sustainable. performance.
annual report 2021
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
all figures before exceptionals
16% organic revenue growth and an EBITA margin of 15.2%
revenue
(in EUR million)
earnings per share before amortisation
(in EUR)
EBITA
(in EUR million)
free cash flow (before interest and tax)
(in EUR million)
net profit before amortisation
(in EUR million)
return on capital employed
(in %)
2011
2016
2021
1,937
2,522
2,979
2011
2016
2021
1.36
1.92
3.05
2011
2016
2021
209
298
454
2011
2016
2021
169
273
310
2011
2016
2021
146
212
337
2011
2016
2021
14.3
14.7
17.2
2,979
3.05
454
310
337
17.2
Aalberts annual report 2021 highlights 2021
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
highlights 2021
increasing semicon efficiency
of total revenue
driving sustainable transportation
of total revenue
enhancing industrial niches
of total revenue
shaping eco-friendly buildings
of total revenue
135
locations worldwide
mission-critical people
4
end markets
14,402
Eastern Europe
Russia
10%
1%
APAC, Middle East, Africa
5%
of total revenue
Western Europe
59%
of total revenue
America
25%
of total revenue
we are where technology matters and real progress can be made
increasing semicon efficiency
of total revenue
9%
driving sustainable transportation
of total revenue
15%
enhancing industrial niches
of total revenue
18%
shaping eco-friendly buildings
of total revenue
58%
Aalberts at a glance
of total revenue
of total revenue
Aalberts annual report 2021 Aalberts at a glance
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
2,522
1,937
1,440
604
2,979
298
454
209
168
69
23
1975-1981
foundation
1987
IPO
1996 2001 2006 2011 2016 2021
214
1991
89
revenue (in EUR million)
EBITA (in EUR million)
2011
2021
1.36
3.05
2011
2021
0.34
1.651.01 special
EBITA
244
capital employed
1,038
209 2011 1,464
454 2021 2,676
(1) IFRS 16 (174)
shareholder value creation
earnings per share
(in EUR)
CAGR 8% CAGR 12% >50%23.5%
dividend per share
(in EUR)
return on incremental capital
employed (ROICE)
long-term shareholders
(>3% holdings)
multi-industry focus portfolio growth focus mission-critical technology focus
over 45 years of sustainable growth
Aalberts annual report 2021 shareholder value creation
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
in this report
messageoftheCEO 
aboutAalberts 
ouressence 
ourwayofvaluecreation 
theAalbertsplayingfield 
theAalbertsplaybook 
theAalbertsway 
Aalbertsstrategy&objectives 
ourleanandeffectivestructure 
ourpeople 
stakeholderdialogue 
sustainableentrepreneurship 
progressandperformance 
financialdevelopment 
operationaldevelopment 
socialperformance 
environmentalperformance 
EUtaxonomy 
risk&governance 
businessintegrity 
riskandopportunitymanagement 
corporategovernance 
reportoftheSupervisoryBoard 
messageoftheChairman 
compositionoftheSupervisoryBoard 
theworkoftheSupervisoryBoard 
remunerationreport 
financialstatements 
consolidatedfinancialstatements 
notestotheconsolidatedfinancialstatements 
companyfinancialstatements 
notestothecompanyfinancialstatements 
otherinformation 
supplementaryinformation 
glossarynon-GAAPmeasures 
overviewAalbertsgroupcompanies 
theAalbertsshare 
keyfigures- 
20 28 36
our people progress and performancesustainable entrepreneurship
5Aalberts annual report 2021
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
This document is the PDF version of the
AalbertsN.V. annual report 2021. A European
singleelectronic format (ESEF) reporting package
isavailable at aalberts.com/investors
twitter.com/aalbertsnv
linkedin.com/company/aalberts-
aalberts.com/progress
followourprogress
Dear shareholders, customers,
partners and colleagues,
In 2021 we delivered a strong performance. Organic
revenue growth accelerated to 16.0% and our orderbook
increased with 52% compared tothe year before.
Werealised a revenue of EUR 2,979 million, an EBITA
ofEUR 454 million and a net profit of EUR 337 million,
with an earnings pershare of EUR 3.05. Additionally, we
realised an exceptional EBITA benefit of EUR 100million
as a result of the divestment programme. Ourinnovation
rate increased to more than 15% and our SDG impact
increased to 66% of revenue.
Our Aalberts people did a great job. We continued our
operations in a safe way, despite an ongoing pandemic.
We were able to manage the disruptions in our supply
chains and the raw material and labour shortages,
requiring a lot of attention of our business teams.
Wefaced no severe issues and served our customers in
the best possible way. We also faced price increases for
raw materials and components and inflation in wages
and other costs. We managed to take the right actions
and kept our added value margin on a good level.
Our unique positioning, mission-critical technologies,
worldwide presence, strong local entrepreneurship
and fast decision-making helped us to overcome
these challenges. All Aalberts people deserve a big
compliment for this strong performance.
We executed the strategic restructuring plan and
inventory optimisation projects and evaluated and
improved the business development initiatives of all
business teams. To facilitate the growth plans, capital
expenditure increased to EUR 147 million (+54%),
continuing the investments in growing product lines,
future technologies and innovations. With the acquisitions
of Sentinel and Premier Thermal and the divestments of
Lasco, Adex and Standard Hidráulica Group, we further
optimised our portfolio.
In December we presented our updated strategy
Aalberts ‘accelerates unique positioning’ during a virtual
Capital Markets Day. Four main strategic actions 2022-
2026 were defined. Firstly, we will continue to optimise
the existing portfolio, strengthen our positions with
bolt-on acquisitions and launch an additional divestment
programme. Secondly, we will increase our organic
revenue growth by focusing on four technology clusters
and four end markets, drive related business plans,
allocate capital and management accordingly, increase
innovation expenditure to more than 5% of total revenue
and increase capital expenditure to EUR 200-250 million
per year. Thirdly, we will continue the relentless pursuit
of operational excellence by launching an additional
operational excellence programme, further consolidate
and reduce locations and realise world-class operations:
highly automated and efficient, with an excellent service
and continuously drive pricing excellence. Fourthly, we
will drive sustainable entrepreneurship by accelerating
our unique positioning and capitalise the market
opportunities, increase our SDG impact to more than
70% of total revenue in 2026 and commit to become
net zero carbon in 2050 or earlier. We also updated our
objectives for the coming years.
