耐世特(01316) - 2023 - 年度业绩

Revenue and Financial Performance - Revenue for the year 2023 increased to $4,206.793 million, up from$3,839.703 million in 2022, representing a growth of 9.56%[2] - Total revenue for 2023 was $4,206,793 thousand, up from$3,839,703 thousand in 2022[31] - Revenue from external customers for the year ended December 31, 2023, was $4,206,793 thousand, with North America contributing$2,259,055 thousand, Asia-Pacific $1,214,732 thousand, and Europe, Middle East, Africa, and South America$725,921 thousand[22] - Revenue for the fiscal year ending December 31, 2023, increased by $367.1 million or 9.6$4,206.8 million compared to $3,839.7 million in 2022, driven by increased light vehicle production and new project launches[54] - The company achieved a record annual revenue of$4.2 billion in 2023, marking the first time it surpassed $4 billion, representing a 9.6$4,252,916 thousand, with North America contributing $2,333,631 thousand, Asia-Pacific$1,244,679 thousand, and Europe, Middle East, Africa, and South America $727,755 thousand[22] - The U.S. contributed$1,353,262 thousand to North America's revenue for the year ended December 31, 2023, while Mexico contributed $905,793 thousand[26] - China contributed$1,058,321 thousand to Asia-Pacific's revenue for the year ended December 31, 2023, while other Asia-Pacific regions contributed $156,411 thousand[26] - Poland contributed$404,704 thousand to Europe, Middle East, Africa, and South America's revenue for the year ended December 31, 2023, while other regions in this segment contributed $321,217 thousand[26] - Electric Power Steering (EPS) revenue for 2023 reached$1,411,414 thousand, showing significant growth compared to $843,494 thousand in 2022[29] - Hydraulic Power Steering (HPS) revenue increased to$164,175 thousand in 2023 from $2,860 thousand in 2022[29] - General Motors accounted for$1,407,922 thousand of the company's revenue in 2023, up from $1,241,493 thousand in 2022[31] - Adjusted for foreign exchange and commodity compensation, revenue growth was 11.1$12.0 million or 0.5% in 2023, despite a $59.1 million reduction due to UAW strikes and a$11.9 million decrease from reduced commodity compensation[57] - Asia-Pacific revenue surged by $249.5 million or 25.9$106.7 million or 17.2%, supported by an 11.7% increase in European light vehicle production and favorable foreign exchange impacts[58] - EPS product line revenue increased by $242.4 million or 9.3$113.0 million or 16.5%, attributed to increased light vehicle production across all geographic regions[59] Profit and Earnings - Net profit attributable to equity holders of the company decreased to $36.737 million in 2023 from$58.013 million in 2022, a decline of 36.7%[2] - Annual profit for 2023 was $36,737 thousand, a decrease from$58,013 thousand in 2022[7] - Pre-tax profit for the year ended December 31, 2023, was $64.227 million, compared to$91.947 million in 2022[37] - Income tax expense for 2023 was $19.052 million, down from$26.434 million in 2022[37] - Basic earnings per share for 2023 were $0.01, compared to$0.02 in 2022[39] - Diluted earnings per share for 2023 were $0.01, the same as in 2022[41] - Earnings per share (basic and diluted) decreased to$0.01 in 2023 from $0.02 in 2022[2] - Net profit attributable to equity holders decreased by$21.3 million or 36.7% to $36.7 million, representing 0.9$58.0 million (1.5% of total revenue) in 2022[60] - The company's gross profit was $368.6 million in 2023, a 0.4$64.2 million[50] - Profit attributable to equity holders decreased by 36.7% to $36.7 million in 2023, primarily due to challenges in the North America division[50] Assets and Liabilities - Total assets increased to$3,404.593 million in 2023 from $3,335.281 million in 2022[4] - Total equity increased to$2,010.841 million in 2023 from $1,977.150 million in 2022[5] - Total liabilities slightly increased to$1,393.752 million in 2023 from $1,358.131 million in 2022[6] - Total equity as of December 31, 2023, amounted to$2,010,841 thousand, compared to $1,977,150 thousand at the end of 2022, reflecting an increase of$33,691 thousand[7] - Total assets as of December 31, 2023, were $3,404,593 thousand, with North America accounting for$1,639,081 thousand, Asia-Pacific $1,241,409 thousand, and Europe, Middle East, Africa, and South America$734,003 thousand[24] - Total liabilities as of December 31, 2023, were $1,393,752 thousand, with North America accounting for$837,413 thousand, Asia-Pacific $610,185 thousand, and Europe, Middle East, Africa, and South America$272,104 thousand[24] - Non-current assets (excluding deferred tax assets) as of December 31, 2023, were $1,829,871 thousand, with the U.S. accounting for$490,981 thousand, Mexico $471,072 thousand, and China$410,099 thousand[27] - Total accounts receivable as of December 31, 2023, were $752.240 