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

Bekaert Shareholders' report 2013      Full version 

Consolidated income statement

(in thousands of €) 2012*  2013 
Sales 3 460 624  3 185 628 
Cost of sales -2 981 872  -2 703 316 
Gross profit 478 752  482 312 
Selling expenses -157 772  -128 207 
Administrative expenses -134 984  -124 924 
Research and development expenses -69 449  -62 429 
Other operating revenues 18 287  12 502 
Other operating expenses -17 668  -13 337 
Operating result before non-recurring items (REBIT)   117 166 165 917 
Non-recurring items* -167 101  -28 647 
Operating result (EBIT)* -49 935  137 270 
Interest income 8 711  6 449 
Interest expense -89 066 -70 154 
Other financial income and expenses* -2 879  -19 822 
Result before taxes -133 169  53 743 
Income taxes -67 715  -47 916 
Result after taxes (consolidated companies) -200 884  5 827 
Share in the results of joint ventures and associates 10 383  30 244 
RESULT FOR THE PERIOD -190 501  36 071 
Attributable to       
the Group -196 876  24 574 
non-controlling interests 6 375  11 497 
EARNINGS PER SHARE (in € per share)     
Result for the period attributable to the Group     
Basic  -3.33  0.42 
Diluted  -3.33  0.42 

 * The 2012 comparative information has geen restated due to the retrospective application of IAS 19R.

Reconciliation of segment reporting

Key figures per segment
(in millions of €)   EMEA N-AM  L-AM  APAC  Group1   RECONC2  2013
Consolidated sales   1 040 545 645 953 -  -  3 186
Operating result before non-recurring items   88 19  44 77 -71  9  166
Rebit margin on sales  9%  4%  7%  8%  -  -  5%
Non-recurring items   -3  -11  -  -4  -10  -  -29
Operating result   85  8  44  73  -82  9  137
EBIT margin on sales   8%  2%  7%  8%  -  -  4%
Depreciation, amortization, impairment losses   48  14  20  80  11  -13  160
EBITDA   133  22  64  153  -71  -4  297
EBITDA margin on sales   13%  4%  10%  16%  -  -  9%
Segment assets   716  245  407  1 221  156  -164  2 581
Segments liabilities   188  58  76  134  79  -73  462
Capital employed   528  187  331  1 087  77  -91  2 119
1 Group and business support
2 Reconciliations

Regional differences in the 2013 quarter-on-quarter progress

The foreign exchange figures in the last two columns include the impact of Venezuela and other currency movements by segment, both on a full year basis and in the fourth quarter (year-on-year).

(in millions of €)

Consolidated sales   1st Q  2nd Q  3rd Q  4th Q  FX impact
full year
FX impact
 Q4 yoy
EMEA  260  272  259  249  -6  -2 
North America  146  148  129  125  -21  -8 
Latin America  176  175  144  149  -139  -42 
Asia Pacific  216  254  241  242  -26  -11 
Total  799  850  773  764  -192  -63 

Combined sales         1st Q   2nd Q   3rd Q  4th Q  FX impact
full year
FX impact
 Q4 yoy
EMEA  259  268  257  244  -6  -2 
North America  146  148  129  124  -21  -8 
Latin America  404  418  364  347  -266  -83 
Asia Pacific  226  269  253  253  -27  -12 
Total  1 036  1 103  1 003  969 -320  -105

Consolidated statement of comprehensive income

(in thousands of €) 2012(*)  2013
Result for the period -190 501 36 071
Other comprehensive income (OCI)
   Other comprehensive income to be reclassified to profit or loss in subsequent periods:
    
Exchange differences -57 955   -86 105
Inflation adjustments  758
Cash flow hedges 2 133   854
Available-for-sale investments 7 644   773
Deferred taxes relating to other OCI to be reclassified 1 646  -2 201
OCI to be reclassified to profit or loss in subsequent periods, after tax -46 532   -85 921
       
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:      
Remeasurenment gains and losses on defined-benefit plans  -6 487  21 734
Deferred taxes relating to OCI not to be reclassified  487  826
OCI not to be relassified to profit or loss in subsequent periods, after tax  -6 000   22 560
     
Other comprehensive income for the period  -52 532   -63 361
     
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -243 033  -27 290
Attributable to      
the Group -247 572   -23 472
non-controlling interests 4 539  -3 818

(*) Restated.  

