Bekaert

March 2015

March 2015

Bekaert in essence

Strategy review

Annex: Full year results 2014

Content

1

March 2015

Bekaert in essence

2013 2014

Combined sales consolidated

joint ventures

€ 4.1 billion €b 3.2

€b 0.9

€ 4.0 billion €b 3.2

€b 0.8

Operational cash flow (EBITDA) consolidated

joint ventures

€ 413 million €m 297

€m 116

€ 440 million €m 342

€m 98

Worldwide production platform 30 countries

28 000 employees

Listed on Euronext Brussels BEL20®, DJ Stoxx, FTSE, SRI

Market capitalization of € 1.6 billion

2.3 million euro per day

Sustainable Profitable Growth

Worldwide

market and technological leadership

advanced metal transformation and coatings

2

3

Bekaert core competences

to metal fibers

6.5 mm

1 µm

from wire rod from traditional

coatings

to advanced

coatings

Steel wire transformation Coatings

Adhesion

Corrosion

resistance

Wear resistance

Anti-fouling

March 2015

March 2015

Bekaert in brief: market leadership in diverse sectors

Construction 22%

3%

Machinery

9%

Consumption

7%

14%

Agriculture

7% Automotive 38%

Utilities

Basic materials

4

Our Vision

‘Field of Play’

Consistent with our better together aspiration,

we relentlessly pursue to be the preferred supplier for our steel

wire products and solutions,

by continuously delivering superior value to our customers around

the world.

March 2015 5

5 Core Strategies

1. Drive customer into the heart of the business

2. Value driven growth

3. Technology leadership and speed

4. Leverage our scale to greater effect – reduce complexity

5. Lowest total cost

March 2015 6

How to deliver?

Short Term

• Growth and margin enhancement through exploitation of recent

investments and M&A activities

• Ongoing cost focus to offset pricing deterioration, including

structural changes to reduce S,G & A versus planned levels

Medium/Long Term

• Delivery of the 5 core strategies

• Organization

• Manufacturing Excellence

• Complexity reduction/prioritization

• Portfolio optimization

• Footprint optimization

• Confirming an operating profit target of 7% over a 3 year horizon

7 March 2015

72,7

25,827,3

74,2

0

25

50

75

100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Growth Mature

Geographical expansion: mature and growth markets

Mature

Growth

March 2015 8

Combined sales per region and per sector

Construction

Automotive

Other

Energy & Utilities 14%

35%

9%

42%

65%

10%

12% 13%

42%

20%

18% 20%

40%

15%

21% 24%

March 2015 9

North America

€ 555 million sales

1 600 employees 14%

EMEA

€ 1 049 million sales

6 900 employees 26%

Asia-Pacific

€ 1 014 million sales

25%

Latin America

€ 1 422 million sales

35% 8 300 employees 11 700 employees

Portfolio Management

March 2015 10

2004 2006 2008 2010 2012 2014 2013 2011 2009 2005 2007

Acquis

itio

ns

Div

estitu

res

Fencing

Europe

Fencing

Handling 1 Composites

Diamond

Like

Coatings

Fencing

Handling 2 Window

Films

Industrial

coatings

Carding

Solutions

Wire

Hlohovec

Wire

Orville

Solaronics

Combustion

Wire

CDP

Venezuela (80%)

Columbia (80%)

Peru (38%)

Ecuador(80%)

Tire cord

Bridgestone

Plants

Wire Latam

Integration (52%)

Wire

Chinese

Entities

Wire

Malaysia

BIA Alambres

Costa Rica

Wire

Cimaf Cabos

Advanced

Filtration

Pirelli

2015

Bekaert

Wire Ropes Pty Ltd

2015 focus areas by region

March 2015 11

EMEA

Maintain growth momentum with focus on high value added products.

North America

Turnaround the business momentum to capture growth in a difficult market.

Important investment program impacted to improved product mix

2015 will be impacted by the fire in the bead wire plant in Rome

Latin America

Maintain strong market shares by remaining competitive versus Asian imports.

