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PARIS, March 7, 2024 /PRNewswire/ -- Our 28th Artprice Annual Report "The Art Market in 2023" offers a global summary and analysis of auction results for works of fine art – paintings, sculptures, drawings, photographs, prints, videos, installations, tapestries, and NFTs – throughout the year (January 1 to December 31, 2023). It does not cover antiques, anonymous cultural property, or furniture. 2023_Art_Market_Report All prices indicated in this Artprice by Artmarket Report refer to public auction results, buyers' fees included. The $ symbol refers to the US dollar. [https://imgpublic.artprice.com/img/wp/sites/11/2024/03/image1-artmarket-com-artprice-com-2023-art-market-report-cover-featuring-nft-chaos-under-the-pure-light-by-1dontknows.jpg] The bottom line figures for the global art market in 2023 are positive with transactions up significantly (+5%) and a historic record in the number of works sold. 2023 stands out as the most dynamic year in the history of the global Art Market, with more than a million works put up for auction and 763,000 transactions. According to thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice: "This growth resulted from a spectacular progression of auctioneers' Internet activities with a 545% growth in the advertisement of Internet auctions, and a 285% growth in the number of 'live sales' around the world, after three years of Covid pandemic. Such growth figures were previously expected for 2027-2029." The United States maintained its first place generating 35% of global art market auction turnover, but with China hot on its heels with 33%. Moreover, in this year of Franco-Chinese cultural & touristic cooperation, art market professionals are expecting a substantial expansion of the Chinese art market, possibly taking the leader position in 2024. For the compilation of our latest annual report (the world's most comprehensive report on the global art market), Artprice by Artmarket.com – world leader in Art Market information – has pursued its collaboration – for the 15th consecutive year – with its partner, the Chinese State group, Artron. The global coverage of art auctions made possible by the association of Artprice and Artron ARAA has resulted in an exhaustive view of the structural evolution of the global art market and its trends on a global scale. In this report, Artprice presents, among other data, its now famous rankings, including the Top 500 artists by annual auction turnover (on fine art and NFTs) in 2023, as well as the Top 100 fine art and NFT works sold at auction in 2023, showing, notably, the spectacular success of female artists. The dematerialization of the art market on the Internet is today the dominant trend on all 5 continents of the world, relegating physical auction rooms to the 20th century. Artprice by Artmarket is pleased to announce the publication of its 28th Report "The Art Market in 2023", available free of charge, in full and in three languages, online as well as in PDF format: French:https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2023https://fr.artprice.com/artprice-reports/pdf/rama/le-marche-de-lart-en-2023.pdfEnglish:https://www.artprice.com/artprice-reports/the-art-market-in-2023https://www.artprice.com/artprice-reports/pdf/rama/the-art-market-in-2023.pdfMandarin:https://zh.artprice.com/artprice-reports/zh-the-art-market-in-2023https://zh.artprice.com/artprice-reports/pdf/rama/zh-the-art-market-in-2023.pdf General overview of 2023: from a 'seller's market' to a 'buyer's market' The volume of Fine Art and NFT auction transactions reached a record level: 762,800 lots sold compared with 723,700 in 2022 (+5%). Fine Art and NFT auction turnover totaled $14.9 billion, compared with $17.4 billion in 2022. This 2023/2022 turnover drop can be mainly explained by a reduced consignment of works worth more than $50 million, which resulted in a shortfall of approximately $1.5 billion versus 2022. Indeed, 2022 saw 24 works valued above $50 million generate $1.95 billion compared with just six lots above that price threshold generating $494.5 million in 2022. The global average unsold rate rose from 35% in 2022 to 38% in 2023, suggesting buyers were more selective in 2023. According to Artprice by Artmarket's Founding CEO, 'the adage about the art market: "The right work, the right theme, the right period, with the right provenance and the right artist" was more than ever true in 2023'. The average auction price of an artwork in 2023 was $19,550. Half the works (the median price) fetched under $700 in 2023, making art generally more affordable. 