Bekaert NV — Earnings Release 2011

Feb 24, 2012

Press release Regulated information

24 February 2012

Annual results 2011

Press Katelijn Bohez T +32 56 23 05 71

Investor Relations Jacques Anckaert T +32 56 23 05 72

www.bekaert.com www.bekaert.mobi

Bekaert realizes 2.4% top-line growth and 8% EBIT margin under changing market conditions

Highlights¹

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 2 nd 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.

Outlook

Bekaert anticipates, in line with global expectations, continued uncertainty and price pressure in most markets. The company perceives persistent competitive pressure in mature markets and in China, but is convinced that its strong position in emerging markets, in particular in Latin America and South-East Asia, will continue to produce solid growth.

In response to longer term overall instability and to the drastic changes in the global solar energy market, Bekaert has announced on 2 February 2012 a major realignment program, consisting of the intention to rightsize its global sawing wire operations as well as measures aimed at substantially improving the cost structure of the Group. The company expects that these measures will produce positive effects as of mid-2012, and drive at restoring Bekaert's long-term profitability by 2014.

The Group also confirms its determination to remain a market and technological leader in full support of its customers and all other stakeholders on a worldwide scale.

¹ All comparisons are made relative to the financial year 2010.

in millions of €	2010	2011	1H 2011	2H 2011
Consolidated sales	3 262	3 340	1 780	1 560
Operating result before non-recurring items (REBIT)	562	281	242	39
REBIT margin on sales	17.2%	8.4%	13.6%	2.5%
Non-recurring items	-28	-13	-10	-3
Operating result (EBIT)	534	268	232	36
EBIT margin on sales	16.4%	8.0%	13.0%	2.3%
Depreciation, amortization and impairment losses	191	208	110	98
EBITDA	725	476	342	134
EBITDA margin on sales	22.2%	14.2%	19.2%	8.6%
Combined sales	4 469	4 599	2 412	2 187

Financial Statements Summary

Sales²

Compared with the exceptional year of 2010, Bekaert's consolidated sales increased by 2.4%. This was the result of continued strong growth in the first half of 2011 and a decline in top line sales in the second half, mainly due to the dramatic demand and price evolution in the sawing wire business.

Solid volumes in nearly all activity platforms except for sawing wire, drove an organic consolidated sales growth of 5.1%. The net impact of acquisitions and divestments (-1.1%) and fluctuations in exchange rates (-1.6%) had an adverse effect on the sales growth. The combined sales³ increase was 4.9% from organic growth. Both the net movement in acquisitions and divestments (-0.8%) and currency movements (-1.2%) were slightly negative.

Consolidated and combined sales by segment

Consolidated sales in millions of €

Consolidated sales	2010	2011	Variance	Share
EMEA	1 066	1 169	+10%	35%
North America	638	665	+4%	20%
Latin America	311	372	+20%	11%
Asia Pacific	1 248	1 134	-9%	34%
Total	3 262	3 340	+2%	100%

Regional differences in the 2011 quarter-on-quarter progress

Consolidated sales	st Q 1	nd Q 2	rd Q 3	th Q 4
EMEA	307	308	293	262
North America	176	178	172	139
Latin America	82	90	97	103
Asia Pacific	353	286	254	241
Total	918	862	816	745

² All comparisons are made relative to the financial year 2010.

³ Combined sales are sales of consolidated companies plus 100% of sales of joint ventures and associates after intercompany elimination.

Combined sales in millions of €

Combined sales	2010	2011	Variance	Share
EMEA	1 057	1 156	+9%	25%
North America	631	657	+4%	14%
Latin America	1 528	1 645	+8%	36%
Asia Pacific	1 254	1 141	-9%	25%
Total	4 469	4 599	+3%	100%

Regional differences in the 2011 quarter-on-quarter progress

Combined sales	st Q 1	nd Q 2	rd Q 3	th Q 4
EMEA	305	303	289	259
North America	174	175	171	137
Latin America	401	413	422	409
Asia Pacific	353	288	256	244
Total	1 233	1 179	1 138	1 049

