-
Organic sales growth 5% in the first half year of 2015; 2% in the
second quarter of 2015
-
Total sales growth 15% in the
first half of 2015; 11% in the second quarter of 2015
-
Net Profit before exceptional
items € 19.3 million (2014 H1: € 10.0 million)
-
Continuing growth in synthetic
turf, TenCate Defender® M and aerospace composites
-
Organic sales decrease at
TenCate Geosynthetics and TenCate Advanced Armour
-
Margin improvement from high
occupancy and higher gross margins in synthetic turf and from
growth in high-margin product categories
-
EBITA* € 33.1 million (2014 H1:
€ 24.3 million)
-
EBITA margin* 5.8% (2014 H1:
4.9%), second quarter 7.7% (2014 Q2: 6.9%)
-
Restructuring charges TenCate
Advanced Armor USA € 1.8 million
-
Divestment of TenCate Enbi and
Xennia Technology
-
Net debt € 224.3 million (2014
H1: € 213.4 million)
-
Net debt / EBITDA ratio 2.63
(2014 H1: 2.87)
2015 Q2 |
2014 Q2 |
|
Key figures, in Euro millions |
2015 H1 |
2014 H1 |
|
|
|
|
|
|
303.8 |
274.3 |
|
Sales |
571.5 |
497.6 |
+ 2% |
+ 5% |
|
Organic sales growth |
+ 5% |
0% |
|
|
|
EBITDA* |
47.8 |
39.7 |
23.4 |
18.8 |
|
EBITA* |
33.1 |
24.3 |
7.7% |
6.9% |
|
EBITA margin* |
5.8% |
4.9% |
|
|
|
Net profit before exceptional
items |
19.3 |
10.0 |
|
|
|
Earnings per share before exceptional
items (€) |
0.72 |
0.38 |
|
|
|
Net result (IFRS) |
17.9 |
10.0 |
|
|
|
Earnings per share after exceptional items (IFRS) (€) |
0.66 |
0.38 |
|
|
|
EBITA as % of average net invested capital |
8.5% |
5.9% |
|
|
|
Investments in fixed assets |
13.0 |
12.0 |
|
|
|
Net interest bearing debt |
224.3 |
213.4 |
|
|
|
Debt ratio |
2.63 |
2.87 |
|
|
|
FTE excluding temporary personnel as at 30 June 2015 |
3,758 |
4,318 |
* In this press release, EBITDA,
EBITA and EBITA margin are before exceptional items, unless
mentioned otherwise
Loek de Vries, president and
CEO: "The second quarter of 2015 marked five consecutive
quarters with organic sales growth. It was the third consecutive
quarter with a higher EBITA margin for the group.
The earnings recovery is mainly due to the growth
of a number of the most high-quality products with which TenCate
can combine its innovations with a strong position in growth
markets. This applies for example to artificial turf, military
protective fabrics and aerospace composites.
The sale of industrial protective fabrics and of
geotextiles was affected by the reduced activity in the oil and gas
industry. At TenCate Advanced Armour, delivery volumes are still
too low, which leads to a continued negative operating result
despite the restructuring measures taken.
The divestment of TenCate Enbi and Xennia
Technology was completed in the past half year. The current
portfolio provides TenCate with a good basis for the coming
years.
The intended offer by the consortium led by Gilde
Buy Out Partners offers, apart from an attractive premium for
current shareholders, sound agreements regarding non-financial
aspects. The consortium supports the long-term growth strategy of
TenCate.
For the current financial year 2015, TenCate is on
track to achieve the previously announced expectations of sales
growth."
Segments
Advanced Textiles &
Composites
|
Advanced Textiles & Composites
(in Euro millions) |
2015 H1 |
2014 H1 |
|
Sales |
254.9 |
206.9 |
|
EBITA* |
17.5 |
14.6 |
|
EBITA margin * |
6.9% |
7.1% |
|
Investments in tangible and intangible assets |
7.5 |
5.6 |
|
Depreciation |
4.3 |
4.6 |
|
Amortisation |
1.9 |
3.2 |
|
Net invested capital at the end of the period |
295.5 |
287.2 |
|
Fte excluding temporary personnel |
1,591 |
1,601 |
* EBITA and EBITA margin are
before exceptional items, unless mentioned otherwise
In the first half year of 2015, sales of the
Advanced Textiles & Composites segment increased organically by
9% to € 254.9 million (2014 H1 € 206.9 million). The
EBITA margin decreased slightly to 6.9% (2014 H1 7.1%), EBITA was
€ 17.5 million.
TenCate Protective Fabrics recorded organic sales
growth of 15% in the first six months of 2015. The American sales
of TenCate Defender® M remained at a good level for the third
consecutive quarter. Sales also increased due to the first delivery
of uniforms to the new customer in the Middle East. The
developments in the oil and gas industry have negatively affected
the sales of industrial protective fabrics (TenCate Tecasafe®).
Notwithstanding the continuing growth of aerospace
and automotive composites, the organic sales growth of TenCate
Advanced Composites was limited to 3% by the project nature of
industrial composites.
