, Kuang-Hui 2010.12.01 2024.01.01 Position adjustment

Note: The Company’s Key Individuals including the Chairman, CEO, and Heads of Accounting, Finance,
Internal Audit, Chief Corporate Governance Officer and R&D.

139
 IV. Information Regarding the Company’s Audit Fee and Independence

1. Audit Fee

The non-audit fee ratio of the Company has not reached more than one quarter of the
audit fee, and the non-audit fee details are as follows.
Unit: TWD thousands

Period
Accounting Name of Audit
Covered by Non-audit Fee Total Remarks
Firm CPA Fee
CPA’s Audit

The “Other” items of non-audit fees include the

following services:
1. Audit of business tax
2.Transfer pricing report
3.Master File project
4.Audit of Profit-seeking enterprise income tax
Lai, Chung-His
2023/01/01- and undistributed surplus tax
PwC Chou, Hsiao-Tzu, 16,535 12,523 29,058
2023/12/31 5. Repatriated Offshore Funds Act
etc
6. The permission of investment in China
7. Carbon Footprint Verification counseling
8.Greenhouse gas inventories counseling
9.The assurance and counseling of ESG report.
10. The counseling of Task Force on Climate-
Related Financial Disclosures, TCFD)

2. If the Company Changes Accounting Firm and the Audit Fees Charged by
the New Firm is Less than that of the Pervious Accounting Firm, Please
Disclose the Audit Fees Charged by the Two Accounting Firms and the
Reason: None

3. Audit Fees Decreases 10% of that of Previous Year, the Decreased Audit
Fees, Decreased Percentage and Reason Should be Disclosed: None

V. Replacement of CPA :

The Company didn’t change any CPA in 2023, so there is no such information.

VI. Audit Independence

The Company’s Chairman, Chief Executive Officer, Chief Finance Officer, and managers
in charge of its finance and accounting operations did not hold any positions in the
Company’s independent auditing firm or its affiliates during 2023.

140
VII. Changes in Shareholding of Directors, Managers and Major Shareholders
Unit: Shares

2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Hui Corporation 0 0 0 0
Chairman Representative :
0 0 0 0
Chang, Yen-I

71,565,000
Director Chang, Kuo-Hua 0 0 0
0

4,180,000
Scept Corporation 0 0 0
0

Representative:
Director 0 0 0 0
Ko, Lee-Ching

Representative:
0 0 0 0
Wu, Kuang-Hui

Hui Corporation 0 0 0 0
Director Representative: 0
0 0 0
Tai, Jiin-Chyuan (11,000)

Evergreen Steel Corp. 0 0 0 0

Director Representative:
0 0 0 0
Lin, Wen-Kuei

Independent
Yu, Fang-Lai 0 0 0 0
Director

Independent
Li, Chang-Chou 0 0 0 0
Director

Independent
Chang, Chia-Chee 0 0 0 0
Director

President Wu, Kuang-Hui 0 0 0 0

Chief Executive Vice

Lin, Wen-Kuei 0 0 0 0
President

Project Div.
Wang, Pei-Chun 0 0 0 0
Div. Chief

Ship Div.
Huang, Tsung-Yung 0 0 0 0
Div. Chief

Customer
Relationship
Fang, Yu-Yen 0 0 0 0
Management Div.
Div. Chief
141
 2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Business Div.
Chang, Da-Chih 0 0 0 0
Div. Chief

Computer Div.
Huang, Chao-Kuo 0 0 0 0
Div. Chief

Finance Div.
Tsai, I-Jung 0 0 0 0
Div. Chief

Logistics Div.
Kuo, Yuan-Ping 0 0 0 0
Div. Chief

Ksg Terminal Div.

Wu, Yueh-Feng 0 0 0 0
Div. Chief

Project Div.
Chen, Wei-Hsun 0 0 0 0
Deputy Div. Chief

Ksg Terminal Div.

Pan, Chin-Tung 0 0 0 0
Deputy Div. Chief

Operation
Coordination Dept. Su, Teng-Huan 0 0 0 0
Dept. Head

Project Div.
Business
Wei, Wei-Der 0 0 0 0
Coordination Dept.
Dept. Head

Project Div.
North America Dept. Hsu, Ching-Che 0 0 0 0
Dept. Head

Project Div.
Latin America Dept. Su, Ming-Sung 0 0 0 0
Dept. Head

Project Div.
Europe Dept. Huang, Sheng-Peng 0 0 0 0
Dept. Head

Project Div.
Near East Dept. Huang, Ming-Jer 0 0 0 0
Dept. Head

Ship Div.
Seaman Dept. Yang, Hong-Ming 0 0 0 0
Dept. Head

142
 2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Customer
Relationship
Management Div.
Customer Chiu, Ping-Chuan 0 0 0 0
Relationship
Management Dept.
Dept. Head

Customer
Relationship
Management Div.
Chou, So-Hui 0 0 0 0
Customer Data
Processing Dept.II
Dept. Head

Investment Dept
Kuo, Feng-Yi 0 0 0 0
Dept. Head

Business Div. Import

Dept. Lu, Pao-Lung 0 0 0 0
Dept. Head

Traffic Dept.
Lee, Kuei-Chu 0 0 0 0
Dept. Head

Computer Div.
Software Designing
Chen, Sheng-Pao 0 0 0 0
Dept.III
Dept. Head

Finance Div.
Finance Dept.
Mo, Cheng-Ping 0 0 0 0
Dept. Head
(Finance Supervisor)

Supervisory Dept.
Chao, Hui-Ling 0 0 0 0
Dept. Head

Corporate
Governance Dept. Hsieh, Shu-Hui 0 0 0 0
Dept. Head

Human Resources
Dept. Yang, Pi-Sao 0 0 0 0
Dept. Head

Public Relations Dept. 6,000

Li, Ying-Ti 0 0 0
Dept. Head 0

143
 2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Taipei Port Office

Lu, Huang-Chuan 0 0 0 0
Office Head

Ship Div.
0
Maritech Dept. Li, Hua-Lung 0 0 0
(5,000)
Dept. Head

Ship Div.
Supply Dept. Yeh, Ching-Rong 0 0 0 0
Dept. Head

Ship Div.
Shipbuilding Dept. Weng, Chao-Yueh 0 0 0 0
Dept. Head

Logistics Div.
Equipment Control
Lin, Yu-Chang 0 0 0 0
Dept.
Dept. Head

Customer
Relationship
Management Div.
Chien, Chin-Fang 0 0 0 0
Customer Data
Processing Dept.I
Dept. Head

Operation Dept.
Hwang, Yi-Syou 0 0 0 0
Dept. Head

Business Div.
America Dept. Jen, Yi-Kang 0 0 0 0
Dept. Head

Business Div. Europe

Dept. Cheng, Chi-Yi 0 0 0 0
Dept. Head

Business Div. Intra

Asia Dept. Chiang, Kuo-Wei 0 0 0 0
Dept. Head

Documentation
Dept. Lin, Chi-Day 0 0 0 0
Dept. Head

Computer Div.
System Management
Lin, Yu-Huan 0 0 0 0
Dept.
Dept. Head
144
 2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Auditing Dept.
Wu, Yu-Chi 0 0 0 0
Dept. Head

Kaohsiung Office
Wang, Chien-Kuo 0 0 0 0
Office Head

Project Div.
Business
Huang, Yi-En 0 0 0 0
Coordination Dept.
Deputy Dept. Head

Customer
Relationship
Management Div.
Customer Chen, Mei-Chi 0 0 0 0
Relationship
Management Dept.
Deputy Dept. Head

Operation
Coordination Dept. Tsai, Yu-Ta 0 0 0 0
Deputy Dept. Head

Investment Dept
Fan, Cheng-Fu 0 0 0 0
Deputy Dept. Head

Supervisory Dept.
Cheng, Hui-Chen 0 0 0 0
Deputy Dept. Head

Human Resources
Dept. Lin, An-Yi 0 0 0 0
Deputy Dept. Head

Finance Div.
Finance Dept.
Deputy Dept. Head Chang, Chuan-Fu 0 0 0 0
(Accounting
Supervisor)

Finance Div.
Assessment Dept.II Lee, Shu-Feng 0 0 0 0
Vice President

Project Div.
Business
Tseng, Neng-Fang 0 0 0 0
Coordination Dept.
Vice President

145
 2023 As of March 30, 2024

Pledged Pledged
Title Name Holding Holding
Holding Holding
Increase Increase
Increase Increase
(Decrease) (Decrease)
(Decrease) (Decrease)

Project Div.
Business
Shih, Wang-Yif 0 0 0 0
Coordination Dept.
Vice President

Project Div.
Business
Chen, Chun-Yen 0 0 0 0
Coordination Dept.
Vice President

Project Div.
Business
Cheng, Min-Chou 0 0 0 0
Coordination Dept.
Vice President

Project Div.
Business
Sheu, Dong-Han 0 0 0 0
Coordination Dept.
Vice President

Project Div.
Reefer & Special
Huang, Teng-Wei 0 0 0 0
Container Dept.
Vice President

Operation
Chang, Chih- 0 0
Coordination Dept. 0 0
Chao (14,400) (12,000)
Vice President

Operation
Coordination Dept. Yeh, Cheng-Hung 0 0 0 0
Vice President

Supervisory Dept.
Jou, Kuen-Cheng 0 0 0 0
Vice President

71,565,000
Major Shareholder Chang, Kuo-Hua 0 0 0
0

Note : Any shareholder holding more than 10 percent of the Company’s total share capital shall be
noted as a major shareholder, and such shareholders shall be listed individually.

Information of Stock Transfer: None

Information of Stock Pledged: None

146
VIII. Relationship Among the Top Ten Shareholders
As of March 30, 2024 (Closure date of Shareholders Meeting of 2024)

Name and Relationship Between the

Shares Held by Shares Held
Present Company’s Top Ten Shareholders,
Spouses & by Third
Name Shareholdings or Spouses or Relatives Within Two Notes
Dependents Parties
Degrees

Shares % Shares % Shares % Name Relationship

Yang, Mei-Chen spouse

Chang, Kuo-Hua 135,503,462 6.30 26,792,000 1.25 0 0 Chang, Yung-Fa Within two degrees None
Chang, Sheng-En kinship

CAPITAL TIP
Customized Taiwan
133,012,000 6.19 Not applicable 0 0 None None None
Select High Dividend
ETF

Chang, Yung-Fa
Within two degrees
Chang, Sheng-En 89,100,000 4.14 0 0 0 0 Chang, Kuo-Hua None
kinship
Yang, Mei-Chen

Chang, Kuo-Hua
Chang, Yung-Fa Within two degrees
69,345,462 3.22 1,041,062 0.05 0 0 Yang, Mei-Chen None
(Deceased) kinship
Chang, Sheng-En

Cathay United Bank

Trust Account – 63,920,000 2.97 Not applicable 0 0 None None None
Chang, Kuo-Hua

New Labor Pension

31,813,757 1.48 Not applicable 0 0 None None None
Fund

Fubon Life Insurance

31,200,000 1.45 Not applicable 0 0 None None None
Co., Ltd.

J.P. MORGAN
30,933,371 1.44 Not applicable 0 0 None None None
SECURITIES PLC

Chang, Kuo-Hua spouse

Yang, Mei-Chen 26,792,000 1.25 135,503,462 6.30 0 0 Chang, Yung-Fa Within two degrees None
Chang, Sheng-En kinship

Cathay United Bank

Trust Account – Yang, 18,870,530 0.88 Not applicable 0 0 None None None
Mei-Chen

147
 IX. Ownership of Shares in Affiliated Enterprises
As of December 31, 2023
Unit: thousand Shares/ %

Direct or Indirect
Ownership by
Ownership
Affiliated Directors, Total Ownership
by the Company
Enterprises Supervisors,
Managers

Shares % Shares % Shares %

Evergreen International
430,692 40.36 20,165 1.89 450,857 42.25
Storage & Transport Corp.

EVA Airways Corp. 401,139 7.43 200,530 3.71 601,669 11.14

Evergreen Steel Corp. 79,248 19.00 28,956 6.94 108,204 25.94

Ever Ecove Corp. 30,500 19.06 80,100 50.06 110,600 69.12

Taiwan Terminal Services

7,700 77.00 100 1.00 7,800 78.00
Corp.

Evergreen Security Corp. 12,622 62.25 10 0.05 12,632 62.30

Charng Yang Development

73,177 50.00 0 0 73,177 50.00
Corp.

Taipei Port Container Termi-

144,799 27.85 0 0 144,799 27.85
nal Corp.

Peony Investment S.A 4,765 100.00 0 0 4,765 100.00

Evergreen Marine (Hong

6,320 79.00 80 1.00 6,400 80.00
Kong) Ltd.

Evergreen Marine (Asia) Pte.

50,000 100 0 0 50,000 100
Ltd.

Everport Terminal Service

1 94.43 0 5.57 1 100.00
Inc.

Evergreen Shipping Agency

1,062 59.00 18 1.00 1,080 60.00
(Israel) Ltd.

VIP Greenport Joint Stock

13,750 21.74 0 0 13,750 21.74
Company

Note1: Investment accounted for using equity method

Note2: Information for Evergreen International Storage &Transport Corp., EVA Airways Corp. and
Evergreen Steel Corp. are based on the dividend record date of 2023.

148
149
150
04
Chapter

I. Capital and Shares

1. Source of Capital
Unit: TWD

Authorized Capital Paid-in Capital Remark

Par Capital
Month/
Value Sources of Capital Increased by
Year Shares Amount Shares Amount Other
(TWD) (shares) Assets Other
than Cash
Capital Overview

Corporate Bond Conversion Jing-Shou-Shang Zi

05/2012 10 3,600,000,000 36,000,000,000 3,474,940,656 34,749,406,560 -
1,482,546 No.10101094850
Corporate Bond Conversion Jing-Shou-Shang Zi
05/2013 10 3,600,000,000 36,000,000,000 3,474,946,469 34,749,464,690 -
5,813 No. 10201100610
Corporate Bond Conversion Jing-Shou-Shang Zi
08/2013 10 3,600,000,000 36,000,000,000 3,474,952,282 34,749,522,820 -
5,813 No. 10201178690
Corporate Bond Conversion Jing-Shou-Shang Zi
09/2014 10 3,600,000,000 36,000,000,000 3,477,580,184 34,775,801,840 -
2,627,902 No. 10301181780
Capitalization of Retained No. Financial-Supervisory-Securi-
08/2015 10 3,600,000,000 36,000,000,000 3,512,355,986 35,123,559,860 Earnings - ties-Corporate-1040025135; Jing-
34,775,802 Shou-Shang Zi No.10401170530
No. Financial-Supervisory-Securi-
Cash Subscription
12/2017 10 5,000,000,000 50,000,000,000 4,012,355,986 40,123,559,860 - ties-Corporate-1060037504; Jing-
500,000,000
Shou-Shang Zi No.10601173790
Capitalization of Retained The approval from the FSC on
09/2018 10 5,000,000,000 50,000,000,000 4,212,973,786 42,129,737,860 Earnings - Jul. 31,2018; Jing-Shou-Shang Zi
200,617,800 No.10701115880
No. Financial-Supervisory-Securi-
Cash Subscription
12/2018 10 5,000,000,000 50,000,000,000 4,512,973,786 45,129,737,860 - ties-Corporate-1070336402; Jing-
300,000,000
Shou-Shang Zi No.10701157290
 Authorized Capital Paid-in Capital Remark
Par Capital
Month/
Value Sources of Capital Increased by
Year Shares Amount Shares Amount Other
(TWD) (shares) Assets Other
than Cash
No. Financial-Supervisory-Securi-
Cash Subscription
12/2019 10 5,000,000,000 50,000,000,000 4,812,973,786 48,129,737,860 - ties-Corporate-1080332862; Jing-
300,000,000
Shou-Shang Zi No.10801196050
Oversea Corporate Bond
Jing-Shou-Shang Zi
02/2021 10 7,000,000,000 70,000,000,000 5,221,555,704 52,215,557,040 Conversion -
No.11001027820
408,581,918
Oversea Corporate Bond
Jing-Shou-Shang Zi
05/2021 10 7,000,000,000 70,000,000,000 5,270,935,971 52,709,359,710 Conversion -
No.11001091550
49,380,267
Oversea Corporate Bond
Jing-Shou-Shang Zi
07/2021 10 7,000,000,000 70,000,000,000 5,290,847,369 52,908,473,690 Conversion -
No.11001124150
19,911,398
Corporate Bond Conversion Jing-Shou-Shang Zi
12/2021 10 7,000,000,000 70,000,000,000 5,290,848,436 52,908,484,360 -
1,067 No.11001216480
Corporate Bond Conversion Jing-Shou-Shang Zi
04/2022 10 7,000,000,000 70,000,000,000 5,291,049,137 52,910,491,370 -
200,701 No.11101054610
Corporate Bond Conversion
Jing-Shou-Shang Zi
08/2022 10 7,000,000,000 70,000,000,000 2,116,420,082 21,164,200,820 1,067 and Capital -
No.11101143170
Reduction 3,174,630,122
Corporate Bond Conversion Jing-Shou-Shang Zi
02/2024 10 7,000,000,000 70,000,000,000 2,136,305,331 21,363,053,310 -
19,885,249 No.11330024280

Note : As of March 30, 2024, there were 13,942,709 shares of common stock converted from the 4th Domestic Unsecured Convertible Bond that had
not registered with the Ministry of Economic Affairs.

151
 Authorized Capital

Share Type Remarks

Un-issued
Issued Shares Total Shares
Shares

Shares outstanding
Common Stock 2,150,248,040 4,849,751,960 7,000,000,000
as of March 30, 2024.

Information for Shelf Registration: None.

2. Status of Shareholders
As of March 30, 2024

Foreign
Other Domestic
Government Financial Institutions
Item Juridical Natural Total
Agencies Institutions & Natural
Persons Persons
Persons

Number of
8 44 1,152 362,078 1,410 364,692
Shareholders

Shareholding
37,609,149 89,426,620 380,545,805 1,179,663,771 463,002,695 2,150,248,040
(shares)

Percentage
1.75 4.16 17.7 54.86 21.53 100
(%)

3. Shareholding Distribution Status

As of March 30, 2024

Class of Shareholding Number of Shareholding

Percentage (%)
(Unit: Share) Shareholders (Shares)

1 ~ 999 214,543 60,456,788 2.81

1,000 ~ 5,000 127,470 241,005,116 11.22

5,001 ~ 10,000 12,272 91,843,094 4.27

10,001 ~ 15,000 3,562 44,867,237 2.09

15,001 ~ 20,000 1,959 35,315,593 1.64

20,001 ~ 30,000 1,620 40,710,857 1.89

30,001 ~ 40,000 763 27,051,142 1.26

40,001 ~ 50,000 497 22,800,200 1.06

152
 Class of Shareholding Number of Shareholding
Percentage (%)
(Unit: Share) Shareholders (Shares)

50,001 ~ 100,000 916 65,474,231 3.04

100,001 ~ 200,000 431 60,494,994 2.81

200,001 ~ 400,000 254 71,879,301 3.34

400,001 ~ 600,000 94 45,991,954 2.14

600,001 ~ 800,000 62 43,247,119 2.01

800,001 ~ 1,000,000 45 40,737,090 1.89

1,000,001 or over 204 1,258,373,324 58.53

Total 364,692 2,150,248,040 100

Preferred Shares: None

4. List of Major Shareholders

As of March 30, 2024

Shareholding
Shareholder’s Name
Shares Percentage (%)

Chang, Kuo-Hua 135,503,462 6.30

CAPITAL TIP Customized Taiwan Select High

133,012,000 6.19
Dividend ETF

Chang, Sheng-En 89,100,000 4.14

Chang, Yung-Fa (Deceased) 69,345,462 3.22

Cathay United Bank Trust Account –

63,920,000 2.97
Chang, Kuo-Hua

New Labor Pension Fund 31,813,757 1.48

Fubon Life Insurance Co., Ltd. 31,200,000 1.45

J.P. Morgan Securities Plc 30,933,371 1.44

Yang, Mei-Chen 26,792,000 1.25

Cathay United Bank Trust Account –

18,870,530 0.88
Yang, Mei-Chen

153
 5. Market Price, Net Worth, Earnings, and Dividends per Share
Unit: TWD

Year As of March
2022 2023 30, 2024
Items (Note 2)

Market Price per Share (Note 1)

Highest Market Price 186.00 179.50 194.50

Adjusted Highest Market Price - - -

Lowest Market Price 78.50 89.50 146.00

Adjusted Lowest Market Price - - -

Average Market Price 130.52 134.70 165.48

Net Worth per Share

Before Distribution 260.92 206.79 -

After Distribution 190.92 - -

Earnings per Share

Weighted Average Shares

3,838,511 2,116,450 -
(thousand shares)

Earnings Per Share 87.07 16.70 -

Adjusted Earnings Per Share - - -

Dividends per Share

Cash Dividends 70 10(Note 6) -

Stock Dividends

• Dividends from Retained Earnings - - -

• Dividends from Capital Surplus - - -

Accumulated Undistributed
- - -
Dividends

154
 Year As of March
2022 2023 30, 2024
Items (Note 2)

Return on Investment

Price / Earnings Ratio (Note 3) 1.52 7.97 -

Price / Dividend Ratio (Note 4) 1.89 13.31 -

Cash Dividend Yield Rate (Note 5) 52.91% 7.51% -

Note 1: List the highest and lowest market prices of common stocks for each year, and
calculate the average market price for each year based on the annual transaction
value and volume.
Note 2: Net Worth per share and earnings per share shall be filled in with the information
of the account audited by the accountant in the most recent quarter of the annual
report. The remaining fields shall be filled with the annual information as of the date
of publication of the annual report.
Note 3: Price / Earnings Ratio = Average Market Price / Earnings per Share
Note 4: Price / Dividend Ratio = Average Market Price / Cash Dividends per Share
Note 5: Cash Dividend Yield Rate = Cash Dividends per Share / Average Market Price
Note 6: The dividend per share for the year 2023 was disclosed based on the distribution
proposed by the board of directors on March 14, 2024, and has not yet been
approved by the shareholders meeting.

6. Dividend Policy and Implementation Status

(1) Dividend Policy

If the Company reports a surplus at the year end, after clearing taxes,
the Company shall first offset losses from previous years (if any), then set
aside 10% of the balance as the statutory surplus reserve, and set aside or
reverse special surplus reserve per the provisions. After that, the Board of
Directors shall propose a surplus distribution plan of the balance plus the
retained earnings accrued from prior years, submit the distribution plan to the
shareholders’ meeting for approval, and then distribute it.
Where the special surplus reserve set aside in the preceding paragraph
belongs to a part not fully set aside accrued from prior years, the same
amount thereof shall be set aside for the special surplus reserve from the
retained earnings accrued from prior years. If the special surplus reserve is still
insufficient, the amount from the net income after taxes for the current period

155
 plus the items other than the net income after taxes for the current period shall
be included in the amount of the retained earnings for the current period to be
set aside for such a purpose.
The dividends may be distributed either in full in cash, or in the combination
of cash and stocks, however the cash dividends shall not be less than 10% of
the total amount of dividends.

(2) Proposed Distribution of Dividends

The proposal for the distribution of 2023 profits was approved at the
meeting of the Board of Directors on March 14, 2024. The proposal to
distribute cash dividends TWD 10 per share and will be discussed at the 2024
Annual Shareholders’ Meeting.

7. Impact of Stock Dividends issuance on the Company’s Business

Performance and Earnings per Share: N/A (The Company does not
disclose 2024 financial forecast.)

8. Compensation of Employees and Directors

(1) Information Relating to Compensation of Employees and Directors in the

Articles of Incorporation:

If the Company makes profit in a fiscal year, Employees’ Compensation, no

less than 0.5% of the profit, and Directors' Compensation, no more than 2% of
the profit, shall be set aside. However, in case the Company has accumulated
losses, the Company shall reserve an amount to offset the accumulated losses
beforehand. The compensation of Employees and Directors shall be set aside
afterwards according to the principles mentioned above.
The Employees’ compensation shall be distributed in the form of stock or
cash, while the Directors' Compensation shall be distributed only in the form of
cash.
The profit mentioned above refers to profit before tax without deducting
compensation of Employees and Directors.

(2) In the current period, the estimated basis of the Compensation of

Employees and Directors, the calculation basis of the number of
Employees' Compensation shares distributed by the stock and the
actual distribution amount are treated as if they differ from the estimated
number of entries:

156
 a. In this period, the estimated basis for the Employees' Compensation and
the amount of Directors' Compensation and the basis for the number
of shares allotted for dividends are calculated. The Company's annual
earnings and operating results are used as the basis for estimating
compensation of employees and directors, and the number of shares
allotted.
b. Accounting treatment if the actual allotment amount differs from the
estimated number of columns:
If there is a difference between the actual number of allotments and the
estimated number of columns, the Company will recognize the expenses
for the current year.

(3) Appropriation for Compensation of Employees and Directors:

a. The proposal to distribute Employees’ Compensation TWD 292,695,659

and Directors' Compensation TWD 9,500,000 of 2023 was passed at the
meeting of the Board of Directors on March 14, 2024.
b. The amount of Employees’ compensation distributed in the form of stock
and its proportion of the Company’s after-tax net profit (as reported
in the financial statement of the current period) and total Employees’
Compensation:
The Company does not plan to compensate its enployees with stock
distribution.

(4) The Distribution Status of Compensation of Employees and Directors of

the previous year (including distributed shares, amount and market price).
If the amount distributed varies from the amount recognized, the amount
of the difference should be displayed, along with the reason and the
status of the handling procedure:

The Company distributed Compensation of Employees and Directors of

year 2022. The amounts distributed did not vary from the amount recognized.

9. Buyback of Treasury Stock: None

157
 II. Bonds

1. Corporate Bonds

Corporate Bond Type 14th Secured Corporate Bonds

Issue date June 27, 2018

Denomination TWD 1,000,000

Issuing and transaction location Republic of China

Issue price Issue by denomination

Total price TWD 2,000,000,000

Coupon rate 0.86%

Tenor 5 years / Maturity: June 27, 2023

Guarantee agency First Commercial Bank

Consignee Bank of Taiwan

First Securities Inc. acts as the lead

Underwriting institution
manager

Certified lawyer Kuo, Hui-Chi

CPA Lee, Hsiu-Ling

Repayment method Repayment in lump sum upon maturity

Outstanding principal TWD 0 (As of March 30, 2024)

Terms of redemption or advance repayment None

Restrictive clause None

Name of credit rating agency, rating date,

None
rating of corporate bonds

As of the printing date of this an-

nual report, converted amount of
None
Other (exchanged or subscribed) ordinary
rights shares, GDRs or other securities
attached
Issuance and conversion (exchange
None
or subscription) method

Issuance and conversion, exchange or sub-

scription method, issuing condition dilution, None
and impact on existing shareholders’ equity

Transfer agent N/A

158
 4th Domestic Unsecured Convertible
Corporate Bond Type
Bonds

Issue date May 18, 2021

Denomination TWD 100,000

Issuing and transaction location Taiwan Stock Exchange

Issue price Issued at 101% of the Face Value

Total price TWD 5,000,000,000

Coupon rate 0.00%

Tenor 5 years / Maturity: May 18, 2026

Guarantee agency None

Consignee Bank SinoPac Co., Ltd.

SinoPac Securities Corporation acts as

Underwriting institution
the lead manager

Certified lawyer Peng, Yi-Cheng

CPA Lee, Hsiu-Ling

Unless previously redeemed, repur-

chased and cancelled or converted, the
Repayment method Bonds will be redeemed on the Maturity
Date at their principal amount with a
yield of 0% per annum.

TWD 1,471,000,000 (As of March 30,

Outstanding principal
2024)

Refer to Rules for Issuance of Conver-

Terms of redemption or advance repayment sion of EMC’s 4th Domestic Unsecured
Convertible Bonds

Restrictive clause None

Name of credit rating agency, rating date,

None
rating of corporate bonds

As of the printing date of this an-

nual report, converted amount of TWD 3,529,000,000 equal to
Other (exchanged or subscribed) ordinary 34,030,793 shares
rights shares, GDRs or other securities
attached
Issuance and conversion (exchange
Please refer to Offering Memorandum
or subscription) method

If all the convertible bonds are converted

Issuance and conversion, exchange or sub- into common shares, the share dilution
scription method, issuing condition dilution, will be around 2.23%, which would not
and impact on existing shareholders’ equity cause a material adverse effect on the
shareholders’ equity.

Transfer agent N/A

159
 2. Convertible Bonds

Convertible bond type 4th Domestic Unsecured Convertible Bonds

Year
2023 As of March 30, 2024
Item

Highest TWD 147.1 TWD 185

Market price of the
Lowest TWD 104.3 TWD 142.4
convertible bond
Average TWD 113.4 TWD 156.93

Convertible Price TWD 103.76

Issue Date: May 18, 2021

Issue date and convertible price at issuance
Convertible price: TWD 95

Convertible methods Issuing of new stocks

3. Corporate Bond Under Processing: None

4. Corporate Bonds with Warrants: None

III.Preferred Stock

1. Preferred Stock: None

2. Preferred Stock with Warrants: None

IV. Global Depository Receipts:

None

V. Employee Stock Options:

None

VI. Status of New Shares Issuance in Connection with Mergers and

Acquisitions:

None

160
VII.Financing Plans and Implementation

The Implementation of financing plans are as follows:

1. 14th Secured Corporate Bonds

Unit: TWD thousand

Issuance 14th Secured Corporate Bonds

Issue amount TWD 2 billions; Denomination: TWD 1 million

Tenor 5 years; Maturity: June 27, 2023

Purpose Buying shipping fuel environmental protection equipment

Execution status 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1

Planning 163,025 97,517 152,030 116,900 260,755 249,636 75,008

Funds using
schedule
Actual 165,088 113,738 196,292 122,464 226,313 287,061 21,672

Planning 7.46% 4.47% 6.96% 5.35% 11.94% 11.43% 3.44%

Execution
progress
Actual 7.56% 5.21% 8.99% 5.61% 10.37% 13.15% 0.99%

Execution status 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021Q2 2021Q3 2021Q4

Funds using Planning 375,040 362,148 187,520 0 143,570 0 0

Funds using
schedule & schedule
Actual 99,309 42,155 159,302 110,906 4,860 46,761 90,143
Execution
progress Planning 17.18% 16.59% 8.59% 0.00% 6.58% 0.00% 0.00%
Execution
progress
Actual 4.55% 1.93% 7.30% 5.08% 0.21% 2.14% 4.13%

Execution status 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Total

Planning 0 0 0 0 0 2,183,149
Funds using
schedule
Actual 4,763 25,725 90,439 170,238 205,920 2,183,149

Planning 0.01% 0.00% 0.00% 0.00% 0.00% 100.00%

Execution
progress
Actual 0.22% 1.18% 4.14% 7.80% 9.44% 100.00%

161
 2. Convertible Bonds
Unit: TWD thousand

Issuance 4th Domestic Unsecured Convertible Bonds

Issue amount TWD 5.05 billions; Principal Amount: TWD 100,000

Tenor 5 years; Maturity: May 18, 2026

Purpose Repayment of the Bank Loans

Repayment of the Bank Loans

Execution status 2021Q2 2021Q3 2021Q4 Total

Funds using
Planning 383,000 1,950,930 2,716,070 5,050,000
schedule & Funds using
Execution schedule
Actual 4,405,000 645,000 0 5,050,000
progress
Planning 7.58% 38.63% 53.79% 100.00%
Execution
progress
Actual 87.23% 12.77% 0.00% 100.00%

162
163
05
Chapter
Business Development Outline

I. Business Highlights

1. Business Scope

(1) The company’s main business areas

Evergreen's core business is International Container Sea-Freight Liners.

Our fleet capacity was ranked as seventh in the world at the end of 2023.
All our service routes are running under a regular liner basis, also involving
port stevedoring, inland transports, and comprehensive logistics services.
Our clients cover various areas such as manufacturing, trading companies,
and retailers located all over the world. Our business is fully related to global
economic Ups and Downs, as well as fleet capacity supply and demand for all
trades.

(2) Adjustments to our service routes in 2023

Transpacific routes
Evergreen Line, COSCO, CMA CGM and OOCL established the “OCEAN
Alliance” on Apr. 1, 2017. The Trans Pacific trade service was adjusted to a
total of 21 services in May. 1, 2023, including 13 loops for US West Coast (PSW
9 loops, PNW 4 loops) and 8 loops for the US East Coast.

Far East-Europe/Mediterranean routes

1. Far East-Europe services: Effective from Apr. 1, 2023, Evergreen offers 7
European services weekly under OCEAN Alliance.
2. Far East-Mediterranean services: Effective from Apr. 1, 2023, Evergreen
offers 4 Asia-Mediterranean services weekly under OCEAN Alliance.

Europe-North America routes

Effective from Apr. 1, 2023, Evergreen offers 2 Europe-North America
services weekly under OCEAN Alliance.

Far East-Latin American routes

1. Far East-Panama/Caribbean services: There are 3 services, namely AUE,
NUE and SAX for Far East-Panama/Caribbean trade.
2. Far East-Mexico/South American West Coast services: There are 11 vessels
in WSA joint service and WSA2 joint service, Evergreen deployed 9 vessels
in WSA and 1 vessel in WSA2. Slot swaps arrangement with COSCO and
CMA CGM for WSA3/WSA4.
3. Far East-South American East Coast services: There are 12 vessels in
ESA joint service, Evergreen deployed 4 vessels; 11 vessels in ESA3 joint
service, Evergreen deployed 1 vessel.

164
 Far East - Middle East/Red Sea/ India Subcontinent /Australia /Africa routes
1. Far East-Middle East services: Maintain 5 services, of which 3 services are
under Ocean Alliance.
2. Far East-Red Sea services: Maintain 2 joint services covering major ports of
Red Sea.
3. Far East-India Subcontinent services: Enhance 2 joint services with 8
vessels in total 6 joint services to North-West India subcontinent. East India
services maintain slot purchase pattern with 3 services.
4. Far East-Australia services: Maintain 2 joint services covering port of East
Australia.
5. Far East-Africa services: Maintain 2 joint services for East Africa and South
Africa routes respectively covering major ports of both routes.

Intra-Asia routes
1. Launching KTH routes and provide a direct route from Korea, North China
to Port of Hai Phong effective from June, 2023.
2. Resuming TPH route and provide a direct route from Kaohsiung, Taiwan to
the Port of General Santos, Philippines weekly effective from June, 2023.
3. Berthing Port of Da Nang for CVM routes and provide transfer route
services from Port of Da Nang to Singapore effective from July, 2023.
4. Adjust TVP routes. Combining CVT svc and TMS svc, and provide a direct
route from Thailand, Vietnam to Philippines effective from September, 2023.
5. Berthing Port of Qui Nhon for CIT routes and provide Port of Qui Nhon
import /export own route services effective from October, 2023.

2. Container Shipping Industry Profile

(1) Macroeconomic Environment

According to Alphaliner statistics, the global capacity growth rate was 8.2%
and the recession rate of global cargo volume in 2023 was 0.3%. Affected
by high inflation, high interest rates and intensified political and economic
conflicts, the global economic recovery is slow and the growth of cargo volume
in major economies is limited. At the same time, due to the continuous delivery
of new ships, a total of 345 ships with a capacity of 2.28 million TEU were put
into operation throughout the year. The highest increase capacity since 2016
resulting in an imbalance between supply and demand, and decline in market
freight rates.
Looking forward to the year of 2024, Alphaliner estimates that the market
fleet capacity will grow by 9.7% and the cargo volume growth rate will be 3%.
Although the market expects that high inflation and high interest rates have

165
 reached the peak and may be adjusted, the global economic outlook has
improved, the continued confrontation between China and the United States,
the Russia-Ukraine war, and the Israeli-Palestinian war have caused spillover
effects that have a huge impact on the global economy. On the other hand,
the Red Sea crisis caused by the Israeli-Palestinian war and the Panama
Canal water level dropped due to climate drought, resulting in congestion in
the canal. In addition to reducing the market's effective transport capacity, it
also has a great impact on the normal operation of the global supply chain and
industrial chain.

(2) Relationships with Up-, Mid- and Downstream Companies

Marine shipping is the main means of transportation in international trade,

covering most consumer product items which are closely related to consumer
livelihood. This is summarized below:
A. Upstream industries
(1) The Shipyards
(2) Transportation equipment manufacturers
(3) Ship or transport equipment rental providers
(4) Container equipment manufacturers
(5) Fuel suppliers
B. Mid-stream industries
(1) Marine fuel suppliers
(2) Ship and transportation equipment repairers
(3) Terminal operators
(4) Land transportation logistics providers
(5) Shipping alliance or slot purchasing partners
C. Downstream industries
(1) Direct shippers (manufacturers, retailers, service providers)
(2) Freight forwarding and logistics industry

(3) Poduct Development Trends

A. Increase in market concentration

At the end of 2023, the world's top 10 major carriers represented 83.7%
of global capacity (84.1% in 2022), and with only 7 carriers with a market
capacity over 5%.
B. More Ultra Large Container Vessel (ULCV) and mega terminals
ULCV continue to gain economies of scale, in order to cope with ULCV
docking, the wharf and port operations must be upgraded to improve the

166
 efficiency and enhance the competitiveness.
C. Shipping digitalization and e-commerce
To digitalize and standardize the container shipping industry, the Digital
Container Shipping Association (DCSA) has been founded by major ocean
carriers. Such as real-time shipping schedule inquiry, optimizing ship
arrivals, instant cargo tracking, instant booking and paperless electronic bill
of lading.
D. Green fleet and biofuel testing
In response to the International Maritime Organization (IMO)'s
greenhouse gas emission reduction strategy for the shipping industry,
shipping companies continue to build green ships that comply with the
International Maritime Organization's Energy Efficiency Design Ship Index
(EEDI) for new ships and regenerate existing ships biofuel testing to reduce
carbon emissions.

(4) Status of Market Competition

A. Top 10 Carriers capacity share

Carrier Capacity Capacity Share

1. MSC 5,723,547 19.7%

2. APM - Maersk 4,204,974 14.5%

3. CMA CGM Group 3,626,043 12.5%

4. COSCO Group 3,103,611 10.7%

5. Hapag-Lloyd 2,008,947 6.9%

6. ONE 1,804,442 6.2%

7. Evergreen 1,648,821 5.7%

8. HMM 784,235 2.7%

9. Yang Ming 705,262 2.4%

10. ZIM 683,283 2.4%

Data Source: Alphaliner (202403)

167
 B. Major marine alliance

Alliance Member Carriers

2M Maersk, MSC

OCEAN Alliance Evergreen, CMA CGM, COSCO, OOCL

THE Alliance Hapag-Lloyd, ONE, YML, HMM

C. Major marine alliances’ market share

The market shares are 32%, 39%, and 24% for Asia-Europe trade and
25%, 37%, and 26% for Asia-North America trade on major marine alliance
of 2M, OCEAN Alliance and THE Alliance.

3. Status of Technology and R&D

(1) R&D expenditures and results during the reporting year

Green Fleet
(1) Exploration and application of new energy: We are committed to
researching the use of new energy and alternative fuels for ships and
evaluating their feasibility in actual navigation, aiming to further reduce
greenhouse gas emissions and comply with the carbon reduction goals of
the International Maritime Organization.
(2) Reducing pollutant emissions: We are striving to reduce air pollution in
the fleet, including improving ship exhaust emissions, such as installing
Sox scrubber, etc., to achieve the best balance between economy and
environmental protection.
(3) Innovation in ship design: The new ship types ordered by us are all planned
by a dedicated unit, using advanced ship technology to develop optimized
ship types to achieve optimal ship loading efficiency and energy saving
goals, including the development of new equipment such as air lubrication
systems to further reduce costs during navigation. energy consumption.
(4) Intelligent systems and route optimization: Through cooperation with
shipyards and weather navigation companies, we develop intelligent
systems to improve ship safety and route planning efficiency, reduce marine
pollution and improve fuel efficiency.
(5) Environmental protection certification and management system: We have
obtained ISO 14001:2015 environmental protection management systems
certification. Complying with international standards in implementing

168
 environmental protection measures can effectively avoid environmental
accidents.

Maritime Training
Evergreen upholds the spirit and vision of sustainable development and
maintains a firm commitment to professional maritime training. The Evergreen
Seafarer Training Center has a comprehensive range of training equipment,
and we run training courses to continuously improve the ability and skills of our
crews so as to prevent maritime accidents and environmental pollution.
(1) In addition to Taiwanese crew members, we continued to arrange training at
the Evergreen Seafarer Training Center in 2023. We also planned to arrange
for foreign crew members to conduct training courses through WEBEX
remote video format. The Evergreen Seafarer Training Center organized 140
training courses in 22 categories throughout the year, including 28 STCW
international convention trainings and 112 company-organized trainings,
with 1,540 total trainees.
(2) In June 2023, the Ministry of Transport approved awards to commend
outstanding shipping industry, including "the number and total number of
days of accepting students and trainees from domestic maritime colleges
and trainees to work on ships", "accepting trainees (excluding trainees)"
The number and total days of internships on board ships for students from
domestic maritime colleges), "Support for Maritime Training Teachers",
"Support for Maritime Training Equipment", and "Industry-Academic
Cooperation" projects were also recognized as outstanding, ranking first in
the number of awards received.
(3) In June 2023, the Evergreen Training Center successfully completed an ISO
9001:2015 Quality Management System annual audit by Class NK, and
passed “The 2022 era crew training professional institution evaluation” of
Maritime Port Bureau in August 2023. We also cooperated in completing
the "5th independent evaluation of quality standards of the Republic of
China on the implementation of the STCW Convention" in September 2023.
Continuously provide high-quality crew training environment and courses
within various regulatory requirements.
(4) To expand the development of maritime professionals, Evergreen has been
extending our partnership with National Kaohsiung University of Science
and Technology. This starts with a post-bachelor program of engineering.
In addition, we encourage non-maritime undergraduates to engage in
maritime work. Evergreen also subsidizes full tuition and part of the
accommodation cost for qualified students who are offered the opportunity

169
 to intern onboard the Evergreen fleet. Employment offers are extended to
cadets with excellent performance.
(5) Alongside the construction of new ship types, new types of main engine
training equipment have been added. For the deck crew training course,
senior professionals in the industry are hired as course instructors to
plan navigation safety and ship collision avoidance courses, and use
ship maneuvering simulators to teach relevant knowledge and pass on
experience.

E-commerc
Participate in the Digital Container Shipping Association (DCSA) to
jointly complete the formulation of standardized Application Programming
Interface (API) formats for container updates, bookings, bills of lading, arrival
notifications and shipping schedules. The remaining processes include the
following:
(1) Track and Trace: In 2022, we have completed the cargo tracking API to
provide customers with API services to subscribe or actively query Track
and Trace. Currently, large customers in the Americas, Europe and Asia
have applied for and officially used this function, and will continue to be
promoted to global customers in the future.
(2) 100% eBL by 2030: Together with the other eight shipping member
companies of DCSA, we jointly advocate to convert 50% of paper bills of
lading into digital electronic bills of lading in the next five years, and to fully
adopt electronic bills of lading (eBL) by 2030.
(3) Asset Productivity: The container efficiency value chain examines all
operational processes related to container management, covering empty
container operations, smart containers and data analysis and other related
issues. The core process calibration has been completed, and the on-board
reefer remote monitoring API and on-board reefer spare parts API have
been selected. The digital container handover list is an annual study case.
(4) Vessel Schedule reliability & JIT(Just in Time) plan optimization: Container
transportation-related digital standardization preparation and improvement
projects have been carried out, including:
(A) DCSA OVS shipping schedule version 3.0 digital standardization draft.
(B) DCSA entry and exit optimization contact operation JIT PORT CALL
OPTIMIZE version 1.2 standardization formulation draft.
(C) Developed JIT API tool for ship entry and exit operations, and
successively cooperated with Hamburg Port 2021 (HVCC) Singapore
2021 (PSA), Belgium Andwerp 2022 (GATEWAY), Kaohsiung Port

170
 (Gaoming Terminal and Port Control Station), Greece (PCT) Dock and
other drills.
jointly complete the formulation of standardized Application Programming
The future goal is to build API PROTAL to provide OVS sailing schedule API
and JIT API data connection and establishment functions, and continue to
expand and promote the digital data exchange and participation of global
terminals and port authorities and shipping companies in shipping schedule
OVS and inbound and outbound JIT API. Research and development of
standardization of Consolidated Booking Forecast (CBF) regional load forecast.

(2) Future R&D Plans

(1) The company is expected to invest about NTD 0.157 billion in related
services expenditure on the following projects:

Description of
Project Summary Schedules Progress up to
2024/4/1

In response to company’s emission

reduction goals and carbon emission
Carbon regulations, we plan for research and
Capture development of fleet decarbonization
2024/01 completed
Equipment technology and conduct a carbon cap-
Testing Plan ture and storage (CCS) test plan for the
evaluation of the fleet’s installation of
decarbonization-related equipment.

Introducing Software Composition

Analysis (SCA) software will enhance
the security and management of EMC’s
software supply chain on a larger scale,
facilitating faster product delivery with
increased safety for open-source com-
Software ponents. It effectively safeguards the
Composition system environment against malware 2024/12 In progress
Analysis attacks and proactively prevents both
known and unknown risks associated
with open-source elements from infiltrat-
ing EMC’s software supply chain. This
proves valuable in managing application
security (AppSec) risks at an enterprise
level.

Establish email data leakage prevention

and auditing services to detect, monitor
Email Data
and block the transmission of sensitive 2024/10 In progress
Protection DLP
information via email to protect important
company information.
171
 Description of
Project Summary Schedules Progress up to
2024/4/1

Internet attacks have the highest propor-

Email phishing tion of emails containing malicious links.
2024/12 In progress
link protection Plan to add an email filter to strengthen
protection against phishing links.

In response to the external threats and

malicious attacks on the internet, an
external information security firm is com-
missioned to provide Red Team As-
sessment security testing services. The
purpose is to conduct security testing on
the enterprise information architecture
Red Team
using hacker techniques, without affect-
Assessment
ing the company’s operations. 2024/12 In progress
(Penetration
During the security testing process, in
Test)
addition to conducting a comprehensive
evaluation and analysis of the company’s
information architecture security level,
active system defense and alarm system
mechanisms within the company will
also be tested in order to enhance the
information defense architecture.

The Zero Trust architecture does not aim

to build a trusted network, but instead
eliminates the concept of “trust.” Once
the protection scope is defined, several
key criteria are used to establish and
enforce security access policies for the
protected data. This involves analyz-
ing the flow of network traffic within this
scope, identifying those who are ac-
Zero trust cessing the protected data, establishing
network directories for the applications being 2024/12 In progress
architecture used, and determining the connection
methods. With an understanding of
these dependencies, control mecha-
nisms can be deployed near the protec-
tion scope to establish network micro-
segmentation. This approach helps to
determine which traffic can pass through
the micro-perimeters, thereby exclud-
ing unauthorized users and applications,
and safeguarding sensitive data.

172
 (2) Factors leading to success in future R&D projects
A. Knowledge of trends
B. Sound planning
C. Coordinated execution

4. Short & Long Term Business Plans

Short-Term:

(1) Adjust the fleet capacity under OCEAN Alliance to meet the market demand
timely.
(2) Review operation performance via updated digital technology.
(3) Establish key performance indicators to respond to the market change
quickly.

Long-Term:

(1) Strengthen training programs and establish cultural heritage.

(2) Continue to upgrade fleet to increase business core competitiveness.
(3) Establish key terminals and build a global shipping system.

II. Market and Industry Analysis

1. Market Analysis

(1) Major Performance Indicators of Main Service Scopes (KPI)

Unit: TWD thousands

Year Freight revenue of the Freight revenue of the

Service routes Group for 2022 Group for 2023

America 258,596,015 107,410,709

Europe 192,443,546 66,492,343

Asia 78,180,190 48,590,559

Others 72,166,330 33,246,172

173
 (2) Major Domestic Competitors & their Global Market (Fleet Capacity) Shares

Year/Item March, 2023 March, 2024

Capacity Market Capacity Market

Carrier
(TEU) Share (%) (TEU) Share (%)

Evergreen(Group) 1,663,046 6.3 1,648,821 5.7

Yang Ming Lines 705,614 2.7 705,262 2.4

Wan Hai Lines 434,886 1.6 479,517 1.7

TS Lines 98,769 0.4 92,655 0.3

Data Source: Alphaliner(202303), Alphaliner(202403)

(3) Market Outlook for Supply-Demand and Growth

Far East to North America routes

Anticipated for 2024, there is an expectation of a decline in cargo owner
inventories and an upturn in orders within the U.S. economy, driven by factors
like moderating inflation and a deceleration in interest rate hikes. Market
volume is predicted to be stable. Moreover, the market's effective transport
capacity is forecasted to decrease due to the impact of geopolitical risks,
Panama Canal water level fluctuations, and shifts in shipping alliances.

North America to Far East routes

The volume of main commodities of North America to Far East trade
such as cotton, grain, lumber, waste paper/wood pulp continued to increase
to Vietnam, Malaysia, Thailand and other Southeast Asian countries. And
the volume will be remained stable. Geographical risks have caused a large
number of vessels to divert and reduce effective shipping capacity.

Far East to Europe and the Mediterranean routes & Europe to North
America routes
In view of the expected slow economic growth of major countries in the
Eurozone and the delay of geopolitical risks (Ukrainian-Russian war, Israeli-
Palestinian war), increase in demand for the year 2024 is expected to be
difficult; the development of geopolitical risk events and their impact on the
supply of transportation capacity will determine the future market trends.

Far East to Mexico/South America routes

It is anticipated that inflation rates in Latin America will decelerate in 2024,

174
 which will help stabilize economic growth and market volume will increase
slightly.

Far East to Middle East/Red Sea/India-Pakistan/Australia/Africa routes

IMF estimates that the Economic Growth of the Middle East, India,
Australia, South Africa and East Africa remain positive and the market volume
is experiencing a steady growth.

Intra - Asia routes

Affected by global geopolitical conflicts, the economic growth momentum
of Asian countries has been considerably restricted. However, as the
economies of developed countries may achieve a soft landing, Southeast
Asian countries will continue to play a key role in the global supply chain.
Furthermore, the market anticipates a steady growth in trade volume between
ASEAN countries and China.

Reefer business
The global economy's slowing inflation is anticipated to boost consumer
spending, while the global maritime refrigerated cargo market is expected to
experience positive growth. Geopolitical risks and extreme climate uncertainty
are the main variables affecting market trends.

Special Equipment Business

Under the strategy of diversifying geopolitical risks, the demand for
moving/expanding production lines to Southeast Asia and other places will still
continue, and there is a positive expectation for an increase in market volume.

(4) A competitive niche

Innovative Thinking
To cope with the market change, it is a must to collect both internal and
external data of daily operation for analyzing and deriving cost-effective
solutions based on the company’s strategy.

Recognized Quality
1. ISO 14067 Carbon Footprint Verification for Asia-Europe services and
Trans-Pacific services
2. CommonWealth Magazine - 2023 Excellence in Corporate Social
Responsibility - Top 50 Large Enterprises
3. Taiwan Institute for Sustainable Energy (TAISE) – 2023 Taiwan Corporate
Sustainability Awards (TCSA), Silver Award for Transportation Industry
4. MOTC 2022 Excellent Shipping Carrier Awards, including “Excellent
Performance in Fleet Expansion”, “Excellent Performance in Eco-friendly

175
 Shipping Service”, “Excellent Performance in Maritime Training Equipment”,
“Excellent Performance in Industry-Academia Collaboration”, “First in the
number of maritime training instructors”, “First in the number of domestic
maritime college students accepted for internships and training period”,
“Second in the number of trainees accepted for internships and training
period”.
5. TIPC - 2022 Container Terminal Operator Gold Medal
6. Constituent of the FTSE4Good TIP Taiwan ESG Index
7. Constituent of the FTSE4Good Index Series
8. MSCI ESG - 2023 MSCI ESG rating 「A」
9. EcoVadis - Sustainability Achievement Bronze Medal
10.USA LOG-NET - 2022 Excellence Award in E-Commerce
11.USA Inbound Logistics - 2023 G75 Green Supply Chain Partners
12.The Port of Vancouver - 2022 Blue Circle Award
13.2022 ISO 14064-1:2018 & GHG Protocol Certification
14.ISO 27001 Information Security Management Certification

E-Commerce
1. E-Commerce ShipmentLink new features on the platform
(1) My-Invoice function: The countries currently employing electronic billing
are Europe, China, and Hong Kong. South Korea and Singapore were
recently included in adopting this feature in 2023, enabling customers to
access and manage invoice information on the website.
(2) Newly upgraded counter service reservation function: The counter
service reservation function in Taiwan has incorporated enhanced
features for remittance information, fee inquiry and reservation order
collection.
(3) Electronic bill of lading (i-B/L) promotion: The user rate of i-B/L usage by
global customers increased by 61% in 2023, and paperless electronic
bills of lading will continue to be promoted.
(4) Online booking function: Added the ability for customers to apply for
cancellation of bookings through ShipmentLink, instead of notifying
customers via e-mail and phone calls.
(5) Electronic Data Interchange (EDI) Service: Provide customized services
for data exchange from shipping schedule, booking, VGM submission,
bill of lading instructions, bill of lading content, billing and container
tracking information through network protocols, achieving timely
information, efficiency in carbon reduction through zero-contact and
paperless methods.
(6) Develop refrigerated smart container functions: The newly built Smart

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 Reefer function provides customers with online monitoring of cabinet
temperature (Temperature), relative humidity (Humidity), low temperature
treatment data (Cold Treatment), gas proportion (Atmosphere), online
data download (Report) and sharing website links (Share).
(7) Develop API Portal functions: The API Portal function is newly
established to offer introductions to API function , technical description,
application process and other relevant information. Customers can
seamlessly integrate it themselves through code examples and step-by-
step instructions.
2. Newly upgraded customer service system
Our customer service booking, export and import system functions have
successively completed a new function optimization plan. This year, training
courses for Asian countries and the launch of the new system have been
completed. The new system will be progressively introduced to other
countries worldwide.

Eco-Friendliness
Evergreen complies with all international and local environmental protection
conventions. We are committed to preventing pollution, saving energy and
carbon reduction, and procedures are set for environmental protection and
pollution prevention matters aboard ships at sea.
Providing quality services to deliver goods safely and timely to the port of
destination and environmental protection, energy conservation, and reducing
greenhouse gas emissions and air pollution have always been the principles
Evergreen sticks to. The Shipbuilding Dept. is responsible for the design of
new ships. New ship designs stay ahead of international laws and conventions.
Evergreen adopts advanced marine technology to optimize each ship type in
order to maximize operational efficiency energy conservation results.
Evergreen website also has a sustainability page which includes the fleet
of emission control measures, certification results, and instantly responses to
customers’ inquiries on the company's environmental projects.

(5) Advantages, Disadvantages, and Response Strategies for Future

Development

Advantages
(1) The global economy continues to recover.
(2) Global inflation risks are controllable.
(3) High market capacity concentration.
(4) Alliance operations reduce costs.

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 Disadvantages
(1) The Russian-Ukrainian war is postponed.
(2) The Israeli-Palestinian conflict intensifies.
(3) Threat of climate change.
(4) Cyber-attacks are increasing day by day.

Countermeasure strategies
(1) Taking advantage of alliance networks to provide accounts with more port
coverage, and improve transshipment efficiency.
(2) Build an environmentally friendly fleet that meets carbon emission
standards.
(3) Continue to offer best service, and quick response to market.
(4) Set up an Information Security Committee to regularly update policy with
accelerate digital processes.

2. Major usage and manufacturing process of main products

(1) Function of main products

Main Products Functions

Container Shipping Global transportation of standard and special containerized cargo.

(2) Manufacturing Process of Main Products

As a container shipping transportation service provider, our disclosed

service string and its adjustments provide the details for processing of our
main products.

3. Status of Supply of Main Materials

Being a container shipping transportation service provider, we do not have

raw materials like manufacturers do, however we do have to use a substantial
amount of fuel for transport, which can be deemed as our main raw materials.
Currently fuel cost is one of the important operating costs. Aside from being
stably supplied by renowned vendors at major ports, we also tactically adjust
fueling port rotations depending on favorable fuel prices in addition to strategic
slow steaming measures for cost saving.

4. Main customers who account for over 10% of total sales in recent
2 years and their individual purchase amounts and share: None.

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5. Production in the Last Two Years: None.

6. Shipments and Sales in the Last Two Years

Unit: TWD thousand

Year
2022 2023
Revenue

Revenue from contracts with customers- Ship-owners 613,067,618 264,826,472

Revenue from contracts with customers- Terminal 5,583,876 6,011,326

Revenue from contracts with customers- Agent 7,064,497 4,423,816

Revenue from contracts with customers- Other 1,027,047 727,541

Other - ship rental income 540,723 725,670

Total 627,283,761 276,714,825

III.Human Resources

The year ended

Year 2022 2023
March 30, 2024

Staff 8,593 9,622 9,660

Number of
Seaman 2,251 2,732 2,961
Employees
Total 10,844 12,354 12,621

Average Age 38.42 38.59 39.56

Average Years of Service 10.96 10.85 10.93

Ph.D. 0.02% 0.02% 0.03%

Masters 5.26% 5.03% 4.79%

Education Bachelor’s Degree 70.57% 68.12% 68.41%

Senior High School 19.71% 22.14% 22.20%

Below Senior High School 4.44% 4.69% 4.57%

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 IV. Expenses for environmental protection

1. Company’s total expenses for environmental protection in 2023

In 2023, no major environmental pollution incidents occurred in our fleets,
and there were no losses or penalties incurred. Expenses were simply for
routine maintenance of equipment, and additional costs for use of low pollutant
fuels. Expense details are listed below:
(1) The cost of maintenance and parts for environmental protection equipment
and SOx Scrubbers amounted to USD 13,790,062.
(2) The cost for vessels using low-sulfur fuel for M/E, Generator Engines and
Aux. boiler while sailing in emission control areas to comply with IMO
regulations & California Air Resources Board (CARB) requirements of the
US west coast amounted to USD 220,258,533.
(3) In order to comply with the provisions of EU law (SECA), when the fleet sails
in the sea area and port of the control area, the cost incurred by the owner
and auxiliary engine of the ship to use environmentally friendly diesel to
USD 61,323,597.

2. Environmental protection policies and measures

The Company has established an environmental protection policy to care

for the ocean, and we continuously upgrade shipboard equipment to reduce air
pollution emissions and manages our own fleets with requirements exceeding
international regulations. The Company is currently undertaking the following
measures for environmental protection:
(1) Evergreen has obtained ISO14001:2015 environmental management system
certification. We implement the EP environmental management system in a
responsible manner to prevent environmental accidents and environmental
risks are reduced to a minimum.
(2) In terms of carbon inventory and carbon footprint platform, we comply with
relevant regulations and cooperated with professional accounting firms as
well as BSI to form GHG Inventory Promotion Group. The GHG inventory
is carried out in different phase. In 2022 and 2023, we obtained ISO14064-
1:2018 and GHG Protocol certificates. By following the plan, we will finish
the GHG inventory and disclosure earlier than regulated, fulfilling our
commitment to green shipping with inventory and yearly carbon reduction
actions.
(3) By adjusting the ship's speed, shipping schedule, main engine output and
monitoring the carbon emission of the ship in real time, it is used to comply

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 with the energy efficiency existing ship index (Energy Efficiency Existing
Ship Index, EEXI) and carbon intensity index (Carbon Intensity Indicator, CII)
and other new environmental regulations.
(4) We continue to replace old vessels with new ones, and new vessels
continue delivered for operation. The new fleet design combines the
concept of environmental protection, conforms to the latest international
environmental protection norms, and is also moving towards the goal of
sustainable green shipping.
(5) Evergreen identifies the opportunities and challenges brought about by
climate change and extreme weather referring to the Task Force on Climate-
related Financial Disclosures (TCFD). Furthermore, in response to severe
weather that affect ship safety, such as rough sea conditions, typhoons,
sea fog, sea ice and extremely low atmospheric pressure, are included
in Evergreens “risk management” assessment system. To set up disaster
prevention plans, monitor the performances of preventive measures,
and eventually reduce the risk of climate change, and seize potential
opportunities.
(6) Effective January 1, 2020, all ocean going vessels must use cleaner fuel
(the Sulphur content shall not exceed 0.5 % m/m) The IMO allow the use of
substitution devices with equivalent effect on ships, such as SOx scrubbers
as an alternative.
(7) In compliance with the California Air Resources Board (CARB) regulation,
fleet vessels sailing through the West Coast of U.S., within 200 nautical
miles of the California baseline should use Marine Gas Oil for M/E,
Generator Engines and Aux. Boiler.
(8) To comply with MARPOL Annex VI regulations, for all ocean going vessels
entering Emission Control Area, ECA (Baltic Sea area, North Sea Area and
English Channel, North American area), the sulphur content of fuel oil used
on board ships shall not exceed 0.1 % m/m.
(9) In line with the IMO Data Collection regulation, Evergreen had established a
monitoring plan. Starting 2019, all ships above 5,000 gross tonnage should
collect and report fuel consumption annually which should be verified.
(10) Evergreen Line has received recognition for its excellent performance in a
voluntary environmental and ecological protection program. The initiative
was aimed at reducing greenhouse gas emissions of vessels and avoiding
whale collisions by encouraging slow sailing speeds in California's Santa
Barbara Channel region.
(11) Conduct strict audits and corrective action for fleet and make preparation
beforehand in order to prevent deficiency and pollution from occurring.

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 (12) Keep all environmental equipment on board in good condition for crew to
operate smoothly.
(13) Continuously monitor the operating condition of vessel’s main engine and
auxiliary machineries. Take necessary actions immediately for efficiently
using the fuel to reach the goal of energy conservation and carbon
emission reduction.
(14) Maintain the validity of the statutory certificates such as IOPP, IAPP and
ISPP for all vessels.
(15) Continuously join the GARD Protection and Indemnity (GARD P&I)
insurance.
(16) Provide the Vessel Certificate of Financial Responsibility (COFR) for all
vessels trading to United States to undertake the responsibilities and
obligations if oil pollution occurs in US water.
(17) Pay close attention to the development of international regulations for
environmental protection. Complying with the new regulations allows the
fleet to meet the requirements for environmental protection in ports and
around the world.
(18) North Atlantic Right Whale Seasonal Speed Restrictions are in effect.
Restrictions imposed by the National Oceanic and Atmospheric
Administration (NOAA) require vessels to proceed at 10 knots or less in
restricted areas during specific times of the year (from Nov. to Apr.) in the
Mid-Atlantic and Southeast U.S. Seasonal Management Areas (SMAs)
of the U.S. East Coast. Vessels are allowed to operate at speeds greater
than 10 knots, if necessary to maintain a safe maneuvering speed in
areas where conditions are severely restricting ship’s maneuverability. Any
deviation from the speed restriction should be entered in the logbook.
(19) Ships calling at the Port of Los Angeles and Port of Oakland activate
shore power systems to connect and use shore power. And participate
in the connection of shore power systems in various ports in China and
Kaohsiung Port.
(20) Continuously introduce the use of new energy sources to reduce
greenhouse gas emissions, and evaluate and test the feasibility of applying
carbon capture devices to the fleet
(21) All seafarers are given thoroughly environmental educations and training
courses to acquire correct environmental awareness and knowledge.
Remarks:
(1) IOPP - International Oil Pollution Prevention
(2) IAPP - International Air Pollution Prevention
(3) ISPP - International Sewage Pollution Prevention

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3. New international environmental protection regulations

As global climate change continues to intensify, sustainable development

strategies for enterprises have become increasingly important. The
International Maritime Organization (IMO) aligns with the guiding principles
of the Paris Agreement and has formulated a series of medium and long-
term emission reduction targets for the shipping industry. This includes the
introduction of crucial frameworks, such as the Energy Efficiency Ship Index
(EEXI) and the Carbon Intensity Index (CII). These new regulations, officially
enacted in 2023, are designed to substantially decrease greenhouse gas
emissions from vessels.
In anticipation of the new shipping environmental regulations, we have
proactively prepared in advance to ensure compliance with these updated
environmental standards. The updates include further limits on emissions of
sulfur oxides and nitrogen oxides, and the implementation of stricter emissions
controls in certain sea areas. In addition, the introduction of the European
Union Emissions Trading System (EU ETS) has posed new challenges to the
shipping industry. According to EU ETS regulations, starting from 2024, ships
must monitor and report their carbon emissions when sailing between EU
ports, and must purchase/pay corresponding emission rights (EU Emission
Allowance/EUA). This not only promotes the transformation of the shipping
industry into a greener and low-carbon direction, but also prompts our
company to expedite our environmental protection initiatives.
Since its inception, we have been committed to integrating the concept of
sustainable development into corporate operations. By continually optimizing
operational management, implementing emission reduction strategies, and
innovating ship design, we have successfully reduced energy consumption.
This has led to a decrease in pollution and greenhouse gas emissions.
The fleet's carbon dioxide emission rate has also consistently decreased,
demonstrating our persistence and commitment to environmental protection.
The annual emissions data are also verified by a third party (Japan Maritime
Association Class NK).

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 V. Labor Relations

1. Benefits for employees

Two days off a week. (Holidays are not fix on Saturday and Sunday
Holiday
depending on business needs.)

Paid annual leave As specified in the Labor Standards Act.

Pension system As specified in the Labor Pension Statute.

Covering labor insurance and national health insurance required

by Labor Standards Act; and medical insurance covering hospital-
Insurance
ization and injury for the employees traveling abroad for business,
group term life insurance with a preferential rate.

Providing nourishing and healthy free lunch, overtime meals, and

Meals on-duty meal (or alternative overtime and on-duty meals allowance
as substitution) at staff canteen.

The medical department provides medical consultations with pro-

fessional physicians, general medical treatment, workplace health
Health care
promotion and management, and free regular physical examina-
tions.

Company trips and/or family days. Employees Buying tickets for a

Recreational
domestic flight of UNI AIR or living in a hotel of the Evergreen Group
activities
in Taiwan or overseas can enjoy a preferential discount.

Orientations and on-the-job training courses, professional seminars,

Education training
workshops, and subsidies for foreign language training every year.

Operating
Performance Annual bonus, employee compensation.
Bonus

Birthday cash gift, wedding subsidy/cash gift from supervisor, be-

reavement subsidy/condolence payment from supervisor, injury or
illness condolence payment, emergency assistance, relocation sub-
Other subsidies sidy and family visiting subsidy for overseas assignments, Festival
Grants (or gifts) (for Chinese New Year, Dragon Boat Festival and
Mid-autumn festival), and subsidies for cultural and recreational ac-
tivities.

15 clubs: basketball, softball, badminton, swimming, yoga, golf,

Clubs
Latin aerobic exercises, road running, etc.

Transportation Keelung/Taipei - Nankan commuting service to/from work

184
2. Training for staff

Training for Shore Personnel

(1) Internal Training:

The annual internal training plan is proposed by each department and
is implemented after approval. The subjects include work instruction,
professional knowledge, quality improvement, AEO certification, information
security, occupational safety & health, corporate social responsibility,
prevention of insider trading, etc.
Total hours of training courses in year 2023: 849.2 hours.
(2) Professional Training:
A. According to laws and regulations, the colleagues from Auditing Dept.,
Occupational Safety & Health Dept., Insurance & Claim Dept., Finance
Div., Seafarer Training Center, Computer Div. and Kaohsiung Terminal
Div. Participated in training courses organized by external training
institutions.
B. In order to enhance awareness of risk management, executives
and managers from various departments participated in the Danger
Prevention Seminars.
(3) Management-level Learning Programs:
For enhancing the competencies of leadership and management,
newly-promoted managers participated in an administrative training
program. Meanwhile, managers from various departments participated in
the Cross Generational Communication, Employee Support, Performance
Management and Strategy Workshop Training co-organized with
management consulting.
(4) E-Learning Platform:
In order to encourage self-learning, employees could join various
e-learning services provided by external training institutions. Meanwhile, the
company invited professionals to record e-learning courses and published
these on the internal platform for managers’ interdisciplinary learning as
well as all employees’ compliance.
(5) Expatriate’s Orientation:
Expatriates participated in the orientation programs before taking up
their new posts in overseas affiliates, which were conducted by Human
Resources Dept.
(6) Newcomer’s Orientation:
Newcomers participated in the orientation programs before being
distributed to their respective units, which were conducted by Human

185
 Resources Dept.
(7) Stress Relieving, Gender Equality and Sexual Harassment Prevention
Lectures
(8) Subsidies for learning foreign languages and TOEIC fee
(9) The statistics of the above (2)~(8) trainings are as follows

Total number of
Total training hours Total amount of cost
participants

4,633 38,101 TWD 5,499,545

Training for Sea Personnel

In order to enhance the core competencies, seafarers participated in the

training courses of international convention and navigation/marine engineer
organized by the Seafarer Training Center. The subjects included but not
limited to medical care, marine environment awareness, ECDIS, engine control
system, the ship handling and safety management proficiency check and
various pre-boarding training courses for sea officers and crews.
Sum of Total Training for Shore Personnel:

Total number of
Total training hours Total amount of cost
participants

1,540 20,832 TWD 8,383,146

In addition, in order to make seafarers familiar with various emergency

response, seafarers on board are arranged to regularly participate in 22 drills /
exercise such as abandon ship, fire and first aid. Meanwhile, supervisors and
seniors pass on experience and professional skills to juniors through on-the-
job coaching.

3. Pension plan

The Evergreen Marine Labor Pension Preparatory Fund Supervisory

Committee was formed in 1986. “Employee Pension Regulations” were drawn
up by the Company and pension contributions continuing to be made each
month based on the following criteria: 15% of salary for employees on the
old system, and 9% of salary for employees on the new system that chose to
retain their years of service under the old system. The regulation covers all full-
time permanent employee. According to the pension regulation, the criteria
for payment is that two bases are given for each full year of service rendered.
But for the rest of the years over 15 years, one base is given for each full year
of service rendered. The total number of bases shall be no more than 45. The

186
 retirement pension base is six month’s average wage of the worker at the time
when his or her retirement is approved.
Employees that opt for the new system introduced by the Labor Pension
Statute introduced on July 1, 2005, receive contributions equal to 6% of their
monthly salary. In addition to monthly contributions to the pension fund, we
also check the balance of the labor pension preparatory fund account to see
if it is sufficient to meet all the pension obligations from all employees that
will meet the conditions for retirement in the upcoming year. Any shortfalls are
made up by the end of March in the following year.

4. Labor Agreements: None.

5. Labor Disputes (as to the printing date)

(1) The company has had a labor dispute case in 2023, with a request
amounting to approximately TWD4.1 million, which is still in litigation.
(2) Response measures: Through the active care and assistance of unit
supervisors on weekdays, and the company's establishment of multiple
and convenient communication channels, employees are encouraged to
reflect more on the problems they face at work, and then face and solve
the problems together, so as to improve the mutual understanding between
labor and management. Build trust between employees and reduce the
possibility of labor disputes.

6. Code of Conduct/Courtesy

As a leading container carrier, the Company consistently upholds attitudes

of integrity, transparency, and accountability while engaging in business
activities.
The Company established the “Guidelines for the Adoption of Codes of
Ethical Conduct”. The Guidelines are adopted for the purpose of encouraging
directors and managerial officers to act in line with ethical standards, and to
help interested parties better understand the ethical standards of the company.
To ensure implementation of the company’s philosophy and core values, all
employees are required to:
(1) Observe the company’s regulations and working manual as well as to
act loyally, responsibly and under supervisors’ orders, directions and
supervision.
(2) Conduct themselves in an impartial, prudent and self-disciplined manner,
protect the company’s reputation, discard bad habits, and respect fellow
staff members.

187
 (3) Perform their duties and responsibilities, cooperate and coordinate with
interrelated departments to achieve goals set by the company.
(4) Commit to performing all services in a conscientious without any practices
that could be construed as bribery and/or corruption.
(5) Strictly refrain from discriminating against any employee, contractor, or
customer.
(6) Comply with any and all competition law regimes that are relevant to their
countries of operation.

7. Protection Measures for Safe Work Environment and Worker Safety

The company attaches great importance to the safety and health of

employees and contractors. To this end, it has set up occupational safety
and health management units and personnel in accordance with the law to
implement the operation of the occupational safety and health management
system. Through the establishment of safety and health management systems
and standards, the depth and depth of implementation are implemented.
breadth, at the same time, our company's Kaohsiung 4th and 7th container
centers will pass ISO45001:2018 and CNS 45001:2018 (TOSHMS) dual
certification in 2023, and effectively prevent accidents through mobile
management, and ensure the safety of employees and contractors. Work
safety, various implementation measures are as follows:
(1) Comply with occupational safety and health management policies, pay
attention to safety disciplines and a healthy environment, provide a safe and
healthy working environment for employees, contractors and stakeholders,
and prevent various work-related injuries and health problems.
(2) The company has established an occupational safety and health committee
in accordance with the law and holds committee meetings every quarter.
Through the meetings, it makes recommendations on the company's safety
and health policies and plans, and reviews, coordinates and recommends
safety and health-related matters.
(3) Establish safety and health work codes in accordance with relevant
occupational safety and health laws and regulations, standardize the
implementation and compliance of all employees, and select laws and
regulations that are suitable for existing occupational safety and health
risks, laws and other legal requirements through legal identification to
establish, implement, maintain and continue Improve occupational safety
and health management systems.
(4) Eliminate hazards and reduce occupational safety and health risks, and

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 conduct hazard identification and risk assessment for each workplace
and operation project according to the requirements of the occupational
safety and health management system, discover potential risks and carry
out effective control to ensure that employees have safe and healthy work
environment.
(5) Comply with the provisions of the Occupational Safety and Health Act,
formulate and implement "workplace prevention work for diseases caused
by abnormal workloads", "workplace maternal health protection work",
"workplace human-related hazard prevention work" and "workplace
worksite prevention work for illegal infringement" and other various tasks to
protect physical and mental health.
(6) Set up medical offices and health care staff in accordance with the law,
provide employee health consultation and examination, and carry out health
promotion and health management for affiliated employees.
(7) In accordance with relevant laws and regulations on occupational safety
and health education and training, safety and health education and training
are provided to new employees and current employees to enable colleagues
to understand the hazards and safety regulations in the workplace and to
improve safety and health knowledge.
(8) In accordance with the relevant provisions of the Occupational Safety
and Health Law and the Fire Protection Law, fire and disaster prevention
training is conducted regularly for employees, and building evacuation drills
are carried out so that employees have the ability to save themselves and
others in the event of a disaster.
(9) The company's office building has 24-hour security personnel and access
control with card swiping to ensure the safety of the company's property
and personnel.

VI. Information security management

In order to strengthen information security management and ensure the

security of important files, data, computer application systems, operating
equipment and network, the Company’s information security management team
maintains guidelines for training, computer hardware and software, network and
physical security environment management.
1. To maintain the continuous operation of the information system.
2. To ensure the confidentiality, integrity and availability of information.
3. To prevent the inappropriate and/or illegal use of information.
4. To avoid incidents caused by human error.

189
 5. To prevent hackers and viruses etc. from infiltrating, infecting and causing
damage.
6. To maintain the security of the physical environment.

1. The Risk Management Framework of Information and Communication

Security

(1) Information Security Management Committee

In order to effectively promote and implement the information security

management system, the company has set up an information security
management organization to formulate information security governance
development strategies and directions, and to implement the confidentiality,
integrity and availability of information assets, which ensure business
operations and uninterrupted information services, so that the company's
information security management system can continue to operate and develop
steadily.

Perform by President and manage

Chairman the affairs of the committee.

Perform by Chief Information Security Officer,

CISO responsible for coordinating information security
Information management policies, operations, and implemen-
Security Dept. tation of information security-related operations,
program formulation, review, etc.

Information
Information
Human Security Working
Internal Control Security
Resources Team
and Audit Team Management
Team (contact person of
Team
each dept.)

Perform by Informa- Perform by Perform by • Perform by manager of each

tion Security Dept./ Computer Div. Human Resource department
specialty manager/ Dept. • at least one person (the number
staffs may be increased as the situation
requires) to perform.

(2) Organizational Structure of Information Security Management Committee

A. Information Security Management Committee: The company's information

security management policy organization.
B. Internal Control and Audit Team: To review the implementation of
information security in line with the organization’s policies and procedures,
to supervise audits and to implement corrective, preventive and

190
 improvement measures.
C. Information Security Management Team: To be responsible for the planning,
establishment, implementation, maintenance, review and continuous
improvement of the information security management system, and reporting
information security related issues to the information security management
committee.
D. Human Resources Team: To assist the information security management
committee to implement the planning and management of the company's
human resources security system.
E. Information Security Working Team (contact person of each dept.): To
assist the information security management team to coordinate matters of
information security management.

(3) The scope of the company's information security management includes:

A. Information security organization and responsibilities.

B. Information security documents and records management.
C. Information security index management.
D. Project information security management.
E. Personnel safety management.
F. Information asset and risk assessment management.
G. Information equipment authorization and protection management.
H. Security area management.
I. Network and communication management.
J. System development and maintenance management.
K. Third party service management.
L. Information security incident management.
M. Business continuity management.
N. Information security internal audit.
O. ISMS Statement of Applicability.
P. Implementation of information security management system.
Q. Office information operation management.
R. IoT devices security management and control.
S. Application system authority management.
T. Key and certificate management specifications.
The strategy and framework of Information Security Management is shown
below:

191
 Policy
• Establish an information security committee – Information
Security Management Committee
• Set up information security policy
• Update action plan timely
• Review the policy implementation regularly

Standard
• Set Policy based on best updated regulations
• Follow individual country regulations of informa-
tion security
Orientation
• Personnel management and Education and training
on information security
• Computer system security management
• Network security management
• System Access Control
• System development and Maintenance of security
management
• Information asset security management
• Physical and environment security management Procedures
• Planning and management of business continuity plan • Developing implementation details based on the
information security policy
• Routine schedule in business continuity plan
rehearsal
• Regular information security education and
training for staff
• Enforcement of information security procedures

(4) The Information Security Management System

The company establishes, records, implements and maintains an

information security management system in accordance with the requirements
of the ISO/IEC 27001:2013 standard, continuously improving the effectiveness
of the system. The company adopts a "Plan-Do-Check-Act" (PDCA) cycle:
A. Planning and establishment (Plan): According to the company's overall
strategy and goals, establishing an information security management
organization to control potential threats and vulnerabilities, to plan risk
assessment, to design a control mechanism to establish the information
security management system.
B. Implementation and operation (Do): Based on the results of the Plan,
establish or revise the proper control mechanism.
C. Supervision and audit (Check): Supervise the implementation of various
operations of the information security management system, and evaluate
and audit its effectiveness.

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 D. Maintenance and improvement (Act): According to the results and
suggestions of supervision and audit, implement corrective measures,
improve and implement the proper control mechanism to maintain the
operation of the information security management system.

2. Information Security Risks and Specific Management Plans

The company's information security control measures are listed below:

A. The information security management committee is set up to implement
the company's information security management system, to formulate
information security governance development strategies and directions, to
protect the confidentiality, integrity, and availability of information assets, to
ensure smooth business operations and uninterrupted information services.
B. Through the implementation of the information security management
system, to declare the determination of top management to support
information security, reduce the impact of information security incidents,
and continue to operate and improve the information security management
system while protecting the rights and interests of the company and
customers.
C. Establish procedures for creating, amending, abolishing, announcing,
storing and destroying information security documents to ensure that they
are updated in a timely manner.
D. Security control mechanisms should be considered at the initial stage of
system development.
E. Business continuity plan based on business needs, and conduct regular
test drills to maintain its applicability.
F. Employees to be granted only necessary authority and relevant information
to complete their work duties.
G. Employees who observe or suspect a security breach, weakness or
violation of security policies or procedures must report them in a timely
manner.
H. Information security procedures should be planned in advance of any
project which includes issues relating to information security.
I. Implement information security-related training and awareness every year.
J. Regularly conduct information asset classification and risk assessment.
K. Regularly perform information security self-inspection to maintain the
effective operation of the information security management system and the
implementation of control procedures.
L. Implement network and communication security management.

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 3. Devoted Resources of Information and Communication Security
Management

A. Software and hardware equipment

The company has invested in high-standard software and hardware

equipment, has a system automatic information security monitoring and
notification, can fully grasp the internal/external network traffic, and immediately
intervene by special personnel to prevent emergency blocking and preventive
treatment.

B. Information Security Management Committee Organization and Meetings

A Total of 62 members in this organization, and they have a review meeting

every year.

C. Education and training

Every year, the company conducts an online (E-learning) course of

"Information Security Protection Education and Training" for all employees
and related companies, which advises the precautions to take when using
information equipment, receiving and sending e-mails and public materials.
Colleagues must pass the online information security test to demonstrate that
they have a complete concept of information security protection. A total of
2,456 colleagues complete the training in 2023.
In addition, a special course on "Global Information System Integration
Planning" was launched for expatriates, including information security and
computer room management, issues related to system authority authorization,
and an introduction to the local computer network connection structure.

D. Social engineering drill

In 2023, through conducting drills by sending simulated malicious emails

to test colleagues, this improved colleagues’ awareness of risky emails,
and strengthened the concept of information security for those who had not
passed the test.

4. Major information security incidents

The company had no information security incidents that resulted in losses

in 2023.

194
5. Obtained ISO27001 certificate

The company introduced the ISO 27001 information security management

system in 2022, and has obtained ISO 27001 certification. The current
certificate is valid from December 9, 2022 to October 31, 2025.

VII.Important Agreement

AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

From: Sep.04,2009
Till: Unlimited
EMC slot exchanges with
Slot Exchange YANG MING MARINE extensions; It is
YML. —
Agreement TRANSPORT CORP. subject to 60 days
(Pan Asia Services)
pre-notice prior to
termination.

From: Mar.01,2008
EMC slot charter from
Till: Feb.28,2009
FUJIAN FOREIGN Fujian Foreign Trade
Slot Charter Can be extended.
TRADE CENTRE Centre Shipping Co. —
Agreement It is subject to 90
SHIPPING CO. (Fuzhou-Kaohsiung
days pre-notice prior
Service)
to termination.

From: Jun.12,2011
Till: Jun.11,2012 EMC slot charter from
Slot Charter SMART POINT Can be extended. Smart Point Shipping Ltd.
—
Agreement SHIPPING LTD. It is subject to 60 (Fuzhou-Taipei-Kaohsiung
days pre-notice prior Service)
to termination.

From: Nov.29,2010
EMC slot exchanges with
Till: May.30,2011
Smart Point Shipping Ltd.
Slot Exchange SMART POINT Can be extended.
(Taiwan-Xiamen (EMC) ; —
Agreement SHIPPING LTD. It is subject to 30
Taiwan-Fuzhou-Xiamen
days pre-notice prior
Servies (SMART POINT))
to termination.

From: Sep.27,2010
Till: Sep.26,2011 EMC slot charterer from
Slot Charter CHINA UNITED LINES Can be extended. CUL
—
Agreement LTD. It is subject to 90 (Central China-Taiwan
days pre-notice prior Service)
to termination.

195
 AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

From: Sep.01,2002
Till: Aug.31,2003 Operated by EMC and
Vessel Sharing Can be extended. WHL jointly.
WAN HAI LINES LTD. —
Agreement It is subject to 90 (Japan-Taiwan-Hong Kong
days pre-notice prior Service)
to termination.

From: Sep.12,2008
Till: Sep.11,2009 Operated by EMC and
Vessel Sharing Can be extended. WHL jointly.
WAN HAI LINES LTD. —
Agreement It is subject to 90 (Japan-Taiwan-Haiphong
days pre-notice prior Service)
to termination.

From: Apr.30,2006
1. OOCL (ASIA PACIFIC) Till: Apr.29,2007 Operated by EMC, OOCL,
Vessel Sharing LTD. Can be extended. and YM (UK) Ltd. jointly.
—
Agreement 2. YANGMING (UK) It is subject to 90 (Taiwan-Hong Kong-
LTD. days pre-notice prior Vietnam Service)
to termination.

From: Apr.30,2006
Till: Apr.29,2024 Operated by EMC, WHL
1. WAN HAI LINES LTD.
Vessel Sharing Can be extended. and HLCL jointly.
2. HAPAG-LLOYD —
Agreement It is subject to 90 (Taiwan-China-Singapore-
CONTAINER LINE
days pre-notice prior Malaysia-India Service)
to termination.

From: Apr.10,2019
EMC slot exchanges with
Till: Oct.10,2019
WHL.
Slot Exchange Can be extended.
WAN HAI LINES LTD. ((Korea-Taiwan(EMC); —
Agreement It is subject to 45
China-Vietnam Services
days pre-notice prior
(WHL))
to termination.

From: Feb.21,2020
Operated by EMC, NEW
1. NEW GOLDEN SEA Till: Feb.20,2021
GOLDEN SEA SHIPPING
Vessel Sharing SHIPPING PTE LTD. Can be extended.
and UNIFEEDER jointly. —
Agreement 2. UNIFEEDER FZCO, It is subject to 90
(ASEAN-Persian Gulf-ISC
DUBAI days pre-notice prior
Service)
to termination.

From: Apr.04,2017
EMC slot exchanges with
Till: Oct.04,2017
CNC.
Slot Exchange Can be extended.
CNC LINE (South China-Taiwan —
Agreement It is subject to 30
(EMC); Central China-
days pre-notice prior
Taiwan (CNC))
to termination.

196
AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

From: Jul.22,2019
EMC slot exchanges with
Till: Jan.22,2020
CNC.
Slot Exchange Can be extended.
CNC LINE (Thailand-Vietnam(EMC); —
Agreement It is subject to 30
Taiwan- Thailand Services
days pre-notice prior
(CNC))
to termination.

From: Aug.09,2019
1. UNIFEEDER FZCO,
Till: Mar.31,2021
DUBAI Operated by EMC, UNF,
Vessel Sharing Can be extended.
2. ONE NET WORK ONE, TSL —
Agreement It is subject to 90
EXPRESS PTE LTD. (North China-India Serivce)
days pre-notice prior
3. T.S.LINES
to termination.

Operated by EMC, YML,

1. YANG MING LINES From: Jun.07,2013
SINOTRANS, TSL and
2. SINOTRANS CON- Till: Jun.07,2020
HAPAG LLOYD jointly
Vessel Sharing TAINER LINES CO Can be extended.
(China, Taiwan-Australia —
Agreement LTD. It is subject to 90
Service)
3. TS LINES days pre-notice prior
(HAPAG LLOYD joined on
4. HAPAG LLOYD to termination.
16th/Oct/2020)

EMC slot exchanges with

From: Jul.13,2018 X-Press
Till: Jan.13,2019 (Jakarta-Port Klang,
Slot Exchange Can be extended. Hong Kong/Kaohsiung-
X-Press —
Agreement It is subject to 30 Philippines (EMC) v.s.
days pre-notice prior Kaohsiung-Cebu Service
to termination. (X-Press), Dalian-Pusan
Service (X-Press))

EMC slot exchanges with

SKR.
From: Sep.18,2019
(Korea-Taiwan-Malaysia-
Till: Mar.18,2020
Singapore-Philippines-
Slot Exchange SINOKOR MERCHANT Can be extended.
Taiwan-Korea Services —
Agreement MARINE CO., LTD. It is subject to 60
(EMC); Korea-Central
days pre-notice prior
China-Indonisia-Vietnam-
to termination.
Central China-Korea
Services (SINOKOR))

From: Feb.28,2020
EMC slot exchanges with
Till: Aug.27,2020
TSL.
Slot Exchange Can be extended.
T.S. LINE CO., LTD. (Taiwan-Xiamen (EMC); —
Agreement It is subject to 60
Taiwan-Shanghai Services
days pre-notice prior
(TSL))
to termination.

197
 AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

1. NEW GOLDEN SEA

SHIPPING PTE. LTD. From: Jan.7,2020
2. WAN HAI LINES LTD. Till: Jan.6,2021 Operated by EMC, NGS,
Vessel Sharing 3. OCEAN NETWORK Can be extended. WHL, ONE, IAL jointly
—
Agreement EXPRESS PTE. LTD. It is subject to 90 (Central,South China-
4. INTERASIA LINES days pre-notice prior Pakistan Service)
SINGAPORE PTE. to termination.
LTD.

From: Sep.19,2014
COSCO CONTAINER Till: Mar.19,2015
EMC slot exchanges with
Slot Exchange LINES SHANGHAI Can be extended.
COSCO —
Agreement PANASIA SHIPPING It is subject to 30
(China-Japan Service)
CO., LTD. days pre-notice prior
to termination.

From: Nov.25,2017 EMC slot exchanges with

Till: May.25,2018 NGS
Slot Exchange NEW GOLDEN SEA Can be extended. (Taiwan-Indonesia (EMC);
—
Agreement SHIPPING PTE. LTD. It is subject to 30 China-Hong Kong-
days pre-notice prior Thailand Express service
to termination. (NGS))

From: Apr.18,2018
EMC slot exchanges with
Till: Oct.18,2019
NGS
Slot Exchange NEW GOLDEN SEA Can be extended.
(Indonesia-China (EMC); —
Agreement SHIPPING PTE. LTD. It is subject to 30
China-Vietnam service
days pre-notice prior
(NGS))
to termination.

