TECHTRONIC IND-创科实业(00669) - 2022 - 年度财报

Financial Performance - Total revenue for 2022 reached $13.254 billion, reflecting a 0.4% increase from$ 13.203 billion in 2021[4] - Gross margin improved to 39.3%, up 54 basis points from 38.8% in the previous year, marking the fourteenth consecutive year of growth[7] - Adjusted EBITDA increased by 0.8% to $1.201 billion, with a slight rise in profit margin to 9.1%[11] - Net profit attributable to shareholders decreased by 2.0% to$ 1.077 billion, with basic earnings per share falling to 58.86 cents[4] - Sales increased by 2.8% to $13.3 billion in 2022, with a gross margin of 39.3%[14] - The group's revenue for the year was$ 13.3 billion, a 0.4% increase from $13.2 billion in 2021. Shareholders' profit decreased by 2.0% to$ 1.077 billion from $1.099 billion in 2021[96] Growth and Market Expansion - Milwaukee's business saw a remarkable growth of 21.8% in local currency, contributing significantly to overall sales growth[9] - The flagship MILWAUKEE business recorded a 22% growth, marking the ninth consecutive year of over 20% growth in local currency[15] - The company plans to further expand its leadership in the global cordless tool market, supported by strong free cash flow and solid financial health[12] - The company achieved significant success in Europe and strong progress in Asia, particularly with the launch of the MILWAUKEE MX FUEL system in Japan[17] - The company aims to expand its market presence outside the U.S. and invest in new product development to maintain competitive advantages[107] Product Development and Innovation - New product profitability continues to grow, driven by innovative offerings and improved production efficiency[9] - The introduction of the fourth-generation MILWAUKEE M18 FUEL drill showcases advancements in power, speed, and battery life[18] - The company added 879 engineers to its R&D team to accelerate technology development[18] - The company launched the fourth generation of MILWAUKEE products, which are more powerful, faster, quieter, and equipped with rapid charging capabilities, marking a significant innovation in the industry[27] - The company introduced 14 comprehensive solutions under the MX FUEL series, establishing it as the largest and highest-performing lightweight equipment battery system in the market[46] Sustainability and Environmental Impact - The company successfully reduced carbon emissions by 6,000 tons over the past year, improving emission intensity by 4%[10] - The company’s commitment to responsible sustainable practices is deeply embedded in its culture, contributing to reduced carbon emissions and improved user safety[28] - The company has no reported ESG-related non-compliance cases in 2022, reflecting its commitment to environmental, social, and governance standards[108] - The company continues to align its sustainability strategy with the United Nations Sustainable Development Goals[108] Financial Health and Cash Flow - Free cash flow improved to$ 329 million in 2022, indicating strong financial performance[14] - Total operating expenses for the year were $4.025 billion, representing 30.4% of revenue, up from 29.9% in 2021, primarily due to strategic investments in new products and promotional activities[98] - The company generated free cash flow of$ 329 million during the year[100] - The net debt-to-equity ratio increased to 32.1% from 28.2% in 2021[100] Shareholder Returns and Dividends - The board proposed a final dividend of approximately 11.58 cents per share, maintaining the total annual dividend at 23.81 cents[11] - The total dividend for the year 2022 amounts to HKD 1.85 per share (approximately USD 0.2381), consistent with the previous year[111] - The board proposed a final dividend of HKD 0.90 per share (approximately USD 0.1158), totaling around USD 212.51 million for the year ended December 31, 2022[111] Corporate Governance - The board confirmed its responsibility for preparing the group's accounts, ensuring transparency and accountability[110] - The company emphasizes the importance of corporate governance and strategic leadership through its board composition[122] - The board regularly reviews compliance with the Corporate Governance Code and has confirmed adherence to all applicable rules for the year ending December 31, 2022[130] - The company is committed to maintaining high standards of governance and leveraging the diverse backgrounds of its directors for strategic advantage[119] Board Composition and Diversity - The board consists of five executive directors, two non-executive directors, and five independent non-executive directors, ensuring a diverse skill set[133] - The company emphasizes the importance of board diversity, with two out of twelve directors being women, enhancing the company's business and values[145] - The independent directors bring a wealth of experience from various industries, enhancing the company's strategic decision-making capabilities[120] Stock Options and Share Incentive Plans - The company has adopted two share incentive plans, with the 2008 plan having been fully vested and the 2018 plan currently in effect[152] - The total number of shares granted to directors during the year was 11,538,500, with 3,991,000 shares granted in the year and 3,011,000 shares vested[157] - The company plans to grant 5,000,000 shares to Joseph Galli Jr. over five years, contingent on achieving specific performance targets[157] Major Shareholders - Major shareholders include JPMorgan Chase & Co. with a total shareholding of 156,216,031 shares, representing approximately 8.51% of total equity[197] - The Bank of New York Mellon Corporation holds 91,822,534 shares, accounting for approximately 5.00% of total equity[197]