Annual Report 2012    Full pdf version  -or- online version (11MB)

Bekaert Shareholders' report 2012      Full version 


Consolidated income statement                     

(in thousands of €) 2011  2012 
Sales 3 339 957  3 460 624 
Cost of sales -2 688 542  -2 981 782 
Gross profit 651 415  478 842 
Selling expenses -148 947  -157 772 
Administrative expenses -134 443  -134 419 
Research and development expenses -90 146  -69 449 
Other operating revenues 14 691  18 287 
Other operating expenses -11 712  -17 668 
Operating result before non-recurring items (REBIT)   280 858  117 821
Non-recurring items* 8 427 -167 101 
Operating result (EBIT)* 289 285 -49 280 
Interest income 7 521  8 711 
Interest expense -73 315  -87 785 
Other financial income and expenses* 26 426 -2 879 
Result before taxes 249 917  -131 233 
Income taxes -68 133  -67 715 
Result after taxes (consolidated companies) 181 784  -198 948 
Share in the results of joint ventures and associates 25 423  10 383 
RESULT FOR THE PERIOD 207 207  -188 565 
Attributable to         
the Group 192 643  -194 940 
non-controlling interests 14 564  6 375 

 * Gains from business disposals have been reclasified from other financial income to non-recurring items (2011: € 21 million).

Consolidated statement of comprehensive income

(in thousands of €) 2011  2012 
Result for the period 207 207  -188 656 
Other comprehensive income     
Exchange differences 23 963  -57 955 
Net investment hedges (exchange differences effect)
Cash flow hedges 579  2 133 
Available-for-sale investments -14 179  7 644 
Actuarial gains and losses (-) on defined benefit plans -25 819  -8 302 
Share of other comprehensive income or joint ventures and associates 19 
Deferred taxes relating to other comprehensive income 1 887  2 133 
Other comprehensive income for the period, net of tax -13 550  -54 347 
       
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 193 657  -242 912 
Attributable to      
the Group 175 506  -247 451 
non-controlling interests 18 151  4 539 

 

Consolidated balance sheet

in thousands of €) 2011  2012 
Non-current assets 1 900 018  1 746 632 
Intangible assets 82 640  82 259 
Goodwill  20 908  16 941 
Property, plant and equipment 1 433 601  1 377 542 
Investments in joint ventures and associates 258 260  167 595 
Other non-current assets  20 878  43 732 
Deferred tax assets 83 731  58 563 
Current assets 2 269 087  1 921 066 
Inventories 577 935  567 665 
Bills of exchange received* 241 392  162 734 
Trade receivables* 586 937 589 109
Other receivables 88 319  84 325 
Short-term deposits 382 607  104 792 
Cash and cash equivalents 293 856  352 312 
Other current assets 62 549  60 129 
Assets classified as held for sale 35 492 
TOTAL ASSETS 4 169 105  3 667 698 

Equity  1 766 422  1 603 714 
Share capital 176 512  176 586 
Share premium 29 858  30 194 
Retained earnings 1 557 419  1 327 346 
Other Group reserves -69 901  -112 035 
Equity attributable to the Group 1 693 888  1 422 091 
Non-controlling interests 72 534  181 623 
Non-current liabilities 1 137 969  1 110 173 
Employee benefit obligations 161 256  180 200 
Provisions 32 002  42 364 
Interest-bearing debt 907 573  850 050 
Other non-current liabilities 10 422  5 571 
Deferred tax liabilities 26 716  31 988 
Current liabilities 1 264 714  953 811 
Interest-bearing debt 648 485  342 549 
Trade payables 290 635  321 760 
Employee benefit obligations 107 978  122 263 
Provisions 13 241  19 841 
Income taxes payable 75 680  66 898 
Other current liabilities 116 023 80 500 
Liabilities associated with assets classified as held for sale 12 672 
TOTAL EQUITY AND LIABILITIES 4 169 105  3 667 698 

 * Bills of exchange received were formerly presented within trade receivables.