From: Aug.23,2019
Till: Feb.22,2020
EMC charter slots to IAL
Slot Charter Can be extended.
INTERASIA LINES LTD. (Taiwan-Philippines —
Agreement It is subject to 30
Service)
days pre-notice prior
to termination.

1. HYUNDAI
From: Apr.01,2020
MERCHANT MARINE
Till: Mar.31,2021 Operated by EMC, HMM,
CO., LTD.
Vessel Sharing Can be extended. HPL&ONE
2. HAPAG LLOYD —
Agreement It is subject to 30 (North East Asia-Australia
CONTAINER LINE
days pre-notice prior Service)
3. ONE NETWORK
to termination.
EXPRESS PTE LTD

198
AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

From: Jun 22,2021

1. GOLD STAR LINE
Till: Jun 21,2022 Operated by EMC, GSL,
LTD.
Vessel Sharing Can be extended. KMTC&ESL
2. KMTC LINE CO LTD —
Agreement It is subject to 90 (North China- Northwest
3. EMIRATES SHIPPING
days pre-notice prior India)
LINES
to termination.

From: Apr.01,2017
Till: Mar.31,2027
If no Line withdraws
from this Agreement,
the Agreement will
be automatically
extended to have
Operated by OCEAN
an indefinite term
Vessel 1. CMA CGM Alliance.
with effect from April
Sharing and 2. COSCO CONTAINER (F.E.-EUR; F.E.-MED; F.E.-
1st, 2027. If some —
Slot Exchange LINE USWC; F.E.-USEC; EUR-
Line(s) withdraw
Agreement 3. OOCL USEC; F.E.-GULF; F.E.-
from the Agreement,
RSEA Services)
other Lines will
discuss whether the
Agreement will be
amended to have an
indefinite term with
effect from April 1st,
2027.

From: Apr.01,2017
Till: Subsequently
Slot Charter Slot Charter from ONE
ONE extended 90 days —
Agreement (Japan-USWC Service)
pre-notice prior to
termination

From: Jan.20,2017
1. CMA CGM Jointly operated by EMC,
Till: Subsequently
Vessel Sharing 2. COSCO CONTAINER CMA, COS, YML
extended 90 days —
Agreement LINE (F.E.-East Coast of South
pre-notice prior to
3. YANG MING LINE America Service)
termination

1. PACIFIC
From: Mar.28,2019
Vessel Sharing INTERNATIONAL Jointly operated by EMC,
Till: Subsequently
and LINES PIL, COS, CMA
extended 90 days —
Slot Exchange 2. COSCO CONTAINER (F.E.-East Coast of South
pre-notice prior to
Agreement LINE America Service)
termination
3. CMA CGM

199
 AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

1. COSCO CONTAINER
LINE
2. OOCL From: Sep.29,2014
Jointly operated by EMC,
3. ONE Till: Subsequently
Vessel Sharing COS, OOCL, ONE, PIL,
4. PACIFIC extended 90 days —
Agreement GSL
INTERNATIONAL pre-notice prior to
(F.E.-South Africa Services)
LINES termination
5. GOLD STAR LINE
LTD.

From: Jul.05,2018
Jointly operated by EMC,
1. CMA CGM Subsequently
Vessel Sharing CMA, OOCL, X-PRESS
2. OOCL extended 90 days —
Agreement FEEDERS
3. X-PRESS FEEDERS pre-notice prior to
(F.E.-East Africa Services)
termination

From: Dec.26,2015
Juointly operated by EMC,
1. COSCO CONTAINER Till: Subsequently
Vessel Sharing COS, YML
LINE extended 90 days —
Agreement (F.E.-West Coast of South
2. YANG MING LINE pre-notice prior to
America Service)
termination

1. COSCO CONTAINER From: Dec.25,2015

Jointly operated by EMC,
LINE Till: Subsequently
Vessel Sharing COS, PIL, WHL
2. PACIFIC INTERNA- extended 90 days —
Agreement (F.E.-West Coast of
TIONAL LINE pre-notice prior to
Souther Amercia Service)
3. WAN HAI LINES termination

From: Apr.15,2018
Slot Exchange between
1. COSCO CONTAINER Till: Subsequently
Slot Exchange EMC, COS, CMA
LINE extended 90 days —
Agreement (F.E.-West Coast of
2. CMA CGM pre-notice prior to
Souther Amercia Service)
termination

From: Apr.05,2021
1. ONE NETWORK
Till: Apr.04,2022
EXPRESS PTE LTD
continuation shall
2. HAPAG LLOYD Jointly operated by EMC,
be discussed 4
Vessel Sharing CONTAINER LINE ONE, HPL, HMM, YML
months before the —
Agreement 3. HYUNDAI MER- (Asia-U.S. GULF Service
expiry. Subsequently
CHANT MARINE (AUG))
extended 90 days
CO., LTD.
pre-notice prior to
4. YANG MING LINE
termination

200
AGREEMENT THE PARTY DURATION CONTENT RESTRICTIONS

From: Mar.04,2023
Till: Dec.04,2023
EMC slot Exchange with
Slot Exchange KOREA MARINE Can be extended.
KMTC —
Agreement TRANSPOR CO. LTD. It is subject to 45
(Far East-India Servicve )
days pre-notice prior
to termination.

From: Aug.18,2023
Till: Feb.18,2024
EMC slot Exchange with
Slot Exchange UNIFEEDER FZCO, Can be extended.
UNF —
Agreement DUBAI It is subject to 45
(Far East-India Servicve )
days pre-notice prior
to termination.

From: Sep.20,2023
EMC slot Exchange with
Until: Dec.20,2023
BTL
Slot Exchange BENGAL TIGER LINE Can be extended.
(Far East-India Servicve/ —
Agreement PTE LTD It is subject to 90
South East Asia-India
days pre-notice prior
service )
to termination.

From: July.17,2023
Until: Jan.17,2024
EMC slot Exchange with
Slot Exchange Can be extended. It
RCL FEEDER PTE LTD RCL —
Agreement is subject to 45 days
(Far East-India Servicve )
pre-notice prior to
termination.

1. RCL FEEDER PTE From: July.17,2023

LTD Until: July.17,2024
Operated by EMC, PIL and
Vessel Sharing 2. PACIFIC Can be extended.
CUL jointly. —
Agreement INTERNATIONAL It is subject to 90
(FAR EAST-ISC Service)
LINE days pre-notice prior
3. CU LINE PTE LTD to termination.

1. X-PRESS FEEDERS From: Apr.17,2023

2. ONE NETWORK Until: Unlimited Operated by EMC, XPF,
Vessel Sharing EXPRESS PTE LTD extensions; It is ONE, KMTC and TSL
—
Agreement 3. KOREA MARINE subject to 90 days jointly.
TRANSPOR CO. LTD pre-notice prior to (FAR EAST-ISC Service)
4. T.S. LINES LTD. termination.

From: Aug.27,2023
Until: Aug.31,2024
EMC slot charter from
Slot Charter BENGAL TIGER LINE Can be extended.
BTL. —
Agreement PTE LTD It is subject to 90
(FAR EAST-INDIA Servic)
days pre-notice prior
to termination.

201
06
Chapter
Financial Information

I. Five- Year Financial Summary

1. Consolidated Condensed Balance Sheet

Unit: TWD thousand

Year Financial Summary of The Last Five Years

Item 2019 2020 2021 2022 2023

Current assets 66,050,355 85,837,891 283,114,993 483,935,294 238,140,293

Property, plant and equipment 108,393,511 118,642,644 153,902,875 211,064,739 260,243,943

Intangible assets 1,929,667 1,552,438 1,271,120 1,340,558 1,129,660

Other assets 130,222,105 128,187,867 172,737,132 191,171,466 232,316,862

Total assets 306,595,638 334,220,840 611,026,120 887,512,057 731,830,758

Before distribution 63,449,644 72,490,805 109,092,860 164,879,242 111,750,258

Current liabilities
After distribution - 85,647,039 204,331,744 313,028,648 -

Non-current liabilities 169,551,148 160,235,742 144,611,670 140,082,780 149,285,650

Before distribution 233,000,792 232,726,547 253,704,530 304,962,022 261,035,908

Total liabilities
After distribution - 245,882,781 348,943,414 453,111,428 -

Equity attributable to owners of the parent 70,045,779 94,281,711 326,784,536 552,214,029 439,899,016

Common stock 48,129,738 48,980,353 52,908,484 21,164,201 21,272,711

Capital surplus 11,407,437 12,433,364 15,762,185 15,968,043 17,092,525

Before distribution 9,373,982 33,449,400 259,259,637 498,726,941 385,923,383

Retained earnings
After distribution - 20,293,166 164,020,753 350,577,535 -

Other equity interest 1,134,622 (581,406) (1,145,770) 16,354,844 15,610,397

Treasury shares - - - - -

Non-controlling interest 3,549,067 7,212,582 30,537,054 30,336,006 30,895,834

Before distribution 73,594,846 101,494,293 357,321,590 582,550,035 470,794,850

Total equity
After distribution - 88,338,059 262,082,706 434,400,629 -

202
2. Consolidated Condensed Statement of Comprehensive Income
Unit: TWD thousand

Year Financial Summary for The Last Five Years

Item 2019 2020 2021 2022 2023

Operating revenue 190,589,281 207,077,912 489,406,832 627,283,761 276,714,825

Gross Profit 14,555,021 45,489,093 301,934,437 398,450,140 49,930,143

Operating income (loss) 4,658,270 34,667,864 284,862,197 374,808,311 34,750,086

Non-operating income and expenses (3,879,370) (2,828,035) 3,372,379 24,616,167 29,421,871

Profit (loss) before income tax 778,900 31,839,829 288,234,576 399,424,478 64,171,957

Profit (loss) from continuing operations (223,013) 28,767,310 263,110,059 346,172,965 39,975,701

Profit (loss) from discontinued operation - - - - -

Profit (loss) for the period (223,013) 28,767,310 263,110,059 346,172,965 39,975,701

Other comprehensive income (loss), net of

(427,792) (2,359,806) (991,351) 20,583,926 (727,208)
income tax

Total comprehensive income (loss) (650,805) 26,407,504 262,118,708 366,756,891 39,248,493

Profit (loss), attributable to owners of the

112,519 24,364,926 239,014,860 334,200,661 35,337,051
parent

Profit (loss), attributable to non-controlling

(335,532) 4,402,384 24,095,199 11,972,304 4,638,650
interest

Comprehensive income (loss), attributable

(143,740) 22,359,390 238,402,107 352,206,802 34,601,401
to owners of the parent

Comprehensive income (loss), attributable

(507,065) 4,048,114 23,716,601 14,550,089 4,647,092
to non-controlling interest

Earnings per share (in dollars) 0.02 5.06 45.57 87.07 16.70

203
 3. Condensed Balance Sheet
Unit: TWD thousand

Year Financial Summary for The Last Five Years

Item 2019 2020 2021 2022 2023

Current assets 27,259,252 32,779,259 73,651,528 153,037,425 36,898,690

Property, plant and equipment 36,934,484 37,425,681 43,790,376 65,146,023 73,271,800

Intangible assets 19,599 16,247 8,810 19,701 35,312

Other assets 85,478,188 102,954,658 292,469,032 436,273,581 401,199,363

Total assets 149,878,463 173,175,845 409,919,746 654,476,730 511,405,165

Before distribution 18,261,998 21,681,686 34,230,119 74,884,305 38,505,123

Current liabilities
After distribution - 34,837,920 129,469,003 223,033,711 -

Non-current liabilities 61,570,686 57,212,448 48,905,091 27,378,396 33,001,026

Before distribution 79,832,684 78,894,134 83,135,210 102,262,701 71,506,149

Total liabilities
After distribution - 92,050,368 178,374,094 250,412,107 -

Common stock 48,129,738 48,980,353 52,908,484 21,164,201 21,272,711

Capital surplus 11,407,437 12,433,364 15,762,185 15,968,043 17,092,525

Before distribution 9,373,982 33,449,400 259,259,637 498,726,941 385,923,383

Retained earnings
After distribution - 20,293,166 164,020,753 350,577,535 -

Other equity interest 1,134,622 (581,406) (1,145,770) 16,354,844 15,610,397

Treasury shares - - - - -

Before distribution 70,045,779 94,281,711 326,784,536 552,214,029 439,899,016

Total equity
After distribution - 81,125,477 231,545,652 404,064,623 -

204
4. Condensed Statement of Comprehensive Income
Unit: TWD thousand

Year Financial Summary for The Last Five Years

Item 2019 2020 2021 2022 2023

Operating revenue 44,687,138 51,623,123 93,885,535 123,069,839 52,772,748

Gross Profit 2,606,665 8,652,211 50,748,412 70,081,557 10,320,314

Operating income (loss) 176,562 5,162,573 41,531,654 55,765,309 4,713,167

Non-operating income and expenses (225,762) 20,947,405 217,848,517 326,002,505 53,523,769

Profit (loss) before income tax (49,200) 26,109,978 259,380,171 381,767,814 58,236,936

Profit (loss) from continuing operations 112,519 24,364,926 239,014,860 334,200,661 35,337,051

Profit (loss) from discontinued operation - - - - -

Profit (loss) for the year 112,519 24,364,926 239,014,860 334,200,661 35,337,051

Other comprehensive income, net of

(256,259) (2,005,536) (612,753) 18,006,141 (735,650)
income tax

Total comprehensive income (143,740) 22,359,390 238,402,107 352,206,802 34,601,401

Earnings per share (in dollar) 0.02 5.06 45.57 87.07 16.70

5. Auditors’ Opinions from 2019 to 2023

Year Accounting Firm CPA Audit Opinion

Lai, Chung-Hsi
2023 PricewaterhouseCoopers, Taiwan An unqualified opinion
Chou, Hsiao-Tzu

Lai, Chung-Hsi
2022 PricewaterhouseCoopers, Taiwan An unqualified opinion
Chou, Hsiao-Tzu

Lee, Hsiu-Ling
2021 PricewaterhouseCoopers, Taiwan An unqualified opinion
Chou, Hsiao-Tzu

Lee, Hsiu-Ling
2020 PricewaterhouseCoopers, Taiwan An unqualified opinion
Chih, Ping-Chiun

Lee, Hsiu-Ling
2019 PricewaterhouseCoopers, Taiwan An unqualified opinion
Chih, Ping-Chiun

205
 II. Five- Year Financial Analysis

1. Consolidated Financial Analysis

Year
2019 2020 2021 2022 2023
Item

Financial structure (%)

Debt ratio 76.00 69.63 41.52 34.36 35.67

Long-term funds to property, plant

224.32 220.60 326.14 342.37 238.27
and equipment

Solvency (%)

Current ratio 104.10 118.41 259.52 293.51 213.10

Quick ratio 94.57 112.21 252.79 287.78 202.00

Times interest earned (times) 1.14 8.02 90.04 123.70 13.97

Operating performance

Receivable turnover (times) 11.05 9.97 13.78 17.04 11.14

Average collection days 33 37 26 21 33

Inventory turnover (times) - - - - -

Accounts payable turnover (times) 9.61 8.70 7.36 5.97 5.54

Average Inventory turnover days - - - - -

Property, plant and equipment

1.69 1.82 3.59 3.44 1.17
turnover (times)

Total assets turnover (times) 0.71 0.65 1.04 0.84 0.34

Profitability

Return on total assets (%) 1.61 10.11 56.22 46.55 5.43

Return on total equity (%) (0.31) 32.86 114.69 73.66 7.59

Pre-tax income to paid-in capital (%) 1.62 65.01 544.78 1,887.26 301.66

Profit ratio (%) (0.12) 13.89 53.76 55.19 14.45

Earnings per share (TWD) 0.02 5.06 45.57 87.07 16.70

206
 Year
2019 2020 2021 2022 2023
Item

Cash flow (%)

Cash flow ratio 31.20 71.54 275.97 256.21 (12.38)

Cash flow adequacy ratio 147.34 296.31 670.99 470.02 244.46

Cash flow reinvestment ratio 6.08 15.80 47.26 37.85 (20.66)

Leverage

Operating leverage 7.34 2.11 1.14 1.14 2.46

Financial leverage (4.58) 1.15 1.01 1.01 1.17

The explanation for the financial ratio which increased and decreased by more than 20% in the last
two years are as follows:
1. Due to cash dividend payment and decrease in long-term funds, long-term fund to property, plant
and equipment ratio decreased.
2. Due to decrease in cash and cash equivalents, current ratio and quick ratio decreased.
3. Due to decrease in earnings before interest and taxes, times interest earned decreased.
4. Due to decrease in net sales, average collection turnover (times), property, plant and equipment
turnover (times), total assets turnover (times) and net margin decreased
5. Due to decrease in net sales, operating leverage and days sales outstanding increased.
6. Due to decrease in net income, return on total assets, return on equity and basic earnings per
share decreased.
7. Due to decrease in pre-tax income, pre-tax income to paid-in capital ratio decreased.
8. Due to decrease in cash generated by operating activities, cash flow ratio and cash flow
reinvestment ratio decreased.
9. Due to payment of cash dividends increased, cash flow adequacy ratio decreased.

207
 2. Non-Consolidated Financial Analysis

Year
2019 2020 2021 2022 2023
Item

Financial structure (%)

Debt ratio 53.26 45.55 20.28 15.62 13.98

Long-term funds to property, plant and

356.35 404.78 857.92 889.68 645.41
equipment

Solvency (%)

Current ratio 150.29 151.18 215.16 204.36 95.83

Quick ratio 143.61 147.61 211.72 201.93 90.79

Times interest earned (times) 96.22 2,300.83 32,959.80 63,300.41 8,337.45

Operating performance

Receivable turnover (times) 12.07 13.74 16.58 19.77 10.76

Average collection days 30 27 22 18 34

Inventory turnover (times) - - - - -

Accounts payable turnover (times) 10.22 9.66 7.82 6.88 5.34

Average Inventory turnover days - - - - -

Property, plant and equipment

1.24 1.38 2.31 2.25 0.76
turnover (times)

Total assets turnover (times) 0.32 0.31 0.32 0.23 0.09

Profitability

Return on total assets (%) 0.83 15.67 82.19 62.88 6.16

Return on total equity (%) 0.16 29.65 113.52 76.04 7.12

Pre-tax income to paid-in capital (%) (0.10) 53.30 490.24 1,803.83 273.16

Profit ratio (%) 0.25 47.19 254.58 271.55 66.96

Earnings per share (TWD) 0.02 5.06 45.57 87.07 16.70

208
 Year
2019 2020 2021 2022 2023
Item

Cash flow (%)

Cash flow ratio 18.81 50.70 128.88 90.85 (114.09)

Cash flow adequacy ratio 113.20 247.20 254.89 94.56 29.05

Cash flow reinvestment ratio 2.81 7.44 8.25 (4.64) (40.29)

Leverage

Operating leverage 38.80 2.61 1.34 1.37 3.66

Financial leverage (0.15) 1.29 1.01 1.01 1.18

The explanation for the financial ratio which increased and decreased by more than 20% in the last
two years are as follows:
1. Due to decrease in undistributed earnings, long-term fund to property, plant and equipment ratio
decreased.
2. Due to decrease in cash and cash equivalents and current assets, current ratio and quick ratio
decreased.
3. Due to decrease in earnings before interest and taxes, times interest earned decreased.
4. Due to decrease in net sales, receivable turnover (times), property, plant and equipment turnover
(times) and total assets turnover (times) decreased.
5. Due to decrease in net income, return on total assets decreased.
6. Due to decrease in net income, return on equity decreased.
7. Due to decrease in net income, profit ratio and earnings per share decreased.
8. Due to increase in income tax payment, cash flow ratio decreased.
9. Due to increase in capital payment and cash dividend, cash flow adequacy ratio and cash flow
reinvestment ratio decreased.

1. Financial structure

(1) Debt ratio = Total liabilities / Total assets

(2) Long-term funds to property, plant and equipment = (Shareholders’ equity + Non-
current liabilities) / Net property, plant and equipment

2. Solvency

(1) Current ratio = Current assets / Current liabilities

(2) Quick ratio = (Current assets - Inventories - Prepaid expenses) / Current liabilities
(3) Times interest earned = Earnings before interest and taxes / Interest expenses

209
 3. Operating performance

(1) Receivable turnover = Net sales / Average account receivables

(2) Average collection days = 365 / Receivable turnover
(3) Inventory turnover = Cost of sales / Average inventory
(4) Accounts payable turnover = Cost of sales / Average accounts payable
(5) Average inventory turnover days = 365 / Average inventory turnover
(6) Property, plant and equipment turnover = Net Sales / Average property, plant and
equipment
(7) Total assets turnover = Net sales / Average total assets

4. Profitability

(1) Return on total assets = (Net income + Interest expenses * (1 - Effective tax rate)) /
Average total assets
(2) Return on total equity = Net income / Average shareholders’ equity
(3) Profit ratio = Net income / Net sales
(4) Earnings per share = (Net income - Preferred stock dividend) / Weighted average
number of shares outstanding

5. Cash flow

(1) Cash flow ratio = Net cash provided by operating activities / Current liabilities
(2) Cash flow adequacy ratio = Five-year sum of cash from operations / Five-year sum
of capital expenditures, inventory additions, and cash dividend
(3) Cash flow reinvestment ratio = (Cash provided by operating activities - Cash
dividends) / (Gross property, plant and equipment + Long-term investments + Other
assets + Working capital)

6. Leverage

(1) Operating leverage = (Net sales - Variable cost) / Income from operations
(2) Financial leverage = Income from operations / (Income from operations - Interest
expenses)

210
III.The Company should disclose the financial impact to the Company if the Company
and its affiliated companies have incurred any financial or cash flow difficulties in
2023 and as of the date of this Annual Report:

None.

IV. Audit Committee’s Review Report

Audit Committee’s Review Report

To: 2024 Annual General Shareholders’ Meeting

EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

The Board of Directors has prepared the Company’s 2023 business report, financial
report, and proposal for distribution of earnings. The CPA firm of PricewaterhouseCoopers,
Taiwan has audited the financial report and issued the audit report.
The above business report, financial report, and proposal for distribution of earnings
have been reviewed and determined to be correct and accurate by the Audit Committee
members of EVERGREEN MARINE CORPORATION (TAIWAN) LTD. In accordance with
Article 14-4 of the Securities and Exchange Act and Article 219 of the Company Act, we
hereby submit this report.

EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

Convener of the Audit Committee: Li, Chang-Chou

March 14, 2024

211
 V. Consolidated Financial Statements and Report of Independent Accountants

INDEPENDENT AUDITORS’ REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of Evergreen Marine Corporation (Taiwan)

Ltd.

Introduction
We have audited the accompanying consolidated balance sheets of Evergreen Marine
Corporation (Taiwan) Ltd. (the“ Company”) and its subsidiaries (collectively referred
herein as the “Group”) as of December 31, 2023 and 2022, and the related consolidated
statements of comprehensive income, of changes in equity and of 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 reports of other independent auditors (please
refer to Other Matter section of our report), the accompanying consolidated financial
statements present fairly, in all material respects, the consolidated financial position of the
Group as of December 31, 2023 and 2022, 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 the
International Financial Reporting Standards, International Accounting Standards, IFRIC
Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial
Supervisory Commission.

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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 independent auditors, we
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Group’s 2023 consolidated financial statements. These
matters were addressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our opinion thereon, we do not provide a separate opinion on
these matters.
Key audit matters for the Group’s 2023 consolidated financial statements are stated as
follows:

Accuracy and cut-off of freight revenue

Description
Please refer to Note 4(32) for accounting policies on revenue recognition, Note 5(2) for
uncertainty of accounting estimates and assumptions applied on revenue recognition, and
Note 6(23) for details of sales revenue.

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 The Group primarily engages in global container shipping service covering ocean-going
and short-sea shipping line, shipping agency business as well as container freight station
business. In 2023, freight revenue from contracts with customers was NT$ 255,739,783
thousand, representing 92.42% of operating revenue. Since ocean-going shipping often
lasts for several days, voyages are sometimes completed after the balance sheet date. Also,
demand for freight services from forwarders is consistently received during voyage. Due
to the factors mentioned above, freight revenue is recognized under the percentage-of-
completion method for each vessel of which the service has been provided during the
reporting period.
Despite the Group conducting business worldwide, its transactions are all in small
amounts, whereas the freight rate is subject to fluctuation caused by cargo loading rate as
well as market competition. Worldwide shipping agencies use a system to record the
transactions by entering data including shipping departure, destination, counterparty,
transit time, shipping amounts, and freight price for the Group. Therefore, the
management could recognize freight revenue in accordance with the data on bill of lading
reports generated from the system, accompanied by estimation made from past experience
and current cargo loading conditions the revenue that would flow in, and calculate the
revenue under the percentage-of-completion method. As the process of recording
transactions, communicating with agencies, and maintaining the system are done
manually, and the estimation of freight revenue are subject to management’s judgement,
therefore freight revenue involves high uncertainty and is material to the financial
statements. Given the conditions mentioned above, we consider the accuracy of freight
revenue and the appropriate use of cut-off as a key audit matter.

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How our audit addressed the matter
Our key audit procedures performed in respect of the above key audit matter included the
following:

1. Obtained an understanding of the operation and industry of the Group to assess the
reasonableness of policies and procedures on revenue recognition, and confirmed
whether it is appropriate to the financial statements.
2. Obtained an understanding of the procedures of revenue recognition from booking,
picking, billing to receiving. Assessed and tested relevant internal controls, including
checking freight items and amounts of delivery information against the approved
contracts and booking list. In addition, recalculated the accuracy of freight revenue,
and ensured its consistency with the bill of lading report.
3. Obtained the estimated freight income report for vessels underway as of balance sheet
date, and inquired with management for the reasonableness of judgement. In addition,
checked historical freight revenue for total voyage under each individual vessel, along
with comparing with current cargo loading condition as well as actual revenue
received after period end to ensure the reasonableness of revenue assumptions.
4. Confirmed the completeness of vessels underway for the reporting period, including
tracking the movements of shipments on the internet to ensure the vessels that depart
before period end have been taken into consideration in the freight revenue calculation.
5. Verified accuracy of data used in calculating percentage of completion under each
voyage, including selecting samples and checking whether the total shipping days
shown on the Company’s website are in agreement with cruise timetable, considering
the number of days delayed in the shipping routes due to port congestion as well as
recalculating the shipping days (days between departure and balance sheet date), in
order to examine the reasonableness of percentage applied.

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215
 Assessment of the reasonableness of the purchase price allocation for
business combination
Description
Please refer to Note 4(34) for accounting policies on business combination and Note 6(34)
for details of business combination.
In July 2023, the subsidiary, Evergreen Marine (Asia) Pte. Ltd., acquired 100% of the
share capital of Evergreen Marine (Singapore) Pte. Ltd. for NT$ 24,133,200 thousand.
Relevant reports of the purchase price allocation were completed in the fourth quarter of
2023. Fair value of the identifiable net assets acquired was NT$ 29,097,422 thousand and
gain recognised in bargain purchase transaction generated was NT$ 4,964,222 thousand.
The business combination is a significant transaction during the reporting period. The
abovementioned net fair value of the identifiable assets and liabilities is based on the
assessment of the management and the report of price allocation issued by the engaged
professional valuer. Given that critical judgements and accounting estimates such as the
assessment and measurement of the fair value are involved and the estimated results are
significant to the financial statements, we consider the assessment of the share capital
purchase price allocation as a key audit matter.

How our audit addressed the matter

Our key audit procedures performed in respect of the above key audit matter included the
following:

1. Assessed the competence and objectivity of the external appraiser engaged by the
management.
2. Reviewed the measurement of fair value of identifiable assets and liabilities, the
discount rate and the reasonableness of calculation of gain recognised in bargain
purchase transaction in the report of purchase price allocation issued by the external
appraiser.

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216
Other matter – Reference to the reports of other independent auditors
We did not audit the financial statements of all the consolidated subsidiaries. Those
statements and the information disclosed in Note 13 were audited by other independent
auditors whose reports thereon have been furnished to us, and our audit expressed herein
is based solely on the reports of the other independent auditors. The statements reflect that
total assets in these subsidiaries amounted to NT$ 55,857,834 thousand and NT$
64,803,127 thousand, constituting 7.63% and 7.30% of the total consolidated assets as of
December 31, 2023, and 2022, respectively. Net operating revenues in the subsidiaries
amounted to NT$ 2,447,570 thousand and NT$ 2,901,350 thousand, constituting 0.88%
and 0.46% of the total consolidated net operating revenues of 2023 and 2022 for the years
then ended, respectively.
In addition, we did not audit the financial statements of all the investee companies
accounted for using equity method. Those statements and the information disclosed in
Note 13 were audited by other independent auditors whose reports thereon have been
furnished to us, and our audit expressed herein, insofar as it relates to the amounts included
for those investee companies accounted for using equity method and information
disclosed in Note 13 related to these long-term equity investments, is based solely on the
reports of the other independent auditors. Long-term equity investments in these investee
companies amounted to NT$ 21,949,254 thousand and NT$ 29,272,471 thousand,
constituting 3.00% and 3.30% of the total consolidated assets as of December 31, 2023
and 2022, respectively, and comprehensive income (including share of profit or loss and
share of other comprehensive income of associates and joint ventures accounted for using
equity method) was NT$ 4,772,986 thousand and NT$ 6,819,519 thousand, constituting
12.16% and 1.86% of the consolidated total comprehensive income and loss for the years
then ended, respectively.

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 Other matter – Parent company only financial reports
We have audited the parent company only financial statement of Evergreen Marine
Corporation (Taiwan) Ltd. as of and for the years ended December 31, 2023 and 2022 on
which we have issued an unqualified opinion with explanatory paragraph thereon.

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 the International Financial Reporting
Standards, International Accounting Standards, IFRIC Interpretations, and SIC
Interpretations that came into effect as endorsed by the Financial Supervisory Commission,
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
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.

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218
Auditors’ 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 auditors’ 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 maintain professional skepticism throughout the
audit. We also:
1. 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 involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
2. 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.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

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 4. 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 auditors’ 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 auditors’ report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
5. Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that achieves fair presentation.
6. 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 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.

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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 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.

Lai, Chung-Hsi Chou, Hsiao-Tzu

For and on behalf of PricewaterhouseCoopers, Taiwan
March 14, 2024

-------------------------------------------------------------------------------------------------------------------------------
The accompanying consolidated financial statements are not intended to present the financial position and
results of operations and cash flows in accordance with accounting principles generally accepted in
countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the
Republic of China governing the audit of such financial statements may differ from those generally accepted
in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying
consolidated financial statements and independent auditors’ report are not intended for use by those who
are not informed about the accounting principles or auditing standards generally accepted in the Republic
of China, and their applications in practice.
As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot
accept any liability for the use of, or reliance on, the English translation or for any errors or
misunderstandings that may derive from the translation.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

December 31, 2023 December 31, 2022

Assets Notes AMOUNT % AMOUNT %
Current assets !! ! ! ! !! ! ! !
1100 Cash and cash equivalents 6(1) !%! 281-33:-888! ! 34! !
%! 4:3-457-58:! ! 55!
1110 Financial assets at fair value through
profit or loss - current !! 571-382! ! .! !! .! ! .!
1136 Current financial assets at amortised 6(3) and 8
cost, net !! 32-278-183! ! 4! !! 53-58:-874! ! 6!
1139 Current financial assets for hedging 6(4) !! 5-637-869! ! 2! !! 7-654-398! ! 2!
1140 Current contract assets 6(23) !! 2-548-696! ! .! !! 2-859-:39! ! .!
1150 Notes receivable, net 6(5) !! 85-114! ! .! !! :2-547! ! .!
1170 Accounts receivable, net 6(5) !! 2:-162-465! ! 4! !! 34-972-652! ! 4!
1180 Accounts receivable, net - related 6(5) and 7
parties !! 2-685-53:! ! .! !! 2-958-:61! ! .!
1197 Finance lease receivable, net !! 7-894! ! .! !! .! ! .!
1200 Other receivables !! 2-141-546! ! .! !! 2-45:-:72! ! .!
1210 Other receivables - related parties 7 !! 33-184! ! .! !! 974-416! ! .!
1220 Current income tax assets !! 3-:71-417! ! 2! !! 341-394! ! .!
130X Inventories 6(6) !! 21-227-:43! ! 2! !! 8-816-376! ! 2!
1410 Prepayments !! 3-3:4-478! ! .! !! 2-847-9:6! ! .!
1470 Other current assets 6(7) and 7 !! 4-29:-259! ! 2! !! 4-241-312! ! 2!
11XX Current assets !! 349-251-3:4! ! 44! !! 594-:46-3:5! ! 66!
Non-current assets !! ! ! ! !! ! ! !
1517 Non-current financial assets at fair 6(2)
value through other comprehensive
income !! 3-161-899! ! .! !! 2-692-5:6! ! .!
1535 Non-current financial assets at 6(3) and 8
amortised cost, net !! 395-236! ! .! !! 61:-778! ! .!
1538 Non-current financial assets for 6(4)
hedging !! .! ! .! !! 2-:29-132! ! .!
1550 Investments accounted for using 6(8) and 7
equity method !! 49-432-657! ! 6! !! 54-759-257! ! 6!
1600 Property, plant and equipment, net 6(9), 7, 8 and 9 !! 371-354-:54! ! 47! !! 322-175-84:! ! 35!
1755 Right-of-use assets 6(10), 7 and 9 !! 233-412-684! ! 28! !! 216-347-226! ! 23!
1760 Investment property, net 6(12) and 8 !! 8-2:7-997! ! 2! !! 7-464-7:5! ! 2!
1780 Intangible assets !! 2-23:-771! ! .! !! 2-451-669! ! .!
1840 Deferred income tax assets 6(31) !! :4:-128! ! .! !! 95:-568! ! .!
1900 Other non-current assets 6(13) and 7 !! 72-333-:38! ! 9! !! 42-185-982! ! 4!
15XX Non-current assets !! 5:4-7:1-576! ! 78! !! 514-687-874! ! 56!
1XXX Total assets !%! 842-941-869! ! 211! !%! 998-623-168! ! 211!

(Continued)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

December 31, 2023 December 31, 2022

Liabilities and Equity Notes AMOUNT % AMOUNT %
Current liabilities !! ! ! ! !! ! ! !
2120 Current financial liabilities at fair
value through profit or loss !%! .! ! .! !
%! 21-571! ! .!
2126 Current financial liabilities for 6(10) and 7
hedging !! 2-965-4:7! ! .! !! 2-932-453! ! .!
2130 Current contract liabilities 6(23) !! 8-753-219! ! 2! !! 8-555-422! ! 2!
2150 Notes payable !! 75! ! .! !! .! ! .!
2170 Accounts payable !! 46-367-:78! ! 6! !! 56-668-9:1! ! 6!
2180 Accounts payable - related parties 7 !! 495-874! ! .! !! 77:-926! ! .!
2200 Other payables !! 9-197-668! ! 2! !! 22-:37-631! ! 2!
2220 Other payables - related parties 7 !! 29-238-171! ! 3! !! 25-:44-96:! ! 3!
2230 Current income tax liabilities !! 25-14:-143! ! 3! !! 71-324-374! ! 8!
2280 Current lease liabilities 6(10) and 7 !! 23-859-651! ! 3! !! 22-263-:57! ! 2!
2300 Other current liabilities 6(14) and 7 !! 24-721-882! ! 3! !! 22-259-947! ! 2!
21XX Current liabilities !! 222-861-369! ! 26! !! 275-98:-353! ! 29!
Non-current liabilities !! ! ! ! !! ! ! !
2511 Non-current financial liabilities for 6(10) and 7
hedging !! 24-342-795! ! 3! !! 26-165-445! ! 3!
2530 Corporate bonds payable 6(15) !! .! ! .! !! 5-917-265! ! .!
2540 Long-term loans 6(16) !! 42-776-733! ! 5! !! 44-484-:47! ! 5!
2570 Deferred income tax liabilities 6(31) !! 4-229-6:5! ! 2! !! 3-955-221! ! .!
2580 Non-current lease liabilities 6(10) and 7 !! :6-581-276! ! 24! !! 89-873-822! ! :!
2600 Other non-current liabilities 6(17)(18) !! 6-8::-696! ! 2! !! 6-352-646! ! 2!
25XX Non-current liabilities !! 25:-396-761! ! 32! !! 251-193-891! ! 27!
2XXX Total liabilities !! 372-146-:19! ! 47! !! 415-:73-133! ! 45!
Equity attributable to owners of the
parent !! ! ! ! !! ! ! !
Capital 6(19) !! ! ! ! !! ! ! !
3110 Common stock !! 32-275-312! ! 4! !! 32-275-312! ! 3!
3130 Certificate of entitlement to new
shares from convertible bond !! 219-621! ! .! !! .! ! .!
Capital surplus 6(20) !! ! ! ! !! ! ! !
3200 Capital surplus !! 28-1:3-636! ! 3! !! 26-:79-154! ! 3!
Retained earnings 6(21) !! ! ! ! !! ! ! !
3310 Legal reserve !! 76-59:-859! ! :! !! 43-12:-23:! ! 5!
3320 Special reserve !! .! ! .! !! 2-256-881! ! .!
3350 Unappropriated retained earnings !! 431-544-746! ! 55! !! 576-673-153! ! 63!
Other equity interest 6(22) !! ! ! ! !! ! ! !
3400 Other equity interest !! 26-721-4:8! ! 3! !! 27-465-955! ! 3!
31XX Equity attributable to owners of
the parent !! 54:-9::-127! ! 71! !! 663-325-13:! ! 73!
36XX Non-controlling interest !! 41-9:6-945! ! 5! !! 41-447-117! ! 5!
3XXX Total equity !! 581-8:5-961! ! 75! !! 693-661-146! ! 77!
Significant Contingent Liabilities And 9
Unrecognized Contract Commitments !! ! ! ! !! ! ! !
Significant Events After The Balance 11
Sheet Date !! ! ! ! !! ! ! !
3X2X Total liabilities and equity !%! 842-941-869! ! 211! !%! 998-623-168! ! 211!

The accompanying notes are an integral part of these consolidated financial statements.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars, except for earnings per share amounts)

Year ended December 31

2023 2022
Items Notes AMOUNT % AMOUNT %

4000 Operating revenue 6(23) and 7 %! 387-825-936!! ! 211!! %! 738-394-872!! ! 211!

5000 Operating costs 6(29)(30) and 7 ) ! 337-916-782!*!)! 93!
*!) ! 339-952-493!*!)! 47*!

5900 Gross profit ! 5:-:1:-265!! ! 29!

! ! 4:9-553-48:!! ! 75!
5910 Unrealized profit from sales ! .!
! ! .!
!) ! 24-2:3!*! ! .!
5920 Realized profit on from sales ! 31-:9:!! ! .!
! ! 31-:64!! ! .!

5950 Gross profit ! 5:-:41-254!! ! 29!

! ! 4:9-561-251!! ! 75!

Operating expenses 6(29)(30) and 7 ! ! ! ! ! ! ! !

6100 Selling expenses )! 4-154-966!*!)! 2!
*!) ! 6-3:2-:8:!*!)! 2*!

6200 General and administrative

expenses )! 24-86:-:19!*!)! 6!
*!) ! 2:-581-723!*!)! 4*!
6450 Expected credit losses 12(2) )! 21-453!*! ! .!
!) ! 2-:66!*! ! .!

6000 Total operating expenses )! 27-925-216!*!)! 7!

*!) ! 35-875-657!*!)! 5*!
6500 Other income (expenses) - net 6(24) and 7 ! 2-745-159!! ! .!
! ! 2-233-828!! ! .!

6900 Operating profit ! 45-861-197!! ! 23!

! ! 485-919-422!! ! 71!

Other non-operating income and

expenses ! ! ! ! ! ! ! !

7100 Interest income 6(25) ! 25-489-::3!! ! 6!

! ! 7-48:-925!! ! 2!
7010 Other income 6(26) ! 6-91:-963!! ! 3!
! ! 722-817!! ! .!
7020 Other gains and losses 6(27) ! 9-311-661!! ! 4!
! ! 22-956-346!! ! 3!
7050 Finance costs 6(28) )! 5-:59-783!*!)! 2!
*!) ! 4-366-459!*! ! .!
7060 Share of profit of associates and
joint ventures accounted for
using equity method ! 6-:92-25:!! ! 3!
! ! :-145-871!! ! 2!

7000 Total non-operating income

and expenses ! 3:-532-982!! ! 22!
! ! 35-727-278!! ! 5!

7900 Profit before income tax ! 75-282-:68!! ! 34!

! ! 4::-535-589!! ! 75!
7950 Income tax expense 6(31) )! 35-2:7-367!*!)! :!
*!) ! 64-362-624!*!)! :*!

8200 Profit for the year %! 4:-:86-812!! ! 25!

! %! 457-283-:76!! ! 66!

(Continued)

~14~

224
 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars, except for earnings per share amounts)

Year ended December 31

2023 2022
Items Notes AMOUNT % AMOUNT %
Other comprehensive income
(loss) ! ! ! ! ! ! ! !
Items that will not be reclassified
to profit or loss ! ! ! ! ! ! ! !
8311 Remeasurements of defined 6(18)
benefit plans )%! 228-7:8!*! ! .!
! %! 387-85:!! ! .!
8316 Unrealised gains (losses) on 6(2)(22)
investments in equity
instruments at fair value through
other comprehensive income ! 581-:26!! ! .!
!) ! 6:5-868!*! ! .!
8320 Share of other comprehensive 6(22)
income (loss) of associates and
joint ventures accounted for
using equity method ! 591-292!! ! .!
!) ! 685-135!*! ! .!
8349 Income benefit (tax) related to 6(31)
items that will not be reclassified
to profit or loss ! 7-386!! ! .!
!) ! 223-365!*! ! .!
8310 Total items that will not be
reclassified to profit or loss ! 94:-785!! ! .!
!) ! 2-115-397!*! ! .!
Items that will be reclassified to
profit or loss subsequently ! ! ! ! ! ! ! !
8361 Financial statements translation
differences of foreign operations )! 2-447-391!*! ! .!
! ! 33-416-496!! ! 4!
8368 Losses on hedging instruments 6(4)(10)(22) )! 447-655!*! ! .!
!) ! 46:-285!*! ! .!
8370 Share of other comprehensive 6(22)
income (loss) of associates and
joint ventures accounted for
using equity method ! 69-151!! ! .!
!) ! 527-824!*! ! .!
8399 Income benefit relating to the 6(31)
items that will be reclassfied to
profit or loss ! 58-:13!! ! .!
! ! 69-825!! ! .!
8360 Total items that will be
reclassified to profit or loss
subsequently )! 2-677-993!*! ! .!
! ! 32-699-323!! ! 4!
8300 Other comprehensive (loss)
income for the year, net of
income tax )%! 838-319!*! ! .!
! %! 31-694-:37!! ! 4!
8500 Total comprehensive income for
the year %! 4:-359-5:4!! ! 25!
! %! 477-867-9:2!! ! 69!
Profit attributable to: ! ! ! ! ! ! ! !
8610 Owners of the parent %! 46-448-162!! ! 23!
! %! 445-311-772!! ! 64!
8620 Non-controlling interest %! 5-749-761!! ! 3!
! %! 22-:83-415!! ! 3!
Comprehensive income attributable
to: ! ! ! ! ! ! ! !
8710 Owners of the parent %! 45-712-512!! ! 23!! %! 463-317-913!! ! 67!
8720 Non-controlling interest %! 5-758-1:3!! ! 3!! %! 25-661-19:!! ! 3!
! ! ! !
Earnings per share (in dollars) 6(32) ! ! ! !
9750 Basic earnings per share %! 27/81!! %! 98/18!!
9850 Diluted earnings per share %! 27/53!! %! 97/33!!

The accompanying notes are an integral part of these consolidated financial statements.
~15~

225
226
EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Equity attributable to owners of the parent

Capital Retained earnings Other equity interest
Unrealised gains
(losses) on
Financial financial assets at
Certificate of statements fair value through
entitlement to new Total capital translation other Gains (losses) on
shares from surplus, additional Unappropriated differences of comprehensive hedging Non-controlling
Notes Common stock convertible bond paid-in capital Legal reserve Special reserve retained earnings foreign operations income instruments Total interest Total equity

Year 2022
Balance at January 1, 2022 6(22) %! 63-:19-595 %! . %! 26-873-296 %! 9-233-593 %! 692-517 %!361-666-85: )%! 7-844-117* %! 4-:97-13: %! 2-712-318 %!437-895-647 %!41-648-165 %!468-432-6:1
Profit for the year 6(21) . . . . . 445-311-772 . . . 445-311-772 22-:83-415 457-283-:76
Other comprehensive income (loss) for the year 6(21)(22) . . . . . 458-465 31-334-495 ) 2-45:-6:4 * ) 2-326-115 * 29-117-252 3-688-896 31-694-:37
Total comprehensive income (loss) . . . . . 445-659-126 31-334-495 ) 2-45:-6:4 * ) 2-326-115 * 463-317-913 25-661-19: 477-867-9:2
Capital reduction ) 42-857-412* . . . . . . . . ) 42-857-412* . ) 42-857-412*
Adjustments to share of changes in equity of associates and joint 6(20)(21)
ventures . . 29:-877 . . 269-284 . ) 269-284 * . 29:-877 . 29:-877
Appropriation of 2021 earnings 6(21)
Legal reserve . . . 34-9:7-758 . ) 34-9:7-758 * . . . . . .
Special reserve . . . . 675-475 ) 675-475 * . . . . . .
Cash dividends . . . . . ) :6-349-995 * . . . ) :6-349-995* . ) :6-349-995*
Other changes in capital surplus 6(20) . . ) 31 * . . . . . . ) 31* . ) 31*
Conversion of Convertible bonds 6(19)(20) 3-129 . 27-223 . . . . . . 29-241 . 29-241
Changes in non-controlling interests 6(35) . . . . . . . . . . ) 25-862-248 * ) 25-862-248*
Balance at December 31, 2022 %! 32-275-312 %! . %! 26-:79-154 %! 43-12:-23: %! 2-256-881 %!576-673-153 %! 24-5:1-489 %! 3-589-374 %! 497-314 %!663-325-13: %!41-447-117 %!693-661-146

Year 2023
Balance at January 1, 2023 6(22) %! 32-275-312 %! . %! 26-:79-154 %! 43-12:-23: %! 2-256-881 %!576-673-153 %! 24-5:1-489 %! 3-589-374 %! 497-314 %!663-325-13: %!41-447-117 %!693-661-146
Profit for the year 6(21) . . . . . 46-448-162 . . . 46-448-162 5-749-761 4:-:86-812
Other comprehensive income (loss) for the year 6(21)(22) . . . . . ) 228-57: * ) 2-445-954* :69-345 ) 352-683 * ) 846-761* 9-553 ) 838-319*
Total comprehensive income (loss) . . . . . 46-32:-693 ) 2-445-954* :69-345 ) 352-683 * 45-712-512 5-758-1:3 4:-359-5:4
Adjustments to share of changes in equity of associates and joint 6(20)(21)
ventures . . :2-86: . . 237-377 . ) 237-377 * . :2-86: . :2-86:
Appropriation of 2022 earnings 6(21)
Legal reserve . . . 44-581-72: . ) 44-581-72: * . . . . . .
Special reserve . . . . ) 2-256-881 * 2-256-881 . . . . . .
Cash dividends . . . . . ) 259-25:-517 * . . . ) 259-25:-517* . ) 259-25:-517*
Other changes in capital surplus 6(20) . . 53-:92 . . . . . . 53-:92 . 53-:92
Conversion of convertible bonds 6(19)(20) . 219-621 ::3-725 . . . . . . 2-212-235 . 2-212-235
Changes in non-controlling interests 6(20)(33)(35) . . ) 3-983 * . . . . . . ) 3-983* ) 5-198-375 * ) 5-1:1-247*
Balance at December 31, 2023 %! 32-275-312 %! 219-621 %! 28-1:3-636 %! 76-59:-859 %! . %!431-544-746 %! 23-266-646 %! 4-421-342 %! 255-742 %!54:-9::-127 %!41-9:6-945 %!581-8:5-961

The accompanying notes are an integral part of these consolidated financial statements.

~16~
 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Year ended December 31

Notes 2023 2022

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax % 75-282-:68 % 4::-535-589
Adjustments
Adjustments to reconcile profit
(Gain) loss on financial assets and liabilities at fair value 6(27)
through profit or loss ) 57-771 * 66-61:
Depreciation 6(9)(10)(12)(27)(29) 44-62:-918 38-548-596
Amortization 6(29) 455-414 432-416
Expected credit loss 12(2) 21-453 2-:66
Rental expense 6(10) . ) :62 *
Interest income 6(25) ) 25-489-:93 * ) 7-48:-925 *
Interest expense 6(28) 5-:59-783 4-366-459
Dividend income 6(26) ) 58-:35 * ) 264-671 *
Share of profit of associates and joint ventures accounted for
using equity method ) 6-:92-25: * ) :-145-871 *
Gain from bargain purchase 6(26)(34) ) 5-:74-:93 * ) 7-48: *
Loss (gain) arising from lease modification 6(27) 26-567 ) 258 *
Net gain on disposal of property, plant and equipment 6(24) ) 2-745-159 * ) 2-233-828 *
Net loss on disposal of investment property 6(27) . 97
Net loss on disposal of right-of-use assets 6(27) 68: 825
Net gain on disposal of investments 6(27) ) 7-635-759 * ) 44-716 *
Realized profit from sales ) 31-:9: * ) 31-:64 *
Unrealized profit from sales . 24-2:3
Changes in assets/liabilities relating to operating activities
Changes in operating assets
Current contract assets 424-778 4-263-922
Notes receivable, net 28-6:1 417-323
Accounts receivable, net 7-318-189 34-:58-833
Accounts receivable, net - related parties 2-2:5-767 527-26:
Other receivables 371-894 ) 212-628 *
Other receivables - related parties 7:-785 23-882
Inventories ) 2-496-391 * ) 2-455-635 *
Prepayments ) 32:-25: * ) 52-718 *
Other current assets 552-719 2-645-959
Other non-current assets ) 291-7:1 * 8-276
Changes in operating liabilities
Current contract liabilities 298-17: ) 8-284-2:9 *
Notes payable ) 256 * ) 544 *
Accounts payable ) 28-493-481 * 23-34:-298
Accounts payable - related parties ) 2-547-:43 * 44:-684
Other payables ) 6-727-954 * 811-15:
Other payables - related parties 22-272 48-177
Other current liabilities ) 2-544-637 * ) 23-671-486 *
Other non-current liabilities ) 23:-943 * ) 388-995 *
Cash inflow generated from operations 61-442-364 545-:62-322
Interest received 25-556-563 6-699-114
Interest paid ) 5-:42-:7: * ) 4-264-332 *
Income tax paid ) 84-788-538 * ) 25-:67-527 *
Net cash flows (used in) from operating activities ) 24-943-7:2 * 533-53:-688

(Continued)

~17~
227
 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Year ended December 31

Notes 2023 2022

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of financial assets at fair value through profit or loss )% 839-24: * % .
Increase in other receivables - related parties . ) 95-789 *
Proceeds from disposal of financial assets at fair value through
profit or loss . 25
Decrease in financial assets at amortised cost-current 32-482-79: 69-758-:63
Proceeds from capital reduction of available-for-sale financial
assets 2-648 .
Decrease (increase) in financial assets at amortised cost - non
current 336-:34 ) 219-:53 *
Decrease in financial assets for hedging 4-721-15: 28-192-854
Acquisition of investments accounted for using equity method 6(8) ) 582-969 * ) 4-92:-865 *
Proceeds from disposal of investments accounted for using equity 6(8)
method 24-157-949 .
Proceeds from capital reduction of investments accounted for 6(8)
using equity method . 5-383-175
Acquisition of property, plant and equipment 6(35) ) 23-515-:66 * ) 28-946-22: *
Proceeds from disposal of property, plant and equipment 3-43:-562 4-723-967
Acquisition of right-of-use assets ) 212 * .
Acquisition of investment property 6(12) ) 8-722 * ) 4-428 *
Acquisition of intangible assets 6(35) ) 66-446 * ) 55-956 *
Increase in guarantee deposits paid ) 2-465-956 * ) 87-552 *
Decrease in guarantee deposits paid 2-481-375 5:-3::
Increase in prepayments for investments ) 2-541-7:1 * .
Decrease in finance lease receivable 3-264 .
Increase in other non-current assets 6(35) ) 5:-441-878 * ) 47-449-9:5 *
Net cash flow from acquisition of subsidiaries 6(35) ) 29-256-932 * ) 214-928 *
Cash dividend received 3-327-435 2-624-327
Net cash flows (used in) from investing activities ) 4:-866-9:5 * 37-872-448
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term loans 6(36) 2:1-384 466-:61
Decrease in short-term loans 6(36) ) 2:1-384 * ) 2-185-15: *
Increase in short-term notes payable 6(36) 461-111 .
Decrease in short-term notes payable 6(36) ) 461-111 * .
(Decrease) increase in other payables - related parties ) 916-284 * 943
Increase in long-term loans 6(36) 52-113-159 2:-58:-877
Decrease in long-term loans 6(36) ) 52-6:2-737 * ) 4:-669-588 *
Decrease in corporate bonds payable 6(36) ) 3-111-111 * ) 5-111-111 *
Payments of lease liabilities 6(10)(36) ) 26-568-136 * ) 27-831-431 *
Increase in guarantee deposits received 6(36) 2-383-655 2-363-119
Decrease in guarantee deposits received 6(36) ) 2-369-7:2 * ) :94-823 *
Cash dividends paid 6(21) ) 259-25:-517 * ) :6-349-995 *
Other financing activities 6(20) 53-:92 ) 31 *
Capital reduction 6(19) . ) 42-857-412 *
Net change in non-controlling interest 6(35) ) 2-245-884 * ) 272-::: *
Net cash flows used in financing activities ) 279-18:-232 * ) 279-4:6-317 *
Effect of exchange rate changes ) 559-::7 * 4-869-486
Net (decrease) increase in cash and cash equivalents ) 333-227-813 * 395-665-194
Cash and cash equivalents at beginning of year 4:3-457-58: 218-8:3-4:7
Cash and cash equivalents at end of year % 281-33:-888 % 4:3-457-58:

The accompanying notes are an integral part of these consolidated financial statements.

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228
 EVERGREEN MARINE CORPORATION (TAIWAN) LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. HISTORY AND ORGANISATION

Evergreen Marine Corporation (Taiwan) Ltd. (the “Company”) was incorporated as a company limited
by shares under the provisions of the Company Law of the Republic of China (R.O.C.) on September 25,
1968 and was established in the Republic of China. The Company and its subsidiaries (collectively
referred herein as the “Group”) are mainly engaged in domestic and international marine transportation,
shipping agency services, commercial port area ship repair services and the distribution of containers.
The Company was approved by the Securities and Futures Bureau (SFB), Financial Supervisory
Commission, Executive Yuan, R.O.C. to be a public company on November 2, 1982 and was further
approved by the SFB to be a listed company on July 6, 1987. The Company’s shares have been publicly
traded on the Taiwan Stock Exchange since September 21, 1987.
2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL
STATEMENTS AND PROCEDURES FOR AUTHORISATION
These consolidated financial statements were reported to the Board of Directors on March 14, 2024.
3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting
Standards (“IFRS®ȹ) Accounting Standards that came into effect as endorsed by the Financial
Supervisory Commission (“FSC”)
New standards, interpretations and amendments endorsed by the FSC and became effective from
2023 are as follows:
Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IAS 1, ‘Disclosure of accounting policies’ January 1, 2023
Amendments to IAS 8, ‘Definition of accounting estimates’ January 1, 2023
Amendments to IAS 12, ‘Deferred tax related to assets and liabilities January 1, 2023
arising from a single transaction’
Amendments to IAS 12, ‘International tax reform - pillar two model May 23, 2023
rules’
Except for the following, the above standards and interpretations have no significant impact to the
Group’s financial condition and financial performance based on the Group’s assessment.

2:!

229
 Amendments to IAS 12, ‘International tax reform - pillar two model rules’
The amendments give companies temporary relief from accounting for deferred income taxes arising
from tax law enacted or substantively enacted to implement the Pillar Two model rules published by
the Organisation for Economic Co-operation and Development (OECD). An entity shall neither
recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two
income taxes.
(2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but
not yet adopted by the Group
New standards, interpretations and amendments endorsed by the FSC and will become effective from
2024 are as follows:

Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’ January 1, 2024
Amendments to IAS 1, ‘Classification of liabilities as current or non- January 1, 2024
current’
Amendments to IAS 1, ‘Non-current liabilities with covenants’ January 1, 2024
Amendments to IAS 7 and IFRS 7, ‘Supplier finance arrangements’ January 1, 2024

The above standards and interpretations have no significant impact to the Group’s financial condition
and financial performance based on the Group’s assessment.
(3) IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC
New standards, interpretations and amendments issued by IASB but not yet included in the IFRS
Accounting Standards as endorsed by the FSC are as follows:
Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets To be determined by
between an investor and its associate or joint venture’ International Accounting
Standards Board
IFRS 17, ‘Insurance contracts’ January 1, 2023
Amendments to IFRS 17, ‘Insurance contracts’ January 1, 2023
Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 – January 1, 2023
comparative information’
Amendments to IAS 21, ‘Lack of exchangeability’ January 1, 2025
The above standards and interpretations have no significant impact to the Group’s financial condition
and financial performance based on the Group’s assessment.

31!

230
4. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements
are set out below. These policies have been consistently applied to all the periods presented, unless
otherwise stated.
(1) Compliance statement
These consolidated financial statements of the Group have been prepared in accordance with the
Regulations Governing the Preparation of Financial Reports by Securities Issuers, International
Financial Reporting Standards, International Accounting Standards, IFRIC® Interpretations, and
SIC® Interpretations that came into effect as endorsed by the FSC (collectively referred herein as the
“IFRSs”).
(2) Basis of preparation
A. Except for the following items, the consolidated financial statements have been prepared under
the historical cost convention:
(a) Financial assets and financial liabilities (including derivative instruments) at fair value through
profit or loss.
(b) Financial assets at fair value through other comprehensive income.
(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less
present value of defined benefit obligation.
B. The preparation of financial statements in conformity with IFRSs requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Group’s accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements are disclosed in Note 5.
(3) Basis of consolidation
(a) All subsidiaries are included in the Group’s consolidated financial statements. Subsidiaries are
all entities (including structured entities) controlled by the Group. The Group controls an entity
when the Group is exposed, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Consolidation of
subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when
the Group loses control of the subsidiaries.
(b) Inter-company transactions, balances and unrealised gains or losses on transactions between
companies within the Group are eliminated. Accounting policies of subsidiaries have been
adjusted where necessary to ensure consistency with the policies adopted by the Group.
(c) Profit or loss and each component of other comprehensive income are attributed to the owners of
the parent and to the non-controlling interests. Total comprehensive income is attributed to the
owners of the parent and to the non-controlling interests even if this results in the non controlling
interests having a deficit balance.

32!

231
 (d) Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing
control of the subsidiary (transactions with non-controlling interests) are accounted for as equity
transactions, i.e. transactions with owners in their capacity as owners. Any difference between
the amount by which the non-controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity.
(e) When the Group loses control of a subsidiary, the Group remeasures any investment retained in
the former subsidiary at its fair value. That fair value is regarded as the fair value on initial
recognition of a financial asset or the cost on initial recognition of the associate or joint venture.
Any difference between fair value and carrying amount is recognised in profit or loss. All
amounts previously recognised in other comprehensive income in relation to the subsidiary are
reclassified to profit or loss on the same basis as would be required if the related assets or
liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or
losses previously recognised in other comprehensive income in relation to the subsidiary should
be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit
or loss when the related assets or liabilities are disposed of.
B. Subsidiaries included in the consolidated financial statements:
Ownership (%)
Name of Name of Main business December 31, December 31,
Investor Subsidiary activities 2023 2022 Description
The TTSC Cargo loading 77.00 55.00 (j)
Company and discharging

The Peony Investments in 100.00 100.00

Company transport-related
business

The ETS Terminal Services 94.43 94.43

Company

The EGH Container shipping and 79.00 79.00

Company agency services dealing
with port formalities

The EIL Agency services dealing 59.00 59.00

Company with port formalities

The EMA Container shipping and 100.00 100.00

Company agency services dealing
with port formalities

The ESRC Security industry 62.25 62.25 (d)

Company

Peony GMS Container shipping 100.00 100.00

33!

232
 Ownership (%)
Name of Name of Main business December 31, December 31,
Investor Subsidiary activities 2023 2022 Description

Peony Clove Investments in container 100.00 100.00

yards and port terminals

Peony EMU Container shipping and 51.00 51.00

agency services dealing
with port formalities

Peony EHIC(M) Manufacturing of 84.44 84.44

dry steel containers
and container parts

Peony KTIL Loading, discharging, 20.00 20.00 (n)

storage, repairs and
cleaning of containers

Peony MBPI Containers storage 95.03 95.03

and inspections of
containers at the
customs house

Peony MBT Inland transportation, 17.39 17.39 (n)

repairs and cleaning
of containers

Peony EGK Agency services dealing 100.00 100.00

with port formalities

Peony EGT Agency services dealing 85.00 85.00

with port formalities

Peony EGI Agency services dealing 99.99 99.99

with port formalities

Peony EAU Agency services dealing 100.00 100.00

with port formalities

Peony EIT Agency services dealing 55.00 55.00

with port formalities

Peony EES Agency services dealing 100.00 100.00

with port formalities

Peony ERU Agency services dealing 51.00 51.00

with port formalities

Peony EEU Agency services dealing 100.00 100.00

with port formalities

Peony ESA Agency services dealing 55.00 55.00

with port formalities

34!

233
 Ownership (%)
Name of Name of Main business December 31, December 31,
Investor Subsidiary activities 2023 2022 Description

Peony EGB Real estate leasing 95.00 95.00

Peony EGM Agency services dealing 100.00 100.00

with port formalities

Peony EGH Container shipping and 1.00 1.00 (n)

agency services dealing
with port formalities

Peony EGV Agency services dealing 100.00 100.00

with port formalities

EGH Ever shine Management consultancy 100.00 100.00

(Shanghai) and self-owned property
leasing

EGH Ever shine Management consultancy 100.00 100.00

(Ningbo) and self-owned property
leasing

EGH Ever shine Management consultancy 100.00 100.00

(Shenzhen) and self-owned property
leasing

EGH Ever shine Management consultancy 100.00 100.00

(Qingdao) and self-owned property
leasing

EGH ECN Agency services dealing 65.00 65.00

with port formalities

EGH KTIL Loading, discharging, 20.00 20.00 (n)

storage, repairs and
cleaning of containers

EGH EKH Agency services dealing 100.00 100.00

with port formalities

EGH EPE Agency services dealing 60.00 60.00

with port formalities

EGH ECO Agency services dealing 75.00 75.00

with port formalities

EGH ECL Agency services dealing 60.00 60.00

with port formalities

EGH EMX Agency services dealing 60.00 60.00

with port formalities

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 Ownership (%)
Name of Name of Main business December 31, December 31,
Investor Subsidiary activities 2023 2022 Description

EGH EGRC Agency services dealing 60.00 60.00

with port formalities

EGH EIL Agency services dealing 1.00 1.00 (n)

with port formalities

EGH ELA Management consultancy 100.00 100.00

EGH EBR Agency services dealing 60.00 60.00

with port formalities

EGH EGP Agency services dealing 100.00 100.00

with port formalities

EGH EAR Agency services dealing 60.00 60.00

with port formalities

EGH ESAU Agency services dealing 60.00 60.00

with port formalities

EGH UMS Agency services dealing 0.00 100.00 (l)

with port formalities

EMA ETR Agency services dealing 60.00 60.00 (a)

with port formalities

EMA EGJ Agency services dealing 100.00 100.00 (b)

with port formalities

EMA EBPI Computer system services 100.00 100.00 (c)

and terminal logistics

EMA EECU Agency services dealing 60.00 60.00 (e)

with port formalities

EMA EIM Agency services dealing 70.00 70.00 (f)

with port formalities

EMA CCT Terminal Services 100.00 - (g)

EMA EIP Data processing and 100.00 - (h)

information technology
consulting services

EMA EUY Agency services dealing 60.00 - (i)

with port formalities

EMA EMS Container shipping 100.00 - (k)

EMA EPE Agency services dealing 40.00 - (n)

with port formalities

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 Ownership (%)
Name of Name of Main business December 31, December 31,
Investor Subsidiary activities 2023 2022 Description

EMA ECL Agency services dealing 40.00 - (n)

with port formalities

EMA EMX Agency services dealing 40.00 - (n)

with port formalities

EMA UMS Agency services dealing 100.00 - (l)

with port formalities

EMA KTIL Loading, discharging, 40.00 - (m),(n)

storage, repairs and
cleaning of containers

CCT CLP Leasing storehouses 60.00 60.00 (g)

ETS Whitney Investments and 100.00 100.00

leases of operating
machinery and
equipment of port
terminals

EMU KTIL Loading, discharging, - 20.00 (m),(n)

storage, repairs and
cleaning of containers

Clove ETS Terminal Services 5.57 5.57 (n)

MBPI MBT Inland transportation, 72.95 72.95

repairs and cleaning
of containers

(a) On April 22, 2021, the Board of Directors of the subsidiary, EMA, resolved to establish a
subsidiary, ETR, in Turkey. The capital for establishment is TRY4,000, 25% and 75% of the
capital injection were completed on October 12, 2021 and May 17, 2022, respectively. The
subsidiary is primarily engaged in agency services dealing with port formalities.
(b) On November 5, 2021, the Board of Directors of the subsidiary, EMA, resolved to make an
equity transaction. EMA acquired 100% equity interests of EGJ from the other related party,
Evergreen International S.A., and obtained the control over EGJ. The transaction date was
January 1, 2022 and the transaction amount was USD 15,534 (approx. $429,597).
(c) On March 4, 2022, the Board of Directors of the subsidiary, EMA, resolved to establish a
subsidiary, EBPI, in US. The capital for establishment is USD2,000, and the capital injection
was completed on May 23, 2022. The subsidiary is primarily engaged in computer system
services and terminal logistics.

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(d) On March 15, 2022, the Board of Directors of the Company resolved to acquire 31% equity
interests of ESRC from the associate, EVA. Together with 31.25% equity interests previously
held by the Company, the Company held a total of 62.25% equity interests of ESRC after the
merger and obtained control over ESRC. The transaction date was April 1, 2022 and the
transaction amount was $192,038.
(e) On April 4, 2022, the Board of Directors of the subsidiary, EMA, resolved to establish a
subsidiary, EECU, in Ecuador. The capital for establishment is USD300, and the capital
injection was completed on July 19, 2022. The subsidiary is primarily engaged in agency
services dealing with port formalities.
(f) On December 15, 2022, the Board of Directors of the subsidiary, EMA, resolved to make an
equity transaction. EMA acquired 51% and 19% equity interests of EIM from the other related
party, Evergreen Marine (Singapore) Pte. Ltd., and a non-related party, respectively, and
obtained the control over EIM. The transaction date was December 26, 2022 and the
transaction amount was USD 76.38 (approx. $2,341).
(g) On November 4, 2022, the Board of Directors of the subsidiary, EMA, resolved to acquire 9%,
40% and 51% equity interests of CCT from its original shareholders, EGH, Clove and Ally,
respectively, for a transaction price of USD 268,000 (approx. $8,199,460), and obtained the
control over CCT (including CCT’s 60% equity interests of CLP). The transaction date was
January 1, 2023.
(h) On April 11, 2023, the Board of Directors of the subsidiary, EMA, resolved to establish a
subsidiary, EIP, in China. The capital for establishment is USD 400, and the capital injection
was completed on June 20, 2023. The subsidiary is primarily engaged in the data processing
and information technology consulting services in China.
(i) On December 13, 2022, the Board of Directors of the subsidiary, EMA, resolved to establish a
subsidiary, EUY, in Uruguay. The capital for establishment is UYU 8,500, and the capital
injection was completed on July 3, 2023. The subsidiary is primarily engaged in agency
services dealing with port formalities in Uruguay.
(j) On May 12, 2023, the Board of Directors of the Company resolved to acquire 22% equity
interests of TTSC from the other related party, EIC, for a transaction price of $37,500. The
transaction date was June 1, 2023.
(k) On June 19, 2023, the Board of Directors of the subsidiary, EMA, resolved to acquire 100%
equity interests of EMS from its original shareholders, EIS, for a transaction price of USD
780,000 (approx. $24,133,200), and obtained the control over EMS. The transaction date was
July 14, 2023.
(l) On December 1, 2023, the Board of Directors of the subsidiary, EMA, resolved to acquire
100% equity interests of UMS from its original shareholder, EGH, for a transaction price of
USD 353 (approx. $11,036), and obtained the control over UMS. The transaction date was
December 1, 2023.

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 (m) On November 9, 2023, the Board of Directors of the subsidiary, EMA, resolved to acquire
20% and 20% equity interests of KTIL from its original shareholder, EMU, and associate,
Italia Marittima S.p.A., respectively, for a transaction price of USD 6,263 (approx. $191,971).
The transaction date was December 31, 2023.
(n) This company was included in the consolidated financial statements, given the comprehensive
shareholding ratio and the majority voting rights on the Board of Directors held by the Group,
resulting in the Group obtaining control over the company.
C. Subsidiary not included in the consolidated financial statements: None.
D. Adjustments for subsidiaries with different balance sheet dates: None.
E. Significant restrictions: None.
F. Subsidiaries that have non-controlling interests that are material to the Group:
As of December 31, 2023 and 2022, the non-controlling interest amounted to $30,895,834 and
$30,336,006, respectively. The information of non-controlling interest and respective subsidiaries
is as follows:
Non-controlling interest
December 31, 2023 December 31, 2022
Name of Principal place Ownership Ownership
subsidiary of business Amount (%) Amount (%)
EGH Hong Kong $ 14,516,757 20% $ 15,391,635 20%
EMU U.K. 14,280,007 49%
(Note) EMU is no longer a subsidiary that have non-controlling interests that are material to the
Group since January 1, 2023 due to the decline of scale of operations.
Summarised financial information of the subsidiaries:
Balance sheets
EGH
December 31, 2023 December 31, 2022
Current assets $ 91,271,190 $ 86,479,191
Non-current assets 49,460,848 54,291,735
Current liabilities ( 40,535,550) ( 35,469,894)
Non-current liabilities ( 28,658,568) ( 30,583,941)
Total net assets $ 71,537,920 $ 74,717,091

EMU
December 31, 2022
Current assets $ 7,078,811
Non-current assets 36,333,494
Current liabilities ( 7,066,240)
Non-current liabilities ( 7,203,193)
Total net assets $ 29,142,872

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Statements of comprehensive income
EGH
Year ended Year ended
December 31, 2023 December 31, 2022
Revenue $ 33,894,190 $ 82,735,493
Profit before income tax $ 13,121,842 $ 53,397,182
Income tax expense ( 217,198) ( 3,368,726)
Net income 12,904,644 50,028,456
Other comprehensive income (loss),
net of tax 14,410 ( 267,307)
Total comprehensive income $ 12,919,054 $ 49,761,149
Comprehensive income attributable
to non-controlling interest $ 2,861,592 $ 10,641,029
Dividends paid to non-controlling
interest $ 3,668,438 $ 14,499,376

EMU
Year ended
December 31, 2022
Revenue $ 13,220,754
Profit before income tax $ 2,485,918
Income tax expense ( 37,117)
Net income 2,448,801
Other comprehensive loss, net of tax ( 38,490)
Total comprehensive income $ 2,410,311
Comprehensive income attributable
to non-controlling interest $ 1,181,052

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 Statements of cash flows
EGH
Year ended Year ended
December 31, 2023 December 31, 2022
Net cash provided by operating $ 14,105,786 $ 74,543,609
activities
Net cash provided by investing
activities 4,843,550 14,331,606
Net cash used in financing activities ( 4,192,277) ( 80,431,189)
Effect of exchange rates on cash and
cash equivalents ( 129,697) 3,917,294
Increase in cash and cash equivalents 14,627,362 12,361,320
Cash and cash equivalents,
beginning of period 47,074,112 34,712,792
Cash and cash equivalents,
end of period $ 61,701,474 $ 47,074,112

EMU
Year ended
December 31, 2022
Net cash provided by operating $ 7,004,172
activities
Net cash used in investing activities ( 150,474)
Net cash used in financing activities ( 3,329,787)
Effect of exchange rates on cash and
cash equivalents 237,072
Increase in cash and cash equivalents 3,760,983
Cash and cash equivalents,
beginning of period 1,432,318
Cash and cash equivalents,
end of period $ 5,193,301

(4) Foreign currency translation

Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the “functional
currency”). The consolidated financial statements are presented in New Taiwan Dollars, which is the
Company’s functional and the Group’s presentation currency.

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A. Foreign currency transactions and balances
(a) Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions or valuation where items are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions are
recognised in profit or loss in the period in which they arise, except when deferred in other
comprehensive income as qualifying cash flow hedges.
(b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-
translated at the exchange rates prevailing at the balance sheet date. Exchange differences
arising upon re-translation at the balance sheet date are recognised in profit or loss.
(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value
through profit or loss are re-translated at the exchange rates prevailing at the balance sheet
date; their translation differences are recognised in profit or loss. Non-monetary assets and
liabilities denominated in foreign currencies held at fair value through other comprehensive
income are re-translated at the exchange rates prevailing at the balance sheet date; their
translation differences are recognised in other comprehensive income. However, non-
monetary assets and liabilities denominated in foreign currencies that are not measured at fair
value are translated using the historical exchange rates at the dates of the initial transactions.
(d) All other foreign exchange gains and losses based on the nature of those transactions are
presented in the statement of comprehensive income within ‘other gains and losses’.
B. Translation of foreign operations
(a) The operating results and financial position of all the group entities and associates that have a
functional currency different from the presentation currency are translated into the
presentation currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at the closing exchange
rate at the date of that balance sheet;
ii. Income and expenses for each statement of comprehensive income are translated at average
exchange rates of that period; and
iii. All resulting exchange differences are recognised in other comprehensive income.
(b) When the foreign operation partially disposed of or sold is an associate, exchange differences
that were recorded in other comprehensive income are proportionately reclassified to profit or
loss as part of the gain or loss on sale. In addition, even when the Group retains partial interest
in the former foreign associate after losing significant influence over the former foreign
associate, such transactions should be accounted for as disposal of all interest in these foreign
operations.

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 (c) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange
differences that were recorded in other comprehensive income are proportionately transferred
to the non-controlling interest in this foreign operation. In addition, even when the Group
retains partial interest in the former foreign subsidiary after losing control of the former foreign
subsidiary, such transactions should be accounted for as disposal of all interest in the foreign
operation.
(d) Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated
as assets and liabilities of the foreign entity and translated at the closing exchange rates at the
balance sheet date.
(5) Classification of current and non-current items
A. Assets that meet one of the following criteria are classified as current assets; otherwise they are
classified as non-current assets:
(a) Assets arising from operating activities that are expected to be realised, or are intended to be
sold or consumed within the normal operating cycle;
(b) Assets held mainly for trading purposes;
(c) Assets that are expected to be realised within twelve months from the balance sheet date;
(d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to
be exchanged or used to settle liabilities more than twelve months after the balance sheet date.
B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they
are classified as non-current liabilities:
(a) Liabilities that are expected to be settled within the normal operating cycle;
(b) Liabilities arising mainly from trading activities;
(c) Liabilities that are to be settled within twelve months from the balance sheet date;
(d) Liabilities for which the repayment date cannot be extended unconditionally to more than
twelve months after the balance sheet date. Terms of a liability that could, at the option of the
counterparty, result in its settlement by the issue of equity instruments do not affect its
classification.
(6) Cash equivalents
Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits with
original maturities of three months or less that meet the definition above and are held for the purpose
of meeting short-term cash commitments in operations are classified as cash equivalents.
(7) Financial assets at fair value through profit or loss
A. Financial assets at fair value through profit or loss are financial assets that are not measured at
amortised cost or fair value through other comprehensive income.
B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are
recognised and derecognised using trade date accounting.

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 C. At initial recognition, the Group measures the financial assets at fair value and recognises the
transaction costs in profit or loss. The Group subsequently measures the financial assets at fair
value, and recognises the gain or loss in profit or loss.
D. The Group recognises the dividend income when the right to receive payment is established, future
economic benefits associated with the dividend will flow to the Group and the amount of the
dividend can be measured reliably.
(8) Financial assets at fair value through other comprehensive income
A. Financial assets at fair value through other comprehensive income comprise equity securities
which are not held for trading, and for which the Group has made an irrevocable election at initial
recognition to recognise changes in fair value in other comprehensive income and debt instruments
which meet all of the following criteria:
(a) The objective of the Group’s business model is achieved both by collecting contractual cash
flows and selling financial assets; and
(b) The assets’ contractual cash flows represent solely payments of principal and interest.
B. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive
income are recognised and derecognised using trade date accounting.
C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs.
The Group subsequently measures the financial assets at fair value:
(a) The changes in fair value of equity investments that were recognised in other comprehensive
income are reclassified to retained earnings and are not reclassified to profit or loss following
the derecognition of the investment. Dividends are recognised as other income when the right
to receive payment is established, future economic benefits associated with the dividend will
flow to the Group and the amount of the dividend can be measured reliably.
(b) Except for the recognition of impairment loss, interest income and gain or loss on foreign
exchange which are recognised in profit or loss, the changes in fair value of debt instruments
are taken through other comprehensive income. When the financial asset is derecognised, the
cumulative gain or loss previously recognised in other comprehensive income is reclassified
from equity to profit or loss.
(9) Financial assets at amortised cost
A. Financial assets at amortised cost are those that meet all of the following criteria:
(a) The objective of the Group’s business model is achieved by collecting contractual cash flows.
(b) The assets’ contractual cash flows represent solely payments of principal and interest.
B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and
derecognised using trade date accounting.
C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs.
Interest income from these financial assets is included in finance income using the effective
interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or
impaired.

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 D. The Group’s time deposits which do not fall under cash equivalents are those with a short maturity
period and are measured at initial investment amount as the effect of discounting is immaterial.
(10) Notes, accounts and other receivables
A. Notes and account receivable entitle the Group a legal right to receive consideration in exchange
for transferred goods or rendered services. Receivables arising from transactions other than the
sale of goods or service are classified as other receivables.
B. The short-term notes receivable, accounts receivable and other receivables without bearing
interest are subsequently measured at initial invoice amount as the effect of discounting is
immaterial.
(11) Impairment of financial assets
For debt instruments measured at fair value through other comprehensive income and financial
assets at amortised cost including accounts receivable or contract assets that have a significant
financing component at each reporting date, the Group recognises the impairment provision for 12
months expected credit losses if there has not been a significant increase in credit risk since initial
recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if
such credit risk has increased since initial recognition after taking into consideration all reasonable
and verifiable information that includes forecasts. On the other hand, for accounts receivable or
contract assets that do not contain a significant financing component, the Group recognises the
impairment provision for lifetime ECLs.
(12) Derecognition of financial assets
The Group derecognises a financial asset when one of the following conditions is met:
A. The contractual rights to receive cash flows from the financial asset expire.
B. The contractual rights to receive cash flows from the financial asset have been transferred and
the Group has transferred substantially all risks and rewards of ownership of the financial asset.
C. The contractual rights to receive cash flows from the financial asset have been transferred;
however, the Group has not retained control of the financial asset.
(13) Operating leases (lessor) – lease receivable / operating leases
A. Based on the terms of a lease contract, a lease is classified as a finance lease if the lessee assumes
substantially all the risks and rewards incidental to ownership of the leased asset.
(a) At commencement of the lease term, the lessor should record a finance lease in the balance
sheet as ‘lease receivables’ at an amount equal to the gross investment in the lease (including
initial direct costs). The difference between gross lease receivable and the present value of
the receivable is recognised as ‘unearned finance income of finance lease’.
(b) The lessor should allocate finance income over the lease term based on a systematic and
rational basis reflecting a constant periodic rate of return on the lessor’s net investment in the
finance lease.
(c) Lease payments (excluding costs for services) during the lease term are applied against the
gross investment in the lease to reduce both the principal and the unearned finance income.

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 B. Lease income from an operating lease (net of any incentives given to the lessee) is recognised in
profit or loss on a straight-line basis over the lease term.
(14) Inventories
Inventories refer to fuel inventories and steel inventories. Fuel inventories are physically measured
by the crew of each ship and reported back to the Head Office through telegraph for recording
purposes at balance sheet date. Valuation of inventories is based on the exchange rate prevailing at
balance sheet date.
The perpetual inventory system is adopted for steel inventory recognition. Steel inventories are
stated at cost. The cost is determined using the weighted-average method. At the end of period,
inventories are evaluated at the lower of cost or net realisable value, and the individual item approach
is used in the comparison of cost and net realisable value. The calculation of net realisable value
should be based on the estimated selling price in the normal course of business, net of estimated
costs of completion and estimated selling expenses.
(15) Investments accounted for using equity method / associates
A. Associates are all entities over which the Group has significant influence but not control. In
general, it is presumed that the investor has significant influence, if an investor holds, directly or
indirectly 20 percent or more of the voting power of the investee. Investments in associates are
accounted for using the equity method and are initially recognised at cost.
B. The Group’s share of its associates’ post-acquisition profits or losses is recognised in profit or
loss, and its share of post-acquisition movements in other comprehensive income is recognised
in other comprehensive income. When the Group’s share of losses in an associate equals or
exceeds its interest in the associate, including any other unsecured receivables, the Group does
not recognise further losses, unless it has incurred legal or constructive obligations or made
payments on behalf of the associate.
C. When changes in an associate’s equity that are not recognised in profit or loss or other
comprehensive income of the associate and such changes not affecting the Group’s ownership
percentage of the associate, the Group recognises the Group’s share of change in equity of the
associate in ‘capital surplus’ in proportion to its ownership.
D. Unrealised gains and loss on transactions between the Group and its associates are eliminated to
the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment of the asset transferred. Accounting policies
of associates have been adjusted where necessary to ensure consistency with the policies adopted
by the Group.

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 E. In the case that an associate issues new shares and the Group does not subscribe or acquire new
shares proportionately, which results in a change in the Group’s ownership percentage of the
associate but maintains significant influence on the associate, then ‘capital surplus’ and
‘investments accounted for using equity method’ shall be adjusted for the increase or decrease
of its share of equity interest. If the above condition causes a decrease in the Group’s ownership
percentage of the associate, in addition to the above adjustment, the amounts previously
recognised in other comprehensive income in relation to the associate are reclassified to profit
or loss proportionately on the same basis as would be required if the relevant assets or liabilities
were disposed of.
F. Upon loss of significant influence over an associate, the Group remeasures any investment
retained in the former associate at its fair value. Any difference between fair value and carrying
amount is recognised in profit or loss.
G. When the Group disposes its investment in an associate and loses significant influence over this
associate, the amounts previously recognised in other comprehensive income in relation to the
associate, are reclassified to profit or loss, on the same basis as would be required if the relevant
assets or liabilities were disposed of. If it retains significant influence over this associate, the
amounts previously recognised in other comprehensive income in relation to the associate are
reclassified to profit or loss proportionately in accordance with the aforementioned approach.
H. When the Group disposes its investment in an associate and loses significant influence over this
associate, the amounts previously recognised as capital surplus in relation to the associate are
transferred to profit or loss. If it still retains significant influence over this associate, then the
amounts previously recognised as capital surplus in relation to the associate are transferred to
profit or loss proportionately.
(16) Property, plant and equipment
A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the
construction period are capitalised.
B. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the Group and the cost of the item can be measured reliably. The carrying amount of the
replaced part is derecognised. All other repairs and maintenance are charged to profit or loss
during the financial period in which they are incurred.
C. Land is not depreciated. Other property, plant and equipment apply cost model and are
depreciated using the straight-line method to allocate their cost over their estimated useful lives.
Each part of an item of property, plant, and equipment with a cost that is significant in relation
to the total cost of the item must be depreciated separately.

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 D. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, at each financial year-end. If expectations for the assets’ residual values and useful
lives differ from previous estimates or the patterns of consumption of the assets’ future economic
benefits embodied in the assets have changed significantly, any change is accounted for as a
change in estimate under IAS 8, ‘Accounting Policies, Changes in Accounting Estimates and
Errors’, from the date of the change. The estimated useful lives of property, plant and equipment
are as follows:
Buildings (Including repairments) 3 ~ 115 years
Loading and unloading equipment 3 ~ 20 years
Ships (Except for docking repair, ballast water,
lashing gears equipment and scrubber) 3 ~ 25 years
Ships (Docking repair) 2 ~ 5 years
Ships (Ballast water, lashing gears equipment
and scrubber) 6 ~ 10 years
Transportation equipment 6 ~ 10 years
Other equipment 2 ~ 20 years
The above docking repair, ballast water, lashing gears equipment and scrubber pertain to the
significant components of ships.
(17) Leasing arrangements (lessee)ɡright-of-use assets/ lease liabilities
A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at
which the leased asset is available for use by the Group. For short-term leases or leases of low-
value assets, lease payments are recognised as an expense on a straight-line basis over the lease
term.
B. Lease liabilities include the net present value of the remaining lease payments at the
commencement date, discounted using the incremental borrowing interest rate.
Lease payments are comprised of the following:
(a) Fixed payments, less any lease incentives receivable;
(b) Variable lease payments that depend on an index or a rate; and
(c) The exercise price of a purchase option, if the lessee is reasonably certain to exercise that
option.
The Group subsequently measures the lease liability at amortised cost using the interest method
and recognises interest expense over the lease term. The lease liability is remeasured and the
amount of remeasurement is recognised as an adjustment to the right-of-use asset when there are
changes in the lease term or lease payments and such changes do not arise from contract
modifications.
C. At the commencement date, the right-of-use asset is stated at cost comprising the following:
(a) The amount of the initial measurement of lease liability;
(b) Any lease payments made at or before the commencement date;

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 (c) Any initial direct costs incurred by the lessee; and
(d) An estimate of costs to be incurred by the lessee in dismantling and removing the underlying
asset, restoring the site on which it is located or restoring the underlying asset to the condition
required by the terms and conditions of the lease.
The right-of-use asset is measured subsequently using the cost model and is depreciated from the
commencement date to the earlier of the end of the asset’s useful life or the end of the lease term.
When the lease liability is remeasured, the amount of remeasurement is recognised as an
adjustment to the right-of-use asset.
D. For lease modifications that decrease the scope of the lease, the lessee shall decrease the carrying
amount of the right-of-use asset to reflect the partial or full termination of the lease, and recognise
the difference between remeasured lease liability in profit or loss.
(18) Investment property
An investment property is stated initially at its cost and measured subsequently using the cost model.
Except for land, investment property is depreciated on a straight-line basis over its estimated useful
life of 8.75 ~ 55 years.
(19) Intangible assets
A. Computer software
Computer software is stated at cost and amortised on a straight-line basis over its estimated useful
life of 2 ~ 5 years.
B. Goodwill
Goodwill arises in a business combination accounted for by applying the acquisition method.
C. Customer relationship
Customer relationship arises from the business combination is measured initially at their fair
values at the acquisition date. Customer relationship has a finite useful life and are amortised on
a straight-line basis over their estimated useful lives of 8.05 ~ 19 years.
(20) Impairment of non-financial assets
A. The Group assesses at each balance sheet date the recoverable amounts of those assets where
there is an indication that they are impaired. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell or value in use. Except for goodwill, when the
circumstances or reasons for recognising impairment loss for an asset in prior years no longer
exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal
should not be more than what the depreciated or amortised historical cost would have been if the
impairment had not been recognised.
B. The recoverable amounts of goodwill are evaluated periodically. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
Impairment loss of goodwill previously recognised in profit or loss shall not be reversed in the
following years.

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(21) Borrowings
A. Borrowings comprise long-term and short-term bank borrowings and other long-term and short-
term loans. Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in profit or loss over the period of
the borrowings using the effective interest method.
B. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to
the extent that it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for
liquidity services and amortised over the period of the facility to which it relates.
(22) Accounts payable
A. Accounts payable are liabilities for purchases of raw materials, goods or services.
B. The short-term notes and accounts payable without bearing interest are subsequently measured
at initial invoice amount as the effect of discounting is immaterial.
(23) Financial liabilities at fair value through profit or loss
A. Financial liabilities are classified in this category of held for trading if acquired principally for
the purpose of repurchasing in the short-term. Derivatives are also categorised as financial
liabilities held for trading unless they are designated as hedges or financial liabilities at fair value
through profit or loss. Financial liabilities that meet one of the following criteria are designated
as at fair value through profit or loss at initial recognition:
(a) Hybrid (combined) contracts; or
(b) They eliminate or significantly reduce a measurement or recognition inconsistency; or
(c) They are managed and their performance is evaluated on a fair value basis, in accordance with
a documented risk management policy.
B. At initial recognition, the Group measures the financial liabilities at fair value. All related
transaction costs are recognised in profit or loss. The Group subsequently measures these
financial liabilities at fair value with any gain or loss recognised in profit or loss.
(24) Bonds payable
Ordinary corporate bonds issued by the Group are initially recognised at fair value less transaction
costs. Any difference between the proceeds (net of transaction costs) and the redemption value is
presented as an addition to or deduction from bonds payable, which is amortised to profit or loss
over the period of bond circulation using the effective interest method as an adjustment to ‘finance
costs’.

