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Financial definitions

Financial definitions

Added value Operating result (EBIT) + remuneration, social security and pension charges + depreciation, amortization and impairment of assets.
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.
Capital employed (CE) Working capital + net intangible assets + net goodwill + net property, plant and equipment. The average CE is computed as capital employed at previous year-end plus capital employed at balance sheet date divided by two.
Capital ratio Equity relative to total assets.
Cash flow Result from continuing operations of the Group + depreciation, amortization and impairment of assets. This definition differs from that applied in the consolidated cash flow statement.
Combined figures Sum of consolidated companies +100% of joint ventures and associated companies after elimination of intercompany transactions (if any). Examples: sales, capital expenditure, number of employees.
Dividend yield Gross dividend as a percentage of the share price on 31 December.
EBIT Operating result (earnings before interest and taxation).
EBIT interest coverage Operating result divided by net interest expense.
EBITDA Operating result (EBIT) + depreciation, amortization and impairment of assets.
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 capitalization Net debt + equity.
Net debt Interest-bearing debt net of current loans (included in other current assets), 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, environmental provisions or other events and transactions that are clearly distinct from the normal activities of the Group.
Pay-out ratio Gross dividend as a percentage of result for the period attributable to the Group.
Price-earnings ratio Share price divided by result for the period attributable to the Group per share.
REBIT EBIT before non-recurring items
Return on capital employed (ROCE) Operating result (EBIT) relative to average capital employed.
Return on equity (ROE) Result for the period relative to average equity.
Subsidiaries Companies in which Bekaert exercises control and generally has an interest of more than 50%.
Working capital (operating) Inventories + trade receivables + advances paid - trade payables - advances received - remuneration and social security payables - employment-related taxes.

Financial calendar

Financial calendar

First-quarter trading update 2010 12 May 2010
General Meeting of shareholders 12 May 2010
Dividend payable (coupon n°11) 19 May 2010
2010 half-year results 30 July 2010
Third-quarter trading update 2010 10 November 2010
Fourth-quarter trading update 2010 25 February 2011
2010 results 25 February 2011
2010 annual report available on internet 31 March 2011
First-quarter trading update 2011 11 May 2011
General Meeting of shareholders 11 May 2011
Dividend ex-date 13 May 2011
Dividend payable (coupon n°12) 18 May 2011
2011 half-year results 29 July 2011
Third-quarter trading update 2011 10 November 2011
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