Koninklijke Ten Cate NV : TenCate trading update for the first quarter of 2014
April 28 2014 - 2:07AM
Key figures for the first quarter of 2014
x 1 €million |
First quarter of 2013 |
First quarter of 2014 |
Changes |
Autonomous |
Net revenues |
241.2 |
223.3 |
-7% |
-5% |
EBITA |
12.8 |
5.5 |
-57% |
-56% |
Net debt |
246.3 |
209.4 |
|
|
Debt ratio |
2.80 |
2.80 |
|
|
TenCate recorded a decline in revenues of 7% in the
first quarter of 2014, with 2% of this being the result of currency
effects. The lower defence revenues had a considerable effect on
profitability. TenCate does not consider the results for the first
quarter to be representative of the year as a whole, particularly
in view of the seasonal nature of a large part of the revenues and
the low number of major projects in the first quarter. The net debt
declined by €37 million, with the debt ratio on balance remaining
unchanged.
For the year as a whole TenCate maintains its growth
projection in respect of the trend in revenues for the company,
barring unforeseen circumstances.
Advanced Textiles & Composites Sector
The defence-related revenues within the Advanced Textiles &
Composites sector decreased sharply in the first quarter of 2014
compared to the first quarter of 2013. Defence-related revenues are
expected to recover strongly, based on current orders and orders
that are expected.
Revenue growth was recorded within TenCate Protective Fabrics in
the first quarter in the market for emergency response and for
industrial safety (TenCate Tecasafe® Plus).
Activities in automotive and industrial composites made a
significant contribution to the growth in revenues of the TenCate
Advanced Composites sector.
Geosynthetics & Grass Sector
TenCate Geosynthetics achieved limited revenue growth in Europe
and the American continents. In Asia the market for infrastructure
projects remained depressed, as a result of lower government
budgets and local political uncertainty.
Global fibre production at TenCate Grass achieved growth in
revenues and higher profitability as a result of recovering market
demand for high-grade fibres, in part due to a shift in the mix
towards high quality products. The costs that were entailed in the
development of the GreenFields marketing and sales organization in
the United States put downward pressure on the Grass downstream
activities.
Royal Ten Cate Almelo, Monday, 28 April
2014
For further information:
TenCate (Corporate) Pieter Zwinkels, investor
relations manager
Tel. +31
(0)546 544 977 Mobile +31 (0)6
1088 6338 e-mail ir@tencate.com
Internet www.tencate.com
Royal Ten Cate (TenCate) is a multinational company that
combines material technology with chemical processes in the
development and production of functional materials with distinctive
characteristics, with the mission of 'Protecting People'. Systems
and materials from TenCate come under six end markets: personal
protection; defence; mobility; infrastructure; water management;
sport and recreation. TenCate occupies leading positions in
protective fabrics, composites for aerospace, antiballistics,
geosynthetics and synthetic turf. TenCate is listed on NYSE
Euronext Amsterdam and included in the AMX index.
Press release as PDF
http://hugin.info/130798/R/1780303/608616.pdf
HUG#1780303
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