80% of artworks fetched under $4,130. Artprice's Global Price Index increased by +2% between January 1, 2023 and December 31, 2023. Contemporary Art represents 17% of the art market, compared with 16% in 2022 and only 3% in 2000. In 2000, Contemporary Art generated $69 million compared with $2.53 billion in 2023. The Contemporary art market has therefore increased 36-fold in 23 years, reflecting a historic phenomenon with Contemporary Art becoming a primary locomotive of the global art market. Modern art remained the largest segment of the art market, accounting for 40% of its auction turnover revenue (compared with 38% in 2022). Two works exceeded the symbolic threshold of $100 million in 2023, one in New York and the other in London (versus 6 results above $100 million in 2022). In 2023, Artprice counted 1,548 seven-digit auction results as well as 2 NFT results above that threshold (versus 1,682 and 1 NFT lot in 2022). Among the 1,550 seven-digit auction results, 206 were hammered for female artists, or 13%. Soft Power: the U.S.A. maintains its first place The United States (even after a 28% contraction vs. 2022) hammered 174,600 auction results generating $5.2 billion, or 35% of the global art market's total art auction turnover (vs. 160,000 lots sold and $7.3 billion in 2022, or 42% of global art auction turnover). The contraction essentially came from the lower number of high-end consignments (works valued above $50 million). China (+4%) returned to growth, generating $4.9 billion, or 33% of the global art auction turnover. (vs. $5.9 billion in 2022 and 35% of global turnover). The UK (-15%) consolidated its third place with $1.8 billion, or 12% of the global market(vs. $2.1 billion in 2022 and 12% of global turnover). Sotheby's in London hammered a new auction record for a work of fine art in the UK: $108 million for Gustav Klimt's Lady with a Fan (1917/18). When looked at over the longer term, it is clear that Brexit has negatively impacted the UK's art auction market. France (-11%) totaled $875 million (6% of global turnover) from 106,000 lots sold(vs. $988 million in 2022 accounting for 6% of the global market). It consolidated its leader position on the European continent in terms of art auction turnover. As regards transaction volumes, it ranks second after the United States. France is indeed gaining strength in the high-end segment. Looking at the decade, its art auction turnover has shown strong growth with a significant increase in the number of seven-digit results (up approximately 80% since the years 2011-2014). Germany's art auction turnover shrank 3% after four years of growth: $372 million for 2.5% of the global market (vs. $383 million in 2022 for 2.2% of global turnover). Italy consolidated its 6th place on the global market (+2%) with $197 million from 44,500 lots sold (vs. $193 million in 2022 from 40,400 lots sold). India posted the strongest turnover growth (+76%) and established itself among the Asian markets ahead of Japan ($144 million). In 2023, it generated $152 million from just 2,075 lots sold (vs. $87 million in 2022 from 1,500 lots sold). It also hammered a new auction record for a fine artwork sold in India when Amrita Sher-Gil's The Story Teller (1937) fetched $7.4 million at Safronart in Mumbai. [https://imgpublic.artprice.com/img/wp/sites/11/2024/03/image2-artmarket-com-artprice-principal-marketplaces-fine-art-and-nft-auction-turnover-in-2023.jpg] Auction houses and sales Sotheby's was once again the leading auction house on the planet for the sale of Fine Art and NFTs, generating $3.8 billion. Christie's posted a sales turnover of $3.5 billion in 2023. Sotheby's slightly outperformed Christie's in New York, London, Hong Kong and Milan. In Paris, Christie's was the stronger auctioneer. Sotheby's (with 26%) and Christie's (with 24%) accounted for half of the global art auction turnover (vs. 24% and 35% respectively in 2022). The most lucrative collection sold in 2023 was that belonging to Emily Fischer Landau, which totaled $406 million on November 8, 2023 at Sotheby's New York (far behind the Paul G. Allen sale in 2022 which totaled $1.6 billion at Christie's). Phillips remained the world's third largest art auction vendor with a total of $573 million and it hosted a very first sale in Paris. China Guardian was the leading Chinese auction house with a total of $539 million, ahead of Poly Auction ($517 million). Bonhams' total ($219 million) was added to by their acquisition of Cornette de Saint Cyr ($38 million), Bukowskis ($31 million), Bruun Rasmussen ($27 million) and Skinner ($8 million). Artcurial (with $78 million vs. $92 million in 2022) was the leading French fine art auction operator. Artworks and Artists – by creative period Old Masters (artists born before 1759) Old Master sales represent 11% of the lots sold and 9% of global art auction turnover (vs. 11% of lots sold and 7% of turnover in 2022). A 14th-century drawing by the great Chinese master, Wang Meng, exceeded $40 million on November 30, 2023 in Beijing, at China Guardian. In New York, two paintings by Rubens sold for $26 million and $25 million at Sotheby's (in January and then in May). 