Consolidated balance sheet

in thousands of €) 2012(*)  2013 
Non-current assets 1 746 632  1 608 640 
Intangible assets 82 259  71 043
Goodwill  16 941  16 369
Property, plant and equipment 1 377 542  1 239 058 
Investments in joint ventures and associates 167 595  155 838
Other non-current assets  43 732  48 781
Deferred tax assets 58 563  77 551
Current assets 1 921 066  1 771 817 
Inventories 567 665  539 265
Bills of exchange received* 162 734  110 218
Trade receivables* 589 109 583 215
Other receivables 84 325  83 781
Short-term deposits 104 792  10 172
Cash and cash equivalents 352 312  391 857
Other current assets 60 129  51 213
Assets classified as held for sale 2 096
TOTAL ASSETS 3 667 69  3 380 457
     
Equity  1 603 593 1 503 876
Share capital   176 586 176 773
Share premium   30 194 31 055
Retained earnings  1 325 410 1 307 618
Other Group reserves  110 220 -169 170
Equity attributable to the Group  1 421 970 1 346 276
Non-controlling interests 181 623 157 600
Non-current liabilities  1 110 294  904 966
Employee benefit obligations  180 321 136 602
Provisions  42 364 40 510
Interest-bearing debt  850 050 688 244
Other non-current liabilities   5 571  2 587
Deferred tax liabilities   31 988  37 023
Current liabilities  953 811  971 615
Interest-bearing debt  342 549  321 907
Trade payables  321760  338 864
Employee benefit obligations  122 263  121 117
Provisions  19 741  23 912
Income taxes payable  66 898  83 329
Other current liabilities  80 500  82 486
Liabilities associated with assets classified as held for sale  -  -
TOTAL   3 667 698  3 380 457

 * Restated.

Consolidated statement of changes in equity

(in thousands of €) 2012  2013
Opening balance 1 766 422  1 603 593
Total comprehensive income for the period (as reported)  -242 912 -27 290
Resated in accordance with IAS 19 (revised) -121
Total comprehensive income for the period (restated) -243 033 -27 290
Capital contribution by non-controlling interests 10 435 -
Effect of acquisitions and disposals 109 587  -
Creation of new shares 410 1 048
Treasury shares transactions -  15 275
Dividends to shareholders of NV Bekaert SA -29 518 -49 596
Dividends to non-controlling interests -14 888  -12 960
Other 4 178  4 356
Closing balance 1 603 593  1 503 876

Consolidated cash flow statement

(in thousands of €) 2012(*) 2013 
Operating result (EBIT)* -49 935  137 270 
Non-cash included in operating result 387 788  192 884 
Investing items included in operating result  -15 338  480
Amounts used on provisions and employee benefit obligations -58 484  -45 329 
Income taxes paid -59 186  -51 507 
Gross cash flows from operating activities 204 845  233 798 
Change in operating working capital 226 813  78 491 
Other operating cash flows 7 195  -6 526 
Cash flows from operating activities 438 853  305 763 
New business combinations 8 160 
Other portfolio investments -32 
Proceeds from disposals of investments 22 769  6 668 
Dividends received  6 519  13 705 
Purchase of intangible assets -3 986  -2 176 
Purchase of property, plant and equipment -123 356  -94 637 
Other investing cash flows 8 730  4 474 
Cash flows from investing activities -81 196  -71 966 
Interest received  7 474  9 989 
Interest paid  -85 249  -75 291 
Gross dividend paid  -46 127  -58 341 
Proceeds from non-current interest-bearing debt  93 711  80 036 
Repayment of non-current interest-bearing debt   -271 322  -202 201 
Cash flows from (+) / (-) current interest-bearing debt  -236 898  -34 338 
Treasury shares transactions  -15 275 
Other financing cash flows   266 449  103 005 
Cash flows from financing activities  -271 942  -192 416 
Net increase or decrease (-) in cash and cash equivalents  85 715  41 381 
Cash and cash equivalents at the beginning of the period  293 856  352 312 
Effect of exchange rate fluctuations  -27 259  -1 836 
Cash and cash equivalents at the end of the period  352 312  391 857 

