飞达控股(01100) - 2022 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss For the year ended December 31, 2022, the Group's revenue grew 17.1% to HK$1.874 billion, with operating profit up 45.7% to HK$264 million and profit attributable to owners increasing 52.6% to HK$195 million Key Financial Performance for 2022 | Financial Metric | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,874,424 | 1,600,255 | +17.1% | | Gross Profit | 637,296 | 479,224 | +33.0% | | Operating Profit | 264,059 | 181,232 | +45.7% | | Profit for the Year | 213,307 | 137,211 | +55.5% | | Profit Attributable to Owners of the Company | 195,390 | 128,076 | +52.6% | | Basic Earnings Per Share (HK cents) | 45.8728 | 30.0938 | +52.4% | Consolidated Statement of Comprehensive Income In 2022, the Group's total comprehensive income reached HK$201 million, a 43.9% increase from the previous year, primarily driven by higher profit for the year despite foreign exchange losses Overview of Total Comprehensive Income | Item | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the Year | 213,307 | 137,211 | | Other Comprehensive Income (net of tax) | (12,548) | 2,237 | | Total Comprehensive Income for the Year | 200,759 | 139,448 | | Attributable to Owners of the Company | 183,084 | 130,313 | | Attributable to Non-controlling Interests | 17,675 | 9,135 | Consolidated Statement of Financial Position As of December 31, 2022, total assets increased to HK$1.958 billion and total equity to HK$1.069 billion, demonstrating a robust financial position with enhanced net current assets Balance Sheet Summary | Item | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Total Assets | 1,958,314 | 1,669,520 | | Total Liabilities | 889,333 | 767,399 | | Total Equity | 1,068,981 | 902,121 | | Net Current Assets | 465,529 | 354,299 | Notes to the Financial Statements Basis of Preparation and Accounting Policies The consolidated financial statements are prepared under Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, with new standards applied in 2022 having no material impact - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[29] - New and revised standards applied for the first time in 2022 are not expected to have a significant impact on the Group[10][30][31] Segment Information In 2022, the manufacturing segment was the primary growth driver with HK$310 million in profit, while the trading segment incurred a loss, with the US market contributing 87.8% of total revenue Revenue and Profit by Business Segment | Business Segment | Revenue (HK$ Thousand) | Segment Profit/(Loss) (HK$ Thousand) | | :--- | :--- | :--- | | 2022 | | | | Manufacturing Business | 1,127,566 | 309,750 | | Trading Business | 746,858 | (59,079) | | 2021 | | | | Manufacturing Business | 844,256 | 174,981 | | Trading Business | 755,999 | (11,617) | Revenue from External Customers by Geographical Region | Region | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | United States | 1,646,338 | 1,423,456 | | Europe | 157,639 | 118,676 | | China | 16,528 | 23,139 | | Hong Kong | 9,814 | 7,135 | | Others | 44,105 | 27,849 | | Total | 1,874,424 | 1,600,255 | - Revenue from the Group's largest customer (a group of affiliates of one of the shareholders) accounted for 40.6% of total revenue, amounting to HK$762 million[62] Key Financial Items Explanation In 2022, the Group recognized a net other loss of HK$0.678 million, increased net finance costs to HK$13.07 million, and fully impaired goodwill of HK$22.51 million due to underperforming trading business - The Group recognized a full goodwill impairment of HK$22.51 million during the year due to the underperformance of its H3 Sportgear LLC business, which is engaged in licensed headwear trading[40][65] - Net finance costs increased from HK$7.32 million to HK$13.07 million, primarily due to higher interest on bank loans and other borrowings[19] - The Group recognized an excess provision of HK$3.76 million for tax matters related to offshore claims from prior years[22] Earnings Per Share Profit attributable to owners of the company was HK$195 million in 2022, resulting in basic earnings per share of 45.87 HK cents and diluted earnings per share of 45.04 HK cents, both significantly up year-on-year Earnings Per Share Calculation | Item | 2022 | 2021 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HK$ Thousand) | 195,390 | 128,076 | | Basic Earnings Per Share (HK cents) | 45.8728 | 30.0938 | | Diluted Earnings Per Share (HK cents) | 45.0421 | 30.0307 | Dividends The Board proposed a final dividend of 6 HK cents per share, bringing the total annual dividend to 9 HK cents per share, consistent with 2021 including a special dividend Annual Dividends | Dividend Type | 2022 (HK cents per share) | 2021 (HK cents per share) | | :--- | :--- | :--- | | Interim Dividend | 3 | 3 | | Final Dividend | 6 (Proposed) | 4 | | Special Dividend | - | 2 | | Total for the Year | 9 | 9 | Key Balance Sheet Items At the end of 2022, net trade receivables increased to HK$435 million with a HK$14 million impairment provision, while trade payables rose