Bekaert SA · EURONEXT:BEKB
Bekaert SA — FY2010 Earnings Presentation
28 slides from Bekaert SA's earnings presentation, Feb 25, 2011
Slide 1: Annual results 2010
Annual results 2010 B. De Graeve, CEO B. Humblet, CFO Brussels, 25 February 2011
Slide 2: Address by B. De Graeve, Chief Executive Officer
Address by B. De Graeve, Chief Executive Officer
Slide 3: Highlights
Highlights - Consolidated sales of € 3.3 billion and combined sales of € 4.5 billion, both +34% vs. 2009 - EBIT of € 534 million or 16.4% of sales - EBITDA of € 725 million or 22.2% of sales - R&D expenses: € 79 million, +25% vs. 2009 - Capital expenditures of € 248 million - EPS: € 6.21 compared wi
Slide 4: Sales by segment
Sales by segment 2010 Consolidated sales Combined sales In mio € variance in mio € variance EMEA 1 065.9 +29% 1 057.0 +28% North America 637.6 +35% 630.7 +35% Latin America 311.0 -5% 1 528.0 +24% Asia Pacific 1 248.0 +54% 1 253.8 +54% Total 3 262.5 +34% 4 469.5 +34% Consolidated sales Combined sales
Slide 5: Sales by segment: EMEA and North America
Sales by segment EMEA: − Very strong demand in the automotive sector − Integration of Italian tire cord plant from Bridgestone into the Bekaert platform − Solid demand in all other sectors, except construction North America: − Rebound in the automotive sector − Agricultural and industrial applicatio
Slide 6: Sales by segment: Latin America and Asia Pacific
Sales by segment Latin America: − Robust growth in Ecuador, Colombia and Peru − Acceptable business level in Venezuela in spite of difficult external environment − Strong sales growth in JV’s reflecting solid market demand and a strengthening of local currencies Asia Pacific: − Very strong growth in
Slide 7: Geographical expansion: sales per region and per sector
Geographical expansion: sales per region and per sector North America EMEA Greenland 24% 14% 41% 24% Alaska 2002 2010 Iceland Sweden Finland Russian Federation Norway 2002 2010 Estonia Canada Latvia Denmark Lithuania Belarus Ireland United Kingdom Netherlands Poland Belgium Germany Czech Rep. Slovak
Slide 8: Address by B. Humblet, Chief Financial Officer
Address by B. Humblet, Chief Financial Officer
Slide 9: Consolidated income statement: key figures
Consolidated income statement : key figures (In mio €) 2009 2010 Sales 2 437 3 262 Cost of sales -1 903 -2 358 Gross profit 534 904 Gross profit margin 21.9% 27.7% − Sales growth of 34% reflects: • Organic growth of 32% resulting from i) Strong volume increase in all regions, ii) Positive product mi
Slide 10: Consolidated income statement: key figures
Consolidated income statement : key figures (In mio €) 2009 2010 Gross profit 534 904 Selling expenses -105 -129 Administration expenses -111 -136 R&D expenses -63 -79 Others 2 2 Operating result (EBIT) before non-recurring items 257 562 − Selling and Administrative expenses increased 23% to support
Slide 11: Consolidated income statement: key figures
Consolidated income statement : key figures (In mio €) 2009 2010 Operating result (EBIT) before non-recurring items 257 562 REBIT margin on sales before non-recurring items 10.5% 17.2% Non-recurring items -25 -28 Operating result (EBIT) 232 534 EBIT margin on sales 9.5% 16.4% EBITDA 386 725 EBITDA m
Slide 12: Segment reporting: EMEA
Segment reporting: EMEA (In mio €) 2009 2010 Consolidated sales 827 1 066 Operating result before non-recurring items (REBIT) 2 95 REBIT margin on sales 0.2% 8.9% Non-recurring items -21 -9 Operating result (EBIT) -19 87 EBIT margin on sales -2.3% 8.1% EBITDA 47 144 EBITDA margin on sales 5.7% 13.5%
Slide 13: Segment reporting: North America
Segment reporting: North America (In mio €) 2009 2010 Consolidated sales 473 638 Operating result before non-recurring items (REBIT) -5 34 REBIT margin on sales -1.1% 5.3% Non-recurring items -3 -2 Operating result (EBIT) -8 32 EBIT margin on sales -1.8% 5.0% EBITDA 13 50 EBITDA margin on sales 2.7%
Slide 14: Segment reporting: Latin America
Segment reporting: Latin America (In mio €) 2009 2010 Consolidated sales 327 311 Operating result before non-recurring items (REBIT) 28 26 REBIT margin on sales 8.4% 8.3% Non-recurring items -1 -12 Operating result (EBIT) 26 14 EBIT margin on sales 8.0% 4.4% EBITDA 36 38 EBITDA margin on sales 11.1%
