E JOHNSON 動力無窮 豐富生活 2024 Johnson Electric Holdings Limited 德昌電機控股有限公司* 中期 業績報告 （在百慕達註冊成立之有限公司） 股份代號：179 *僅供識別 目錄 1 摘要 2 致股東函件 6 管理層討論及分析 23 企業管治 25 權益披露 29 購買、出售或贖回上巿證券 30 根據上巿規則第13.21條披露 30 中期股息及暫停過戶登記 31 簡明綜合中期財務報表 84 公司及股東資料 關於封面 德昌電機致力透過提供創新的 驅動解決方案，為所接觸的每 一位終端用戶帶來高效、便利和 可持續的「動力無窮 豐富生活」。 2024中期業績報告 1 | --- | --- | |-------|----------------------------------------------------------------------------------------------| | | | | | 摘要 | | • | 集團營業額 1,854 百萬美元，較上一財政年度上半年下跌 4% | | • | 毛利 438 百萬美元，或營業額的 23.6% （ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 摘要 Johnson Electric Holdings Limited 德昌電機控股有限公司 * （在百慕達註冊成立之有限公司） （股份代號 : 179） 截至 2024 年 9 月 30 日止六個月 中期業績公告 • 集團營業額 1,854 百萬美元，較上一財政年度上半年下跌 4% • 毛利 438 百萬美元，或營業額的 23.6%（對比上一財政年度上半年為 430 百萬美元或營業額的 22.2%） • 經調整未計利息、稅項及攤銷前盈利 177 百萬美元，或營業額的 9.5%（對比上一財政年度上半年 為 180 百萬美元或營業額的 9.3%） • 股東應佔溢利淨額增加 8%至 130 百萬美元或完全攤薄後為每股 13.92 美仙 • 撇除與匯率變動相關的未變現收益或虧損以及重組費用之淨影響，基本淨溢利增加 3%至 133 百 萬美元 • 經營所得之自由現金流量為 144 百萬美元（對比上一財政年度上半 ...

Financial Performance - Total revenue for the year reached $3.8 billion, with a net profit of $229 million[2] - Total revenue for the fiscal year ending March 31, 2024, was $3,814 million, a 5% increase year-over-year[17] - Gross profit rose by 19% to $851 million[17] - Adjusted EBITDA increased by 56% to $343 million, representing 9.0% of revenue (compared to 6.0% in the previous fiscal year)[17] - Net profit attributable to shareholders surged by 45% to $229 million[17] - Adjusted net profit, excluding non-cash foreign exchange movements and restructuring costs, rose by 70% to $252 million[17] - Free cash flow from operations was $422 million, compared to $215 million in the previous year[17] - Revenue for the 23/24 fiscal year increased by $168.1 million or 5% to $3,814.2 million (22/23 fiscal year: $3,646.1 million)[58] - Gross profit for the 23/24 fiscal year was $850.7 million, with a gross margin of 22.3%, up from 19.6% in the previous fiscal year[57] - Adjusted EBITA for the 23/24 fiscal year was $342.8 million, representing 9.0% of revenue, compared to $220.1 million and 6.0% in the 22/23 fiscal year[57] - Net profit attributable to shareholders for the 23/24 fiscal year was $229.2 million, up from $157.8 million in the previous fiscal year[57] - Free cash flow from operations for the 23/24 fiscal year was $422.4 million, nearly double the $214.8 million in the 22/23 fiscal year[57] - Cash and cash equivalents as of March 31, 2024, were $809.9 million, compared to $408.7 million as of March 31, 2023[57] - Total debt as of March 31, 2024, was $560.8 million, up from $474.0 million as of March 31, 2023[57] - The company's market capitalization as of March 31, 2024, was $1,294.6 million, up from $1,052.9 million as of March 31, 2023[57] - Adjusted EBITDA increased to $343 million, representing 9.0% of revenue, up from 6.0% last year[19] - Net profit attributable to shareholders rose by 45% to $229 million, with basic net profit at $252 million compared to $148 million last year[19] - The company's gross profit increased by 19% to $851 million, with gross margin improving from 19.6% to 22.3%[19] - Free cash flow from operations for the fiscal year totaled $422 million, with year-end cash reserves at $810 million[19] - Total debt to capital ratio stood at 18%, indicating a strong financial position[19] - The company proposed a final dividend of 44 HK cents per share (5.64 US cents), bringing the total dividend for the year to a 20% increase compared to the previous year[17] - The board recommended a final dividend of 44 HK cents per share, bringing the total annual dividend to 61 HK cents per share, a 20% increase from the previous year[19] - Final dividend for FY23/24 proposed at 44 HK cents per share, equivalent to $51.9 million, compared to 34 HK cents per share in FY22/23[91] - Interim dividend for FY23/24 maintained at 17 HK cents per share, equivalent to $20.1 million, with $15.0 million paid in cash and $5.1 million settled through issuance of new shares[91] Revenue Distribution and Market Performance - The company operates in 22 countries across 4 continents, serving 1,600 customers[2] - Automotive product group accounted for 84% of total revenue, while industrial and commercial products made up 16%[3] - Revenue distribution by region: Americas 34%, Asia-Pacific 35%, Europe, Middle East, and Africa 31%[3] - The Automotive Products Group, the largest operating segment, achieved revenue of $3,210 million, a 10% increase at constant exchange rates[17] - Revenue in the Asia-Pacific region for the Automotive Products Group grew by 10% at constant exchange rates, with light vehicle production in the region increasing by approximately 8%[17] - Automotive product group revenue increased by 10% to $3,216.9 million in FY23/24, contributing 84% of total group revenue[59][61] - Industrial product group revenue decreased by 19% to $594.9 million in FY23/24, accounting for 16% of total group revenue[59][63] - Group revenue increased by 5% to $3,814.2 million in FY23/24, with a $165.7 million increase from volume/mix and pricing[59][60] - Asia Pacific