TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained in 2013.
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.
TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained in 2013. #
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.'
TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained in 2013. #
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%.
TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained in 2013. #
The proportion of defence markets in the overall revenues of TenCate decreased from 13% in 2012 to 8% in 2013.
TenCate announced financial results for 2013. The leading market positions held by TenCate were, nevertheless, maintained 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.
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