Bekaert has always chosen to respond to international standards. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) which have been adopted by the European Union.
Annual Report 2010 Online version -or- Full pdf version (11MB)
Bekaert Shareholders' report 2011 Full version
Long term guidance
|
L/T guidance
|
2011 |
2010
|
2005 -
Actual
|
1990 –
2004
|
|
Growth
|
GDP +
|
+2.4% |
+33.9%
|
9.7%
|
1.5%
|
|
ROIC > WACC
|
>
|
9.3 > 6.3 |
21.3 > 8.1
|
12.2 > 7.9
|
6.5 < 9.3
|
|
EBITDA on sales
|
15%
|
14.2% |
22.2%
|
15.4%
|
11.8%
|
|
EBIT
|
7-9%
|
8.0% |
16.4%
|
9.2%
|
4.6%
|
|
Working capital on sales
|
20%
|
28.0% |
20.9%
|
22.7%
|
19.1%
|
|
Dividend pay out
|
40%
|
36% |
27%
|
34%
|
52%
|
|
Tax
|
27%
|
27% |
28%
|
21%
|
22%
|
|
Debt
|
|
|
|
|
|
|
Equity / total assets
|
|
42% |
46%
|
47%
|
48%
|
|
Gearing (net debt / Eq)
|
<50%
|
49% |
31%
|
37%
|
37%
|
|
Net debt / EBITDA
|
<2
|
1.8 |
0.7
|
1.3
|
1.7
|
Income statement
| in millions of € |
2010 |
2011 |
Trend |
| Sales |
3 262 |
3 340 |
2.4% |
| Operating result before non-recurring items (REBIT) |
562 |
281 |
-50.1% |
| Operating result (EBIT) |
534 |
268 |
-49.8% |
| Non-recurring items |
-28 |
-12 |
-56.0% |
| Financials |
-32 |
-19 |
-42.8% |
| Income taxes |
-139 |
-68 |
-51.1% |
| Group share joint ventures |
36 |
25 |
-29.5% |
| Result for the period |
399 |
207 |
-48.0% |
| attributable to the Group |
368 |
193 |
-47.6% |
| attributable to non-controlling interests |
31 |
15 |
-52.8% |
| EBITDA |
725 |
476 |
-34.4% |
| Cash flow |
558 |
400 |
-28.4% |
| Depreciation PP&E |
158 |
170 |
7.6% |
| Amortization and impairment |
33 |
38 |
15.3% |
Balance sheet
<>
| in millions of € |
2010 |
2011 |
Trend |
| Equity |
1 697 |
1 766 |
4.1% |
| Non-current assets |
1 766 |
1 900 |
7.6% |
| Capital expenditure (PP&E) |
230 |
267 |
15.8% |
| Balance sheet total |
3 673 |
4 169 |
13.5% |
| Net debt |
522 |
860 |
64.9% |
| Capital employed |
2 267 |
2 568 |
13.3% |
| Working capital |
841 |
1 031 |
22.6% |
| Employees as at 31 December |
21 877 |
22 413 |
2.4% |
Ratio's
|
2010 |
2011 |
| EBITDA on sales |
22.2% |
14.2% |
| REBIT on sales |
17.2% |
8.4% |
| EBIT on sales |
16.4% |
8.0% |
| EBIT interest coverage |
12.2 |
4.4 |
| ROCE |
26.6% |
11.1% |
| ROE |
26.0% |
12.0% |
| Capital ratio |
46.2% |
42.4% |
| Gearing (Net debt on equity) |
30.8% |
48.7% |
| Net debt on EBITDA |
0.7 |
1.8 |
Per share*
|
2010 |
2011 |
| Cash flow per share (CFS) |
9.4 |
6.8 |
| Earnings per share (EPS) |
6.2 |
3.3 |
| Dividend per share (DPS) |
1.67 |
1.17 |
* All indicators per share before 2010 are stock split-adjusted to enable comparison with 2010 figures