Financial Performance - Total revenue for the year ended December 31, 2023, was $173.979 million, an increase of 9.3% from $159.239 million in 2022[3] - Gross profit decreased to $33.766 million, down 13.5% from $39.189 million in the previous year[3] - The net profit attributable to shareholders was $2.553 million, compared to a loss of $6.677 million in 2022[4] - Basic and diluted earnings per share for the year were $1.01, a significant improvement from a loss of $2.64 per share in 2022[4] - The group reported a total comprehensive loss of $3.734 million for the year, compared to a loss of $21.737 million in 2022[4] - The group's adjusted pre-tax profit for the year ended December 31, 2023, was $2.943 million, compared to a pre-tax loss of $2.749 million in 2022, indicating a significant turnaround[18][28]. - The profit attributable to shareholders was $2.6 million in 2023, a turnaround from a loss of $6.7 million in 2022, mainly due to improved performance in the industrial business[43] Assets and Liabilities - Total assets as of December 31, 2023, were $277.286 million, slightly up from $273.271 million in 2022[6] - Current assets increased to $155.033 million from $129.322 million, reflecting a growth of 19.9%[6] - The company's non-current liabilities increased to $25.268 million from $17.519 million, reflecting a rise of 44.3%[8] - The net asset value decreased to $252.018 million from $255.752 million, a decline of 1.1% year-over-year[8] - Total assets as of December 31, 2023, amounted to $377.374 million, up from $350.585 million in 2022, reflecting an increase of approximately 7.6%[20][24]. - The total liabilities as of December 31, 2023, were $125.356 million, compared to $94.833 million in 2022, representing an increase of approximately 32.2%[20][24]. - Net debt rose from $18.2 million in 2022 to $40.6 million in 2023, with a debt-to-equity ratio increasing from 0.07 to 0.16[50] - Total borrowings increased from $49.1 million in 2022 to $78.2 million in 2023, with 27.7% of borrowings requiring asset collateral[53] Cash Flow and Liquidity - Cash and cash equivalents rose to $37.606 million, up from $30.859 million in the previous year, indicating improved liquidity[6] - Cash and cash equivalents increased by $6.7 million, from $30.8 million in 2022 to $37.6 million in 2023[52] Revenue Breakdown - Biochemical business revenue for the year ended December 31, 2023, was $173.979 million, an increase from $159.239 million in 2022, representing a growth of approximately 9.9%[18][22]. - The revenue from external customers in mainland China for the year ended December 31, 2023, was $107.950 million, up from $83.294 million in 2022, reflecting an increase of approximately 29.7%[24]. - The revenue contribution from the main product decreased from 53% in 2022 to 41% in 2023, while the revenue contribution from animal health products increased from 47% to 59%[46] Expenses and Profitability - The overall gross margin decreased from 24.6% in 2022 to 19.4% in 2023, primarily due to a decline in the price of the main product and an increase in lower-margin trading business[43] - The average selling price of the main product decreased by 11% in 2023 compared to 2022[46] - The group's depreciation and amortization expenses for the year ended December 31, 2023, were $6.391 million, slightly down from $6.925 million in 2022[18][22]. Dividends - The group did not declare a final dividend for the year ended December 31, 2023, consistent with the previous year[31]. - The board of directors decided not to declare a dividend for the year ended December 31, 2023[43] - The board decided not to declare any dividends for the year ending December 31, 2023, consistent with 2022[56] Market Conditions - The industrial business reported a significant decline in the excavator market, with overall sales dropping by 40.8% in 2023 compared to 2022[47] - The automotive parts manufacturing segment maintained stable profits of $2.1 million for both 2023 and 2022, despite a 12.0% increase in car sales and an 8.8% decrease in motorcycle sales in China[47] - The company maintains a cautious outlook for 2024, anticipating low fixed asset investment growth and continued intense competition in the industrial sector[48] Joint Ventures - The group's share of profits from joint ventures was $4.816 million in 2023, compared to a loss of $9.006 million in 2022, indicating a significant improvement[18][22]. - The share of profits from joint ventures improved from a loss of $9 million in 2022 to a profit of $4.8 million in 2023[47] Credit Risk and Receivables - The company has no significant concentration of credit risk according to management's opinion[36] - Trade receivables aged 60 days or less increased to $35.3 million in 2023 from $18.1 million in 2022[36] - Trade payables aged 60 days or less increased to $22.2 million in 2023 from $15.5 million in 2022[37] Capital Expenditure - The group reported a capital expenditure of $11.112 million for the year ended December 31, 2023, down from $15.771 million in 2022, indicating a reduction of about 29.5%[18][22].
正大企业国际(03839) - 2023 - 年度业绩