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 (25) Convertible bonds payable (Compound financial instruments)
Convertible bonds issued by the Group contain conversion options (that is, the bondholders have
the right to convert the bonds into the Group’s common shares by exchanging a fixed amount of
cash for a fixed number of common shares), call options and put options. The Group classifies the
bonds payable upon issuance as a financial asset, a financial liability or an equity instrument in
accordance with the contract terms. They are accounted for as follows:
A. The embedded call options and put options are recognised initially at net fair value as ‘financial
assets or financial liabilities at fair value through profit or loss’. They are subsequently
remeasured and stated at fair value on each balance sheet date; the gain or loss is recognised as
‘gain or loss on valuation of financial assets or financial liabilities at fair value through profit or
loss’.
B. The host contracts of bonds are initially recognised at fair value. Any difference between the
initial recognition and the redemption value is accounted for as the premium or discount on bonds
payable and subsequently is amortised in profit or loss as an adjustment to ‘finance costs’ over
the period of circulation using the effective interest method.
C. The embedded conversion options which meet the definition of an equity instrument are initially
recognised in ‘capital surplus—share options’ at the residual amount of total issue price less the
amount of financial assets or financial liabilities at fair value through profit or loss and bonds
payable as stated above. Conversion options are not subsequently remeasured.
D. Any transaction costs directly attributable to the issuance are allocated to each liability or equity
component in proportion to the initial carrying amount of each abovementioned item.
E. When bondholders exercise conversion options, the liability component of the bonds (including
bonds payable and ‘financial assets or financial liabilities at fair value through profit or loss’)
shall be remeasured on the conversion date. The issuance cost of converted common shares is
the total book value of the abovementioned liability component and ‘capital surplus—share
options’.
(26) Derecognition of financial liabilities
A financial liability is derecognised when the obligation specified in the contract is either discharged
or cancelled or expires.
(27) Offsetting financial instruments
Financial assets and liabilities are offset and reported in the net amount in the balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on a net basis or realise the asset and settle the liability simultaneously.

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(28) Hedge accounting
A. At the inception of the hedging relationship, there is formal designation and documentation of
the hedging relationship and the Group’s risk management objective and strategy for undertaking
the hedge. That documentation shall include identification of the hedging instrument, the hedged
item, the nature of the risk being hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements.
B. The Group designates the hedging relationship as Cash flow hedge:
A hedge of the exposure to variability in cash flows that is attributable to a particular risk
associated with a recognised asset or liability or a highly probable forecast transaction.
C. Cash flow hedges
(a)The cash flow hedge reserve associated with the hedged item is adjusted to the lower of the
following (in absolute amounts):
i. the cumulative gain or loss on the hedging instrument from inception of the hedge; and
ii. the cumulative change in fair value of the hedged item from inception of the hedge.
(b)The effective portion of the gain or loss on the hedging instrument is recognised in other
comprehensive income. The gain or loss on the hedging instrument relating to the ineffective
portion is recognised in profit or loss.
(c)The amount that has been accumulated in the cash flow hedge reserve in accordance with (a)
is accounted for as follows:
i. If a hedged forecast transaction subsequently results in the recognition of a non-financial
asset or non-financial liability, or a hedged forecast transaction for a non-financial asset or
non-financial liability becomes a firm commitment for which fair value hedge accounting
is applied, the Group shall remove that amount from the cash flow hedge reserve and
include it directly in the initial cost or other carrying amount of the asset or liability.
ii. For cash flow hedges other than those covered by item i. above, that amount shall be
reclassified from the cash flow hedge reserve to profit or loss as a reclassification
adjustment in the same period or periods during which the hedged expected future cash
flows affect profit or loss.
iii. If that amount is a loss and the Group expects that all or a portion of that loss will not be
recovered in one or more future periods, it shall immediately reclassify the amount that is
not expected to be recovered into profit or loss as a reclassification adjustment.
(d) When the hedging instrument expires, or is sold, terminated, exercised or when the hedging
relationship ceases to meet the qualifying criteria, if the forecast transaction is still expected
to occur, the amount that has been accumulated in the cash flow hedge reserve shall remain
in the cash flow hedge reserve until the forecast transaction occurs; if the forecast transaction
is no longer expected to occur, the amount shall be immediately reclassified from the cash
flow hedge reserve to profit or loss as a reclassification adjustment.

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 (29) Employee benefits
A. Short-term employee benefits
Short-term employee benefits are measured at the undiscounted amount of the benefits expected
to be paid in respect of service rendered by employees in a period and should be recognised as
expense in that period when the employees render service.
B. Pensions
(a) Defined contribution plans
For defined contribution plans, the contributions are recognised as pension expense when
they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent
of a cash refund or a reduction in the future payments.
(b) Defined benefit plans
i. Net obligation under a defined benefit plan is defined as the present value of an amount of
pension benefits that employees will receive on retirement for their services with the Group
in current period or prior periods. The liability recognised in the balance sheet in respect of
defined benefit pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The net defined benefit obligation is
calculated annually by independent actuaries using the projected unit credit method. The
rate used to discount is determined by using interest rates of high-quality corporate bonds
that are denominated in the currency in which the benefits will be paid, and that have terms
to maturity approximating to the terms of the related pension liability; when there is no
deep market in high-quality corporate bonds, the Group uses interest rates of government
bonds (at the balance sheet date) instead.
ii. Remeasurements arising on defined benefit plans are recognised in other comprehensive
income in the period in which they arise and are recorded as retained earnings.
iii. Past service costs are recognised immediately in profit or loss.
C. Termination benefits
Termination benefits are employee benefits provided in exchange for the termination of
employment as a result from either the Group’s decision to terminate an employee’s employment
before the normal retirement date, or an employee’s decision to accept an offer of redundancy
benefits in exchange for the termination of employment. The Group recognises expense as it can
no longer withdraw an offer of termination benefits or it recognises relating restructuring costs,
whichever is earlier. Benefits that are expected to be due more than 12 months after balance sheet
date shall be discounted to their present value.

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 D. Employees’ compensation and directors’ remuneration
Employees’ compensation and directors’ remuneration are recognised as expense and liability,
provided that such recognition is required under legal or constructive obligation and those
amounts can be reliably estimated. Any difference between the resolved amounts and the
subsequently actual distributed amounts is accounted for as changes in estimates. If employee
compensation is paid by shares, the Group calculates the number of shares based on the closing
price at the previous day of the board meeting resolution.
(30) Income tax
A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or
items recognised directly in equity, in which cases the tax is recognised in other comprehensive
income or equity.
B. The current income tax expense is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Company and its subsidiaries operate
and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in accordance with applicable tax regulations. It establishes provisions
where appropriate based on the amounts expected to be paid to the tax authorities. An additional
tax is levied on the unappropriated retained earnings and is recorded as income tax expense in
the year the stockholders resolve to retain the earnings.
C. Deferred income tax is recognised, using the balance sheet liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in
the consolidated balance sheet. Deferred income tax is provided on temporary differences arising
on investments in subsidiaries and associates, except where the timing of the reversal of the
temporary difference is controlled by the Group and it is probable that the temporary difference
will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the balance sheet date and are expected
to apply when the related deferred income tax asset is realised or the deferred income tax liability
is settled.
D. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. At each balance sheet
date, unrecognised and recognised deferred income tax assets are reassessed.
E. Current income tax assets and liabilities are offset and the net amount reported in the balance
sheet when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the
legally enforceable right to offset current tax assets against current tax liabilities and they are
levied by the same taxation authority on either the same entity or different entities that intend to
settle on a net basis or realise the asset and settle the liability simultaneously.

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 F. A deferred tax asset shall be recognised for the carryforward of unused tax credits resulting from
equity investments to the extent that it is possible that future taxable profit will be available
against which the unused tax credits can be utilised.
(31) Dividends
Dividends are recorded in the Company’s financial statements in the period in which they are
resolved by the Company’s shareholders. Cash dividends are recorded as liabilities; stock dividends
are recorded as stock dividends to be distributed and are reclassified to ordinary shares on the
effective date of new shares issuance.
(32) Revenue recognition
A. Sales of services
Revenue from delivering services is recognised under the percentage-of-completion method
when the outcome of services provided can be estimated reliably. The stage of completion of a
service contract is measured by the percentage of the actual services performed as of the financial
reporting date to the total services to be performed. If the outcome of a service contract cannot
be estimated reliably, contract revenue should be recognised only to the extent that contract costs
incurred are likely to be recoverable. The customer pays at the time specified in the payment
schedule. If the services rendered exceed the payment, a contract asset is recognised. If the
payments exceed the services rendered, a contract liability is recognised.
B. Rental revenue
The Group leases ships and shipping spaces under IFRS 16, ‘Leases’. Lease assets are classified
as finance leases or operating leases based on the transferred proportion of the risks and rewards
incidental to ownership of the leased asset, and recognised in revenue over the lease term.
(33) Government grants
Government grants are recognised at their fair value only when there is reasonable assurance that
the Group will comply with any conditions attached to the grants and the grants will be received.
Government grants are recognised in profit or loss on a systematic basis over the periods in which
the Group recognises expenses for the related costs for which the grants are intended to compensate.
(34) Business combinations
A. The Group uses the acquisition method to account for business combinations. The consideration
transferred for an acquisition is measured as the fair value of the assets transferred, liabilities
incurred or assumed and equity instruments issued at the acquisition date, plus the fair value of
any assets and liabilities resulting from a contingent consideration arrangement. All acquisition-
related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date. For each business combination, the Group measures at the acquisition date
components of non-controlling interests in the acquiree that are present ownership interests and
entitle their holders to the proportionate share of the entity’s net assets in the event of liquidation
at either fair value or the present ownership instruments’ proportionate share in the recognised

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 amounts of the acquiree’s identifiable net assets. All other non-controlling interests should be
measured at the acquisition-date fair value.
B. The excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree and the fair value of any previous equity interest in the acquiree over the fair value of
the identifiable assets acquired and the liabilities assumed is recorded as goodwill at the
acquisition date. If the total of consideration transferred, non-controlling interest in the acquiree
recognised and the fair value of previously held equity interest in the acquiree is less than the
fair value of the identifiable assets acquired and the liabilities assumed, the difference is
recognised directly in profit or loss on the acquisition date.
(35) Operating segments
The Group’s operating segments are reported in a manner consistent with the internal reporting
provided to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker is
responsible for allocating resources and assessing performance of the operating segments.
5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF
ASSUMPTION UNCERTAINTY
The preparation of these consolidated financial statements requires management to make critical
judgements in applying the Group’s accounting policies and make critical assumptions and estimates
concerning future events. Assumptions and estimates may differ from the actual results and are
continually evaluated and adjusted based on historical experience and other factors. Such assumptions
and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year; and the related information is addressed below:
(1) Critical judgements in applying the Group’s accounting policies
Lease term
In determining the lease term, the Group takes into consideration all facts and circumstances that
create an economic incentive to exercise an extension option or not to exercise a termination option,
including the expected changes of all fact and situation for the period from the commencement date
of lease to the execution date of options. Also, the Group took into consideration the main factors,
such as the contract terms and conditions during the option covered period and the importance to
lessee’s operation if the significant lease improvement and underlying assets incurred during the
contract terms. When significant events or significant changes occur within the Group’s control, the
lease term will be re-estimated.

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 (2) Critical accounting estimates and assumptions
Revenue recognition
The Group primarily engages in global container shipping service covering ocean-going and near-sea
shipping line. Despite the Group conducting business worldwide, its transactions are all in small
amounts, whereas the freight rate is subject to fluctuation caused by cargo loading rate as well as
market competition. Worldwide shipping agencies use a system to record the transactions by entering
data including shipping departure, destination, counterparty, transit time, shipping amounts, and
freight price for the Group. Therefore, the Group could recognise freight revenue in accordance with
the data on bill of lading reports generated from the system, accompanied by estimation made from
past experience and current cargo loading conditions the revenue that would flow in. Since ocean-
going shipping often lasts for several days, voyages are sometimes completed after the balance sheet
date. Also, demands for freight are consistently sent by forwarders during voyage. Due to the factors
mentioned above, freight revenue is recognised under the percentage-of-completion method for each
vessel during the reporting period. As the estimation of freight revenue are subject to management’s
judgement, therefore freight revenue involves high uncertainty. Given the conditions mentioned
above, this may result in adjustments to the estimation amounts.
6. DETAILS OF SIGNIFICANT ACCOUNTS
(1) Cash and cash equivalents
December 31, 2023 December 31, 2022
Cash on hand and petty cash $ 70,046 $ 82,984
Checking accounts and
demand deposits 17,490,057 30,659,261
Time deposits 152,669,674 361,604,234
$ 170,229,777 $ 392,346,479

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse
credit risk, so it expects that the probability of counterparty default is remote.
B. The Group has no cash and cash equivalents pledged to others.
(2) Financial assets at fair value through other comprehensive income

Items December 31, 2023 December 31, 2022

Non-current items:
Equity instruments
Listed (TSE) stocks $ 490,801 $ 490,801
Unlisted stocks 209,937 211,242
700,738 702,043
Valuation adjustment 1,350,050 879,452
$ 2,050,788 $ 1,581,495

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 A. The Group has elected to classify these investments that are considered to be strategic investments
as financial assets at fair value through other comprehensive income. The fair value of such
investments amounted to $2,050,788 and $1,581,495 as at December 31, 2023 and 2022,
respectively.
B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial
assets at fair value through other comprehensive income are listed below:

Year ended Year ended

December 31, 2023 December 31, 2022
Equity instruments at fair value
through other comprehensive income
Fair value change recognised in
other comprehensive income (loss) $ 470,915 ($ 594,757)
Income tax recognised in other
comprehensive (loss) income ($ 16,643) $ 15,177
Dividend income recognised in
profit or loss - Held at end of period $ 47,924 $ 153,560

C. Information relating to fair value of financial assets at fair value through other comprehensive
income is provided in Note 12(3).
(3) Financial assets at amortised cost
Items December 31, 2023 December 31, 2022
Current items:
Time deposits exceeding 3 $ 21,104,310 $ 42,479,763
months
Financial bonds 62,762 -
$ 21,167,072 $ 42,479,763
Non-current items:
Financial bonds $ - $ 50,000
Pledged time deposits 280,967 303,408
Time deposits exceeding 1 year 3,158 156,259
$ 284,125 $ 509,667
A. Amounts recognised in profit or loss in relation to financial assets at amortised cost are listed
below:
Year ended Year ended
December 31, 2023 December 31, 2022
Interest income $ 1,318,137 $ 424,148
B. As at December 31, 2023 and 2022, without taking into account any collateral held or other credit
enhancements, the maximum exposure to credit risk in respect of the amount that best represents
the financial assets at amortised cost held by the Group was $21,451,197 and $42,989,430,
respectively.

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 C. Details of the Group’s financial assets at amortised cost pledged to others as collateral are provided
in Note 8.
D. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).
The counterparties of the Group’s investments in certificates of deposit are financial institutions
with high credit quality, so the Group expects that the probability of counterparty default is remote.
(4) Hedging financial assets
To hedge the impact of expected variable exchange rate risk arising from US dollar denominated
equipment payable, the Company designated US dollar denominated restricted time deposits as the
hedging instruments for hedging the highly probable foreign exchange variation of future US dollar
denominated equipment payable and adopted cash flow hedge accounting. Moreover, the effective
portion with respect to the changes in the hedging instruments caused by exchange rate risk is deferred
to recognise in gains (loss) on hedging instruments, which is under other equity interest, and will be
reclassified to the acquisition of property, plant and equipment when the hedged items are occurred.
Details of relevant transactions are as follows:
December 31, 2023
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated 2021.7.27~2024.6.30 $ 4,526,758
restricted time deposits
equipment payable
December 31, 2022
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated 2021.7.27~2024.6.30 $ 8,461,308
restricted time deposits
equipment payable

A. Time deposits designated as hedges (recorded as financial assets for hedging)

December 31, 2023 December 31, 2022

Cash flow hedgesǺ
Exchange rate risk
Time deposits designated as
hedges
Current assets $ 4,526,758 $ 6,543,287
Non-current assets - 1,918,021
$ 4,526,758 $ 8,461,308

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 B. Other equity - cash flow hedge reserve
2023 2022
At January 1 $ 713,840 ($ 314,473)
Less: Reclassified to property, plant and
equipment as the hedged item
has affected profit or loss ( 420,214) ( 673,696)
Add: Profit on hedge effectiveness
-amount recognised in other
comprehensive income 95,713 1,702,009
At December 31 $ 389,339 $ 713,840
C. As of December 31, 2023 and 2022, there were no ineffective portion to be recognised in profit or
loss for the unwritten-off cash flow hedge transactions.
D. The above restricted time deposits designated as hedges pertain to an account that was used
exclusively for specific purposes.
(5) Notes and accounts receivable
December 31, 2023 December 31, 2022
Notes receivable $ 74,020 $ 91,456
Less: Allowance for bad debts ( 17) ( 20)
$ 74,003 $ 91,436

Accounts receivable
(including related parties) $ 20,640,799 $ 25,716,070
Less: Allowance for bad debts ( 15,016) ( 6,579)
$ 20,625,783 $ 25,709,491
A. The ageing analysis of accounts receivable and notes receivable are as follows:
ġ December 31, 2023 December 31, 2022
Accounts Notes Accounts Notes
receivable receivable receivable receivable
Not past due $ 17,168,127 $ 74,020 $ 20,837,419 $ 91,456
Up to 30 days 3,238,265 - 4,416,850 -
31 to 180 days 234,407 - 461,801 -
$ 20,640,799 $ 74,020 $ 25,716,070 $ 91,456

The above ageing analysis was based on past due date.

B. As of December 31, 2023, December 31, 2022, and January 1, 2022, the balances of notes and
accounts receivable (including related parties) from contracts with customers amounted to
$20,699,786, $25,800,927 and $41,537,859, respectively.
C. The Group has no notes and accounts receivable held by the Group pledged to others.
D. As at December 31, 2023 and 2022, without taking into account any collateral held or other credit
enhancements, the maximum exposure to credit risk in respect of the amount that best represents
the Group’s notes receivable were $74,003 and $91,436, respectively; and the amount that best
represents the Group’s accounts receivable were $20,625,783 and $25,709,491, respectively.

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 E. Information relating to credit risk of notes receivable and accounts receivable is provided in Note
12(2).
(6) Inventories
December 31, 2023
Allowance for
Cost valuation loss Book value
Ship fuel $ 9,336,590 $ - $ 9,336,590
Steel and others 780,342 - 780,342
$ 10,116,932 $ - $ 10,116,932
December 31, 2022
Allowance for
Cost valuation loss Book value
Ship fuel $ 7,095,477 $ - $ 7,095,477
Steel and others 609,788 - 609,788
$ 7,705,265 $ - $ 7,705,265

(7) Other current assets

December 31, 2023 December 31, 2022
Shipowner's accounts $ 6,740 $ 215,631
Agency accounts 2,146,716 1,359,704
Temporary debits 1,035,692 1,554,866
$ 3,189,148 $ 3,130,201
A. Shipowner’s accounts:
Temporary accounts, between Evergreen Line, constituted by the Group, Evergreen International
S.A., Italia Marittima S.p.A., and Gaining Enterprise S.A. incurred due to foreign port formalities
and pier rental expenses.
B. Agency accounts:
The Group entered into agency agreements with its related parties, whereby the related parties act
as the Group’s agents to deal with domestic and foreign port formalities, such as arrival and
departure of the Group’s ships, cargo stevedoring and forwarding, freight collection, and payment
of expenses incurred in domestic and foreign ports.
C. Temporary debits:
Temporary debits are mainly subject to the account of settlements between other carriers and the
OCEAN Alliance, which Evergreen Line formed in response to market competition and
enhancement of global transportation network to provide better logistics services to customers
with Cosco Container Lines Co., Ltd., CMA CGM, Ltd., and the Orient Overseas Container Line,
Ltd. on March 31, 2017 for trading of shipping space.

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(8) Investments accounted for using equity method
A. Details of long-term equity investments accounted for using equity method are set forth below:

December 31, 2023 December 31, 2022

Evergreen International Storage $ 12,576,788 $ 11,744,176
and Transport Corporation
EVA Airways Corporation 7,966,018 12,758,113
Evergreen Steel Corp. 4,673,439 4,167,120
Taipei Port Container Terminal
Corporation 1,900,883 1,801,637
Charng Yang Development
Co., Ltd. 1,021,794 567,589
Ever Ecove Corporation 466,480 353,548
Ningbo Victory Container
Co., Ltd. 329,262 335,058
Balsam Investment (Netherlands)
N.V. 7,692,793 6,294,924
Luanta Investment (Netherlands)
N.V. 838,186 837,618
Colon Container Terminal S.A. - 3,775,242
VIP Greenport Joint Stock Company 336,181 326,743
Others 519,722 686,378
$ 38,321,546 $ 43,648,146

B. Associates
(a) The basic information of the associates that are material to the Group is as follows:
Principal
place of Nature of Methods of
Company name business Ownership(%) relationship measurement
December 31, December 31,
2023 2022
Evergreen
International With a right
Equity
Storage and TW 40.36% 40.36% over 20% to
method
Transport vote
Corporation
Have a right to
EVA Airways vote in the Equity
TW 7.43% 14.49%
Corporation Board of method
Directors

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 (b) The summarised financial information of the associates that are material to the Group is as
follows:
Balance sheet
Evergreen International Storage and Transport Corporation
December 31, 2023 December 31, 2022
Current assets $ 15,098,372 $ 11,037,247
Non-current assets 28,319,638 31,010,608
Current liabilities ( 3,671,801) ( 2,911,030)
Non-current liabilities ( 7,878,709) ( 9,316,302)
Total net assets $ 31,867,500 $ 29,820,523
Share in associate's net assets $ 12,691,079 $ 11,876,195
Unrealized income with
affiliated companies ( 114,291) ( 132,019)
Carrying amount of the
associate $ 12,576,788 $ 11,744,176

EVA Airways Corporation

December 31, 2023 December 31, 2022
Current assets $ 86,586,382 $ 84,726,886
Non-current assets 243,595,925 234,804,901
Current liabilities ( 86,278,593) ( 77,623,220)
Non-current liabilities ( 126,883,575) ( 145,668,529)
Total net assets $ 117,020,139 $ 96,240,038
Share in associate's net
assets $ 7,966,018 $ 12,758,113

Statement of comprehensive income

Evergreen International Storage and Transport Corporation
Year ended Year ended
December 31, 2023 December 31, 2022
Revenue $ 16,394,054 $ 17,586,956
Profit for the period $ 2,832,412 $ 3,670,632
Other comprehensive income (loss),
net of tax 626,641 ( 1,200,701)
Total comprehensive income $ 3,459,053 $ 2,469,931
Dividends received from associates $ 538,365 $ 172,277

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 EVA Airways Corporation
Year ended Year ended
December 31, 2023 December 31, 2022
Revenue $ 200,356,523 $ 138,068,607
Profit for the period $ 23,103,254 $ 7,823,616
Other comprehensive income (loss)
net of tax 285,517 ( 5,462,661)
Total comprehensive income $ 23,388,771 $ 2,360,955
Dividends received from associates $ 620,511 $ 456,475

(c) The carrying amount of the Group’s interests in all individually immaterial associates and the
Group’s share of the operating results are summarised below:
As of December 31, 2023 and 2022, the carrying amount of the Group’s individually
immaterial associates amounted to $17,778,740 and $19,145,857, respectively.
Year ended Year ended
December 31, 2023 December 31, 2022
Profit for the period $ 8,474,310 $ 16,407,853
Other comprehensive income (loss),
net of tax 1,302,652 ( 2,814,694)
Total comprehensive income $ 9,776,962 $ 13,593,159

C. Above stated certain investments accounted for using equity method are based on the financial
statements of associates which were audited by independent auditors.
D. The fair value of the Group’s associates which have quoted market price was as follows:
December 31, 2023 December 31, 2022
Evergreen International Storage $ 13,652,942 $ 11,973,243
and Transport Corporation
EVA Airways Corporation 12,615,825 21,859,632
Evergreen Steel Corp. 8,241,792 4,089,197
$ 34,510,559 $ 37,922,072

E. On June 19, 2023, the Board of Directors of the Company resolved to dispose the Company’s
equity interest in EVA through stock exchange market, and the number of shares and the amounts
settled on August 14, 2023 and August 21, 2023 totalled 375,402 thousand shares and $13,046,838,
respectively, resulting in an aggregate gain of disposal of $6,260,209. After the disposal and due
to the conversion of EVA’s convertible bonds into stocks during the year ended December 31,
2023, the Company’s share interest in EVA decreased to 7.43% as of December 31, 2023.
F. On November 4, 2022, the Board of Directors of the subsidiary, EMA, resolved to acquire 9%,
40% and 51% of the equity interest in CCT from its original shareholders, EGH, Clove and Ally,
respectively, for a transaction price of USD 268,000, and obtained the control over CCT. The
transaction date was January 1, 2023.

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 G. Considering that Evergreen Steel Corp. generates stable profits from its main business and the
outlook of the environmental protection and green energy industry in which Evergreen Steel Corp.
reinvests is promising, on November 4, 2022, the Board of Directors of the Company resolved to
acquire the equity interest in Evergreen Steel Corp. through stock exchange market to purchase
79,248 thousand shares at a price of $48.20 per share and acquire 19% equity interests in the entity
and the transaction price amounted to $3,819,754.
H. On December 14, 2022, the Board of Directors of Balsam Investment (Netherlands) N.V. resolved
the capital reduction and the proceeds from capital reduction amounted to EUR 276,000. The
subsidiary, Peony, acquired $4,272,064 (approx. EUR 135,240) in proportion to its ownership
from the capital reduction.
I. The Company is the single largest shareholder of EITC with a 40.36% equity interest. Given that
the main source of economic profits of EITC’s related party transactions is generated from
Evergreen Line, and there is no agreement between the Group and other related parties of
Evergreen Line to make decisions in consultation or collectively; however, in order to maintain
the equity balance between the Group and other related parties, the Company governs EITC with
other related parties to maintain mutual and other shareholders’ best interests; apart from
independent directors, the number of seats held by the Company on the Board are the same as
other related parties’, which indicates that the Company has no current ability to direct the relevant
activities of EITC, thus, the Company has no control, but only has significant influence, over the
investee.
J. The Company is the single largest shareholder of TPCT with a 27.85% equity interest. Given that
the other two large shareholders (non-related parties) also operate transportation business and hold
more shares than the Company, and there is no agreement between the shareholders to make
decisions in consultation or collectively as they make decisions independently, which indicates
that the Company has no current ability to direct the relevant decisions of TPCT, thus, the
Company has no control, but only has significant influence, over the investee.
K. The Company is the single largest shareholder of EGST with a 19.00% equity interest. Given that
the other top ten large shareholders (including other related parties and non-related parties) hold
more shares than the Company, and there is no agreement between the shareholders to make
decisions in consultation or collectively as they make decisions independently, which indicates
that the Company has no current ability to direct the relevant decisions of EGST, thus, the
Company has no control, but only has significant influence, over the investee.

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 (9) Property, plant and equipment
2023
Loading and Computer and
Machinery unloading communication Transportation Office Leasehold
Land Buildings equipment equipment equipment equipment Ships equipment improvements Others Total
At January 1
Cost $ 2,467,396 $ 6,660,129 $ 494,747 $ 13,460,779 $ 1,860,736 $ 63,434,939 $ 220,960,312 $ 793,539 $ 1,940,703 $ 171,969 $ 312,245,249
Accumulated
depreciation - ( 1,918,109) ( 411,095) ( 9,590,685) ( 1,492,957) ( 20,717,863) ( 65,373,806) ( 543,982) ( 1,107,140) ( 24,873) ( 101,180,510)
$ 2,467,396 $ 4,742,020 $ 83,652 $ 3,870,094 $ 367,779 $ 42,717,076 $ 155,586,506 $ 249,557 $ 833,563 $ 147,096 $ 211,064,739

Opening net book

amount as at
January 1 $ 2,467,396 $ 4,742,020 $ 83,652 $ 3,870,094 $ 367,779 $ 42,717,076 $ 155,586,506 $ 249,557 $ 833,563 $ 147,096 $ 211,064,739
Additions 538,408 1,392,291 3,400 597,541 296,221 7,662,818 1,300,663 93,711 992,301 83,849 12,961,203
Disposals - - ( 22,268) ( 9,236) ( 1,111) ( 436,565) ( 224,104) ( 2,531) - - ( 695,815)
Reclassifications 1,800,960 1,372,320 1,813,833 5,036,738 91,111 315,727 9,165,677 85,645 123,941 61,609 19,867,561
Depreciation - ( 227,753) ( 22,370) ( 724,475) ( 231,250) ( 4,911,764) ( 11,521,134) ( 87,714) ( 608,357) ( 13,934) ( 18,348,751)
Acquired from
business
combinations - 53,125 - 1,360,149 35,575 - 26,309,549 8,483 7,712,373 34,600 35,513,854
Net exchange
differences ( 44,927) ( 17,928) ( 25,832) 8,547 ( 454) ( 4,484) ( 42,942) ( 614) 10,684 ( 898) ( 118,848)
Closing net book
amount as at
December 31 $ 4,761,837 $ 7,314,075 $ 1,830,415 $ 10,139,358 $ 557,871 $ 45,342,808 $ 180,574,215 $ 346,537 $ 9,064,505 $ 312,322 $ 260,243,943

At December 31
Cost $ 4,761,837 $ 9,452,613 $ 2,078,742 $ 18,031,254 $ 2,263,667 $ 68,156,994 $ 257,443,989 $ 896,445 $ 10,695,677 $ 355,818 $ 374,137,036
Accumulated
depreciation - ( 2,138,538) ( 248,327) ( 7,891,896) ( 1,705,796) ( 22,814,186) ( 76,869,774) ( 549,908) ( 1,631,172) ( 43,496) ( 113,893,093)
$ 4,761,837 $ 7,314,075 $ 1,830,415 $ 10,139,358 $ 557,871 $ 45,342,808 $ 180,574,215 $ 346,537 $ 9,064,505 $ 312,322 $ 260,243,943

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266
2022
Loading and Computer and
Machinery unloading communication Transportation Office Leasehold
Land Buildings equipment equipment equipment equipment Ships equipment improvements Others Total
At January 1
Cost $ 863,130 $ 6,351,358 $ 579,400 $ 12,167,361 $ 1,501,627 $ 45,098,718 $ 159,099,975 $ 658,483 $ 2,466,078 $ 80,211 $ 228,866,341
Accumulated
depreciation - ( 1,350,567) ( 481,629) ( 8,765,261) ( 1,235,821) ( 14,657,349) ( 46,974,477) ( 510,169) ( 968,208) ( 19,985) ( 74,963,466)
$ 863,130 $ 5,000,791 $ 97,771 $ 3,402,100 $ 265,806 $ 30,441,369 $ 112,125,498 $ 148,314 $ 1,497,870 $ 60,226 $ 153,902,875

Opening net book

amount as at
January 1 $ 863,130 $ 5,000,791 $ 97,771 $ 3,402,100 $ 265,806 $ 30,441,369 $ 112,125,498 $ 148,314 $ 1,497,870 $ 60,226 $ 153,902,875
Additions - 12,155 670 233,677 197,107 14,493,071 392,622 76,178 14,220 51,595 15,471,295
Disposals - ( 26) ( 15,288) ( 6) ( 928) ( 96,880) ( 2,097,266) ( 648) - - ( 2,211,042)
Reclassifications 852,007 ( 746,025) ( 22) 493,075 59,468 362,715 45,291,158 57,085 ( 627,029) 40,328 45,782,760
Depreciation - ( 131,156) ( 17,493) ( 469,700) ( 172,871) ( 4,516,588) ( 8,561,717) ( 61,918) ( 189,756) ( 4,888) ( 14,126,087)
Acquired from
business
combinations 771,880 159,679 8,629 - 683 - - 26,076 1,050 - 967,997
Net exchange
differences ( 19,621) 446,602 9,385 210,948 18,514 2,033,389 8,436,211 4,470 137,208 ( 165) 11,276,941
Closing net book
amount as at
December 31 $ 2,467,396 $ 4,742,020 $ 83,652 $ 3,870,094 $ 367,779 $ 42,717,076 $ 155,586,506 $ 249,557 $ 833,563 $ 147,096 $ 211,064,739

At December 31
Cost $ 2,467,396 $ 6,660,129 $ 494,747 $ 13,460,779 $ 1,860,736 $ 63,434,939 $ 220,960,312 $ 793,539 $ 1,940,703 $ 171,969 $ 312,245,249
Accumulated
depreciation - ( 1,918,109) ( 411,095) ( 9,590,685) ( 1,492,957) ( 20,717,863) ( 65,373,806) ( 543,982) ( 1,107,140) ( 24,873) ( 101,180,510)
$ 2,467,396 $ 4,742,020 $ 83,652 $ 3,870,094 $ 367,779 $ 42,717,076 $ 155,586,506 $ 249,557 $ 833,563 $ 147,096 $ 211,064,739

A. For the year ended December 31, 2023, the amounts of borrowing costs capitalised as part of property, plant and equipment were both $252 and the
ranges of the interest rates were both 3.80%.
B. The Group has issued a negative pledge to granting banks for drawing borrowings within the credit line to purchase the above transportation equipment.
C. Information about the property, plant and equipment that were pledged to others as collaterals is provided in Note 8.

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(10) Leasing arrangementsɡlessee/ Financial liabilities for hedging
A. The Group leases various assets including land, buildings, loading and unloading equipment,
transportation equipment, ships, and business vehicles. Rental contracts are typically made for
periods of 1 to 90 years. Lease terms are negotiated on an individual basis and contain a wide
range of different terms and conditions. The lease agreements do not impose covenants, but
leased assets may not be used as security for borrowing purposes.
B. Short-term leases with a lease term of 12 months or less comprise of buildings and ships. Low-
value assets comprise of office equipment and other equipment.
C. The carrying amount of right-of-use assets and the depreciation charge are as follows:
December 31, 2023 December 31, 2022
Carrying amount Carrying amount
Land $ 13,026,868 $ 7,037,675
Buildings 625,641 954,546
Loading and unloading
equipment 476,261 578,308
Transportation equipment - 257,837
Ships 108,131,772 96,374,260
Office equipment 41,031 33,489
$ 122,301,573 $ 105,236,115
Year ended Year ended
December 31, 2023 December 31, 2022
Depreciation charge Depreciation charge
Land $ 1,985,578 $ 1,943,840
Buildings 303,997 339,605
Loading and unloading equipment 104,606 100,216
Transportation equipment 35,779 168,490
Ships 12,466,675 10,508,759
Office equipment 22,037 21,327
Other equipment - 1,920
$ 14,918,672 $ 13,084,157
D. For the years ended December 31, 2023 and 2022, the additions to right-of-use assets were
$31,136,307 and $16,419,578, respectively.
E. For the years ended December 31, 2023 and 2022, the disposals to right-of-use assets were $579
and $714, respectively.

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 F. The information on income and expense accounts relating to lease contracts is as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Items affecting profit or loss
Interest expense on lease liabilities $ 3,066,977 $ 2,091,955
Expense on short-term lease contracts 3,252,310 2,522,195
Expense on leases of low-value assets 36,632 29,579
Expense on variable lease payments 85 59
(Losses) gains arising from lease
modifications ( 15,456) 147
G. For the years ended December 31, 2023 and 2022, the Group’s total cash outflow for leases
amounted to $21,813,029 and $21,364,108, respectively.
H. As of December 31, 2023, the Group had entered into lease agreements that contained non-lease
service component. Based on the fair value of the lease and non-lease component, the future
commitment payment allocated to service component amounted to $42,353,348.
I. For the year ended December 31, 2022, the Group has applied the practical expedient to “Covid-
19-related rent concessions”, and recognised the gain from changes in lease payments by
decreasing rent expense by $951.
J. To hedge the impact of expected variable exchange rate risk arising from US dollar denominated
lease liabilities payable, the Company designated lease liabilities of US dollar denominated lease
contracts as the hedging instruments for hedging the highly probable foreign exchange variation
of future US dollar denominated marine freight income and adopted cash flow hedge accounting.
Moreover, the effective portion with respect to the changes in the hedging instruments caused by
exchange rate risk is deferred to recognise in gains (loss) on hedging instruments, which is under
other equity interest, and will be reclassified to the marine freight income when the hedged items
are occurred. Details of relevant transactions are as follows:
December 31, 2023
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
denominated marine US dollar denominated
2019.1.1~2034.3.9 $ 15,086,080
freight income lease liabilities
transaction
December 31, 2022
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
denominated marine US dollar denominated
2019.1.1~2034.8.15 $ 16,875,676
freight income lease liabilities
transaction

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 (a) Lease liabilities designated as hedges (recorded as financial liabilities for hedging)

December 31, 2023 December 31, 2022

Cash flow hedgesǺ
Exchange rate risk
Lease liability contracts
designated as hedges
Current liabilities $ 1,854,396 $ 1,821,342
Non-current liabilities 13,231,684 15,054,334
$ 15,086,080 $ 16,875,676

(b) Other equity - cash flow hedge reserve

2023 2022
At January 1 ($ 101,131) $ 1,286,356
Add (less): Reclassified to freight revenue as
the hedged item has affected profit or
loss 35,966 ( 40,963)
Less: Loss on hedge effectiveness
-amount recognised in other
comprehensive income ( 48,009) ( 1,346,524)
At December 31 ($ 113,174) ($ 101,131)

(c) As of December 31, 2023 and 2022, there were no ineffective portion to be recognised in
profit or loss for the unwritten-off cash flow hedge transactions.
K. The amounts of lease liabilities (net of the lease liabilities designated as hedges) of the Group on
December 31, 2023 and 2022 are as follows:
December 31, 2023 December 31, 2022
Current lease liabilities $ 12,593,233 $ 10,826,183
Current lease liabilities -
related parties 155,307 326,763
Non-current lease liabilities 94,971,695 78,033,762
Non-current lease liabilities -
related parties 498,470 728,949
$ 108,218,705 $ 89,915,657
(11) Leasing arrangements – lessor
A. For the years ended December 31, 2023 and 2022, the Group recognised rent income in the
amounts of $944,455 and $711,804, respectively, based on the operating lease agreement, which
does not include variable lease payments.

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 B. The maturity analysis of the lease payments under the operating leases is as follows:
December 31, 2023 December 31, 2022
Within 1 year $ 530,425 $ 541,257
1-2 years 71,335 310,777
2-3 years 30,850 46,610
3-4 years 16,229 19,219
4-5 years 485 15,848
After 5 years 78 -
$ 649,402 $ 933,711

(12) Investment property, net

2023
Land Buildings Total
At January 1
Cost $ 1,169,429 $ 6,472,088 $ 7,641,517
Accumulated depreciation - ( 1,287,823) ( 1,287,823)
$ 1,169,429 $ 5,184,265 $ 6,353,694

Opening net book amount as at $ 1,169,429 $ 5,184,265 $ 6,353,694

January 1
Additions - 7,611 7,611
Reclassification from property, plant and
equipment 409,505 317,680 727,185
Depreciation - ( 252,384) ( 252,384)
Acquired from business combinations - 452,967 452,967
Net exchange differences ( 42,383) ( 49,804) ( 92,187)
Closing net book amount as at
December 31 $ 1,536,551 $ 5,660,335 $ 7,196,886

At December 31
Cost $ 1,536,551 $ 7,189,138 $ 8,725,689
Accumulated depreciation - ( 1,528,803) ( 1,528,803)
$ 1,536,551 $ 5,660,335 $ 7,196,886

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 2022
Land Buildings Total
At January 1
Cost $ 1,396,740 $ 5,802,784 $ 7,199,524
Accumulated depreciation - ( 1,428,440) ( 1,428,440)
$ 1,396,740 $ 4,374,344 $ 5,771,084

Opening net book amount as at $ 1,396,740 $ 4,374,344 $ 5,771,084

January 1
Additions - 3,317 3,317
Reclassification to property, plant and
equipment ( 852,007) ( 249,737) ( 1,101,744)
Reclassification from property, plant and
equipment - 998,510 998,510
Disposals - ( 86) ( 86)
Depreciation - ( 227,241) ( 227,241)
Acquired from business combinations 650,355 120,297 770,652
Net exchange differences ( 25,659) 164,861 139,202
Closing net book amount as at
December 31 $ 1,169,429 $ 5,184,265 $ 6,353,694

At December 31
Cost $ 1,169,429 $ 6,472,088 $ 7,641,517
Accumulated depreciation - ( 1,287,823) ( 1,287,823)
$ 1,169,429 $ 5,184,265 $ 6,353,694
A. Rental income from the investment property are shown below:
Year ended Year ended
December 31, 2023 December 31, 2022
Rental revenue from the lease of the
investment property $ 194,465 $ 157,733
Direct operating expenses arising from
the investment property that
generated rental income in the
period $ 226,286 $ 195,374
Direct operating expenses arising from
the investment property that did not
generate rental income in the period $ 28,759 $ 34,830
B. The fair value of the investment property held by the Group as at December 31, 2023 and 2022,
were $8,426,620 and $7,850,933, respectively. The fair value measurements were based on the
market prices of recently sold properties in the immediate vicinity of a certain property and were
classified as Level 2.

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 C. Information about the investment property that were pledged to others as collaterals is provided
in Note 8.
(13) Other non-current assets
December 31, 2023 December 31, 2022
Prepayments for equipment $ 58,897,539 $ 26,522,704
Prepayments for investments 1,409,911 -
Prepayments for land and building - 3,716,268
Refundable deposits 334,828 315,012
Non-current finance lease receivable 4,148 -
Others 576,501 520,887
$ 61,222,927 $ 31,074,871

A. Movement analysis of prepayments for equipment for the years ended December 31, 2023 and
2022 are as follows:
2023 2022
At January 1 $ 30,238,972 $ 23,841,061
Additions 49,002,834 33,741,162
Acquisition by business combinations 139,843 -
Reclassification to property, plant and
equipment ( 20,239,384) ( 33,611,453)
Reclassification to intangible assets - ( 11,283)
Reclassification from prepayments for
equipment 237,270 -
Net exchange differences ( 481,996) 2,563,217
At December 31 $ 58,897,539 $ 26,522,704
B. Amount of borrowing costs capitalised as part of prepayment for equipment and the range of the
interest rates for such capitalisation are as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Amount capitalised $ 11,601 $ 17,589
Interest rate 0.03%~6.34% 0.11%~4.57%
C. The above prepayment for land and buildings was resolved by the Board of Directors on
December 22, 2022 to purchase the land and buildings with the amount of $4,743,000 from the
other related party, Evergreen International Corp., of which the land and buildings is located in
Luzhu District, Taoyuan City, including Land No.672, 673 and 679 of Nanxing Section, Land
No.401, 401-1, 402 ~ 405, 548, 549, 549-1, 550, 551 and 551-1 of Nanrong Section, Building
serial No. 582 of Nanxing Section and Building serial No. 176 and 176-1 of Nanrong Section.
The transfer of land and buildings was completed on February 17, 2023. The land and buildings
were transferred to property, plant and equipment.

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 D. The above prepayments for investments were resolved by the Board of Directors of the subsidiary,
EMA, on November 4, 2022 to acquire 20% equity interests of Abu Qir Container Terminal
Company S.A.E. from Hutchison Ports Med South Limited, Hutchison Ports North Africa
Limited and Abouqir Ports Construction and Management Company for a transaction price of
$1,409,911 (USD 46,000) to strengthen the layout of Mediterranean routes and obtain the
appropriated wharf to save carbon tax and serve as the main transshipment hub in the Eastern
Mediterranean. The amount was transferred to the investment transaction account in December
2023. In accordance with the regulation of the competent authority of the country, the transaction
can only be completed after it completed the equity transfer approval and registration. However,
the transaction was recorded as long-term prepayments for investments as the approval had not
been acquired as of the balance sheet date. The transaction had acquired approval and registered
transfer on January 8, 2024 and transferred to investments accounted for using equity method.
(14) Other current liabilities

December 31, 2023 December 31, 2022

Receipt in advance $ 38,590 $ 14,394
Long-term liabilities - current
portion 6,934,838 4,819,851
Corporate bonds - current portion 3,759,867 2,000,000
Shipowner's accounts 1,601,999 3,158,341
Agency accounts 1,180,973 425,433
Others 94,504 730,817
$ 13,610,771 $ 11,148,836

(15) Corporate bonds payable

December 31, 2023 December 31, 2022

Domestic secured corporate bonds $ - $ 2,000,000
Domestic unsecured convertible bonds 3,855,100 4,981,000
Less: Discount on bonds payable ( 95,233) ( 174,846)
Less: Current portion (recorded as
other current liabilities) ( 3,759,867) ( 2,000,000)
$ - $ 4,806,154

A. On April 25, 2017, the Company issued its thirteenth domestic registered secured corporate bonds
(referred herein as the “Thirteenth Bonds”), totaling $8,000,000. The Thirteenth Bonds are
categorized into Bond A, B, C, D, E, F and G, depending on the guarantee institution. Bond A
totals $2,000,000, and the rest total $6,000,000, with each par value of $1,000,000. The major
terms of the issuance are set forth below:
(a) Period: 5 years (April 25, 2017 to April 25, 2022)
(b) Coupon rate: 1.05% fixed per annum

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 (c) Principal repayment and interest payment
Repayments for the Thirteenth Bonds are paid annually on coupon rate, starting a year from
the issuing date. For each category of the bonds mentioned above, half the principal must be
paid at the end of the fourth year, and another half at the maturity date.
(d) Collaterals
The Thirteenth Bonds are secured. Bond A is guaranteed by Hua Nan Bank, Bond B is
guaranteed by First Bank, Bond C is guaranteed by Mega International Commercial Bank,
Bond D is guaranteed by Land Bank of Taiwan, Bond E is guaranteed by Chang Hwa Bank,
Bond F is guaranteed by Taiwan Cooperative Bank, and Bond G is guaranteed by Bank
SinoPac.
B. On June 27, 2018, the Company issued its fourteenth domestic registered secured corporate bonds
(referred herein as the “Fourteenth Bonds”), totaling $2,000,000 at face value. The major terms
of the issuance are set forth below:
(a) Period: 5 years (June 27, 2018 to June 27, 2023)
(b) Coupon rate: 0.86% fixed per annum
(c) Principal repayment and interest payment
Repayments for the Fourteenth Bonds are paid annually at coupon rate, starting a year from
the issuing date. The principal of the Fourteenth Bonds shall be repaid in lump sum at maturity.
(d) Collaterals
The Fourteenth Bonds are secured and are guaranteed by First Commercial Bank.
C. On May 18, 2021, the Company issued the fourth unsecured convertible bonds (the “Fourth
Convertible Bonds”), totaling $5,000,000 at 101% of the face value. The major terms of the
issuance are set forth below:
(a) Period: 5 years (May 18, 2021 to May 18, 2026)
(b) Coupon rate: 0% fixed per annum
(c) Principal repayment:
Except for the Fourth Convertible Bonds previously redeemed, repurchased and retired by
the Company, or converted by the bondholders of the Fourth Convertible Bonds (the
“bondholders”), the Company will redeem the Fourth Convertible Bonds on the maturity date
at the price of the face value plus 0.0% gross yield per annum of the face value.
(d) Conversion period:
Except for the Fourth Convertible Bonds previously redeemed or repurchased, or the stop
transfer period as specified in the terms of the bond indenture for the Fourth Convertible
Bonds (the “bond indenture”) or the laws/regulations, the bondholders have the right to ask
for the conversion of the Fourth Convertible Bonds into the common stocks newly issued by
the Company during the period from the date after 3 months of the issuance of the Fourth
Convertible Bonds.

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(e) Conversion price:
The conversion price of the Fourth Convertible Bonds is NT$95 (in dollars), 111.76% of the
reference price. The reference price refers to the closing price of the Company’s common
stocks on the Taiwan Stock Exchange on a prior trading day of the pricing date, which was
NT$85 (in dollars).
i. As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$95.00 (in dollars) to NT$93.67 (in
dollars) since August 24, 2021.
ii.As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$93.67 (in dollars) to NT$81.96 (in
dollars) since July 5, 2022.
iii.As a result of capital reduction to return capital to shareholders, the conversion price shall
be adjusted based on the formula in accordance with Article 11 of the Fourth Convertible
Bonds’ Regulations Governing issuance and conversion whereby the conversion price of
the Fourth Convertible Bonds has been changed from NT$81.96 (in dollars) to NT$189.90
(in dollars) since July 18, 2022.
iv.As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$189.90 (in dollars) to NT$103.76
(in dollars) since July 8, 2023.
(f) Put options:
The bondholders have no right to require the Company to redeem the Fourth Convertible
Bonds, in whole or in part, unless the following events occur:
Except for the Fourth Convertible Bonds previously redeemed, repurchased and retired, or
converted, the bondholders have the right to require the Company to redeem the Fourth
Convertible Bonds, in whole or in part, on the date three years after the issuance at the price
of the face value plus 0.0% per annum of the face value as the interests (the “early redemption
amount”).

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 (g) Redemption:
The Company may redeem the Fourth Convertible Bonds early when one of the following
conditions is met:
i. The Company may redeem the Fourth Convertible Bonds, in whole, at the early redemption
amount if the closing price of the Company’s common shares is above than the conversion
price by 30% for 30 consecutive trading days during the period from the date after 3 months
of the bonds issue to 40 days before the maturity date.
ii. The Company may redeem the Fourth Convertible Bonds, in whole, at the early
redemption amount if the amount of the Company’s outstanding shares is lower than the
conversion price by 10% of the original total issuance amount during the period from the
date after 3 months of the bonds issue to 40 days before the maturity date.
D. Regarding the issuance of convertible bonds, the equity conversion options were separated from
the liability component in accordance with IAS 32. As of December 31, 2023, the domestic
unsecured convertible bonds amounting to $222,953 were recognised in ‘capital surplus—share
options’. In addition, the call options and redemption embedded in convertible bonds were not
separated from their host contracts and were recognised in ‘financial assets or liabilities at fair
value through profit or loss’ in net amount in accordance with IFRS 9 because the economic
characteristics and risks of the embedded derivatives were closely related to those of the host
contracts.
(16) Long-term loans
December 31, 2023 December 31, 2022
Mortgage and secured bank loans $ 32,015,949 $ 31,141,181
Unsecured bank loans 6,594,364 7,101,118
Add: Unrealised foreign exchange
losses 45,150 49,839
Less: Hosting fee credit ( 55,003) ( 98,351)
38,600,460 38,193,787
Less: Current portion (recorded as
other current liabilities) ( 6,934,838) ( 4,819,851)
$ 31,665,622 $ 33,373,936
Borrowing period 2024.01~2032.12 2023.08~2032.06
Interest rate 1.09%~6.89% 1.02%~5.79%
The above loans were borrowed in NTD and USD. Information relating to the Group’s long-term
loans pledged to others as collaterals are provided in Note 8.

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(17) Other non-current liabilities
December 31, 2023 December 31,2022
Net defined benefit liability $ 4,795,232 $ 4,304,408
Guarantee deposits received 857,239 777,175
Deferred income 105,143 119,108
Credit balance for investments
accounted for using the equity
method 20,183 19,745
Others 21,788 21,099
$ 5,799,585 $ 5,241,535
(18) Pension
A. (a) The Company and its domestic subsidiary-TTSC and ESRC have a defined benefit pension
plan in accordance with the Labor Standards Act (“the Act”), covering all regular employees’
service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service
years thereafter of employees who chose to continue to be subject to the pension mechanism
under the Act. Under the defined benefit pension plan, two units are accrued for each year of
service for the first 15 years and one unit for each additional year thereafter, subject to a
maximum of 45 units. Pension benefits are based on the number of units accrued and the
average monthly salaries and wages of the last 6 months prior to retirement. The Company
contributes monthly an amount equal to 15% of the employees’ monthly salaries and wages
to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the
independent retirement fund committee. Also, the Company would assess the balance in the
aforementioned labor pension reserve account by December 31, every year. If the account
balance is insufficient to pay the pension calculated by the aforementioned method to the
employees expected to qualify for retirement in the following year, the Company will make
contributions for the deficit by next March.
(b) The employees with R.O.C. nationality of the Group’s subsidiaries, EMA, EGH, GMS, EMU
and EMS, adopted the Act. Under the defined benefit pension plan, two units are accrued for
each year of service for the first 15 years and one unit for each additional year thereafter,
subject to a maximum of 45 units. Pension benefits are based on the number of units accrued
and the average monthly salaries and wages of the last 6 months prior to retirement.
(c) The amounts recognised in the balance sheet are as follows:
December 31, 2023 December 31, 2022
Present value of defined benefit obligations ($ 7,030,318) ($ 6,345,787)
Fair value of plan assets 2,235,086 2,041,379
Net defined benefit liability ($ 4,795,232) ($ 4,304,408)

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 (d) Movements in net defined benefit liabilities are as follows:
Present value of Fair value of
defined benefit plan Net defined
obligations assets benefit liability
Year ended December 31, 2023
Balance at January 1 ($ 6,345,787) $ 2,041,379 ($ 4,304,408)
Current service cost ( 266,774) - ( 266,774)
Interest (expense) income ( 116,495) 40,339 ( 76,156)
Past service cost ( 769) - ( 769)
Settlement ( 3,954) - ( 3,954)
Curtailment 117 - 117
( 6,733,662) 2,081,718 ( 4,651,944)
Remeasurements:
Return on plan assets
(excluding amounts included in
interest income or expense) - ( 10,471) ( 10,471)
Change in demographic assumptions ( 58,920) - ( 58,920)
Change in financial assumptions ( 38,128) - ( 38,128)
Experience adjustments ( 10,178) - ( 10,178)
( 107,226) ( 10,471) ( 117,697)
Pension fund contribution - 274,933 274,933
Paid pension 412,081 ( 224,599) 187,482
Paid settlement 4,386 ( 227) 4,159
Exchange difference ( 19,060) 26,822 7,762
Effect of business combination ( 586,837) 86,910 ( 499,927)
Balance at December 31 ($ 7,030,318) $ 2,235,086 ($ 4,795,232)

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 Present value of Fair value of
defined benefit plan Net defined
obligations assets benefit liability
Year ended December 31, 2022
Balance at January 1 ($ 5,804,853) $ 1,547,428 ($ 4,257,425)
Current service cost ( 254,947) - ( 254,947)
Interest (expense) income ( 51,953) 26,678 ( 25,275)
Past service cost 521 - 521
Settlement 94 - 94
( 6,111,138) 1,574,106 ( 4,537,032)
Remeasurements:
Return on plan assets
(excluding amounts included in
interest income or expense) - 78,082 78,082
Change in demographic assumptions ( 327,920) - ( 327,920)
Change in financial assumptions 737,818 - 737,818
Experience adjustments ( 211,231) - ( 211,231)
198,667 78,082 276,749
Pension fund contribution - 227,015 227,015
Paid pension 197,152 ( 83,605) 113,547
Paid settlement 7,326 - 7,326
Exchange difference ( 27,572) 28,993 1,421
Effect of business combination ( 610,222) 216,788 ( 393,434)
Balance at December 31 ($ 6,345,787) $ 2,041,379 ($ 4,304,408)
(e) The Bank of Taiwan was commissioned to manage the Fund of the Company’s and its
domestic subsidiaries-TTSC and ESRC’s defined benefit pension plan in accordance with the
Fund’s annual investment and utilisation plan and the “Regulations for Revenues,
Expenditures, Safeguard and Utilisation of the Labor Retirement Fund” (Article 6: The scope
of utilization for the Fund includes deposit in domestic or foreign financial institutions,
investment in domestic or foreign listed, over-the-counter, or private placement equity
securities, investment in domestic or foreign real estate securitization products, etc.). With
regard to the utilisation of the Fund, its minimum earnings in the annual distributions on the
final financial statements shall be no less than the earnings attainable from the amounts
accrued from two-year time deposits with the interest rates offered by local banks. If the
earning is less than aforementioned rates, government shall make payment for the deficit after
being authorized by the Regulator. The Group has no right to participate in managing and
operating that fund and hence the Group is unable to disclose the classification of plan asset
fair value in accordance with IAS 19 paragraph 142. The composition of fair value of plan
assets as of December 31, 2023 and 2022 is given in the Annual Labor Retirement Fund
Utilisation Report announced by the government.

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 (f) The principal actuarial assumptions used were as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Discount rate 1.13%~7.60% 0.46%~7.45%
Future salary increases 1.00%~10% 1.55%~10%
Assumptions regarding future mortality experience are set based on actuarial advice in
accordance with published statistics and experience in each territory.
Because the main actuarial assumption changed, the present value of defined benefit
obligation is affected. The analysis was as follows:
Discount rate Future salary increases
Increase Decrease Increase Decrease
0.25%~1.00% 0.25%~1.00% 0.25%~1.00% 0.25%~1.00%
December 31, 2023
Effect on present value of
defined benefit
obligation ($ 233,719) $ 243,995 $ 185,521 ($ 169,095)
Increase Decrease Increase Decrease
0.25%~1.00% 0.25%~1.00% 0.25%~1.00% 0.25%~1.00%
December 31, 2022
Effect on present value of
defined benefit
obligation ($ 200,532) $ 216,058 $ 162,151 ($ 148,946)
The sensitivity analysis above is based on one assumption which changed while the other
conditions remain unchanged. In practice, more than one assumption may change all at once.
The method of analysing sensitivity and the method of calculating net pension liability in the
balance sheet are the same. The methods and types of assumptions used in preparing the
sensitivity analysis did not change compared to the previous period.
(g) Expected contributions to the defined benefit pension plans of the Company and its
subsidiary-TTSC and ESRC for the year ending December 31, 2024 amount to $179,163.
(h) As of December 31, 2023, the weighted average duration of the retirement plan is 4~25 years.
B. (a) Effective July 1, 2005, the Company and its domestic subsidiary-TTSC and ESRC have
established a defined contribution pension plan (the “New Plan”) under the Labor Pension
Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan,
the Company and its domestic subsidiary-TTSC and ESRC contribute monthly an amount
based on 6% of the employees’ monthly salaries and wages to the employees’ individual
pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or
in lump sum upon termination of employment.

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 (b) The Group’s mainland China subsidiaries have a defined contribution plan. Monthly
contributions to an independent fund administered by the government in accordance with the
pension regulations in the People’s Republic of China (PRC) are based on certain percentage
of employees’ monthly salaries and wages. Other than the monthly contributions, the Group
has no further obligations.
(c) The Group’s certain overseas subsidiaries have a defined contribution plan. Monthly
contributions to an independent fund in accordance with the local regulations and the pension
regulations of each subsidiaries are based on certain percentage of employees’ monthly
salaries and wages. Other than the monthly contributions, the Group has no further
obligations.
(d) The pension costs and expenses under defined contribution pension plans of the Group for
the years ended December 31, 2023 and 2022 were $451,166 and $431,589, respectively.
(19) Capital stock
A. As of December 31, 2023, the Company’s authorized capital was $70,000,000, and the paid-in
capital was $ 21,164,201, consisting of 2,116,420 thousand shares of common stocks with a par
value of NT$10 (in dollars) per share. All proceeds from shares issued have been collected.
B. The Company’s domestic convertible bonds with a face value of $1,125,900 thousand had been
converted into ordinary share capital of $108,510 (10,851 thousand shares) with a par value of
NT$10 (in dollars) per share during the year ended December 31, 2023, which resulted in ‘capital
surplus, additional paid-in capital arising from bond conversion’ of $1,057,728. The amount was
shown as ‘bond conversion entitlement certificates’ because the registration had not yet been
completed as of December 31, 2023.
C. To adjust the capital structure, the shareholders of the Company during their meeting on May 30,
2022 resolved a capital reduction to return capital in cash to shareholders. The registration of the
capital reduction was approved by the Taiwan Stock Exchange in accordance with the Letter No.
Tai-Zheng-Shang-Yi-Zi-1111802818, dated July 1, 2022. Total capital reduction amounted to
$31,746,301, cancelling a total of 3,174,630 thousand shares, and the capital reduction ratio was
60%. The effective date of the capital reduction was July 18, 2022. All proceeds from share
issuance have been collected by August 4, 2022. The effective date of the replacement of shares
due to the capital reduction was September 16, 2022.
D. The Company’s domestic convertible bonds with a face value of $18,800 thousands dollars had
been converted into ordinary share capital of $2,007 (201 thousand shares) with a par value of
NT$10 (in dollars) per share, which resulted in ‘capital surplus, additional paid-in capital arising
from bond conversion’ of $17,114. All proceeds from share issuance have been collected by April
19, 2022.

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 E. The Company’s domestic convertible bonds with a face value of $ 100 thousands dollars had
been converted into ordinary share capital of $11 (1 thousand shares) with a par value of NT$10
(in dollars) per share, which resulted in ‘capital surplus, additional paid-in capital arising from
bond conversion’ of $91. All proceeds from share issuance have been collected by August 4,
2022.
F. On December 31, 2023 and 2022, the numbers of the Company’s shares held by its associate
accounted for using equity method, EITC, were 10,302 and 10,284 thousand shares, respectively.
G. On December 31, 2023 and 2022, the numbers of the Company’s shares held by its associate
accounted for using equity method, EVA, both are 223 thousand shares.
H. On December 31, 2023 and 2022, the numbers of the Company’s shares held by its associate
accounted for using equity method, EGST, both are 18,190 thousand shares, respectively.
(20) Capital surplus
Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par
value on issuance of common stocks and donations can be used to cover accumulated deficit or to
issue new stocks or cash to shareholders in proportion to their share ownership, provided that the
Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires
that the amount of capital surplus to be capitalised mentioned above should not exceed 10% of the
paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the
legal reserve is insufficient.
2023
Adjustments to
Employee share of changes
stock in equity of
Share options associates and Donated
premium exercised joint ventures assets Others
At January 1 $ 13,073,222 $ 399,023 $ 2,488,098 $ 446 $ 7,254
Expired unclaimed dividends - - - - 42,981
Conversion of Convertible Bonds 1,057,728 ( 65,114) - - -
Recognition of change in equity
of associates in proportion to
the Company's ownership - - 91,759 - -
Net change in non-controlling
interest - - ( 2,872) - -
At December 31 $ 14,130,950 $ 333,909 $ 2,576,985 $ 446 $ 50,235

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 2022
Adjustments to
Employee share of changes
stock in equity of
Share options associates and Donated
premium exercised joint ventures assets Others
At January 1 $ 13,056,017 $ 400,116 $ 2,298,332 $ 446 $ 7,274
Expired unclaimed dividends - - - - ( 20)
Conversion of convertible bonds 17,205 ( 1,093) - - -
Recognition of change in equity
of associates in proportion to
the Company's ownership - - 189,766 - -
At December 31 $ 13,073,222 $ 399,023 $ 2,488,098 $ 446 $ 7,254

(21) Retained earnings

2023 2022
At January 1 $ 465,562,042 $ 250,555,749
Profit for the period 35,337,051 334,200,661
Distribution of earnings ( 180,474,255) ( 119,699,895)
Remeasurement on post employment
benefit obligations, net of tax ( 117,469) 347,354
Adjustments to share of changes in equity
of associates and joint ventures 126,266 158,173
At December 31 $ 320,433,635 $ 465,562,042
A. According to the Company’s Articles of Incorporation, if there is any profit for a fiscal year, the
Company shall first make provision for all taxes and cover prior years’ losses and then
appropriate 10% of the residual amount as legal reserve. Dividends shall be proposed by the
Board of Directors and resolved by the stockholders.
B. Dividend policy
In order to facilitate future expansion plans, dividends to stockholders are distributed mutually
in the form of both cash and stocks with the basic principle that the ratio of cash dividends to
total stock dividends shall not be lower than 10%.
C. Legal reserve
Except for covering accumulated deficit or issuing new stocks or cash to shareholders in
proportion to their share ownership, the legal reserve shall not be used for any other purpose. The
use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share
ownership is permitted, provided that the distribution of the reserve is limited to the portion in
excess of 25% of the Company’s paid-in capital.

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 D. In accordance with the regulations, the Company shall set aside special reserve from the debit
balance on other equity items at the balance sheet date before distributing earnings. When debit
balance on other equity items is reversed subsequently, the reversed amount could be included
in the distributable earnings.
E. The appropriation of 2021 earnings resolved by the stockholders’ meeting on May 30, 2022 is as
follows:
Year ended December 31, 2021
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 23,896,647
Accrual of special reserve $ 564,364
Appropriation of cash dividends
$ 95,238,884 $ 17.99999637
to shareholders
F. The appropriation of 2022 earnings resolved by the stockholders’ meeting on May 30, 2023 is as
follows:
Year ended December 31, 2022
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 33,470,619
Reveral of special reserve $ 1,145,770
Appropriation of cash dividends
$ 148,149,406 $ 70
to shareholders
G. The appropriation of 2023 earnings resolved by the Board of Directors on March 14, 2024 is as
follows:
Year ended December 31, 2023
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 3,534,585
Appropriation of cash dividends
$ 21,439,152 $ 10
to shareholders
As of March 14, 2024, the above-mentioned 2023 earnings appropriation had not been resolved
at the stockholders’ meeting.

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(22) Other equity items
2023
Unrealised
gains (losses) Hedging Currency
on valuation reserve translation Total
At January 1 $ 2,478,263 $ 386,203 $ 13,490,378 $ 16,354,844
Revaluation – gross 470,915 - - 470,915
Revaluation – tax ( 16,643) - - ( 16,643)
Revaluation – associates 503,962 - - 503,962
Revaluation transferred to
retained earnings – associates ( 126,266) - - ( 126,266)
Cash flow hedges:
– Fair value gain (loss) in the
period - - - -
!!– Group - ( 336,544) - ( 336,544)
!!– Group – tax - 47,637 - 47,637
!!– Associates - 47,335 - 47,335
Currency translation differences:
– Group - - ( 1,345,813) ( 1,345,813)
– Group – tax - - 265 265
– Associates - - 10,705 10,705
At December 31 $ 3,310,231 $ 144,631 $ 12,155,535 $ 15,610,397

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 2022
Unrealised
gains (losses) Hedging Currency
on valuation reserve translation Total
At January 1 $ 3,986,029 $ 1,601,207 ($ 6,733,006) ($ 1,145,770)
Revaluation – gross ( 594,757) - - ( 594,757)
Revaluation – tax 15,177 - - 15,177
Revaluation – associates ( 770,013) - - ( 770,013)
Revaluation transferred to
retained earnings – associates ( 158,173) - - ( 158,173)
Cash flow hedges:
– Fair value gain (loss) in the
period
!!– Group - ( 359,174) - ( 359,174)
!!– Group – tax - 63,002 - 63,002
!!– Associates - ( 918,832) - ( 918,832)
Currency translation differences:
– Group - - 19,725,553 19,725,553
– Group – tax - - ( 4,288) ( 4,288)
– Associates - - 502,119 502,119
At December 31 $ 2,478,263 $ 386,203 $ 13,490,378 $ 16,354,844
(23) Operating revenue
Year ended Year ended
December 31, 2023 December 31, 2022
Revenue from contracts with customers $ 275,989,155 $ 626,743,038
Other - ship rental income 725,670 540,723
$ 276,714,825 $ 627,283,761
A. Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of services over time (ship-owners, agents and
terminals) and at a point in time (other services) in the following major businesses. Also, ship-
owners, agents and terminals were classified as transportation department. Information relating
to the operating segments is provided in Note 14(2).

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 Year ended December 31,
2023 Ship-owners Agents Terminals Other Total
Total segment revenue $ 302,101,912 $10,794,571 $ 17,247,954 $ 4,277,265 $ 334,421,702
Inter-segment revenue ( 37,275,440) ( 6,370,755) ( 11,236,628) ( 3,549,724) ( 58,432,547)
Revenue from external
customer contracts $ 264,826,472 $ 4,423,816 $ 6,011,326 $ 727,541 $ 275,989,155
Year ended December 31,
2022 Ship-owners Agents Terminals Other Total
Total segment revenue $ 653,890,100 $17,971,612 $ 16,270,512 $ 4,059,637 $ 692,191,861
Inter-segment revenue ( 40,822,482) ( 10,907,115) ( 10,686,636) ( 3,032,590) ( 65,448,823)
Revenue from external
customer contracts $ 613,067,618 $ 7,064,497 $ 5,583,876 $ 1,027,047 $ 626,743,038
B. Contract assets and liabilities
The Group has recognised the following revenue-related contract assets and liabilities:
December 31, 2023 December 31, 2022 January 1, 2022
Contract assets:
Contract assets
– relating to marine
freight income $ 1,437,585 $ 1,748,928 $ 4,525,961
Contract liabilities:
Contract liabilities
– unearned marine
freight income ($ 7,642,108) ($ 7,444,311) ($ 13,530,256)

Revenue recognised that was included in the contract liability balance at the beginning of the
period:
Year ended Year ended
December 31, 2023 December 31, 2022
Marine freight income $ 7,444,311 $ 13,530,256
(24) Other income and expenses, net
Year ended Year ended
December 31, 2023 December 31, 2022
Net gains on disposal of property,
plant and equipment $ 1,634,048 $ 1,122,717

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 (25) Interest income

Year ended Year ended

December 31, 2023 December 31, 2022
Interest income from bank deposits $ 13,060,164 $ 5,955,666
Interest income from financial assets
measured at amortised cost 1,318,137 424,148
Interest income from finance lease 681 -
Imputed interest on deposits 10 -
$ 14,378,992 $ 6,379,814

(26) Other income

Year ended Year ended

December 31, 2023 December 31, 2022
Rent income $ 218,785 $ 171,081
Dividend income 47,924 153,560
Gain recognised in bargain purchase
transaction 4,963,982 6,379
Other income, others 579,161 280,686
$ 5,809,852 $ 611,706

(27) Other gains and losses

Year ended Year ended
December 31, 2023 December 31, 2022
Net gains on disposal of investments $ 6,524,648 $ 33,605
Net (losses) gains arising from lease
modifications ( 15,456) 147
Net currency exchange gains 2,152,007 12,401,950
Net gains (losses) on financial assets /
liabilities at fair value through profit
or loss 46,660 ( 55,509)
Net losses on disposal of right-of-use
assets ( 579) ( 714)
Depreciation on investment property ( 252,384) ( 227,241)
Net losses on disposals of investment - ( 86)
property
Other non-operating expenses ( 254,346) ( 306,917)
$ 8,200,550 $ 11,845,235

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(28) Finance costs

Year ended Year ended

December 31, 2023 December 31, 2022
Interest expense:
Bank loans $ 1,833,408 $ 1,099,381
Corporate bonds 60,140 81,601
Lease liabilities 3,066,977 2,091,955
4,960,525 3,272,937
Less: Capitalized borrowing costs ( 11,853) ( 17,589)
$ 4,948,672 $ 3,255,348

(29) Additional information of expenses by nature

Year ended Year ended
December 31, 2023 December 31, 2022
Employee benefit expense $ 18,639,258 $ 27,408,060
Depreciation on property, plant
and equipment 18,348,751 14,126,087
Depreciation on right-of-use assets 14,918,672 13,084,157
Amortisation on intangible assets 344,303 321,305
Other operating costs and expenses 191,368,792 198,666,319
$ 243,619,776 $ 253,605,928
(30) Employee benefit expense
Year ended Year ended
December 31, 2023 December 31, 2022
Wages and salaries $ 15,519,467 $ 24,575,208
Labor and health insurance fees 1,362,993 1,262,271
Pension costs 798,702 711,196
Directors' remuneration 22,777 42,053
Other personnel expenses 935,319 817,332
$ 18,639,258 $ 27,408,060

A. According to the Articles of Incorporation of the Company, if the Company makes a profit in a
fiscal year, after covering accumulated losses, the Company shall distribute compensation to the
employees that account for no less than 0.5% and pay remuneration to the directors that account
for no more than 2% of the profit before tax for the current year without deducting employees'
compensation and directors' remuneration.

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 B. (a) In accordance with the Articles of Incorporation of the Company, based on the profit for the
year ended December 31, 2023, and the percentage specified in the Articles of Incorporation
of the Company, employees’ compensation and directors’ remuneration were accrued at
$292,696 (0.5%) and $9,500 (0.0162%), respectively. The aforementioned amount was
recognised in salary expenses, and was resolved by the Board of Directors on March 14, 2024.
The employees' compensation will be distributed in the form of cash.
(b) On March 14, 2023, the Company’s Board of Directors resolved to distribute employees’
compensation and directors’ remuneration amounting to $1,918,479 and $9,500, respectively.
The amounts were in agreement with those amounts recognised as salary expenses in the 2022
financial statements.
(d) Information about the appropriation of employees’ compensation and directors’ remuneration
by the Company as proposed by the Board of Directors will be posted in the “Market
Observation Post System” at the website of the Taiwan Stock Exchange.
(31) Income tax
A. Income tax expense
(a) Components of income tax expense:
Year ended Year ended
December 31, 2023 December 31, 2022
Current tax:
Current tax on profits for the period $ 16,678,474 $ 57,988,122
Tax on undistributed surplus
earnings 7,617,369 4,568,541
Tax adjustments on prior years ( 342,094) ( 234,534)
Total current tax 23,953,749 62,322,129
Deferred tax:
Origination and reversal of
temporary differences 242,507 ( 9,070,616)
Total deferred tax 242,507 ( 9,070,616)
Income tax expense $ 24,196,256 $ 53,251,513

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 (b) The income tax relating to components of other comprehensive income is as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Changes in fair value of financial $ 16,643 ($ 15,177)
assets at fair value through other
comprehensive income (loss)
Financial statements translating
differences of foreign operations ( 265) 4,288
Remeasurement of defined benefit
obligations ( 22,918) 127,431
Loss on hedging instruments ( 47,637) ( 63,002)
($ 54,177) $ 53,540
(c)The income tax charged/(credited) to equity during the period is as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Reduction in capital surplus
caused by recognition of
foreign investees based
on the shareholding ratio $ 629 ($ 525)

B. Reconciliation between income tax expense and accounting profit:

Year ended Year ended
December 31, 2023 December 31, 2022
Tax calculated based on profit before $ 17,533,273 $ 125,897,641
tax and statutory tax rate (note)
Tax on undistributed surplus earnings 7,617,369 4,568,541
Tax exempt income by tax regulation ( 575,089) ( 76,977,568)
Effect from investment tax credits - ( 2,567)
Income tax adjustments on prior years ( 342,094) ( 234,534)
Effects from loss carryforward ( 37,203) -
Income tax expense $ 24,196,256 $ 53,251,513
Note: The basis for computing the applicable tax rate are the rates applicable in the respective
countries where the Group entities operate.

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 C. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows:
2023

Recognised
in other
Recognised in comprehensive Recognised in Translation
January 1 profit or loss income equity differences December 31
Temporary differences:
炼Deferred tax assets:
Loss on valuation of
$ 71 $ - $ - $ - $ 2 $ 73
financial assets
Deferred profit 7,688 1,164 - - - 8,852
Unrealized expense 65,284 40,195 - - ( 58) 105,421
Unrealized exchange loss 46 2,203 - - ( 196) 2,053
Pension expense and
587,707 ( 46,448) 23,348 - ( 2,718) 561,889
actuarial losses/(gains)
Loss carryforward - 60,658 - - ( 881) 59,777
Others 188,661 11,783 - - 508 200,952
Subtotal $ 849,457 $ 69,555 $ 23,348 $ - ($ 3,343) $ 939,017
炼Deferred tax liabilities:
Temporary differences:
Gain on valuation of ($ 2,408) $ - ($ 1,657) $ - $ - ($ 4,065)
financial assets
Unrealized exchange gain ( 55,806) 7,788 - - ( 280) ( 48,298)
Unrealized gain - ( 9,909) - - 9,901 ( 8)
Pension expense and
actuarial losses/(gains) ( 1,394) - ( 528) - ( 22) ( 1,944)
Foreign investment income ( 1,411,218) ( 331,067) ( 34,295) ( 629) ( 154) ( 1,777,363)
Gains (losses) on hedging
( 122,541) - 67,309 - - ( 55,232)
instruments
Others ( 1,250,743) 21,126 - - ( 2,067) ( 1,231,684)
Subtotal ($ 2,844,110) ($ 312,062) $ 30,829 ($ 629) $ 7,378 ($ 3,118,594)
Total ($ 1,994,653) ($ 242,507) $ 54,177 ($ 629) $ 4,035 ($ 2,179,577)

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 2022

Recognised
in other Acquired
Recognised in comprehensive Recognised from business Translation
January 1 profit or loss income in equity combinations differences December 31
Temporary differences:
炼Deferred tax assets:
Loss on valuation of
$ 71 $ - $ - $ - $ - $ - $ 71
financial assets
Deferred profit 9,336 ( 1,648) - - - - 7,688
Unrealized expense 77,130 ( 22,641) - - 8,001 2,794 65,284
Unrealized exchange loss - 6,965 - - - ( 6,919) 46
Pension expense and
630,721 54,366 ( 119,586) 17,990 4,216 587,707
actuarial losses/(gains)
Others 139,990 24,436 - - 3,142 21,093 188,661
Subtotal $ 857,248 $ 61,478 ($ 119,586) $ - $ 29,133 $ 21,184 $ 849,457
炼Deferred tax liabilities:
Temporary differences:
Gain on valuation of ($ 1,051) $ - ($ 1,357) $ - $ - $ - ($ 2,408)
financial assets
Unrealized exchange gain ( 103,318) 47,613 - - - ( 101) ( 55,806)
Unrealized gain ( 3,755) 13,737 - - - ( 9,982) -
Pension expense and
actuarial losses/(gains) ( 479) ( 611) ( 310) - - 6 ( 1,394)
Foreign investment income ( 10,304,438) 8,896,900 ( 4,122) 525 - ( 83) ( 1,411,218)
Gains (losses) on hedging
( 194,376) - 71,835 - - - ( 122,541)
instruments
Others ( 1,068,709) 51,499 - - ( 152,058) ( 81,475) ( 1,250,743)
Subtotal ($ 11,676,126) $ 9,009,138 $ 66,046 $ 525 ($ 152,058) ($ 91,635) ($ 2,844,110)
Total ($ 10,818,878) $ 9,070,616 ($ 53,540) $ 525 ($ 122,925) ($ 70,451) ($ 1,994,653)

D. The Company has not recognised taxable temporary differences associated with investment in
subsidiaries as deferred tax liabilities. As of December 31, 2023 and 2022, the amounts of
temporary difference unrecognised as deferred tax liabilities were $308,112,343 and
$339,599,815, respectively.
E. The Company’s income tax returns through 2021 have been assessed and approved by the Tax
Authority. However, the notice for assessment of income tax returns of 2020 had not been
obtained.
The income tax returns of the Company’s subsidiaries, Taiwan Terminal Services Co., Ltd. and
Evergreen Security Corp. through 2021 have been assessed and approved by the Tax Authority.

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 (32) Earnings per share

Year ended December 31, 2023

Weighted average
number of ordinary
Amount shares outstanding Earnings per share
after tax (share in thousands) (in dollars)
Basic earnings per share
Net profit attributable to
ordinary shareholders of the
parent $ 35,337,051 2,116,450 $ 16.70
Diluted earnings per share
Net profit attributable to
ordinary shareholders of the
parent $ 35,337,051 2,116,450
Assumed conversion of all
dilutive potential ordinary
shares
Convertible bonds 51,799 37,154
Employees’ compensation - 2,040
Net profit attributable to
ordinary shareholders of the
parent $ 35,388,850 2,155,644 $ 16.42

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 Year ended December 31, 2022
Weighted average
number of ordinary
Amount shares outstanding Earnings per share
after tax (share in thousands) (in dollars)
Basic earnings per share
Net profit attributable to
ordinary shareholders of the
parent $ 334,200,661 3,838,511 $ 87.07
Diluted earnings per share
Net profit attributable to
ordinary shareholders of the
parent $ 334,200,661 3,838,511
Assumed conversion of all
dilutive potential ordinary
shares
Convertible bonds 51,283 26,230
Employees’ compensation - 11,770
Net profit attributable to
ordinary shareholders of the
parent $ 334,251,944 3,876,511 $ 86.22
(33) Transactions with non-controlling interest
A. Acquisition of additional equity interest in a subsidiary
(a) On June 1, 2023, the Company acquired an additional 22% of shares of TTSC for a total cash
consideration of $37,500. The carrying amount of non-controlling interest in TTSC was
$79,757 at the acquisition date. This transaction resulted in a decrease in the non-controlling
interest by $38,992 and an increase in the equity attributable to owners of the parent by $1,492.
(b) On December 1, 2023, the subsidiary-EMA acquired 100% of shares of UMS from the
original shareholder, EGH, for a cash consideration of $2,207. The carrying amount of non-
controlling interest in UMS was $3,675 at the acquisition date. This transaction resulted in a
decrease in the non-controlling interest by $3,675 and an increase in the equity attributable
to owners of the parent by $1,468.
(c) On December 31, 2023, the subsidiary-EMA acquired 20% and 20% of shares of KTIL from
the original shareholder, EMU, and associate, Italia Marittima S.p.A., respectively, for a cash
consideration of $95,985. The carrying amount of non-controlling interest in KTIL was
$198,338 at the acquisition date. This transaction resulted in a decrease in the non-controlling
interest by $90,153 and a decrease in the equity attributable to owners of the parent by $5,832.

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 The effect of changes in interests in above mentioned on the equity attributable to owners of the
parent for the year ended December 31, 2023 is shown below:
Year ended
December 31, 2023
Carrying amount of non-controlling interest acquired $ 132,820
Consideration paid to non-controlling interest ( 135,692)
Capital surplus
- difference between proceeds on actual acquisition of equity
interest in a subsidiary and its carrying amount ($ 2,872)

B. On September 1, 2023, the subsidiary-EMA acquired 40% of shares of EPE from a non-related
party for a cash consideration of $6,217. The carrying amount of non-controlling interest in EPE
was $6,217 at the acquisition date. This transaction resulted in a decrease in the non-controlling
interest by $6,217 and an increase in the equity attributable to owners of the parent by $6,217.
C. On October 1, 2023, the subsidiary-EMA acquired 40% of shares of ECL from a non-related party
for a cash consideration of $6,715. The carrying amount of non-controlling interest in ECL was
$8,729 at the acquisition date. This transaction resulted in a decrease in the non-controlling
interest by $6,715 and an increase in the equity attributable to owners of the parent by $6,715.
D. On November 1, 2023, the subsidiary-EMA acquired 40% of shares of EMX from a non-related
party for a cash consideration of $64,641. The carrying amount of non-controlling interest in
EMX was $84,033 at the acquisition date. This transaction resulted in a decrease in the non-
controlling interest by $64,641 and an increase in the equity attributable to owners of the parent
by $64,641.
E. For the years ended December 31, 2023 and 2022, cash dividends paid to non-controlling interest
amounted to $4,069,156 and $14,933,771, respectively.
(34) Business combinations
A. To integrate the configuration of regional and long-distance shipping routes and improve the
service network, the Board of Directors of the subsidiary, EMA, during its meeting on June 19,
2023 resolved to acquire 100% of the equity interests in EMS from the other related party,
Evergreen International S.A., for a transaction price of USD 780,000 (approx. $24,133,200) and
obtained the control over EMS. The transaction date was July 14, 2023.
B. To expand operating fleets to the America routes and take into consideration CCT as an important
transshipment hub in America, on November 4, 2022, the Board of Directors of the subsidiary,
EMA, resolved to acquire 9%, 40% and 51% of the equity interest in CCT from its original
shareholders, EGH, Clove and Ally Holding Ltd., respectively, for a transaction price of USD
268,000 (approx. $8,199,460), and obtained the control over CCT. The transaction date was
January 1, 2023.

