Financial Performance - Total revenue for the year ended December 31, 2022, was $3,839,703 thousand, an increase from $3,358,725 thousand in 2021, representing a growth of 14.3%[2] - Gross profit for the year was $367,151 thousand, slightly up from $363,429 thousand in 2021, indicating a marginal increase of 0.2%[2] - Operating profit decreased to $86,321 thousand from $115,215 thousand in 2021, reflecting a decline of 25.1%[2] - Net profit for the year was $65,513 thousand, down from $126,403 thousand in 2021, showing a significant decrease of 48.2%[2] - Basic and diluted earnings per share were $0.02, compared to $0.05 in 2021, a decrease of 60%[2] - Adjusted EBITDA for the year ended December 31, 2022, was $364,825,000, slightly up from $360,763,000 in 2021, indicating a marginal increase of about 0.6%[24] - The company reported a pre-tax profit of $91,947,000 for the year ended December 31, 2022, down from $114,013,000 in 2021, representing a decrease of approximately 19.4%[24] - The net profit attributable to equity holders for the year ended December 31, 2022, was $58.0 million, representing 1.5% of total revenue, a decrease of $60.4 million or 51.0% compared to $118.4 million (3.5% of total revenue) for the year ended December 31, 2021[57] Assets and Liabilities - Total assets as of December 31, 2022, were $3,335,281 thousand, an increase from $3,206,499 thousand in 2021, representing a growth of 4.0%[4] - Total liabilities increased to $1,358,131 thousand from $1,203,910 thousand in 2021, marking a rise of 12.8%[6] - Total equity decreased to $1,977,150 thousand from $2,002,589 thousand in 2021, reflecting a decline of 1.3%[5] - Cash and cash equivalents decreased to $245,934 thousand from $326,516 thousand in 2021, a drop of 24.6%[4] - The total accounts receivable as of December 31, 2022, increased to $803,168,000 from $626,078,000 in 2021, representing a growth of 28.3%[40] - The total accounts payable as of December 31, 2022, rose to $815,402,000, up from $666,501,000 in 2021, marking an increase of 22.4%[43] Operational Challenges - The company experienced a significant impact from the global semiconductor shortage, which affected production efficiency and material costs throughout 2022[10] - The company faced rising costs in goods and logistics, which negatively impacted its operational performance during the year[10] - The company faced significant supply shortages in the automotive industry due to COVID-19, particularly in semiconductor chips, impacting production plans[80] - The company has assessed the potential impacts of COVID-19 on its financial position, indicating that the actual results may differ significantly from current estimates due to ongoing uncertainties[11] Revenue Recognition and Segments - The group recognizes revenue from production parts upon delivery to customers, with payment terms typically ranging from 30 to 90 days[14] - The group operates in three reportable segments: North America, Asia-Pacific, and Europe, Middle East, Africa, and South America[19] - North America generated $1,311,428,000 in revenue for the year ended December 31, 2022, compared to $1,144,691,000 in 2021, reflecting a growth of approximately 14.6%[25] - Revenue from external customers in the Asia-Pacific region for the year ended December 31, 2022, was $965,188,000, up from $812,493,000 in 2021, marking a growth of around 18.8%[21] Costs and Expenses - The cost of goods sold, engineering and product development, sales and distribution, and administrative expenses totaled $3,768,356 thousand for 2022, compared to $3,260,648 thousand in 2021, reflecting an increase of about 15.5%[28] - Raw material costs accounted for $2,562.4 million (66.7% of revenue) for the year ended December 31, 2022, up from $2,101.4 million (62.6% of revenue) in the previous year, an increase of $461.0 million or 21.9%[58] - Engineering and product development costs for the year ended December 31, 2022, were $145.1 million (3.8% of revenue), an increase of $28.8 million or 24.8% from $116.3 million (3.5% of revenue) in the previous year[61] Corporate Governance - The company emphasizes high standards of corporate governance, adhering to the Hong Kong Corporate Governance Code[85] - The chairman and CEO roles are distinct, with the current chairman also serving as CEO since June 21, 2022, to ensure consistent leadership[86] - The Audit and Compliance Committee consists of three non-executive directors, with Dr. Wang Bin serving as the chairman, ensuring compliance with the relevant listing rules[90] Future Outlook - The company aims to maintain a leading position in advanced steering and powertrain systems, focusing on electrification, software, and ADAS technology[81] - The group expects no significant impact from the new accounting standards and interpretations that will become effective in 2023 and 2024[13] - Any forward-looking statements made in the announcement are based on current plans and estimates, involving risks and uncertainties[95]
耐世特(01316) - 2022 - 年度业绩