19th Century (artists born between 1760 and 1859) 19th Century art accounted for 9% of the total lots sold and 8% of total auction turnover (vs. 10% of lots sold and 14% of turnover in 2022). The painting Les Flamants (1910) set a new personal auction record for Douanier Rousseau, at $43.5 million at Christie's New York. Modern Art (artists born between 1860 and 1919) Modern Art remained, more than ever, the leading segment of the art market, accounting for 36% of the lots sold in 2023 and 40% of global art auction turnover (vs. 36% of lots sold and 38% of turnover in 2022). Pablo Picasso was the top-selling artist of the year at auction, generating $596 million (3rd in 2022 with $494 million). Picasso's Woman with a watch (1932) became the 10th most expensive artwork in auction history (at $139,363,500 on November 8, 2023 at Sotheby's New York) and his second best-ever result after The Les Femmes d'Alger (Version O) (1955) which fetched $179 million in 2015. Gustav Klimt's Lady with a Fan (1917/19) fetched the highest-ever art auction result in the UK at $108 million. Zhang Daqian was once again among the top most successful artists in the world at auction in 2023 with a turnover of $230 million. Post-War Art (artists born between 1920 and 1944) Post-War Art accounted for 26% of the lots sold and 25% of global art auction turnover (vs. 26% of lots sold and 26% of turnover in 2022). Gerhard Richter was the top-selling living artist in 2023 at auction with 303 lots sold for $214 million. In the absence of exceptional paintings, Andy Warhol dropped to 5th place among the world's top-selling artists with $198 million in 2023 (versus 1st place in 2022 with $590 million). Yayoi Kusama climbed to 8th place among the world's top-selling artists with $189 million. She was the only female artist in the Top 10. Joan Mitchell fetched a new personal auction record at $29 million for her Untitled (c.1959) at Christie's in New York on November 9, 2023. Contemporary Art (artists born after 1945) Contemporary Art accounted for 18% of lots sold and 17% of global art auction turnover (vs. 18% of lots sold and 16% of turnover in 2022). Jean-Michel Basquiat rose to 2nd place in Artprice's ranking with $238 million (vs. 7th in 2022 with $221 million). Nicole Eisenman's (b. 1965) work Support Systems for Women, No. 1 (1998) purchased for $10,800 in 2006 at Phillips in New York, was resold for $400,000 by Sotheby's in London. NFT auctions Public auctions of NFTs generated a total of $22.7 million with 350 lots sold and 53 unsold (vs. $13.8 million, with 384 lots sold and 171 unsold in 2022). Dmitri Cherniak (1988) was the world's top-selling NFT artist at auction in 2023 with 14 works sold for $7.9 million. His Ringers #879 (The Goose) (2021) fetched $6.2 million at Sotheby's in New York on June 15, 2023. The "Grails: Property from an Iconic Digital Art Collection Part II" session hosted by Sotheby's on June 15, 2023 totaled $10.9 million. Artificial Intelligence, Generative Art, the recovery of Bitcoin and Ethereum cryptocurrencies are all favorable factors for the NFT market in 2024. Demand for works by women artists saw further spectacular growth The greatest female artists of the 20th-century are being given the place they deserve on the art market. This trend is due to a deliberate policy among key market players to revalue their works both historically and monetarily. This has involved the inclusion of a growing number of their works in sales catalogs which has naturally contributed to a gain in their market visibility. The progression has been rapid with the number of transactions concerning female artists doubling in five years and tripling in ten years. This year, the number of works by women artists sold at auction reached a historic peak, and it's a dynamic that is far from over. In conclusion, somewhat counter-intuitively, given the very difficult geopolitical and economic context, the art market is displaying resilient health, with regular records hammered for works from all the creative periods and regions of the world during recent sales. We have not noted any cancellation of classic and/or prestigious cataloged sales for 2023 and 2024 to date, which are