At Aalberts, we engineer mission-critical technologies for
a clean, smart and responsible future. We firmly believe
that sustainability only works when it is an integrated part
of the Aalberts strategy and it applies to all stakeholders.
That is why we call it sustainable entrepreneurship. Our
message of the CEO
“ all Aalberts people deserve
a big compliment for
this strong performance”
playing field focuses on shaping eco-friendly buildings,
driving sustainable transportation, increasing semicon
efficiency and enhancing industrial niches. Megatrends
urbanisation, energy & resource scarcity and internet of
things are shaping our future, creating a shift towards
co-development, connectivity and integration.
6
Aalberts annual report 2021 message of the ceoAalberts annual report 2021
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
In eco-friendly buildings we experience an increasing
need for renovation and energy efficiency in buildings.
Our hydronic flow control solutions combined with
integrated piping systems have a prosperous future.
In sustainable transportation the usage of passenger
cars, commercial vehicles and aerospace travel is being
redefined, the demand for e-bikes and e-mobility is
lifting off in combination with usage of lightweight
materials to reduce energy and extend the lifetime
of materials. Our surface technologies activities are
perfectly positioned to take advantage of these trends.
In semicon efficiency the collection and analysis of
data is set to explode, even more than expected. This
creates many new business opportunities to support
our key accounts in co-developing and manufacturing
advanced mechatronics solutions. We are at the heart
of these semicon efficiency developments and these
technologies are also applied in several industrial niches.
Regional manufacturing becomes favourable to improve
service, protect the supply chains and reduce transport.
We experience this reshoring trend in all businesses and
are further strengthening our manufacturing footprint in
Europe, United Kingdom and North America.
Our pragmatic entrepreneurial culture and lean structure
keep us ahead of the game, while relentlessly running
the Aalberts playbook, where good is never good
enough. We win with the best teams, drive margin
expansion through operational excellence and leverage,
convert strong operational execution into free cash
flow to reinvest in strengthening our market positions,
innovations and portfolio optimisation. Wedothis
through a disciplined capital allocation realising
compounding returns. Our track record of more than
45 years of sustainable profitable growth proves the
sustainability of this business model.
Our key strength is our mission-critical entrepreneurial
people, taking ownership, going for excellence in
everything we do, sharing knowledge to learn fast,
continuously improving and innovating and always
acting with integrity. ‘The Aalberts way – winning with
people’ will continue to guide our culture. We can only
win with the best teams as passionate drivers of our
long-term business plans and innovation roadmaps.
Forthe best ideas, processes and vital innovations it is
anecessity to develop, retain and attract the best people
and empower them to be an entrepreneur and take
ownership. In 2021, 100 colleagues participated in our
trainee, talent and leadership development programmes
and we shared more best practices than ever through
our people & culture network. The promotion of
talents and leaders to other positions in the different
business teams is increasing fast, generating energy
and motivation in the organisation and utilising the
knowledge within the group, greatness is made of
shared knowledge. The Aalberts brand and values
are embraced more and more by all our stakeholders,
which is also reflected by the calibre of talent and
leadership who joined us. OurAalberts networks, driven
by the head office leadership team and working closely
together with the Executive Team and business teams
leadership, made further progress stimulating teamwork,
knowledge sharing, exchange of best practices, fast-
learning, innovations and entrepreneurship.
To the General Meeting we propose a cash dividend of
EUR 1.01 per share (2020: EUR 0.60), an increase of 68%
and a special cash dividend of EUR 0.64 per share, due
to the exceptional EBITA benefit.
We thank our customers for their patience and loyalty
during the year, which was impacted by the disruptions
in our supply chain and the raw material and labour
shortages. We tried to serve everyone in the best possible
way. A big thank you to all Aalberts people, continuing
our operations in a safe way, serving our customers
indifficult circumstances, delivering strong results and
driving our long-term business plans forward. A great
achievement, showing the strength of our business teams
and entrepreneurial culture. We thank our shareholders
for their loyalty and trust and for supporting our updated
strategy. Due to the strong performance in 2021 and the
exceptional EBITA benefit we were able to deliver great
shareholder value. We are a sustainable profitable growth
company you can count on.
In 2022, we started with a strong orderbook and will
relentlessly execute our updated strategy Aalberts
‘accelerates unique positioning’.
Sincerely,
Wim Pelsma
“ we firmly believe that
sustainability only works if it
applies to all stakeholders”
“ due to the strong performance
in2021 and the exceptional EBITA
benefit we were able to deliver
great shareholder value”
7Aalberts annual report 2021 message of the ceoAalberts annual report 2021
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
“ In sustainable transportation the usage of passenger cars,
commercial vehicles and aerospace travel is being
redefined, the demand for e-bikes and e-mobility is lifting
off in combination with usage of lightweight materials
toreduce energy and extend the lifetime of materials.”