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C. On December 15, 2022, the Board of Directors of the subsidiary, EMA, resolved to make an
equity transaction. EMA acquired 51% and 19% equity interests of EIM from the other related
party, Evergreen Marine (Singapore) Pte. Ltd., and a non-related party, respectively, and obtained
the control over EIM. The transaction date was December 26, 2022 and the transaction amount
was USD 76.38 (approx. $2,341). The company is primarily engaged in the agency services
dealing with port formalities in Myanmar. The position in certain market is expected to be
strengthened after the acquisition and the costs are expected to be reduced through economies of
scale.
D. Considering ESRC’s operating profit stability over the past years and its diverse operations, to
continue optimising its security services in the 7th Container Terminal of Kaohsiung Port and its
services in surveillance system installments in office buildings, and to promote the Authorized
Economic Operator certification, on March 15, 2022, the Board of Directors of the Company
resolved to acquire 31% equity interests in ESRC from the associate, EVA. Together with 31.25%
equity interests previously held by the Company, the Company held a total of 62.25% equity
interests in ESRC after the merger and obtained control over ESRC. The transaction date was
April 1, 2022 and the transaction amount was $192,038.
E. On November 5, 2021, the Board of Directors of the subsidiary, EMA, resolved to make an equity
transaction. EMA acquired 100% equity interests of EGJ from the other related party, Evergreen
International S.A., and obtained control over EGJ. The transaction date was January 1, 2022 and
the transaction amount was USD 15,534 (approx. $429,597). The company is primarily engaged
in the agency services dealing with port formalities in Japan. The position in certain markets is
expected to be strengthened after the acquisition and the costs are expected to be reduced through
economies of scale.
F. (a)The following table summarises the consideration paid for the acquisition of EMS and CCT
and the fair values of the assets acquired and liabilities assumed at the acquisition date:

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 EMS CCT
July 14, 2023 January 1, 2023 Total
Purchase consideration
Cash paid $ 24,133,200 $ 4,181,725 $ 28,314,925
Fair value of equity interest in
CCT held before the business
combination - 4,017,735 4,017,735
Non-controlling interest’s
proportionate share of the
recognised amounts of
acquiree’s identifiable net
assets - 189,467 189,467
24,133,200 8,388,927 32,522,127
Fair value of the identifiable
assets acquired and liabilities
assumed
Cash and cash equivalents 9,669,322 499,782 10,169,104
Notes receivable, net - 2 2
Accounts receivable, net
(including related parties) 1,865,137 412,020 2,277,157
Prepayments 16,361 571,226 587,587
Other receivables 5,321 442 5,763
Inventories 1,015,184 - 1,015,184
Other current assets 493,459 2,098 495,557
Property, plant and
equipment, net 26,311,366 9,202,488 35,513,854
Right-of-use assets - 963,500 963,500
Intangible assets - 19,498 19,498
Investment property, net 452,967 - 452,967
Other non-current assets 51,867 126,959 178,826
Notes payable, net - ( 209) ( 209)
Accounts payable
(including related parties) ( 8,050,914) ( 113,542) ( 8,164,456)
Other payables
(including related parties) ( 1,461,041) ( 1,690,172) ( 3,151,213)
Current income tax liabilities ( 801,144) - ( 801,144)
Current lease liabilities - ( 23,593) ( 23,593)
Other current liabilities - ( 498,105) ( 498,105)
Long-term loans - ( 435,673) ( 435,673)
Non-current lease liabilities - ( 656,102) ( 656,102)
Other non-current liabilities ( 470,463) ( 36,136) ( 506,599)
Total identifiable net assets 29,097,422 8,344,483 37,441,905
(Gain from bargain purchase)
goodwill ($ 4,964,222) $ 44,444 ($ 4,919,778)

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(b)The following table summarises the consideration paid for the acquisition of EIM, ESRC and
EGJ and the fair values of the assets acquired and liabilities assumed at the acquisition date:
EIM ESRC EGJ
December 26, 2022 April 1, 2022 January 1, 2022 Total
Purchase consideration
Cash paid $ 2,341 $ 192,038 $ 429,597 $ 623,976
Fair value of equity interest in ESRC
held before the business combination - 144,236 - 144,236
Non-controlling interest’s proportionate
share of the recognised amounts of
acquiree’s identifiable net assets 848 176,019 - 176,867
3,189 512,293 429,597 945,079
Fair value of the identifiable assets
acquired and liabilities assumed
Cash and cash equivalents 21,993 249,105 249,061 520,159
Current financial assets at fair
value through profit or loss - - 14 14
Current financial assets at
amortised cost - 186,010 - 186,010
Notes receivable, net - 2,195 - 2,195
Accounts receivable, net
(including related parties) 4,421 86,409 1,002,862 1,093,692
Other receivables - 853 6,236 7,089
Prepayments 479 35,254 1,414 37,147
Other current assets 12 25 77,459 77,496
Property, plant and equipment, net 5,256 8,095 954,646 967,997
Right-of-use assets 4,809 48,006 15,541 68,356
Investment property, net - - 770,652 770,652
Intangible assets - 121,680 45,368 167,048
Other non-current assets 291 1,116 7,662 9,069
Deferred tax assets - 21,577 7,556 29,133
Short-term loans - - ( 649,082) ( 649,082)
Accounts payable (including
related parties) ( 5,681) ( 20,555) ( 599,822) ( 626,058)
Other payables (including
related parties) ( 19,981) ( 51,027) ( 125,960) ( 196,968)
Current income tax liabilities ( 3,149) ( 6,889) ( 42,579) ( 52,617)
Other current liabilities ( 813) ( 47,795) ( 832,720) ( 881,328)
Current lease liabilities ( 2,028) ( 18,893) ( 4,560) ( 25,481)
Deferred income tax liabilities - ( 23,737) ( 128,321) ( 152,058)
Non-current lease liabilities ( 2,781) ( 29,293) ( 10,982) ( 43,056)
Other non-current liabilities - ( 95,818) ( 310,985) ( 406,803)
Total identifiable net assets 2,828 466,318 433,460 902,606
Goodwill (Gain from bargain
purchase) $ 361 $ 45,975 ($ 3,863) $ 42,473

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 G. Had EMS been acquired from January 1, 2023, the consolidated statement of comprehensive
income for the year ended December 31, 2023 would show an increase in operating revenue and
profit before income tax by $26,674,040 and $5,024,729, respectively.
H. Had EIM been acquired from January 1, 2022, the consolidated statement of comprehensive
income for the year ended December 31, 2022 would show an increase in operating revenue and
profit before income tax by $18,688 and $55,101, respectively.
I. Had ESRC been acquired from January 1, 2022, the consolidated statement of comprehensive
income for the year ended December 31, 2022 would show an increase in operating revenue and
profit before income tax by $183,339 and $11,876, respectively.
(35) Supplemental cash flow information
A. Investing activities with partial cash payments
(a) Property, plant and equipment

Year ended Year ended

December 31, 2023 December 31, 2022
Purchase of property, plant and $ 12,961,203 $ 15,471,295
equipment
Add: Beginning balance of payable
on equipment 9,798 2,373,622
Less: Ending balance of payable
on equipment ( 565,794) ( 9,798)
Less: Capitalized borrowing costs ( 252) -
Cash paid during the period $ 12,404,955 $ 17,835,119

(b) Prepayments for equipment (recorded as other non-current assets)

Year ended Year ended

December 31, 2023 December 31, 2022
Purchase of prepayments for $ 49,002,834 $ 37,457,430
equipment
Add: Beginning balance of
payable on equipment 1,165,010 64,063
Less: Ending balance of
payable on equipment ( 825,476) ( 1,165,010)
Less: Capitalized borrowing costs ( 11,601) ( 17,589)
Cash paid during the period $ 49,330,767 $ 36,338,894

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(c) Intangible assets
Year ended Year ended
December 31, 2023 December 31, 2022
Purchase of intangible assets $ 65,864 $ 40,460
Add: Beginning balance of payable
on equipment - 4,385
Less: Ending balance of payable
on equipment ( 10,529) -
Cash paid during the period $ 55,335 $ 44,845

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 (e) The balances of the assets and liabilities of consolidated subsidiaries for the current period
are as follows:
EMS CCT
July 14, 2023 January 1, 2023 Total
Cash and cash equivalents $ 9,669,322 $ 499,782 $ 10,169,104
Notes receivable - 2 2
Accounts receivable
(including related parties) 1,865,137 412,020 2,277,157
Prepayments 16,361 571,226 587,587
Other receivables 5,321 442 5,763
Inventories 1,015,184 - 1,015,184
Other current assets 493,459 2,098 495,557
Property, plant and equipment 26,311,366 9,202,488 35,513,854
Right-of-use assets - 963,500 963,500
Intangible assets - 19,498 19,498
Investment property, net 452,967 - 452,967
Other non-current assets 51,867 126,959 178,826
Notes payable - ( 209) ( 209)
Accounts payable
(including related parties) ( 8,050,914) ( 113,542) ( 8,164,456)
Other payables
(including related parties) ( 1,461,041) ( 1,690,172) ( 3,151,213)
Current income tax liabilities ( 801,144) - ( 801,144)
Current lease liabilities - ( 23,593) ( 23,593)
Other current liabilities - ( 498,105) ( 498,105)
Long-term loans - ( 435,673) ( 435,673)
Non-current lease liabilities - ( 656,102) ( 656,102)
Other non-current liabilities ( 470,463) ( 36,136) ( 506,599)
(Gain from bargain purchase)
goodwill ( 4,964,222) 44,444 ( 4,919,778)
$ 24,133,200 $ 8,388,927 $ 32,522,127

Cash paid for the acquisition $ 24,133,200 $ 8,199,460 $ 32,332,660

Fair value of equity interest in CCT
held before the business combination - ( 4,017,735) ( 4,017,735)
Cash and cash equivalents ( 9,669,322) ( 499,782) ( 10,169,104)
Net cash paid for the acquisition $ 14,463,878 $ 3,681,943 $ 18,145,821

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 EIM ESRC EGJ
December 26, 2022 April 1, 2022 January 1, 2022 Total
Cash and cash equivalents $ 21,993 $ 249,105 $ 249,061 $ 520,159
Current financial assets at fair
value through profit or loss - - 14 14
Current financial assets at
amortised cost - 186,010 - 186,010
Notes receivable, net - 2,195 - 2,195
Accounts receivable, net
(including related parties) 4,421 86,409 1,002,862 1,093,692
Other receivables - 853 6,236 7,089
Prepayments 479 35,254 1,414 37,147
Other current assets 12 25 77,459 77,496
Property, plant and equipment 5,256 8,095 954,646 967,997
Right-of-use assets 4,809 48,006 15,541 68,356
Investment property, net - - 770,652 770,652
Intangible assets - 121,680 45,368 167,048
Other non-current assets 291 1,116 7,662 9,069
Deferred tax assets - 21,577 7,556 29,133
Short-term loans - - ( 649,082) ( 649,082)
Accounts payable (including
related parties) ( 5,681) ( 20,555) ( 599,822) ( 626,058)
Other payables (including
related parties) ( 19,981) ( 51,027) ( 125,960) ( 196,968)
Current income tax liabilities ( 3,149) ( 6,889) ( 42,579) ( 52,617)
Other current liabilities ( 813) ( 47,795) ( 832,720) ( 881,328)
Current lease liabilities ( 2,028) ( 18,893) ( 4,560) ( 25,481)
Deferred income tax liabilities - ( 23,737) ( 128,321) ( 152,058)
Non-current lease liabilities ( 2,781) ( 29,293) ( 10,982) ( 43,056)
Other non-current liabilities - ( 95,818) ( 310,985) ( 406,803)
Goodwill (Gain from bargain
purchase) 361 45,975 ( 3,863) 42,473
$ 3,189 $ 512,293 $ 429,597 $ 945,079

Cash paid for the acquisition $ 2,341 $ 192,038 $ 429,597 $ 623,976

Cash and cash equivalents ( 21,993) ( 249,105) ( 249,061) ( 520,159)
Net cash paid (received) for
the acquisition ($ 19,652) ($ 57,067) $ 180,536 $ 103,817

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 B. Financing activities with partial cash payments
B. Financing
Change inactivities with partial
non-controlling cash payments
interest
Change in non-controlling interest Year ended Year ended
Year ended
December 31, 2023 Year ended
December 31, 2022
Change in transactions with $ December 31, 2023
4,087,264 $ December 31, 2022
14,751,137
Change in transactions
non-controlling with
interest $ 4,087,264 $ 14,751,137
non-controlling
Add: interest of dividend
Beginning balance
Add: Beginning
payable balance of dividend 14,775,273 9,268
payable
Add: Non-controlling interest’s 14,775,273 9,268
Add: Non-controlling
proportionateinterest’s
share of the
proportionate share of the
recognised amounts of
recognised amounts of
acquiree’s identifiable net
acquiree’s identifiable net
assets from the business
assets from the business
combination 189,467 176,867
combination 189,467 176,867
Less: Ending balance of dividend
Less: Ending balance of dividend
payable
payable (( 17,943,774)
17,943,774) ( ( 14,775,273)
14,775,273)
Add:Effect
Add:Effect of ofexchange
exchangerate
rate
changes 26,543
26,543 - -
changes
Cash paid during
Cash paid duringthe
theperiod
period $$ 1,134,773$ $
1,134,773 161,999
161,999
(36)
(36) Changes in liabilities
Changes in liabilitiesfrom
fromfinancing
financingactivities
activities
Lease
Lease liabilities
liabilities and and
Short-term Corporate
Short-term Corporate bonds bonds Long-term
Long-term financial liabilities
financial liabilities
loans/Short
loans/Short payable
payable borrowings Guarantee
borrowings Guarantee for hedging
for hedging TotalTotal liabilities
liabilities
-termnotes
-term (including
notes(including current
current (including
(including current deposits
current (including
deposits (including currentfromfrom
current financing
financing
payable
payable portion)
portion) portion)
portion) received
received portion)
portion) activities
activities
At January 1,
At 1, 2023
2023 $$ - - $$ 6,806,154
6,806,154 $ $ 38,193,787
38,193,787$ $777,175
777,175$ $ 106,791,333 $ 152,568,449
106,791,333 $ 152,568,449
Changes in cash
Changes cash flow
flowfrom
from
financing activities
activities - -( ( 2,000,000) ( (
2,000,000) 589,578)
589,578) 13,853 ( (
13,853 15,457,025) (
15,457,025) 18,032,750)
( 18,032,750)
Acquired from
Acquired from business
business
combinations
combinations -- - - 933,778
933,778 6,672
6,672 679,695
679,695 1,620,145
1,620,145
Additions to
Additions to lease
lease liabilities
liabilities -- - - - - - - 31,136,206
31,136,206 31,136,206
31,136,206
Remeasurement of
Remeasurement of lease
lease
liabilities
liabilities -- - - - - - - 135,540
135,540 135,540
135,540
Changes in other
Changes in other
non-cash items - ( 1,046,287) - - - ( 1,046,287)
non-cash items - ( 1,046,287) - - - ( 1,046,287)
Effect of exchange rate
Effect of exchange rate - - 62,473 59,539 19,036 141,048
changes - - 62,473 59,539 19,036 141,048
changes
At December 31, 2023 $ - $ 3,759,867 $ 38,600,460 $ 857,239 $ 123,304,785 $ 166,522,351
At December 31, 2023 $ - $ 3,759,867 $ 38,600,460 $ 857,239 $ 123,304,785 $ 166,522,351

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304
 Lease liabilities and
Corporate bonds Long-term Lease liabilities
financial and
liabilities
Corporate bonds Long-term financial liabilities
payable borrowings Guarantee for hedging Total liabilities
payable borrowings Guarantee for hedging Total liabilities
Short-term (including current (including current deposits (including current from financing
Short-term (including current (including current deposits (including current from financing
loans portion) portion) received portion) activities
loans portion) portion) received portion) activities
At January 1, 2022 $ - $ 10,772,950 $ 48,785,729 $ 448,863 $ 98,948,118 $ 158,955,660
At January 1, 2022 $ - $ 10,772,950 $ 48,785,729 $ 448,863 $ 98,948,118 $ 158,955,660
Changes in cash flow from
Changes in cash flow from
financing activities ( 718,099) ( 4,000,000) ( 20,078,711) 268,296 ( 16,720,320) ( 41,248,834)
financing activities ( 718,099) ( 4,000,000) ( 20,078,711) 268,296 ( 16,720,320) ( 41,248,834)
Acquired from business
Acquired from business
combinations
combinations 649,082
649,082 - - - - 9,218
9,218 68,537
68,537 726,837
726,837
Additions
Additions toto lease
lease liabilities
liabilities -- - - - - - - 16,419,578 16,419,578
16,419,578 16,419,578
Remeasurement
Remeasurement of of lease
lease
liabilities
liabilities -- - - - - - - 3,852,786
3,852,786 3,852,786
3,852,786
Changes
Changes in in other
other
non-cash items
non-cash items -- 33,204
33,204 6,298,534
6,298,534 - - ( ( 6,299,484)
6,299,484) 32,254
32,254
Effect
Effect of exchange
exchange raterate
changes 69,017
69,017 - - 3,188,235
3,188,235 50,798
50,798 10,522,118 13,830,168
10,522,118 13,830,168
At
At December 31, 31, 2022
2022 $$ - - $$ 6,806,154 $ $ 38,193,787
6,806,154 38,193,787$ $777,175
777,175$ $ 106,791,333
106,791,333 $ 152,568,449
$ 152,568,449

7. RELATED
7. RELATED PARTY
PARTYTRANSACTIONS
TRANSACTIONS
(1) Names
(1) Names of related
related parties
partiesand
andtheir
theirrelationship
relationshipwith
withthethe
Group
Group
Names
Namesofofrelated
relatedparties
parties Relationship
Relationshipwithwith
the the
Group
Group
Evergreen International
Evergreen InternationalStorage
Storageand
andTransport
TransportCorp.
Corp.(EITC)
(EITC) Associate
Associate
Eva Airways Corp. (EVA)
Eva Airways Corp. (EVA) Associate
Associate
Associate
Associate
Evergreen Security Corp. (ESRC)
Evergreen Security Corp. (ESRC) (A subsidiary since
(A subsidiary since
April 1, 2022)
April 1, 2022)
Charng Yang
Charng Yang Development
DevelopmentCo., Co.,Ltd.
Ltd.(CYD)
(CYD) Associate
Associate
Taipei Port Container Terminal Corp. (TPCT) Associate
Taipei Port Container Terminal Corp. (TPCT) Associate
Ningbo Victory Container Co. Ltd. (NVC) Associate
Ningbo Victory Container Co. Ltd. (NVC) Associate
Qingdao Evergreen C&T Co., Ltd. (QECT) Associate
Qingdao Evergreen C&T Co., Ltd. (QECT) Associate
Ever Ecove Corporation (EEC) Associate
Ever Ecove Corporation (EEC) Associate
Green Properties Sdn. Bhd. (GPP) Associate
Green
LuantaProperties
InvestmentSdn. Bhd. (GPP)
(Netherlands) N.V. (Luanta) Associate
Associate
Luanta Investment (Netherlands) N.V. (Luanta)
Balsam Investment (Netherlands) N.V. (Balsam) Associate
Associate
Balsam Investment (Netherlands)
Balsam Investment (Netherlands)B.V.
N.V.(Balsam
(Balsam)
B.V. ) Associate
Associate
Balsam Investment
Italia Marittima (Netherlands)
S.p.A. (ITS) B.V. (Balsam B.V. ) Associate
Associate
Italia Marittima S.p.A. (ITS) Associate
Associate
Colon Container Terminal S.A. (CCT) Associate
(A subsidiary since
Colon Container Terminal S.A. (CCT) (A subsidiary
January 1, 2023)since
PT. Evergreen Shipping Agency Indonesia (EMI) January 1, 2023)
Associate
PT. Evergreen
Evergreen Shipping
Shipping Agency
Agency Indonesia
Co. (U.A.E) (EMI)
LLC (UAE) Associate
Associate
Evergreen Shipping Agency Co. (U.A.E) LLC (UAE)
Evergreen Shipping Agency Lanka (Private) Limited (ELK) Associate
Associate
Evergreen Shipping
VIP Greenport Joint Agency Lanka (Private)
Stock Company (VGP) Limited (ELK) Associate
Associate
Ics Depot
VIP Services
Greenport Sdn.
Joint Bhd.Company
Stock (IDS) (VGP) Associate
Associate
Shanghai Shengrong International
Ics Depot Services Sdn. Bhd. (IDS) Container Development Co., Ltd Associate
Associate
(SSICD) Shengrong International Container Development Co., Ltd
Shanghai Associate
(SSICD)

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 Names of related parties Relationship with the Group

Other related party

Evergreen Steel Corp. (EGST) (An associate since
November 4, 2022)
Evergreen International Corp. (EIC) Other related party
Evergreen Airline Service Corp. (EGAS) Other related party
Chang Yung-Fa Charity Foundation (CYFC) Other related party
Chang Yung-Fa Foundation (CYFF) Other related party
Ever Accord Construction Corporation (EAC) Other related party
Evergreen Aviation Technologies Corporation (EGAT) Other related party
Evergreen Logistics Corp. (ELC) Other related party
Evergreen Sky Catering Corporation (EGSC) Other related party
Evergreen Air Cargo Services Corporation (EGAC) Other related party
Central Reinsurance Corporation(CRC) Other related party
Evergreen International Logistics (Shanghai) Limited. (EILCSH) Other related party
Ever Reward Logistics Corporation (ERLY) Other related party
Hsin Yung Enterprise Corporation (HYEC) Other related party
Ming Yu Investment Co., Ltd. (MYI) Other related party
Pan Asia International Shipping Limited (PAISL) Other related party
Evergreen Laurel Hotel Shanghai (ELHS) Other related party
Evergreen Laurel Hotel Penang (ELHM) Other related party
Super Max Engineering Enterprise Co., Ltd (SMEE) Other related party
Everfamily International Foods Corp. (EFIF) Other related party
Evergreen International S.A.(EIS) Other related party
Other related party
Evergreen Marine (Singapore) Pte. Ltd.(EMS) (A subsidiary since
July 14, 2023)
Gaining Enterprise S.A. (GESA) Other related party
Evergreen Insurance Company Ltd. (EINS) Other related party
Evergreen Shipping Agency (America) Corporation (EGA) Other related party
Other related party
Evergreen Shipping Agency (Japan) Corporation (EGJ) (A subsidiary since
January 1, 2022)
Other related party
Evergreen International Myanmar Co., Ltd. (EIM) (A subsidiary since
December 26, 2022)
Advanced Business Process, Inc. (ABPI) Other related party
Evergreen Logistics Philippines Corp. (ELCP) Other related party
Round the World S.A. (RTW) Other related party
Evergreen Logistics Co., Ltd. (ELCSH) Other related party
Evergreen Logistics (HK) Ltd. (ELCHK) Other related party
Evergreen Logistics USA Corp. (RTWL) Other related party
Evergreen Logistics (Thailand) Co., Ltd. (ELCTH) Other related party
Evergreen Logistics Vietnam Company Ltd. (ELCVN) Other related party

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 Names of related parties Relationship with the Group
Evergreen Logistics Malaysia Sdn. Bhd. (ELCMY) Other related party
Evergreen Logistics (India) Pvt. Ltd. (ELCIN) Other related party
Evergreen International Logistics (HK) Limited. (EILCHK) Other related party
Round-The-World Logistics Corp. (M) Sdn. Bhd. (RTWMY) Other related party
PT. Evergreen Logistics Indonesia (ELCID) Other related party
Everconcord, S.A. (ECC) Other related party
Ally Holding Ltd (ALLY) Other related party
Evergreen International Logistics (Korea) Co., Ltd. (ELCKR) Other related party
Evergreen Logistics (Cambodia) Co., Ltd. (ELCKH) Other related party
Directors, General Manager and Vice General Manager Key management
(2) Significant transactions with related party
A. Operating revenue:
Year ended Year ended
December 31, 2023 December 31, 2022
Associates $ 1,717,404 $ 2,510,215
Other related parties 7,160,053 21,873,999
$ 8,877,457 $ 24,384,214
The business terms of the group to related parties are not significantly difference from those of
sales to non-related parties.
B. Operating cost and expense:
Year ended Year ended
December 31, 2023 December 31, 2022
Associates $ 7,840,961 $ 7,928,018
Other related parties 5,611,699 12,045,436
$ 13,452,660 $ 19,973,454
Services are purchased from associates and other related parties on normal commercial terms and
conditions.
C. Receivables from related parties:
December 31, 2023 December 31, 2022
Accounts receivable:
Associates $ 63,996 $ 99,807
Other related parties 1,510,433 1,748,143
Subtotal $ 1,574,429 $ 1,847,950
Other receivables:
Associates $ 1,941 $ 5,552
Other related parties 20,132 84,100
Subtotal $ 22,073 $ 89,652
Total $ 1,596,502 $ 1,937,602

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 The receivables from related parties arise mainly from sale transactions. The receivables are
unsecured in nature and bear no interest. Expected credit losses are accrued and recognised for the
receivables from related parties.
D. Payables to related parties:
December 31, 2023 December 31, 2022
Accounts payable:
Associates $ 229,490 $ 577,086
Other related parties 155,273 92,729
Subtotal $ 384,763 $ 669,815
Other payables:
Associates $ 101,653 $ 4,260
Other related parties 18,015,873 14,919,756
Subtotal $ 18,117,526 $ 14,924,016
Total $ 18,502,289 $ 15,593,831

The payables to related parties arise mainly from purchase transactions. The payables bear no
interest.
E. Property transactions:
(a) Acquisition of property, plant and equipment:
Year ended Year ended
December 31, 2023 December 31, 2022
Other related parties $ 6,507,912 $ 488,296
i. The above transaction price is based on market value and mutual agreement.
ii. On December 22, 2022, the Board of Directors of the Company resloved to purchase the
land and buildings with the amount of $4,743,000 from the other related party, Evergreen
International Corp., of which the land and buildings is located in Luzhu District, Taoyuan
City, including Land No.672, 673 and 679 of Nanxing Section, Land No.401, 401-1, 402 ~
405, 548, 549, 549-1, 550, 551 and 551-1 of Nanrong Section, Building serial No. 582 of
Nanxing Section and Building serial No. 176 and 176-1 of Nanrong Section. Additionally,
for the year ended December 31, 2022, the Company paid the prepayment amounting to
$3,716,218, which was recorded as other non-current assets. The transfer of land and
buildings was completed on February 17, 2023.

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 (b) Disposal of property, plant and equipment:
Year ended Year ended
December 31, 2023 December 31, 2022
Disposal proceeds Gain on disposal Disposal proceeds Gain on disposal
Associates $ 36,000 $ 21,458 $ 2,587,995 $ 287,354
Other
related
parties - - 6 -
$ 36,000 $ 21,458 $ 2,588,001 $ 287,354

The above disposal price is based on market value and mutual agreement.
F. Leasing arrangements - lessee
(a) The Group leases buildings, ships as well as loading and unloading equipment from associates
and other related parties. Rental contracts are typically made for periods of 2 to 10 years. The
rental expenses are paid in accordance with the contract terms.
(b) Acquisition of right-of-use assets
The Group leased ships from other related parties for the year ended December 31, 2023 and
increased right-of-use assets by $23,039,625.
(c) Lease liabilities
i. Outstanding balance:
December 31, 2023 December 31, 2022
Associates $ 11,608 $ 3,802
Other related parties 642,169 1,051,910
$ 653,777 $ 1,055,712
ii. Interest expense:
Year ended Year ended
December 31, 2023 December 31, 2022
dzAssociates $ 695 $ 47
dzOther related parties 22,314 27,826
$ 23,009 $ 27,873

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 G. Agency accounts:
December 31, 2023 December 31, 2022
Debit balance of agency accounts:
Associates $ 79,900 $ -
Other related parties 124 856
$ 80,024 $ 856
December 31, 2023 December 31, 2022
Credit balance of agency accounts:
Associates $ - ($ 56,109)
Other related parties
-EGA ( 841,976) ( 126,803)
-Other - ( 2,894)
($ 841,976) ($ 185,806)

H. Shipowner’s accounts:
December 31, 2023 December 31, 2022
Debit balance of shipowner’s accounts:
Other related parties
-GESA $ 6,740 $ 7,288
-EIS - 208,343
$ 6,740 $ 215,631

December 31, 2023 December 31, 2022

Credit balance of shipowner’s accounts:
Associates
-ITS ($ 349,122) ($ 127,899)
Other related parties
-EIS ( 1,252,877) -
-EMS - ( 3,030,442)
($ 1,601,999) ($ 3,158,341)

I. Loans to/from related parties:

(a) Loans to related parties (recorded as other receivables - related parties)
i. Outstanding balance:
December 31, 2023 December 31, 2022
Associates $ - $ 773,653

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 ii. Interest income:
Year ended Year ended
December 31, 2023 December 31, 2022
Associates $ - $ 20,874
No interest was paid for the year ended December 31, 2023. Interest income was received at
floating rates for the year ended December 31, 2022.
(b) Loans from related parties (recorded as other payables - related parties)
i. Outstanding balance:
December 31, 2023 December 31, 2022
Other related parties $ 9,534 $ 9,843
ii. Interest expense:
Year ended Year ended
December 31, 2023 December 31, 2022
Other related parties $ 641 $ -
Interest expense was paid at floating rates for the year ended December 31, 2023. No
interest was paid for the year ended December 31, 2022.
J. On November 5, 2021, the Board of Directors of the subsidiary, EMA, approved to acquire 100%
equity interests of EGJ from the other related party, EIS. The transaction date was January 1, 2022,
and the transaction price amounted to $429,597 (approx. USD 15,534).
K. On March 15, 2022, the Board of Directors approved to acquire 31% equity interests of ESRC
from the associates, EVA. The transaction date was April 1, 2022, and the transaction price
amounted to $192,038.
L. On December 15, 2022, the Board of Directors of the subsidiary, EMA, approved to acquire 51%
equity interests of EIM from the other related party, EMS. The transaction date was December 26,
2022, and the transaction price amounted to $1,706 (approx. USD 55.65).
M. On November 4, 2022, the Board of Directors of the subsidiary, EMA, approved to acquire 51%
of the equity interests in CCT from its original shareholders, Ally, for a transaction price of
$4,181,725 (approx. USD 136,680). Taking into consideration the organization structure of the
Group, EMA acquired 9% and 40% of the equity interests in EGH and CLOVE, respectively, for
a transaction price of $4,017,735 (approx. USD 131,320) and obtained the control over CCT. The
transaction date was January 1, 2023.
N. On December 22, 2022, the Board of Directors of the Company approved to acquire 14,636
thousand shares (shareholding amounting to 10%) of CYD from the other related party, EIC. The
transaction date was January 1, 2023 and the transaction price amounted to $450,000.
O. On May 12, 2023, the Board of Directors of the Company approved to acquire 2,200 thousand
shares (shareholding amounting to 22%) of TTSC from the other related party, EIC. The
transaction date was June 1, 2023 and the transaction price amounted to $37,500.

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 P. On June 19, 2023, the Board of Directors of the subsidiary, EMA, resolved to acquire 100% of the
equity interests in EMS from its original shareholders, EIS, for a transaction price of $24,133,200
(approx. USD 780,000), and obtained the control over EMS. The transaction date was July 14,
2023.
Q. On November 9, 2023, the Board of Directors of the subsidiary, EMA, resolved to acquire 20% of
the equity interests in KTIL from its original shareholder, ITS, for a transaction price of $95,985
(approx. USD 3,132). The transaction date was December 31, 2023.
(3) Key management compensation
Year ended Year ended
December 31, 2023 December 31, 2022
Short-term employee benefits $ 307,533 $ 486,600
Post-employment benefits 5,194 5,796
$ 312,727 $ 492,396
8. PLEDGED ASSETS
The Group’s assets pledged as collateral are as follows:

Book value
Pledged assets December 31, 2023 December 31, 2022 Purpose
Financial assets at
amortised cost
- Pledged time deposits $ 280,967 $ 303,408 Performance
guarantee
Property, plant and equipment
-Land 1,925,780 1,968,406 Long-term loan
-Buildings 475,625 612,008 Ȼ
-Loading and unloading
equipment 1,080,808 1,202,918 Ȼ
-Ships 39,154,761 40,999,314 Ȼ
Investment property
-Land 1,060,044 1,096,391 Long-term loan
-Buildings 577,162 1,185,249 Ȼ
$ 44,555,147 $ 47,367,694

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT

COMMITMENTS
(1) Contingencies
None.
(2) Commitments
A. As of December 31, 2023 and 2022, the Group had delegated the bank to issue Standby Letter of
Credit as guarantee all amounting to USD 5,000.

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 B. As of December 31, 2023 and 2022, the long-term and medium-term loan facilities granted by the
financial institutions with the resolution from the Board of Directors to finance the Group’s
purchase of new ships and general working capital requirement amounted to $158,865,530 and
$143,518,497, respectively, and the unutilized credit was $120,188,403 and $105,226,360,
respectively.
C. As of December 31, 2023 and 2022, the amount of guaranteed notes issued by the Group for loans
borrowed were $102,355,246 and $85,457,191, respectively.
D. To meet its operational needs, the Group signed the shipbuilding contracts. As of December 31,
2023, the total price of the contracts, wherein the vessels have not yet been delivered amounted to
USD 8,251,021, of which USD 6,437,534 remain unpaid.
E. To meet its operational needs, the Group signed the loading and unloading equipment purchase
contracts. As of December 31, 2023, the total price of the contracts, wherein the equipment has
not yet been delivered, amounted to USD 451,595, of which USD 187,340 remain unpaid.
F. To meet its operational needs, the Group signed the transportation equipment purchase contracts.
As of December 31, 2023, the total price of the contracts, wherein the equipment has not yet been
delivered, amounted to USD 7,924, of which USD 4,765 remain unpaid.
G. For the Group’s lease contracts which were entered into but not yet completed, as of December
31, 2023, the expected minimum lease payment in the future was $6,746,280.
H. As of December 31, 2023, the Group had entered into a service contract which was not belonging
to lease component. The amount of future commitment payment is provided in Note 6(10).
10. SIGNIFICANT DISASTER LOSS
None.
11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
A. The appropriation of earnings was resolved by the Company’s Board of Directors on March 14,2024.
Information about appropriation of earnings is provided in Note 6(21).
B. To increase gain on investments, give priority to the port loading and unloading operations of huge
vessel of the Group and strengthen bargaining chips with other shareholders, on January 31, 2024,
the Company’s Board of Directors resolved to acquire 5.84% equity interests (30,361 thousand
shares) of TPCT from the other related party, EIS, for a transaction price of $401,850. The
shareholding ratio of the Company in TPCT increased from 27.85% to 33.69% after the acquisition.
C. To meet the operational needs, on January 31, 2024, the Board of Directors of the subsidiary, EMU,
resolved to acquire property from the other related party, EIS, for a transaction price of GBP 53,000.
D. To strengthen the operational layout in Europe and expand business scope, on January 31, 2024, the
Board of Directors of the subsidiary, EMA, resolved to acquire 100% equity interests of ITS from
the associate, Balsam B.V., for a transaction price of EUR 405,000 (approx. $13,614,118), and
obtained the control over ITS. The transaction date was February 7, 2024.

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 The following table summarises the consideration paid for ITS and the fair values of the initial
identification of assets acquired and liabilities assumed at the acquisition date:
ITS
February 7, 2024
Purchase consideration
Cash paid $ 6,943,200
Fair value of equity interest in
ITS held before the business
combination 6,670,918
13,614,118
Fair value of the identifiable
assets acquired and liabilities
assumed
Cash and cash equivalents 12,411,462
Accounts receivable, net
(including related parties) 651,995
Other receivables 175,381
Current income tax assets 206,131
Inventories 274,151
Prepayments 124,750
Other current assets 194,092
Property, plant and
equipment, net 4,526,496
Right-of-use assets 458,295
Intangible assets 48,211
Other non-current assets 3,901
Contract liabilities ( 102,572)
Accounts payable
(including related parties) ( 934,813)
Other payables
(including related parties) ( 103,144)
Other current liabilities ( 606,699)
Other non-current liabilities ( 207,552)
Total identifiable net assets 17,120,085
Gain from bargain purchase ($ 3,505,967)

Had ITS been acquired from January 1, 2024, the Group’s operating revenue and profit before
income tax for the period from January 1 to 31, 2024 would increase by $570,757 and $275,710,
respectively.

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12. OTHERS
(1) Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a
going concern in order to provide returns for shareholders and to maintain an optimal capital
structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return capital to shareholders and issue
new shares to maintain an optimal capital structure.
(2) Financial instruments
A. Financial instruments by category
December 31, 2023 December 31, 2022
Financial assets
Financial assets at fair value
through profit or loss
Financial assets mandatorily
measured at fair value
through profit or loss $ 460,271 $ -
Financial assets at fair value through
other comprehensive income
Designation of equity instrument $ 2,050,788 $ 1,581,495
Financial assets at amortised
cost
Cash and cash equivalents $ 170,229,777 $ 392,346,479
Financial assets at amortised
cost 21,451,197 42,989,430
Notes receivable 74,003 91,436
Accounts receivable 20,625,783 25,709,491
Other accounts receivable 1,052,508 2,213,266
Guarantee deposits paid 334,828 315,012
Finance lease receivable 10,931 -
$ 213,779,027 $ 463,665,114
Financial assets for hedging $ 4,526,758 $ 8,461,308

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 December 31, 2023 December 31, 2022

Financial liabilities
Financial liabilities at fair value
through profit or loss
Financial liabilities held for trading $ - $ 10,460
Financial liabilities at amortised
cost
Notes payable $ 64 $ -
Accounts payable 35,641,730 46,227,705
Other accounts payable 26,213,617 26,860,379
Bonds payable (including
current portion) 3,759,867 6,806,154
Lease payable (including
current portion) 108,218,705 89,915,657
Long-term borrowings
(including current portion) 38,600,460 38,193,787
Guarantee deposits received 857,239 777,175
$ 213,291,682 $ 208,780,857
Financial liabilities for hedging
(including current portion) $ 15,086,080 $ 16,875,676

B. Financial risk management policies

(a) The Group’s activities expose it to a variety of financial risks: market risk (including foreign
exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group’s
overall risk management programme focuses on the unpredictability of financial markets and
seeks to minimize potential adverse effects on the Group’s financial position and financial
performance.
(b) Risk management is carried out by the Group’s Finance Department under policies approved
by the Board of Directors. The Group’s Finance Department identifies, evaluates and hedges
financial risks in close co-operation with the Group’s Operating Department. The Board of
Directors provides written principles for overall risk management, as well as written policies
covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit
risk, use of derivative financial instruments and non-derivative financial instruments, and
investment of excess liquidity.
C. Significant financial risks and degrees of financial risks
(a) Market risk
Foreign exchange risk
i. The Group operates internationally and is exposed to foreign exchange risk arising from
various currency exposures, primarily with respect to the USD, EUR and CNY. Foreign
exchange risk arises from future commercial transactions, recognised assets and liabilities
and net investment in foreign operations.

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ii. The Group’s management has set up a policy to require group companies to manage their
foreign exchange risk against their functional currency. The group companies are required
to hedge their entire foreign exchange risk exposure with the Group’s Finance Department.
To manage their foreign exchange risk arising from future commercial transactions and
recognised assets and liabilities, entities in the Group use forward foreign exchange
contracts, transacted with Group’s Finance Department. Foreign exchange risk arises when
future commercial transactions or recognised assets or liabilities are denominated in a
foreign currency that is not the entity’s functional currency.
iii. The Group’s businesses involve some non-functional currency operations (the Company’s
and certain subsidiaries’ functional currency: NTD; other certain subsidiaries’ functional
currency: USD, EUR, CNY and others). The information on assets and liabilities
denominated in foreign currencies whose values would be materially affected by the
exchange rate fluctuations is as follows:

December 31, 2023

Foreign
currency Book value
amount Exchange rate (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD $ 1,032,580 30.6500 $ 31,648,577
JPY:NTD 601,648 0.2165 3,992,371
GBP:USD 3,783 1.2740 147,719
Financial liabilities
Monetary items
USD:NTD $ 1,194,189 30.6500 $ 36,601,893
CNY:USD 299,297 0.1407 1,290,705
HKD:USD 96,535 0.1279 378,430
GBP:USD 6,063 1.2740 236,749
EUR:USD 5,894 1.1079 200,143
INR:NTD 475,398 0.3684 175,137

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 December 31, 2022
Foreign
currency Book value
amount Exchange rate (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD $ 1,281,995 30.5950 $ 39,222,637
EUR:USD 4,445 1.0658 144,943
GBP:USD 6,834 1.2053 252,012
Financial liabilities
Monetary items
USD:NTD $ 1,531,914 30.5950 $ 46,868,909
CNY:USD 297,948 0.1436 1,309,017
EUR:USD 6,643 1.0658 216,616
HKD:USD 113,753 0.1282 446,171
GBP:USD 7,362 1.2053 271,482
iv. The total exchange gain, including realised and unrealised arising from significant foreign
exchange variation on the monetary items held by the Group for the years ended December
31, 2023 and 2022 amounted to $2,152,007 and $12,401,950, respectively.
v. Analysis of foreign currency market risk arising from significant foreign exchange
variation:
Year ended December 31, 2023
Sensitivity analysis
Effect on other
Degree of Effect on comprehensive
variation profit or loss income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD 1% $ 271,218 $ 45,268
JPY:NTD 1% 39,924 -
GBP:USD 1% 1,477 -
Financial liabilities
Monetary items
USD:NTD 1% $ 215,158 $ 150,861
CNY:USD 1% 12,907 -
HKD:USD 1% 3,784 -
GBP:USD 1% 2,367 -
EUR:USD 1% 2,001 -
INR:USD 1% 1,751 -

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 Year ended December 31, 2022
Sensitivity analysis
Effect on other
Degree of Effect on comprehensive
variation profit or loss income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD 1% $ 307,613 $ 84,613
EUR:USD 1% 1,449 -
GBP:USD 1% 2,520 -
Financial liabilities
Monetary items
USD:NTD 1% $ 299,932 $ 168,757
CNY:USD 1% 13,090 -
EUR:USD 1% 2,166 -
HKD:USD 1% 4,462 -
GBP:USD 1% 2,715 -
Price risk
i. The Group is exposed to equity securities price risk because of investments held by the
Group and classified on the consolidated balance sheet at fair value through other
comprehensive income. The Group is not exposed to significant commodity price risk. To
manage its price risk arising from investments in equity securities, the Group diversifies its
portfolio. Diversification of the portfolio is done in accordance with the limits set by the
Group.
ii. The Group’s investments in equity securities comprise domestic listed and unlisted stocks.
The prices of equity securities would change due to the change of the future value of
investee companies. If the prices of these equity securities had increased/decreased by 1%
with all other variables held constant, equity would have increased/decreased by $19,144
and $15,496 for the years ended December 31, 2023 and 2022, respectively, as a result of
other comprehensive income classified as equity investment at fair value through other
comprehensive income.
Cash flow and fair value interest rate risk
i. The Group’s interest rate risk arises from long-term borrowings. Borrowings issued at
variable rates expose the Group to cash flow interest rate risk which is partially offset by
cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose
the Group to fair value interest rate risk. During the years ended December 31, 2023 and
2022, the Group’s borrowings at variable rate were denominated in the NTD and USD.

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 ii. At December 31, 2023 and 2022, if interest rates on borrowings had been 1% higher/lower
with all other variables held constant, post-tax profit for the years ended December 31,
2023 and 2022 would have been $258,437 and $271,247 lower/higher, respectively, mainly
as a result of higher/lower interest expense on floating rate borrowings.
(b) Credit risk
i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients
or counterparties of financial instruments on the contract obligations. The main factor is
that counterparties could not repay in full the notes receivable, accounts receivable, contract
assets and financial assets at amortised cost based on the agreed terms.
ii. The Group manages their credit risk taking into consideration the entire group’s concern.
According to the Group’s credit policy, each local entity in the Group is responsible for
managing and analysing the credit risk for each of their clients before standard payment and
delivery terms and conditions are offered. Internal risk control assesses the credit quality of
the customers, taking into account their financial position, past experience and other factors.
iii. The Group manages their credit risk taking into consideration the entire group’s concern.
For banks and financial institutions, only independently rated parties with good credit rating
are accepted.
iv. The Group adopts following assumptions under IFRS 9 to assess whether there has been a
significant increase in credit risk on that instrument since initial recognition:
If the contract payments were past due over 30 days based on the terms, there has been a
significant increase in credit risk on that instrument since initial recognition.
v. The default occurs when the contract payments are past due over 30 days.
vi. The following indicators are used to determine whether the credit impairment of debt
instruments has occurred:
(i) It becomes probable that the issuer will enter bankruptcy or other financial reorganisation
due to their financial difficulties;
(ii) The disappearance of an active market for that financial asset because of financial
difficulties;
(iii) Default or delinquency in interest or principal repayments;
(iv) Adverse changes in national or regional economic conditions that are expected to cause
a default.
vii. The Group classifies customers’ accounts receivable and contract assets in accordance with
geographic area. The Group applies the modified approach based on the loss rate
methodology to estimate expected credit loss.
viii. The Group wrote-off the financial assets, which cannot be reasonably expected to be
recovered, after initiating recourse procedures. However, the Group will continue executing
the recourse procedures to secure their rights. As of December 31, 2023 and 2022, the Group
has no written-off financial assets that are still under recourse procedures.

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ix. The Group used the forecastability to adjust historical, timely information, economic
conditions of the industry, GDP forecast and trade growth rate to assess the default
possibility of notes receivable, accounts receivable (including related parties) and contract
assets. As of December 31, 2023 and 2022, the loss rate methodology is as follows:
Notes receivable
December 31, 2023 Total book value Expected loss rate Loss allowance
Not past due $ 74,020 0.0000%~0.5000% $ 17
Accounts receivable
(including related parties)
December 31, 2023 Total book value Expected loss rate Loss allowance
Not past due $ 17,168,127 0.0000%~0.4925% $ 10,832
Up to 30 days 3,238,265 0.0100%~0.1392% 2,655
31 to 180 days 234,407 0.0017%~0.5987% 1,529
$ 20,640,799 $ 15,016
Contract assets
December 31, 2023 Total book value Expected loss rate Loss allowance
Not past due $ 1,438,424 0.0508%~0.0547% $ 839
Notes receivable
December 31, 2022 Total book value Expected loss rate Loss allowance
Not past due $ 91,456 0.0001%~0.5000% $ 20
Accounts receivable
(including related parties)
December 31, 2022 Total book value Expected loss rate Loss allowance
Not past due $ 20,837,419 0.0000%~0.5839% $ 3,509
Up to 30 days 4,416,850 0.0037%~0.4381% 1,226
31 to 180 days 461,801 0.0061%~1.9400% 1,844
$ 25,716,070 $ 6,579
Contract assets
December 31, 2022 Total book value Expected loss rate Loss allowance
Not past due $ 1,749,276 0.0001%~0.1056% $ 348

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 x. Movements in relation to the Group applying the modified approach to provide loss
allowance for notes receivable, accounts receivable (including related parties), contract
assets and overdue receivables are as follows:
2023
Notes Accounts Contract
receivable receivable assets
At January 1 ($ 20) ($ 6,579) ($ 348)
Provision for impairment - ( 10,528) ( 516)
Reversal of impairment loss 3 681 18
Effect of foreign exchange - 1,410 7
At December 31 ($ 17) ($ 15,016) ($ 839)

2022
Notes Accounts Contract
receivable receivable assets
At January 1 $ - ($ 4,494) $ -
Business Combination ( 18) ( 221) -
Provision for impairment ( 2) ( 5,973) ( 339)
Reversal of impairment loss - 4,359 -
Effect of foreign exchange - ( 250) ( 9)
At December 31 ($ 20) ($ 6,579) ($ 348)

(c) Liquidity risk

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated
by Group’s Finance Department. Group’s Finance Department monitors rolling forecasts
of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational
needs.
ii. The table below analyses the Group’s non-derivative financial liabilities and net-settled or
gross-settled derivative financial liabilities into relevant maturity groupings based on the
remaining period at the balance sheet date to the contractual maturity date for non-
derivative financial liabilities.

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Non-derivative financial liabilities:
Between 3
December 31, 2023 Less than 3 months and Between 1 Between 2
months 1 year and 2 years and 5 years Over 5 years Total
Notes payable $ 64 $ - $ - $ - $ - $ 64
Accounts payable 34,819,999 436,968 - - - 35,256,967
Accounts payable
- related parties 183,939 200,824 - - - 384,763
Other payables 5,614,919 2,471,638 - - - 8,086,557
Other payables
- related parties 121,933 17,995,593 - - 9,534 18,127,060
Bonds payable
(including current
portion) - 3,759,867 - - - 3,759,867
Long-term loans
(including current
portion) 3,652,571 4,865,643 7,255,803 18,203,918 11,238,553 45,216,488
Lease payable and
financial liabilities
for hedging
(including current
portion) 4,614,727 12,985,815 22,096,095 41,833,202 55,083,327 136,613,166
Non-derivative financial liabilities:
Between 3
December 31, 2022 Less than 3 months and Between 1 Between 2
months 1 year and 2 years and 5 years Over 5 years Total
Accounts payable $44,831,476 $ 726,414 $ - $ - $ - $ 45,557,890
Accounts payable
- related parties 301,532 368,283 - - - 669,815
Other payables 9,188,399 2,738,121 - - - 11,926,520
Other payables
- related parties 14,921,939 2,077 - - 9,843 14,933,859
Bonds payable
(including current
portion) - 2,017,200 4,981,000 - - 6,998,200
Long-term loans
(including current
portion) 1,762,881 4,668,601 6,301,383 17,354,560 15,225,444 45,312,869
Lease payable and
financial liabilities
for hedging
(including current
portion) 3,719,162 11,181,100 13,251,810 35,645,127 53,227,331 117,024,530

iii. The Group does not expect the timing of occurrence of the cash flows estimated through
the maturity date analysis will be significantly earlier, nor expect the actual cash flow
amount will be significantly different.

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 (3) Fair value estimation
A. The different levels that the inputs to valuation techniques are used to measure fair value of
financial and non-financial instruments have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date. A market is regarded as active if it meets all
the following conditions: the items traded in the market are homogeneous; willing
buyers and sellers can normally be found at any time; and prices are available to the
public. The fair value of the Group’s investment in listed stocks, beneficiary certificates
and derivative instruments with quoted market prices is included in Level.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
B. Fair value information of investment property at cost is provided in Note 6(12).
C. Financial instruments not measured at fair value
Except for those listed in the table below, the carrying amounts of cash and cash equivalents,
notes receivable, accounts receivable, other receivables, financial assets measured at amortised
cost, financial liabilities for hedging, notes payable, accounts payable, other payables and lease
liabilities are approximate to their fair values:
December 31, 2023
Fair value Fair value
Book value Level 2 Level 3
Financial liabilities:
Bonds payable (including
current portion) $ 3,759,867 $ 3,759,867 $ -
Long-term loans (including
current portion) 38,600,460 - 44,839,291
$ 42,360,327 $ 3,759,867 $ 44,839,291

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 December 31, 2022
Fair value Fair value
Book value Level 2 Level 3
Financial liabilities:
Bonds payable (including
current portion) $ 6,806,154 $ 4,806,154 $ 2,005,640
Long-term loans (including
current portion) 38,193,787 - 46,103,871
$ 44,999,941 $ 4,806,154 $ 48,109,511

D. The related information of financial instruments measured at fair value by level on the basis of
the nature, characteristics and risks of the assets are as follows:
(a) The related information of natures of the assets is as follows:
December 31, 2023 Level 1 Level 2 Level 3 Total
Assets:
Recurring fair value measurements
Financial assets at fair value
through profit or loss
Beneficiary certificates $ 451,019 $ - $ - $ 451,019
dzDerivative instruments - 9,252 - 9,252
Financial assets at fair value
through other comprehensive
income
dzEquity securities 1,149,422 - 901,366 2,050,788
$ 1,600,441 $ 9,252 $ 901,366 $ 2,511,059
December 31, 2022 Level 1 Level 2 Level 3 Total
Assets:
Recurring fair value measurements
Financial assets at fair value
through other comprehensive
income
dzEquity securities $ 847,730 $ - $ 733,765 $ 1,581,495
Liabilities:
Recurring fair value measurements
Financial liabilities at fair value
through profit or loss
Derivative instruments $ - $ 10,460 $ - $ 10,460

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 (b) The methods and assumptions the Group used to measure fair value are as follows:
i. The instruments the Group used market quoted prices as their fair values (that is, Level 1)
are listed below by characteristics:
Listed shares Open-end fund
Market quoted price Closing price Net asset value
ii. Except for financial instruments with active markets, the fair value of other financial
instruments is measured by using valuation techniques or by reference to counterparty
quotes. The fair value of financial instruments measured by using valuation techniques can
be referred to current fair value of instruments with similar terms and characteristics in
substance, discounted cash flow method or other valuation methods, including calculated
by applying model using market information available at the consolidated balance sheet
date (i.e. yield curves on the Taipei Exchange, average commercial paper interest rates
quoted from Reuters).
iii. When assessing non-standard and low-complexity financial instruments, the Group adopts
valuation technique that is widely used by market participants. The inputs used in the
valuation method to measure these financial instruments are normally observable in the
market.
iv. The valuation of derivative financial instruments is based on valuation model widely
accepted by market participants, such as present value techniques and option pricing
models. Forward exchange contracts are usually valued based on the current forward
exchange rate. Structured interest derivative instruments are measured by using appropriate
option pricing models (i.e. Black-Scholes model) or other valuation methods, such as
Monte Carlo simulation.
v. The output of valuation model is an estimated value and the valuation technique may not
be able to capture all relevant factors of the Group’s financial and non-financial instruments.
Therefore, the estimated value derived using valuation model is adjusted accordingly with
additional inputs, for example, model risk or liquidity risk and etc. In accordance with the
Group’s management policies and relevant control procedures relating to the valuation
models used for fair value measurement, management believes adjustment to valuation is
necessary in order to reasonably represent the fair value of financial and non-financial
instruments at the consolidated balance sheet. The inputs and pricing information used
during valuation are carefully assessed and adjusted based on current market conditions.
vi. The Group takes into account adjustments for credit risks to measure the fair value of
financial and non-financial instruments to reflect credit risk of the counterparty and the
Group’s credit quality.
E. For the years ended December 31, 2023 and 2022, there was no transfer between Level 1 and
Level 2.

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F. The following chart is the movement of Level 3 for the years ended December 31, 2023 and 2022:
2023 2022
At January 1 $ 733,765 $ 644,841
Gains and losses recognised in other
comprehensive income (Note) 169,138 88,924
Proceeds from capital reduction in the year ( 1,537) -
At December 31 $ 901,366 $ 733,765

Note: Recorded as unrealised gains or losses on valuation of investments in equity instruments

measured at fair value through other comprehensive income and exchange differences on
translating the financial statements of foreign operations.
G. For the years ended December 31, 2023 and 2022, there was no transfer into or out from Level
3.
H. The Group is in charge of valuation procedures for fair value measurements being categorised
within Level 3, which is to verify independent fair value of financial instruments. Such
assessment is to ensure the valuation results are reasonable by applying independent information
to make results close to current market conditions, confirming the resource of information is
independent, reliable and in line with other resources and represented as the exercisable price,
and frequently calibrating valuation model, performing back-testing, updating inputs used to the
valuation model and making any other necessary adjustments to the fair value.

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 I. The following is the qualitative information of significant unobservable inputs and sensitivity
analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair
value measurement:
Fair value at Significant Range
December Valuation unobservable (weighted Relationship of inputs
31, 2023 technique input average) to fair value
Non-derivative equity
instrument:
Market Price to The higher the multiple
Unlisted shares $ 894,594 comparable earnings ratio 10.82~34.78 and control premium,
companies multiple the higher the fair value
The higher the multiple
Price to book
0.43~3.97 and control premium,
ratio multiple
the higher the fair value
The higher the
Discount for weighted average cost
lack of 20%~30% of capital and discount
marketability for lack of control, the
lower the fair value
Venture capital shares
Net asset Not
Private equity fund 6,772 Not applicable
value applicable
investment
Fair value at Significant Range
December Valuation unobservable (weighted Relationship of inputs
31, 2022 technique input average) to fair value
Non-derivative equity
instrument:
Market Price to The higher the multiple
Unlisted shares $ 726,993 comparable earnings ratio 9.40~35.89 and control premium,
companies multiple the higher the fair value
The higher the multiple
Price to book
0.41~3.66 and control premium,
ratio multiple
the higher the fair value
The higher the
Discount for weighted average cost
lack of 20%~30% of capital and discount
marketability for lack of control, the
lower the fair value
Venture capital shares
Net asset Not
Private equity fund 6,772 Not applicable
value applicable
investment

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 J. The Group has carefully assessed the valuation models and assumptions used to measure fair value.
However, use of different valuation models or assumptions may result in difference measurement.
The following is the effect of profit or loss or of other comprehensive income from financial assets
categorised within Level 3 if the inputs used to valuation models have changed:

December 31, 2023

Recognised in profit or Recognised in other
loss comprehensive income
Favourable Unfavourable Favourable Unfavourable
Input Change change change change change
Financial assets
Price to earnings
Equity ratio/ price to book
±1%
instrument ratio/ discount for
lack of marketability $ - $ - $ 8,946 $ 8,946
December 31, 2022
Recognised in profit or Recognised in other
loss comprehensive income
Favourable Unfavourable Favourable Unfavourable
Input Change change change change change
Financial assets
Price to earnings
Equity ratio/ price to book
±1%
instrument ratio/ discount for
lack of marketability $ - $ - $ 7,270 $ 7,270

(4) The restricted account of the Group which was originally recorded as ‘financial assets at amortised
cost’ was the undrawn balance in the fund account remitted back for meeting ‘The Management,
Utilisation, and Taxation of Repatriated Offshore Funds Act’. The abovementioned undrawn
balance in the fund account was reclassified as ‘cash and cash equivalents’ according to the
regulation of IFRS Q&A amended by the competent authority on January 5, 2024. The account for
the prior period was also reclassified for comparison. The reclassification had no impact to the
earnings per share for the year ended December 31, 2022 and the total assets and total liabilities on
December 31, 2022.
13. SUPPLEMENTARY DISCLOSURES
(1) Significant transactions information
A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
C. Holding of marketable securities at the end of the period (not including subsidiaries, associates
and joint ventures): Please refer to table 3.

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 D. Acquisition or sale of the same security with the accumulated cost exceeding $300 million or
20% of the Company’s paid-in capital: Please refer to table 4.
E. Acquisition of real estate reaching $300 million or 20% of paid-in capital or more: Please refer
to table 5.
F. Disposal of real estate reaching $300 million or 20% of paid-in capital or more: None.
G. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in
capital or more: Please refer to table 6.
H. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please
refer to table 7.
I. Trading in derivative instruments undertaken during the reporting periods: None.
J. Significant inter-company transactions during the reporting periods: Please refer to table 8.
(2) Information on investees (not including investees in Mainland China)
Names, locations and other information of investee companies (not including investees in Mainland
China)ǺPlease refer to table 9.
(3) Information on investments in Mainland China
A. Basic information: Please refer to table 10.
B. Significant transactions, either directly or indirectly through a third area, with investee companies
in the Mainland Area: None.
(4) Information of major shareholder
Information of major shareholder: Please refer to table 11.
14. SEGMENT INFORMATION
(1) General information
Management has determined the operating segments based on the reports reviewed by the chief
operating decision-maker that are used to make strategic decisions.
There is no material change in the basis for formation of entities and division of segments in the
Group or in the measurement basis for segment information in this period.

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(2) Segment information
The segment information provided to the chief operating decision-maker for the reportable segments
is as follows:
Year ended December 31, 2023
Transportation Other Adjustments and
Department Departments written-off Total
Revenue from $ 275,987,284 $ 727,541 $ - $ 276,714,825
external customers
Revenue from
internal customers 84,006,593 - ( 84,006,593) -
Segment revenue 359,993,877 727,541 ( 84,006,593) 276,714,825
Interest income 13,779,004 599,988 - 14,378,992
Interest expense ( 4,901,813) ( 46,859) - ( 4,948,672)
Depreciation
and amortisation ( 33,497,874) ( 366,236) - ( 33,864,110)
Share of (loss) income of
associates and joint
ventures accounted for
using equity method 4,725,953 1,255,196 - 5,981,149
Other items ( 193,052,020) ( 1,038,207) - ( 194,090,227)
Segment profit $ 147,047,127 $ 1,131,423 ($ 84,006,593) $ 64,171,957

Recognisable assets $ 681,824,470 $ 11,684,742 $ - $ 693,509,212

Investments accounted for
using equity method 28,974,342 9,347,204 - 38,321,546
Segment assets $ 710,798,812 $ 21,031,946 $ - $ 731,830,758
Segment liabilities $ 258,705,283 $ 2,330,625 $ - $ 261,035,908

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 Year ended December 31, 2022
Transportation Other Adjustments and
Department Departments written-off Total
Revenue from $ 626,256,714 $ 1,027,047 $ - $ 627,283,761
external customers
Revenue from
internal customers 89,409,623 - ( 89,409,623) -
Segment revenue 715,666,337 1,027,047 ( 89,409,623) 627,283,761
Interest income 6,288,240 91,574 - 6,379,814
Interest expense ( 3,248,522) ( 6,826) - ( 3,255,348)
Depreciation
and amortisation ( 27,431,470) ( 327,320) - ( 27,758,790)
Share of (loss) income of
associates and joint
ventures accounted for
using equity method 2,943,629 6,091,131 - 9,034,760
Other items ( 210,248,225) ( 2,011,494) - ( 212,259,719)
Segment profit (loss) $ 483,969,989 $ 4,864,112 ($ 89,409,623) $ 399,424,478

Recognisable assets $ 826,349,405 $ 17,514,506 $ - $ 843,863,911

Investments accounted for
using equity method 32,432,543 11,215,603 - 43,648,146
Segment assets $ 858,781,948 $ 28,730,109 $ - $ 887,512,057
Segment liabilities $ 303,443,677 $ 1,518,345 $ - $ 304,962,022

(3) Reconciliation for segment income (loss)

A. Sales between segments are carried out at arm’s length. The revenue from external parties
reported to the chief operating decision-maker is measured in a manner consistent with that in
the statement of comprehensive income.
B. The amounts provided to the chief operating decision-maker with respect to total assets are
measured in a manner consistent with that in the balance sheet.
(4) Trading information
Year ended December 31, 2023 Year ended December 31, 2022
% of Account % of Account
Service routes Amount Balance Amount Balance
North America $ 107,410,709 42 $ 258,596,015 43
Europe 66,492,343 26 192,443,546 32
Asia 48,590,559 19 78,180,190 13
Others 33,246,172 13 72,166,330 12
$ 255,739,783 100 $ 601,386,081 100

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(5) Geographical information
Year ended December 31, 2023 Year ended December 31, 2022
Non-current Non-current
Service routes Revenue assets Revenue assets
Taiwan $ 44,677,966 $ 98,139,644 $ 115,388,505 $ 91,985,902
America 6,691,690 124,052,498 6,850,992 123,018,688
Europe 2,910,939 34,237,252 4,021,492 37,374,777
Asia 222,038,067 195,631,050 500,410,776 102,662,284
Others 396,163 34,545 611,996 28,326
$ 276,714,825 $ 452,094,989 $ 627,283,761 $ 355,069,977

(6) Major customer information

The Group provides services to customers all over the world. No single customer of the Group
accounts for more than 10% of the Group’s operating revenues.

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334
Evergreen Marine Corporation (Taiwan) Ltd.
Loans to others
For the year ended December 31, 2023
Table 1 Expressed in thousands of New Taiwan Dollars

Collateral
Is a Amount of Ceiling on total
Number Financial statement Maximum outstanding balance Balance at December Amount actually Nature of loan Reason for short-term Allowance for Limit on loans granted to
Creditor Borrower related Interest rate transactions with loans granted Footnote
(Note 1) account (Note 2) for the year (Note 3) 31, 2023 (Note 8) drawn (Note 4) financing (Note 6) bad accounts a single party (Note 7)
party borrower (Note 5) Item Value (Note 7)

Peony Investment Whitney Equipment Other receivables- Working capital

1 Yes $ 183,750 $ - $ - 0.00000% 2 $ - $ - None $ - $ 32,134,377 $ 40,167,971 (Note9)
S.A. LLC. related parties requirement

Peony Investment Evergreen Argentina Other receivables- 5.34835%~ Working capital

1 Yes 5,980 5,670 5,670 2 - - None - 16,067,188 32,134,377 (Note9)
S.A. S.A. related parties 5.35270% requirement

Evergreen Marine Evergreen Argentina Other receivables- Working capital

2 Yes 5,253 - - 0.00000% 2 None 13,469,932 26,939,865 (Note9)
(Hong Kong) Ltd. S.A. related parties requirement

Everport Terminal Whitney Equipment Other receivables- Working capital

3 Yes 355,575 337,150 337,150 6.46887% 2 - - None - 1,840,417 2,300,521 (Note9)
Services Inc. LLC. related parties requirement

Evergreen Marine Evergreen Business Other receivables- Working capital

4 Yes 130,076 61,300 61,300 5.75107% 2 - - None - 82,290,623 102,863,278 (Note9)
(Asia) Pte. Ltd. Process Inc. related parties requirement

Evergreen Marine Colon Container Other receivables- 6.44835%~ Working capital

4 Yes 2,278,913 2,160,825 2,160,825 2 - - None - 82,290,623 102,863,278 (Note9)
(Asia) Pte. Ltd. Terminal S.A. related parties 6.45270% requirement

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Fill in the name of account in which the loans are recognised, such as receivables–related parties, current account with stockholders, prepayments, temporary payments, etc.
Note 3: Fill in the maximum outstanding balance of loans to others for the year ended December 31, 2023.
Note 4: The column of‘Nature of loan’ shall fill in 1.‘Business transaction’ or 2.‘Short-term financing’.
Note 5: Fill in the amount of business transactions when nature of the loan is related to business transactions, which is the amount of business transactions occurred between the creditor and borrower in the current period.
Note 6: Fill in purpose of loan when nature of loan is for short-term financing, for example, repayment of loan, acquisition of equipment, working capital, etc.
Note 7: Fill in limit on loans granted to a single party and ceiling on total loans granted as prescribed in the creditor company’s “Procedures for Provision of Loans”, and state each individual party to which the loans have been provided and
the calculation for ceiling on total loans granted in the footnote.
1. According to the Group's credit policy, the total amount of loans granted to a single company should not exceed 20% of the creditor's net worth stated in its latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 20% = 16,067,188
Evergreen Marine (Hong Kong) Ltd.烉USD 2,197,379 * 30.6500 * 20% = 13,469,932
Between overseas companies in which the Company holds, directly or indirectly, 100% of the voting shares, that the total amount of loans granted to should not exceed 40% of the creditor's net worth stated in its latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 40% = 32,134,377
Everport Terminal Services Inc.烉USD 150,116* 30.6500 * 40% = 1,840,417
Evergreen Marine (Asia) Pte. Ltd.烉USD 6,712,123 * 30.6500 * 40% = 82,290,623
2. According to the Group's credit policy, the total amount of loans granted should not exceed 40% of the creditor's net worth stated in its latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 40% = 32,134,377
Evergreen Marine (Hong Kong) Ltd.烉USD 2,197,379 * 30.6500 * 40% = 26,939,865
Between overseas companies in which the Company holds, directly or indirectly, 100% of the voting shares, that the total amount of loans granted should not exceed 50% of the creditor's net worth stated in its latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 50% = 40,167,971
Everport Terminal Services Inc.烉USD 150,116 * 30.6500 * 50% = 2,300,521
Evergreen Marine (Asia) Pte. Ltd.烉USD 6,712,123 * 30.6500 * 50% = 102,863,278 ˤ
Note 8: The amounts of funds to be loaned to others which have been approved by the Board of Directors of a public company in accordance with Article 14, Item 1 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies” should be included in its published balance of loans to others
at the end of the reporting period to reveal the risk of loaning the public company bears, even though they have not yet been drawn down. However, this balance should exclude the loans repaid when repayments are done subsequently to reflect the risk adjustment. In addition, if the Board of Directors of a public company has
authorized the Chairman to loan funds in instalments or in revolving within certain lines and within one year in accordance with Article 14, Item 2 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies”, the published balance of loans to others at the end of the reporting period
should be these lines of loaning approved by the Board of Directors, and these lines of loaning should not be excluded from this balance even though the loans are repaid subsequently, for taking into consideration that they could be loaned again thereafter.

Note 9: Intra-group transactions are eliminated in full on consolidation.

 Evergreen Marine Corporation (Taiwan) Ltd.
Provision of endorsements and guarantees to others
For the year ended December 31, 2023
Table 2 Expressed in thousands of New Taiwan Dollars

Ratio of
Party being endorsed/guaranteed accumulated
Outstanding Provision of Provision of
Amount of endorsement/ Ceiling on total Provision of
Maximum outstanding endorsement/ endorsements/ endorsements/
Limit on endorsements/ endorsements/ guarantee amount of endorsements/
Number endorsement/ guarantee amount Amount actually guarantees by guarantees to the
Endorser/Guarantor Relationship with guarntees provided for a guarantees amount to net endorsements/ guarantees by parent Footnote
(Note 1) guarantee amount for at December 31, drawn (Note 6) subsidiary to parent party in Mainland
the endorser/ single party (Note 3) secured with asset value of guarantees provided company to subsidiary
Company name the year (Note 4) 2023 company China
guarantor collateral the endorser/ (Note 3) (Note 7)
(Note 5) (Note 7) (Note 7)
(Note 2) guarantor
company

Evergreen Marine
0 Greencompass Marine S.A. 2 $ 879,798,032 $ 28,036,062 $ 25,609,607 $ 16,391,442 $ - 5.82% $ 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Evergreen Marine (UK) Limited 2 879,798,032 808,125 766,250 - - 0.17% 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Everport Terminal Services Inc. 2 879,798,032 2,015,125 1,863,520 864,251 - 0.42% 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Evergreen Marine (Asia) Pte. Ltd. 2 879,798,032 92,908,515 89,013,730 - - 20.24% 1,099,747,540 Y N N
Corporation

Evergreen Marine Evergreen Marine (Hong Kong)

0 2 879,798,032 8,655,781 8,207,260 6,026,922 - 1.87% 1,099,747,540 Y N N
Corporation Ltd.

Evergreen Marine Evergreen Heavy

0 2 879,798,032 1,583,213 1,501,175 804,293 - 0.34% 1,099,747,540 Y N N
Corporation Industrial Corp. (M) Berhad

335
336
Ratio of
Party being endorsed/guaranteed accumulated
Outstanding Provision of Provision of
Amount of endorsement/ Ceiling on total Provision of
Maximum outstanding endorsement/ endorsements/ endorsements/
Limit on endorsements/ endorsements/ guarantee amount of endorsements/
Number endorsement/ guarantee amount Amount actually guarantees by guarantees to the
Endorser/Guarantor Relationship with guarntees provided for a guarantees amount to net endorsements/ guarantees by parent Footnote
(Note 1) guarantee amount for at December 31, drawn (Note 6) subsidiary to parent party in Mainland
the endorser/ single party (Note 3) secured with asset value of guarantees provided company to subsidiary
Company name the year (Note 4) 2023 company China
guarantor collateral the endorser/ (Note 3) (Note 7)
(Note 5) (Note 7) (Note 7)
(Note 2) guarantor
company

Evergreen Marine Evergreen Shipping Agency

1 2 $ 411,453,113 $ 1,498,653 $ 1,407,007 $ 609,671 $ - 0.68% $ 514,316,392 N N N
(Asia) Pte. Ltd. (Japan) Corp.

Colon Container
2 Colon Logistics Park, S.A. 2 16,633,948 310,320 294,240 294,240 - 3.54% 20,792,435 N N N
Terminal S.A.

Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories; fill in the number of category each case belongs to:
(1) Having business relationship.
(2) The endorser/guarantor directly and indirectly owns more than 50% voting shares of the party being endorsed/guaranteed.
(3) The party being endorsed/guaranteed directly and indirectly owns more than 50% voting shares of the endorser/guarantor.
(4) The party directly or indirectly owns more than 90% voting shares of the other party that make endorsements/guarantees for each other.
(5) The party fulfills its contractual obligations by providing mutual endorsements/guarantees for another party in the same industry or for joint builders for purposes of undertaking a construction project.
(6) All capital contributing shareholders make endorsements/guarantees for their jointly invested company in proportion to its ownership.
(7) Parties in the same industry provide among themselves joint and several security for a performance guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
Note 3: Fill in limit on endorsements/guarantees provided for a single party and ceiling on total amount of endorsements/guarantees provided as prescribed in the endorser/guarantor “Procedures for Provision of Endorsements and
Guarantees”, and state each individual party to which the endorsements/guarantees have been provided and the calculation for ceiling on total amount of endorsements/guarantees provided in the footnote.
According to the credit policy of the Company, the calculation for total amount of endorsements/guarantees is as follows:
Ceiling on total amount of endorsements/guarantees: 439,899,016 * 250% = 1,099,747,540
Limit on endorsement or guarantees provided by the Company for a single party is $219,949,508 (Amounting to 50% of its net worth).
dzdz(When the Company owns more than 50% voting shares of the party being endorsed/guaranteed, the limit on endorsement or guarantee provided by the Company should not exceed 200% of its net worth, which equals to $879,798,032.)
ˢˢ According to the credit policy of Evergreen Marine (Asia) Pte. Ltd., the calculation for total amount of endorsements/guarantees is as follows:
dzdz Ceiling on total amount of endorsements/guarantees: USD 6,712,123 * 30.6500 * 250% = 514,316,392
dzdz Limit on endorsements or guarantees provided for a single entityǺ411,453,113 (Amounting to 200% of its net worth).
ˢˢ According to the credit policy of Colon Container Terminal S.A., the calculation for total amount of endorsements/guarantees is as follows:
dzdz Ceiling on total amount of endorsements/guarantees: USD 271,353 * 30.6500 * 250% = 20,792,435
dzdz Limit on endorsements or guarantees provided for a single entityǺ16,633,948 (Amounting to 200% of its net worth).
Note 4: Fill in the year-to-date maximum outstanding balance of endorsements/guarantees provided as of the reporting period.
Note 5: Fill in the amount approved by the Board of Directors of the Company or the chariman if the chairman has been authorised by the Board of Directors of the Company.
Note 6: Fill in the actual amount drawdown under endorsements/guarantees by the party being endorsed/guaranteed.
Note 7: Fill in ‘Y’ for those cases of provision of endorsements/guarantees by listed parent company to subsidiary, provision by subsidiary to listed parent company, and provision to the party in Mainland China.
 Evergreen Marine Corporation (Taiwan) Ltd.
Marketable securities held at the end of the period (excluding subsidiaries, associates and joint ventures)
For the year ended December 31, 2023
Table 3 Expressed in thousands of shares/thousands of New Taiwan Dollars/thousands of foreign currency
(Except as otherwise indicated)

As of December 31, 2023

Relationship with the
Securities held by Marketable securities (Note 1) Financial statement account Footnote (Note 4)
securities issuer (Note 2)
Number of shares Book value (Note 3) Ownership (%) Fair value

Evergreen Marine Corporation Stock:

Financial asset measured at fair

Power World Fund Inc. value through other comprehensive 677 $ 6,772 5.68% $ 6,772
income - non-current

Linden Technologies, Inc. Ƀ 45 23,834 1.376% 23,834

TopLogis, Inc. Ƀ 2,464 32,422 17.48% 32,422

Ever Accord Construction Corp. Other related party Ƀ 11,550 212,842 17.50% 212,842

Central Reinsurance Corp. Other related party Ƀ 49,866 1,149,422 6.23% 1,149,422

Financial bonds:

Financial asset measured at

Sunny Bank 3rd Subordinate Financial Debentures-B Issue in 2017 - 50,000 - 50,000
atmortised cost - non-current
Peony Investment S.A.
Financial asset measured at fair
Hutchison Inland Container Depots Ltd. value through other comprehensive 0.75 USD 1,437 5.27% USD 1,437
income - non-current

South Asia Gateway Terminals (Private) Ltd. Ƀ 18,942 USD 18,955 5.00% USD 18,955

Evergreen Shipping Agency (Europe)

Zoll Pool Hafen Hamburg AG Ƀ 10 EUR 10 2.86% EUR 10
GmbH
Evergreen Shipping Agency Philippines
Corporation Eagle Ridge Golf & Country Club Inc. Ƀ 0.001 PHP 230 0.0167% PHP 230

Evergreen Shipping Agency (Argentina) Financial asset measured at fair

S.A. Galicia Fima Premium value through profit or loss - 119,892 ARS 4,877,586 - ARS 4,877,586
current

Santander Super Ahorro Ƀ 610,974 ARS 4,877,440 - ARS 4,877,440

Supervielle Premier Renta CP en Pesos Ƀ 502,269 ARS 4,879,985 - ARS 4,879,985

Financial asset measured at

Criteria Promissory Notes 500 ARS 414,125 - ARS 414,125
atmortised cost - current

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities within the scope of IFRS9, 'Financial instruments.
Note 2: Leave the column blank if the issuer of marketable securities is non-related party.
Note 3: Fill in the amount after adjusted at fair value and deducted by accumulated impairment for the marketable securities measured at fair value; fill in the acquisition cost or amortised cost deducted by accumulated impairment for the
marketable securities not measured at fair value.
Note 4: The number of shares of securities and their amounts pledged as security or pledged for loans and their restrictions on use under some agreements should be stated in the footnote if the securities presented herein have such conditions.

337
338
Evergreen Marine Corporation (Taiwan) Ltd.
Acquisition or disposal of the same security with the accumulated cost exceeding $300 million or 20% of the Company's paid-in capital
For the year ended December 31, 2023
Table 4 Expressed in thousands of shares/thousands of New Taiwan Dollars
Relationship Balance as at January 1, 2023 Acquisition (Note 3) Disposal (Note 3) Balance as at December 31, 2023
Marketable
Financial statement Counterparty with
Investor securities Footnote
account ȐNote 2ȑ the investor Number of Number of Number of Gain (loss) on Number of
ȐNote 1ȑ Amount Amount Selling price Book value Amount
ȐNote 2ȑ shares shares shares disposal shares

Evergreen Marine
Stock:
Corporation

Investments accounted Evergreen

Charng Yang
for using equity International Other related party 58,542 $ 320,000 14,636 $ 450,000 - $ - $ - $ - 73,178 $ 770,000 (Note 5)
Development Co.,Ltd.
method Corp.
Investments accounted
Eva Airways Corp. for using equity 776,541 11,276,823 - - 375,402 13,046,838 5,451,536 6,260,209 401,139 5,825,287 (Note 5, 6, 7)
method

Evergreen Marine
Stock:
(Asia) Pte. Ltd.

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary - - 5,144 USD 24,120 - - - - 5,144 USD 24,120 (Note 5)
Terminal S.A. (Hong Kong) Ltd.
method

Clove Holding
Ƀ Ƀ Subsidiary - - 22,860 USD 107,200 - - - - 22,860 USD 107,200 (Note 5)
Ltd.

ALLY Holding
Ƀ Ƀ Other related party - - 29,146 USD 136,680 - - - - 29,146 USD 136,680 (Note 5)
Ltd

Investments accounted
Evergreen Marine Evergreen
for using equity Other related party - - 610,000 USD 780,000 - - - - 610,000 USD 780,000 (Note 5)
(Singapore) Pte. Ltd. International S.A.
method

Evergreen Marine
Stock:
(Hong Kong) Ltd.

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary 5,144 USD 15,600 - - 5,144 USD 24,120 USD 15,600 USD 911 - - (Note 6)
Terminal S.A. (Asia) Pte. Ltd.
method

Clove Holding Ltd.

Stock:
(Clove)

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary 22,860 USD 31,045 - - 22,860 USD 107,200 USD 31,045 USD 4,047 - - (Note 6)
Terminal S.A. (Asia) Pte. Ltd.
method

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities.
Note 2: Fill in the columns the counterparty and relationship if securities are accounted for under the equity method; otherwise leave the columns blank.
Note 3: Aggregate purchases and sales amounts should be calculated separately at their market values to verify whether they individually reach NT$300 million or 20% of paid-in capital or more.
Note 4: Paid-in capital referred to herein is the paid-in capital of parent company.
Note 5: The amounts were investment costs. Refer to Note 6(8) and Table 9 for the information on their carrying amounts.
Note 6: Gains (losses) on disposal include adjustments in investment income or loss and adjustments in changes of net value.
Note 7: The securities were disposed through stock exchange market. Refer to Note 6(8) for relevant information.
 Evergreen Marine Corporation (Taiwan) Ltd.
Acquisition of real estate with the accumulated cost reaching NT$300 million or 20% of the Company's paid-in capital or more
For the year ended December 31, 2023
Table 5 Expressed in thousands of New Taiwan Dollars
If the counterparty is a related party, information as to the last transaction
of the real estate is disclosed below:

Reason for
Relationship Basis or acquisition of
Relationship Original owner who between the original Date of the reference used real estate and
Real estate Date of the Transaction Status of with the sold the real estate owner and the original in setting the status of the Other
acquired by Real estate acquired event amount payment Counterparty counterparty to the counterparty acquirer transaction Amount price real estate commitments
Evergreen Land: Land No.672, 673 and 679 of Nanxing 2022/12/22 $ 1,743,000 The full amount Evergreen Other related Not applicable Not applicable Not applicable Not applicable Market price Operational needs None
Marine Section, Luzhu District, Taoyuan City and Land paid completely International party of offices
Corporation No.401, 401-1, 402 ~ 405 of Nanrong Section, Corp.
Luzhu District, Taoyuan City
Building serial number: Building serial No.582 of
Nanxing Section, Luzhu District, Taoyuan City
Evergreen Land: Land No.548, 549, 549-1, 550, 551 and 2022/12/22 3,000,000 The full amount Evergreen Other related Not applicable Not applicable Not applicable Not applicable Market price Operational needs None
Marine 551-1 of Nanrong Section, Luzhu District, paid completely International party of offices
Corporation Taoyuan City Corp.
Building serial number: Building serial No.176
and 176-1 of Nanrong Section, Luzhu District,
Taoyuan City
Evergreen 200 Cantonment Road, #12, Southpoint, 2022/12/22 957,203 The full amount Evergreen Marine Other related SMI Management Non-related party April 2010 $ 511,992 Market price Operational needs None
Marine (Asia) Singapore paid completely (Singapore) Pte. party (Note) Pte. Ltd. of offices
Pte. Ltd. Ltd.

Note : Evergreen Marine (Singapore) Pte. Ltd. became a subsidiary since July 14, 2023 and was an other related party on the date of the event.

339
340
Evergreen Marine Corporation (Taiwan) Ltd.

Purchases or sales of goods from or to related parties reaching NT$ 100 million or 20% of the Company's paid-in capital or more

For the year ended December 31, 2023

Table 6 xpressed in thousands of New Taiwan Dollars/thousands of foreign currency
(Except as otherwise indicated)

Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine Corporation Everport Terminal Services Inc. Subsidiary Purchases $ 1,253,431 3% 30~60 days $ - - $ - 0% (Note)

Taiwan Terminal Services Co., Ltd. Subsidiary Purchases 920,799 2% 30~60 days - - ( 122,761) 2% (Note)

Italia Marittima S.P.A. Investee of Balsam Investment Purchases 454,198 1% 30~60 days - - ( 123) 0%
(NetherLands) N.V.
Sales 401,772 1% 30~60 days - - 14,787 0%

Evergreen International Storage and Associates Purchases 798,341 2% 30~60 days - - ( 86,475) 1%
Transport Corp.
Sales 128,957 0% 30~60 days 4,038 0%

Evergreen Shipping Agency Other related parties Purchases 243,083 1% 30~60 days - - - 0%
(America) Corporation
Sales 169,037 0% 30~60 days - - 13,626 0%

Evergreen Marine (UK) Limited Subsidiary Purchases 666,916 1% 30~60 days - - - 0% (Note)

Evergreen Marine (Singapore) Pte. Subsidiary Purchases 181,166 0% 30~60 days - - ( 3) 0% (Note)
Ltd.
Sales 1,254,043 2% 30~60 days - - 3,458 0% (Note)

Evergreen Marine (Hong Kong) Subsidiary Purchases 1,867,099 4% 30~60 days - - ( 872) 0% (Note)
Ltd.
Sales 1,274,552 2% 30~60 days - - 77,744 2% (Note)

Evergreen Marine (Asia) Pte. Ltd. Subsidiary Purchases 2,548,049 5% 30~60 days - - ( 57,637) 1% (Note)

Sales 6,948,902 13% 30~60 days - - 366,197 9% (Note)

Evergreen Shipping Agency Subsidiary Purchases 326,838 1% 30~60 days - - - 0% (Note)

(Europe) GmbH
Evergreen Logistics Corp. Other related parties Sales 150,854 0% 30~60 days - - 2,281 0%
 Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine Corporation Evergreen Shipping Agency Subsidiary Purchases $ 117,191 0% 30~60 days $ - - $ - 0% (Note)
(Japan) Corporation
Evergreen Insurance Company Other related parties Purchases 196,845 0% 30~60 days - - - 0%
Limited
Colon Container Terminal S.A. Subsidiary Purchases 162,931 0% 30~60 days - - - 0% (Note)

Evergreen Business Process, Inc. Subsidiary Purchases 114,177 0% 30~60 days - - - 0% (Note)

Taipei Port Container Terminal Associates Purchases 177,861 0% 30~60 days - - (107,554) 2%
Corporation
Taiwan Terminal Services Evergreen Marine Corp. The parent Sales 920,799 100% 30~60 days - - 122,761 100% (Note)
Co.,Ltd.
Everport Terminal Services Inc. Evergreen Marine Corp. The parent Sales USD 40,301 10% 30~60 days - - - 0% (Note)

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 51,075 13% 30 days - - - 0% (Note)
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 227,093 56% 30 days - - - 0% (Note)

Evergreen Shipping Agency Other related parties Purchases USD 7,954 2% 30 days - - - 0%
(America) Corporation
Evergreen Marine (Hong Kong) Evergreen Marine Corp. The parent Sales USD 60,032 6% 30~60 days - - USD 28 0% (Note)
Ltd.
Purchases USD 40,980 6% 30~60 days - - (USD 2,537) 3% (Note)

Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 10,978 1% 30~60 days - - USD 150 0%
(NetherLands) N.V.
Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 52,272 5% 30~60 days - - - 0% (Note)
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 299,081 31% 30~60 days - - USD 2,884 2% (Note)

Purchases USD 26,691 4% 30~60 days - - - 0% (Note)

Taipei Port Container Terminal Associates Purchases USD 3,536 1% 30~60 days - - - 0%
Corporation
Evergreen International Storage and Associates Purchases USD 6,482 1% 30~60 days - - - 0%
Transport Corp.
Evergreen Shipping Agency Subsidiary Purchases USD 43,129 6% 30~60 days - - (USD 6,264) 7% (Note)
(China) Co., Ltd.

341
342
Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine Corp. The parent Sales USD 81,926 1% 30~60 days $ - - USD 1,880 0% (Note)

Purchases USD 223,425 3% 30~60 days - - (USD 11,948) 1% (Note)

Greencompass Marine S.A. Subsidiary Purchases USD 437,705 7% 30~60 days - - (USD 26) 0% (Note)

Evergreen Marine (Hong Kong) Subsidiary Sales USD 26,691 0% 30~60 days - - - 0% (Note)
Ltd.
Purchases USD 299,081 5% 30~60 days - - (USD 2,884) 0% (Note)

Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 8,788 0% 30~60 days - - USD 4 0%
(NetherLands) N.V.
Purchases USD 129,135 2% 30~60 days - - - 0%

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 59,677 1% 30~60 days - - - 0% (Note)
Ltd.
Purchases USD 50,979 1% 30~60 days - - (USD 1,794) 0% (Note)

Evergreen Marine (UK) Limited Subsidiary Purchases USD 165,153 3% 30~60 days - - (USD 1) 0% (Note)

Evergreen Logistics USA Corp. Other related parties Sales USD 25,830 0% 30~60 days - - - 0%

Evergreen Logistics Corp. Other related parties Sales USD 13,560 0% 30~60 days - - - 0%

Evergreen International Storage and Associates Purchases USD 28,789 0% 30~60 days - - - 0%
Transport Corp.
Evergreen Shipping Agency (India) Subsidiary Purchases USD 4,055 0% 30~60 days - - - 0% (Note)
Pvt. Ltd.
Evergreen Shipping Agency Subsidiary Purchases USD 7,560 0% 30~60 days - - - 0% (Note)
(Thailand) Co., Ltd
PT. Evergreen Shipping Agency Associates Purchases USD 4,351 0% 30~60 days - - - 0%
Indonesia
Evergreen Shipping Agency Subsidiary Purchases USD 38,302 1% 30~60 days - - - 0% (Note)
(Europe) GmbH
Evergreen Marine Co. (Malaysia) Subsidiary Purchases USD 7,354 0% 30~60 days - - - 0% (Note)
SDN.BHD.
Evergreen Shipping Agency Subsidiary Purchases USD 11,751 0% 30~60 days - - - 0% (Note)
(Vietnam) Corp.
 Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Asia) Pte. Ltd. Everport Terminal Services Inc. Subsidiary Purchases USD 227,093 3% 30 days $ - - $ - 0% (Note)

Evergreen Shipping Agency Other related parties Purchases USD 62,710 1% 30~60 days - - - 0%
(America) Corporation
Evergreen Shipping Agency Subsidiary Purchases USD 13,456 0% 30~60 days - - - 0% (Note)
(Japan) Corporation
Taipei Port Container Terminal Associates Purchases USD 15,882 0% 30~60 days - - - 0%
Corporation
Evergreen Shipping Agency Subsidiary Purchases USD 4,667 0% 30~60 days - - - 0% (Note)
(Korea) Corp.
Evergreen Shipping Agency Subsidiary Purchases USD 3,518 0% 30~60 days - - - 0% (Note)
Philippines Corporation
Evergreen Insurance Company Other related parties Purchases USD 16,702 0% 30~60 days - - (USD 1,612) 0%
Limited
Evergreen Shipping Agency Subsidiary Purchases USD 5,444 0% 30~60 days - - - 0% (Note)
(Argentina) S.A.
Colon Container Terminal S.A. Subsidiary Purchases USD 33,653 1% 30~60 days - - - 0% (Note)

Evergreen Shipping (Spain) S.L. Subsidiary Purchases USD 3,346 0% 30~60 days - - - 0% (Note)

Greencompass Marine S.A. Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 437,705 100% 30~60 days - - USD 26 100% (Note)

Evergreen Marine (Singapore) Evergreen Marine Corp. The parent Sales USD 5,825 0% 30~60 days - - - 0% (Note)
Pte. Ltd.
Purchases USD 40,321 4% 30~60 days - - (USD 113) 0% (Note)

Everport Terminal Services Inc. Subsidiary Purchases USD 51,075 5% 30 days - - - 0% (Note)

Evergreen Marine (Hong Kong) Subsidiary Purchases USD 52,272 5% 30~60 days - - - 0% (Note)
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Purchases USD 59,677 5% 30~60 days - - - 0% (Note)

Sales USD 50,979 4% 30~60 days - - USD 1,794 12% (Note)

Evergreen Marine (UK) Limited Subsidiary Purchases USD 7,647 1% 30~60 days - - - 0% (Note)

Italia Marittima S.p.A. Investee of Balsam Investment Purchases USD 16,570 1% 30~60 days - - - 0%
(NetherLands) N.V.
Evergreen Shipping Agency Subsidiary Purchases USD 4,725 0% 30~60 days - - - 0% (Note)
(Europe) GmbH

343
344
Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Singapore) Evergreen Shipping Agency Other related parties Purchases USD 11,674 1% 30~60 days $ - - $ - 0%
Pte. Ltd. (America) Corporation
Evergreen International Storage and Associates Purchases USD 4,335 0% 30~60 days - - - 0%
Transport Corp.
Evergreen Logistics USA Corp. Other related parties Sales USD 4,054 0% 30~60 days - - - 0%

Evergreen Insurance Company Other related parties Purchases USD 5,653 1% 30~60 days - - - 0%
Limited
Evergreen Marine (UK) Limited Evergreen Marine Corp. The parent Sales USD 21,443 5% 30~60 days - - - 0% (Note)

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 7,647 2% 30~60 days - - - 0% (Note)
Ltd.
Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 5,474 1% 30~60 days - - USD 8 0%
(NetherLands) N.V.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 165,153 39% 30~60 days - - USD 1 0% (Note)

Evergreen Insurance Company Purchases USD 5,504 0% 30~60 days (USD 352) 2%
Other related parties
Limited
Evergreen Shipping Agency Evergreen Marine Corp. The parent Sales EUR 9,717 19% 30~60 days - - - 0% (Note)
(Europe) GmbH
Evergreen Marine (Singapore) Pte. Subsidiary Sales EUR 4,369 9% 30~60 days - - - 0% (Note)
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales EUR 35,418 70% 30~60 days - - - 0% (Note)

Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales THB 263,197 64% 30~60 days - - - 0% (Note)
(Thailand) Co., Ltd
Evergreen Marine Co. (Malaysia) Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales MYR 33,581 41% 30~60 days - - - 0% (Note)
SDN.BHD.
Evergreen Shipping Agency Evergreen Marine Corp. The parent Sales JPY 530,226 15% 30~60 days - - - 0% (Note)
(Japan) Corporation
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales JPY 1,893,434 53% 30~60 days - - - 0% (Note)

Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales VND 280,215,681 71% 30~60 days - - - 0% (Note)
(Vietnam) Corp.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales KRW 6,099,215 64% 30~60 days - - - 0% (Note)
(Korea) Corp.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales INR 334,921 70% 30~60 days - - - 0% (Note)
(India) Private Ltd.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales PHP 195,843 67% 30~60 days - - - 0% (Note)
Philippines Corporation
 Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Shipping (Spain) S.L. Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales EUR 3,094 21% 30~60 days $ - - $ - 0% (Note)

Evergreen Shipping Agency Evergreen Marine (Hong Kong) Subsidiary Sales CNY 305,698 100% 30~60 days - - CNY 44,533 100% (Note)
(China) Co., Ltd. Ltd.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales ARS 3,214,286 88% 30~60 days - - - 0% (Note)
(Argentina) S.A.
Colon Container Terminal S.A. Evergreen Marine Corp. The parent Sales USD 5,239 5% 30~60 days - - - 0% (Note)

Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 33,653 35% 30~60 days - - - 0% (Note)

Evergreen Business Process, Inc. Evergreen Marine Corp. The parent Sales USD 3,671 63% 30~60 days - - - 0% (Note)

Note: Intra-group transactions are eliminated in full on consolidation.