the main indicators of the health of the art market. The major auction houses and investors know very well that the art market is a safe haven, an investment, as shown by the Artprice100© index, which clearly outperforms traditional stock market indices. The current period of uncertainty on the stock markets is nevertheless bringing new funds and investments into the art market. Artprice had already noted that despite major crises, such as those relating to the Nasdaq crash in 2000, the terrorist attacks of September 11, 2001, the war against the Taliban that began in 2001, the Iraq war that began in 2003, the subprime and CDS crises in and after 2007, the effective 'negative' interest rates that began (in the West) in 2011, the Covid crisis that began in 2019… the art market has been relatively less affected than the financial markets and the overall economy. The dematerialization of the art market on the Internet is now the dominant trend on all 5 continents, and is in the process of relegating physical auction rooms to 20th century. It is undeniable that the 20th century art market was a primarily Western phenomenon and that from now on, the Asia Pacific region is playing on an equal footing with the West. With its 27 years of art market expertise, Artprice by Artmarket has noted that the average age of its 7.2 million customers and members has decreased from 63 in 1997 to 41 in 2023. It is clear that the art market, one of the oldest markets in the world, is now moving rapidly and irrevocably towards the digital era (thereby closing its particularly pronounced digital backwardness of a few years ago) and a whole new generation (that of 30-45 years old) on a global scale. This generation is now on permanent watch via mobile Internet. With its Intranet connection to its 7,200 partner Auction Houses, Artprice by Artmarket can see this paradigm shift every day: from the scheduled closure of physical auction rooms and the permanent migration to Internet activities. The 28th Annual Report Artprice by Artmarket "The Art Market in 2023", is available free of charge, in full and in three languages, online as well as in PDF format: French:https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2023https://fr.artprice.com/artprice-reports/pdf/rama/le-marche-de-lart-en-2023.pdfEnglish:https://www.artprice.com/artprice-reports/the-art-market-in-2023https://www.artprice.com/artprice-reports/pdf/rama/the-art-market-in-2023.pdfMandarin:https://zh.artprice.com/artprice-reports/zh-the-art-market-in-2023https://zh.artprice.com/artprice-reports/pdf/rama/zh-the-art-market-in-2023.pdf Images: [https://imgpublic.artprice.com/img/wp/sites/11/2024/03/image1-artmarket-com-artprice-com-2023-art-market-report-cover-featuring-nft-chaos-under-the-pure-light-by-1dontknows.jpg] [https://imgpublic.artprice.com/img/wp/sites/11/2024/03/image2-artmarket-com-artprice-principal-marketplaces-fine-art-and-nft-auction-turnover-in-2023.jpg] Copyright 1987-2024 thierry Ehrmann www.artprice.com - www.artmarket.com Don't hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: econometrics@artprice.com Try our services (free demo): https://www.artprice.com/demo Subscribe to our services: https://www.artprice.com/subscription About Artmarket: Artmarket.com is listed on Eurolist by Euronext Paris, and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF. Discover Artmarket and its Artprice department on video: www.artprice.com/video Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987. See certified biography in Who's who ©: https://imgpublic.artprice.com/img/wp/sites/11/2024/02/2024_Biographie_thierry_Ehrmann_WhosWhoInFrance.pdf Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years ) in databanks containing over 30 million indices and auction results, covering more than 825,000 artists. Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world's leading Fine Art NFT platform. Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians. Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million ('members log in'+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code). The Art Market's future is now brighter than ever with Artprice's Artmarket® Intuitive AI Artmarket, with its Artprice department, has twice been awarded the State label "Innovative Company" by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market. Artprice by Artmarket's Global Art Market Report, "The Art Market in 2023", published in March 2024:https://www.artprice.com/artprice-reports/the-art-market-in-2023 Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023 Index of press releases posted by Artmarket with its Artprice department:https://serveur.serveur.com/artmarket/press-release/en/ Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter: www.facebook.com/artpricedotcom/ (over 6.5 million followers) twitter.com/artmarketdotcom twitter.com/artpricedotcom Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum "The Abode of Chaos" (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013 La Demeure du Chaos / Abode of ChaosGESAMTKUNSTWERK & SINGULAR ARCHITECTURE Confidential bilingual work now public: https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (over 4 million followers) https://vimeo.com/124643720 Contact Artmarket.com and its Artprice department - Contact: ir@artmarket.com Fine_Art_and_NFT_marketplaces
