MIRA INFORM REPORT

Report Date :

21.01.2014

IDENTIFICATION DETAILS

Name :	NV BEKAERT SA
Registered Office :	President Kennedypark 18, Courtrai (Kortrijk), BE-8500
Country :	Belgium
Financials (as on) :	31.12.2012
Date of Incorporation :	19.10.1935
Com. Reg. No.:	405388536
Legal Form :	Public Parent
Line of Business :	· Manufacturer of drawn steel wire products and applications. · The company carries out two activities, namely, advanced metal transformation, and advanced materials and coatings.
No. of Employees :	2,393

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Belgium	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BELGIUM - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

Source : CIA

Company name & address

NV BEKAERT SA

President Kennedypark 18
Courtrai (Kortrijk), BE-8500
Belgium
Tel:	32-56-230511
Fax:	32-56-230543
www.bekaert.com

Employees:

2,393

Company Type:

Public Parent

Corporate Family:

94 Companies

Traded:

Euronext Brussels:

BEKB

Incorporation Date:

19-Oct-1935

Auditor:

Deloitte Bedrijfsrevisoren

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	4,446.8 ^1
Net Income:	(253.0)
Total Assets:	4,847.6 ^2
Market Value:	2,121.9
	(27-Dec-2013)

Business Description

NV Bekaert SA is a Belgium-based company primarily engaged in two areas of activity: advanced metal transformation, and advanced materials and coatings. Its products are applied in the automotive, construction, energy & utilities, agricultural, consumer goods, basic materials and equipment industries. Possible applications of Bekaert products include, among others: car interior wiring and drive train springs for the automotive industry; construction reinforcements, overland electricity lines and telecom cables for the energy & utilities sector; surgical and lancet wire for the medical industry; barbed wire, fishing wire and hook wire for the agricultural and fishing industries; wire applications for all kinds of consumer goods such as printing products and packaging; separation materials and industrial yarns for the basic materials industry and wire products for tooling and industrial machinery sector. In December 2013, Clarcor Inc acquired the Company's Advanced Filtration business. For the six months ended 30 June 2013, NV Bekaert SA revenues decreased 8% to EUR1.65B. Net income totaled EUR26.2M vs. loss of EUR79.5M. Revenues reflect North America segment decrease of 16% to EUR295M, Latin America segment decrease of 11% to EUR352M. Net Income reflects Non-recurring items decrease of 97% to EUR2.3M (expense), Share in the results of joint ventures a increase from EUR6M to EUR17.1M (earnings).

Industry

Industry	Metal Products Manufacturing
ANZSIC 2006:	2291 - Spring and Wire Product Manufacturing
ISIC Rev 4:	2599 - Manufacture of other fabricated metal products n.e.c.
NACE Rev 2:	2593 - Manufacture of wire products, chain and springs
NAICS 2012:	332618 - Other Fabricated Wire Product Manufacturing
UK SIC 2007:	2593 - Manufacture of wire products, chain and springs
US SIC 1987:	3496 - Miscellaneous Fabricated Wire Products

Key Executives

Name	Title
Bert De Graeve	Chief Executive Officer, Member of the Group Executive, Executive Director
Bruno Humblet	Chief Financial Officer, EVP Specialized films, Member of the Group Executive
Philippe Armengaud	Chief Purchasing Officer, General Manager Group Business Development
Pierre Schaubroeck	Company Secretary
Curd Vandekerckhove	Member of the Group Executive, Executive Vice President Regional Operations - North Asia and South East Asia

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	1	CLARCOR Inc acquires Bekaert Advanced Filtration business from NV Bekaert SA	3-Dec-2013
Officer Changes	1	NV Bekaert SA Announces Chairman And CEO Succession	27-Aug-2013
Dividends	1	NV Bekaert SA Announces FY 2012 Dividend Payment	27-Feb-2013

* number of significant developments within the last 12 months

News

Title	Date
DIARY - WEU EARNINGS Events - Part 3 Reuters (3581 Words)	15-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (3374 Words)	13-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (2430 Words)	9-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (2430 Words)	8-Jan-2014
CLARCOR Acquires Bekaert Advanced Filtration Business Business Wire (833 Words)	3-Dec-2013
US Patent Issued to NV Bekaert on Dec. 3 for "Multilayer metal fiber yarn" (Belgian Inventors) U.S. Fed News (187 Words)	3-Dec-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.80	2.32
Quick Ratio (MRQ)	1.23	1.43
Debt to Equity (MRQ)	0.81	0.56
Sales 5 Year Growth	9.75	8.07
Net Profit Margin (TTM) %	-3.18	6.72
Return on Assets (TTM) %	-2.79	5.54
Return on Equity (TTM) %	-6.13	13.32

Stock Snapshot

Traded: Euronext Brussels: BEKB

As of 27-Dec-2013

   Financials in: EUR

Recent Price	25.81	EPS	-1.49
52 Week High	31.11	Price/Sales	0.45
52 Week Low	20.01	Dividend Rate	0.64
Avg. Volume (mil)	0.10	Price/Book	1.07
Market Value (mil)	1,549.95	Beta	1.79

	Price % Change	Rel S&P 500%
4 Week	-3.48%	-5.14%
13 Week	-6.20%	-9.50%
52 Week	17.75%	0.25%
Year to Date	17.97%	-0.0085%

Registered No.(VAT): 405388536

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
President Kennedypark 18
Courtrai (Kortrijk), BE-8500
Belgium

Tel:	32-56-230511
Fax:	32-56-230543

www.bekaert.com

Quote Symbol - Exchange
BEKB - Euronext Brussels
Sales EUR(mil):	3,460.6
Assets EUR(mil):	3,667.7
Employees:	2,393
Fiscal Year End:	31-Dec-2012

Industry:	Miscellaneous Fabricated Products

Incorporation Date:	19-Oct-1935
Company Type:	Public Parent
Quoted Status:	Quoted
Registered No.(VAT):	405388536

Chief Executive Officer, Member of the Group Executive, Executive Director:	Bert De Graeve

Industry Codes

ANZSIC 2006 Codes:
2291	-	Spring and Wire Product Manufacturing
2110	-	Iron Smelting and Steel Manufacturing
2429	-	Other Electronic Equipment Manufacturing
1916	-	Paint and Coatings Manufacturing
2229	-	Other Structural Metal Product Manufacturing

ISIC Rev 4 Codes:
2599	-	Manufacture of other fabricated metal products n.e.c.
2022	-	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
2511	-	Manufacture of structural metal products
2410	-	Manufacture of basic iron and steel
2610	-	Manufacture of electronic components and boards

NACE Rev 2 Codes:
2593	-	Manufacture of wire products, chain and springs
2511	-	Manufacture of metal structures and parts of structures
2030	-	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
2611	-	Manufacture of electronic components
2434	-	Cold drawing of wire
2410	-	Manufacture of basic iron and steel and of ferro-alloys

NAICS 2012 Codes:
332618	-	Other Fabricated Wire Product Manufacturing
331222	-	Steel Wire Drawing
325510	-	Paint and Coating Manufacturing
332323	-	Ornamental and Architectural Metal Work Manufacturing
331110	-	Iron and Steel Mills and Ferroalloy Manufacturing
334412	-	Bare Printed Circuit Board Manufacturing

US SIC 1987:
3496	-	Miscellaneous Fabricated Wire Products
3446	-	Architectural and Ornamental Metal Work
3312	-	Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills
3315	-	Steel Wiredrawing and Steel Nails and Spikes
2851	-	Paints, Varnishes, Lacquers, Enamels, and Allied Products
3672	-	Printed Circuit Boards

UK SIC 2007:
2593	-	Manufacture of wire products, chain and springs
2511	-	Manufacture of metal structures and parts of structures
20301	-	Manufacture of paints, varnishes and similar coatings, mastics and sealants
2611	-	Manufacture of electronic components
2434	-	Cold drawing of wire
2410	-	Manufacture of basic iron and steel and of ferro-alloys

Business Description

NV Bekaert SA is a Belgium-based company primarily engaged in two areas of activity: advanced metal transformation, and advanced materials and coatings. Its products are applied in the automotive, construction, energy & utilities, agricultural, consumer goods, basic materials and equipment industries. Possible applications of Bekaert products include, among others: car interior wiring and drive train springs for the automotive industry; construction reinforcements, overland electricity lines and telecom cables for the energy & utilities sector; surgical and lancet wire for the medical industry; barbed wire, fishing wire and hook wire for the agricultural and fishing industries; wire applications for all kinds of consumer goods such as printing products and packaging; separation materials and industrial yarns for the basic materials industry and wire products for tooling and industrial machinery sector. In December 2013, Clarcor Inc acquired the Company's Advanced Filtration business. For the six months ended 30 June 2013, NV Bekaert SA revenues decreased 8% to EUR1.65B. Net income totaled EUR26.2M vs. loss of EUR79.5M. Revenues reflect North America segment decrease of 16% to EUR295M, Latin America segment decrease of 11% to EUR352M. Net Income reflects Non-recurring items decrease of 97% to EUR2.3M (expense), Share in the results of joint ventures a increase from EUR6M to EUR17.1M (earnings).

More Business Descriptions

Wire drawing

The Group is a global technological leader in advanced metal transformation and advanced materials and coatings, and a market leader in drawn wire products and applications. Serving customers in 120 countries, Bekaert employs unique metal treatment technologies to deliver on a global scale a portfolio of drawn steel wire products and coating solutions, purchasing as its basic material more than 2.6 million tons of wire rod per year. Depending on customer requirements, the company draws wire in different diameters and strengths, even as thin as ultrafine fibres of one micron. The wires are then grouped into cords, woven or knitted into fabric, or processed into an end product

Steel Wire, Wire Products, Steel Cord & Advanced Materials Mfr

Management services

NV Bekaert SA (Bekaert) is a manufacturer of drawn steel wire products and applications. The company carries out two activities, namely, advanced metal transformation, and advanced materials and coatings. The company, along with its subsidiaries produces a range of steel wire products using wire rode as its principal raw material. It offers its products in the fields such as agriculture, automotive, consumer goods, equipment, energy and utilities, basic materials and construction. In 2011, the company's steel wire product contributed 89% of its total revenue, followed by stainless products (6%), and coatings and other products (5%). In automotive sector the company offers products such as hybrid reinforcement fabric for bumper beams, suspension spring wire, diesel particulate filter media, insulator wire, window film, heating cord, power spring (seat recliner) and steering column profiles, wiper component wire, clutch spring wire and steel cord and bead wire. In energy and utilities sector the company offers various products such as fine cord for timing belts, sawing wire, steel cord-reinforced thermoplastic strips, clean enclosed burners, steel cord-reinforced thermoplastic strips, clean enclosed burners, wires for armoring umbilicals, wires for armoring marine cables, shaped wires for flexible pipes, armoring wires for power cables, profiled wire, steel wire-armoring for telecom cables, steel wires and strands for overhead power lines, wires for large 6-strand ropes for mooring lines. The company offers products for civil, residential and industrial construction sectors. Bekaert's wire, mesh, and fiber products find applications in construction including in lifts and burners; fencing and reinforcement; roads and bridges; in architectural solutions and concrete reinforcement. The company's products has various applications in consumer products including champagne corkwire, garment hooks, Staple wire, fishhooks, and spokes, as well as industrial applications like ski lift cables, inkjet cartridges, heat resistant textiles, and so on. For heavy equipment makers and operators, Bekaert supply a range of specialized wire product components which fine cord, spring wire and profiled wire, high-pressure hose armoring wire, hydraulic filter media, and steel wire for cranes. Bekaert offers customers in the textile industry wires for carding. It also offers high-grade steel wire for the heddles and springs of Jacquard looms. Bekaert produces an extensive range of high carbon rope wires for hoisting rope applications, providing ductility on wire level leading to optimal fatigue properties on rope level. Across the agricultural sector, the company offers wires, posts, fencing, tools, shading and joining and tensioning devices. It also offers wire for oyster breeding cages; wire and mesh for fish farming; and vineyard wire. In the basic materials sector the company offers non-contact drying systems for paper and board industry, steel cord for conveyor belts and ropes for surface mining. The research and development activities of the company is undertaken with the prospect of gaining new scientific or technological knowledge and developing new products. The company's two major R&D centers are located in Deerlijk (Belgium) and in Jiangyin (China). During the fiscal ended December, 2011, the company spent €90m on its R&D activities, which accounted for 3% of its total revenue. The company has 27 sales offices, warehouses and others in EMEA region, 5 in North America region, 4 in Latin America region and 7 in asia pacific region. Geographically, the company operates through four main segments, namely, EMEA (Europe, Middle-East and Africa); North America; Latin America; and Asia Pacific. For the fiscal ended December 2011, EMEA segment accounted for 35% of consolidated sales followed by Asia Pacific with 34%, North America with 20% and Latin America with 11%. In May 2012, with the collaboration of Bekaert and Xinsteel a new production plant was set up. The plant will perform its operation in the third quarter of 2013. the new plant will be located in Jiangxi Xinyu High-Tech Industrial Park Development Zone and will cover 75 000 m². In May 2012, Bekaert and Southern Steel formed a joint venture to combine their steel wire related activities in South-East Asia.

NV Bekaert SA (Bekaert) is a manufacturer of drawn steel wire products and applications. Principally the company carries out two activities namely,advanced metal transformation, and advanced materials and coatings. The company along with its subsidiaries produces a range of steel wire products using wire rode as its principal raw material. Its products are applied in the automotive, construction, energy & utilities, agricultural, consumer goods, basic materials and equipment industries. The company offers to its customers three kind of products,namely, steel wire product, stainless products and coatings and other products. The company has a global manufacturing platform and it has a number of subsidiaries operating in Europe, North America, Latin America, Middle and Far East and Oceania. The company classifies its geographical presence in four segments,namely, EMEA (Europe, Middle-East and Africa), North America, Latin America and Asia Pacific The company serves customers in more than 120 countries. Bekaert is headquartered in Kortrijk, Belgium.The strategic intent of the company is to increase its geographical presence in North, and south and central america. In line with strategy, company becomes the principal shareholder in the partnership with operations in Chile, Peru and Canada.The company reported revenues of (Euro) EUR 3,460.62 million during the fiscal year ended December 2012, an increase of 3.61% over 2011. The operating loss of the company was EUR 49.94 million during the fiscal year 2012, as against an operating income of EUR 289.29 million during 2011. The net loss of the company was EUR 196.88 million during the fiscal year 2012, as against a net profit of EUR 192.64 million during 2011.

Bekaert (www.bekaert.com) is a global technological and market leader in advanced solutions based on metal transformation and coatings and the worlds largest independent manufacturer of drawn steel wire products. Bekaert (Euronext Brussels: BEKB) is a global company with headquarters in Belgium employing 28 000 people worldwide. Serving customers in 120 countries Bekaert pursues sustainable profitable growth in all its activities and generated combined sales of 4.6 billion in 2011. In China Bekaert is present with a manufacturing platform since the early nineties and now operates 20 sites within 17 legal entities at 10 locations there (Shenyang Weihai Jiangyin Wuxi Shanghai Suzhou Chongqing Huizhou Qingdao Xinyu) employing approximately 10 000 people.