message of the CEO
about Aalberts
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
about Aalberts
ouressence 
ourwayofvaluecreation 
theAalbertsplayingfield 
theAalbertsplaybook 
theAalbertsway 
Aalbertsstrategy&objectives 
ourleanandeffectivestructure 
ourpeople 
stakeholderdialogue 
sustainableentrepreneurship 
9Aalberts annual report 2021 9
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
we engineer mission-critical technologies
enabling a clean, smart and responsible future
we are a company of mission-critical people who can’t resist
going beyond the line of duty – good is never good enough
sharing and discussing ‘bad’ gets us to brilliant –
greatness is made of shared knowledge
our essence
10Aalberts annual report 2021 10Aalberts annual report 2021
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
competitive advantage
growthdrivers
leverage | excellence
> margin expansion
compounding
returns
portfolio
optimisation
strong free
cash flow
disciplined
capital allocation
focus
relentlesspursuit
ofexcellence
our way of value creation
11Aalberts annual report 2021 our way of value creation about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
the Aalberts playing field the Aalberts playbook the Aalberts way
we are relentless in our pursuit of excellence
mission-critical
technologies
good is never
good enough
greatness is made
of shared knowledge
the Aalberts playing field
shaping eco-friendly buildings
driving sustainable transportation
increasing semicon efficiency
enhancing industrial niches
we engineer mission-critical technologies enabling a clean, smart and responsible future
12Aalberts annual report 2021 the Aalberts playing field about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
you will find Aalberts where technology matters and real progress can be made
shift towards co-development, connectivity and integration
urbanisation
energy &
resource scarcity internet of things
accelerating breakthroughs
enabling autonomous
driving, smart buildings,
industry 4.0
strong need for
comfortable and healthy
buildings and sustainable
transportation
saving energy, lowering
waste, reshoring and
making materials
lightweight and durable
megatrends shaping our future
13Aalberts annual report 2021 the Aalberts playing field about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
competitive advantage
growthdrivers
leverage | excellence
> margin expansion
compounding
returns
portfolio
optimisation
strong free
cash flow
disciplined
capital allocation
focus
relentlesspursuit
ofexcellence
good is never good enough
the Aalberts playbook
14Aalberts annual report 2021 the Aalberts playbook about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
ExecutiveTeam(fltr)MaartenvandeVeenWimPelsmaMarcelAbbenhuisArnoMonincxOliverJägerAndréinhetVeld
We win with the best teams, drive margin expansion through operational excellence
andleverage, convert strong operational execution into free cash flow to reinvest
instrengthening our market positions, innovations and portfolio optimisation.
We do this through a disciplined capital allocation realising compounding returns.
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
We are straight-talking, can-do, no-nonsense
pragmatists. We win with people. It’s that
simple. We want to get the most out of
ourselves, every day. We blend boundary
pushing engineering with silo-breaking
entrepreneurial business sense.
This is how we keep our eyes open for
technological opportunities and how we
manage to capitalise on them in a profitable
way. Whatever the situation or request is, we
put together the right team to change the
game. That is how we deliver vital innovation
to ground-breaking industries. Working as one,
we improve the world of today and invent it
fortomorrow.
‘The Aalberts way’ reflects the DNA of our
company, it is what we stand for and what we
practice and deliver every day. It is the common
language in our organisation. It has been our
strength since day one. It is the foundation for an
even greater future that will lead to new growth
paths. And it provides us with a focus when we
review, recruit, coach and develop our talents.
We believe that greatness demands more than
ingenuity and that failure is a valuable stop on the
way to success. Sharing and discussing ‘bad’ gets
us to ‘brilliant’. No matter how big the problem
or opportunity is, when we say “We got this”, we
won’t let go until there is nothing left to learn. This
is how we deliver excellence.
Long-term value creation can only be achieved
by maintaining a company culture that embraces
transparency and trust. We stimulate and protect
a culture where people feel the need – and feel
safe – to speak up and act with integrity. For us,
this is real governance.
greatness is made of shared knowledge
the Aalberts way
16Aalberts annual report 2021 16Aalberts annual report 2021
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
“ our pragmatic culture and
lean structure keep us ahead
of the game, no matter how
frequently or significantly
the game is disrupted”
17Aalberts annual report 2021 17Aalberts annual report 2021
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
Aalberts strategy & objectives
organic
revenue growth
(% annually)
4-6%
ROCE
18-20%
SDG rate
(% of revenue)
>70%
EBITA margin
(% of revenue)
16-18%
innovation rate
(% of revenue)
>20%
leverage ratio
<2.5
strategy objectives 2022-2026
accelerating unique positions with mission-critical
technologies, high entry barriers and pricing power
creating sustainable profitable growth with high added-value
margins, EBITA margins and innovation rates
driving operational excellence and portfolio optimisation
converting into free cash flow, achieving world-class operations
allocating capital in a disciplined way strengthening our
unique positions
realising sustainable entrepreneurship with clear impact
and commitment
ensuring an open, pragmatic culture and lean structure,
using the Aalberts strengths
18Aalberts annual report 2021 Aalberts strategy & objectives about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
our lean and effective structure
With 14,402 employees, 135 locations and activities
in over 50 countries, Aalberts operates four mission-
critical technology clusters in four end markets with
different developments and dynamics. This divergence
contributes to long-term, balanced and sustainable
profitable growth.
In addition, it gives us the opportunity to accelerate and
develop our mission-critical technologies, end markets
and regions simultaneously. We allocate our capital
where we make the highest returns and where we can
achieve unique positions. We are where technology
matters and real progress can be made.
We drive innovation roadmaps per business team and
strengthen our technology and/or footprint positions
through bolt-on acquisitions and optimisations
in our existing portfolio, continuously striving for
leading unique market positions, creating long-term
stakeholder value.
The Executive Team is responsible for the day-to-day
leadership of the business teams, driving our strategy
Aalberts ‘accelerates unique positioning’.
The small head office leadership team drives the
Aalberts networks, working closely together with the
Executive Team and business teams leadership.
These networks, such as people & culture, business
development, marketing & communications, HSR
& sustainability, legal & governance, finance & tax,
information & cyber security, protect and improve
the performance of our organisation. Through a
multidisciplinary, integrated audit, we relentlessly
improve our processes, including exchange of best
practices between the business teams. The head office
has a leading role in increasing gender diversity, 40% of
our head office positions is currently filled by women.
A lean and effective structure with a continuous share
and learn approach, guided by ‘the Aalberts way –
winning with people’.
head office leadership team (fltr): Thijs van der Lugt, Erik Jörning, Arno Monincx, Anne-Lize van Dusseldorp, Mattijs Planken, Joey Hunsel, Wim Pelsma, Jeannette Zuidema, René Dekker
19Aalberts annual report 2021 our lean and effective structure about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
our people
Our key strength is not the technology we
produce, but the relentless people who
create it. For the best ideas, processes
and vital innovations it is a necessity to
nurture a future-proof workforce:
attracting, developing and retaining the
best people, empowering them to be an
entrepreneur and take ownership.
attract
As a result of globalisation and consolidation, being
able to continuously professionalise and improve is
vital. The Aalberts company passport accelerates that
process, creating awareness of our unique brand culture,
which we continue to strengthen within an increasingly
competitive marketplace. To keep us ahead of the
game, we are fostering our pragmatic entrepreneurial
culture and lean structure. We continue to make
progress providing potential employees with a better
understanding of who we are and what we are about.