Earnings Call Scheduled for 7:00 p.m. ET on March 18, 2024 AMSTERDAM, March 7, 2024 /PRNewswire/ -- Zepp Health Corporation ("Zepp Health" or the "Company") (NYSE: ZEPP), a cloud-based healthcare services provider with world-leading smart wearable technology, today announced that it will report its fourth quarter and full year 2023 unaudited financial results after the market close on Monday, March 18, 2024. Management will hold a conference call at 7:00 p.m. Eastern Time on Monday, March 18, 2024 (7:00 a.m. Beijing Time on March 19, 2024). Listeners may access the call by dialing: US (Toll Free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (Toll Free): 400-120-1203 Hong Kong (Toll Free): 800-905-945 Hong Kong: +852-3018-4992 Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Zepp Health Corporation." Additionally, a live and archived webcast of the conference call will be available at http://ir.zepp.com. A telephone replay will be available one hour after the end of the conference until March 25, 2024 by dialing the following telephone numbers: US (Toll Free): +1-877-344-7529 International: +1-412-317-0088 Replay Passcode: 9817240 About Zepp Health Corporation Zepp Health Corporation (NYSE: ZEPP) is a global smart wearable and health technology leader, empowering users to live their healthiest lives by optimizing their health, fitness, and wellness journeys through its leading consumer brands, Amazfit, Zepp Clarity and Zepp Aura. Powered by its proprietary Zepp Digital Management Platform, which includes the Zepp OS, AI chips, biometric sensors and data algorithms, Zepp delivers cloud-based 24/7 actionable insights and guidance to help users attain their wellness goals. To date, Zepp has shipped over 200 million units, and its products are available in more than 90 countries and regions. Founded in 2013 as Huami Corp., the Company changed its name to Zepp Health Corporation in February 2021 to emphasize its health focus with a name that resonates across languages and cultures globally. Zepp has team members and offices across North America, Europe, Middle East, Africa and Asia Pacific regions. For investor and media inquiries, please contact: Zepp Health CorporationGrace Yujia ZhangE-mail: ir@zepp.com Piacente Financial CommunicationsTel: +86-10-6508-0677E-mail: zepp@tpg-ir.com
ABU DHABI, UAE, March 7, 2024 /PRNewswire/ -- Abu Dhabi Global Market (ADGM), has declared 2023 as a year of success for the international financial centre of the UAE's capital, highlighting its performance as the fastest-growing financial centre in the region for two consecutive years, as well as Abu Dhabi's rise as a globally recognised financial hub. ADGM had a strong start to 2023, building on the significant growth demonstrated in 2022 along with a positive outlook for the year ahead. This was underscored by the 2023 quarterly and half-yearly growth numbers across every aspect. Region's Strongest Financial Capital ADGM's asset management sector started strong in 2023 and ended even stronger as it continued to experience an unprecedented influx of global asset managers establishing their operations in the IFC. Assets Under Management (AUM) as of 31st December 2023, showcased a year-on-year increase of 35% when compared to 2022 numbers. Numerous investment firms and hedge funds were set up within ADGM as recorded in the year-end data; with the total asset managers operating in ADGM reaching 102 who are managing 141 funds. Emerging as a preferred destination for businesses across borders, ADGM has witnessed major global and regional giants within the sector establishing themselves in ADGM. Operational entities jumped to 1,825, a growth of 32% against 2022 figures (1,378 operational entities in 2022). Some of the names worth highlighting include Brevan Howard, Ardian, Goldman Sachs, Tikehau Capital, Blackstone, SBI Capital, Asian Infrastructure Investment Bank (AIIB), Apollo, Fifth Wall, Fidera and Vibrant Capital. Including renowned local and regional entities