ASMPT(HK:00522)2024-02-27 22:36Financial Performance - For the fiscal year ending December 31, 2023, ASMPT Limited reported a revenue of HKD 14.7 billion (USD 1.88 billion), a decrease of 24.1% year-on-year[7]. - The adjusted net profit for the fiscal year was HKD 7.45 billion, reflecting a year-on-year decline of 71.5%[6]. - The gross profit margin for the fiscal year was 39.3%, down 186 basis points compared to the previous year[6]. - The total new orders for the fiscal year amounted to HKD 12.26 billion (USD 1.57 billion), a decrease of 33.5% year-on-year[6]. - The basic earnings per share for the fiscal year was HKD 1.73, down 72.8% year-on-year[7]. - The group reported a net loss of HKD 29,767,000 in 2023, compared to a net gain of HKD 86,546,000 in 2022[98]. - The company reported a significant decrease in inventory, which fell to HKD 6,315,473 thousand in 2023 from HKD 7,450,163 thousand in 2022, a reduction of 15.21%[68]. - The company reported a profit margin of 4.8% for the year ended December 31, 2023, compared to an adjusted profit margin of 5.1%[123]. Dividends - The board proposed a final dividend of HKD 0.26 per share, significantly lower than the previous year's final dividend of HKD 1.90 per share[8]. - The interim dividend for 2023 was declared at HKD 0.61 per share, down from HKD 1.30 per share in 2022, a reduction of 53.0%[105]. - The total proposed special dividend for 2023 is HKD 0.52 per share, a new introduction compared to no special dividend in 2022[106]. - The group declared dividends of HKD 1.04 billion in 2023, down from HKD 1.61 billion in 2022[48]. Market and Segment Performance - The surface mount technology solutions segment showed resilience, driven by ongoing demand in automotive and industrial end markets[11]. - The company emphasized the growing demand for advanced packaging solutions driven by generative AI and high-performance computing applications[11]. - Automotive applications accounted for approximately 22% of total sales revenue in 2023, equating to about $410 million, primarily due to increased business with electric vehicle manufacturers[14]. - The advanced packaging solutions contributed approximately 22% to total sales revenue in 2023, also around $410 million, with a projected market growth from $1.7 billion in 2024 to $3.3 billion by 2028, reflecting a compound annual growth rate of about 18%[15]. - The semiconductor solutions division experienced a 37% year-on-year decline in sales revenue, while the surface mount technology solutions division saw a 10% decrease, contributing approximately 57% to total sales revenue[28]. Research and Development - The group invested approximately HKD 2,050 million in research and development in 2023, slightly up from HKD 2,030 million in 2022, and has published over 2,000 patents and patent applications[44]. - The group maintains a commitment to invest in R&D across different industry cycles, which is crucial for staying at the forefront of technological development[44]. - The company incurred research and development expenses of HKD 553,438,000 for the three months ended December 31, 2023, compared to HKD 524,467,000 in the previous year, reflecting a 5.5% increase[63]. Cash and Financial Position - The group's cash and bank deposits reached HKD 4,800 million (USD 612 million) at the end of 2023, up from HKD 4,420 million at the end of 2022[33]. - The group holds available bank financing of HKD 5.92 billion (USD 758 million), up from HKD 3.41 billion (USD 437 million) in 2022[48]. - The group's debt-to-equity ratio as of December 31, 2023, was 0.127, improved from 0.142 in 2022[48]. - The company’s bank loans increased significantly to HKD 2,000,000 thousand in 2023 from HKD 250,000 thousand in 2022, a rise of 700%[68]. Employee and Governance - The group employed approximately 10,800 staff as of December 31, 2023, with significant representation in various countries including 5,100 in mainland China[58]. - The group has implemented a global employee engagement survey with approximately 90% participation, reflecting its commitment to becoming a high-performance organization[53]. - The company has complied with all corporate governance codes as per the listing rules during the year ended December 31, 2023[125]. Future Outlook - The company forecasts first-quarter 2024 sales revenue to be between USD 370 million and USD 430 million, representing a year-on-year decline of 20.0%[5]. - The group is optimistic about the long-term outlook for the semiconductor industry, anticipating a recovery in 2024 driven by structural trends such as electric vehicle adoption and advancements in AI[42]. Compliance and Sustainability - The company aims to achieve net-zero emissions for Scope 1 and Scope 2 by 2035 as part of its commitment to reducing carbon footprint[60]. - The company is a founding member of the Semiconductor Climate Consortium, focusing on increasing access to and supply of low-carbon energy globally[60]. - The company is actively assessing global trends and regulatory developments to ensure compliance and mitigate financial risks associated with legal requirements[61].