Difficult market conditions due to low oil price and commodity products

Asia Pacific

Regain business momentum in Rubber Reinforcement China.

Improve profitability in wire activities in China and South-East Asia

March 2015

Operational excellence: based on a strong financial structure

2014 2013 2007 - 2012 1990 – 2006

Growth 0.9% -7.9% 9,7% 2.2%

ROIC > WACC 5.4<8.0 4.8 < 8.0 10,8 > 8.1 6.9 < 9.1

EBITDA on sales 10.6% 9.3% 15,0% 12.0%

REBIT 5.1% 5.2% 9,9 4.9

EBIT 5.3% 4.3% 8,2% 4.9%

WC (mature/growth) 26.7% 26.5% 24,0% 19.4%

Dividend pay out 54% 202% 24% 50%

Tax 41% 89% 26% 21%

Debt 853 574 591 313

Equity / total assets 40% 45% 46% 48%

Gearing (net debt /Equity) 54% 38% 41% 36%

Net debt / EBITDA 2.5 1.9 1.5 1.7

Net debt / REBITDA

2.6 1.8

12

* Due to negative result

March 2015

Shareholder value

-15

-10

-5

0

5

10

15

20

25

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 200120022003 2004 2005 20062007 2008 2009 2010 2011 2012 2013 2014

WACC RoIC

in %

13

March 2015

Shareholders, investors and other interested parties wishing to receive the Group's annual report,

the shareholders guide, the annual accounts of NV Bekaert SA or other information published by

the Group may contact the Investor Relations department at any time.

Contacts

Investor Relations : Mr. Jérôme Lebecque +32 56 23 05 72 Jerome.Lebecque@bekaert.com

Documentation : Mrs. Christine Clarysse +32 56 23 05 41 Christine.Clarysse@bekaert.com

www.bekaert.com

Agenda

This presentation may contain forward-looking statements. Such statements reflect the current views of management regarding future

events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different

from any future results, performance or achievements expressed or implied by such forward-looking statements. Bekaert is providing

the information in this brochure as of its date and does not undertake any obligation to update any forward-looking statements contained

in this brochure in light of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published

by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third

parties in relation to this or any other publication issued by Bekaert.

Disclaimer

14

2014 annual report available on the internet 27 March 2015

First quarter trading update 2015 13 May 2015

General Meeting of Shareholders 13 May 2015

Dividend ex-date 15 May 2015

Dividend payable 20 May 2015

First half year results 2015 31 July 2015

Third quarter trading update 2015 13 November 2015

2015 Results 26 February 2016

Full year results 2014

Highlights

- Consolidated sales of € 3.2 billion (+0.9%) and combined sales of € 4.0 billion (-1.7%)

- Currency impact: € -72 million (-2.3%) on consolidated sales and € -144 million

(-3.5%) on combined sales

- Gross profit of € 486 million (15.1% margin) compared with € 482 million (15.1%)

- REBIT of € 164 million (5.1% margin) compared with € 166 million (5.2%)

- Non-recurring items of € +7 million compared with € -29 million

- EBIT of € 171 million (5.3%) compared with € 137 million (4.3%)

- EBITDA of € 342 million (10.6%) compared with € 297 million (9.3%)

- EPS: € 1.51 compared with € 0.42

March 2015 16

Bekaert economic environment

Global industrial environment was mixed with lower growth in the emerging

markets while Europe and North American markets remain resilient.

Overcapacity in the global steel market mainly due to the slowdown in

China created competitive pressure in SEA and Latin America.

Low commodity prices, mainly copper, and low oil prices negatively impact

the economies in Latin America.

Weaker euro helps to keep the volume momentum in EMEA.

Lower oil prices are expected to have a positive impact on the growth rate

in oil dependent markets moving forward.

March 2015 17

Bekaert economic environment

March 2015 18

EMEA:

Strong demand in most end markets driven by German exports.

Automotive markets growth, both in OEM and aftermarket, fueled growth in tire

cord and other steel wires.

North America:

Improved demand in automotive drove growth in tire cord demand.

Agricultural sector was weak after the very cold winter with no significant

rebound in second half.