Segment reports

EMEA

Key figures (in millions of €)	2010	2011	1H 2011	2H 2011
Consolidated sales	1 066	1 169	614	555
Operating result before non-recurring items (REBIT)	95	66	54	12
REBIT margin on sales	8.9%	5.6%	8.9%	2.2%
Non-recurring items	-9	-3	-9	5
Operating result (EBIT)	87	63	46	17
EBIT margin on sales	8.1%	5.4%	7.5%	3.1%
Depreciation, amortization and impairment losses	57	54	28	26
EBITDA	144	117	74	43
EBITDA margin on sales	13.5%	10.0%	12.1%	7.7%

Bekaert's activity platforms performed well in most EMEA markets, with automotive sales recording solid growth in comparison to 2010. Sales declined in the last quarter of 2011 due to substantially lower demand in solar energy markets and strong price pressure in overall highly competitive markets. The usual seasonality effects of the last quarter further impacted the segment's performance toward year-end.

While the price evolution of steel-based raw materials added to the segment's revenues and profit in the first half of the year, it created an adverse effect in the second half.

The usual start-up costs associated with manufacturing expansions in Slovakia and Russia and the very weak capacity utilization and high costs incurred at the Belgian sawing wire and stainless steel wire activities, added to the profit drop for the segment in the second half of the year.

NORTH AMERICA

Key figures (in millions of €)	2010	2011	1H 2011	2H 2011
Consolidated sales	638	665	354	311
Operating result before non-recurring items (REBIT)	34	32	28	4
REBIT margin on sales	5.3%	4.8%	7.8%	1.3%
Non-recurring items	-2	-1	-1	0
Operating result (EBIT)	32	31	27	4
EBIT margin on sales	5.0%	4.7%	7.6%	1.3%
Depreciation, amortization and impairment losses	18	14	7	7
EBITDA	50	46	34	12
EBITDA margin on sales	7.8%	6.8%	9.7%	3.9%

Solid demand in most sectors, except the depressed construction market and overall weaker business in agriculture, led to increased sales in North America. Normal seasonality as well as extended year-end holiday closures at customers' sites is reflected in the lower activity levels during the last quarter. The 2011 organic sales growth versus 2010 was to a large extent offset by the impact of disposed activities (-6% related to Specialty Films, Diamond-like carbon coatings and Composites) and unfavorable exchange rates (-5%).

Profitability levels were heavily impacted in the second half of the year due to lower capacity utilization, yearend shut-downs for maintenance activities and declining steel-based raw materials prices.

LATIN AMERICA

Key figures (in millions of €)	2010	2011	1H 2011	2H 2011
Consolidated sales	311	372	173	199
Operating result before non-recurring items (REBIT)	26	35	16	19
REBIT margin on sales	8.3%	9.5%	9.3%	9.5%
Non-recurring items	-12	0	0	0
Operating result (EBIT)	14	35	16	19
EBIT margin on sales	4.4%	9.5%	9.3%	9.5%
Depreciation, amortization and impairment losses	25	13	6	7
EBITDA	39	48	22	26
EBITDA margin on sales	12.3%	12.9%	12.6%	13.1%
Combined sales	1 528	1 645	814	831

The Bekaert subsidiaries in Latin America continued to deliver robust sales growth throughout the year. Sales volumes were strong, particularly in Venezuela and Peru. Bekaert also succeeded in translating cost increases into its selling prices, while currency movements had an adverse effect of -4.5%.

Combined revenues were up 8% in Latin America. Strong local currencies forced our joint ventures to adjust prices downward to successfully avert competitive imports. This affected the price levels and margins of the Brazilian activities mainly. In order to recover profitability, a cost structure improvement project was installed including a thorough restructuring in all Brazilian plants.

ASIA PACIFIC

Key figures (in millions of €)	2010	2011	1H 2011	2H 2011
Consolidated sales	1 248	1 134	639	495
Operating result before non-recurring items (REBIT)	471	224	185	39
REBIT margin on sales	37.7%	19.8%	29.0%	7.9%
Non-recurring items	-4	-8	-1	-7
Operating result (EBIT)	467	217	185	32
EBIT margin on sales	37.4%	19.1%	28.9%	6.5%
Depreciation, amortization and impairment losses	94	130	71	59
EBITDA	560	346	256	90
EBITDA margin on sales	44.9%	30.5%	40.0%	18.2%

The quarterly sales trend in Asia-Pacific has been negative throughout 2011, despite strong growth in India and Indonesia.

