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

  • 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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