Bekaert NV

Earnings Release • Feb 27, 2015

Press release Regulated information

27 February 2015

Bekaert Annual Results 2014

Highlights¹

Bekaert achieved stable 2014 revenues compared with 2013. The company realized an organic sales growth of 2.8%, most of which was cancelled out by adverse currency movements. Bekaert's activities in EMEA achieved excellent results while continued price erosion in Chinese tire markets led to profit deterioration in Asia Pacific. The North American business remained stable. Subdued demand and competition from import flows led to depressed margins in Latin America. In spite of a weak final quarter, Bekaert achieved improved EBIT, EBITDA and EPS results for the year 2014.

• Consolidated sales of € 3.2 billion (+0.9%) and combined sales of € 4.0 billion (-1.7%)
• Currency impact: € -72 million (-2.3%) on consolidated sales and € -144 million (-3.5%) on combined sales
• Gross profit of € 486 million (15.1% margin) compared with € 482 million (15.1%) in 2013
• REBIT of € 164 million (5.1% margin) compared with € 166 million (5.2%)
• Non-recurring items of € +7 million compared with € -29 million
• EBIT of € 171 million (5.3%) compared with € 137 million (4.3%)
• EBITDA of € 342 million (10.6%) compared with € 297 million (9.3%)
• EPS: € 1.51 compared with € 0.42

Bekaert continued to invest in future growth:

• Since January 2014 the company acquired a steel wire business in Costa Rica, the steel cord activities of Pirelli, and ropes businesses in the US and Brazil. The company also signed an agreement for the acquisition of a ropes entity in Australia early 2015
• R&D expenses totaled € 59 million (€ 62 million in 2013)
• Capital expenditure (plant, property and equipment) reached € 133 million, up 40% from last year
• Net debt increased from € 574 million to € 853 million, primarily as a result of cash costs associated with the Pirelli steel cord acquisition

The Board of Directors will propose to the Annual Meeting of Shareholders a gross dividend of € 0.85 per share, unchanged from the previous year.

Outlook

We expect the low running rate of the fourth quarter of 2014, driven particularly by a downturn in Asia, to continue in the first quarter of 2015. However, we do expect a positive impact of currency movements as of the first quarter and we anticipate improved demand in the balance of the year.

Given the economic environment and the company's current performance, Bekaert is undertaking a set of actions to drive value creation over time. In addition, the recently acquired tire cord and ropes businesses will be important contributors to our strategy of improving our product portfolio and financial performance.

Press release – Annual Results 2014 – 27 February 2015 1/17

Press Katelijn Bohez T +32 56 23 05 71

Investor Relations Jérôme Lebecque T +32 56 23 05 72

www.bekaert.com

¹ All comparisons are made relative to the financial year 2013.

Financial Statements Summary

in millions of €	2013	2014	1H 2014	2H 2014
Consolidated sales	3 186	3 216	1 609	1 607
Operating result before non-recurring items (REBIT)	166	164	101	63
REBIT margin on sales	5.2%	5.1%	6.3%	3.9%
Non-recurring items	-29	7	17	-10
Operating result (EBIT)	137	171	118	53
EBIT margin on sales	4.3%	5.3%	7.3%	3.3%
Depreciation, amortization and impairment losses	160	182	83	99
Negative goodwill	-	-11	-11	0
EBITDA	297	342	190	152
EBITDA margin on sales	9.3%	10.6%	11.8%	9.5%
Combined sales	4 111	4 040	2 023	2 017

Sales

Bekaert achieved € 3.2 billion consolidated sales and € 4.0 billion combined sales in 2014, remaining stable over last year. The organic consolidated sales growth (+2.8%) was cancelled out in Bekaert's top line by the effect of adverse currency movements, the Chilean peso in particular.

At the combined sales level, currency effects were highly negative due to the average depreciation of the Brazilian real for the full year 2014.