The segment's overall volume increase over 2010 was more than offset by a negative product mix and an overall growth slowdown in China. Showing zero growth, the Chinese truck tire market is one example of China's rapidly maturing industrial base with limited growth perspectives in a highly competitive environment. In addition, the drastic change of the sawing wire business in the second half of 2011 drove sales and profits in China considerably down from last year. Initiatives taken in December 2011 to rightsize Bekaert's sawing wire manufacturing footprint there are reflected in non-recurring items.

Investment update and other information

Capital expenditures reached € 278 million of which € 267 million in property, plant and equipment, mainly in Asia-Pacific and EMEA.

Bekaert further accelerated the investments in research and development, totaling € 90 million in 2011. These R&D expenses mainly applied to the activities of the international technology centers in Deerlijk (Belgium) and Jiangyin (China). As a result of the global measures to adapt the business footprint in sawing wire, Bekaert intends to adjust as from 2012 its resources and development priorities in the technology center in Deerlijk and in the Engineering plant in Ingelmunster. More details about the global realignment program announced on 2 February 2012 can be found in the respective press release.

In the past months, Bekaert announced several initiatives enabling further growth:

Bekaert announced on 15 November 2011 that it would issue, through NV Bekaert SA, a dual tranche bond: one tranche with a tenor of 5 years and one tranche with a tenor of 8 years, for an expected total minimum amount of € 200 million in the form of a public offering in Belgium and the Grand Duchy of Luxembourg. As a result of major success of this issue, the subscription period was terminated on 17 November 2011. The aggregate nominal amount of bonds was fixed at € 400 million. With this bond issue, Bekaert aims to achieve an optimal global balance between short-term and long-term debt, as well as between bank financing and financing through the capital markets.

On 15 December 2011, Bekaert and Xinyu Iron & Steel Co., Ltd (Xinsteel), a Xinyu-based (Jiangxi, China) iron and steel company, announced the successful closing of their partnership transaction by which Bekaert acquires 50% of the spring wire and Aluclad activities of Xinsteel in Xinyu, Jiangxi Province, China. These activities represent an annual turnover of approximately CNY 500 million. The joint venture is accounted for in Bekaert's financial records using the equity accounting method, as of 1 December 2011.

On 22 December 2011, Bekaert and its Chilean partners signed an agreement to restructure the shareholding of their joint venture operations in Chile, Peru and Canada. As a consequence, Bekaert becomes the principal shareholder (52%) in the partnership, and will consolidate the results of all respective entities as of 2012 in the Group's financial statements.

On 27 January 2012, Bekaert and Element Partners, a Pennsylvania, US-based equity fund, signed an agreement regarding the sale of Bekaert's Industrial Coatings activities to Element Partners. The transaction covers the production facilities in Deinze (Belgium) and Jiangyin (China), the maintenance activity at Spring Green (US), and the respective sales organization. The deal involves all 130 employees currently working in the Industrial Coatings platform. The contemplated divestment of the Industrial Coatings activities is a confirmation of Bekaert's strategic focus on realizing sustainable profitable growth in activities related to the company's core technological competences: advanced metal transformation and coatings.

No purchases or cancellations of shares took place in 2011. The total number of shares booked as treasury shares as at 31 December 2011 amounts to 939 700.

Financial Review

Dividend

The Board of Directors will propose that the General Meeting of Shareholders on 9 May 2012 approve the distribution of a gross dividend of € 0.5 per share in addition to the interim dividend of € 0.67 which became payable as of 17 October 2011. The total gross dividend would thus amount to € 1.170, compared with € 1.667 last year. The dividend of € 0.5 will, upon approval by the General Meeting of Shareholders, become payable as of 16 May 2012.

Financial results

Bekaert achieved an operating result before non-recurring items (REBIT) of € 281 million. This equates to a REBIT margin on sales of 8.4%. Non-recurring expenses amounted to € 12.4 million and mainly related to restructuring costs in China and provisions for environmental liabilities in Belgium. Including non-recurring items, EBIT was € 268 million, representing an EBIT margin on sales of 8.0%. EBITDA reached € 476 million, representing an EBITDA margin on sales of 14.2%.

