Koninklijke Ten Cate NV : TenCate records 4% organic revenue growth in 2014
2015年2月20日 - 3:36PM
Impairment of € 82 million, mainly at TenCate Advanced Armour
- Organic revenue growth of 4% for the full year 2014; 9% in
the second half of 2014
- Growth in composites, synthetic turf yarns and industrial
protective fabrics
- Expected increase in defense revenues failed to materialise
as a result of postponed deliveries of armour orders (vehicle
armour)
- Downward pressure on results due to a substantial operating
loss at TenCate Advanced Armour, to lower margins at TenCate
Geosynthetics and to increased marketing costs
- EBITA* € 53.3 million (2013: € 54.4 million); EBITA margin*
5.1% (2013: 5.4%)
- Net profit before exceptional items € 24.1 million (2013: €
23.2 million)
- Net result (IFRS) - € 45.7 million (2013: € 19.0 million) as
a result of exceptional items, impairments at TenCate Advanced
Armour and Xennia Technology
- Positive cash flow of € 1.9 million (2013: € 42.6 million);
increase in working capital as a result of strong revenue growth in
the fourth quarter due in part to continuing demand for synthetic
turf yarns
- Net debt € 215.5 million (2013: € 188.3 million)
- Net debt / EBITDA ratio 2.57 (2013: 2.27)
- TenCate expects 2015 organic growth in revenues similar to
that in 2014
- Dividend proposal unchanged at € 0.50 per share (optional
stock dividend)
2014 H2 |
2013 H2** |
|
Key figures (in € million) |
2014 |
2013** |
544.0 |
491.5 |
|
Revenues |
1,041.6 |
1,002.4 |
+ 9% |
0% |
|
Organic growth in revenues |
+ 4% |
- 3% |
44.9 |
42.6 |
|
EBITDA* |
84.6 |
89.1 |
29.0 |
25.6 |
|
EBITA* |
53.3 |
54.4 |
5.3% |
5.2% |
|
EBITA-margin* |
5.1% |
5.4% |
14.1 |
10.2 |
|
Net result before exceptional items |
24.1 |
23.2 |
0.53 |
0.38 |
|
Earnings per share before exceptional items (EUR) |
0.91 |
0.88 |
|
|
|
Dividend (EUR) |
0.50 |
0.50 |
- 55.7 |
6.0 |
|
Net result (IFRS) |
- 45.7 |
19.0 |
- 2.10 |
0.22 |
|
Earnings per share after exceptional items (IFRS) (EUR) |
- 1.72 |
0.72 |
|
|
|
EBITA as a percentage of average net invested capital |
7.1% |
7.1% |
|
|
|
Investments in fixed assets |
24.8 |
14.4 |
|
|
|
Net interest-bearing debt |
215.5 |
188.3 |
|
|
|
Net debt / EBITDA |
2.57 |
2.27 |
|
|
|
FTE excluding temporary personnel as of 31 December 2014 |
4,345 |
4,234 |
* EBITDA, EBITA and EBITA margin have been adjusted in this
press release to take account of exceptional items, unless
specifically stated otherwise ** 2013 numbers have been adjusted
for comparison purposes Loek de Vries, President and CEO:
"TenCate revenues have developed favourably from the second quarter
of 2014 onwards. Fourth quarter revenues increased organically by
15%, compared to the fourth quarter of 2013. The latter can be
attributed to the demand from the United States for TenCate
Defender(TM) M products, revenue growth in composites and armour
products and sustained demand for synthetic turf yarns. For the
full year 2014 TenCate Grass, with 11%, showed the highest organic
revenue growth after TenCate Advanced Composites, with 16%. In the
second half of the year defense revenues rose as expected, compared
to the first half of 2014. TenCate Advanced Armour, however, did
not keep pace with this trend. Although in 2014 new, multi-year
supply agreements were concluded for a total amount of more than
US$ 100 million, delivery of orders was slow to start. The timing
of deliveries remains uncertain; it is expected that half of the
total contract volume will be delivered after 2015. The historical
figures and revised forecasts for this market group in particular
prompted an impairment charge. This measure will have no impact on
the competitive position of this market group. TenCate remains well
positioned in this market. The development of the TenCate
ABDS(TM) active blast countermeasure system is proceeding
according to planning. The negative results of TenCate Advanced
Armour had an adverse effect on the profitability of the TenCate
group as a whole. Measures are being taken to sustainably reduce
the cost base. The Advanced Armour group has had to deal with sharp
fluctuations in deliveries, and will increase the flexibility of
its costs significantly. On balance this will considerably reduce
the negative results in 2015. In the course of 2015 a start will be
made with the delivery of army uniforms based on TenCate
Defender(TM) M material within the multi-year agreement that was
signed in October 2014 with a new customer outside the United
States. The sale of TenCate Enbi was agreed at the beginning of
2015. This transaction is expected to be closed in the first half
of 2015, thus completing the Fix-It / Exit strategy. TenCate
expects to achieve growth in 2015 that is similar to that in 2014.