*Restated

Additional key figures

(in € per share)   2012(*)  2013
Number of existing shares at 31 December 60 000 942  60 063 871 
Book value  23.70  22.41 
Share price at 31 December  21.88  25.72 
Weghted average number of shares     
    Basic  59 058 520  58 519 782 
    Diluted  59 151 787  58 699 429 
Result for the period attributabel to the Group     
    Basic  -3.33  0.42 
    Diluted  -3.33  0.42 
     
(in thousands of € - ratios)  2012(*)  2013 
EBITDA  274 155  296 991 
Depreciation and amortization and impairment losses  324 090  159 721 
Capital employed  2 375 086  2 119 306 
Operating working capital  898 344  792 836 
Net debt  700 197  574 016 
REBIT on sales  3.4%  5.2% 
EBIT on sales  -1.4%  4.3% 
EBITDA on sales  7.9%  9.3% 
Equity on total assets   43.7% 44.5% 
Gearing (net debt on equity)  43.7%  38.2% 
Net debt on EBITDA 2.6  1.9 
Net debt on REBITDA 2.1  1.8 
     
NV Bekaert SA - Statutory Profit and Loss Statement  2012  2013 
(in thousands of €)     
Sales  386 142  386 339 
Operating result  -46 699  -4 122 
Financial result -16 020  5 644 
Profit from ordinary activities -62 719  1 522 
Extraordinary results -96 324  61 009 
Profit before taxes   -159 043 62 531 
Income taxes  1 317  1 013 
Result for the period  -157 726  63 544 
(*) Restated

Restatement effects

The 2012 comparative information has been restated due to the retrospective application of IAS 19R, Employee Benefits.

The limited effects of this restatement on each of the financial statements have been summarized below.

Restated items (in thousands of €)

Restatement effects FY 2012

Consolidated income statement

 

   Cost of sales

-90

Gross profit

-90

   Administrative expenses

-565

Operating result before non-recurring items (REBIT)

-655

Operating result (EBIT)

-655

   Interest expenses

-1 281

Result before taxes

-1 936

Result after taxes (consolidated companies)

-1 936

Result for the period

-1 936

Attributable to the Group

-1 936

   Attributable to non-controlling interests

-

Earnings per share (in € per share)

 

Result for the period attributable to the Group

 

   Basic

-0.03

   Diluted

-0.03

 

 

Consolidated statement of comprehensive income

 

   Remeasurement gains and losses on defined-benefit plans

1 815

OCI not to be reclassified to profit or loss in subsequent periods, after tax

1 815

Other comprehensive income for the period

1 815

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

-121

   Attributable to the Group

-121

   Attributable to non-controlling interest

-

 

 

Consolidated balance sheet

 

   Retained earnings

-1 936

   Other Group reserves

1 815

Equity attributable to the Group

-121

   Employee benefit obligations

121

Non-current liabilities

121

Total

-

 

 

Consolidated cash flow statement

 

   Operating result (EBIT)

-655

   Non-cash items included in operating result

655

Gross cash flows from operating activities

-

Cash flows from operating activities

-




 

 

Contact info

Jérôme Lebecque
Head of Investor Relations

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

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