Koninklijke Ten Cate NV : TenCate Trading Update Third Quarter 2015
(Thomson Reuters ONE) -
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(at)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:
http://hugin.info/130798/R/1960696/714818.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Koninklijke Ten Cate NV via GlobeNewswire
[HUG#1960696]
Unternehmensinformation / Kurzprofil:
Datum: 22.10.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 428645
Anzahl Zeichen: 6941
contact information:
Town:
Almelo
Kategorie:
Business News
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