Annual Report 2015   online version   -or- Full pdf version (14.4MB)

Bekaert Shareholders' report 2015      Full version 

Consolidated income statement 2015 download excel file

(in thousands of €)

2014

2015

Sales

3 215 714

3 671 081

Cost of sales

-2 729 995

-3 072 673

Gross profit

 485 719

 598 408

Selling expenses

- 138 126

- 156 106

Administrative expenses

- 126 894

- 150 005

Research and development expenses

- 59 261

- 64 597

Other operating revenues

 21 978

 17 120

Other operating expenses

- 19 009

- 21 931

Operating result before non-recurring items (REBIT)

 164 407

 222 889

Non-recurring items

 6 847

- 2 769

Operating result (EBIT)

 171 254

 220 120

Interest income

 5 291

 8 585

Interest expense

- 68 215

- 70 941

Other financial income and expenses

- 3 730

- 33 811

Result before taxes

 104 600

 123 953

Income taxes

- 42 376

- 36 387

Result after taxes (consolidated companies)

 62 224

 87 566

Share in the results of joint ventures and associates

 25 330

 18 320

RESULT FOR THE PERIOD

 87 554

 105 886

Attributable to

  the Group

 87 176

 101 969

  non-controlling interests

  378

 3 917

EARNINGS PER SHARE (in € per share)

 

 

Result for the period attributable to the Group

Basic

1.51

1.83

Diluted

1.33

1.82




Reconciliation of segment reporting

Key figures per segment
(in millions of €)   EMEA N-AM  L-AM  APAC  Group1   RECONC2  2015
Consolidated sales  1 227 593 764 1 086 -  -  3 671
Operating result before non-recurring items   139 20  46 82 -69  5  223
Rebit margin on sales  11.3%  3.3%  6.0%  7.6%  -  - 6.1%
Non-recurring items  6 14 -1  -11  -10  - -3
Operating result   145  33 45 71  -792 5 220
EBIT margin on sales   11.8%  5.6%  5.9% 6.5%  -  -  6.0%
Depreciation, amortization, impairment losses   56  13 27  129  11  -14  222
Negative goodwill  -  -  - -0 - - -0
EBITDA  201 46  72  200  -69  -9  441
EBITDA margin on sales   16.4% 7.8% 9.4% 18.4%  -  -  12.0%
Segment assets  884  335  582  1 269  148  -184  3 034
Segments liabilities   224  68  113  173  95  -87  585
Capital employed   660  266  469  1 097  53  -96  2 448
Capital expenditure - PP&E  48 55 24 50 5 -12 171
1 Group and business support
2 Reconciliations 

Consolidated sales by segment

Full year 2015 -in millions of € 

Consolidated sales 2014  2015 Variance Share FX impact
EMEA 1 064 1 227 +15% 33% -3
North America 555 593 +7% 16% +90
Latin America 631 764 +21% 21% +45
Asia Pacific 966  1 086 +12% 30% +139
Total  3 216 3 671 +14% 100% +270



 2015 quarter-on-quarter progress - in millions of €

Consolidated sales 1st Q 2nd Q 3rd Q 4th Q Q4 y-o-y1 Q4 y-o-y3
EMEA 313 331 296 287 -2% +17%
North America 152 160 146 135 +8% =
Latin America 195 205 180 185 +17% +7%
Asia Pacific 243 297 277 269 -1% +12%
Total 904 993 898 876 +4% +10%

Combined sales4 by segment  

Full year 2015 - in millions of €

Combined sales 2014 2015 Variance Share FX impact
EMEA 1 049  1 223

+17% 

28% -3
North America 555  593

+7% 

13% +90
Latin America 1 422  1 451

+2% 

33% -82
Asia Pacific 1 014  1 136

+12% 

26% +145
Total 4 040 4 402 

+9% 

100% +149


2015 quarter-on-quarter progress per segment - millions of €
Combined sales 1st Q 2nd Q 3rd Q 4th Q Q4 y-o-y3
EMEA 311 329 296 287 +19%
North America 152 160 146 135 =
Latin America 393 393 343 322 -10%
Asia Pacific 249 315 289 282 +11%
Total 1 106 1 198 1 073 1 025 +4%


3 Q4 year-on-year sales: 4th quarter 2015 versus 4th quarter 2014
4 Combined sales are sales of consolidated companies plus 100% of sales of joint ventures and associates after intercompany elemination.

Consolidated statement of comprehensive income

(in thousands of €) 2014  2015 
Result for the period 87 554  105 886 
Other comprehensive income (OCI)
   Other comprehensive income to be reclassified to profit or loss in subsequent periods:
   
Exchange differences 92 868  -16 070 
Inflation adjustments 1 574  1 208 
Cash flow hedges 755  175 
Available-for-sale investments 1 405  -2 001 
Share of reclassificable OCI of joint ventures and associates 
Deferred taxes relating to other OCI to be reclassified 1 066  -67 
OCI to be reclassified to profit or loss in subsequent periods, after tax 97 668  -16 755 
     
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:      
Remeasurenment gains and losses on defined-benefit plans  -28 418  11 321 
Share of non-reclassificable OCI of joint ventures and associates  -219  -30 
Deferred taxes relating to OCI not to be reclassified  1 021  130 
OCI not to be relassified to profit or loss in subsequent periods, after tax  -27 616  11 421 
     
Other comprehensive income for the period  70 052  -5 334 
     
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 157 606  100 552 
Attributable to    
the Group 141 948  91 184 
non-controlling interests 15 658  9 368 

 

