Annual Report 2014   online version   -or- Full pdf version (4.3MB)

Bekaert Shareholders' report 2014      Full version 

Consolidated income statement

(in thousands of €) 2013  2014 
Sales 3 185 628  3 215 714 
Cost of sales -2 703 316  -2 729 995 
Gross profit 482 312  485 719 
Selling expenses -128 207  -138 126 
Administrative expenses -124 924  -126 894 
Research and development expenses -62 429  -59 261 
Other operating revenues 12 502  21 978 
Other operating expenses -13 337  -19 009 
Operating result before non-recurring items (REBIT)   165 917  164 407 
Non-recurring items* -28 647  6 847 
Operating result (EBIT)* 137 270  171 254 
Interest income 6 449  5 291 
Interest expense -70 154  -68 215 
Other financial income and expenses* -19 822  -3 730 
Result before taxes 53 743  104 600 
Income taxes -47 916  -42 376 
Result after taxes (consolidated companies) 5 827  62 224 
Share in the results of joint ventures and associates 30 244  25 330 
RESULT FOR THE PERIOD 36 071  87 554 
Attributable to    
the Group 24 574  87 176 
non-controlling interests 11 497  378 
EARNINGS PER SHARE (in € per share)     
Result for the period attributable to the Group     
Basic  0.42  1.51 
Diluted  0.42  1.33 

 

Reconciliation of segment reporting

Key figures per segment
(in millions of €)   EMEA N-AM  L-AM  APAC  Group1   RECONC2  2014
Consolidated sales   1 064 555 631 966 -  -  3 216
Operating result before non-recurring items   114 20  26 63 -61  2  164
Rebit margin on sales  10.7%  3.6%  4.1%  6.5%  -  -  5.1%
Non-recurring items   2  8  8  -9  -1  - 7
Operating result   116  28 34  54  -62  1  171
EBIT margin on sales   10.9%  5.0%  5.4% 5.6%  -  -  5.3%
Depreciation, amortization, impairment losses   49  10  17  106  15  -15  182
Negative goodwill  -  -  -11 - - - -11
EBITDA  165 38  40  159  -48  -12  342
EBITDA margin on sales   15.5%  6.8%  6.3%  16.5%  -  -  10.6%
Segment assets   716  303  620  1 282  160  -205  3 037
Segments liabilities   211  69  112  144  76  -99  513
Capital employed   666  234  508  1 139  84  -107  2 524
1 Group and business support
2 Reconciliations 

Consolidated and combined sales by segment

2014 quarter-on-quarter progress per segment - consolidated sales in millions of €

 

Consolidated sales 1st Q 2nd Q 3rd Q 4th Q Q4 y-o-y1 Q4 FX2
EMEA 275 279 264 245 -2% -2
North America 139 142 140 134 +8% +11
Latin America 141 154 163 173 +17% -1
Asia Pacific 226 252 247 241 -1% +17
Total 782 827 814 793 +4% +25

 

Full year 2014 consolidated sales in millions of € 

Consolidated sales 2013 2014 Variance Share FX impact
EMEA 1 040 1 064 +2 33% -9
North America 548 555 +1 17% -5
Latin America 645 631 -2 20% -47
Asia Pacific 953 966 +1 30% -11
Total 3 186 3 216 +1 100% -72

 

 

 

2014 quarter-on-quarter progress per segment - combined3 sales in millions of €

Combined sales 1st Q 2nd Q 3rd Q 4th Q Q4 y-o-y1 Q4 FX2
EMEA 273 275 259 242 -1% -2
North America 139 142 140 134 +8% +11
Latin America 340 353 370 358 +3% -4
Asia Pacific 237 264 260 253 = +18
Total 990 1 033 1 029 988 +2% +24


Full year 2014 combined sales in millions of €

Combined sales 2013 2014 Variance Share FX impact
EMEA 1 028 1 049

+2 

26% -9
North America 548 555

+1 

14% -5
Latin America 1 534 1 422

-7 

35% -118
Asia Pacific 1 001 1 014

+1 

25% -13
Total 3 186 4 040

-2 

100% -144

1 Q4 year-on-year sales: 4th quarter 2014 versus 4th quarter 2013
2 Foreign exchange impact on sales in the 4th quarter of 2014. Year-on year comparison computed on the basis of ytd versus Q3.
3 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 €) 2013 2014 
Result for the period 36 071 87 554 
Other comprehensive income (OCI)
   Other comprehensive income to be reclassified to profit or loss in subsequent periods:
   
Exchange differences  -86 105 92 868 
Inflation adjustments  758 1 574 
Cash flow hedges  854 755 
Available-for-sale investments  773 1 405 
Share of reclassificable OCI of joint ventures and associates 
Deferred taxes relating to other OCI to be reclassified  -2 201 1 066 
OCI to be reclassified to profit or loss in subsequent periods, after tax  -85 921 97 668 
     
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:      
Remeasurenment gains and losses on defined-benefit plans  21 734 28 418 
Share of non-reclassificable OCI of joint ventures and associates  -219 
Deferred taxes relating to OCI not to be reclassified  826 1 021 
OCI not to be relassified to profit or loss in subsequent periods, after tax   22 560 -27 616 
     
Other comprehensive income for the period   -63 361 70 052 
     
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -27 290 157 606 
Attributable to    
the Group  -23 472 141 948 
non-controlling interests -3 818 15 658 

 