Founded in 1880, Bekaert's two core competences are in the areas of advanced metal transformation and advanced materials and coatings. The company's advanced wire products range from wires for use in the manufacture of industrial springs and in the reinforcement of flexible pipes, through steel fibers for concrete reinforcement, profiled wires, textile machine wires, bookbinding wires and weaving wires, to champagne cork wires, silicon-sawing wire and various types of lacquered and coated wires. The advanced materials segment covers applications in fiber technologies, combustion technologies and composites. The advanced coatings segment comprises industrial coatings for various materials, applied by vacuum technologies or thermal spraying. Bekaert also supplies special equipment for the glass industry for applying coatings to large areas of flat glass. Bekaert is headquartered in Belgium and has operations throughout Africa, Europe, Latin America, the Middle East, Asia, Oceania and North America, including a facility in Kortrijk, Belgium.

Brand/Trade Names

Bekaert(R)

Dramix(R)

Financial Data

Financials in:	EUR(mil)
Revenue:	3,460.6
Net Income:	-196.9
Assets:	3,667.7
Long Term Debt:	850.0
Total Liabilities:	2,245.7
Working Capital:	0.3
Date of Financial Data:	31-Dec-2012

1 Year Growth

3.6%

NA

-12.0%

Market Data

Quote Symbol:	BEKB
Exchange:	Euronext Brussels
Currency:	EUR
Stock Price:	25.8
Stock Price Date:	12-27-2013
52 Week Price Change %:	17.8
Market Value (mil):	1,549,948.0
SEDOL:	5827431
ISIN:	BE0974258874
Equity and Dept Distribution:
11/2010, 3-for-1 stock split.

Subsidiaries

Company	Percentage Owned	Country
Sentinel (Wire Products) Limited	100%	UK
Sentinel Wire Fencing Limited	100%	UK
Tinsley Wire Limited	100%	UK
Twil Company	100%	UK
Bekaert Advanced Products (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Japan Co Ltd	100%	JAPAN
Bekaert Hlohovec, a.s.	100%	SLOVAKIA
Bekaert Management (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Binjiang Advanced Products Co Ltd	90%	PEOPLE'S REPUBLIC OF CHINA
Bekaert (China) Technology Research and Development Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert (Jiangyin) Advanced Coatings Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Mukand Wire Industries Pvt Ltd	86%	INDIA
Bekaert Combustion Technology Ltd	100%	UK
Bekaert Romania SRL	100%	ROMANIA
Prodac Contrata SAC	52%	PERU
Prodac Selva SAC	52%	PERU
Alambres Andinos SA (Alansa)	80%	ECUADOR
Becare Ltd	100%	REPUBLIC OF IRELAND
Bekaert Specialty Films Hong Kong Ltd	100%	HONG KONG SAR
Vicson, S.A.	80%	VENEZUELA
Bekaert (Qingdao) Wire Products Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Izmit Celik Kord San ve Tic AS	100%	TURKEY
OOO Bekaert Lipetsk	100%	RUSSIA
Bekaert Canada Ltd	100%	CANADA
Productora de Alambres Colombianos Proalco SA	80%	COLOMBIA
Bekaert Guatemala SA	100%	GUATEMALA
Bekaert Investments Italia SpA	100%	ITALY
Bekaert Building Products Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Carding Solutions Hong Kong Ltd	100%	HONG KONG SAR
Bekaert do Brasil Ltda	100%	BRAZIL
Bekaert Holding Hong Kong Limited	100%	HONG KONG SAR
Bekaert Ideal SL	100%	SPAIN
Bekaert Industrial Coatings Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Investments NV	100%	BELGIUM
Bekaert Services Hong Kong Ltd	100%	HONG KONG SAR
Industrias del Ubierna, S.A.	100%	SPAIN
Scheldestroom SA/NV	99.92%	BELGIUM
Bekaert Advanced Filtration SA	100%	BELGIUM
Bekaert Carding Solutions Limited	100%	UK
Bekaert Carding Solutions SAS	100%	FRANCE
Bekaert Carding Solutions Pte Ltd	100%	INDIA
Bekaert Shenyang Advanced Products Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Wuxi Bekaert Textile Machinery and Accessories Co Ltd	75%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Poland Sp zoo	100%	POLAND
Bekaert Carding Solutions Inc	100%	USA
Bekaert Carding Solutions Inc	100%	CANADA
Bekaert Taiwan Co Ltd	100%	TAIWAN
Bekaert Tarak Aksesuarlari ve Markineleri Ticaret AS	100%	TURKEY
Bekaert Sardegna SpA	100%	ITALY
Bekaert (Huizhou) Steel Cord Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Ges mbH	100%	AUSTRIA
Bekaert (Schweiz) AG	100%	SWITZERLAND
Bekaert Specialty Wire Products Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Stainless Products Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Steel Cord Products Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Strategic Partnerships Hong Kong Ltd	100%	HONG KONG SAR
Bekaert Wire Products Hong Kong Ltd	100%	HONG KONG SAR
InverVicson SA	80%	VENEZUELA
Ideal Alambrec S.A.	80%	ECUADOR
OOO Bekaert Wire	100%	RUSSIA
Bekaert New Materials (Suzhou) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Solaronics AB	100%	SWEDEN
Solaronics GmbH	100%	GERMANY
Solaronics Oy	100%	FINLAND
Bekaert Specialty Films (SEA) Pte Ltd	100%	SINGAPORE
Productos de Acero Cassado S.A.	52%	PERU
Bekaert Bohumin sro	100%	CZECH REPUBLIC
Bekaert CEB Technologies BV	100%	NETHERLANDS
Bekaert Combustion Technology BV	100%	NETHERLANDS
Bekaert Petrovice sro	100%	CZECH REPUBLIC
Bekaert Slovakia sro	100%	SLOVAKIA
Bekintex NV	100%	BELGIUM
Bekaert Carding Solutions NV	100%	BELGIUM
Bekaert Industries Private Limited	100%	INDIA
Bekaert Jiangyin Wire Products Co Ltd	82%	PEOPLE'S REPUBLIC OF CHINA
Bekaert (Shandong) Tire Cord Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Shenyang Steel Cord Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Toko Metal Fiber Co Ltd	70%	JAPAN
China Bekaert Steel Cord Co Ltd	90%	PEOPLE'S REPUBLIC OF CHINA
Bekaert Indonesia, PT	100%	INDONESIA
Shanghai Bekaert Ergang Co Ltd	70%	PEOPLE'S REPUBLIC OF CHINA
Bekaert A/S	100%	DENMARK
Bekaert Ltd	100%	UK
Bekaert Norge A/S	100%	NORWAY
Bekaert Svenska A/B	100%	SWEDEN
Cold Drawn Products Limited	100%	UK
Bekaert Corporation	100%	USA
Bekaert Advanced Filtration, PT	100%	INDONESIA
Barnards Limited	100%	UK
Lane Brothers Engineering Industries Limited	100%	UK
Rylands-Whitecross Limited	100%	UK
Bekaert Advanced Coatings NV	100%	BELGIUM
Solaronics SA	100%	FRANCE
Bekaert CEB Technologies Canada Ltd	100%	CANADA
Bekaert Binjiang Steel Cord Co Ltd	90%	PEOPLE'S REPUBLIC OF CHINA
Bekaert France SAS	100%	FRANCE
Bekaert Coordinatiecentrum	100%	BELGIUM
Bekaert GmbH	100%	GERMANY
Bekaert Holding BV	100%	NETHERLANDS
Bekaert Ibéria Holding SL	100%	SPAIN
Bekaert North America Management Corporation	100%	USA
Sentinel Garden Products Ltd	100%	UK
Leon Bekaert SpA	100%	ITALY
Bekaert Specialty Films de Mexico SA de CV	100%	MEXICO
Bekaert Trade Latin America NV	100%	CURACAO
Bekaert Trade Mexico S de RL de CV	100%	MEXICO
Specialty Films de Services Company SA de CV	100%	MEXICO
Bekaert Korea Ltd	100%	SOUTH KOREA
Bekaert Singapore Pte Ltd	100%	SINGAPORE

Shareholders

Major Shareholders

Stichting Administratiekantoor Bekaert, Netherlands (37.49%)

Key Corporate Relationships

Auditor: Deloitte Bedrijfsrevisoren

Auditor: Deloitte Bedrijfsrevisoren, Deloitte Bedrijfsrevisoren

Strategic Initiatives

Sales and Distribution

Geographically, the company operates through four main segments, namely, EMEA (Europe, Middle-East and Africa); North America; Latin America; and Asia Pacific. For the fiscal ended December 2011, EMEA segment accounted for 35% of consolidated sales followed by Asia Pacific with 34%, North America with 20% and Latin America with 11%. In May 2012, with the collaboration of Bekaert and Xinsteel a new production plant was set up. The plant will perform its operation in the third quarter of 2013. the new plant will be located in Jiangxi Xinyu High-Tech Industrial Park Development Zone and will cover 75 000 m².

Corporate Family

Total Corporate Family Members: 94

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
NV Bekaert SA	Parent	Courtrai (Kortrijk)	Belgium	Metal Products Manufacturing	4,446.8	2,393
Bekaert Hlohovec, a.s.	Subsidiary	Hlohovec	Slovakia	Metal Products Manufacturing	365.8	1,322
Bekaert Industries Pvt Ltd	Subsidiary	Pune, Maharastra	India	Metal Products Manufacturing		600
Ideal Alambrec SA	Subsidiary	Guayas	Ecuador	Metal Products Manufacturing		600
Bekaert Slovakia sro	Subsidiary	Sladkovicovo	Slovakia	Metal Products Manufacturing		600
Bekaert Izmit Çelik Kord Sanayi ve Ticaret AS	Subsidiary	Izmit, Kocaeli	Turkey	Metal Products Manufacturing		474
Bekaert Ideal SL	Subsidiary	Burgos	Spain	Metal Products Manufacturing		400
Bekaert do Brasil Ltda	Subsidiary	Osasco, Sao Paulo	Brazil	Metal Products Manufacturing		400
Industrias Del Ubierna Sa	Subsidiary	Burgos	Spain	Metal Products Manufacturing	104.4	356
Bekaert Tarak Aksesuarlari ve Makinalari Ticaret AS	Joint Venture	Istanbul	Turkey	Textile Manufacturing		330
Bekaert Engineering	Subsidiary	Ingelmunster	Belgium	Architecture and Engineering		300
Bekaert Mukand Wire Industries Pvt Ltd	Subsidiary	Satara, Maharastra	India	Metal Products Manufacturing		250
Bekaert Specialty Films LLC	Subsidiary	San Diego, CA	United States	Construction and Hardware Materials Wholesale	268.5	200
OOO Bekaert Lipetsk	Subsidiary	Kazinka	Russian Federation	Metal Products Manufacturing		200
Bekaert Canada Ltd.	Subsidiary	Surrey, BC	Canada	Metal Products Manufacturing	62.9	160
Bekaert Combustion Technology BV	Subsidiary	Assen	Netherlands	Machinery and Equipment Manufacturing	59.9	150
Bekaert Combustion Technology Ltd.	Subsidiary	Solihull	United Kingdom	Metal Products Manufacturing
Betasenze Deustchland GmbH	Subsidiary	Hamburg	Germany	Metal Products Manufacturing		130
Bekaert Progressive Composites LLC	Subsidiary	Vista, CA	United States	Rubber and Plastic Product Manufacturing		100
Soleras Advanced Coatings	Subsidiary	Petegem-Aan-De-Leie	Belgium	Metal Products Manufacturing	39.4	93
Webster & Horsfall Ltd.	Subsidiary	Birmingham	United Kingdom	Metal Products Manufacturing	9.0	85
Mills & Driver Ltd.	Subsidiary	Birmingham	United Kingdom	Metal Products Manufacturing
Reddiwire Ltd.	Subsidiary	Birmingham	United Kingdom	Miscellaneous Professional Services
Bekaert Asia Shanghai Office	Subsidiary	Shanghai	China	Metal Products Manufacturing		80
Bekintex	Subsidiary	Wetteren	Belgium	Machinery and Equipment Manufacturing	37.0	76
Bekaert Carding Solutions Pvt Ltd	Subsidiary	Pune	India	Machinery and Equipment Manufacturing		74
Solaronics SA	Subsidiary	Armentieres	France	Machinery and Equipment Manufacturing	19.9	65
Bekaert Carding Solutions	Subsidiary	Deerlijk	Belgium	Metal Products Manufacturing	10.6	58
Bekaert Advanced Coatings NV	Subsidiary	Zulte	Belgium	Miscellaneous Manufacturing		50
Bekaert Corporation	Subsidiary	Marietta, GA	United States	Metal Products Manufacturing		50
Bekaert Corp	Branch	Rome, GA	United States	Metals and Minerals Wholesale	892.8	293
Bekaert Corp	Branch	Rogers, AR	United States	Metals and Minerals Wholesale	947.5	280
Bekaert Corp	Branch	Shelbyville, KY	United States	Metal Products Manufacturing	5.7	60
Bekaert Corp	Branch	Spring Green, WI	United States	Metals and Minerals Wholesale	14.3	7
Bekaert GmbH	Subsidiary	Neu-Anspach, Hessen	Germany	Metal Products Manufacturing	18.3	37
Bekaert France SAS	Subsidiary	Antony	France	Metals and Minerals Wholesale	38.9	34
Bekaert Coordinatiecentrum N.V.	Subsidiary	Zwevegem	Belgium	Banking	37.7	30
Contours Limited	Subsidiary	Orrville, OH	United States	Metal Products Manufacturing	31.9	30
Bekaert Carding Solutions, Inc.	Subsidiary	Simpsonville, SC	United States	Medical Equipment and Supplies	6.4	30
Bekaert Corporation	Subsidiary	Akron, OH	United States	Metal Products Manufacturing		30
Bekaert Corporation	Facility	Van Buren, AR	United States	Metal Products Manufacturing	58.6	300
Bekaert Japan	Subsidiary	Tokyo	Japan	Metal Products Manufacturing		20
Bekaert Ltd.	Subsidiary	Glenrothes	United Kingdom	Miscellaneous Wholesale	5.7	17
Bekaert Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Metal Products Manufacturing	441.3	16
Industrias del Ubierna S.A.	Subsidiary	Barcelona	Spain	Metal Products Manufacturing		15
Leon Bekaert S.p.A.	Subsidiary	Milan	Italy	Metal Products Manufacturing	3.2	12
Bekaert Specialty Films Canada	Subsidiary	Oakville, ON	Canada	Metal Products Manufacturing	0.5	10
Scheldestroom SA/NV	Subsidiary	Zwevegem	Belgium	Metal Products Manufacturing	0.0	10
Bekaert Trade Mexico S de RL de CV	Subsidiary	Mexico	Mexico	Metal Products Manufacturing		10
Bekaert Svenska A/S	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing		10
Bekaert (Schweiz) AG	Subsidiary	Baden	Switzerland	Metal Products Manufacturing	32.0	6
Bekaert Svenska A/B	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing	6.7	6
Bekaert Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Metal Products Manufacturing		6
Bekaert Corporation	Subsidiary	Research Triangle Park, NC	United States	Metal Products Manufacturing	10.6	5
Bekaert Specialty Films Nordic AB	Subsidiary	Stockholm	Sweden	Rubber and Plastic Product Manufacturing		5
Bekaert A/S	Subsidiary	Vejle	Denmark	Metal Products Manufacturing		5
Bekaert Trade Latin America N.V.	Subsidiary	Miami, FL	United States	Metal Products Manufacturing	10.1	4
Bekaert Portugal-Importacao Comercializacao de Arames e Seus Derivados, Ltda.	Subsidiary	Lisbon	Portugal	Metal Products Manufacturing		4
Bekaert GmbH	Subsidiary	Vienna	Austria	Metal Products Manufacturing		2
Ideal Alambrec S.A.	Subsidiary	Quito, Pichincha	Ecuador	Metal Products Manufacturing
Vicson, S.A.	Subsidiary	Valencia, Carabobo	Venezuela	Metal Products Manufacturing
Bekaert Holding BV	Subsidiary	Assen	Netherlands	Investment Services
Shanghai Bekaert-Ergang Co Ltd	Subsidiary	Shanghai	China	Metal Products Manufacturing
Productos de Acero Cassado S.A.	Subsidiary	Lima	Peru	Metal Products Manufacturing
PT Bekaert Indonesia	Subsidiary	Karawang, Jawa Barat	Indonesia	Metal Products Manufacturing
Bekaert Management (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Metals and Minerals Wholesale
Solaronics AB	Subsidiary	Vanersborg	Sweden	Machinery and Equipment Manufacturing
Industrias del Ubierna, S.A.	Subsidiary	Barcelona	Spain	Metal Products Manufacturing
Bekaert (China) Technology Research and Development Co Ltd	Subsidiary	Jiangyin	China	Metal Products Manufacturing
Bekaert Binjiang Steel Cord Co Ltd	Subsidiary	Jiangyin	China	Metal Products Manufacturing
PT Bekaert Advanced Filtration	Subsidiary	Jakarta	Indonesia	Machinery and Equipment Manufacturing
Bekaert Iberica Holding SL	Subsidiary	Burgos	Spain	Investment Services
Bekaert Toko Metal Fiber Co Ltd	Subsidiary	Kasumigaura, Ibaraki	Japan	Metal Products Manufacturing
Bekaert Binjiang Advanced Products Co Ltd	Subsidiary	Jiangyin	China	Metal Products Manufacturing
Bekaert-Jiangyin Wire Products Co Ltd	Subsidiary	Jiangyin, Jiangsu	China	Metal Products Manufacturing
Bekaert New Materials (Suzhou) Co Ltd	Subsidiary	Suzhou	China	Metal Products Manufacturing
Bekaert Management (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Metal Products Manufacturing
Bekaert (Qingdao) Wire Products Co Ltd	Subsidiary	Qingdao	China	Metal Products Manufacturing
Bekaert (Shandong) Tire Cord Co Ltd	Subsidiary	Weihai, Shandong	China	Machinery and Equipment Manufacturing
N.V. Bekaert S.A.	Subsidiary	Zwevegem	Belgium	Metal Products Manufacturing
Cold Drawn Products Ltd.	Subsidiary	Bradford	United Kingdom	Metal Products Manufacturing	47.9	155
Lane Brothers Engineering Industries	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Rylands-Whitecross Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Sentinel Garden Products Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Twil Co.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Tinsley Wire Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Sentinel (Wire Products) Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Sentinel Wire Fencing Ltd.	Subsidiary	Bradford	United Kingdom	Miscellaneous Professional Services
Bekaert Carding Solutions Ltd.	Subsidiary	Huddersfield	United Kingdom	Miscellaneous Professional Services
Bekaert Carding Solutions Inc / Bekaert Solutions de Cardage Inc	Subsidiary	Granby, QC	Canada	Medical Equipment and Supplies
OOO Bekaert Wire	Subsidiary	Moscow	Russian Federation	Metal Products Manufacturing
Bekaert Advanced Products (Shanghai) Co Ltd	Subsidiary	Shanghai	China	Metal Products Manufacturing
Bekaert Norge AS	Subsidiary	Gothenburg	Sweden	Metal Products Manufacturing
Bekaert Specialty Wire Products Hong Kong Ltd	Subsidiary	Wanchai	Hong Kong	Metal Products Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
ArcelorMittal	Luxembourg, Luxembourg	239,000	Public
Belden Inc.	St. Louis, Missouri, United States	6,700	Public
Capital Engineering Network Public Company Limited	Bangkok, Thailand	559	Public
China Wire & Cable Co., Ltd.	Taipei, Taiwan	687	Public
Evraz Group SA	Luxembourg, Luxembourg	110,000	Public
Maanshan Iron & Steel Co Ltd	Maanshan, China	49,797	Public

