Financial Performance - The gross profit for 2023 was $107.2 million, down from $152.5 million in 2022, reflecting a decrease of approximately 29.6%[38]. - The total revenue for 2023 was $414.5 million, compared to $598.9 million in 2022, indicating a decline of about 30.8%[31]. - The net profit for the year was $3.3 million, a significant decrease from $15.1 million in the previous year, representing a drop of approximately 78.1%[39]. - The company reported basic earnings per share of $0.11 for 2023, down from $0.50 in 2022, reflecting a decline of 78%[33]. - Total comprehensive income for the year was $3,288,000 in 2023, a decrease from $15,125,000 in 2022[64]. - The group's pre-tax profit for the single reporting segment was $36,810,000 in 2023, down from $69,838,000 in 2022[49]. - The company's net sales for the year amounted to $414.5 million, a decrease of $184.4 million or 30.8% compared to $598.9 million in 2022, primarily due to a decline in demand for large home furniture in the U.S. housing market[116]. Inventory and Liabilities - The group successfully reduced inventory from $161.8 million at the end of 2022 to $115.2 million by the end of 2023, while maintaining a slight increase in gross margin[12]. - The total liabilities decreased from $161.8 million in 2022 to $124.9 million in 2023, indicating a reduction of approximately 22.7%[35]. - The group's total liabilities decreased from $247,153,000 in 2022 to $197,869,000 in 2023[66]. Cash Flow and Capital Expenditures - The company has maintained a stable cash flow and prudent liquidity levels to support daily operations and business development[15]. - The group’s cash and cash equivalents were $55,209,000 in 2023, compared to $58,674,000 in 2022[66]. - Capital expenditures for 2023 were $83.13 million, slightly down from $84.04 million in 2022[73]. - Capital expenditures for the year amounted to $8.3 million, slightly down from $8.4 million in 2022, primarily for upgrading and renovating facilities and machinery in Vietnam[121]. Strategic Focus and Market Conditions - The company is focusing on strategic cost management and operational efficiency in response to challenges in the U.S. furniture industry[12]. - The company plans to expand market share across all sales channels and focus on innovation and customer engagement for sustainable organic growth[97]. - The company is focused on operational efficiency and cost management, with a strategy to drive product innovation and expand market coverage in 2024[115]. - The company plans to achieve high single-digit growth in 2024, supported by favorable changes in the global supply chain and a significant recovery in the U.S. hotel furniture industry[122]. Foreign Exchange and Risk Management - The company faced foreign exchange risks primarily related to fluctuations in the Vietnamese dong, as most sales costs are paid in that currency[119]. - The estimated maximum refund amount related to product recalls was approximately $3.6 million, with a cumulative sales volume of about 5,100 units[18]. Dividends - The group has not declared a final dividend for the year ended December 31, 2023[62]. - The company did not declare an interim dividend for the six months ended June 30, 2023, compared to a distribution of approximately $3.9 million in 2022[83][108]. - The company did not recommend a final dividend for the year ended December 31, 2023, compared to a final dividend of HKD 0.01 per share totaling approximately HKD 30.3 million in 2022[123].
顺诚(00531) - 2023 - 年度业绩