Bekaert: first half year 2017 results
28 Juillet 2017 - 7:00AM
Bekaert achieves
strong sales and profits
Highlights
Bekaert achieved a 15% increase in
consolidated revenue, reaching a record € 2 095 million in first
half sales. The growth stemmed from strong organic sales (+6.5%),
M&A (+6.5%) reflecting the incremental impact of the Bridon
integration within the Bridon-Bekaert Ropes Group, and favorable
currency movements (+2%).
Underlying EBIT increased 12% to € 176
million at a margin of 8.4%.
The main factors contributing to the
strong performance in the first half of 2017 were:
- firm demand from automotive,
industrial steel wire and construction markets;
- a turn-around in profitability in
North America;
- incremental benefits from the
transformation programs which all focus on creating value.
The margin was slightly down from 8.6%
in the first half of 2016 due to:
- the incorporation of the Bridon
activities in Bridon-Bekaert Ropes Group at lower than average
margins;
- increased difficulty in passing on
wire rod price increases to customers;
- a deterioration of Latin American
markets due to political and economic instability;
- tailing off demand in various markets
at the end of the second quarter due to stock reduction
actions.
Key
Financials
- Consolidated sales of € 2.1 billion
(+15%) and combined sales of € 2.4 billion (+14%)
- Currency impact: € +36 million (+2%)
on consolidated sales; € +97 million (+5%) on combined sales
- Underlying gross profit of € 382
million (18% margin) compared with € 347 million (19% margin)
- Underlying EBIT of € 176 million
(8.4% margin) compared with € 157 million (8.6% margin)
- EBIT of € 197 million (9.4% margin)
compared with € 143 million (7.9% margin)
- Underlying EBITDA of € 277 million
(13.2% margin) compared with € 259 million (14.2% margin)
- EBITDA of € 297 million (14.2%
margin) compared with € 242 million (13.3% margin)
- Underlying ROCE of 13.1% compared
with 12.7% and ROCE of 14.6% compared with 11.6%
- Net debt of € 1 230 million. Net debt
on underlying EBITDA was 2.2, unchanged from the same period last
year and slightly up from 2.1 at year-end 2016
Press release in PDF
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information contained therein.
Source: Bekaert via Globenewswire
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