创科实业(00669) - 2024 - 年度业绩

Financial Performance - The company reported a record sales revenue of $14,622 million for the fiscal year ending December 31, 2024, representing a 6.5% increase compared to $13,731 million in 2023[3]. - Net profit attributable to shareholders rose by 14.9% to $1,122 million, aided by a 31.9% reduction in net interest expenses[5]. - Profit attributable to shareholders was $1.122 billion, up 14.9% from $976 million in 2023[23]. - The company achieved a net profit attributable to shareholders of $1,121,680 thousand for 2024, compared to $976,340 thousand in 2023, reflecting a year-over-year increase of about 14.8%[56]. - The operating profit before tax for the year ended December 31, 2024, was $1,216,394 thousand, an increase of 15.2% compared to $1,055,616 thousand in 2023[60]. Margins and Profitability - Gross margin improved by 85 basis points to 40.3%, driven by higher sales from the MILWAUKEE brand and innovative product launches[4]. - Gross margin increased to 40.3%, up from 39.5% in the previous year, driven by a higher growth mix in the MILWAUKEE business and effective cost control[25]. - Operating profit before interest and tax increased by 11.9% to $1,270 million, with an operating margin of 8.7%, up 42 basis points[5]. Cash Flow and Capital Management - Free cash flow reached a record $1,591 million, reflecting improvements in net profit and working capital management[6]. - The company generated free cash flow of $1.591 billion, compared to $1.281 billion in the previous year[29]. - The net cash generated from operating activities for 2024 was $2,267,646 thousand, up from $2,103,875 thousand in 2023, reflecting a growth of 7.8%[61]. - The company reported cash and cash equivalents of $1,232,347 thousand at the end of 2024, an increase from $953,240 thousand in 2023[57]. Capital Expenditures and Investments - Capital expenditures for the year were $292 million, a decrease of 41.9% from the previous year, focusing on new products and productivity enhancements[5]. - The company acquired property, plant, and equipment for approximately $292,000,000 in 2024, a decrease from $502,000,000 in 2023[94]. - The total capital commitments for property, plant, and equipment as of December 31, 2024, were $167,000,000, down from $178,000,000 in 2023[36]. Inventory and Receivables Management - Inventory days improved by 7 days to 102 days, reflecting effective inventory management and supply chain efficiency[5]. - Total inventory amounted to $4,098,000,000 in 2023, with inventory turnover days decreasing from 109 days to 102 days[32]. - Accounts receivable at the end of 2024 totaled $1,884,131,000, up from $1,699,479,000 in 2023, with the aging analysis showing an increase in amounts due within 60 days[95]. Shareholder Returns and Equity - The company plans to distribute a final dividend of 118.00 HKD cents per share, totaling approximately $278.265 million, an increase from 98.00 HKD cents per share in 2023[20]. - The total amount of shareholder equity increased to $6.4 billion from $5.7 billion in 2023, with net asset value per share rising by 10.9% to $3.47[28]. - The total number of issued and fully paid ordinary shares decreased to 1,832,304,941 in 2024 from 1,834,317,941 in 2023 due to share buybacks[97]. Research and Development - Research and development expenses were $648 million, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[26]. - Research and development expenses increased to $648,103 thousand in 2024 from $548,338 thousand in 2023, highlighting the company's commitment to innovation[56]. Market and Sales Growth - The company's flagship brand, MILWAUKEE, saw sales growth of 11.6% in local currency, while RYOBI grew by 6.4%[4]. - The electric tools segment generated $13,722,888,000 in sales, up from $12,794,548,000 in the previous year, indicating a growth of about 7.3%[81]. - North America accounted for $11,078,856,000 of total sales, an increase from $10,513,310,000 in 2023, marking a growth of about 5.4%[82]. Financial Stability - The net debt-to-equity ratio was 0.7%, significantly down from 17.1% in 2023, indicating improved financial stability[29]. - The company maintains a strong financial position with a debt-to-equity ratio of 0.7% as of the end of 2024[56]. Future Outlook - The company expects overall sales growth in the mid to high single digits for 2025, while focusing on improving weaker business areas[56]. - The company plans to continue leading the rechargeable product market with innovative technologies and designs in 2025[56].