Aalberts N.V.: Aalberts accelerates strategy and continues investments and innovations; solid and resilient performance with ...
25 February 2021 - 7:15AM
Aalberts N.V.: Aalberts accelerates strategy and continues
investments and innovations; solid and resilient performance with
strong free cash flow
Utrecht, 24 February 2021
highlights
o limited number of COVID-19 infections; continued operations in
a safe wayo revenue EUR 2,610 million; organic decline 7.0% o
orderbook at year-end 9.3% higher than last year o EBITA amounted
to EUR 283* million; as a % of revenue 10.8* o net profit before
amortisation EUR 200* million; per share EUR 1.81* o strong free
cash flow of EUR 339 million o net debt (before IFRS 16) reduced
with 24% to EUR 444 million o continued investments and
innovations; capital expenditure EUR 95 million o acceleration
strategy: one-off full year strategic restructuring cost (SRC) of
EUR 51 million with an annual benefit of approx. EUR 50 million
CEO statement
“We are fortunate that we only faced a limited number of
COVID-19 infections. Our Aalberts people did a great job in
continuing our operations in a safe way, serving our customers
worldwide. Our business was impacted with an organic revenue
decline of 7%. We focused on cash management, cost optimisations
and innovations. We delivered a resilient and solid performance
with an added-value of 61.6% and an EBITA of EUR 283* million,
reflecting our portfolio and market position improvements over the
last years.
In the first half of the year we accelerated our strategy with
many strategic restructuring projects to simplify our organisation,
reduce our structural costs and to further improve our portfolio to
evolve into a stronger and better Aalberts, realising our strategic
objectives. This has led to a one-off strategic restructuring cost
during 2020, which will partly benefit 2020 and fully 2021.
We continued our capital expenditure (EUR 95 million) in growing
product lines, future technologies and innovations and strengthened
our R&D capacity. Some building and capacity expansion
investments were postponed.”
dividend
We propose a cash dividend of EUR 0.60 per share (2019: EUR
0.80) to the General Meeting, a decrease of 25%.
outlook
We will drive our organic revenue growth and innovation
initiatives and increase our capital expenditure. We continue the
strategic restructuring projects and inventory reduction programme
and further improve our portfolio to realise our strategic
objectives. We will continue to strengthen our market positions and
niche technologies with bolt-on acquisitions.
- full press release in pdf
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