德昌电机控股(00179) - 2023 - 年度财报

Financial Performance - Total revenue for the fiscal year ending March 31, 2023, was $3,646 million, a 6$716 million, a 2% increase compared to the previous fiscal year[12] - Adjusted EBITDA, excluding non-cash foreign exchange movements and restructuring costs, decreased by 10% to $220 million, representing 6.0$158 million, while adjusted net profit, excluding non-cash foreign exchange movements and restructuring costs, decreased by 10% to $148 million[12] - Free cash flow from operations was$215 million, a significant improvement from the previous year's cash outflow of $132 million[12] - Revenue for the 22/23 fiscal year increased by$200.0 million or 6% to $3,646.1 million compared to$3,446.1 million in the 21/22 fiscal year[44] - Gross profit for the 22/23 fiscal year was $715.9 million, with a gross margin of 19.6$231.5 million, compared to $222.4 million in the 21/22 fiscal year[44] - Adjusted EBITA for the 22/23 fiscal year was$220.1 million, representing 6.0% of revenue, down from 7.1% in the previous fiscal year[44] - Net profit attributable to shareholders for the 22/23 fiscal year was $157.8 million, up from$146.4 million in the 21/22 fiscal year[44] - Free cash flow from operations for the 22/23 fiscal year was $214.8 million, a significant improvement from a negative$132.4 million in the previous fiscal year[44] - Cash on hand as of March 31, 2023, was $408.7 million, up from$345.4 million the previous year[44] - Total debt as of March 31, 2023, was $474.0 million, down from$490.8 million the previous year[44] - Net debt as of March 31, 2023, was negative $65.3 million, compared to negative$145.4 million the previous year[44] - Revenue for FY22/23 was $3,646.1 million, an increase of$200.0 million from $3,446.1 million in FY21/22[54] - Gross profit margin decreased to 19.6$17.0 million or 10% to $147.9 million[55][56] - The company reported an unrealized foreign exchange gain of$11.3 million after tax, primarily due to the depreciation of the Euro against the US dollar[55] - Net profit increased by $40.0 million due to factors such as increased sales volume, price adjustments to recover inflationary costs, and cost-saving measures, partially offset by rising raw material and other operating costs[58] - Foreign exchange fluctuations had a net adverse impact of$38.0 million on profit, primarily due to the depreciation of the Euro[58] - Gross margin decreased from 20.4% in FY21/22 to 19.6% in FY22/23, with a gross margin of 20.1% excluding foreign exchange impacts[58] - Distribution and administrative expenses (excluding amortization of intangible assets) as a percentage of turnover slightly decreased to 14.3% (FY21/22: 14.7%) due to improved cost leverage from turnover growth[58] - Inventory decreased by $58.5 million to$589.0 million as of March 31, 2023, with inventory days reduced from 75 days to 66 days[60] - Accounts receivable decreased by $26.3 million to$808.2 million as of March 31, 2023, with days sales outstanding reduced from 69 days to 64 days[61] - Accounts payable decreased by $88.2 million to$816.1 million as of March 31, 2023, with days payable outstanding reduced from 99 days to 75 days[61] - Free cash flow improved significantly to $214.8 million in FY22/23 compared to a free cash outflow of$132.4 million in FY21/22[63] - Capital expenditures decreased by $89.8 million to$226.6 million in FY22/23, reflecting completion of major operational expansion projects and stricter asset allocation criteria[63] - Net debt decreased by $80.1 million to$65.3 million as of March 31, 2023, compared to $145.4 million on March 31, 2022[65] - Cash increased by$63.3 million to $408.7 million as of March 31, 2023, compared to$345.4 million on March 31, 2022[68] - Total available funds increased by $40.7 million to$1,167.7 million as of March 31, 2023, compared to $1,127.0 million on March 31, 2022[68] - Loans decreased by$16.8 million to $474.0 million as of March 31, 2023, compared to$490.8 million on March 31, 2022[70] - Lease liabilities decreased by $34.1 million to$93.4 million as of March 31, 2023, compared to $127.5 million on March 31, 2022[75] - The company acquired an 80$20.3 million (net of cash acquired) in the 22/23 fiscal year[64] - The company acquired the remaining 20% non-controlling interest in Halla Stackpole for $50.8 million in the 22/23 fiscal year[64] - The company invested$1.5 million in the joint venture Lean AI in the 22/23 fiscal year[64] - The company paid $12.4 million in cash dividends and$26.9 million in scrip dividends in the 22/23 fiscal year[64] - The company's total debt to capital ratio remained stable at 16% as of March 31, 2023, and March 31, 2022[76] - The company proposed a final dividend of 34 HK cents per share for the 22/23 fiscal year, equivalent to $39.9 million, with a scrip dividend option available[77] - The company paid an interim dividend of 17 HK cents per share for the 22/23 fiscal year, equivalent to$19.8 million, with $14.6 million settled through the issuance of 12.5 million new shares and$5.2 million paid in cash[77] Automotive Products Group Performance - The Automotive Products Group, the largest operating segment, achieved revenue of $2,914 million, with a 16$3,074.8 million, excluding foreign exchange impact and acquisitions[46] - Automotive product group revenue accounted for 80% of total group revenue, up from 77% in the previous fiscal year[48] - Revenue in Asia increased by 13%, Europe by 17%, and Americas by 19% for the automotive product group, excluding foreign exchange and acquisitions[49] - Global light vehicle production increased by 9%, driving automotive product group revenue growth[48] Industrial Products Segment Performance - Revenue from the industrial products segment reached $732 million, accounting for 20$4.6 million to the Industrial and Commercial Products segment revenue in FY22/23[51] Sustainability and Environmental Initiatives - Committed to reducing absolute carbon emissions (Scope 1 and 2) by 42% by 2030, aligned with the Paris Agreement to limit global temperature rise to below 1.5°C[34] - Aiming for net-zero carbon emissions across the value chain by 2050, with targets pending validation by SBTi[31][34] - Transitioning to 100% renewable energy by 2025 where feasible, with 100% renewable electricity usage in Brazil, France, Germany, Hungary, Italy, Poland, Switzerland, Serbia, the UK, and Chengdu, China[36] - Reducing energy intensity by 15% by 2030, based on the 19/20 fiscal year benchmark[34] - Targeting zero waste to landfill, with at least 99% of waste diverted from landfills[35] - Water usage decreased by 7% through water-saving measures[32][35] - All manufacturing facilities are ISO 14001 certified, with 11 facilities also ISO 50001 certified[36] - Developing innovative climate-friendly products, including high-precision components for hybrid and fully electric vehicles[30] - Expanding manufacturing facilities closer to customer locations to enhance efficiency and reduce environmental impact[31] - Johnson Electric aims to use 100% renewable energy for all operations by 2025 where feasible and reduce operational carbon emissions by 42% by 2030 (Scope 1 and 2)[136] - The company increased its 2030 carbon reduction target from 25% to 42% due to significant progress in 22/23 fiscal year, aligning with SBTi's Business Ambition for 1.5°C[136] - Johnson Electric reduced absolute Scope 1 and 2 carbon emissions by 21% in 22/23 fiscal year compared to 20/21 baseline[137] - 15 operational sites across 10 countries are now using 100% renewable energy, increasing the company's renewable energy usage to 22% (excluding grid-mixed) and 40% (including grid-mixed)[137] - The Jiangmen, China facility installed 6,600 solar panels in October 2022, expected to generate over 3,700 MWh annually and reduce 2,200 tons of carbon emissions[138] - Additional solar panel installations in Hong Kong, Shenzhen, Nanjing, and Murten, Switzerland generate 410 MWh annually, with some energy used for heating employee dormitory water[138] - Group achieved zero waste to landfill target in FY22/23, with 93% of waste recycled, mostly from production materials like steel, copper, and plastics[139] - Water consumption decreased by 7% in FY22/23, with water intensity per revenue unit down by 12% due to water-saving initiatives and recycling projects[139] - VOC emissions were reduced below permitted levels, with measures including replacing high-VOC materials and implementing emission control systems[139] - Group focuses on climate risk management and aims to develop clean, environmentally friendly, and resilient business strategies[140] Innovation and Technology - The company's innovative high-speed rotary solenoid products significantly increase throughput and extend performance life, combining electromagnetics, electronics, and software with AI for potential downtime warnings[22] - The company's next-generation brushless DC motors reduce overall system costs and provide strong, stable torque output, suitable for a wide range of appliances including electric blinds, smart furniture, and coffee machines[23] - The company's patented LuMEMS intelligent headlight adjuster technology uses MEMS sensors and microcontrollers to automatically control headlight beam levels, reducing glare and improving illumination[24] - The company's Stackpole powder metal business unit provides critical components for leading SOFC and SOEC energy solution suppliers, supporting the transition to cleaner, sustainable energy[25] - The company's advanced thermal management subsystems for electric vehicles extend range, optimize cabin temperature, and enhance battery life during fast charging[27] - The company collaborates with Pendix to develop a series of electric mobility solutions, combining e-bike technology expertise with global scale and resources to meet growing demand for eco-friendly and efficient transportation[28] Corporate Governance and Risk Management - The company actively monitors and manages risks through its Enterprise Risk Management Steering Committee, which includes senior executives from various departments[93] - The company seeks to mitigate risks from global economic and geopolitical instability by expanding and consolidating its global operations to adapt to changing customer demands and production costs[97][98] - The company invests in cost-effective solutions and productivity improvements to maintain competitiveness in core markets and expand into new markets[103] - The company is focusing on innovation and intellectual property development to create cost-effective solutions and manage technological competitiveness, aiming to become a preferred supplier for customer-driven solutions[104] - The company is diversifying its customer and product portfolio through internal development and acquisitions to mitigate risks and leverage opportunities in specific industries, including those arising from new energy vehicles[104] - The company is enhancing regional production capabilities and gradually increasing localized supply chains to reduce logistics risks and potential disruptions[106] - The company is strengthening its operational resilience by developing regional operational footprints and consolidating production facilities and supply chains to reduce dependency on any single location[108] - The company is addressing labor risks by recruiting and retaining top talent, maintaining good