automotive revenue grew 10%, outperforming the region's 8% increase in light vehicle production[61] - Europe, Middle East & Africa automotive revenue increased 13%, compared to 7% growth in regional light vehicle production[61] - Americas automotive revenue rose 9%, exceeding the region's 6% light vehicle production growth[61] - Industrial product group revenue declined across all regions, with the steepest drop of 24% in Europe, Middle East & Africa[64][65] - Acquisition of Pendix GmbH contributed $6.7 million to group revenue in FY23/24[60] - Foreign exchange impact reduced group revenue by $4.3 million, with EUR strengthening offset by CNY and CAD weakening[60] Operational and Production Highlights - Daily production exceeds 4 million units of motor and drive-related products[2] - The company employs over 30,000 staff globally, including 1,600 engineers[2] - Strategic focus areas include innovation, investment in automation and digitalization, and building a flexible global production network[12] - The company has completed over a dozen acquisitions in the past two decades to complement technology and strengthen market position[13] - Key priorities include expanding market share in segment markets and maintaining competitive advantages[16] - The company expects low single-digit growth in sales for the 24/25 fiscal year, with a focus on expanding AI-driven quality assurance software[19] - The company is developing advanced integrated thermal management systems for electric vehicles, combining motors, valves, and pumps to optimize battery performance[19] - The company is increasing the use of digital tools and AI software in production and business support functions to enhance decision-making and operational efficiency[19] - TrueDrive DZC technology increases warehouse conveyor throughput by up to 250% and ensures 100% full-speed operation year-round[23] - VersaSort module enables precise sorting of packages as small as 50mm x 38mm[23] - The new lattice light-sheet microscope, powered by Nanomotion's motor expertise, operates at speeds ranging from 200 micrometers to 200 nanometers per second, capturing high-definition images of cellular behavior[25] - The Osprey lightweight electric oil pump for eAxles reduces product weight by 30% by replacing traditional aluminum with lighter plastic materials[29] - The integrated thermal management system (ITMS) for electric vehicles is 25% lighter and 30% smaller in volume compared to traditional systems, extending EV range by up to 20%[31] - The Power Door Opening (PDO) motor for electric vehicles enhances aerodynamics and reduces weight, extending EV range by an additional 5-10 kilometers[33] Sustainability and Environmental Initiatives - The company has reduced absolute carbon emissions by 53% compared to the baseline, exceeding its 2030 target[40] - Renewable energy now accounts for 44% of the company's total energy consumption[40] - The company aims to achieve a 42% reduction in Scope 1 and 2 carbon emissions by 2030 and net-zero emissions across the value chain by 2050[41] - The company plans to reduce water intensity by 30% by the 25/26 fiscal year compared to the 20/21 baseline[43] - The company maintains zero waste to landfill across its operations and aims to reduce total waste intensity by 10% and hazardous waste intensity by 20% by the 25/26 fiscal year[42] - All manufacturing facilities are ISO 14001 certified, and 11 operational facilities hold ISO 50001 certification[44] - The company has installed solar panels at its Zacatecas, Mexico facility, expected to cover 11% of the plant's electricity consumption[45] - The company has increased its renewable energy share in the energy mix to 44% and reduced energy, waste, and water intensity[40] - The company is committed to using 100% renewable energy for all operations by 2025 where feasible[41] - The company has set clear targets to reduce CO2 emissions, increase the use of renewable energy, and improve energy efficiency in its operations[122] - The company is assessing the carbon footprint of its value chain and plans to set CO2 reduction targets in this area[122] - The company is implementing site-specific plans to monitor and reduce waste generation, water consumption, and emissions, aiming to minimize ecological impact[122] - The company is evaluating the sustainability performance of its key suppliers to ensure supply chain sustainability[122] - The company is assessing vulnerabilities to climate change and extreme weather events, exploring adaptation measures to enhance climate resilience[122] - The company is designing eco-friendly products and processes that consume minimal resources and energy during manufacturing and use[122] - The company is conducting product carbon footprint and lifecycle assessments to ensure sustainability[122] - The company has reduced Scope 1 and Scope 2 carbon emissions by 53% compared to the 20/21 fiscal year baseline, exceeding the short-term target of a 42% reduction by 2030[136] - The company now uses 44% renewable energy, more than double the 22% from the previous year, with