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VTECH HOLDINGS(00303) - 2024 - 年度业绩
00303VTECH HOLDINGS(00303)2024-05-21 08:31

Financial Performance - Net profit attributable to shareholders increased by 11.7% to 166.6million[3]−Totalrevenuedecreasedby4.3166.6 million[3] - Total revenue decreased by 4.3% to 2,145.7 million[3] - Gross margin improved from 28.3% to 29.6%[3] - Operating profit rose to 196.2millionfrom196.2 million from 180.5 million in the previous year[4] - Earnings per share (basic) increased to 66.0 US cents from 59.1 US cents[4] - Total comprehensive income for the year was 158.3million,upfrom158.3 million, up from 124.6 million[6] - Annual profit for the year ended March 31, 2024, was 166.6million,upfrom166.6 million, up from 149.2 million in the previous year[9] - Net profit attributable to shareholders increased by 11.7% to 166.6million,drivenbyimprovedgrossmarginsandreducedoperatingexpenses[37]−Basicearningspershareroseby11.7166.6 million, driven by improved gross margins and reduced operating expenses[37] - Basic earnings per share rose by 11.7% to 66.0 cents, compared to 59.1 cents in the previous fiscal year[37] - Gross profit for FY2024 increased by 1.2 million to 634.9million,withgrossmarginrisingfrom28.3634.9 million, with gross margin rising from 28.3% to 29.6% due to reduced freight and inventory provisions, lower direct labor costs, and production expenses[50] - Operating profit for FY2024 increased by 15.7 million to 196.2million,withoperatingprofitmarginrisingfrom8.1196.2 million, with operating profit margin rising from 8.1% to 9.1%, driven by higher gross margins[51] - Net profit attributable to shareholders increased by 17.4 million to 166.6million,withnetprofitmarginrisingfrom6.7166.6 million, with net profit margin rising from 6.7% to 7.8%[52] - Earnings per share for FY2024 increased to 66.0 cents from 59.1 cents in the previous fiscal year[52] Dividends - Final dividend per share is 48.0 US cents, with total annual dividend increasing by 10.2% to 65.0 US cents per share[3] - The company proposed a final dividend of 48.0 cents per share for 2024, up from 42.0 cents per share in 2023, totaling 121.4 million compared to 106.1millioninthepreviousyear[24]−Thecompanyproposedafinaldividendof48.0centspershare,bringingthetotalannualdividendto65.0centspershare,a10.2106.1 million in the previous year[24] - The company proposed a final dividend of 48.0 cents per share, bringing the total annual dividend to 65.0 cents per share, a 10.2% increase from the previous year[37] - The company announced a final dividend of 48.0 cents per share, totaling 121.4 million[53] Cash Flow and Liquidity - Cash and deposits increased to 322.1millionfrom322.1 million from 198.5 million[7] - Cash and cash equivalents rose to 322.1millionasofMarch31,2024,from322.1 million as of March 31, 2024, from 198.5 million the previous year[10] - Operating cash flow generated 355.2millionin2024,asignificantincreasefrom355.2 million in 2024, a significant increase from 238.8 million in 2023[10] - Net cash holdings increased by 62.3% to 322.1millionasofMarch31,2024,drivenbyreduceddividendpaymentsandincreasedcashgeneratedfromoperations[54]−Operatingcashflowincreasedby322.1 million as of March 31, 2024, driven by reduced dividend payments and increased cash generated from operations[54] - Operating cash flow increased by 97 million or 35.1% to 373.1millioninFY2024comparedto373.1 million in FY2024 compared to 276.1 million in FY2023, driven by improved working capital and higher EBITDA[55] Inventory and Assets - Inventory decreased to 348.0millionfrom348.0 million from 475.5 million[7] - Inventory decreased by 127.5millionin2024,comparedtoa127.5 million in 2024, compared to a 77.8 million decrease in 2023[10] - Inventory decreased by 127.5millionto127.5 million to 348 million in FY2024, with inventory turnover days improving from 128 days to 101 days due to more stable supply[56][57] - Total equity increased to 645.0millionasofMarch31,2024,comparedto645.0 million as of March 31, 2024, compared to 634.7 million the previous year[9] - Total assets decreased from 1,318.4millionin2023to1,318.4 million in 2023 to 1,262.3 million in 2024, while total liabilities decreased from 683.7millionto683.7 million to 617.3 million over the same period[21] - Accounts receivable decreased from 324.3millionin2023to324.3 million in 2023 to 283.7 million in 2024, with net accounts receivable dropping from 277.2millionto277.2 million to 224.6 million[28] - Accounts payable and accrued expenses decreased from 468.5millionin2023to468.5 million in 2023 to 418.8 million in 2024, with accounts payable falling from 252.3millionto252.3 million to 199.8 million[30] - Accounts receivable decreased by 52.6millionto52.6 million to 224.6 million in FY2024, with