This growth results from an increase in sales and marketing
efforts, an improvement in market conditions of the synthetic turf
activities, growth in protective fabrics and an acceleration of
growth of aerospace composites. In recent years, TenCate has
focused strongly on technology development and in the years ahead
we must reap the benefits." 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 6. Advanced Textiles & Composites
2014 H2 |
2013 H2 |
|
Advanced Textiles & Composites (in € million) |
2014 |
2013 |
228.4 |
199.4 |
|
Revenues |
435.3 |
427.8 |
12.6 |
11.9 |
|
EBITA |
27.2 |
26.0 |
5.5% |
6.0% |
|
EBITA margin |
6.2% |
6.1% |
8.1 |
4.9 |
|
Investments in (in-)tangible fixed assets |
13.7 |
7.8 |
4.8 |
5.0 |
|
Depreciation |
9.4 |
10.3 |
3.5 |
2.4 |
|
Amortisation |
6.7 |
6.3 |
269.4 |
284.6 |
|
Net invested capital at year-end |
269.4 |
284.6 |
1,592 |
1,542 |
|
FTE excluding temporary personnel at year-end |
1,592 |
1,542 |
The Advanced Textiles & Composites sector recorded an
organic increase in revenues of 2% to € 435.3 million in 2014
(2013: -8%, € 427.8 million). EBITA improved to € 27.2 million
(2013: € 26.0 million). The EBITA margin amounted to 6.2% (2013:
6.1%). This sector's increase in revenues stems in particular from
composites for aerospace and automotive applications in the TenCate
Advanced Composites market group. An increase was also recorded in
the sales of industrial protective fabrics at the TenCate
Protective Fabrics market group. Defense-related revenues recovered
from the second quarter onwards, but for the year 2014 as a whole
revenues in this end market for the Advanced Textiles &
Composites sector were 12% lower than in 2013. In the fourth
quarter the sector's defense-related revenues rose strongly at both
TenCate Protective Fabrics and TenCate Advanced Armour. TenCate
Protective Fabrics recorded unchanged annual revenues, with growth
in the fourth quarter making up for the shortfall in the first half
of the year. The sales of industrial protective fabrics (TenCate
Tecasafe® and TenCate Tecapro®) grew by 17%. In the fourth quarter,
TenCate benefited from strong catch-up demand from the United
States for TenCate Defender(TM) M material for army uniforms. After
a period of intensive marketing outside the United States, a
multi-year agreement was signed in October 2014 for the supply of
protective uniforms for national armed forces based on TenCate
Defender(TM) M. Deliveries of these uniforms will start in the
course of 2015. The process innovation relating to inkjet
technology reached its marketing phase. In 2014, TenCate Outdoor
Fabrics made a start with digitally-printed sun awning fabrics and
tent cloth. The TenCate Advanced Composites market group recorded
organic revenue growth of 16% in 2014. The increased build rate of
the latest generation of commercial aircraft, with an increasing
share of TenCate composites, is the driver behind this growth. In
the automotive market a major success was recorded with the order
for the exclusive supply of thermoset composite material for the
Alfa Romeo 4C sports car. High revenue growth was also achieved in
composite materials for sporting goods. TenCate Advanced Armour saw
its revenues decline organically by 17%. Although major new supply
agreements were entered into in 2014, the deliveries relating to
various agreements were slow to start. Growth was achieved in the
law enforcement market of police forces and security services. The
development of the TenCate ABDS(TM) active blast countermeasure
system is proceeding according to planning in a series of test
phases in collaboration with the U.S. Army Research, Development
and Engineering Command (RDECOM). Under the Cooperative Research
and Development Agreement (CRADA), the U.S. Army Tank Automotive
Research, Development and Engineering Center is in charge of the
second phase of the technology evaluation programme, which is
intended to demonstate that the protection offered is both
effective and robust. The 2014 profit growth of the Advanced
Textiles & Composites sector was held back considerably the
substantial operating loss at TenCate Advanced Armour.
