Debt structure
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%
Bekaert has no financial covenants in its financing agreements.
Net debt calculation
| in thousands of € |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
| Non-current interest-bearing debt |
850 050 |
688 244 |
910 074 |
792 116 |
1 161 310 |
1 180 347 |
686 665 |
| Value adjustments |
-2 903 |
-6 245 |
7 584 |
- |
- |
- |
- |
| Current interest-bearing debt |
342 549 |
321 907 |
441 552 |
494 714 |
297 915 |
454 401 |
942 041 |
|
Total financial debt
|
1 189 696 |
1 003 906 |
1 359 210 |
1 286 830 |
1 459 225 |
1 634 748 |
1 628 705 |
| Non-current financial receivables and cash guarantees |
-21 505 |
-21 421 |
-19 551 |
-9 694 |
-6 664 |
-6 259 |
-7 332 |
| Current loans |
-10 890 |
-6 440 |
-13 998 |
-33 185 |
-13 991 |
-8 447 |
-20 186 |
| Short-term deposits |
-104 792 |
-10 172 |
-14 160 |
-10 216 |
-5 342 |
-50 406 |
-50 036 |
| Cash and equivalents |
-352 312 |
-391 857 |
-458 542 |
-401 771 |
-365 546 |
-418 779 |
-398 273 |
|
Net debt |
700 197 |
574 016 |
852 959 |
831 964 |
1 067 683 |
1 150 857 |
1 152 878 |
Net debt on Underlying EBITDA
| |
Net debt |
Ebitda |
Net debt/U-Ebitda |
| 2012 |
700 |
274 |
2.1 |
| 2013 |
574 |
297 |
1.8 |
| 2014 |
853 |
342 |
2.6 |
| 2015 |
837 |
441 |
1.9 |
| 2016 |
1 068 |
481 |
2.2 |
| 2017 |
1 151 |
510 |
2.3 |
| 2018 |
1153 |
387 |
2.7 |
Gearing (net debt to equity) in %
