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.
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 1,000FTE)
Lost TimeInjuries
(in days)
2019 6.9%
2019 812
Swipe for more
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.
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 brakeAVAS:
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 AVASADAS 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
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 VALVES2019-2023 target framework















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.