Consolidated and combined sales by segment

2014 quarter-on-quarter progress per segment – consolidated sales in millions of €

Consolidated sales	st Q 1	nd Q 2	rd Q 3	th Q 4	2 Q4 y-o-y	Q4 FX3
EMEA	275	279	264	245	-2%	-2
North America	139	142	140	134	+8%	+11
Latin America	141	154	163	173	+17%	-1
Asia Pacific	226	252	247	241	-1%	+17
Total	782	827	814	793	+4%	+25

Full Year 2014 consolidated sales in millions of €

Consolidated sales	2013	2014	Variance	Share	FX impact
EMEA	1 040	1 064	+2%	33%	-9
North America	548	555	+1%	17%	-5
Latin America	645	631	-2%	20%	-47
Asia Pacific	953	966	+1%	30%	-11
Total	3 186	3 216	+1%	100%	-72

² Q4 year-on-year sales: 4th quarter 2014 versus 4th quarter 2013.

3 Foreign exchange impact on sales in the 4rd quarter of 2014. Year-on-year comparison computed on the basis of ytd Q4 versus ytd Q3.

Press release – Annual Results 2014 – 27 February 2015 2/17

Combined sales	st Q 1	nd Q 2	rd Q 3	th Q 4	5 Q4 y-o-y	4Q FX6
EMEA	273	275	259	242	-1%	-2
North America	139	142	140	134	+8%	+11
Latin America	340	353	370	358	+3%	-4
Asia Pacific	237	264	260	253	=	+18
Total	990	1 033	1 029	988	+2%	+24

2014 quarter-on-quarter progress per segment – combined sales⁴ in millions of €

Full Year 2014 combined sales in millions of €

Combined sales	2013	2014	Variance	Share	FX impact
EMEA	1 028	1 049	+2%	26%	-9
North America	548	555	+1%	14%	-5
Latin America	1 534	1 422	-7%	35%	-118
Asia Pacific	1 001	1 014	+1%	25%	-13
Total	4 111	4 040	-2%	100%	-144

Segment reports

EMEA

Key figures (in millions of €)	2013	2014	1H 2014	2H 2014
Consolidated sales	1 040	1 064	555	509
Operating result before non-recurring items (REBIT)	88	114	64	51
REBIT margin on sales	8.5%	10.8%	11.5%	10.0%
Non-recurring items	-3	2	7	-5
Operating result (EBIT)	85	116	70	46
EBIT margin on sales	8.1%	10.9%	12.7%	9.0%
Depreciation, amortization and impairment losses	48	49	22	27
EBITDA	133	165	93	72
EBITDA margin on sales	12.8%	15.5%	16.7%	14.2%
Segment assets	716	877	780	877
Segment liabilities	188	211	203	211
Capital employed	528	666	578	666

Demand from European markets was strong throughout 2014 across most sectors. Automotive demand, in particular, boosted volume growth for tire cord and other steel wire applications in the region.

Our activities in EMEA delivered solid results driven through increased volumes and a favorable product mix. Bekaert realized 30% REBIT increase in the region and lifted profit margins to a record high, making this segment the largest contributor to the Group's consolidated profit for the year 2014.

Non-recurring items amounted to € +2 million and mainly related to the gain on the sale of property in Belgium, partly offset by impairments.

Press release – Annual Results 2014 – 27 February 2015 3/17

⁴ Combined sales are sales of consolidated companies plus 100% of sales of joint ventures and associates after intercompany elimination.

⁵ Q4 year-on-year sales: 4rd quarter 2014 versus 4rd quarter 2013.

⁶ Foreign exchange impact on sales in the 4rd quarter of 2014. Year-on-year comparison computed on the basis of ytd Q4 versus ytd Q3.

Capital expenditure (PP&E) amounted to € 33 million and mainly related to capacity expansions in Slovakia and Belgium.

