Financial Performance - Samsonite achieved strong results for the year ended December 31, 2022, benefiting from a recovery in travel across most global markets[1]. - For the year ended December 31, 2022, net sales increased to $2,879.6 million, a 42.5% increase compared to $2,020.8 million in 2021[39]. - Operating profit for 2022 was $492.1 million, representing a 271.1% increase from $132.7 million in 2021[39]. - Profit for the year attributable to equity holders surged to $312.7 million, a 250.6% increase from $120.1 million in 2021[39]. - Adjusted EBITDA for 2022 reached $472.3 million, with an adjusted EBITDA margin of 16.4%, compared to $182.3 million and 9.0% in 2021[39]. - The Group's consolidated net sales at the end of 2022 have largely recovered to 2019 levels, positioning the company for further growth in net sales at a fundamentally higher operating margin as travel rebounds[12]. - The Group's operating profit improved to US$492.1 million for the year ended December 31, 2022, compared to US$132.7 million in the previous year, representing a 271.1% increase[42]. - Profit for the year ended December 31, 2022, was US$338.3 million, a significant improvement of 1,345.0% from US$23.5 million in 2021[43]. - Adjusted net income rose to $296.0 million in 2022, up $278.7 million from $17.4 million in 2021[64]. Market and Sales Growth - The Group's strategy includes expanding its brand into new markets and deepening penetration in existing channels[10]. - The overall demand for the Group's products experienced a strong recovery in most countries due to the loosening of travel restrictions[29]. - Total net sales grew by 52.3% year-on-year to $2,879.6 million for the year ended December 31, 2022, with all regions showing strong growth: +44.6% in North America, +103.6% in Europe, and +72.5% in Latin America[63]. - Net sales in Asia increased by 43.9% year-on-year during 2022, with a notable increase of 68.5% when excluding China[63]. - The core travel brands, Samsonite, Tumi, and American Tourister, saw year-on-year net sales increases of 67.7%, 34.6%, and 63.4%, respectively[104][106]. - The Group anticipates a strong recovery in net sales in Asia, Europe, and North America as travel restrictions ease and consumer enthusiasm for travel rebounds[96]. Marketing and Investment - Investment in marketing will be increased to support the company's brands and initiatives[7]. - The Group plans to increase marketing investments in 2023 to capitalize on the continued recovery in travel and drive net sales growth[13]. - Marketing expenses increased by 89.5% to US$156.0 million for the year ended December 31, 2022, representing 5.4% of net sales[41]. - The company intends to raise investment in marketing in 2023 to support new product launches and drive net sales growth while controlling non-marketing SG&A expenses[118]. - The company plans to increase capital expenditures in 2023 for key strategic initiatives, particularly for retail store refits postponed during the COVID-19 pandemic[117]. Sustainability and Innovation - The company is committed to incorporating its environmental, social, and governance (ESG) philosophy into core business practices through "Our Responsible Journey" initiative[9]. - Continued investment in research and development will focus on lighter and stronger materials, advanced manufacturing processes, and sustainable collections[8]. - More than 23% of net sales in 2022 came from products containing recycled materials, up from an estimated 17% in 2021 and 5% in 2019[119]. - The company will continue to integrate sustainability into its overall business strategy in 2023[120]. - The company emphasizes treating all stakeholders with fairness and respect as a guiding principle for future growth[121]. Liquidity and Financial Health - The Group maintains a strong liquidity position with US$1.5 billion as of December 31, 2022, which supports business growth during the ongoing recovery[14]. - As of December 31, 2022, the Group had cash and cash equivalents of US$635.9 million and outstanding financial debt of US$2,019.6 million, resulting in a net debt position of US$1,383.7 million[6]. - The Group's total liquidity as of December 31, 2022, was US$1,481.3 million, which includes cash and cash equivalents of US$635.9 million and US$845.4 million available to be borrowed on the revolving credit facility[7]. - The Group's net debt position decreased from US$1,477.2 million as of December 31, 2021, to US$1,383.7 million as of December 31, 2022, indicating improved financial health[81]. Operational Challenges - The recovery in 2022 was negatively impacted by the Chinese government's zero-COVID policy, which slowed net sales recovery in China during the second half of the year[31]. - The company suspended all commercial activities in Russia on March 14, 2022, due to the armed conflict in Ukraine, and completed the disposition of its Russian operations on July 1, 2022[30]. - The Group's operations in China faced challenges due to tightened travel restrictions and social distancing measures during the second, third, and fourth quarters of 2022, affecting net sales recovery[80].
新秀丽(01910) - 2022 - 年度财报