Consolidated income statement

(in thousands of €) 1H 2015  2H 2015  1H 2016 
Sales 1 896 872  1 774 209  1 819 106 
Cost of sales -1 593 104  -1 479 569  -1 472 112 
Gross profit 303 768  294 640  346 995 
Selling expenses -82 504  -73 602  -82 601 
Administrative expenses -73 024  -67 656  -72 635 
Research and development expenses -33 065  -31 532  -31 554 
Other operating revenues 8 457  8 663  5 698 
Other operating expenses -11 392  -10 539  -8 590 
Operating result before non-recurring items (REBIT)   112 240  119 974  157 313 
Non-recurring items -2 530  -9 564  -13 659 
Operating result (EBIT) 109 710  110 410  143 654 
Interest income 4 343  4 242  3 234 
Interest expense -34 407  -36 534  -31 153 
Other financial income and expenses -13 868  -19 943  -53 204 
Result before taxes 65 778  58 175  62 530 
Income taxes -25 604  -10 783  -32 724 
Result after taxes (consolidated companies) 40 174  47 392  29 807 
Share in the results of joint ventures and associates 12 552  5 768  12 815 
RESULT FOR THE PERIOD 52 726  53 160  42 622 
Attributable to      
the Group 52 289  49 680  33 092 
non-controlling interests 437  3 480  9 530 
EARNINGS PER SHARE (in € per share)      
Result for the period attibutable to the Group      
 Basic 0.94  0.89  0.59 
 Diluted 0.93  0.89  0.58 

 

Reconciliation of segment reporting

(in millions of €)  EMEA  N-AM  L-AM   APAC Group1  Reconc²  1H 2015 
Consolidated sales  629 291 352 547 - - 1 819 
Operating result before
non-recurring items (REBIT)
85 14 33 67 -45 157 
Rebit margin on sales 13.6% 4.8%  9.3%  12.2%  8.6% 
Non-recurring items -5 -6  -3  -14 
Operating result (EBIT) 81 14   32 67  -51  144 
EBIT margin on sales 12.8% 4.7%  9.2%  12.3%  7.9% 
Depreciation, amortization,
impairment losses
29 14  54  -7  98 
REBITDA  115  21  47  122  -43  -3  259 
REBITDA margin on sales  18.3% 7.4%  13.3% 22.3%     14.3%
EBITDA 110 21  46  121  -50  -6  242 
EBITDA margin on sales 17.4% 7.3%  13.1%  22.1%  13.3% 
Segment assets 1 220 401  612  1 287  157  -187  3 491 
Segment liabilities 262 85  129  171  96  -92  651 
Capital employed 958 316  483  1 116  61  -96  2 839 

1 Group and Busines Support
2 Reconciliations

Consolidated statement of comprehensive income

(in thousands of €) 1H 2015  1H 2016 
Result for the period 52 726  42 622 
Other comprehensive income    
Exchange differences 54 285  15 522 
Inflation adjustments 896  916 
Cash flow hedges 174 
Available-for-sale investments- -3 754 
Share of other comprehensive income of joint ventures and associates  -29 
Deferred taxes relating to other OCI to be reclassified -66 
OCI to be reclassified to profit or loss in subsequent periods, after tax 59 014  16 438 
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:    
Remaeasurements on defined benefit plans 14 785  -24 440 
Deferred taxes relating to OCI not to be reclassified 143  86 
OCI not to be reclassified to profit or loss in subsequent periods, after tax 14 928  -24 440 
Other comprehensive income for the period 73 942  -8 002 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 126 668  34 620 
Attributable to    
the Group 117 311  21 636 
non-controlling interests 9 357  12 984 

 

Consolidated balance sheet

in thousands of €) 31-Dec-15   30-Jun-16
Non-current assets 1 920 697  2 183 685 
Intangible assets 109 448  150 155 
Goodwill  35 699  161 266 
Property, plant and equipment 1 490 454  1 554 600 
Investments in joint ventures and associates 114 119  139 041 
Other non-current assets  39 773  42 302 
Deferred tax assets 131 204  136 321 
Current assets 1 960 422  2 237 118 
Inventories 628 731  682 993 
Bills of exchange received 68 005  82 417 
Trade receivables 686 364  837 767 
Other receivables 99 286  108 081 
Short-term deposits 10 216  6 642 
Cash and cash equivalents 401 771  441 690 
Other current assets 66 049  77 528 
Assets classified as held for sale
TOTAL ASSETS 3 881 119  4 420 803 
     