Bekaert anticipates continued solid demand and performance in most European markets. Europe will become even a bigger contributor to the Group's consolidated figures as a result of the integration of the steel cord entities acquired from Pirelli in Romania, Italy and Turkey.

NORTH AMERICA

Key figures (in millions of €)	2013	2014	1H 2014	2H 2014
Consolidated sales	548	555	281	274
Operating result before non-recurring items (REBIT)	19	20	14	6
REBIT margin on sales	3.4%	3.6%	5.1%	2.1%
Non-recurring items	-11	8	1	7
Operating result (EBIT)	8	28	15	13
EBIT margin on sales	1.5%	5.0%	5.4%	4.7%
Depreciation, amortization and impairment losses	14	10	5	5
EBITDA	22	38	20	17
EBITDA margin on sales	4.0%	6.8%	7.2%	6.4%
Segment assets	245	303	289	303
Segment liabilities	58	69	69	69
Capital employed	187	234	220	234

Improved demand from automotive markets could not compensate for our demand decline in other North American industrial, construction and agriculture markets in 2014.

Bekaert's activities recorded higher volumes in comparison with a weak 2013. The segment, however, continued to underperform in terms of profitability due to underutilized production capacity and price pressure from import flows. On top of the usual seasonality effects at year-end, Bekaert was hit by a fire which caused structural damage to parts of the Rome (Georgia) production plant.

Non-recurring items amounted to € +8 million and mainly related to a recognition of the insurance revenue related to the Rome fire, while further expenses associated with the plant reconstruction will be incurred in 2015.

Capital expenditure (PP&E) amounted to € 26 million and related mainly to ropes, tire cord and bead wire activities.

Bekaert anticipates a slight improvement in most markets in 2015, but does not project a major turnaround in profitability due to persistent price pressure and increased transportation expenses as well as partial volume losses caused by the fire in Rome.

LATIN AMERICA

Key figures (in millions of €)	2013	2014	1H 2014	2H 2014
Consolidated sales	645	631	295	336
Operating result before non-recurring items (REBIT)	44	26	11	15
REBIT margin on sales	6.8%	4.1%	3.9%	4.4%
Non-recurring items	-	8	10	-2
Operating result (EBIT)	44	34	21	13
EBIT margin on sales	6.8%	5.4%	7.1%	3.9%
Depreciation, amortization and impairment losses	20	17	8	9
Negative goodwill	-	-11	-11	0
EBITDA	64	40	18	22
EBITDA margin on sales	9.9%	6.3%	6.2%	6.4%
Combined sales	1 534	1 422	693	729
Segment assets	407	620	507	620
Segment liabilities	76	112	98	112
Capital employed	331	508	409	508

Latin American markets have become very competitive due to increased Asian imports. Reduced government budgets and public spending, driven by the price declines for copper, oil and other commodities have led to a downturn in mining and public infrastructure markets. Fiscal reforms and elections added to the uncertainty in various countries and sectors. The economy in Venezuela came to a standstill as a result of the political and monetary instability.

Excluding the impact of acquisitions and of Venezuela where volumes dropped more than 40% as a result of forced shutdowns due to raw material shortages, Bekaert's activities in Latin America achieved stable volumes over last year. The segment's top line increased significantly in the second half of 2014 (+15% year-on-year), thanks to a better price-mix and a much lower impact of adverse currency effects as accounted for in the first half of 2014. Profit margins picked up slightly in the second half of 2014 but remained at a low level due to competition with imports and the integration and start-up costs in Costa Rica.

The non-recurring items mainly related to pension plan adjustments, the acquisition in Costa Rica, and the purchase of the remaining shares of the ropes activity in Brazil.

Bekaert invested € 32 million in property, plant and equipment, including the Dramix® greenfield in Costa Rica.

The significant impact of currency movements on combined sales was due to the volatility of the Brazilian real. While picking up toward year-end the total average year-on-year effect of the real was € -71 million on sales.

