Bekaert - First quarter trading update 2009
13-May-2009
Summary
Content
Summary:
Bekaert reports stable consolidated sales
Volume drop offset by integration of Latin American entities and currency movements
Bekaert's first quarter consolidated sales were stable in comparison with the first quarter of an exceptional 2008, with strong differences between regions. Weak market demand in EMEA and North America drove an organic sales decline of 14.3%. This was fully offset by the integration of Prodac (Peru) and Ideal Alambrec (Ecuador) in Latin America, which added 6.5%, and the positive impact of currency movements, which contributed 7.7%.
[1]Combined sales
[2] decreased 12.7% in comparison with the first quarter of last year. This was a result of lower market demand that was reflected in an organic decline of 15.0%, slightly tempered by favorable exchange rate differences of 2.3%.
[1] All comparisons are made relative to the first quarter sales of 2008, which have been readjusted according to the new segment reporting.
The figures in this press release are provisional and unaudited.
[2] Combined sales are sales of consolidated companies plus 100% of sales of joint ventures and associates after intercompany elimination.
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better together
Situation
Intensive relationship leads to co-development.
Solution
Developing a flat wire allowing simplified wiper blade production & design.
Result
New dynamic in wiper blade industry.