Strong FY 2021 revenue growth of 17% to EUR 464.0 million (2020: EUR 396.4 million)
Normalized FY 2021 EBITDA up 25% to EUR 55.8 million (2020: EUR 44.6 million)
Normalized FY 2021 net profit before amortization up 76% to EUR 20.6 million (2020: EUR 11.7 million)
Q4 2021 revenue up 12% to EUR 115.8 million (Q4 2020: EUR 103.1 million)
Q4 2021 normalized EBITDA up 1% to EUR 11.5 million (Q4 2020: EUR 11.4 million), normalized EBITA up 19% to EUR 5.8 million (Q4 2020: EUR 4.9 million)
Integration of 3T, acquired in Q3 2021, contributed to both revenue and profit
Nominated lifetime project revenue in Automotive of EUR 305 million (FY 2020: EUR 350 million) of which more than 60% ACES-related, representing a book-to-bill of 1.3
Construction of 28,000 m² manufacturing facility in Suzhou Industrial Park, China, started in Q4 2021
Proposed dividend of EUR 0.69 per share; pay-out ratio 50% of normalized full-year net profit before amortization (2020: EUR 0.40 per share)

Key figures

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Joep van Beurden, Kendrion CEO:
“In 2021, we delivered strong results under difficult market conditions. Volatility in demand and shortages in many input materials including semiconductors, steel, and certain plastics put pressure on our customers, our production flexibility, and our people. Despite these challenges, Kendrion had a good year, with Group revenue 17% higher than in 2020 and close to pre-pandemic levels. Our underlying EBITDA grew by 25%, and our normalized net profit before amortization by 76%. I am extremely proud of what our employees have achieved as a global team.

Kendrion is a global actuator company, and our Business Groups focus on delivering smart actuator products that support the broad energy transition away from oil, natural gas, and coal, towards cleaner forms of energy. Our industrial brakes are used in applications such as robotics, wind power, intra-logistics solutions and more. Our Business Group Industrial Actuators and Controls (IAC) produces modular, electrified inductive heating systems that replace oil and gas heating, circuit brakers for electricity distribution and safety valves for nuclear power plants. In Automotive, our sound, suspension, and sensor cleaning actuators help enable electrified and autonomous driving. I am confident that the accelerating energy transition will continue to drive substantial growth opportunities in the coming years.

Industrial revenues grew by 22% to EUR 231.5 million, as the demand for actuators for electrification applications in almost all our markets increased. Both Industrial Brakes and Industrial Actuators and Controls are performing well above pre-pandemic levels. The Automotive Group grew by 13%, and although still somewhat behind pre-pandemic revenue levels, we benefited from our strong pipeline as business wins over the past years started to generate revenue. We added EUR 305 million in lifetime revenue to that pipeline; a positive book-to-bill ratio for the fourth consecutive year.

We integrated leading electronics and embedded systems expert 3T, acquired in September 2021. We expect this acquisition to offer growth potential for our Industrial business in combination with the control technology activities of Industrial Actuators and Controls. 3T also strengthens our software and electronics development capabilities, benefiting our Automotive Group, more specifically the development of our sensor cleaning and sound actuation platforms. In Q4 we divested our 30% share in Newton CFV, a start-up that develops valves for the beverage dispensing industry. The proceeds were EUR 3.3 million and Kendrion retained exclusive manufacturing rights for the valves.

Looking ahead, we expect the current economic environment to continue in the first half of 2022, with potentially a more stable supply chain in the second half of the year. We have set ourselves ambitious medium-term financial targets of 5% organic growth between 2019 and 2025, an EBITDA of at least 15% in 2025 and an ROIC of at least 25% in 2025. Two COVID-disrupted years later, we are well on our way to achieving these targets.”

Please find the full press release attached.


220225 Kendrion N.V. press release - Kendrion Q4FY results 2021.pdf
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