such as ADQ, Chimera, G42, Gulf Capital, OneIM and Investcorp. Furthermore, there are over 125 firms in the pipeline to be registered with ADGM. The end of 2023 numbers also reflect 88 financial institutions and 2 exchanges that have received IPA from ADGM, of which a significant number are part of the asset management sector. Due to the number of asset management firms moving to ADGM, leading Asset and Fund Service Providers such as Fund Accounting and Fund Administration service providers are banking on the opportunity ADGM is unlocking. This growth is substantiated by the increase in ADGM's workforce which has climbed to 13,394 – a 22% rise in one year. Several global financial institutions and investment banks based within ADGM such as JP Morgan and BNP Paribas. H.E. Ahmed Al Jasim Al Zaabi, Chairman of ADGM said, "A year into Abu Dhabi's Falcon economy and a year of exceptional growth for Abu Dhabi Global Market. When we think of these factors together, it leads us to the realisation of what consistency, persistence and alignment to economic goals can achieve. In merely eight years, we have become one of the world's largest financial districts and the fastest-growing international financial centre in the region, for two years consecutively." H.E. added, "Enhancing Abu Dhabi's international standing as the 'capital of capital', ADGM has truly capitalised the capital city's potential for the financial landscape and strategically unlocked opportunities within underlying sectors. The growth that we are witnessing today is the realisation of the visions of the UAE's leadership. We remain strongly positive as we move forward into 2024." ADFW 2023 – Financial Titans rally to Abu Dhabi Abu Dhabi Finance Week (ADFW) 2023 has raised the bar for finance events in the region, by introducing the best of the best from across the globe. The event successfully hosted 18,000+ attendees, featuring five forums that encompassed 46 sub-events, 180 sessions and 300 international, regional and local speakers from diverse backgrounds. The global impact of the event stood quite high where 39% of the attendees represented global participants from100+ countries. International icons of the financial industry such as Jamie Dimon, Chairman and Chief Executive Officer of JP Morgan and Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, of Bridgewater Associates spoke of the rise of Abu Dhabi as a global finance centre during ADFW. A total of 23 market announcements were recorded during Abu Dhabi Finance Week, including major operational upgrades by The World Bank & JP Morgan, along with a strong lineup of emerging financial institutions ranging across fintech and sustainable finance. Year of Sustainability' and COP28 With the 'Year of Sustainability' - 2023 continuing into 2024 and the conclusion of COP28 hosted in the UAE, ADGM led multiple initiatives that promoted sustainable finance, aligning seamlessly with the sustainability goals of Abu Dhabi and the UAE. In the first half of 2023, ADGM introduced the region's first comprehensive regulatory framework for Sustainable Finance. This was followed by the UAE Sustainable Finance Working Group (SFWG) chaired by ADGM, publishing its third public statement emphasising three pivotal objectives of the UAE's SFWG, right before COP28. Another announcement around the same time was ADGM being designated 'Principal Climate Finance Partner' of COP28 and becoming home to the pioneering Global Climate Finance Centre (GCFC), which will accelerate the development of climate finance frameworks and skills, and champion best practices in the UAE and globally. COP28 also witnessed the launch of ALTÉRRA, a USD 30 billion catalytic climate vehicle, in ADGM, which will drive forward international efforts to create a fairer climate finance system with an emphasis on improving access to funding for the Global South. Furthermore, 28 new signatories signed the Abu Dhabi Sustainable Finance Declaration last year, an initiative led by ADGM, bringing the total count of committed signatories to 145. Key Achievements - 2023 ADGM expanded tenfold by bringing Al Reem Island under its jurisdiction in May 2023, making it one of the world's largest International Financial Districts with a geographic area of 14.38 million sqm. ADGM launched its inaugural Money Laundering and Terrorist Financing (ML/TF) Risk Assessment of ADGM Legal Persons and Arrangements Report (LPA Report) in May 2023. ADGM FSRA announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance ("the AML Rulebook"). The Registration Authority (RA) of ADGM published the legislative framework for Distributed Ledger Technology (DLT) Foundations.
