新秀丽(01910) - 2023 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2023, the company reported a net sales of $3,682.4 million, representing a 27.9$2,879.6 million in 2022[15]. - Gross profit for the same period was $2,182.8 million, up 36.0$1,605.4 million in the previous year, with a gross margin of 59.3%[15]. - Operating profit increased by 51.1% to $743.7 million from$492.1 million in 2022, with total expenses rising by 56.5% to $659.1 million[15]. - The net profit for the year was$450.3 million, a 33.1% increase from $338.3 million in 2022, with profit attributable to equity holders rising by 33.3$417.0 million[15]. - Adjusted net income was $392.4 million, reflecting a 32.5$296.0 million in the previous year[15]. - Adjusted EBITDA for the year was $709.3 million, a 50.2$472.3 million in 2022, with an adjusted EBITDA margin of 19.3%[15]. - Basic earnings per share increased by 32.7% to $0.289 from$0.218 in the previous year, while diluted earnings per share rose by 32.1% to $0.287[15]. - The company reported consolidated net sales of$3,682.4 million for the year ending December 31, 2023, representing a year-over-year growth of 30.4%[23]. - The company reported a total comprehensive income of $429.1 million for the year, compared to$367.7 million in 2022, marking a 17% increase[63]. Market and Sales Growth - Sales in China increased by 88.4% year-over-year, significantly contributing to a 61.7% rise in net sales across Asia[23]. - The company continues to explore market opportunities and strategies for expansion, although specific future outlooks were not detailed in the provided content[6]. - The company anticipates steady growth in the global travel and tourism industry in 2024, driven by recovering consumer demand[28]. - The company plans to allocate approximately 7.0% of net sales to marketing expenses in 2024 to support new product lines[29]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[60]. - The company is currently evaluating the potential impact of the IAS 21 amendment on its consolidated financial statements, effective from January 1, 2025[138]. Cash Flow and Debt Management - Free cash flow for the year ended December 31, 2023, was $284.5 million, an increase of$201.0 million or 240.6% from $83.5 million in the previous year[19]. - As of December 31, 2023, the cash and cash equivalents were$716.6 million, with total financial debt of $1,824.0 million, resulting in net debt of$1,107.4 million[19]. - Net debt decreased from $1.4 billion at the end of 2022 to$1.1 billion by December 31, 2023, resulting in a net leverage ratio improvement to 1.53 times[27]. - The total liquidity amounted to $1,562.0 million, including cash and cash equivalents of$716.6 million and available borrowings of $845.4 million[11]. - The company issued new preferred credit facilities amounting to$1.5 billion, while settling past preferred credit facilities resulted in a cash outflow of $1.6 billion[70]. - The company has secured a new revolving credit facility with no outstanding amounts as of December 31, 2023[198]. Marketing and Investment - The marketing expenses increased by$85.5 million or 54.8% to $241.5 million for the year ended December 31, 2023, representing 6.6$110.1 million in 2023 from $62.8 million in 2022, aimed at expanding retail operations and investing in new product innovations[41]. - The company plans to increase marketing investment to approximately 7.0% of net sales in 2024 to support further growth[44]. Sustainability and Corporate Responsibility - The proportion of products made from recycled materials in net sales increased from approximately 23% in 2022 to about 34% in 2023[43]. - The company aims to continue increasing sales and profitability while striving to become the most sustainable fashion luggage and suitcase company globally[45]. Operational Efficiency - The company will continue to strictly limit promotional discounts to maintain improved gross margins[45]. - The focus will be on cash management to generate strong free cash flow, enhancing flexibility in capital allocation[45]. - The company will manage fixed SG&A expenses to achieve operational leverage and sustained profit growth[45]. Accounting and Financial Reporting - The company is committed to maintaining strong internal controls and governance to ensure the accuracy of its financial reporting[54]. - The group has consistently applied the significant accounting policy information as presented in the consolidated financial statements for all periods[85]. - The group recognizes financial assets and liabilities at the initial date of their occurrence[113]. - The group assesses uncertain tax treatments and recognizes tax reserves based on expected value and the most likely amount[128]. Future Outlook - The company anticipates strong growth in the global travel industry in 2024, with international tourism expected to fully recover to pre-pandemic levels[44]. - Management has expressed confidence in the company's ongoing viability and growth potential despite market challenges[60].