A Window
of Opportunity
Annual Report 2021
Annual Report 2021
2
We see multiple windows of
opportunity before us. A chance
to create a sustainable future for
our children and the generations
that follow.
Are you with us?
Annual Report 20214
Annual Report 20216
7
Index
1 2021 at a glance
1.1 Message from the Chairman and CEO 10
1.2 Key Figures 2021 16
1.3 Milestones 2021 20
2 Report of the Board of Directors
2.1 Who we are 30
2.2 Mission 46
2.3 Products and Innovations 50
2.4 Risk and Governance 58
2.4.1 Internal Control and Risk Management 52
2.4.2 Corporate Governance Statement 68
2.5
Sustainability 108
2.5.1 The World We Operate in 108
2.5.2 Sustainability Strategy 112
2.5.3 People 116
2.5.4 Planet 123
2.5.5 Community 142
2.6 Financial Performance 150
2.6.1 Deceuninck Consolidated 152
2.6.2 Financial Statements and Notes 155
2.6.3 Deceuninck NV 240
2.6.4 External Auditor’s Report 243
2.6.5 Management Responsibility Statement 251
Deceuninck Shares 252
Addresses 254
Glossary 260
GRI Index 262
8 Annual Report 2021
Annual Report 202110
2021 at a glance
Marcel, your name is associated with Deceuninck
since more than 10 years, rst as independent
director and later as Chairman of the Board. How did
you see the company evolve?
Marcel: I came on board in the middle of the nancial
crisis, when the global economy was severely impacted.
During that period, Deceuninck has proven to be a very
resilient company. Management acted with a lot of agility
implementing the required restructuring, including the
closure of factories and raising the required capital to
strengthen its nancial structure. The entry of new share-
holders in 2014 gave the company extra nancial strength
allowing it to do targeted investments to further develop
the global growth plan, improve brand awareness and,
very importantly, to develop the recycling technology to
drive sustainability.
During the recent pandemic, Deceuninck showed once
more its resilience. In this crisis also, management re-
acted fast and decisively, resulting in strong protable
growth when the economy started to pick up.
Over the past few years, it has become clear to me that
we are operating in a very stable and growing market. All
new building and renovation projects require high quality
Interview with our former Chairman, Marcel Klepsch, our former CEO and new Chairman,
Francis Van Eeckhout and our new CEO, Bruno Humblet
1.1 Message from
the Chairman and CEO
windows and doors. Our products and technologies
deliver the best results in terms of insulation, which
becomes increasingly important to help meet the climate
objectives.
Francis, under your leadership Deceuninck acceler-
ated its global expansion while improving its prota-
bility.
Francis: In order to grow as a business, it was necessary
to improve protability rst. This was more dicult than
I expected. Certain structures are fairly xed and dicult
to change in the short term, but I think I can say that, over
the past 5 years, we have been successful in spite of the
turbulent times. Protability has evolved nicely in recent
years and our debt has reduced to a comfortable level.
That created room to invest, which we did: in our brand,
in our recycling activities, in growth of both geographi-
cally in — amongst others — Emerging Markets and via a
renewed product range in the mature markets.
Is the return of those investments visible already in
the 2021 gures?
Francis: I am very satised with the 2021 gures: despite
COVID-19, we achieved very good results for the second