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2016-02-26

Koninklijke Ten Cate NV : TenCate records 5% organic revenue growth in 2015

* Organic revenue growth of 5% for the full year 2015
* Growth of military protective fabrics, synthetic turf systems and
components, and composites
* EBITA* € 68.3 million (2014: € 53.3 million); EBITA margin* 5.9% (2014:
5.1%)
* Net result before exceptional items € 41.6 million (2014: € 24.1 million)
* Positive cash flow € 48,8 million (2014: € 1,9 million)

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| 2015 H2 2014 H2 Key figures (in € millions) 2015 2014 |
| 587.4 544.0 Revenues 1,158.9 1,041.6 |
| 5% 9% Organic revenue growth 5% 4% |
| 49.9 44.9 EBITDA* 97.7 84.6 |
| 35.2 29.0 EBITA* 68.3 53.3 |
| 6.0% 5.3% EBITA margin* 5.9% 5.1% |
| 22.3 14.1 Net result before exceptional items 41.6 24.1 |
| 0.82 0.53 Earnings per share before exceptional items (EUR) 1.54 0.91 |
| 16.2 - 55.7 Net result (IFRS) 34.1 - 45.7 |
| 0.60 - Earnings per share after exceptional items (IFRS) (EUR) 1.26 - 1.72 |
| 2.10 |
| EBITA* as a percentage of average net invested capital 9.0% 7.1% |
| Investments in fixed assets 30.5 24.8 |
| Net interest-bearing debt 192.8 215.5 |
| FTE excluding temporary personnel at year-end 3,652 4,345 |
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* EBITDA, EBITA and EBITA margin have been adjusted in this press release to
take account of exceptional items, unless specifically stated otherwise

Loek de Vries, President and CEO
: "The increased commercial focus, partly on the basis of the innovation and
product development of recent years, has resulted in revenue growth. Results
were good, although there was not yet a clear economic recovery.

There is a growing need for safety and protection. As a specialist in this
area, TenCate can make a significant contribution.

We look with confidence to the future with our new owners. The consortium of
investors endorses the existing buy&build strategy. This implies that end
users, customers and employees will continue to benefit from the long-term
horizon of TenCate. The application of new materials with new standards is
often accompanied by an extensive introduction phase in close co-operation
with end users and partners in the value chain."

Developments

In 2015, TenCate revenues rose organically by 5% to € 1,159 million. Nominal
revenue growth was 11%, to which currency effects contributed + 11% and of
which divestments had an effect of - 5%. Military protective fabrics,
synthetic turf components and systems as well as aerospace composites
accounted for most of the revenue growth. For the whole of 2015, revenues in
the defense market represented 13% (2014: 7%) of the total.

EBITA before exceptional items rose to € 68.3 million (2014: € 53.3 million).
The increase in the EBITA margin to 5.9% (2014: 5.1%) was primarily due to
revenue growth and higher efficiencies at TenCate Grass.

Excluding exceptional items, the 2015 group net profit was € 41.6 million
(2014: € 24.1 million). Reported net profit after exceptional items was €
34.1 million (2014: - € 45.7 million).

Public offer and appropriation of 2015 result

On 20 July 2015, TenCate and Tennessee Acquisition, a consortium of investors
led by Gilde Buy Out Partners, published the intention of a public offer for
all TenCate shares. As of 10 February 2016, the consortium had acquired 98%
of the shares outstanding. The listing of Royal Ten Cate on Euronext
Amsterdam will be terminated on 17 March 2016.

While applying provision 30.2 of the articles of association, the executive
board, with approval of the supervisory board, has decided not to pay a
dividend to holders of ordinary shares and add the net profit to the
reserves. In a possible squeeze-out procedure or buy-out procedure, or other
measures as specified in the offer memorandum, shareholders who have not
tendered their shares under the offer will therefore in principle be paid an
amount per share equal to the offer price.

Sectors

Unless stated otherwise, the amounts mentioned in this press release relate to
the result adjusted for exceptional items. These exceptional items are
explained on page 4.

Advanced Textiles&Composites

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| 2015 H2 2014 H2 Advanced Textiles&Composites (in € millions) 2015 2014 |
| 276.4 228.4 Revenues 531.3 435.3 |
| 15.4 12.6 EBITA 32.9 27.2 |
| 5.6% 5.5% EBITA margin 6.2% 6.2% |
| 8.5 8.1 Investments in (in-)tangible fixed assets 16.0 13.7 |
| 4.5 4.8 Depreciation 8.8 9.4 |
| 1.9 3.5 Amortisation 3.8 6.7 |
| 313.9 269.4 Net invested capital at year-end 313.9 269.4 |
| FTE excluding temporary personnel at year-end 1,468 1,592 |
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Revenues of the Advanced Textiles&Composites sector grew organically by 8% to
€ 531.3 million in 2015 (2014: € 435.3 million). EBITA rose to € 32.9 million
(2014: € 27.2 million). The EBITA margin of the Advanced Textiles&Composites
sector was 6.2%, similar to the previous year. EBITA as a percentage of
average net capital employed increased to 11.1% (2014: 9.1%).

