佐丹奴国际(00709) - 2024 - 年度业绩

Financial Performance - The company's total revenue for the year ended December 31, 2024, was HKD 3,919 million, representing a 1.2% increase compared to HKD 3,873 million in 2023[3]. - Net profit attributable to shareholders was HKD 216 million, down from HKD 345 million in 2023, mainly due to non-recurring expenses and decreased profits from joint ventures[3]. - Adjusted EBITDA for 2024 was HKD 937 million, down from HKD 1,001 million in 2023, a decrease of approximately 6.4%[14][15]. - The company reported a pre-tax profit of HKD 351 million for 2024, compared to HKD 508 million in 2023, a decrease of about 30.9%[14][15]. - Operating profit decreased by 25.0% to HKD 377 million, with an operating margin of 9.6%[43]. - The proposed dividend decreased significantly from HKD 218 million in 2023 to HKD 97 million in 2024, a reduction of approximately 55.5%[8]. Revenue Breakdown - Sales revenue for 2024 reached HKD 3,919 million, up from HKD 3,873 million in 2023, representing an increase of about 1.2%[14][15]. - Revenue from Greater China was HKD 1,714 million, contributing 43.7% to total revenue, a slight decrease of 0.8% from HKD 1,727 million in 2023[39]. - Online business revenue increased by 11.3% to HKD 523 million, contributing 13.3% to total revenue, compared to HKD 470 million in 2023[39]. - Sales in Hong Kong and Macau amounted to HKD 626 million in 2024, compared to HKD 623 million in 2023, while sales in mainland China were HKD 661 million, down from HKD 664 million[16]. Expenses and Margins - The gross profit margin decreased by 1.4 percentage points to 57.0%, attributed to a higher contribution from lower-margin online sales and strategic inventory clearance[3]. - Operating expenses as a percentage of revenue increased to 48.7% from 47.2% in 2023, primarily due to non-recurring expenses in the first half of the year[3]. - The gross profit margin for Greater China decreased to 56.7% in 2024 from 59.4% in 2023, impacted by increased operating expenses and inventory clearance[49]. Inventory and Assets - The inventory balance increased to HKD 508 million from HKD 474 million in 2023, with inventory turnover days at 110 days compared to 108 days in the previous year[3]. - Total assets decreased from HKD 3,856 million in 2023 to HKD 3,766 million in 2024, a decline of approximately 2.3%[8]. - Current assets decreased from HKD 1,735 million in 2023 to HKD 1,692 million in 2024, a decline of about 2.5%[8]. Strategic Initiatives - The strategic investments made under the "Beyond Boundaries" five-year transformation plan are expected to position the company as a growth-oriented entity starting in 2025[3]. - The company aims to strengthen relationships with key franchisees and authorized operators to capture growth opportunities in overseas markets[37]. - The company plans to enhance its digital-first strategy to improve online penetration, which is currently below industry standards[80]. Market Performance - The company implemented effective strategies in Southeast Asia and Australia, contributing to revenue growth and improved performance in the online business in mainland China[3]. - The Taiwan market showed resilience with a mid-single-digit sales growth in the second half of 2024, recovering from a 4.4% decline in the first half[53]. - The Gulf Cooperation Council region reported a revenue of HKD 699 million, a 3.6% increase from 2023, with operating profit rising by 8.5% to HKD 141 million[60][61]. Corporate Governance and Leadership - The company has adhered to all applicable corporate governance codes, with a focus on stability and continuity in leadership roles to support business plan implementation[91]. - The company has appointed Mr. Colin Melville Kennedy Currie as CEO effective April 5, 2024, separating the roles of Chairman and CEO in compliance with corporate governance code C.2.1[92][93]. - The company expresses gratitude to its employees for their dedication, which is deemed crucial for success, and emphasizes the importance of a skilled and motivated workforce[82].