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.

Book value per share
Equity attributable to the Group divided by number of shares outstanding at balance sheet date.

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.

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 debt
Interest-bearing debt net of current loans, non-current financial receivables and cash guarantees, short-term deposits, 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.

Non-recurring items
Operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a one-time effect.

Recurring EBIT = EBIT before non-recurring items.

Companies in which Bekaert exercises control and generally has an interest of more than 50%.

Working capital (operating)
Inventories + trade receivables + bills of exchange received + advanced paid - trade payables - advances received - remuneration and social security payables - employment-related taxes.

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