Bekaert set to significantly outperform expectations
19 Luglio 2021 - 7:30AM
Bekaert set to significantly outperform expectations
Based on preliminary and unaudited financial statements, Bekaert
will disclose a strong set of H1 results on 30 July 2021,
significantly above the results of previous reporting periods and
consensus estimates.
Bekaert’s preliminary and unaudited H1 figures indicate:
- € 2.3 billion in consolidated revenue, up 30% from H1 2020 and
back to pre-Covid levels
- underlying EBIT of € 285 million, tripling the level of H1
2020
- an underlying EBIT margin on sales of approximately 12%, ~7 ppt
above H1 2020
- an underlying EBITDA margin of approximately 16%, ~5 ppt above
H1 2020
- further deleveraging: net debt on underlying EBITDA of
~0.70
The margin level for the first half of 2021 has been supported
by:
- the strong volume rebound to pre-Covid levels
- the structural improvements with lasting effects on the
business portfolio and performance of Bekaert
- a very strong positive inventory valuation impact driven by the
price increases of raw materials
Preliminary outlook for the second half of 2021:
We project good demand in most markets in the second half of the
year but take into account the usual seasonality effects and remain
cautious about supply chain interruptions and other challenges
posed by the Covid-19 pandemic. We project a much lower inventory
valuation impact in the second half due to the anticipated
stabilization trend in raw material prices. The underlying EBIT of
the second half will therefore be lower than the first half of 2021
and is projected to approximate the level of the second half last
year.
The full disclosure of the final H1 results and more detailed
guidance for the fiscal year 2021 will be published and explained
on 30 July 2021.
- p210719E - Bekaert set to significantly outperform
expectations
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