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:
- Net Debt/Ebitda < 2
- Gearing (Net debt/equity) < 50%
- 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 of the debt maturing within 1 year.
Bekaert has no financial covenants in its financing agreements other than those for the newly established Bridon-Bekaert Ropes Group (BBRG). (see below)
Bonds issued:
Financial
instrument |
ISIN code |
Volume
(in thousand €) |
Issue date |
Maturity
date |
Issue
price |
Coupon |
| Bond 2010-2018 |
BE6213295577 |
100 000 |
23/12/2010 |
23/12/2018 |
101.875% |
4.500% |
| 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 |
2016 |
2017 |
| Non-current interest-bearing debt |
850 050 |
688 244 |
910 074 |
792 116 |
1 161 310 |
1 180 347 |
| Value adjustments |
-2 903 |
-6 245 |
7 584 |
- |
0 |
0 |
| Current interest-bearing debt |
342 549 |
321 907 |
441 552 |
494 714 |
297 915 |
454 401 |
|
Total financial debt
|
1 189 696 |
1 003 906 |
1 359 210 |
1 286 830 |
1 459 225 |
1 634 748 |
| Non-current financial receivables and cash guarantees |
-21 505 |
-21 421 |
-19 551 |
-9 694 |
-6 664 |
-6 259 |
| Current loans |
-10 890 |
-6 440 |
-13 998 |
-33 185 |
-13 991 |
-8 447 |
| Short-term deposits |
-104 792 |
-10 172 |
-14 160 |
-10 216 |
-5 342 |
-50 406 |
| Cash and equivalents |
-352 312 |
-391 857 |
-458 542 |
-401 771 |
-365 546 |
-418 779 |
|
Net debt |
700 197 |
574 016 |
852 959 |
831 964 |
1 067 683 |
1 150 857 |
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 |
837 |
441 |
1.9 |
| 2016 |
1 068 |
481 |
2.2 |
| 2017 |
1 151 |
510 |
2.3 |
* 1.6: net debt/Ebitda excl. BBRG effect.
Gearing (net debt to equity) in %