Bekaert anticipates a relatively stable demand for its consolidated businesses in the first quarter of 2015. The integration of the steel cord entity acquired from Pirelli in Brazil will add to Bekaert's financial statements as of 1 January 2015.

Bekaert projects weakening business conditions in Brazil, in line with the evolutions impacting the Brazilian economy.

ASIA PACIFIC

Key figures (in millions of €)	2013	2014	1H 2014	2H 2014
Consolidated sales	953	966	478	488
Operating result before non-recurring items (REBIT)	77	63	43	20
REBIT margin on sales	8.1%	6.5%	8.9%	4.2%
Non-recurring items	-4	-9	-4	-6
Operating result (EBIT)	73	54	39	15
EBIT margin on sales	7.7%	5.6%	8.2%	3.1%
Depreciation, amortization and impairment losses	80	106	49	57
EBITDA	153	159	88	71
EBITDA margin on sales	16.1%	16.5%	18.4%	14.6%
Combined sales	1 001	1 014	501	513
Segment assets	1 221	1 282	1 219	1 282
Segment liabilities	134	144	143	144
Capital employed	1 087	1 139	1 076	1 139

Bekaert's activities in Asia Pacific achieved 6% volume growth year-on-year. This was the result of strong sales across Asia in the first nine months of the year, followed by a weak fourth quarter driven by the overall demand slowdown in Chinese tire markets. Price erosion, currency effects and passed-on lower wire rod prices tempered the top line growth rate in the region to 1.3% year-on-year.

Bekaert held on to stable price levels in China during the weak final quarter of 2014, and lost some market share in truck tire markets.

Bekaert's tire cord activities in India recorded solid growth. The company also retained its leadership position at a constant share in the growing solar markets in China. The resulting positive effects were, however, compensated by continued weak performance in the recently acquired entities in South-East Asia.

The non-recurring items mainly related to asset impairments on activities in South-East Asia.

Bekaert continued to invest significantly across the region and recorded a total of € 51 million investments in PP&E in 2014.

Bekaert projects continued difficult market conditions in China in the first quarter of 2015. The company is implementing actions to improve the cost-efficiency of operations and to turn around the underperformance of the Malaysian businesses.

Investment update and other information

On 6 February 2015, Bekaert and Pirelli successfully closed the acquisition by Bekaert of the Pirelli steel cord plant in Izmit, Turkey. The deal closing in Turkey followed the ownership transfer of the steel cord plants in Figline (Italy), Slatina (Romania), and Sumaré (Brazil) as announced on 18 December 2014. The agreement between Bekaert and Pirelli also includes Pirelli's steel cord activities in Yanzhou (China). The closing of the acquisition of the steel cord entity in Yanzhou, China, will occur when the respective regulatory approvals are obtained. The financial results of the entities in Italy, Romania and Brazil are included in the consolidated statements of Bekaert as from 1 January 2015. The results of the plant in Turkey will be integrated as from 1 February 2015.

Bekaert announced, on 5 February 2015, the acquisition of the wire rope business of Arrium Ltd in Newcastle, Australia. The integration of the Australian ropes activities will enhance Bekaert's growth strategy in steel wire ropes in general and will enable the Group to take a leading global market position in mining ropes in particular. The transaction is estimated to add € 40 million to Bekaert's consolidated sales on an annual basis and has an enterprise value of approximately € 60 million. Bekaert and Arrium anticipate a deal closing in the course of the first quarter of 2015. Upon deal closure, the Australian ropes activities will be integrated in the Bekaert Rope Group. In this newly established Group, Bekaert and their Chilean partners, through Matco Cables SpA, now hold 65% and 35% respectively of all ropes entities in Canada, Chile, Peru, Brazil and the US.

In addition to the 1 652 677 treasury shares held as of 31 December 2013, Bekaert purchased 2 622 333 own shares in the course of 2014. None of those shares were disposed of in connection with stock option plans or cancelled in 2014. As a result, the company held an aggregate 4 275 010 treasury shares at the end of 2014.

