KEY FIGURES

 

 

 

 

 

 

 

 

 

 

 

1st half year

2nd half year

in millions of euros

2012

2013

 

2012

2013

2012

2013

Consolidated profit & loss account

 

 

 

 

 

 

 

Revenues

1,049.0

1,012.0

-4%

539.6

513.7

509.4

498.3

Operating result before depreciation and amortisation (EBITDA) *)

87.2

83.5

-4%

50.0

46.5

37.2

37.0

Operating result before amortisation (EBITA) *)

50.1

48.7

-3%

31.3

28.7

18.8

20.0

Operating result before amortisation as % of revenues *)

4.8%

4.8%

0%

5.8%

5.6%

3.7%

4.0%

Operating result (EBIT) *)

35.6

35.6

0%

24.0

21.0

11.6

14.6

Net profit *)

20.9

19.0

-9%

14.0

13.0

6.9

6.0

 

 

 

 

 

 

 

 

Results before non-recurring items

 

 

 

 

 

 

 

Operating result before depreciation and amortisation (EBITDA) *)

95.2

89.4

-6%

50.0

46.5

45.2

42.9

Operating result before amortisation (EBITA) *)

58.1

54.6

-6%

31.3

28.7

26.8

25.9

Operating result before amortisation as % of revenues *)

5.5%

5.4%

-2%

5.8%

5.6%

5.3%

5.2%

Operating result (EBIT) *)

43.6

41.5

-5%

24.0

21.0

19.6

20.5

Net profit *)

26.2

23.2

-11%

14.0

13.0

12.2

10.2

 

 

 

 

 

 

 

 

Consolidated balance sheet

 

 

 

 

 

 

 

Net capital employed at period-end

750.5

708.4

-6%

836.6

766.0

750.5

708.4

Net interest-bearing dept at period-end

229.9

189.2

-18%

312.4

238.1

229.9

189.2

 

 

 

 

 

 

 

 

Consolidated cash flow

 

 

 

 

 

 

 

Cash flow from operating activities

101.8

75.1

 

18.8

29.3

83.0

45.8

Cash flow from investment activities

-33.4

-32.5

 

-25.3

-26.0

-8.1

-6.5

Cash flow from operating and investment activities

68.4

42.6

 

-6.5

3.3

74.9

39.3

 

 

 

 

 

 

 

 

Number of outstanding shares (x 1,000)

 

 

 

 

 

 

 

Number of outstanding shares at period-end

26,498

26,791

1%

 

 

 

 

Average number of outstanding shares (before dilution)

25,895

26,225

1%

 

 

 

 

Average number of outstanding shares (after dilution)

26,040

26,366

1%

 

 

 

 

 

 

 

 

 

 

 

 

Per share data

 

 

 

 

 

 

 

Net profit *)

0.81

0.72

-11%

0.54

0.50

0.27

0.22

Diluted net profit *)

0.80

0.72

-10%

0.54

0.49

0.26

0.23

 

 

 

 

 

 

 

 

Employees

 

 

 

 

 

 

 

FTE ex contracted staff at period-end

4,454

4,256

-4%

4,662

4,266

4,454

4,256

       of which in the Netherlands

795

774

-3%

815

780

795

774

FTE ex contracted staff at period-end     
       excluding acquisitions

4,454

4,200

-6%

4,662

4,211

4,454

4,200

 

*) adjusted for accounting policy change pensions


 

KEY FIGURES PER SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

1st half year

2nd half year

in millions of euros

2012

2013

 

2012

2013

2012

2013

 

Advanced Textiles & Composites

 

 

 

 

 

 

 

 

Revenues

460.6

427.8

-7%

240.9

228.4

219.7

199.4

 

EBITA

23.5

21.3

-9%

19.0

14.1

4.5

7.2

 

EBITA-margin

5.1%

5.0%

-2%

7.9%

6.2%

2.0%

3.6%

 

Capital expenditures

9.4

7.8

-17%

5.7

2.9

3.7

4.9

 

Depreciation

10.7

10.3

-4%

5.3

5.3

5.4

5.0

 

Amortisation

5.0

6.3

26%

2.6

3.9

2.4

2.4

 