million, slightly down from$754.683 million in 2022[43] - Accounts receivable aged 0-30 days decreased to $367.893 million in 2023 from$514.428 million in 2022[44] - Total accounts payable as of December 31, 2023, were $833.401 million, up from$815.402 million in 2022[47] - Total borrowings decreased to $49.1 million in 2023 from$49.8 million in 2022, with current borrowings at $14.122 million and non-current borrowings at$34.988 million[77][78] - Total assets pledged as collateral decreased to $790.5 million in 2023 from$851.2 million in 2022, reflecting a reduction in related pledged asset balances[80] - The capital-to-debt ratio improved to 2.4% in 2023 from 2.5% in 2022, driven by reduced borrowings and increased total equity due to profitability[82] Cash Flow and Financing - Cash and cash equivalents rose to $311.741 million in 2023, up from$245.934 million in 2022[4] - The company's cash balance increased by $65.8 million to$311.7 million as of December 31, 2023, compared to $245.9 million in 2022[50] - Net cash generated from operating activities increased by$110.4 million to $404.1 million in 2023, driven by a$38.3 million tax refund and favorable working capital changes[50] - Net cash generated from operating activities increased by $110.4 million to$404.1 million for the year ended December 31, 2023, compared to $293.8 million in 2022, driven by a$38.3 million tax refund and favorable working capital movements[73] - Investment activities used a net cash flow of $299.148 million in 2023, compared to$263.474 million in 2022, primarily driven by capital expenditures on machinery, equipment, and tools, as well as capitalized engineering and product development costs[74][75] - Financing activities used a net cash flow of $38.4 million in 2023, a decrease of$46.8 million from $85.2 million in 2022, mainly due to reduced net repayments of borrowings, particularly under the US revolving credit facility[76] Costs and Expenses - Gross profit for 2023 was$368.593 million, slightly higher than $367.151 million in 2022[2] - Employee benefit costs rose to$576,701 thousand in 2023 from $495,388 thousand in 2022[32] - The company's cost of sales, engineering, product development, sales, distribution, and administrative expenses totaled$4,143,709 thousand in 2023, up from $3,768,356 thousand in 2022[32] - Foreign exchange losses amounted to$3,449 thousand in 2023, compared to a gain of $9,932 thousand in 2022[33] - The company's financing costs increased to$5,064 thousand in 2023 from $3,655 thousand in 2022[34] - Immediate tax expenses were$42,016 thousand in 2023, up from $36,932 thousand in 2022[34] - Sales cost increased by$365.6 million or 10.5% to $3,838.2 million in 2023, with raw material costs accounting for$2,751.0 million or 65.4% of revenue, up 7.4% from 2022[61] - Gross profit margin declined to 8.8% in 2023 from 9.6% in 2022, with gross profit increasing slightly by $1.4 million or 0.4$368.6 million[62] - Engineering and product development costs increased by $5.6 million or 3.9$150.7 million, representing 3.6% of revenue in 2023[63] - Total investment in engineering and product development costs rose by $9.1 million or 3.1$298.0 million in 2023[64] - Selling, distribution, and administrative expenses increased by $4.1 million or 2.7$154.8 million, accounting for 3.7% of revenue in 2023[65] - Other (losses)/gains net amounted to a loss of $1.7 million in 2023, a decrease of$16.7 million from a gain of $15.0 million in 2022[66] - Net financing costs for the year ended December 31, 2023, were$0, compared to a net financing income of $5.0 million in the same period in 2022, primarily due to a$4.0 million decrease in interest income related to tax refunds/receivables[67] Dividends and Shareholder Returns - Dividends paid to shareholders in 2023 totaled $11,796 thousand, down from$22,201 thousand in 2022[7] - The company proposed a dividend of $0.0030 per share for 2023, down from$0.0047 per share in 2022[42] - The company's board of directors has proposed a final dividend of approximately $7.5 million (or$0.0030 per share), representing about 20% of the net profit attributable to equity holders for the year ended December 31, 2023[93] - The final dividend will be paid on July 9, 2024, with the record date for determining entitlement to the final dividend set as June 27, 2024[94] Operational Highlights - The company operates primarily in the United States, Mexico, China, Poland, India, Morocco, and Brazil, serving markets in North America, Europe, South America, China, and India[9] - The company is engaged in designing and manufacturing steering and driveline systems, advanced driver-assistance systems (ADAS), and autonomous driving (AD) components for automotive manufacturers[9] - The company successfully launched 55 new customer projects in 2023, including 34 electric vehicle