Executives Report

Board of Directors

Name	Title	Function
Paul Buysse	Chairman of the Board	Chairman
Biography: Bn. Paul Buysse was Chairman of the Board of NV Bekaert SA from May 2000 until May 2014. He was Chairman of the Audit and Finance Committee and Nomination, Remuneration and Strategic Committee of the Company. Baron Buysse began his career in 1966 at Ford Motor Company in different marketing and sales functions. He joined British Leyland Belgium in 1976 and became Executive Director of Tenneco Belgium and Managing Director of J.I. Case Benelux in 1980. In 1984 he became General Manager Europe North - J.I. Case, International Harvester and Poclain. In 1988, he joined BTR plc as Group Managing Director of Hansen Transmissions International and was appointed Group Chief Executive BTR Automotive and Engineering Group in 1989. In 1991 he was appointed Group Chief Executive BTR Engineering and Dunlop Overseas and became Executive Director BTR plc (London) in 1992. Before joining the Bekaert Group, Baron Buysse was Chief Executive Officer of Vickers plc (London) from 1998. Furthermore, he is Chairman of the College of Censors of the National Bank of Belgium, Chairman of CIB (Compagnie Immobiliere Belge), Vice Chairman of the Board of the Royal Superior Institute of Defense, Chairman of FBNet Belgium (Family Business Network Belgium), Chairman of the Board of Trustees of GUBERNA (Belgian Corporate Governance Institute), Editor of the Code Buysse (a Corporate Governance Code for non-listed companies), Founder-President of NEA (a socio-economic reflection centre), Member of the Executive Committee of the Federation of Belgian Industry (FEB), Member of the High Council of the University of Antwerp, Member of the Belgian Council of INSEAD - Fontainebleau, Member of the Board of Directors VEV (Flemish employers federation), Member of the International Board of Overseers of the Sabanci University (Istanbul). Baron Buysse graduated in Business Management. Age: 68 Compensation/Salary:500,040 Compensation Currency: EUR
Baron Buysse	Chairman, Board Member	Chairman
Biography: Mr. Buysse began his career in 1966 at Ford Motor Company in different marketing and sales functions. He joined British Leyland Belgium in 1976, became executive director of Tenneco Belgium, managing director of J.I. Case Benelux in 1980, and general manager Europe North - J.I. Case, International Harvester and Poclain in 1984. In 1988 Mr. Buysse joined BTR plc as group managing director of Hansen Transmissions International. He was appointed as group chief executive in BTR Automotive and Engineering Group in 1989, group chief executive in BTR Engineering and Dunlop Overseas in 1991, and executive director in BTR plc (London) in 1992. Before joining the Bekaert Group, He was CEO of Vickers plc (London) since 1998. Furthermore, Mr. Buysse is chairman of the college of censors of the national bank of Belgium, chairman of Immobel, chairman of SeaTank, vice chairman of the board of the Royal Superior Institute of Defense, chairman of FBNet Belgium (Family Business Network Belgium), Editor of the Code Buysse (a Corporate Governance Code for non-listed companies), founder-president NEA (a socio-economic reflection centre), member of the executive committee of the Federation of Belgian Industry, member of the high council of the University of Antwerp, member of the Belgian Council of INSEAD – Fontainebleau, member of the board of directors VEV (Flemish employers federation), member of the international board of overseers of the Sabanci University (Istanbul). Age: 67
Paul Buysse	Chairman	Chairman
Albrecht De Graeve	Chairman of the Board of Directors	Chairman
Biography: Mr. Albrecht (Bert) De Graeve is Chairman of the Board of Directors of NV Bekaert SA effective May 2014. He started his career in 1980 with Arthur Andersen & Co. He joined Alcatel Bell in 1982 in the Finance Department. In 1991 he became General Manager Shanghai Bell Telephone Equipment Mfg. Cy in Shanghai. In 1994 he was appointed Vice President, Director Operations, Alcatel Trade International in Paris and in 1996 as Director International Affairs, Alcatel Alsthom in Paris. In 1996 he transferred to the Flemish Public Radio & TV Broadcaster (VRT) and became Managing Director VRT. In 2002 he left the VRT and joined Bekaert where he took up the assignments of Chief Financial and Administration Officer and General Secretary. Mr. De Graeve is Member of the International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC), President of the Flanders-China Chamber of Commerce, Member of the Advisory Board of the Conference Board China Center for Economics and Business in Beijing, Member of the Board of Directors of UCB, Senior Member of the Conference Board New York and Member of the Board of the Concours Reine Elisabeth. Mr. De Graeve has a Master in Law from the University of Ghent (1980). He also studied Financial Management at IPO (Antwerp) and became Master in Tax Management at VLEKHO (Brussels). Age: 58 Education: Universiteit Gent, M (Law) Vlaamse Economische Hogeschool (VLEKHO), M (Tax) Instituut voor Postuniversitair Onderwijs, Antwerp (IPO) (Financial Management) Compensation/Salary:831,000 Compensation Currency: EUR
Alan Begg	Independent Member of the Board of Directors	Director/Board Member
Biography: Dr. Alan Begg is Independent Member of the Board of Directors of NV Bekaert SA since May 14, 2008. He is Member of the Nomination and Remuneration Committee. He is Senior Vice President Group Technology and Development, SKF, Goeteborg, Sweden. He joined SKF in 2007 to lead Group Technology Development and Quality. Mr. Begg spent 12 years in the early part of his career with BP, initially at their Research Centre, where he led the Advanced Engineering Materials Group, then as Senior Executive of a new start business he set up (BP Metal Composites). He left BP in 1993 to be Managing Director of T&N Technology, the central laboratories for the T&N Group. After five years with T&N Group, Dr. Begg moved to Federal-Mogul headquarters, just north of Detroit in the United States as Vice President of Technology for the combined companies. In 2001 he returned to the United Kingdom to be Director of Technology for Morgan Crucible, and Member of their Executive team. In 2004 he was appointed as Chief Executive of the newly formed Automotive Academy. Outside his formal employment, Dr. Begg has a ranging list of professional achievements and activities. Mr. Begg has a First Class Honours degree and a Doctorate in Philosophy in Metallurgy and Materials Science from Cambridge University. Age: 59 Education: University of Cambridge, PHD (Metallurgical and Materials Engineering) Compensation/Salary:38,000 Compensation Currency: EUR
Baron Leon Bekaert	Board Member	Director/Board Member
Leon Bekaert	Member of the Board of Directors	Director/Board Member
Biography: Baron Leon Bekaert is Member of the Board of Directors of NV Bekaert SA since 1994. He is Member of the Strategic Committee of the Company. He started in 1983 as Managing Partner of Pauli Philippines (Manila) and transferred in 1984 to P.T. LVD Indonesia as Managing Director. He joined the Bekaert Group in 1987 as Sales Manager Bekaert Hong Kong. In 1989 he was appointed as Strategic Project Manager and in 1991 as Product Manager Fencing Products. In 1994 he left the Bekaert Group and became Member of the Board. Furthermore, Bn. Bekaert is Director of several companies in Belgium and abroad. He graduated in Applied Economics from the Katholieke Universiteit Leuven (Catholic University of Leuven) (1983) and obtained a Masters of Business Administration from IMI in Geneva (1987). Age: 55 Education: IMI, Geneva, MBA Katholieke Universiteit Leuven, BS (Economics) Compensation/Salary:38,000 Compensation Currency: EUR
Roger Dalle	Member of the Board of Directors	Director/Board Member
Biography: Mr. Roger Dalle is Member of the Board of Directors of NV Bekaert SA since 1998. He began his career in 1971 as Product Manager for the French Group L'Oreal. He started in the Bekaert Group in 1979 as General Sales Manager of Beka France (furniture). In 1982 he joined the European Sales Organization and became in 1985 General Manager of Bekaert France and Benelux and in 1993 European General Sales Manager for Merchant Products. In 1998 he left the Bekaert Group, but remained Member of the Board. Furthermore, Mr. Dalle is Director of several companies in Belgium and abroad. Mr. Dalle studied at the Universite de Droit et Sciences Economiques de Lille. Age: 67 Education: Universite de Droit et Sciences Economiques de Lille. Compensation/Salary:38,000 Compensation Currency: EUR
Bert De Graeve	Chief Executive Officer, Member of the Group Executive, Executive Director	Director/Board Member
Biography: Mr. Graeve started his career in 1980 with Arthur Andersen & Co. He joined Alcatel Bell in 1982 in the Finance Department. In 1991 Mr. Graeve became general manager Shanghai Bell Telephone Equipment Mfg. Cy in Shanghai. In 1994 he was appointed vice president, director operations, Alcatel Trade International in Paris and in 1996 as director international affairs, Alcatel Alsthom in Paris. In 1996 Mr. Graeve transferred to the Flemish Public Radio & TV Broadcaster (VRT) and became managing director VRT. In 2002 he left the VRT and joined Bekaert where he took up the assignments of chief financial and administration officer and general secretary. Mr. Graeve was appointed CEO of Bekaert in May 2006 Age: 57 Education: University of Ghent, master (Law)
Charles de Liedekerke	Member of the Board of Directors	Director/Board Member
Biography: Count Charles de Liedekerke is Member of the Board of Directors of NV Bekaert NV since 1997. He is Member of the Strategic Committee of the Company. He practiced law for a couple of years at 'Liedekerke, Wolters, Waelbroeck and Kirkpatrick' before performing his military duty. He moved in 1980 to the United States as Finance and Administration Officer of the North-American subsidiary of the Belgian, Carmeuse Group. In 1982, he joined the French Lafarge Group, where he held various operational and functional responsibilities in Paris, Dallas, and Calgary. In 1992, he became Chief Financial Officer of the Bekaert Group. In January 1998, he returned to Lafarge to take part in the integration of the newly acquired Redland and became that year Member of the Group Executive Committee and President of its Aggregates and Concrete division, until April 2004 when he resigned from his position. He is currently Chief Executive Officer (CEO) of the Joris Ide Group, Non- Executive Chairman of the Board of Cobepa, Member of the Board of Carrieres du Hainaut, Member of the 'Conseil de Surveillance' of Viangros and Partner and Board member of ISFI-Oscar Tausig. He was also Board Member of Assubel Accidents du Travail (1996 to 2000), Associate Member of the Round Table of European Industrialists (ERT) (1983 to 1985), Chairman of Redland UK (1998 to 2004), of the UK based Brett Ltd, of Deep Green, and of the Board of non-profit organizations, among which GreenFacts. He obtained a Law Degree at the Catholic University of Louvain (1977). Age: 60 Compensation/Salary:38,000 Compensation Currency: EUR
Francois M. de Visscher	Member of the Board of Directors	Director/Board Member
