Hiwin Technologies (2049) Q4 2023 earnings summary

Executive summary

• FY2023 revenue and profitability declined from 2022: sales were NT$24,632,772 thousand and profit before tax was NT$2,540,050 thousand.

• Cash and cash equivalents ended the year at NT$7,564,000 thousand; total equity was NT$35,114,325 thousand.

Financial highlights

• Sales were NT$24,632,772 thousand vs NT$29,314,648 thousand in 2022; gross profit was NT$7,655,250 thousand vs NT$10,715,350 thousand.

• Gross margin was 31% vs 37%; operating profit was NT$2,650,950 thousand vs NT$5,572,449 thousand.

• Net profit was NT$1,831,510 thousand vs NT$4,311,735 thousand; profit attributable to owners was NT$2,034,748 thousand vs NT$4,479,381 thousand.

• Basic EPS was NT$5.75 vs NT$12.98; diluted EPS was NT$5.74 vs NT$12.89.

• Net cash from operating activities was NT$4,770,366 thousand vs NT$6,077,540 thousand; investing activities used NT$2,846,034 thousand and financing activities used NT$1,800,208 thousand.

Outlook and guidance

• The board proposed a FY2023 cash dividend of NT$2.5 per share, totaling NT$884,481 thousand; the remaining earnings appropriation was subject to shareholder approval.

• 2024-endorsed IFRS amendments were assessed as having no material impact on financial position or performance.

• Capital expenditure commitments for property, plant and equipment were NT$2,492,659 thousand at December 31, 2023.