Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of $696,634 thousand, a decrease of 18.9% from $858,861 thousand in 2022[2]. - Gross profit for 2023 was $95,271 thousand, down 23.9% from $125,329 thousand in the previous year[2]. - Operating profit decreased significantly to $6,332 thousand, compared to $19,066 thousand in 2022, reflecting a decline of 66.8%[2]. - The company reported a net loss attributable to owners of the company of $6,008 thousand, compared to a profit of $9,911 thousand in 2022[2]. - Basic and diluted loss per share for 2023 was $(0.6), a decline from earnings of $1.0 per share in the previous year[2]. - The company incurred a loss of $5,918,000 for the year 2023, compared to a profit of $9,130,000 in 2022, indicating a significant decline in profitability[30]. - The company reported a total comprehensive loss of $(7,715) thousand for the year, compared to a comprehensive income of $6,637 thousand in 2022[3]. - Total revenue for the year was $696,634,000, down 18.9% from $858,861,000 in the previous year[152]. - Operating profit decreased to $6,332,000, a decline of 66.8% from $19,066,000 in the prior year[152]. - The basic loss per share was $(0.6), compared to earnings of $1.0 per share in the previous year[152]. Assets and Liabilities - Total assets as of December 31, 2023, were $474,997 thousand, down from $519,084 thousand in 2022, representing a decrease of 8.5%[4]. - Non-current assets totaled $188,425 thousand, a decrease of 8.8% from $206,632 thousand in the previous year[4]. - Current assets decreased to $286,572 thousand from $312,452 thousand, reflecting an 8.3% decline[4]. - Non-current liabilities totaled $45,856,000, with current liabilities amounting to $312,268,000, leading to a total liabilities figure of $358,124,000[25]. - Total liabilities decreased to $283,311 thousand as of December 31, 2023, down from $316,663 thousand in the previous year, representing a reduction of approximately 10.5%[156]. - Non-current liabilities totaled $30,654 thousand, a decrease of 16.4% from $36,663 thousand in the previous year[156]. - Current liabilities amounted to $252,657 thousand, down from $280,000 thousand, reflecting a decline of about 9.8%[156]. Revenue Sources - Revenue from three major external customers accounted for over 10% of total revenue, with amounts of $133,647,000, $93,992,000, and $75,700,000 for 2023, compared to $186,608,000, $166,660,000, and $102,427,000 in 2022[22]. - The company has no significant revenue sources other than the sale of apparel and accessories, with some incidental income from waste sales following the same recognition policy[27]. - The company's total revenue sources for the fiscal year were approximately 65.3% from the apparel business and 34.7% from accessories[79]. - Revenue from the US, Europe, and Asia accounted for 45.9%, 16.1%, and 20.4% of total revenue, respectively, for the fiscal year ending December 31, 2023[82]. - The apparel segment's revenue decreased by approximately $65.055 million to $455.064 million, representing a decline of 12.5%, primarily due to inventory overstocking during the COVID-19 pandemic and lower-than-expected consumer demand post-pandemic[51]. Financial Expenses and Taxation - The company experienced a significant increase in financial expenses, which rose to $(12,432) thousand from $(8,152) thousand in 2022[2]. - The average effective tax rate for entities operating in Vietnam was assessed at 24%, indicating that the company does not expect to incur any additional taxes due to its operations in Vietnam[40]. - The current income tax expense for 2023 was $4,066 thousand, compared to $1,826 thousand in 2022, indicating a significant increase[179]. - The deferred income tax expense for 2023 was $(1,407) thousand, compared to $(482) thousand in 2022, reflecting changes in tax liabilities[179]. Corporate Governance and Strategy - The company aims to enhance governance and strengthen partnerships as part of its corporate social responsibility strategy[106]. - The company is committed to corporate governance and has established an audit committee to oversee financial procedures and internal controls[138]. - The board of directors does not recommend the distribution of a final dividend for the year[44]. - The board of directors does not recommend a final dividend for the year ended December 31, 2023, compared to a final dividend of $0.268 per share for the year ended December 31, 2022[97]. Market Conditions and Future Outlook - The company plans to implement strict cost control measures, including reducing production, distribution, and administrative costs, to mitigate risks and ensure sustainable growth[56]. - The company is cautiously optimistic about the long-term prospects of its core business despite global economic challenges[55]. - The economic environment for 2023 remained complex, with the US economy outperforming many other major economies, while Europe faced stagnation due to high inflation and interest rates[76]. - Global economic growth is projected to slow down to 2.4% in 2024, down from 2.6% in the previous year, marking the third consecutive year of decline[102]. Cash and Bank Balances - The company reported a total cash and bank deposits of approximately $75,780,000 as of December 31, 2023, a decrease of about $18,172,000 compared to December 31, 2022[107]. - The cash and bank balances stood at $93,952 thousand, unchanged from the previous reporting period[167]. Inventory and Receivables - The company’s inventory increased to $83,328 thousand, up from $77,506 thousand, reflecting a rise of approximately 7.3%[167]. - The accounts receivable aging report shows that receivables aged 0 to 30 days were $34,715,000, down 13.7% from $40,170,000 last year[126]. - The company’s trade receivables decreased to $130,890 thousand from $140,989 thousand, a decline of about 7.2%[167].
联泰控股(00311) - 2023 - 年度业绩