The revenue growth in this sector was mainly due to increased sales from the
TenCate Defender(TM) M portfolio and to continued growth in aerospace
composites. The demand for industrial protective fabrics fell sharply as a
result of circumstances in the oil and gas industry. The growth in revenues
of TenCate Advanced Armour at the end of the year was too limited to offset
the sharp decline in previous quarters.

Geosynthetics&Grass

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| 2015 H2 2014 H2 Geosynthetics&Grass (in € millions) 2015 2014 |
| 312.4 279.5 Revenues 611.7 538.7 |
| 22.9 12.5 EBITA 42.6 23.5 |
| 7.3% 4.5% EBITA margin 7.0% 4.4% |
| 7.8 3.7 Investments in (in-)tangible fixed assets 12.8 7.4 |
| 9.7 9.5 Depreciation 19.4 18.8 |
| 1.7 1.7 Amortisation 3.5 3.4 |
| 411.4 400.0 Net invested capital at year-end 411.4 400.0 |
| FTE excl. temporary personnel at year-end 2,125 2,079 |
-------------------------------------------------------------------------------

Revenues of the Geosynthetics&Grass sector grew organically by 4% to € 611.7
million in 2015 (2014: € 538.7 million). EBITA rose to € 42.6 million (2014:
€ 23.5 million). The EBITA margin of the Geosynthetics&Grass sector amounted
to 7.0% (2014: 4.4%). EBITA as a percentage of average net capital employed
rose to 10.0% (2014: 6.1%).

As in the previous year, most of the revenue growth came from synthetic turf
components and systems of TenCate Grass. Excluding currency effects, revenues
of TenCate Geosynthetics were slightly lower than in the previous year.

The rise in EBITA margin in this sector was mainly due to improved
efficiencies through higher utilisation rates at TenCate Grass.

Other activities

---------------------------------------------------------------------------------
| 2015 H2 2014 H2 Other activities (in € millions) 2015 2014 |
|- 1.4 36.1 Revenues 15.9 67.6 |
|- 3.1 3.9 EBITA - 7.2 2.6 |
| 1.2 1.0 Investments in (in-)tangible fixed assets 1.7 3.7 |
| 0.5 1.6 Depreciation 1.2 3.1 |
|- 1.3 Amortisation 0.3 2.6 |
| FTE excluding temporary personnel at year-end 59 674 |
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At the beginning of 2015, an agreement was reached with US private equity firm
Platinum Equity on the sale of TenCate Enbi. The disinvestment of Xennia
Technology to Sensient Technologies Corporation followed at the end of the
second quarter of 2015. Since these divestments, Other activities relate
exclusively to the holding activities.

The change in the result from Other activities reflects in particular the
divestment of TenCate Enbi and the result from internal currency hedges.

Other financial information

Exceptional items

The 2015 results were affected by exceptional charges of € 8.9 million (2014:
- € 77.1 million) related to costs associated with the public offer for
TenCate, restructuring costs at TenCate Advanced Armor USA and a provision
for bad debt.

Working capital

Working capital increased in 2015 because of organic revenue growth and the
higher US dollar exchange rate to € 316.4 million (2014: € 271.5 million).

Investments

In 2015, investments were slightly above the level of depreciation: the
investment in fixed assets amounted to € 30.5 million (2014: € 24.8 million),
depreciation of fixed assets was € 29.4 million (2014: € 31.3 million). The
investments were highest at TenCate Advanced Composites and TenCate Grass,
market groups that have shown strong revenue growth.

Staff

Mainly due to the divestment of TenCate Enbi and Xennia Technologies, the
workforce decreased to 3,652 FTEs at year-end 2015 (2014: 4,345 FTEs).

Royal Ten Cate

Almelo, the Netherlands, Friday, 26 February 2016

For further information:

TenCate

Gert Steens, investor relations

Mobile : +31 (0)621 597 411

E-mail :ir@tencate.com

Internet :www.tencate.com

Royal Ten Cate
(TenCate) is a multinational company that combines textile techno...

Författare WKR

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