Net debt increased from € 574 million to € 853 million as a result of capital expenditure and acquisitions. The acquisition impact of the Pirelli steel cord plants accounted for € 207 million of the increase. Net debt on EBITDA was 2.5. Excluding the Pirelli impact, net debt on EBITDA was 1.9, unchanged from last year.

Financial Review

Dividend

The Board of Directors will propose that the General Meeting of Shareholders on 13 May 2015 approve the distribution of a gross dividend of € 0.85 per share. The dividend will, upon approval by the General Meeting of Shareholders, become payable as of 20 May 2015.

Financial results

Bekaert achieved an operating result before non-recurring items (REBIT) of € 164 million (versus € 166 million in 2013). This equates to a REBIT margin on sales of 5.1%. Non-recurring items amounted to € 7 million (compared with € -29 million last year), mainly related to the recognition of a negative goodwill on business combinations and the gains on the sale of property. Including non-recurring items, EBIT was € 171 million, representing an EBIT margin on sales of 5.3% (versus 4.3%). EBITDA reached € 342 million, representing an EBITDA margin on sales of 10.6% (versus 9.3%).

Selling and administrative expenses increased by € 12 million to € 265 million as a result of the significant reversal of bad debt provisions in 2013 and expenses incurred in 2014 in relation to the acquisition transactions. Research and development expenses decreased by € 3 million to € 59 million as a result of efficiency gains.

Interest income and expenses amounted to € -63 million (versus € -64 million) due to an average lower interest rate on the gross debt. Other financial income and expenses amounted to € -4 million (versus € -20 million), mainly due to currency movements.

Taxation on profit was € 42 million versus € 48 million last year.

The share in the result of joint ventures and associated companies decreased from € 30 million to € 25 million due to a difficult economic environment in Brazil.

The result for the period thus totaled € 88 million, compared with € 36 million in 2013. The result attributable to non-controlling interests was limited to € 0.4 million due to the losses and impairments on businesses in South East Asia. After non-controlling interests, the result for the period attributable to the Group was € 87 million, compared with € 25 million last year. Earnings per share amounted to € 1.51, up from € 0.42 in 2013.

Balance sheet

As at 31 December 2014, shareholders' equity represented 39.6% of total assets. The gearing ratio (net debt to equity) was 54.5% (versus 38.2%).

Cash flow statement

Cash from operating activities amounted to € 187 million (2013: € 306 million). Operating working capital increased by € 55 million. Cash flow attributable to investing activities amounted to € -225 million, of which € -133 million related to capital expenditure (PP&E) and € -110 million on new business combinations. Cash flows from financing activities totaled € 88 million (versus € -192 million in 2013) and were, among other elements, driven by € 194 million spent on interests, dividend and treasury shares and the issuance of the convertible bond (€ 300 million).

NV Bekaert SA (statutory accounts)

The Belgium-based entity's sales amounted to € 414 million, an increase of 7 % compared to 2013. The operating profit was € 44.8 million, compared with € -4.1 million last year, resulting from the application of the extended scope of capitalization of R&D project costs. The financial result was € 7.1 million (€ 5.6 million in 2013) and the extraordinary result was € 18.0 million (versus € 61.0 million), mainly related to gains on disposals of assets and extraordinary depreciations. This led to a result for the period of € 71.3 million compared with € 63.5 million in 2013.

Financial Calendar

2014 results	27	February	2015
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.