Employer branding continues to be a key focus area for
Aalberts.
The people & culture network made strong progress
setting priorities and responsibilities, combining our
Aalberts company passport and unique culture, human
resource and marketing & communications initiatives
throughout the group, aligning the business teams
and regions. Activity and engagement on our own
digital channels and social channels are increasing. The
newsroom at Aalberts is fundamental in enhancing our
employer branding in the marketplace and creating clear
and attractive view from the outside in.
Awareness of the Aalberts brand, entrepreneurial
culture and lean structure is increasing amongst
our stakeholders, which is again reflected by the
Willemijn Doornbos, Aalberts management trainee
“As someone who always had an interest in a wide variety of subjects, applying for a job after
graduating as an MBA (generalist) was not an easy task. All I knew was that I wanted to experience
working in an international company, preferably with the option to work abroad. It felt like a restraint
to already decide on a specific direction in which I would start my career when I had not yet been
able to experience any of my interests in practice.
The Aalberts management traineeship has proven to be perfect for me. I get the opportunity to
experience working in different departments, as well as working in different countries, with all the
tools available to learn and grow exponentially. What I like about the company culture is that it offers
you the tools and resources, but leaves you responsible of taking ownership of your own role. Each
assignment and company is different, but a recurring factor in each company is the entrepreneurial
spirit. The mentality to take ownership and the drive to always improve creates a motivational
environment to work in during each assignment.”
“ I get the opportunity
to experience working in
different departments ”
20Aalberts annual report 2021 our people about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
calibre of talent who joined us this year. The winning
entrepreneurial voice, the resilience demonstrated in our
overall performance and the continuation of investments
play an important role. In this fast-changing world of
technological innovations and increasing demands,
Aalberts focuses on building a diversified future-proof
workforce, attracting a blend of experienced leaders
and young talents, who will ultimately be responsible for
developing tomorrow’s technologies.
With gender diversity high on Aalberts’ agenda, the
people & culture network and Executive Team are
putting strong emphasis on connecting with female
candidates in all recruitment activities.
Partnerships with entrepreneurial student teams to
break new grounds with hydrogen racing cars, electrical
race bikes and hydrogen solutions for eco-friendly
buildings enable us to learn from the next generation,
to connect with key universities and to create exposure
for the Aalberts brand. We will further roll out these
partnerships in Europe and North America in the
coming years. On top, an Out-of-Home pilot campaign
with billboards next to key Dutch highways to attract
engineering talent was a great way to learn and create
exposure.
develop
We empower our people to solve problems. We support
and develop them. We stretch them to their limits,
then take them a bit further. Always working together,
because we believe that greatness depends on shared
knowledge and shared skills. We also believe that diverse
teams led by inclusive leaders are more engaged,
and therefore deliver better governance and business
performance. At Aalberts, training and development
never stops. Our personal and leadership development
programmes are designed to drive, shape and influence
Aalberts and are tailored around seniority level - for
those who recently embarked upon a career at Aalberts
and for more experienced employees.
“ investing in our people isthe
best way of building asustainable
people organisation ”
Julia Brey, human resource director Aalberts surface technologies
In this year’s development programme Aalberts, people empowerment, 35 people from within
Aalberts surface technologies, from different countries were brought together in 3 different groups
(shape Aalberts, drive Aalberts and influence Aalberts) to work on their leadership abilities and
define their personal way of leading.
This year’s programme focused on Aalberts cultural principles & values giving the participants the
opportunity to go beyond the line of duty and challenge themselves with the target to bring out
the best of each individual and on the other hand creating an atmosphere of trust, integrity and
openness to challenge each other and that way grow as a group. “Especially after the long covid
pause it was great having the chance to meet other colleagues again and to feel the synergies from
shared knowledge. says Renáta Horvath, group controller in Hungary. “From the first moment there
was an atmosphere of trust and openness to grow. This really impressed me. I am looking very much
forward to the next modules”.
“It was great seeing the engagement and passion of the participants to develop their skills and to get out
of their comfort zone,” says Julia Brey, human resource director Aalberts surface technologies. “Investing
in our people is one of the best ways of building a sustainable people organisation. I am really much
looking forward to the upcoming modules and to accompany our participants in their development!”.
21
Aalberts annual report 2021 our people about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
The ongoing pandemic and the shift away from face-
to-face meetings, didn’t stop us from continuing several
international and personal development programmes
to help our people develop, both as professionals as
well as leaders. By taking ownership and adapting
the programmes to fast-changing circumstances, we
developed and rolled out three online workshops and
transformed the original programmes to a set-up in
which online and offline learning were combined for our
2021 participants.
In total, 100 people participated in our development
programmes, enabling them to learn the unique Aalberts
culture and to connect with managers from different
Aalberts businesses. With the experience gained around
remote learning, we will continue to offer a combination
of online and offline training through our development
programmes.
Our development strategy for Aalberts’ global trainees
also proved to be successful and sustainable. As well as
delivering real value to our companies by working on
crucial projects and supporting our local management
teams, the 2021 graduates have also been offered
strategic positions across the organisation.
retain
All activities and investments to attract and develop
people are aimed at challenging them to convey the
Aalberts strategy into everyday practice. Obviously,
retaining our mission-critical people is as crucial.
Again in 2021, the ongoing pandemic forced us to
leverage virtual tools to bring our colleagues closer
together, without losing focus and ownership in the
business teams. Increased engagement creates brand
ambassadors and contributes to a better understanding
of the overall mission and journey and how everyone
is connected. Since 2021 we have been organising
‘Aalberts share and learn sessions’ to virtually connect
our people and to share our expertise on relevant
business topics.
Inge Colson, director HR & communications at Aalberts advanced mechatronics
We partnered with Eindhoven University of Technology (TU/e) on the TU/e contest, which helps
us connect with the next generation of talented students who may go on to become Aalberts
employees. Participants have been challenged to further develop their innovative ideas, prototypes,
business plans or research projects, helping them to discover and develop their vision and creativity.