Sales of TenCate Advanced Armour decreased by 4%
organically in the first half year. The volume of deliveries is
still too low. The development and tests of the TenCate ABDS(TM)
active blast countermeasure system are according to plan. In the
second quarter, a € 1.8 million exceptional charge was
recorded for a restructuring of TenCate Advanced Armor USA.
Geosynthetics & Grass
|
Geosynthetics & Grass (in Euro
millions) |
2015 H1 |
2014 H1 |
|
Sales |
299.3 |
25.,2 |
|
EBITA* |
19.7 |
11.0 |
|
EBITA margin * |
6.6% |
4.2% |
|
Investments in tangible and intangible assets |
5.0 |
3.7 |
|
Depreciation |
9.7 |
9.3 |
|
Amortisation |
1.8 |
1.7 |
|
Net invested capital at the end of the period |
433.8 |
379.3 |
|
Fte excluding temporary personnel |
2,109 |
2,054 |
* EBITA and EBITA margin are
before exceptional items, unless mentioned otherwise
Sales of the Geosynthetics & Grass segment
grew organically by 4% to € 299.3 million in the first half of
2015. EBITA rose to € 19.7 million at a higher EBITA margin of
6.6% (2014 H1: 4.2%).
Revenues of TenCate Geosynthetics decreased 3%
organically in the first half of 2015. In the US, revenues from
geotextiles for the oil and gas industry contracted significantly.
In Europa and Asia, sales were at more or less the same level as in
the first half of 2014. The EBITA margin was lower.
TenCate Grass recorded 12% organic sales growth at
higher gross margins and a sharply higher operating profit. This is
the result of the market positioning of grass components and
systems, which has led to high occupancy.
Other
|
Other and eliminations (in Euro
millions) |
2015 H1 |
2014 H1 |
|
Sales |
17.3 |
31.5 |
|
EBITA* |
- 4.1 |
- 1.3 |
|
Investments in tangible and intangible assets |
0.5 |
2.7 |
|
Depreciation |
0.7 |
1.5 |
|
Amortisation |
0.3 |
1.3 |
|
Fte excluding temporary personnel |
58 |
663 |
* EBITA is before exceptional
items, unless mentioned otherwise
The "Other and eliminations" category contains
mainly TenCate Enbi, which was divested at the end of the first
quarter, and Xennia Technology, which was divested at the end of
the second quarter. Furthermore, this category contains the
negative result from internal currency hedges.
Other financial information
regarding the first half of 2015
Capital expenditure rose to € 13.0 million
(2014 H1 € 12.0 million). The largest investment projects
concern capacity extensions in TenCate Grass and at TenCate
Advanced Composites.
At the end of June 2015, net debt stood at
€ 224.3 million. The effects of a higher dollar exchange rate
and the usual seasonal pattern in working capital were partly
offset by the receipts from the TenCate Enbi and Xennia Technology
divestments. The debt ratio was 2.63 at the end of June 2015 (June
2014: 2.87; December 2014: 2.57), comfortably within the bank
covenant (3.50).
Agreement on a full public offer
for all shares of TenCate by a consortium led by Gilde Buy Out
Partners.
On Monday, 20 July 2015, TenCate and Tennessee
Acquisition B.V., a consortium of investors led by Gilde Buy Out
Partners and also including Parcom Capital and ABN Amro
Participaties, jointly announced to have reached a conditional
agreement on a full public offer of € 24,60 (cum dividend) in
cash per share for all outstanding shares of Koninklijke Ten Cate
N.V. The Supervisory Board and the Executive Board of TenCate fully
support and unanimously recommend the offer. For further detail,
please check the press release that was published on Monday, 20
July 2015.
Declaration of the Executive
Board
'Based on the information available to us the
Executive Board hereby states that the interim report, prepared in
accordance with IAS 34, Interim Financial Reporting, gives a true
and fair view of the assets, the liabilities, the financial
position and the profit of Royal Ten Cate and the companies jointly
included in the consolidation, and that the interim report provides
a true and fair view of the information required under Article
5:25d, subsections 8 and 9 of the Dutch Financial Supervision
Act.'
Royal Ten Cate
Almelo, the Netherlands, Thursday, 23
July 2015
For further information:
TenCate corporate
Gert Steens, manager investor relations
Tel.
: +31 (0)546 544 977
E-mail
: ir@tencate.com
Internet :
www.tencate.com
Royal Ten Cate (TenCate) is a
multinational company that combines textile technology with
chemical processes and material technology in the development and
production of functional materials with distinctive
characteristics. TenCate products are sold throughout the
world.
Systems and materials from TenCate come under four areas of
application: safety and protection; aviation and aerospace;
infrastructure and the environment; sport and recreation. TenCate
occupies leading positions in protective fabrics, composites for
aviation and aerospace, antiballistics, geosynthetics and synthetic
turf. TenCate is listed on Euronext Amsterdam (AMX).
Press release as PDF
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Koninklijke Ten Cate NV via Globenewswire
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