Belden Inc. (BDC) 2016年年度报告「NYSE」.pdf

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1、 2016 Annual Report Dear Fellow Shareholders,2016 was a year of especially strong performance at Belden.We achieved record EBITDA margins,earnings,and free cash flow1,illustrating the quality of our portfolio and the uniqueness of our business system.Accordingly,we were rewarded with upper-quartile

2、total shareholder returns.As you would expect,we continued to diligently execute our strategic plan,improving our capital structure,cost structure,and market position.These improvements provide the basis for further growth and margin expansion.We expect this,in turn,to drive continued robust shareho

3、lder returns.I would like to share with you some of the accomplishments in 2016,and their significance to Belden.Strengthened Balance Sheet We are extremely pleased with the improvements made to our balance sheet.As a result of our mandatory convertible preferred equity issuance and record free cash

4、 flow generation,we finished the year with$848.1 million of cash on the balance sheet.In addition,our 200 million euro senior subordinated debt offering during the year at 4.125%provided the lowest fixed-rate debt in the history of the company and allowed us to more closely align our balance sheet w

5、ith our cash flows.Our net-debt to EBITDA ratio of 1.8x is now comfortably below our long-term target range of 2.5-3.0 x.Importantly,this provides ample capital to fund our organic growth initiatives and sufficient dry powder to invest in quality companies that improve our market position and meet o

6、ur financial hurdles.Lean Enterprise In 2016,we improved our cost structure and expanded margins.The productivity programs in our Broadcast Solutions Platform produced favorable results,with Segment EBITDA increasing 21.3%on organic revenue growth of 4.1%.In addition,notable productivity gains in ou