Debt management

Debt structure

Bekaert manages its debt in a conservative way to guarantee the financial stability of the group over time and under different circumstances on the financial markets.

Bekaert has no financial covenants in its financing agreements.

Net debt calculation

in thousands of €	2021	2020	2019	2018	2017	2016	2015	2014	2013
Non-current interest-bearing debt	953 581	968 076	1 184 310	686 665	1 180 347	1 161 310	792 116	910 074	688 244
Value adjustments	-	-	-	-	-	-	-	7 584	-6 245
Current interest-bearing debt	237 742	641 655	424 184	942 041	454 401	297 915	494 714	441 552	321 907
Total financial debt	1 191 324	1 609 732	1 608 495	1 628 705	1 634 748	1 459 225	1 286 830	1 359 210	1 003 906
Non-current financial receivables and cash guarantees	-10 192	-7 451	-6 518	-7 332	-6 259	-6 664	-9 694	-19 551	-21 421
Current financial receivables and cash guarantees	-6 475	-7 707	-8 779	-20 186	-8 447	-13 991	-33 185	-13 998	-6 440
Short-term deposits	-80 058	-50 077	-50 039	-50 036	-50 406	-5 342	-10 216	-14 160	-10 172
Cash and equivalents	-677 270	-940 416	-566 176	-398 273	-418 779	-365 546	-401 771	-458 542	-391 857
Net debt	417 329	604 081	976 984	1 152 878	1 150 857	1 067 683	831 964	852 959	574 016

Net debt on Underlying EBITDA

	2020	2019	2018	2017	2016	2015	2014	2013	2012
Net debt	604	977	1 153	1 151	1 068	837	853	574	700
Ebitda	473	403	387	510	481	441	342	297	274
Net debt/U-Ebitda	1.3	2.1	2.7	2.3	2.2	1.9	2.6	1.8	2.1

Gearing (net debt to equity) in %