Equity  1 515 911  1 506 852 
Share capital  176 957  176 9957 
Share premium  31 884  31 884 
Retained earnings  1 397 356  1 365 069 
Other Group reserves  -221 498  -214 045 
Equity attributable to the Group  1 384 699  359 865 
Non-controlling interests  131 212  146 987 
Non-current liabilities  1 077 862  1 521 991 
Employee benefit obligations  167 131  194 819 
Provisions  50 198  62 744 
Interest-bearing debt  792 116  1 146 629 
Other non-current liabilities  15 204  49 089 
Deferred tax liabilities  53 213  68 710 
Current liabilities  1 287 346  1 391 960 
Interest-bearing debt  494 714  497 384 
Trade payables  456 783  516 451 
Employee benefit obligations  131 281  132 653 
Provisions  26 973  34 967 
Income taxes payable  105 832  117 936 
Other current liabilities  71 763  92 569 
Liabilities associated with assets classified as held for sale 
TOTAL EQUITY AND LIABILITIES  3 881 119  4 420 803 

* Restated (see Restatement effects) 

Consolidated statement of changes in equity

(in thousands of €) 1H 2014  1H 2015 
Balance as at 1 January  (as previously reported) 1 503 876  1 566 212 
Adjustments (see restatement effects)  -2 731  -5 725 
Balance as at 1 January (adjusted)  1 501 145  1 560 487 
Total comprehensive income for the period 77 167*  126 668 
Capital contribution by non-controlling interests 3 359  15 895 
Effect of business combination with ArcelorMittal  20 803 
Effect of business combination with Pirelli  1 732 
Effect of business combination with Arrium  -7 086 
Effect of Ropes portfolio restructuring with Chilean partners -2 247 
Effect of other changes in group structure -633  -3 426 
Equity-settled share-based payment plans  1 744  1 569 
Creation of new shares
Treasury shares transactions -8 598 
Dividends -53 923  -49 163 
Balance as at 30 June 1 541 064  1 644 429 

* Restated

Consolidated cash flow statement

(in thousands of €) 1H 2014 (*)  1H 2015 
Operating result (EBIT) 116 693  109 710 
Non-cash included in operating result 81 554  118 837 
Investing items included in operating result  -9 158  -11 764 
Amounts used on provisions and employee benefit obligations -32 179  -19 414 
Income taxes paid -21 454  -27 319 
Gross cash flows from operating activities 135 456  169 750 
Change in operating working capital -124 851  -31 249 
Other operating cash flows -1 047  22 279 
Cash flows from operating activities 9 558  160 780 
New business combinations -140 386 
Other portfolio investments -632  -14 201 
Proceeds from disposals of investments 1 052  14 430 
Dividends received  83  544 
Purchase of intangible assets -2 450  -1 919 
Purchase of property, plant and equipment -58 152  -78 878 
Other investing cash flows 14 268  1 702 
Cash flows from investing activities -45 831  -218 708 
Interest received  2 829  4 279 
Interest paid  -22 878  -24 836 
Gross dividend paid  -57 176  -49 748 
Proceeds from non-current interest-bearing debt  303 161  97 303 
Repayment of non-current interest-bearing debt  -127 345  -127 682 
Cash flows from current interest-bearing debt  87 393  58 117 
Treasury shares transactions  -8 598 
Other financing cash flows  99  -53 434 
Cash flows from financing activities 177 485  -96 001 
Net increase or decrease (-) in cash and cash equivalents  141 211  -153 929 
Cash and cash equivalents at the beginning of the period  391 857  458 542 
Effect of exchange rate fluctuations 86  4 782 
Cash and cash equivalents at the end of the period  533 154  309 395 

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

  • 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

  • Bezinal-2000

    Situation

    Although zinc provides a barrier to corrosion in most environments, specific conditions accelerate the corrosion process

    Solution

    Bekaert, drawing from its deep expertise in coating technology, has developed an advanced zinc/aluminum coating

    Result

    Bezinal® 2000 increases corrosion resistance with up to 500% compared to traditional galvanization

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