2014 annual report available on www.bekaert.com	27	March	2015
First quarter trading update 2015	13	May	2015
General Meeting of Shareholders	13	May	2015
Dividend ex-date	15	May	2015
Dividend payable	20	May	2015
2015 half year results	31	July	2015
Third quarter trading update 2015	13	November	2015

Statement from the statutory auditor

The statutory auditor has confirmed that the audit procedures on the consolidated financial statements have been substantially completed and have revealed no material adjustments that would have to be made to the accounting information included in this press release. In preparing the consolidated financial statements, the same accounting policies and methods of computation have been used as in the 31 December 2013 annual consolidated financial statements. None of the new, amended or revised IFRSs that have been adopted as of 1 January 2014 have had a material impact on this report.

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 2014 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,

Matthew Taylor Bert De Graeve 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 world market and technology leader in steel wire transformation and coatings. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium, employing more than 28 000 people worldwide. Serving customers in 120 countries, Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of € 4 billion in 2014.

Annex 1: Press release 27 February 2015

Consolidated income statement

(in thousands of €)	2013	2014
Sales	3 185 628	3 215 714
Cost of sales	-2 703 316	-2 729 995
Gross profit	482 312	485 719
Selling expenses	-128 207	-138 126
Administrative expenses	-124 924	-126 894
Research and development expenses	-62 429	-59 261
Other operating revenues	12 502	21 978
Other operating expenses	-13 337	-19 009
Operating result before non-recurring items (REBIT)	165 917	164 407
Non-recurring items	-28 647	6 847
Operating result (EBIT)	137 270	171 254
Interest income	6 449	5 291
Interest expense	-70 154	-68 215
Other financial income and expenses	-19 822	-3 730
Result before taxes	53 743	104 600
Income taxes	-47 916	-42 376
Result after taxes (consolidated companies)	5 827	62 224
Share in the results of joint ventures and associates	30 244	25 330
RESULT FOR THE PERIOD	36 071	87 554
Attributable to
the Group	24 574	87 176
non-controlling interests	11 497	378
EARNINGS PER SHARE (in € per share)
Result for the period attributable to the Group
Basic	0.42	1.51
Diluted	0.42	1.33

Annex 2: Press release 27 February 2015

Reconciliation of segment reporting

Key Figures per Segment

(in millions of €)	EMEA	N-AM	L-AM	APAC	GROUP1	RECONC2	2014
Consolidated sales	1 064	555	631	966	-	-	3 216
Operating result before non-recurring items	114	20	26	63	-61	2	164
REBIT margin on sales	10.8%	3.6%	4.1%	6.5%	-	-	5.1%
Non-recurring items	2	8	8	-9	-1	-	7
Operating result (EBIT)	116	28	34	54	-62	1	171
EBIT margin on sales	10.9%	5.0%	5.4%	5.6%	-	-	5.3%
Depreciation, amortization, impairment losses	49	10	17	106	15	-15	182
Negative goodwill	-	-	-11	-	-	-	-11
EBITDA	165	38	40	159	-48	-12	342
EBITDA margin on sales	15.5%	6.8%	6.3%	16.5%	-	-	10.6%
Segment assets	877	303	620	1 282	160	-205	3 037
Segment liabilities	211	69	112	144	76	-99	513
Capital employed	666	234	508	1 139	84	-107	2 524

¹ Group and business support

² Reconciliations

Annex 3: Press release 27 February 2015

Consolidated statement of comprehensive income

(in thousands of €)	2013	2014
Result for the period	36 071	87 554
Other comprehensive income (OCI)
Other comprehensive income reclassifiable to profit or loss in subsequent periods:
Exchange differences	-86 105	92 868
Inflation adjustments	758	1 574
Cash flow hedges	854	755
Available-for-sale investments	773	1 405
Share of reclassifiable OCI of joint ventures and associates	-	-
Deferred taxes relating to reclassifiable OCI	-2 201	1 066
OCI reclassifiable to profit or loss in subsequent periods, after tax	-85 921	97 668
Other comprehensive income non-reclassifiable to profit or loss in subsequent periods:
Remeasurement gains and losses on defined-benefit plans	21 734	-28 418
Share of non-reclassifiable OCI of joint ventures and associates	-	-219
Deferred taxes relating to OCI not to be reclassified	826	1 021
OCI non-reclassifiable to profit or loss in subsequent periods, after tax	22 560	-27 616
Other comprehensive income for the period	-63 361	70 052
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-27 290	157 606
Attributable to
the Group	-23 472	141 948
non-controlling interests	-3 818	15 658

