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TenCate net profit rise in Q1

29
Apr '08
Apart from currency effects, sales increased by 17% to € 209 million in the first quarter. On an autonomous basis, sales rose by 5%.

The increase in sales was limited on the one hand by seasonal effects and on the other by the continuing sluggishness of the American economy. The latter exerted an influence in particular on American sales of geosynthetics.

The order position of the Advanced Textiles & Composites sector grew strongly, compared to the end of the first quarter of 2007.

Result:
The operating result before the amortization of intangible fixed assets (EBITA) increased by 20% to € 13.4 million (first quarter 2007: € 11.2 million).

The EBITA margin rose to 6.4% (first quarter 2007: 5.9%). Not taking into account currency effects, the increase in EBITA was 34%.

EBITA growth was due in particular to favourable developments in the field of protective fabrics (US) and the acquisition of Composix and TenCate Thiolon Middle East.

The net profit for the first quarter of 2008 was € 7.3 million (first quarter 2007: € 6.0 million).

As a result of the recent acquisitions, the amortization of intangible fixed assets showed an increase to € 1.1 million (2007: € 0.3 million).

The net profit corrected to take account of this increase (on a cash earnings basis) showed a rise of 33% to € 8.4 million.

Finances:
In February 2008 the syndicated bank loan was increased from € 250 million to € 400 million in connection with the acquisitions that have been made.


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