GROSS MARGIN EXPANDED TO 39.5%, FREE CASH FLOW INCREASED TO US$1.3 BILLION HONG KONG, March 6, 2024 /PRNewswire/ -- Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, OTCQX: TTNDY, TTNDF) is pleased to announce the audited consolidated results of the Company and its subsidiaries for the year ended December 31, 2023. TTI delivered US$13.7 billion of sales in 2023, up 3.6% in reported growth and 3.9% in local currency. Both the MILWAUKEE and our Consumer group of businesses gained momentum in the second half of 2023. TTI delivered record free cash flow of US$1.3 billion while outperforming the market in sales growth and profit generation Our Flagship MILWAUKEE business grew sales 10.7% in local currency We improved Gross Margin for the 15th consecutive year to 39.5%, a 14 bps increase, while cutting inventory US$987 million versus last yea Financial Performance Highlights for 2023 2023* US$' million 2022 US$' million Changes Revenue 13,731 13,254 +3.6 % Gross profit margin 39.5 % 39.3 % +14bps EBIT 1,135 1,201 (5.5 %) Profit attributable to Owners of the Company 976 1,077 (9.4 %) Basic earnings per share (US cents) 53.36 58.86 (9.3 %) Free Cash Flow 1,281 329 +952m Dividend per share (approx. US cents) 24.84 23.81 +4.3 % *For the year ended December 31, 2023 Gross margin improved 14 bps to 39.5% in 2023. This gross margin improvement is highly encouraging given the significant US$987 million inventory reduction versus last year. EBIT was at US$1.1 billion, 5.5% lower than 2022. In the second half of 2023, EBIT improved to US$575 million, a 1.1% increase versus the second half of 2022. TTI delivered US$976 million of net profit. The decline of 9.4% versus last year was partially driven by significant increases in interest rates over the period, resulting in higher interest expense. Earnings per share also declined 9.3% to US53.36 cents. Working capital as a percent of sales improved from 21.2% last year to 17.7% in 2023. This reduction in working capital helped drive record free cash flow of US$1.3 billion for the year and the Group is well positioned to deliver strong free cash flow in 2024 and the future. The TTI Power Equipment segment delivered sales of US$12.8 billion in 2023, up 3.8% in reported currency and up 4.1% in local currency. MILWAUKEE delivered 10.7% full year sales growth in local currency, improving to 12.7% local currency growth in the second half, versus 8.7% in the first half. Our Consumer group of businesses also delivered positive sales growth in the second half and are well positioned to continue gaining traction in 2024. Our Floorcare and Cleaning business delivered sales growth in 2023 of 1.5% in local currency to US$937 million and profit increased US$65.3 million versus last year to US$27.2 million. The Board is recommending a final dividend of HK98.00 cents (approximately US12.61 cents) per share. Together, with the interim dividend of HK95.00 cents (approximately US12.23 cents) per share, this will result in a full-year dividend of HK193.00 cents (approximately US24.84 cents) per share. Mr. Horst Pudwill, Chairman of TTI, said, "TTI is poised for continued market outperformance in 2024. We are relentlessly focused on developing innovative cordless products with advanced electronics, cutting-edge motor technology, and artificial intelligence. With a healthy balance sheet, solid cash position, and strong growth outlook, we look forward to 2024 with confidence." Mr. Joseph Galli, CEO of TTI, commented, "Our exceptional results over the past fifteen years have consistently surpassed overall market performance. 2024 will be no exception, as we are poised to outperform the market yet again. Our strength in cordless innovation, new product development, operational excellence, and in-field marketing initiatives are unparalleled in the industry and give TTI an unassailable competitive advantage." -End- Forward-Looking Statements This announcement contains certain forward-looking statements or uses certain forward-looking terminologies which are based on the current expectations, estimates, projections, beliefs and assumptions of TTI about the businesses and the markets in which the Group operates and reflect TTI's views as of the date of this announcement. These forward-looking statements are not guarantees of future performance and are subject to market risk, uncertainties and factors beyond the control of TTI. Therefore, actual outcomes and returns may differ materially from the assumptions made and the statements contained in this announcement. About TTI TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the DIY, consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence - reflecting an expansive long-term vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries while maintaining high environmental, social and corporate governance standards. TTI's powerful