VTECH HOLDINGS(00303) - 2023 - 年度财报

Financial Performance - For the fiscal year ending March 31, 2023, the company's revenue decreased by 5.4% to $2,241.7 million compared to$2,370.5 million in the previous year[6]. - Gross profit also declined by 5.3% to $633.7 million, down from$669.1 million[6]. - Operating profit fell by 11.4% to $180.5 million, compared to$203.8 million in the prior year[6]. - The net profit attributable to shareholders decreased by 13.6% to $149.2 million from$172.7 million[6]. - Basic earnings per share decreased by 13.7% to 59.1 cents, compared to 68.5 cents in the fiscal year 2022[10]. - Total operating expenses decreased from $464.8 million to$454.9 million, representing an increase in the percentage of total revenue from 19.6% to 20.3%[22]. - The net profit attributable to shareholders for the fiscal year was $149.2 million, down$23.5 million or 13.6%, resulting in a net profit margin decline from 7.3% to 6.7%[26]. Cash Flow and Capital Expenditure - Cash generated from operations increased significantly by 51.9% to $276.1 million, up from$181.8 million[6]. - The company maintained a cash and cash equivalents balance of $198.5 million, a slight increase of 1.4$195.8 million[6]. - Capital expenditure was reduced by 22.3% to $27.9 million, down from$35.9 million[6]. - Capital commitments for the fiscal year 2024 are projected to be $40.8 million, also funded from internal resources[40]. Market Performance and Challenges - The challenging macroeconomic environment in North America and Europe negatively impacted sales of electronic learning and telecommunications products, leading to a decline in revenue and profit[9]. - North America revenue was$984.8 million, down 7.8% from $1,068.5 million, while Europe revenue decreased by 10.5$917.0 million from $1,025.1 million[20]. - The operating environment in fiscal year 2023 was challenging, with high inflation and rising interest rates affecting consumer confidence in North America and Europe[11]. - Revenue in North America decreased by 7.8$984.8 million, primarily due to declines in sales of electronic learning and telecommunications products[43]. Product Development and Innovation - The group maintained its leadership position in the global market for infant and preschool electronic learning toys[11]. - The group successfully launched the Magic Adventures™ Microscope, contributing to additional revenue growth[11]. - New product launches, including revamped Go! Go! Smart/Toot-Toot series and expanded licensed product lines, are expected to drive growth in North America and Europe in fiscal year 2024[15]. - The introduction of new licensed character CoComelon is anticipated to inject more momentum into the core learning product series[15]. Sustainability and Corporate Responsibility - The company is committed to sustainability, with over 95% of electronic learning product packaging materials being recyclable and approximately 85% made from recycled materials[12]. - The company is focused on creating sustainable value by integrating economic growth, environmental protection, and social responsibility into its business strategy[13]. - The company aims to adopt more sustainable materials, implement responsible product recycling, and utilize environmentally friendly transportation methods in its supply chain management[101]. - The company has established a vision and strategic direction for sustainable development activities[129]. Governance and Board Structure - The board of directors consists of nine members, with five being independent non-executive directors, exceeding the requirement of at least one-third[105]. - The board has established four committees: Audit Committee, Nomination Committee, Remuneration Committee, and Risk Management and Sustainability Committee, to handle specific matters[125]. - The company has implemented a robust governance framework to ensure effective execution of strategies and policies, safeguarding long-term shareholder interests[103]. - The board emphasizes the importance of risk management and internal controls, reviewing financial, operational, and compliance matters[114]. Employee Engagement and Diversity - In the fiscal year 2023, 41% of the global workforce are women, with 26% of management positions held by women[130]. - The company aims to achieve a minimum of 25% female representation in management positions[130]. - The nomination committee will continue to actively seek suitable candidates to enhance board diversity, particularly focusing on gender diversity[130]. Risk Management - The company has established a business continuity management system to identify potential disruptions and implement risk mitigation measures[183]. - The group has implemented a continuous process to identify, assess, and monitor major risks, ensuring effective operation of these procedures[189]. - The risk register is reviewed biannually by the Risk Management and Sustainability Committee to address key operational risks[150]. Awards and Recognition - The company received multiple awards for its electronic learning products, highlighting its continued innovation and market presence[44]. - The group achieved an AA rating in the Hang Seng Sustainability Index and an A rating in MSCI ESG ratings, reflecting its commitment to sustainability[84]. - The company has been awarded multiple accolades for its sustainability efforts, including the "Best Sustainability Company" award from the Hong Kong Institute of Certified Public Accountants[101].