significant increases in Asia (24% to 55%) and the Americas (18% to 91%)[137] - The company aims to use 100% renewable energy for all operations by 2025 where feasible and reduce energy intensity per sales by 15% by 2030 compared to the 19/20 fiscal year baseline[136] - The company has achieved zero waste to landfill for the second consecutive year in the 23/24 fiscal year, with a 7% reduction in waste intensity per sales compared to the 20/21 fiscal year baseline[140] - The company has reduced water intake intensity by 21% and water consumption intensity by 19% compared to the 20/21 fiscal year baseline, aiming for a 30% reduction by the 25/26 fiscal year[141] - The company is finalizing its Scope 3 carbon emissions inventory and plans to set new short- and long-term reduction targets aligned with the Science Based Targets initiative (SBTi)[137] - The company has installed solar panels at its Zacatecas, Mexico plant, generating 1,286 MWh annually, equivalent to 11% of the plant's total electricity consumption[137] - The company aims to reduce total waste intensity per sales by 10% and hazardous waste intensity per sales by 20% by the 25/26 fiscal year compared to the 20/21 fiscal year baseline[139] - The company's Jiangmen, China manufacturing plant was recognized as a "Zero Waste Enterprise" by the Jiangmen municipal government[140] - The company has maintained a 93% waste recycling rate, with most recycled materials coming from production, including steel, copper, and plastics[140] - The company's non-CO2 emissions in FY23/24 were 39 metric tons, a 26% reduction compared to the previous year[142] - VOC emissions were below permitted standards, with measures taken to reduce emissions by replacing VOC-containing materials and implementing exhaust control systems[142] Employee and Community Engagement - The company has launched the Healthy@JE program to promote employee well-being across physical, mental, social, environmental, and occupational dimensions[48] - The JETC program has trained 1,546 students since its inception, with 106 JETC trainees as of 2024[55] - The third JETC campus was officially launched in Chennai, India, in January 2024, marking a milestone in the company's mission to engage young people globally in engineering careers[53] - The company employs over 30,000 people globally as of March 31, 2024, distributed across Asia, EMEA, and the Americas[149] - The company has set goals to reduce business carbon emissions, use 100% renewable energy, and assess product carbon footprints to align with climate policies[145] - The company is focusing on providing products for zero-carbon and low-carbon applications, implementing product carbon footprint and lifecycle assessments[146] - The company has developed business continuity plans for production and suppliers, and diversified manufacturing and supply chain footprints to enhance resilience[144] - The company has implemented best practices for flood prevention and emergency preparedness procedures to mitigate risks from extreme weather events[143] - The company prioritizes reducing and eliminating gas emissions, with zero major violations of gas emission-related laws and regulations[142] - The company collects and reuses epoxy resin particles and copper powder from production processes to reduce particulate emissions[142] - The company emphasizes a strong safety culture and strict health and safety standards across all business locations[148] - Zero fatalities recorded in the 23/24 fiscal year[153] - 105 lost time accidents (LTAs) in the 23/24 fiscal year, with a rate of 0.2 per 200,000 working hours (industry average: 0.8)[154] - 85 recordable injuries in the 23/24 fiscal year, with a rate of 0.2 per 200,000 working hours (industry average: 2.3)[155] - Revised LTA numbers for 22/23, 21/22, and 20/21 fiscal years to align with OSHA guidelines[154] - 38 entities within the group have achieved ISO 45001 certification, covering 80% of production sites and 92% of employee working hours[153] - The group's EH&S policy emphasizes a safety-first culture, with training programs and risk assessments implemented across all facilities[151][152] - A three-step health and safety culture training program has been established to promote safety awareness and problem-solving among employees[151] - The group's EH&S management system includes standardized plans, procedures, and standards applicable to all factories, covering both employees and contractors[152] - Talent retention and development are prioritized, with monthly HR committee meetings focusing on talent mobility, succession planning, and leadership development[156] - High-potential employees are identified through regular assessments and provided with additional development opportunities, including 360-degree feedback and executive education programs[156] - 15 engineers from different departments have been assigned to international assignments lasting 12 to 24 months under the Engineering International Assignment program[157] - The JE International Engineering Trainee Program offers recent engineering graduates