brand portfolio includes MILWAUKEE, RYOBI and AEG power tools, accessories and hand tools, RYOBI outdoor products, EMPIRE layout and measuring products, and HOOVER, VAX, DIRT DEVIL and ORECK floorcare cleaning products and solutions. Founded in 1985 and listed on The Stock Exchange of Hong Kong Limited in 1990, TTI is one of the constituent stocks of the Hang Seng Index, Hang Seng Corporate Sustainability Benchmark Index, FTSE RAFI™ All-World 3000 Index, FTSE4Good Developed Index, and MSCI ACWI Index. The Company also trades on the OTCQX Best Market under the symbols "TTNDY" and "TTNDF". For more information, please visit www.ttigroup.com. All trademarks listed other than AEG, OTCQX, and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. OTCQX is a registered trademark of OTC Markets Group Inc. RYOBI is a registered trademark of Ryobi Limited, and is used under license. For Investor Relations enquiries: Main Contact TTI Investor Relations – North America Ross Gilardi Senior Vice President, Finance & Investor Relations Email: ross.gilardi@ttihq.com Asia/Pacific TTI Investor Relations – Asia Jimmy Li Senior Manager, Investor Relations Email: jimmy.li@tti.com.hk
DALIAN, China, March 6, 2024 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2023 on Friday, March 15, 2024, before the U.S. market opens. The earnings results will be available on the Company's Investor Relations website, and will be filed with the Securities and Exchange Commission on a Form 8-K. CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, March 15, 2024 (8:00 PM Beijing/Hong Kong Time on March 15, 2024). For participants who wish to join our call online, please visit:https://edge.media-server.com/mmc/p/p4d96jix Participants who plan to ask questions at the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin and an email with detailed instructions. Participant Online Registration: https://register.vevent.com/register/BId788502bb16b4e41b84b2528dbc6f135 Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call. A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/p4d96jix About CBAK Energy CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian. For more information, please visit ir.cbak.com.cn. Safe Harbor Statement This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. For further inquiries, please contact: In China: CBAK Energy Technology, Inc.Investor Relations DepartmentPhone: +86-18675423231Email: ir@cbak.com.cn Piacente Financial CommunicationsMs. Hui FanTel: +86-10-6508-0677Email: CBAK@thepiacentegroup.com In the United States: Piacente Financial CommunicationsMs. Brandi PiacenteTel: +1-212-481-2050Email: CBAK@thepiacentegroup.com
The Annual Report 2023 available for download and printed version available for order The Annual Report 2023 publication consists of Ericsson's Financial report 2023, the Corporate Governance report 2023, the Remuneration report 2023 and the Sustainability and Corporate Responsibility report 2023 STOCKHOLM, March 6, 2024 /PRNewswire/ -- The Ericsson (NASDAQ: ERIC) Annual Report 2023 in Swedish as well as an English translation are now available to download from the Ericsson website: www.ericsson.com/en/investors. Printed copies of the Annual Report 2023 will be available for order by filling in the form on this page: https://www.ericsson.com/en/investors/financial-reports/order-annual-report The Swedish Annual Report 2023 is also available on Ericsson's website in European Single Electronic Format (ESEF). For further information, please visit the Investor Relations pages: https://www.ericsson.com/en/investors NOTES TO EDITORS: FOLLOW US:Subscribe to Ericsson press releases hereSubscribe to Ericsson blog posts herehttps://twitter.com/ericssonhttps://www.facebook.com/ericssonhttps://www.linkedin.com/company/ericsson MORE INFORMATION AT:Ericsson Newsroommedia.relations@ericsson.com (+46 10 719 69 92)investor.relations@ericsson.com (+46 10 719 00 00) FOR FURTHER INFORMATION, PLEASE CONTACT:Contact personInvestorsLena Häggblom, Director, Investor RelationsPhone: +46 72 593 27 78E-mail: lena.haggblom@ericsson.com Alan Ganson, Director, Investor RelationsPhone: +46 70 267 27 30E-mail: alan.ganson@ericsson.com MediaRalf Bagner, Head of Media RelationsPhone: +46761284789E-mail: ralf.bagner@ericsson.com Media RelationsPhone: +46 10 719 69 92E-mail: media.relations@ericsson.com ABOUT ERICSSON: Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company's portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com This information is information that Telefonaktiebolaget LM Ericsson is obliged to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication at 09:00 AM CET on March 6, 2024. The following files are available for download: https://mb.cision.com/Main/15448/3941078/2649308.pdf Ericsson annual report 2023
2023
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