Note 1: If terms of related-party transactions are different from third-party transactions, explain the differences and reasons in the ‘Unit price’ and ‘Credit term’ columns.
Note 2: In case related-party transaction terms involve advance receipts (prepayments) transactions, explain in the footnote the reasons, contractual provisions, related amounts, and differences in types of transactions compared to third-party
transactions.
Note 3: Paid-in capital referred to herein is the paid-in capital of parent company.

345
346
Evergreen Marine Corporation (Taiwan) Ltd.
Receivables from related parties reaching NT$ 100 million or 20% of the Company's paid-in capital or more
For the year ended December 31, 2023
Table 7 Expressed in thousands of New Taiwan Dollars/thousands of foreign currency
(Except as otherwise indicated)
Balance as at Overdue receivables Amount collected
Relationship with the Allowance for bad
Creditor Counterparty December 31, 2023 Turnover rate subsequent to the Footnote
counterparty Amount Action taken accounts
(Note 1) balance sheet date
Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. Subsidiary $ 366,197 - $ - - $ 366,197 $ - Note

Everport Terminal Services Inc. Evergreen Shipping Agency (America) Other related parties USD 46,607 - - - USD 46,607 -
Corporation

Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal, S.A. Subsidiary USD 73,195 - - - USD - - Note

Taiwan Terminal Services Co.,Ltd. Evergreen Marine Corporation The parent 122,761 - - - 122,761 - Note

Evergreen Shipping Agency (India) Evergreen Marine Corporation The parent INR 475,398 - - - INR 73,434 - Note
Pvt. Ltd.(EGI)

Evergreen Shipping Agency (China) Evergreen Marine (Hong Kong) Subsidiary CNY 44,533 - - - CNY 44,533 - Note
Co.,Ltd. Ltd.

Note: Intra-group transactions are eliminated in full on consolidation.

Note 1: Fill in separately the balances of accounts receivable–related parties, notes receivable–related parties, other receivables–related parties, etc.
Note 2: Paid-in capital referred to herein is the paid-in capital of parent company. In the case that shares were issued with no par value or a par value other than NT$10 per share, the 20 % of paid-in capital shall be replaced by 10% of equity
attributable to owners of the parent in the calculation.
 Evergreen Marine Corporation (Taiwan) Ltd.
Significant inter-company transactions during the reporting periods
For the year ended December 31, 2023
Table 8 Expressed in thousands of New Taiwan Dollars
(Except as otherwise indicated)
Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
0 Evergreen Marine Corporation Taiwan Terminal Services Co.,Ltd. 1 Operating cost $ 920,799 Note 4 0.33

0 Evergreen Marine Corporation Taiwan Terminal Services Co.,Ltd. 1 Accounts Payable 122,761 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (Singapore) Pte. Ltd. 1 Operating revenue 1,254,043 " 0.45

0 Evergreen Marine Corporation Evergreen Marine (Singapore) Pte. Ltd. 1 Operating cost 181,166 " 0.07

0 Evergreen Marine Corporation Evergreen Shipping Agency (India) Pvt. Ltd. 1 Agency's account - debit 161,545 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (UK) Limited 1 Operating cost 666,916 " 0.24

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Operating cost 2,548,049 " 0.92

0 Evergreen Marine Corporation Colon Container Terminal S.A. 1 Operating cost 162,931 " 0.06

0 Evergreen Marine Corporation Evergreen Shipping Agency (Europe) GmbH 1 Operating cost 326,838 " 0.12

0 Evergreen Marine Corporation Evergreen Business Process, Inc. 1 Operating cost 114,177 " 0.04

0 Evergreen Marine Corporation Evergreen Shipping Agency (Japan) Corporation 1 Operating cost 117,191 " 0.04

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Operating revenue 6,948,902 " 2.51

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Shipowner's account - credit 1,743,976 " 0.24

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Operating revenue 1,274,552 " 0.46

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Operating cost 1,867,099 " 0.67

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Other receivables 9,272,498 " 1.27

0 Evergreen Marine Corporation Everport Terminal Services Inc. 1 Operating cost 1,253,431 " 0.45

0 Evergreen Marine Corporation Evergreen Shipping Agency (India) Pvt. Ltd. 1 Accounts Payable 175,153 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Accounts Payable 366,197 " 0.05

0 Evergreen Marine Corporation Evergreen Shipping Agency (Europe) GmbH 1 Agency's account - credit 104,785 " 0.01

0 Evergreen Marine Corporation Evergreen Shipping Agency (Japan) Corporation 1 Agency's account - credit 606,894 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (UK) Limited 3 Operating cost 5,136,553 " 1.86

1 Evergreen Marine (Asia) Pte. Ltd. Greencompass Marine S.A. 3 Operating cost 13,613,371 " 4.92

1 Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal S.A. 3 Operating cost 1,046,668 " 0.38

347
348
Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (India) Pvt. Ltd. 3 Operating cost $ 126,105 Note 4 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Thailand) Co., Ltd. 3 Operating cost 235,141 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Korea) Corporation 3 Operating cost 145,148 " 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Europe) GmbH 3 Operating cost 1,191,252 " 0.43

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping (Spain) S.L. 3 Operating cost 104,067 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Operating cost 9,301,936 " 3.36

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Vietnam) Corp. 3 Operating cost 365,480 " 0.13

1 Evergreen Marine (Asia) Pte. Ltd. Everport Terminal Services Inc. 3 Operating cost 7,062,978 " 2.55

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Japan) Corporation 3 Operating cost 418,490 " 0.15

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency Philippines Corporation 3 Operating cost 109,423 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine Corp. (Malaysia) SDN BHD. 3 Operating cost 228,715 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Operating cost 169,331 " 0.06

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (India) Pvt. Ltd. 3 Agency's account - debit 233,089 " 0.03

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Agency's account - debit 388,440 " 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Unigreen Marine S.A. 3 Agency's account - debit 307,880 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Europe) GmbH 3 Agency's account - credit 440,831 " 0.06

1 Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal S.A. 3 Other receivables 2,243,439 " 0.31

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Shipowner's account - debit 225,364 " 0.03

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Operating cost 474,748 " 0.17

2 Evergreen Marine (Singapore) Pte. Ltd. Everport Terminal Services Inc. 3 Operating cost 711,592 " 0.26

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Operating revenue 805,616 " 0.29

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Agency's account - debit 152,411 " 0.02

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Shipowner's account - credit 156,324 " 0.02
 Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
3 Evergreen Marine (Hong Kong) Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Operating cost $ 830,149 " 0.30

3 Evergreen Marine (Hong Kong) Ltd. Evergreen Shipping Agency (China) Co., Ltd. 3 Operating cost 1,341,386 " 0.48

3 Evergreen Marine (Hong Kong) Ltd. Evergreen Shipping Agency (China) Co., Ltd. 3 Accounts Payable 192,007 " 0.03

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(1) Parent company is ‘0’.
(2) The subsidiaries are numbered in order starting from '1'.
Note 2: Relationship between transaction company and counterparty is classified into the following three categories; Fill in the number of category each case belongs to (If transactions between parent company and subsidiaries or between
subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction;
for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):
(1) Parent company to subsidiary.
(2) Subsidiary to parent company
(3) Subsidiary to subsidiary
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on
accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 4: Terms are approximately the same as for general transactions.

Note 5: The Company may decide to disclose or not to disclose transaction details in this table based on the Materiality Principle.

349
350
Evergreen Marine Corporation (Taiwan) Ltd.
Information on investees (not including investee company of Mainland China)
For the year ended December 31, 2023
Table 9 Expressed in thousands of shares/thousands of New Taiwan Dollars

Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Evergreen Marine Peony Investment S.A. Republic of Investment activities $ 14,604,725 $ 14,604,725 4,765 100.00 $ 79,702,347 $ 6,109,546 $ 5,854,951 Subsidiary of the
Corporation Panama Company (Note)

Taiwan Terminal Services Co., Ltd. Taiwan Loading and discharging operations of 92,500 55,000 7,700 77.00 132,596 39,927 25,410 Ƀ(Note)
container yards

Everport Terminal Services Inc. U.S.A Terminal services 3,065 3,065 1 94.43 4,193,939 ( 185,981) ( 175,619) Ƀ(Note)

Evergreen Marine (Hong Kong) Ltd. Hong Kong Marine transportation and shipping 6,416,578 6,416,578 6,320 79.00 54,875,985 13,013,542 10,271,352 Ƀ(Note)
agency

Evergreen Shipping Agency (Israel) Ltd. Israel Shipping agency 8,974 8,974 1,062 59.00 28,976 50,937 30,053 Ƀ(Note)

Evergreen Marine (Asia) Pte. Ltd. Singapore Marine transportation and shipping 1,532,500 1,532,500 50,000 100.00 205,719,723 22,540,414 22,495,972 Ƀ(Note)
agency

Charng Yang Development Co.,Ltd. Taiwan Development, rental, sale of residential 770,000 320,000 73,178 50.00 1,021,794 176,128 77,382 Investee accounted for
and commercial buildings using equity method

Evergreen International Storage and Taiwan Container transportation and gas 4,840,408 4,840,408 430,692 40.36 12,576,788 2,723,072 1,109,344 Ƀ
Transport Corporation stations

Evergreen Security Corporation Taiwan General security guards services 217,037 217,037 12,622 62.25 354,498 38,778 21,038 Subsidiary of the
Company (Note)

EVA Airways Corporation Taiwan International passengers and cargo 5,825,287 11,276,823 401,139 7.43 7,966,018 21,594,425 2,544,921 Investee accounted for
transportation using equity method

Taipei Port Container Terminal Taiwan Container distribution and cargo 1,446,196 1,446,196 144,799 27.85 1,900,883 356,410 99,246 Ƀ
Corporation stevedoring

Ever Ecove Corporation Taiwan Waste treatment and combined heat 305,000 305,000 30,500 19.06 466,480 592,443 112,934 Ƀ
and power

VIP Greenport Joint Stock Company Vietnam Terminal services 178,750 178,750 13,750 21.74 336,181 372,315 80,938 Ƀ

Evergreen Steel Corp. Taiwan Repairment of containers, Rolled steel, 3,819,754 3,819,754 79,248 19.00 4,673,439 3,669,814 690,073 Ƀ
Manufacturing, processing, repairing
and trading of steel structures - trailers
and components
Peony Investment S.A. Clove Holding Ltd. British Virgin Investment holding company 483,454 1,610,635 10 100.00 449,464 ( 29,738) ( 29,738) Indirect subsidiary of
Islands the Company
(Note)
Evergreen Shipping Agency (Europe) Germany Shipping agency 254,885 254,885 - 100.00 533,457 37,307 37,307 Ƀ(Note)
GmbH

Evergreen Shipping Agency (Korea) South Korea Shipping agency 74,357 74,357 121 100.00 46,860 60,655 60,655 Ƀ(Note)
Corporation

Greencompass Marine S.A. Republic of Marine transportation 10,834,775 10,834,775 3,535 100.00 38,470,941 1,524,313 1,524,313 Ƀ(Note)
Panama

Evergreen Shipping Agency (India) Pvt. India Shipping agency 36,066 36,066 100 99.999 63,256 42,523 42,522 Ƀ(Note)
Ltd.
 Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Peony Investment S.A. Evergreen Argentina S.A. Argentina Leasing $ 4,291 $ 4,291 $ 150 95.00 $ 30,412 $ (15,670) $ (14,886) Indirect subsidiary of
the Company
(Note)
PT. Multi Bina Pura International Indonesia Loading and discharging operations of 261,320 261,320 18 95.03 439,330 107,682 102,331 Ƀ(Note)
container yards and inland
transportation
PT. Multi Bina Transport Indonesia Container repair, cleaning and inland 24,652 24,652 2 17.39 12,680 ( 1,891) ( 329) Ƀ(Note)
transportation

Evergreen Heavy Industrial Corp. Malaysia Container manufacturing 836,587 836,587 42,120 84.44 1,386,974 140,783 118,877 Ƀ(Note)
(Malaysia) Berhad

Evergreen Shipping (Spain) S.L. Spain Shipping agency 206,744 206,744 6 100.00 178,172 86,117 86,117 Ƀ(Note)

Evergreen Shipping Agency (Italy) Italy Shipping agency 72,089 72,089 0.55 55.00 99,938 21,775 11,976 Ƀ(Note)
S.p.A.

Evergreen Marine (UK) Limited U.K Marine transportation and shipping 4,110,246 4,110,246 765 51.00 16,659,454 3,513,993 1,792,136 Ƀ(Note)
agency

Evergreen Shipping Agency (Australia) Australia Shipping agency 52,362 52,362 1 100.00 55,965 105,041 105,041 Ƀ(Note)
Pty. Ltd.

Evergreen Shipping Agency (Russia) Russia Shipping agency 25,991 25,991 - 51.00 28,417 ( 13,359) ( 6,813) Ƀ(Note)
Ltd.

Evergreen Shipping Agency (Thailand) Thailand Shipping agency 68,748 68,748 680 85.00 82,029 109,914 93,427 Ƀ(Note)
Co., Ltd.

Evergreen Agency (South Africa) (Pty) South Africa Shipping agency 17,808 17,808 5,500 55.00 49,088 56,482 31,065 Ƀ(Note)
Ltd.

Evergreen Shipping Agency (Vietnam) Vietnam Shipping agency 37,730 37,730 - 100.00 1,597,959 283,233 283,233 Ƀ(Note)
Corp.

PT. Evergreen Shipping Agency Indonesia Shipping agency 29,822 29,822 0.441 49.00 140,946 75,883 37,183 Investee company of
Indonesia Peony accounted for
using equity method

Luanta Investment (Netherlands) N.V. Curaçao Investment holding company 1,457,079 1,457,079 460 50.00 838,186 ( 1,903) ( 951) Ƀ

Balsam Investment (Netherlands) N.V. Curaçao Investment holding company 8,407,655 12,802,089 0.451 49.00 7,692,793 2,040,735 999,960 Ƀ

Evergreen Shipping Agency Co. United Arab Shipping agency 63,813 63,813 - 49.00 83,407 162,477 79,614 Ƀ
(U.A.E.) LLC Emirates

Greenpen Properties Sdn. Bhd. Malaysia Renting estate and storehouse 13,058 13,058 1,500 30.00 ( 20,183) 2,898 869 Ƀ
company

Evergreen Marine Corp. (Malaysia) Malaysia Shipping agency 288,545 288,545 500 100.00 557,342 225,762 225,762 Indirect subsidiary of
SDN.BHD. the Company
(Note)
Evergreen Marine (Hong Kong) Ltd. Hong Kong Marine transportation and shipping 81,223 81,223 80 1.00 712,765 13,013,542 129,046 Subsidiary of the
agency Company (Note)

Ics Depot Services Snd. Bhd. Malaysia Depot services 34,144 34,144 286 28.65 75,312 30,095 8,621 Investee company of
Peony accounted for
using equity method

Clove Holding Ltd. Everport Terminal Services Inc. U.S.A Terminal services 199,346 199,346 0.059 5.57 407,103 ( 185,981) ( 10,362) Indirect subsidiary of
the Company
(Note)

351
352
Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Everport Terminal Whitney Equipment LLC. U.S.A Equipment Leasing Company $ 6,130 $ 6,130 - 100.00 $ 428,124 $ 62,235 $ 62,235 Indirect subsidiary of
Services Inc. the Company
(Note)
PT. Multi Bina Pura PT. Multi Bina Transport Indonesia Container repair cleaning and inland 101,188 101,188 7.55 72.95 53,191 ( 1,891) ( 1,379) Ƀ(Note)
International transportation

Evergreen Marine (Hong Evergreen Marine (Latin America), S.A. Republic of Management consultancy 19,970 19,970 600 100.00 19,974 1,607 1,607 Ƀ(Note)
Kong) Limited Panama

Evergreen Shipping Service (Cambodia) Cambodia Shipping agency 6,130 6,130 200 100.00 52,554 47,109 47,109 Ƀ(Note)
Co., Ltd.

Evergreen Shipping Agency (Peru) Peru Shipping agency 8,509 8,509 900 60.00 47,996 170,729 102,438 Ƀ(Note)
S.A.C.

Evergreen Shipping Agency (Colombia) Colombia Shipping agency 10,759 10,759 80 75.00 87,064 109,959 82,469 Ƀ(Note)
S.A.S

Evergreen Shipping Agency Mexico Mexico Shipping agency 7,026 7,026 44 60.00 116,773 173,662 104,197 Ƀ(Note)
S.A. de C.V.

Evergreen Shipping Agency (Chile) Chile Shipping agency 9,772 9,772 2 60.00 16,208 40,469 24,282 Ƀ(Note)
SPA.

Evergreen Shipping Agency (Greece) Greece Shipping agency 8,284 8,284 2 60.00 75,839 107,140 64,284 Ƀ(Note)
Societe Anonyme.

Evergreen Shipping Agency (Israel) Ltd. Israel Shipping agency 156 156 18 1.00 491 50,937 509 Ƀ(Note)

Evergreen Shipping Agency (Brazil) Brazil Shipping agency 7,582 7,582 120 60.00 38,599 104,582 62,749 ˥(Note)
Ltd.

Evergreen Shipping Agency Lanka Sri Lanka Shipping agency 3,715 3,715 2,160 40.00 12,673 30,432 12,173 Investee company of
(Private) Ltd. Evergreen Marine
(Hong Kong) Limited
accounted for using
equity method
Evergreen Shipping Agency Philippines Philippines Shipping agency 151,038 151,038 10,000 100.00 53,702 ( 51,636) ( 51,636) Indirect subsidiary of
Corporation the Company
(Note)
Evergreen Shipping Agency (Argentina) Argentina Shipping agency 2,941 2,941 9,000 60.00 ( 15,867) ( 94,784) ( 56,871) ˥(Note)
S.A.

Unigreen Marine, S.A. Republic of Shipping agency - 14,732 - - - 21,624 17,776 ˥(Note)
Panama

Evergreen Shipping Saudi Arabia Shipping agency 18,645 18,645 180 60.00 34,487 57,951 34,771 ˥(Note)
Agency Saudi Co. (L.L.C.)

Evergreen Marine (Asia) Evergreen Gemi Acenteligi A.S. Turkey Shipping agency 5,407 5,407 24 60.00 101,857 246,508 147,905 ˥(Note)
Pte. Ltd.

Evergreen Shipping Agency Japan Shipping agency 476,131 476,131 90 100.00 1,114,149 257,817 257,338 ˥(Note)
(Japan) Corporation

Evergreen Shipping Agency Ecuador Shipping agency 5,517 5,517 180 60.00 15,148 23,234 13,941 ˥(Note)
(Ecuador) S.A.
 Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Evergreen Marine (Asia) Evergreen Business Process Inc. U.S.A Computer system services and terminal $ 61,300 $ 61,300 2,000 100.00 $ 93,160 $ 15,778 $ 15,778 Indirect subsidiary of
Pte. Ltd. logistics the Company
(Note)
Evergreen International Myanmar Myanmar Shipping agency 2,341 2,341 105 70.00 ( 2,501) ( 7,020) ( 4,914) ˥(Note)
Co., Ltd.

Colon Container Terminal S.A. Republic of Container terminal loading and 8,214,200 - 57,150 100.00 8,704,419 412,856 491,351 ˥(Note)
Panama unloading operations

Evergreen Shipping Agency Uruguay Shipping agency 4,182 - 5,100 60.00 8,666 7,943 4,766 ˥(Note)
(Uruguay) S.A.

Evergreen Marine (Singapore) Singapore Marine transportation and shipping 23,907,000 - 610,000 100.00 33,935,502 5,346,005 5,194,382 ˥(Note)
Pte. Ltd. agency

Evergreen Shipping Agency (Peru) Peru Shipping agency 5,997 - 600 40.00 31,997 170,729 26,074 ˥(Note)
S.A.C.

Evergreen Shipping Agency Chile Shipping agency 6,386 - 1 40.00 10,806 40,469 4,591 ˥(Note)
(Chile)SPA.

Evergreen Shipping Agency Mexico Mexico Shipping agency 61,292 - 30 40.00 77,849 173,662 12,239 ˥(Note)
S.A. de C.V.

Unigreen Marine, S.A. Republic of Shipping agency 18,019 - 3 100.00 23,327 21,624 3,407 ˥(Note)
Panama

Colon Container Terminal Colon Logistics Park, S.A. Republic of Warehousing business 432,165 367,800 14,100 60.00 299,668 ( 83,582) ( 50,149) ˥(Note)
S.A. Panama

Note: Intra-group transactions are eliminated in full on consolidation.

Note 1: If a public company owns an overseas holding company and its consolidated financial report is prepared according to the local law rules, the information of the overseas investee company under the holding company could not be filled in the table.
company about the disclosure of related overseas investee information.
Note 2: If Note 1 does not apply to the investee company, fill in the columns according to the following regulations:
(1) The columns of ‘Investee’, ‘Location’, ‘Main business activities’, ‘Initial investment amount’ and ‘Shares held as at December 31, 2023’ should fill orderly in the Company’s (public company’s) information on investees and every
directly or indirectly controlled investee’s investment information, and note the relationship between the Company (public company) and its investee each (ex. direct subsidiary or indirect subsidiary) in the ‘footnote’ column.
(2) The ‘Net profit (loss) of the investee for the year ended December 31, 2023’ column should fill in amount of net profit (loss) of the investee for this period.
(3) The‘Investment income (loss) recognised by the Company for the year ended December 31, 2023’ column should fill in the Company (public company) recognised investment income (loss) of its direct subsidiary and
recognised investment income (loss) of its investee accounted for under the equity method for this period. When filling in recognised investment income (loss) of its direct subsidiary, the Company (public company) should
confirm that direct subsidiary’s net profit (loss) for this period has included its investment income (loss) which shall be recognised by regulations.

353
354
Evergreen Marine Corporation (Taiwan) Ltd.
Information on investments in Mainland China
For the year ended December 31, 2023
Table 10 Expressed in thousands of New Taiwan Dollars

Amount remitted from Taiwan to

Mainland China/Amount remitted Investment income
Accumulated amount of back to Taiwan for the year ended Accumulated amount of Net income (loss) of Ownership held by (loss) recognised by Book value of Accumulated amount of
Investment method remittance from Taiwan to December 31, 2023 remittance from Taiwan the investee for the the Company the Company. investments in investment income
Investee in Mainland China Main business activities Paid-in capital Footnote
(Note 1) Mainland China as of to Mainland China as of year ended (direct or indirect) for the year ended Mainland China as of remitted back to Taiwan
January 1, 2023 Remitted to Remitted back to December 31, 2023 December 31, 2023 (%) December 31, December 31, 2023 as of December 31, 2023
Mainland China Taiwan 2023(Note 2(2)B)

Ningbo Victory Container Co., Ltd. Inland container $ 538,838 (2) $ 219,500 $ - $ - $ 219,500 $ 70,838 40.00 $ 28,052 $ 329,262 $ -
transportation, container
storage, loading,
discharging, repair and
related activities
Qingdao Evergreen Container Inland container 183,243 (2) 43,426 - - 43,426 254,620 40.00 101,849 187,298 -
Storage & Transportation Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities
Kingtrans Intl. Logistics (Tianjin) Inland container 336,000 (2) 290,110 - - 290,110 88,230 76.00 40,763 342,583 - (Note)
Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities
Ever Shine (Shanghai) Enterprise Management consultancy, 1,873,289 (2) 2,496,760 - - 2,496,760 ( 8,544) 80.00 ( 83,177) 2,913,973 - (Note)
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Ningbo) Enterprise Management consultancy, 185,399 (2) 276,214 - - 276,214 1,330 80.00 1,123 149,200 - (Note)
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Shenzhen) Enterprise Management consultancy, 264,502 (2) 480,607 - - 480,607 4,566 80.00 ( 4,431) 374,238 - (Note)
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Qingdao) Enterprise Management consultancy, 214,459 (2) 391,780 - - 391,780 ( 3,435) 80.00 ( 5,464) 235,233 - (Note)
Management Consulting Co., Ltd. self-owned property
leasing
 Amount remitted from Taiwan to
Mainland China/Amount remitted Investment income
Accumulated amount of back to Taiwan for the year ended Accumulated amount of Net income (loss) of Ownership held by (loss) recognised by Book value of Accumulated amount of
Investment method remittance from Taiwan to December 31, 2023 remittance from Taiwan the investee for the the Company the Company. investments in investment income
Investee in Mainland China Main business activities Paid-in capital Footnote
(Note 1) Mainland China as of to Mainland China as of year ended (direct or indirect) for the year ended Mainland China as of remitted back to Taiwan
January 1, 2023 Remitted to Remitted back to December 31, 2023 December 31, 2023 (%) December 31, December 31, 2023 as of December 31, 2023
Mainland China Taiwan 2023(Note 2(2)B)

Evergreen Shipping Agency (China) Agency services dealing $ 29,565 (2) $ 90,719 $ - $ - $ 90,719 $ 17,660 52.00 $ 9,183 $ 34,304 - (Note)
Co., Ltd. with port formalities

Shanghai Shengrong International Inland container 43,116 (2) - 21,777 - 21,777 ( 2,160) 49.00 ( 1,059) 20,086 -
Container Development Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities
Evergreen Information Processing Data processing and 12,427 (2) - 12,260 - 12,260 3,548 100.00 3,548 15,980 - (Note)
(Shanghai) Co., Ltd. information technology
consulting services

Investment amount Ceiling on

approved by the investments in
Accumulated amount of
Investment Mainland China
remittance from Taiwan to
Company name Commission of the imposed by the
Mainland China as of
Ministry of Investment
December 31, 2023
Economic Affairs Commission of
(MOEA) MOEA

Evergreen Marine Corporation $ 4,323,153 $ 4,888,377 $ 263,989,410

Note: Intra-group transactions are eliminated in full on consolidation.

Note 1: Investment methods are classified into the following three categories; fill in the number of category each case belongs to:
(1) Directly invest in a company in Mainland China.
(2) Through investing in an existing company, Peony Investment S.A. and Evergreen Marine (Hong Kong) Ltd. and Evergreen Marine (Aisa) Pte. Ltd., in the third area, which then invested in the investee in Mainland China.
(3) Others
Note 2: In the ‘Investment income (loss) recognised by the Company for the year ended December 31, 2023’ column:
(1) It should be indicated if the investee was still in the incorporation arrangements and had not yet any profit during this period.
(2) Indicate the basis for investment income (loss) recognition in the number of one of the following three categories:
A. The financial statements that are audited and attested by international accounting firm which has cooperative relationship with accounting firm in R.O.C.
B. The financial statements that are audited and attested by R.O.C. parent company’s CPA.
C. Others.
Note 3: The numbers in this table are expressed in New Taiwan Dollars.

355
356
Evergreen Marine Corporation (Taiwan) Ltd.
Major shareholders information
For the year ended December 31, 2023
Table 11

Shares
Name of major shareholders
Number of shares held Ownership (%)
Chang, Kuo-Hua 135,503,462 6.37%
Cathay United Bank. Trust Property Account - Chang, Kuo-Hua 63,920,000 3.00%

Note 1: The major shareholders information was from the data that the Company issued common shares (including treasury shares) and preference shares in dematerialised form
Note 1: which were registered and held by the shareholders above 5% on the last operating date of each quarter and was calculated by Taiwan Depository & Clearing Corporation.
Note 1: The share capital which was recorded in the financial statements may differ from the actual number of shares issued in dematerialised form because of a
Note 1: different calculation basis.
Note 2: If the aforementioned data contains shares which were kept in trust by the shareholders, the data disclosed was the settlor’s separate account for the fund set by the trustee.
Note 2: As for the shareholder who reports share equity as an insider whose shareholding ratio is greater than 10% in accordance with Securities and Exchange Act, the shareholding
Note 2: ratio includes the self-owned shares and trusted shares, at the same time, persons who have power to decide how to allocate the trust assets.
Note 2: For the information of reported share equity of insider, please refer to Market Observation Post System.
VI.Parent Company Only Financial Statements and Report of Independent Accountants

INDEPENDENT AUDITORS’ REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of Evergreen Marine Corporation (Taiwan)

Ltd.

Opinion
We have audited the accompanying parent company only balance sheets of Evergreen
Marine Corporation (Taiwan) Ltd. (the “Company”) as of December 31, 2023 and 2022,
and the related parent company only statements of comprehensive income, of changes in
equity and of cash flows for the years then ended, and notes to the financial statements,
including a summary of significant accounting policies.

In our opinion, based on our audits and the reports of other auditors (please refer to Other
Matter section of our report), the accompanying financial statements present fairly, in all
material respects, the financial position of Evergreen Marine Corporation (Taiwan) Ltd.
as of December 31, 2023 and 2022, 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 and the International Financial Reporting
Standards, International Accounting Standards, IFRIC Interpretations, and SIC
Interpretations that came into effect as endorsed by the Financial Supervisory
Commission .

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Auditing and
Attestation of Financial Statements by Certified Public Accountants and Standards on
Auditing of the Republic of China. Our responsibilities under those standards are further
described in the Auditor’s 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 Accountants of the Republic of China, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.

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 We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements. These matters were addressed in the
context of our audit of the financial statements as a whole and, in forming our opinion
thereon, we do not provide a separate opinion on these matters.
Key audit matters for the parent company only financial statements for the year ended
December 31,2023 are stated as follows:
Accuracy and cut-off of freight revenue
Description
Please refer to Note 4(31) for accounting policy on revenue recognition, Note 5(2) for
uncertainty of accounting estimates and assumptions applied on revenue recognition, and
Note 6(23) for details of sales revenue, Note 6(8) for details of investments accounted for
using equity method, and Table 9 for information on investees accounted for using equity
method.

The Company, its directly held subsidiaries, Peony Investment S.A. and Evergreen Marine
(Asia) Pte. Ltd., which are recognised in investments accounted for using equity method,
and its subsidiary, Evergreen Marine (Hong Kong) Ltd., which is directly and indirectly
held an 80% equity interest by the Company, primarily engages in global container
shipping service covering ocean-going and near-sea shipping line, shipping agency
business as well as container freight station business. Since ocean-going shipping often
lasts for several days, voyages are sometimes completed after the balance sheet date. Also,
demand for freight services is consistently sent by forwarders during voyage. Due to the
factors mentioned above, freight revenue is recognized under the percentage-of-
completion method for each vessel of which the service has been provided during the
reporting period.

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Despite the Company and its investee companies conducting business worldwide, its
transactions are all in small amounts, whereas the freight rate is subject to fluctuation
caused by cargo loading rate as well as market competition. Worldwide shipping agencies
use a system to record the transactions by entering data including shipping departure,
destination, counterparty, transit time, shipping amounts, and freight price for the
Company. Therefore, the management could recognise freight revenue in accordance with
the data on bill of lading reports generated from the system, accompanied by estimations
made from past experience and current cargo loading conditions the revenue that would
flow in, and calculate the revenue under percentage-of-completion method. As the process
of recording transactions, communicating with agencies, maintaining the system are done
manually, and the estimation of freight revenue is subject to management’s judgement,
therefore freight revenue involves high uncertainty and is material to the financial
statements. Given the conditions as described above, we consider the accuracy of freight
revenue and the appropriate use of cut-off by the Company and its investee companies as
a key audit matter.

How our audit addressed the matter

We and other auditors performed the following audit procedures on the above key audit
matter:

1. Obtained an understanding of the operation and industry of the Company and its
investee companies to assess the reasonableness of policies and procedures on revenue
recognition, and confirmed whether it is appropriate to the financial statements.

2. Obtained an understanding of the procedures of revenue recognition from booking,

picking, billing to receiving. Assessed and tested relevant internal controls, including
checking freight items and amounts of delivery information against the approved
contracts and booking list. In addition, recalculated the accuracy of freight revenue,
and ensured its consistency with the bill of lading report.

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 3. Obtained the estimated freight income report for vessels underway as of balance sheet
date, and inquired with management for the reasonableness of judgment. In addition,
checked historical freight revenue for total voyage under each individual vessel, along
with comparing with current cargo loading condition as well as actual revenue
received after period end to ensure the reasonableness of revenue assumptions.
4. Confirmed the completeness of vessels underway for the reporting period, including
tracking the movements of shipments on the internet to ensure the vessels that depart
before period end have been taken into consideration in the freight revenue calculation.
5. Verified accuracy of data used in calculating percentage of completion under each
voyage, including selecting samples and checking whether the total shipping days
shown on the Company’s website are in agreement with cruises timetable, considering
the number of days delayed in shipping routes due to port congestion as well as
recalculating the shipping days (days between departure and balance sheet date), in
order to examine the reasonableness of percentage applied.

Significant transactions in investments accounted for using equity method

Description
Please refer to Note 4(14) for accounting policy on investments accounted for using equity
method, Note 6(7) for details of investments accounted for under equity method, and Table
9 for information on investees accounted for using equity method.
As of December 31, 2023, the Company owns directly and indirectly 100% equity
interests in the subsidiary, Evergreen Marine (Asia) Pte. Ltd. which is recognised in
investments accounted for using equity method amounting to NT$205,719,723 thousand,
constituting 40.23% of total assets, and recognised gain on investments for the year ended
December 31, 2023 amounting to NT$22,495,972 thousand.

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In July 2023, the subsidiary, Evergreen Marine (Asia) Pte. Ltd. acquired a 100% equity
interest in Evergreen Marine (Singapore) Pte. Ltd. by cash amounting to NT$24,133,200
thousand, and the fair value of acquired identifiable net assets amounted to
NT$29,097,422 thousand and gain recognised in bargain purchase transaction generated
was NT$4,964,222 thousand. This business combination was a significant transaction
during the financial reporting period, the fair value of identifiable net assets were
estimated based on management’s assessment and price allocation reports prepared by the
independent expert appraisers appointed by the company mentioned above. Because the
assessment and measurement of the fair value are subject to material judgements and
accounting estimations, and are significant to the financial statements, therefore, we
identified purchase price allocation a key audit matter.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:
1. Assessed the competence and objectivity of the external appraiser engaged by the
management.
2. Reviewed the measurement of fair value of identifiable assets and liabilities, the
discount rate and the reasonableness of calculation of gain recognised in bargain
purchase transaction in the report of purchase price allocation issued by the external
appraiser by the auditors.

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 Other matter – Reference to the audits of other auditors
We did not audit the financial statements of all the investee companies accounted for using
equity method. Those statements were audited by other independent auditors whose
reports thereon have been furnished to us, and our opinion expressed herein, insofar as it
relates to the amounts included for those investee companies accounted for using equity
method and information disclosed in Note 13 relating to these long-term equity
investments, is based solely on the reports of the other independent auditors. Long-term
equity investments in these investee companies amounted to NT$ 48,200,819 thousand
and NT$ 53,183,389 thousand, constituting 9.43% and 8.13% of the total assets as of
December 31, 2023 and 2022, respectively, and comprehensive income (loss) (including
share of profit or loss and share of other comprehensive income of associates and joint
ventures accounted for using equity method) was NT$ 6,608,737 thousand and NT$
7,365,951 thousand, constituting 19.10% and 2.09% of the total comprehensive income
(loss) as of December 31, 2023 and 2022, respectively.

Responsibilities of management and those charged with governance for the

parent company only 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 the International Financial Reporting Standards,
International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that
came into effect as endorsed by the Financial Supervisory Commission, 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.

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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 supervisors, are responsible for overseeing the
Company’s financial reporting process.

Auditors’ responsibilities for the audit of the parent company only financial
statements
Our objectives are to obtain reasonable assurance about whether the parent company only
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors’ 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 parent company
only financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China,
we exercise professional judgement and professional skepticism throughout the audit. We
also:

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 1. Identify and assess the risks of material misstatement of the parent company only
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 involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
2. 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.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
4. 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.
5. Evaluate the overall presentation, structure and content of the parent company only
financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
6. Obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business activities within the Company 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.

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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 parent company only 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.

Lai, Chung-Hsi Chou, Hsiao-Tzu

For and on Behalf of PricewaterhouseCoopers, Taiwan
March 14, 2024

-------------------------------------------------------------------------------------------------------------------------------
The accompanying parent company only financial statements are not intended to present the financial
position and results of operations and cash flows in accordance with accounting principles generally
accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and
practices in the Republic of China governing the audit of such financial statements may differ from those
generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the
accompanying parent company only financial statements and independent auditors’ report are not intended
for use by those who are not informed about the accounting principles or auditing standards generally
accepted in the Republic of China, and their applications in practice.
As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot
accept any liability for the use of, or reliance on, the English translation or for any errors or
misunderstandings that may derive from the translation.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

December 31, 2023 December 31, 2022

Assets Notes AMOUNT % AMOUNT %
Current assets !! ! ! ! !! ! ! !
Cash and cash equivalents 6(1) !%! 25-882-716! ! 4! !
%! 238-432-642! ! 31!
Financial assets at fair value through profit or
loss - current !! :-363! ! .! !! .! ! .!
Current financial assets at amortised cost 6(3) !! 64-411! ! .! !! :-416-386! ! 2!
Current financial assets for hedging 6(4) !! 5-637-869! ! 2! !! 7-654-398! ! 2!
Current contract assets 6(23) !! 367-763! ! .! !! 28:-793! ! .!
Notes receivable - net 6(5) !! 5-121! ! .! !! 4-177! ! .!
Accounts receivable - net 6(5) !! 4-84:-482! ! 2! !! 5-718-98:! ! 2!
Accounts receivable, net - related parties 6(5) and 7 !! 646-639! ! .! !! 587-461! ! .!
Other receivables !! :4-1:9! ! .! !! 367-978! ! .!
Other receivables - related parties 7 !! :-3::-9:7! ! 3! !! 46-381! ! .!
Inventories 6(6) !! 2-698-3:9! ! .! !! 2-584-373! ! .!
Prepayments !! 461-:33! ! .! !! 453-91:! ! .!
Other current assets 6(7) and 7 !! 2-782-111! ! .! !! 3-5:3-258! ! .!

Current Assets !! 47-9:9-7:1! ! 8! !! 264-148-536! ! 34!

Non-current assets !! ! ! ! !! ! ! !
Non-current financial assets at fair value 6(2)
through other comprehensive income !! 2-536-3:3! ! .! !! 2-141-954! ! .!
Non-current financial assets at amortised cost 6(3) and 8 !! 337-779! ! .! !! 3:6-:29! ! .!
Non-current financial assets for hedging 6(4) !! .! ! .! !! 2-:29-132! ! .!
Investments accounted for using equity 6(8) and 7
method !! 485-118-923! ! 84! !! 516-813-572! ! 73!
Property, plant and equipment - net 6(9), 7 and 8 !! 84-382-911! ! 26! !! 76-257-134! ! 21!
Right-of-use assets 6(10) and 7 !! 32-737-81:! ! 5! !! 28-158-14:! ! 4!
Investment property - net 6(12) and 8 !! 2-251-277! ! .! !! 7::-163! ! .!
Intangible assets !! 46-423! ! .! !! 2:-812! ! .!
Deferred income tax assets 6(31) !! 529-911! ! .! !! 547-437! ! .!
Other non-current assets 6(13) and 7 !! 3-464-:27! ! 2! !! :-254-:32! ! 3!

Non-current assets !! 585-617-586! ! :4! !! 612-54:-416! ! 88!

Total assets !%! 622-516-276! ! 211! !%! 765-587-841! ! 211!

(Continued)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY BALANCE SHEETS
DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

December 31, 2023 December 31, 2022

Liabilities and Equity Notes AMOUNT % AMOUNT %
Current liabilities !! ! ! ! !! ! ! !
Financial liabilities at fair value through profit
or loss - current !%! .! ! .! !
%! 21-571! ! .!
Current financial liabilities for hedging 6(10) and 7 !! 2-965-4:7! ! 2! !! 2-932-453! ! .!
Current contract liabilities 6(23) !! 796-968! ! .! !! 2-542-681! ! .!
Accounts payable !! 6-828-1:5! ! 2! !! :-364-421! ! 3!
Accounts payable - related parties 7 !! 674-699! ! .! !! 462-713! ! .!
Other payables !! 2-6:6-118! ! .! !! 5-3::-:64! ! 2!
Other payables - related parties 7 !! 3:-2:4! ! .! !! :7-277! ! .!
Current income tax liabilities !! 23-757-125! ! 4! !! 63-:59-647! ! 9!
Current lease liabilities 6(10) and 7 !! 565-488! ! .! !! 483-933! ! .!
Other current liabilities 6(8)(14)(15)(16) and
7 !! 25-:6:-6:8! ! 4! !! 5-3:9-655! ! 2!
Current Liabilities !! 49-616-234! ! 9! !! 85-995-416! ! 23!
Non-current liabilities !! ! ! ! !! ! ! !
Non-current financial liabilities for hedging 6(10) and 7 !! 24-342-795! ! 4! !! 26-165-445! ! 3!
Corporate bonds payable 6(15) !! .! ! .! !! 5-917-265! ! 2!
Long-term loans 6(16) !! :-844-945! ! 3! !! 4-942-553! ! 2!
Non-current provisions !! 6-474! ! .! !! 6-464! ! .!
Deferred income tax liabilities 6(31) !! 2-979-:97! ! .! !! 2-677-418! ! .!
Non-current lease liabilities 6(10) and 7 !! 7-332-977! ! 2! !! :8-275! ! .!
Other non-current liabilities 6(17)(18) !! 2-:4:-3:4! ! .! !! 3-128-753! ! .!
Non-current liabilities !! 44-112-137! ! 7! !! 38-489-4:7! ! 5!
Total Liabilities !! 82-617-25:! ! 25! !! 213-373-812! ! 27!
Equity !! ! ! ! !! ! ! !
Capital 6(19) !! ! ! ! !! ! ! !
Common stock !! 32-275-312! ! 5! !! 32-275-312! ! 4!
Certificate of entitlement to new shares from
convertible bond !! 219-621! ! .! !! .! ! .!
Capital surplus 6(20) !! ! ! ! !! ! ! !
Capital surplus !! 28-1:3-636! ! 4! !! 26-:79-154! ! 4!
Retained earnings 6(21) !! ! ! ! !! ! ! !
Legal reserve !! 76-59:-859! ! 24! !! 43-12:-23:! ! 6!
Special reserve !! .! ! .! !! 2-256-881! ! .!
Unappropriated retained earnings !! 431-544-746! ! 74! !! 576-673-153! ! 82!
Other equity interest 6(22) !! ! ! ! !! ! ! !
Other equity interest !! 26-721-4:8! ! 4! !! 27-465-955! ! 3!
Total equity !! 54:-9::-127! ! 97! !! 663-325-13:! ! 95!
Significant Contingent Liabilities And 9
Unrecognised Contract Commitments !! ! ! ! !! ! ! !
Significant Events After The Balance Sheet Date 11 !! ! ! ! !! ! ! !
Total liabilities and equity !%! 622-516-276! ! 211! !
%! 765-587-841! ! 211!

The accompanying notes are an integral part of these parent company only financial statements.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Year ended December 31

2023 2022
Items Notes AMOUNT % AMOUNT %
Operating revenue 6(23) and 7 %! 63-883-859!! ! 211!! %! 234-17:-94:!! ! 211!
Operating costs 6(29)(30) and 7 )! 53-563-545!*!)! 91!*!) ! 63-:99-393!*!)! 54*!
Gross profit ! 21-431-425!! ! 31!! ! 81-192-668!! ! 68!
Operating expenses 6(29)(30) and 7 ! ! ! ! ! ! ! !
Selling expenses )! :27-551!*!)! 3!*!) ! 4-485-426!*!)! 4*!
General and administrative expenses )! 5-:52-944!*!)! :!*!) ! 22-231-465!*!)! :*!
Expected credit (losses) gains 12(2) ! 44!! ! .!! ) ! 79!*! ! .!
Total operating expenses )! 6-969-351!*!)! 22!*!) ! 25-5:5-848!*!)! 23*!
Other gains - net 6(24) and 7 ! 362-1:4!! ! .!! ! 289-59:!! ! .!
Operating profit ! 5-824-278!! ! :!! ! 66-876-41:!! ! 56!
Non-operating income and expenses ! ! ! ! ! ! ! !
Interest income 6(25) ! 2-:84-779!! ! 5!! ! :74-1::!! ! 2!
Other income 6(26) ! 357-572!! ! .!! ! 37:-:68!! ! .!
Other gains and losses 6(27) ! 9-883-733!! ! 27!! ! 23-636-:11!! ! 21!
Finance costs 6(28) and 7 )! 817-:88!*!)! 2!*!) ! 715-16:!*! ! .!
Share of profit of subsidiaries, associates and joint
ventures accounted for using equity method ! 54-348-::6!! ! 93!! ! 423-958-719!! ! 365!
Total non-operating income and expenses ! 64-634-87:!! ! 212!! ! 437-113-616!! ! 376!
Profit before income tax ! 69-347-:47!! ! 221!! ! 492-878-925!! ! 421!
Income tax expense 6(31) )! 33-9::-996!*!)! 54!*!) ! 58-678-264!*!)! 4:*!
Profit for the year %! 46-448-162!! ! 78!! %! 445-311-772!! ! 382!
Other comprehensive income (loss) ! ! ! ! ! ! ! !
Components of other comprehensive income that
will not be reclassified to profit or loss ! ! ! ! ! ! ! !
Losses on remeasurements of defined benefit plans 6(18) ) %! ::-263!*! ! .!! ) %! 47-255!*! ! .!
Unrealised gains (losses) on valuation of 6(2)(22)
investments in equity instruments measured at fair
value through other comprehensive income ! 4:6-:98!! ! 2!! ) ! 6:6-1:8!*!)! 2*!
Share of other comprehensive loss of associates and
joint ventures accounted for using equity method,
components of other comprehensive (loss) income
that will not be reclassified to profit or loss ! 636-867!! ! 2!! ) ! 487-981!*! ! .!
Income tax related to components of other
comprehensive (loss) income that will not be
reclassified to profit or loss ! 29-285!! ! .!! ! 6-983!! ! .!
Components of other comprehensive (loss)
income that will not be reclassified to profit or
loss ! 951-876!! ! 3!! ) ! 2-113-34:!*!)! 2*!
Components of other comprehensive income that
will be reclassified to profit or loss ! ! ! ! ! ! ! !
Other comprehensive (loss) income, before tax, 6(22)
exchange differences on translation )! 2-456-924!*!)! 3!*! ! 2:-836-664!! ! 27!
Gains (losses) on hedging instrument 6(4)(10)(22) )! 447-655!*!)! 2!*!) ! 46:-285!*! ! .!
Share of other comprehensive loss of associates and 6(22)
joint ventures accounted for using equity method,
components of other comprehensive (loss) income
that will be reclassified to profit or loss ! 49-479!! ! .!! ) ! 536-657!*! ! .!
Income tax relating to the components of other 6(22)
comprehensive income ! 78-685!! ! .!! ! 78-658!! ! .!
Components of other comprehensive (loss)
income that will be reclassified to profit or loss )! 2-687-526!*!)! 4!*! ! 2:-119-491!! ! 27!
Other comprehensive (loss) income for the year ) %! 846-761!*!)! 2!*! %! 29-117-252!! ! 26!
Total comprehensive income for the year %! 45-712-512!! ! 77!! %! 463-317-913!! ! 397!
! ! ! !
Basic earnings per share (in dollars) 6(32) ! ! ! !
Basic earnings per share %! 27/81!! %! 98/18!
!
Diluted earnings per share %! 27/53!! %! 97/33!
!

The accompanying notes are an integral part of these parent company only financial statements.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Capital Retained Earnings Other equity interest

Unrealised gains
(losses) from
financial assets
Certificate of Exchange differences measured at fair
entitlement to new on translating the value through other
shares from Unappropriated financial statements comprehensive Gains (losses) on
Notes Common stock convertible bond Capital surplus Legal reserve Special reserve retained earnings of foreign operations income hedging instruments Total equity

Year 2022
Balance at January 1, 2022 %! 63-:19-595 %! . %! 26-873-296 %! 9-233-593 %! 692-517 %! 361-666-85: )%! 7-844-117 * %! 4-:97-13: %! 2-712-318 %! 437-895-647
Profit for the year 6(21) . . . . . 445-311-772 . . . 445-311-772
Other comprehensive income (loss) 6(21)(22) . . . . . 458-465 31-334-495 ) 2-45:-6:4 * ) 2-326-115 * 29-117-252
Total comprehensive income (loss) . . . . . 445-659-126 31-334-495 ) 2-45:-6:4 * ) 2-326-115 * 463-317-913
Capital reduction 6(19) ) 42-857-412 * . . . . . . . . ) 42-857-412 *
Appropriation of 2021 earnings 6(21)
Legal reserve . . . 34-9:7-758 . ) 34-9:7-758 * . . . .
Special reserve . . . . 675-475 ) 675-475 * . . . .
Cash dividends . . . . . ) :6-349-995 * . . . ) :6-349-995 *
Adjustments to share of changes in equity of subsidiaries, 6(20)(21)(22)
associates and joint ventures . . 29:-877 . . 269-284 . ) 269-284 * . 29:-877
Other changes in capital surplus 6(20) . . ) 31 * . . . . . . ) 31 *
Conversion of Convertible Bonds 6(19)(20) 3-129 . 27-223 . . . . . . 29-241
Balance at December 31, 2022 %! 32-275-312 %! . %! 26-:79-154 %! 43-12:-23: %! 2-256-881 %! 576-673-153 %! 24-5:1-489 %! 3-589-374 %! 497-314 %! 663-325-13:

Year 2023
Balance at January 1, 2023 %! 32-275-312 %! . %! 26-:79-154 %! 43-12:-23: %! 2-256-881 %! 576-673-153 %! 24-5:1-489 %! 3-589-374 %! 497-314 %! 663-325-13:
Profit for the year 6(21) . . . . . 46-448-162 . . . 46-448-162
Other comprehensive income 6(21)(22) . . . . . ) 228-57: * ) 2-445-954 * :69-345 ) 352-683 * ) 846-761 *
Total comprehensive income . . . . . 46-32:-693 ) 2-445-954 * :69-345 ) 352-683 * 45-712-512
Appropriation of 2022 earnings 6(21)
Legal reserve . . . 44-581-72: . ) 44-581-72: * . . . .
Special reserve . . . . ) 2-256-881 * 2-256-881 . . . .
Cash dividends . . . . . ) 259-25:-517 * . . . ) 259-25:-517 *
Adjustments to share of changes in equity of subsidiaries, 6(20)(21)(22)
associates and joint ventures . . 99-998 . . 237-377 . ) 237-377 * . 99-998
Other changes in capital surplus 6(20) . . 53-:92 . . . . . . 53-:92
Conversion of Convertible Bonds . 219-621 ::3-725 . . . . . . 2-212-235
Balance at December 31, 2023 6(19)(20) %! 32-275-312 %! 219-621 %! 28-1:3-636 %! 76-59:-859 %! . %! 431-544-746 %! 23-266-646 %! 4-421-342 %! 255-742 %! 54:-9::-127

The accompanying notes are an integral part of these parent company only financial statements.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Year ended December 31

Notes 2023 2022

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax % 69-347-:47 % 492-878-925
Adjustments
Adjustments to reconcile profit (loss)
Financial assets and liabilities at fair value 6(27)
through profit or loss ) 27-783 * 66-621
Depreciation 6(27)(29) 8-552-219 7-882-415
Amortization 6(29) 45-483 35-637
Expected credit gain (loss) 12(2) ) 44 * 79
Interest expense 6(28) 817-:88 715-16:
Interest income 6(25) ) 2-:84-76: * ) :74-1:: *
Dividend income 6(26) ) 8:3 * ) :2-584 *
Share of profit of subsidiaries, associates and
joint ventures accounted for using equity
method ) 54-348-::6 * ) 423-958-719 *
Gain on disposal of investments 6(27) ) 7-466-918 * ) 44-716 *
Gain from bargain purchase 6(26) . ) 3-627 *
(Gains) losses arising from lease modification 6(27) ) 822 * .
Net gain on disposal of property, plant and 6(24)
equipment ) 362-1:4 * ) 289-59: *
Other item 351 .
Changes in operating assets and liabilities
Changes in operating assets
Current contract assets ) 87-:7: * 91:-11:
Notes receivable ) :55 * ) 3-:42 *
Accounts receivable 979-651 2-592-7:7
Accounts receivable - related parties ) 6:-288 * ) 488-955 *
Other receivables 78-269 ) 63-554 *
Other receivables - related parties :12 :-:53
Inventories ) 225-147 * ) 667-499 *
Prepayments ) 9-224 * ) 92-366 *
Other current assets 932-258 ) 34:-668 *
Changes in operating liabilities
Current contract liabilities ) 856-823 * ) 2-984-516 *
Accounts payable ) 4-647-327 * 4-723-188
Accounts payable - related parties 322-:97 312-73:
Other payables ) 3-645-165 * 2-232-788
Other payables - related parties ) 84-983 * 85-26:
Other current liabilities 9-412-157 471-8:6
Other non-current liabilities ) 2::-495 * ) 253-748 *
Cash inflow generated from operations 28-616-283 8:-562-126
Interest received 3-181-382 956-2:3
Interest paid ) 783-495 * ) 6:5-:46 *
Income tax paid ) 73-942-753 * ) 22-775-7:7 *
Net cash flows (used in) from operating
activities ) 54-:39-694 * 79-147-687

(Continued)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars)

Year ended December 31

Notes 2023 2022

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from capital reduction of financial assets
at fair value through other comprehensive income % 2-648 % .
Increase (decrease) in financial assets at amortised
cost :-362-:86 22-2:6-771
(Decrease) increase in financial assets at amortised
cost-non-current 7:-361 ) 45-714 *
Decrease in financial assets for hedging 4-721-15: 28-192-854
Acquisition of investments accounted for using
equity method ) 598-611 * ) 5-122-8:2 *
Proceeds from disposal of investments accounted
for using equity 24-157-949 .
Acquisition of property, plant and equipment 6(33) ) 5-13:-947 * ) 27-:29-257 *
Proceeds from disposal of property, plant and
equipment 422-185 328-667
Acquisition of intangible assets 6(33) ) 4:-565 * ) 41-912 *
Increase in other non-current assets 6(33) ) 4-234-671 * ) 23-484-548 *
Increase in guarantee deposits paid ) 2-349-5:2 * ) 4-734 *
Decrease in guarantee deposits paid 2-338-586 :-66:
Cash dividends received 69-911-81: 2:3-655-664
Net cash flows from investing activities 88-511-177 298-787-781
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term loans 6(34) 61-111 61-111
Decrease in short-term loans 6(34) ) 61-111 * ) 61-111 *
Increase in short-term notes payable 6(34) 461-111 .
Decrease in short-term notes payable 6(34) ) 461-111 * .
Increase in long-term loans 6(34) 49-:51-:65 22-398-225
Decrease in long-term loans 6(34) ) 43-549-533 * ) 36-824-429 *
Decrease in corporate bonds payable 6(34) ) 3-111-111 * ) 5-111-111 *
Payments of lease liabilities 6(10)(34) ) 3-54:-511 * ) 3-3:9-697 *
Increase in guarantee deposits received 6(34) 46-988 21-36:
Decrease in guarantee deposits received 6(34) ) 24-::4 * ) 3-875 *
Cash dividends paid 6(21) ) 259-25:-517 * ) :6-349-995 *
Capital reduction 6(19) . ) 42-857-412 *
Other financing activities 6(20) 53-:92 ) 31 *
Net cash flows used in financing activities ) 257-132-51: * ) 258-813-611 *
Net (decrease) increase in cash and cash equivalents ) 223-65:-:37 * 219-121-857
Cash and cash equivalents at beginning of year 238-432-642 2:-421-896
Cash and cash equivalents at end of year % 25-882-716 % 238-432-642

The accompanying notes are an integral part of these parent company only financial statements.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
NOTES TO THE PARENT COMPANY ONLY FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. HISTORY AND ORGANISATION

Evergreen Marine Corporation (Taiwan) Ltd. (the “Company”) was established in the Republic of China,
is mainly engaged in domestic and international marine transportation, shipping agency services, and the
distribution of containers. The Company was approved by the Securities and Futures Bureau (SFB),
Financial Supervisory Commission, Executive Yuan, R.O.C. to be a public company on November 2,
1982 and was further approved by the SFB to be a listed company on July 6, 1987. The Company’s shares
have been publicly traded on the Taiwan Stock Exchange since September 21, 1987.
2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE PARENT COMPANY ONLY
FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORISATION
These parent company only financial statements were authorised for issuance by the Board of Directors
on March 14, 2024.
3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS
(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting
Standards (“IFRS”) came into effect as endorsed by the Financial Supervisory Commission (“FSC”)
New standards, interpretations and amendments endorsed by FSC and became effective from 2023
are as follows:
Effective date by
International
Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IAS 1, ‘Disclosure of accounting policies’ January 1, 2023
Amendments to IAS 8, ‘Definition of accounting estimates’ January 1, 2023
Amendments to IAS 12, ‘Deferred tax related to assets and liabilities January 1, 2023
arising from a single transaction’
Amendments to IAS 12, ‘International tax reform - pillar two model May 23, 2023
rules’
The above standards and interpretations have no significant impact to the Company’s financial
condition and financial performance based on the Company’s assessment.

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 (2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but
not yet adopted by the Company
New standards, interpretations and amendments endorsed by the FSC and will become effective from
2024 are as follows:

Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’ January 1, 2024
Amendments to IAS 1, ‘Classification of liabilities as current or January 1, 2024
non current’
Amendments to IAS 1, ‘Non-current liabilities with covenants’ January 1, 2024
Amendments to IAS 7 and IFRS 7, ‘Supplier finance arrangements’ January 1, 2024

The above standards and interpretations have no significant impact to the Company’s financial
condition and financial performance based on the Company’s assessment.
(3) IFRSs issued by IASB but not yet endorsed by the FSC
New standards, interpretations and amendments issued by IASB but not yet included in the IFRSs as
endorsed by the FSC are as follows:
Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets To be determined by
between an investor and its associate or joint venture’ International Accounting
Standards Board
IFRS 17, ‘Insurance contracts’ January 1, 2023
Amendments to IFRS 17, 'Insurance contracts' January 1, 2023
Amendment to IFRS 17, 'Initial application of IFRS 17 and IFRS 9 – January 1, 2023
comparative information'
Amendments to IAS 21, ‘Lack of exchangeability’ January 1, 2025
The above standards and interpretations have no significant impact to the Company’s financial
condition and financial performance based on the Company’s assessment.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these parent company only financial
statements are set out below. These policies have been consistently applied to all the periods presented,
unless otherwise stated.
(1) Compliance statement
These parent company only financial statements have been prepared in accordance with the
“Regulations Governing the Preparation of Financial Reports by Securities Issuers”.
(2) Basis of preparation
A. Except for the following items, these parent company only financial statements have been prepared
under the historical cost convention:
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 (a) Financial assets and financial liabilities (including derivative instruments) at fair value through
profit or loss.
(b) Financial assets at fair value through other comprehensive income.
(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less
present value of defined benefit obligation.
B. The preparation of financial statements in conformity with International Financial Reporting
Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that
came into effect as endorsed by the FSC (collectively referred herein as the “IFRSs”) requires the
use of certain critical accounting estimates. It also requires management to exercise its judgement
in the process of applying the Company’s accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are significant to the parent
company only financial statements are disclosed in Note 5.
(3) Foreign currency translation
Items included in the parent company only financial statements of Company are measured using the
currency of the primary economic environment in which the entity operates (the “functional
currency”). The parent company only financial statements are presented in New Taiwan Dollars,
which is the Company’s functional currency.
A. Foreign currency transactions and balances
(a) Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions or valuation where items are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions are
recognised in profit or loss in the period in which they arise, except when deferred in other
comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.
(b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-
translated at the exchange rates prevailing at the balance sheet date. Exchange differences
arising upon re-translation at the balance sheet date are recognised in profit or loss.
(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value
through profit or loss are re-translated at the exchange rates prevailing at the balance sheet
date; their translation differences are recognised in profit or loss. Non-monetary assets and
liabilities denominated in foreign currencies held at fair value through other comprehensive
income are re-translated at the exchange rates prevailing at the balance sheet date; their
translation differences are recognised in other comprehensive income. However, non-
monetary assets and liabilities denominated in foreign currencies that are not measured at fair
value are translated using the historical exchange rates at the dates of the initial transactions.
(d) All other foreign exchange gains and losses based on the nature of those transactions are
presented in the statement of comprehensive income within ‘other gains and losses’.
B. Translation of foreign operations
(a) The operating results and financial position of all the company entities and associates that have
a functional currency different from the presentation currency are translated into the
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 presentation currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at the closing exchange
rate at the date of that balance sheet;
ii. Income and expenses for each statement of comprehensive income are translated at average
exchange rates of that period; and
iii. All resulting exchange differences are recognised in other comprehensive income.
(b) When the foreign operation partially disposed of or sold is an associate, exchange differences
that were recorded in other comprehensive income are proportionately reclassified to profit or
loss as part of the gain or loss on sale. In addition, even when the Company retains partial
interest in the former foreign associate after losing significant influence over the former
foreign associate, such transactions should be accounted for as disposal of all interest in these
foreign operations.
(c) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange
differences that were recorded in other comprehensive income are proportionately transferred
to the non-controlling interest in this foreign operation. In addition, even when the Company
retains partial interest in the former foreign subsidiary after losing control of the former foreign
subsidiary, such transactions should be accounted for as disposal of all interest in the foreign
operation.
(d) Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated
as assets and liabilities of the foreign entity and translated at the closing exchange rates at the
balance sheet date.
(4) Classification of current and non-current items
A. Assets that meet one of the following criteria are classified as current assets; otherwise they are
classified as non-current assets:
(a) Assets arising from operating activities that are expected to be realised, or are intended to be
sold or consumed within the normal operating cycle;
(b) Assets held mainly for trading purposes;
(c) Assets that are expected to be realised within twelve months from the balance sheet date;
(d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to
be exchanged or used to settle liabilities more than twelve months after the balance sheet date.
B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they
are classified as non-current liabilities:
(a) Liabilities that are expected to be settled within the normal operating cycle;
(b) Liabilities arising mainly from trading activities;
(c) Liabilities that are to be settled within twelve months from the balance sheet date;
(d) Liabilities for which the repayment date cannot be extended unconditionally to more than
twelve months after the balance sheet date. Terms of a liability that could, at the option of the
counterparty, result in its settlement by the issue of equity instruments do not affect its
classification.

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 (5) Cash equivalents
Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits with
original maturities of three months or less that meet the definition above and are held for the purpose
of meeting short-term cash commitments in operations are classified as cash equivalents.
(6) Financial assets at fair value through profit or loss
A. Financial assets at fair value through profit or loss are financial assets that are not measured at
amortised cost or fair value through other comprehensive income.
B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are
recognised and derecognised using trade date accounting.
C. At initial recognition, the Company measures the financial assets at fair value and recognises the
transaction costs in profit or loss. The Company subsequently measures the financial assets at fair
value, and recognises the gain or loss in profit or loss.
D. The Company recognises the dividend income when the right to receive payment is established,
future economic benefits associated with the dividend will flow to the Company and the amount
of the dividend can be measured reliably.
(7) Financial assets at fair value through other comprehensive income
A. Financial assets at fair value through other comprehensive income comprise equity securities
which are not held for trading, and for which the Company has made an irrevocable election at
initial recognition to recognise changes in fair value in other comprehensive income and debt
instruments which meet all of the following criteria:
(a) The objective of the Company’s business model is achieved both by collecting contractual cash
flows and selling financial assets; and
(b) The assets’ contractual cash flows represent solely payments of principal and interest.
B. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive
income are recognised and derecognised using trade date accounting.
C. At initial recognition, the Company measures the financial assets at fair value plus transaction
costs. The Company subsequently measures the financial assets at fair value:
(a) The changes in fair value of equity investments that were recognised in other comprehensive
income are reclassified to retained earnings and are not reclassified to profit or loss following
the derecognition of the investment. Dividends are recognised as revenue when the right to
receive payment is established, future economic benefits associated with the dividend will
flow to the Company and the amount of the dividend can be measured reliably.
(b) Except for the recognition of impairment loss, interest income and gain or loss on foreign
exchange which are recognised in profit or loss, the changes in fair value of debt instruments
are taken through other comprehensive income. When the financial asset is derecognised, the
cumulative gain or loss previously recognised in other comprehensive income is reclassified
from equity to profit or loss.

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(8) Financial assets at amortised cost
A. Financial assets at amortised cost are those that meet all of the following criteria:
(a) The objective of the Company’s business model is achieved by collecting contractual cash
flows.
(b) The assets’ contractual cash flows represent solely payments of principal and interest.
B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and
derecognised using trade date accounting.
C. At initial recognition, the Company measures the financial assets at fair value plus transaction
costs. Interest income from these financial assets is included in finance income using the effective
interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or
impaired.
D. The Company’s time deposits which do not fall under cash equivalents are those with a short
maturity period and are measured at initial investment amount as the effect of discounting is
immaterial.
(9) Notes, accounts and other receivables
A. Notes and accounts receivable entitle the Company a legal right to receive consideration in
exchange for transferred goods or rendered services. Receivables arising from transactions other
than the sale of goods or services are classified as other receivables.
B. The Company initially measures accounts and notes receivable at fair value and subsequently
recognises the amortised interest income over the period of circulation using the effective interest
method and the impairment loss. A gain or loss is recognised in profit or loss.
(10) Impairment of financial assets
For debt instruments measured at fair value through other comprehensive income and financial
assets at amortised cost including accounts receivable or contract assets that have a significant
financing component, at each reporting date, the Company recognises the impairment provision for
12 months expected credit losses if there has not been a significant increase in credit risk since initial
recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if
such credit risk has increased since initial recognition after taking into consideration all reasonable
and verifiable information that includes forecasts. On the other hand, for accounts receivable or
contract assets that do not contain a significant financing component, the Company recognises the
impairment provision for lifetime ECLs.
(11) Derecognition of financial assets
The Company derecognises a financial asset when one of the following conditions is met:
A. The contractual rights to receive cash flows from the financial asset expire.
B. The contractual rights to receive cash flows from the financial asset have been transferred and
the Company has transferred substantially all risks and rewards of ownership of the financial
asset.
C. The contractual rights to receive cash flows from the financial asset have been transferred;
however, the Company has not retained control of the financial asset.
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 (12) Leasing arrangements (lessor)-operating leases
Lease income from an operating lease (net of any incentives given to the lessee) is recognised in profit
or loss on a straight-line basis over the lease term.
(13) Inventories
Inventories refer to fuel inventories and steel inventories. Fuel inventories are physically measured
by the crew of each ship and reported back to the Head Office through telegraph for recording
purposes at balance sheet date. Valuation of inventories is based on the exchange rate prevailing at
balance sheet date.
(14) Investments accounted for using equity method / subsidiaries and associates
A. Subsidiary is an entity where the Company has the right to dominate its finance and operation
policies (includes special purpose entity), normally the Company owns more than 50 percent of
the voting rights directly or indirectly in that entity. Subsidiaries are accounted for under the
equity method in the Company's parent company only financial statements.
B. Unrealized gains or losses resulted from inter-company transactions with subsidiaries are
eliminated. Necessary adjustments are made to the accounting policies of subsidiaries, to be
consistent with the accounting policies of the Company.
C. After acquisition of subsidiaries, the Company recognizes proportionately for the share of profit
and loss and other comprehensive incomes in the income statement as part of the Company's
profit and loss and other comprehensive income, respectively. When the share of loss from a
subsidiary exceeds the carrying amount of Company's interests in that subsidiary, the Company
continues to recognize its shares in the subsidiary's loss proportionately.
D. Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control are
accounted for as equity transactions. Any difference between the amount by which the non-
controlling interests are adjusted and the fair value of the consideration paid or received shall be
recognized directly in equity and attributed to the owners of the parent.
E. If the Company loses control of a subsidiary, the Company recognizes any investment retained
in the former subsidiary at its fair value at the date when control is lost and recognizes any
resulting difference as a gain or loss in profit or loss. The Company shall account for all amounts
recognized in other comprehensive income in relation to that subsidiary on the same basis as
would be required if the Company had directly disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognized in other comprehensive income would be
reclassified to profit or loss on the disposal of the related assets or liabilities, the Company
reclassifies the gain or loss from equity to profit or loss when it loses control of the subsidiary.
F. Associates are all entities over which the Company has significant influence but not control. In
general, it is presumed that the investor has significant influence, if an investor holds, directly or
indirectly 20 percent or more of the voting power of the investee. Investments in associates are
accounted for using the equity method and are initially recognised at cost.

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G. The Company’s share of its associates’ post-acquisition profits or losses is recognised in profit
or loss, and its share of post-acquisition movements in other comprehensive income is recognised
in other comprehensive income. When the Company’s share of losses in an associate equals or
exceeds its interest in the associate, including any other unsecured receivables, the Company
does not recognise further losses, unless it has incurred constructive obligations or made
payments on behalf of the associate.
H. When changes in an associate’s equity do not arise from profit or loss or other comprehensive
income of the associate and such changes do not affect the Company’s ownership percentage of
the associate, the Company recognises in ‘capital surplus’ in proportion to its ownership.
I. Unrealised gains or loss on transactions between the Company and its associates are eliminated
to the extent of the Company’s interest in the associates. Unrealised losses are also eliminated
unless the transaction provides evidence of an impairment of the asset transferred. Accounting
policies of associates have been adjusted where necessary to ensure consistency with the policies
adopted by the Company.
J. In the case that an associate issues new shares and the Company does not subscribe or acquire
new shares proportionately, which results in a change in the Company’s ownership percentage
of the associate but maintains significant influence on the associate, then ‘capital surplus’ and
‘investments accounted for under the equity method’ shall be adjusted for the increase or decrease
of its share of equity interest. If the above condition causes a decrease in the Company’s
ownership percentage of the associate, in addition to the above adjustment, the amounts
previously recognised in other comprehensive income in relation to the associate are reclassified
to profit or loss proportionately on the same basis as would be required if the relevant assets or
liabilities were disposed of.
K. Upon loss of significant influence over an associate, the Company remeasures any investment
retained in the former associate at its fair value. Any difference between fair value and carrying
amount is recognised in profit or loss.
L. When the Company disposes its investment in an associate and loses significant influence over
this associate, the amounts previously recognised in other comprehensive income in relation to
the associate, are reclassified to profit or loss, on the same basis as would be required if the
relevant assets or liabilities were disposed of. If it retains significant influence over this associate,
the amounts previously recognised in other comprehensive income in relation to the associate
are reclassified to profit or loss proportionately in accordance with the aforementioned approach.
M. When the Company disposes its investment in an associate and loses significant influence over
this associate, the amounts previously recognised as capital surplus in relation to the associate
are transferred to profit or loss. If it retains significant influence over this associate, the amounts
previously recognised as capital surplus in relation to the associate are transferred to profit or
loss proportionately.

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 N. According to “Regulations Governing the Preparations of Financial Statements by Securities
Issuers”, 'profit for the year' and 'other comprehensive income for the year' reported in an entity's
parent company only statement of comprehensive income, shall equal to 'profit for the year' and
'other comprehensive income' attributable to owners of the parent reported in that entity's
consolidated statement of comprehensive income. Total equity reported in an entity's parent
company only financial statements, shall equal to equity attributable to owners of parent reported
in that entity's consolidated financial statements.
(15) Property, plant and equipment
A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the
construction period are capitalised.
B. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the Company and the cost of the item can be measured reliably. The carrying amount of
the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss
during the financial period in which they are incurred.
C. Land is not depreciated. Other property, plant and equipment apply cost model and are
depreciated using the straight-line method to allocate their cost over their estimated useful lives.
Each part of an item of property, plant, and equipment with a cost that is significant in relation
to the total cost of the item must be depreciated separately.
D. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, at each financial year-end. If expectations for the assets’ residual values and useful
lives differ from previous estimates or the patterns of consumption of the assets’ future economic
benefits embodied in the assets have changed significantly, any change is accounted for as a
change in estimate under IAS 8, ‘Accounting Policies, Changes in Accounting Estimates and
Errors’, from the date of the change. The estimated useful lives of property, plant and equipment
are as follows:
Buildings (Including repairment) uipme 3 ~ 55 years
Loading and unloading equipment Transportation equipment ..5 ~ 20 years

Ships ( Except for docking repair, ballast water, . ...8 ~ 25 years

lashing gears equipment and scrubber) rans 1
Ships (Docking repair) rans .2 ~ 5 years
Ships (Ballast water, lashing gears equipment .6 ~10 years
and scrubber)sportation equipment .
Transportation equipment 6 ~ 10 years
Lease improvements . 3 ~ 20 years
Other equipment .. .2 ~ 5 years

The above docking repair, ballast water, lashing gears equipment and scrubbers are significant
components of ships.

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(16) Leasing arrangements (lessee)ɡright-of-use assets/ lease liabilities
A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at
which the leased asset is available for use by the Company. For short-term leases or leases of
low-value assets, lease payments are recognised as an expense on a straight-line basis over the
lease term.
B. Lease liabilities include the net present value of the remaining lease payments at the
commencement date, discounted using the incremental borrowing interest rate.
Lease payments are comprised of the following:
(a) Fixed payments, less any lease incentives receivable;
(b) Variable lease payments that depend on an index or a rate; and
(c) The exercise price of a purchase option, if the lessee is reasonably certain to exercise that
option.
The Company subsequently measures the lease liability at amortised cost using the interest
method and recognises interest expense over the lease term. The lease liability is remeasured and
the amount of remeasurement is recognised as an adjustment to the right-of-use asset when there
are changes in the lease term or lease payments and such changes do not arise from contract
modifications.
C. At the commencement date, the right-of-use asset is stated at cost comprising the following:
(a) The amount of the initial measurement of lease liability;
(b) Any lease payments made at or before the commencement date;
(c) Any initial direct costs incurred by the lessee; and
(d) An estimate of costs to be incurred by the lessee in dismantling and removing the underlying
asset, restoring the site on which it is located or restoring the underlying asset to the condition
required by the terms and conditions of the lease.
The right-of-use asset is measured subsequently using the cost model and is depreciated from the
commencement date to the earlier of the end of the asset’s useful life or the end of the lease term.
When the lease liability is remeasured, the amount of remeasurement is recognised as an
adjustment to the right-of-use asset.
D. For lease modifications that decrease the scope of the lease, the lessee shall decrease the carrying
amount of the right-of-use asset to reflect the partial or full termination of the lease, and recognise
the difference between remeasured lease liability in profit or loss.
(17) Investment property
An investment property is stated initially at its cost and measured subsequently using the cost model.
Except for land, investment property is depreciated on a straight-line basis over its estimated useful
life of 50 ~ 55 years.
(18) Intangible assets
Computer software is stated at cost and amortised on a straight-line basis over its estimated useful
life of 2-5 years.

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 (19) Impairment of non-financial assets
The Company assesses at each balance sheet date the recoverable amounts of those assets where
there is an indication that they are impaired. An impairment loss is recognised for the amount by
which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s fair value less costs to sell or value in use. When the circumstances or reasons
for recognizing impairment loss for an asset in prior years no longer exist or diminish, the
impairment loss is reversed. The increased carrying amount due to reversal should not be more than
what the depreciated or amortised historical cost would have been if the impairment had not been
recognised.
(20) Borrowings
A. Borrowings comprise long-term and short-term bank borrowings and other long-term and short-
term loans. Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in profit or loss over the period of
the borrowings using the effective interest method.
B. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to
the extent that it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for
liquidity services and amortised over the period of the facility to which it relates.
(21) Accounts payable
A. Accounts payable are liabilities for purchases of raw materials, goods or services.
B. The Company initially measures accounts payable at fair value and subsequently amortises the
interest expense in profit or loss over the period of circulation using the effective interest method.
(22) Financial liabilities at fair value through profit or loss
A. Financial liabilities are classified in this category of held for trading if acquired principally for
the purpose of repurchasing in the short-term. Derivatives are also categorised as financial
liabilities held for trading unless they are designated as hedges or financial liabilities at fair value
through profit or loss. Financial liabilities that meet one of the following criteria are designated
as at fair value through profit or loss at initial recognition:
(a) Hybrid (combined) contracts; or
(b) They eliminate or significantly reduce a measurement or recognition inconsistency; or
(c) They are managed and their performance is evaluated on a fair value basis, in accordance with
a documented risk management policy.
B. At initial recognition, the Company measures the financial liabilities at fair value. All related
transaction costs are recognised in profit or loss. The Company subsequently measures these
financial liabilities at fair value with any gain or loss recognised in profit or loss.

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(23) Bonds payable
Ordinary corporate bonds issued by the Company are initially recognised at fair value less
transaction costs. Any difference between the proceeds (net of transaction costs) and the redemption
value is presented as an addition to or deduction from bonds payable, which is amortised to profit
or loss over the period of bond circulation using the effective interest method as an adjustment to
‘finance costs’.
(24) Convertible bonds payable (Compound financial instruments)
Convertible bonds issued by the Group contain conversion options (that is, the bondholders have
the right to convert the bonds into the Group’s common shares by exchanging a fixed amount of
cash for a fixed number of common shares), call options and put options. The Group classifies the
bonds payable upon issuance as a financial asset, a financial liability or an equity instrument in
accordance with the contract terms. They are accounted for as follows:
A. The embedded call options and put options are recognised initially at net fair value as ‘financial
assets or financial liabilities at fair value through profit or loss’. They are subsequently
remeasured and stated at fair value on each balance sheet date; the gain or loss is recognised as
‘gain or loss on valuation of financial assets or financial liabilities at fair value through profit or
loss’.
B. The host contracts of bonds are initially recognised at fair value. Any difference between the
initial recognition and the redemption value is accounted for as the premium or discount on bonds
payable and subsequently is amortised in profit or loss as an adjustment to ‘finance costs’ over
the period of circulation using the effective interest method.
C. The embedded conversion options which meet the definition of an equity instrument are initially
recognised in ‘capital surplus—share options’ at the residual amount of total issue price less the
amount of financial assets or financial liabilities at fair value through profit or loss and bonds
payable as stated above. Conversion options are not subsequently remeasured.
D. Any transaction costs directly attributable to the issuance are allocated to each liability or equity
component in proportion to the initial carrying amount of each abovementioned item.
E. When bondholders exercise conversion options, the liability component of the bonds (including
bonds payable and ‘financial assets or financial liabilities at fair value through profit or loss’)
shall be remeasured on the conversion date. The issuance cost of converted common shares is
the total book value of the abovementioned liability component and ‘capital surplus—share
options’.
(25) Derecognition of financial liabilities
A financial liability is derecognised when the obligation specified in the contract is either discharged
or cancelled or expires.
(26) Offsetting financial instruments
Financial assets and liabilities are offset and reported in the net amount in the balance sheet when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on a net basis or realise the asset and settle the liability simultaneously.
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 (27) Hedge accounting
A. At the inception of the hedging relationship, there is formal designation and documentation of
the hedging relationship and the Company’s risk management objective and strategy for
undertaking the hedge. That documentation shall include identification of the hedging instrument,
the hedged item, the nature of the risk being hedged and how the Company will assess whether
the hedging relationship meets the hedge effectiveness requirements.
B. The Company designates the hedging relationship as follows:
Cash flow hedge:
A hedge of the exposure to variability in cash flows that is attributable to a particular risk
associated with a recognised asset or liability or a highly probable forecast transaction.
C. Cash flow hedges
(a)The cash flow hedge reserve associated with the hedged item is adjusted to the lower of the
following (in absolute amounts):
i. the cumulative gain or loss on the hedging instrument from inception of the hedge; and
ii. the cumulative change in fair value of the hedged item from inception of the hedge.
(b)The effective portion of the gain or loss on the hedging instrument is recognised in other
comprehensive income. The gain or loss on the hedging instrument relating to the ineffective
portion is recognised in profit or loss.
(c)The amount that has been accumulated in the cash flow hedge reserve in accordance with (a)
is accounted for as follows:
i. If a hedged forecast transaction subsequently results in the recognition of a non-financial
asset or non-financial liability, or a hedged forecast transaction for a non-financial asset
or non-financial liability becomes a firm commitment for which fair value hedge
accounting is applied, the Company shall remove that amount from the cash flow hedge
reserve and include it directly in the initial cost or other carrying amount of the asset or
liability.
ii. For cash flow hedges other than those covered by item i. above, that amount shall be
reclassified from the cash flow hedge reserve to profit or loss as a reclassification
adjustment in the same period or periods during which the hedged expected future cash
flows affect profit or loss.
iii. If that amount is a loss and the Company expects that all or a portion of that loss will not
be recovered in one or more future periods, it shall immediately reclassify the amount that
is not expected to be recovered into profit or loss as a reclassification adjustment.
(d) When the hedging instrument expires, or is sold, terminated, exercised or when the hedging
relationship ceases to meet the qualifying criteria, if the forecast transaction is still expected
to occur, the amount that has been accumulated in the cash flow hedge reserve shall remain
in the cash flow hedge reserve until the forecast transaction occurs; if the forecast transaction
is no longer expected to occur, the amount shall be immediately reclassified from the cash
flow hedge reserve to profit or loss as a reclassification adjustment.
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(28) Employee benefits
A. Short-term employee benefits
Short-term employee benefits are measured at the undiscounted amount of the benefits expected
to be paid in respect of service rendered by employees in a period and should be recognised as
expense in that period when the employees render service.
B. Pensions
(a) Defined contribution plans
For defined contribution plans, the contributions are recognised as pension expense when
they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent
of a cash refund or a reduction in the future payments.
(b) Defined benefit plans
i. Net obligation under a defined benefit plan is defined as the present value of an amount
of pension benefits that employees will receive on retirement for their services with the
Company in current period or prior periods. The liability recognised in the balance sheet
in respect of defined benefit pension plans is the present value of the defined benefit
obligation at the balance sheet date less the fair value of plan assets. The net defined
benefit obligation is calculated annually by independent actuaries using the projected unit
credit method. The rate used to discount is determined by using interest rates of high-
quality corporate bonds that are denominated in the currency in which the benefits will
be paid, and that have terms to maturity approximating to the terms of the related pension
liability; when there is no deep market in high-quality corporate bonds, the Company uses
interest rates of government bonds (at the balance sheet date) instead.
ii. Remeasurements arising on defined benefit plans are recognised in other comprehensive
income in the period in which they arise and are recorded as retained earnings.
iii. Past service costs are recognised immediately in profit or loss.
C. Termination benefits
Termination benefits are employee benefits provided in exchange for the termination of
employment as a result from either the Company’s decision to terminate an employee’s
employment before the normal retirement date, or an employee’s decision to accept an offer of
redundancy benefits in exchange for the termination of employment. The Company recognises
expense as it can no longer withdraw an offer of termination benefits or it recognises relating
restructuring costs, whichever is earlier. Benefits that are expected to be due more than 12
months after balance sheet date shall be discounted to their present value.

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 D. Employees’ compensation and directors’ remuneration
Employees’ compensation and directors’ remuneration are recognised as expense and liability,
provided that such recognition is required under legal or constructive obligation and those
amounts can be reliably estimated. Any difference between the resolved amounts and the
subsequently actual distributed amounts is accounted for as changes in estimates. If employee
compensation is paid by shares, the Company calculates the number of shares based on the
closing price at the previous day of the board meeting resolution.
(29) Income tax
A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or
items recognised directly in equity, in which cases the tax is recognised in other comprehensive
income or equity.
B. The current income tax expense is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Company and its subsidiaries operate
and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in accordance with applicable tax regulations. It establishes provisions
where appropriate based on the amounts expected to be paid to the tax authorities. An additional
tax is levied on the unappropriated retained earnings and is recorded as income tax expense in
the year the stockholders resolve to retain the earnings.
C. Deferred income tax is recognised, using the balance sheet liability method, on temporary
differences arising between the tax bases of assets and liabilities and their carrying amounts in
the parent company only balance sheet. Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates, except where the timing of the reversal of
the temporary difference is controlled by the Company and it is probable that the temporary
difference will not reverse in the foreseeable future. Deferred income tax is determined using tax
rates and laws that have been enacted or substantially enacted by the balance sheet date and are
expected to apply when the related deferred income tax asset is realised or the deferred income
tax liability is settled.
D. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised. At each balance sheet
date, unrecognised and recognised deferred income tax assets are reassessed.
E. Current income tax assets and liabilities are offset and the net amount reported in the balance
sheet when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred
income tax assets and liabilities are offset on the balance sheet when the entity has the legally
enforceable right to offset current tax assets against current tax liabilities and they are levied by
the same taxation authority on either the same entity or different entities that intend to settle on a
net basis or realise the asset and settle the liability simultaneously.

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 F. A deferred tax asset shall be recognised for the carryforward of unused tax credits resulting from
acquisitions of equipment or technology, research and development expenditures and equity
investments to the extent that it is possible that future taxable profit will be available against which
the unused tax credits can be utilised.
(30) Dividends
Dividends are recorded in the Company’s financial statements in the period in which they are
resolved by the Company’s shareholders. Cash dividends are recorded as liabilities; stock dividends
are recorded as stock dividends to be distributed and are reclassified to ordinary shares on the
effective date of new shares issuance.
(31) Revenue recognition
A. Sales of services
Revenue from delivering services is recognised under the percentage-of-completion method
when the outcome of services provided can be estimated reliably. The stage of completion of a
service contract is measured by the percentage of the number of days the vessel has sailed as of
the financial reporting date to the total number of days to sail. If the outcome of a service contract
cannot be estimated reliably, contract revenue should be recognised only to the extent that
contract costs incurred are likely to be recoverable. The customer pays at the time specified in
the payment schedule. If the services rendered exceed the payment, a contract asset is recognised.
If the payments exceed the services rendered, a contract liability is recognised.
B. Rental revenue
The Company leases ships and shipping spaces under IFRS 16, ‘Leases’. Lease assets are
classified as finance leases or operating leases based on the transferred proportion of the risks
and rewards incidental to ownership of the leased asset, and recognised in revenue over the lease
term.
(32) Government grants
Government grants are recognised at their fair value only when there is reasonable assurance that
the Company will comply with any conditions attached to the grants and the grants will be received.
Government grants are recognised in profit or loss on a systematic basis over the periods in which
the Company recognises expenses for the related costs for which the grants are intended to
compensate.