Biography: Mr. Francois M. de Visscher is Member of the Board of Directors of NV Bekaert SA since 1992. He is Member of the Audit and Finance Committee of the Company. He is Founder and President of de Visscher & Co., a financial advisory firm for business-owning families throughout the world, based in Greenwich, Connecticut. To complement its consulting and investment banking activities with business-owning families, Mr. de Visscher founded in 1998 a private equity fund for High Net Worth Individuals, Family Capital Growth Partners LLC. Prior to starting his own firm, Mr. de Visscher was Partner at Smith Barney, Harris Upham & Co., predecessors of Salomon Smith Barney in New York, where he founded the first group on Wall Street to specialize in advising family-owned companies. From 1998 to 2001, Mr. de Visscher was President of the Family Firm Institute. He is Certified Public Accountant, Director of the Global Leadership Institute and Member of the Board of Directors of the Belgian American Chamber of Commerce. Mr. de Visscher is a contributor on family business matters to publications such as The Wall Street Journal, The New York Times, Nation's Business, Crain's, Inc Magazine and Family Business Magazine. Age: 60 Education: Rutgers University, MBA Université Catholique de Louvain, Bachelor of Economics honors Compensation/Salary:38,000 Compensation Currency: EUR
Anthony Galsworthy	Member of the Board of Directors	Director/Board Member
Biography: Sir Anthony Galsworthy is Member of the Board of Directors of NV Bekaert SA since 2004. He is Member of the Strategic Committee of the Company. Sir Galsworthy is currently Advisor to the international British Bank Standard Chartered. He was British Ambassador to China from 1997 to 2002. Prior to that, his career was in British diplomacy. He is Trustee of several British trusts. Sir Galsworthy was educated at St Paul’s School and Corpus Christi College, Cambridge Master of Arts (Cantab), Classics. Age: 69 Education: University of Cambridge, MA (Classics (Latin)) Compensation/Salary:38,000 Compensation Currency: EUR
Bruno Humblet	Chief Financial Officer, EVP Specialized films, Member of the Group Executive	Director/Board Member
Biography: Mr. Bruno Humblet is Chief Financial Officer, Member of the Group Executive, Executive Vice President - Regional Operations Latin America of NV Bekaert SA. Mr. Humblet was appointed Chief Financial Officer on October 1, 2006. He started his career at Procter & Gamble in 1989 as Business Analyst. He built up 17 years of international finance and business experience in different areas including Supply Chain Management, International Market Analysis, Information Systems, Audit and Treasury. In 2000 he was appointed Director of Finance for the European household care business in Switzerland. In 2002 he was Director Internal Audit and was named Director of Treasury (Europe, Middle East, Africa) in 2004. He joined Bekaert as Chief Financial Officer and Member of the Bekaert Group Executive in October 2006. Effective November 2006, he took on additional responsibility for the Specialized Films activity platform. Mr. Humblet obtained a Commercial Engineering degree at the Universite Libre de Bruxelles (ULB) Solvay Business School of Brussels University and holds a CIA certification (2001). Age: 48 Education: Universite Libre de Bruxelles (ULB) (Engineering)
Hubert Jacobs van Merlen	Director	Director/Board Member
Biography: Hubert Jacobs van Merlen is a member of the board of directors at Bakaert. He is president and chief executive officer of IEE SA, Luxembourg. van Merlen has a bachelor’s degree from the Catholic University of Louvain.
Hubert Jacobs van Merlen	Member of the Board of Directors	Director/Board Member
Biography: Mr. Hubert Jacobs van Merlen has been Member of the Board of Directors of NV Bekaert SA since 2003. He has, since 1997, been President and Chief Executive Officer of IEE SA, Luxembourg, a company operating in the field of automotive safety sensors with manufacturing sites in Luxembourg and technical sales offices in the United States of America, Korea and Japan. He started his career in 1978 as Auditor of KPMG (Houston) and became Division Controller of the Drilling Fluids Division of Chromalloy American Corp. (St. Louis, MO) in 1981. In 1987 he transferred to Commercial Intertech Corp. (Youngstown, OH) as European Finance Director and was appointed Senior Vice President and Chief Financial Officer in 1995. Mr. Jacobs van Merlen obtained his degree in Economic Sciences in 1977 at the Universite Catholique de Louvain (Catholic University of Louvain) (Belgium). Age: 60 Education: Universite catholique de Louvain (Economic Sciences) Compensation/Salary:38,000 Compensation Currency: EUR
Maxime Jadot	Member of the Board of Directors	Director/Board Member
Biography: Mr. Maxime Jadot has been Member of the Board of Directors of NV Bekaert SA since 1994. He is Member of the Strategic Committee of the Company. He started his professional career in 1983 at Generale Bank in retail banking. After Branch Manager and Group Manager responsibilities, he headed between 1990 and 1996 the Brussels Central Region of Generale Bank. In 1998 he was appointed Head of Investment Banking at Fortis Bank. Furthermore, Mr. Jadot is Director of Fortis Private Equity and Director of Fortis Securities France. He obtained a Law Degree at the Katholieke Universiteit Leuven (Catholic University of Leuven) (1980) and became Master of Law at the Georgetown University (Washington D.C. 1981). Age: 56 Education: Georgetown University, M (Comparative Law) Katholieke Universiteit Leuven, M (Law) Facultes universitaires Saint-Louis, BA (Law) Compensation/Salary:38,000 Compensation Currency: EUR
Barbara Thomas Judge	Member of the Board of Directors	Director/Board Member
Biography: Lady Barbara Thomas Judge is Member of the Board of Directors of NV Bekaert SA since May 9, 2007. She is Member of the Audit and Finance Committee and Member of the Nomination and Remuneration Committee. She currently serves as Chairman of the UK Atomic Energy Authority, United Kingdom. Lady Judge began her career in New York, practising law and becoming a partner of Kaye, Scholer, Fierman, Hays and Handler in 1978. She was appointed youngest ever US Securities and Exchange Commissioner in 1980. She moved to Hong Kong in 1983 as the first woman main board director of a London merchant bank, Samuel Montagu & Co Ltd, returning to New York in 1987 as Senior Vice President and Group Head of Bankers Trust Company, responsible for all international private banking business. In 1993 she moved to the United Kingdom as the first woman main board director of News International plc and thereafter led buy-ins of Scotia Haven Food Group and Whitworths Food Group Ltd and founded Private Equity Investor plc. She is also Chairman of the School of Oriental and African Studies of London University, Deputy Chairman of Friends’ Provident plc and the Financial Reporting Council (the UK regulatory authority for accounting and corporate governance) and a non executive director of the UK Department of Constitutional Affairs and PA Consulting among others. She is also on the Board of the Royal Academy of Arts, the Wallace Collection and the Ditchley Foundation. She received her Bachelor of Artsfrom the University of Pennsylvania and Juris Doctor with honors from the New York University Law School. Age: 67 Education: New York University Law School, JD University of Pennsylvania, BA Compensation/Salary:38,000 Compensation Currency: EUR
Leo Steenbergen	Director	Director/Board Member
Matthew Taylor	General Manager	Director/Board Member
Barbara Thomas Judge	Director	Director/Board Member
Bernard van de Walle de Ghelcke	Member of the Board of Directors	Director/Board Member
Biography: Mr. Bernard van de Walle de Ghelcke is Member of the Board of Directors of NV Bekaert SA since 2004. He is Partner at Linklaters LLP (Brussels office) and specializes in European law and competition law. He was admitted to the Brussels bar in 1977 and became Partner of the Belgian law firm Van Ryn, Van Ommeslaghe & Faures in 1979 where he practiced corporate and commercial law as well as antitrust law, before joining De Bandt, van Hecke & Lagae in 1988 to become Head of the EU and competition law department. Mr. Van de Walle is Professor at the College of Europe (Bruges) since 1994 and he is also Member of the Executive Board of the College’s Global Competition Law Centre. He was Chairman and Member of the Board of the Belgian Association for European Law. Since 2004 he chairs the editorial board of Tijdschrift voor Belgische Mededinging / Revue de la Concurrence Belge. Mr. Van de Walle de Ghelcke obtained a Law degree at the Katholieke Universiteit Leuven (Catholic University of Leuven),(1970) and a special Law degree in Economic Law at the Universite Libre de Bruxelles (Free University of Brussels) (1972). Age: 66 Education: Universite Libre de Bruxelles (Economic Law) Katholieke Universiteit Leuven (Law) Compensation/Salary:38,000 Compensation Currency: EUR
Herman Vandaele	General Manager	Director/Board Member
Age: 63
Baudouin Velge	Member of the Board of Directors	Director/Board Member
Biography: Mr. Baudouin Velge is Member of the Board of Directors of NV Bekaert SA since 1998. He is Member of the Audit and Finance Committee. He started in 1983 as Attache of the Department of Economic Studies of the National Bank of Belgium. In 1987 he joined the Philips Electronics Group until 1991, when he transferred to the Cobac Group (now Eler-Hermes). In the Cobac Group, Mr. Velge held several positions as General Manager, Cobac Services Belgium, Director Sogasander, Member of the Board of Management, Director Cobac Services Netherlands and Secretary of the Board of Directors Cobac S.A. From 1996 till 2004 he was Manager of the Economic Department of the VBO-FEB Federation of Belgian Companies, Deputy Chairman of the Central Economic Council and Member of the Board of Directors of Delcredere. From November 2004 till December 2007 he was CEO of Fedis, the Federation of Belgian Retailers. He has been Managing Director of Interel Belgium PR & PA, a strategic communications and public affairs consultancy, since December 2007. He is Member of the Board of Cofinimmo and Member of the Advisory Board of BT Benelux. Furthermore, Mr. Velge has teaching experience as Lecturer Macroeconomics at the Universities of St Louis, Pennsylvania, and at Louvain and HUB, the Hogeschool-Universiteit Brussels in Belgium. He holds a Baccalaureate in Philosophy (1978) and a Licentiate in Economics (1979) from the Catholic University of Leuven. He gained a Doctorate in Philosophy in Economics in 1983 at the University of Pennsylvania. Age: 58 Education: University of Pennsylvania, DS (Economics) Katholieke Universiteit Leuven (Economics) Katholieke Universiteit Leuven, Belgium (Philosophy) Compensation/Salary:38,000 Compensation Currency: EUR
Manfred Heinrich Wennemer	Member of the Board of Directors	Director/Board Member
Biography: Mr. Manfred Heinrich Wennemer is Member of the Board of Directors of NV Bekaert SA since 2010. Mr. Wennemer was first appointed as Director on May 13, 2009. He was Chief Executive Officer of Continental AG from 2001 until August 2008. He started his career at Procter & Gamble Schwalbach, Germany. After a short period at Arthur D. Little Wiesbaden, Mr. Wennemer took up several management positions in companies and business units belonging to the Freudenberg Group in Germany, South Africa and North America. In 1994 he moved to the Continental Group where he started as Executive Board Chairman at Benecke-Kaliko AG, a company belonging to the Continental Corporation's ContiTech division. In 1998 Mr. Wennemer was appointed Chairman of the Management Board of ContiTech Holding GmbH and, at the same time, was assigned a seat on the Continental AG Executive Board, where he bore responsibility for the aforementioned division. In 2001 he was nominated by the Supervisory Board to chair the Executive Board. Since May 2005 he has additionally been responsible on the Executive Board for the corporation's Passenger and Light Truck Tire division and since December 2007 for the Interior division. He holds a Masters degree in Mathematics from the Westfaelische Wilhelms-Universitaet Muenster (University of Muenster), Germany and a Masters of Business Administration from INSEAD Fontainebleau, France. Age: 65 Education: INSEAD or Institut Europeen d'Administration des Affaires, France, MBA Compensation/Salary:38,000 Compensation Currency: EUR

