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TenCate reports good order book position for protective fabrics

31
Oct '08

Tencate today released results for the third quarter and the first nine months of 2008.

General performance in the third quarter of 2008:
Sales increased in the third quarter of 2008 by 16% to €269.6 million. The currency effect on sales amounted to -5%. The operating result before amortization (EBITA) rose to €25.8 million (+ 32%; autonomous: 0%) in the third quarter. The currency effect on EBITA amounted to -8% in the third quarter.

Net profit before amortization (cash earnings) increased by 22% to €15.0 million in the third quarter.

The Advanced Textiles & Composites sector once again turned in excellent results in the third quarter. The growth was mainly due to the strong demand from military markets and the aviation industry.

Sales in aerospace/space composites grew, primarily as a result of increased deliveries (TenCate Cetex) for the Airbus A380.

In the United States useful qualification processes in the space and aerospace sector have recently started up. Partly as a result of recent acquisitions, TenCate has strong technology positions, which will enable significant growth to be achieved in these markets in the near future.

The Geosynthetics & Grass sector recorded continuing growth in profit under difficult external circumstances in the third quarter. In the US the geosynthetics market is experiencing difficulties as a result of the current economic situation. TenCate took cost measures in good time at the geosynthetics activities in the United States and is gaining market share.

In the synthetic turf market closer cooperation is taking place with market parties of a high calibre in order to strengthen the position in end markets and to tackle the market more from a systems approach. These developments will lead to a greater degree of chain integration, where the quality and the performance of the end product (the sports pitch) will be paramount.

TenCate is regarded worldwide as a solid partner in the chain with a wide product portfolio. The current economic situation provides strategic opportunities for partnerships, in view of the fact that, as a result of the tightening of the financing market, some slowdown in growth is currently visible in this sector.

First nine months of 2008:

Sales in the first nine months amounted to €781.2 million (first nine months of 2007: €659.6 million). This growth in sales can to a considerable extent be accounted for by acquisitions. Autonomous sales increased by 7%. The currency effect on sales amounted to -7% for the first nine months.

The operating result before amortization (EBITA) amounted to €71.1 million, a rise of 40% compared with the first nine months of 2007. In autonomous terms the rise was 3%. The currency effect on EBITA amounted to -10% for the first nine months.

The net profit before amortization and result from divested activities and exceptional items amounted to €45.3 million for the first nine months of 2008 (2007: €32.9 million).

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