Consolidated statement of changes in equity

(in thousands of €) 2011  2012 
Opening balance 1 696 627  1 766 422 
Total comprehensive income for the period 193 657  -242 912 
Capital contribution by non-controlling interests 2 262  10 435 
Effect of acquisitions and disposals -1 295  109 587 
Creation of new shares 2 546  410 
Treasury shares transactions 681 
Dividends to shareholders of NV Bekaert SA -98 474  -29 518 
Dividends to non-controllinginterests -32 728  -14 888 
Other 3 146  4 178 
Closing balance 1 766 422  1 603 714 

Consolidated cash flow statement

(in thousands of €) 2011  2012 
Operating result (EBIT)* 289 285 -49 280 
Non-cash and investing items included in operating result* 221 264 387 133 
Investing items included in operating result  -16 308 -15 338 
Amounts used on provisions  and employee benefit obligations -41 187 -58 484 
Income taxes paid -129 265  -59 186 
Gross cash flows from operating activities 323 789  204 845 
Change in operating working capital -199 805  226 813 
Other operating cash flows -18 390  7 195 
Cash flows from operating activities 105 594  438 853 
New business combinations -4 381  8 160 
Other portfolio investments -13 518  -32 
Proceeds from disposals of investments 101 344  22 769 
Dividends received  7 511  6 519 
Purchase of intangible assets -11 090  -3 986 
Purchase of property, plant and equipment -266 637  -123 356 
Other investing cash flows 1 755  8 730 
Cash flows from investing activities -185 016  -81 196 

<><><><><><><><><><><><><><><><><>
Interest received 4 046  7 494 
Interest paid -63 011  -85 249 
Gross dividend paid -163 071  -46 127 
Proceeds from non-current interest-bearing debt 432 219  93 711 
Repayment of non-current interest-bearing debt  -57 430  -271 322 
Cash flows from current interest-bearing debt 105 594  -236 898 
Treasury shares transactions 681 
Other financing cash flows  -238 569  266 449 
Cash flows from financing activities 20 459  -271 942 
Net increase or decrease (-) in cash and cash equivalents -58 963  85 715 
Cash and cash equivalents at the beginning of the period 338 238  293 856 
Effect of exchange rate fluctuations 14 581  -27 259 
Cash and cash equivalents at the end of the period 293 856  352 312 

* Gains from businiess disposals have been reclassified from other financial income to non-recurring items (2011: € 21 million). 

Contact info

Jérôme Lebecque
Investor Relations Manager

President Kennedypark 18
B-8500 Kortrijk (Belgium)
Telephone: +32 56 23 05 11

BTW BE 0405.388.536
RPR Kortrijk

Contact Us

better together

  • transmission-cable

    Situation

    Alcan and Bekaert joined forces to install 210 miles of transmission cable

    Solution

    Bekaert seamlessly adjusted the lengths of the reels to help Alcan’s trucks drive through mountainous terrain

    Result

    Alcan could meet their customer’s delivery requirements

  • Algeciras-port

    Situation

    Optimal reinforcement required for the concrete pavement of the Algeciras port terminal in Spain.

    Solution

    Concrete strengthened with Dramix steel fibers, offering high fatigue resistance and load bearing capacity.

    Result

    The solution largely exceeds the Spanish standard for the design and construction of port pavement set at a durability of at least 25 years.

  • ski

    Situation

    Skiers count on safety when they go up the mountain

    Solution

    In close cooperation Bekaert developed superior quality wires that meet the technical customer requirements of ropeway constructors

    Result

    The customer handles the production of the cables, but also on-site weaving (or splicing) and installation. The cables have a life expectancy up to 40 years

  • Bezinal-2000

    Situation

    Although zinc provides a barrier to corrosion in most environments, specific conditions accelerate the corrosion process

    Solution

    Bekaert, drawing from its deep expertise in coating technology, has developed an advanced zinc/aluminum coating

    Result

    Bezinal® 2000 increases corrosion resistance with up to 500% compared to traditional galvanization

  • Bezinal-Plus-cardoor-lock

    Situation

    Although zinc provides a barrier to corrosion in most environments, specific conditions accelerate the corrosion process