Executives

Name	Title	Function
Bert De Graeve	Chief Executive Officer, Member of the Group Executive, Executive Director	Chief Executive Officer
Biography: Mr. Graeve started his career in 1980 with Arthur Andersen & Co. He joined Alcatel Bell in 1982 in the Finance Department. In 1991 Mr. Graeve became general manager Shanghai Bell Telephone Equipment Mfg. Cy in Shanghai. In 1994 he was appointed vice president, director operations, Alcatel Trade International in Paris and in 1996 as director international affairs, Alcatel Alsthom in Paris. In 1996 Mr. Graeve transferred to the Flemish Public Radio & TV Broadcaster (VRT) and became managing director VRT. In 2002 he left the VRT and joined Bekaert where he took up the assignments of chief financial and administration officer and general secretary. Mr. Graeve was appointed CEO of Bekaert in May 2006 Age: 57 Education: University of Ghent, master (Law)
Mark Goyens	President-Asia	President
Philippe Armengaud	Chief Purchasing Officer, General Manager Group Business Development	Division Head Executive
Biography: Mr. Philippe Armengaud is Chief Purchasing Officer, General Manager Group Business Development of NV Bekaert SA since July 1, 2008. He holds a degree from Universite Paris Dauphine. Education: Universite Paris Dauphine
Marc de Sauvage	General Manager - Corporate Projects	Division Head Executive
Bruno Humblet	Chief Financial Officer, EVP Specialized films, Member of the Group Executive	Division Head Executive
Biography: Mr. Bruno Humblet is Chief Financial Officer, Member of the Group Executive, Executive Vice President - Regional Operations Latin America of NV Bekaert SA. Mr. Humblet was appointed Chief Financial Officer on October 1, 2006. He started his career at Procter & Gamble in 1989 as Business Analyst. He built up 17 years of international finance and business experience in different areas including Supply Chain Management, International Market Analysis, Information Systems, Audit and Treasury. In 2000 he was appointed Director of Finance for the European household care business in Switzerland. In 2002 he was Director Internal Audit and was named Director of Treasury (Europe, Middle East, Africa) in 2004. He joined Bekaert as Chief Financial Officer and Member of the Bekaert Group Executive in October 2006. Effective November 2006, he took on additional responsibility for the Specialized Films activity platform. Mr. Humblet obtained a Commercial Engineering degree at the Universite Libre de Bruxelles (ULB) Solvay Business School of Brussels University and holds a CIA certification (2001). Age: 48 Education: Universite Libre de Bruxelles (ULB) (Engineering)
Dominique Neerinck	Member of the Group Executive, Chief Technology Officer	Division Head Executive
Biography: Mr. Dominique Neerinck is Member of the Group Executive and Chief Technology Officer of NV Bekaert SA since 2012. He was appointed Chief Technology Officer in 2003. He started his career in 1992 with Koninklijke Electronics Philips, first as Development Engineer for Philips Components in Roeselare (Belgium), and subsequently as Research Scientist at the Philips Research Laboratories in Eindhoven (the Netherlands). He joined Bekaert in 1995 as R&D Manager for Thin Film Coatings, and became General Manager of Bekaert Dymonics in 1998. In 2003, he was appointed Chief Technology Officer of the Bekaert Group. Effective November 2006, he took on additional responsibility for the Industrial Coatings activity platform and became Member of the Bekaert Group Executive Committee. Mr. Neerinck obtained a Doctorate in Philsophy degree in Physics at Katholieke Universiteit Leuven, Belgium (1991). Age: 48 Education: Katholieke Universiteit Leuven, PHD (Physics)
Matthew Taylor	General Manager	Division Head Executive
Herman Vandaele	General Manager	Division Head Executive
Age: 63
Curd Vandekerckhove	Member of the Group Executive, Executive Vice President Regional Operations - North Asia and South East Asia	Division Head Executive
Biography: Mr. Curd Vandekerckhove serves as Member of the Group Executive, Executive Vice President Regional Operations - North Asia and South East Asia of NV Bekaert SA since January 1, 2013. He joined the Bekaert Group in 1989. He started his career with the Company as a Total Quality Management consultant. In 1991, he was selected by the European Commission to attend an 18-month Executive Training Program in Japan. Mr. Vandekerckhove has taken up several management positions in Bekaert Asia during 13 years and was based in Tokyo, Kobe, Singapore and Shanghai. He transferred back to Europe in 2004, to become the General Manager of Bekaert Carding Solutions and subsequently of the Bekaert Sawing Wire activity platform. He obtained a Master's degree in Mechanical Engineering (1988) and a Master's degree in Applied Economics (1989), both at KUL, Catholic University of Louvain, Belgium. Age: 48 Education: Catholic Louvain University (Applied Economics) Catholic Louvain University (Mechanical Engineering)
Henri-Jean Velge	Member of the Group Executive, Executive Vice President - Business Platforms	Division Head Executive
Biography: Mr. Henri-Jean Velge is Member of the Group Executive and Executive Vice President - Business Platforms of NV Bekaert SA. He was appointed Executive Vice President in 2001. He started his career in 1981 at Shell (the Netherlands) as well-site Petroleum Engineer. He moved to Brunei in 1982 as Operations Manager and resigned from Shell in 1985 for a Masters of Business Administration program. In 1987 he joined Bekaert as Executive Director of Industrias Chilenas de Alambre (Chile). In 1991 Mr. Velge moved to the United States and became Corporate Vice-President Wire Americas in June 1994. In 2001 he was appointed Group Executive Vice President and became Member of the Bekaert Group Executive Committee, responsible for the business segment Advanced Wire Products/Wire. Effective November 2006, he took on additional responsibility for the Advanced Materials business segment. Mr. Velge is Member/Chairman of several Boards. He obtained an Electro-Mechanical degree at the Katholieke Universiteit Leuven, Belgium (1981) and a Masters of Business Administration at IMD Business School (Lausanne) (1986). Age: 57 Education: IMD Business School, Lausanne, Switzerland, MBA Katholieke Universiteit Leuven, BE (Electro-Mechanical Engineering)
Frank Vromant	Member of the Group Executive, Executive Vice President - Regional Operations Europe, North America and South Asia	Division Head Executive
Biography: Mr. Frank Vromant is Member of the Group Executive and Executive Vice President - Regional Operations Europe, North America and South Asia of NV Bekaert SA. He started his career in 1979 with the Company where he held several Financial and IT Management positions in Belgium and the United States. Since 2011 he combines his role as Business Controller Finance, IT & Supply chain Management Steel Cord with the function of Acting Global Head Steel Cord. He has a Master Degree in Applied Economics from the University of Antwerp (1979). Age: 56 Education: Universiteit Antwerpen, M (Applied Economics)
Bart Wille	Member of the Group Executive, Chief Human Resources Officer	Division Head Executive
Biography: Mr. Bart Wille is Member of the Group Executive and Chief Human Resources Officer of NV Bekaert SA since 2012. He started his career in 1985 in Human Resource Management with Unilever Belgium. He worked for Unilever during more than 20 years in Belgium, the Netherlands, the United Kingdom and Brazil, in various HR leadership positions such as Human Resources (HR) Director Belgium, Senior Vice President HR for Latin America, Global Head of Reward and HR, Senior Vice President HR for Global Foods. Mr. Wille joined Bekaert in January 2009 as Chief Human Resources Officer and was appointed Member of the Bekaert Group Executive in January 2013. He holds a Degree in Applied Economy - International Business Administration - from UFSIA, the University of Antwerp (1985). Age: 52 Education: Universitaire Faculteiten Sint-Ignatius Antwerp (UFSIA) (Applied Economics)
Katrien Heyde	Decision-maker	Senior Management (General)
Sri Krishnan	Decision-maker	Senior Management (General)
Marc Messely	Decision-maker	Senior Management (General)
Geert Seynhaeve	Decision-maker	Senior Management (General)
Willy Georges Snaet	Secretary General	Senior Management (General)
Age: 70
Lieven Vangheluwe	Decision-maker	Senior Management (General)
Patrick De Keyzer	Senior Vice President Applied Technology and Industrial Projects, Head of Global Commercial and Operational Excellence	Operations Executive
Pol Antoon Maria Bamelis	Administrator	Administration Executive
Age: 74
Julien De Wilde	Administrator	Administration Executive
Biography: Julien De Wilde is a member of the board of directors at Bekaert. Previously, he was chief executive officer of the company. De Wilde has a degree in engineering from the Catholic University of Leuven. Age: 70 Education: Catholic University of Leuven, Engineering
Georges Christian Jacobs De Hagen	Administrator	Administration Executive
Age: 73
Pierre Schaubroeck	Company Secretary	Company Secretary
Joel Brehmen	Representative/Auditor	Accounting Executive
Geert Petrus Elisabeth Verstraeten	Representative/Auditor	Accounting Executive
Gert Van Haver	Senior Vice President - Industrial Steel Wire, Head of Global Quality	International Executive
Katelijn Bohez	Chief Communications Officer	Corporate Communications Executive
Jacques Anckaert	Investor Relations Officer	Investor Relations Executive
Jerome Lebecque	Investor Relations Manager	Investor Relations Executive
Bruno Cluydts	Senior Vice President Stainless Technologies	Engineering/Technical Executive
Daniel Chambaere	Senior Vice President - Building Products	Product Management Executive
Lieven Larmuseau	Senior Vice President - Rubber Reinforcement	Other
Rick McWhirt	Senior Vice President - President of Bekaert Corporation, Head of Rubber Reinforcement North America	Other
Alejandro Sananez	Senior Vice President - Latin America	Other
Piet Van Riet	Senior Vice President - Brazil	Other
Michel Vandevelde	Senior Vice President - Specialty Steel Wire	Other
Geert Voet	Senior Vice President - Ropes	Other
Zhong Zhang	Head of Rubber Reinforcement North Asia	Other
Age: 51

Significant Developments

CLARCOR Inc acquires Bekaert Advanced Filtration business from NV Bekaert SA

Dec 03, 2013

CLARCOR Inc:Says that it has acquired the Bekaert Advanced Filtration business from NV Bekaert SA for a purchase price of approximately euros 6 mln ($8 mln), before various contractual adjustments.Says the Advanced Filtration business is engaged in the same line of business as CLARCOR`s subsidiary, Purolator EFP - the manufacture and supply of engineered metal filters and systems used primarily in the polymer fiber and plastics industries.

NV Bekaert SA Announces Chairman And CEO Succession

Aug 27, 2013

NV Bekaert SA announced that the leadership succession plans of its Chairman and CEO. Baron Buysse, Chairman of the Board of Directors of Bekaert, will retire in May 2014 after 14 years in the chair of the Company's Board. Bert De Graeve, CEO of Bekaert since 2006, will become Chairman of the Board in succession of Baron Buysse as from May 2014. The Board of Directors of Bekaert has appointed Matthew Taylor as CEO designate. He will take up this position as of September 01, 2013 and become a member of the Bekaert Group Executive. Matthew Taylor will assume the position of CEO of Bekaert in May 2014.

NV Bekaert SA Announces FY 2012 Dividend Payment

Feb 27, 2013

NV Bekaert SA announced that the Board of Directors will propose that the General Meeting of Shareholders on May 8, 2013 approve the distribution of a gross dividend of EUR 0.85 per share. The dividend will, upon approval by the General Meeting of Shareholders, become payable as of May 15, 2013.

News

DIARY - WEU EARNINGS Events - Part 3 Reuters (3581 Words)	15-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (3374 Words)	13-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (2430 Words)	09-Jan-2014
DIARY - WEU EARNINGS Events - Part 3 Reuters (2430 Words)	08-Jan-2014
CLARCOR Acquires Bekaert Advanced Filtration Business Business Wire (833 Words)	03-Dec-2013
US Patent Issued to NV Bekaert on Dec. 3 for "Multilayer metal fiber yarn" (Belgian Inventors) U.S. Fed News (187 Words)	03-Dec-2013
WIPO PUBLISHES PATENT OF NV BEKAERT FOR "HEAT RESISTANT SEPARATION FABRIC" (BELGIAN INVENTORS) U.S. Fed News (167 Words)	02-Dec-2013
DIARY - Western European Corporate events from Nov 15 Reuters (3703 Words)	15-Nov-2013
DIARY - Western European Corporate events from Nov 14 Reuters (3703 Words)	14-Nov-2013
DIARY - Western European Corporate events from Nov 13 Reuters UK (2830 Words)	13-Nov-2013
DIARY - Western European Corporate events from Nov 12 Reuters (3626 Words)	12-Nov-2013

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	52 Weeks	52 Weeks	52 Weeks
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Turnover	496.2	735.6	616.4
Increase or Decrease in Stocks of Finished Goods, and Orders in Progress	-20.9	2.6	16.2
Immobilized Production	26.3	35.9	39.9
Other Operating Income	246.8	285.5	249.5
Operating Income	748.4	1,059.6	921.9
Purchases	272.1	446.9	363.7
Increase or Decrease in Stocks	13.2	-3.8	-16.9
Raw Materials, Consumables, and Goods for Release	285.3	443.1	346.8
Services and Sundry Goods	203.9	261.0	217.1
Remuneration, Social Security Charges, and Pensions	279.2	287.8	268.5
Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets	40.3	49.4	42.6
Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors	0.6	1.7	1.2
Provisions for Liabilities and Charges	-23.6	-5.4	3.8
Other Operating Charges	22.8	25.4	21.9
Operating Charges	808.4	1,063.0	901.9
Income From Financial Fixed Assets	56.5	188.7	45.2
Income From Current Assets	1.1	0.3	2.6
Other Financial Income	6.3	21.3	14.3
Financial Income	64.0	210.3	62.1
Interest and Other Debt Charges	68.3	64.5	54.3
Amounts Written Off on Current Assets	3.6	49.0	0.3
Other Financial Charges	12.7	35.2	34.4
Financial Charges	84.6	148.7	89.0
Adjustments to Amounts Written Off on Financial Fixed Assets	8.5	2.3	20.8
Gain on Disposal of Fixed Assets	14.8	297.0	19.0
Extraordinary Income	23.3	299.3	39.7
Depreciation of and Other Amounts Written Off Formation Expenses, Intangible, and Tangible Fixed Assets	38.2	0.2	2.0
Amounts Written Off on Financial Fixed Assets	51.2	3.9	4.9
Provisions for Extraordinary Liabilities and Charges	54.3	0.3	-0.3
Loss on Disposal of Fixed Assets	3.3	0.8	21.3
Extraordinary Charges	147.0	5.2	27.8
Transfer from Differed Taxes	0.0	0.0	0.0
Adjustment of Income Taxes and Write-Back of Tax Provisions	1.7	3.8	1.3
Income Taxes	-1.7	-3.8	-1.3
From Reserves	149.1	-	130.4
Transfers From Capital and Reserves	149.1	-	130.4
To the Legal Reserve	-	0.0	0.1
To Other Reserves	-	138.7	-
Transfers to Capital and Reserves	-	138.7	0.1
Return on Capital	64.5	96.0	130.4
Profit to be Distributed	64.5	96.0	130.4
Employees	1,890	2,508	2,472

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Intangible Assets	37.2	55.2	47.5
Land & Buildings	25.9	23.6	23.3
Plant, Machinery, and Equipment	41.2	64.0	65.3
Furniture and Vehicles	3.1	2.6	2.8
Other Tangible Assets	0.3	0.3	0.3
Assets Under Construction and Advance Payments	13.9	14.6	17.4
Tangible Assets	84.3	105.0	109.0
Participating Interests	2,415.8	2,411.3	2,160.8
Amounts Receivable	176.0	16.7	17.8
Affiliated Enterprises	2,591.8	2,427.9	2,178.6
Participating Interests	0.4	0.3	0.4
Other Enterprises Linked by Participating Interests	0.4	0.3	0.4
Shares	0.6	0.6	0.6
Amounts Receivable and Cash Guarantees	0.6	0.5	0.4
Other Capital Assets	1.2	1.1	1.0
Capital Assets	2,593.4	2,429.4	2,180.0
Fixed Assets	2,714.9	2,589.5	2,336.5
Other Amounts Receivable	25.8	0.1	0.2
Amounts Receivable After More Than One Year	25.8	0.1	0.2
Raw Materials and Consumables	29.0	43.0	47.1
Work in Progress	29.6	38.2	32.7
Finished Goods	28.3	38.9	40.3
Goods Purchased for Resale	15.1	12.7	8.2
Advance Payments	-	0.8	0.4
Stocks	102.0	133.6	128.8
Orders in Progress	2.9	5.5	9.2
Inventory and Orders in Progress	104.9	139.1	137.9
Trade Debtors	112.8	163.7	179.9
Other Amounts Receivable	45.1	43.7	50.4
Amounts Receivable Within One Year	157.9	207.4	230.3
Own Shares	27.2	30.2	80.0
Other Investments and Deposits	-	-	0.1
Investments	27.2	30.2	80.1
Liquid Assets	0.4	13.2	0.1
Adjustment Accounts	3.1	3.5	5.3
Current Assets	319.2	393.6	454.0
Total Assets	3,034.1	2,983.1	2,790.5
Issued Capital	233.4	229.1	236.4
Capital	233.4	229.1	236.4
Paid-In Capital	39.9	38.8	37.0
Gain From Revaluation of Assets	2.6	2.6	2.7
Legal Reserve	23.3	22.9	23.6
For Own Shares	27.2	30.2	80.0
Reserves Not Available for Distribution	27.2	30.2	80.0
Reserves Available for Distribution	321.3	462.6	295.5
Reserves	371.8	515.8	399.2
Pensions and Similar Obligations	42.2	36.0	41.3
Other Liabilities and Charges	67.1	47.2	46.8
Provisions for Liabilities and Charges	109.3	83.3	88.1
Deferred Taxation	0.0	0.0	0.0
Provisions and Deferred Taxes	109.3	83.3	88.2
Capital and Reserves	647.8	905.6	681.6
Non-Subordinated Bond Debentures	859.1	973.6	670.8
Credit Institutions	528.7	-	483.0
Financial Debts	1,387.8	973.6	1,153.7
Other Amounts Payable	0.2	0.2	0.6
Amounts Due After More Than One Year	1,388.0	973.8	1,154.3
Current Portion of Amounts Payable After More Than One Year	132.2	662.1	-
Credit Institutions	471.0	93.4	509.3
Financial Debts	471.0	93.4	509.3
Suppliers	112.1	120.8	159.6
Trade Debts	112.1	120.8	159.6
Advances Received on Orders in Progress	0.7	1.9	1.3
Taxes	13.0	10.9	13.5
Remuneration and Social Security	60.7	58.5	70.5
Taxes, Wages, and Social Security	73.7	69.4	84.0
Other Amounts Payable	67.9	40.9	80.9
Amounts Payable Within One Year	857.6	988.4	835.0
Adjustment Accounts	31.5	32.0	31.3
Creditors	2,277.1	1,994.2	2,020.7
Total Liabilities + Shareholders' Equity	3,034.1	2,983.1	2,790.5