Net capital employed at period-end

286.5

284.6

-1%

332.1

297.8

286.5

284.6

 

FTE ex contracted staff at period-end

1,697

1,542

-9%

1,657

1,518

1,697

1,542

 

FTE ex contracted staff at period-end excluding acquisitions

1,697

1,486

-12%

1,657

1,463

1,697

1,486

 

 

 

 

 

 

 

 

 

 

Geosynthetics & Grass

 

 

 

 

 

 

 

 

Revenues

518.7

517.8

0%

261.7

249.7

257.0

268.1

 

EBITA

31.5

27.9

-11%

15.8

14.9

15.7

13.0

 

EBITA-margin

6.1%

5.4%

-11%

6.0%

6.0%

6.1%

4.8%

 

Capital expenditures

5.3

4.9

-8%

3.3

1.5

2.0

3.4

 

Depreciation

24.3

21.6

-11%

12.4

11.0

11.9

10.6

 

Amortisation

6.4

4.3

-33%

3.2

2.5

3.2

1.8

 

Net capital employed at period-end

399.7

369.1

-8%

446.1

396.1

399.7

369.1

 

FTE ex contracted staff at period-end

2,102

2,034

-3%

2,379

2,123

2,102

2,034

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Revenues

69.7

66.4

-5%

37.0

35.6

32.7

30.8

 

EBITA *)

-4.9

-0.5

90%

-3.5

-0.3

-1.4

-0.2

 

Capital expenditures

1.9

1.7

-11%

0.6

0.4

1.3

1.3

 

Depreciation

2.1

2.9

38%

1.0

1.5

1.1

1.4

 

Amortisation

3.1

2.5

-19%

1.5

1.3

1.6

1.2

 

FTE ex contracted staff at period-end

655

680

4%

626

625

655

680

 

*) adjusted for accounting policy change pensions


CONDENSED CONSOLIDATED PROFIT & LOSS ACCOUNT

 

 

 

 

 

 

 

 

 

 

 

  1st half year

2nd half year

 

in millions of euros

2012*)

2013

2012*)

2013

2012*)

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

1,049.0

1,012.0

539.6

513.7

509.4

498.3

 

 

 

 

 

 

 

 

 

Cost of goods sold

843.6

809.2

426.3

407.1

417.3

402.1

 

 

 

 

 

 

 

 

 

Gross margin

205.4

202.8

113.3

106.6

92.1

96.2

 

 

 

 

 

 

 

 

 

Marketing & sales costs

67.5

72.2

33.9

35.8

33.6

36.4

 

Research & development costs

23.3

22.4

11.6

12.5

11.7

9.9

 

General & administrative costs

79.0

72.6

43.8

37.3

35.2

35.3

 

 

 

 

 

 

 

 

 

Operating result (EBIT)

35.6

35.6

24.0

21.0

11.6

14.6

 

 

 

 

 

 

 

 

 

Net finance costs

-12.1

-10.1

-6.2

-5.0

-5.9

-5.1

 

 

 

 

 

 

 

 

 

Pre-tax income

23.5

25.5

17.8

16.0

5.7

9.5

 

Profit tax

-8.2

-8.5

-5.2

-4.7

-3.0

-3.8

 

Net income associated companies

-0.3

0.1

-0.3

0.1

-

-

 

 

 

 

 

 

 

 

 

Result after tax

15.0

17.1

12.3

11.4

2.7

5.7

 

Minority interests

-5.9

-1.9

-1.7

-1.6

-4.2

-0.3

 

 

 

 

 

 

 

 

 

Net Profit TenCate
(Shareholders of parent company)

20.9

19.0

14.0

13.0

6.9

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before non-recurring items:

 

 

 

 

 

 

 

Operating result (EBIT)

43.6

41.5

24.0

21.0

19.6

20.5

 

Pre-tax income

31.5

31.4

17.8

16.0

13.7

15.4

 

Profit tax

-8.8

-9.7

-5.2

-4.7

-3.6

-5.0

 

Net Profit TenCate
(Shareholders of parent company)

 

26.2

 

23.2

 

14.0

 

13.0

 

12.2

 

10.2

 

 

*) adjusted for accounting policy change pensions


 

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

 

 

 

 

