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Strong profit recovery in the Geosynthetics, TenCate

27 Aug '10

4 min read

Sales of composites also showed a rise during the period compared to the previous year.

The overall result was a slight decrease in sales in the Advanced Textiles & Composites sector in the second quarter.

EBITA (operating result before amortisation of intangible assets) rose in the second quarter from €13.4 million in 2009 to €30.1 million in 2010, with the largest rise occurring in the Geosynthetics & Grass sector.

Other (financial) information
The cash flow from operating activities in the first half of the year amounted to €17 million (2009: €42 million).

A restrained investment policy remains in force in view of the current economic climate. The total amount invested in fixed assets in the first half of the year was €9.1 million (2009: €8.1 million).

The net interest-bearing debt at the end of June 2010 amounted to €238.0 million (end of June 2009: €287.2 million). The debt/EBITDA ratio was 2.7 (maximum of 3.0 under bank covenant).

The financial income and expenses item decreased by €4.2 million. This difference is mainly due to the write-down of a minority interest which had been included in the 2009 figures.

Earnings per share in the first six months of 2010 rose 27% from €0.62 to €0.78.

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