GIORDANO INT'L-佐丹奴国际(00709) - 2022 - 年度财报

Financial Performance - Sales for 2022 reached HK $3,799 million, an increase of 12.4% compared to HK$ 3,380 million in 2021[3]. - Gross profit for 2022 was HK $2,146 million, with a gross margin of 56.5%, slightly down from 57.1% in 2021[3]. - Operating profit for 2022 was HK$ 425 million, representing an operating margin of 11.2%, up from 7.8% in 2021[3]. - EBITDA for 2022 was HK $913 million, with an EBITDA margin of 24.0%, consistent with the previous year[3]. - Profit attributable to shareholders for 2022 was HK$ 268 million, with a profit margin of 7.1%[3]. - The company reported a basic earnings per share of HK $17.00 for 2022, compared to HK$ 12.00 in 2021[5]. - The company's net profit for 2022 was HK $268 million, an increase of 41.1% from HK$ 190 million in 2021[8][11]. - The Group's operating profit rose significantly by 61.6% to HK $425 million, with an operating margin of 11.2%[16]. - Profit after income taxes for the year was HK$ 329 million, a 47.5% increase from HK $223 million in 2021[199]. Liquidity and Financial Position - Total assets as of the end of 2022 amounted to HK$ 4,008 million, while total liabilities were HK $1,486 million[3]. - The current ratio for 2022 was 1.8 times, indicating a stable liquidity position[3]. - Cash and bank balances less bank loans stood at HK$ 1,486 million, indicating a strong liquidity position[5]. - Cash and bank balances, net of bank loans, rose to HK $948 million as of December 31, 2022, compared to HK$ 875 million in 2021[12]. - The year-end cash and bank balances increased by 10.8% to HK $2,924 million[16]. - The Group's gearing ratio decreased to 0.5% in 2022 from 6.6% in 2021, with bank borrowings amounting to HK$ 12 million compared to HK $168 million in the previous year[55]. Store and Inventory Management - The number of stores worldwide at year-end 2022 was 1,874, including 1,083 directly operated stores and 791 franchised stores[3]. - The inventory turnover days for 2022 were 135 days, compared to 153 days in 2021[3]. - Year-end inventories were HK$ 612 million, slightly up from HK $606 million in 2021, with inventory turnover days decreasing by 18 days to 135 days[12]. - The total inventories at year-end were HK$ 612 million, reflecting a 1.0% increase from HK $606 million in 2021[16]. Sales Performance by Region - Total sales in Greater China decreased by 8.7% to HK$ 1,475 million in 2022, down from HK $1,616 million in 2021[33]. - Total sales in Mainland China decreased by 9.4% to HK$ 694 million in 2022, with a total store count of 552, down from 739 in 2021[39]. - Total sales in Southeast Asia and Australia increased by 44.1% to HK $1,504 million, with operating profit rising by 131.6% to HK$ 308 million[41]. - Indonesia's sales surged by 39.3% to HK $719 million, while Malaysia's sales nearly doubled, increasing by 98.0% to HK$ 200 million[44]. - The Gulf Cooperation Council (GCC) reported a 20.2% increase in total sales to HK $631 million, with profit before income tax rising by 46.6% to HK$ 107 million[46]. Corporate Governance and Management - The company has a strong governance structure with a diverse board comprising experienced professionals from various sectors[66][67][68][69]. - The Board is committed to maintaining the highest standard of corporate governance and believes that transparency, accountability, and independence are essential for maximizing shareholder value[77]. - The Company has established compliance procedures to ensure adherence to relevant laws and regulations, with the Board responsible for monitoring compliance policies[58]. - The Company emphasizes the importance of corporate social responsibility and public service involvement among its directors[67]. - The Board has established a mechanism to ensure independent views and input are available, and it has reviewed the effectiveness of this mechanism for the year ended December 31, 2022, considering it effective[80]. Dividend and Shareholder Communication - The Board recommended a final dividend of 15.0 HK cents per share, totaling 23.5 HK cents for the year, up from 16.5 HK cents in 2021[12]. - The Company has adopted a dividend policy since November 8, 2018, allowing shareholders to participate in profits while retaining adequate reserves for future growth[132]. - The Company actively utilizes the internet and electronic communication to provide timely and transparent information to shareholders[129]. - The Company encourages shareholder attendance at its Annual General Meeting (AGM) by providing at least 20 clear business days' notice[131]. Risk Management and Internal Controls - The Group has implemented "whistle-blowing" and "anti-corruption" mechanisms as part of its governance framework[97]. - The Risk Management Committee is responsible for overseeing the Group's risk exposure and assessing its risk management capabilities[112]. - The Group maintains strict internal procedures for handling and disseminating inside information[115]. - The internal audit team plays a major role in monitoring the risk management and internal controls of the Group[118]. Strategic Initiatives and Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[6]. - The company plans to continue expanding its business into emerging markets, particularly in the African continent[52]. - The Group's strategy includes strengthening proprietary e-commerce channels and partnering with reputable third-party platforms[63]. - The company has established a framework for robust controls and effective risk management to support its operational strategies[75].