Business Performance - In 2021, Nexteer Automotive Group achieved strong customer orders, including winning business from a Japanese automaker and several Chinese new energy vehicle startups[33]. - The company's revenue for the fiscal year ended December 31, 2021, was $3,358.7 million, representing a 10.8% increase compared to 2020[39]. - The operating profit was $115.2 million, and the net profit attributable to equity holders was $118.4 million, reflecting a 1.4% increase from 2020[39]. - The total customer orders amounted to $5.9 billion, with 28% of these orders won from competitors, including significant contracts with a Japanese OEM and several Chinese EV startups[37]. - The signed business order backlog reached a record $26.8 billion, with 25% supporting electric vehicle projects[37]. - The company continues to focus on expanding its customer base and capturing new business opportunities in the electric vehicle sector[37]. - The company remains optimistic about future growth, driven by strong consumer demand and ongoing industry recovery despite supply chain challenges[37]. - The company anticipates significant growth opportunities in the mobility sector, driven by unprecedented innovation and transformation in the industry[40]. - The company achieved a record signed business order volume of $26.8 billion from order to delivery[61]. - The company’s revenue for the year ended December 31, 2021, increased by 10.8% compared to 2020, reaching $1,734.4 million, driven by a recovery in automotive production[114]. Product Development and Innovation - The company expanded its product portfolio to include eDrive and software solutions for road monitoring and vehicle health management in early 2022[33]. - Nexteer emphasizes innovation in steering and powertrain systems, aiming to lead in value-added services within the market[24]. - The company has established four technology and software centers to enhance its research and development capabilities[26]. - The company introduced a new eDrive product line, including a 48-volt integrated belt-driven starter/generator solution for hybridizing traditional internal combustion engine vehicles[38]. - The company received multiple awards for innovation, including the 2021 Automotive News PACEpilot Innovation Award and the 2022 CES Innovation Award[35]. - The company is focused on expanding its product offerings in electric vehicle applications, with three electric vehicle models already reserved for its HO REPS system[43]. - The company’s new products include advanced steering solutions that cater to the growing demand for electric and shared autonomous vehicles[56]. - The company is actively developing modular SbW technology, which is tailored to meet the specific requirements of multiple OEMs, reinforcing its leadership in this technology area[78]. - The company is collaborating with a major OEM to launch its first retractable steering column application by early 2025[49]. - The company announced advanced road surface detection and tire health monitoring software in collaboration with Tactile Mobility, aimed at improving vehicle condition management and safety[89]. Financial Overview - The total order amount in the Asia-Pacific region reached $1.3 billion in 2021, with several key customer projects acquired in the EPS and powertrain systems[106]. - The company’s total liabilities decreased, with current liabilities down by 14.9% to $942,127 thousand[111]. - The company’s cash balance decreased to $226.9 million at year-end, down from $553.4 million at the end of 2020, largely due to increased net borrowings[115]. - The company reported a total provision of $55.8 million related to estimated warranty and product liability obligations as of December 31, 2021[190]. - The company’s capitalized engineering and product development costs amounted to $707.8 million, with property, plant, and equipment valued at $988.9 million as of December 31, 2021[188]. - The company’s reliance on information technology systems poses risks related to potential disruptions from natural disasters or cyberattacks[191]. - The company proposed a final dividend of approximately $23.8 million for the year ended December 31, 2021, representing about 20% of the net profit attributable to equity holders[196]. - The company has identified operational risks due to internal processes, personnel, and external events, which cannot be completely eliminated[177]. Market Position and Strategy - Nexteer aims to diversify its revenue base and strengthen its technological leadership through strategic acquisitions and alliances, particularly targeting growth in China and emerging markets[2]. - The company operates 26 manufacturing plants and has over 60 global customers, including major automakers like BMW, Ford, and Toyota[26]. - The company has a leading position in the North American market for its Rack Electric Power Steering (REPS) systems, serving major clients such as Ford, Stellantis, and General Motors[43]. - The company is focused on expanding its market presence through strategic partnerships and collaborations within the automotive sector[153]. - The company is committed to aligning its product lines with major trends such as ADAS, electrification, and mobility as a service, which are expected to provide competitive advantages and future opportunities[146]. - The company is actively pursuing growth opportunities in new product lines and advanced engineering, with a focus on aligning technology development with industry trends[153]. Operational Challenges - The company experienced a significant impact from semiconductor shortages and rising logistics costs, affecting profitability across its North American and European operations[114]. - The ongoing semiconductor and raw material supply shortages are expected to have a temporary impact on the company's operations[183]. - The company faced adverse impacts from rising costs of certain goods and logistics, which affected operational performance during the year[145]. - The automotive industry is cyclical and sensitive to overall economic conditions, affecting sales and production levels[179]. - The company has experienced operational challenges that may affect its revenue and profitability due to the cyclical nature of the automotive market[181]. Governance and Leadership - The company has a robust management team with extensive experience in the automotive industry, ensuring effective execution of its strategic goals[154]. - The leadership team collectively brings over 150 years of automotive industry experience, enhancing the company's competitive edge[165][166][167][168][169]. - The board of directors is responsible for the overall management and operation of the business, with several changes in board membership noted as of the report date[150]. - The company emphasizes the importance of training programs for both full-time and contract employees to meet corporate goals and customer requirements[148]. - The leadership team emphasizes the importance of maintaining relationships with key external stakeholders to support business development and strategic initiatives[152]. Environmental, Social, and Governance (ESG) - Nextracker emphasizes its commitment to ESG and sustainable practices, having been recognized as one of America's most responsible companies for three consecutive years[96]. - The company has adopted ESG reporting guidelines as per listing rules and is committed to conducting business in an environmentally sustainable manner[199]. - Stakeholder expectations regarding environmental, social, and governance (ESG) issues are evolving, necessitating continuous monitoring of changing standards and reporting requirements[192]. - The company made charitable contributions totaling $0.2 million in 2021, with employees volunteering over 15,000 hours for local charitable work[200].
耐世特(01316) - 2021 - 年度财报