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Restated Calculated 30-Jun-2013	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Sales	4,446.8	4,644.1	4,320.7	3,389.7	3,894.2
Revenue	4,446.8	4,644.1	4,320.7	3,389.7	3,894.2
Total Revenue	4,446.8	4,644.1	4,320.7	3,389.7	3,894.2
Cost of Revenue	3,831.6	3,738.3	3,123.2	2,646.8	3,014.0
Cost of Revenue, Total	3,831.6	3,738.3	3,123.2	2,646.8	3,014.0
Gross Profit	615.2	905.8	1,197.6	742.9	880.2
Selling/General/Administrative Expense	376.2	394.0	350.7	300.4	344.4
Total Selling/General/Administrative Expenses	376.2	394.0	350.7	300.4	344.4
Research & Development	89.2	125.3	105.1	88.2	100.2
Amortization of Intangibles	-	0.9	2.7	2.7	3.6
Depreciation/Amortization	-	0.9	2.7	2.7	3.6
Investment Income - Operating	-	2.0	-	-	-
Interest/Investment Income - Operating	-	2.0	-	-	-
Interest Expense (Income) - Net Operating Total	-	2.0	-	-	-
Restructuring Charge	-	5.1	-0.6	20.6	73.9
Impairment-Assets Held for Use	-	6.7	23.5	12.3	42.2
Loss (Gain) on Sale of Assets - Operating	-	-26.7	0.1	1.6	2.1
Other Unusual Expense (Income)	214.7	5.5	14.5	1.3	6.4
Unusual Expense (Income)	214.7	-9.4	37.5	35.8	124.6
Other Operating Expense	22.7	12.2	10.9	14.1	14.4
Other, Net	-23.5	-21.5	-16.8	-21.3	-14.9
Other Operating Expenses, Total	-0.8	-9.3	-5.9	-7.1	-0.5
Total Operating Expense	4,510.9	4,241.8	3,613.2	3,066.8	3,586.3
Operating Income	-64.2	402.2	707.6	322.9	307.8
Interest Expense - Non-Operating	-114.4	-92.9	-78.6	-87.5	-67.8
Interest Expense, Net Non-Operating	-114.4	-92.9	-78.6	-87.5	-67.8
Interest Income - Non-Operating	11.2	10.5	12.3	8.7	7.2
Investment Income - Non-Operating	-	37.5	-	-	-
Interest/Investment Income - Non-Operating	11.2	47.9	12.3	8.7	7.2
Interest Income (Expense) - Net Non-Operating Total	-103.3	-45.0	-66.3	-78.8	-60.6
Other Non-Operating Income (Expense)	-3.7	-9.8	23.4	-12.4	-11.5
Other, Net	-3.7	-9.8	23.4	-12.4	-11.5
Income Before Tax	-171.1	347.5	664.7	231.6	235.8
Total Income Tax	87.0	94.7	184.7	47.1	37.3
Income After Tax	-258.1	252.8	480.0	184.5	198.5
Minority Interest	-8.2	-20.3	-40.9	-25.9	-25.9
Equity In Affiliates	13.3	35.3	47.8	52.5	82.1
Net Income Before Extraord Items	-253.0	267.9	486.9	211.1	254.6
Discontinued Operations	-	-	-	-	0.0
Total Extraord Items	-	-	-	-	0.0
Net Income	-253.0	267.9	486.9	211.1	254.6
Income Available to Common Excl Extraord Items	-253.0	267.9	486.9	211.1	254.6
Income Available to Common Incl Extraord Items	-253.0	267.9	486.9	211.1	254.6
Basic/Primary Weighted Average Shares	59.1	58.9	59.2	59.2	59.2
Basic EPS Excl Extraord Items	-4.28	4.55	8.22	3.56	4.30
Basic/Primary EPS Incl Extraord Items	-4.28	4.55	8.22	3.56	4.30
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-253.0	267.9	486.9	211.1	254.6
Diluted Weighted Average Shares	59.1	59.3	59.6	59.4	59.4
Diluted EPS Excl Extraord Items	-4.28	4.51	8.18	3.56	4.29
Diluted EPS Incl Extraord Items	-4.28	4.51	8.18	3.56	4.29
Dividends per Share - Common Stock Primary Issue	0.82	1.22	1.66	1.02	1.02
Gross Dividends - Common Stock	-	0.0	-	-	-
Interest Expense, Supplemental	114.4	92.9	78.6	87.5	67.8
Depreciation, Supplemental	-	289.2	210.0	196.1	182.2
Total Special Items	214.7	-9.4	37.5	35.8	124.6
Normalized Income Before Tax	43.6	338.0	702.2	267.4	360.4
Effect of Special Items on Income Taxes	75.2	-2.6	10.4	7.3	19.7
Inc Tax Ex Impact of Sp Items	162.2	92.2	195.1	54.4	57.1
Normalized Income After Tax	-118.6	245.9	507.1	213.0	303.3
Normalized Inc. Avail to Com.	-113.4	261.0	514.0	239.6	359.5
Basic Normalized EPS	-1.92	4.43	8.67	4.05	6.08
Diluted Normalized EPS	-1.92	4.40	8.63	4.04	6.05
Amort of Intangibles, Supplemental	-	0.9	13.9	13.7	15.9
Rental Expenses	-	-	29.1	26.2	24.1
Advertising Expense, Supplemental	-	-	12.5	-	-
Research & Development Exp, Supplemental	89.2	125.3	105.1	88.2	100.2
Normalized EBIT	150.6	394.8	745.0	358.7	432.4
Normalized EBITDA	150.6	684.9	968.9	568.5	630.5
Current Tax - Other	-	-	221.0	81.6	48.8
Current Tax - Total	-	-136.7	-	-	-
Current Tax - Total	-	-136.7	221.0	81.6	48.8
Deferred Tax - Total	-	41.9	-36.3	-34.5	-11.5
Deferred Tax - Total	-	41.9	-36.3	-34.5	-11.5
Income Tax - Total	-	-94.7	184.7	47.1	37.3
Interest Cost - Domestic	-	-	16.2	18.5	16.7
Service Cost - Domestic	-	-	16.5	18.0	16.3
Prior Service Cost - Domestic	-	-	-0.2	-0.1	0.8
Expected Return on Assets - Domestic	-	-	-12.6	-10.5	-16.6
Curtailments & Settlements - Domestic	-	-	0.0	-0.1	-0.8
Other Pension, Net - Domestic	-	-	0.0	0.0	-
Domestic Pension Plan Expense	-	-	19.8	25.8	16.4
Interest Cost - Post-Retirement	-	-	4.1	5.2	4.5
Service Cost - Post-Retirement	-	-	2.1	2.5	2.0
Prior Service Cost - Post-Retirement	-	-	0.0	-	-
Curtailments & Settlements - Post-Retir.	-	-	0.0	0.0	-1.4
Post-Retirement Plan Expense	-	-	6.2	7.7	5.1
Defined Contribution Expense - Domestic	-	-	16.7	16.9	13.9
Total Pension Expense	-	-	42.6	50.4	35.4
Discount Rate - Domestic	-	-	5.10%	5.20%	5.70%
Discount Rate - Post-Retirement	-	-	5.00%	5.30%	5.70%
Expected Rate of Return - Domestic	-	-	6.30%	6.30%	6.00%
Expected Rate of Return - Post-Retir.	-	-	0.00%	0.00%	-
Compensation Rate - Domestic	-	-	3.80%	3.60%	3.80%
Compensation Rate - Post-Retirement	-	-	3.80%	3.90%	3.30%
Total Plan Interest Cost	-	-	20.2	23.7	21.2
Total Plan Service Cost	-	-	18.6	20.6	18.3
Total Plan Expected Return	-	-	-12.6	-10.5	-16.6
Total Plan Other Expense	-	-	0.0	0.0	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Reclassified Normal 30-Jun-2013	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Cash & Equivalents	680.7	381.5	453.8	173.9	145.6
Short Term Investments	138.5	520.4	210.7	319.6	19.0
Cash and Short Term Investments	819.2	901.9	664.5	493.5	164.6
Accounts Receivable - Trade, Gross	-	1,122.3	1,058.9	708.7	698.1
Provision for Doubtful Accounts	-	-47.0	-20.2	-20.6	-26.5
Trade Accounts Receivable - Net	778.6	1,075.3	1,038.8	688.1	671.6
Other Receivables	111.5	114.7	85.8	70.7	73.6
Total Receivables, Net	890.1	1,189.9	1,124.6	758.9	745.3
Inventories - Finished Goods	-	74.3	58.7	40.1	45.9
Inventories - Work In Progress	-	343.3	341.4	260.0	377.8
Inventories - Raw Materials	-	332.7	280.9	214.1	285.9
Total Inventory	750.3	750.2	681.0	514.2	709.7
Prepaid Expenses	-	56.1	59.8	57.6	37.3
Discontinued Operations - Current Asset	0.0	46.1	0.0	12.8	29.4
Other Current Assets	79.5	1.4	28.8	19.5	63.0
Other Current Assets, Total	79.5	47.5	28.8	32.3	92.4
Total Current Assets	2,539.1	2,945.6	2,558.7	1,856.6	1,749.3
Land/Improvements	-	1,089.8	983.0	899.2	780.7
Machinery/Equipment	-	2,808.1	2,670.0	2,582.4	2,396.5
Construction in Progress	-	151.8	157.8	128.8	162.1
Other Property/Plant/Equipment	-	115.3	110.5	104.1	103.3
Property/Plant/Equipment - Gross	-	4,165.0	3,921.3	3,714.5	3,442.7
Accumulated Depreciation	-	-2,303.9	-2,183.9	-2,096.5	-1,954.4
Property/Plant/Equipment - Net	1,820.7	1,861.0	1,737.5	1,618.0	1,488.3
Goodwill, Net	22.4	27.1	77.9	77.9	82.2
Intangibles - Gross	-	196.5	221.3	188.6	179.5
Accumulated Intangible Amortization	-	-89.3	-123.3	-115.8	-106.7
Intangibles, Net	108.7	107.3	98.0	72.8	72.7
LT Investment - Affiliate Companies	221.5	335.3	327.1	313.6	277.8
Long Term Investments	221.5	335.3	327.1	313.6	277.8
Deferred Income Tax - Long Term Asset	77.4	108.7	85.4	62.6	12.2
Other Long Term Assets	57.8	27.1	43.1	58.3	25.0
Other Long Term Assets, Total	135.2	135.8	128.5	120.9	37.1
Total Assets	4,847.6	5,412.1	4,927.7	4,059.6	3,707.5
Accounts Payable	425.3	377.3	458.4	354.6	352.8
Accrued Expenses	161.6	236.6	285.2	227.0	216.5
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	452.7	841.8	429.7	217.2	699.4
Customer Advances	-	9.0	10.1	9.4	7.0
Income Taxes Payable	88.4	98.2	127.0	56.5	25.2
Other Payables	-	6.0	36.8	6.1	5.3
Discontinued Operations - Current Liability	-	16.5	0.0	3.3	6.5
Other Current Liabilities	132.6	56.4	47.5	37.0	51.0
Other Current liabilities, Total	221.0	186.1	221.4	112.2	95.1
Total Current Liabilities	1,260.7	1,641.8	1,394.7	911.0	1,363.8
Long Term Debt	1,123.5	1,177.9	939.6	857.7	400.4
Capital Lease Obligations	-	0.3	0.2	0.5	0.1
Total Long Term Debt	1,123.5	1,178.2	939.7	858.2	400.5
Total Debt	1,576.3	2,020.0	1,369.5	1,075.4	1,099.8
Deferred Income Tax - LT Liability	42.3	34.7	56.0	75.7	54.6
Deferred Income Tax	42.3	34.7	56.0	75.7	54.6
Minority Interest	240.1	94.2	115.3	127.3	58.0
Reserves	56.0	41.5	46.1	42.2	44.8
Pension Benefits - Underfunded	238.3	209.3	202.4	194.6	199.3
Other Long Term Liabilities	7.4	13.5	12.7	7.3	14.8
Other Liabilities, Total	301.7	264.4	261.2	244.0	258.9
Total Liabilities	2,968.2	3,213.2	2,766.9	2,216.2	2,135.9
Common Stock	233.4	229.1	236.4	251.3	242.8
Common Stock	233.4	229.1	236.4	251.3	242.8
Additional Paid-In Capital	39.9	38.8	37.0	27.8	23.4
Retained Earnings (Accumulated Deficit)	1,606.1	1,931.0	1,887.4	1,564.3	1,305.3
Total Equity	1,879.4	2,198.9	2,160.8	1,843.4	1,571.6
Total Liabilities & Shareholders’ Equity	4,847.6	5,412.1	4,927.7	4,059.6	3,707.5
Shares Outstanding - Common Stock Primary Issue	59.1	59.0	58.9	59.4	59.2
Total Common Shares Outstanding	59.1	59.0	58.9	59.4	59.2
Treasury Shares - Common Stock Primary Issue	0.9	0.9	1.0	0.1	0.2
Employees	22,549	22,413	21,877	18,103	16,971
Accumulated Intangible Amort, Suppl.	-	89.3	123.3	115.8	106.7
Deferred Revenue - Current	-	9.0	10.1	9.4	7.0
Total Long Term Debt, Supplemental	-	2,019.6	1,369.2	1,074.6	1,099.6
Long Term Debt Maturing within 1 Year	-	841.8	429.6	217.0	699.3
Long Term Debt Maturing in Year 2	-	198.7	201.4	178.2	65.2
Long Term Debt Maturing in Year 3	-	198.7	201.4	178.2	65.2
Long Term Debt Maturing in Year 4	-	198.7	201.4	178.2	65.2
Long Term Debt Maturing in Year 5	-	198.7	201.4	178.2	65.2
Long Term Debt Maturing in 2-3 Years	-	397.5	402.7	356.3	130.5
Long Term Debt Maturing in 4-5 Years	-	397.5	402.7	356.3	130.5
Long Term Debt Matur. in Year 6 & Beyond	-	383.0	134.2	145.0	139.4
Total Capital Leases, Supplemental	-	0.3	0.3	0.7	0.2
Capital Lease Payments Due in Year 1	-	0.1	0.1	0.2	0.1
Capital Lease Payments Due in Year 2	-	0.1	0.0	0.1	0.0
Capital Lease Payments Due in Year 3	-	0.1	0.0	0.1	0.0
Capital Lease Payments Due in Year 4	-	0.1	0.0	0.1	0.0
Capital Lease Payments Due in Year 5	-	0.1	0.0	0.1	0.0
Capital Lease Payments Due in 2-3 Years	-	0.1	0.1	0.3	0.1
Capital Lease Payments Due in 4-5 Years	-	0.1	0.1	0.3	0.1
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	-	57.1	72.9	47.7	47.6
Operating Lease Payments Due in Year 1	-	17.0	20.1	20.2	16.0
Operating Lease Payments Due in Year 2	-	7.0	9.3	6.8	7.2
Operating Lease Payments Due in Year 3	-	7.0	9.3	6.8	7.2
Operating Lease Payments Due in Year 4	-	7.0	9.3	6.8	7.2
Operating Lease Payments Due in Year 5	-	7.0	9.3	6.8	7.2
Operating Lease Pymts. Due in 2-3 Years	-	14.0	18.7	13.6	14.4
Operating Lease Pymts. Due in 4-5 Years	-	14.0	18.7	13.6	14.4
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	12.1	15.5	0.3	2.8
Pension Obligation - Domestic	-	277.8	294.3	324.1	312.2
Post-Retirement Obligation	-	69.2	75.3	86.5	77.8
Plan Assets - Domestic	-	187.2	222.5	221.2	187.2
Funded Status - Domestic	-	-90.5	-71.8	-102.9	-125.0
Funded Status - Post-Retirement	-	-69.2	-75.3	-86.5	-77.8
Unfunded Plan Obligations	-	46.8	43.0	43.0	41.6
Total Funded Status	-	-206.5	-190.1	-232.4	-244.4
Discount Rate - Domestic	-	5.10%	5.10%	5.20%	5.70%
Discount Rate - Post-Retirement	-	5.60%	5.00%	5.30%	5.70%
Expected Rate of Return - Domestic	-	5.50%	6.30%	6.30%	6.00%
Expected Rate of Return - Post-Retir.	-	0.00%	0.00%	0.00%	0.00%
Compensation Rate - Domestic	-	4.00%	3.80%	3.60%	3.80%
Compensation Rate - Post-Retirement	-	3.80%	3.80%	3.90%	3.30%
Net Domestic Pension Assets	-	-137.3	-114.8	-103.1	-125.5
Net Post-Retirement Assets	-	-69.2	-75.3	-86.5	-77.8
Net Assets Recognized on Balance Sheet	-	-206.4	-190.1	-189.6	-203.3
Equity % - Domestic	-	46.00%	47.00%	47.00%	42.00%
Debt Securities % - Domestic	-	34.00%	39.00%	42.00%	48.00%
Other Investments % - Domestic	-	20.00%	13.00%	11.00%	10.00%
Total Plan Obligations	-	393.7	412.5	453.6	431.6
Total Plan Assets	-	187.2	222.5	221.2	187.2