overdue receivables over 30 days accounting for 2.6% of total receivables[58][59] - Accounts payable decreased by 52.5millionto52.5 million to 199.8 million in FY2024, with payable turnover days improving from 102 days to 91 days due to reduced raw material purchases[59][60] Acquisitions and Investments - The company successfully acquired assets of Gigaset Communications GmbH[3] - The company completed the acquisition of certain assets from Gigaset Communications GmbH for an initial purchase price of €27.5 million (approximately 29.1million)onApril5,2024[32]−VTechcompletedtheacquisitionofGigaset′sassetsfor€27.5million,expandingitspresenceintheDECTphone,businessphonesolutions,andAndroidsmartphonemarkets[42]−Gigaset′sacquisitionstrengthensVTech′spositionasagloballeaderinthehomephonemarket,withcomplementaryproductlinesandastrongsalesnetworkinEurope[43]−ThecompanyacquiredGigaset′sassets,enhancingeconomiesofscaleandimprovingsupplychainefficiency[46]−ThecompanycompletedtheacquisitionofcertainassetsofGigasetCommunicationsGmbHfor€27.5million( 29.1 million) on April 5, 2024[32] - VTech completed the acquisition of Gigaset's assets for €27.5 million, expanding its presence in the DECT phone, business phone solutions, and Android smartphone markets[42] - Gigaset's acquisition strengthens VTech's position as a global leader in the home phone market, with complementary product lines and a strong sales network in Europe[43] - The company acquired Gigaset's assets, enhancing economies of scale and improving supply chain efficiency[46] - The company completed the acquisition of certain assets of Gigaset Communications GmbH for €27.5 million (~29.1 million) to strengthen its position in the cordless phone market and expand European production[64] Regional Revenue Performance - Revenue from North America decreased to 922.6millionfrom922.6 million from 984.8 million, while Europe saw a slight decrease to 888.3millionfrom888.3 million from 917.0 million[15][16] - Revenue from the Asia-Pacific region increased slightly to 317.7millionfrom317.7 million from 315.8 million, while other regions dropped to 17.1millionfrom17.1 million from 24.1 million[15][16] - Revenue for the fiscal year ending March 31, 2024 decreased by 4.3% to 2.1457billion,primarilyduetodeclinesinNorthAmerica,Europe,andotherregions,offsetbygrowthintheAsia−Pacificregion[48]−NorthAmericarevenuedecreasedby6.32.1457 billion, primarily due to declines in North America, Europe, and other regions, offset by growth in the Asia-Pacific region[48] - North America revenue decreased by 6.3% to 922.6 million, with electronic learning products and telecom products sales declines offsetting growth in contract manufacturing services[66] - Europe revenue decreased by 3.1% to 888.3million,withelectroniclearningproductsandtelecomproductssalesdeclinesoffsettinggrowthincontractmanufacturingservices[70]−VTech′srevenueintheAsia−Pacificregionincreasedby0.6888.3 million, with electronic learning products and telecom products sales declines offsetting growth in contract manufacturing services[70] - VTech's revenue in the Asia-Pacific region increased by 0.6% to 317.7 million, with contract manufacturing services sales rising by 8.7% to 226.0million,offsettingdeclinesinelectroniclearningproductsandtelecommunicationsproducts[75]−Revenueinotherregions(LatinAmerica,MiddleEast,andAfrica)decreasedby29.0226.0 million, offsetting declines in electronic learning products and telecommunications products[75] - Revenue in other regions (Latin America, Middle East, and Africa) decreased by 29.0% to 17.1 million, primarily due to declines in electronic learning products and telecommunications products[76] Product Performance - Revenue from electronic learning products decreased to 810.6millionfrom810.6 million from 891.4 million, with North America contributing 415.9million[15][16]−Revenuefromtelecomproductsdecreasedto415.9 million[15][16] - Revenue from telecom products decreased to 307.9 million from 378.3million,withNorthAmericacontributing378.3 million, with North America contributing 201.0 million[15][16] - Revenue from contract manufacturing services increased to 1,027.2millionfrom1,027.2 million from 972.0 million, with Europe contributing 495.5million[15][16]−Salesofelectroniclearningproductsdeclined,withindependentproductsaccountingfor89495.5 million[15][16] - Sales of electronic learning products declined, with independent products accounting for 89% of total electronic learning product sales, up from 87% in the previous fiscal year[39] - VTech's educational tablets, KidiZoom Smartwatch, Touch & Learn Activity Desk, and KidiBuzz/KidiCom sales declined, while Magic Adventures Globe saw slight growth[40] - Commercial phones and other telecom products accounted for 60% of telecom revenue in FY2024, up from 