Debt management



Bekaert manages its debt  in a conservative way to guarantee the financial stability of the group over time and under different circumstances on the  financial markets.
Therefore Bekaert has 3 guiding principles to structure the debt:
1.       Net Debt/Ebitda < 2
2.       Gearing  (Net debt/equity) < 50%
3.       Financial Autonomy (Equity/Total Assets) > 40%
You can see the evolution of those 3 measurements in the graphs below.

Besides those general principles Bekaert aims at securing the liquidity through a debt structure with a relatively high portion fixed for longer term and a nicely spread repayment schedule.
Currently more than 100% of the net debt is covered by LT-debt with a remaining tenor of more than 1 year, while available cash is sufficient to repay all debt maturing within 1 year.

Bekaert has no financial covenants in its financing agreements.

Repayment schedule real debt (external debt exclusive debt through swaps)

Bonds issued:

Financial
instrument
ISIN code Volume
(in thousand €)
Issue date Maturity
date
Issue
price
Coupon
Bond 2005-2015 XS0210891254 100 000 03/03/2005 03/03/2015 101.338% 4.125%
Bond 2009-2014 BE0002167337 104 386 16/04/2009 16/04/2014 101.201% 6.750%
Bond 2010-2018 BE6213295577 100 000 23/12/2010 23/12/2018 101.875% 4.500%
Bond 2011-2016 BE6228571079 205 000 06/12/2011 06/12/2016 101.900% 4.125%
Bond 2011-2019 BE6228573091 195 000 06/12/2011 06/12/2019 101.900% 5.000%
Bond 2013-2020 BE0002206721 45 614 17/10/2013 17/10/2020 100.000% 4.750%
Convertible bond 2014-2018  BE6228573091   300 000 10/06/2014 18/06/2018 100.000%  

 

Net debt calculation

in thousands of €  2012 2013 2014  2015 
Non-current interest-bearing debt   850 050  688 244 910 074 792 116
Value adjustments   -2 903  -6 245 7 584 -
Current interest-bearing debt   342 549  321 907 441 552 494 714
Total financial debt   1 189 696  1 003 906 1 359 210 1 286 830
Non-current financial receivables and cash guarantees   -21 505  -21 421  -19 551 -9 694
Current loans  -10 890  -6 440  -13 998 -33 185
Short-term deposits  -104 792  -10 172  -14 160  -10 216
Cash and equivalents   -352 312  -391 857  -458 542  -401 771
Net debt   700 197  574 016  852 959 831 964

 

Net debt on EBITDA

Net debt on EBITDA

     Net debt         Ebitda Net debt/Ebitda 
2010             522              725  0.7
2011  856  497  1.7
2012  700  274  2.6
2013  574  297  1.9
2014   853  342  2.5
2015  832  441  1.9

   
    

Gearing (net debt to equity) in %

gearing

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