耐世特(01316) - 2022 - 中期财报

Business Performance - In the first half of 2022, Nexteer Automotive successfully launched 17 new customer projects, with 16 being new or newly acquired business, including 8 projects supporting electric vehicles (EVs) [22] - The total order value for customer projects reached $4.4 billion, with 83$1,791,067 thousand, representing a 3.3% increase from $1,734,394 thousand in the same period of 2021 [40] - The company reported a net loss attributable to equity holders of$11,138 thousand, a decline of 113.4% compared to a profit of $83,143 thousand in the same period last year [40] - Total revenue for the six months ended June 30, 2022, was$1,791,067 thousand, an increase from $1,734,394 thousand in the same period of 2021, representing a growth of 3.3$149,813 thousand compared to $226,472 thousand in the prior year [40] - Profit before tax dropped by 77.7$20,721 thousand from $93,027 thousand year-over-year [40] - Adjusted EBITDA for the period was$158,117 thousand, down 25.7% from $212,890 thousand in the prior year [40] - The comprehensive total loss for the period was$(53,883) thousand, compared to a gain of $78,318 thousand in the same period of 2021 [108] - The company reported a foreign exchange loss of$(45,126) thousand for the six months ended June 30, 2022, compared to (9,014) thousand in the same period of 2021 [109] Challenges and Market Conditions - The company continues to face challenges from rising material costs and global supply chain disruptions, impacting production efficiency and operational performance [25] - The semiconductor chip supply shortage has significantly impacted the automotive industry, affecting production plans and operational efficiency [74] - The company anticipates potential adverse effects from the ongoing COVID-19 pandemic on future financial conditions and operational performance [120] - The company faced significant challenges from inflationary pressures, supply chain constraints, and semiconductor shortages impacting operational efficiency [54] Product Development and Innovation - Nexteer introduced a new eDrive product line, combining steering and drivetrain expertise as a cost-effective emissions reduction solution [22] - The company is focusing on advanced steering technologies to meet the demands of electric vehicles (EVs) and improve noise, vibration, and harshness (NVH) performance [31] - The company is expanding its software solutions for vehicle integration and advanced safety features, collaborating with manufacturers to enhance flexibility and value [33] - The global R&D team will continue to explore new paths to leverage major trends and provide innovative solutions for manufacturers' evolving product challenges [29] Operational Efficiency - The company continues to focus on technological leadership and adapting to major trends such as electrification and software integration to drive future growth [22] - The company is well-positioned to support manufacturers' future priorities in electrification, software, connectivity, and advanced driver-assistance systems (ADAS) [29] - The company expects the amortization of capitalized product development costs to continue rising in the coming years due to new customer projects [55] Corporate Governance and Compliance - The company has adopted its own internal control and corporate governance policies in accordance with the Hong Kong Stock Exchange's Corporate Governance Code [79] - The company failed to comply with the listing rules regarding the composition of the Audit and Compliance Committee, which had only two members instead of the required three [81] - The company has confirmed that all directors have complied with the standards set out in the Securities Trading Code for the six months ending June 30, 2022 [82] - The company has implemented a risk management and internal control system, which is regularly reviewed for effectiveness [83] Employee and Management Changes - The company has approximately 12,100 full-time employees as of June 30, 2022, with a focus on performance-based compensation policies [76] - The chairman and CEO roles have been combined under Mr. Lei Zili since June 21, 2022, which deviates from the listing rules but is believed to provide consistent leadership [80] - The company has seen changes in its executive team, with several resignations effective June 14 and June 21, 2022 [84] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was 122.5 million, an increase of $27.8 million compared to$94.7 million for the same period in 2021 [45] - The net cash used in investing activities for the six months ended June 30, 2022, was $129.3 million, a decrease from$138.6 million in the same period of 2021 [67] - The company reported a net increase in cash and cash equivalents of $7.8 million for the six months ended June 30, 2022, compared to a decrease of$219.3 million in the same period of 2021 [64] Shareholder Information - The board of directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2022 [85] - The company declared a dividend of approximately $23,843,000 on June 21, 2022, for the year ended December 31, 2021, while no interim dividend was recommended for the six months ended June 30, 2022 [198] - The total number of stock options granted but not exercised as of June 30, 2022, was 12,936,960 [88]