a two-year opportunity to work in different company facilities worldwide, with the second year in China[157] - A team achieved over 40% cycle time improvement through an innovative automation production solution under the in-job training program[158] - The company provides over 360 courses on the "Learning in Motion" global learning platform, covering business compliance and soft skills[159] - The JEDi program promotes digital transformation by encouraging employees to gain expertise in digital applications, with sponsored training and exam fees[159] - The company has implemented a global "work from home" policy to help employees balance work and family responsibilities[160] - The "JE in Motion" internal communication platform facilitates leadership messaging and knowledge sharing among global employees[161] - The company organizes an annual learning month to foster a culture of learning across its organization[158] - The Leadership Essentials program supports employees in developing key skills for managerial roles[157] - The company emphasizes performance discussions to ensure employees receive recognition and constructive feedback[157] - Annual bonus is a significant component of employee compensation for over 80% of employees, including all management and executive management teams, linked to achieving revenue, profitability, liquidity, and sustainability targets[162] - The company has a long-term share incentive plan for senior executives, with a significant portion of performance-based share units that vest upon meeting stringent financial conditions[162] - Employees reported 11 whistleblowing cases in the 23/24 fiscal year, all of which were investigated confidentially, with appropriate disciplinary actions taken if violations were found[163] - The company conducted a social compliance and human rights audit in Hong Kong during the 23/24 fiscal year, confirming that all policies and procedures related to human rights and employee health and safety comply with legal requirements, with no major non-compliance issues identified[163] - The latest JETC campus in Chennai, India, officially opened in January 2024, marking another milestone in the company's mission to embrace engineering career opportunities globally[164] - Since its inception, 1,546 students have graduated from the JETC program in China and Mexico, providing the company with a pool of well-educated future employees[164] - In Serbia, the company collaborates with a local technical high school, offering facilities and staff to help students receive high-quality technical education, similar to the JETC concept[164] - The "Little Engineers" program targets children aged 6 to 12, encouraging early interest in STEM subjects through DIY toy kits powered by the company's motors[164] - The company has trained 106 JETC students in Zacatecas, Mexico, as of 2024[166] - The company's new "J-Bot" toy car workshops were held at factories worldwide, attracting approximately 200 children[167] - Over 185 JEnerations activities were organized this year, including charity walks in Hong Kong, volunteer services at a children's rehabilitation center and elderly center in China, and career advice sessions for students in the UK[167] - The company was awarded the "5 Years+ Caring Company" award by the Hong Kong Council of Social Service for its long-term commitment to corporate social responsibility[168] Corporate Governance and Risk Management - The company has established a comprehensive risk management framework led by the Enterprise Risk Management Steering Committee, which includes key executives and focuses on identifying, assessing, and mitigating risks[103] - The company faces significant risks from global economic and geopolitical instability, including potential disruptions from events like pandemics or international conflicts[105] - Consumer behavior shifts and trade disputes, particularly between the US and China, could directly impact the company's performance and supply chain[105] - The company is implementing a multi-faceted strategy to manage risks, including global positioning, strategic growth, and diversification of customer and product portfolios[105] - The company is closely monitoring new facility construction and expansion or closure of existing facilities to optimize production capacity[105] - Capital expenditure and investments are critical for the company's long-term growth, with strict approval processes in place for all capital expenditures[105] - The company conducts thorough evaluations before entering joint ventures or acquiring new businesses, considering commercial potential and

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 Johnson Electric Holdings Limited 德昌電機控股有限公司 * （在百慕達註冊成立之有限公司） （股份代號 : 179） 截至 2024 年 3 月 31 日止年度 全年業績公告 摘 要 • 截至 2024 年 3 月 31 日止財政年度，營業總額 3,814 百萬美元，較去年上升 5% • 毛利 851 百萬美元，上升 19% • 未計利息、稅項及攤銷前盈利，已調整撇除非現金外匯變動和重組費用，上升 56%至 343 百萬 美元或營業額的 9.0%（對比 22/23 財政年度為營業額的 6.0%） • 股東應佔溢利淨額 229 百萬美元，較去年上升 45% • 已調整撇除非現金外匯變動和重組費用，基本淨溢利 252 百萬美元，上升 70% • 經營所得之自由現金流量為 422 百萬美元，對比去年為 215 百萬美元 • 建議末期股息每股 44 港仙（5.64 美仙）。連同已 ...

