Financial Performance - Revenue for the year ended December 31, 2022, was 2,490,966thousand,anincreaseof6.42,341,432 thousand in 2021[4] - Gross profit for 2022 was 463,350thousand,withagrossmarginof18.6173,229 thousand, maintaining a net profit margin of 7.0%[4] - The company's revenue for the year ended December 31, 2022, increased to 2,491million,upfrom2,341 million in 2021, representing a growth of approximately 6.4%[12] - The gross profit margin slightly decreased to 18.6% in 2022 from 19.1% in 2021, while the net profit for the year was 173million,comparedto163 million in the previous year, maintaining a net profit margin of 7.0%[12] - Total revenue for 2022 was 2,490,966thousand,comparedto2,341,432 thousand in 2021, with the Americas accounting for 38.5% and Europe for 18.0%[17] - Operating cash flow for 2022 was 349million,anincreasefrom190 million in 2021, with cash and cash equivalents totaling 455million[22]−Thecompanyreportedasignificantincreaseinsalescost,whichroseto2,027,616 thousand from 1,893,822thousand,indicatinga7.1107,089 thousand, down from 179,010thousandin2021,reflectingadecreaseof40.21,894,965 thousand in 2022 from 1,959,495thousandin2021[5]−Totalliabilitiesreducedsignificantlyto549,666 thousand in 2022 from 666,176thousandin2021[5]−Totalequityincreasedfrom1,293,319 thousand in 2021 to 1,345,299thousandin2022,anincreaseofapproximately4.0666,176 thousand in 2021 to 549,666thousandin2022,adeclineofapproximately17.5106 million, primarily for expansion in Vietnam and Cambodia, with total capital investments reaching 164million,upfrom132 million in 2021[12] - The company completed the acquisition of How Are You Textile Industry Limited for 37milliononSeptember30,2022,tosupportlong−termfabricneedsinBangladesh[27]−ThecompanyalsoacquiredSuccessorLimitedfor20.7 million on November 30, 2022, which has a factory in Vietnam, enhancing vertical integration efforts[27] Employee and Talent Management - The company received the HR Asia Best Companies to Work for in Asia 2022 award, highlighting its commitment to talent retention and employer branding[7] - Employee costs accounted for 23.8% of revenue in the fiscal year ending December 31, 2022, down from 24.8% in the previous year[30] - The company employed approximately 73,000 employees as of December 31, 2022, focusing on performance-based compensation and ongoing training[30] - The company has established a new talent strategy team to support the long-term development of its fabric business, enhancing its operational efficiency[12] Corporate Governance - The company emphasizes good corporate governance principles and has established various committees, including the Audit Committee and the Nomination Committee[171] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2022[96] - The company has established a policy for handling and disclosing inside information, ensuring strict monitoring to prevent unauthorized access and use[160] - The company has adopted a shareholder nomination process for director candidates, effective from the date of listing[164] - The company has reviewed its shareholder communication policy and believes there are sufficient channels for shareholders to express their views on matters affecting the company[165] Financial Reporting and Audit - The audit committee reviewed the audited consolidated financial statements for the year ended December 31, 2022, and expressed satisfaction with the external auditor's work and compliance with accounting policies[113] - Deloitte Touche Tohmatsu was the independent auditor for the financial statements for the year ending December 31, 2022[90] - The company has sufficient resources, personnel, training programs, and budget for accounting, internal audit, and financial reporting functions, as well as for environmental, social, and governance performance reporting[157] Future Outlook - Consumer demand remains strong post-pandemic, but high inventory levels and economic uncertainty are expected to challenge growth in 2023[31] - The company expects capital investments in 2023 to be similar to those in 2022 as it continues to invest in upstream vertical expansion[31] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[45]
