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TenCate revenues down 8% in 2012
02
Mar '13
Loek de Vries, President and CEO: The unexpectedly sharp decrease in sales in the US defence market resulted in a significant reduction in the sales of TenCate Defender M and the armour portfolio. TenCate has continually based its outlook on forecasts from the US defence authorities, who displayed increasing reticence, partly in view of the US presidential elections and the threat of the fiscal cliff. This had a major impact on the performance of the group as a whole. The US defence market represents a large proportion of total revenues.

The autonomous decrease in revenues of on balance approximately €168 million was such that, despite the implementation of cost reductions, a substantial decrease in profit resulted.

As the result of increased market dynamics, the policy was further refined and in the fourth quarter non-recurring provisions were made for an amount of on balance €8 million.

Leading market positions were retained. TenCate has trendsetting products. Safety and protection continue to be the focus of attention worldwide, and consequently confidence is maintained in the future recovery of revenues and profitability.

Highlights of 2012
-Decrease in revenues of 8% to €1,049 million (autonomous -15%).
- Normalized EBITA: €60 million; €8 million non-recurring expenses, mainly in the 4th quarter.
- EBITA: €52.0 million (autonomous -53%).
- Net profit €22.3 million (autonomous -63%); normalized net profit €27.6 million.
- Number of FTEs reduced by 350 since May 2012.
- Free cash flow rises from -€9 million to +€68 million.
- Interest-bearing debt decreased by approximately €60 million to €230 million.
- Debt ratio 2.55 (2011: 2.12).

Advanced Textiles & Composites sector: substantial decrease in revenues and result due mainly to contraction of the US defence market.Geosynthetics & Grass sector: EBITA rose by €5 million (+20%) with revenues remaining virtually unchanged. Dividend proposal: €0.50 per share (pay-out 58%), in cash or as a stock dividend at shareholder’s discretion (2011: €0.95 per share, stock dividend option).

Annual figures for 2012

The revenues for 2012 amounted to €1,049 million (2011: €1,139 million). In autonomous terms revenues decreased by 15% (currency effect +5%; effect of acquisitions / divestments +2%).

The operating result before the amortization of intangible assets (EBITA) decreased in 2012 by 49% to €52 million (autonomous -53%; currency effect +3%; acquisitions / divestments +1%). This includes an amount of approximately €8.0 million in non-recurring expenses. The normalized EBITA for 2012 amounted to €60.0 million.

The net profit for 2012 decreased by 62% to €22.3 million (2011: €58.7 million). Net earnings per share amounted to €0.86 (2011: €2.31).


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