Financial Performance - Revenue for the year ended December 31, 2022, was $2,490,966 thousand, an increase of 6.4% from $2,341,432 thousand in 2021[4] - Gross profit for 2022 was $463,350 thousand, with a gross margin of 18.6%, down from 19.1% in 2021[4] - Net profit for 2022 was $173,229 thousand, maintaining a net profit margin of 7.0%[4] - The company's revenue for the year ended December 31, 2022, increased to $2,491 million, up from $2,341 million in 2021, representing a growth of approximately 6.4%[12] - The gross profit margin slightly decreased to 18.6% in 2022 from 19.1% in 2021, while the net profit for the year was $173 million, compared to $163 million in the previous year, maintaining a net profit margin of 7.0%[12] - Total revenue for 2022 was $2,490,966 thousand, compared to $2,341,432 thousand in 2021, with the Americas accounting for 38.5% and Europe for 18.0%[17] - Operating cash flow for 2022 was $349 million, an increase from $190 million in 2021, with cash and cash equivalents totaling $455 million[22] - The company reported a significant increase in sales cost, which rose to $2,027,616 thousand from $1,893,822 thousand, indicating a 7.1% increase[184] - The total comprehensive income for the year was $107,089 thousand, down from $179,010 thousand in 2021, reflecting a decrease of 40.2%[185] Assets and Liabilities - The total assets decreased to $1,894,965 thousand in 2022 from $1,959,495 thousand in 2021[5] - Total liabilities reduced significantly to $549,666 thousand in 2022 from $666,176 thousand in 2021[5] - Total equity increased from $1,293,319 thousand in 2021 to $1,345,299 thousand in 2022, an increase of approximately 4.0%[187] - The company’s total liabilities decreased from $666,176 thousand in 2021 to $549,666 thousand in 2022, a decline of approximately 17.5%[187] Sustainability and Environmental Initiatives - The company aims to reduce absolute carbon emissions by 35% by 2030 as part of its sustainability goals[7] - Solar photovoltaic capacity was increased from 3.6 MW in 2021 to 7.8 MW in 2022[7] - The company has installed a total of 4.2 MW of solar photovoltaic capacity in 2022, doubling its total capacity to 7.8 MW, as part of its sustainability efforts[14] - The company plans to reduce greenhouse gas emissions by 35% by 2030 as part of its commitment to achieving net-zero emissions by 2050[14] - The company received several prestigious awards in 2022, including the Hong Kong Sustainable Development Award 2022 - Model Award (Large Organization Category) and the Best ESG Report - Mid-Cap Award[168] - The company achieved significant recognition for its environmental initiatives, including the Carbon Neutral Contribution Pioneer Organization award and the Platinum Label under the Low Carbon Manufacturing Program[168] Acquisitions and Investments - The company completed the acquisition of a fabric factory in Bangladesh in 2022, marking a milestone in its long-term vertical integration strategy[7] - The company completed the acquisition of a fully-owned fabric factory in Bangladesh in September 2022, enhancing its vertical integration strategy and supporting long-term fabric demand for its domestic garment factories[12] - Capital expenditures for the year amounted to $106 million, primarily for expansion in Vietnam and Cambodia, with total capital investments reaching $164 million, up from $132 million in 2021[12] - The company completed the acquisition of How Are You Textile Industry Limited for $37 million on September 30, 2022, to support long-term fabric needs in Bangladesh[27] - The company also acquired Successor Limited for $20.7 million on November 30, 2022, which has a factory in Vietnam, enhancing vertical integration efforts[27] Employee and Talent Management - The company received the HR Asia Best Companies to Work for in Asia 2022 award, highlighting its commitment to talent retention and employer branding[7] - Employee costs accounted for 23.8% of revenue in the fiscal year ending December 31, 2022, down from 24.8% in the previous year[30] - The company employed approximately 73,000 employees as of December 31, 2022, focusing on performance-based compensation and ongoing training[30] - The company has established a new talent strategy team to support the long-term development of its fabric business, enhancing its operational efficiency[12] Corporate Governance - The company emphasizes good corporate governance principles and has established various committees, including the Audit Committee and the Nomination Committee[171] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2022[96] - The company has established a policy for handling and disclosing inside information, ensuring strict monitoring to prevent unauthorized access and use[160] - The company has adopted a shareholder nomination process for director candidates, effective from the date of listing[164] - The company has reviewed its shareholder communication policy and believes there are sufficient channels for shareholders to express their views on matters affecting the company[165] Financial Reporting and Audit - The audit committee reviewed the audited consolidated financial statements for the year ended December 31, 2022, and expressed satisfaction with the external auditor's work and compliance with accounting policies[113] - Deloitte Touche Tohmatsu was the independent auditor for the financial statements for the year ending December 31, 2022[90] - The company has sufficient resources, personnel, training programs, and budget for accounting, internal audit, and financial reporting functions, as well as for environmental, social, and governance performance reporting[157] Future Outlook - Consumer demand remains strong post-pandemic, but high inventory levels and economic uncertainty are expected to challenge growth in 2023[31] - The company expects capital investments in 2023 to be similar to those in 2022 as it continues to invest in upstream vertical expansion[31] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[45]
晶苑国际(02232) - 2022 - 年度财报