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Aalberts | Annual Report 2019 | Interactive Aalberts JV2019 10/03/20 -fiat proef 3 annual report 2019 Aalberts JV2019 10/03/20 -fiat proef 3 highlights 2019 ° revenue +3% to EUR 2,841 million (organic +1.1%) ° operating profi t (EBITA) EUR 362.6 million with an EBITA-margin of 12.8% ° net profi t before amortisation EUR 267.4 million; per share EUR 2.42 (-3%) ° free cash fl ow EUR 312.1 million; ROCE 15.1% (before IFRS 16) ° increased investments in organic growth and innovation initiatives ° portfolio optimisation: acquired PPC and Applied, annual revenue USD 62 million; divested STAG and HFI, annual revenue EUR 30 million ° updated strategy ‘focused acceleration’, presented December 2019 report of the Management Board 2 Aalberts JV2019 10/03/20 -fiat proef 3 We are where technology matters and real progress can be made. Humanly, environmentally and financially. Aalberts engineers mission-critical technologies for ground-breaking industries and everyday life. message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 2 key figures 2009-2019 revenue operating profit net profit (EBITA) (before amortisation) (in EUR million) (in EUR million) (in EUR million) 1,405 2,201 2,841 99 247 363 54 168 267 2009 2014 2019 2009 2014 2019 2009 2014 2019 2,841 363 267 earnings per share free cash flow return on capital employed (before amortisation) (before interest and tax) (before IFRS 16) (in EUR) (in EUR million) (in %) 0.51 1.52 2.42 192 222 312 7.9 14.0 15.1 2009 2014 2019 2009 2014 2019 2009 2014 2019 2.42 312 15.1 more key figures 2015-2019 on page 152 2 AalbertsAalberts annual annual report report 2019 2019 message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 3 revenue spread per business per region per end market (in %) (in %) (in %) 15 6 7 11 16 19 25 39 21 56 58 27 installation technology 39% Western Europe 58% eco-friendly buildings 56% material technology 27% America 25% industrial niches 21% climate technology 19% Eastern Europe, Russia 11% sustainable transportation 16% industrial technology 15% APAC, Middle East, Africa 6% semicon efficiency 7% locations worldwide Western Europe 99 14 Eastern Europe, Russia America 33 APAC, Middle East, Africa 7 Aalberts annual report 2019 key figures 2009-2019 3 MEER KERNCIJFERS OP PAGINA 89 message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 4 message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 5 contents message of the CEO 6 report of the Supervisory Board 53 message of the Chairman 54 report of the Management Board 9 composition of the strategy and objectives 2018-2022 10 Supervisory Board 55 shareholder value creation 11 the work of the Supervisory Board 56 business development 12 committees 58 financial development 13 operational development 14 remuneration report 61 stakeholder dialogue 25 financial statements 2019 69 megatrends shaping our future 26 Consolidated financial statements 70 achieving unique market positions Company financial statements 131 with sustainable impact 27 other information 141 sustainable entrepreneurship 28 overview group companies 150 people and culture 34 key figures 2015-2019 152 risk and opportunity management 44 corporate governance 48 the Aalberts share 154 Aalberts annual report 2019 5 message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 6 message of the CEO Dear shareholders, partners and colleagues, focus and simplify the organisational structure. This will drive our EBITA % and ROCE % increase going forward, achieving our strategic objectives. In 2019 we achieved a solid and resilient performance in a more difficult market environment. We realised an overall organic revenue growth of 1.1%, mainly Aalberts is in a good shape with a prosperous future. We propose a cash driven by the organic revenue growth, sales and innovation initiatives of the dividend of EUR 0.80 per share (2018: EUR 0.75) to the General Meeting, last years. In the automotive and several industrial niche end markets we faced an increase of 7%. a slowdown in Europe, North America and APAC in the course of the year, due to market uncertainty, postponement of orders and inventory reduction. The Aalberts way of value creation is to achieve unique worldwide leading We achieved a solid EBITA performance of EUR 363 million. Our EBITA was market positions based on niche technologies in selective end markets. impacted by the revenue mix. Besides this, 2019 included less incidental benefits We do this in a consistent way – following the Aalberts playbook – focusing compared to 2018. Our net profit before amortisation amounted to EUR 267 on achieving compelling