Consolidated balance sheet

in thousands of €) 2014  2015 
Non-current assets 1 850 842  1 920 697 
Intangible assets 98 087  109 448 
Goodwill  18 483  35 699 
Property, plant and equipment 1 432 803  1 490 454 
Investments in joint ventures and associates 155 734  114 119 
Other non-current assets  44 468  39 773 
Deferred tax assets 101 267  131 204 
Current assets 2 106 873  1 960 422 
Inventories 640 807  628 731 
Bills of exchange received 114 118  68 005 
Trade receivables 707 569  686 364 
Other receivables 106 627  99 286 
Short-term deposits 14 160  10 216 
Cash and cash equivalents 458 542  401 771 
Other current assets 65 050  66 049 
Assets classified as held for sale
TOTAL ASSETS 3 957 715  3 881 119 
     
Equity  1 566 212  1 515 911 
Share capital  176 914  176 957 
Share premium  31 693  31 884 
Retained earnings  1 352 197   1 397 356
Other Group reserves  -194 013  -221 498 
Equity attributable to the Group  1 366 791  1 384 699 
Non-controlling interests 199 421  131 212 
Non-current liabilities  1 204 581  1 077 862 
Employee benefit obligations  175 774  167 131 
Provisions  55 744  50 198 
Interest-bearing debt  910 074  792 116 
Other non-current liabilities  8 736  15 204 
Deferred tax liabilities  54 253  53 213 
Current liabilities  1 186 922  1 287 346 
Interest-bearing debt  441 552  494 714 
Trade payables  390 943  456 783 
Employee benefit obligations  121 934  131 281 
Provisions  20 493  26 973 
Income taxes payable  97 424  105 832 
Other current liabilities  114 576  71 763 
Liabilities associated with assets classified as held for sale   
TOTAL   3 957 715  3 881 119 

 

Consolidated statement of changes in equity

(in thousands of €) 2014  2015 
Opening balance 1 503 876  1 566 212 
Total comprehensive income for the period 157 606  100 552 
Capital contribution by non-controlling interests  53 399  14 967 
Effect of acquisitions and disposals  22 683  -114 769 
Creation of new shares 779  234 
Treasury shares transactions -72 102  1 206 
Dividends to shareholders of NV Bekaert SA -49 650  -48 006 
Dividends to non-controlling interests -53 224  -7 391 
Other 2 845  2 906 
Closing balance 1 566 212  1 515 911 

 

Consolidated cash flow statement

(in thousands of €) 2014  2015 
Operating result (EBIT) 171 254  220 120 
Non-cash included in operating result 187 847  246 239 
Investing items included in operating result  -8 057  -13 551 
Amounts used on provisions and employee benefit obligations -44 452  -40 807 
Income taxes paid -45 827  -56 657 
Gross cash flows from operating activities 260 765  355 344 
Change in operating working capital -54 623  212 266 
Other operating cash flows -19 193  15 952 
Cash flows from operating activities 186 949  583 562 
New business combinations -108 512  -129 833 
Other portfolio investments -1 973  -109 559 
Proceeds from disposals of investments 3 103  30 761 
Dividends received  20 724  18 411 
Purchase of intangible assets -21 752  -5 868 
Purchase of property, plant and equipment -132 784  -170 702 
Other investing cash flows 15 847  3 806 
Cash flows from investing activities -225 347  -362 984 
Interest received  5 338  7 320 
Interest paid  -61 069  -64 302 
Gross dividend paid  -66 396  -55 566 
Proceeds from non-current interest-bearing debt  343 960  145 151 
Repayment of non-current interest-bearing debt   -191 172  -127 945 
Cash flows from (+) / (-) current interest-bearing debt  147 605  -184 093 
Treasury shares transactions  -72 102  1 206 
Other financing cash flows   -18 219  10 421 
Cash flows from financing activities  87 945  -267 808 
Net increase or decrease (-) in cash and cash equivalents  49 547  -47 230 
Cash and cash equivalents at the beginning of the period  391 857  458 542 
Effect of exchange rate fluctuations  17 138  -9 541 
Cash and cash equivalents at the end of the period  458 542  401 771 

 

Additional key figures

(in € per share)   2014  2015
Number of existing shares at 31 December 60 111 405  60 125 525 
Book value  22.74  23.03 
Share price at 31 December  26.35  28.39 
Weghted average number of shares     
    Basic  57 599 873  55 841 843 
    Diluted  58 876 312  56 060 677 
Result for the period attributabel to the Group     
    Basic  1.51  1.83 
    Diluted  1.33  1.82 
     
(in thousands of € - ratios)  2014  2015 
EBITDA  341 935  441 443 
Depreciation and amortization and impairment losses  181 573  221 663 
Negative goodwill  -10 893  -340 
Capital employed  2 523 984  2 448 359 
Operating working capital  974 611  812 757 
Net debt  852 959  831 964 
REBIT on sales  5.1%  6.1% 
EBIT on sales  5.3%  6.0% 
EBITDA on sales  10.6%  12.0% 
Equity on total assets  39.6%  39.1% 
Gearing (net debt on equity)  54.5%  54.9% 
Net debt on EBITDA 2.5  1.9 
Net debt on REBITDA 2.6  2.0 
     
NV Bekaert SA - Statutory Profit and Loss Statement  2014  2015 
(in thousands of €)     
Sales  413 834  419 945 
Operating result  44 843  17 454 
Financial result 7 062  343 872 
Profit from ordinary activities 51 905  361 326 
Extraordinary results 18 046  -8 658 
Profit before taxes  69 951  352 668 
Income taxes  1 303  2 472 
Result for the period  71 254  355 140 

 

 

 

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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