projects, with 53 being new business wins[53] - Light vehicle production in key markets increased by 9.2% in North America, 9.9% in China, 6.4% in India, and 11.7% in Europe in 2023[53] - The company faced challenges in North America, including a UAW strike and supplier disruptions, which resulted in $49.3 million in negative impacts[50] - The company implemented cost-saving measures, including a voluntary early retirement program in the U.S. and optimization of manufacturing layouts[49] - The company secured customer project orders totaling$6.1 billion in 2023, with 81% from EPS product lines and 83% for electric or hybrid vehicle platforms[84] - 41% of the 2023 order volume represents new or newly acquired business, positioning the company for long-term above-market growth[84] Accounting and Financial Reporting - The company's functional currency is the US dollar, and the consolidated financial statements are presented in thousands of US dollars[9] - The company adopted revised accounting standards effective from January 1, 2023, which are relevant to its operations[12] - Contract assets increased by $937,000 from$47,718,000 in 2022 to $48,655,000 in 2023[20] - Contract liabilities increased by$3,004,000 from $24,240,000 in 2022 to$27,244,000 in 2023[20] - Non-current contract liabilities increased by $5,616,000 from$104,613,000 in 2022 to $110,229,000 in 2023[20] - The company applies the revised IAS 1 and IFRS Practice Statement 2, which clarify the disclosure of significant accounting policies[13] - The company has applied the revised IAS 12 regarding international tax reform under Pillar Two, with qualitative and quantitative information on tax risks provided in Note 6[14] - The company has not yet adopted certain revised standards, including IAS 1 amendments on classification of liabilities and supplier financing arrangements, which are expected to have no material impact[15] - The consolidated financial statements were approved by the board of directors on March 26, 2024[9] - The company recognized deferred tax assets of$11.0 million related to Brazilian net operating losses[38] - The company recognized a deferred tax asset of $11.0 million related to Brazilian net operating losses, which have no expiration and can be used to offset future tax liabilities[69] - Provisions for litigation, environmental liabilities, warranties, and shutdown claims decreased by$6.4 million to $87.4 million as of December 31, 2023, compared to$93.7 million in 2022, mainly due to net changes in warranty provisions[71] Corporate Governance and Compliance - The company's shares have been listed on the Hong Kong Stock Exchange since October 7, 2013[9] - The company has adopted internal control and corporate governance policies in line with the Hong Kong Corporate Governance Code[87] - The company ensures compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed adherence to the code as of December 31, 2023[89] - The company maintains a sensitivity list to identify factors or developments that may lead to insider information or create a false market for its securities[89] - The company organizes training for employees who may have access to insider information to ensure they understand the company's policies and procedures[89] - The company's Chairman, Mr. Lei Zili, has been serving as the CEO since June 21, 2022, which deviates from the Hong Kong Listing Rules but is believed to provide consistent leadership for the group[88] - The Audit and Compliance Committee, consisting of Dr. Wang Bin, Mr. Shi Shiming, and Mr. Yue Yun, reviewed the company's accounting principles, annual performance, and financial statements for the year ended December 31, 2023[91] - The company and its subsidiaries did not purchase, redeem, or sell any of the company's listed securities during the year ended December 31, 2023[92] - The company has maintained the public float as required by the listing rules as of the date of the announcement[95] Employee and Compensation - The company has approximately 12,900 full-time employees as of December 31, 2023, and employs around 1,600 contract workers to support business operations[86] - The company's compensation policy is based on individual performance and company results, and includes various employee benefit plans such as retirement benefits, extended disability benefits, and labor compensation[86] - The company has adopted an employee reward plan to attract, retain, motivate, and encourage employees to contribute to overall value creation[86] Other Comprehensive Income and Exchange Rates - Other comprehensive income for 2023 was $4.115 million, compared to a loss of$59.447 million in 2022[3] - Exchange rate differences resulted in a loss of $56,748 thousand in 2022, but a gain of$5,250 thousand in 2023[7] - Foreign exchange translation negatively impacted revenue growth by