- Organic revenue growth of 5% for
the full year 2015
- Growth of military protective
fabrics, synthetic turf systems and components, and
composites
- EBITA* € 68.3 million
(2014: € 53.3 million); EBITA margin* 5.9% (2014: 5.1%)
- Net result before exceptional
items € 41.6 million (2014: € 24.1 million)
- Positive cash flow € 48,8
million (2014: € 1,9 million)
2015 H2 |
2014 H2 |
|
Key figures (in € millions) |
2015 |
2014 |
587.4 |
544.0 |
|
Revenues |
1,158.9 |
1,041.6 |
5% |
9% |
|
Organic revenue growth |
5% |
4% |
49.9 |
44.9 |
|
EBITDA* |
97.7 |
84.6 |
35.2 |
29.0 |
|
EBITA* |
68.3 |
53.3 |
6.0% |
5.3% |
|
EBITA margin* |
5.9% |
5.1% |
22.3 |
14.1 |
|
Net result before exceptional
items |
41.6 |
24.1 |
0.82 |
0.53 |
|
Earnings per share before exceptional
items (EUR) |
1.54 |
0.91 |
16.2 |
- 55.7 |
|
Net result (IFRS) |
34.1 |
- 45.7 |
0.60 |
- 2.10 |
|
Earnings per share after exceptional items (IFRS)
(EUR) |
1.26 |
- 1.72 |
|
|
|
EBITA* as a percentage of average net invested
capital |
9.0% |
7.1% |
|
|
|
Investments in fixed assets |
30.5 |
24.8 |
|
|
|
Net interest-bearing debt |
192.8 |
215.5 |
|
|
|
FTE excluding temporary personnel at year-end |
3,652 |
4,345 |
* EBITDA, EBITA and EBITA margin
have been adjusted in this press release to take account of
exceptional items, unless specifically stated otherwise
Loek de Vries, President and
CEO: "The increased commercial focus, partly on the basis of
the innovation and product development of recent years, has
resulted in revenue growth. Results were good, although there was
not yet a clear economic recovery.
There is a growing need for safety and protection.
As a specialist in this area, TenCate can make a significant
contribution.
We look with confidence to the future with our new
owners. The consortium of investors endorses the existing buy &
build strategy. This implies that end users, customers and
employees will continue to benefit from the long-term horizon of
TenCate. The application of new materials with new standards is
often accompanied by an extensive introduction phase in close
co-operation with end users and partners in the value chain."
Developments
In 2015, TenCate revenues rose organically by 5%
to € 1,159 million. Nominal revenue growth was 11%, to which
currency effects contributed + 11% and of which divestments had an
effect of - 5%. Military protective fabrics, synthetic turf
components and systems as well as aerospace composites accounted
for most of the revenue growth. For the whole of 2015, revenues in
the defense market represented 13% (2014: 7%) of the total.
EBITA before exceptional items rose to € 68.3
million (2014: € 53.3 million). The increase in the EBITA margin to
5.9% (2014: 5.1%) was primarily due to revenue growth and higher
efficiencies at TenCate Grass.
Excluding exceptional items, the 2015 group net
profit was € 41.6 million (2014: € 24.1 million). Reported net
profit after exceptional items was € 34.1 million (2014: - €
45.7 million).
Public offer and appropriation of
2015 result
On 20 July 2015, TenCate and Tennessee
Acquisition, a consortium of investors led by Gilde Buy Out
Partners, published the intention of a public offer for all TenCate
shares. As of 10 February 2016, the consortium had acquired 98% of
the shares outstanding. The listing of Royal Ten Cate on Euronext
Amsterdam will be terminated on 17 March 2016.
While applying provision 30.2 of the articles of
association, the executive board, with approval of the supervisory
board, has decided not to pay a dividend to holders of ordinary
shares and add the net profit to the reserves. In a possible
squeeze-out procedure or buy-out procedure, or other measures as
specified in the offer memorandum, shareholders who have not
tendered their shares under the offer will therefore in principle
be paid an amount per share equal to the offer price.
Sectors
Unless stated
otherwise, the amounts mentioned in this press release relate to
the result adjusted for exceptional items. These exceptional items
are explained on page 4.
Advanced Textiles &
Composites
2015 H2 |
2014 H2 |
|
Advanced Textiles & Composites (in €
millions) |
2015 |
2014 |
276.4 |
228.4 |
|
Revenues |
531.3 |
435.3 |
15.4 |
12.6 |
|
EBITA |
32.9 |
27.2 |
5.6% |
5.5% |
|
EBITA margin |
6.2% |
6.2% |
8.5 |
8.1 |
|
Investments in (in-)tangible fixed assets |
16.0 |
13.7 |
4.5 |
4.8 |
|
Depreciation |
8.8 |
9.4 |
1.9 |
3.5 |
|
Amortisation |
3.8 |
6.7 |
313.9 |
269.4 |
|
Net invested capital at year-end |
313.9 |
269.4 |
|
|
|
FTE excluding temporary personnel at year-end |
1,468 |
1,592 |
Revenues of the Advanced Textiles & Composites
sector grew organically by 8% to € 531.3 million in 2015
(2014: € 435.3 million). EBITA rose to € 32.9 million (2014:
€ 27.2 million). The EBITA margin of the Advanced Textiles
& Composites sector was 6.2%, similar to the previous year.