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Net Income/Starting Line	-63.3	402.2	707.6	322.9	307.8
Depreciation	-	-	229.1	194.5	242.7
Depreciation/Depletion	-	-	229.1	194.5	242.7
Unusual Items	-	-	23.1	18.8	52.3
Other Non-Cash Items	402.6	227.7	8.0	-68.7	33.9
Non-Cash Items	402.6	227.7	31.0	-49.9	86.2
Other Assets & Liabilities, Net	291.4	-277.8	-366.7	260.8	-265.7
Other Operating Cash Flow	-66.8	-205.3	-147.5	-36.5	-46.1
Changes in Working Capital	224.6	-483.1	-514.2	224.3	-311.7
Cash from Operating Activities	563.9	146.8	453.6	691.7	325.0
Purchase of Fixed Assets	-158.5	-370.7	-305.1	-220.3	-349.0
Purchase/Acquisition of Intangibles	-5.1	-15.4	-22.9	-11.3	-18.1
Capital Expenditures	-163.6	-386.2	-327.9	-231.6	-367.2
Acquisition of Business	10.5	-6.1	-39.3	-4.6	-
Sale/Maturity of Investment	29.3	140.9	16.7	-0.7	-
Purchase of Investments	0.0	-18.8	-0.4	-0.1	-64.6
Other Investing Cash Flow	19.6	12.9	72.1	60.4	76.1
Other Investing Cash Flow Items, Total	59.3	128.9	49.1	55.0	11.5
Cash from Investing Activities	-104.3	-257.3	-278.8	-176.6	-355.7
Other Financing Cash Flow	242.5	-413.7	61.9	-345.5	-31.1
Financing Cash Flow Items	242.5	-413.7	61.9	-345.5	-31.1
Cash Dividends Paid - Common	-59.3	-226.7	-156.9	-70.4	-90.9
Total Cash Dividends Paid	-59.3	-226.7	-156.9	-70.4	-90.9
Sale/Issuance of Common	-	-	-	4.2	7.8
Common Stock, Net	0.0	0.9	-76.5	6.6	-21.0
Issuance (Retirement) of Stock, Net	0.0	0.9	-76.5	6.6	-21.0
Short Term Debt Issued	-	-	-	-	219.0
Short Term Debt Reduction	-	-	-	-	-37.0
Short Term Debt, Net	-304.4	146.8	160.3	-395.7	240.9
Long Term Debt Issued	120.4	601.0	216.7	553.5	-
Long Term Debt Reduction	-348.6	-79.9	-99.4	-222.2	-
Long Term Debt, Net	-228.2	521.1	117.3	331.3	-
Issuance (Retirement) of Debt, Net	-532.6	668.0	277.6	-64.4	240.9
Cash from Financing Activities	-349.4	28.4	106.1	-473.7	97.9
Foreign Exchange Effects	-35.0	20.3	6.6	-18.6	1.1
Net Change in Cash	75.1	-61.7	287.5	22.8	68.3
Net Cash - Beginning Balance	377.6	470.3	160.5	145.7	84.9
Net Cash - Ending Balance	452.7	408.6	448.0	168.5	153.2
Cash Interest Paid	109.5	87.6	70.2	61.3	53.4
Cash Taxes Paid	76.1	179.7	150.1	43.3	40.2

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Restated Calculated 30-Jun-2013	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Sales	4,446.8	4,644.1	4,320.7	3,389.7	3,894.2
Total Revenue	4,446.8	4,644.1	4,320.7	3,389.7	3,894.2
Foreign Exchange Gain/Loss	-	2.0	-	-	-
Cost of sales	3,831.6	3,738.3	3,123.2	2,646.8	3,014.0
Selling expenses	202.7	207.1	170.8	146.6	178.2
Administrative expenses	173.4	186.9	179.9	153.8	166.2
Research and development expenses	89.2	125.3	105.1	88.2	100.2
Reported Other Operating Revenue	-	-21.5	-	-	-
Other operating revenues	-23.5	-	-16.8	-21.3	-14.9
L on Sale of Tangible & Intangible FA	-	3.2	-	-	-
G on Sale of Tangible & Intangible FA	-	-0.9	-	-	-
G/L on Sale of Tangible & Intangible FA	-	-29.0	-	-	-
Other Non-recurring items(Restructuring)	-	5.5	-	-	-
Gain on Sale of Assets	-	-	-4.3	-0.2	-1.0
Loss on Sale of Assets	-	-	4.4	1.8	3.0
Amortisation of Intangibles	-	0.9	-	-	-
Amortization of Intangibles	-	-	2.7	2.7	3.6
Other Other operating expenses	-	12.2	-	-	-
Other operating expenses	22.7	-	10.9	14.1	14.4
Restructuring-impairment losses	-	6.7	-	-	-
Impairment Losses	-	-	23.5	12.3	42.2
Restructuring-other expenses	-	5.1	-	-	-
Restructuring	-	-	-0.6	20.6	73.9
Non-recurring items	214.7	-	-	-	-
Other Non-Recurring Items	-	-	14.5	1.3	6.4
Total Operating Expense	4,510.9	4,241.8	3,613.2	3,066.8	3,586.3
Effective G/L on Derivatives - Hedging	-	-1.5	-	-	-
Other Net Financial Income/Expenses	-	-7.5	-	-	-
Other financial income and expenses	-3.7	-	23.4	-12.4	-11.5
G/L on sale of inv	-	2.8	-	-	-
Interest Inc.	11.2	10.5	12.3	8.7	7.2
Interest expense	-114.4	-92.9	-78.6	-87.5	-67.8
Effective G/L on DerivativesHedging	-	18.4	-	-	-
Foreign Exchange Gain/Loss	-	15.8	-	-	-
Dividends from other shares	-	0.5	-	-	-
Other	-	-0.7	-	-	-
Net Income Before Taxes	-171.1	347.5	664.7	231.6	235.8
Provision for Income Taxes	87.0	94.7	184.7	47.1	37.3
Net Income After Taxes	-258.1	252.8	480.0	184.5	198.5
Share in the results of joint ventures a	13.3	35.3	47.8	52.5	82.1
non-controlling interests	-8.2	-20.3	-40.9	-25.9	-25.9
Net Income Before Extra. Items	-253.0	267.9	486.9	211.1	254.6
Discontinued Operations	-	-	-	-	0.0
Net Income	-253.0	267.9	486.9	211.1	254.6
Income Available to Com Excl ExtraOrd	-253.0	267.9	486.9	211.1	254.6
Income Available to Com Incl ExtraOrd	-253.0	267.9	486.9	211.1	254.6
Basic Weighted Average Shares	59.1	58.9	59.2	59.2	59.2
Basic EPS Excluding ExtraOrdinary Items	-4.28	4.55	8.22	3.56	4.30
Basic EPS Including ExtraOrdinary Items	-4.28	4.55	8.22	3.56	4.30
Dilution Adjustment	0.0	-	-	-	-
Diluted Net Income	-253.0	267.9	486.9	211.1	254.6
Diluted Weighted Average Shares	59.1	59.3	59.6	59.4	59.4
Diluted EPS Excluding ExtraOrd Items	-4.28	4.51	8.18	3.56	4.29
Diluted EPS Including ExtraOrd Items	-4.28	4.51	8.18	3.56	4.29
DPS-Ordinary Shares	0.82	1.22	1.66	1.02	1.02
Gross Dividends - Common Stock	-	0.0	-	-	-
Normalized Income Before Taxes	43.6	338.0	702.2	267.4	360.4
Inc Tax Ex Impact of Sp Items	162.2	92.2	195.1	54.4	57.1
Normalized Income After Taxes	-118.6	245.9	507.1	213.0	303.3
Normalized Inc. Avail to Com.	-113.4	261.0	514.0	239.6	359.5
Basic Normalized EPS	-1.92	4.43	8.67	4.05	6.08
Diluted Normalized EPS	-1.92	4.40	8.63	4.04	6.05
Advertising Expense, Supplemental	-	-	12.5	-	-
Research and development expenses	89.2	125.3	105.1	88.2	100.2
Interest expense	114.4	92.9	-	-	-
Interest Expense	-	-	78.6	87.5	67.8
Amort of Intangibles	-	0.9	13.9	13.7	15.9
Depreciation	-	289.2	210.0	196.1	182.2
Rental Expense	-	-	29.1	26.2	24.1
Current Tax - Total	-	-136.7	-	-	-
Current Tax	-	-	225.6	84.8	49.8
Adjustment to Current Tax	-	-	-4.6	-3.2	-0.9
Current Tax - Total	-	-136.7	221.0	81.6	48.8
Deferred Tax	-	41.9	-36.3	-34.5	-11.5
Deferred Tax - Total	-	41.9	-36.3	-34.5	-11.5
Income Tax - Total	-	-94.7	184.7	47.1	37.3
Service Cost/Pension	-	-	16.5	18.0	16.3
Interest Cost/Pension	-	-	16.2	18.5	16.7
Expected Return on Plan Assets/Pension	-	-	-12.6	-10.5	-16.6
Past Service Cost/Pension	-	-	-0.2	-0.1	0.8
Curtailments and Settlements/Pension	-	-	0.0	-0.1	-0.8
Expected Return on Reimbursement Rights	-	-	0.0	0.0	-
Domestic Pension Plan Expense	-	-	19.8	25.8	16.4
Service Cost/Other Plans	-	-	2.1	2.5	2.0
Interest Cost/Other Plans	-	-	4.1	5.2	4.5
Curtailments and Settlements/Other Plans	-	-	0.0	0.0	-1.4
Prior Service Cost - Post-Retirement	-	-	0.0	-	-
Post-Retirement Plan Expense	-	-	6.2	7.7	5.1
Defined Contribution Plan	-	-	16.7	16.9	13.9
Total Pension Expense	-	-	42.6	50.4	35.4
Discount Rate/Pension	-	-	5.10%	5.20%	5.70%
Expected Return on Plan Assets/Pension	-	-	6.30%	6.30%	6.00%
Compensation Rate/Pension	-	-	3.80%	3.60%	3.80%
Discount Rate/Other Plans	-	-	5.00%	5.30%	5.70%
Expected Return on Plan Assets/Other	-	-	0.00%	0.00%	-
Compensation Rate/Other Plans	-	-	3.80%	3.90%	3.30%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Reclassified Normal 30-Jun-2013	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Inventories	750.3	-	-	-	-
Raw Materials & Consumables	-	332.7	280.9	214.1	285.9
Work in Progress and Finished Goods	-	343.3	341.4	260.0	377.8
Goods Purchased for Resale	-	74.3	58.7	40.1	45.9
Trade receivables	778.6	-	-	-	-
Trade Receivable, Gross	-	1,122.3	1,058.9	708.7	698.1
Provision for Doubtful Accounts	-	-47.0	-20.2	-20.6	-26.5
Assets classified as held for sale	0.0	-	-	-	-
Other receivables	111.5	114.7	85.8	70.7	73.6
Short-term deposits	138.5	496.7	140.5	221.9	18.8
Bills of exchange received	215.1	-	-	-	-
Cash and cash equivalents	465.7	381.5	453.8	173.9	145.6
Assets Held For Sale	-	46.1	0.0	12.8	29.4
Other Current Assets	79.5	-	-	-	-
Current Loans & Receivables	-	23.7	70.3	97.8	0.2
Advances Paid	-	42.5	49.5	45.2	21.1
Deriv. Fin Asset	-	1.4	28.8	19.5	63.0
Deferred Charges/Accrued Revenues	-	13.6	10.3	12.5	16.3
Total Current Assets	2,539.1	2,945.6	2,558.7	1,856.6	1,749.3
Intangible assets	108.7	-	-	-	-
Intangibles	-	196.5	221.3	188.6	179.5
Amortisation	-	-89.3	-123.3	-115.8	-106.7
Goodwill	22.4	27.1	77.9	77.9	82.2
Land/Buildings	-	1,089.8	983.0	899.2	780.7
Plant/Machinery, gross	-	2,808.1	2,670.0	2,582.4	2,396.5
Furniture/Vehic. gross	-	117.5	111.0	105.0	100.0
Leasing/Rights, gross	-	1.9	1.7	2.6	1.6
Other Tanbible, gross	-	5.7	6.5	4.3	2.8
Assets Constr. gross	-	151.8	157.8	128.8	162.1
Depreciation	-	-2,303.9	-2,183.9	-2,096.5	-1,954.4
Net Investments Grants	-	-9.7	-8.7	-7.8	-1.2
Property, plant and equipment	1,820.7	-	-	-	-
Investments in joint ventures and associ	221.5	335.3	327.1	313.6	277.8
Other non-current assets	57.8	27.1	43.1	58.3	25.0
Deferred tax assets	77.4	108.7	85.4	62.6	12.2
Total Assets	4,847.6	5,412.1	4,927.7	4,059.6	3,707.5
Current Payables	452.7	-	-	-	-
Leases	-	0.1	0.1	0.2	0.1
Credit Institute	-	647.0	429.6	217.0	699.3
Bonds	-	194.7	0.0	-	-
Trade payables	425.3	377.3	458.4	354.6	352.8
Pensions	161.6	140.2	172.0	141.2	163.4
Provision	26.2	17.2	20.5	12.5	42.1
Income taxes payable	88.4	98.2	127.0	56.5	25.2
Other current liabilities	106.4	-	-	-	-
Other Payables	-	6.0	36.8	6.1	5.3
Deriv Fin Liabls	-	39.2	27.0	24.5	8.9
Advances	-	9.0	10.1	9.4	7.0
Other Taxes	-	48.4	72.0	46.3	29.7
Accruals/Def Inc	-	48.0	41.2	39.6	23.4
Liabilities associated with assets class	-	16.5	0.0	3.3	6.5
Total Current Liabilities	1,260.7	1,641.8	1,394.7	911.0	1,363.8
Reported Total Long Term Debt	1,123.5	-	-	-	-
Fin. Debt	-	1,177.9	939.6	857.7	400.4
Leasing	-	0.3	0.2	0.5	0.1
Total Long Term Debt	1,123.5	1,178.2	939.7	858.2	400.5
Emp. Benefit Obl	238.3	209.3	202.4	194.6	199.3
Provisions	56.0	41.5	46.1	42.2	44.8
Deferred tax liabilities	42.3	34.7	56.0	75.7	54.6
Non-controlling interests	240.1	94.2	115.3	127.3	58.0
Other non-current liabilities	7.4	13.5	12.7	7.3	14.8
Total Liabilities	2,968.2	3,213.2	2,766.9	2,216.2	2,135.9
Share capital	233.4	229.1	236.4	251.3	242.8
Share premium	39.9	38.8	37.0	27.8	23.4
Other Group reserves	-148.1	-90.7	-76.5	-112.8	-222.1
Retained earnings	1,754.2	2,021.8	1,963.8	1,677.1	1,527.4
Total Equity	1,879.4	2,198.9	2,160.8	1,843.4	1,571.6
Total Liabilities & Shareholders' Equity	4,847.6	5,412.1	4,927.7	4,059.6	3,707.5
S/O-Ordinary Shares	59.1	59.0	58.9	59.4	59.2
Total Common Shares Outstanding	59.1	59.0	58.9	59.4	59.2
T/S-Ordinary Shares	0.9	0.9	1.0	0.1	0.2
Deferred Revenue - Current	-	9.0	10.1	9.4	7.0
Accumulated Intangible Amortization	-	89.3	123.3	115.8	106.7
Full-Time Employees	22,549	22,413	21,877	18,103	16,971
LT Debt < 1 Year	-	841.8	429.6	217.0	699.3
LT Debt 1 - 5 Years	-	794.9	805.4	712.7	261.0
LT Debt > 5 Years	-	383.0	134.2	145.0	139.4
Total Long Term Debt, Supplemental	-	2,019.6	1,369.2	1,074.6	1,099.6
LT Lease < 1 Year	-	0.1	0.1	0.2	0.1
LT Lease 1 - 5 Years	-	0.3	0.2	0.5	0.1
LT Lease > 5 Years	-	0.0	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	0.3	0.3	0.7	0.2
Operating Leases due within 1 Year	-	17.0	20.1	20.2	16.0
Operating Leases due within 5 Years	-	28.0	37.3	27.3	28.8
Operating Leases - Remaining Payments	-	12.1	15.5	0.3	2.8
Total Operating Leases, Supplemental	-	57.1	72.9	47.7	47.6
Pension Obligation/Pension	-	277.8	294.3	324.1	312.2
Plan Assets/Pension	-	187.2	222.5	221.2	187.2
Funded Status/Pension	-	-90.5	-71.8	-102.9	-125.0
Unfunded Plan Obligations/Pension	-	46.8	43.0	43.0	41.6
Post-Retirement Obligation	-	69.2	75.3	86.5	77.8
Funded Status - Post-Retirement	-	-69.2	-75.3	-86.5	-77.8
Total Funded Status	-	-206.5	-190.1	-232.4	-244.4
Discount Rate/Pension	-	5.10%	5.10%	5.20%	5.70%
Expected Return on Plan Assets/Pension	-	5.50%	6.30%	6.30%	6.00%
Compensation Rate/Pension	-	4.00%	3.80%	3.60%	3.80%
Discount Rate/Other Plans	-	5.60%	5.00%	5.30%	5.70%
Expected Return on Plan Assets/Other	-	0.00%	0.00%	0.00%	0.00%
Compensation Rate/Other Plans	-	3.80%	3.80%	3.90%	3.30%
Net Assets/Liabilities/Pension	-	-137.3	-114.8	-103.1	-125.5
Net Assets/Liabilities/Other	-	-69.2	-75.3	-86.5	-77.8
Net Assets Recognized on Balance Sheet	-	-206.4	-190.1	-189.6	-203.3
Equity Instruments	-	46.00%	47.00%	47.00%	42.00%
Debt Instruments	-	34.00%	39.00%	42.00%	48.00%
Insurance Contracts	-	20.00%	13.00%	11.00%	10.00%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Deloitte Bedrijfsrevisoren	Deloitte Bedrijfsrevisoren	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified
Operating Result	-63.3	402.2	707.6	322.9	307.8
Depreciation	-	-	229.1	194.5	242.7
Investing items included in operating re	-19.7	-22.7	-	-	-
Amounts used on provisions and employee	-75.1	-57.3	-	-	-
Non-cash items included in operating res	497.4	307.7	-	-	-
Impairm. Loss/Assets	-	-	23.8	18.8	52.3
Negative Goodwill	-	-	-0.7	-	-
Loss / Gain Sale of Asset	-	-	-4.9	7.0	4.4
Prov. Liabl./Chrgs.	-	-	4.6	-70.9	31.4
Equity-Settled Share-Based Payment	-	-	3.4	2.2	2.5
Change in operating working capital	291.4	-277.8	-366.7	272.1	-237.5
Income taxes paid	-76.1	-179.7	-150.1	-43.3	-40.2
Other Assets/Liabilities	-	-	-	-11.3	-28.2
Other operating cash flows	9.2	-25.6	7.5	-0.1	-10.2
Cash from Operating Activities	563.9	146.8	453.6	691.7	325.0
New business combinations	10.5	-6.1	-39.3	-4.6	-
Other portfolio investments	0.0	-18.8	-0.4	-0.1	-64.6
Proceeds from disposals of investments	29.3	140.9	16.7	-0.7	-
Other	-	-	-	-	1.0
Dividends Received	8.4	10.4	53.5	57.1	67.4
Purchase of intangible assets	-5.1	-15.4	-22.9	-11.3	-18.1
Purchase of property, plant and equipmen	-158.5	-370.7	-305.1	-220.3	-349.0
Other investing cash flows	11.2	2.4	18.7	3.3	7.7
Cash from Investing Activities	-104.3	-257.3	-278.8	-176.6	-355.7
Interest Received	9.6	5.6	12.7	6.8	7.2
Interest Paid	-109.5	-87.6	-70.2	-61.3	-53.4
Gross dividend paid	-59.3	-226.7	-156.9	-70.4	-90.9
Increase ST Debts	-	-	-	-	219.0
Repay ST Debt	-	-	-	-	-37.0
Cash flows from current interest-bearing	-304.4	146.8	160.3	-395.7	58.9
Treasury shares transactions	0.0	0.9	-76.5	2.4	-28.9
Other financing cash flows	342.4	-331.7	119.5	-291.0	15.1
New Share Issue	-	-	-	4.2	7.8
Proceeds from non-current interest-beari	120.4	601.0	216.7	553.5	-
Repayment of non-current interest-bearin	-348.6	-79.9	-99.4	-222.2	-
Cash from Financing Activities	-349.4	28.4	106.1	-473.7	97.9
Foreign Exchange Effects	-35.0	20.3	6.6	-18.6	1.1
Net Change in Cash	75.1	-61.7	287.5	22.8	68.3
Net Cash - Beginning Balance	377.6	470.3	160.5	145.7	84.9
Net Cash - Ending Balance	452.7	408.6	448.0	168.5	153.2
Cash Interest Paid	109.5	87.6	70.2	61.3	53.4
Cash Taxes Paid	76.1	179.7	150.1	43.3	40.2

