Financial Performance - Total revenue for 2022 was $5,041,210 thousand, a decrease of 2.1% compared to $5,150,593 thousand in 2021[9] - Gross profit for 2022 was $1,880,186 thousand, down from $1,924,383 thousand in 2021, reflecting a decline of 2.3%[9] - Adjusted EBITDA for 2022 was $673,035 thousand, a decrease of 8.2% from $733,533 thousand in 2021[9] - Net profit for the year was $357,503 thousand, a decrease of 22.3% compared to $460,702 thousand in 2021[9] - Total assets as of 2022 were $4,635,815 thousand, down from $4,808,811 thousand in 2021, representing a decline of 3.6%[11] - Total equity for 2022 was $2,064,649 thousand, slightly down from $2,088,895 thousand in 2021[11] - Non-current liabilities decreased to $976,138 thousand in 2022 from $1,096,519 thousand in 2021, a reduction of 11%[11] - Adjusted net profit for the fiscal year 2022 decreased by 15.3% to approximately $426 million, leading the board to recommend no final dividend distribution[14] - The group's profit for the year ended December 31, 2022, decreased by approximately 22.4% to about $357.5 million, down from approximately $460.7 million in 2021[55] - The adjusted net profit for 2022 was $425.6 million, compared to $502.4 million in 2021, reflecting a decline of about 15.3%[57] - EBITDA for 2022 was $624.5 million, down from $711.4 million in 2021, representing a decrease of approximately 12.2%[58] Revenue Breakdown - SharkNinja segment revenue was approximately $3,716 million, remaining stable compared to the previous year, while the Joyoung segment revenue was approximately $1,325 million, down 7.7% year-on-year[14] - The SharkNinja segment generated revenue of $3,715.9 million, accounting for 73.7% of total revenue, while the Joyoung segment's revenue was $1,325.3 million, representing a 7.7% decline[30] - North America recorded total revenue of approximately $2,928.1 million, a decrease of 1.2% from $2,964.0 million in 2021[34] - China region revenue decreased by approximately 6.5% to $1,307.2 million, down from $1,398.2 million in 2021[34] - Europe region revenue increased by 2.5% to $632.3 million, up from $616.8 million in 2021[34] - Cleaning appliances contributed 38.5% of total revenue, with a slight decrease of 1.1% to $1,940.1 million[36] - Cooking appliances revenue decreased by 5.7% to $1,762.0 million, accounting for 34.9% of total revenue[36] Market and Product Strategy - The company plans to focus on market expansion and new product development in the upcoming year[13] - The company plans to focus on the Asia-Pacific market, particularly the Greater China region, with the Joyoung segment emphasizing kitchen small appliances and innovative product development[16] - The company aims to become a leading small appliance company in the Asia-Pacific market within the next three to five years[17] - The company continues to execute its strategy of launching new products and entering new categories despite challenging economic conditions[20] - The company is focusing on omnichannel distribution strategies to adapt to the shift from offline to online sales[23] - The company aims to maintain strong relationships with retailers to secure more product display opportunities during major promotional events[23] - The company plans to expand its product categories, including personal care, kitchen appliances, and outdoor cooking devices, to drive sustainable long-term growth[69] Challenges and Outlook - The company has faced challenges such as supply chain issues and inflation, impacting overall performance[13] - Future guidance indicates a cautious outlook due to ongoing geopolitical tensions and economic uncertainties[13] - Revenue growth in 2022 was impacted by currency depreciation, with a fixed exchange rate calculation showing a revenue increase of 0.7%[20] - The company anticipates that supply chain costs will decrease in 2023 compared to 2022, despite ongoing concerns about inflation and economic recession[71] Management and Governance - The company has a strong management team with extensive experience in finance and operations, including Mr. Timothy Roberts Warner as an independent non-executive director since October 11, 2019[82] - The company is focused on strategic expansion and enhancing its product offerings through experienced leadership[84] - The board includes members with significant academic and professional backgrounds, ensuring robust governance and strategic direction[80] - The company is committed to leveraging its management expertise to drive growth and innovation in the market[84] - The company has established four board committees, including the strategic committee, audit committee, remuneration committee, and nomination committee, to handle specific matters[167] Shareholder and Dividend Information - The company did not declare a final dividend for the year ended December 31, 2022, due to a significant strategic restructuring, compared to a dividend of HKD 0.4098 per share in 2021[91] - As of December 31, 2022, the company's distributable reserves amounted to approximately USD 551.36 million[94] - The board of directors will determine the declaration and payment of dividends based on various factors, including financial performance and capital expenditure needs[89] Risk Management - The group faces significant risks including intense global market competition and potential impacts from trade protection policies[146] - The company has implemented comprehensive risk management policies across various operational aspects, including quality control, financial reporting, and information systems[184] - The internal audit department reports directly to the audit committee and is responsible for systematically reviewing the risk management and internal control systems[185] - The company has established a robust, technology-driven risk management system to effectively manage and mitigate inherent business risks[191] Corporate Social Responsibility - The company reported charitable donations of approximately USD 2.35 million for the year ended December 31, 2022, down from USD 2.91 million in 2021[95] - The company is committed to community development through innovative models and public welfare activities, fostering stable relationships with suppliers and the community[148] Audit and Compliance - Ernst & Young conducted the audit and confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022[198] - The audit committee has recommended the reappointment of Ernst & Young as the external auditor for the fiscal year 2023, citing their commitment to audit quality and independence[183] - The company has complied with all relevant laws and regulations during the reporting period, with no significant non-compliance issues reported[145]
JS环球生活(01691) - 2022 - 年度财报