    Solution

    Bekaert, drawing from its deep expertise in coating technology, has developed an advanced zinc/aluminum coating

    Result

    The Bezinal®PLUS coating eliminates expensive supplementary coatings for many applications, thus ensuring increased wear life for spring wire applications

  • Brickforce

    Situation

    Want to create long aesthetical walls and avoid movement joints

    Solution

    Applying Brickforce® allows me to double my joint distance

    Result

    With Brickforce® masonry reinforcement I can create new and exciting masonry wall design

  • Dramix-civil

    Situation

    You want to apply innovative solutions tailored to your projects

    Solution

    We analyze possibilities and come with economical solutions

    Result

    Save money and time during construction

  • Dramix-club

    Situation

    Learning about and finding your specific situation for an innovative and safe concrete reinforcement

    Solution

    Dramix® Club serves you with product info, design tools and execution details

    Result

    All specialists in the construction in industry can find ready-to-use tools & info

  • Drapo

    Situation

    Customer wants to design safely and economically

    Solution

    Bekaert offered and learned how to design industrial floors using the Drapo online software tool

    Result

    Customers have a fast way of design, with a full back-up team

  • Dramix

    Situation

    Looking for new opportunities for high performance constructions

    Solution

    Dramix® offers constructors an efficient and cost effective concrete reinforcement

    Result

    Gain on labor and time

  • concrete-pipe

    Situation

    We had huge rebar stocks and were dependent on our suppliers of traditional rebar

    Solution

    With Bekaert’s help, we switched to Dramix® for all our concrete pipe diameters

    Result

    Now we can respond easily to the specific demand of our customers

  • using-Dramix

    Situation

    I want to increase my productivity

    Solution

    Skip mesh placing by using Dramix®

    Result

    Can offer my customers a faster and more economical solution

  • Bekaert-lab

    Situation

    We need a safe solution and huge monthly volumes

    Solution

    Via tests in the Bekaert lab, we worked out the required fiber mix with the lowest cost to serve our customers

    Result

    Cost efficiency must not be a compromise on quality

  • Mesh-track

    Situation

    Our concrete taxiways were in a terrible state

    Solution

    Mesh track was the only alternative for us to solve the problem

    Result

    In an 8 year period, we had only positive experiences with this durable solution

  • Murfor

    Situation

    Want to create long aesthetical walls and avoid movement joints

    Solution

    Applying Murfor® allows me to double my joint distance

    Result

    Using Murfor®, I can create modern masonry walls

  • Stucanet

    Situation

    As an architect, I want unlimited possibilities to create round forms

    Solution

    Applying Stucanet® allows an easy execution

    Result

    Ease of use is not a compromise on creativity

  • burner

    Situation

    Customer demand for compact boiler design through a total solution.

    Solution

    Joint development of an environment-friendly burner system.

    Result

    Customers improve their competitiveness.

  • muselet

    Situation

    ICAS-HITE-Schneider group face ever higher demands and improving manufacturing standards for champagne muselets, the wire nets over the corks on sparkling wines

    Solution

    Development of Bekilacq®, a galvanized wire which we can lacquer in any color and doesn’t flake

    Result

    Bekaert continuous to cherish and support their unique partnership with the ICAS-HITE’s group

  • diesel-particulate-filter

    Situation

    Ever-tougher emission standards and legislation are forcing OEMs to develop ever-cleaner engines.

    Solution

    A sintered metal fiber web made of Bekaert metal fibers is used in a diesel particulate filter to lower the emission and to make filter maintenance redundant.

    Result

    Customers discover that filtration based on metal fibers is an excellent alternative to traditional ceramic filters.

  • booster

    Situation

    Increasing regulation and demand for product certification.

    Solution

    Dramix® booster: a proportioning device to integrate in ready mix depots.

    Result

    Automated mixing in set proportions.

  • Dramix-green

    Situation

    Fight corrosion as one of the main causes of damage to reinforced concrete.

    Solution

    Development of Dramix®Green containing a new corrosion inhibitor.

