TenCate trading update for the first quarter of 2015
(Thomson Reuters ONE) -
+-------------------------------+---------------+---------------+
| Key figures | First quarter | First quarter |
| in millions of Euros | 2015 | 2014 |
+-------------------------------+---------------+---------------+
| Revenues | 267.7 | 223.3 |
+-------------------------------+---------------+---------------+
| Organic revenue growth | + 9% | - 6% |
+-------------------------------+---------------+---------------+
| EBITA | 9.8 | 5.5 |
+-------------------------------+---------------+---------------+
| Net interest-bearing debt | 235.6 | 209.4 |
+-------------------------------+---------------+---------------+
| Debt ratio, Net debt / EBITDA | 2.69 | 2.80 |
+-------------------------------+---------------+---------------+
TenCate recorded a 20% increase in revenues in the first quarter of 2015. On an
organic basis, adjusted in part for the higher dollar exchange rate, revenue
growth was 9%. The strong revenue growth in the fourth quarter of 2014 relating
to composite materials and synthetic turf continued in the first quarter of
2015. Higher sales of TenCate Defender(TM) M and synthetic turf drove the
improvement in margins and earnings. An earnings recovery at TenCate Advanced
Armour has not yet materialised.
Net debt amounted to ? 235.6 million at the end of the first quarter. The
increase of ? 20.1 million since the end of 2014 is primarily the result of the
sharp rise in the dollar exchange rate.
For the year as a whole, TenCate maintains its expectation that organic revenue
growth will be similar to that of 2014.
Advanced Textiles & Composites Sector
In the TenCate Protective Fabrics market group, sales of TenCate Defender(TM) M
were in line with previous quarters and significantly higher than in the first
quarter of 2014.
The TenCate Advanced Composites market group continued its growth, in part based
on the increasing aircraft build rates and a recovery in demand from the
aerospace and satellite industry.
The TenCate Advanced Armour market group's revenues and result remained at a low
level in the first quarter. The current reorganisation is aimed at achieving a
substantially lower break-even point.
Geosynthetics & Grass Sector
In the first quarter the revenues of the TenCate Geosynthetics market group
remained on an organic basis the same as in the first quarter of 2014. Revenues
in Asia picked up.
The TenCate Grass market group continued its growth rate in the sales of
synthetic turf for both sports pitches and landscape projects, helped by
increased marketing efforts. Profitability also improved due to higher
efficiency and further cost savings.
Sale of TenCate Enbi
The sale of TenCate Enbi at book value, as announced in January 2015, was
finalised immediately after the first quarter.
Royal Ten Cate
Almelo, The Netherlands, Thursday, 23 April 2015
For further information:
TenCate corporate
Gert Steens, investor relations
Tel. : +31 (0)546 544 977
E-mail : ir(at)tencate.com
Internet : www.tencate.com
Royal Ten Cate (TenCate) is a multinational company which combines material
technology and chemical processes in the development and production of
functional materials with distinctive characteristics. TenCate products are sold
worldwide.
Systems and materials from TenCate come under four areas of application: safety
& protection, space & 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 Amsterdam (AMX).
Press release as PDF:
http://hugin.info/130798/R/1913814/683661.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Koninklijke Ten Cate NV via GlobeNewswire
[HUG#1913814]
Unternehmensinformation / Kurzprofil:
Datum: 23.04.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 387931
Anzahl Zeichen: 4875
contact information:
Town:
Almelo
Kategorie:
Business News
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