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Annual Integrated Report 2020

Progress during a tough year

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Preface of the CEO

The year 2020 was a year like no other. As COVID-19 swept through the world, we faced a global health and economic crisis like never before. Our priorities were clear. Firstly, protecting the health and safety of our employees and their families. Secondly, preserving our cashflow and profitability. I am proud of the entire Kendrion team who, throughout the year, have shown unparalleled commitment, flexibility, and resilience. We have withstood the crisis and look to 2021 with confidence – with a strong and lean organization, a growing orderbook and a healthy balance sheet.
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Strategy and financial objectives

Average
organic
growth

(2019-2025)

5%

-17%

Return on
investment1

2025

25%

10.8%

EBITDA margin2

2025

15%

11.3%

Dividend
pay-out

 

35-50%

50%

1 Invested capital excluding intangibles arising on acquisitions.
2 Excluding one-off costs. The bridge from reported to normalised figures can be found here.

Find out more about our strategy

Key figures

396.4

3.9%

Revenue

(EUR million)

2019 412.4

18.9

4%

EBITA1

(EUR million)

20192 19.8

11.7

7%

Net profit1

(EUR million)

2019212.6

10.8%

0.9%

ROI1,3

(in %)

20192 11.7%

2,456

6.1%

Total number
of employees

(FTE)

(At 31 December)

2019 2,316

50%/50%

Total number
of employees
by gender

(in % M vs F)

2019 49%/51%

4.4%

0.4%

Illness rate

(in %)

2019 4.8%

5.3

384

Accidents

(per 1,000
FTE)

Lost Time
Injuries

(in days)

2019 6.9%

2019 812

1 Normalised for one off costs and amortisation of acquisition related intangibles (only net profit).
2 2019 restated for retrospective correction of inventory. The effects of the restatement can be found here
3 Invested capital excluding intangibles arising on acquisitions.
Please refer to the section 'About the sustainability report' on these pages of this Annual Integrated Report for reporting periods, definitions, scope and limited assurance review.

Driving innovation: Lighthouse platforms

Discover four cutting-edge products that contribute to the development of safe and user-friendly collaborative robots and selfdriving and electric vehicles, and that show long-term growth potential for our business.

Servo Slim Line brake:

small brake, big opportunities

The global robotics market grew in 2020: a trend that is expected to continue in the coming years. In fact, new sectors are adopting robot technology every year. And while our Servo Slim Line brakes were specifically developed for collaborative robots or ‘cobots’, they have also attracted strong interest from robotics OEMs, for an increasing variety of applications.

Read more about the Servo Slim Line brake
Read more about this project

AVAS:

winning a new global OEM customer

In 2020, the market for hybrid and battery-electric vehicles (BEV) continued to grow, and with it the need for Acoustic Vehicle Alerting Systems (AVAS). In the EU and the US, AVAS systems are a legal requirement for new models of BEVs. These vehicles are obliged to generate a specific sound level when travelling below 20 kilometres per hour, or when reversing.

Read more about AVAS
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ADAS Wash:

sharpening our differentiators

While the market expected investments in software-defined vehicles (SDVs) and autonomous driving solutions to drop in 2020, we did not experience this as such. and have made significant headway in defining our ‘ADAS Wash’ product in this promising market.


Read more about ADAS Wash
Read more about ADAS Wash

Valves for active suspension systems:

winning new business

Demand for active suspension systems in passenger cars, off-road SUVs, and autonomous vehicles is on the rise which is good news for us. In 2020, our air-spring valves began to be integrated in suspension systems for premium-range passenger cars. We won projects with existing and new customers and, with that, substantial business.

Read more about OUR VALVES
Read more about this project

2019-2023 target framework

natural-capital
social and human capital
responsible business conduct

Please refer to the section 'About the sustainability report' on these pages of this Annual Integrated Report for reporting periods, definitions, scope and limited assurance review.

Please refer to the section 'About the sustainability report' on these pages of this Annual Integrated Report for reporting periods, definitions, scope and limited assurance review.

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