Belden Inc. (BDC) 2020年年度报告「NYSE」.pdf

1、 2020 Annual Report Dear Fellow Shareholders,2020 was a truly unprecedented year,with the COVID-19 pandemic disrupting the global economy and presenting personal and professional challenges that none of us could have foreseen.Belden was significantly impacted,and once again our business proved to be

2、 strong and resilient.I am extremely proud of the way our global workforce rose to the occasion and maintained a sharp focus on supporting our customers and executing our strategic plans while ensuring the safest possible working conditions.Our teams remained highly motivated and energized throughou

3、t the pandemic,and as a result of their efforts we are incredibly well-positioned for success as our markets recover.Our shareholders can take comfort in the fact that the Company maintained a solid financial position throughout these difficult economic times.Despite the pandemic,we generated positi

4、ve free cash flow during the year,and our cash on hand increased to$502 million at the end of 2020 from$426 million at the end of 2019.I am pleased to report that we exited the year with a strong balance sheet and renewed momentum in our business.Reflecting on 2020,the year was not only highlighted

5、by the initial response to the pandemic,but also the bold steps we took to position the Company for substantially improved business performance.This includes the following transformative actions:?Divesting our Live Media business(“Grass Valley”);?Initiating a process to exit undifferentiated product

6、 lines;?Streamlining the cost structure;and?Increasing our investments in innovation.These actions will result in a simplified portfolio that is aligned with favorable secular trends in industrial automation,cybersecurity,broadband&5G,and smart buildings.We believe this portfolio will be capable of