Belden Inc. (BDC) 2017年年度报告「NYSE」.pdf

1、 2017 Annual Report Dear Fellow Shareholders,In 2017,we achieved record revenues,EBITDA,and EPS1.Compared to our initial guidance for the year,revenues were in-line with our expectations and EPS was significantly higher.Our attractive portfolio,superior business system,and dedicated global team enab

2、led us to drive these results.In addition to these record financial results,2017 was highlighted by significant balance sheet improvement and disciplined capital deployment.I would like to share with you the details of these actions,which provide the foundation for accelerating growth going forward.

3、Strengthened Balance Sheet We are extremely pleased with our timely debt refinancing and repayment during the year.We issued 450 million euros of senior subordinated notes at 3.375%and 300 million euros at 2.875%,the lowest long-term borrowing rates in the history of the company.This allowed us to l

4、ower our cost of capital,extend our maturities,and increase our annualized EPS by$0.47.Thinklogical Acquisition In May 2017,we completed the acquisition of Thinklogical for$166 million2.This highly profitable business is uniquely positioned for success,given its numerous market growth drivers,indust

5、ry-leading proprietary products,and difficult-to-obtain intelligence&defense accreditations.Thinklogical is a very exciting addition to the Belden portfolio that provides additional opportunities for profitable growth in our Broadcast Solutions segment.Organic Initiatives During our strategic planni

6、ng process in 2017,our businesses identified many attractive opportunities to expand into high-growth markets,enhance our product offering,and strengthen our relationships with customers.Examples of these projects include a new manufacturing facility in India to service that high-growth region,new c