Bekaert - First quarter trading update 2013
Please find attached a press release concerning the Bekaert first quarter trading update 2013.
In the first quarter of 2013 Bekaert achieved consolidated sales of € 799 million and combined sales of € 1 036 million, a decrease of 10.8% and 8.7% respectively, compared with the first quarter of 2012.
Market conditions during the first quarter are reflected in Bekaert's revenue, with low demand in mature markets and a highly competitive environment driving strong price pressure in emerging markets.
Organic consolidated sales were down by 8.2%, 2.8% of which was from lower volumes. Unfavorable currency movements (-3.2%) added to the decline and were fully attributable to the Venezuelan currency. The net effect of acquisitions and divestments was slightly positive (0.6%).
The organic decline was 4.2% at the combined sales level. The effect of currency movements was -5.0% and the net impact from acquisitions and divestments was limited to 0.5%.