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 (33) Business combinations
A. The Company uses the acquisition method to account for business combinations. The
consideration transferred for an acquisition is measured as the fair value of the assets transferred,
liabilities incurred or assumed and equity instruments issued at the acquisition date, plus the fair
value of any assets and liabilities resulting from a contingent consideration arrangement. All
acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values
at the acquisition date. For each business combination, the Company measures at the acquisition
date components of non-controlling interests in the acquiree that are present ownership interests
and entitle their holders to the proportionate share of the entity’s net assets in the event of
liquidation at either fair value or the present ownership instruments’ proportionate share in the
recognised amounts of the acquiree’s identifiable net assets. All other non-controlling interests
should be measured at the acquisition-date fair value.
B. The excess of the consideration transferred, the amount of any non-controlling interest in the
acquiree and the fair value of any previous equity interest in the acquiree over the fair value of
the identifiable assets acquired and the liabilities assumed is recorded as goodwill at the
acquisition date. If the total of consideration transferred, non-controlling interest in the acquiree
recognised and the fair value of previously held equity interest in the acquiree is less than the
fair value of the identifiable assets acquired and the liabilities assumed, the difference is
recognised directly in profit or loss on the acquisition date.
(34) Operating segments
The Company’s operating segments are reported in a manner consistent with the internal reporting
provided to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker is
responsible for allocating resources and assessing performance of the operating segments.
5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION
UNCERTAINTY
The preparation of these parent company only financial statements requires management to make critical
judgements in applying the Company’s accounting policies and make critical assumptions and estimates
concerning future events. Assumptions and estimates may differ from the actual results and are
continually evaluated and adjusted based on historical experience and other factors. Such assumptions
and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year; and the related information is addressed below:

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 (1) Critical judgements in applying the Company’s accounting policies
Lease term
In determining the lease term, the Company takes into consideration all facts and circumstances that
create an economic incentive to exercise an extension option or not to exercise a termination option,
including the expected changes of all fact and situation for the period from the commencement date
of lease to the execution date of options. Also, the Company took into consideration the main factors,
such as the contract terms and conditions during the option covered period and the importance to
lessee’s operation if the significant lease improvement and underlying assets incurred during the
contract terms. When significant events or significant changes occur within the Company’s control,
the lease term will be re-estimated.
(2) Critical accounting estimates and assumptions
Revenue recognition
The Company and the subsidiaries, Peony Investment S.A., Evergreen Marine (Asia) Pte. Ltd. and
Evergreen Marine (Hong Long) Ltd., which are recognized in investments accounted for using equity
method, primarily engages in global container shipping service covering ocean-going and near-sea
shipping line. Despite the Company conducting business worldwide, its transactions are all in small
amounts, whereas the freight rate is subject to fluctuation caused by cargo loading rate as well as
market competition. Worldwide shipping agencies use a system to record the transactions by entering
data including shipping departure, destination, counterparty, transit time, shipping amounts, and
freight price for the Company. Therefore, management could recognize freight revenue in accordance
with the data on bill of lading reports generated from the system, accompanied by estimation made
from past experience and current cargo loading conditions the revenue that would flow in. Also,
demands for freight are consistently sent by forwarders during voyage. Due to the factors mentioned
above, freight revenue is recognized under the percentage-of-completion method for each vessel
during the reporting period. As the process of recording transactions, communicating with agencies,
and maintaining the system are done manually, and the estimation of freight revenue are subject to
management’s judgement. Given the conditions mentioned above, we consider the accuracy of freight
revenue and the appropriate use of cut-off by the Company and its investee companies as a key audit
matter.!
6. DETAILS OF SIGNIFICANT ACCOUNTS
(1) Cash and cash equivalents
December 31, 2023 December 31, 2022
Cash on hand and petty cash $ 65,450 $ 77,912
Checking accounts and demand deposits 6,353,012 5,682,874
Time deposits 8,353,143 121,560,745
$ 14,771,605 $ 127,321,531

A. The Company transacts with a variety of financial institutions all with high credit quality to
disperse credit risk, so it expects that the probability of counterparty default is remote.
B. The Company has no cash and cash equivalents pledged to others.
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 (2) Financial assets at fair value through other comprehensive income
Items December 31, 2023 December 31, 2022
Non-current items:
Listed (TSE and OTC) stocks $ 490,801 $ 490,801
Unlisted stocks 89,521 91,058
580,322 581,859
Valuation adjustment 844,970 448,984
$ 1,425,292 $ 1,030,843

A. The Company has elected to classify these investments that are considered to be strategic
investments as financial assets at fair value through other comprehensive income. The fair value
of such investments amounted to $1,425,292 and $1,030,843 at December 31, 2023 and 2022,
respectively.
B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial
assets at fair value through other comprehensive income are listed below:
Year ended Year ended
December 31, 2023 December 31, 2022
Equity instruments at fair value through other
comprehensive income
Fair value change recognised in other
comprehensive income $ 395,987 ($ 595,097)
Income tax recognised in other
comprehensive income ($ 1,657) ($ 1,357)
Cumulative gains reclassified to
retained earnings due to derecognition $ - $ -
Dividend income recognised in profit or loss
held at end of period $ 792 $ 91,473

C. Information relating to credit risk of financial assets at fair value through other comprehensive
income is provided in Note 12(3).
(3) Financial assets at amortised cost
Items December 31, 2023 December 31, 2022
Current items:
Time deposits with maturity over three months $ 3,300 $ 9,305,275
Financial bonds 50,000 -
$ 53,300 $ 9,305,275
Non-current items:
Pledged time deposits $ 226,668 $ 245,918
Financial bonds - 50,000
$ 226,668 $ 295,918

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 A. Amounts recognised in profit or loss in relation to financial assets at amortised cost are listed
below:
Year ended Year ended
December 31, 2023 December 31, 2022
Interest income $ 21,307 $ 116,171
B. As at December 31, 2023 and 2022, without taking into account any collateral held or other credit
enhancements, the maximum exposure to credit risk in respect of the amount that best represents
the financial assets at amortised cost held by the Company was $279,968 and $9,601,193,
respectively.
C. Information relating to financial assets at amortised cost pledged as collaterals is provided in Note
8.
D. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2).
E. The aforementioned restricted reserve account pertains to a bank account that was opened for
specific purposes.
(4) Hedgoing financial assets
To hedge the impact of expected variable exchange rate risk arising from US dollar denominated
equipment payable, the Company designated US dollar denominated restricted time deposits as the
hedging instruments for hedging the highly probable foreign exchange variation of future US dollar
denominated equipment payable and adopted cash flow hedge accounting. Moreover, the effective
portion with respect to the changes in the hedging instruments caused by exchange rate risk is deferred
to recognise in gains (loss) on hedging instruments, which is under other equity interest, and will be
reclassified to the acquisition of property, plant and equipment when the hedged items are occurred.
Details of relevant transactions are as follows:
December 31, 2023
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated 2021.7.27~2024.6.30 $ 4,526,758
restricted time deposits
equipment payable

December 31, 2022

Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated 2021.7.27~2024.6.30 $ 8,461,308
restricted time deposits
equipment payable
A. Time deposits designated as hedges (recorded as financial assets for hedging)

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 December 31, 2023 December 31, 2022
Cash flow hedges:
2Exchange rate risk
Time deposits designated as hedges
Current assets $ 4,526,758 $ 6,543,287
Non-current assets - 1,918,021
$ 4,526,758 $ 8,461,308

B. Other equity - cash flow hedge reserve

December 31, 2023 December 31, 2022
At January 1 $ 713,840 ($ 314,473)
Add(Less) : Reclassified to property, plant and
equipment as the hedged item has ( 420,214) ( 673,696)
affected profit or loss
(Less)Add : Gain(Loss) on hedge effectiveness
-amount recognised in other
comprehensive income 95,713 1,702,009
At December 31 $ 389,339 $ 713,840
C. As of December 31, 2023, there were no ineffective portions to be recognised in profit or loss for
the unwritten-off cash flow hedge transactions.
D. The above restricted time deposits designated as hedges pertain to an account that was used
exclusively for specific purposes.
(5) Notes and accounts receivable
December 31, 2023 December 31, 2022
Notes receivable $ 4,010 $ 3,066
Less: Allowance for bad debts - -
$ 4,010 $ 3,066

Accounts receivable (including related parties) $ 4,274,934 $ 5,084,297

Less: Allowance for bad debts ( 35) ( 68)
$ 4,274,899 $ 5,084,229
A. The ageing analysis of accounts receivable (including overdue receivables) and notes receivable
are as follows:
December 31, 2023 December 31, 2022
Accounts Notes Accounts Notes
receivable receivable receivable receivable
Not impaired $ 3,925,145 $ 4,010 $ 4,471,517 $ 3,066
Up to 30 days 348,760 - 609,638 -
31 to 180 days 1,029 - 3,142 -
$ 4,274,934 $ 4,010 $ 5,084,297 $ 3,066

The above ageing analysis was based on past due date.

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 B. As of December 31, 2023, December 31, 2022 and January 1, 2022, the balances of receivables
(including notes receivable) from contracts with customers amounted to $4,278,909ǵ$5,087,295
and $6,188,284, respectively.
C. The Company has no notes and accounts receivable held by the Company pledged to others.
D. As at December 31, 2023 and 2022, without taking into account any collateral held or other credit
enhancements, the maximum exposure to credit risk in respect of the amount that best represents
the Company’s notes receivable were $4,010 and $3,066, respectively; and the amount that best
represents the Company’s accounts receivable (including notes receivable) were $4,274,899 and
$5,084,229, respectively.
E. Information relating to credit risk of accounts receivable is provided in Note 12(2).
(6) Inventories
December 31, 2023
Allowance for
Cost valuation loss Book value
Ship fuel $ 1,587,298 $ - $ 1,587,298
December 31, 2022
Allowance for
Cost valuation loss Book value
Ship fuel $ 1,473,262 $ - $ 1,473,262
(7) Other current assets
December 31, 2023 December 31, 2022
Shipowner's accounts $ 63,335 $ 371,789
Agent accounts 622,555 538,229
Temporary debits 985,110 1,582,129
$ 1,671,000 $ 2,492,147
A. Shipowner’s accounts
Temporary accounts, between Evergreen Line, constituted by the Company, Evergreen
International S.A., Evergreen Marine (Asia) Pte. Ltd., Greencompass Marine S.A., Italia
Marittima S.p.A. and Evergreen Marine (UK) Ltd. , and Gaining Enterprise S.A. incurred due to
foreign port formalities and pier rental expenses.
B. Agency accounts
These accounts occur when domestic and foreign agencies, based on the agreement with the
Company, deal with foreign port formalities regarding arrival and departure of ships, cargo loading,
discharging and forwarding, collection of freight, and payment of expenses incurred in the foreign
port.

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 C. Temporary debits
Temporary debits are mainly subject to the account of settlements between other carriers and the
OCEAN Alliance, which the Company formed in response to market competition and
enhancement of global transportation network to provide better logistics services to customers
with Cosco Container Lines Co., Ltd., CMA CGM, Ltd., and the Orient Overseas Container Line,
Ltd. on March 31, 2017 for trading of shipping space.
(8) Investments accounted for using equity method
Details of long-term equity investments accounted for using equity method are set forth below:
December 31, 2023 December 31, 2022
Subsidiary of the Company:
Peony Investment S.A. $ 79,671,831 $ 78,471,347
Evergreen Marine (Asia) Pte. Ltd. 205,719,723 233,475,369
Evergreen Marine (Hong Kong) Ltd. 54,875,985 57,078,652
Everport Terminal Services Inc. 4,193,939 4,358,902
Evergreen Shipping Agency (Israel) Ltd. 28,976 47,549
Taiwan Terminal Services Co., Ltd. 132,596 84,137
Evergreen Security Corporation 354,498 357,910
Associates of the Company:
EVA Airways Corporation 7,966,018 12,758,113
Evergreen International Storage and
Transport Corporation 12,665,469 11,853,845
Evergreen Steel Corporation 4,673,439 4,167,120
Taipei Port Container Terminal Corporation 1,900,883 1,801,637
Charng Yang Development Co., Ltd. 1,021,794 567,589
Evergreen Security Corporation - -
Ever Ecove Corporation 466,480 353,548
VIP Greenport Joint Stock Company 336,181 326,743
$ 374,007,812 $ 405,702,461
A. The fair value of the Company’s associates which have quoted market price was as follows:
December 31, 2023 December 31, 2022
Evergreen International Storage and
Transport Corporation $ 13,652,942 $ 11,973,243
EVA Airways Corporation 12,615,825 21,859,632
Evergreen Steel Corporation 8,241,792 4,089,197
$ 34,510,559 $ 37,922,072

B. The above investment income or loss accounted for using the equity method was based on the
financial statements of the investees for the corresponding periods, which were audited by
independent auditors.
C. Subsidiary:
(a) For information on the subsidiaries, please refer to Note 4(3) of the consolidated financial
statements as of December 31, 2023.
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D. The basic information of the associates that are material to the Company is as follows:
Principal
place of Nature of Methods of
Company name business Ownership(%) relationship measurement
December December
31, 2023 31, 2022
Evergreen International
With a right over Equity
Storage and Transport TW 40.36% 40.36%
20% to vote method
Corporation
Have a right to vote
EVA Airways Equity
TW 7.43% 14.49% in the Board of
Corporation method
Directors
E. The summarised financial information of the associates that are material to the Company is as
follows:
Balance sheet
Evergreen International Storage and Transport Corporation
December 31, 2023 December 31, 2022
Current assets $ 15,098,372 $ 11,037,247
Non-current assets 28,319,638 31,010,608
Current liabilities ( 3,671,801) ( 2,911,030)
Non-current liabilities ( 7,878,709) ( 9,316,302)
Total net assets $ 31,867,500 $ 29,820,523

Share in associate's net assets $ 12,691,079 $ 11,876,204

Unrealized income with affiliated
companies ( 25,610) ( 22,349)
Carrying amount of the associate $ 12,665,469 $ 11,853,855
EVA Airways Corporation
December 31, 2023 December 31, 2022
Current assets $ 86,586,382 $ 84,726,886
Non-current assets 243,595,925 234,804,901
Current liabilities ( 86,278,593) ( 77,623,220)
Non-current liabilities ( 126,883,575) ( 145,668,529)
Total net assets $ 117,020,139 $ 96,240,038

Share in associate's net assets $ 7,966,018 $ 12,758,113

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 Statement of comprehensive income
Evergreen International Storage and Transport Corporation
Year ended Year ended
December 31, 2023 December 31, 2022
Revenue $ 16,394,054 $ 17,586,956
Profit for the period from
continuing operations $ 2,832,412 $ 3,670,632
Other comprehensive (loss)income,
net of tax 626,641 ( 1,200,701)
Total comprehensive income $ 3,459,053 $ 2,469,931
Dividends received from associates $ 538,365 $ 172,277

EVA Airways Corporation

Year ended Year ended
December 31, 2023 December 31, 2022
Revenue $ 200,356,523 $ 138,068,607
Profit for the period from
continuing operations $ 23,103,254 $ 7,823,616
Other comprehensive (loss)income,
net of tax 285,517 ( 5,462,661)
Total comprehensive income $ 23,388,771 $ 2,360,955
Dividends received from associates $ 620,511 $ 459,475

F. The carrying amount of the Company’s interests in all individually immaterial associates and the
Company’s share of the operating results are summarized below:
As of December 31, 2023 and 2022, the carrying amount of the Company’s individually
immaterial associates amounted to $8,632,243 and $7,224,952, respectively.
Year ended Year ended
December 31, 2023 December 31, 2022
Profit for the period from continuing $ 5,811,102 $ 3,741,796
operations
Other comprehensive loss, net of tax 1,100,546 ( 2,946,416)
Total comprehensive income $ 6,911,648 $ 795,380

G. On November 17, 2023, the shareholders of the subsidiary, Peony Investment S.A., resolved the
capital reduction amounting to USD 225,000 ($6,896,250) at their special meeting. In December
2023, the proceeds from capital reduction were remitted back. The Company recorded the amount
as other current liabilities.

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396
H. On June 19, 2023, the Board of Directors of the Company resolved to dispose the Company’s
equity interest in EVA through stock exchange market, and the number of shares and the amounts
settled on August 14, 2023 and August 21, 2023 totalled 375,402 thousand shares and $13,046,838,
respectively, resulting in an aggregate gain of disposal of $6,260,209. After the disposal and due
to the conversion of EVA’s convertible bonds into stocks during the twelve-month period ended
December 31, 2023, the Company’s share interest in EVA decreased to 7.43% as of December 31,
2023.
I. .Considering that Evergreen Steel Corp. generates stable profits from its main business and the
outlook of the environmental protection and green energy industry in which Evergreen Steel Corp.
reinvests is promising, on November 4, 2022, the Board of Directors of the Company resolved to
acquire the equity interest in Evergreen Steel Corp. through stock exchange market to purchase
79,248 thousand shares at a price of $48.20 per share and acquire 19% equity interests in the entity
and the transaction price amounted to $3,819,754.
J. On March 15, 2022, the Board of Directors of the Company resolved to acquire 31% equity
interests in ESRC from the associate, EVA. Together with 31.25% equity interests previously held
by the Company, the Company held a total of 62.25% equity interests in ESRC after the merger
and obtained control over ESRC. The transaction date was April 1, 2022 and the transaction
amount was $192,038.
K. The Company is the single largest shareholder of EITC with a 40.36% equity interest. Given that
the main source of economic profits of EITC is generated from Evergreen Line, the percentage of
operating volume of the Group in Evergreen Line is equivalent to other related parties’ and there
is no agreement between other related parties and the Company to make decisions in consultation
or collectively; however, in order to maintain the equity balance between the Group and other
related parties, the Company governs EITC with other related parties to maintain mutual and other
shareholders’ best interests; apart from independent directors, the number of seats held by the
Company on the Board are the same as other related parties’, which indicates that the Group has
no current ability to direct the relevant activities of EITC, thus, the Group has no control, but only
has significant influence, over the investee.
L. The Company is the single largest shareholder of TPCT with a 27.85% equity interest. Given that
the other two large shareholders (non-related parties) also operate transportation business and hold
more shares than the Company, and there is no agreement between the shareholders to make
decisions in consultation or collectively as they make decisions independently, which indicates
that the Company has no current ability to direct the relevant decisions of TPCT, thus, the
Company has no control, but only has significant influence, over the investee.
M. The Company is the single largest shareholder of EGST with a 19.00% equity interest. Given that
the other top ten large shareholders (including other related parties and non-related parties) hold
more shares than the Company, and there is no agreement between the shareholders to make
decisions in consultation or collectively as they make decisions independently, which indicates
that the Company has no current ability to direct the relevant decisions of EGST, thus, the
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Company has no control, but only has significant influence, over the investee.
397
398
(9) Property, plant and equipment
Loading and Computer and
unloading communication Transportation Office Leasehold
Land Buildings equipment equipment equipment Ships equipment improvements Others Total
At January 1, 2023
Cost $ 1,425,279 $ 996,253 $ 6,293,167 $ 385,141 $ 29,032,390 $ 50,609,297 $ 295,722 $ 813,768 $ 147,367 $ 89,998,384
Accumulated depreciation - ( 596,893) ( 4,898,820) ( 274,380) ( 5,943,170) ( 12,240,771) ( 204,642) ( 668,812) ( 24,873) ( 24,852,361)
$ 1,425,279 $ 399,360 $ 1,394,347 $ 110,761 $ 23,089,220 $ 38,368,526 $ 91,080 $ 144,956 $ 122,494 $ 65,146,023
2023
Opening net book amount
$ 1,425,279 $ 399,360 $ 1,394,347 $ 110,761 $ 23,089,220 $ 38,368,526 $ 91,080 $ 144,956 $ 122,494 $ 65,146,023
as at January 1
Additions 538,408 390,660 537,321 182,993 2,464,276 376,811 46,288 34,528 13,452 4,584,737
Disposals - - ( 8,291) ( 33) ( 44,984) - ( 852) - - ( 54,160)
Reclassifications 1,900,774 1,363,769 4,757,650 74,449 89,344 108,787 72,056 279,358 114,452 8,760,639
Depreciation - ( 46,629) ( 255,141) ( 103,941) ( 2,420,860) ( 2,250,825) ( 35,407) ( 33,514) ( 19,122) ( 5,165,439)
Closing net book amount
$ 3,864,461 $ 2,107,160 $ 6,425,886 $ 264,229 $ 23,176,996 $ 36,603,299 $ 173,165 $ 425,328 $ 231,276 $ 73,271,800
as at December 31

At December 31, 2023

Cost $ 3,864,461 $ 2,750,682 $ 9,183,427 $ 626,473 $ 31,011,789 $ 51,094,895 $ 369,657 $ 1,127,654 $ 274,772 $ 100,303,810
Accumulated depreciation - ( 643,522) ( 2,757,541) ( 362,244) ( 7,834,793) ( 14,491,596) ( 196,492) ( 702,326) ( 43,496) ( 27,032,010)
$ 3,864,461 $ 2,107,160 $ 6,425,886 $ 264,229 $ 23,176,996 $ 36,603,299 $ 173,165 $ 425,328 $ 231,276 $ 73,271,800

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 Loading and Computer and
unloading communication Transportation Office Leasehold
Land Buildings equipment equipment equipment Ships equipment improvements Others Total
At January 1, 2022
Cost $ 573,271 $ 407,591 $ 6,144,864 $ 292,454 $ 15,011,148 $ 40,879,468 $ 238,050 $ 794,860 $ 80,211 $ 64,421,917
Accumulated depreciation - ( 240,848) ( 4,810,260) ( 215,565) ( 4,212,463) ( 10,292,985) ( 209,063) ( 630,372) ( 19,985) ( 20,631,541)
$ 573,271 $ 166,743 $ 1,334,604 $ 76,889 $ 10,798,685 $ 30,586,483 $ 28,987 $ 164,488 $ 60,226 $ 43,790,376
2022
Opening net book amount
$ 573,271 $ 166,743 $ 1,334,604 $ 76,889 $ 10,798,685 $ 30,586,483 $ 28,987 $ 164,488 $ 60,226 $ 43,790,376
as at January 1
Additions - - 113,589 46,230 14,378,647 127,123 27,266 1,266 26,492 14,720,613
Disposals - - ( 6) ( 5) ( 47,279) - ( 18) - - ( 47,308)
Reclassifications 852,008 249,737 87,451 50,508 - 9,602,706 53,698 17,642 40,664 10,954,414
Depreciation - ( 17,120) ( 141,291) ( 62,861) ( 2,040,833) ( 1,947,786) ( 18,853) ( 38,440) ( 4,888) ( 4,272,072)
Closing net book amount
$ 1,425,279 $ 399,360 $ 1,394,347 $ 110,761 $ 23,089,220 $ 38,368,526 $ 91,080 $ 144,956 $ 122,494 $ 65,146,023
as at December 31

At December 31, 2022

Cost $ 1,425,279 $ 996,253 $ 6,293,167 $ 385,141 $ 29,032,390 $ 50,609,297 $ 295,722 $ 813,768 $ 147,367 $ 89,998,384
Accumulated depreciation - ( 596,893) ( 4,898,820) ( 274,380) ( 5,943,170) ( 12,240,771) ( 204,642) ( 668,812) ( 24,873) ( 24,852,361)
$ 1,425,279 $ 399,360 $ 1,394,347 $ 110,761 $ 23,089,220 $ 38,368,526 $ 91,080 $ 144,956 $ 122,494 $ 65,146,023

A. The Company has issued a negative pledge to granting banks for drawing borrowings within the credit line to purchase the above
transportation equipment.
B. Information about the property, plant and equipment that were pledged to others as collaterals is provided in Note 8.

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399
 (10) Leasing arrangementsɡlessee/ Financial liabilities for hedging
A. The Company leases various assets including land, buildings, and ships. Rental contracts are
typically made for periods of 3 to 20 years. Lease terms are negotiated on an individual basis and
contain a wide range of different terms and conditions. The lease agreements do not impose
covenants, but leased assets may not be used as security for borrowing purposes.
B. Short-term leases with a lease term of 12 months or less comprise of ships. Low-value assets
comprise of office equipment and other equipment.
C. The carrying amount of right-of-use assets and the depreciation charge are as follows:
December 31, 2023 December 31, 2022
Carrying amount Carrying amount
Land $ 6,619,422 $ 284,734
Buildings 19,102 175,303
Ships 14,983,388 16,583,002
Offices 4,797 4,000
$ 21,626,709 $ 17,047,039

Year ended Year ended

December 31, 2023 December 31, 2022
Depreciation charge Depreciation charge
Land $ 646,741 $ 710,934
Buildings 17,495 75,305
Ships 1,599,614 1,702,636
Offices 1,208 651
$ 2,265,058 $ 2,489,526

D. For the years ended December 31, 2023 and 2022, the additions to right-of-use assets were
$6,707,201 and $255,259, respectively.
E. The information on profit and loss accounts relating to lease contracts is as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Items affecting profit or loss
Interest expense on lease liabilities $ 376,629 $ 342,364
Expense on short-term lease contracts 3,728 2,774
Expense on leases of low-value assets 7,919 6,801
Gain arising from lease modifications 711 -

F. For the years ended December 31, 2023 and 2022, the Company’s total cash outflow for leases
were $2,827,273 and $2,650,525, respectively.
G. As of December 31, 2023, the Group had entered into lease agreements that contained non-lease
service component. Based on the fair value of the lease and non-lease component, the future
commitment payment allocated to service component amounted to $983,990

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400
H . To hedge the impact of expected variable exchange rate risk arising from US dollar denominated
lease liabilities payable, the Company designated US dollar denominated lease contracts as the
hedging instruments for hedging the foreign exchange variation of future US dollar denominated
marine freight income and adopted cash flow hedge accounting. Moreover, the effective portion
with respect to the changes in cash flows of the hedging instruments is deferred to recognise in
gains (loss) on hedging instruments, which is under other equity interest, and will be directly
included in the marine freight income when the hedged items are subsequently recognised in the
income. Details of relevant transactions are as follows:
December 31, 2023
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated marine freight 2019.1.1~2034.3.9 $ 15,086,080
lease liabilities
income transaction
December 31, 2022
Designated as
Hedged items hedging instruments Contract period Book value
Expected US dollar
US dollar denominated
denominated marine freight 2019.1.1~2034.8.15 $ 16,875,676
lease liabilities
income transaction

(a) Lease liabilities designated as hedges (recorded as financial liabilities for hedging)

December 31, 2023 December 31, 2022

Cash flow hedges:
2Exchange rate risk
Lease liability contracts designated as hedges
Current liabilities $ 1,854,396 $ 1,821,342
Non-current liabilities 13,231,684 15,054,334
$ 15,086,080 $ 16,875,676

(b) Other equity - cash flow hedge reserve

2023 2022
At January 1 ($ 101,131) $ 1,286,356
Add(Less) : Profit on hedge effectiveness-
amount recognised in other
comprehensive income 35,966 ( 40,963)
Less : Reclassified from equity to exchange
gain for the period loss ( 48,009) ( 1,346,524)
At December 31 ($ 113,174) ($ 101,131)

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401
 (c) For the years ended December 31, 2023 and 2022, there are no cash flow hedges transactions
of ineffective portion should be recognised in profit or loss.
(d) Information relating to the fair values of abovementioned hedging financial liabilities is
provided in Note 12(3).
I. The amounts of lease liabilities (net of the lease liabilities designated as hedges) of the Company
on December 31, 2023 and 2022 are as follows:
December 31, 2023 December 31, 2022
Current lease liabilities $ 452,383 $ 296,313
Current lease liabilities - related parties 1,994 76,509
Non-current lease liabilities 6,221,852 19,915
Non-current lease liabilities - related parties 14 77,249
$ 6,676,243 $ 469,986

(11) Leasing arrangements – lessor

A. For the years ended December 31, 2023 and 2022, the Company recognised rent income in the
amounts of $321,949 and $401,591, respectively, based on the operating lease agreement, which
does not include variable lease payments.
B. The maturity analysis of the lease payments under the operating leases is as follows:
December 31, 2023 December 31, 2022
2023 $ 165,800 2022 $ 326,388
2024 7,571 2023 178,986
2025 294 2024 504
2026 - 2025 504
After 2027 - After 2026 252
$ 173,665 $ 506,634

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(12) Investment property
Land Buildings Total
At January 1, 2023
Cost $ 543,792 $ 380,567 $ 924,359
Accumulated depreciation - ( 225,307) ( 225,307)
$ 543,792 $ 155,260 $ 699,052
2023
Opening net book amount as at January 1 $ 543,792 $ 155,260 $ 699,052
Reclassifications 252,856 198,869 451,725
Depreciation - ( 10,611) ( 10,611)
Closing net book amount as at December 31 $ 796,648 $ 343,518 $ 1,140,166

At December 31, 2023

Cost $ 796,648 $ 579,436 $ 1,376,084
Accumulated depreciation - ( 235,918) ( 235,918)
$ 796,648 $ 343,518 $ 1,140,166
Land Buildings Total
At January 1, 2022
Cost $ 1,395,800 $ 969,229 $ 2,365,029
Accumulated depreciation - ( 554,526) ( 554,526)
$ 1,395,800 $ 414,703 $ 1,810,503
2022
Opening net book amount as at January 1 $ 1,395,800 $ 414,703 $ 1,810,503
Reclassifications ( 852,008) ( 249,737) ( 1,101,745)
Depreciation - ( 9,706) ( 9,706)
Closing net book amount as at December 31 $ 543,792 $ 155,260 $ 699,052

At December 31, 2022

Cost $ 543,792 $ 380,567 $ 924,359
Accumulated depreciation - ( 225,307) ( 225,307)
$ 543,792 $ 155,260 $ 699,052

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 A. Rental income from the investment property and direct operating expenses arising from the
investment property are shown below:

Year ended Year ended

December 31, 2023 December 31, 2022
Rental income from investment property $ 85,288 $ 53,477
Direct operating expenses arising from the
investment property that generated rental
income during the year $ 10,611 $ 9,706
Direct operating expenses arising from the
investment property that did not generate
rental income during the year $ - $ -

B. The fair value of the investment property held by the Company as at December 31, 2023 and
2022 was $1,923,838 and $1,386,224, respectively. The fair value measurements were based on
the market prices of recently sold properties in the immediate vicinity of a certain property, which
is categorised within Level 2 in the fair value hierarchy.
C. Information about the investment property that was pledged to others as collaterals is provided
in Note 8.
(13) Other current assets
December 31, 2023 December 31, 2022
Prepayments for equipment $ 2,331,480 $ 5,416,233
Prepayment for real estate - 3,716,268
Guarantee deposits paid 22,436 11,420
$ 2,353,916 $ 9,143,921
A. Amount of borrowing costs capitalized as part of prepayment for equipment and the range of the
interest rates for such capitalization are as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Amount capitalised $ 7,072 $ 7,500
Interest rate 0.03%~2.13% 0.11%~1.23%
B. Movement in prepayments for equipment for the years ended December 31, 2023 and 2022 are
as follows:

Year ended Year ended

December 31, 2023 December 31, 2022
At January 1 $ 5,416,233 $ 5,845,591
Additions 2,411,343 9,432,311
Reclassification to property,
plant and equipment ( 5,496,096) ( 9,861,669)
At December 31 $ 2,331,480 $ 5,416,233

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404
 C. The above prepayment for land and buildings was resolved by the Board of Directors on
December 22, 2022 to purchase the land and buildings with the amount of $4,743,000 from the
other related party, Evergreen International Corp., of which the land and buildings is located in
Luzhu District, Taoyuan City, including Land No.672, 673 and 679 of Nanxing Section, Land
No.401, 401-1, 402 ~ 405, 548, 549, 549-1, 550, 551 and 551-1 of Nanrong Section, Building
serial No. 582 of Nanxing Section and Building serial No. 176 and 176-1 of Nanrong Section.
The transfer of land and buildings was completed on February 17, 2023. The land and buildings
were transferred to property, plant and equipment.
(14) Other current liabilities

December 31, 2023 December 31, 2022

Long-term liabilities - current portion $ 1,143,850 $ 543,710
Corporate bonds- current portion 3,759,867 2,000,000
Shipowner's accounts 2,004,767 822,472
Agency accounts 1,059,177 338,316
Proceeds from capital reduction in the year 6,896,250 -
Others 95,686 594,046
$ 14,959,597 $ 4,298,544

(15) Corporate bonds payable

December 31, 2023 December 31, 2022
Domestic unsecured convertible bond $ 3,855,100 $ 4,981,000
Domestic secured corporate bonds - 2,000,000
Less: Discount on bonds payable ( 95,233) ( 174,846)
Less: Current portion (recorded
as other current liabilities) ( 3,759,867) ( 2,000,000)
$ - $ 4,806,154

A. On April 25, 2017, the Company issued its thirteenth domestic secured corporate bonds (referred
herein as the “Thirteenth Bonds”), totaling $8,000,000. The Thirteenth Bonds are categorized
into Bond A, B, C, D, E, F and G, depending on the guarantee institution. Bond A totals
$2,000,000, and the rest total $6,000,000, with each par value of $1,000,000. The major terms
of the issuance are set forth below:
(a) Period: 5 years (April 25, 2017 to April 25, 2022)
(b) Coupon rate: 1.05% fixed per annum
(c) Principal repayment and interest payment
Repayments for the Thirteenth Bonds are paid annually on coupon rate, starting a year from
the issuing date. For each category of the bonds mentioned above, half the principal must be
paid at the end of the fourth year, and another half at the maturity date.

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405
 (d) Collaterals
The Thirteenth Bonds are secured. Bond A is guaranteed by Hua Nan Bank, Bond B is
guaranteed by First Bank, Bond C is guaranteed by Mega International Commercial Bank,
Bond D is guaranteed by Land Bank of Taiwan, Bond E is guaranteed by Chang Hwa Bank,
Bond F is guaranteed by Taiwan Cooperative Bank, and Bond G is guaranteed by Bank
Sinopac.
B. On June 27, 2018, the Company issued its fourteenth domestic secured corporate bonds (referred
herein as the “Fourteenth Bonds”), totaling $2,000,000, with each par value of $1,000. On June
7, 2018, the Bonds were qualified as the green bonds based on the Securities-TPEx-Bond No.
1070014617 issued by Taipei Exchange. The major terms of the issuance are set forth below:
(a) Period: 5 years (June 27, 2018 to June 27, 2023)
(b) Coupon rate: 0.86% fixed per annum
(c) Principal repayment and interest payment
Repayments for the Fourteenth Bonds are paid annually on coupon rate, starting a year from
the issuing date. The principal of the Fourteenth Bonds shall be repaid in lump sum at maturity.
(d) Collaterals
The Fourteenth Bonds are secured and are guaranteed by First Commercial Bank.
C. On May 18, 2021, the Company issued the fourth unsecured convertible bonds (the “Fourth
Convertible Bonds”), totaling $5,000,000 at 101% of the face value. The major terms of the
issuance are set forth below:
(a) Period: 5 years (May 18, 2021 to May 18, 2026)
(b) Coupon rate: 0% fixed per annum
(c) Principal repayment:
Except for the Fourth Convertible Bonds previously redeemed, repurchased and retired by
the Company, or converted by the bondholders of the Fourth Convertible Bonds (the
“bondholders”), the Company will redeem the Fourth Convertible Bonds on the maturity date
at the price of the face value plus 0.0% gross yield per annum of the face value.
(d) Conversion period:
Except for the Fourth Convertible Bonds previously redeemed or repurchased, or the stop
transfer period as specified in the terms of the bond indenture for the Fourth Convertible
Bonds (the “bond indenture”) or the laws/regulations, the bondholders have the right to ask
for the conversion of the Fourth Convertible Bonds into the common stocks newly issued by
the Company during the period from the date after 3 months of the issuance of the Fourth
Convertible Bonds.

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406
(e) Conversion price:
The conversion price of the Fourth Convertible Bonds is NT$95 (in dollars), 111.76% of the
reference price. The reference price refers to the closing price of the Company’s common
stocks on the Taiwan Stock Exchange on a prior trading day of the pricing date, which was
NT$85 (in dollars).
i. As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$95.00 (in dollars) to NT$93.67 (in
dollars) since August 24, 2021.
ii.As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$93.67 (in dollars) to NT$81.96 (in
dollars) since July 5, 2022.
iii. As a result of capital reduction, the conversion price shall be adjusted based on the
formula in accordance with Article 11 of the Fourth Convertible Bonds’ Regulations
Governing issuance and conversion whereby the conversion price of the Fourth Convertible
Bonds has been changed from NT$81.96 (in dollars) to NT$189.90 (in dollars) since July
18, 2022.
iv. As a result of the distribution of cash dividends, the conversion price shall be adjusted
based on the formula in accordance with Article 11 of the Fourth Convertible Bonds’
Regulations Governing issuance and conversion whereby the conversion price of the
Fourth Convertible Bonds has been changed from NT$189.90 (in dollars) to NT$103.76
(in dollars) since July 8, 2023.
(f) Put options:
The bondholders have no right to require the Company to redeem the Fourth Convertible
Bonds, in whole or in part, unless the following events occur:
Except for the Fourth Convertible Bonds previously redeemed, repurchased and retired, or
converted, the bondholders have the right to require the Company to redeem the Fourth
Convertible Bonds, in whole or in part, on the date three years after the issuance at the price
of the face value plus 0.0% per annum of the face value as the interests (the “early redemption
amount”).

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407
 (g) Redemption:
The Company may redeem the Fourth Convertible Bonds early when one of the following
conditions is met:
i. The Company may redeem the Fourth Convertible Bonds, in whole, at the early redemption
amount if the closing price of the Company’s common shares is above than the conversion
price by 30% for 30 consecutive trading days during the period from the date after 3 months
of the bonds issue to 40 days before the maturity date.
ii.The Company may redeem the Fourth Convertible Bonds, in whole, at the early redemption
amount if the amount of the Company’s outstanding shares is lower than the conversion
price by 10% of the original total issuance amount during the period from the date after 3
months of the bonds issue to 40 days before the maturity date.
F. Regarding the issuance of convertible bonds, the equity conversion options were separated from
the liability component in accordance with IAS 32. As of December 31, 2023, the domestic
unsecured convertible bonds amounting to $222,953 were recognised in ‘capital surplus—share
options’. In addition, the call options and redemption embedded in convertible bonds were not
separated from their host contracts and were recognised in ‘financial assets or liabilities at fair
value through profit or loss’ in net amount in accordance with IFRS 9 because the economic
characteristics and risks of the embedded derivatives were closely related to those of the host
contracts.
(16) Long-term loans
December 31, 2023 December 31, 2022
Secured bank loans $ 10,885,988 $ 4,394,596
Unsecured bank loans - -
Add: Unrealized foreign exchange gain 45,150 49,840
Less: Deferred expenses - hosting fee credit ( 53,454) ( 69,284)
10,877,684 4,375,152
Less: Current portion (recorded as other
current liabilities) ( 1,143,850) ( 543,710)
$ 9,733,834 $ 3,831,442
Maturity range 2026.06~2032.07 2026.06~2031.09
Interest rate 1.70%~6.47% 1.14%~5.12%
The above loans were borrowed in NTD and USD. Please refer to Note 8 for details of the collaterals
pledged for the above long-term loans.
(17) Other non-current liabilities
December 31, 2023 December 31, 2022
Accrued pension liabilities $ 1,897,117 $ 1,997,349
Guarantee deposits received 42,176 20,293
$ 1,939,293 $ 2,017,642

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408
(18) Pension
A.(a)In accordance with the Labor Standards Act (“the Act”), covering all regular employees’
service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service
years thereafter of employees who chose to continue to be subject to the pension mechanism
under the Act. Under the defined benefit pension plan, two units are accrued for each year of
service for the first 15 years and one unit for each additional year thereafter, subject to a
maximum of 45 units. Pension benefits are based on the number of units accrued and the
average monthly salaries and wages of the last 6 months prior to retirement. The Company
contribute monthly an amount equal to 15% of the employees’ monthly salaries and wages to
the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the
independent retirement fund committee. Also, the Company would assess the balance in the
aforementioned labor pension reserve account by December 31, every year. If the account
balance is insufficient to pay the pension calculated by the aforementioned method to the
employees expected to qualify for retirement in the following year, the Company will make
contributions for the deficit by next March.
(b)The amounts recognised in the balance sheet are as follows:
December 31, 2023 December 31, 2022
Present value of defined benefit obligations ($ 2,833,713) ($ 2,824,204)
Fair value of plan assets 936,596 826,855
Net defined benefit liability ($ 1,897,117) ($ 1,997,349)

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409
 (c)Movements in net defined benefit liabilities are as follows:
Present value of
defined benefit Fair value of Net defined
obligations plan assets benefit liability
Year ended December 31, 2023
Balance at January 1 ($ 2,824,204) $ 826,855 ($ 1,997,349)
Current service cost ( 16,321) - ( 16,321)
Interest (expense) income ( 35,576) 10,658 ( 24,918)
Reduced or paid off gain ( 3,727) ( 227) ( 3,954)
( 2,879,828) 837,286 ( 2,042,542)
Remeasurements:
Return on plan assets - 7,490 7,490
(excluding amounts included in
interest income or expense)
Change in demographic assumptions ( 5,390) - ( 5,390)
Change in financial assumptions ( 24,947) - ( 24,947)
Experience adjustments ( 76,305) - ( 76,305)
( 106,642) 7,490 ( 99,152)
Pension fund contribution - 181,399 181,399
Paid settlement 1,304 - 1,304
Paid pension 151,453 ( 89,579) 61,874
Balance at December 31 ($ 2,833,713) $ 936,596 ($ 1,897,117)

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410
 Present value of
defined benefit Fair value of Net defined
obligations plan assets benefit liability
Year ended December 31, 2022
Balance at January 1 ($ 2,783,121) $ 678,764 ($ 2,104,357)
Current service cost ( 21,692) - ( 21,692)
Interest (expense) income ( 19,030) 4,709 ( 14,321)
Reduced or paid off gain 94 - 94
( 2,823,749) 683,473 ( 2,140,276)
Remeasurements:
Return on plan assets - 52,460 52,460
(excluding amounts included in
interest income or expense)
Change in demographic assumptions ( 72,146) - ( 72,146)
Change in financial assumptions 153,276 - 153,276
Experience adjustments ( 169,734) - ( 169,734)
( 88,604) 52,460 ( 36,144)
Pension fund contribution 137,472 137,472
Paid settlement 7,326 - 7,326
Paid pension 80,823 ( 46,550) 34,273
Balance at December 31 ($ 2,824,204) $ 826,855 ($ 1,997,349)

(d)The Bank of Taiwan was commissioned to manage the Fund of the Company’s defined benefit
pension plan in accordance with the Fund’s annual investment and utilisation plan and the
“Regulations for Revenues, Expenditures, Safeguard and Utilisation of the Labor Retirement
Fund” (Article 6: The scope of utilisation for the Fund includes deposit in domestic or foreign
financial institutions, investment in domestic or foreign listed, over-the-counter, or private
placement equity securities, investment in domestic or foreign real estate securitization
products, etc.). With regard to the utilisation of the Fund, its minimum earnings in the annual
distributions on the final financial statements shall be no less than the earnings attainable from
the amounts accrued from two-year time deposits with the interest rates offered by local banks.
If the earnings is less than aforementioned rates, government shall make payment for the deficit
after being authorized by the Regulator. The Company has no right to participate in managing
and operating that fund and hence the Company is unable to disclose the classification of plan
assets fair value in accordance with IAS 19 paragraph 142. The composition of fair value of
plan assets as of December 31, 2023 and 2022 is given in the Annual Labor Retirement Fund
Utilisation Report announced by the government.

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411
 (e)The principal actuarial assumptions used were as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Discount rate 1.20% 1.30%
Future salary increases 2.00% 2.00%
Assumptions regarding future mortality rate was estimated based on the 6th Taiwan Standard
Ordinary Experience Mortality Table.
Because the main actuarial assumption changed, the present value of defined benefit obligation
is affected. The analysis was as follows:
Discount rate Future salary increases
Increase 0.25% Decrease 0.25% Increase 0.25% Decrease 0.25%
December 31, 2023
Effect on present value of
defined benefit
obligation ($ 61,938) $ 64,096 $ 45,115 ($ 43,818)
December 31, 2022
Effect on present value of
defined benefit
obligation ($ 63,077) $ 65,324 $ 46,147 ($ 44,782)
The sensitivity analysis above is based on one assumption which changed while the other
conditions remain unchanged. In practice, more than one assumption may change all at once.
The method of analysing sensitivity and the method of calculating net pension liability in the
balance sheet are the same.
The methods and types of assumptions used in preparing the sensitivity analysis did not change
compared to the previous period.
(f)Expected contributions to the defined benefit pension plans of the Company for the year ending
December 31, 2024 amount to $159,797.
(g)As of December 31, 2023, the weighted average duration of the retirement plan is 9 years. The
analysis of timing of the future pension payment was as follows:
Within 1 year $ 201,045
1~2 years 157,746
2~5 years 503,413
Over 5 years 2,300,562
$ 3,162,766

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412
 B.(a)Effective July 1, 2005, the Company has established a defined contribution pension plan (the
“New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with
R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based
on 6% of the employees’ monthly salaries and wages to the employees’ individual pension
accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump
sum upon termination of employment.
(b)The pension costs under defined contribution pension plans of the Company for the years ended
December 31, 2023 and 2022 were $183,240 and $166,597, respectively.
(19) Capital stock
A. As of December 31, 2023, the Company’s authorized capital was $70,000,000, and the paid-in
capital was $21,164,201, divided into 2,116,420 thousand shares of common stocks with a par
value of $10 (in dollars) per share. All proceeds from shares issued have been collected.
B. The Company’s domestic convertible bonds with a face value of $1,125,900 thousand had been
converted into ordinary share capital of $108,510 (10,851 thousand shares) with a par value of
NT$10 (in dollars) per share during the year ended December 31, 2023, which resulted in ‘capital
surplus, additional paid-in capital arising from bond conversion’ of $1,057,728. The amount was
shown as ‘bond conversion entitlement certificates’ because the registration had not yet been
completed as of December 31, 2023.
C. To adjust the capital structure, the shareholders of the Company during their meeting on May
30,2022 resolved a capital reduction to return capital in cash to shareholders. The registration of
the capital reduction was approved by the Taiwan Stock Exchange in accordance with the Letter
No. Tai-Zheng-Shang-Yi-Zi-1111802818, dated July 1, 2022. Total capital reduction amounted
to $31,746,301, cancelling a total of 3,174,630 thousand shares, and the capital reduction ratio
was 60%. The effective date of the capital reduction was July 18,2022. All proceeds from share
issuance have been collected by August 4, 2022. The effective date of the replacement of shares
due to the capital reduction was September 16, 2022.
D. The Company’s domestic convertible bonds with a face value of $18,800 thousands dollars had
been converted into ordinary share capital of $2,007 (201 thousand shares) with a par value of
NT$10 (in dollars) per share during the year ended December 31, 2022, which resulted in ‘capital
surplus, additional paid-in capital arising from bond conversion’ of $17,114. All proceeds from
share issuance have been collected by April 19, 2022.
E. The Company’s domestic convertible bonds with a face value of $100 thousands dollars had
been converted into ordinary share capital of $11 (1 thousand shares) with a par value of NT$10
(in dollars) per share during the year ended December 31, 2022, which resulted in ‘capital
surplus, additional paid-in capital arising from bond conversion’ of $91. All proceeds from share
issuance have been collected by August 4, 2022.
F. On December 31, 2023 and 2022, the numbers of the Company’s shares held by its associate
accounted for using equity method, EITC, were 10,302 and 10,284 thousand shares, respectively.

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413
 G.
G. On
On December
December 31,
31, 2023
2023 and
and 2022,
2022, the
the numbers
numbers of
of the
the Company’s
Company’s shares
shares held
held by
by its
its associate
associate
accounted
accounted for
for using
using equity
equity method,
method, EVA,
EVA, were
were both
both of
of 223
223 thousand
thousand shares.
shares.
H.
H. On
On December
December 31,31, 2023
2023 and
and 2022,
2022, the
the numbers
numbers ofof the
the Company’s
Company’s shares
shares held
held by
by its
its associate
associate
accounted
accounted for
for using
using equity
equity method,
method, EGST,
EGST, were
were both
both of
of 18,190
18,190 thousand
thousand shares.
shares.
(20)
(20) Capital
Capital surplus
surplus
Pursuant
Pursuant to
to the
the R.O.C.
R.O.C. Company
Company Act,
Act, capital
capital surplus
surplus arising
arising from
from paid-in
paid-in capital
capital in
in excess
excess of
of par
par
value
value on
on issuance
issuance ofof common
common stocks
stocks and
and donations
donations can
can be
be used
used to
to cover
cover accumulated
accumulated deficit
deficit or
or to
to
issue
issue new
new stocks
stocks or
or cash
cash to
to shareholders
shareholders in in proportion
proportion to
to their
their share
share ownership,
ownership, provided
provided that
that the
the
Company
Company has has no
no accumulated
accumulated deficit.
deficit. Further,
Further, the
the R.O.C.
R.O.C. Securities
Securities and
and Exchange
Exchange Act
Act requires
requires that
that
the
the amount
amount of of capital
capital surplus
surplus to
to be
be capitalised
capitalised mentioned
mentioned above
above should
should not
not exceed
exceed 10%
10% ofof the
the paid-
paid-
in
in capital
capital each
each year.
year. Capital
Capital surplus
surplus should
should not
not be
be used
used to
to cover
cover accumulated
accumulated deficit
deficit unless
unless the
the legal
legal
reserve
reserve is
is insufficient.
insufficient.
Year
Year ended
ended December
December 31,
31, 2023
2023

Employee Adjustments
Employee Adjustments to to share
share
stock
stock of
of changes
changes in
in equity
equity of
of
Share
Share options
options associates and
associates and joint
joint Donated
Donated
premium
premium exercised
exercised ventures
ventures assets
assets Others
Others
At
At January
January 11 $$13,073,222
13,073,222 $$399,023
399,023 $$ 2,488,098
2,488,098 $$ 446 446 $$ 7,254
7,254
Expired
Expired unclaimed
unclaimed
dividends
dividends -- -- -- -- 42,981
42,981
Proceeds
Proceeds from
from issuance
issuance of
of
convertible
convertible bonds
bonds -- -- -- --
Conversion
Conversion ofof --
convertible
convertible bonds
bonds 1,057,728
1,057,728 (( 65,114)
65,114) -- --
Recognition
Recognition ofof change
change in
in equity
equity
of
of associates
associates in
in proportion
proportion to
to
the
the Company's
Company's ownership
ownership -- -- 88,887
88,887 -- --
At
At December
December 31
31 14,130,950 $$333,909
$$14,130,950 333,909 $$ 2,576,985
2,576,985 $$ 446
446 $$50,235
50,235

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~60~

414
 Year
Year ended
ended December
December 31,
31, 2022
2022

Employee Adjustments
Employee Adjustments to to share
share
stock
stock of
of changes
changes in
in equity
equity of
of
Share
Share options
options associates
associates and
and joint
joint Donated
Donated
premium
premium exercised
exercised ventures
ventures assets
assets Others
Others
At
At January
January 11 $$13,056,017
13,056,017 $$400,116
400,116 $$ 2,298,332
2,298,332 $$ 446 446 $$ 7,274
7,274
Expired
Expired unclaimed
unclaimed
dividends
dividends -- -- -- -- (( 20)
20)
Proceeds
Proceeds from
from issuance
issuance of
of
convertible
convertible bonds
bonds -- -- -- --
Conversion
Conversion ofof --
convertible
convertible bonds
bonds 17,205
17,205 (( 1,093)
1,093) -- --
Recognition
Recognition ofof change
change in
in equity
equity
of
of associates
associates in
in proportion
proportion to
to
the
the Company's
Company's ownership
ownership -- -- 189,766
189,766 -- --
At
At December
December 31
31 13,073,222 $$399,023
$$13,073,222 399,023 $$ 2,488,098
2,488,098 $$ 446
446 $$ 7,254
7,254
(21)
(21) Retained
Retained earnings
earnings

Year
Year ended
ended Year
Year ended
ended
December
December 31,
31, 2023
2023 December
December 31,
31, 2022
2022
At
At January
January 11 $$ 465,562,042 $$
465,562,042 250,555,749
250,555,749
Profit
Profit for
for the
the year
year 35,337,051
35,337,051 334,200,661
334,200,661
Distribution
Distribution of
of earnings
earnings (( 180,474,255) ((
180,474,255) 119,699,895)
119,699,895)
Remeasurement
Remeasurement on on post
post employment
employment
benefit
benefit obligations,
obligations, net
net of
of tax
tax (( 117,469)
117,469) 347,354
347,354
Adjustments
Adjustments to to share
share of
of changes
changes in
in equity
equity
of
of associates
associates and
and joint
joint ventures
ventures 126,266
126,266 158,173
158,173
At
At December
December 31 31 $$ 320,433,635
320,433,635 $$ 465,562,042
465,562,042

A.
A. According
According to
to the
the Company’s
Company’s Articles
Articles of
of Incorporation,
Incorporation, ifif there
there is
is any
any profit
profit for
for aa fiscal
fiscal year,
year, the
the
Company
Company shall
shall first
first make
make provision
provision for
for income
income tax
tax and
and cover
cover prior
prior years’
years’losses,
losses, then
then appropriate
appropriate
10%
10% ofof the
the residual
residual amount
amount as as legal
legal reserve.
reserve. Dividends
Dividends shall
shall be
be proposed
proposed by by the
the Board
Board of
of
Directors
Directors and
and resolved
resolved by
by the
the stockholders.
stockholders.
B.
B. Dividend
Dividend policy
policy
The
The Company
Company is is currently
currently at
at the
the stable
stable growth
growth stage.
stage. In
In order
order to
to facilitate
facilitate future
future expansion
expansion plans,
plans,
dividends
dividends to
to stockholders
stockholders are
are distributed
distributed mutually
mutually in
in the
the form
form ofof both
both cash
cash and
and stocks
stocks with
with the
the
basic
basic principle
principle that
that the
the ratio
ratio of
of cash
cash dividends
dividends to
to total
total stock
stock dividends
dividends shall
shall not
not be
be lower
lower than
than
10%.
10%.

~61~
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415
 C. Legal reserve
Except for covering accumulated deficit or issuing new stocks or cash to shareholders in
proportion to their share ownership, the legal reserve shall not be used for any other purpose. The
use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share
ownership is permitted, provided that the balance of the reserve exceeds 25% of the Company’s
paid-in capital.
D. In accordance with the regulations, the Company shall set aside special reserve from the debit
balance on other equity items at the balance sheet date before distributing earnings. When debit
balance on other equity items is reversed subsequently, the reversed amount could be included
in the distributable earnings.
E. The appropriation of 2021 earnings was adopted by the stockholders on May 30, 2022 is as
follows:
Year ended Year ended
December 31, 2021 December 31, 2021
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 23,896,647
Accrual of special reserve $ 564,364
Appropriate cash dividends to shareholders $ 95,238,884 17.99999637

F. The appropriation of 2022 earnings was adopted by the stockholders on May 30, 2023 is as
follows:
Year ended Year ended
December 31, 2022 December 31, 2022
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 33,470,619
Accrual of special reserve $ 1,145,770
Appropriate cash dividends to shareholders $ 148,149,406 $ 70

G. The appropriation of 2023 earnings was adopted by the Board of Directors on March 14, 2024
as follows:
Year ended Year ended
December 31, 2023 December 31, 2023
Dividend per share
Amount (in dollars)
Accrual of legal reserve $ 3,534,585
Appropriate cash dividends to shareholders $ 21,439,152 $ 10
As of March 14, 2024, the above-mentioned 2023 earnings appropriation had not been resolved
by the stockholders.

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416
(22)
(22)Other
Otherequity
equityitems
items
Unrealised
Unrealised
gains
gains(losses)
(losses) Hedging
Hedging Currency
Currency
on
onvaluation
valuation reserve
reserve translation
translation Total
Total
At
AtJanuary
January1,1,2023
2023 $$ 2,478,263
2,478,263 $$ 386,203
386,203 $$ 13,490,378
13,490,378 $$ 16,354,844
16,354,844
Revaluation
Revaluation––gross
gross 395,987
395,987 -- -- 395,987
395,987
Revaluation
Revaluation––tax tax (( 1,657)
1,657) -- -- (( 1,657)
1,657)
Revaluation
Revaluation––associates
associates 563,904
563,904 -- -- 563,904
563,904
Revaluation
Revaluationtransferred
transferredtoto -- -- -- --
retained
retainederanings
eranings––gross
gross
Revaluation
Revaluationtransferred
transferredtoto
retained
retainedearnings
earnings––associates
associates ( ( 126,266)
126,266) -- -- (( 126,266)
126,266)
Cash
Cashflow
flowhedges:
hedges:
––Fair
Fairvalue
valuegain
gainininthe
theperiod
period
––Parent
Parent -- (( 336,544)
336,544) -- (( 336,544)
336,544)
––Parent
Parent––tax
tax -- 67,309
67,309 -- 67,309
67,309
––Associates
Associates -- 27,663
27,663 -- 27,663
27,663
Currency
Currencytranslation
translationdifferences:
differences:
––Parent
Parent -- -- (( 1,345,813)
1,345,813)( ( 1,345,813)
1,345,813)
––Parent
Parent––tax
tax -- -- 265
265 265
265
––Associates
Associates -- -- 10,705
10,705 10,705
10,705
At
AtDecember
December31, 31,2023
2023 $$ 3,310,231
3,310,231 $$ 144,631
144,631 $$ 12,155,535
12,155,535 $$ 15,610,397
15,610,397
Unrealised
Unrealised
gains(losses)
gains (losses) Hedging
Hedging Currency
Currency
onvaluation
on valuation reserve
reserve translation
translation Total
Total
At
AtJanuary
January1,1,2022
2022 $$ 3,986,029
3,986,029 $$ 1,601,207
1,601,207 ($($ 6,733,006)
6,733,006)($($ 1,145,770)
1,145,770)
Revaluation
Revaluation––gross
gross (( 595,097)
595,097) -- -- (( 595,097)
595,097)
Revaluation
Revaluation––tax tax (( 1,357)
1,357) -- -- (( 1,357)
1,357)
Revaluation
Revaluation––associates
associates (( 753,139)
753,139) -- -- (( 753,139)
753,139)
Revaluation
Revaluationtransferred
transferredtoto -- -- -- --
retained
retainederanings
eranings––gross
gross
Revaluation
Revaluationtransferred
transferredtoto
retained
retainedearnings
earnings––associates
associates ( ( 158,173)
158,173) -- -- (( 158,173)
158,173)
Cash
Cashflow
flowhedges:
hedges:
––Fair
Fairvalue
valuegain
gainininthe
theperiod
period
––Parent
Parent -- (( 359,174)
359,174) -- (( 359,174)
359,174)
––Parent
Parent––tax
tax -- 71,835
71,835 -- 71,835
71,835
––Associates
Associates -- (( 927,665)
927,665) -- (( 927,665)
927,665)
Currency
Currencytranslation
translationdifferences:
differences:
––Parent
Parent -- -- 19,725,553
19,725,553 19,725,553
19,725,553
––Parent
Parent––tax
tax -- -- (( 4,288)
4,288)( ( 4,288)
4,288)
––Associates
Associates -- -- 502,119
502,119 502,119
502,119
At
AtDecember
December31, 31,2022
2022 $$ 2,478,263
2,478,263 $$ 386,203
386,203 $$ 13,490,378
13,490,378 $$ 16,354,844
16,354,844

~63~
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417
 (23)
(23) Operating
Operating revenue
revenue
Year
Year ended
ended Year
Year ended
ended
December
December 31,
31, 2023
2023 December
December 31,
31, 2022
2022
Revenue
Revenue from
from contracts
contracts with
with customers
customers $$ 52,554,741
52,554,741 $$ 122,729,676
122,729,676
Other
Other -- ship
ship rental
rental income
income 218,007
218,007 340,163
340,163
$$ 52,772,748
52,772,748 $$ 123,069,839
123,069,839
A.
A. Disaggregation
Disaggregation of of revenue
revenue from
from contracts
contracts with
with customers
customers
The
The Company
Company derives
derives revenue
revenue from
from the
the transfer
transfer of
of services
services over
over time
time and
and at
at aa point
point in
in time
time in
in
the
the following
following major
major businesses:
businesses:
Year
Year ended
ended
December
December 31,31, 2023
2023 Asia
Asia America
America Europe
Europe Others
Others Total
Total
Revenue
Revenue from
from $$12,203,281
12,203,281 $$10,444,590
10,444,590 $$13,207,558
13,207,558 $$ 8,218,895
8,218,895 $$ 44,074,324
44,074,324
external
external customer
customer
contracts
contracts
Inter-segment
Inter-segment
revenue
revenue 7,785,020
7,785,020 10,243
10,243 92,637
92,637 592,517
592,517 8,480,417
8,480,417
Total
Total segment
segment
revenue
revenue $$19,988,301
19,988,301 $$10,454,833
10,454,833 $$13,300,195
13,300,195 $$ 8,811,412
8,811,412 $$ 52,554,741
52,554,741
Year
Year ended
ended
December
December 31,31, 2022
2022 Asia
Asia America
America Europe
Europe Others
Others Total
Total
Revenue
Revenue from
from $$21,706,404
21,706,404 $$35,369,634
35,369,634 $$39,323,216
39,323,216 $$17,734,092
17,734,092 $$ 114,133,346
114,133,346
external
external customer
customer
contracts
contracts
Inter-segment
Inter-segment
revenue
revenue 6,894,922
6,894,922 10,433
10,433 123,061
123,061 1,567,914
1,567,914 8,596,330
8,596,330
Total
Total segment
segment
revenue
revenue $$28,601,326
28,601,326 $$35,380,067
35,380,067 $$39,446,277
39,446,277 $$19,302,006
19,302,006 $$ 122,729,676
122,729,676
B.
B. Contract
Contract assets
assets and
and liabilities
liabilities
The
The Company
Company has has recognised
recognised the
the following
following revenue-related
revenue-related contract
contract assets
assets and
and liabilities:
liabilities:

!! December
December 31,
31, 2023
2023 December
December 31,
31, 2022
2022 January
January 1,
1, 2022
2022
Contract
Contract assets:
assets:
Contract
Contract assets
assets relating
relating to
to
marine
marine freight
freight income
income $$ 256,652
256,652 $$ 179,682
179,682 $$ 988,691
988,691
Contract
Contract liabilities:
liabilities:
Contract
Contract liabilities
liabilities –– unearned
unearned
marine
marine freight
freight income
income ($
($ 685,857)
685,857) $$ 1,431,570
1,431,570 $$ 3,304,976
3,304,976

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418
 Revenue recognised that was included in the contract liability balance at the beginning of the
period:
Year ended Year ended
December 31, 2023 December 31, 2022
Marine freight income $ 1,431,570 $ 3,304,976
(24) Other gains-net
Year ended Year ended
December 31, 2023 December 31, 2022
(Losses) gains on disposal of property, plant
and equipment $ 251,093 $ 178,489
(25) Interest income
Year ended Year ended
December 31, 2023 December 31, 2022
Interest income from bank deposits $ 1,952,352 $ 846,928
Interest income from financial assets
measured at amortised cost 21,307 116,171
Imputed interest on deposits 9 -
$ 1,973,668 $ 963,099

(26) Other income

Year ended Year ended
December 31, 2023 December 31, 2022
Rental revenue $ 103,942 $ 61,429
Dividend income 792 91,473
Gain reconised in bargain purchase
transaction - 2,516
Other income – others 141,727 114,539
$ 246,461 $ 269,957

(27) Other gains and losses

Year ended Year ended
December 31, 2023 December 31, 2022
Net currency exchange gains $ 2,465,744 $ 12,631,222
Gains (losses) on financial assets at fair value 16,672 ( 55,510)
through profit or loss
Gains on disposal of investments 6,355,807 33,605
Gains arising from lease modifications 711 -
Depreciation charges on investment property ( 10,611) ( 9,706)
Other non-operating expenses ( 55,701) ( 73,711)
$ 8,772,622 $ 12,525,900

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419
 (28) Finance costs

Year ended Year ended

December 31, 2023 December 31, 2022
Interest expense:
Bank borrowings $ 277,280 $ 187,594
Corporate bonds 60,140 81,601
Lease liabilities 376,629 342,364
714,049 611,559
Less: Capitalisation of qualifying assets ( 7,072) ( 7,500)
Finance costs $ 706,977 $ 604,059

(29) Expenses by nature

Year ended Year ended

December 31, 2023 December 31, 2022
Employee benefit expense $ 6,107,981 $ 15,252,811
Depreciation charges on property, plant and
equipment 5,165,439 4,272,072
Depreciation charges on right-of-use assests 2,265,058 2,489,526
Amortisation charges on intangible assets 34,372 24,526
Stevedorage 7,211,021 11,204,857
Inland haulage and canal due 11,194,768 11,742,501
Bunker fuel 8,090,152 9,135,347
Commission 2,094,171 6,359,545
Port charge 1,684,008 1,455,163
Ship supplies and lubricant oil 271,181 544,884
Professional service and data service expenses 1,120,140 1,311,511
Other operating costs and expenses 3,072,383 3,690,276
$ 48,310,674 $ 67,483,019

(30) Employee benefit expense

Year ended Year ended

December 31, 2023 December 31, 2022
Wages and salaries $ 5,164,277 $ 14,170,198
Labor and health insurance fees 411,146 512,468
Pension costs 228,433 202,516
Directors' remuneration 22,777 42,053
Other personnel expenses 281,348 325,576
$ 6,107,981 $ 15,252,811

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420
 A. According to the Articles of Incorporation of the Company, when distributing earnings, the
Company shall distribute bonus to the employees that account for no less than 0.5% and pay
remuneration to the directors and supervisors that account for no more than 2% of the total
distributed amount.
B. (a) In accordance with the Articles of Incorporation of the Company, based on the profit for the
year ended December 31, 2023, employees’ compensation and directors’ remunerations were
accrued based on 0.5% and 0.0162% at $292,696 and $9,500, respectively. The
aforementioned amount was recognised in salary expenses. The actual distributed amounts as
resolved by the Board of Directors were in agreement with the accrued amounts. The
employees’ compensation will be distributed in the form of cash.
(b) For the year ended December 31, 2022, employees’ compensation and directors’
remunerations were accrued at $1,918,479 and $9,500, respectively. The aforementioned
amount was recognised in salary expenses. The actual distributed amounts as resolved by the
Board of Directors were in agreement with the accrued amounts.
Information about the appropriation of employees’, directors’ and supervisors’ remuneration
by the Company as proposed by the Board of Directors will be posted in the “Market
Observation Post System” at the website of the Taiwan Stock Exchange.
(31) Income tax
A. Income tax expense
(a)Components of income tax expense:
Year ended Year ended
December 31, 2023 December 31, 2022
Current tax:
Current tax on profits for the year $ 14,962,499 $ 52,179,839
Tax on undistributed earnings 7,615,121 4,567,481
Prior year income tax overestimation ( 48,498) ( 241,514)
Land value increment tax included in
current tax - -
Total current tax 22,529,122 56,505,806
Deferred tax:
Origination and reversal of
temporary differences 370,763 ( 8,938,653)
Total deferred tax 370,763 ( 8,938,653)
Income tax expense $ 22,899,885 $ 47,567,153

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421
 (b)The income tax (charge)/credit relating to components of other comprehensive income is as
follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Changes in fair value of available $ 1,657 $ 1,357
-for-sale financial assets
Currency translation differences ( 265) 4,288
Remeasurement of defined
benefit obligations ( 19,830) ( 7,229)
Cash flow hedges ( 67,309) ( 71,835)
Share of other comprehensive
income of associates 34,560 ( 165)
($ 51,187) ($ 73,584)
(c)The income tax charged/(credited) to equity during the period is as follows:
Year ended Year ended
December 31, 2023 December 31, 2022
Reduction in capital surplus caused
by recognition of foreign investees
based on the shareholding ratio $ 629 ($ 525)

B. Reconciliation between income tax expense and accounting profit

Year ended Year ended
December 31, 2023 December 31, 2022
Tax calculated based on profit $ 11,647,842 $ 76,353,563
before tax and statutory tax rate
Income tax impact adjusted according to tax 3,685,420 ( 33,110,790)
laws
Effect from investment tax credits - ( 1,587)
Prior year income tax overestimation ( 48,498) ( 241,514)
Tax on undistributed earnings 7,615,121 4,567,481
Income tax expense $ 22,899,885 $ 47,567,153

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422
C. Amounts of deferred tax assets or liabilities as a result of temporary differences, loss
carryforward and investment tax credits are as follows:
2023
Recognised
Recognised in other
in profit comprehensive Recognised
January 1 or loss income in equity December 31
炼Deferred tax assets:
Temporary differences:
Bad debts expense $ 1,836 ($ 7) $ - $ - $ 1,829
Deferred profit from disposal 7,688 1,164 - - 8,852
of loading and unloading
equipment
Unrealized expense 27,332 1,364 - - 28,696
Pension fund contribution 272,920 ( 39,877) - - 233,043
Remeasurements of defined
benefit obligation 126,550 - 19,830 - 146,380
436,326 ( 37,356) 19,830 - 418,800
炼Deferred tax liabilities:
Temporary differences:
Gain on valuation of financial
assets ($ 2,408) $ - ($ 1,657) $ - ($ 4,065)
Equity-accounted ( 1,402,674) ( 331,366) ( 34,295) ( 629) ($ 1,768,964)
investment income
Unrealized exchange gain ( 38,684) ( 2,041) - - ( 40,725)
Cash flow hedges ( 122,541) - 67,309 - ( 55,232)
( 1,566,307) ( 333,407) 31,357 ( 629) ( 1,868,986)
($ 1,129,981) ($ 370,763) $ 51,187 ($ 629) ($ 1,450,186)

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423
 2022
Recognised
Recognised in other
in profit comprehensive Recognised
January 1 or loss income in equity December 31
炼Deferred tax assets:
Temporary differences:
Bad debts expense $ 1,764 $ 72 $ - $ - $ 1,836
Deferred profit from disposal 9,336 ( 1,648) - - 7,688
of loading and unloading
equipment
Unrealized expense 18,343 8,989 - - 27,332
Pension fund contribution 301,550 ( 28,630) - - 272,920
Remeasurements of defined
benefit obligation 119,321 - 7,229 - 126,550
450,314 ( 21,217) 7,229 - 436,326
炼Deferred tax liabilities:
Temporary differences:
Gain on valuation of financial
assets ($ 1,051) $ - ($ 1,357) $ - ($ 2,408)
Equity-accounted ( 10,295,249) 8,896,173 ( 4,123) 525 ($ 1,402,674)
investment income
Unrealized exchange gain ( 102,381) 63,697 - - ( 38,684)
Cash flow hedges ( 194,376) - 71,835 - ( 122,541)
( 10,593,057) 8,959,870 66,355 525 ( 1,566,307)
($10,142,743) $ 8,938,653 $ 73,584 $ 525 ($ 1,129,981)

E. The Company has not recognised taxable temporary differences associated with investment in
subsidiaries as deferred tax liabilities. As of December 31, 2023 and 2022, the amounts of
temporary difference unrecognised as deferred tax liabilities were $308,112,343 and
$339,599,815, respectively.
F. The Company’s income tax returns through 2021 have been assessed and approved by the Tax
Authority. However, the notice for assessment of income tax returns of 2020 had not been
obtained.

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424
(32) Earnings per share
Year ended December 31, 2023
Weighted average
number of ordinary
shares outstanding Earnings per share
IJijĴ Amount after tax (shares in thousands) (in dollars)
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent $ 35,337,051 2,116,450 $ 16.70
Diluted earnings per share
Profit attributable to
ordinary shareholders of
the parent 35,337,051 2,116,450
Assumed conversion of all
dilutive potential ordinary
shares
Euro-Convertible bonds 51,799 37,154
Employees' compensation - 2,040
Profit attributable to ordinary
shareholders of the parent plus
assumed conversion of all shares $ 35,388,850 2,155,644 $ 16.42
Year ended December 31, 2022
Weighted average
number of ordinary
shares outstanding Earnings per share
IJijĴ Amount after tax (shares in thousands) (in dollars)
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent $ 334,200,661 3,838,511 $ 87.07
Diluted earnings per share
Profit attributable to
ordinary shareholders of
the parent 334,200,661 3,838,511
Assumed conversion of all
dilutive potential ordinary
shares
Euro-Convertible bonds 51,283 26,230
Employees' compensation - 11,770
Profit attributable to ordinary
shareholders of the parent plus
assumed conversion of all shares $ 334,251,944 3,876,511 $ 86.22

~71~

425
 (33) Supplemental cash flow information
Investing activities with partial cash payments
A. Property, plant and equipment
Year ended Year ended
December 31, 2023 December 31, 2022
Purchase of property, plant and $ 4,584,737 $ 14,720,613
equipment
Add: Opening balance of payable
on equipment 9,652 2,207,185
Less: Ending balance of payable
on equipment ( 564,553) ( 9,652)
Cash paid during the year $ 4,029,836 $ 16,918,146
B. Prepayment for equipmentǵland and building(recorded as other non-current assets)
Year ended Year ended
December 31, 2023 December 31, 2022
Purchase of prepayments for equipmentˣ
land and building $ 2,411,343 $ 13,148,579
Add: Opening balance of payable
on prepayments for equipment 784,951 17,309
Less: Ending balance of payable
on prepayments for equipment ( 65,662) ( 784,951)
Capitalisation of interest ( 7,072) ( 7,500)
Cash paid during the year $ 3,123,560 $ 12,373,437
C. Intangible assets
Year ended Year ended
December 31, 2023 December 31, 2022
Purchase of prepayments for Intangible assets $ 49,983 $ 26,416
Add: Opening balance of payable
on prepayments for equipment - 4,385
Less: Ending balance of payable
on prepayments for equipment ( 10,529) -
Cash paid during the year $ 39,454 $ 30,801

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426
(34)
(34)Changes
Changesininliabilities
liabilitiesfrom
fromfinancing
financingactivities
activities
Short-term
Short-term
loans/
loans/ Corporate
Corporate
bonds
bonds Long-term
Long-term Guarantee
Guarantee Lease
Lease
liabilities
liabilities
andand Liabilities
Liabilities
Short-trem
Short-trem
notes
notes payable
payable
(including
(including borrowings
borrowings
(including
(including deposits
deposits financial
financialliabilities
liabilities from
from
financing
financing
payable
payable current
current
portion)
portion) current
current
portion)
portion) received
received forfor
hedging
hedging activities-gross
activities-gross
AtAtJanuary
January 1, 1,
2023
2023 $ $ - -$ $ 6,806,154
6,806,154 $ $ 4,375,152
4,375,152 $ $20,293
20,293 $ $ 17,345,662 $ $ 28,547,261
17,345,662 28,547,261
Changes
Changes in in
cash
cash
flow
flowfrom
from
financing
financingactivities
activities - -( ( 2,000,000)
2,000,000) 6,502,532
6,502,532 21,884
21,884( ( 2,439,400)
2,439,400) 2,085,016
2,085,016
Remeasurement
Remeasurement of of
lease
lease
liabilities
liabilities - - - - - - - - 136,817
136,817 136,817
136,817
Additions
Additions to to
lease
lease
6,707,201
6,707,201
liabilities
liabilities - - - - - - - - 6,707,201
6,707,201
Changes
Changes in in
other
other
non-cash
non-cash
items
items - -( ( 1,046,287)
1,046,287) - - - - - -( ( 1,046,287)
1,046,287)
Impact
Impactof of
changes
changesin in
foreign
foreign
exchange
exchange rate
rate - - - - - - - - 12,043
12,043 12,043
12,043
AtAtDecember
December 31,31,
2023
2023 $ $ - -$ $ 3,759,867
3,759,867 $ $ 10,877,684
10,877,684 $ $42,177
42,177 $ $ 21,762,323
21,762,323 $ $ 36,442,051
36,442,051
Corporate bonds
Corporate bonds Long-term
Long-term Guarantee
Guarantee Lease liabilities
Lease andand
liabilities Liabilities
Liabilities
payable (including
payable (including borrowings (including
borrowings (including deposits
deposits financial
financialliabilities
liabilities from financing
from financing
Short-term loans/
Short-term loans/ current portion)
current portion) current portion)
current portion) received
received forfor
hedging
hedging activities-gross
activities-gross
AtAtJanuary
January 1, 1,
2022
2022 $ $ - -$ $ 10,772,950
10,772,950 $ $ 18,801,356
18,801,356 $ $12,798
12,798 $ $ 17,549,979 $ $ 47,137,083
17,549,979 47,137,083
Changes
Changes in in
cash
cash
flow
flowfrom
from
financing
financingactivities
activities - -( ( 4,000,000)
4,000,000)
( ( 14,426,204)
14,426,204) 7,495
7,495( ( 2,298,586)
2,298,586)
( ( 20,717,295)
20,717,295)
Remeasurement
Remeasurement of of
lease
lease
liabilities
liabilities - - - - - - - - 451,525
451,525 451,525
451,525
Additions
Additions to to
lease
lease
255,258
255,258
liabilities
liabilities - - - - - - - - 255,258
255,258
Changes
Changes in in
other
other
non-cash
non-cash
items
items - - 33,204
33,204 - - - - - - 33,204
33,204
Impact
Impactof of
changes
changesin in
foreign
foreign
exchange
exchange rate
rate - - - - - - - - 1,387,486
1,387,486 1,387,486
1,387,486
AtAtDecember
December 31,31,
2022
2022 $ $ - -$ $ 6,806,154
6,806,154 $ $ 4,375,152
4,375,152 $ $20,293
20,293 $ $ 17,345,662
17,345,662 $ $ 28,547,261
28,547,261

~73~
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427
 7. RELATED PARTY TRANSACTIONS
(1) Names of the related parties and their relationship with the Company

Names of related parties Relationship with the Company

Taiwan Terminal Services Co., Ltd. (TTSC) Subsidiary

Peony Investment S.A. (Peony) Subsidiary

Evergreen Security Corp. (ESRC) Subsidiary

Everport Terminal Services Inc. (ETS) Subsidiary

Evergreen Marine (Hong Kong) Ltd. (EGH) Subsidiary

Evergreen Shipping Agency (Israel) Ltd. (EIL) Subsidiary

Evergreen Marine (Asia) Pte. Ltd. (EMA) Subsidiary

Evergreen Information Processing (Shanghai) Company Limited. (EIP) Subsidiary

Evergreen Marine Corp. (Malaysia) SDN BHD (EGM) Indirect subsidiary

Clove Holding Ltd. (CLOVE) Indirect subsidiary

PT. Multi Bina Transport (MBT) Indirect subsidiary

PT. Multi Bina Pura International (MBPI) Indirect subsidiary

Greencompass Marine S.A. (GMS) Indirect subsidiary

Evergreen Heavy Industrial Corp. (Malaysia) Indirect subsidiary

Evergreen Heavy Industrial Co., (Malaysia) Berhad. (EHIC(M)) Indirect subsidiary

Evergreen Marine (UK) Limited (EMU) Indirect subsidiary

Evergreen Shipping Agency (Europe) GmbH (EEU) Indirect subsidiary

Evergreen Argentina S.A. (EGB) Indirect subsidiary

Evergreen Shipping (Spain) S.L. (EES) Indirect subsidiary

Evergreen Shipping Agency (Italy) S.p.A. (EIT) Indirect subsidiary

Evergreen Shipping Agency (Australia) Pty. Ltd. (EAU) Indirect subsidiary

Evergreen Shipping Agency (Thailand) Co., Ltd. (EGT) Indirect subsidiary

Evergreen Shipping Agency (India) Pvt. Ltd. (EGI) Indirect subsidiary

Evergreen Shipping Agency (Russia) Ltd. (ERU) Indirect subsidiary

Evergreen Agency (South Africa) (Pty) Ltd. (ESA) Indirect subsidiary

Evergreen Shipping Agency (Korea) Corporation (EGK) Indirect subsidiary

Whitney Equipment LLC. (Whitney) Indirect subsidiary

Evergreen Shipping Agency (Vietnam) Corp. (EGV) Indirect subsidiary

Evergreen Shipping Services (Cambodia) Co., Ltd. (EKH) Indirect subsidiary

Evergreen Shipping Agency (Chile) SPA. (ECL) Indirect subsidiary

Evergreen Shipping Agency (PERU) S.A.C. (EPE) Indirect subsidiary

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428
 Names of related parties Relationship with the Company

Evergreen Shipping Agency (Colombia) S.A.S. (ECO) Indirect subsidiary

Evergreen Shipping Agency Mexico S.A. DE C.V. (EMX) Indirect subsidiary

Evergreen Shipping Agency (Greece) Societe Anonyme (EGRC) Indirect subsidiary

Evergreen Shipping Agency (Brazil) S.A. (EBR) Indirect subsidiary

Evergreen Shipping Agency (Argentina) S.A. (EAR) Indirect subsidiary

Evergreen Shipping Agency Saudi Co, (L.L.C.) (ESAU) Indirect subsidiary

Evergreen Shipping Agency (Turkey) Corporation (ETR) Indirect subsidiary

Evergreen Shipping Agency (Ecuador) S.A. (EECU) Indirect subsidiary

Evergreen Shipping Agency (Uruguay) S.A. (EUY) Indirect subsidiary

Evergreen Marine (Latin America), S.A.(ELA) Indirect subsidiary

Evergreen Shipping Agency Philippines Corporation (EGP) Indirect subsidiary

Evergreen Business Process Inc.(EBPI) Indirect subsidiary

Unigreen Marine S.A.(UMS) Indirect subsidiary

Evergreen Shipping Agency (China) Co., Ltd. (ECN) Indirect subsidiary

Kingtrans International Logistics (Tianjin) Co., Ltd. (KTIL) Indirect subsidiary

Ever Shine (Shanghai) Enterprise Management Consulting Co., Ltd. (EVSSHG) Indirect subsidiary

Ever Shine (Ningbo) Enterprise Management Consulting Co., Ltd. (EVSNBO) Indirect subsidiary

Ever Shine (Shenzhen) Enterprise Management Consulting Co., Ltd. (EVSXZN) Indirect subsidiary

Ever Shine (Qingdao) Enterprise Management Consulting Co., Ltd. (EVSQND) Indirect subsidiary

Evergreen Information Processing (Shanghai) Company Limited (EIP) Indirect subsidiary

Evergreen International Storage and Transport Corp. (EITC) Associate

EVA Airways Corporation (EVA) Associate

Charng Yang Development Co., Ltd. (CYD) Associate

Taipei Port Container Terminal Corporation (TPCT) Associate

Ningbo Victory Container Co., Ltd. (NVC) Associate

Qingdao Evergreen C&T Co., Ltd. (QECT) Associate

Ever Ecove Corporation (EEC) Associate

Evergreen Shipping Agency Lanka (Private) Limited (ELK) Associate

Greenpen Properties Sdn. Bhd. (GPP) Associate

Luanta Investment (Netherlands) N.V. (Luanta) Associate

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429
 Names of related parties Relationship with the Company

Balsam Investment (Netherlands) N.V. (Balsam) Associate

Balsam Investment(Netherlands) B.V.(Balsam B.V.) Associate

Italia Marittima S.p.A. (ITS) Associate

Associate
Colon Container Terminal S.A. (CCT) (A indirect subsidiary
since January 1, 2023)
Associate
Colon Logistic Park S.A. (CLP) (A indirect subsidiary
since January 1, 2023)
PT. Evergreen Shipping Agency Indonesia (EMI) Associate

Evergreen Shipping Agency Co. (U.A.E) LLC (UAE) Associate

VIP Greenport Joint Stock Company (VGP) Associate

Ics Depot Services Sdn. Bhd. (IDS) Associate

Shanghai Shengrong International Container Development Co., Ltd. (SSICD) Associate
Other related party
Evergreen Steel Corp. (EGST) (A associate since
November 4, 2022)
Evergreen International Corporation (EIC) Other related party

Evergreen Airline Services Corporation (EGAS) Other related party

Chang Yung-Fa Charity Foundation (CYFC) Other related party

Chang Yung-Fa Foundation (CYFF) Other related party

Ever Accord Construction Corporation (EAC) Other related party

Evergreen Aviation Technologies Corporation (EGAT) Other related party

Evergreen Sky Catering Corporation (EGSC) Other related party

Evergreen Air Cargo Services Corporation (EGAC) Other related party

Central Reinsurance Corporation (CRC) Other related party
Evergreen Logistics Corp. (ELC) Other related party
Evergreen International S.A. (EIS) Other related party
Other related party
Evergreen Marine (Singapore) Pte. Ltd. (EMS) (A indirect subsidiary
since July 14, 2023)
Gaining Enterprise S.A. (GESA) Other related party

Evergreen Insurance Company Ltd. (EINS) Other related party

Evergreen Shipping Agency (America) Corporation (EGA) Other related party

Other related party
Evergreen Shipping Agency (Japan) Corporation (EGJ) (A indirect subsidiary
since January 1, 2022)

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 Names of related parties Relationship with the Company

Other related party

Evergreen International Myammar Co., Ltd. (EIM) (A indirect subsidiary
since December 26, 2022)
Advanced Business Process, Inc.(ABPI) Other related party

Evergreen Logistics Philippines Corp. (ELCP) Other related party

Round the World S.A.(RTW) Other related party

Evergreen Logistics Co., Ltd.(ELCSH) Other related party

Evergreen Logistics (HK) Ltd.(ELCHK) Other related party

Evergreen Logistics (Thailand) Co., Ltd.(ELCTH) Other related party

Evergreen Logistics Vietnam Company Ltd.(ELCVN) Other related party

Evergreen Logistics Malaysia Sdn. Bhd.(ELCMY) Other related party

Evergreen Logistics (India) Pvt. Bhd.(ELCIN) Other related party

Evergreen International Logistics (HK) Limited. (EILCHK) Other related party

Round-The-Word Logistics Corp. (M) Sdn. Bhd. (RTWMY) Other related party

PT. Evergreen Logistics Indonesia (ELCID) Other related party

ALLY Holding Ltd (ALLY) Other related party

Evergreen Logistics (Cambodia) Co., Ltd. (ELCKH) Other related party

Evergreen International Logistics (Korea) Co., Ltd. (ELCKR) Other related party

Evergreen Logistics USA Corp. (RTWL) Other related party

Everconcord, S.A. (ECC) Other related party

Evergreen International Logistics (Shanghai) Co., Ltd. (EILCSH) Other related party

Ever Reward Logistics Corporation (ERLY) Other related party

Hsin Yung Enterprise Corporation (HYEC) Other related party

Pan Asia International Shipping Limited (PAISL) Other related party

Ming Yu Investment Co., Ltd. (MYI) Other related party

Evergreen Laurel Hotel Shanghai (ELHS) Other related party

Evergreen Laurel Hotel Penang (ELHM) Other related party

Super Max Engineering Enterprise Co., Ltd(SMEE) Other related party

EverFamily International Foods Corp. (EFIF) Other related party

Directors, president and vice president Key management

Note: For information on the subsidiaries, please refer to Note 4(3) of the consolidated financial statements
as of December 31, 2023.

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 (2) Significant related party transactions and balances
A. Sales of services:
Year ended Year ended
December 31, 2023 December 31, 2022
Sales of services:
Subsidiaries $ 9,679,656 $ 8,253,211
Associates 551,586 698,881
Other related parties 623,285 3,389,420
$ 10,854,527 $ 12,341,512

The business terms on which the company transacts with related parties are of no difference from
those with non-related parties.
B. Purchases of services:
Year ended Year ended
December 31, 2023 December 31, 2022
Purchases of services:
Subsidiaries $ 8,682,564 $ 11,710,040
Associates 1,544,634 1,778,487
Other related parties 603,168 2,143,670
$ 10,830,366 $ 15,632,197

Services are purchased from subsidiaries, associates and other related parties under general
conditions.
C. Receivables from related parties:

December 31, 2023 December 31, 2022

Accounts receivable:
Subsidiaries $ 465,486 $ 327,763
Associates 21,773 45,398
Other related parties 48,269 103,189
$ 535,528 $ 476,350

December 31, 2023 December 31, 2022

Other receivables:
Subsidiaries
炼EGH $ 9,272,498 $ 6,029
炼Others 24,900 21,957
Associates 635 4,333
Other related parties 1,863 2,951
$ 9,299,896 $ 35,270

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 The receivables from associate and related parties arise mainly from sale transactions. The
receivables are unsecured in nature and bear no interest. There are no provisions against
receivables from related parties.
D. Payables to related parties:

December 31, 2023 December 31, 2022

Accounts payable:
Subsidiaries $ 358,954 $ 130,790
Associates 201,442 214,144
Other related parties 3,192 6,668
$ 563,588 $ 351,602

December 31, 2023 December 31, 2022

Other payables:
Subsidiaries $ 3,960 $ 2,856
Associates 5,182 2,657
Other related parties 20,051 90,653
$ 29,193 $ 96,166

The payables to related parties arise mainly from purchase transactions. The payables bear no
interest.
E. Agency accounts:
(a) Debit balance of agency accounts

December 31, 2023 December 31, 2022

Subsidiaries
ɡEGI $ 161,545 $ 9,318
ɡOthers 48,715 32,571
Associates 34,060 -
Other related parties
ɡEIC - 3
ɡEGA - 234,490
$ 244,320 $ 276,382

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 (b) Credit balance of agency accounts
December 31, 2023 December 31, 2022
Subsidiaries
炼EGV $ 57,243 $ 86,199
炼EEU 104,785 46,140
炼EGJ 606,894 45,913
炼Others 27,823 82,432
Associates - 7,402
Other related parties 72,824 -
$ 869,569 $ 268,086
F. Shipowner’s accounts:
(a) Debit balance of shipowner’s accounts

December 31, 2023 December 31, 2022

Subsidiaries
炼EGH $ 11,162 $ -
炼EMU 8,675 77,630
炼GMS 6,200 109
Associates
ɡITS - 114,667
Other related parties
ɡEIS 30,590 172,095
ɡGESA 6,708 7,288
$ 63,335 $ 371,789

(b) Credit balance of shipowner’s accounts

December 31, 2023 December 31, 2022
Subsidiaries
ɡEGH $ - $ 47,473
炼EMA 1,743,976 747,258
Associates
ɡITS 194,815 -
Other related parties
ɡEMS 65,976 27,741
炼EIS - -
$ 2,004,767 $ 822,472

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G. Property transactions:
(a) Acquisition of property, plant and equipment:
Year ended Year ended
December 31, 2023 December 31, 2022
Subsidiaries $ 274,326 $ 2,690,420
Other related parties 4,655,051 91,998
$ 4,929,377 $ 2,782,418
The transaction price was determined based on the market price and the mutual agreement.
(b) Disposal of property, plant and equipment:
Year ended Year ended
December 31, 2023 December 31, 2022
Disposal Gain Disposal Gain
proceeds on disposal proceeds on disposal
Associates $ 36,000 $ 21,458 $ - $ -
The transaction price was determined based on the market price and the mutual agreement.
(c) Prepayment for real estate:
On December 22, 2022, the Company’s Board of Directors resolved to purchase the real estate
with the amount of $4,743,000 from the other related parties, Evergreen International Corp.,
of which the real estate is located in Luzhu District, Taoyuan City, including Land No.672,
673 and 679, Nanxing Section, Land No.401, 401-1, 402 ~ 405, 548, 549, 549-1, 550, 551 and
551-1, Nanrong Section, Building serial No. 582, Nanxing Section and Building serial No.
176 and 176-1, Nanrong Section. The transfer of real estate was completed on February 17,
2023, The transaction price was determined based on the market price and the mutual
agreement.
H. Lease transactionsɡlessee
(a) The Company leases buildings and ships from associates and other related parties. Rental
contracts are typically made for periods of 2.7 to 3 years. Rents are paid in accordance with
the contract terms.
(b) Acquisition of right-of-use assets:
The Company leased buildings from associates and other related parties for the year ended
December 31, 2022 and increased ‘right-of-use asset’ by $ 5,469.

