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Half year

Consolidated financial statements on half year results

(in thousands of €) 1H 2010 1H 2011
Sales 1 534 846 1 779 643
Cost of sales -1 100 439 -1 331 364
Gross profit 434 407 448 279
Selling expenses -69 618 -88 377
Administrative expenses -63 038 -68 769
Research and development expenses -39 644 -46 361
Other operating revenues 8 204 5 567
Other operating expenses -8 282 -7 990
Operating result before non-recurring items (REBIT)   262 029 242 349
Non-recurring items -18 556 -10 516
Operating result (EBIT) 243 473 231 833
Interest income 3 999 3 509
Interest expense -27 504 -35 048
Other financial income and expenses 7 915 -3 209
Result before taxes 227 883 197 085
Income taxes -51 324 -53 521
Result after taxes (consolidated companies) 176 559 143 564
Share in the results of joint ventures and associates 18 788 14 146
RESULT FOR THE PERIOD 195 347 157 710
Attributable to  
the Group 181 008 144 321
non-controlling interests 14 339 13 389

 

Consolidated statement of comprehensive income

(in thousands of €) 1H 2010 1H 2011
Result for the period 195 347 157 710
Other comprehensive income    
Exchange differences 218 024 -66 668
Net investment hedges (exchange differences effect) -21 326 -
Cash flow hedges -815 -1 058
Available-for-sale investments -1 858 -8 161
Actuarial gains and losses (-) on defined benefit plans -18 055 3 303
Share of other comprehensive income or joint ventures and associates -15 7
Deferred taxes relating to other comprehensive income -2 129 278
Other comprehensive income for the period, net of tax 173 826 -72 299
     
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 369 173 85 411
Attributable to    
the Group 337 891 76 645
non-controlling interests 31 282 8 766

 

Consolidated balance sheet

in thousands of €) 31/12/2010 30/06/11
Non-current assets 1 765 873 1 747 162
Intangible assets 73 051 68 268
Goodwill  58 097 54 607
Property, plant and equipment 1 295 115 1 282 200
Investments in joint ventures and associates 243 795 243 764
Other non-current assets  32 128 28 258
Deferred tax assets 63 687 70 065
Current assets 1 907 264 2 021 616
Inventories 507 650 636 901
Trade receivables 774 308 872 303
Other receivables 63 942 2 254
Short-term deposits 104 699 55 794
Cash and cash equivalents 338 238 259 570
Other current assets 118 427 124 794
Assets classified as held for sale - -
TOTAL ASSETS 3 673 137 3 768 778

Equity 1 696 627 1 723 192
Share capital 176 242 176 242
Share premium 27 582 27 582
Retained earnings 1 463 838  1 549 214
Other Group reserves -56 995 -122 951
Equity attributable to the Group 1 610 667 1 630 087
Non-controlling interests 85 960 93 105
Non-current liabilities 936 879 744 902
Employee benefit obligations 150 893 134 663
Provisions 34 335 44 292
Interest-bearing debt 700 488 514 222
Other non-current liabilities 9 452 7 729
Deferred tax liabilities 41 711 43 996
Current liabilities 1 039 631 1 300 684
Interest-bearing debt 320 315 656 576
Trade payables 341 664 345 275
Employee benefit obligations 128 231 121 218
Provisions 15 257 12 154
Income taxes payable 94 666 73 900
Other current liabilities 139 498 91 561
Liabilities associated with assets classified as held for sale - -
TOTAL EQUITY AND LIABILITIES 3 673 137 3 768 778

 

Consolidated statement of changes in equity

(in thousands of €) 1H 2010 1H 2011
Opening balance 1 373 581 1 696 627
Total comprehensive income for the period 369 173 85 411
Capital contribution by non-controlling interests 1 263 677
Effect of acquisitions and disposals -610 -161
Creation of new shares - -
Treasury shares transactions -20 580 -
Dividends to shareholders of NV Bekaert SA -58 225 -58 921
Dividends to non-controllinginterests - -2 161
Other 1 619 1 720
Closing balance 1 666 221 1 723 192

Consolidated cash flow statement

(in thousands of €) 1H 2010 1H 2011
Operating result (EBIT) 243 473 231 833
Non-cash and investing items included in operating result 101 144 109 388
Income taxes paid -32 808 -79 279
Gross cash flows from operating activities 311 809 261 942
Change in operating working capital -232 420 -306 822
Other operating cash flows -4 437 -15 970
Cash flows from operating activities 74 952 -60 850
New business combinations -29 650 -
Other portfolio investments - -
Proceeds from disposals of investments -1 335 -
Dividends received  12 177 4 179
Purchase of intangible assets -6 692 -4 187
Purchase of property, plant and equipment -76 023 -129 694
Other investing cash flows 4 038 1 423
Cash flows from investing activities -94 815 -128 279

Interest received 4 235 2 162
Interest paid -40 459 -42 952
Gross dividend paid -56 747 -72 066
Proceeds from non-current interest-bearing debt 9 260 11 128
Repayment of non-current interest-bearing debt  -64 889 -10 720
Cash flows from current interest-bearing debt 75 273 173 631
Treasury shares transactions -20 580 -
Other financing cash flows  169 878 63 632
Cash flows from financing activities 75 971 124 815
Net increase or decrease (-) in cash and cash equivalents 56 108 -64 314
Cash and cash equivalents at the beginning of the period 121 171 338 238
Effect of exchange rate fluctuations 18 957 -14 354
Cash and cash equivalents at the end of the period 196 236 259 570
 

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better together

better together utilities

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.

BEKB stock exchange

M-Bekaert

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