Financial Performance - Net sales reported at $3,638.8 million, a decrease of 4.2% compared to the previous year[21]. - Operating profit decreased to $283.0 million, down 39.4% from the prior year[21]. - Profit for the year was $153.4 million, reflecting a 40.3% decline year-over-year[21]. - Profit attributable to equity holders was $132.5 million, a decrease of 44.0% compared to the previous year[21]. - Adjusted Net Income was $215.9 million, down 26.7% from the prior year[21]. - Adjusted EBITDA reported at $492.2 million, a decrease of 19.8% year-over-year[21]. - Adjusted EBITDA Margin was 13.5%, down from 16.2% in the previous year[21]. - Basic earnings per share (EPS) was $0.093, a decline of 44.1% compared to the previous year[21]. - Diluted EPS also reported at $0.093, down 43.8% year-over-year[21]. - Adjusted Basic EPS was $0.151, reflecting a decrease of 26.9% from the prior year[21]. Market Strategy - Samsonite aims to increase shareholder value through sustainable revenue and earnings growth, focusing on free cash flow generation[11]. - The company plans to enhance direct-to-consumer sales, targeting an increase in e-commerce net sales and expanding its physical retail presence[11]. - Samsonite's strategy includes leveraging regional management and distribution expertise to penetrate new markets and deepen existing channels[11]. - The company continues to diversify its business across geographies, brands, product categories, and distribution channels to enhance long-term growth and shareholder value[39]. - The Group's strategy includes investing resources to support the growth of its DTC e-commerce business and targeted expansion of its bricks-and-mortar retail business[117]. Brand Performance - The Group's diversified brand portfolio includes well-known names such as Samsonite®, Tumi®, and American Tourister®, catering to various consumer price points[10]. - The Tumi brand saw net sales growth of 1.8% in 2019, with significant gains in Asia (+8.7%), Europe (+15.0%), and Latin America (+42.4%), despite a decline in North America[40]. - American Tourister recorded a 1.0% increase in sales, while Samsonite brand sales remained stable with a slight decrease of 0.5%[43]. - Tumi brand net sales increased by US$24.0 million, or 14.6% (+14.9% constant currency) for the year ended December 31, 2019, compared to the previous year[146]. Cost Management - The company took decisive actions to manage business challenges and enhance competitive advantages for long-term growth[39]. - The company’s management team is focused on tightening expense and working capital controls to improve profitability going forward[42]. - Marketing expenses decreased by US$31.7 million or 14.3% to US$189.5 million for the year ended December 31, 2019, representing 5.2% of net sales[25]. - The Group recognized a non-cash impairment charge of US$86.4 million during the year, including US$48.0 million for eBags assets[26]. - The Group's profit improvement initiatives included costs that impacted the overall financial performance for the year[31]. Cash Flow and Debt - The Group generated $576.2 million of cash from operating activities during the year ended December 31, 2019, compared to $307.4 million for the previous year[32]. - As of December 31, 2019, the Group had cash and cash equivalents of $462.6 million and outstanding financial debt of $1,768.0 million[32]. - The net debt position of the Group was $1,305.3 million as of December 31, 2019, compared to $1,508.2 million in the previous year[32]. - The Group's pro forma net leverage ratio as of December 31, 2019, was 2.63:1.00, and the pro forma consolidated cash interest coverage ratio was 8.16:1.00 for the year ended December 31, 2019[45]. Sustainability Initiatives - The company is committed to incorporating environmental, social, and governance (ESG) principles into its core business practices[12]. - The Group is committed to sustainability, launching a global strategy titled 'Our Responsible Journey' on March 11, 2020[46]. - The long-term goal for the Group is to become carbon neutral by 2025, as part of its sustainability strategy launched on March 11, 2020[68]. - Since 2018, the Group has launched more than 50 collections worldwide that include sustainable materials, such as recycled PET and recycled nylon[67]. Challenges and Risks - The document contains forward-looking statements regarding future performance and market conditions, which are subject to risks and uncertainties[16]. - The decrease in operating profit and net income indicates challenges in the market environment and operational efficiency[2]. - The Group's performance was negatively impacted by headwinds in key markets including the U.S., Hong Kong, South Korea, and Chile, with a planned reduction in B2B sales in China during the first half of 2019[78]. - Due to uncertainties from the COVID-19 outbreak, the Board decided not to recommend a cash distribution to shareholders in 2020, with intentions to resume in future years post-recovery[45].
新秀丽(01910) - 2019 - 年度财报