To conclude this dynamic contest, we invited a select group of students to join a Sustainability
Challenge. “Students worked on their tasks in approx. 40 teams, aided by coaches from participating
companies, such as engineers from Aalberts advanced mechatronics,” says Inge Colson, director
HR & communications at Aalberts advanced mechatronics. “Teams could ask coaches questions,
and the coaches guided them through a number of milestones. Because Aalberts is always on the
lookout for new talent, and we require people from a wide range of specialisms who are passionate
about helping us build a sustainable future together, the contest is an ideal way to see the students
in action—how they think, approach a problem, and respond to challenges. ”This sort of events
enables us to present the company on a much deeper level than a university career day. It also gave
us valuable insights into how (potential) future colleagues look at us, and what they expect from a
future employer. Plus, we definitely left with a few more ambassadors for our brand and company.”
We managed to retain talents and experienced
leaders by promoting them to challenging positions
in our company. Moves of people between different
technology clusters is increasing fast, generating energy
and motivation in the organisation and utilising the
knowledge within the group.
As an important part of retention, this process started
in a natural way and underlines the effectiveness of
the Aalberts networks and our share and learn culture.
Together with local management, the people & culture
network exchanges open key positions throughout the
Aalberts organisation and is becoming increasingly
successful in finding the right match.
When recruiting, internal candidates are given priority,
helping to retain and nurture internal talent. For
management, this requires a strong commitment to
facilitate internal moves and to make them successful.
All these efforts contribute to building a sustainable
people organisation.
22Aalberts annual report 2021 our people about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
diversity and inclusion
As employees are key for our success, Aalberts recognises
and respects the differences between individuals and
understands that these differences can include ethnicity,
religion, nationality, age, gender, sexual orientation, physical
ability, experience and perspective. Diversity ensures that
we reinforce each other, bring out the best in each other and
cooperate optimally. Providing an inclusive workplace makes
diversity work.
Recruiting and developing a diverse and inclusive workforce
gives us a wide range of perspectives and allows us to
explore and adopt fresh ideas and technological innovations.
It also allows us to better understand and meet the needs of
our diverse customers and communities. At all levels of our
organisation, we encourage diversity by recruiting people
with different backgrounds and genders.
It’s widely acknowledged that gender imbalance is more
common in operational industries. Although gender diversity
being high on Aalberts’ agenda, improving our gender
diversity remains a challenge. At year-end, 26.2% of our total
workforce were women.
The Aalberts approach is to focus our efforts on improving
gender balance within the senior leadership of the company
(approx. top 100) by putting gender diversity on top of all
conversations related to attracting, developing and retaining
talents.
We already see more women entering various management
levels. In the last years gender diversity increased towards
23% women at senior leadership level, through attraction
and retention of employees, job rotation, mentoring and
coaching programmes, personal development and leadership
programmes and succession planning. Diversity is a priority
and is driven by our people & culture network.
In 2022, next steps will be taken towards target setting for
gender diversity at senior leadership level. In parallel, we
continue to enhance our brand and unique culture, as this
greatly contributes. This is how we increase gender diversity
in a sustainable way.
23
Aalberts annual report 2021 our people about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
community engagement and partnerships
We believe in creating shared value for our stakeholders
by supporting progress in society in various manners.
That is why we have a partnership programme in
place at head office level with a focus on technological
progress and sustainable entrepreneurship.
Besides this programme, we are involved in countless
regional and local philanthropic and community
engagement initiatives, such as donations to charities,
partnering with schools and universities to share
knowledge.
As entrepreneurs, we see a shared value proposition
in working with people with disabilities, refugees or
un (and under)-employed people. Assembly of part of
our products takes place at sheltered workshops. We
have several business locations that integrate refugees
into their workforce to increase capacity, for example
a refugee project in Germany and the labour training
centre in Norway. They receive language training
combined with other education.
With our partnership projects we aim to support
sustainable progress in society. Based on our policy,
projects should match our strategy and values, focus
on technology and sustainability and impact the SDGs
that are material for Aalberts. Alongside our financial
backing, we offer our knowledge and technologies to
the respective projects.
Amongst other initiatives, we supported the electric
superbike student team of the University of Twente
and the Forze hydrogen racing team from the Delft
University of Technology. We also partnered with the
Delft University of Technology to explore hydrogen
opportunities at the Green Village. Aalberts will further
roll out these partnerships in Europe and North America
in the coming years.
24Aalberts annual report 2021 our people about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
“ Aalberts brings
strong returns on
my investments,
they breathe
sustainable
entrepreneurship
and their track
record is
impressive ”
“ Aalberts blends
boundary-pushing
engineering with
entrepreneurial
business sense,
together we make
progress and
disrupt the norm ”
“ Aalberts enables
me to grow and
learn continuously,
I’m passionate to
contribute to the
success of this
entrepreneurial
company”
“ Aalberts is a
reliable and
responsible
partner, their
dedication to
progress and
entrepreneurship
enables us to grow
together”
“ Aalberts makes
impact and
contributes to a
clean, smart and
responsible future,
they enable real
progress for all
stakeholders”
shareholders customers employees partners society
stakeholder dialogue
26Aalberts annual report 2021 26Aalberts annual report 2021
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
Aalberts engages with its stakeholders on a daily basis,
creating dialogues to share our vision and strategy
and learn about their expectations and views on us.
Ourstakeholders are parties affected by our activities or
those who have a direct interest in or who can have an
impact on our long-term business success.
We have identified five main stakeholder groups:
shareholders, customers, employees, (business) partners
and society. Our stakeholder engagement process
includes meetings, conferences, surveys, webinars and
events at the headoffice.
Aalberts considers human, environmental and financial
impacts for its materiality analysis. Topics can be
material from a financial as well as a non-financial
perspective. Positive and negative impacts are
considered as equally important. We further based
ourdouble materiality analysis on relevant megatrends,
legislation, guidelines and standards (such as the
NFRD and the GRI principles), investor questionnaires
(such as Sustainalytics and S&P Global CSA) and
desktop research. In follow-up discussions, we were
able to assess the topics that have a high impact on
our stakeholders, including society, and have the most
significant impact on Aalberts’ business.