Imports from Asia and overcapacity in the local market continue to weigh on

profitability.

Bekaert economic environment

March 2015 19

Latin America:

Weak demand due to low commodity prices constraining public spending and

political changes in some countries.

Price pressure from Asian imports.

Bottoming out of downward trend as of second half.

Weakening local currencies increased competitiveness and allowed for targeted

price increases.

Market share remained stable or increased during the year.

Asia Pacific:

Slowdown of the industrial growth rate reduced capacity utilization and resulted in

price erosion.

Increased competitive pressure for industrial wires in SEA and tire cord in China.

Weak final quarter reflecting corrective actions taking place in the market due to

slowdown of growth rate.

Sales by segment

2014 Consolidated sales Combined sales

In mio € Variance in mio € variance

EMEA

North America

Latin America

Asia Pacific

1 064

555

631

966

+2%

+1%

-2%

+1%

1 049

555

1 422

1 014

+2%

+1%

-7%

+1%

Total 3 216 +1% 4 040 -2%

North America

Latin America

Asia Pacific

EMEA

33%

17% 20%

30%

Consolidated sales

26%

14%

35%

25%

Combined sales

March 2015 20

Impact of currency

March 2015 21

Consolidated sales (in millions of €)

2013 2014 FX full year FX Q4

EMEA 1 040 1 064 -9 -2

North America 548 555 -5 +11

Latin America 645 631 -47 -1

Asia Pacific 953 966 -11 +17

TOTAL 3 186 3 216 -72 +25

Combined sales (in millions of €)

Latin America 1 534 1 422 -118 -4

TOTAL 4 111 4 040 -144 +24

Combined sales per region and per sector

Construction

Automotive

Other

Energy & Utilities 14%

35%

9%

42%

65%

10%

12% 13%

42%

20%

18% 20%

40%

15%

21% 24%

March 2015 22

North America

€ 555 million sales

1 600 employees 14%

EMEA

€ 1 049 million sales

6 900 employees 26%

Asia-Pacific

€ 1 014 million sales

25%

Latin America

€ 1 422 million sales

35% 8 300 employees 11 700 employees

March 2015 23

Consolidated income statement: key figures

(In mio €) 2013 2014

Sales 3 186 3 216

Cost of sales (2 703) (2 730)

Gross profit 482 486

Gross profit margin 15.1% 15.1%

− Sales increase of 1% reflects a volume increase of 3% partly offset by negative 2% from

exchange rate movements.

− Gross margin remains stable as the negative impact of price erosions - mainly in tire cord

China - and cost inflation have fully been offset due to the higher volume and by cost savings.

March 2015 24

Consolidated income statement: key figures

(In mio €) 2013 2014

Gross profit 482 486

Selling expenses (128) (138)

Administrative expenses (125) (127)

R&D expenses (62) (59)

Others (1) 3

Operating result before non-recurring items (REBIT) 166 164

− SG&A increases from 9.9% to 10.1% of sales.

− Selling expenses increase due to:

− € 10 million reversal of bad debt in 2013

− € 5 million increase mainly in Latam reflecting distributor margins and additional

distribution branches in Chile and building products

− € 5 million positive impact from exchange rate movements

− Administrative expense increase reflects cost related to M&A activities.

March 2015 25

Consolidated income statement: key figures

(In mio €) 2013 2014

Operating result before non-recurring items (REBIT) 166 164

REBIT margin on sales 5.2% 5.1%

Non-recurring items (29) 7

Operating result (EBIT) 137 171

EBIT margin on sales 4.3% 5.3%

EBITDA 297 342

EBITDA margin on sales 9.3% 10.6%

− Rebit margin reduced from 6.3% in H1 to 3.9% in H2 reflecting seasonality in Europe and US

and the drop in profitability in Asia in Q4.

− Non-recurring reflects positive impacts of: i) sale of land, ii) negative goodwill on acquisitions

and iii) reversal of environmental provisions partly offset by i) impairments in Asia and Russia

and ii) pension related provision.