Geosynthetics & Grass
2014 H2 |
2013 H2 |
|
Geosynthetics & Grass (in € million) |
2014 |
2013 |
279.5 |
261.3 |
|
Revenues |
538.7 |
508.2 |
12.5 |
12.3 |
|
EBITA |
23.5 |
27.3 |
4.5% |
4.7% |
|
EBITA margin |
4.4% |
5.4% |
3.7 |
3.4 |
|
Investments in (in-)tangible fixed assets |
7.4 |
4.9 |
9.5 |
10.6 |
|
Depreciation |
18.8 |
21.5 |
1.7 |
1.8 |
|
Amortisation |
3.4 |
4.2 |
400.0 |
362.1 |
|
Net invested capital at year-end |
400.0 |
362.1 |
2,079 |
2,012 |
|
FTE excl. temporary personnel at year-end |
2,079 |
2,012 |
The revenues of the Geosynthetics & Grass sector grew
organically by 7% to € 538.7 million in 2014 (2013: €
508.2 million). EBITA declined to € 23.5 million (2013: € 27.3
million). The EBITA margin amounted to 4.4% (2013: 5.4%). In the
reporting year, TenCate Geosynthetics achieved 4% organic revenue
growth, despite the continuing pressure on government budgets that
limited the market for geotextiles for infrastructure. TenCate
Geosynthetics recorded growth in the United States. Midway through
the year, revenues in Asia recovered cautiously. TenCate Grass
recorded organic revenue growth of 11% in 2014. This growth was
driven by a good revenue trend from both synthetic turf yarns and
synthetic turf systems for sports and landscaping. In the United
States, TenCate Grass successfully launched the GreenFields® brand
amid growing revenues. European demand for sports pitches remained
stable. The replacement market continued to show healthy growth,
particularly in the United States and Europe. The profitability of
the Geosynthetics & Grass sector was depressed. At TenCate
Geosynthetics the result declined due to restraint in the market
for infrastructure projects. The result of TenCate Grass developed
favourably, with increased marketing costs. Other
2014 H2 |
2013 H2 |
|
Other (in € million) |
2014 |
2013 |
36.1 |
30.8 |
|
Revenues |
67.6 |
66.4 |
3.9 |
1.4 |
|
EBITA |
2.6 |
1.1 |
1.0 |
1.3 |
|
Investments in (in-)tangible fixed assets |
3.7 |
1.7 |
1.6 |
1.4 |
|
Depreciation |
3.1 |
2.9 |
1.3 |
1.2 |
|
Amortisation |
2.6 |
2.5 |
674 |
680 |
|
FTE excluding temporary personnel at year-end |
674 |
680 |
In the sector Other (Xennia Technology, TenCate Enbi and Holding
& Services) revenues rose in 2014 by 2% to € 67.6 million
(2013: -3%, € 66.4 million). EBITA increased to € 2.6 million
(2013: € 1.1 million). The revenues of TenCate Enbi grew in 2014,
compared to 2013. In January 2015 an agreement was reached with
American private equity firm, Platinum Equity on the sale of
TenCate Enbi. This transaction is expected to be closed in the
first half of 2015. Within Xennia Technology the composition of
revenues changed considerably in 2014, as a result of the strategic
focus on inks, in particular for the textile industry. On balance,
revenues remained unchanged. Impairment and other exceptional
items On balance the amount of exceptional items before tax was
-€ 77.1 million (2013: - € 5.9 million). The largest exceptional
item relates to an impairment charge of in total € 82.2 million,
which primarily concerns TenCate Advanced Armour and Xennia
Technology. The impairment is the result of revised forecasts.
These are in part based on historical results. The exceptional
items also include a gain of € 7.9 million as a result of changes
in the Dutch pension scheme. Other financial information In
2014, investments were significantly higher than in the previous
year, but remained below the level of depreciation: investments in
fixed assets amounted to € 24.8 million (2013: € 14.4 million),
depreciation was € 31.3 million (2013: € 34.7 million). The
increase of revenues, in particular in the fourth quarter, led to
an organic increase in the net working capital of € 32.8 million by
the end of December 2014 (2013: € 8.3 million). On balance, TenCate
generated a positive cash flow from operating and investing
activities of € 1.9 million (2013: € 42.6 million). Net debt
amounted to € 215.5 million at the year end (2013: € 188.3
million). The € 27.2 million rise is largely attributable to the
changed exchange rate between US dollar and euro. The ratio net
debt / EBITDA was 2.57 (2013: 2.27). Here too the dollar exchange
rate had an upward effect. At the end of 2014, the number of
employees at TenCate was 4,345 FTEs (2013: 4,234 FTEs). The
increase occurred mainly at the activities for composites and
synthetic turf. Dividend proposal For 2014, TenCate will
propose to its shareholders a distribution equal to the 2013
dividend of € 0.50 per € 2.50 par value share. The dividend
will be payable at the shareholders' discretion in cash or in
shares. Outlook for 2015 TenCate expects for 2015 organic
revenue growth similar to that in 2014. The highest growth is
expected at TenCate Advanced Composites, at TenCate Grass and at
TenCate Protective Fabrics. Revenue growth will lead to an
improvement in profitability as a result of the revenue mix and of
higher efficiency. Restructuring at TenCate Advanced Armour will
reduce costs. Investments are expected to be around the level of
depreciation in 2015. Financial objectives Within the
published financial objectives, priority will be given to earnings
growth. For the medium term, TenCate aims for an average annual
EBITA-growth of at least 10% while maintaining its target for the
return (EBITA) on net invested capital of at least 15%. Royal
Ten Cate Almelo, the Netherlands, Friday, 20 February 2015
For further information:
TenCate corporate Gert Steens, manager investor relations
Tel.
: +31 (0)546 544
977
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).
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