Slide 15: Segment reporting: Asia Pacific
Segment reporting: Asia Pacific (In mio €) 2009 2010 Consolidated sales 809 1 248 Operating result before non-recurring items (REBIT) 288 471 REBIT margin on sales 35.6% 37.7% Non-recurring items 0 -4 Operating result (EBIT) 288 467 EBIT margin on sales 35.6% 37.4% EBITDA 349 560 EBITDA margin on sa
Slide 16: Consolidated income statement: key figures
Consolidated income statement : key figures (In mio €) 2009 2010 Operating result (EBIT) 232 534 Interest income / expense -57 -50 Other financial result -9 18 Result from continuing operations before taxes 167 502 Income taxes -34 -139 Result from continuing operations (consolidated companies) 133
Slide 17: Consolidated income statement: key figures
Consolidated income statement : key figures (In mio €) 2009 2010 Result from consolidated companies 133 362 Share in the results of JV’s and associates 38 36 Result for the period 170 399 Non-controlling interests 19 31 Attributable to the Group 152 368 − Result in the JV’s remains stable as the pos
Slide 18: Cash flow: key figures
Cash flow: key figures (In mio €) 2009 2010 Gross cash from operations 310 614 Net cash from operations 497 342 Cash from investment activities -127 -211 Cash from financing activities -341 80 − Gross cash from operations increases in line with business results − Net cash from operations reduces due
Slide 19: Working capital: key figures
Working capital: key figures (In mio €) 2009 2010 Inventories 358 508 Accounts receivable 511 811 Accounts payable -350 -478 Working capital 519 841 − Inventories increased in line with business growth − Accounts receivable and accounts payables increase arise from very strong sales in Q4 of 2010 −
Slide 20: Consolidated balance sheet: key figures
Consolidated balance sheet: key figures Assets Equity and Liabilities 3 673 3 673 in mio € in mio € 2 830 2 830 1 766 1 697 Non-current assets Equity 1 536 1 374 937 Non-current 1 907 liabilities 821 Current assets 1 294 Current 1040 liabilities 635 2009 2010 2009 2010 − Increase in current assets c
Slide 21: Balance sheet: key figures
Balance sheet: key figures (In mio €) 2009 2010 Net financial debt 395 522 Gearing (net debt to equity) 28.8% 30.8% − Increase in net debt at year end reflects a very strong cash generation in the business, being more than offset by an increase in working capital and important investments for additi
Slide 22: Ratios: key figures
Ratios: key figures 2009 2010 EBITDA on sales 15.8% 22.2% REBIT margin on sales before non-recurring items 10.5% 17.2% EBIT margin on sales 9.5% 16.4% Sales on capital employed (asset rotation) 1.4 1.6 Return on capital employed 12.9% 26.6% Return on equity 13.4% 26% Net debt on EBITDA 1.0 0.7 22 Co
Slide 23: Key figures per share
Key figures per share (in €) 2009 2010 Share price at 31 December 36.17 85.90 Number of existing shares at 31 December 59 503 407 59 884 973 Book value 23.08 28.33 Earnings per share 2.56 6.21 Weighted average number of shares 59 220 618 59 249 600 Cash flow attributable to the Group 5.15 9.42 Divid
Slide 24: Address by B. De Graeve, Chief Executive Officer
Address by B. De Graeve, Chief Executive Officer
Slide 25: Outlook
Outlook - Further execute our strategy with continued investments in R&D and manufacturing capacity and optimization of operational excellence. - First half of 2011 expected to maintain a strong performance - Mid-term more moderate growth perspectives due to: • More controlled growth in China • Poli
Slide 26: Contact
Contact Bekaert is always near to you. Any questions? Please do not hesitate to contact us: Jacques Anckaert Katelijn Bohez Investor Relations Manager Corporate Communications Manager Press Relations President Kennedypark 18 President Kennedypark 18 BE-8500 Kortrijk BE-8500 Kortrijk T +32 56 23 05 7
Slide 27: Contact
Contact For more information, welcome @ www.bekaert.com or www.bekaert.mobi 27 Confidential - 25 February 2011
Slide 28: better together
better together www.bekaert.com 28 Confidential - 25 February 2011