動力無窮 ■言Æ評 2023 中期 業績報告 Johnson Electric Holdings Limited 德昌電機控股有限公司 * （在百慕達註冊成立之有限公司） 股份代號：179 *僅供識別 目錄 1 摘要 2 致股東函件 6 管理層討論及分析 23 企業管治 25 權益披露 29 購買、出售或贖回上巿證券 30 根據上市規則第13.21條披露 30 中期股息及暫停過戶登記 31 簡明綜合中期財務報表 84 公司及股東資料 關於封面 德昌電機致力透過提供創新的 驅動解決方案，為所接觸的每 一位終端用戶帶來高效、便利和 可持續的「動力無窮 豐富生活」。 2023中期業績報告 1 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | | | | 摘要 | | • | 集團營業額 1,937 百萬美元，較上一財政年度上半年上升 9% 。未計入匯率變動及收購的影響 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之 任何損失承擔任何責任。 摘要 Johnson Electric Holdings Limited 德昌電機控股有限公司 * （在百慕達註冊成立之有限公司） （股份代號 : 179） 截至 2023 年 9 月 30 日止六個月 中期業績公告 • 集團營業額 1,937 百萬美元，較上一財政年度上半年上升 9%。未計入匯率變動及收購的影響， 營業額上升 10% • 毛利 430 百萬美元，或營業額的 22.2%（對比上一財政年度上半年為 355 百萬美元或營業額的 20.0%） • 經調整未計利息、稅項及攤銷前盈利 180 百萬美元，或營業額的 9.3%（對比上一財政年度上半年 為 111 百萬美元或營業額的 6.3%） • 股東應佔溢利淨額上升 115%至 120 百萬美元或完全攤薄後為每股 12.99 美仙 • 撇除與匯率變動相關的未變現收益或虧損以及重組費用之淨影響，基本淨溢利上升 66%至 130 百 萬美元 • 經營所得 ...

德昌電機控股有限公司 德昌電機控股有限公司 （在百慕達註冊成立之有限公司） 香港新界沙田香港科學園 科技大道 東12號6樓 電話：(852) 2663 6688 傳真：(852) 2897 2054 2023年度年報 www.johnsonelectric.com 動力無窮 豐富生活 JE AR_2023_Cover + IFC&IBC_15May.indd 1-3 5/6/2023 下午4:59 年度 2023 年報 Johnson Electric Holdings Limited 德昌電機控股有限公司* （在百慕達註冊成立之有限公司） 股份代號：179 *僅供識別 德昌電機 2023 JE AR_2023_Cover + IFC&IBC_15May.indd 4-6 JE AR_2023_Review_Chi.indd 2 2/6/2023 下午4:05 5/6/2023 下午4:59 JE AR_2023_Review_Chi.indd 1 5/6/2023 下午5:20 2019 2020 2021 2022 2023 0 500 1,000 1,500 2,000 2,500 3,000 3,50 ...

Financial Performance - Total revenue for the fiscal year ending March 31, 2023, was $3,646 million, a 6% increase year-over-year, with an 11% increase in underlying revenue excluding currency fluctuations and acquisitions[2] - Gross profit was $716 million, up 2% compared to the previous year[2] - Adjusted EBITDA, excluding non-cash foreign exchange movements and restructuring costs, decreased by 10% to $220 million, representing 6.0% of revenue (compared to 7.1% in FY21/22)[2] - Net profit attributable to shareholders was $158 million, an 8% increase year-over-year[2] - Free cash flow from operations was $215 million, compared to a cash outflow of $132 million in the previous year[2] - The company's EBITDA for the fiscal year 22/23 was $232 million, compared to $222 million in the previous year[6] - Adjusted EBITDA, excluding non-cash foreign exchange movements and restructuring costs, was $220 million, representing 6.0% of revenue (down from 7.1% last year)[6] - Net profit attributable to shareholders increased by 8% to $158 million, or $0.1733 per share on a fully diluted basis[6] - The company generated $215 million in free cash flow from operations, primarily due to reduced working capital and capital expenditures[6] - Revenue increased by $200.0 million or 6% to $3,646.1 million in FY22/23 compared to FY21/22[12] - Gross profit margin decreased to 19.6% in FY22/23 from 20.4% in FY21/22[10] - Adjusted EBITA decreased to $220.1 million in FY22/23 from $243.8 million in FY21/22, with a margin of 6.0% compared to 7.1%[10] - Net profit attributable to shareholders increased to $157.8 million in FY22/23 from $146.4 million in FY21/22[10] - Free cash flow from operations improved to $214.8 million in FY22/23 from a negative $132.4 million in FY21/22[10] - Net profit for FY22/23 was $146.4 million, with a reported net profit of $157.8 million after tax impacts[28] - Unrealized gains on other financial assets and liabilities netted a loss of $6.7 million[28] - Unrealized foreign exchange losses on monetary assets and liabilities netted a gain of $10.5 million[28] - Restructuring and related costs amounted to $1.4 million[28] - Net profit excluding non-cash foreign exchange changes and restructuring costs was $147.9 million, representing 4.1% of revenue[28] - Sales volume, price adjustments, and cost-saving measures contributed to a $40.0 million increase in net profit, partially offset by rising raw material and operational costs[31] - Foreign exchange fluctuations had a negative impact of $38.0 million on net profit, primarily due to the depreciation of the Euro[31] - Gross margin decreased from 20.4% in FY21/22 to 19.6% in FY22/23, with an adjusted gross margin of 20.1% excluding foreign exchange impacts[31] Revenue by Business Segment - The Automotive Products Group achieved revenue of $2,914 million, a 16% increase excluding foreign exchange impacts and a prior-year acquisition, outperforming the global light vehicle production growth estimate of 9%[4] - The Industrial and Commercial Products Group reported revenue of $732 million, accounting for 20% of the company's total revenue, with a 7% decline excluding foreign exchange impacts and a prior-year acquisition[4] - Automotive product group revenue increased by $269.4 million or 10% to $2,913.7 million in FY22/23[13] - Industrial and commercial product group revenue decreased by $69.4 million or 9% to $732.4 million in FY22/23[13] - Automotive product group revenue increased by 16% YoY, excluding FX impact and the acquisition of Zimmermann, compared to a 9% increase in global light vehicle production[17] - Asia revenue for the automotive product group grew by 13%, driven