Belden Inc. (BDC) 2019年年度报告「NYSE」.pdf

1、 2019 Annual Report Dear Fellow Shareholders,This is an unprecedented time.The COVID-19 pandemic is putting incredible stress on the global economy and financial markets,and our associates,customers,and suppliers are experiencing disruptions in their daily lives that were unimaginable just a short t

2、ime ago.Belden is certainly not immune from these new challenges,but our shareholders can rest assured that the Company has the solid financial foundation to weather these difficult times.In recent years we took proactive steps to strengthen our balance sheet,extend our debt maturities to 2025 and b

3、eyond,and secure ample sources of additional liquidity.These decisions are proving to be especially beneficial now.Our teams are rising to the occasion,ensuring the health and safety of our associates and supporting our customers.As we navigate the near-term challenges,we remain focused on the event

4、ual recovery and the long-term opportunities for our business.Now,reflecting on 2019,Belden delivered a total shareholder return of 32%during the year,which outpaced the strong gains in the U.S.equity markets.Beyond the robust equity performance,the year was highlighted by the transformative actions

5、 we initiated following a comprehensive strategic review of our portfolio of businesses.These actions,which are intended to further improve business performance and shareholder returns,include the following:Divesting our Live Media business(“Grass Valley”);Exiting undifferentiated product lines;and

6、Streamlining the cost structure.This will result in a simplified portfolio that is aligned with favorable secular trends in industrial automation,cybersecurity,broadband&5G,and smart buildings.Once fully implemented,we expect to deliver significantly higher growth rates and margins,which we believe