Annex 4: Press release 27 February 2015

Consolidated balance sheet

(in thousands of €)	2013	2014
Non-current assets	1 608 640	1 850 842
Intangible assets	71 043	98 087
Goodwill	16 369	18 483
Property, plant and equipment	1 239 058	1 432 803
Investments in joint ventures and associates	155 838	155 734
Other non-current assets	48 781	44 468
Deferred tax assets	77 551	101 267
Current assets	1 771 817	2 106 873
Inventories	539 265	640 807
Bills of exchange received	110 218	114 118
Trade receivables	583 215	707 569
Other receivables	83 781	106 627
Short-term deposits	10 172	14 160
Cash and cash equivalents	391 857	458 542
Other current assets	51 213	65 050
Assets classified as held for sale	2 096	-
Total	3 380 457	3 957 715
Equity	1 503 876	1 566 212
Share capital	176 773	176 914
Share premium	31 055	31 693
Retained earnings	1 307 618	1 352 197
Other Group reserves	-169 170	-194 013
Equity attributable to the Group	1 346 276	1 366 791
Non-controlling interests	157 600	199 421
Non-current liabilities	904 966	1 204 581
Employee benefit obligations	136 602	175 774
Provisions	40 510	55 744
Interest-bearing debt	688 244	910 074
Other non-current liabilities	2 587	8 736
Deferred tax liabilities	37 023	54 253
Current liabilities	971 615	1 186 922
Interest-bearing debt	321 907	441 552
Trade payables	338 864	390 943
Employee benefit obligations	121 117	121 934
Provisions	23 912	20 493
Income taxes payable	83 329	97 424
Other current liabilities	82 486	114 576
Liabilities associated with assets classified as held for sale	-	-
Total	3 380 457	3 957 715

Annex 5: Press release 27 February 2015

Consolidated statement of changes in equity

(in thousands of €)	2013	2014
Opening balance	1 603 593	1 503 876
Total comprehensive income for the period	-27 290	157 606
Capital contribution by non-controlling interests	-	53 399
Effect of acquisitions and disposals	-	22 683
Creation of new shares	1 048	779
Treasury shares transactions	-15 275	-72 102
Dividends to shareholders of NV Bekaert SA	-49 596	-49 650
Dividends to non-controlling interests	-12 960	-53 224
Other	4 356	2 845
Closing balance	1 503 876	1 566 212

Annex 6: Press release 27 February 2015

Consolidated cash flow statement

(in thousands of €)	2013	2014
Operating result (EBIT)	137 270	171 254
Non-cash items included in operating result	192 884	187 847
Investing items included in operating result	480	-8 057
Amounts used on provisions and employee benefit obligations	-45 329	-44 452
Income taxes paid	-51 507	-45 827
Gross cash flows from operating activities	233 798	260 765
Change in operating working capital	78 491	-54 623
Other operating cash flows	-6 526	-19 193
Cash flows from operating activities	305 763	186 949
New business combinations	-	-108 512
Other portfolio investments	-	-1 973
Proceeds from disposals of investments	6 668	3 103
Dividends received	13 705	20 724
Purchase of intangible assets	-2 176	-21 752
Purchase of property, plant and equipment	-94 637	-132 784
Other investing cash flows	4 474	15 847
Cash flows from investing activities	-71 966	-225 347
Interest received	9 989	5 338
Interest paid	-75 291	-61 069
Gross dividend paid	-58 341	-66 396
Proceeds from non-current interest-bearing debt	80 036	343 960
Repayment of non-current interest-bearing debt	-202 201	-191 172
Cash flows from/to(-) current interest-bearing debt	-34 338	147 605
Treasury shares transactions	-15 275	-72 102
Other financing cash flows	103 005	-18 219
Cash flows from financing activities	-192 416	87 945
Net increase or decrease (-) in cash and cash equivalents	41 381	49 547
Cash and cash equivalents at the beginning of the period	352 312	391 857
Effect of exchange rate fluctuations	-1 836	17 138
Cash and cash equivalents at the end of the period	391 857	458 542