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	1.0	-10.48%	4,446.8	3.61%	12.39%	9.75%
Research & Development1 (?)	-	-	89.2	-22.96%	3.07%	4.14%
Operating Income1 (?)	-	-	-64.2	-	-	-
Income Available to Common Excl Extraord Items1 (?)	-	-	-253.0	-	-	-
Basic EPS Excl Extraord Items1 (?)	-	-	-4.28	-	-	-
Capital Expenditures2 (?)	42.7	-	163.6	-54.15%	-8.56%	-8.62%
Cash from Operating Activities2 (?)	81.2	-	563.9	315.60%	-4.09%	14.66%
Free Cash Flow (?)	38.1	-	411.7	-	-1.99%	70.53%
Total Assets3 (?)	4,608.6	-	4,847.6	-12.03%	9.03%	9.66%
Total Liabilities3 (?)	2,799.1	-	2,968.2	-9.27%	13.29%	13.08%
Total Long Term Debt3 (?)	920.4	-	1,123.5	-6.34%	12.43%	21.39%
Employees3 (?)	-	-	22549	0.61%	7.60%	8.15%
Total Common Shares Outstanding3 (?)	59.1	-	59.1	0.04%	-0.20%	-0.15%
1-ExchangeRate: EUR to USD Average for Period	0.755500	Â	0.778237	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.761519	Â	0.778237	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.767034	Â	0.756600	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	13.83%	19.50%	27.72%	21.92%	22.60%
Operating Margin (?)	-1.44%	8.66%	16.38%	9.53%	7.91%
Pretax Margin (?)	-3.85%	7.48%	15.38%	6.83%	6.06%
Net Profit Margin (?)	-5.69%	5.77%	11.27%	6.23%	6.54%
Financial Strength
Current Ratio (?)	2.01	1.79	1.83	2.04	1.28
Long Term Debt/Equity (?)	0.60	0.54	0.43	0.47	0.25
Total Debt/Equity (?)	0.84	0.92	0.63	0.58	0.70
Management Effectiveness
Return on Assets (?)	-5.13%	4.64%	11.15%	4.83%	5.45%
Return on Equity (?)	-12.64%	11.66%	25.39%	12.57%	15.62%
Efficiency
Receivables Turnover (?)	4.35	3.81	4.77	4.58	5.19
Inventory Turnover (?)	5.21	4.95	5.45	4.38	4.60
Asset Turnover (?)	0.88	0.85	1.00	0.89	1.07

Market Valuation USD (mil)
Enterprise Value2 (?)	3,110.4	.	Price/Sales (TTM) (?)	0.47
Enterprise Value/Revenue (TTM) (?)	0.72	.	Price/Book (MRQ) (?)	1.10
Enterprise Value/EBITDA (TTM) (?)	19.33	.	Market Cap1 (?)	2,121.9
1-ExchangeRate: EUR to USD on 27-Dec-2013	0.730455
2-ExchangeRate: EUR to USD on 30-Jun-2013	0.767034

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	2.01	1.79	1.83	2.04	1.28
Quick/Acid Test Ratio (?)	1.36	1.27	1.28	1.37	0.67
Working Capital1 (?)	1,278.4	1,303.8	1,164.0	945.5	385.5
Long Term Debt/Equity (?)	0.60	0.54	0.43	0.47	0.25
Total Debt/Equity (?)	0.84	0.92	0.63	0.58	0.70
Long Term Debt/Total Capital (?)	0.33	0.28	0.27	0.29	0.15
Total Debt/Total Capital (?)	0.46	0.48	0.39	0.37	0.41
Payout Ratio (?)	-19.12%	26.84%	20.15%	28.68%	23.79%
Effective Tax Rate (?)	-	27.26%	27.79%	20.35%	15.84%
Total Capital1 (?)	3,455.7	4,218.9	3,530.2	2,918.8	2,671.4
Efficiency
Asset Turnover (?)	0.88	0.85	1.00	0.89	1.07
Inventory Turnover (?)	5.21	4.95	5.45	4.38	4.60
Days In Inventory (?)	70.11	73.69	67.02	83.33	79.35
Receivables Turnover (?)	4.35	3.81	4.77	4.58	5.19
Days Receivables Outstanding (?)	83.85	95.89	76.48	79.75	70.37
Revenue/Employee2 (?)	202,843	193,449	200,064	193,170	218,068
Operating Income/Employee2 (?)	-2,927	16,755	32,763	18,402	17,239
EBITDA/Employee2 (?)	-2,927	28,840	43,130	30,361	28,328
Profitability
Gross Margin (?)	13.83%	19.50%	27.72%	21.92%	22.60%
Operating Margin (?)	-1.44%	8.66%	16.38%	9.53%	7.91%
EBITDA Margin (?)	-1.44%	14.91%	21.56%	15.72%	12.99%
EBIT Margin (?)	-1.44%	8.66%	16.38%	9.53%	7.91%
Pretax Margin (?)	-3.85%	7.48%	15.38%	6.83%	6.06%
Net Profit Margin (?)	-5.69%	5.77%	11.27%	6.23%	6.54%
R&D Expense/Revenue (?)	2.01%	2.70%	2.43%	2.60%	2.57%
COGS/Revenue (?)	86.17%	80.50%	72.28%	78.08%	77.40%
SG&A Expense/Revenue (?)	8.46%	8.48%	8.12%	8.86%	8.84%
Management Effectiveness
Return on Assets (?)	-5.13%	4.64%	11.15%	4.83%	5.45%
Return on Equity (?)	-12.64%	11.66%	25.39%	12.57%	15.62%
Valuation
Free Cash Flow/Share2 (?)	6.97	-3.79	2.16	7.99	-0.68
Operating Cash Flow/Share 2 (?)	9.82	2.32	7.80	12.01	5.22
1-ExchangeRate: EUR to USD Period End Date	0.7566	0.770327	0.745406	0.696986	0.719399
2-ExchangeRate: EUR to USD Average for Period	0.7566	0.770327	0.745406	0.696986	0.719399

Current Market Multiples
Market Cap/Earnings (TTM) (?)	-17.08
Market Cap/Equity (MRQ) (?)	1.12
Market Cap/Revenue (TTM) (?)	0.47
Market Cap/EBIT (TTM) (?)	12.56
Market Cap/EBITDA (TTM) (?)	12.56
Enterprise Value/Earnings (TTM) (?)	-26.30
Enterprise Value/Equity (MRQ) (?)	1.72
Enterprise Value/Revenue (TTM) (?)	0.72
Enterprise Value/EBIT (TTM) (?)	19.33
Enterprise Value/EBITDA (TTM) (?)	19.33

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.101.25
Euro	1	Rs.83.42;

INFORMATION DETAILS

Report Prepared by :

NNA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.