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 (c) Lease liabilities
i Outstanding balance:
December 31, 2023 December 31, 2022
Associates $ 1,914 $ 3,802
Other related parties 94 149,956
$ 2,008 $ 153,758
ii Interest expense
Year ended Year ended
December 31, 2023 December 31, 2022
Associates $ 32 $ 46
Other related parties 241 2,554
$ 273 $ 2,600
I. Endorsements and guarantees provided to related parties:

December 31, 2023 December 31, 2022

Subsidiaries $ 126,961,542 $ 125,537,369
Associates - -
$ 126,961,542 $ 125,537,369

J. On March 15, 2022, the Board of Directors, approved to acquire 31% equity interests of ESRC
from the associates, EVA. The transaction date was April 1,2022, and the transaction price
amounted to $192,038.

K. On December 22, 2022, the Board of Directors, approved to acquire 10% equity interests of CYD
from the other related party, EIC. The transaction date was January 1,2023, and the transaction
price amounted to $450,000.

L. On May 12, 2023, the Board of Directors, approved to acquire 22% equity interests of TTSC from
the other related party, EIC. The transaction date was June 1,2023, and the transaction price
amounted to $37,500.

(3) Key management compensation

Year ended Year ended
December 31, 2023 December 31, 2022
Salaries and other short-term employee benefits $ 82,942 $ 299,654
Post-employment benefits 2,765 3,258
$ 85,707 $ 302,912

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8. PLEDGED ASSETS
The Company’s assets pledged as collateral are as follows:
Book value
Pledged assets December 31, 2023 December 31, 2022 Purpose
Financial assets at amortised cost
- Pledged time deposits $ 226,668 $ 245,918 Guarantee
Property, plant and equipment
-Land 1,285,781 1,285,781 Long-term loan
-Buildings 360,468 378,874 "
-Ships 9,867,184 10,295,747 "
Investment property
-Land 514,312 514,312 Long-term loan
-Buildings 144,187 151,550 "
$ 12,398,600 $ 12,872,182
9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS
(1) Contingencies
None.
(2) Commitments
A. As of December 31, 2023 and 2022, the long-term and medium-term loan facilities granted by the
financial institutions with the resolution from the Board of Directors to finance the Company’s
purchase of new ships and general working capital requirement amounted to $50,150,638 and
$30,137,285, respectively, and the unutilized credits was $39,219,500 and $25,692,850,
respectively.
B. As of December 31, 2023 and 2022, the amount of guaranteed notes issued by the Company for
loans borrowed was $100,654,000 and $84,418,235, respectively.
C. To meet its operational needs, the Company signed the loading and unloading equipment purchase
contracts. As of December 31, 2023, the total price of the contracts, amounted to USD 388,405,
of which USD147,692 remain unpaid.
F. For the Company’s lease contracts which ware entered into but not yet completed construction, as
of December 31, 2023, the expected minimum lease payment in the future was $6,746,280.
G. As of December 31, 2023, the Company had entered into a service contract which was not
belonging to lease component. The amount of future commitment payment is provided in Note
6(10).
10. SIGNIFICANT DISASTER LOSS
None.

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 11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
(1) For details of appropriation of earnings as proposed by the Board of Directors on March 14, 2024,
please refer to Note 6(21).
(2) To increase gain on investments, give priority to the port loading and unloading operations of huge
vessel of the Group and strengthen bargaining chips with other shareholders, on January 31, 2024,
the Company’s Board of Directors resolved to acquire 5.84% equity interests (30,361 thousand
shares) of TPCT from the other related party, EIS, for a transaction price of $401,850. The
shareholding ratio of the Company in TPCT increased from 27.85% to 33.69% after the acquisition.
12. OTHERS
(1) Capital risk management
The Company’s objectives when managing capital are to safeguard the Company’s ability to
continue as a going concern in order to provide returns for shareholders and to maintain an optimal
capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders, return capital to shareholders
and issue new shares to maintain an optimal capital.
(2) Financial instruments
A. Financial instruments by category
December 31, 2023 December 31, 2022
Financial assets
Financial assets measured at fair value through profit or loss
Financial assets mandatorily measured at fair
value through profit or loss $ 9,252 $ -
Financial assets at fair value through other
comprehensive income
Designation of equity instrument $ 1,425,292 $ 1,030,843
Financial assets at amortised cost
Cash and cash equivalents $ 14,771,605 $ 127,321,531
Financial assets at amortised cost 279,968 9,601,193
Notes receivables 4,010 3,066
Accounts receivable 4,274,899 5,084,229
Other accounts receivable 9,392,994 292,137
Guarantee deposits paid 22,436 11,420
$ 28,745,912 $ 142,313,576
Financial assets for hedging $ 4,526,758 $ 8,461,308

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 December 31, 2023 December 31, 2022

Financial liabilities
Financial liabilities measured at fair value through profit or loss
Financial liability held for trading $ - %!!!!!!!!!!21-571
Financial liabilities at amortised cost
Accounts payable $ 6,280,682 $ 9,604,912
Other accounts payable 1,624,200 4,396,119
Bonds payable (including current portion) 3,759,867 6,806,154
Lease liabilities (including currentportion) 6,676,243 469,986
Long-term borrowings (including current portion) 10,877,684 4,375,152
Guarantee deposits received 42,176 20,293
$ 29,260,852 $ 25,672,616
Financial liabilities for hedging (including
current portion) $ 15,086,080 $ 16,875,676
B. Financial risk management policies
(a)The Company’s activities expose it to a variety of financial risks: market risk (including foreign
exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Company’s
overall risk management programme focuses on the unpredictability of financial markets and
seeks to minimize potential adverse effects on the Company’s financial position and financial
performance.
(b)Risk management is carried out by the Company’s Finance Department under policies
approved by the Board of Directors. The Company’s Finance Department identifies, evaluates
and hedges financial risks in close co-operation with the Company’s Operating Department.
The Board of Directors provides written principles for overall risk management, as well as
written policies covering specific areas and matters, such as foreign exchange risk, interest
rate risk, credit risk, use of derivative financial instruments and non-derivative financial
instruments, and investment of excess liquidity.
C. Significant financial risks and degrees of financial risks
(a) Market risk
Foreign exchange risk
i. The Company operates internationally and is exposed to foreign exchange risk arising from
various currency exposures, primarily with respect to the USD. Foreign exchange risk
arises from future commercial transactions, recognised assets and liabilities and net
investment in foreign operations.
ii. The Company’s management has set up a policy to require group companies to manage
their foreign exchange risk against their functional currency. The group companies are
required to hedge their entire foreign exchange risk exposure with the Company’s Finance
Department. To manage their foreign exchange risk arising from future commercial
transactions and recognised assets and liabilities, entities in the Company use forward
foreign exchange contracts, transacted with Company’s Finance Department. Foreign

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 exchange risk arises when future commercial transactions or recognised assets or liabilities
are denominated in a foreign currency that is not the entity’s functional currency.
iii. The Company’s businesses involve some non-functional currency operations (the
Company’s functional currency: NTD). The information on assets and liabilities
denominated in foreign currencies whose values would be materially affected by the
exchange rate fluctuations is as follows:

December 31, 2023

Foreign
currency
amount Book value
(In Thousands) Exchange rate (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD $ 1,351,108 30.6500 $ 41,411,460
JYP:NTD 601,648 0.2165 130,234
Financial liabilities
Monetary items
USD:NTD $ 1,357,642 30.6500 $ 41,611,727
INR:NTD 475,398 0.3684 175,153

December 31, 2022

Foreign
currency
amount Book value
(In Thousands) Exchange rate (NTD)
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD $ 1,293,624 30.5950 $ 39,578,426
Financial liabilities
Monetary items
USD:NTD $ 1,715,836 30.5950 $ 52,496,002
iv. The total net exchange gain, including realised and unrealised arising from significant
foreign exchange variation on the monetary items held by the Company for the years ended
December 31, 2023 and 2022 amounted to $2,465,744 and $12,631,222 respectively.

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v. Analysis of foreign currency market risk arising from significant foreign exchange variation:
Year ended December 31, 2023
Sensitivity analysis
Effect on Effect on other
Degree of profit comprehensive
variation or loss income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD 1% $ 368,847 $ 45,268
JYP:NTD 1% 1,302 -
Financial liabilities
Monetary items
USD:NTD 1% $ 265,256 $ 150,861
INR:NTD 1% 1,752 -

Year ended December 31, 2022

Sensitivity analysis
Effect on Effect on other
Degree of profit comprehensive
variation or loss income
(Foreign currency: functional currency)
Financial assets
Monetary items
USD:NTD 1% $ 311,171 $ 84,613
Financial liabilities
Monetary items
USD:NTD 1% $ 356,203 $ 168,757
Price risk
i. The Company is exposed to equity securities price risk because of investments held by the
Company and classified on the balance sheet at fair value through other comprehensive
income. The Company is not exposed to commodity price risk. To manage its price risk
arising from investments in equity securities, the Company diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company.
ii. The Company’s investments in equity securities comprise domestic listed and unlisted
stocks. The prices of equity securities would change due to the change of the future value
of investee companies. If the prices of these equity securities had increased/decreased by
1% with all other variables held constant, equity would have increased/decreased by
$14,140 and $10,209 for the years ended December 31, 2023 and 2022, respectively, as a
result of other comprehensive income classified as equity investment at fair value through
other comprehensive income.

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 Cash flow and fair value interest rate risk
i. The Company’s interest rate risk arises from long-term borrowings. Borrowings issued at
variable rates expose the Company to cash flow interest rate risk which is partially offset
by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose
the Company to fair value interest rate risk. During the years ended December 31, 2023
and 2022, the Company’s borrowings at variable rate were denominated in the NTD and
USD.
ii. At December 31, 2023 and 2022, if interest rates on borrowings had been 1% higher/lower
with all other variables held constant, post-tax profit for the years ended December 31,
2023 and 2022 would have been $87,449 and $35,555 lower/higher, respectively, mainly
as a result of higher/lower interest expense on floating rate borrowings.
(b) Credit risk
i. Credit risk refers to the risk of financial loss to the Company arising from default by the
clients or counterparties of financial instruments on the contract obligations. The main
factor is that counterparties could not repay in full the accounts receivable based on the
agreed terms.
ii. The Company manages their credit risk taking into consideration the entire group’s concern.
According to the Company’s credit policy, each local entity in the Company is responsible
for managing and analysing the credit risk for each of their clients before standard payment
and delivery terms and conditions are offered. Internal risk control assesses the credit
quality of the customers, taking into account their financial position, past experience and
other factors.
iii. For banks and financial institutions, only independently rated parties with good credit rating
are accepted.
iv. The Company adopts following assumptions under IFRS 9 to assess whether there has been
a significant increase in credit risk on that instrument since initial recognition:
If the contract payments were past due over 30 days based on the terms, there has been a
significant increase in credit risk on that instrument since initial recognition.
v. The default occurs when the contract payments are past due over 30 days.
vi. The following indicators are used to determine whether the credit impairment of debt
instruments has occurred:
(i) It becomes probable that the issuer will enter bankruptcy or other financial reorganisation
due to their financial difficulties;
(ii) The disappearance of an active market for that financial asset because of financial
difficulties;
(iii) Default or delinquency in interest or principal repayments;
(iv) Adverse changes in national or regional economic conditions that are expected to cause
a default.

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vii. The Company classifies customer’s accounts receivable and contract assets in accordance
with geographic area. The Company applies the modified approach based on the loss rate
methodology to estimate expected credit loss.
viii. The Company wrote-off the financial assets, which cannot be reasonably expected to be
recovered, after initiating recourse procedures. However, the Company will continue
executing the recourse procedures to secure their rights. As of December 31, 2023 and 2022,
the Company has no written-off financial assets that are still under recourse procedures.
ix. The Company used the forecastability to adjust historical and timely information to assess
the default possibility of notes receivable, accounts receivable (including related parties),
contract assets and overdue receivables. On December 31, 2023 and 2022, the loss rate
methodology is as follows:
Notes receivable
Total book value Expected loss rate Loss allowance
At December 31, 2023
Not past due $ 4,010 0% $ -
Accounts receivable
(including related parties)
Total book value Expected loss rate Loss allowance
At December 31, 2023
Not past due $ 3,925,145 0% $ -
Up to 30 days 348,760 0.01% 35
31 to 180 days 1,029 0.015%~0.03% -
$ 4,274,934 $ 35
Contract assets
Total book value Expected loss rate Loss allowance
At December 31, 2023
Not past due $ 256,652 0% $ -

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 Notes receivable
Total book value Expected loss rate Loss allowance
At December 31, 2022
Not past due $ 3,066 0.0001% $ -
Accounts receivable
(including related parties)
Total book value Expected loss rate Loss allowance
At December 31, 2022
Not past due $ 4,471,517 0.0001% $ 5
Up to 30 days 609,638 0.0101% 62
31 to 180 days 3,142 0.0201%~0.0251% 1
$ 5,084,297 $ 68
Contract assets
Total book value Expected loss rate Loss allowance
At December 31, 2022
Not past due $ 179,683 0% $ -

x. Movements in relation to the Company applying the modified approach to provide loss
allowance for accounts receivable (including related parties), contract assets and overdue
receivables are as follows:
2023
Notes Accounts Contract
receivable receivable assets
At January 1 $ - $ 68 $ -
Reversal of impairment loss - ( 33) -
At December 31 $ - $ 35 $ -

2022
Notes Accounts Contract
receivable receivable assets
At January 1 $ - $ - $ -
Reversal of impairment loss - 68 -
At December 31 $ - $ 68 $ -
(c) Liquidity risk
i. Cash flow forecasting is performed in the operating entities of the Company and aggregated
by Company’s Finance Department. Company’s Finance Department monitors rolling
forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet
operational needs.

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 ii. The table below analyses the Company’s non-derivative financial liabilities and net-settled
or gross-settled derivative financial liabilities into relevant maturity groupings based on the
remaining period at the balance sheet date to the contractual maturity date for non-
derivative financial liabilities.
Non-derivative financial liabilities:
Between 3
December 31, 2023 Less than 3 months and Between 1 Between 2
months 1 year and 2 years and 5 years Over 5 years Total
Accounts payable $ 5,286,444 $ 430,650 $ - $ - $ - $ 5,717,094
Accounts payable
- related parties 563,588 - - - - 563,588
Other payables 1,590,420 4,587 - - - 1,595,007
Other payables
- related parties 29,193 - - - - 29,193
Bonds payable - 3,759,867 - - - 3,759,867
Long-term loans
(including current
portion) 387,352 992,280 1,494,887 6,005,377 2,877,304 11,757,200
Lease payable and
financial liabilities
for hedging(including
current portion) 694,618 1,948,684 2,467,328 7,981,041 10,754,691 23,846,362

Non-derivative financial liabilities:

Between 3
December 31, 2022 Less than 3 months and Between 1 Between 2
months 1 year and 2 years and 5 years Over 5 years Total
Accounts payable $ 8,528,648 $ 724,662 $ - $ - $ - $ 9,253,310
Accounts payable
- related parties 351,602 - - - - 351,602
Other payables 4,286,515 13,438 - - - 4,299,953
Other payables
- related parties 96,166 - - - - 96,166
Bonds payable - 2,017,200 4,981,000 - - 6,998,200
Long-term loans
(including current
portion) 57,034 579,023 625,493 1,612,344 1,907,972 4,781,866
Lease payable and
financial liabilities
for hedging(including
current portion) 712,911 1,778,135 2,188,059 8,058,193 6,014,784 18,752,082

iii. The Company does not expect the timing of occurrence of the cash flows estimated through
the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount
will be significantly different.

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 (3) Fair value estimation
A.The different levels that the inputs to valuation techniques are used to measure fair value of
financial and non-financial instruments have been defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date. A market is regarded as active where a market
in which transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. The fair value of the
Company’s investment in listed stocks, beneficiary certificates and derivative
instruments with quoted market prices is included in Level.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
B. Fair value information of investment property at cost is provided in Note 6(11).
C. Financial instruments not measured at fair value
(a) Except for those listed in the table below, the carrying amounts of cash and cash equivalents,
notes receivable, accounts receivable, other receivables, financial assets measured at
amortised cost, accounts payable and other payables are approximate to their fair values.
December 31, 2023
Fair value Fair value
Book value Level 2 Level 3
Financial liabilities:
Bonds payable (including $ 3,759,867 $ 3,759,867 $ -
current portion)
Long-term loans (including
current portion) 10,877,684 - 11,757,200
$ 14,637,551 $ 3,759,867 $ 11,757,200
December 31, 2022
Fair value Fair value
Book value Level 2 Level 3
Financial liabilities:
Bonds payable (including $ 6,806,154 $ 4,806,154 $ 2,005,640
current portion)
Long-term loans (including
current portion) 4,375,151 - 4,781,866
$ 11,181,305 $ 4,806,154 $ 6,787,506

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D. The related information of financial and non-financial instruments measured at fair value by level
on the basis of the nature, characteristics and risks of the assets and liabilities are as follows:
(a) The related information of natures of the assets and liabilities is as follows:
December 31, 2023 Level 1 Level 2 Level 3 Total
Assets:
Recurring fair value measurements
financial assets at fair value through
profit or loss
Derivative instruments $ - $ 9,252 $ - $ 9,252
Financial assets at fair value
through other comprehensive
income 1,149,422 - 275,870 1,425,292
$ 1,149,422 $ 9,252 $ 275,870 $ 1,434,544

Liabilities:
Recurring fair value
measurements
Financial liabilities at fair value
through profit or loss
Derivatives instrument $ - $ - $ - $ -

December 31, 2022 Level 1 Level 2 Level 3 Total

Assets:
Recurring fair value
measurements
Financial assets at fair value
through other comprehensive
income $ 847,730 $ - $ 183,113 $ 1,030,843
Liabilities:
Recurring fair value
measurements
Financial liabilities at fair value
through profit or loss
Derivatives instrument $ - $ 10,460 $ - $ 10,460

(b)The methods and assumptions the Company used to measure fair value are as follows:
i. The instruments the Company used market quoted prices as their fair values (that is, Level
1) are listed below by characteristics:
Listed shares
Market quoted price Closing price

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 ii. Except for financial instruments with active markets, the fair value of other financial
instruments is measured by using valuation techniques or by reference to counterparty
quotes. The fair value of financial instruments measured by using valuation techniques can
be referred to current fair value of instruments with similar terms and characteristics in
substance, discounted cash flow method or other valuation methods, including calculated
by applying model using market information available at the parent company only balance
sheet date (i.e. yield curves on the Taipei Exchange, average commercial paper interest rates
quoted from Reuters).
iii. When assessing non-standard and low-complexity financial instruments, the Company
adopts valuation technique that is widely used by market participants. The inputs used in
the valuation method to measure these financial instruments are normally observable in the
market.
iv. The valuation of derivative financial instruments is based on valuation model widely
accepted by market participants, such as present value techniques and option pricing models.
Forward exchange contracts are usually valued based on the current forward exchange rate.
Structured interest derivative instruments are measured by using appropriate option pricing
models (i.e. Black-Scholes model) or other valuation methods, such as Monte Carlo
simulation.
v. The output of valuation model is an estimated value and the valuation technique may not
be able to capture all relevant factors of the Company’s financial and non-financial
instruments. Therefore, the estimated value derived using valuation model is adjusted
accordingly with additional inputs, for example, model risk or liquidity risk and etc. In
accordance with the Company’s management policies and relevant control procedures
relating to the valuation models used for fair value measurement, management believes
adjustment to valuation is necessary in order to reasonably represent the fair value of
financial and non-financial instruments at the parent company only balance sheet. The
inputs and pricing information used during valuation are carefully assessed and adjusted
based on current market conditions.
vi. The Company takes into account adjustments for credit risks to measure the fair value of
financial and non-financial instruments to reflect credit risk of the counterparty and the
Company’s credit quality.
E. For the years ended December 31, 2023 and 2022, there was no transfer between Level 1 and
Level 2.

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 F. The following chart is the movement of Level 3 for the years ended December 31, 2023 and 2022:
2023 2022
At January 1 $ 183,113 $ 147,399
Gains and losses recognised in other
comprehensive income (Note) 95,832 35,714
Proceeds from capital reduction in the year ( 1,537) -
At December 31 $ 277,408 $ 183,113

Note: Recorded as unrealised valuation gain or loss on valuation of investments in equity

instruments measured at fair value through other comprehensive income.
G. For the years ended December 31, 2023 and 2022, there was no transfer into or out from Level 3.
H. The Company is in charge of valuation procedures for fair value measurements being categorised
within Level 3, which is to verify independent fair value of financial instruments. Such
assessment is to ensure the valuation results are reasonable by applying independent information
to make results close to current market conditions, confirming the resource of information is
independent, reliable and in line with other resources and represented as the exercisable price,
and frequently calibrating valuation model, performing back-testing, updating inputs used to the
valuation model and making any other necessary adjustments to the fair value.
I. The following is the qualitative information of significant unobservable inputs and sensitivity
analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair
value measurement:
Fair value at Significant Range
December Valuation unobservable (weighted Relationship of inputs
31, 2023 technique input average) to fair value
Non-derivative equity
instrument:
Market Price to The higher the multiple
Unlisted shares $ 269,098 comparable earnings ratio 18.37~34.78 and control premium,
companies multiple the higher the fair value

The higher the multiple

Price to book
1.50~3.97 and control premium,
ratio multiple
the higher the fair value
The higher the
Discount for weighted average cost
20%~
lack of of capital and discount
30%
marketability for lack of control, the
lower the fair value
Venture capital shares
Net asset Not
Private equity fund 6,772 Not applicable
value applicable
investment

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 Fair value at Significant Range
December Valuation unobservable (weighted Relationship of inputs
31, 2022 technique input average) to fair value
Non-derivative equity
instrument:
Market Price to The higher the multiple
Unlisted shares $ 176,341 comparable earnings ratio 28.62~35.89 and control premium,
companies multiple the higher the fair value

The higher the multiple

Price to book
0.92~3.66 and control premium,
ratio multiple
the higher the fair value
The higher the
Discount for weighted average cost
lack of 20%~30% of capital and discount
marketability for lack of control, the
lower the fair value
Venture capital shares
Net asset Not
Private equity fund 6,772 Not applicable
value applicable
investment

J. The Company has carefully assessed the valuation models and assumptions used to measure fair
value. However, use of different valuation models or assumptions may result in different
measurement. The following is the effect of profit or loss or of other comprehensive income from
financial assets categorised within Level 3 if the inputs used to valuation models have changed:
December 31, 2023
Recognised in profit Recognised in other
or loss comprehensive income

Favourable Unfavourable Favourable Unfavourable

Input Change change change change change
Financial assets
Price to earnings ±1% $ - $ - $ 2,691 $ 2,691
Equity ratio/ price to book
instrument ratio/ discount for
lack of marketability

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 December 31, 2022
Recognised in profit Recognised in other
or loss comprehensive income

Favourable Unfavourable Favourable Unfavourable

Input Change change change change change
Financial assets
Price to earnings ±1% $ - $ - $ 1,763 $ 1,763
Equity ratio/ price to book
instrument ratio/ discount for
lack of marketability
K.The restricted account of the Company which was originally recorded as ‘financial assets at
amortised cost’ was the undrawn balance in the fund account remitted back for meeting ‘The
Management, Utilisation, and Taxation of Repatriated Offshore Funds Act’. The abovementioned
undrawn balance in the fund account was reclassified as ‘cash and cash equivalents’ according to
the regulation of IFRS Q&A amended by the competent authority on January 5, 2024. The account
for the prior period was also reclassified for comparison. The reclassification had no impact to the
earnings per share for the year ended December 31, 2022 and the total assets and total liabilities
on December 31, 2022.
13. SUPPLEMENTARY DISCLOSURES
(1) Significant transactions information
A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
C. Holding of marketable securities at the end of the period (not including subsidiaries, associates
and joint ventures): Please refer to table 3.
D. Acquisition or sale of the same security with the accumulated cost exceeding $300 million or
20% of the Company’s paid-in capital: Please refer to table 4.
E. Acquisition of real estate reaching $300 million or 20% of paid-in capital or more: Please refer
to table 5.
F. Disposal of real estate reaching $300 million or 20% of paid-in capital or more: None.
G. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in
capital or more: Please refer to table 6.
H. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please
refer to table 7.
I. Trading in derivative instruments undertaken during the reporting periods: None.
J. Significant inter-company transactions during the reporting periods: Please refer to table 8.
(2) Information on investees (not including investees in Mainland China)
Names, locations and other information of investee companies (not including investees in Mainland
China)ǺPlease refer to table 9.

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 (3) Information on investments in Mainland China
A. Basic information: Please refer to table 10.
B. Significant transactions, either directly or indirectly through a third area, with investee companies
in the Mainland Area: None.
(4) Information of major shareholder
Information of major shareholder: Please refer to table 11.
14. SEGMENT INFORMATION
None.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF CASH AND CASH EQUIVALENTS
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Amount
Item Description Subtotal Total
Cash $ 65,450
Cash on hand $ 180
Petty cash
TWD 23,284
USD 44,102
Less烉Unrealised losses ( 2,116)
Cash in banks
Checking accounts 6,365
NTD demand deposits 2,704,876
Foreign demand deposits 3,641,771
EUR 929 31,662
INR 46,517 17,314
JPY 551,702 119,397
USD 113,333 3,514,907
VND 8,974 11
Less烉Unrealised gains or losses ( 41,520)
NTD time deposits Interest rate:1.25%~1.425% 3,100,000
Foreign time deposits Interest rate:5.1%~5.8% 5,253,143
USD 171,391 5,280,954
Less烉Unrealised losses ( 27,811)
$ 14,771,605

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF ACCOUNTS RECEIVABLE
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Client Name Description Amount Footnote

Non-related parties
CMA CGM S.A. $ 611,777 1) Foreign freight are translated
COSCO Container Lines 521,937 into the functional currency at
Co.,Ltd. the dates of the transactions
Orient Overseas Container 284,924 and retranslated at the
Line Limited exchange rates prevailing at
2) The amount of individual
client included in others does
Others 2,388,020
not exceed 5% of the account
balance.
Less烉Unrealised losses ( 67,252)
Less烉Allowance for bad debts ( 35)
3,739,371
Related parties
Evergreen Marine 366,197
(Asia) Pte. Ltd.
Evergreen Marine 77,744
(Hong Kong) Ltd.
Evergreen International S.A. 30,922
Others 60,665
3) The amount of individual
Less烉Allowance for bad debts
- client included in others does
535,528 not exceed 5% of the account
$ 4,274,899 balance.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF OTHER RECEIVABLES
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Description Amount Footnote

Non-related parties
Accrued interest Interest income $ 53,077 The amount of individual
client included in others
Others 40,021
does not exceed 5% of
93,098 the account balance.
Related parties
Evergreen Marine (Hong Kong) Ltd. 9,265,526
Others 34,370 The amount of individual
9,299,896 client included in others
does not exceed 5% of
$ 9,392,994 the account balance.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF SHIP FUEL
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Cost Net Realisable

Item Description (in thousands) Value Footnote
Fuel ARTX USD 4,514 $ 138,350 1)Fuel inventories of each ship are
GIVE USD 4,381 134,290 recorded at cost and retranslated
at the exchange rates prevailing
GLOR USD 3,918 120,091 at the balance sheet date.
TPET USD 3,888 119,172
ARMS USD 3,628 111,205
LRIC USD 3,205 98,234
GREE USD 2,757 84,514
Others USD 21,059 645,452 2)The amount of individual client
included in others does not
Lubricating oil Others USD 4,437 135,990
exceed 5% of the account
USD 51,787 $ 1,587,298 balance.

(blank part below)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF OTHER CURRENT ASSETS
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Description Amount Footnote

Agency accounts 1) Agency accounts are
translated into the functional
Evergreen Shipping Agency $ 161,545
currency at the dates of the
(India) Private Ltd.
transactions and retranslated
at the exchange rates
Arabian Gulf Marine 126,887
prevailing at the balance sheet
Trading Co.
date. Exchange
differences arising upon
retranslation at the balance
sheet date are recognised in
profit or loss.
Others 334,123 2) The amount of individual
client included in others does
622,555
not exceed 5% of the account
balance.
Shipowner's accounts
Evergreen International 30,590
S.A.
Evergreen Marine (Hong 11,162
Kong) Ltd.
Evergreen Marine (UK) Ltd. 8,675
Gaining Enterprise S.A. 6,708
Greencompass Marine S.A. 6,200
63,335
Others Temporary payments for others 985,110
$ 1,671,000

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458
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF CHANGES IN INVESTMENT ACCOUNTED FOR USING EQUITY METHOD
FOR THE YEAR ENDED DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Balance at Additions in Decrease in Balance at Market Value or

January 1, 2023 Investment Investment December 31, 2023 Net Assets Value
Number
Number of of Number of Number of Price Total
Investees shares Amount shares Amount shares Amount shares Ownership Amount (NTD) Amount Collateral Footnote

Peony Investment S.A. 4,765 $ 78,471,347 - $ 6,436,234 - $ 5,235,750 4,765 100.00 $ 79,671,831 $ - $ 80,331,122 No
Everport Terminal Services Inc. 1 4,358,902 - - - 164,963 1 94.43 4,193,939 - 4,193,940 ˥
Taiwan Terminal Services Co., Ltd. 5,500 84,137 2,200 63,859 - 15,400 7,700 77.00 132,596 - 132,596 ˥
Charng Yang Development
58,542 567,589 14,636 527,383 - 73,178 73,178 50.00 1,021,794 - 1,255,260 ˥
Co.,Ltd
Evergreen International Storage
430,692 11,853,845 - 1,349,989 - 538,365 430,692 40.36 12,665,469 31.70 13,652,942 ˥
and Transport Corporation
Evergreen Security Corporation 12,622 357,910 - 15,521 - 18,933 12,622 62.25 354,498 - 354,498 ˥
EVA Airways Corporation 776,541 12,758,113 - 2,615,046 375,402 7,407,141 401,139 7.43 7,966,018 31.45 12,615,825 ˥
Evergreen Steel Corp. 79,248 4,167,120 - 902,559 - 396,240 - 19.00 4,673,439 104.00 8,241,792
Taipei Port Container Terminal
144,799 1,801,637 - 99,246 - - 144,799 27.85 1,900,883 - 1,899,334 ˥
Corporation
Ever Ecove Corporation 30,500 353,548 - 112,932 - - 30,500 19.06 466,480 - 466,480 ˥
VIP Greenport Joint Stock Company 13,750 326,743 - 79,613 - 70,175 13,750 21.74 336,181 - 336,181 ˥
Evergreen Marine (Hong Kong) Ltd. 6,320 57,078,652 - 9,968,759 - 12,171,426 6,320 79.00 54,875,985 - 54,875,985 ˥
Evergreen Shipping Agency (Israel)
- 30,862 - 49,435 1,062 59.00 28,976 - 28,976 ˥
Ltd. 1,062 47,549
Evergreen Marine (Asia) Pte. Ltd. 50,000 233,475,369 - 21,120,384 - 48,876,030 50,000 100.00 205,719,723 205,719,723
$ 405,702,461 $ 43,322,387 $ 75,017,036 $ 374,007,812

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF CHANGES IN SHIPS
FOR THE YEAR ENDED DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Balance at January 1, 2023 Increased in this period Transferred in this period Decreased in this period Balance at December 31, 2023 Footnote
Ships:
LOYL $ 3,462,569 $ 2,097 $ - $ - $ 3,464,666
LUCD 3,422,156 16,277 10,178 - 3,448,611
LOGC 3,393,564 39,864 - - 3,433,428
LIVN 3,464,251 38,418 12,976 - 3,515,645
LBRA 3,440,958 33,658 - - 3,474,616
LUNR 3,572,889 17,959 19,454 - 3,610,302
LRIC 3,574,411 - - - 3,574,411
PRMT 586,375 31,008 7,520 - 624,903
PRBT 544,788 - 5,446 - 550,234
PRSP 520,091 - 5,316 - 525,407
BLMY 1,277,129 27,339 - - 1,304,468
BLOM 1,259,843 33,484 - - 1,293,327
BEMY 1,260,558 31,104 - - 1,291,662
BASS 1,256,872 28,862 - - 1,285,734
BEFT 1,268,123 19,617 - - 1,287,740
BORD 1,294,621 1,629 - - 1,296,250
BEDY 1,246,542 33,625 - - 1,280,167
BENG 1,290,534 13,613 - - 1,304,147
BLES 1,341,208 452 - - 1,341,660
BLNK 1,307,723 7,805 - - 1,315,528
CRTE 742,922 - - - 742,922
COZY 734,959 - 5,883 - 740,842
CONY 729,814 - - - 729,814
CRER 731,602 - - - 731,602
ARMS 4,358,853 - 20,509 - 4,379,362
ARTX 4,525,942 - 21,505 - 4,547,447
$ 50,609,297 $ 376,811 $ 108,787 $ - $ 51,094,895

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460
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF CHANGES IN SHIPS (Cont.)
FOR THE YEAR ENDED DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Balance at January 1, 2023 Increased in this period Decreased in this period Balance at December 31, 2023 Footnote
Accumulated depreciation
LOYL $ 1,147,321 $ 138,519 $ - $ 1,285,840
LUCD 1,087,535 151,811 - 1,239,346
LOGC 1,196,376 157,953 - 1,354,329
LIVN 1,194,475 154,146 - 1,348,621
LBRA 1,290,854 158,426 - 1,449,280
LUNR 1,008,569 149,110 - 1,157,679
LRIC 1,028,853 142,564 - 1,171,417
PRMT 575,861 12,854 - 588,715
PRBT 532,388 5,706 - 538,094
PRSP 502,559 9,434 - 511,993
BLMY 257,062 66,125 - 323,187
BLOM 217,558 55,410 - 272,968
BEMY 227,200 56,112 - 283,312
BASS 237,783 58,190 - 295,973
BEFT 223,326 60,933 - 284,259
BORD 201,929 57,091 - 259,020
BEDY 229,206 56,920 - 286,126
BENG 215,722 57,136 - 272,858
BLES 193,718 82,585 - 276,303
BLNK 172,746 61,305 - 234,051
CRTE 65,534 37,049 - 102,583
COZY 55,498 37,647 - 93,145
CONY 47,651 36,422 - 84,073
CRER 42,501 36,517 - 79,018
ARMS 160,896 201,709 - 362,605
ARTX 127,650 209,151 - 336,801
$ 12,240,771 $ 2,250,825 $ - $ 14,491,596
Net Amount $ 38,368,526 $ 36,603,299

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF ACCOUNTS PAYABLE
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Client name Description Amount Footnote

Non-related parties
CMA CGM S.A. $ 558,794
COSCO Shipping Lines Co., Ltd. 380,591
Chimbusco Pan Nation
295,306 The amount of individual
Petro-Chemical Co., Ltd.
client included in others
Estimated expense payable 344,013
4,138,390 does not exceed 5% of the
Others
account balance.
5,717,094
Related parties
Evergreen Shipping Agency
(India) Private Ltd. 175,153
Taiwan Terminal Services Co., Ltd. 122,761
Taipei Port Container Terminal Corp. 107,554
Evergreen International Storage
and Transport Corporation 86,475 The amount of individual
Evergreen Marine (Asia) Pte. Ltd. 57,637 client included in others
Others 14,008 does not exceed 5% of the
563,588 account balance.
$ 6,280,682

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF OTHER PAYABLES
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Description Amount Footnote

Non-related parties
Other payables $ 262,372
Accrued expenses 693,823
Interest payable 8,610
Business tax payable 3,006
Payable on equipment 627,196
$ 1,595,007
Related parties
Ever Accord Construction Corp. 18,162
Evergreen International Storage
The amount of individual
and Transport Corporation 4,854
Evergreen Security Corporation 3,959 client included in others
Others 2,218 does not exceed 5% of the
account balance.
29,193
$ 1,624,200

(blank part below)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF OTHER CURRENT LIABILITIES
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Item Description Amount Footnote

Agency accounts 1) Agency accounts are translated into the
Evergreen Shipping Agency $ 606,894 functional currency at the dates of the
(Japan) Corporation transactions and retranslated
Greenpak Shipping 110,773 at the exchange rates prevailing at the
(Private) Limited balance sheet date. Exchange
Evergreen Shipping Agency 104,785 differences arising upon retranslation at
(Europe) GmbH the balance sheet date are recognised in
Evergreen Shipping Agency 57,243 profit or loss.
(Vietnam) Corporation
Others 179,482 2) The amount of individual client
1,059,177 included in others does not exceed 5%
of the account balance.
Shipowner's accounts
Evergreen Marine 1,743,976
(Asia) Pte Ltd.
Italia Marittima S.p.A. 194,815
Evergreen Marine
(Singapore) Pte. Ltd. 65,976
2,004,767

Receipts under custody Withholding tax 93,749

Other unearned revenue 1,937
Proceeds from capital
6,896,250
reduction in the year
Bonds payable - 3,759,867
current portion
Long-term liabilities -
current portion 1,143,850
$ 14,959,597

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464
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF CORPORATE BONDS PAYABLE
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Amount
Unamortised
Issuance Interest Rate Repayment Balance at Premiums
Bonds Name Trustee Date Payment Date (%) Total Amount paid December 31, 2022 (Discounts) Book Value Repayment Collateral Footnote

Fourteenth domestic secured Bank of

107.06.27 112.06.27 0.00 2,000,000 ( 2,000,000) - - - Note 1 Ƀ Note 2
corporate bonds Taiwan

Fourth unsecured domestic 110.05.18 - - 5,000,000 ( 1,144,900) 3,855,100 ( 95,233) 3,759,867 Note 3 None
convertible bonds
Less: current portion (3,759,867)
Non-current portion $ -

Note 1ǺExcept for conversion, proceeds and redemption, the principal of the Bonds shall be repaid in lump sum at maturity.
Note 1ǺPlease refer to Note 6(15) for details of principal repayment and interest payment.
Note 2ǺThe Bonds are secured and are guaranteed by First Commercial Bank.
Note 3ǺThe Bonds are fourth unsecured domestic overseas convertible bonds. Please refer to Note 6(15) for details of principal repayment and interest payment.

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF LONG-TERM LOANS
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Creditor Description Amount Term of Contract Rate(%) Collateral Footnote

Long-term bank loans:
Bank of Taiwan Secured bank loans $ 4,700,000 112.07.24-116.02.16 Building(EIC)
Hua Nan Commercial Bank Ƀ 3,089,156 111.05.18-118.05.19 Ships
Bank of the Republic of China
Ƀ 2,340,000 112.07.24-121.07.11 Ƀ
(Eximbank)
Bank of China Ƀ 329,359 108.02.28-115.06.29 Ƀ
Banco Santander, S.A. Ƀ 427,473 110.09.28-120.09.23 Ƀ Including USD loans
10,885,988 1.70%-6.47%
Add: Unrealised losses 45,150
Less: Deferred expenses - hosting fee credit ( 53,454)
10,877,684
Less: current portion ( 1,143,850)
Non-current portion $ 9,733,834

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF LEASE LIABILITIES
DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

Term of Contract Balance at

Item (year) Discount Rate(%) December 31, 2023
Land 14.7~20 1.4924%~1.195% $ 6,652,152
Buildings 3 1.1% 19,223
Ships 3~15 2.5207%~3.5688% 15,086,080
Offices 5 1.13%~1.9805% 4,868
Total $ 21,762,323

NoteǺPlease refer to Note 6(10) for details of lease liabilities.

(blank part below)

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 EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF LABOR, DEPRECIATION AND AMORTISATION BY FUNCTION
FOR THE YEAR ENDED DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

(4) The Year ended December 31, 2023 Year ended December 31, 2022
Company has Classified as Classified as Classified as Classified as
Total Total
By nature Operating Costs Operating Operating Costs Operating
Employee benefit expense
dzWages and salaries $ 1,297,385 $ 3,866,892 $ 5,164,277 $ 1,599,043 $ 12,571,155 $ 14,170,198
dzLabor and health insurance fees 96,765 314,381 411,146 87,675 424,793 512,468
dzPension costs 53,051 175,382 228,433 50,795 151,721 202,516
dzDirectors' remuneration - 22,777 22,777 - 42,053 42,053
dzOther personnel expenses 84,039 197,309 281,348 80,747 244,829 325,576
Total 1,531,240 4,576,741 6,107,981 1,818,260 13,434,551 15,252,811
Depreciation expenses 7,172,743 257,754 7,430,497 6,549,190 212,408 6,761,598
Amortisation expenses - 34,372 34,372 - 24,526 24,526
NoteǺ
1. As of December 31, 2023 and 2022, the Company had 3,116 and 3,116 employees, including 3 and 4 non-employee directors, respectively.
2.A company whose stock is listed for trading on the stock exchange or over-the-counter securities exchange shall additionally disclose the following
information烉
(1) Average employee benefit expense in current year is 1,955 (in thousands of dollars).
Average employee benefit expense in previous year is 4,888 (in thousands of dollars).
(2) Average employees salaries in current year is 1,659 (in thousands of dollars).
Average employees salaries in previous year is 4,553 (in thousands of dollars).
(3) Adjustments of average employees salaries (63.56%).
(4) The Company has not set up remuneration of the supervisors because it has the Audit Committee.

~113~

467
468
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.
STATEMENT OF LABOR, DEPRECIATION AND AMORTISATION BY FUNCTION (Cont.)
FOR THE YEAR ENDED DECEMBER 31, 2023
(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

(5) The remuneration policies of the Company’s directors, managers and employees are described as follows:
A.General directors and independent directors
In accordance with the Articles of Incorporation and the remuneration payment regulations for directors, if the Company has distributable profit of the
current year, the ratio set for directors’ remuneration shall not be higher than 2% of distributable profit; and in the total amount of directors’ remuneration,
individual directors’ remuneration shall be allocated according to the degree of each directors’ participation in the operation of the Company and the value
of their contributions, as well as take into account the general pay levels of the industry.
B.Remuneration of the general manager and the vice general manager is regulated in accordance with the remuneration payment regulations for managerial
officers and is paid according to the Company’s overall operating situation and the results of personal performance assessment.
C.Fixed remuneration of the Company’s employees is paid in accordance with the salary standard of each position and is adjusted according to the Company’s
revenue status, the general pay levels of the market and whether their personal performance is good . In addition, variable remuneration such as
employees’ compensation and year-end bonus is paid in accordance with the Articles of Incorporation or the Company’s operating situation and the results
of personal performance assessment.
D.Remuneration of the directors and managerial officers shall be reviewed by the Company’s remuneration committee and approved by the Board of Directors.

~114~
 Evergreen Marine Corporation (Taiwan) Ltd.
Loans to others
For the year ended December 31, 2023
Table 1 Expressed in thousands of TWD/thousands of foreign currency

Collateral
Is a Maximum outstanding balance Amount of Allowance for Ceiling on total
Number General ledger Balance at December Actual amount Nature of loan Reason for short-term Limit on loans granted to
Creditor Borrower related during the ended December 31, Interest rate transactions with doubtful loans granted Footnote
(Note 1) account (Note 2) 31, 2023 (Note 8) drawn down (Note 4) financing (Note 6) a single party (Note 7)
party 2023 (Note 3) borrower (Note 5) accounts Item Value (Note 7)

Peony Investment Whitney Equipment Receivables from Working capital

1 Yes $ 183,750 $ - $ - !1/11111& 2 $ - $ - None $ - $ 32,134,377 $ 40,167,971
S.A. LLC. related parties requirement

Peony Investment Evergreen Argentina Receivables from 6/45946& Working capital

1 Yes 5,980 5,670 5,670 2 - - None - 16,067,188 32,134,377
S.A. S.A. related parties 6/46381 requirement

Evergreen Marine Evergreen Argentina Receivables from Working capital

2 Yes 5,253 - - !1/11111& 2 None 13,469,932 26,939,865
(Hong Kong) Ltd. S.A. related parties requirement

Everport Terminal Whitney Equipment Receivables from Working capital

3 Yes 355,575 337,150 337,150 7/57998& 2 - - None - 1,840,417 2,300,521
Services Inc. LLC. related parties requirement

Evergreen Marine Evergreen Business Receivables from Working capital

4 Yes 130,076 61,300 61,300 6/86218& 2 - - None - 82,290,623 102,863,278
(Asia) Pte. Ltd. Process Inc. related parties requirement

Evergreen Marine Colon Container Receivables from 6/55946& Working capital

4 Yes 2,278,913 2,160,825 2,160,825 2 - - None - 82,290,623 102,863,278
(Asia) Pte. Ltd. Terminal S.A. related parties 7/56381 requirement

Note 1: The numbers filled in for the loans provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Fill in the name of account in which the loans are recognised, such as receivables–related parties, current account with stockholders, prepayments, temporary payments, etc.
Note 3: Fill in the maximum outstanding balance of loans to others for the year ended December 31, 2023.
Note 4: The column of‘Nature of loan’ shall fill in 1.‘Business transaction’ or 2.‘Short-term financing’.
Note 5: Fill in the amount of business transactions when nature of the loan is related to business transactions, which is the amount of business transactions occurred between the creditor and borrower in the current period.
Note 6: Fill in purpose of loan when nature of loan is for short-term financing, for example, repayment of loan, acquisition of equipment, working capital, etc.
Note 7: Fill in limit on loans granted to a single party and ceiling on total loans granted as prescribed in the creditor company’s “Procedures for Provision of Loans”, and state each individual party to which the loans have been provided and
the calculation for ceiling on total loans granted in the footnote.
1. According to the Company's credit policy, the total amount of loans granted to a single company should not exceed 20% of the net worth stated in the latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 20% = 16,067,188 (in thousands of dollars)
Evergreen Marine (Hong Kong) Ltd.烉USD 2,197,379 * 30.6500 * 20% = 13,469,932 (in thousands of dollars)
The Company held 100% voting shares directly and indirectly in foreign company, that the total amount of loans granted to a single company should not exceed 40% of the net worth stated in the latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 40% = 32,134,377 (in thousands of dollars)
Everport Terminal Services Inc.烉USD 150,116* 30.6500 * 40% = 1,840,417 (in thousands of dollars)
Evergreen Marine (Asia) Pte. Ltd.烉USD 6,712,123 * 30.6500 * 40% = 82,290,623 (in thousands of dollars)
2. According to the Company's credit policy, the total amount of loans granted should not exceed 40% of the net worth stated in the latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 40% = 32,134,377 (in thousands of dollars)
Evergreen Marine (Hong Kong) Ltd.烉USD 2,197,379 * 30.6500 * 40% = 26,939,865 (in thousands of dollars)
The Company held 100% voting shares directly and indirectly in foreign company, that the total amount of loans granted should not exceed 50% of the net worth stated in the latest financial statements.
PEONYǺUSD 2,621,075 * 30.6500 * 50% = 40.167,971 (in thousands of dollars)
Everport Terminal Services Inc.烉USD 150,116 * 30.6500 * 50% = 2,300,521 (in thousands of dollars)
Evergreen Marine (Asia) Pte. Ltd.烉USD 6,712,123 * 30.6500 * 50% = 102,863,278 ˤ (in thousands of dollars)
Note 8: The amounts of funds to be loaned to others which have been approved by the Board of Directors of a public company in accordance with Article 14, Item 1 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies” should be included in its published balance of loans to others
at the end of the reporting period to reveal the risk of loaning the public company bears, even though they have not yet been appropriated. However, this balance should exclude the loans repaid when repayments are done subsequently to reflect the risk adjustment. In addition, if the Board of Directors of a public company has
authorized the Chairman to loan funds in instalments or in revolving within certain lines and within one year in accordance with Article 14, Item 2 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies”, the published balance of loans to others at the end of the reporting period
should also include these lines of loaning approved by the Board of Directors, and these lines of loaning should not be excluded from this balance even though the loans are repaid subsequently, for taking into consideration that they could be loaned again thereafter.

469
470
Evergreen Marine Corporation (Taiwan) Ltd.
Provision of endorsements and guarantees to others
For the year ended December 31, 2023
Table 2 Expressed in thousands of TWD/thousands of foreign currency

Ratio of
Party being endorsed/guaranteed accumulated
Outstanding Provision of Provision of
Maximum outstanding Amount of endorsement/ Ceiling on total Provision of
endorsement/ endorsements/ endorsements/
Limit on endorsements/ endorsement/ endorsements/ guarantee amount of endorsements/
Number guarantee amount Actual amount drawn guarantees by guarantees to the
Endorser/Guarantor Relationship with guarntees provided for a guarantee amount as of guarantees amount to net endorsements/ guarantees by parent Footnote
(Note 1) at December 31, down (Note 6) subsidiary to parent party in Mainland
the endorser/ single party (Note 3) December 31, 2023 secured with asset value of guarantees provided company to subsidiary
Company name 2023 company China
guarantor (Note 4) collateral the endorser/ (Note 3) (Note 7)
(Note 5) (Note 7) (Note 7)
(Note 2) guarantor
company

Evergreen Marine
0 Greencompass Marine S.A. 2 $ 879,798,032 $ 28,036,062 $ 25,609,607 $ 16,391,442 $ - 6/93& $ 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Evergreen Marine (UK) Limited 2 879,798,032 808,125 766,250 - - 1/28& 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Everport Terminal Services Inc. 2 879,798,032 2,015,125 1,863,520 864,251 - 1/53& 1,099,747,540 Y N N
Corporation

Evergreen Marine
0 Evergreen Marine (Asia) Pte. Ltd. 2 879,798,032 92,908,515 89,013,730 - - 31/35& 1,099,747,540 Y N N
Corporation

Evergreen Marine Evergreen Marine (Hong Kong)

0 2 879,798,032 8,655,781 8,207,260 6,026,922 - 2/98& 1,099,747,540 Y N N
Corporation Ltd.

Evergreen Marine Evergreen Heavy

0 2 879,798,032 1,583,213 1,501,175 804,293 - 1/45& 1,099,747,540 Y N N
Corporation Industrial Corp. (M) Berhad
 Ratio of
Party being endorsed/guaranteed accumulated
Outstanding Provision of Provision of
Maximum outstanding Amount of endorsement/ Ceiling on total Provision of
endorsement/ endorsements/ endorsements/
Limit on endorsements/ endorsement/ endorsements/ guarantee amount of endorsements/
Number guarantee amount Actual amount drawn guarantees by guarantees to the
Endorser/Guarantor Relationship with guarntees provided for a guarantee amount as of guarantees amount to net endorsements/ guarantees by parent Footnote
(Note 1) at December 31, down (Note 6) subsidiary to parent party in Mainland
the endorser/ single party (Note 3) December 31, 2023 secured with asset value of guarantees provided company to subsidiary
Company name 2023 company China
guarantor (Note 4) collateral the endorser/ (Note 3) (Note 7)
(Note 5) (Note 7) (Note 7)
(Note 2) guarantor
company

Evergreen Marine Evergreen Shipping Agency

1 2 $ 411,453,113 $ 1,498,653 $ 1,407,007 $ 609,671 $ - 1/79& $ 514,316,392 N N N
(Asia) Pte. Ltd. (Japan) Corp.

Colon Container
2 Colon Logistics Park, S.A. 2 16,633,948 310,320 294,240 294,240 - 4/65& 20,792,435 N N N
Terminal S.A.

Note 1: The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:
(1)The Company is ‘0’.
(2)The subsidiaries are numbered in order starting from ‘1’.
Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following six categories; fill in the number of category each case belongs to:
(1) Having business relationship.
(2) The endorser/guarantor parent company directly and indirectly owns more than 50% voting shares of the endorsed/guaranteed company.
(3) The endorsed/guaranteed parent company directly and indirectly owns more than 50% voting shares of the endorser/guarantor subsidiary.
(4) The parent company directly or indirectly owns more than 90% voting shares of the companies that make endorsements/guarantees for each other.
(5) The parent company fulfills its contractual obligations by providing mutual endorsements/guarantees for another company in the same industry or for joint builders for purposes of undertaking a construction project.
(6) Due to joint venture, all capital contributing shareholders make endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.
(7) Companies in the same industry provide among themselves joint and several security for a performance guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
Note 3: Fill in limit on endorsements/guarantees provided for a single party and ceiling on total amount of endorsements/guarantees provided as prescribed in the endorser/guarantor company’s “Procedures for Provision of Endorsements and
Guarantees”, and state each individual party to which the endorsements/guarantees have been provided and the calculation for ceiling on total amount of endorsements/guarantees provided in the footnote.
The calculation is as follows:
The Company: 439,899,016 * 250% = 1,099,747,540 (in thousands of dollars)
Limit on endorsement or guarantees provided by the Company for a single entity is $219,949,508 (in thousands of dollars)(Amounting to 50% of its net worth).
dzdz(When the Company owns more than 50% voting shares of the endorsed/guaranteed company, the limit on endorsement or guarantee provided by the Company should not exceed 200% of its net worth, which equals to $879,798,032.)
ˢˢ According to the credit policy of Evergreen Marine (Asia) Pte. Ltd., the calculation for total amount of endorsements/guarantees is as follows:
dzdz Ceiling on total amount of endorsements/guarantees: USD 6,712,123 * 30.6500 * 250% = 514,316,392 (in thousands of dollars)

471
472
Evergreen Marine Corporation (Taiwan) Ltd.
Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)
For the year ended December 31, 2023
Table 3 Expressed in thousands of shares/thousands of TWD/thousands of foreign currency
(Except as otherwise indicated)

As of December 31, 2023

Relationship with the
Securities held by Marketable securities (Note 1) Genearl ledger account Footnote (Note 4)
securities issuer (Note 2)
Number of shares Book value (Note 3) Ownership (%) Fair value

Evergreen Marine Corporation Stock:

Financial asset measured at fair

Power World Fund Inc. value through other comprehensive 677 $ 6,772 5.68% $ 6,772
income - non-current

Linden Technologies, Inc. Ƀ 45 23,834 1.376% 23,834

TopLogis, Inc. Ƀ 2,464 32,422 17.48% 32,422

Ever Accord Construction Corp. Other related party Ƀ 11,550 212,842 17.50% 212,842

Central Reinsurance Corp. Other related party Ƀ 49,866 1,149,422 6.23% 1,149,422

Financial bonds:

Financial asset measured at

Sunny Bank 3rd Subordinate Financial Debentures-B Issue in 2017 - 50,000 - 50,000
atmortised cost - non-current
Peony Investment S.A.
Financial asset measured at fair
Hutchison Inland Container Depots Ltd. value through other comprehensive 0.75 USD 1,437 5.27% USD 1,437
income - non-current

South Asia Gateway Terminals (Private) Ltd. Ƀ 18,942 USD 18,955 5.00% USD 18,955

Evergreen Shipping Agency (Europe)

Zoll Pool Hafen Hamburg AG Ƀ 10 EUR 10 2.86% EUR 10
GmbH
Evergreen Shipping Agency Philippines
Corporation Eagle Ridge Golf & Country Club Inc. Ƀ 0.001 PHP 230 0.0167% PHP 230

Evergreen Shipping Agency (Argentina) Financial asset measured at fair

S.A. Galicia Fima Premium value through profit or loss - 119,892 ARS 4,877,586 - ARS 4,877,586
current

Santander Super Ahorro Ƀ 610,974 ARS 4,877,440 - ARS 4,877,440

Supervielle Premier Renta CP en Pesos Ƀ 502,269 ARS 4,879,985 - ARS 4,879,985

Financial asset measured at

Criteria Promissory Notes 500 ARS 414,125 - ARS 414,125
atmortised cost - current

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities within the scope of IFRS9, 'Financial instruments: recognition and measurement'.
Note 2: Leave the column blank if the issuer of marketable securities is non-related party.
Note 3: Fill in the amount after adjusted at fair value and deducted by accumulated impairment for the marketable securities measured at fair value; fill in the acquisition cost or amortised cost deducted by accumulated impairment for the
marketable securities not measured at fair value.
Note 4: The number of shares of securities and their amounts pledged as security or pledged for loans and their restrictions on use under some agreements should be stated in the footnote if the securities presented herein have such conditions.
 Evergreen Marine Corporation (Taiwan) Ltd.
Acquisition or sale of the same security with the accumulated cost exceeding $300 million or 20% of the Company's paid-in capital
For the year ended December 31, 2023
Table 4 Expressed in thousands of shares/thousands of TWD

Relationship Balance as at January 1, 2023 Addition (Note 3) Disposal (Note 3) Balance as at December 31, 2023
Marketable General
Counterparty with
Investor securities ledger Footnote
ȐNote 2ȑ the investor Number of Number of Number of Gain (loss) on Number of
ȐNote 1ȑ account Amount Amount Selling price Book value Amount
ȐNote 2ȑ shares shares shares disposal shares

Evergreen Marine
Stock:
Corporation

Investments accounted Evergreen

Charng Yang
for using equity International Other related party 58,542 $ 320,000 14,636 $ 450,000 - $ - $ - $ - 73,178 $ 770,000 Note 5
Development Co.,Ltd.
method Corp.
Investments accounted
Eva Airways Corp. for using equity Ƀ Ƀ 776,541 11,276,823 - - 375,402 13,046,838 5,451,536 6,260,209 401,139 5,825,287 Note 5ˣ6ˣ7
method

Evergreen Marine
Stock:
(Asia) Pte. Ltd.

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary - - 5,144 USD 24,120 - - - - 5,144 USD 24,120 Note 5
Terminal S.A. (Hong Kong) Ltd.
method

Clove Holding
Ƀ Ƀ Subsidiary - - 22,860 USD 107,200 - - - - 22,860 USD 107,200 Note 5
Ltd.

ALLY Holding
Ƀ Ƀ Other related party - - 29,146 USD 136,680 - - - - 29,146 USD 136,680 Note 5
Ltd

Investments accounted
Evergreen Marine Evergreen
for using equity Other related party - - 610,000 USD 780,000 - - - - 610,000 USD 780,000 Note 5
(Singapore) Pte. Ltd. International S.A.
method

Evergreen Marine
Stock:
(Hong Kong) Ltd.

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary 5,144 USD 15,600 - - 5,144 USD 24,120 USD 15,600 USD 911 - - Note 6
Terminal S.A. (Asia) Pte. Ltd.
method

Clove Holding Ltd.

Stock:
(Clove)

Investments accounted
Colon Container Evergreen Marine
for using equity Subsidiary 22,860 USD 31,045 - - 22,860 USD 107,200 USD 31,045 USD 4,047 - - Note 6
Terminal S.A. (Asia) Pte. Ltd.
method

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities.
Note 2: Fill in the columns the counterparty and relationship if securities are accounted for under the equity method; otherwise leave the columns blank.
Note 3: Aggregate purchases and sales amounts should be calculated separately at their market values to verify whether they individually reach NT$300 million or 20% of paid-in capital or more.
Note 4: Paid-in capital referred to herein is the paid-in capital of parent company.
Note 5: The amounts were investment costs. Refer to Note 6(8) and Table 9 for the information on their carrying amounts.
Note 6: Gains (losses) on disposal include adjustments in investment income or loss and adjustments in changes of net value.
Note 7: The securities were disposed through stock exchange market. Refer to Note 6(8) for relevant information.

473
474
Evergreen Marine Corporation (Taiwan) Ltd.
Acquisition of real estate reaching NT$300 million or 20% of paid-in capital or more
For the year ended December 31, 2023
Table 5 Expressed in thousands of TWD
If the counterparty is a related party, information as to the last transaction
of the real estate is disclosed below:

Reason for
Relationship Basis or acquisition of
Relationship Original owner who between the original Date of the reference used real estate and
Real estate Date of the Transaction Status of with the sold the real estate owner and the original in setting the status of the Other
acquired by Real estate acquired event amount payment Counterparty counterparty to the counterparty acquirer transaction Amount price real estate commitments
Evergreen Land: Land No.672, 673 and 679 of Nanxing 2022/12/22 $ 1,743,000 The full amount Evergreen Other related Not applicable Not applicable Not applicable Not applicable Market price Operational needs None
Marine Section, Luzhu District, Taoyuan City and Land paid completely International party of offices
Corporation No.401, 401-1, 402 ~ 405 of Nanrong Section, Corp.
Luzhu District, Taoyuan City
Building serial number: Building serial No.582 of
Nanxing Section, Luzhu District, Taoyuan City

Evergreen Land: Land No.548, 549, 549-1, 550, 551 and 2022/12/22 3,000,000 The full amount Evergreen Other related Not applicable Not applicable Not applicable Not applicable Market price Operational needs None
Marine 551-1 of Nanrong Section, Luzhu District, paid completely International party of offices
Corporation Taoyuan City Corp.
Building serial number: Building serial No.176
and 176-1 of Nanrong Section, Luzhu District,
Taoyuan City
Evergreen 200 Cantonment Road, #12, Southpoint, 2022/12/22 957,203 The full amount Evergreen Marine Other related SMI Management Non-related party April 2010 $ 511,992 Market price Operational needs None
Marine (Asia) Singapore paid completely (Singapore) Pte. party (Note) Pte. Ltd. of offices
Pte. Ltd. Ltd.

Note : Evergreen Marine (Singapore) Pte. Ltd. became a subsidiary since July 14, 2023 and was an other related party on the date of the event.
 Evergreen Marine Corporation (Taiwan) Ltd.

Purchases or sales of goods from or to related parties reaching TWD 100 million or 20% of paid-in capital or more

For the year ended December 31, 2023

Table 6 Expressed in thousands of TWD/thousands of foreign currency
(Except as otherwise indicated)

Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine Corporation Everport Terminal Services Inc. Subsidiary Purchases $ 1,253,431 3% 30~60 days $ - - $ - 0%

Taiwan Terminal Services Co., Ltd. Subsidiary Purchases 920,799 2% 30~60 days - - ( 122,761) 2%

Italia Marittima S.P.A. Investee of Balsam Investment Purchases 454,198 1% 30~60 days - - ( 123) 0%
(NetherLands) N.V.
Sales 401,772 1% 30~60 days - - 14,787 0%

Evergreen International Storage and Associates Purchases 798,341 2% 30~60 days - - ( 86,475) 1%
Transport Corp.
Sales 128,957 0% 30~60 days 4,038 0%

Evergreen Shipping Agency Other related parties Purchases 243,083 1% 30~60 days - - - 0%
(America) Corporation
Sales 169,037 0% 30~60 days - - 13,626 0%

Evergreen Marine (UK) Limited Subsidiary Purchases 666,916 1% 30~60 days - - - 0%

Evergreen Marine (Singapore) Pte. Subsidiary Purchases 181,166 0% 30~60 days - - ( 3) 0%

Ltd.
Sales 1,254,043 2% 30~60 days - - 3,458 0%

Evergreen Marine (Hong Kong) Subsidiary Purchases 1,867,099 4% 30~60 days - - ( 872) 0%
Ltd.
Sales 1,274,552 2% 30~60 days - - 77,744 2%

Evergreen Marine (Asia) Pte. Ltd. Subsidiary Purchases 2,548,049 5% 30~60 days - - ( 57,639) 1%

Sales 6,948,902 13% 30~60 days - - 366,197 9%

Evergreen Shipping Agency Subsidiary Purchases 326,838 1% 30~60 days - - - 0%

(Europe) GmbH

475
476
Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Logistics Corp. Other related parties Sales 150,854 0% 30~60 days $ - - $ 2,281 0%
Evergreen Marine Corporation

Evergreen Shipping Agency Subsidiary Purchases $ 117,191 0% 30~60 days - - - 0%

(Japan) Corporation
Evergreen Insurance Company Other related parties Purchases 196,845 0% 30~60 days - - - 0%
Limited
Colon Container Terminal S.A. Subsidiary Purchases 162,931 0% 30~60 days - - - 0%

Evergreen Business Process, Inc. Subsidiary Purchases 114,177 0% 30~60 days - - - 0%

Taipei Port Container Terminal Associates Purchases 177,861 0% 30~60 days - - (107,554) 2%
Corporation
Taiwan Terminal Services Evergreen Marine Corp. The parent Sales 920,799 100% 30~60 days - - 122,761 100%
Co.,Ltd.
Everport Terminal Services Inc. Evergreen Marine Corp. The parent Sales USD 40,301 10% 30~60 days - - - 0%

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 51,075 13% 30 days - - - 0%
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 227,093 56% 30 days - - - 0%

Evergreen Shipping Agency Other related parties Purchases USD 7,954 2% 30 days - - - 0%
(America) Corporation
Evergreen Marine (Hong Kong) Evergreen Marine Corp. The parent Sales USD 60,032 6% 30~60 days - - USD 28 0%
Ltd.
Purchases USD 40,980 6% 30~60 days - - (USD 2,537) 3%

Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 10,978 1% 30~60 days - - USD 150 0%
(NetherLands) N.V.
Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 52,272 5% 30~60 days - - - 0%
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 299,081 31% 30~60 days - - USD 2,884 2%

Purchases USD 26,691 4% 30~60 days - - - 0%

Taipei Port Container Terminal Associates Purchases USD 3,536 1% 30~60 days - - - 0%
Corporation
Evergreen International Storage and Associates Purchases USD 6,482 1% 30~60 days - - - 0%
Transport Corp.
 Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Hong Kong) Evergreen Shipping Agency Subsidiary Purchases USD 43,129 6% 30~60 days $ - - (USD 6,264) 7%
Ltd. (China) Co., Ltd.
Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine Corp. The parent Sales USD 81,926 1% 30~60 days - - USD 1,880 0%

Purchases USD 223,425 3% 30~60 days - - (USD 11,948) 1%

Greencompass Marine S.A. Subsidiary Purchases USD 437,705 7% 30~60 days - - (USD 26) 0%

Evergreen Marine (Hong Kong) Subsidiary Sales USD 26,691 0% 30~60 days - - - 0%
Ltd.
Purchases USD 299,081 5% 30~60 days - - (USD 2,884) 0%

Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 8,788 0% 30~60 days - - USD 4 0%
(NetherLands) N.V.
Purchases USD 129,135 2% 30~60 days - - - 0%

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 59,677 1% 30~60 days - - - 0%
Ltd.
Purchases USD 50,979 1% 30~60 days - - (USD 1,794) 0%

Evergreen Marine (UK) Limited Subsidiary Purchases USD 165,153 3% 30~60 days - - (USD 1) 0%

Round The World Logistics Other related parties Sales USD 25,830 0% 30~60 days - - - 0%
(U.S.A) Corp.
Evergreen Logistics Corp. Other related parties Sales USD 13,560 0% 30~60 days - - - 0%

Evergreen International Storage and Associates Purchases USD 28,789 0% 30~60 days - - - 0%
Transport Corp.
Evergreen Shipping Agency (India) Subsidiary Purchases USD 4,055 0% 30~60 days - - - 0%
Pvt. Ltd.
Evergreen Shipping Agency Subsidiary Purchases USD 7,560 0% 30~60 days - - - 0%
(Thailand) Co., Ltd
PT. Evergreen Shipping Agency Associates Purchases USD 4,351 0% 30~60 days - - - 0%
Indonesia
Evergreen Shipping Agency Subsidiary Purchases USD 38,302 1% 30~60 days - - - 0%
(Europe) GmbH

477
478
Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine Co. (Malaysia) Subsidiary Purchases USD 7,354 0% 30~60 days $ - - $ - 0%
SDN.BHD.
Evergreen Shipping Agency Subsidiary Purchases USD 11,751 0% 30~60 days - - - 0%
(Vietnam) Corp.
Evergreen Marine (Asia) Pte. Ltd. Everport Terminal Services Inc. Subsidiary Purchases USD 227,093 3% 30 days - - - 0%

Evergreen Shipping Agency Other related parties Purchases USD 62,710 1% 30~60 days - - - 0%
(America) Corporation
Evergreen Shipping Agency Subsidiary Purchases USD 13,456 0% 30~60 days - - - 0%
(Japan) Corporation
Taipei Port Container Terminal Associates Purchases USD 15,882 0% 30~60 days - - - 0%
Corporation
Evergreen Shipping Agency Subsidiary Purchases USD 4,667 0% 30~60 days - - - 0%
(Korea) Corp.
Evergreen Shipping Agency Subsidiary Purchases USD 3,518 0% 30~60 days - - - 0%
Philippines Corporation
Evergreen Insurance Company Associates Purchases USD 16,702 0% 30~60 days - - (USD 1,612) 0%
Limited
Evergreen Shipping Agency Subsidiary Purchases USD 5,444 0% 30~60 days - - - 0%
(Argentina) S.A.
Colon Container Terminal S.A. Subsidiary Purchases USD 33,653 1% 30~60 days - - - 0%

Evergreen Shipping (Spain) S.L. Subsidiary Purchases USD 3,346 0% 30~60 days - - - 0%

Greencompass Marine S.A. Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 437,705 100% 30~60 days - - USD 26 100%

Evergreen Marine (Singapore) Evergreen Marine Corp. The parent Sales USD 5,825 0% 30~60 days - - - 0%
Pte. Ltd.
Purchases USD 40,321 4% 30~60 days - - (USD 113) 0%

Everport Terminal Services Inc. Subsidiary Purchases USD 51,075 5% 30 days - - - 0%

Evergreen Marine (Hong Kong) Subsidiary Purchases USD 52,272 5% 30~60 days - - - 0%
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Purchases USD 59,677 5% 30~60 days - - - 0%

Sales USD 50,979 4% 30~60 days - - USD 1,794 12%

Evergreen Marine (UK) Limited Subsidiary Purchases USD 7,647 1% 30~60 days - - - 0%
 Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Marine (Singapore) Italia Marittima S.p.A. Investee of Balsam Investment Purchases USD 16,570 1% 30~60 days $ - - $ - 0%
Pte. Ltd. (NetherLands) N.V.
Evergreen Shipping Agency Subsidiary Purchases USD 4,725 0% 30~60 days - - - 0%
(Europe)GmbH
Evergreen Marine (Singapore) Evergreen Shipping Agency Other related parties Purchases USD 11,674 1% 30~60 days - - - 0%
Pte. Ltd. (America)
C
Evergreen
i International Storage and Associates Purchases USD 4,335 0% 30~60 days - - - 0%
Transport Corp.
Evergreen Logistics USA Corp. Other related parties Sales USD 4,054 0% 30~60 days - - - 0%

Evergreen Insurance Company Other related parties Purchases USD 5,653 1% 30~60 days - - - 0%
Limited
Evergreen Marine (UK) Limited Evergreen Marine Corp. The Parent Sales USD 21,443 5% 30~60 days - - - 0%

Evergreen Marine (Singapore) Pte. Subsidiary Sales USD 7,647 2% 30~60 days - - - 0%
Ltd.
Italia Marittima S.p.A. Investee of Balsam Investment Sales USD 5,474 1% 30~60 days - - USD 8 0%
(NetherLands) N.V.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 165,153 39% 30~60 days - - USD 1 0%

Evergreen Insurance Company Sales USD 5,504 0% 30~60 days (USD 352) 2%
Other related parties
Limited
Evergreen Shipping Agency Evergreen Marine Corp. The Parent Sales EUR 9,717 19% 30~60 days - - - 0%
(Europe) GmbH
Evergreen Marine (Singapore) Pte. Subsidiary Sales EUR 4,369 9% 30~60 days - - - 0%
Ltd.
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales EUR 35,418 70% 30~60 days - - - 0%

Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales THB 263,197 64% 30~60 days - - - 0%
(Thailand) Co., Ltd
Evergreen Marine Co. (Malaysia) Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales MYR 33,581 41% 30~60 days - - - 0%
SDN.BHD.
Evergreen Shipping Agency Evergreen Marine Corp. The Parent Sales JPY 530,226 15% 30~60 days - - - 0%
(Japan) Corporation
Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales JPY 1,893,434 53% 30~60 days - - - 0%

Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales VND 280,215,681 71% 30~60 days - - - 0%
(Vietnam) Corp.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales KRW 6,099,215 64% 30~60 days - - - 0%
(Korea) Corp.

479
480
Differences in transaction
terms compared to third
Transaction Notes/accounts receivable (payable)
party transactions
Relationship with the (Note 1) Footnote
Purchaser/Seller Counterparty
counterparty (Note 2)

Percentage of Percentage of total

Purchases/
Amount total purchases/ Credit term Unit price Credit term Balance notes/accounts
sales
sales receivable (payable)

Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales INR 334,921 70% 30~60 days $ - - $ - 0%
(India) Private Ltd.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales PHP 195,843 67% 30~60 days - - - 0%
Philippines Corporation
Evergreen Shipping (Spain) S.L. Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales EUR 3,094 21% 30~60 days - - - 0%

Evergreen Shipping Agency Evergreen Marine (Hong Kong) Subsidiary Sales CNY 305,698 100% 30~60 days - - CNY 44,533 100%
(China) Co., Ltd. Ltd.
Evergreen Shipping Agency Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales ARS 3,214,286 88% 30~60 days - - - 0%
(Argentina) S.A.
Colon Container Terminal S.A. Evergreen Marine Corp. The Parent Sales USD 5,239 5% 30~60 days - - - 0%

Evergreen Marine (Asia) Pte. Ltd. Subsidiary Sales USD 33,656 35% 30~60 days - - - 0%

Evergreen Business Process, Inc. Evergreen Marine Corp. The Parent Sales USD 3,671 63% 30~60 days - - - 0%

Note 1: If terms of related-party transactions are different from third-party transactions, explain the differences and reasons in the ‘Unit price’ and ‘Credit term’ columns.
Note 2: In case related-party transaction terms involve advance receipts (prepayments) transactions, explain in the footnote the reasons, contractual provisions, related amounts, and differences in types of transactions compared to third-party
transactions.
Note 3: Paid-in capital referred to herein is the paid-in capital of parent company.
 Evergreen Marine Corporation (Taiwan) Ltd.
Receivables from related parties reaching TWD 100 million or 20% of paid-in capital or more
For the year ended December 31, 2023
Table 7 Expressed in thousands of TWD/thousands of foreign currency
(Except as otherwise indicated)
Balance as at Overdue receivables Amount collected
Relationship with the Allowance for
Creditor Counterparty December 31, 2023 Turnover rate subsequent to the Footnote
counterparty Amount Action taken doubtful accounts
(Note 1) balance sheet date
Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. Subsidiary $ 366,197 - $ - - $ 366,197 $ -

Everport Terminal Services Inc. Evergreen Shipping Agency (America) Other related parties USD 46,607 - - - USD 46,607 -
Corporation

Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal, S.A. Subsidiary USD 73,195 - - - USD - -

Taiwan Terminal Services Co.,Ltd. Evergreen Marine Corporation The parent 122,761 - - - 122,761 -

Evergreen Shipping Agency (India) Evergreen Marine Corporation The parent INR 475,398 - - - INR 73,434 -
Pvt. Ltd.(EGI)

Evergreen Shipping Agency (China) Evergreen Marine (Hong Kong) Subsidiary CNY 44,533 - - - CNY 44,533 -
Co.,Ltd. Ltd.

Note 1: Fill in separately the balances of accounts receivable–related parties, notes receivable–related parties, other receivables–related parties, etc.
Note 2: Paid-in capital referred to herein is the paid-in capital of parent company. In the case that shares were issued with no par value or a par value other than NT$10 per share, the 20 % of paid-in capital shall be replaced by 10% of equity
attributable to owners of the parent in the calculation.

481
482
Evergreen Marine Corporation (Taiwan) Ltd.
Significant inter-company transactions during the reporting periods
For the year ended December 31, 2023
Table 8 Expressed in thousands of TWD
(Except as otherwise indicated)
Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
0 Evergreen Marine Corporation Taiwan Terminal Services Co.,Ltd. 1 Operating cost $ 920,799 Note 4 0.33

0 Evergreen Marine Corporation Taiwan Terminal Services Co.,Ltd. 1 Accounts Payable 122,761 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (Singapore) Pte. Ltd. 1 Operating revenue 1,254,043 " 0.45

0 Evergreen Marine Corporation Evergreen Marine (Singapore) Pte. Ltd. 1 Operating cost 181,166 " 0.07

0 Evergreen Marine Corporation Evergreen Shipping Agency (India) Pvt. Ltd. 1 Agency's account - debit 161,545 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (UK) Limited 1 Operating cost 666,916 " 0.24

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Operating cost 2,548,049 " 0.92

0 Evergreen Marine Corporation Colon Container Terminal S.A. 1 Operating cost 162,931 " 0.06

0 Evergreen Marine Corporation Evergreen Shipping Agency (Europe) GmbH 1 Operating cost 326,838 " 0.12

0 Evergreen Marine Corporation Evergreen Business Process, Inc. 1 Operating cost 114,177 " 0.04

0 Evergreen Marine Corporation Evergreen Shipping Agency (Japan) Corporation 1 Operating cost 117,191 " 0.04

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Operating revenue 6,948,902 " 2.51

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Shipowner's account - credit 1,743,976 " 0.24

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Operating revenue 1,274,552 " 0.46

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Operating cost 1,867,099 " 0.67

0 Evergreen Marine Corporation Evergreen Marine (Hong Kong) Ltd. 1 Other receivables 9,272,498 " 1.27

0 Evergreen Marine Corporation Everport Terminal Services Inc. 1 Operating cost 1,253,431 " 0.45

0 Evergreen Marine Corporation Evergreen Shipping Agency (India) Pvt. Ltd. 1 Accounts Payable 175,153 " 0.02

0 Evergreen Marine Corporation Evergreen Marine (Asia) Pte. Ltd. 1 Accounts Receivable 366,197 " 0.05

0 Evergreen Marine Corporation Evergreen Shipping Agency (Europe) GmbH 1 Agency's account - credit 104,785 " 0.01

0 Evergreen Marine Corporation Evergreen Shipping Agency (Japan) Corporation 1 Agency's account - credit 606,894 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (UK) Limited 3 Operating cost 5,136,553 " 1.86

1 Evergreen Marine (Asia) Pte. Ltd. Greencompass Marine S.A. 3 Operating cost 13,613,371 " 4.92

1 Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal S.A. 3 Operating cost 1,046,668 " 0.38
 Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (India) Pvt. Ltd. 3 Operating cost $ 126,105 Note 4 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Thailand) Co., Ltd. 3 Operating cost 235,141 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Korea) Corporation 3 Operating cost 145,148 " 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Europe) GmbH 3 Operating cost 1,191,252 " 0.43

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping (Spain) S.L. 3 Operating cost 104,067 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Operating cost 9,301,936 " 3.36

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Vietnam) Corp. 3 Operating cost 365,480 " 0.13

1 Evergreen Marine (Asia) Pte. Ltd. Everport Terminal Services Inc. 3 Operating cost 7,062,978 " 2.55

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Japan) Corporation 3 Operating cost 418,490 " 0.15

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency Philippines Corporation 3 Operating cost 109,423 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine Corp. (Malaysia) SDN BHD. 3 Operating cost 228,715 " 0.08

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Operating cost 169,331 " 0.06

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (India) Pvt. Ltd. 3 Agency's account - debit 233,089 " 0.03

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Agency's account - debit 388,440 " 0.05

1 Evergreen Marine (Asia) Pte. Ltd. Unigreen Marine S.A. 3 Agency's account - debit 307,880 " 0.04

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Shipping Agency (Europe) GmbH 3 Agency's account - credit 440,831 " 0.06

1 Evergreen Marine (Asia) Pte. Ltd. Colon Container Terminal S.A. 3 Other receivables 2,243,439 " 0.31

1 Evergreen Marine (Asia) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Shipowner's account - debit 225,364 " 0.03

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Hong Kong) Ltd. 3 Operating cost 474,748 " 0.17

2 Evergreen Marine (Singapore) Pte. Ltd. Everport Terminal Services Inc. 3 Operating cost 711,592 " 0.26

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Operating revenue 805,616 " 0.29

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Shipping Agency (Argentina) S.A. 3 Agency's account - debit 152,411 " 0.02

2 Evergreen Marine (Singapore) Pte. Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Agency's account - credit 156,324 " 0.02

483
484
Transaction
Number Percentage of consolidated total
Company name Counterparty Relationship (Note 2)
(Note 1) General ledger account Amount Transaction terms operating revenues or total assets
(Note 3)
3 Evergreen Marine (Hong Kong) Ltd. Evergreen Marine (Asia) Pte. Ltd. 3 Operating cost $ 830,149 Note 4 0.30

3 Evergreen Marine (Hong Kong) Ltd. Evergreen Shipping Agency (China) Co., Ltd. 3 Operating cost 1,341,386 " 0.48

3 Evergreen Marine (Hong Kong) Ltd. Evergreen Shipping Agency (China) Co., Ltd. 3 Accounts Payable 192,007 " 0.03

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(1) Parent company is ‘0’.
(2) The subsidiaries are numbered in order starting from '1'.
Note 2: Relationship between transaction company and counterparty is classified into the following three categories; Fill in the number of category each case belongs to (If transactions between parent company and subsidiaries or between
subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction;
for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):
(1) Parent company to subsidiary.
(2) Subsidiary to parent company
(3) Subsidiary to subsidiary
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on
accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 4: Terms are approximately the same as for general transactions.

Note 5: The Company may decide to disclose or not to disclose transaction details in this table based on the Materiality Principle.
 Evergreen Marine Corporation (Taiwan) Ltd.
Information on investees (not including investee company of Mainland China)
For the year ended December 31, 2023
Table 9 Expressed in thousands of shares/thousands of TWD

Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Evergreen Marine Peony Investment S.A. Republic of Investment activities $ 14,604,725 $ 14,604,725 4,765 100.00 $ 79,702,347 $ 6,109,546 $ 5,854,951 Subsidiary of the
Corporation Panama Company

Taiwan Terminal Services Co., Ltd. Taiwan Loading and discharging operations of 92,500 55,000 7,700 77.00 132,596 39,927 25,410 Ƀ
container yards

Everport Terminal Services Inc. U.S.A Terminal services 3,065 3,065 1 94.43 4,193,939 ( 185,981) ( 175,619) Ƀ

Evergreen Marine (Hong Kong) Ltd. Hong Kong Marine transportation and shipping 6,416,578 6,416,578 6,320 79.00 54,875,985 13,013,542 10,271,352 Ƀ
agency

Evergreen Shipping Agency (Israel) Ltd. Israel Shipping agency 8,974 8,974 1,062 59.00 28,976 50,937 30,053 Ƀ

Evergreen Marine (Asia) Pte. Ltd. Singapore Marine transportation 1,532,500 1,532,500 50,000 100.00 205,719,723 22,540,414 22,495,972 Ƀ

Charng Yang Development Co.,Ltd. Taiwan Development, rental, sale of residential 770,000 320,000 73,178 50.00 1,021,794 176,128 77,382 Investee accounted for
and commercial buildings using equity method

Evergreen International Storage and Taiwan Container transportation and gas 4,840,408 4,840,408 430,692 40.36 12,576,788 2,723,072 1,109,344 Ƀ
Transport Corporation stations

Evergreen Security Corporation Taiwan General security guards services 217,037 217,037 12,622 62.25 354,498 38,778 21,038 Subsidiary of the
Company

EVA Airways Corporation Taiwan International passengers and cargo 5,825,287 11,276,823 401,139 7.43 7,966,018 21,594,425 2,544,921 Investee accounted for
transportation using equity method

Taipei Port Container Terminal Taiwan Container distribution and cargo 1,446,196 1,446,196 144,799 27.85 1,900,883 356,410 99,246 Ƀ
Corporation stevedoring

Ever Ecove Corporation Taiwan Waste treatment and combined heat 305,000 305,000 30,500 19.06 466,480 592,443 112,934 Ƀ
and power

VIP Greenport Joint Stock Company Vietnam Terminal services 178,750 178,750 13,750 21.74 336,181 372,315 80,938 Ƀ

Evergreen Steel Corp. Taiwan Repairment of containers, Rolled steel, 3,819,754 3,819,754 79,248 19.00 4,673,439 3,669,814 690,073 Ƀ
Manufacturing, processing, repairing
and trading of steel structures - trailers
and components
Peony Investment S.A. Clove Holding Ltd. British Virgin Investment holding company 483,454 1,610,635 10 100.00 449,464 ( 29,738) ( 29,738) Indirect subsidiary of
Islands the Company

Evergreen Shipping Agency (Europe) Germany Shipping agency 254,885 254,885 - 100.00 533,457 37,307 37,307 Ƀ
GmbH

Evergreen Shipping Agency (Korea) South Korea Shipping agency 74,357 74,357 121 100.00 46,860 60,655 60,655 Ƀ
Corporation

Greencompass Marine S.A. Republic of Marine transportation 10,834,775 10,834,775 3,535 100.00 38,470,941 1,524,313 1,524,313 Ƀ
Panama

485
486
Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Peony Investment S.A. Evergreen Shipping Agency (India) Pvt. India Shipping agency $ 36,066 $ 36,066 100 99.99 $ 63,256 $ 42,523 $ 42,522 Indirect subsidiary of
Ltd. the Company

Evergreen Argentina S.A. Argentina Leasing 4,291 4,291 150 95.00 30,412 (15,670) (14,886) Indirect subsidiary of
the Company

PT. Multi Bina Pura International Indonesia Loading and discharging operations of 261,320 261,320 18 95.03 439,330 107,682 102,331 Ƀ
container yards and inland
transportation
PT. Multi Bina Transport Indonesia Container repair, cleaning and inland 24,652 24,652 2 17.39 12,680 ( 1,891) ( 329) Ƀ
transportation

Evergreen Heavy Industrial Corp. Malaysia Container manufacturing 836,587 836,587 42,120 84.44 1,386,974 140,783 118,877 Ƀ
(Malaysia) Berhad

Evergreen Shipping (Spain) S.L. Spain Shipping agency 206,744 206,744 6 100.00 178,172 86,117 86,117 Ƀ

Evergreen Shipping Agency (Italy) Italy Shipping agency 72,089 72,089 0.55 55.00 99,938 21,775 11,976 Ƀ
S.p.A.

Evergreen Marine (UK) Limited U.K Marine transportation 4,110,246 4,110,246 765 51.00 16,659,454 3,513,993 1,792,136 Ƀ

Evergreen Shipping Agency (Australia) Australia Shipping agency 52,362 52,362 1 100.00 55,965 105,041 105,041 Ƀ
Pty. Ltd.

Evergreen Shipping Agency (Russia) Russia Shipping agency 25,991 25,991 - 51.00 28,417 ( 13,359) ( 6,813) Ƀ
Ltd.

Evergreen Shipping Agency (Thailand) Thailand Shipping agency 68,748 68,748 680 85.00 82,029 109,914 93,427 Ƀ
Co., Ltd.

Evergreen Agency (South Africa) (Pty) South Africa Shipping agency 17,808 17,808 5,500 55.00 49,088 56,482 31,065 Ƀ
Ltd.

Evergreen Shipping Agency (Vietnam) Vietnam Shipping agency 37,730 37,730 - 100.00 1,597,959 283,233 283,233 Ƀ
Corp.

PT. Evergreen Shipping Agency Indonesia Shipping agency 29,822 29,822 0.441 49.00 140,946 75,883 37,183 Investee company of
Indonesia Peony accounted for
using equity method

Luanta Investment (Netherlands) N.V. Curaçao Investment holding company 1,457,079 1,457,079 460 50.00 838,186 ( 1,903) ( 951) Ƀ

Balsam Investment (Netherlands) N.V. Curaçao Investment holding company 8,407,655 12,802,089 0.451 49.00 7,692,793 2,040,735 999,960 Ƀ

Evergreen Shipping Agency Co. United Arab Shipping agency 63,813 63,813 - 49.00 83,407 162,477 79,614 Ƀ
(U.A.E.) LLC Emirates

Greenpen Properties Sdn. Bhd. Malaysia Renting estate and storehouse company 13,058 13,058 1,500 30.00 ( 20,183) 2,898 869 Ƀ

Evergreen Marine Corp. (Malaysia) Malaysia Shipping agency 288,545 288,545 500 100.00 557,342 225,762 225,762 Indirect subsidiary of
SDN.BHD. the Company

Evergreen Marine (Hong Kong) Ltd. Hong Kong Marine transportation and shipping 81,223 81,223 80 1.00 712,765 13,013,542 129,046 Subsidiary of the
agency Company
 Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Peony Investment S.A. Ics Depot Services Snd. Bhd. Malaysia Depot services $ 34,144 $ 34,144 286 28.65 $ 75,312 $ 30,095 $ 8,621 Investee company of
Peony accounted for
using equity method

Clove Holding Ltd. Everport Terminal Services Inc. U.S.A Terminal services 199,346 199,346 0.059 5.57 407,103 ( 185,981) ( 10,362) Indirect subsidiary of
the Company

Everport Terminal Services Whitney Equipment LLC. U.S.A Equipment Leasing Company 6,130 6,130 - 100.00 428,124 62,235 62,235 Ƀ
Inc.
PT. Multi Bina Pura PT. Multi Bina Transport Indonesia Container repair cleaning and inland 101,188 101,188 7.55 72.95 53,191 ( 1,891) ( 1,379) Ƀ
International transportation

Evergreen Marine (Hong Evergreen Marine (Latin America), S.A. Republic of Management consultancy 19,970 19,970 600 100.00 19,974 1,607 1,607 Ƀ
Kong) Limited Panama

Evergreen Shipping Service (Cambodia) Cambodia Shipping agency 6,130 6,130 200 100.00 52,554 47,109 47,109 Ƀ
Co., Ltd.