Consolidated balance sheet

in thousands of €) 2013  2014 
Non-current assets 1 608 640  1 850 842 
Intangible assets 71 043 98 087 
Goodwill  16 369 18 483 
Property, plant and equipment 1 239 058  1 432 803 
Investments in joint ventures and associates 155 838 155 734 
Other non-current assets  48 781 44 468 
Deferred tax assets 77 551 101 267 
Current assets 1 771 817  2 106 873 
Inventories 539 265 640 807 
Bills of exchange received 110 218 114 118 
Trade receivables 583 215 707 569 
Other receivables 83 781 106 627 
Short-term deposits 10 172 14 160 
Cash and cash equivalents 391 857 458 542 
Other current assets 51 213 65 050 
Assets classified as held for sale 2 096
TOTAL ASSETS 3 380 457 3 957 715 
     
Equity  1 503 876 1 566 212 
Share capital  176 773 176 914 
Share premium  31 055 31 693 
Retained earnings  1 307 618 1 352 197 
Other Group reserves  -169 170 -194 013 
Equity attributable to the Group  1 346 276 1 366 791 
Non-controlling interests 157 600 199 421 
Non-current liabilities   904 966 1 204 581 
Employee benefit obligations  136 602 175 774 
Provisions  40 510 55 744 
Interest-bearing debt  688 244 910 074 
Other non-current liabilities   2 587 8 736 
Deferred tax liabilities   37 023 54 253 
Current liabilities   971 615 1 186 922 
Interest-bearing debt   321 907 441 552 
Trade payables   338 864 390 943 
Employee benefit obligations   121 117 121 934 
Provisions   23 912 20 493 
Income taxes payable   83 329 97 424 
Other current liabilities   82 486 114 576 
Liabilities associated with assets classified as held for sale   -
TOTAL    3 380 457 3 957 715 

 

Consolidated statement of changes in equity

(in thousands of €) 2013 2014 
Opening balance 1 603 593 1 503 876 
Total comprehensive income for the period -27 290 157 606 
Capital contribution by non-controlling interests  53 399 
Effect of acquisitions and disposals  22 683 
Creation of new shares 1 048 779 
Treasury shares transactions  -15 275 -72 102 
Dividends to shareholders of NV Bekaert SA -49 596 -49 650 
Dividends to non-controlling interests  -12 960 -53 224 
Other  4 356 2 845 
Closing balance  1 503 876 1 566 212 

 

Consolidated cash flow statement

(in thousands of €) 2013  2014 
Operating result (EBIT) 137 270  171 254 
Non-cash included in operating result 192 884  187 847 
Investing items included in operating result  480 -8 057 
Amounts used on provisions and employee benefit obligations -45 329  -44 452 
Income taxes paid -51 507  -45 827 
Gross cash flows from operating activities 233 798  260 765 
Change in operating working capital 78 491  -54 623 
Other operating cash flows -6 526  -19 193 
Cash flows from operating activities 305 763  186 949 
New business combinations -108 512 
Other portfolio investments -1 973 
Proceeds from disposals of investments 6 668  3 103 
Dividends received  13 705  20 724 
Purchase of intangible assets -2 176  -21 752 
Purchase of property, plant and equipment -94 637  -132 784 
Other investing cash flows 4 474  15 847 
Cash flows from investing activities -71 966  -225 347 
Interest received  9 989  5 338 
Interest paid  -75 291  -61 069 
Gross dividend paid  -58 341  -66 396 
Proceeds from non-current interest-bearing debt  80 036  343 960 
Repayment of non-current interest-bearing debt   -202 201  -191 172 
Cash flows from (+) / (-) current interest-bearing debt  -34 338  147 605 
Treasury shares transactions  -15 275  -72 102 
Other financing cash flows   103 005  -18 219 
Cash flows from financing activities  -192 416  87 945 
Net increase or decrease (-) in cash and cash equivalents  41 381  49 547 
Cash and cash equivalents at the beginning of the period  352 312  391 857 
Effect of exchange rate fluctuations  -1 836  17 138 
Cash and cash equivalents at the end of the period  391 857  458 542 

 

Additional key figures

(in € per share)   2013  2014
Number of existing shares at 31 December 60 063 871  60 111 405 
Book value  22.41  22.74 
Share price at 31 December  25.72  26.35 
Weghted average number of shares     
    Basic  58 519 782  57 599 873 
    Diluted  58 699 429  58 876 312 
Result for the period attributabel to the Group     
    Basic  0.42  1.51 
    Diluted  0.42  1.33 
     
(in thousands of € - ratios)  2013  2014 
EBITDA  296 991  341 935 
Depreciation and amortization and impairment losses  159 721  181 573 
Negative goodwill  -10 893 
Capital employed  2 119 306  2 523 984 
Operating working capital  792 836  974 611 
Net debt  574 016  852 959 
REBIT on sales  5.2%  5.1% 
EBIT on sales  4.3%  5.3% 
EBITDA on sales  9.3%  10.6% 
Equity on total assets  44.5%  39.6% 
Gearing (net debt on equity)  38.2%  54.5% 
Net debt on EBITDA 1.9  2.5 
Net debt on REBITDA 1.8  2.6 
     
NV Bekaert SA - Statutory Profit and Loss Statement  2013  2014 
(in thousands of €)     
Sales  386 339  413 834 
Operating result  -4 122  44 843 
Financial result 5 644  7 062 
Profit from ordinary activities 1 522  51 905 
Extraordinary results 61 009  18 046 
Profit before taxes  62 531  69 951 
Income taxes  1 013  1 303 
Result for the period  63 544  71 254 

 

 

 

Contact info

Katelijn Bohez
Chief Communications & IR Officer

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

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