Brief: Bekaert Appoints New CEO, FY Underlying EBIT Up At EUR 272 Mln

NV Bekaert SA

03/03/2021 06:27

March 3 (Reuters) - NV Bekaert SA  BEKB.BR :
    * REG-BEKAERT ANNOUNCES CEO APPOINTMENT AND FY 2020 RESULTS
    * FY CONSOLIDATED SALES OF € 3.8 BILLION (-10%) AND COMBINED
SALES
OF € 4.4 BILLION (-7%)
    * GROSS DIVIDEND OF EUR 1.00
    * 2020 EBIT OF EUR 257 MILLION, UP +65% FROM LAST YEAR AND
RESULTING IN A MARGIN OF 6.8% (VERSUS 3.6%)
    * FY UNDERLYING EBIT OF € 272 MILLION, UP +13% FROM LAST
YEAR,
RESULTING IN A MARGIN OF 7.2% (VERSUS 5.6%)
    * 2020 EPS OF EUR 2.38 PER SHARE (VERSUS EUR 0.73 LAST YEAR)
    * END-2020 NET DEBT OF EUR 604 MILLION, DOWN FROM EUR 977
MILLION
AT CLOSE OF 2019
    * FY UNDERLYING ROCE OF 12.2%, SIGNIFICANTLY UP FROM 9.5% IN
2019
    * FY CASH FLOWS FROM OPERATING ACTIVITIES AMOUNTED TO € +505
MILLION, LOWER THAN THE € +524 MILLION IN 2019
    * WE PROJECT FY 2021 CONSOLIDATED SALES TO REACH AT LEAST
EUR 4
BILLION, SUBJECT TO DEMAND AND CURRENCY EVOLUTIONS
    * WE INTEND TO EXCEED SOLID UNDERLYING EBIT MARGIN OF 2020
BY
40-60 BPS IN 2021
    * NET DEBT ON UNDERLYING UEBITDA IS PROJECTED TO STAY BELOW
1.5 IN
2021
    * APPOINTS OSWALD SCHMID AS CEO OF BEKAERT
    * THE APPOINTMENT OF OSWALD SCHMID AS CEO OF BEKAERT TAKES
IMMEDIATE EFFECT

Source text for Eikon:  ID:nGNE1h06LC 
Further company coverage:  BEKB.BR 

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