Evergreen Shipping Agency (Peru) Peru Shipping agency 8,509 8,509 900 60.00 47,996 170,729 102,438 Ƀ
S.A.C.

Evergreen Shipping Agency (Colombia) Colombia Shipping agency 10,759 10,759 80 75.00 87,064 109,959 82,469 Ƀ
S.A.S

Evergreen Shipping Agency Mexico Mexico Shipping agency 7,026 7,026 44 60.00 116,773 173,662 104,197 Ƀ
S.A. de C.V.

Evergreen Shipping Agency (Chile) Chile Shipping agency 9,772 9,772 2 60.00 16,208 40,469 24,282 Ƀ
SPA.

Evergreen Shipping Agency (Greece) Greece Shipping agency 8,284 8,284 2 60.00 75,839 107,140 64,284 Ƀ
Societe Anonyme.

Evergreen Shipping Agency (Israel) Ltd. Israel Shipping agency 156 156 18 1.00 491 50,937 509 Ƀ

Evergreen Shipping Agency (Brazil) Brazil Shipping agency 7,582 7,582 120 60.00 38,599 104,582 62,749 Ƀ
Ltd.

Evergreen Shipping Agency Lanka Sri Lanka Shipping agency 3,715 3,715 2,160 40.00 12,673 30,432 12,173 Investee company of
(Private) Ltd. Evergreen Marine
(Hong Kong) Limited
accounted for using
equity method

Evergreen Shipping Agency Philippines Philippines Shipping agency 151,038 151,038 10,000 100.00 53,702 ( 51,636) ( 51,636) Indirect subsidiary of
Corporation the Company

Evergreen Shipping Agency (Argentina) Argentina Shipping agency 2,941 2,941 9,000 60.00 ( 15,867) ( 94,784) ( 56,871) Ƀ
S.A.

Unigreen Marine, S.A. Republic of Shipping agency - 14,732 - - - 21,624 17,776 Ƀ

Panama

Evergreen Shipping Saudi Arabia Shipping agency 18,645 18,645 180 60.00 34,487 57,951 34,771 Ƀ
Agency Saudi Co. (L.L.C.)

Evergreen Marine (Asia) Marine (Asia) Pte. Ltd. Turkey Shipping agency 5,407 5,407 24 60.00 101,857 246,508 147,905 Ƀ
Pte. Ltd. Evergreen Gemi Acenteligi A.S.

487
488
Initial investment amount Shares held as of December 31, 2023 Investment income (loss)
Net profit (loss) of the investee
recognised by the Company
Investor Investee (Note 1ˣNote 2) Location Main business activities for the year ended December 31, Footnote
Balance as of Balance as of Number of Ownership for the year ended December 31,
Book value 2023 (Note 2(2))
December 31, 2023 December 31, 2022 shares (%) 2023 (Note 2(3))
Evergreen Marine (Asia) Evergreen Shipping Agency Japan Shipping agency $ 476,131 $ 476,131 90 100.00 $ 1,114,149 $ 257,817 $ 257,338 Ƀ
Pte. Ltd. (Japan) Corporation

Evergreen Shipping Agency Ecuador Shipping agency 5,517 5,517 180 60.00 15,148 23,234 13,941 Ƀ
(Ecuador) S.A.

Evergreen Marine (Asia) Evergreen Business Process Inc. U.S.A Computer system services and terminal 61,300 61,300 2,000 100.00 93,160 15,778 15,778 Indirect subsidiary of
Pte. Ltd. logistics the Company

Evergreen International Myanmar Myanmar Shipping agency 2,341 2,341 105 70.00 ( 2,501) ( 7,020) ( 4,914) Ƀ
Co., Ltd.

Colon Container Terminal S.A. Republic of Container terminal loading and 8,214,200 - 57,150 100.00 8,704,419 412,856 491,351 Ƀ
Panama unloading operations

Evergreen Shipping Agency Uruguay Shipping agency 4,182 - 5,100 60.00 8,666 7,943 4,766 Ƀ
(Uruguay) S.A.

Evergreen Marine (Singapore) Singapore Marine transportation 23,907,000 - 610,000 100.00 33,935,502 5,346,005 5,194,382 Ƀ
Pte. Ltd.

Evergreen Shipping Agency (Peru) Peru Shipping agency 5,997 - 600 40.00 31,997 170,729 26,074 Ƀ
S.A.C.

Evergreen Shipping Agency Chile Shipping agency 6,386 - 1 40.00 10,806 40,469 4,591 Ƀ
(Chile)SPA.

Evergreen Shipping Agency Mexico Mexico Shipping agency 61,292 - 30 40.00 77,849 173,662 12,239 Ƀ
S.A. de C.V.

Unigreen Marine, S.A. Republic of Shipping agency 18,019 - 3 100.00 23,327 21,624 3,407 Ƀ
Panama

Colon Container Terminal Colon Logistics Park, S.A. Republic of Warehousing business 432,165 367,800 14,100 60.00 299,668 ( 83,582) ( 50,149) Ƀ
S.A. Panama

Note 1: If a public company is equipped with an overseas holding company and takes consolidated financial report as the main financial report according to the local law rules, it can only disclose the information of the overseas holding
company about the disclosure of related overseas investee information.
Note 2: If situation does not belong to Note 1, fill in the columns according to the following regulations:
(1) The columns of ‘Investee’, ‘Location’, ‘Main business activities’, ‘Initial investment amount’ and ‘Shares held as at December 31, 2023’ should fill orderly in the Company’s (public company’s) information on investees and every
directly or indirectly controlled investee’s investment information, and note the relationship between the Company (public company) and its investee each (ex. direct subsidiary or indirect subsidiary) in the ‘footnote’ column.
(2) The ‘Net profit (loss) of the investee for the year ended December 31, 2023’ column should fill in amount of net profit (loss) of the investee for this period.
(3) The‘Investment income (loss) recognised by the Company for the year ended December 31, 2023’ column should fill in the Company (public company) recognised investment income (loss) of its direct subsidiary and
recognised investment income (loss) of its investee accounted for under the equity method for this period. When filling in recognised investment income (loss) of its direct subsidiary, the Company (public company) should
confirm that direct subsidiary’s net profit (loss) for this period has included its investment income (loss) which shall be recognised by regulations.
 Evergreen Marine Corporation (Taiwan) Ltd.
Information on investments in Mainland China
For the year ended December 31, 2023
Table 10 Expressed in thousands of TWD

Amount remitted from Taiwan to

Mainland China/Amount remitted Investment income
Accumulated amount of back to Taiwan for the year ended Accumulated amount of Net income (loss) of Ownership held by (loss) recognised by Book value of Accumulted amount of
Investment method remittance from Taiwan to December 31, 2023 remittance from Taiwan the investee for the the Company the Company. investments in investment income
Investee in Mainland China Main business activities Paid-in capital Footnote
(Note 1) Mainland China as of to Mainland China as of year ended (direct of indirect) for the year ended Mainland China as of remitted back to Taiwan
January 1, 2023 Remitted to Remitted back to December 31, 2023 December 31, 2023 (%) December 31, December 31, 2023 as of December 31, 2023
Mainland China Taiwan 2023(Note 2(2)B)

Ningbo Victory Container Co., Ltd. Inland container $ 538,838 (2) $ 219,500 $ - $ - $ 219,500 $ 70,838 40.00 $ 28,052 $ 329,262 $ -
transportation, container
storage, loading,
discharging, repair and
related activities

Qingdao Evergreen Container Inland container 183,243 (2) 43,426 - - 43,426 254,620 40.00 101,849 187,298 -
Storage & Transportation Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities

Kingtrans Intl. Logistics (Tianjin) Inland container 336,000 (2) 290,110 - - 290,110 88,230 76.00 40,763 342,583 -
Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities

Ever Shine (Shanghai) Enterprise Management consultancy, 1,873,289 (2) 2,496,760 - - 2,496,760 ( 8,544) 80.00 ( 83,177) 2,913,973 -
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Ningbo) Enterprise Management consultancy, 185,399 (2) 276,214 - - 276,214 1,330 80.00 1,123 149,200 -
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Shenzhen) Enterprise Management consultancy, 264,502 (2) 480,607 - - 480,607 4,566 80.00 ( 4,431) 374,238 -
Management Consulting Co., Ltd. self-owned property
leasing

Ever Shine (Qingdao) Enterprise Management consultancy, 214,459 (2) 391,780 - - 391,780 ( 3,435) 80.00 ( 5,464) 235,233 -
Management Consulting Co., Ltd. self-owned property
leasing

489
490
Amount remitted from Taiwan to
Mainland China/Amount remitted Investment income
Accumulated amount of back to Taiwan for the year ended Accumulated amount of Net income (loss) of Ownership held by (loss) recognised by Book value of Accumulted amount of
Investment method remittance from Taiwan to December 31, 2023 remittance from Taiwan the investee for the the Company the Company. investments in investment income
Investee in Mainland China Main business activities Paid-in capital Footnote
(Note 1) Mainland China as of to Mainland China as of year ended (direct of indirect) for the year ended Mainland China as of remitted back to Taiwan
January 1, 2023 Remitted to Remitted back to December 31, 2023 December 31, 2023 (%) December 31, December 31, 2023 as of December 31, 2023
Mainland China Taiwan 2023(Note 2(2)B)

Evergreen Shipping Agency (China) Agency services dealing $ 29,565 (2) $ 90,719 $ - $ - $ 90,719 $ 17,660 52.00 $ 9,183 $ 34,304 $ -
Co., Ltd. with port formalities

Shanghai Shengrong International Inland container 43,116 (2) - 21,777 - 21,777 ( 2,160) 49.00 ( 1,059) 20,086 -
Container Development Co., Ltd. transportation, storage,
loading, discharging,
repair, cleaning and
related activities
Evergreen Information Processing Data processing and 12,427 (2) - 12,260 - 12,260 3,548 100.00 3,548 15,980 -
(Shanghai) Co., Ltd. information technology
consulting services

Investment amount Ceiling on

approved by the investments in
Accumulated amount of
Investment Mainland China
remittance from Taiwan to
Company name Commission of the imposed by the
Mainland China as of
Ministry of Investment
December 31, 2023
Economic Affairs Commission of
(MOEA) MOEA

Evergreen Marine Corporation $ 4,323,153 $ 4,888,377 $ 263,989,410

Note 1: Investment methods are classified into the following three categories; fill in the number of category each case belongs to:

(1) Directly invest in a company in Mainland China.

(2) Through investing in an existing company, Peony Investment S.A. and Evergreen Marine (Hong Kong) Ltd. and Evergreen Marine (Aisa) Pte. Ltd., in the third area, which then invested in the investee in Mainland China.
(3) Others
Note 2: In the ‘Investment income (loss) recognised by the Company for the year ended December 31, 2023’ column:
(1) It should be indicated if the investee was still in the incorporation arrangements and had not yet any profit during this period.
(2) Indicate the basis for investment income (loss) recognition in the number of one of the following three categories:
A. The financial statements that are audited and attested by international accounting firm which has cooperative relationship with accounting firm in R.O.C.
B. The financial statements that are audited and attested by R.O.C. parent company’s CPA.
C. Others.
Note 3: The numbers in this table are expressed in New Taiwan Dollars.
 Evergreen Marine Corporation (Taiwan) Ltd.
Major shareholders information
For the year ended December 31, 2023
Table 11

Shares
Name of major shareholders
Name of shares held Ownership (%)
Chang, Kuo-Hua 135,503,462 6.37%
Cathy united bank is entrusted by Chang, Kuo-Hua trust property account 63,920,000 3.00%

Note 1: The major shareholders information was from the data that the Company issued common shares (including treasury shares) and preference shares in dematerialised form
Note 1: which were registered and held by the shareholders above 5% on the last operating date of each quarter and was calculated by Taiwan Depository & Clearing Corporation.
Note 1: The share capital which was recorded in the financial statements may differ from the actual number of shares issued in dematerialised form because of a
Note 1: different calculation basis.
Note 2: If the aforementioned data contains shares which were kept in trust by the shareholders, the data disclosed was the settlor’s separate account for the fund set by the trustee.
Note 2: As for the shareholder who reports share equity as an insider whose shareholding ratio is greater than 10% in accordance with Securities and Exchange Act, the shareholding
Note 2: ratio includes the self-owned shares and trusted shares, at the same time, persons who have power to decide how to allocate the trust assets.
Note 2: For the information of reported share equity of insider, please refer to Market Observation Post System.

491
07
Chapter
Review of Financial Conditions, Financial Performance, and Risk Management

I. Comparison of Financial Positions in the Last Two Years

Unit: TWD thousand

Year Difference
2022 2023
Item Amount %

Current Assets 483,935,294 238,140,293 (245,795,001) -50.79%

Non-current assets 403,576,763 493,690,465 90,113,702 22.33%

Total Assets 887,512,057 731,830,758 (155,681,299) -17.54%

Current Liabilities 164,879,242 111,750,258 (53,128,984) -32.22%

Non-current liabilities 140,082,780 149,285,650 9,202,870 6.57%

Total Liabilities 304,962,022 261,035,908 (43,926,114) -14.40%

Common stock 21,164,201 21,272,711 108,510 0.51%

Capital surplus 15,968,043 17,092,525 1,124,482 7.04%

Retained Earnings 498,726,941 385,923,383 (112,803,558) -22.62%

Other equity interest 16,354,844 15,610,397 (744,447) -4.55%

Equity attributable to owners

552,214,029 439,899,016 (112,315,013) -20.34%
of the parent

Non-controlling interest 30,336,006 30,895,834 559,828 1.85%

Total equity 582,550,035 470,794,850 (111,755,185) -19.18%

The main reasons for the major changes (those with a change of more than 20% and a change of
TWD 300 million) in the Company’s assets, liabilities and shareholders’ equity in the last two years,
their impacts and future corresponding plans:
(1) The decrease in current assets was due to decrease in net cash and cash equivalents.
(2) The increase in non-current assets was due to the increase in property, plant and equipment and
other non-current assets.
(3) The decrease in current liabilities was due to the decrease in accounts payable and current income
tax liabilities.
(4) The decrease of retained earnings was due to the net income of the parent company and distribu-
tion of earnings.

492
II. Comparison of Financial Performance in the Last Two Years
Unit: TWD thousand

Year Difference
2022 2023
Item Amount %

Operating revenue 627,283,761 276,714,825 (350,568,936) -55.89%

Operating costs 228,841,382 226,805,671 (2,035,711) -0.89%

Gross profit 398,442,379 49,909,154 (348,533,225) -87.47%

Unrealized profit from sales (13,192) 0 13,192 -100.00%

Realized profit on from sales 20,953 20,989 36 0.17%

Gross profit 398,450,140 49,930,143 (348,519,997) -87.47%

Operating expenses 24,764,546 16,814,105 (7,950,441) -32.10%

Other gains - net 1,122,717 1,634,048 511,331 45.54%

Operating profit (loss) 374,808,311 34,750,086 (340,058,225) -90.73%

non-operating income and

24,616,167 29,421,871 4,805,704 19.52%
expenses

Profit (loss) before income tax 399,424,478 64,171,957 (335,252,521) -83.93%

Income tax expense 53,251,513 24,196,256 (29,055,257) -54.56%

Profit (loss) 346,172,965 39,975,701 (306,197,264) -88.45%

Owners of the parent 334,200,661 35,337,051 (298,863,610) -89.43%

Non-controlling interest 11,972,304 4,638,650 (7,333,654) -61.26%

Other comprehensive income

20,583,926 (727,208) (21,311,134) -103.53%
(loss)

Comprehensive income (loss) 366,756,891 39,248,493 (327,508,398) -89.30%

Owners of the parent 352,206,802 34,601,401 (317,605,401) -90.18%

Non-controlling interest 14,550,089 4,647,092 (9,902,997) -68.06%

The main reasons for the major changes in gross profit, net unrealized profit, operating expenses, the
net amount of other gains or losses, and non-operating income and expenses:
(1) Operating revenue decreased by 55.89% was mainly due to the freight rates declined.
(2) The decrease in unrealized sales benefits was due to the decrease of sales of Peony’s container
manufacturing companies on affiliated companies.
(3) The decrease in operating expenses was mainly due to salary and the employee benefits are lower
than the same time last year.

493
 (4) The increase in other gains and loss was due to the increase of net gain on disposal of
property, plant and equipment.
(5) The increase in net non-operating income was mainly due to the increase of interest in-
come and net gain on disposal of investments accounted for using equity method.

III.Analysis of Cash Flow

1. Cash Flow Analysis for the Current Year

Unit: TWD thousand

Cash and Net Cash Leverage of Cash Deficit

Net Cash
Cash Inflow Cash
Flow from
Equivalents, (Outflow) from Surplus
Operating Investment Financing
Beginning Investment (Deficit)
Activities
of Year and Financing (1)+(2)+(3) Plans Plans
(2)
(1) (3)

392,346,479 (13,832,691) (208,284,011) 170,229,777 - -

Analysis of deviation:
A. Operating activities: The net cash outflow is due to net cash from operating activities
throughout the year and income tax payment.
B. Investing activities: The net cash outflow is due to the acquisition of the financial asset and
the purchase of the vessels, containers and equipment.
C. Financing activities: The net cash outflow from distribution of cash dividend.
Remedy Measures of Inadequate Liquidity: None.

2. Cash Flow Analysis for the Coming Year

Unit: TWD thousand

Estimated Leverage of Cash Deficit

Estimated Estimated Net
Cash and Estimated
Net Cash Cash Inflow
Cash Cash
Flow from (Outflow) from
Equivalents, Surplus Investment Financing
Operating Investment
Beginning (Deficit)
Activities and Financing Plans Plans
of Year (1)+(2)+(3)
(2) (3)
(1)

170,229,777 32,332,369 (57,459,333) 145,102,813 - -

Analysis of cash flow deviation:

A. Cash balance at the beginning of the period: Cash and cash equivalents for Dec. 31,
2023.
B. Net cash flow from operating activities throughout the year: Estimated cash flow from op-
erating activities.
C. Net cash flow from investment and financing throughout the year: Repayment of bank
borrowing, purchase of fixed assets and distribution of cash dividend.

494
IV. Effects of Major Capital Expenditure on Finance and Business
Operations

1. Major Capital Expenditure Items and Source of Capital

(1) Shipbuilding and improvement of ship: The actual or expected source

of funds is self-owned funds and mortgages after obtaining ownership
of the assets. The following table shows the delivery date of both new
shipbuilding and the ship which underwent improvement program, the total
amount of funds required, and the use of funds.
Unit: USD thousand

Actual or Actual or Expected Capital Expenditure

Planned Total
Date of Capital
2023 2024 2025 2026 2027
Completion

2023 283,423 202,997 - - - -

2024 1,945,096 297,459 1,314,901 - - -

2025 2,060,865 165,920 414,972 1,283,368 - -

2026 1,733,200 310,240 250,880 230,300 905,380 -

2027 2,135,000 427,000 261,975 - 300,790 1,145,235

(2) Machinery: The Company will purchase nineteen units of ship to shore
container gantry cranes and Fifty-six units of automation rail mounted
gantry cranes. The total transaction price is USD 388,867 thousand. Until
March 2024, it has paid USD 262,461 thousand.
(3) Containers Procurement: The Company purchased 28,700 containers from
Evergreen Heavy Industrial Corp (M) Berhad in 2023. The transaction price
totaled USD 105,522 thousand. Purchased 4,500 containers from Dong
Fang International Container (Hong Kong) Ltd. in 2023. The transaction
price totaled USD 34,850 thousand. Purchased 20,000 containers from
Singamas Management Services Limited in 2023. The transaction price
totaled USD 56,688 thousand. Purchased 1,000 containers from CIMC
(Group) Co., Ltd. in 2023. The transaction price totaled USD 7,800
thousand. Purchased 5,000 containers from Guangdong FUWA Equipment
Manufacturing Co., Ltd. in 2023. The transaction price totaled USD 19,852
thousand.
The Company will purchase 16,800 containers from Evergreen Heavy
Industrial Corp (M) Berhad in 2024. The total transaction price is USD
58,555 thousand. Purchase 67,800 containers from Dong Fang International

495
 Container (Hong Kong) Ltd. in 2024. The transaction price totaled USD
178,335 thousand. Purchase 3,700 containers from Guangdong FUWA
Equipment Manufacturing Co., Ltd. in 2024. The transaction price totaled
USD 22,960 thousand.

2. Expected Benefits

As new energy-efficient vessels and new containers join the operation, this will
not only optimize fleet capacity, increase slot supply and provide customers with
a wider range of services, but also reduce the Company's operating costs.

V. Investment Policy in the Last Year, Main Causes for Profits or Losses,
Improvement Plans and Investment Plans for the Coming Year

In order to seek the best interests for the Company and its shareholders, the
Company has undergone careful evaluation in investment and focused on the
vertical integration of the shipping business. The Company continues to require
indirect investees to seize market opportunities and increase profits. The profit of
investment accounted for using equity method is TWD 43,237,995 thousand in
Parent company only balance sheet of 2023.

VI. Analysis of Risk Management

1. Effects of Changes in Interest Rates, Foreign Exchange Rates and

Inflation on Corporate Finance, and Future Response Measures

(1) Interest rate

A. The impact of interest fluctuation on the consolidated company:

Content 2023 (thousand TWD ; %)

Net interest 9,430,310

Net interest represented percentage of annual revenue 3.41%

Net interest represented percentage of earnings before tax 14.7%

The Group’s interest rate risk arises from long-term borrowings at

variable rates, which expose the Group to cash flow interest rate risk which
is partially offset by cash and cash equivalents held at variable rates.
Borrowings issued at fixed rates expose the Group to fair value interest
rate risk.

496
 At December 31, 2023, if interest rates on borrowings had been 1%
higher/lower with all other variables held constant, post-tax profit for the
year ended December 31, 2023 would have been TWD258,437 lower/
higher, respectively, mainly as a result of higher/lower interest expense on
floating rate borrowings.
B. Corresponding measure
For the purpose of improve financial structure, increase long term
working capital and decrease interest risk. EMC issued 2 billions secured
corporate bonds with 5 years tenor on June 27, 2018 with fixed rate. Also
issued 5 billions domestic unsecured convertible bonds (coupon rate 0%)
with 5 years tenor on May 18, 2021.
It can fix long term capital cost and avoid the risk of increase in market
rate. The conditions of issue secured corporate bonds are as following:

Content Secured Corporate Bonds

Total price TWD2,000,000,000

Coupon rate Fixed rate

Tenor 5 years

Repayment method Repayment in lump sum upon maturity

Issue date June 27, 2018

Fundraising situation Completed

Domestic Unsecured Convertible Corporate

Content
Bonds

Total price TWD5,000,000,000

Coupon rate 0.00%

Tenor 5 years

Unless previously redeemed, repurchased and

cancelled or converted, the Bonds will be redeemed
Repayment method
in lump sum by cash at their principal amount upon
maturity.

Issue date May 18, 2021

Fundraising situation Completed

497
 (2) Foreign exchange rates

A. The impact of exchange rates fluctuation to net income :

Item 2023 (TWD thousand, %)

Net foreign currency exchange gains 2,152,007

Ratio of net foreign exchange gains and operating

0.78%
revenue and net currency exchange gains

Ratio of net foreign exchange gains and profit (loss)

3.35%
before income tax and net currency exchange gains

The information on assets and liabilities denominated in certain

subsidiaries’ functional currency whose values would be materially affected
by the exchange rate fluctuations held by the Group for the year ended
December 31, 2023 amounted to TWD 35,788,667 thousand and TWD
38,883,057 thousand, respectively. From the monetary items of financial
assets side, if the exchange rate of USD:NTD had increased/decreased
by 1%, net currency exchange gains would have increased/decreased by
TWD 271,218 thousand; if the exchange rate of JPY:NTD had increased/
decreased by 1%, net currency exchange gains would have increased/
decreased by TWD 39,924 thousand; if the exchange rate of GBP:USD
had increased/decreased by 1%, net currency exchange gains would have
increased/decreased by TWD 1,477 thousand; from the monetary items of
financial liabilities side, if the exchange rate of USD:NTD had increased/
decreased by 1%, net currency exchange gains would have increased/
decreased by TWD 215,158 thousand; if the exchange rate of RMB:USD
had increased/decreased by 1%, net currency exchange gains would have
increased/decreased by TWD 12,907 thousand; if the exchange rate of
HKD:USD had increased/decreased by 1%, net currency exchange gains
would have increased/decreased by TWD 3,784 thousand; if the exchange
rate of GBP:USD had increased/decreased by 1%, net currency exchange
gains would have increased/decreased by TWD 2,367 thousand; if the
exchange rate of EUR:NTD had increased/decreased by 1%, net currency
exchange gains would have increased/decreased by TWD 2,001 thousand;
if the exchange rate of INR:NTD had increased/decreased by 1%, net
currency exchange gains would have increased/decreased by TWD 1,751
thousand.
B. Corresponding measure
As the freight income is mainly in USD, therefore we pay attention to the
exchange rate fluctuation all the time and do the following actions:
498
 a. Use professional financial information system and keep close contact
with financial institution to get the most update exchange rate
information and act proactively.
b. Use the same currency of revenue to pay the expense if possible in
order to do the natural hedge to prevent the exchange rate risk.
c. Open foreign currency accounts to buy or sell the foreign currencies.

(3) Inflation

The global economy continues to recover from the pandemic. COVID-19 no

longer constitutes a public health emergency, supply chains have normalized, and
global financial conditions have eased following the turbulence in the Swiss and
U.S. banking sectors. According to the International Monetary Fund’s January
2024 projections, global growth will increase from 3% in 2023 to 3.1% in 2024,
and further to 3.2% in 2025 on account of greater-than-expected resilience in
the United States and several large emerging market and developing economies,
as well as fiscal support in China. However, obstacles persist, including a
deceleration in the manufacturing sector and certain service industry areas. These
are further compounded by the global tightening of monetary policies by central
banks in an effort to curb inflation.
As we look ahead to FY 2024, the escalation of geopolitical tensions is
expected to pose new near-term obstacles, resulting in slower growth rates for
most economies in 2024 and 2025 compared to the past decade. Projections from
the World Bank, IMF, and OECD suggest that the global economic growth rate
will hover between 2.4% and 3.1% in 2024. Despite the anticipated improvement
in global economic growth, the predictions for 2024 and 2025 fall short of the
historical average of 3.8%. This is attributed to the rise in central bank policy
rates aimed at combating inflation, the discontinuation of government support
measures related to COVID-19, and sluggish underlying productivity growth.
Conversely, the Federal Reserve's cycle of rate increases may conclude
in 2024. This suggests that the inflationary pressures experienced over the
past two years have significantly eased. According to the IMF’s January 2024
forecast, global inflation is projected to decrease steadily, from 6.8% in 2023 to
5.8% in 2024, and further to 4.4% in 2025. This decline is attributed to a stricter
monetary policy, supported by a reduction in international commodity prices. As
inflation subsides, the rate of increase in food prices is anticipated to slow down
considerably. However, factors such as escalating energy costs, unpredictable
weather patterns, and potential interest rate cuts in 2024 may keep prices at a
higher level than anticipated. The OECD has indicated that Russia’s invasion of
Ukraine will persist in destabilizing the energy market and elevating food prices.
Concurrently, conflicts in the Middle East could exacerbate these risks. The World
499
 Bank has also reported that an intensification of these conflicts could significantly
affect energy prices, which in turn could impact inflation and economic growth.
Since our service route includes all over the world, we signed the contract
with our suppliers to reduce the volatility of main operation costs, such as port
charge, stevedoring and cargo claim. Furthermore, we charge fuel surcharges to
customers and regularly review market conditions so as to reduce the risk of fuel
prices volatility.

2. Policies, Main Causes of Gain or Loss with Respect to High-risk

Investments, High-leveraged Investments, Lending, Endorsement,
and Derivatives Transactions, and Future Corresponding Measures:

All lending and endorsements are provided to the subsidiaries and affiliates.
All related transactions are handled according to the Company's guidelines of
providing loans and endorsements to other parties.
All derivatives transactions are dealt with for hedging purposes. Interest rates
and fuel swaps agreements are to hedge risk derived from market volatilities.
All related transactions are handled according to the Company’s guidelines of
engaging in derivatives transactions.

3. Future Research & Development Projects and Corresponding

Budget:

(1) Carbon Capture Equipment Testing Plan

(2) Software Composition Analysis
(3) Email Data Protection DLP
(4) Email phishing link protection
(5) Red Team Assessment (Penetration Test)
(6) Zero Trust Network Architecture
The company is expected to invest about TWD 0.157 billion in related services
expenditure on the above projects.

4. Effects of Major Policy at Home and Abroad and Legal Changes on

the Corporate Finance and Business Operations, and Corresponding
Measures:

The Company has complied with the relevant laws and regulations set by the
competent authorities, and is always aware of the adjustments and changes of
the relevant laws and regulations. The information disclosed by the Company and
its reporting operations are in compliance with the laws and regulations. Changes
in the relevant laws and regulations had no significant impact on finance and
business operations of the Company in 2023.
500
5. The Impacts of Changes in Technology and the Industry on
Corporate Finance and Business Operations, and Corresponding
Measures:

Information and Communication Security Risk Assessment and Corresponding

Countermeasures

To enhance information security management, the Company has established

"Information Security Committee" and formulates information security policies
and specific management programs, including information security policies,
information security organizations and responsibilities, security classification of
information assets, personnel management and education and training, computer
system security management, network security management, system access
control, system development and maintenance of security management, physical
and environmental security management, planning, management and internal
audit of business continuity plan, and regularly reports to the Board of Directors.
The implementation and devoted resources of Information Security Committee,
please refer to page 189~page195.
The Information Security Architecture of the Company is shown below:

Policy
• Establish an information security committee – Information
Security Management Committee
• Set up information security policy
• Update action plan timely
• Review the policy implementation regularly

Standard
• Set Policy based on best updated regulations
• Follow individual country regulations of informa-
tion security
Orientation
• Personnel management and Education and training
on information security
• Computer system security management
• Network security management
• System Access Control
• System development and Maintenance of security
management
• Information asset security management
• Physical and environment security management Procedures
• Planning and management of business continuity plan • Developing implementation details based on the
information security policy
• Routine schedule in business continuity plan
rehearsal
• Regular information security education and
training for staff
• Enforcement of information security procedures

501
 6. The Impacts of Changes in Corporate Image on Corporate Risk
Management, and Corresponding Measures:

We have implemented a stringent internal control system, developed

exhaustive emergency response strategies, and conducts routine simulation
drills. This is to ensure preparedness for diverse emergencies and to prevent any
potential damage to the corporate reputation.
Merchant vessels in the Red Sea have been frequently targeted by Yemeni
militant groups, leading to a shipping crisis in the region. In light of these
geopolitical tensions, Evergreen swiftly implemented its emergency response
protocol and modified its services to bypass the high-risk area. The Company’s
container ships were redirected via the Cape of Good Hope at the southernmost
point of Africa to reach their intended ports, ensuring the safety of the ship, crew,
and cargo. Additionally, considering the rerouting of vessels and the resulting
extended travel times, the Company proactively coordinated terminal operations,
equipment relocation, and other related logistics to maintain consistent and
uninterrupted shipping services.

7. Expected Benefits and Potential Risks Relating to Mergers and

Acquisitions: None.

8. Expected Benefits and Potential Risks Relating to Factory

Expansion: N/A

9. Risks Relating to Excessive Concentration of Purchasing Goods

and Excessive Customer Concentration: None.

10. The Impacts and Risks Relating to Massive Share Transfers

or Changes in Shareholdings by Directors, Supervisors, or
Shareholders with Shareholdings of over 10%: None.

11. The Impacts and Risks Relating to the Changes in Management

Rights: None.

12. Litigation or Non-litigation Matters, shall list the material litigation,

non-litigation and administrative litigation cases which have
been decided or are still pending of the Company, its subsidiary
companies, and the directors, supervisors, senior executive,
person in charge, shareholders with Shareholdings of over 10%;
for cases of which may have a significant impact on shareholders’
equity or securities prices, shall disclose the facts, amount,

502
 and the major parties involved, the commencement date of the
litigation, and the settlement as of the date of publication of the
annual report: None.

13. Other Major Risks and Corresponding Measures

(1) Strategies risks assessment and corresponding measures:

In response to geopolitical risks that could potentially affect an excessive

concentration in any specific market, major clients, or service plan, the Company
maintains close communication with all overseas offices and agencies to gather
pertinent information. It remains vigilant to shifts in the global political landscape.
The Company implements appropriate market development strategies, adjusts
the distribution of fleet capacity in each region, and makes effective decisions
regarding fleet deployment to sustain optimal performance.

(2) Market and operational risks assessment and corresponding measures

The Project Division coordinates with related departments to identify and

evaluate market and operation risks that may impact the Company in line with
business strategy and operating management.
A. Risks of market management
In running each service string, the Company pays attention to territorial
economic changes, customer demand for service quality, and business
impact from industry competitions. The Company has set up a Line
Manager team, with dedicated personnel specially assigned to regulate
operations of each service thread. Based on the changes of business
volume, the Line Manager orderly adjusts the ports rotation, flexibly adjusts
the slots of each port, timely adjust the quotation to optimize the cargo
structure, so as to improve the utilization of vessel space, maximize the
best operating performance of each service route and reduce operational
risks.
B. Risks of cost variation
In running each service string, the Company pays attention to flexibly
managing diversified fixed and variable costs. It has set up a dedicated
Cost Control Team and Fuel Purchase Team across departments to
coordinate with the Line Manager in enhancing operation performance to
quickly fine-tune cost variations.
C. Risks of operation
In managing each service thread, the Company prioritizes stability,
safety, and international regulatory compliance for sailing schedules,

503
 vessels, and shipping operations, maintaining the core principles of ship
safety, personnel safety, and cargo safety. In addition to staff dedicated to
individual vessel operations within operational departments, a Schedule
Coordination Center has been established to collaborate closely with
the Fleet Deployment Team, ensuring the fleet remains safe and agile.
The Company leverages the comprehensive equipment and stringent
professional standards of its in-house crew training center to enhance the
crew's professional skills, thereby minimizing risks associated with shipping
operations.

(3) Legal risks assessment and corresponding countermeasures

The Legal Department conducts the risk assessment by identifying and

managing the legal risks which the Company may encounter, such as the risks
related to violating domestic and international regulatory compliance programs,
and the contract risks. The Department arranges training and education courses
regularly and requests to review the contract before executing to effectively
manage domestic and international regulatory compliance and contractual liability
assignment, so as to mitigate the possible legal risks which the Company may
have.

(4) Financial risks assessment and corresponding countermeasures

A. Foreign exchange risk

The Company operates internationally and the relevant foreign
exchange risks mainly come from transaction risk and accounting risk.
The corresponding countermeasures are money market hedging, forward
foreign exchange hedging, centralized fund management, risk positions
offsetting, and exchange rate information controlling.
B. Interest rate risk
The Company has undertaken floating rate loans, and the interest
rate risk comes from the possible increase in interest expenses. The
corresponding countermeasures are the issuance of fixed-rate corporate
bonds or fixed-rate bank borrowings to lock in the medium and long-term
cost of capital; undertake interest rate swap timely to avoid the interest rate
risk of long-term liabilities with floating interest rates; and use floating rate
loans to offset part of the risks arising from interest rate changes through
the time deposits undertaken.
C. Credit Risk
Credit risk refers to the risk of financial loss to the Company arising
from accounts receivable of clients who could not repay in full based on

504
 the agreed collection terms; and default by counterparties to financial
instruments for not fulfilling their contractual obligations. The corresponding
countermeasures are to establish a system of credit risk management,
evaluate the credit worthiness of clients, and financial instruments only
accept financial institutions with good credit ratings as trading partners.
D. Liquidity Risk
The Company has financial liabilities maturing on different dates. If it
is not easy to realize the assets or there is insufficient liquidity to meet the
financial liabilities due, the Company will be exposed to liquidity risk. The
corresponding countermeasures are to only use surplus funds as time
deposits of less than 3 months tenure to improve liquidity; prepare monthly
cash flow projections for the coming year to ensure that sufficient funds are
available to meet operational needs and to cover against maturing financial
liabilities; apply for credit line from financial institutions to cope with various
temporary conditions; and increase capital by subscriptions in cash or
issue convertible bonds to raise the required funds in the capital market
according to market conditions.

(5) Information risk assessment and corresponding countermeasures

To avoid any service interruptions, data leakage, or other possible losses due
to errors in the human operation, failure of software and hardware, or external
cyber hacking attack on the information system, the Company has set up an
Information Security Management Committee, convened by the Chief Information
Security Officer of the Information Security Department. All related departments
identify, evaluate and control relevant information risks that may cause the
Company’s losses, and work out contingency plan in response to information
risks.

(6) Hazard risk assessment and corresponding countermeasures

A. The Maritech Department formulates appropriate procedures and

oversight measures to effectively manage maritime risks such as collisions,
grounding, fires, personnel overboard, severe seafarer injuries, oil leaks,
major machinery failures, vessel flooding, and ship hull damage, among
others. The Maritech Department offers several communication channels
for reporting ship emergencies or newly identified potential risks, including
an emergency contact method, a dedicated email address, and safety
reporting systems. In the event of an emergency, the ship’s crew should
immediately reach out to the Designated Person within the Maritech
Department. If necessary, an emergency response team will be assembled

505
 to implement relevant countermeasures.
B. The Operation Department conducts the training and propaganda of the
Company personnel for the misdeclaration and concealment of dangerous
goods, including any omission of the goods which are actually dangerous
goods but are not declared, any concealment of the goods which are
actually dangerous goods but are declared as non-dangerous goods,
concealment of the dangerous goods classes and the concealment,
omission and misstatement of UN numbers, etc. At the same time, the
Department strengthens the client’s awareness on the standards and
responsibilities of dangerous goods cargo shipping and improves the
quality and vigilance of the operating personnel as a whole.
C. The Maritech Department uses the Fleet Safety Management System (FMS
safety) provided by WNI, a meteorological navigation Company, to monitor
the dynamic information of tropical disturbances on a daily basis for
extreme climates such as hurricanes and typhoons; and study the typhoon
formation probability and its future trends. Each typhoon is examined based
on three sections: transoceanic section, coastal section, and berth ships.
In the daily interdepartmental meeting, the Department will respond in
accordance with the sequential order of impact, in order to prevent typhoon
damage to fleet's vessels under the condition of navigating safety and
minimizing shipping delays as well as the fuel consumption cost.
D. The Occupational Safety & Health Department organizes Emergency
Response Team in response to emergency needs such as fire accident,
earthquake, emergency treatment, etc. The Team members attend the
training courses at least once every half year. The Company organizes
First Aid Team and all first aid personnel have completed the trainings and
refresher trainings pursuant to the regulations. Meanwhile, the facilities
maintenance suppliers and mechanics conduct regular maintenance and
repair for all kinds of the emergency equipment and facilities in the building.

14.Organizational Structure of Risk Management and In-charge

Departments

The Company’s "Risk Management Policies and Procedures" was approved

by the Board of Directors on May 12, 2023. The management structure and its
responsibilities are as follows:
(1) The Board of Directors: The Board of Directors is the top supervisor of
the Company’s risk management and supervises the operation of the
Company’s risk management mechanism to ensure it is properly functional.
(2) The sustainability committee: The Sustainability Committee is a functional

506
 committee directly under the Board of Directors, and coordinates and
supervises related departments to manage all of the Company’s risk affairs.
(3) The working team of the Sustainability Committee: The working team of the
Sustainability Committee is responsible for convening team meetings and
assisting related departments in implementing all forms of sustainability
management. Each year, the working team submits regular working reports
and recommends certain improvement proposals to the Sustainability
Committee.
The most recent report on the implementation of risk management was held by
the Board of Directors on December 22, 2023.

In-charge
Risk Category Issue Group Affairs of risk
department

To formulate the
Company’s operating
Environmental policies, evaluate the
protection, Social cost effectiveness,
inclusion, Corporate design service strings
Strategies Risks governance, Project Division and fleet, supervise
Sustainable business operations,
procurement and stipulate
management system
related to trade secret
and copyright.

Project Division
Environmental Specific to the scope of
Line Manager team
protection, Social business, plan
Cost Control Team
Market & inclusion, Corporate strategies and evaluate
Fuel Purchase Team
Operational Risks governance, risks within and across
Schedule Coordination
Sustainable each in-charge
Center
procurement department.
Department heads

Responsible for the

study of laws and
regulations related to
global competition laws,
establish the Company’s
Legal Department principles of regulatory
Corporate
Legal Risks Competition compliance, provide
governance
Compliance Team education and training
and monitor each
execution of business
processes to ensure
compliance with
competition regulations.

507
 In-charge
Risk Category Issue Group Affairs of risk
department

Responsible for foreign

exchange risk, interest
Corporate rate risk, credit risk or
Financial Risks Finance Division
governance liquidity risk which may
cause losses to the
Company.

Responsible for risks

Corporate
Information Security caused by improper
governance,
Information Risks Management security control,
Sustainable
Committee operation, and backup
procurement
of information systems.

Responsible for risks

Environmental Operation caused by natural
protection, Social Coordination disasters, global/
inclusion, Corporate Department regional financial crises,
Hazard Risks
governance, Ship Division terrorist attack, or major
Sustainable Occupational Safety & communicable diseases
procurement Health Department which may cause losses
to the Company.

15.The Intellectual Property Management Project and its implementation

status

In response to the rapidly evolving business landscape, We recognize the

critical role of intellectual property (IP) management in enhancing our sustainability
and governance capabilities. As such, we have adopted the Taiwan Intellectual
Property System (TIPS) and established a bespoke IP management system, based
in the “Plan-Do-Check-Act” management cycle. This has led to the development
of an IP management project that aligns with our operational objectives. By
protecting, managing, and leveraging the Company’s trademarks and other IP
achievements, we can preserve our core competitiveness. The progress and
status of the IP management project will be presented to the Company’s Board of
Directors on an annual basis.
The following implementation status of the Company’s IP management project
in 2023 has been reported to the Board of Directors on December 22, 2023.
(1) The Company established the Intellectual Property Management Committee
(IPMC) in 2022, and the Executive Vice President of the Business Coordination
Department of Project Division serves as the chairman of IPMC. Our
compliance team of Legal Department, serving to the coordination of business

508
 and as the contact window of IPMC, keeps promoting and optimizing the
Company’s IP management system throughout 2023.
(2) To monitor and coordinate the operation and execution of the Company's IP
management system, our top management appointed the chairman of IPMC
as the Management Representative of TIPS in April 2023, with an aim to
ensure the establishment, implementation, and effectiveness of the Company's
IP management system.
(3) To establish and improve employees' literacy in IP rights and fully implement
the Company's IP management system, we listed IP basic training courses
as the mandatory annual training courses for all employees, whose contents
include the promotion of the Company's IP Management Policies and
Objectives, confidentiality obligations, and so on. Additionally, we also
conducted a specific training course for IP accountable personnel within the
TIPS working group to enhance their professional capabilities. As of December
21, 2023, a total of 2,458 participants have completed the IP-related courses
with a completion rate of 99.8%.
(4) To accumulate the IP management capability, the Company appointed
employees to participate in four IP management-related courses organized
by external professional organizations, and three employees have qualified as
TIPS Evaluators.
(5) As of October 31, 2023, we have registered 196 trademarks and obtained 3
patents around the world.
(6) We obtained the Certificate of Taiwan Intellectual Property Management
System (TIPS) in 2023, which is valid until December 31, 2024.

VII.Other important issues: None.

509
08
Chapter
Special Disclosure

I Summary of Affiliated Companies

1. Subsidiaries business report

(1) EMC Subsidiaries Chart

5.57% 100% 100%

CLOVE 100% EVSSHG
EGJ
100% 100%
EVERPORT Whitney 100% EVSNBO
EBPI
100% 100%
94.43% EEU 100% 60%
EVSXZN
CCT
100%
77% EGK 100%
EVSQND
TTSC 100%
100% EIP
GMS 100%
100% EKH
100% EMS
EES 100%
62.25% ESRC 100% ELA
100% UMS
EAU
70% 100%
100% EIM EGP
EGV
100% EMA 60%
ETR 75%
100% ECO
EGM 60%
EECU 65%
99.99% ECN
EGI 60%
100% 95.03%
EUY
EMC PEONY MBPI 72.95%
60%
EAR
CLP
95% EGB 60%
ESAU
85% 40%
1% EGT
84.44% 60%
EHIC(M) EPE
40%
79% 55% ESA
EGH 60%
EMX
55% 40%
EIT
51% 60%
1% ERU 17.39%
MBT ECL
51% 60%
EMU EGRC
EIL 20%
59% KTIL
40% 60%
20% EBR

510
(1) EMC : Evergreen Marine Corporation (TAIWAN) LTD.
(2) PEONY : Peony Investment S.A.
(3) EMA : Evergreen Marine (Asia) Pte. Ltd.
(4) EVERPORT : Everport Terminal Services Inc.
(5) EGH : Evergreen Marine (Hong Kong) Ltd.
(6) ESRC : Evergreen Security Corp. Ltd.
(7) EIL : Evergreen Shipping Agency (Israel) Ltd.
(8) TTSC : Taiwan Terminal Services Corp. Ltd.
(9) CLOVE : Clove Holding Ltd.
(10) Whitney : Whitney Equipment LLC.
(11) EEU : Evergreen Shipping Agency (Europe) GmbH
(12) EGK : Evergreen Shipping Agency (Korea) Corporation
(13) GMS : Greencompass Marine S.A.
(14) EES : Evergreen Shipping Spain, S.L .
(15) EAU : Evergreen Shipping Agency (Australia) Pty. Ltd.
(16) EGV : Evergreen Shipping Agency (Vietnam) Company Limited
(17) EGM : Evergreen Marine Co. (Malaysia) SDN. BHD.
(18) EGI : Evergreen Shipping Agency (India) Pvt. Ltd.
(19) MBPI : PT. Multi Bina Pura International
(20) MBT : PT. Multi Bina Transport
(21) EGB : Evergreen Argentina S.A.
(22) EGT : Evergreen Shipping Agency (Thailand) Co., Ltd.
(23) EHIC(M) : Evergreen Heavy Industrial Corp. (Malaysia) Berhad
(24) EGJ : Evergreen Shipping Agency (Japan) Corporation
(25) EBPI : Evergreen Business Process Inc.
(26) CCT : Colon Container Terminal S.A.
(27) EIP : Evergreen Information Processing (Shanghai) Co., Ltd.
(28) EMS : Evergreen Marine (Singapore) Pte. Ltd.
(29) EIM : Evergreen International Myanmar Co., Ltd.
(30) ETR : Evergreen Gemi Acenteligi A.S.
(31) EECU : Evergreen Shipping Agency (Ecuador) S.A.
(32) EUY : Evergreen Shipping Agency (Uruguay) S.A.
(33) CLP : Colon Logistics Park, S.A.
(34) ESA : Evergreen Agency (South Africa) (Pty) Ltd.

511
 (35) EIT : Evergreen Shipping Agency (Italy) S.p.A.
(36) ERU : Evergreen Shipping Agency (Russia) Ltd.
(37) EMU : Evergreen Marine (UK) Limited
(38) KTIL : Kingtrans Intl. Logistics (Tianjin) Co., Ltd.
(39) EVSSHG : Ever Shine (Shanghai) Enterprise Management Consulting Co., Ltd.
(40) EVSNBO : Ever Shine (Ningbo) Enterprise Management Consulting Co., Ltd.
(41) EVSXZN : Ever Shine (Shenzhen) Enterprise Management Consulting Co., Ltd.
(42) EVSQND : Ever Shine (Qingdao) Enterprise Management Consulting Co., Ltd.
(43) EKH : Evergreen Shipping Service (Cambodia) Co., Ltd.
(44) ELA : Evergreen Marine (Latin America), S. A.
(45) EGP : Evergreen Shipping Agency Philippines Corporation
(46) UMS : Unigreen Marine, S. A.
(47) ECO : Evergreen Shipping Agency (Colombia) S.A.S.
(48) ECN : Evergreen Shipping Agency (China) Co., Ltd.
(49) EAR : Evergreen Shipping Agency (Argentina) S.A.
(50) ESAU : Evergreen Shipping Agency Saudi Co. (L.L.C.)
(51) EPE : Evergreen Shipping Agency (Peru) S.A.C.
(52) EMX : Evergreen Shipping Agency Mexico S.A. De C.V.
(53) ECL : Evergreen Shipping Agency (Chile) SPA.
(54) EGRC : Evergreen Shipping Agency (Greece) Anonimi Eteria
(55) EBR : Evergreen Shipping Agency (Brazil) S. A.

512
 (2) Basic information of Subsidiaries (As of DEC 31, 2023)

Expressed in thousands of local currency

Date
Company Location Capital Main Business Activities
Founded
East 53rd Street, Marbella, Humboldt Tower, 2nd
Peony Investment S.A. 04/01/1993 USD 476,500 Investment holding company
Floor, Panama, Republic of Panama
200 CANTONMENT ROAD #12-01 SOUTHPOINT
Evergreen Marine (Asia) Pte. Ltd. 22/03/2021 USD 50,000 Container shipping
SINGAPORE 089763
1209 Orange Street in the City of Wilmington,
Everport Terminal Services Inc. 29/04/2011 USD 105.9 Terminal services
County of New Castle.
Evergreen Marine (Hong Kong) 22-23/F., Harcourt House, 39 Gloucester Road,
31/10/1991 HKD 8,000 Container shipping
Limited Wanchai, Hong Kong.
4-5F., No. 111, Songjiang Rd., Zhongshan Dist.,
Evergreen Security Corp. LTD 27/04/1998 TWD 202,752 Security services
Taipei City 104 , Taiwan (R.O.C.)
Evergreen Shipping Agency
24/06/2019 Habankim 8 street, HAIFA, 3326301 ILS 1,800 Shipping agency
(Israel) Ltd.
Taiwan Terminal Services Corp. 4F., No. 21, Zhougui Rd., Xiaogang Dist., Kaohsiung
27/11/1997 TWD 100,000 Cargo loading and discharging
LTD City 812051 , Taiwan (R.O.C.)
Craigmuir Chambers, P. O. Box71, Road Town,
Clove Holding Ltd. 16/11/2000 USD 10 Investment holding company
Tortola, B. V. I.
Whitney Equipment LLC. 15/03/2005 23868 HAWTHORNE BLVD., SUITE 200 USD 200 Equipment Leasing Company
Evergreen Shipping Agency
02/10/1986 Amsinckstrasse 55 , 20097 Hamburg, Germany EUR 61 Shipping agency
(Europe) GmbH
Evergreen Shipping Agency 12F, 19, SAEMUNAN-RO 5-GIL, JONGNO-GU,
01/01/2001 KRW 606,000 Shipping agency
(Korea) Corporation SEOUL, REPUBLIC OF KOREA

513
514
Date
Company Location Capital Main Business Activities
Founded
East 53rd Street, Marbella, Humboldt Tower, 2nd
Greencompass Marine S.A. 16/08/1993 USD 353,500 Container shipping
Floor, Panama, Republic of Panama
Evergreen Shipping Spain, S.L. 01/01/2007 Calle Siete Aguas, 11-entlo.,Valencia 46023 Spain EUR 600 Shipping agency
SUITE 1101, LEVEL 11, 77 PACIFIC HIGHWAY,
Evergreen Shipping Agency
27/05/2002 NORTH SYDNEY, NEW SOUTH WALES 2060, AUD 1 Shipping agency
(Australia) Pty. Ltd.
AUSTRALIA.
Evergreen Shipping Agency 561A, Dien Bien Phu Str., Ward 25, Binh Thanh
01/01/2003 USD 1,120 Shipping agency
(Vietnam) Company Limited Dist., HCMC, Vietnam
TOWER 3A, LEVEL 12, UOA Business Park,
Evergreen Marine Co. No. 1 Jalan Pengaturcara U1/51A, Seksyen U1,
24/06/2000 MYR 500 Shipping agency
(Malaysia) SDN.BHD. 40150 Shah Alam, SELANGOR DARUL EHSAN,
MALAYSIA.
Marathon Nextgen Innova ‘A’ G-01, Opp.
Evergreen Shipping Agency
19/01/2004 Peninsula Corporate Park, Off G. K. Marg, Lower INR 1,000 Shipping agency
(India) Pvt. Ltd.
Parel (W) , Mumbai - 400013, India
Jalan Raya Cakung Cilincing KM. 4 RT 02/RW 05
Cargo loading and discharging,
PT. Multi Bina Pura International 10/09/1992 Kel. Rorotan Kec. Cilincing, Jakarta Utara 14140 IDR 50,013,120
inland transportation
Indonesia
Jalan Raya Cakung Cilincing KM. 4 RT 02/RW 05
Repairs and cleaning of
PT. Multi Bina Transport 01/01/1994 Kel. Rorotan Kec. Cilincing, Jakarta Utara 14140 IDR 10,350,000
containers, inland transportation
Indonesia
CARABELAS 344 (ZIP CODE: C1009AAD),
Evergreen Argentina S.A. 31/10/1997 ARS 1,580 Leasing
BUENOS AIRES, ARGENTINA
Evergreen Shipping Agency Green Tower, 24-25th Floor, 3656/81 Rama 4
14/02/2001 THB 40,000 Shipping agency
(Thailand) Co., Ltd. Road, Klongton, Klongtoey, Bangkok 1011
 Date
Company Location Capital Main Business Activities
Founded
Lot 139, Jalan Cecair, Phase 2, Free Trade Zone,
Evergreen Heavy Industrial Corp.
06/06/1989 Johor Port Authority, 81700 Pasir Gudang, Johor, MYR 65,641 Container manufacturing
(Malaysia) Berhad
Malaysia
Evergreen Shipping Agency NO.15-13, TAKANAWA 2-CHOME, MINATO-KU,
13/04/1972 JPY 180,000 Shipping agency
(Japan) Corporation TOKYO, TOKYO, JAPAN
Princeton South Corporate Ctr,Ste 160,100 Computer System Backup
Evergreen Business Process Inc. 07/03/2022 USD 2,000
Charles Ewing Blvd, Ewing, NJ 08628,USA Service
Randolph Road, Coco Solo North, Colon, Republic
Colon Container Terminal S.A. 25/04/1995 USD 57,150 Cargo loading and discharging
of Panama
Evergreen Information Processing Room 801, 8th Floor, No. 2, Lane 1199, Minsheng Data processing and information
17/05/2023 USD 400
(Shanghai) Co., Ltd. Read, China (Shanghai) Pilot Free Trade Zone technology consulting service
Evergreen Marine (Singapore) Pte. 200 CANTONMENT ROAD #12-01 SOUTHPOINT
09/12/2008 USD 610,000 Shipping agency
Ltd. SINGAPORE 089763
Room NO. 10-01,10th Floor, International
Evergreen International Myanmar Commercial Centre, Corner of Strand Road and
08/06/2015 MMK 190,950 Shipping agency
Co., Ltd. Botahtaung Pagoda Road, Botahtaung
Township, Yangon Region, MYANMAR 11161
Esentepe, Kore Şehitleri Cad. & Yüzbaşı Kaya
Evergreen Gemi Acenteligi A.S. 22/10/2021 TRY 4,000 Shipping agency
Aldogan Sokak No:8, 34394 Şişli/İstanbul, Turkey
Evergreen Shipping Agency JUNIN 114 Y MALECON, EDIFICIO TORRES DEL
03/06/2022 USD 300 Shipping agency
(Ecuador) S.A. RIO 5TH FLOOR
Evergreen Shipping Agency RINCON 500 5TH FLOOR, MONTEVIDEO,
27/03/2023 UYU 8,500 Shipping agency
(Uruguay) S.A. URUGUAY 11000
Randolph Road, Coco Solo North, Colon, Republic
Colon Logistics Park, S.A. 20/06/2018 USD 23,500 Warehousing business
of Panama

515
516
Date
Company Location Capital Main Business Activities
Founded
Evergreen Agency (South Africa) 9B Riley Road, Bedfordview, Johannesburg 2007,
01/04/2009 ZAR 10,000 Shipping agency
(Pty) Ltd. South Africa
Evergreen Shipping Agency (Italy)
09/11/2005 Scali Cerere 9 - 57122 Livorno, Italy EUR 2,000 Shipping agency
S.p.A.
Evergreen Shipping Agency Office 316-B 4th floor, No. 1/25 lit. A, Kazanskaya
01/09/2005 RUB 6,000 Shipping agency
(Russia) Ltd. Street 191186, St. Petersburg, Russia
Evergreen Marine (UK) Limited 30/04/2001 160 Euston Road, London NW1 2DX,U.K. GBP 1,500 Container shipping
NO.295, JI YUN EAST ROAD, TIANJIN PORT
Kingtrans Intl. Logistics (Tianjin) Loading, discharging, storage,
23/11/2006 CONTAINER LOGISTICS CENTER,BINHAI NEW USD 10,000
Co., Ltd. repairs and cleaning of containers
DISTRICT, TIANJIN, CHINA
Ever Shine (Shanghai) Enterprise Room 1205, Floor 12, No. 2, 1199 Alley, Minsheng Management consultancy,
22/05/2007 USD 58,850
Management Consulting Co., Ltd. Road, Pudongxin District, Shanghai City self-owned property leasing
Ever Shine (Ningbo) Enterprise 32-6, No. 269, Ningdong Road, Yinzhou District, Management consultancy,
05/04/2016 RMB 43,000
Management Consulting Co.,Ltd. Ningbo City, China self-owned property leasing
Ever Shine (Shenzhen) Enterprise 16F, GOLDEN CENTURY BUILDING, NO.6033 Management consultancy,
27/03/2008 USD 8,800
Management Consulting Co., Ltd. SHENNAN ROAD, FUTIAN DISTRICT, SHENZHEN self-owned property leasing
5/F B.S.J.BUILDING, NO.31 DONGHAI WEST
Ever Shine (Qingdao) Enterprise Management consultancy,
15/05/2008 ROAD, SHINAN DISTRICT,QINGDAO USD 7,300
Management Consulting Co., Ltd. self-owned property leasing
ZIP CODE: 266071
The Gateway Office Tower, Level 20 (Unit 20-10 to
Evergreen Shipping Agency
18/10/2017 20-13) Russian Federation Blvd, Phum 10, Sangkat KHR 800,000 Shipping agency
(Cambodia) Co., Ltd.
Phsar Depou 1, Khan Tuol Kouk, Phnom Penh.
 Date
Company Location Capital Main Business Activities
Founded
EVERGREEN BUILDING 7TH FLOOR, 5TH B AVE
Evergreen Marine (Latin America),
18/07/2012 AND 78 EAST STREET, SAN FRANCISCO, USD 600 Management consultant
S. A.
PANAMA CITY, PANAMA
Evergreen Shipping Agency 6/F BDO Equitable Tower Condominium, 8751
05/02/1997 PHP 100,000 Shipping agency
Philippines Corporation Paseo de Roxas St. Makati City, Philippines 1226
EVERGREEN BUILDING 11TH FLOOR, 5TH B AVE
Unigreen Marine, S.A. 17/04/1995 AND 78 EAST STREET, SAN FRANCISCO, USD 300 Shipping agency
PANAMA CITY, PANAMA
Evergreen Shipping Agency
18/05/2018 Calle 97 AN° 9A - 50 Piso 4to, Bogota, Colombia COP 106,668 Shipping agency
(Colombia) S.A.S.
Evergreen Shipping Agency 16F, GOLDEN CENTURY BUILDING, NO.6033
31/01/2005 RMB 6,857 Shipping agency
(China) Co., Ltd. SHENNAN ROAD, FUTIAN DISTRICT, SHENZHEN
Evergreen Shipping Agency PERU 359, 13 FLOOR (ZIP CODE: C1067AAG),
07/10/2020 ARS 15,000 Shipping agency
(Argentina) S.A. BUENOS AIRES, ARGENTINA
Evergreen Shipping Agency Saudi Building No: 5220. Najd Street, Al Mazruiyah Dist.
24/05/2021 SAR 3,000 Shipping agency
CO. (L.L.C.) P O Box : 1008, Dammam 31431 Saudi Arabia
Evergreen Shipping Agency (Peru) AV Javier Prado Este No. 480-488-492,Oficina 502
23/08/2018 PEN 1,500 Shipping agency
S.A.C. San Isidro, Lima, Peru Lima 27
AV. BENJAMIN FRANKLIN, 204, ESCANDON,
Evergreen Shipping Agency
21/05/2018 MIGUEL HIDALGO, 11800, CIUDAD DE MEXICO, MXN 7,400 Shipping agency
Mexico, S.A. De C.V.
MEXICO
Evergreen Shipping Agency (Chile) Avenida Américo Vespucio Sur 100, Piso 8, Las
01/10/2018 CLP 350,000 Shipping agency
SpA Condes, Santiago, Chile

517
518
Date
Company Location Capital Main Business Activities
Founded
Evergreen Shipping Agency
13/02/2019 3, K. Paleologou Str, GR 18535 Piraeus, Greece EUR 400 Shipping agency
(Greece) Anonimi Eteria
Evergreen Shipping Agency Rua Augusto Severo, no 07-1 andar - Centro CEP:
21/01/2020 BRL 2,000 Shipping agency
(Brazil) S. A. 11010919 - Santos - SP - Brazil

Note : The middle rate and annual average rate on December 31, 2023.

Financial Position Income Financial Position Income Financial Position Income

USD : TWD=1: 30.6500 1: 31.1017 IDR : TWD=1: 0.0020 1: 0.0020 RMB : TWD=1: 4.3116 1: 4 . 3 8 7 9
MYR : TWD=1: 6.6638 1: 6.8108 GBP : TWD=1: 39.0496 1: 38.6741 EUR : TWD=1: 33.9575 1: 33.6344
KRW : TWD=1: 0.0238 1: 0.0238 INR : TWD=1: 0.3684 1: 0.3765 ARS : TWD=1: 0.0308 1: 0.0527
AUD : TWD=1: 20.9472 1: 20.6313 RUB : TWD=1: 0.3464 1: 0.3630 SGD : TWD=1: 23.2355 1: 23.1532
THB : TWD=1: 0.8969 1: 0.8934 VND : TWD=1: 0.0013 1: 0.0013 ZAR : TWD=1: 1.6513 1: 1.6836
PLN : TWD=1: 7.8201 1: 7.4120 CHF : TWD=1: 36.3841 1: 34.6421 ILS : TWD=1: 8.4504 1: 8.4271
PEN : TWD=1: 8.2999 1: 8.3166 COP : TWD=1: 0.0079 1: 0.0072 MXN : TWD=1: 1.8056 1: 1.7558
CLP : TWD=1: 0.0346 1: 0.0370 HKD : TWD=1: 3.9213 1: 3.9730 BRL : TWD=1: 6.3165 1: 6.2308
PHP : TWD=1: 0.5534 1: 0.5587 SAR : TWD=1: 8.1736 1: 8.2900 TRY : TWD=1: 1.0390 1: 1.2991
JPY : TWD=1: 0.2165 1: 0.2210 MMK : TWD=1: 0.0146 1: 0.0148 UYU : TWD=1: 0.7852 1: 0.8027
(3) The EMC’s shareholders representing both the holding company and
subordinates: None.

(4) The affiliates scope of labor and division of labor. Among the overall
affiliated companies are mostly in transportation service industry. These
affiliated companies aims at increasing overall revenue through working
in the worldwide transportation network. The companies operates
supporting services to maximize performance and provide global
customers with the best service.

Among the overall affiliated companies are mostly in transportation service

industry. These affiliated companies aims at increasing overall revenue through
working in the worldwide transportation network. The companies operates
supporting services to maximize performance and provide global customers
with the best service.

(5) The Directors, Supervisors and President of Subsidiaries

Expressed in local currency

Country Company Director President and Supervisor Capital

KO, LEE-CHING
Whitney Equipment
WU, KUANG-HUI President: KO, LEE-CHING USD 200,000
LLC.
KUO, FENG-YI

CHANG, YEN-I
Everport Terminal President: RONALD CHARLES
United States HSIEH, HUEY-CHUAN USD 105,900
Services Inc. NEAL
WANG, JIING-HEUI

CHANG, YEN-I
Evergreen Business
HSIEH, HUEY-CHUAN President: CHANG, YEN-I USD 2,000,000
Process Inc.
WU, KUANG-HUI

British Virgin CHANG, YEN-I

Clove Holding Ltd. USD 10,000
Islands KO, LEE-CHING

CHANG, YEN-I
KINGTRANS INTL. TSAI, BEIN-HUI
President: LIN, CHAO-LIANG
LOGISTICS (TIANJIN) YU, MING-CHIANG USD 10,000,000
Supervisor: CHANG, SHIN-YIE
CO., LTD. CHAO, CHIEN-HSIN
CHEN, WEI-HSUN

China Ever Shine (Ningbo) CHANG, YEN-I

President: HSIEH, HUEY-CHUAN
Enterprise Management HSIEH, HUEY-CHUAN RMB 43,000,000
Supervisor: KO, LEE-CHING
Consulting Co., Ltd. CHANG, SHIN-YIE

Ever Shine (Shanghai) CHANG, YEN-I

President: HSIEH, HUEY-CHUAN
Enterprise Management HSIEH, HUEY-CHUAN USD 58,850,000
Supervisor: KO, LEE-CHING
Consulting Co., Ltd. CHANG, SHIN-YIE

519
 Country Company Director President and Supervisor Capital

Ever Shine (Shenzhen) CHANG, YEN-I

President: HSIEH, HUEY-CHUAN
Enterprise Management HSIEH, HUEY-CHUAN USD 8,800,000
Supervisor: KO, LEE-CHING
Consulting Co., Ltd. CHANG, SHIN-YIE

Ever Shine (Qingdao) CHANG, YEN-I

President: HSIEH, HUEY-CHUAN
Enterprise Management HSIEH, HUEY-CHUAN USD 7,300,000
Supervisor: KO, LEE-CHING
Consulting Co., Ltd. CHANG, SHIN-YIE

China CHANG, SHIN-YIE

EVERGREEN CHAO, CHIEN-HSIN
President: CHANG, SHIN-YIE
SHIPPING AGENCY TANG, MU-FAN RMB 6,857,143
Supervisor: WU, KUANG-HUI
(CHINA) CO., LTD. HUANG, JIAN
HAN,YU-SEN

Evergreen Information CHANG, YEN-I

Processing (Shanghai) HSIEH, HUEY-CHUAN Supervisor: WU, KUANG-HUI USD 400,000
Co., Ltd. CHANG, SHIN-YIE

CHANG, YEN-I
HSIEH, HUEY-CHUAN President: YANG, TSUNG YU
PT. Multi Bina Pura
HSU, DEN KO Supervisor: WU, KUANG-HUI, IDR 50,013,120,000
International
YANG, TSUNG YU Gunadi Widjaja
Ossin Dicky Widjaja
Indonesia
CHANG, YEN-I
HSIEH, HUEY-CHUAN
President:YANG, TSUNG YU
PT. Multi Bina Transport HSU, DEN KO IDR 10,350,000,000
Supervisor: Gunadi Widjaja
YANG, TSUNG YU
Ossin Dicky Widjaja

CHANG, YEN-I
Evergreen Heavy WU, KUANG-HUI
President: LU, SHIM-MIN
Industrial Corp. DATO' SERI ONG KEAN MYR 65,640,550
Supervisor: TAN, MENG HUAT
(Malaysia) Berhad LEE
Malaysia LU, SHIM-MIN

Evergreen Marine CHANG, YEN-I

Corp. (Malaysia) SDN. YEN, CHIA-CHENG President: YEN, CHIA-CHENG MYR 500,000
BHD. HSU, CHANG-I

CHANG, KUO-HUA
Peony Investment S.A. CHANG, YEN-I President: CHANG, KUO-HUA USD 476,500,000
WU, KUANG-HUI

CHANG, YEN-I
Greencompass Marine
Panama HSIEH, HUEY-CHUAN President: CHANG, YEN-I USD 353,500,000
S.A.
KO, LEE-CHING

CHANG, YEN-I
Unigreen Marine, S. A. HSIEH, HUEY-CHUAN President: HUANG,TENG-MING USD 300,000
LIN,YUAN-CHENG

520
 Country Company Director President and Supervisor Capital

CHANG, YEN-I
Colon Container President: Stephen Bannet
HSIEH, HUEY-CHUAN USD 57,150,000
Terminal S.A. Shaffer
LIN,YUAN-CHENG

Panama CHANG, YEN-I

LIN,YUAN-CHENG
Colon Logistics Park, President: Stephen Bannet
Stephen Bannet Shaffer USD 23,500,000
S.A. Shaffer
Joseph Chreim Azark
Jack Jamoui Antabi

CHANG, KUO-CHENG
United Evergreen Marine (UK)
CHEN, WEI-HSUN President: HUANG, HSIN-YEN GBP 1,500,000
Kingdom Limited
Maurice Storey

Evergreen Shipping
CHANG, YEN-I
Germany Agency (Europe) President: LIN, SHENG-CHIA EUR 61,335.03
HSIEH, HUEY-CHUAN
GmbH

Evergreen Shipping CHANG, YEN-I

President: LEE, CHYANG-MIN
South Korea Agency (Korea) HSIEH, HUEY-CHUAN KRW 606,000,000
Supervisor: WU, KUANG-HUI
Corporation LEE, CHYANG-MIN

CHANG, YEN-I
Evergreen Shipping
India WU, YAW-HWANG President: WU, YAW-HWANG INR 1,000,000
Agency (India) Pvt. Ltd.
LIN, HSIN-TSUNG

TSAI, CHI-SHENG
Evergreen Argentina
(Alternate Director: ARS 1,580,000
S.A.
LIN, CHIA-WEI)

CHANG, YEN-I
TSAI, CHI-SHENG
Argentina (Alternate Director:
Evergreen Shipping
LIN, CHIA-WEI)
Agency (Argentina) President: TSAI, CHI-SHENG ARS 15,000,000
PEDRO LUIS KELLY
S.A.
(Alternate Director:
FABIAN EDUARDOI
PEREZ FERNANDES)

CHANG, YEN-I
Evergreen Shipping HSIEH, HUEY-CHUAN
Spain President: KO, CHING-LIN EUR 600,000
Spain, S.L. KO, CHING-LIN
TSAI , WEN-JUNG

CHANG, YEN-I
HSIEH, HUEY-CHUAN
Evergreen Shipping
Italy HUANG, WEI President: HUANG, WEI EUR 2,000,000
Agency (Italy) S.P.A.
Alessandro Andreani
Antonio Maneschi

521
 Country Company Director President and Supervisor Capital

Evergreen Shipping CHANG, YEN-I

Australia Agency (Australia) Pty. HSIEH, HUEY-CHUAN President: LIU,TE-YAO AUD 1,000
Ltd. LIU,TE-YAO

CHANG, YEN-I
HSIEH, HUEY-CHUAN
WEI, PO-CHENG
Evergreen Shipping
Russia Komarov Alexander President: WEI, PO-CHENG RUB 6,000,000
Agency (Russia) Ltd.
Ivanovitch
OKTISUK Dmitry
Vasilyevich

Evergreen Shipping CHANG, YEN-I

Thailand Agency (Thailand) Co., LIN, CHIH-YING President: LIN, CHIH-YING THB 40,000,000
Ltd. Nivat Changariyavong

CHANG, YEN-I
HSIEH, HUEY-CHUAN
CHANG, TSUNG-CHENG
Evergreen Agency President: CHANG, TSUNG-
South Africa WU, KUANG-HUI ZAR 10,000,000
(South Africa) (Pty) Ltd. CHENG
CHEN, CHIH-YI
CHEN, LEE-CHUN
Moegamat Zain Davids

KUO, FENG-YI
Taiwan Terminal President: HWANG, MING-LING
CHIU, SHIEN-YUH TWD 100,000,000
Services Corp. LTD Supervisor: WU, KUANG-HUI
HWANG, MING-LING
Taiwan
CHEN,WEI-MIN
Evergreen Security
CHANG, MING-YUH Supervisor: WU, KUANG-HUI TWD 202,752,000
Corp. LTD
TAI, JIIN-CHYUAN

Evergreen Shipping CHANG, YEN-I

Vietnam Agency (Vietnam) HSIEH, HUEY-CHUAN President: LIN, CHIEN-NAN USD 1,120,000
Company Limited LIN, CHIEN-NAN

CHANG, YEN-I
HSIEH, HUEY-CHUAN
Evergreen Marine
Hong Kong CHANG, SHIN-YIE President: CHANG, SHIN-YIE HKD 8,000,000
(Hong Kong) Limited
WU, KUANG-HUI
CHAO, CHIEN-HSIN

CHANG, YEN-I
Evergreen Shipping
Chile HSIEH, HUEY-CHUAN President: YANG, CHIN-CHUNG CLP 350,000,000
Agency (Chile) SpA
YANG, CHIN-CHUNG

522
 Country Company Director President and Supervisor Capital

CHANG, YEN-I
CAPITAL-
Evergreen Shipping HSIEH, HUEY-CHUAN
COP106,668,000
Colombia Agency (Colombia) HUANG, PAO-JEN President: HUANG, PAO-JEN
PREMIUM-
S.A.S. CARLOS ANDRES
COP1,333,332,000
LEAÑO BERMUDEZ

Evergreen Shipping CHANG, YEN-I President: WU, CHUN-YI

Mexico Agency Mexico, S.A. HSIEH, HUEY-CHUAN Supervisor: Isaac Martinez MXN 7,400,000
de C.V. WU, CHUN-YI Cortina

CHANG, YEN-I
Evergreen Shipping
Peru HSIEH, HUEY-CHUAN President: LIN, CHING-YI PEN 1,500,000
Agency (Peru) S.A.C.
LIN, CHING-YI

Evergreen Shipping CHANG, YEN-I

Cambodia Services (Cambodia) HSIEH, HUEY-CHUAN President: PAN, SHIH-MING KHR 800,000,000
Co., Ltd. PAN, SHIH-MING

CHANG, YEN-I
HSIEH, HUEY-CHUAN
Evergreen Shipping
CHEN-JUI CHEN
Greece Agency (Greece) President: CHEN-JUI CHEN EUR 400,000
CONSTANTINOS
Anonimi Eteria
MOUSKOS
GEORGIOS IOANNIDIS

CHANG, YEN-I
HSIEH, HUEY-CHUAN
Evergreen Shipping
Israel HUANG, TENG-WEI President: HUANG, TENG-WEI ILS 1,800,000
Agency (Israel) Ltd.
JACOB BEN SHUSHAN
OHAD VERED

CHANG, YEN-I
Evergreen Marine (Latin
Latin America HSIEH, HUEY-CHUAN President: HUANG,TENG-MING USD 600,000
America), S. A.
LIN, YUAN-CHENG

CHANG, YEN-I
Evergreen Shipping YU, CHIA-PIN
Brazil President: YU, CHIA-PIN BRL 2,000,000
Agency (Brazil) S. A. FREDRIK PITTA
ENGELHART

KUO, NENG-CHAN
Evergreen Shipping CHANG, YEN-I
Philippines Agency Philippines CHEN, MIN-LUNG President: KUO, NENG-CHAN PHP 100,000,000
Corporation HSIEH, HUEY-CHUAN
HUNG, SHIH-CHI

523
 Country Company Director President and Supervisor Capital

MOK, CHOON LAN

Evergreen Marine (Asia)
CHANG, YEN-I President: CHIU, SHIH MING USD 50,000,000
Pte. Ltd.
CHIU, SHIH MING
Singapore
MOK, CHOON LAN
Evergreen Marine
WU, KUANG-HUI President: HSU, HUAN-CHANG USD 610,000,000
(Singapore) Pte. Ltd.
HSU, HUAN-CHANG

CHANG, YEN-I
Evergreen Gemi CHIEN, SHEN-TAI
Turkey President: CHIEN, SHEN-TAI TRY 4,000,000
Acenteligi A.S. ALDO GUIDO ENRICO
ROSSI

Evergreen Shipping CHANG, YEN-I

Saudi Arabia Agency Saudi CO. HO, CHUNG-HSING President: HO, CHUNG-HSING SAR 3,000,000
(L.L.C.) Barrak Ibrahim B. AlOmani

Evergreen Shipping CHANG, YEN-I

President: ASANUMA, HIROSHI
Japan Agency (Japan) HUANG, CHING-YUN JPY 180,000,000
Supervisor: WU, KUANG-HUI
Corporation ASANUMA, HIROSHI

CHANG, YEN-I
Evergreen Shipping HSIEH, HUEY-CHUAN
Ecuador President: LEE, HSIN-CHIN USD 300,000
Agency (Ecuador) S.A. LUIS FERNANDO
TRUJILLO SEMINARIO

MOK, CHOON LAN

CHIU, SHIH-MING
Evergreen International
Myanmar CHANG, YEN-I President: YU, CHIH-SHAN MMK 190,950,000
Myanmar Co., Ltd.
YU, CHIH-SHAN
KYAW KYAW THEIN

CHANG,YEN-I
Evergreen Shipping
Uruguay CHIU, CHIH-CHIEH President: CHIU, CHIH-CHIEH UYU 8,500,000
Agency (Uruguay) S.A.
GUILLERMO RUCKS

524
 (6) The Operating Overviews of Subsidiaries

Unit: NT$ thousands, except EPS (NT$)

As of 12/31/2023

Basic
Operating Net
Total Total Operating Earning
Company Capital Total Equity Income Income
Assets Liabilities Revenue (Loss) Per
(Loss) (Loss)
Share

Peony Investment S.A. 14,604,725 80,363,448 27,506 80,335,942 5,864,885 5,824,108 6,109,546 1,282

Evergreen Marine (Asia) Pte. Ltd. 1,532,500 278,733,300 73,006,744 205,726,557 207,110,777 5,075,640 22,540,414 451

Everport Terminal Services Inc. 3,246 12,686,315 8,085,272 4,601,042 12,668,019 (127,156) (185,981) (175,619)

Evergreen Marine (Hong Kong)

31,370 131,960,206 64,610,543 67,349,662 29,816,503 8,783,205 13,013,542 1,627
Ltd.

Evergreen Security Corp. Ltd. 202,752 626,605 217,230 409,375 795,648 45,761 38,778 2

Evergreen Shipping Agency

15,211 133,877 84,764 49,113 168,784 57,545 50,937 28
(Israel) Ltd.

Taiwan Terminal Services Corp.

100,000 462,450 290,253 172,197 920,799 47,621 39,927 4
LTD.

Clove Holding Ltd. 307 449,745 281 449,464 (10,362) (179,642) (29,738) (2,974)

Whitney Equipment LLC 6,130 783,880 355,756 428,124 169,007 79,629 62,235 -

Evergreen Shipping Agency

2,083 2,336,326 1,802,868 533,457 1,710,472 41,909 37,307 -
(Europe) GmbH

Evergreen Shipping Agency

14,414 736,607 689,747 46,860 228,230 69,627 60,655 500
(Korea) Corporation

Greencompass Marine S.A. 10,834,775 102,038,125 63,567,184 38,470,941 13,653,467 3,057,443 1,524,313 431

525
526
Basic
Operating Net
Total Total Operating Earning
Company Capital Total Equity Income Income
Assets Liabilities Revenue (Loss) Per
(Loss) (Loss)
Share

Evergreen Shipping Spain, S.L. 20,374 418,628 240,456 178,172 493,072 113,053 86,117 14,353

Evergreen Shipping Agency

21 299,862 243,896 55,965 262,002 143,576 105,041 105,041
(Australia) Pty Ltd.

Evergreen Shipping Agency

34,328 2,201,287 603,325 1,597,962 512,760 305,362 283,233 -
(Vietnam) Company Limited

Evergreen Marine Co. (Malaysia)

3,332 1,131,155 573,813 557,342 560,035 289,001 225,762 452
SDN. BHD.

Evergreen Shipping Agency (India)

368 592,746 529,489 63,256 180,779 59,500 42,523 425
Private Limited.

PT Multi Bina Pura International 99,410 527,134 64,827 462,307 308,794 120,879 107,682 5,791

PT. Multi Bina Transport 20,572 82,940 10,026 72,914 49,153 (1,936) (1,891) (183)

Evergreen Argentina S.A. 49 47,474 15,462 32,012 2,003 (3,214) (15,670) (99)

Evergreen Shipping Agency

35,874 661,970 565,465 96,504 368,101 134,782 109,914 137
(Thailand) Co., Ltd.

Evergreen Heavy Industrial Corp.

437,413 669,972 312,856 357,116 706,529 43,151 30,830 1
(Malaysia) Berhad

Evergreen Shipping Agency

38,963 2,651,924 1,537,775 1,114,149 787,047 317,566 257,338 2,859
(Japan) Corporation

Evergreen Business Process Inc. 61,300 175,915 82,755 93,160 181,683 25,922 15,778 8

Colon Container Terminal S.A. 1,751,648 12,505,686 3,845,791 8,659,895 2,986,067 609,519 491,351 9
 Basic
Operating Net
Total Total Operating Earning
Company Capital Total Equity Income Income
Assets Liabilities Revenue (Loss) Per
(Loss) (Loss)
Share

Evergreen Information Processing

1,725 26,551 10,571 15,980 74,979 3,836 3,616 -
(Shanghai) Co., Ltd.

Evergreen Marine (Singapore) Pte.

18,696,500 36,823,267 2,887,764 33,935,502 12,001,910 4,781,675 5,194,382 9
Ltd.

Evergreen International Myanmar

2,787 44,623 48,713 (4,090) 13,642 (1,852) (7,020) (47)
Co., Ltd.

Evergreen Gemi Acenteligi A.S. 4,156 364,316 194,555 169,761 820,781 260,925 246,508 6,163

Evergreen Shipping Agency

9,195 81,409 56,163 25,246 112,482 29,378 23,234 77
(Ecuador) S.A.

Evergreen Shipping Agency

6,674 35,232 20,788 14,444 34,646 10,795 7,943 1
(Uruguay) S.A.

Colon Logistics Park, S.A. 720,275 892,794 393,348 499,446 6,362 (57,324) (83,582) (4)

Evergreen Agency (South Africa)

16,513 164,499 75,248 89,251 197,536 63,975 56,482 6
(Pty) Ltd.

Evergreen Shipping Agency (Italy)

67,915 375,039 193,333 181,706 252,170 28,163 21,775 21,775
S.p.A.

Evergreen Shipping Agency

2,079 58,738 3,018 55,720 2,288 (19,805) (13,359) -
(Russia) Limited

Evergreen Marine (UK) Ltd. 45,975 38,692,623 6,027,028 32,665,595 13,046,222 3,064,403 3,513,993 2,343

Kingtrans Intl. Logistics (Tianjin)

306,500 505,214 54,447 450,767 315,121 115,387 88,231 -
Co., Ltd.

527
528
Basic
Operating Net
Total Total Operating Earning
Company Capital Total Equity Income Income
Assets Liabilities Revenue (Loss) Per
(Loss) (Loss)
Share

Ever Shine (Shanghai) Enterprise

1,803,753 1,779,323 17,682 1,761,640 138,192 46,207 (8,544) -
Management Consulting Co., Ltd.

Ever Shine (Ningbo) Enterprise

185,397 208,753 20,377 188,376 13,666 10,021 1,330 -
Management Consulting Co., Ltd.

Ever Shine (Shenzhen) Enterprise

269,720 565,796 97,998 467,798 24,632 15,534 (5,539) -
Management Consulting Co., Ltd.

Ever Shine (Qingdao) Enterprise

223,745 352,488 58,446 294,042 15,428 12,949 (6,830) -
Management Consulting Co., Ltd.

Evergreen Shipping Service

6,002 96,888 44,333 52,554 157,291 58,250 47,109 157
(Cambodia) Co., Ltd.

Evergreen Marine (Latin America),

18,390 25,990 6,016 19,974 58,091 1,822 1,607 3
S.A.

Evergreen Shipping Agency

55,345 985,603 931,901 53,702 163,093 55,024 (51,636) (5)
Philippines Corporation

Unigreen Marine, S.A. 9,195 349,382 326,054 23,327 12,057 2,896 3,407 1,136

Evergreen Shipping Agency

844 239,322 123,236 116,086 274,162 167,764 109,959 1,031
(Colombia) S.A.S.

Evergreen Shipping Agency

29,565 843,537 777,568 65,969 1,342,719 41,947 17,660 -
(China) Co., Ltd.

Evergreen Shipping Agency

462 524,571 551,016 (26,444) 192,624 29,093 (94,784) (6)
(Argentina) S.A.
 Basic
Operating Net
Total Total Operating Earning
Company Capital Total Equity Income Income
Assets Liabilities Revenue (Loss) Per
(Loss) (Loss)
Share

Evergreen Shipping Agency Saudi

24,521 155,517 98,039 57,478 153,852 64,399 57,951 193
CO. (L.L.C.)

Evergreen Shipping Agency

12,450 133,208 53,215 79,993 360,357 249,119 170,729 114
(PERU) S.A.C.

Evergreeb Shipping Agency

13,361 760,702 566,080 194,621 376,719 232,766 173,662 2,347
Mexico S.A. DE C.V.

Evergreen Shipping Agency

12,118 153,429 126,415 27,014 168,090 55,124 40,469 16,188
(CHILE) SPA.

Evergreen Shipping Agency

13,583 286,135 159,737 126,398 563,744 143,353 107,140 26,785
(Greece) Anonimi Eteria

Evergreen Shipping Agency

12,633 211,562 147,232 64,331 217,841 95,794 104,582 52
(Brazil) S. A.

The foreign exchange rates:

Financial Position Income Financial Position Income Financial Position Income

USD : TWD=1: 30.6500 1: 31.1017 IDR : TWD=1: 0.0020 1: 0.0020 RMB : TWD=1: 4.3116 1: 4 . 3 8 7 9
MYR : TWD=1: 6.6638 1: 6.8108 GBP : TWD=1: 39.0496 1: 38.6741 EUR : TWD=1: 33.9575 1: 33.6344
KRW : TWD=1: 0.0238 1: 0.0238 INR : TWD=1: 0.3684 1: 0.3765 ARS : TWD=1: 0.0308 1: 0.0527
AUD : TWD=1: 20.9472 1: 20.6313 RUB : TWD=1: 0.3464 1: 0.3630 SGD : TWD=1: 23.2355 1: 23.1532
THB : TWD=1: 0.8969 1: 0.8934 VND : TWD=1: 0.0013 1: 0.0013 ZAR : TWD=1: 1.6513 1: 1.6836
PLN : TWD=1: 7.8201 1: 7.4120 CHF : TWD=1: 36.3841 1: 34.6421 ILS : TWD=1: 8.4504 1: 8.4271
PEN : TWD=1: 8.2999 1: 8.3166 COP : TWD=1: 0.0079 1: 0.0072 MXN : TWD=1: 1.8056 1: 1.7558
CLP : TWD=1: 0.0346 1: 0.0370 HKD : TWD=1: 3.9213 1: 3.9730 BRL : TWD=1: 6.3165 1: 6.2308
PHP : TWD=1: 0.5534 1: 0.5587 SAR : TWD=1: 8.1736 1: 8.2900 TRY : TWD=1: 1.0390 1: 1.2991
JPY : TWD=1: 0.2165 1: 0.2210 MMK : TWD=1: 0.0146 1: 0.0148 UYU : TWD=1: 0.7852 1: 0.8027

529
 2. Consolidated Financial Statement of Subsidiaries

REPRESENTATION LETTER

In connection with the Consolidated Financial Statements of Affiliated

Enterprises of EVERGREEN MARINE CORPORATION (TAIWAN) LTD. (the
“Consolidated FS of the Affiliates”), we represent to you that, the entities required
to be included in the Consolidated FS of the Affiliates as of and for the year ended
December 31, 2023 in accordance with the “Criteria Governing Preparation of
Affiliation Reports, Consolidated Business Reports and Consolidated Financial
Statements of Affiliated Enterprises” are the same as those required to be
included in the Consolidated Financial Statements of EVERGREEN MARINE
CORPORATION (TAIWAN) LTD. and its subsidiaries (the “Consolidated FS of
the Group”) in accordance with International Financial Reporting Standard 10,
as well as that, the information required to be disclosed in the Consolidated FS
of Affiliates is disclosed in the Consolidated FS of the Group. Consequently,
EVERGREEN MARINE CORPORATION (TAIWAN) LTD. does not prepare a
separate set of Consolidated FS of Affiliates.

Very truly yours,

EVERGREEN MARINE CORPORATION (TAIWAN) LTD.

By

CHANG, YEN-I
Chairman
March 14, 2024

530
3. Affiliated Companies Report: None.

II. Securities issuance through private placement:

None.

III.Holdings and sale of shares by subsidiaries:

None.

IV. Other necessary supplementary information:

None.

V. Any events in 2023 and as of the date of this annual report had
significant impacts on shareholders’ right or security prices as
stated in item 3 paragraph 2 of Article 36:

None.

531