The impact on stakeholders is not limited to the five
main stakeholder groups but includes the impact on
the environment as well. The outcome is presented in
a materiality matrix. The materiality matrix recognises
two axes. TheY-axis shows to what extend a topic has
‘impact on stakeholders’ being shareholders, customers,
employees, (business) partners, society and the
environment. Towhat extend a topic has a significant
impact on Aalberts’ business is presented on the X-axis,
it reflects the view of the Management Board.
impact on stakeholders
highlow
high
impact on Aalberts business
low
4
3
2
11
9
10
12
7
8
5
most material topics
16
shareholders customers employees partners society
humanly
future-proof workforce*
• •
pragmatic culture & lean structure
• •
health and safety & human rights
• •
R&D partnerships and co-development
• •
environmentally
technological innovation with sustainable impact
• • • • •
sustainable entrepreneurship enabling progress
• • • •
responsible production & resource eciency
• • • •
community engagement & partnerships
• • •
financially
sustainable profitable growth
• • •
track record & value creation
• • •
world-class footprint & investment power
• • •
governance & risk management
• • •
* covers attract, develop, retain and diversity & inclusion as described on page 20-23
materiality matrix
6
7
12
4
3
2
1
5
8
9
10
11
27Aalberts annual report 2021 stakeholder dialogue about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
At Aalberts, we are no-nonsense, straight-talking,
proudly technical people, whoengineer mission-critical
technologies for a clean, smart and responsible future.
So it should be no surprise that sustainability has
been aconcern of ourssince 1975 because it’sjust
common sense.
Day in, day out, our strong team of entrepreneurs is
focused on achieving our objectives as sustainably as
possible. From creating technologies that enable our
customers to enhance their own businesses and
get the planet back into good shape, to ensuring our
own operations are as clean, green, and waste free
as possible. We are there, relentlessly doing our bit.
Because that’s ‘the Aalberts way’.
We believe there is no magic technology or machine
that will save the planet overnight. But there are many
inventions that are being made or have yet to be
even imagined that can cut down waste, introduce
efficiencies, and contribute to a greener society. At
Aalberts, that’s music to our ears, because that’s
what we do.
We have been on this pathway since day one and
are pretty sure that, working with our customers and
partners, we will continue to break new ground. And
every step forward we take, we get more efficient
ourselves and share this knowledge and practices
throughout the entire organisation. Our partners and
customers know that the mission-critical technologies
we develop are clean, green and non-polluting
throughout their lifecycle.
sustainable entrepreneurship
our impact our commitment
“SDG impact
increases to
>70% in 2026,
CO
2
intensity
reduces with
30% in 2026”
28Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
we engineer mission-critical technologies enabling a clean, smart and responsible future
our impact
hydronic flow control
eco-friendly buildings
creating energy savings
mission-critical technologies our playing field
SDG impact 66% of revenue
hygienic distribution of water
acceleration of technological breakthroughs
lifetime extension and lightweight materials
integrated piping systems
semicon efficiency
advanced mechatronics
sustainable transportation
surface technologies
industrial niches
To create shared value for all our stakeholders,
sustainable entrepreneurship is fully embedded in our
strategy, striving for unique positions with high growth
potential and sustainable impact.
We identify three megatrends that are shaping our
future: urbanisation, energy & resource scarcity and
internet of things (see page 13).
These megatrends are bringing a shift towards
co-development, connectivity and integration in the
Aalberts playing field, providing opportunities for
growth, while they may also pose a risk to our business
(see our risk paragraph on page 48).
In our end markets eco-friendly buildings and
sustainable transportation for example, the EU Green
Deal with the expected renovation wave and the
focus on a carbon neutral economy in 2050 offer us
many opportunities. Our sustainable entrepreneurship
strategy focuses on realising social and environmental
impact in all four end markets and demonstrates our
own commitment to take responsibility. Our social
and environmental impact is reflected in our SDG
rate: already 66% of our revenue contributes to those
subgoals of the Sustainable Development Goals that are
material to us.
29Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
Climate change and urbanisation reinforce the need for more energy efficient,
comfortable and healthy buildings and smart, sustainable transportation. Space
heating and cooling is accounting for a substantial part of the energy consumption
in buildings. From the heat source to emitter, to distribution of heating or cooling,
Aalberts hydronic flow control and Aalberts integrated piping systems cover a broad
spectrum of mission-critical building technology systems that make residential,
commercial and industrial buildings eco-friendly. Our technologies provide improved
energy efficiency through hardware products such as balancing valves and air
dirt separators. But also by digitised products and services, such as intelligent
thermostats, smart radiator heads and remote services. Our air and dirt separators
for example can save up to 15% in energy consumption, our hydronic balancing
valves up to 20% and our thermostatic radiator heads up to 12% when installed.
Aalberts is partnering with its customers to engineer solutions that offer optimal
efficiency or even cooling and heating systems with zero CO
2
emissions, for new build
as well as for renovation. Our piping systems complement the hydronic flow control
technologies as key parts of climate installation systems for new build and renovation.
We facilitate the growth of renewable and low carbon energy use with our
technologies. We empower the energy transition by providing solutions needed
for renewable energy systems, such as solar panels, heat pumps and hydrogen
installations. For example, universal mounting systems and expansion vessels for
solar powered installations or a thermal battery for domestic water, powered by
solar. Our fittings and piping systems have a very high temperature resistance and
are therefore suitable for use in solar installations. In addition, we have a wide range
of technologies for district heating and underfloor heating.
Also in our sustainable transportation end market, creating energy savings is high
on the agenda. We engineer mission-critical technologies for the electrification
of vehicles, from valve engineering for battery cooling to surface treatments for
electrical car parts. With our CNG, LNG and hydrogen technologies we enable
progress in the automotive industry. Our maritime measurement systems enable
ships to significantly decrease their fuel consumption and maintenance costs.
Forexample, our high-tech propeller thrust sensor which enables shipowners to
save up to 15% on fuel consumption and CO
2
emissions.
