Full Year Results 2023
Bekaert published its Full Year Results 2023 on Friday 1 March 2024.
Bekaert published its Full Year Results 2023 on Friday 1 March 2024.
On Thursday, 7 December 2023, Bekaert held a Capital Markets Day for institutional investors and analysts in London, at the Institution of Engineering and Technology.
The event was hosted by members of Bekaert‘s senior leadership team including CEO, Yves Kerstens and CFO, Taoufiq Boussaid, who outlined our strategic priorities and prospects for the years ahead.
Bekaert has delivered a resilient performance in the first nine months of 2023, despite many of our end markets remaining challenging. Sales of € 3 355 million (-13% against the same period in 2022) were lower in this period, as anticipated, from the reversal of raw material cost inflation and the normalization of energy surcharges in previous periods, and lower volumes, partially offset by a stronger mix.
Bekaert continues to benefit from the execution of its strategy, with business selection driving price and mix improvements, alongside excellent cash conversion and cost discipline. The group is also making good progress in developing its new growth platforms and with the completion of the disposal of the Steel Wire Solutions businesses in Chile and Peru, Bekaert continues its repositioning into markets with higher growth and margin.
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Sales at € 2.3 billion • EBITu of € 226 million (margin 9.7%) • Free Cash Flow of € 80m • ROCE 20.5% • Net debt/EBITDAu of 0.8x
Bekaert delivered another period of robust profitability and cash flows, and has addressed pro-actively weaker conditions in many of its end markets. Despite lower volumes, the core businesses continue to benefit from the successful execution of Bekaert’s strategy, alongside swift actions in the period to maintain pricing discipline and cost efficiencies. Whilst looking beyond, the repositioning to target new opportunities from the energy transition and decarbonization trends continues, with growing demand in a range of new products.