    Result

    Checking for surface defects in the concrete is no longer needed and rust stains are a thing of the past.

  • diesel-engine

    Situation

    Development of an environment-friendly diesel engine for trucks.

    Solution

    A revolutionary cable, strong and weather-proof.

    Result

    EURO 5-proof solution applied in a quarter of all trucks in Europe.

  • elevator

    Situation

    Nork-2 and Bekaert joined forces to develop a solution for a lightweight, energy efficient machine room-less elevator.

    Solution

    Bekaert created Flexisteel®, an thin but very durable elevator rope that runs perfectly on the small diameter sheaves of the compact Nork-2 machines. Its properties not only exceed those of conventional elevator cables, it also allows a more economical elevator design than flat belts.

    Result

    Thanks to Bekaert and Flexisteel® Nork-2 can service the elevator industry with a competitive MRL solution.

  • wiper-blade

    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.

  • flexible-pipe

    Situation

    In the offshore oil and gas industry, flexible pipe manufacturers are looking more and more for wires with sour resistant properties.

    Solution

    Based on rolling and heat treatment technologies, Bekaert creates niche solutions tailored to the customers'needs.

    Result

    Customers receive added value way down the supply chain.

  • guardrail

    Situation

    In the US, medians are generally not protected by a guardrail, the resulting head-on accidents often take a huge toll.

    Solution

    The integration of a Bekaert cable in the K-12 rated median barrier system, developed by Gibraltar.

    Result

    A tight partnership between Bekaert and Gibraltar Cable Barrier System resulted in the installation of the new system in 15 different states across North America.

  • heating-cord

    Situation

    Cut emissions of Nox Nitrogen oxides in diesel engines, which involves injecting a urea-based liquid into the exhaust.

    Solution

    Bekaert heating cord is a special plastic-coated stainless-steel cable with a specific electrical resistance, reinforcing the injection hose.

    Result

    Today, Bekaert heating cord is fitted as standard to about a quarter of all the trucks in Europe.

  • high-voltage-power-line

    Situation

    Growing demand for transmission capacity, requiring resistance to increasing operating temperatures.

    Solution

    A steel core based conductor concept based on Bekaert wires with increased strength and an alternative coating

    Result

    Increased power grid capacity within the existing high voltage power lines network.

  • general-cable

    Situation

    Approximately 70% of transmission lines in the U.S. are more than 25 years old

    Solution

    Bekaert supplied General Cable all of the ACSR 7-wire strand for a project that involved 4 million feet of transmission cable

    Result

    Bekaert is a reliable global partner for General Cable’s future growth

  • shovel

    Situation

    Maximizing the efficiency of mechanical shovels by improving long-lasting wire rope

    Solution

    Incorporating a flat wire around the rope in the area where damage was occurring

    Result

    70% reduction in shovel downtime

  • wind-turbine

    Situation

    Ultra-strong and length-stable material is needed to reinforce synchronous belts which drive wind turbine blades.

    Solution

    A high-quality steel cord comprised of 83 twisted wires.

    Result

    Optimum tensile strength, length stability and adhesion with the rubber belt providing the wind turbine manufacturer with a substantially lighter, maintenance-free and space-saving solution.

  • steel-cord

    Situation

    Request for close contact with and tailor-made advice from Bekaert.

    Solution

    Bekaert teams visit customers’ plants to check on how our product is performing.

    Result

    Close to our steel cord customers, literally and figuratively.

  • HITE

    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.

  • wire-rod

    Situation

    Secure customer supply of our products despite extremely high market demand for wire rod and supply shortage.

    Solution

    Carry on Bekaert’s strategy of sourcing locally and maintaining good relations with suppliers.

    Result

    Continued production and delivery guarantee.

  • forklift

    Situation

    Preventing forklift accidents on the shop floor involving impact damage and personal injury

    Solution

    A wireless safety monitoring system that fully controls forklift access by means of specific identification keys, reports impact detection in real time, disables the forklift and sounds an audible alarm upon impact.

    Result

    Increased operator accountability has improved driving behavior and repair costs were brought down considerably.

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