新秀丽(01910) - 2018 - 年度财报

Financial Performance - Samsonite reported a continuous annual increase in turnover for the seventh consecutive year since its flotation in 2011, indicating strong business fundamentals [2]. - For the year ended December 31, 2018, the Group's net sales reached a record level of US$3,797.0 million, reflecting an increase of 8.8$43.5 million, or 10.3%, year-on-year to US$467.4 million [11]. - Adjusted Net Income increased by US$34.0 million, or 13.0%, to US$294.5 million for the year ended December 31, 2018 [11]. - The Group's reported net income decreased by US$98.2 million, or 27.6%, to US$257.2 million due to non-cash expenses and tax impacts [12]. - Profit attributable to equity holders increased by US$53.3 million, or 23.9% (+23.0% constant currency), excluding certain non-cash charges and tax impacts, while reported profit decreased by US$97.5 million, or 29.2$236.7 million [13]. - Adjusted EBITDA increased by US$33.4 million, or 5.8$613.6 million, with an adjusted EBITDA margin of 16.2% compared to 16.6% the previous year [13]. - The Group's financial metrics are presented alongside non-IFRS measures to provide a comprehensive view of operational performance [10]. Market Strategy and Growth - The company aims to increase shareholder value through sustainable revenue and earnings growth, focusing on free cash flow generation [6]. - Samsonite plans to enhance its direct-to-consumer channel, targeting an increase in e-commerce net sales and expanding its physical retail presence [6]. - The company will continue to invest in marketing to support the global expansion of Tumi and enhance visibility for its other brands, including Samsonite and American Tourister [6]. - The management emphasizes the importance of leveraging regional management structures and marketing expertise to penetrate new markets [6]. - Samsonite's strategic focus includes increasing the proportion of net sales from direct-to-consumer channels [6]. - The company aims to diversify into a multi-brand, multi-category, and multi-channel luggage and accessories business [6]. - The company is focused on expanding Tumi's international presence and investing in product launches and marketing for core brands [36]. - The long-term outlook for the global bags and luggage market remains promising, with continued investment planned to drive future growth [68]. Sales Performance by Region and Brand - Net sales in North America increased by 6.5% year-on-year to US$1,483.0 million, with organic growth of 3.9$1,324.2 million, driven by strong performances from Tumi, American Tourister, and Samsonite brands [48]. - Tumi achieved an 11.9% increase in net sales to US$762.1 million in 2018 [28]. - American Tourister recorded net sales of US$667.8 million in 2018, an increase of 16.5% compared to 2017 [29]. - Net sales in Europe increased by 8.6% to US$809.9 million in 2018, driven by strong performances in Italy (+8.1$176.4 million, with Mexico growing by 12.0% and Brazil by 43.1% [51]. E-commerce and Direct-to-Consumer Sales - DTC e-commerce net sales increased by 31.3% to US$378.8 million in 2018, with a growth of 28.4$1,361.5 million, representing 35.9% of total net sales, up from 33.4% in the previous year [61]. - E-commerce sales accounted for $580.8 million, or 15.3$92.8 million, or 19.0% [110]. Financial Health and Debt Management - The Group generated US$307.4 million of cash from operating activities, down from US$341.3 million in 2017, with cash and cash equivalents of US$427.7 million and outstanding financial debt of US$1,935.8 million as of December 31, 2018 [13]. - The Group's net debt position improved by US$100.9 million year-on-year to US$1,508.2 million as of December 31, 2018 [26]. - The refinancing involved the issuance of €350.0 million 3.500% senior notes due 2026, which were used to refinance original senior credit facilities and cover associated costs [13]. - The new senior credit facilities include a US$828.0 million senior secured term loan A facility and a US$665.0 million senior secured term loan B facility, with lower interest rates compared to the original facilities [16]. - Pro forma total net leverage ratio improved to 2.45:1.00 as of December 31, 2018, compared to 2.74:1.00 at the same date the previous year [68]. Operational Efficiency and Cost Management - Distribution expenses as a percentage of net sales increased to 31.9% in 2018, up from 30.7% in 2017 [63]. - General and administrative expenses decreased by US$6.9 million, or 2.9$233.0 million, representing 6.1% of net sales [187]. - Average inventory turnover days increased to 133 days in 2018 from 120 days in 2017, attributed to higher inventory to support customer demand and retail store expansion [66]. - Net working capital efficiency improved from 14.0% at the end of H1 2018 to 13.6% at the end of 2018 [34]. Research and Development - Research and development investments will focus on creating lighter and stronger materials, advanced manufacturing processes, and innovative designs [6]. - The company is diversifying its supplier base to improve sourcing capabilities while maintaining quality and cost control [36]. - Significant investments in product research and development and marketing are planned to fuel brand success globally [68].