Financial Performance - Samsonite's performance improved significantly in 2021 due to increased vaccination rates and the easing of social-distancing measures, leading to a stronger financial position[2]. - The financial highlights indicate a disciplined approach to cost control and cash management, which supports long-term growth and shareholder value creation[2]. - The Group has significant liquidity of US$1.5 billion as of December 31, 2021, positioning it strongly to navigate ongoing COVID-19 impacts and invest for long-term growth[7]. - Net sales for the year ended December 31, 2021, reached $2,020.8 million, representing a 31.5% increase compared to $1,536.7 million in 2020[23]. - Operating profit for the year was $132.7 million, a significant recovery from an operating loss of $1,266.2 million in the previous year[23]. - Profit attributable to equity holders was $14.3 million, compared to a loss of $1,277.7 million in 2020[23]. - Adjusted EBITDA for the year was $182.3 million, recovering from a loss of $218.8 million in 2020[23]. - The Group's net sales recovery accelerated in the second half of 2021 due to the rollout of vaccines and the recovery in travel[18]. - The Group's consolidated net sales increased by US$538.3 million, or 36.3%, for the year ended December 31, 2021, when excluding the net sales of Speck[24]. - The Group recorded a gross profit margin of 54.5% for the year ended December 31, 2021, up from 46.0% in the previous year, attributed to price increases and lower promotional discounts[24]. Strategic Initiatives - The company aims to enhance shareholder value through sustainable revenue and earnings growth, focusing on increasing the proportion of net sales from direct-to-consumer e-commerce channels[6]. - Samsonite plans to invest in research and development to create lighter and stronger materials, advanced manufacturing processes, and innovative functionalities that benefit consumers[6]. - The company is committed to extending its brands into new markets and deepening penetration in existing channels through its regional management structure and distribution expertise[6]. - Samsonite's strategy includes significant investment in marketing to support its brands and initiatives[6]. - The company emphasizes its environmental, social, and governance (ESG) philosophy as part of its core business practices, aiming to lead the industry in sustainability[6]. - The Group intends to prudently increase investment in capital expenditures and software for sustainable long-term growth[7]. - The company aims to enhance its operational performance and underlying trends through strategic adjustments and cost management initiatives[23]. Market Recovery and Challenges - The Group experienced improved sales trends as government restrictions were loosened, contributing to a recovery in demand[21]. - The Group anticipates that the ongoing recovery in travel will provide opportunities for growth and market share expansion[7]. - The outlook for 2022 is mixed, with a decline in net sales for the first two months of 2022 compared to the same period in 2019 being about in line with the 28.0% decline in Q4 2021[47]. - Despite improvements in 2021, the outlook for 2022 remains mixed due to the impact of the Omicron variant, with sales in the first two months of 2022 showing a decline compared to 2019[50]. - The company has suspended all commercial activities in Russia, closing 37 retail stores and halting product imports, while donating over 10,000 bags to support Ukrainian refugees and contributing $1.0 million for humanitarian aid[50]. - The Group's net sales decline narrowed to 30.9% in Q4 2021 compared to Q4 2019, with a constant currency decline of 30.2%[99]. Product and Brand Performance - The Group operates under well-known brands including Samsonite, Tumi, and American Tourister, among others, catering to various consumer price points[6]. - The Group's core brands recorded year-on-year net sales increases as the impact of COVID-19 moderated due to vaccine rollouts and recovery in travel[124]. - Successful product launches in 2021 included the Magnum Eco, Proxis, and Lite Box suitcase lines, with a focus on sustainable materials[69]. - The upcoming Tumi Alpha Bravo collection will feature over two dozen new styles made from recycled materials, receiving positive feedback from consumers and media[69]. - The Elevation™ Plus collection is expected to meet traveler demand for functionality and sustainability, featuring a high-performance polypropylene exterior and 100% recycled PET bottle lining[70]. Cash Management and Debt - The Group generated US$387.1 million of cash from operating activities during the year ended December 31, 2021, compared to US$114.2 million used in the previous year[31]. - As of December 31, 2021, the Group had cash and cash equivalents of US$1,324.8 million and outstanding financial debt of US$2,802.0 million, resulting in a net debt position of US$1,477.2 million[31]. - Total cash generation was US$199.8 million during the year ended December 31, 2021, compared to total cash burn of (US$360.1) million in the previous year[31]. - The Group prepaid US$370.0 million of borrowings during the year ended December 31, 2021[93]. - The Group's liquidity may not be sufficient, and there is a possibility of needing additional financing[97]. E-commerce and Sales Channels - Direct-to-consumer (DTC) sales represented 38.7% of total net sales in 2021, up from 31.0% in 2020[140]. - E-commerce channels accounted for US$430.8 million of net sales, representing a year-on-year increase of US$91.1 million, or 26.8% (+24.9% constant currency)[148]. - The Group's net sales in the wholesale channel increased by US$280.7 million, or 29.3% (+27.8% constant currency), for the year ended December 31, 2021 compared to the previous year[144]. - Total DTC e-commerce net sales increased by US$29.0 million, or 13.5% (+11.8% constant currency), to US$243.6 million for the year ended December 31, 2021[147].
新秀丽(01910) - 2021 - 年度财报