Financial Performance - For the year ended December 31, 2022, the revenue was $2,491 million, an increase of 6.4% from $2,341 million in 2021[2] - The net profit for the year was $173 million, up from $163 million in the previous year, representing a growth of 6.1%[2] - Gross profit for the year was $463.4 million, compared to $447.6 million in 2021, reflecting a gross margin improvement[4] - The basic earnings per share for the year was 6.05 US cents, up from 5.72 US cents in 2021, representing a growth of 5.8%[6] - The total segment profit for the year 2022 was $463,350 thousand, compared to $447,610 thousand in 2021, indicating an increase of about 3.5%[16][18] - The company reported a pre-tax profit of $212,696 thousand for 2022, up from $191,849 thousand in 2021, reflecting a growth of approximately 10.9%[16][18] - The company's profit before tax for 2022 was $172,726,000, an increase from $163,106,000 in 2021, representing a growth of approximately 9.9%[29] - The gross profit margin slightly decreased to 18.6% in 2022, compared to 19.1% in 2021[39] - Net profit for 2022 was $173 million, maintaining a net profit margin of 7.0% for both 2022 and 2021[47] Dividends - The proposed final dividend is 11.8 HK cents (approximately 1.5 US cents) per share, leading to a total dividend of 16.8 HK cents for the year, compared to 13.8 HK cents in 2021, marking a 21.7% increase[2] - The company declared a final dividend of 11.8 HK cents per share for 2022, totaling approximately $43,120,000, compared to $35,789,000 for the previous year[30] - The board proposed a final dividend of HKD 0.118 per share, resulting in a total dividend of HKD 0.168 per share for the year, a 22% increase from HKD 0.138 in 2021[41] Assets and Liabilities - The total assets as of December 31, 2022, were $1,894.97 million, a decrease from $1,959.50 million in 2021[7] - The company's cash and cash equivalents amounted to $455.06 million, showing a significant increase from the previous year[7] - Trade receivables, net of expected credit loss provisions, decreased to $111,043,000 in 2022 from $196,896,000 in 2021, a decline of about 43.5%[31] - Total trade and other payables decreased to $340,603 thousand in 2022 from $397,792 thousand in 2021, reflecting better financial management[35] - The company reduced bank borrowings from $168 million in 2021 to $102 million in 2022[48] Research and Development - Research and development expenses for the year were $34.36 million, compared to $31.06 million in 2021, indicating a 10.0% increase in investment in innovation[4] - Research and development expenses for the year were $34,358 thousand, compared to $31,057 thousand in the previous year, reflecting an increase of about 10.5%[16][18] Inventory Management - The company reported a decrease in inventory to $280.20 million from $308.34 million in the previous year, indicating improved inventory management[7] - The average inventory turnover days for 2022 was 53 days, compared to 52 days in 2021[49] Capital Expenditures and Investments - Capital expenditures for the year amounted to $106 million, primarily supporting expansion in Vietnam and Cambodia, with total capital investment reaching $164 million, up from $132 million in 2021[40] - Capital expenditures for 2022 were $106 million, an increase from $90 million in 2021[49] - The company plans to expand production facilities in Vietnam and Bangladesh for leisurewear and sportswear, with investments of $88 million and $59 million respectively[54] - The company completed the acquisition of a second wholly-owned fabric factory in Bangladesh in September 2022, enhancing its vertical integration strategy[40] - The company completed the acquisition of 50%, 30%, and 20% stakes in How Are You Textile Industry Limited for USD 37 million to support long-term fabric needs in Bangladesh[57] - The company also acquired Successor Limited for USD 20.7 million, which owns a factory in Vietnam, as part of its vertical integration strategy[57] Employee Costs - Total employee costs for 2022 amounted to $593,143,000, up from $580,505,000 in 2021, reflecting an increase of about 2.2%[24] - Employee costs accounted for 23.8% of revenue in the fiscal year ending December 31, 2022, down from 24.8% in the previous year[60] Environmental Initiatives - The company plans to achieve its net-zero vision by 2050 and has set a mid-term target to reduce total greenhouse gas emissions by 35% by 2030[40] - The company installed a total of 4.2 megawatts of solar photovoltaic capacity in 2022, doubling its total capacity to 7.8 megawatts compared to 2021[40] Market Performance - Revenue from the United States for 2022 was $959,853 thousand, an increase from $908,180 thousand in 2021, marking a growth of about 5.7%[22] - The Asia-Pacific region contributed $940,759 thousand in revenue for 2022, slightly down from $949,656 thousand in 2021, showing a decrease of approximately 0.9%[22] - The company’s largest customer generated $748,592 thousand in revenue in 2022, down from $787,652 thousand in 2021, representing a decline of about 4.9%[21] - The contribution of sportswear and outdoor apparel to total revenue increased from 18.2% in 2021 to 22.3% in 2022[42] Future Outlook - The company anticipates that 2023 will be a challenging year due to high inventory levels and changing consumer preferences, particularly in the denim market[61] - Capital investments in 2023 are expected to be similar to those in 2022 as the company continues to invest in upstream vertical expansion[61] Audit and Reporting - The audit committee expressed satisfaction with the external auditor's work and the application of accounting policies for the year ended December 31, 2022[65] - The company will timely send the annual report for the year ended December 31, 2022, to shareholders and publish it on relevant websites[66]
晶苑国际(02232) - 2022 - 年度业绩