Selling and administrative expenses increased mainly as a result of bad debt provisions. Research and development expenses grew by 14% in support of Bekaert's innovation strategy.

Interest income and expenses amounted to € 66 million (versus € 50 million) due to a higher average net debt. Other financial income and expenses amounted to € 47 million (versus € 18 million), mainly due to the capital gain on the divested Specialty Films activities and exchange rate gains on dividends from China.

Taxation on profit amounted to € 68 million at an effective tax rate comparable to last year (27%).

The share in the result of joint ventures and associated companies amounted to € 25 million, which is below the € 36 million of 2010. The results in Brazil and Chile were negatively impacted by price adjustments reflecting our defense against Asian imports.

The result for the period thus reached € 207 million. After non-controlling interests (€ 15 million), the result for the period attributable to the Group was € 193 million, compared with € 368 million in 2010. Earnings per share amounted to € 3.27 (down from € 6.21 in 2010).

Balance sheet

As at 31 December 2011, shareholders' equity represented 42.4% of total assets. Net debt increased to € 860 million, mainly due to a higher working capital level and continued investments. Average working capital on sales increased to 28%, from 21% as at year-end 2010. The gearing ratio (net debt to equity) was 48.7%, in line with the company's long-term target of 50%.

Cash flow statement

Cash from operating activities amounted to € 106 million, (2010: € 342 million). Operating working capital increased by € 200 million, mainly due to more difficult business conditions in China. Cash flow attributable to investing activities amounted to € 185 million, of which € 267 million related to capital expenditure in, amongst others, Asia Pacific, Slovakia, Russia and Belgium. This was partly offset by € 101 million proceeds from divestments (Specialty Films activities mainly).

NV Bekaert SA (statutory accounts)

The Belgium-based entity's sales amounted to € 529 million, up 14% compared with 2010 as a result of higher sales in the first half of the year, but declining business in the second half. The operating loss was € 2.5 million, compared with a profit of € 15 million last year. A dividend inflow from subsidiaries (€ 135 million), partly offset by increased interest and other charges (€ 56 million) and losses on treasury shares (€ 35 million), led to a financial result of € 44 million. The extraordinary result of € 212 million stemmed from gains on transactions with shares of subsidiaries. The combination of the operating loss and the financial and extraordinary result explain the result for the period: € 256 million compared with € 5 million in 2010.

Financial Calendar

2011 results 24 February 2012 The Chairman, the CEO and the CFO of Bekaert will present the results to the investment community at 02:00 p.m. CET. This conference can be accessed live upon registration via the Bekaert website in listen-only mode.

2011 annual report available on www.bekaert.com	29	March	2012
First quarter trading update 2012	9	May	2012
General Meeting of Shareholders	9	May	2012
Dividend ex-date	11	May	2012
Dividend payable	16	May	2012
2012 half year results	27	July	2012
Third quarter trading update 2012	14	November	2012

Statement from the statutory auditor

The statutory auditor has confirmed that his audit procedures, which have been substantially completed, have revealed no material adjustments that would have to be made to the accounting information included in this press release. The consolidated financial statements have been prepared in accordance with IFRS as adopted by the European Union and the same accounting policies and methods of computation as in the December 31, 2010 annual consolidated financial statements were used.

Statement from the responsible persons

The undersigned persons state that, to the best of their knowledge:

• the consolidated financial statements of NV Bekaert SA and its subsidiaries as of 31 December 2011 have been prepared in accordance with the International Financial Reporting Standards, and give a true and fair view of the assets and liabilities, financial position and results of the whole of the companies included in the consolidation; and
• the annual report on the consolidated financial statements gives a fair overview of the development and the results of the business and of the position of the whole of the companies included in the consolidation, as well as a description of the principal risks and uncertainties faced by them.

On behalf of the Board of Directors:

Bert De Graeve Baron Buysse

Chief Executive Officer Chairman of the Board of Directors

Disclaimer

This press release may contain forward-looking statements. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Bekaert is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release in light of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Bekaert.