labor relations, and implementing succession planning and operational standardization to minimize the impact of unexpected employee turnover[109] - The company is mitigating tax risks by complying with relevant tax laws and regulations and seeking professional advice in cases of unclear or changing tax laws[110] - The company is reducing product liability risks by continuously improving engineering and manufacturing processes, conducting safety reviews, and ensuring parts meet strict quality standards[111] - The company is lowering energy risks by reducing the energy intensity of operations, seeking renewable energy sources, and enhancing regional production facilities and supply chains to improve operational flexibility[112] - The company is combating fraud risks by verifying the identities of customers, employees, and suppliers, and maintaining robust internal controls and business processes[113] - The company's internal control and risk management system is designed to assist in achieving business objectives, safeguarding assets, ensuring reliable financial reporting, and complying with laws and regulations[192] - The internal audit department independently reviews and monitors operations, reporting findings and recommendations to the audit committee, senior management, and external auditors[192] - The audit committee is satisfied that the company has maintained an appropriate, effective, and adequate internal control and risk management system throughout the 22/23 fiscal year[193] Employee Development and Diversity - The company employs over 35,000 people globally, with 70% in Asia, 16% in Europe, and 14% in the Americas[150] - The company's Human Resources Committee holds monthly meetings with senior executives to drive talent mobility and improve corporate efficiency[150] - The company implements talent assessments and calibrations to identify high-potential employees, who receive additional development opportunities and are included in the talent pool[150] - The company's EH&S policy emphasizes individual responsibility for safety, with all employees expected to contribute to maintaining a safe and healthy work environment[145] - The company's EH&S management system includes a universal plan, procedures, and standards applicable to all factories, covering both employees and contractors[145] - The company has implemented a "Test-to-fail" method in Jiangmen, China, to ensure machine safety compliance with national and local regulations[145] - The company has implemented a global leadership development program called "Leadership Essentials" to support employees with potential for promotion to managerial roles and to train key skills and competencies[151] - The company launched the JEDi program to enhance employees' digital capabilities, offering sponsored training and certification to drive digital transformation[152] - The company provides a global work-from-home policy and family-friendly programs, including childcare leave, childcare services, and subsidies[153] - The company emphasizes diversity, equity, and inclusion, ensuring fair and non-discriminatory recruitment processes and promoting flexible work arrangements[153] - The company offers over 360 courses through the "Learning In Motion" global learning platform, covering business, compliance, and soft skills[151] - The company conducts an annual "Learning Month" to foster a culture of continuous learning and development[151] - The company has a structured internal training program, "Johnson Electric Baccalaureate," to upskill technicians and support digital transformation[151] - The company uses LinkedIn Learning to provide employees with access to thousands of online courses taught by industry experts[151] - The company organizes the "Johnson Electric Family Day" global celebration to engage employees and highlight its commitment to sustainability[154] - The company has a whistleblower hotline to investigate complaints of harassment or discrimination, ensuring a safe and inclusive workplace[153] - Annual bonus is a significant component of compensation for over 80% of employees, including all managers and executive management team, linked to achieving revenue, profitability, liquidity, and sustainability goals[157] - Long-term incentive share plan for senior executives includes time-vested restricted share units and performance-based share units, aligning their returns with shareholder value[157] - Global whistleblower hotline allows employees to anonymously report violations of company policies, with immediate confidential investigations and corrective actions taken if violations are confirmed[159] - Annual confirmation by regional and national HR departments to ensure full compliance with HR policies and labor laws[160] - Biennial mandatory training and examination on the Code of Ethics and Business Conduct for all employees with email accounts, including managers, to ensure understanding and compliance[161] - JEnerations program launched in 2021, encouraging all Johnson Electric employees globally to participate in social impact and community outreach activities[162] - Over 1,500 students have graduated from the Johnson Electric Technical Colleges (JETC) in China and Mexico since their inception[163] - Johnson Electric's Little Engineers program targets children aged 6-12 to foster early interest in STEM subjects through DIY toy kits[163] - In FY22/23, Johnson Electric teams worldwide organized activities supporting health education, children, elderly, vulnerable groups, humanitarian aid, pandemic relief, and environmental protection[164] - Johnson Electric's global teams raised funds to support refugees from Ukraine and earthquake victims in Turkey and China[164] Supply