by new business wins, increased sales, and growth in China's new energy vehicle market[17] - Europe revenue for the automotive product group rose by 17%, supported by expanded production on recently acquired customer platforms[17] - Americas revenue for the automotive product group increased by 19%, benefiting from normalized production plans post-semiconductor shortages and higher sales from new business wins[17] - Industrial and commercial product group revenue declined by 7% YoY, excluding FX impact and acquisitions, due to reduced demand for home-related products and inflationary pressures[20] - Asia revenue for the industrial and commercial product group fell by 26%, impacted by reduced demand for small home appliances and entertainment products in Europe and the Americas[21] - Europe revenue for the industrial and commercial product group decreased by 2%, with growth in beverage equipment and semiconductor-related products offset by declines in home-related products[21] - Americas revenue for the industrial and commercial product group grew by 9%, driven by increased demand in ventilation, automation, and medical equipment markets[23] - The acquisition of Pendix GmbH contributed $4.6 million to the industrial and commercial product group's revenue in FY22/23[22] Cash Flow and Financial Position - Cash reserves stood at $409 million as of March 31, 2023, with a net debt-to-capital ratio of 16%[2] - The company proposed a final dividend of 34 HK cents (4.36 US cents) per share, bringing the total dividend for the year to a 50% increase compared to the previous year[2] - The company recommended a final dividend of 34 HK cents per share, bringing the total annual dividend to 51 HK cents per share, equivalent to 6.54 US cents per share[6] - Total debt to capital ratio remained stable at 16% as of March 31, 2023[10] - Enterprise value to adjusted EBITDA ratio decreased to 2.5 in FY22/23 from 3.0 in FY21/22[10] - Interest coverage ratio decreased to 9.8 in FY22/23 from 11.9 in FY21/22[10] - Inventory decreased by $58.5 million to $589.0 million, with inventory days reduced from 75 to 66 days[35] - Accounts receivable decreased by $26.3 million to $808.2 million, with receivable days reduced from 69 to 64 days[35] - Free cash flow for FY22/23 was $214.8 million, a significant improvement from a free cash outflow of $132.4 million in FY21/22[39] - Operating working capital improved by $27.5 million due to management actions to control working capital needs[39] - Capital expenditures decreased by $89.8 million to $226.6 million as the company focused on improving asset utilization and stricter capital allocation[39] - The company acquired an 80% stake in Pendix for $20.3 million and the remaining 20% non-controlling interest in Halla Stackpole for $50.8 million[40] - Net debt decreased by $80.1 million to $65.3 million as of March 31, 2023[46] - Available unused credit facilities totaled $759.0 million as of March 31, 2023[44] - The company maintained stable investment-grade credit ratings from Moody's (Baa1) and S&P (BBB)[43] - Cash and cash equivalents increased by $63.3 million to $408.7 million as of March 31, 2023[44] - Income tax paid decreased by $12.1 million to $29.3 million due to lower taxable profits in the prior year[39] - The company invested $1.5 million in the joint venture Lean AI during FY22/23[40] - Loans decreased by $16.8 million to $474.0 million as of March 31, 2023, with a $69.0 million credit facility from HSBC for refinancing[49] - Total debt to capital ratio remained stable at 16% as of March 31, 2023, with total debt to adjusted EBITDA ratio at 1.3x[51] - Enterprise value to adjusted EBITDA ratio decreased from 3.0x in 2022 to 2.5x in 2023[51] - Interest coverage ratio was 9.8x as of March 31, 2023, compared to 11.9x in 2022[51] - Final dividend for FY22/23 proposed at 34 HK cents per share, equivalent to $39.9 million, with a scrip dividend option[52] - Interim dividend for FY22/23 was 17 HK cents per share, equivalent to $19.8 million, with $14.6 million settled via new shares and $5.2 million in cash[52] - Foreign exchange contracts' fair value decreased by $11.1 million to $216.2 million as of March 31, 2023, due to reduced RMB contract gains[56] - Lease liabilities decreased by $34.1 million to $93.4 million as of March 31, 2023, with a $25.1 million reduction from lease payments and terminations[49] - The company maintains a prudent debt level and fully complies with financial covenants, including net debt to EBITDA and EBITDA to interest expense ratios[51] - Foreign exchange risk is managed through forward and structured foreign exchange contracts with maturities ranging from 1 to 66 months[55] - The company's ordinary and structured forward contracts for selling euros and buying dollars increased the financial assets reflecting cumulative fair value gains by $19.1 million to $133.1 million as of March 31, 2023, compared to $114.0 million on March 31, 2022[58] - Structured euro contracts decreased financial assets reflecting cumulative fair value gains by $7.2 million to $30.2 