TenCate trading update for the first quarter of 2015
April 23 2015 - 1:31AM
Key figures in millions of Euros |
First quarter 2015 |
First quarter 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@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
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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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#1913814
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