Annual reports
TKH Annual Report 2024
Strategic progress has once again been a high priority. Important milestones were achieved that have strengthened the foundation for growth. In 2024, we concluded our €200 million investment program with the opening of our inter-array cable plant in Eemshaven in September 2024. Further focus was created by divestments and acquisitions within the core activities, in line with our objectives.
We prepared our sustainability statements 2024 based on the CSRD on a voluntary basis. At the same time, we obtained a voluntary assurance on the sustainability statements. This confirms our focus on sustainability and further integration of sustainability in our own operations, and value chains.
Alexander van der Lof, CEO
Our strategy for the next phase will focus on the exciting trends of Automation and Electrification.
Key messages
General developments
- Completion of our €200m strategic investment program
- Opening of inter-array cable plant in Eemshaven in September 2024
- Significant expansion of our capacity in Electrification, both medium and high voltage cable as well as offshore wind inter-array cable
- Implemented €15m cost saving measures
- Our technology leadership was supported by a record high investment in R&D of €80.7m
- Innovations at 17.6% of turnover
- Further strengthening of our proprietary technologies and market positioning through software and AI developments such as
- Foreign Object Detection in tire building machines
- Clean Voice from Noise in integrated security intercom systems
- Record high order book of €1,135m per December 31, 2024
- The added value increased further from 49.8% to 51.9%, which is an important confirmation of the strategic development of our portfolio and technology leadership
Developments per technology segment
- The Smart Vision activities faced headwinds in the first nine months; by focusing strongly on acquiring new customers, winning larger projects and at the same time introducing new technologies, a record ROS of 22% was achieved in the fourth quarter
- The Smart Manufacturing activities achieved a record year in terms of turnover and results, supported by the excellent performance of the Tire Building systems segment; with a ROS realization of 19.1%, the target of 19% for 2025 was exceeded
- The Smart Connectivity activities were strongly impacted by the deterioration of the fibre optic market as well as the ramp-up of the new inter-array cable facility in Eemshaven leading to a ROS of 4.9%; the perspective of the investment in Eemshaven was confirmed by a record high order intake of €336m for subsea
Sustainability
- Sustainability statements aligned with CSRD on voluntary basis, including voluntary assurance on the sustainability statements
- High-priority investments resulted in 70.3% reduction of CO₂e footprint (scopes 1 and 2)
- Diversity ratio increased to 21.6% (females in executive and senior management teams)
- Employee satisfaction rate all-time high at 7.8
- 71.6% of turnover linked to SDGs
Investments and portfolio optimization
- Net investment in property, plant and equipment of €98.7m, of which €49m related to the Strategic Investment Program
- As part of our strategy to focus on our proprietary technologies, two non-core entities within Smart Manufacturing systems, together accounting for €56m of turnover in 2023, were divested:
- HE System – specialized in efficient electronic assemblies as well as power modules
- EKB Groep – with a position in both panel building and industrial automation
- Acquisition of three companies with proprietary technologies which complement our portfolio
- JCAII – providing innovative and reliable communication systems to the airport industry, complementing our CEDD technology
- Liberty Robotics – provides 3D volumetric vision guidance systems for robot applications
- Comark – a company specialized in laser-based volumetric vehicle measurement
Entering next phase with Focus and Optimization program
- Focus on Automation and Electrification by leveraging our existing footprint and by deploying proprietary technologies
- Further optimize our operations through integrations and divestments
- Using proceeds to further build on our core technologies in Automation and Electrification, while we aim to return excess cash to shareholders through dividends and/or share buybacks
- €1,712.7mTurnover 2024
- 11.9%Return on sales 2024
- 15.2%Return on capital employed 2024
- €203.9mEBITA 2024
- €1.50Dividend per share
TKH worldwide
Turnover by region
The Netherlands
€413 million
Europe (other)
€594 million
Asia
€369 million
North America
€251 million
Other
€86 million
- 70.3%Net CO₂e footprint reduction (Scopes 1 and 2)
- 71.6%Turnover linked to SDGs
- 8.6Customer satisfaction score
- 0.7Accident rate (LTIFR)
- 7.8Employee satisfaction score
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Annual Report
2024
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