million as of March 31, 2023, compared to $37.4 million on March 31, 2022[58] - The total financial assets reflecting cumulative fair value gains from euro contracts increased by $11.9 million to $163.3 million as of March 31, 2023, compared to $151.4 million on March 31, 2022[58] - Ordinary forward contracts for RMB decreased financial assets reflecting cumulative fair value gains by $44.5 million to $44.9 million as of March 31, 2023, compared to $89.4 million on March 31, 2022[59] - Estimated future cash flow benefits from ordinary forward and cross-currency interest rate swap contracts are $222 million as of March 31, 2023, compared to $326 million on March 31, 2022[62] - Estimated future cash flow benefits from structured foreign exchange contracts are $33 million as of March 31, 2023, compared to $45 million on March 31, 2022[62] - Copper material spot price decreased by 14% to $8,935 per ton as of March 31, 2023, compared to $10,337 on March 31, 2022[63] - Aluminum material spot price decreased by 33% to $2,337 per ton as of March 31, 2023, compared to $3,503 on March 31, 2022[63] - The fair value net of commodity contracts decreased by $42.7 million, primarily due to declining commodity prices and contract consumption[64] - The total fair value net of commodity contracts decreased to $19.3 million as of March 31, 2023, compared to $62.0 million on March 31, 2022[65] Strategic Initiatives and Market Positioning - The company is well-positioned to gain market share in the automotive sector due to its investments in new products designed to support the transition to electric vehicles[4] - The company acquired the remaining 20% stake in Halla Stackpole Corporation, a powder metal business with strong market positions in China and South Korea[6] - In October 2022, the company completed the acquisition of an 80% stake in Pendix GmbH, a German company specializing in electric bicycle drive systems[6] - The company expects sales growth for the fiscal year 23/24 to be between 5% and 7%[8] - The company is highly susceptible to global economic and geopolitical environments, trade issues, and industry dynamics, which could impact product demand and financial performance[71] - The company is expanding its global business and seeking growth through acquisitions and joint ventures to mitigate risks from regional economic downturns[71] - The company is investing in cost-effective solutions and improving productivity to maintain competitiveness in core and expanding markets[74] - The company is focusing on innovation and intellectual property development to manage technological competitiveness and become a preferred supplier for customer-driven solutions[75] - The company is diversifying its customer and product portfolio through internal development and acquisitions to reduce dependency on major clients and products[77] - The company is implementing strategic planning and risk assessments aligned with technological development roadmaps, including automation and AI integration[75] - The company is continuously monitoring and expanding its global operations to adapt to political, regulatory, social, and economic changes in developing countries[77] - The company is managing contract risks through industry-standard terms and conditions, ensuring compliance and reducing potential losses[78] - The company is safeguarding its intellectual property through patent applications and enforcement actions against infringement[79] - The company is mitigating supply chain risks by strengthening regional production capabilities and gradually increasing localized supply chains[83] - The company is reducing logistics risks by optimizing international commercial terms for customer shipments and maintaining safety stock within regions[83] - The company is addressing business interruption risks by diversifying operational locations and consolidating production facilities and supply chains[84] - The company is managing human resource risks through talent retention strategies, automation, and digitalization to streamline operations[85] - The company is reducing tax risks by complying with tax laws and seeking professional advice in case of unclear tax regulations[88] - The company is lowering product liability risks by continuously improving engineering and manufacturing processes and conducting safety reviews[90] - The company is addressing energy risks by reducing operational energy intensity and seeking renewable energy sources[91] - The company is mitigating fraud risks through identity verification, proactive supervision, and robust internal controls[92] Sustainability and Environmental Initiatives - The company is committed to reducing carbon emissions, increasing renewable energy usage, and minimizing ecological impact[98] - The company is designing eco-friendly products and conducting carbon footprint assessments to meet sustainability requirements[100] - The company is committed to protecting the environment for future generations, focusing on energy and climate, waste, water resources, and emissions[106] - The company maintains a