Annex 7: Press release 27 February 2015

Additional key figures

(in € per share)	2013	2014
Number of existing shares at 31 December Book value Share price at 31 December	60 063 871 22.41 25.72	60 111 405 22.74 26.35
Weighted average number of shares Basic Diluted	58 519 782 58 699 429	57 599 873 58 876 312
Result for the period attributable to the Group Basic Diluted	0.42 0.42	1.51 1.33
(in thousands of € - ratios)	2013	2014
EBITDA	296 991	341 935
Depreciation and amortization and impairment losses	159 721	181 573
Negative goodwill	-	-10 893
Capital employed	2 119 306	2 523 984
Operating working capital	792 836	974 611
Net debt	574 016	852 959
REBIT on sales	5.2%	5.1%
EBIT on sales	4.3%	5.3%
EBITDA on sales	9.3%	10.6%
Equity on total assets	44.5%	39.6%
Gearing (net debt on equity)	38.2%	54.5%
Net debt on EBITDA	1.9	2.5
Net debt on REBITDA	1.8	2.6
NV Bekaert SA - Statutory Profit and Loss Statement	2013	2014
(in thousands of €)
Sales	386 339	413 834
Operating result	-4 122	44 843
Financial result	5 644	7 062
Profit from ordinary activities	1 522	51 905
Extraordinary results	61 009	18 046
Profit before income taxes	62 531	69 951
Income taxes	1 013	1 303
Result for the period	63 544	71 254

Annex 8: Press release 27 February 2015

Definitions

Associates

Companies in which Bekaert has a significant influence, generally reflected by an interest of at least 20%. Associates are accounted for using the equity method.

Book value per share

Group equity divided by number of shares outstanding at balance sheet date.

Capital employed (CE)

Working capital + net intangible assets + net goodwill + net property, plant and equipment. The average CE is weighted by the number of periods that an entity has contributed to the consolidated result.

EBIT

Operating result (earnings before interest and taxation).

EBITDA

Operating result (EBIT) + depreciation, amortization, impairment of assets and negative goodwill.

Equity method

Method of accounting whereby an investment (in a joint venture or an associate) is initially recognized at cost and subsequently adjusted for any changes in the investor's share of the joint venture's or associate's net assets (i.e. equity). The income statement reflects the investor's share in the net result of the investee.

Gearing

Net debt relative to equity.

Joint ventures

Companies under joint control in which Bekaert generally has an interest of approximately 50%. Joint ventures are accounted for using the equity method.

Net debt

Interest-bearing debt net of current loans, non-current financial receivables and cash guarantees, short term deposits and cash and cash equivalents. For the purpose of debt calculation only, interest-bearing debt is remeasured to reflect the effect of any cross-currency interest-rate swaps (or similar instruments), which convert this debt to the entity's functional currency.

Non-recurring items

Operating income and expenses that are related to restructuring programs, impairment losses, business combinations, business disposals, environmental provisions or other events and transactions that have a one-time effect.

REBIT

Recurring EBIT = EBIT before non-recurring items.

Sales (combined)

Sales of consolidated companies + 100% of sales of joint ventures and associates after intercompany elimination.

Subsidiaries

Companies in which Bekaert exercises control and has an interest of more than 50%.

Working capital (operating)

Inventories + trade receivables + bills of exchange received + advances paid - trade payables - advances received remuneration and social security payables - employment-related taxes.