TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained in 2013.

 

Highlighs: 

-Decline in revenues of 4% to € 1,012 million (autonomous -3%, currency effect -2%, acquisitions / divestments +1%). 

-Defence-related revenues decline by 40%.

-TenCate Advanced Composites records 16% growth in revenues. 

-EBITA € 48.7 million (autonomous -3%) including non-recurring costs of € 5.9 million, mainly in the fourth quarter (2012: € 8.0 million non-recurring costs). 

-Net profit € 19.0 million (autonomous -7%).

-Decline in net interest-bearing debt by € 41 million to € 189 million; debt ratio 2.27 (2012: 2.55).

-Dividend proposal: € 0.50 per share (2012: € 0.50), in cash or as stock dividend at shareholder's discretion.

 

Loek de Vries, President and CEO: 'As expected, 2013 was a challenging year for TenCate. The year was marked by cautious government markets as a result of budgetary constraints.'

 

The important US defence market was faced with automatic budget cuts at the start of the year. Uncertainty about the size of the US Army withdrawal from Afghanistan also had an adverse effect on defence markets. In Europe defence expenditure reached its lowest point in ten years. The defence-related revenues of TenCate declined by 40%. 

 

The proportion of defence markets in the overall revenues of TenCate decreased from 13% in 2012 to 8% in 2013.

 

By contrast, most private markets developed positively. The market for composites continued to perform favourably in 2013. The first revenues in automotive composites were recorded by the successful acquisition of Amber Composites in January 2013. The proportion of TenCate revenues generated in the mobility market rose to 12% in 2013. TenCate is consequently less dependent on government expenditure.

TenCate continued to focus on sustainable innovation. Innovation entails investments and costs, while revenues to offset these will only be generated over time.

 

Major steps were taken towards commercialization in 2013 in the developments relating to digital printing and finishing technology, synthetic turf systems, the TenCate ABDSTM active blast countermeasure system and thermoplastic composite material for the automotive industry. These key areas of attention will make a contribution to the future growth of TenCate.'

 

Annual figures for 2013

EBITA in 2013 amounted to € 48.7 million (2012: € 50.1 million). This amount includes € 5.9 million in non-recurring costs (mainly write-downs within the Advanced Textiles & Composites sector). In 2012 this balance amounted to a total of € 8.0 million.

 

The operating result (EBIT) remained the same as in 2012 and amounted to € 35.6 million.

 

The net profit for 2013 amounted to € 19.0 million (2012: € 20.9 million) and net earnings per share, € 0.72 (2012: € 0.81).