competitive advantage, driving margin expansion million, with an earnings per share of EUR 2.42 with a higher effective tax rate through operational leverage and excellence, converting strong operational compared to 2018. Despite the market developments we accelerated our execution into free cash flow and continuously optimise our portfolio through investments to execute the long-term business plans and to realise our strategic disciplined capital allocation, achieving compounding returns. Driving objectives. Our capital expenditure increased to EUR 148 million to facilitate the relentlessly the Aalberts playbook we create long-term shareholder value. organic revenue growth and we strengthened our surface technologies Our track record of more than 40 years of sustainable profitable growth footprint in North America with two acquisitions: Precision Plating Company proves the sustainability of our business model. Our key strengths are our and Applied Process. mission-critical entrepreneurial people, taking ownership, going for excellence in everything they do, sharing knowledge to learn fast, continuously improving After a thorough evaluation of our businesses and structure we decided and innovating and always acting with integrity. ‘The Aalberts way – winning to further narrow our focus and allocate our capital in the most efficient way, with people’ will continue to guide our culture. where we can achieve the best leading market positions, generating the highest returns, following the Aalberts playbook. This was presented in Our entrepreneurial, dedicated and motivated business teams are the December 2019 during our Capital Markets Day in an update of our strategy passionate drivers of our long-term business plans and innovation roadmaps, 'focused acceleration' 2018-2022. The key takeaways are that we will based on the overall Aalberts strategy and objectives, led by the Aalberts accelerate our organic revenue growth initiatives and drive operational Executive Team. The head office team, working closely together with the leverage and excellence, accelerate the portfolio optimisation and further Executive Team, drives and stimulates the Aalberts networks and facilitates the Aalberts playbook our track record - 40 years of sustainable profitable growth compounding multi-industry focus portfolio growth focus niche technology focus returns 2,841 relentless pursuit revenue (in EUR million) EBITA (in EUR million) of excellence 1,937 363 785 209 strong free focus cash flow 166 88 portfolio 18 optimisation 1975 1987 1995 1999 2003 2007 2011 2015 2019 leverage | excellence 1991 competitive advantage > margin expansion disciplined growth drivers capital allocation foundation IPO 6 AalbertsAalberts annual annual report report 2019 2019 CHECK GREY message of the CEO report of the Management Board Aalberts JV2019 10/03/20report of-fiat the proef Supervisory 3 Board financial statements 2019 7 the growth potential of the group. The Aalberts networks stimulate teamwork, Our organisation is becoming more professional, improving continuously, knowledge sharing, exchange of best practices, fast learning, innovations and with people who take ownership. We need the best ideas, processes and entrepreneurship. With the networks we made good progress. Our Aalberts innovations, improve ourselves continuously, going for excellence. This is only company passport in combination with employer branding, got more traction, possible when we retain and attract the best people and empower them to be attracting talented people. Our new head office is stimulating these processes, an entrepreneur and take ownership, achieving our strategic objectives for all giving the right example and enabling better connectivity between the teams. our stakeholders, ‘the Aalberts way – winning with people’. We have embraced the Sustainable Development Goals, improved our We will accelerate our actions as presented during our Capital Markets Day. rankings in several leading sustainability ratings and benchmarks and We remain confident in realising our organic growth and innovation plans and integrated sustainability in our updated strategy ‘focused acceleration’. operational excellence projects, achieving our strategic objectives. Besides taking our responsibility we also believe sustainability creates (new) business opportunities. Operational and pricing excellence are embedded We thank our shareholders and partners for the trust they place in Aalberts more and more in the organisation, including our health & safety plans and and all our employees for their tremendous efforts
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