Financial Performance - Revenue for the year ended December 31, 2023, was $4,196 million, a decrease of 7.4% compared to $4,531 million for the year ended December 31, 2022[2] - Profit for the year ended December 31, 2023, was $130 million, down 23.5% from $170 million for the year ended December 31, 2022[2] - Basic earnings per share attributable to the company's owners for the year ended December 31, 2023, was 1.82 cents, a decrease from 2.42 cents for the year ended December 31, 2022[2] - The company did not declare any final dividend for the year ended December 31, 2023[2] - The company reported a total comprehensive income of $90,115 thousand for the year ended December 31, 2023, compared to a loss of $50,611 thousand for the year ended December 31, 2022[5] - The company reported a net profit attributable to shareholders of $128,969 thousand for the year ended December 31, 2023, down from $169,619 thousand in 2022, reflecting a decrease of about 24%[23][25] - Basic earnings per share for 2023 were $1.82, compared to $2.42 in 2022, indicating a decline of approximately 25%[23] - Annual profit decreased by 23.5% to $130 million, with a profit margin decline from 3.8% to 3.1%[47] Revenue Breakdown - Total revenue for the year ended December 31, 2023, was $4,195,550 thousand, a decrease from $4,530,603 thousand in 2022, representing a decline of approximately 7.4%[14] - Revenue from the semi-finished products segment was $3,487,295 thousand, down from $3,858,562 thousand in the previous year, indicating a decrease of about 9.6%[14] - Revenue from the consumer products segment was $708,255 thousand, which remained stable compared to $672,041 thousand in 2022, showing an increase of approximately 5.4%[14] - Revenue from the United States was $1,928,367 thousand, a decrease from $2,039,833 thousand in 2022, indicating a decline of about 5.5%[15] - Revenue from electric vehicles increased significantly to $305,098 thousand from $152,814 thousand in the previous year, marking an increase of approximately 100%[15] - Revenue from the smartphone component market decreased by 17.2% year-over-year due to structural changes in high-end smartphone products and increased competition[33] - Revenue from the networking infrastructure market dropped by 43.7% year-over-year, impacted by inventory destocking in the server supply chain[33] - Revenue from system terminal products increased by 6.0% year-over-year, driven by competitive advantages in existing acoustic products and new wireless charging opportunities[34] Assets and Liabilities - Total assets as of December 31, 2023, amounted to $5,093,736 thousand, an increase from $4,547,183 thousand as of December 31, 2022[7] - Non-current assets totaled $1,981,745 thousand as of December 31, 2023, compared to $1,783,187 thousand as of December 31, 2022[6] - Current assets were $3,111,991 thousand as of December 31, 2023, up from $2,763,996 thousand as of December 31, 2022[6] - Total liabilities as of December 31, 2023, were $2,656,358 thousand, compared to $2,200,244 thousand as of December 31, 2022[8] - Total liabilities as of December 31, 2023, were $2,656,358 thousand, up from $2,200,244 thousand in 2022, marking an increase of around 20%[18][19] Cash Flow and Investments - The company’s cash and cash equivalents increased to $1,316,364 thousand as of December 31, 2023, from $914,045 thousand as of December 31, 2022[6] - The company's net cash generated from operating activities for the fiscal year 2023 was $574 million, while cash used in investing activities was $410 million, and cash generated from financing activities was $249 million[49] - Capital expenditures for the fiscal year 2023 were $510 million, significantly higher than $131 million in 2022, primarily for the acquisition of FIT Voltaira Group GmbH and the establishment of new production bases[50] Operational Efficiency and Costs - The total expenses for sales, distribution, and administrative costs in 2023 were $3,991,541 thousand, down from $4,281,177 thousand in 2022, indicating a decrease of approximately 7%[21] - The cost of goods sold for 2023 was $2,436,724 thousand, a decrease from $2,680,309 thousand in 2022, representing a reduction of about 9%[21] - R&D expenses increased by 4.0% to $308 million, mainly due to the acquisition of FIT Voltaira Group GmbH[44] - Administrative expenses increased by 46.8% to $191 million, driven by the acquisition and increased professional fees[43] - Distribution costs and selling expenses increased by 12.8% to $105 million, primarily due to the acquisition of FIT Voltaira Group GmbH[42] Strategic Initiatives - The company aims to capitalize on the growing demand for connectors in data centers driven by AI and cloud services, focusing on energy efficiency and open standard platforms[35] - The company anticipates stable market demand in 2024 for computer and consumer electronics connectors, despite economic uncertainties[35] - The acquisition of FIT Voltaira Group GmbH is expected to enhance the company's EV product development and expand its market presence in automotive electronics[36] - The company is exploring potential acquisitions to enhance its product portfolio and market reach[70] - A new strategic partnership was announced, expected to drive a 15% increase in operational efficiency[71] Corporate Governance and Compliance - The company has adopted new accounting standards effective January 1, 2023, which are not expected to have a significant impact on the financial statements[11] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ended December 31, 2023[62] - The company's auditor, PwC, confirmed that the figures in the announcement align with the audited consolidated financial statements for the year ended December 31, 2023[63] - The company has complied with all applicable provisions of the corporate governance code during the year ended December 31, 2023, except for the separation of the roles of Chairman and CEO[64] Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10%[70] - New product launches are expected to contribute an additional $50 million in revenue next quarter[71] - The company is expanding its market presence in Vietnam, targeting a 25% market share by the end of the fiscal year[70] - Research and development investments increased by 30%, focusing on innovative technologies[71] - The board of directors approved a share buyback program worth $100 million to enhance shareholder value[71]
FIT HON TENG(06088) - 2023 - 年度业绩