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方达控股(01521) - 2022 - 年度财报
01521FRONTAGE(01521)2023-04-20 08:00

Financial Performance - Revenue for 2022 reached 250.36million,a35.7250.36 million, a 35.7% increase from 184.44 million in 2021[4] - Gross profit for 2022 was 89.19million,representingagrossmarginof35.689.19 million, representing a gross margin of 35.6%[4] - Adjusted net profit for 2022 was 36.17 million, up from 32.24millionin2021,reflectinga12.132.24 million in 2021, reflecting a 12.1% increase[4] - The company reported a net profit margin of 10.3% for 2022, consistent with the previous year[4] - The company's net profit increased by 37.0% from approximately 18.9 million in 2021 to approximately 25.9millionin2022,maintaininganetprofitmarginof10.325.9 million in 2022, maintaining a net profit margin of 10.3%[43] - Adjusted net profit increased by 12.4% from approximately 32.2 million in 2021 to approximately 36.2millionin2022,withanadjustednetprofitmarginof14.436.2 million in 2022, with an adjusted net profit margin of 14.4% compared to 17.5% in 2021[45] - EBITDA rose by 35.5% from approximately 51.6 million in 2021 to approximately 69.9millionin2022,withanEBITDAmarginof27.969.9 million in 2022, with an EBITDA margin of 27.9% compared to 28.0% in 2021[46] - Adjusted EBITDA increased by 20.4% from approximately 60.8 million in 2021 to approximately 73.2millionin2022,withanadjustedEBITDAmargindecliningfrom33.073.2 million in 2022, with an adjusted EBITDA margin declining from 33.0% to 29.3%[47] Assets and Liabilities - Total assets as of December 31, 2022, amounted to 550.59 million, compared to 475.84millionin2021[4]−Totalliabilitiesincreasedto475.84 million in 2021[4] - Total liabilities increased to 214.75 million in 2022 from 152.76millionin2021[4]−Cashandcashequivalentsdecreasedto152.76 million in 2021[4] - Cash and cash equivalents decreased to 87.43 million in 2022 from 144.63millionin2021[4]−Property,plant,andequipmentincreasedby26.8144.63 million in 2021[4] - Property, plant, and equipment increased by 26.8% from approximately 90.7 million in 2021 to approximately 115.0 million in 2022, driven by R&D and manufacturing capacity expansion[50] - Goodwill increased by 108.7% from approximately 71.5 million in 2021 to approximately 149.2millionin2022,primarilyduetotheacquisitionofExperimurandClinical[52]MarketExpansionandStrategy−Thecompanyplanstocontinueexpandingitsmarketpresenceandinvestinginnewtechnologies[4]−Futureguidanceindicatesafocusonincreasingrevenuethroughnewproductdevelopmentandpotentialacquisitions[4]−Thecompanyaimstoimproveitsadjustednetprofitmarginbyoptimizingoperationalefficiencies[4]−ThecompanycompletedtheacquisitionofExperimurLLCandFrontageClinicalServicesInc.,enhancingitscapabilitiesandexpandingintonewresearchareas[8]−Thecompanyplanstoexpanditsservicecapabilitiesthroughinternalgrowthandacquisitions,focusingonkeyareassuchascellandgenetherapyin2023[10]−Thecompanyestablishedaglobalprojectmanagementteamtomanageclinicaltrialsandprovidelogisticalsupportforglobalpharmaceuticalcompanies[16]OperationalDevelopments−Anewlaboratoryfacilityofapproximately25,000squarefeetinHayward,California,commencedoperationsinMay2022,significantlyimprovingthecompany′sbioanalyticalandbiomanufacturingservicecapabilities[9]−Thecompany’snewAPIproductionfacilityinWeihai,China,hascompletedPhaseIconstruction,covering120,000squarefeetandequippedwithreactorstotaling50,000liters[9]−TheestablishmentofafrozenbiorepositoryinExton,Pennsylvania,supportsclinicaltrialresearchwithoverforty−20°Cand−70°Cfreezers[16]−Thecompanyenhanceditscapabilitiesintargetednucleicacidanalysisandnext−generationsequencing(NGS)duringthereportingperiod[16]EmployeeandWorkforce−Thecompanyhasaworkforceof1,698employeesacrossover23locationsinthreecountriesasofDecember31,2022[9]−EmployeecostsforthefiscalyearendedDecember31,2022,wereapproximately149.2 million in 2022, primarily due to the acquisition of Experimur and Clinical[52] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies[4] - Future guidance indicates a focus on increasing revenue through new product development and potential acquisitions[4] - The company aims to improve its adjusted net profit margin by optimizing operational efficiencies[4] - The company completed the acquisition of Experimur LLC and Frontage Clinical Services Inc., enhancing its capabilities and expanding into new research areas[8] - The company plans to expand its service capabilities through internal growth and acquisitions, focusing on key areas such as cell and gene therapy in 2023[10] - The company