robust sustainability management system with clear goals, roles, responsibilities, accountability, and processes, overseen by the Board of Directors[108] - The Social Impact and Sustainability Committee, led by an Executive Director, is responsible for developing the company's sustainability culture, strategy, goals, and actions, aligning with stakeholder objectives[109] - The company ensures that all business units and functional departments incorporate sustainability strategies, key performance indicators, and goals into their strategic plans to achieve overall sustainability commitments[109] - The company has achieved a 53% reduction in global warming potential for selected products through material selection and renewable energy use in the design process[114] - The company avoided 383 tons of packaging material consumption by using recyclable packaging for four customers in China from 2020 to present[116] - The company's vertical integration helps reduce environmental impact by providing complete drive subsystems, including motors, switches, gears, and control electronics[110] - The company's products are designed to be energy-efficient, low-noise, and long-lasting, suitable for household appliances like lawn mowers, power tools, and air conditioners[110] - The company uses lifecycle assessment (LCA) and product carbon footprint (PCF) methods to track and reduce environmental impact throughout the product lifecycle[113] - The company's manufacturing facilities and internal testing labs comply with international standards, including ISO 9001, IATF 16949, and ISO 17025[115] - The company has received supplier quality excellence awards in Canada, China, and Europe for consistent performance in quality, delivery, and environmental compliance[115] - The company focuses on reducing consumption, reusing materials, and recycling waste in its manufacturing processes to minimize environmental impact[116] - The company is exploring opportunities to expand the use of recyclable packaging to more customers[116] - The company aims to develop new products with optimized PCF, LCA, and environmental product declarations[114] - 15 operational sites across 10 countries are now using 100% renewable energy, increasing the company's renewable energy usage to 22% (excluding grid-mixed renewables) and 40% (including grid-mixed renewables)[121] - The company installed 6,600 solar panels at its Jiangmen, China facility, expected to generate over 3,700 MWh of renewable energy annually and reduce 2,200 tons of carbon emissions[122] - The company achieved a 21% reduction in Scope 1 and 2 absolute carbon emissions in FY22/23 compared to the FY20/21 baseline[120] - The company has set a new target to reduce operational carbon emissions by 42% by 2030 (Scope 1 and 2) and achieve net-zero emissions globally by 2050[120] - The company achieved zero waste to landfill in FY22/23, with 93% of waste being recycled, mostly from production materials such as steel, copper, and plastics[124][125] - All of the company's production facilities (100%) are ISO 14001:2015 certified, and 11 facilities, including its largest, are ISO 50001:2018 certified for energy management[118] - Water consumption decreased by 7% in FY22/23, with water intensity per revenue dropping by 12% due to water-saving initiatives and recycling projects[126] - VOC emissions were below permitted levels, with measures taken to further reduce emissions, including using lower VOC alternatives and implementing exhaust control systems[127] - The company recycles and reuses epoxy and copper powders from production processes to reduce particulate emissions[127] - The company focuses on reducing greenhouse gas emissions and energy consumption in its production processes to contribute to sustainability[135] Corporate Governance and Ethics - The company emphasizes trust and transparency, adhering to high standards of integrity, openness, and fairness, with strategies and policies addressing corporate governance, ethics, compliance, data protection, and supply chain[106] - The company integrates human rights and labor rights into its business code, promoting diversity and equal opportunities, and ensuring compliance with labor laws and regulations to protect employee well-being[101] - The company's Code of Ethics and Business Conduct guides employees in making ethical decisions and maintaining legal and ethical standards, with no significant non-compliance with laws and regulations reported in the 22/23 fiscal year[168] - The Board of Directors consists of 2 executive directors and 9

JOHNSQ Johnson Electric Holdings Limited 德昌電機控股有限公司 * (在百慕建註冊成立之有限公司) 股份代號：179 2022年度年報 TTA HF united mombin 德昌電機 2022 JE AR_2022_Cover + IFC&IBC_Chi_19May.indd 4-6 19/5/2022 下午5:33 JE AR_2021_Review_Section_Chi_19May.indd 3 19/5/2022 下午5:35 聘用超過35,000名 員工當中超過 1,500名 為工程師 營業總額 34億美元 及淨溢利 1.46億美元 為超過 1,700名客戶 提供驅動解決方案 每日生產超過 280萬隻 電機及執行器 業務遍佈 4大洲 共22個國家 業務遍佈 4大洲 共22個國家 集團營業總額 2018 2019 2020 2021 2022 3,446 3,156 3,070 3,237 3,280 0 500 1,000 1,500 2,000 2,500 3,000 3,500 百萬美元 按營運部門劃分之營業額 77% 23% 汽車產品組別 工商用產品 ...