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雷士国际(新)(02222) - 2023 - 年度业绩
02222NVC INTL(02222)2024-03-28 13:19

Financial Performance - The group's revenue reached 235,978thousand,adecreaseof15.6235,978 thousand, a decrease of 15.6% compared to the previous year[3] - The group's gross profit was 67,318 thousand, an increase of 5.4% year-on-year[3] - The group's profit for the year was 37,650thousand,comparedtoalossof37,650 thousand, compared to a loss of 5,547 thousand in the previous year[3] - Profit attributable to the company's owners was 35,713thousand,comparedtoalossof35,713 thousand, compared to a loss of 9,785 thousand in the previous year[3] - Basic earnings per share attributable to the company's owners was 7.79 cents, compared to a loss of 2.31 cents in the previous year[3] - Total revenue for the year ended December 31, 2023, was 235,978thousand,adecreasefrom235,978 thousand, a decrease from 279,468 thousand in the previous year, representing a decline of approximately 15.5%[22] - The pre-tax profit for the company was 40,436thousandfortheyearendedDecember31,2023,comparedtoapre−taxlossof40,436 thousand for the year ended December 31, 2023, compared to a pre-tax loss of 3,425 thousand in the previous year[29] - The net profit for 2023 was 35.713million,asignificantrecoveryfromalossof35.713 million, a significant recovery from a loss of 9.785 million in 2022[48] - The company reported a foreign exchange gain of 3.469millionin2023,comparedtoalossof3.469 million in 2023, compared to a loss of 3.197 million in 2022[40] - The company recognized a total of 67,318thousandinsegmentperformancefortheyearendedDecember31,2023,comparedto67,318 thousand in segment performance for the year ended December 31, 2023, compared to 63,850 thousand in the previous year, indicating an increase of approximately 7.3%[27] Assets and Liabilities - Total assets less current liabilities amounted to 512,925thousandasofDecember31,2023[7]−Non−currentassetstotaled512,925 thousand as of December 31, 2023[7] - Non-current assets totaled 350,596 thousand, with property, plant, and equipment valued at 50,195thousand[6]−Currentliabilitieswere50,195 thousand[6] - Current liabilities were 79,178 thousand, a decrease from 106,640thousandinthepreviousyear[7]−Thenetassetvalueincreasedto106,640 thousand in the previous year[7] - The net asset value increased to 502,601 thousand from 471,408thousandinthepreviousyear[7]−AsofDecember31,2023,thecompany′scurrentassetstotaled471,408 thousand in the previous year[7] - As of December 31, 2023, the company's current assets totaled 241,507 thousand, a decrease from 266,077thousandin2022,withcashandcashequivalentsincreasingto266,077 thousand in 2022, with cash and cash equivalents increasing to 108,273 thousand from 85,057thousand[120]−Thecompany′scurrentliabilitiesdecreasedsignificantlyto85,057 thousand[120] - The company's current liabilities decreased significantly to 79,178 thousand in 2023 from 106,640thousandin2022,resultinginanetcurrentassetincreaseto106,640 thousand in 2022, resulting in a net current asset increase to 162,329 thousand from 159,437thousand[120]DividendsandShareholderInformation−Theboardrecommendednottodeclareafinaldividend,consistentwiththepreviousyear[3]−ThecompanydidnotdeclareanydividendsfortheyearsendedDecember31,2023,andDecember31,2022[49]−Theweightedaveragenumberofordinarysharesforcalculatingbasicearningspershareincreasedto458.168millionin2023from422.728millionin2022[48]−Thecompanyissuedatotalof845,456,130newsharesatasubscriptionpriceofHKD0.083,representingapremiumofapproximately16.9159,437 thousand[120] Dividends and Shareholder Information - The board recommended not to declare a final dividend, consistent with the previous year[3] - The company did not declare any dividends for the years ended December 31, 2023, and December 31, 2022[49] - The weighted average number of ordinary shares for calculating basic earnings per share increased to 458.168 million in 2023 from 422.728 million in 2022[48] - The company issued a total of 845,456,130 new shares at a subscription price of HKD 0.083, representing a premium of approximately 16.9% over the last closing price of HKD 0.071 on July 7, 2023[143] - The net proceeds from the subscription amount to approximately HKD 69.7 million after deducting all professional fees and related expenses, with a net price per share of approximately HKD 0.082[145] - The company completed a share consolidation on October 27, 2023, resulting in a total issued share count of 507,273,677 shares[146] Operational Highlights - The company has adopted the revised International Financial Reporting Standards (IFRS) effective from January 1, 2023, including IFRS 17 related to insurance contracts[11] - The company has not early adopted any new IFRS standards that have been issued but are not yet effective, indicating no significant impact on the consolidated financial statements expected in the foreseeable future[15] - The company recognized an impairment loss of 24,229 thousand related to its equity in joint ventures for the year ended December 31, 2023[32] - The company has a credit period of 30 to 90 days post-delivery, with customers having the right to replace defective products within 30 days[23] - The company’s revenue recognition occurs when control of goods transfers upon delivery to a specified location[23] Market and Strategic Initiatives - The international lighting business remains the core revenue driver for the company, contributing significantly despite challenging economic conditions[68] - The company has implemented multiple reforms, including new product development and procurement strategy adjustments, to enhance product competitiveness[68] - In North America, the company successfully reduced stagnant inventory and launched new home lighting products, gaining traction in major home improvement retailers[71] - The company is shifting its business model towards project participation in overseas markets, resulting in improved gross margins[77] - The company is launching a new lighting brand "AURA" to enrich its brand matrix and enhance market presence[80] - The group has established a three-year business plan for Southeast Asia, targeting key markets such as Singapore, Vietnam, Pakistan, and Sri Lanka[89] Cost Management and Efficiency - The cost of sales as a percentage of revenue decreased from 77.2% to 71.5%, resulting in a gross profit margin increase from 22.8% to 28.5%[98][102] - The company implemented measures to mitigate the impact of high commodity and shipping costs, including shifting popular product lines to factories in Vietnam and expanding operations in the Nordic market[102] - Selling and distribution expenses decreased by 12.8% to 34,851thousand,whiletheproportionoftheseexpensestorevenueincreasedfrom14.334,851 thousand, while the proportion of these expenses to revenue increased from 14.3% to 14.8%[107] - Management expenses increased by 9.4% to 36,572 thousand, primarily due to the normalization of business activities post-COVID-19, with the expense ratio rising from 12.0% to 15.5%[108] - The group will continue to focus on cost control in the supply chain, particularly in raw material price management[93] Future Outlook - The board of directors remains optimistic about future growth, emphasizing a commitment to shareholder value[167] - The company provided guidance for the next fiscal year, projecting a revenue growth of B%[167] - New product launches are expected to contribute an additional C million in revenue, with a focus on innovative LED technology[167] - The company is investing G million in R&D for new technologies, aiming to improve product efficiency and sustainability[167]