Rebit evolution

March 2015 26

in mio €

166 164 -3 -4 -4

+42 -35

-27

+39 -10

100

125

150

175

200

225R

EB

IT 2

013

Scop

e c

ha

ng

es

FX

tra

nsla

tion

Ven

ezue

la

Volu

me

Pricin

g

Cost in

fla

tio

n

Cost S

avin

gs

Bad

De

bt

revers

al in

201

3

RE

BIT

20

14

March 2015 27

Segment reporting: EMEA

(In mio €) 2013 2014 1H2014 2H2014

Consolidated sales 1 040 1 064 555 509

Operating result before non-recurring items (REBIT) 88 114 64 51

REBIT margin on sales 8.5% 10.8% 11.5% 10.0%

Non-recurring items (3) 2 7 (5)

Operating result (EBIT) 85 116 70 46

Depreciation, amortization and impairment losses 48 49 22 27

EBITDA 133 165 93 72

EBITDA margin on sales 12.8% 15.5% 16.7% 14.2%

− Flat sales in H2; the final quarter was slightly below last year.

− Profitability remains strong reflecting a good product mix and overall high capacity utilization.

− Non recurring reflect the gain on sale of land, impairment in Russia and pension related

adjustments.

March 2015 28

Segment reporting: North America

(In mio €) 2013 2014 1H2014 2H2014

Consolidated sales 548 555 281 274

Operating result before non-recurring items (REBIT) 19 20 14 6

REBIT margin on sales 3.4% 3.6% 5.1% 2.1%

Non-recurring items (11) 8 1 7

Operating result (EBIT) 8 28 15 13

Depreciation, amortization and impairment losses 14 10 5 5

EBITDA 22 38 20 17

EBITDA margin on sales 4.0% 6.8% 7.2% 6.4%

− Sales in H2 similar to H1 but this reflects 9% lower volume due to seasonality offset by

exchange rate movements.

− Lower margin in H2 due to lower volumes.

− Non-recurring reflects the insurance revenue related to the Rome fire for € 5 million.

March 2015 29

Segment reporting: Latin America

(In mio €) 2013 2014 1H2014 2H2014

Consolidated sales 645 631 295 336

Operating result before non-recurring items (REBIT) 44 26 11 15

REBIT margin on sales 6.8% 4.1% 3.9% 4.4%

Non-recurring items (0) 8 10 (2)

Operating result (EBIT) 44 34 21 13

Depreciation, amortization and impairment losses 20 6 (3) 9

EBITDA 64 40 18 22

EBITDA margin on sales 9.9% 6.3% 6.2% 6.4%

− H2 sales was up 15% versus same period last year while H1 was down 16%.

− Total year volumes were in line with last year excluding the impact of acquisitions and

Venezuela which saw a significant drop due to lack of wire rod.

− Margins slightly improved but are still depressed due to competitive pressure from imported

products from Asia and low demand due to overall economic slowdown related to low prices

for oil, copper and other commodities.

March 2015 30

Segment reporting: Asia Pacific

(In mio €) 2013 2014 1H2014 2H2014

Consolidated sales 953 966 478 488

Operating result before non-recurring items (REBIT) 77 63 43 20

REBIT margin on sales 8.1% 6.5% 8.9% 4.2%

Non-recurring items (4) (9) (4) (6)

Operating result (EBIT) 73 54 39 15

Depreciation, amortization and impairment losses 80 106 49 57

EBITDA 153 159 88 71

EBITDA margin on sales 16.1% 16.5% 18.4% 14.6%

− Sales in H2 positively impacted by exchange rate movements while volume and pricing were

below H1.

− Lower margin reflects the weak tire cord business in quarter 4 and the losses in wire in SEA.

− Non-recurring are due to asset impairments on activities in SEA.

March 2015 31

Consolidated income statement: key figures

(In mio €) 2013 2014

Operating result (EBIT) 137 171

Interest income / expense (64) (63)

Other financial income and expenses (20) (4)

Result before taxes 54 105

Income taxes (48) (42)

Result after taxes (consolidated companies) 6 62

− Interest expenses remained stable as the average higher gross debt was financed at lower

interest costs.