established a global project management team to manage clinical trials and provide logistical support for global pharmaceutical companies[16] Operational Developments - A new laboratory facility of approximately 25,000 square feet in Hayward, California, commenced operations in May 2022, significantly improving the company's bioanalytical and biomanufacturing service capabilities[9] - The company’s new API production facility in Weihai, China, has completed Phase I construction, covering 120,000 square feet and equipped with reactors totaling 50,000 liters[9] - The establishment of a frozen biorepository in Exton, Pennsylvania, supports clinical trial research with over forty -20°C and -70°C freezers[16] - The company enhanced its capabilities in targeted nucleic acid analysis and next-generation sequencing (NGS) during the reporting period[16] Employee and Workforce - The company has a workforce of 1,698 employees across over 23 locations in three countries as of December 31, 2022[9] - Employee costs for the fiscal year ended December 31, 2022, were approximately 102.9 million, compared to 73.7millionforthefiscalyearendedDecember31,2021,indicatingariseof39.673.7 million for the fiscal year ended December 31, 2021, indicating a rise of 39.6%[59] - Approximately 80% of the company's employees hold a bachelor's degree or higher, with 556 employees holding advanced degrees[59] Governance and Leadership - The company has a strong leadership team with diverse backgrounds in pharmaceuticals, finance, and investment banking, enhancing its strategic decision-making capabilities[66] - The board believes that the directors can dedicate sufficient time and effort to fulfill their responsibilities as independent non-executive directors, ensuring effective governance[66] - The company is committed to maintaining high professional standards in its board meetings and committee activities, ensuring accountability and transparency[66] - The board consists of seven directors, including a balanced mix of executive and independent non-executive directors[166] Risk Management - Key operational risks include dependency on client demand for outsourcing services, which is influenced by clients' financial performance and R&D spending[129] - Business risks include potential loss of contracts, inability to convert backlog into revenue, and financial risks from underestimating fixed-price contracts[130] - The company faces additional risks related to its acquisition strategy, including the ability to realize expected synergies and manage financial risks associated with debt[131] - The company has implemented various risk management procedures and guidelines to manage risks across key business processes, including financial reporting and compliance[194] Compliance and Regulatory - The company has established compliance policies and procedures to ensure adherence to applicable laws and regulations, with no known violations during the reporting period[151] - The company has adopted a standard code for securities trading by directors, confirming compliance during the reporting period[154] - The company has received annual confirmations of independence from all independent non-executive directors[85] Shareholder Information - As of December 31, 2022, the total distributable reserves available for shareholders amounted to approximately 97.3 million[81] - The group did not declare any final dividend for the reporting period[78] - The company has adopted a dividend policy to ensure sufficient reserves for future growth while allowing shareholders to participate in profit distribution[78] IPO and Financial Activities - The company raised approximately 193.2millionfromitsIPO,witharemainingunutilizednetamountofabout193.2 million from its IPO, with a remaining unutilized net amount of about 11.6 million as of December 31, 2022[145] - 20% of the IPO proceeds, amounting to 38.6million,wasallocatedtoexpandandenhanceexistingcapacitytomeetanticipatedservicedemand[146]−Thecompanyreportedatotalof38.6 million, was allocated to expand and enhance existing capacity to meet anticipated service demand[146] - The company reported a total of 181.6 million in actual utilization of IPO proceeds by December 31, 2022[146] Environmental and Social Responsibility - The company is committed to environmental responsibility and will implement further environmental measures to enhance sustainability[152] - The company values its employees as important assets and provides competitive compensation and training to enhance their understanding of corporate values[155]