| 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. |