Financial Performance - The group's revenue achieved a natural growth of 6.9% to HKD 19,999 million[5] - Gross profit decreased by 4.2% to HKD 5,251 million, with a gross profit margin of 26.3%, down 1.9 percentage points[5] - Net profit fell by 64.1% to HKD 253 million, with a net profit margin of 1.3%, down 2.3 percentage points[10] - Basic earnings per share were HKD 0.21, down from HKD 0.587 in the previous year[11] - Total revenue for the year ended December 31, 2023, was HKD 19,999,100,319, an increase of 3.0% from HKD 19,417,559,563 in 2022[37] - Operating profit decreased by 47.4% to HKD 424 million, with an operating profit margin of 2.1%[7] - Operating profit fell significantly to HKD 424,011,450, a decline of 47.4% compared to HKD 806,516,544 in 2022[37] - Net profit attributable to equity holders was HKD 253,151,520, down 64.1% from HKD 706,039,502 in the prior year[37] - Basic and diluted earnings per share decreased to HKD 0.210 from HKD 0.587, representing a decline of 64.3%[37] Revenue Breakdown - E-commerce channel revenue grew naturally by 12.6%, accounting for 46% of total revenue[5] - The tissue business generated revenue of HKD 16,655 million, a year-on-year increase of 3.4%, with a natural growth of 7.6% excluding currency effects[13] - Personal care business revenue grew by 0.9% to HKD 3,344 million, with a natural growth rate impact of 3.7%, accounting for 17% of total group revenue[17] - Revenue from the Mainland China segment reached HKD 15,685,228,868, up from HKD 15,154,602,695, reflecting a growth of 3.5%[55] - The personal care products segment generated revenue of HKD 3,344,011,832, compared to HKD 3,314,390,014 in the previous year, indicating a slight increase of 0.9%[61] Cost and Expenses - The total cost of sales, selling, and administrative expenses for the year was HKD 19,676,524,300, an increase from HKD 18,683,339,551 in 2022, representing a rise of 5.3%[67] - Capital expenditures for non-current assets amounted to HKD 1,027,382,250, compared to HKD 1,251,247,213 in the previous year, reflecting a decrease of 17.9%[61] - Interest expenses increased significantly to HKD 149,331,326 in 2023 from HKD 87,836,706 in 2022, reflecting a rise of approximately 69.9%[69] - Net financial costs rose to HKD 136,399,340 in 2023, compared to HKD 59,600,287 in 2022, indicating an increase of about 128.5%[69] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 1,375,581,365 from HKD 606,947,407, an increase of 126.3%[38] - Operating cash flow for the year ended December 31, 2023, was HKD 2,272,324,627, a decrease of 5.3% from HKD 2,399,371,922 in 2022[41] - Net cash generated from operating activities decreased to HKD 1,944,402,474 from HKD 2,081,190,349, reflecting a decline of 6.6%[41] - Cash flow from financing activities showed a net outflow of HKD 125,507,119, compared to a net outflow of HKD 1,339,494,139 in 2022, indicating a significant reduction in cash outflow[41] Debt and Liabilities - The net debt ratio decreased by 2.5 percentage points to 26.1%[9] - Total liabilities decreased to HKD 10,617,044,930 from HKD 12,288,358,417, a decline of 13.6%[39] - Borrowings decreased to HKD 4,074,955,423 from HKD 4,711,269,760, reflecting a reduction of 13.5%[41] - The total borrowings increased from HKD 3,888,244,226 in 2022 to HKD 4,256,190,597 in 2023, an increase of approximately 9%[90] Operational Efficiency and Strategy - The company implemented flexible pricing strategies and improved operational efficiency to mitigate inflationary pressures[4] - The company continues to focus on innovation and brand building, enhancing e-commerce channels to expand market share[4] - The group maintained a strong financial position with cash and bank balances of HKD 1,375,581,365 as of December 31, 2023, compared to HKD 606,947,407 in 2022[100] Employee and Training - The group provided 161,316 hours of training to 10,030 employees, emphasizing its commitment to employee development[25] - The group aims for zero accidents in production, with 22 loss time incidents reported in 2023, a decrease from 28 in 2022[28] Corporate Governance - The board of directors includes a mix of executive and non-executive members, ensuring diverse oversight and governance[123] - The risk management committee consists of five members, including two executive directors and three non-executive directors, with Jan Christer JOHANSSON serving as the chairman[114] - The executive committee is responsible for formulating the annual budget and major business plans, with a focus on restructuring and significant asset handling[115] Future Outlook - The group maintains confidence in growth potential despite economic uncertainties, focusing on high-end and high-margin product categories[32] - The group will continue to invest in e-commerce and new channels to strengthen its market position in mainland China[35]
维达国际(03331) - 2023 - 年度业绩