 

in millions of euros

31-12-2012

 

31-12-2013

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

   Intangible fixed assets

269.4

 

 

270.2

 

   Tangible fixed assets

196.7

 

 

165.7

 

   Financial fixed assets

47.0

 

 

42.1

 

Total fixed assets

 

513.1

 

 

478.0

 

 

 

 

 

 

Current assets

 

 

 

 

 

   Inventories

226.4

 

 

223.8

 

   Trade debtors and other receivables

159.7

 

 

147.1

 

Cash and cash equivalents

26.7

 

 

21.6

 

Total current assets

 

412.8

 

 

392.5

 

 

 

 

 

 

Total assets

 

925.9

 

 

870.5

 

 

 

 

 

 

Group equity

 

 

 

 

 

   Shareholders’ equity

457.2

 

 

474.3

 

   Minority interests

-1.9

 

 

-1.0

 

Group equity

 

455.3

 

 

473.3

 

 

 

 

 

 

Long-term liabilities

 

 

 

 

 

   Long-term debts

220.3

 

 

195.1

 

   Pension liabilities

42.3

 

 

24.1

 

   Provisions

11.4

 

 

9.9

 

   Deferred profit tax liabilities

8.8

 

 

7.5

 

Total long-term liabilities

 

282.8

 

 

236.6

 

 

 

 

 

 

Short-term liabilities

 

 

 

 

 

   Short-term debts / repayment of long-term debts

36.3

 

 

15.7

 

   Trade creditors and other payables

142.4

 

 

139.2

 

   Provisions and profit tax liabilities

9.1

 

 

5.7

 

Total short-term liabilities

 

187.8

 

 

160.6

 

 

 

 

 

 

Total liabilities

 

470.6

 

 

397.2

 

 

 

 

 

 

Total group equity and liabilities

 

925.9

 

 

870.5

 


 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

 

 

 

 

 

 

 

 

 

 

 

in millions of euros

2012*)

 

 

2013

 

 

 

 

 

 

 

Cash flow from operating activities

 

 

 

 

 

 

 

 

 

 

 

Result after tax

15.0

 

 

17.1

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

Depreciation and amortisation

51.6

 

 

47.9

 

Net finance costs

-0.1

 

 

0.7

 

Profit tax

3.7

 

 

-4.2

 

Changes in working capital

38.3

 

 

13.5

 

Change in provisions and pension liabilities

-9.0

 

 

-1.2

 

Others

2.3

 

 

1.3

 

Total cash flow from operating activities

 

101.8

 

 

75.1

 

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

 

 

 

 

 

 

 

Investments in tangible and intangible fixed assets

-16.6

 

 

-14.4

 

Acquisition of operating companies less cash acquired

-15.7

 

 

-18.0

 

Other

-1.1

 

 

-0.1

 

Total cash flow from investing activities

 

-33.4

 

 

-32.5

 

 

 

 

 

 

Total cash flow from operating and investing activities

 

68.4

 

 

42.6

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

 

 

 

 

 

Net drawing / repayment (-) of long-term debt

-51.5

 

 

-20.2

 

Dividend payment to shareholders

-12.2

 

 

-7.6

 

Other

0.5

 

 

1.0

 

 

 

 

 

 

 

Total cash flow from financing activities

 

-63.2

 

 

-26.8

 

 

 

 

 

 

Change in cash & cash equivalents

 

5.2

 

 

15.8

 

 

*) adjusted for accounting policy change pensions


 

CONSOLIDATED OVERVIEW OF CHANGES IN GROUP EQUITY

in millions of euros

2012*)

 

2013

 

 

 

 

As at January 1st

469.5

 

455.3

 

 

 

 

Changes:

 

 

 

Result after tax

15.0

 

17.1

Foreign currency translation differences for foreign operations

-3.8

 

-11.4

Result hedge accounting

0.6

 

2.3

Actuarial results pensions

-16.6

 

13.6

Cash dividend

-12.2

 

-7.6

Share based payments transactions settled in equity instruments

2.0

 

1.6

Issuance of shares repurchased

0.5

 

1.0

Change in non-controlling interest

0.3

 

1.4

As at December 31st

455.3

 

473.3

 

*) adjusted for accounting policy change pensions