Seize the opportunity to "cash out"? Evergreen Shipping "forcibly" passed the 60% capital reduction plan


Evergreen Shipping, whose performance has soared, decided to "cash out" by reducing capital while its stock price rose sharply.

On May 30, Evergreen Shipping held a shareholders meeting and agreed to reduce the capital by 60%. Evergreen Shipping explained that in the past few years, the company has continued to order ships during the period of low ship prices, especially when the market was sluggish, it ordered a 24,000TEU super-large ship, and installed desulfurization devices on old ships. Capital increased from NT$20 billion to NT$52.9 billion.

Xie Huiquan, general manager of Evergreen Shipping, previously stated that adjusting the capital structure and improving the return on shareholders' equity can be done with one dollar instead of two, and the debt ratio is reduced, so the capital reduction will return the money to shareholders.

Wu Guanghui, the company's chief deputy general manager, said that the unit cost of the 24,000TEU ultra-large ship is low, and the installation of the desulfurization device can also reduce the fuel cost, which is positive for the company's operations; last year, Evergreen Shipping made a profit of NT$238.4 billion (about RMB 238.4 billion). 54.806 billion), the profit in the first quarter of this year reached NT$109.8 billion (approximately RMB 25.242 billion), which will not be used to build new ships in the short term, and the retained operation is high and the debt ratio is low. There is no problem with funds such as environmental protection regulations. In order to avoid excessive idle funds, there is an idea of capital reduction.

Wu Guanghui pointed out that after the capital reduction, the paid-in capital of Evergreen Shipping will be adjusted to about NT$21.163 billion, and the share of common stock in shareholders' equity will be adjusted to about 7%, which is about 7% of that of the world's major shipping companies. -8% consistent. Book cash plus 3 months of bank deposits, there is no need to worry about future funds, so there will be no capital increase plan in the future.

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In response to the cash capital reduction proposal, Wu Zhuchun, a lawyer appointed by the younger brother who opposes the capital reduction, pointed out that, on average, each minority shareholder of Evergreen Shipping only holds 1.98 shares. Zhang, it is very unfavorable to its transactions and exercise of shareholder rights. And some companies operate financial plans of capital reduction and capital increase, private placement or share conversion, so that certain major shareholders, the original management team or other people who intend to fight for the company's management rights enjoy greater control, because the stock price will be higher after the capital reduction. The ability of ordinary shareholders to participate in stock subscriptions or buy stocks from the market is also relatively insufficient, and it is necessary to implement treasury stocks in disguised form to benefit major shareholders or other people with high asset capacity.

According to the data of Evergreen Shipping at the end of last year, the share capital before the capital reduction was NT$52.908 billion, and the shareholders' equity was NT$342.705 billion. The converted share capital accounted for 15.43% of the shareholders' equity. After the 60% capital reduction, the share capital was reduced to NT$21.163 billion, the shareholders' equity was NT$310.96 billion, and the shareholders' equity ratio was 6.8%.

On May 6, Evergreen Shipping announced its first-quarter financial report. The consolidated revenue reached NT$170.817 billion (approximately RMB 38.473 billion), an annual increase of 89.9%, setting a new historical record; the gross profit margin increased again to 69.09%, also setting a new high. , significantly better than 65.12% in the previous quarter and 51.85% in the same period last year. At the same time, the net profit after tax of Evergreen Shipping in the first quarter was also quite outstanding, breaking the 100 billion mark to NT$101.359 billion (about 22.829 billion yuan), an annual increase of 180.9%.

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