Added value


Operating result (EBIT) + remuneration, social security and pension charges + depreciation, amortization, impairment of assets and negative goodwill.            


Companies in which Bekaert has a significant influence, generally reflected by an interest of at least 20%.  Associates are accounted for using the equity method.            
Capital employed (CE)


Working capital + net intangible assets + net goodwill + net property, plant and equipment. The average CE is weighted by the number of periods that an entity has contributed to the consolidated result.
Capital ratio Equity relative to total assets.            

Cash flow 

Result from continuing operations of the Group + depreciation, amortization and impairment of assets. This definition differs from that applied in the consolidated cash flow statement.            
Dividend yield Gross dividend as a percentage of the share price on 31 December.            


Operating result (earnings before interest and taxation).

EBIT interest coverage

Operating result divided by net interest expense.


Operating result (EBIT) + depreciation, amortization, impairment of assets and negative goodwill. 

Equity method

Method of accounting whereby an investment (in a joint venture or an associate) is initially recognized at cost and subsequently adjusted for any changes in the investor’s share of the joint venture’s or associate’s net assets (i.e. equity). The income statement reflects the investor’s share in the net result of the investee.


Net debt relative to equity

Joint ventures

Companies under joint control in which Bekaert generally has an interest of approximately 50%. Joint ventures are accounted for using the equity method.            

Net capitalization

Net debt + equity.

Net debt

Interest-bearing debt net of current loans (included in other current assets), short term deposits and cash and cash equivalents.  For the purpose of debt calculation only, interest bearing debt is remeasured to reflect the effect of any cross-currency interest-rate swaps (or similar instruments), which convert this debt to the entity’s functional currency.

Return on capital employed (ROCE)

Operating result (EBIT) relative to average capital employed.

Return on equity (ROE)

Result for the period relative to average equity.

Sales (combined)

Sales of consolidated companies + 100% of sales of joint ventures and associates after intercompany elimination.

Subsidiaries             Companies in which Bekaert exercises control and generally has an interest of more than 50%.            
Velocity Velocity is calculated by taking the sum of the daily division of the number of shares traded by the outstanding number of shares existing the same day, and that for the twelve previous months.            
Velocity (adjusted)   Velocity divided by the free-float band of 65% end 2007.
Working capital (operating)            

Inventories + trade receivables - trade payables - advances received - current employee benefit obligations - employment-related taxes.



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