More efficient use and sustainable water management are critical to address the
growing demand for water, threats to water security and the increasing frequency
and severity of droughts and floods resulting from climate change.
Each year, Aalberts piping systems delivers over three hundred million meters of
pipes and connections for the hygienic distribution of drinking, potable and waste
water. Our solutions ensure clean water and sanitation for millions of households
worldwide and focus on efficient water use and water savings. For example, the
Airfix vessel, an expansion vessel for domestic hot water that saves up to 1,200
litres of drinking water per household per year when installed.
The materials used in the distribution systems are of a significant importance. A
high potable water quality begins with the planning and the selection of the right
material. Chemical substances must not be present in concentrations that are
harmful to human health. For example, lead in drinking water can be harmful for
humans and more in particular for children. We address such topics by offering
lead free piping systems, for example from lead free alloy or composite. Obviously,
our piping systems have all major national and international quality certifications
and approvals in this respect, such as NSF/ANSI, KIWA, DVGW and qualify for
green building rating systems like LEED, DGNB and BREEAM. Inaddition, we offer
technologies to protect and improve water quality including filtration, purification
and softening.
creating energy savings
hygienic distribution of water
30Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
Climate change and resource scarcity reinforce the need for solutions that improve
energy efficiency, lower waste and make materials more lightweight and durable.
These solutions are crucial for the transition to more sustainable transport by land,
sea or air. Aalberts accelerates the transition towards sustainable transportation
by engineering mission-critical technologies for the electrification of vehicles, from
valve engineering for battery cooling to surface treatments for electrical car parts.
As the world becomes increasingly interdependent and complex, every single
component needs to work and needs to work together. We respond to energy &
resource scarcity by making materials more lightweight and durable. Lightweight
materials are an important enabler of sustainable transportation.
Aalberts surface technologies partners with leading industrial customers worldwide
to develop, produce and finish functional and highly durable surface designs of
metals through sophisticated heat and surface treatments. This not only improves
their product quality and reliability, it also has a positive impact on the entire
lifetime of the manufactured parts.
We also develop and produce high-tech, lightweight aluminium and magnesium
components that are both strong and light.
They are of great importance for sustainable transportation in the automotive,
e-bike and aerospace industries. For electrical vehicles surface technologies play
a role in noise reduction, lightweight constructions to extend the range, safety
measures and extension of service life due to lifetime extension of components,
such as increased corrosion protection.
Aalberts hydronic flow control and Aalberts piping systems also apply these
lifetime, quality and reliability improvements to their products and innovations. In
eco-friendly buildings, longevity of components matters and corrosion protection
is important. Our R&D departments engineer with a ‘fit to last’ strategy, focusing on
maximising lifetimes of components and solutions.
With the advent of super-fast 5G networks, internet of things will further accelerate
technological breakthroughs for smart homes, autonomous driving and industry
4.0. Breakthrough innovation is necessary to address large-scale challenges such
as ageing economies and climate change, while new, digital solutions are also
targeting minor challenges making life easier, for example, through simplifying
digital payments or streaming.
Aalberts advanced mechatronics delivers leading-edge innovative, tailor-made
and future-proof technologies, enabling the roadmaps and manufacturing
challenges of high-tech customers. With our technologies and innovations, weare
part of the high-tech infrastructure needed for technological breakthroughs.
These breakthroughs enable the manufacturing of low-carbon technologies and
the world’s shift towards decarbonisation. Wecontinuously focus on long-term
innovation and disciplined investments in R&D.
lifetime extension and lightweight materials acceleration of technological breakthroughs
31Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
Aalberts is committed to be net zero carbon by 2050,
or earlier. We measure, manage and monitor energy
use, CO
2
emissions and energy and CO
2
intensity. It is
Aalberts’ objective to decrease its CO
2
intensity with
30% by 2026, taking 2018 as a base year. Within several
business teams we have started measuring material
categories of our scope 3 emissions. As soon as we
have good insight into scope 3 measurement and
performance at group level, we will integrate scope 3 in
our targets.
Sustainable entrepreneurship and the opportunities
and risks of climate change are regularly on the
agenda of the Management Board, the Executive Team,
the business teams leadership and the head office
leadership team of Aalberts. Opportunities and risks
are included in the innovation roadmaps of the various
business teams to create technological innovation
with sustainable impact. Sustainable entrepreneurship
plays a role in co-development with customers and
adaptation to fast changing circumstances. Innovation,
social and environmental performance and health &
safety are a recurring topic on the agenda for the annual
strategy meetings of the business teams. Sustainable
entrepreneurship, including the Aalberts commitments
and objectives, is integrated in the updated strategy
as presented by the Management Board to our
stakeholders at the Capital Markets Day.
Sustainable entrepreneurship and social and
environmental performance are incorporated in our HSR
& sustainability network, driving health & safety, risk and
sustainability performance. The network is coordinated
by the director sustainable entrepreneurship and chaired
by the CEO. Each business team is represented by its
COO or equivalent position.
All business teams have developed a sustainability
improvement plan, including clear targets per business
team. The improvement plans must cover the social and
environmental Aalberts KPIs. Performance and progress
of the sustainability improvement plans is monitored
via quarterly HSR & sustainability meetings throughout
the year and more frequently where necessary. Best
practices, such as detection of compressed air leaks or
LCA calculations, are shared throughout the businesses
via webinars and through other means. Ongoing
interactions with and between the group companies
enable fast-learning and adaptation.
