Financial Performance - Total revenue for the year ended December 31, 2023, was $7,890,168 thousand, a decrease of 12.0% compared to $8,970,228 thousand in 2022[2] - The recurring profit attributable to the company's owners was $263,399 thousand, down 9.8% from $291,874 thousand in the previous year[2] - Non-recurring profit increased significantly by 152.9% to $11,311 thousand from $4,473 thousand in 2022[2] - Basic earnings per share decreased by 7.4% to 17.05 cents from 18.41 cents in the prior year[2] - The company's profit for the year 2023 was $274,710,000, a decrease of 7.3% compared to $296,347,000 in 2022[27] - The profit attributable to the company's owners was $274.7 million, down 7.3% from $296.3 million in the previous year, with manufacturing profits decreasing by 19.7% to $231.4 million[36] Dividends - The interim dividend was reduced by 50.0% to HK$0.20 from HK$0.40, while the proposed final dividend remained at HK$0.70[2] - The company declared a final dividend of HKD 0.70 per share for the year ended December 31, 2023, consistent with the previous year's dividend[26] - The total dividend for the year will be HKD 0.90 per share, amounting to approximately HKD 1,451 million (about $186 million), down from HKD 1.10 per share in 2022[55] Revenue Breakdown - Revenue from the manufacturing segment was $5,059,438 thousand in 2023, down from $6,203,137 thousand in 2022, representing a decline of 18.4%[15] - Retail segment revenue increased slightly to $2,830,730 thousand in 2023 from $2,767,091 thousand in 2022, marking a growth of 2.3%[15] - Revenue from sports/outdoor shoes was $4,041,081 thousand in 2023, down from $4,890,553 thousand in 2022, a decrease of 17.3%[16] - Revenue from the United States was $1,408,248 thousand in 2023, a decline of 31.0% from $2,043,360 thousand in 2022[18] - Revenue from Europe decreased to $1,286,960 thousand in 2023 from $1,663,528 thousand in 2022, a drop of 22.6%[18] - Revenue from China was $3,703,793 thousand in 2023, slightly up from $3,646,284 thousand in 2022, an increase of 1.6%[18] Assets and Liabilities - Current assets decreased to $3,783,858 thousand from $4,143,525 thousand, primarily due to a reduction in inventory and cash[6][7] - Total liabilities decreased to $1,984,674 thousand from $2,003,292 thousand, reflecting improved financial management[7] - The net asset value increased to $4,710,028 thousand from $4,642,325 thousand, indicating a strengthening of the company's financial position[7] Operational Efficiency - The total employee benefits expense, including director remuneration, was $1,990,412,000 in 2023, down from $2,262,412,000 in 2022, reflecting a reduction of 12%[24] - The company reported a net change in inventory provisions of $(11,796,000) in 2023, compared to $25,943,000 in 2022, indicating a significant improvement in inventory management[24] - The company experienced a foreign exchange gain of $4,878,000 in 2023, compared to a loss of $(3,182,000) in 2022, marking a significant turnaround[24] - The company's operational efficiency improved significantly, with capacity utilization and profit margins showing quarterly improvements despite external challenges[33] Capital Expenditure and Investments - Total capital expenditure for 2023 was $195.9 million, slightly down from $204.3 million in 2022, with manufacturing capital expenditure at $152.0 million compared to $158.0 million in the prior year[51] - The company plans to invest approximately ₹23 billion (around $276 million) in a production base in an economic zone in Tamil Nadu, India, as part of a memorandum of understanding signed in April 2023[52] Corporate Governance and Future Plans - The company has complied with all applicable corporate governance codes and standards throughout the year[60] - The company aims to enhance operational resilience and flexibility to improve production efficiency and maintain profitability amid macroeconomic uncertainties[57] - The company plans to continue its digital transformation strategy to achieve operational excellence through integrated management systems[57] Shareholder Information - The board declared a final dividend of HKD 0.70 per share, totaling approximately HKD 1,129 million (about $145 million), maintaining the same level as the previous year's final dividend[55] - The company will hold its 2024 Annual General Meeting on May 24, 2024, at the International Building, Kowloon, Hong Kong[63]
裕元集团(00551) - 2023 - 年度业绩