to HK$234 million - Net trade receivables increased from HK$361 million to HK$435 million, with impairment loss provisions rising from HK$11.2 million to HK$14 million[46][49] - Trade payables increased from HK$220 million to HK$234 million, with a higher proportion of amounts overdue for more than 90 days compared to the previous year[81] Management Discussion and Analysis Overall Performance Review Despite challenging macroeconomic conditions in 2022, the Group achieved record high revenue of HK$1.874 billion and profit attributable to shareholders of HK$195 million, driven by strong manufacturing performance 2022 Performance Summary | Metric | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | HK$1,874.4 million | +17.1% | | Gross Profit | HK$637.3 million | +33.0% | | Gross Profit Margin | 34.0% | +4.1 percentage points | | Profit Attributable to Shareholders | HK$195.4 million | +52.6% | - Facing challenges of economic slowdown, rising costs, and logistics disruptions, the Group's manufacturing business, leveraging its quick order advantage, drove strong consolidated business growth[54] Business Segment Review In 2022, the manufacturing business significantly boosted segment operating profit by 77.0%, while the trading business recorded an operating loss due to increased costs and goodwill impairment Manufacturing Business Manufacturing revenue grew 33.6% to HK$1.128 billion, driven by high-margin quick orders, leading to a 77.0% surge in segment operating profit and increased workforce - Manufacturing business revenue increased by 33.6% to HK$1.128 billion, primarily due to an increase in higher-margin quick orders[106] - Segment gross profit margin improved by 5.9 percentage points to 34.7% due to the depreciation of the Bangladeshi Taka, which lowered sales costs, leading to a 77.0% surge in segment operating profit to HK$310 million[106] - To meet demand, the workforce at the Bangladesh factory increased from approximately 7,200 to 9,000 employees[107] Trading Business Trading business revenue remained stable at HK$747 million, but incurred an operating loss of HK$59.08 million due to rising logistics costs and a HK$22.5 million goodwill impairment - Trading business revenue was HK$747 million, similar to the previous year, accounting for 39.8% of the Group's total revenue[58] - Sales and administrative expenses surged due to logistics disruptions at European and American ports, resulting in an operating loss of HK$59.08 million (including HK$22.5 million goodwill impairment)[108][88] Prospects and Strategy The Group plans to expand production capacity in Bangladesh and Mexico to meet strong consumer demand and quick orders, while implementing cost controls and optimizing the trading business product portfolio - The Bangladesh expansion plan is nearing completion and is expected to commence production in the second quarter of this year, adding 20% to production capacity[90] - A new production base is planned in Mexico to enhance quick order production capabilities and explore new customer sources, expected to be completed by year-end[111] - Strategic priorities include continuous implementation of cost control measures, broadening the supply chain, introducing automation technology, and optimizing the trading business product portfolio[91][92] Financial Position and Capital Management At year-end 2022, the Group maintained a strong financial position with HK$247 million in cash and HK$579 million in unutilized bank facilities, reducing its gearing ratio to 22.8% Liquidity and Capital Structure | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HK$246.9 million | HK$198.9 million | | Unutilized Bank Facilities | HK$579.5 million | HK$216.9 million | | Gearing Ratio | 22.8% | 30.5% | - Capital expenditure for the year was approximately HK$124 million, primarily used to enhance manufacturing capabilities at the Bangladesh factory[95] - Future capital expenditure is budgeted at HK$123.5 million, with HK$120.5 million allocated for the construction of the Mexico factory and expansion of Bangladesh operations[115] Corporate Governance and Other Information Dividends and Shareholder Information The Board proposed a final dividend of 6 HK cents per share, with share transfer registration to be suspended in early June 2023 to determine eligibility for the dividend and AGM attendance - A final dividend of 6 HK cents per share is proposed, with the record date set for June 6, 2023[117] - To determine eligibility for the final dividend, share transfer registration will be suspended from June 1 to June 6, 2023[99] Corporate Governance Practices The company complied with all code provisions of the Corporate Governance Code in 2022, with the Audit Committee reviewing the financial statements and auditors verifying preliminary figures - The company complied with all code provisions of the Corporate Governance Code during the reporting year[121] - The Audit Committee has reviewed the consolidated financial statements for the year[123] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the year[120]