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Financial statements

Bekaert Annual report 2009bekaert_cover_AR2009

online version -or- Full pdf version ( 7 MB)

 

 

Consolidated income statement

 

(in thousands of €) 2008 2009
Sales 2 662 377 2 437 328
Cost of sales -2 060 619 -1 903 161
Gross profit 601 758 534 167
Selling expenses -121 815 -105 401
Administrative expenses -113 648 -110 621
Research and development expenses -68 534 -63 430
Other operating revenues 10 831 15 442
Other operating expenses -14 365 -13 392
Operating result before non-recurring items (REBIT)   294 227 256 765
Non-recurring items -83 758 -24 574
Operating result (EBIT) 210 469 232 191
Interest income 4 947 6 253
Interest expense -46 360 -62 933
Other financial income and expenses -7 829 -8 944
Result before taxes 161 227 166 567
Income taxes -25 533 -33 902
Result after taxes (consolidated companies) 135 694 132 665
Share in the results of joint ventures and associates 56 109 37 773
RESULT FOR THE PERIOD 191 803 170 438
Attributable to  
the Group 174 075 151 792
minority interests 17 728 18 646
 

Consolidated statement of comprehensive income

(in thousands of €) 2008 2009
Result for the period 191 803 170 438
Other comprehensive income  
Exchange differences 4 383 7 251
Cash flow hedges -3 853 5 909
Remeasurement of net assets held prior to acquiring control - 7 952
Available-for-sale investments -15 523 15 055
Actuarial gains and losses (-) on defined benefit plans -52 032 10 031
Share of other comprehensive income or joint ventures and associates -95 -1
Other -4 -1
Deferred taxes relating to other comprehensive income 9 445 1 794
Other comprehensive income for the period, net of tax -57 679 47 990
     
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 134 124 218 428
Attributable to  
the Group 113 109 202 275
minority interests 21 015 16 153

Consolidated balance sheet

(in thousands of €) 2008 2009
Non-current assets 1 408 708 1 535 524
Intangible assets 52 332 50 709
Goodwill  59 133 54 302
Property, plant and equipment 1 070 667 1 127 714
Investments in joint ventures and associates 199 869 218 559
Other non-current assets  17 960 40 609
Deferred tax assets 8 747 43 631
Current assets 1 258 456 1 293 989
Inventories 510 541 358 413
Trade receivables 483 176 479 630
Other receivables 52 982 49 289
Short-term deposits 13 560 154 636
Cash and cash equivalents 104 761 121 171
Other current assets 72 300 121 924
Assets classified as held for sale 21 136 8 926
TOTAL ASSETS 2 667 164 2 829 513

Equity 1 172 332 1 373 581
Share capital 174 668 175 118
Share premium 16 868 19 404
Retained earnings 1 098 816 1 168 913
Other Group reserves -159 770 -78 599
Equity attributable to the Group 1 130 582 1 284 836
Minority interests 41 750 88 745
Non-current liabilities 513 684 820 976
Employee benefit obligations 143 375 135 623
Provisions 32 237 29 383
Interest-bearing debt 288 099 598 146
Other non-current liabilities 10 663 5 085
Deferred tax liabilities 39 310 52 739
Current liabilities 981 148 634 956
Interest-bearing debt 503 128 151 360
Trade payables 253 824 247 131
Employee benefit obligations 117 566 98 393
Provisions 30 271 8 683
Income taxes payable 18 150 39 402
Other current liabilities 53 502 87 721
Liabilities associated with assets classified as held for sale 4 707 2 266
TOTAL EQUITY AND LIABILITIES 2 667 164 2 829 513

 

Consolidated statement of changes in equity

(in thousands of €) 2008 2009
Opening balance 1 146 586 1 172 332
Total comprehensive income for the period 134 124 218 428
Capital contribution by minority interests 6 672 5 646
Effect of acquisitions and disposals -40 303 26 155
Creation of new shares 5 363 2 986
Treasury shares transactions -19 749 1 760
Dividends to shareholders of NV Bekaert SA -54 289 -55 240
Dividends to minority interests -7 796 -46
Other 1 724 1 560
Closing balance 1 172 332 1 373 581

 

Consolidated cash flow statement

(in thousands of €) 2008 2009
Operating result (EBIT) 210 469 232 191
Non-cash and investing items included in operating result 227 889 108 941
Income taxes paid -27 505 -31 141
Gross cash flows from operating activities 410 853 309 991
Change in operating working capital -162 363 195 642
Other operating cash flows -26 279 -8 233
Cash flows from operating activities 222 211 497 400
New business combinations - -3 299
Other portfolio investments -44 177 -63
Proceeds from disposals of investments 668 -525
Dividends received  46 066 41 070
Purchase of intangible assets -12 391 -8 136
Purchase of property, plant and equipment -238 622 -158 396
Other investing cash flows 5 292 2 362
Cash flows from investing activities -243 164 -126 987

Interest received 4 947 4 872
Interest paid -36 495 -44 069
Gross dividend paid -62 156 -50 625
Proceeds from non-current interest-bearing debt 149 711 397 984
Repayment of non-current interest-bearing debt  -25 274 -159 747
Cash flows from current interest-bearing debt 40 245 -284 532
Treasury shares transactions -19 749 1 760
Other financing cash flows  15 672 -206 240
Cash flows from financing activities 66 901 -340 597
Net increase or decrease (-) in cash and cash equivalents 45 948 29 816
Cash and cash equivalents at the beginning of the period 58 063 104 761
Effect of exchange rate fluctuations 750 -13 406
Cash and cash equivalents at the end of the period 104 761 121 171

 

 

better together

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Situation

Combining perfection and high production speed + maintain the rapid pace of growth.

Solution

The launch of a total quality management (TQM) project at the HITE plant in Spain.

Result

Higher output, a significant waste reduction and high cost savings for both parties.

BEKB stock exchange

M-Bekaert

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