Koninklijke Ten Cate NV : TenCate Trading Update Third Quarter 2015
22 Octobre 2015 - 7:31AM
Key figures
in Euro millions |
2015 Q3 |
2014 Q3 |
Sales |
296.6 |
277.1 |
Organic sales growth |
+ 2% |
+ 3% |
EBITA* |
19.5 |
17.8 |
EBITA* margin |
6.6% |
6.4% |
Net profit before exceptional
items |
11.6 |
9.2 |
Net result (IFRS) |
7.2 |
9.2 |
Net interest bearing debt |
195.2 |
206.9 |
Debt ratio |
2.24 |
2.82 |
* In this press release, EBITA,
EBITDA and EBITA margin are before exceptional items, unless
mentioned otherwise
TenCate recorded sales of € 297 million for the third quarter of
2015 (2014 Q3: € 277 million, organic growth 2%). The
group result was especially driven by the strong growth of TenCate
Grass. On an organic basis, sales of TenCate Advanced Armour and
TenCate Geosynthetics were down. The net result was affected by
exceptional charges of € 4,4 million in total, related to
expenses connected to the the public offer for TenCate and a
provision for bad debt. Net debt decreased to
€ 195 million at the quarter end. The debt ratio improved
to 2.24 (September 2014: 2.82).
For the full year 2015, TenCate continues to
expect organic sales growth similar to 2014. EBITDA before
exceptional items is expected to come in at around
€ 95 million
(2014: € 85 million).
Full year results will be announced on Friday 26
February 2016.
Advanced Textiles &
Composites sector
Third quarter revenues from military protective
fabrics were according to expectations. TenCate Defender(TM) M
sales increased sharply when compared to the third quarter of 2014.
Industrial protective fabrics sales were increasingly affected by
the negative developments in the oil and gas industry following the
globally lower crude oil prices.
Sales of TenCate Advanced Composites reflected
especially the trend of growing volumes in aerospace (structural
parts and radomes). There is increasing interest in thermoplastic
composites from large aircraft manufacturers. In the fourth quarter
of 2015, TenCate expects to start a new qualification process for
extended use of its thermoplastic composites in the manufacturing
of parts for future generations of commercial aircraft.
The pipeline of orders for TenCate Advanced Armour
has increased. This is not reflected in the current financial
results, which have remained weak despite the restructuring in this
market group. The US workload was reduced further due to continued
military budget constraints.
Geosynthetics & Grass
sector
TenCate Geosynthetics reported lower quarterly
sales on an organic basis, specifically in the US. Recently,
TenCate has been awarded an important contract to supply
geosynthetics and TenCate Geotube® dewatering technology to a large
project in Brazil. Deliveries under this contract are
expected to commence in the fourth quarter of 2015.
In TenCate Grass, sales of both synthetic turf
components and systems were higher. A solid sales performance on
the back of market development was put in by GreenFields in the
US.
Public offer
On 20 July 2015, a consortium of investors led by
Gilde Buy Out Partners announced its intention of a public offer
for all shares in Royal Ten Cate. The Offer Memorandum and the
Position Statement were published on 21 October 2015. The
Extraordinary General Meeting will be held on Monday 7 December
2015.
Declaration
In the context of the public offer by Tennessee
Acquisition BV for all ordinary shares in TenCate and at the
request of the Netherlands Authority for the Financial Markets
(AFM), TenCate confirms, on the basis of the available information,
that this trading update for the third quarter of 2015 has been
prepared with due care and, as far as known or should reasonably be
known on the date below, does not contain any material inaccuracies
and is, in the opinion of TenCate, not misleading.
Royal Ten Cate
Almelo, The Netherlands, Thursday 22 October 2015
________________________________________________________________________________
For further information: TenCate corporate
Gert Steens, investor relations
Telephone + 31 546
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 developed, manufactured and
sold throughout the world.
Systems and materials from TenCate come under four
areas of application: safety and protection; space and aerospace;
infrastructure and the environment; sport and recreation. TenCate
occupies leading positions in protective fabrics, composites for
space and aerospace, antiballistics, geosynthetics and synthetic
turf. TenCate is listed on Euronext (AMX).
Press release as PDF
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information contained therein.
Source: Koninklijke Ten Cate NV via Globenewswire
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