Most of our group companies have their environmental
management systems certified in accordance with the
ISO 14001 standard, while our German companies also
have certification in accordance with the ISO50001
standard. A few of our group companies conform their
sustainable management behaviours to the ISO26000
standard.
increase energy efficiency and reduce
CO
2
emissions
Energy use, energy intensity, CO
2
emissions and CO
2
intensity are key performance indicators for all our sites
and locations. Energy and CO
2
efficiency action plans are
integrated in the sustainability improvement plans of the
At Aalberts, engineering solutions enabling a clean, smart and responsible future, goes
hand in hand with a responsible way of doing business and addressing the risk of
climate change. We nurture sustainable entrepreneurship in a safe and clean working
environment with room for personal growth, enhancing our strong reputation and
track record of sustainable, profitable growth.
our own commitment
environmental policy
operate from sustainable buildings with
world-class operations
increase energy efficiency and reduce
CO
2
emissions
reduce water consumption
reduce waste and hazardous substances
reduce and more efficient use of raw materials
perform LCAs and work towards a circular
economy
travel consciously, limiting downstream and
upstream transport
enhance commitments in our supply chains
committed to be
net zero carbon
in 2050 or earlier
32Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
business teams covering all locations of Aalberts. Where
applicable, those energy efficiency plans are in line with
the energy efficiency directive and requirements of ISO
14001 and ISO 50001 certifications. Action plans contain
activities such as the roll-out of LED lighting, usage of
residual heat for the heating or cooling of buildings,
monitoring and reducing energy peaks and motion
detector lights. As a result, increased energy efficiency
has been realised at various group companies in 2021
and CO
2
emissions reduced.
Energy use and CO
2
emissions are taken into account in
business decisions. For medium-term investments, such
as LED lightning and for long-term investments, such
as equipment or new sustainable buildings and we are
also taking into account physical climate change risks.
This approach reduces both emissions and energy costs.
Considering the worldwide transition to a carbon neutral
economy, related legislation and (future) CO
2
taxes in
the countries we operate, reducing CO
2
is also important
from a risk perspective.
We stimulate increasing the use of renewable energy, but
we believe that the most sustainable long-term solution
for our planet and our company is energy efficiency.
We focus on working as energy efficient as possible,
by improving processes and looking for new energy
efficient solutions. The group companies work towards
targets set for their business team, enabling us to reduce
our CO
2
emissions in line with the Paris Agreement.
reduce water consumption
Another key performance indicator for all our sites and
locations is efficient water consumption. We monitor
and manage water use through the entire organisation
and reduce, reuse and recycle water where possible in
several manners. For example, with closed water circuits
for cooling processes. This also prevents the discharge
of legionella and avoids treatment of water with
chemicals. These closed water circuits save up to 70% in
water use. In Europe we already have several locations
with a closed water circuit and this number will increase
in the coming years. Another example is the use and
recycling of rainwater for use in CNC production.
To reduce or even eliminate water withdrawal
for processes that still require much water, like
electroplating, we have own water treatment stations at
various locations so that we can discharge the treated
water back to the source.
reduce waste and hazardous substances
Aalberts is committed to continuously improve its
management of all waste throughout its lifecycle in order
to minimise its adverse impact on the environment.
Monitoring the generation of waste by following the flow
of materials and products throughout the production
process helps to understand the flow of waste within the
organisation. An overview of this waste flow and its causes,
helps identifying opportunities for waste prevention and
for adopting circularity measures. Waste flows are mapped
at production and service locations and waste reduction
programmes are in place and specifically addressed in the
sustainability improvement plans prepared by the business
teams. Aalberts’ focus is to reduce waste and to reuse and
recycle as much as possible, so minimum waste ends up in
incineration or landfill.
At our production locations scrap, for example brass,
is separated and sent to a recycling company or
melted down in our own foundries as a raw material
for reuse in our production process. For some of
our processes chemical use is unavoidable. Where
applicable, action plans for reduction or elimination of
hazardous substances, such as CMR substances are in
place. We develop and apply alternatives for hazardous
substances, for example IVD coatings as substitute for
chrome and cadmium coatings.
LCAs and circular economy
Our aim is to provide high-quality technologies with a
minimum of natural resources and a responsible end of
life. We see the circular economy as an opportunity and
continued our projects to develop more products
and technologies with a circular design. Life cycle
assessments (LCAs) are performed for many of
our products in accordance with standardised and
internationally recognised methods (ISO 14040 and
ISO 14044 standards) and by using professional
programmes and data. The LCAs provide valuable
reliable data about the environmental footprint of our
products enabling us to make the right choices for
material use. Upstream and downstream transport
is taken into account as well and enhances the trend
of reshoring. We use the data to innovate and realise
further (environmental) savings. We also make the data
accessible to our customers, so that they can use it to
substantiate their product choices.
reduce packaging
Packaging is part of the LCAs performed and a focus
point in the sustainability improvement plans of the
business teams where it is a material topic. Many
projects are initiated to reduce, replace or eliminate
packaging. Think of more eco-friendly packaging such
as cardboard, biodegradable foil and plastics, carton
& pet tape, removing or using a smaller foil or bag, or
the replacement of user manuals by QR codes. In 2021,
several group companies adhered to projects with
partners in the value chain to tackle this topic even more
efficiently. As a recognition, our location in Nevers was
awarded the MORE label in 2021, the first European
label promoting the action of plastics processors for the
circular economy and the integration of recycled plastics
in production.
travel consciously
We monitor business travel and make more sustainable
choices. Based on our experiences in the last two
years, we found a balance in traveling and choosing for
alternatives online. For example, with video-meetings
or using augmented reality to train colleagues overseas.
For employee commuting, we stimulate the choice for
sustainable cars and train and bike commuting as a
preferred choice.
33
Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
creating energy
savings was put into
practice atthe Green
Village by connecting
anexisting home to an
underground hydrogen
network
aalberts.com/SDG7
hygienic distribution
of water is ranking
high on our engineering
roadmaps, ensuring
our connection
technologies are
corrosion-free and
lead-free
acceleration of
technological
breakthroughs is
boosting multiple
business opportunities
in various fast-growing
end markets
aalberts.com/SDG6
aalberts.com/SDG9
lifetime extension and
lightweight materials
are key priorities
forour industrial
customers to drive
sustainable
transportation
aalberts.com/SDG12
34Aalberts annual report 2021 sustainable entrepreneurship about Aalberts
message of the CEO
about Aalberts
our essence
our way of value creation
the Aalberts playing field
the Aalberts playbook
the Aalberts way
Aalberts strategy & objectives
our lean and effective structure
our people
stakeholder dialogue
sustainable entrepreneurship
progress and performance 2021
risk & governance
report of theSupervisoryBoard
financial statements 2021
supplementary information
twitter.com/aalbertsnv
linkedin.com/company/aalberts-
aalberts.com/progress
followourprogress