Company Profile

Bekaert (www.bekaert.com) is a global technological leader in its two core competences: advanced metal transformation and advanced materials and coatings, and a market leader in drawn wire products and applications. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing 28 000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4.6 billion in 2011.

Annex 1: Press release 24 February 2012

Consolidated income statement

(in thousands of €)	2010	2011
Sales	3 262 496	3 339 957
Cost of sales	-2 358 225	-2 688 542
Gross profit	904 271	651 415
Selling expenses	-128 998	-148 947
Administrative expenses	-135 830	-134 443
Research and development expenses	-79 330	-90 146
Other operating revenues	15 978	14 691
Other operating expenses	-13 602	-11 712
Operating result before non-recurring items (REBIT)	562 489	280 858
Non-recurring items	-28 221	-12 426
Operating result (EBIT)	534 268	268 432
Interest income	9 305	7 521
Interest expense	-59 356	-73 315
Other financial income and expenses	17 694	47 279
Result before taxes	501 911	249 917
Income taxes	-139 464	-68 133
Result after taxes (consolidated companies)	362 447	181 784
Share in the results of joint ventures and associates	36 064	25 423
RESULT FOR THE PERIOD	398 511	207 207
Attributable to
the Group	367 647	192 643
non-controlling interests	30 864	14 564

Annex 2: Press release 24 February 2012

Reconciliation of segment reporting

Key Figures per Segment

(in millions of €)	EMEA	N-AM	L-AM	APAC	OTHER	2011
Consolidated sales	1 169	665	372	1 134	-	3 340
Operating result before non-recurring items	66	32	35	224	-76	281
REBIT margin on sales	5.6%	4.8%	9.5%	19.8%		8.4%
Non-recurring items	-3	-1	-	-8	-1	-13
Operating result (EBIT)	63	31	35	217	-78	268
EBIT margin on sales	5.4%	4.7%	9.5%	19.1%		8.0%
Depreciation, amortization, impairment losses	54	14	13	130	-3	208
EBITDA	117	46	48	346	-81	476
EBITDA margin on sales	10.0%	6.8%	12.9%	30.5%		14.2%

The reconciliation column "other" mainly reflects the impact of corporate services, engineering, and technology activities of the group.

Annex 3: Press release 24 February 2012

Consolidated statement of comprehensive income

(in thousands of €)	2010	2011
Result for the period	398 511	207 207
Other comprehensive income
Exchange differences	125 364	23 963
Net investment hedges (exchange differences effect)	-8 665	-
Cash flow hedges	-1 068	579
Available-for-sale investments	-664	-14 179
Actuarial gains and losses (-) on defined benefit plans	-9 099	-25 819
Share of other comprehensive income of joint ventures and associates	-6	19
Deferred taxes relating to other comprehensive income	909	1 887
Other comprehensive income for the period, net of tax	106 771	-13 550
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	505 282	193 657
Attributable to
the Group	469 417	175 506
non-controlling interests	35 865	18 151

Annex 4: Press release 24 February 2012

Consolidated balance sheet

(in thousands of €)	2010	2011
Non-current assets	1 765 873	1 900 018
Intangible assets	73 051	82 640
Goodwill Property, plant and equipment	58 097 1 295 115	20 908 1 433 601
Investments in joint ventures and associates	243 795	258 260
Other non-current assets	32 128	20 878
Deferred tax assets	63 687	83 731
Current assets	1 907 264	2 269 087
Inventories	507 650	577 935
Trade receivables	774 308	828 329
Other receivables	63 942	88 319
Short-term deposits	104 699	382 607
Cash and cash equivalents	338 238	293 856
Other current assets	118 427	62 549
Assets classified as held for sale	-	35 492
Total	3 673 137	4 169 105
Equity	1 696 627	1 766 422
Share capital	176 242	176 512
Share premium	27 582	29 858
Retained earnings	1 463 838	1 557 419
Other Group reserves	-56 995	-69 901
Equity attributable to the Group	1 610 667	1 693 888
Non-controlling interests	85 960	72 534
Non-current liabilities	936 879	1 137 969
Employee benefit obligations	150 893	161 256
Provisions	34 335	32 002
Interest-bearing debt	700 488	907 573
Other non-current liabilities	9 452	10 422
Deferred tax liabilities	41 711	26 716
Current liabilities	1 039 631	1 264 714
Interest-bearing debt	320 315	648 485
Trade payables	341 664	290 635
Employee benefit obligations	128 231	107 978
Provisions	15 257	13 241
Income taxes payable	94 666	75 680
Other current liabilities	139 498	116 023
Liabilities associated with assets classified as held for sale	-	12 672
Total	3 673 137	4 169 105

