裕元集团(00551) - 2023 - 年度财报

Financial Performance - Total footwear shipment decreased by 19.9% to 218.3 million pairs in 2023 compared to 272.7 million pairs in 2022[5] - Revenue declined by 12.0% to $7,890.2 million in 2023 from$8,970.2 million in 2022[5] - Profit attributable to owners decreased by 7.3% to $274.7 million in 2023 from$296.3 million in 2022[5] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 13.1% to $777.5 million in 2023 from$894.4 million in 2022[5] - Basic earnings per share decreased by 7.4% to 17.05 cents in 2023 from 18.41 cents in 2022[5] - The overall revenue of the group decreased by 12.0% to approximately $7.9 billion, with footwear revenue declining by 18.4$7,890.2 million for the year, a decrease of 12.0% compared to the previous year, primarily due to weak global footwear demand and an industry destocking cycle[47] - The profit attributable to the company's owners was $274.7 million, down 7.3$296.3 million in the previous year, with manufacturing profit decreasing by 19.7% to $231.4 million[47] - The group's footwear manufacturing revenue decreased by 18.4$4,657.5 million, with footwear shipments down 19.9% to 218.3 million pairs[48] - Gross profit decreased by 9.9% to $1,925.3 million, while the overall gross margin increased by 0.6 percentage points to 24.4$748.8 million in 2023 compared to $703.6 million in 2022[5] - Capital expenditure decreased by 4.1$195.9 million in 2023 from $204.3 million in 2022[5] - Cash flow from operating activities reached$944.7 million, up from $907.9 million in the previous year[65] - As of December 31, 2023, the company's cash and cash equivalents totaled$1,142.1 million, an increase from $1,018.3 million in 2022[66] - The group's total capital expenditure for 2023 was$195.9 million, a decrease from $204.3 million in 2022, with manufacturing capital expenditure at$152.0 million[72] Market and Strategic Initiatives - The company plans to enhance strategic partnerships and expand its retail presence in Greater China[3] - The group is implementing a digital transformation strategy, integrating various digital tools to enhance inventory management and store efficiency[32] - The global sports goods market is expected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2027[34] - The group aims to leverage long-term trends in sports and leisure to create value and long-term returns for stakeholders[36] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India, as per a memorandum of understanding signed on April 17, 2023[73] - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 25$270 million[26] - The contribution of the omnichannel sales to the overall sales of the group increased to 27%[32] - The average selling price of footwear increased by 2.0% to $21.34 per pair, reaching a historical high[28] - The average selling price of high-end footwear increased by 2.0$21.34 per pair, partially offsetting the decline in shipments[48] Corporate Governance and Management - The board of directors includes experienced professionals with extensive backgrounds in finance, accounting, and legal affairs, enhancing corporate governance[128] - The company has a strong focus on investor relations, with a dedicated director overseeing strategic planning and coordination of investor activities[113] - The company has undergone changes in its board composition, with several directors up for re-election at the upcoming annual general meeting[128] - The remuneration policy for directors is based on a written policy that aligns with business strategy and shareholder interests, ensuring fairness and performance-based compensation[134] Employee and Shareholder Engagement - The total number of employees decreased by 14.6% to approximately 264,700 as of December 31, 2023, compared to about 310,000 in the previous year[83] - The group maintains a stable dividend policy, with a total dividend for the year of HK$0.90 per share, down from HK$1.10 in 2022[79] - The board has proposed a final dividend of HK$0.70 per share, totaling approximately HK$1,129 million (about $145 million), consistent with the previous year's final dividend[79] - The company emphasizes the importance of performance-based compensation for employees, linking it to individual responsibilities and market salary levels[134] Risk Management and Future Outlook - Despite improved order visibility, ongoing inflation and high interest rates create macroeconomic uncertainties, leading to a conservative outlook for the global footwear industry in the short term[86] - The group plans to enhance operational resilience and agility, focusing on cost control to solidify profitability while maintaining healthy cash flow and financial stability[86] - The company is committed to a long-term capacity layout strategy, targeting sustainable growth in Indonesia and India through diversified manufacturing capacity[86] - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[99]