万洲国际(00288) - 2023 - 年度业绩

Financial Performance - Total revenue for 2023 decreased by 6.8% to $26.236 billion, down from$28.136 billion in 2022[1] - Operating profit fell by 29.7% to $1.471 billion, compared to$2.093 billion in the previous year[1] - Profit attributable to the company's owners before biological fair value adjustment dropped by 56.8% to $606 million, down from$1.401 billion in 2022[1] - The company reported a revenue growth rate of -6.8% in 2023, with an operating profit margin of 5.6%[15] - The company reported a net profit for the year of $860 million, down from$1,650 million in the previous year, reflecting a decline of 47.9%[46] - Basic earnings per share decreased to 4.90 cents from 10.68 cents, a drop of 54.3% year-over-year[47] - The total reportable segment profit for 2023 was $1,471 million, down from$2,093 million in 2022, reflecting a decrease of approximately 29.7%[63] - The company reported a pre-tax profit of $1,057 million for 2023, a significant decrease from$2,132 million in 2022, representing a decline of about 50.5%[61] Market Performance - Sales volume of meat products and pork decreased by 4.4% and 1.5% respectively[1] - The Chinese market accounted for 33.3% of total revenue and 64.4% of operating profit in 2023[3] - The U.S. and Mexico contributed 54.0% of total revenue and 22.4% of operating profit[3] - Average pig prices in China decreased by 19.0% to RMB 15.40 per kilogram in 2023[5] - U.S. pork export volume increased by 11.6% in 2023, with major destinations including Mexico, South Korea, and Canada[6] - European Union pork production decreased by 7.3% in 2023, primarily due to African swine fever impacts[7] - The average EU pork price rose by 22.5% to €2.29 per kilogram in 2023[7] - In 2023, the total revenue for meat products decreased by 7.1% to $13.523 billion, with China down 7.8$10.810 billion in 2023, with China down 13.7%, the US and Mexico down 8.9%, and Europe up 20.0%[11] Operational Metrics - The total slaughter volume of pigs in 2023 was 49.169 million heads, a 0.5% increase from 2022, with China up 12.9% and the US and Mexico down 2.7%[11] - Operating profit for meat products in 2023 was $2.050 billion, a slight decrease of 0.7$480 million, compared to an operating profit of $30 million in 2022, primarily due to unfavorable market conditions in the US[12] - Other businesses generated revenue of$1.903 billion in 2023, an increase of 6.9% from 2022, mainly due to the expansion of poultry operations[13] Financial Position - The current ratio remained stable at 1.6, while the debt-to-equity ratio improved to 30.5%[15] - The return on total assets decreased to 4.4% in 2023, down from 8.4% in 2022[15] - As of December 31, 2023, the company had cash and bank balances of $1.156 billion, down from$1.394 billion in 2022[17] - The company's net cash inflow from operating activities in 2023 was $1.617 billion, a decrease from$1.803 billion in 2022[19] - The total outstanding principal of loans as of December 31, 2023, was $3.252 billion, compared to$3.395 billion in 2022[22] - The company's capital expenditures for 2023 amounted to $812 million, down from$975 million in 2022[27] - The debt-to-equity ratio as of December 31, 2023, was 30.5%, compared to 32.3% in 2022[25] - The average interest rate on outstanding loans as of December 31, 2023, was 3.2%, down from 4.0% in 2022[26] - The company employed approximately 101,000 employees as of December 31, 2023, with 46,000 in China, 38,000 in the US and Mexico, and 17,000 in Europe[28] - The company's total compensation expenses in 2023 were $4.110 billion, an increase of 1.2$54 million in 2023, compared to $151 million in 2022, related to the closure of processing facilities in California[33] - The company recognized a pre-tax disposal loss of$12 million from the exit of Norson in Mexico as part of its investment strategy[35] - The sale of Saratoga generated $575 million in proceeds, with a pre-tax profit of$414 million, allowing the company to focus on its strategic business[36] Sustainability and Corporate Responsibility - The company continues to be recognized for its sustainability efforts, maintaining an A+ rating in the Hang Seng Sustainable Development Index[43] - The company is actively addressing climate risks and has initiated carbon footprint assessments across its supply chain[43] - The company is focusing on product structure adjustments and expanding its sales network to mitigate the impact of macroeconomic challenges on consumer demand[44] Legal and Regulatory Matters - There are currently 34 individual cases pending against the company related to antitrust claims, which the company plans to actively defend[42] - Smithfield has paid a total of $194 million to settle all collective claims related to antitrust lawsuits[42] Shareholder Information - The company declared a final dividend of$0.25 per share for the year ending December 31, 2023, compared to $0.25 per share in 2022, maintaining the same level[69] - The group reported a total of$490 million in dividends declared for 2023, an increase from $311 million in 2022, representing a growth of approximately 57.7%[69] - The board proposed a final dividend of HKD 0.25 per share for the year ending December 31, 2023, pending shareholder approval, bringing the total dividend for the year to HKD 0.30 per share[84] - The interim dividend of HKD 0.05 per share was paid on September 29, 2023, maintaining the total dividend from the previous year[84] - The company will suspend shareholder registration from May 6, 2024, to May 9, 2024, for the annual general meeting voting eligibility[85] - The registration suspension for the entitlement to the proposed final dividend will occur from May 17, 2024, to May 21, 2024[86] - The annual general meeting is scheduled for May 9, 2024[87] - The company has maintained the required public float as per listing rules[88]