57% in the previous fiscal year[40] - VTech's contract manufacturing revenue hit a record high in FY2024, driven by growth in professional audio equipment, medical and nursing products, communication products, and smart energy storage systems[41] - Electronic learning products revenue in North America fell by 11.8% to 415.9 million due to weakened consumer demand and a shrinking toy market[66] - Telecom products revenue in North America dropped by 16.2% to 201million,withdeclinesacrossallthreeproductcategories[67]−ContractmanufacturingservicesrevenueinNorthAmericaincreasedby11.8201 million, with declines across all three product categories[67] - Contract manufacturing services revenue in North America increased by 11.8% to 305.7 million, driven by professional audio equipment[69] - Electronic learning products revenue in Europe fell by 4.4% to 315.6million,withdeclinesinbothstandaloneandplatformproducts[70]−VTech′stelecommunicationsproductsrevenueinEuropedecreasedby19.9315.6 million, with declines in both standalone and platform products[70] - VTech's telecommunications products revenue in Europe decreased by 19.9% to 77.2 million due to declines in home phones, business phones, and other telecommunications products[72] - Contract manufacturing services revenue in Europe increased by 1.0% to 495.5million,drivenbygrowthinmedicalandcareproducts,communicationproducts,andsmartenergystoragesystems[73]−ElectroniclearningproductsrevenueintheAsia−Pacificregiondecreasedby11.3495.5 million, driven by growth in medical and care products, communication products, and smart energy storage systems[73] - Electronic learning products revenue in the Asia-Pacific region decreased by 11.3% to 70.4 million, with growth in mainland China offset by declines in Australia and Japan[75] - Telecommunications products revenue in the Asia-Pacific region fell by 25.0% to 21.3million,withdeclinesinAustralia,Japan,andHongKong[75]−Electroniclearningproductsrevenueinotherregionsdroppedby17.121.3 million, with declines in Australia, Japan, and Hong Kong[75] - Electronic learning products revenue in other regions dropped by 17.1% to 8.7 million, with sales declines across Latin America, the Middle East, and Africa[76] - Telecommunications products revenue in other regions fell by 38.2% to 8.4million,drivenbysalesdeclinesinLatinAmerica,theMiddleEast,andAfrica[76]MarketPositionandProductLaunches−Thecompany′sKidiZoom®DuoDXandMagicAdventures™Globemaintainedleadingpositionsintheirrespectivecategoriesinkeymarkets[39]−AnewsalesofficeforelectroniclearningproductsinItalybegancontributingtorevenueinthefiscalyear2024[39]−VTechmaintaineditsleadershippositionintheUSandCanadainfantandpreschoolelectroniclearningtoymarketin2023[66]−VTechremainedtheleaderintheUShomephonemarketinthe2024fiscalyear[67]−VTechlaunchedseveralnewproducts,includingtheV−CareVC2105smartbabymonitorwithAItechnology,inthe2024fiscalyear[69]−VTech′scontractmanufacturingserviceswonrecognitionfromUSclients,includingawardsfor"BestSupplier"and"PreferredSupplier"[69]−VTech′sbabymonitorsintheUKperformedwell,solidifyingitspositionasthetopbabymonitorbrandinthecountry[73]−VTechwasawardedthe"MostTrustedBabyMonitorBrand"intheUKbyBrandSparkInternational′s2024UKTrustStudy[73]−VTech′sfirstAI−poweredbabymonitorwassuccessful,andthecompanyplanstolaunchamoreadvancedsecond−generationproduct[44]CorporateGovernanceandCompliance−Thecompany′sChairmanandGroupCEO,Dr.WongTzeWai,holdsbothpositions,deviatingfromtheCorporateGovernanceCode′srecommendationforseparationofroles,buttheBoardbelievesthisstructurebenefitsthecompany′ssustainabledevelopmentandlong−termshareholderinterests[77]−Thecompany′sAuditCommitteereviewedandapprovedtheauditedconsolidatedfinancialstatementsforthefiscalyearendingMarch31,2024,withnoobjections[79]−Thecompanydidnotpurchase,sell,orredeemanylistedsecuritiesduringthefiscalyearendingMarch31,2024[81]−Thetrusteeofthecompany′sShareAwardSchemeacquired322,900sharesfromtheStockExchangeforatotalofapproximately8.4 million, driven by sales declines in Latin America, the Middle East, and Africa[76] Market Position and Product Launches - The company's KidiZoom® Duo DX and Magic Adventures™ Globe maintained leading positions in their respective categories in key markets[39] - A new sales office for electronic learning products in Italy began contributing to revenue in the fiscal year 2024[39] - VTech maintained its leadership position in the US and Canada infant and preschool electronic learning toy market in 2023[66] - VTech remained the leader in the US home phone market in the 2024 fiscal year[67] - VTech launched several new products, including the V-Care VC2105 smart baby monitor with AI technology, in the 2024 fiscal year[69] - VTech's contract manufacturing services won recognition from US clients, including awards for "Best Supplier" and "Preferred Supplier"[69] - VTech's baby monitors in the UK performed well, solidifying its position as the top baby monitor brand in the country[73] - VTech was awarded the "Most Trusted Baby Monitor Brand" in the UK by BrandSpark International's 2024 UK Trust Study[73] - VTech's first AI-powered baby monitor was successful, and the company plans to launch a more advanced second-generation product[44] Corporate Governance and Compliance - The company's Chairman and Group CEO, Dr. Wong Tze Wai, holds both positions, deviating from the Corporate Governance Code's recommendation for separation of roles, but the Board believes this structure benefits the company's sustainable development and long-term shareholder interests[77] - The company's Audit Committee reviewed and approved the audited consolidated financial statements for the fiscal year ending March 31, 2024, with no objections[79] - The company did not purchase, sell, or redeem any listed securities during the fiscal year ending March 31, 2024[81] - The trustee of the company's Share Award Scheme acquired 322,900 shares from the Stock Exchange for a total of approximately 2,000,000 during the fiscal year ending March 31, 2024[81] - The company has established committees including Audit, Nomination, Remuneration, and Risk Management & Sustainability, each with defined terms of reference[78] - The company's directors and designated employees confirmed compliance with the Model Code for Securities Transactions during the fiscal year ending March 31, 2024[80] - The Audit Committee also reviewed and approved the revised policy for non-audit services provided by external auditors, key ESG matters, and the 2024 Sustainability Report[79] Operational and Strategic Developments - The company plans to expand production facilities in Malaysia and Mexico, with the Mexico plant expected to be fully operational by June 2024[45] - VTech expects revenue growth in FY2025, driven by new product launches in electronic learning products and contributions from Gigaset[44] - VTech plans to integrate Gigaset's operations into its global R&D, procurement, production, sales, marketing, and logistics by the end of FY2025[44] - Research and development expenses decreased by 1.9% to 81.7million,accountingfor3.881.7 million, accounting for 3.8% of total revenue[51] - Capital expenditures totaled 32.4 million in FY2024 for tangible assets including machinery, equipment, and facility improvements[62] - Average number of employees increased slightly to 19,700 in FY2024, with employee-related costs decreasing to 349millionfrom349 million from 370 million in FY2023[65] Challenges and External Factors - The company faced challenges in North America and Europe due to high inflation and interest rates, which suppressed consumer demand and business investment[39] - Material supply improvements allowed the company to efficiently clear backlogs and fulfill new orders in its contract manufacturing services[39] - Exchange rate fluctuations had a negative impact of 6.1milliononcashandcashequivalentsin2024[10]−Share−basedcompensationexpensesfortheshareawardplanwere6.1 million on cash and cash equivalents in 2024[10] - Share-based compensation expenses for the share award plan were 3.1 million in 2024, slightly down from 3.3millionin2023[10]−Depreciationoftangibleassetsdecreasedto3.3 million in 2023[10] - Depreciation of tangible assets decreased to 33.2 million in 2024 from 34.7millionin2023[10]−Depreciationexpensesfortangibleassetsincreasedfrom34.7 million in 2023[10] - Depreciation expenses for tangible assets increased from 34.7 million in 2023 to 33.2millionin2024,anddepreciationexpensesforright−of−useassetsincreasedfrom33.2 million in 2024, and depreciation expenses for right-of-use assets increased from 21.1 million to 21.6million[22]−Totaltaxesincreasedfrom21.6 million[22] - Total taxes increased from 19.3 million in 2023 to 24.7millionin2024,withHongKongtaxesrisingfrom24.7 million in 2024, with Hong Kong taxes rising from 12.0 million to 13.9millionandoverseastaxesincreasingfrom13.9 million and overseas taxes increasing from 7.0 million to 11.2million[23]−Dividendspaidin2024totaled11.2 million[23] - Dividends paid in 2024 totaled 149.2 million, down from 171.8millionin2023[10]−Netcashusedininvestingactivitieswas171.8 million in 2023[10] - Net cash used in investing activities was 54.4 million in 2024, up from 27.5millionin2023[10]−Prepaymentsfortheacquisitionofnon−currentassetstotaled27.5 million in 2023[10] - Prepayments for the acquisition of non-current assets totaled 22.7 million as of March 31, 2024, for the purchase of both tangible and intangible assets[27] - The group acquired tangible assets worth 32.4millionin2024,upfrom32.4 million in 2024, up from 27.9 million in 2023[26]