Bekaert: Annual results 2011
Please find attached a press release concerning the annual results 2011 of Bekaert.
Bekaert achieved sound sales growth in all markets but China in 2011. After a solid first half of the year the company faced changing business conditions as a result of dramatic developments in the PV solar business, economic uncertainty and increased competition in most markets. Bekaert succeeded in realizing 5% organic growth for the year as a result of higher sales volumes, but saw aggressive competition in PV solar markets erase the profitability of the sawing wire platform in the 2nd half of 2011.
- Consolidated sales of € 3.3 billion (+2.4%) and combined sales of € 4.6 billion (+2.9%)
- Gross profit of € 651 million (19.5% margin) compared with € 904 million (27.7%)
- EBIT of € 268 million (8.0%) compared with € 534 million
- EBITDA of € 476 million (14.2%) compared with € 725 million
- EPS: € 3.27 compared with € 6.21
The company further accelerated its longer-term growth initiatives in 2011:
- R&D expenses totaled € 90 million, representing 2.7% of sales
- Capital expenditures reached € 278 million
The Board of Directors will propose a gross dividend of € 0.5. Including the interim dividend of € 0.67 which was payable as of 17 October 2011, the total gross dividend for 2011 thus amounts to € 1.17.