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Koninklijke Ten Cate NV: TenCate trading update for the first quarter of 2015

| Keyfigures First quarter First quarter |
| |
| |
|in millions of Euros 2015 2014 |
| Revenues 267.7 223.3 |
| Organic revenue growth + 9% - 6% |
| EBITA 9.8 5.5 |
| Net interest-bearing debt 235.6 209.4 |
| Debt ratio, Net debt / EBITDA 2.69 2.80 |
TenCate recorded a 20% increase in revenues in the first quarter of 2015. On
an organic basis, adjusted in part for the higher dollar exchange rate,
revenue growth was 9%. The strong revenue growth in the fourth quarter of
2014 relating to composite materials and synthetic turf continued in the
first quarter of 2015. Higher sales of TenCate Defender(TM) M and synthetic
turf drove the improvement in margins and earnings. An earnings recovery at
TenCate Advanced Armour has not yet materialised.

Net debt amounted to € 235.6 million at the end of the first quarter. The
increase of € 20.1 million since the end of 2014 is primarily the result of
the sharp rise in the dollar exchange rate.

For the year as a whole, TenCate maintains its expectation that organic
revenue growth will be similar to that of 2014.

Advanced Textiles&Composites Sector

In the TenCate Protective Fabrics market group, sales of TenCate Defender(TM)
M were in line with previous quarters and significantly higher than in the
first quarter of 2014.

The TenCate Advanced Composites market group continued its growth, in part
based on the increasing aircraft build rates and a recovery in demand from
the aerospace and satellite industry.

The TenCate Advanced Armour market group's revenues and result remained at a
low level in the first quarter. The current reorganisation is aimed at
achieving a substantially lower break-even point.

Geosynthetics&Grass Sector

In the first quarter the revenues of the TenCate Geosynthetics market group
remained on an organic basis the same as in the first quarter of 2014.
Revenues in Asia picked up.

The TenCate Grass market group continued its growth rate in the sales of
synthetic turf for both sports pitches and landscape projects, helped by
increased marketing efforts. Profitability also improved due to higher
efficiency and further cost savings.

Sale of TenCate Enbi

The sale of TenCate Enbi at book value, as announced in January 2015, was
finalised immediately after the first quarter.

Royal Ten Cate

Almelo, The Netherlands, Thursday, 23 April 2015

For further information:

Gert Steens, investor relations
Tel. : +31 (0)546 544 977

Royal Ten Cate
(TenCate) is a multinational company which combines material technology and chemical processes in the development and production of functional materials with distinctive characteristics. TenCate products are sold worldwide.
Systems and materials from TenCate come under four areas of application: safety&protection, space&aerospace; infrastructure and the environment; sport and recreation. TenCate occupies leading positions in protective fabrics, composites for space and aerospace, antiballistics, geosynthetics and synthetic turf. TenCate is listed on Euronext Amsterdam (AMX).

Press release as PDF


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Koninklijke Ten Cate NV via Globenewswire


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