− Lower other financial expenses related to a weaker Euro which created a gain; this effect was

more than offset by a reserve to cover for potential exchange issues in Venezuela.

− Tax expenses include an increase in the global tax reserves reflecting the increasingly

challenging tax environment.

March 2015 32

Consolidated income statement: key figures

(In mio €) 2013 2014

Result after taxes (consolidated companies) 6 62

Share in the results of JV’s and associates 30 25

Result for the period 36 88

Attributable to non-controlling interests 11 0

Attributable to the Group 25 87

− The share in the results of Joint Ventures reflects a more difficult economic environment in

Brazil.

− Results attributable to the minorities decreased to zero due to the losses and impairments in

SEA and the reserves set up to cover for potential issues in Venezuela.

March 2015 33

Cash flow: key figures

(In mio €) 2013 2014

Gross cash flows from operations 234 261

Cash flows from operations 306 187

Cash flows from investment activities (72) (225)

Cash flows from financing activities (192) 88

− Cash from operations well below 2013 as working capital increased in 2014 while it showed a

decrease in 2013.

− Investment activities include the acquisition of 3 of the 5 plants of Pirelli Steel Cord.

March 2015 34

Working capital: key figures

(In mio €) 2013 2014

Inventories 539 641

Accounts receivable 716 847

Accounts payable (462) (513)

Working capital 793 975

− Working capital increase reflects:

− Inclusion of 3 Pirelli steel cord plants for € 55 million.

− Exchange rate impact of € 61 million.

− Organic increase of € 66 million.

− Average working capital as % of sales remained stable at 27%.

March 2015 35

Consolidated balance sheet: key figures

1 772 2 107

1 609

1 851

2013 2014

in mio € in mio €

972 1 187

905 1 205

1 504

1 566

2013 2014

Assets Equity and Liabilities

Non-current

assets

Current

assets

Non-current

liabilities

Current

liabilities

Equity

3 380 3 380

3 958 3 958

− Increase in non-current assets reflects Pirelli tire cord acquisition.

− Current assets increase reflecting the proceeds of the convertible bond and the increase in

working capital.

− Non-current liabilities increase due to the issuance of the convertible bond.

Balance sheet: key figures

March 2015 36

(In mio €) 2013 2014

Net financial debt 574 853

Gearing (net debt to equity) 38.2% 54.5%

Net debt on EBITDA 1.9 2.5

Net debt on REBITDA 1.8 2.6

− Net debt increase reflects € 207 million related to part of the Pirelli acquisition and the share

buy back to cover potential dilution of the convertible bond.

− Net debt / EBITDA was 1.9X excluding the above.

March 2015 37

Ratios: key figures

2013 2014

EBITDA margin on sales 9.3% 10.6%

REBIT margin on sales 5.2% 5.1%

EBIT margin on sales 4.3% 5.3%

Sales on capital employed (asset rotation) 1.4 1.4

Return on capital employed (ROCE) 6.1% 7.7%

Return on equity (ROE) 2.3% 5.7%

March 2015 38

Key figures per share

(in €) 2013 2014

Share price at 31 December 25.72 26.35

Number of existing shares at 31 December 60 063 871 60 111 405

Book value 22.41 22.74

Earnings per share (EPS) 0.42 1.51

Weighted average number of shares 58 519 782 57 599 873

Number of treasury shares 1 652 677 4 275 010

Outlook

March 2015 39

We expect the low running rate of the fourth quarter of 2014, driven

particularly by a downturn in Asia, to continue in the first quarter of

2015. However, we do expect a positive impact of currency movements

as of the first quarter and we anticipate improved demand in the

balance of the year.

Given the economic environment and the company’s current

performance, Bekaert is undertaking a set of actions to drive value

creation over time. In addition, the recently acquired tire cord and ropes

businesses will be important contributors to our strategy of improving

our product portfolio and financial performance.

40

Welcome online

For more information, welcome @ www.bekaert.com

Copyright © by NV Bekaert SA, 2013

March 2015

better together

March 2015 41