Annex 5: Press release 24 February 2012

Consolidated statement of changes in equity

(in thousands of €)	2010	2011
Opening balance	1 373 581	1 696 627
Total comprehensive income for the period	505 282	193 657
Capital contribution by non-controlling interests	1 639	2 262
Effect of acquisitions and disposals	-1 253	-1 295
Creation of new shares	9 302	2 546
Treasury shares transactions	-57 628	681
Dividends to shareholders of NV Bekaert SA	-97 757	-98 474
Dividends to non-controlling interests	-39 086	-32 728
Other	2 547	3 146
Closing balance	1 696 627	1 766 422

Annex 6: Press release 24 February 2012

Consolidated cash flow statement

(in thousands of €)	2010	2011
Operating result (EBIT)	534 268	268 432
Non-cash and investing items included in operating result	192 766	184 622
Income taxes paid	-113 305	-129 265
Gross cash flows from operating activities	613 729	323 789
Change in operating working capital	-276 886	-199 805
Other operating cash flows	5 635	-18 390
Cash flows from operating activities	342 478	105 594
New business combinations	-29 650	-4 381
Other portfolio investments	-289	-13 518
Proceeds from disposals of investments	12 596	101 344
Dividends received	40 360	7 511
Purchase of intangible assets	-17 276	-11 090
Purchase of property, plant and equipment	-230 339	-266 637
Other investing cash flows	14 085	1 755
Cash flows from investing activities	-210 513	-185 016
Interest received	9 578	4 046
Interest paid	-53 033	-63 011
Gross dividend paid	-118 504	-163 071
Proceeds from non-current interest-bearing debt	163 643	432 219
Repayment of non-current interest-bearing debt	-75 060	-57 430
Cash flows from current interest-bearing debt	121 004	105 594
Treasury shares transactions	-57 738	681
Other financing cash flows	90 222	-238 569
Cash flows from financing activities	80 112	20 459
Net increase or decrease (-) in cash and cash equivalents	212 077	-58 963
Cash and cash equivalents at the beginning of the period	121 171	338 238
Effect of exchange rate fluctuations	4 990	14 581
Cash and cash equivalents at the end of the period	338 238	293 856

Annex 7: Press release 24 February 2012

Additional key figures

(in € per share)	2010	2011
Number of existing shares at 31 December	59 884 973	59 976 198
Book value	28.33	29.45
Share price at 31 December Weighted average number of shares	85.90	24.79
Basic	59 249 600	58 933 624
Diluted	59 558 664	59 328 750
Result for the period attributable to the Group
Basic	6.21	3.27
Diluted	6.17	3.25
Cash flow attributable to the Group
Basic	9.42	6.78
Diluted	9.37	6.74
(in thousands of € - ratios)
Cash flow attributable to the Group	558 006	399 780
EBITDA	724 711	475 737
Depreciation and amortization and impairment losses	190 443	208 000
Capital employed	2 267 252	2 568 182
Operating working capital	840 989	1 031 032
Net debt	521 864	860 472
REBIT on sales	17.2%	8.4%
EBIT on sales	16.4%	8.0%
EBITDA on sales	22.2%	14.2%
Equity on total assets	46.2%	42.4%
Gearing (net debt on equity)	30.8%	48.7%
Net debt on EBITDA	0.7	1.8
NV Bekaert SA - Statutory Profit and Loss Statement
(in thousands of €)
Sales	465 397	529 041
Operating result	15 103	-2 462
Financial result	-20 327	44 324
Profit from ordinary activities	-5 224	41 862
Extraordinary results	8 992	211 519
Profit before income taxes	3 768	253 381
Income taxes	992	2 724
Result for the period	4 760	256 105