EBITA as a percentage of average net capital employed increased to
11.1% (2014: 9.1%).
The revenue growth in this sector was mainly due
to increased sales from the TenCate Defender(TM) M portfolio and to
continued growth in aerospace composites. The demand for industrial
protective fabrics fell sharply as a result of circumstances in the
oil and gas industry. The growth in revenues of TenCate Advanced
Armour at the end of the year was too limited to offset the sharp
decline in previous quarters.
Geosynthetics & Grass
2015 H2 |
2014 H2 |
|
Geosynthetics & Grass (in €
millions) |
2015 |
2014 |
312.4 |
279.5 |
|
Revenues |
611.7 |
538.7 |
22.9 |
12.5 |
|
EBITA |
42.6 |
23.5 |
7.3% |
4.5% |
|
EBITA margin |
7.0% |
4.4% |
7.8 |
3.7 |
|
Investments in (in-)tangible fixed assets |
12.8 |
7.4 |
9.7 |
9.5 |
|
Depreciation |
19.4 |
18.8 |
1.7 |
1.7 |
|
Amortisation |
3.5 |
3.4 |
411.4 |
400.0 |
|
Net invested capital at year-end |
411.4 |
400.0 |
|
|
|
FTE excl. temporary personnel at year-end |
2,125 |
2,079 |
Revenues of the Geosynthetics & Grass sector
grew organically by 4% to € 611.7 million in 2015 (2014:
€ 538.7 million). EBITA rose to € 42.6 million (2014: € 23.5
million). The EBITA margin of the Geosynthetics & Grass sector
amounted to 7.0% (2014: 4.4%). EBITA as a percentage of average net
capital employed rose to 10.0% (2014: 6.1%).
As in the previous year, most of the revenue
growth came from synthetic turf components and systems of TenCate
Grass. Excluding currency effects, revenues of TenCate
Geosynthetics were slightly lower than in the previous year.
The rise in EBITA margin in this sector was mainly
due to improved efficiencies through higher utilisation rates at
TenCate Grass.
Other activities
2015 H2 |
2014 H2 |
|
Other activities (in € millions) |
2015 |
2014 |
- 1.4 |
36.1 |
|
Revenues |
15.9 |
67.6 |
- 3.1 |
3.9 |
|
EBITA |
- 7.2 |
2.6 |
1.2 |
1.0 |
|
Investments in (in-)tangible fixed assets |
1.7 |
3.7 |
0.5 |
1.6 |
|
Depreciation |
1.2 |
3.1 |
- |
1.3 |
|
Amortisation |
0.3 |
2.6 |
|
|
|
FTE excluding temporary personnel at year-end |
59 |
674 |
At the beginning of 2015, an agreement was reached
with US private equity firm Platinum Equity on the sale of TenCate
Enbi. The disinvestment of Xennia Technology to Sensient
Technologies Corporation followed at the end of the second quarter
of 2015. Since these divestments, Other activities relate
exclusively to the holding activities.
The change in the result from Other activities
reflects in particular the divestment of TenCate Enbi and the
result from internal currency hedges.
Other financial
information
Exceptional items
The 2015 results were affected by exceptional
charges of € 8.9 million (2014: - € 77.1 million) related
to costs associated with the public offer for TenCate,
restructuring costs at TenCate Advanced Armor USA and a provision
for bad debt.
Working capital
Working capital increased in 2015 because of
organic revenue growth and the higher US dollar exchange rate to €
316.4 million (2014: € 271.5 million).
Investments
In 2015, investments were slightly above the level
of depreciation: the investment in fixed assets amounted to € 30.5
million (2014: € 24.8 million), depreciation of fixed assets was €
29.4 million (2014: € 31.3 million). The investments
were highest at TenCate Advanced Composites and TenCate Grass,
market groups that have shown strong revenue growth.
Staff
Mainly due to the divestment of TenCate Enbi and
Xennia Technologies, the workforce decreased to 3,652 FTEs at
year-end 2015 (2014: 4,345 FTEs).
Royal Ten Cate
Almelo, the Netherlands, Friday,
26 February 2016
For further information:
TenCate
Gert Steens, investor relations
Mobile
: +31 (0)621 597 411
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 and financial annex
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
HUG#1989713
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