TenCate half year figures 2013
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Transcript of TenCate half year figures 2013
CORPORATE
Royal Ten Cate Half-yearly results 2013 Outlook 2013
Ir L. de Vries, President and CEO Royal Ten Cate Amsterdam, Thursday 25 juli 2013
CORPORATE
1. Profile, trends and market themes
2. Market drivers
3. Core activities
4. Financial developments half-year 2013
5. Developments per sector
6. Outlook 2013
Half-yearly results TenCate 2013 2
Agenda Presentation half-yearly results Royal Ten Cate 2013
CORPORATE
Two megatrends: Safety & Sustainability
Half-yearly results TenCate 2013 3
Profile, trends and market themes
CORPORATE
Market drivers
• Safety and protection
• Carbon footprint
• Infrastructural developments
• Water management
• Sustainability
• Corporate social responsibility
TenCate operates at growth markets
Half-yearly results TenCate 2013 4
• Modernisation army (safety, weight reduction, mobility)
• New specifications materials
• Modern mobility concepts
• Dewatering and detection systems
• Synthetic turf / water retention and filtration systems
• Process innovations
• Multi-risk solutions in personal safety
DEVELOPMENTS SOLUTIONS
CORPORATE
Core activities Protecting people
Half-yearly results TenCate 2013 5
Technologies Markets Products
Extrusion technology with Textile technologies
Weaving technology and Finish & coating technology
• Specialist fabrics • Composites
• Geotextiles • Synthetic turf
• Defense and special units • Industry and emergency respons • Outdoor • Space and aerospace • Automotive • Armour
• Infrastructure • Environment and watermanagement • Sports and landscaping
CORPORATE
• Revenues € 514 million (-5%; organic -6%; currency effect -1%; acquisitions / divestments +2%) • EBITA € 29 million (-8%; organic -9%; currency effect -1%; acquisitions / divestments +2%) • Net profit drops by 7% to € 13 million • Adverse market circumstances in defence market and badweather circumstances had a negative
impact on revenues; recovery started in second quarter
• Sector Advanced Textiles & Composites: decrease of revenues and results due to shrinking defense expenditures; positive developments TenCate Adanced Composites
• Sector Geosynthetics & Grass: Slow start with recovery during first half-year
• Significant decrease interest bearing debt (- € 74 million) to € 238 million despite acquisition • Net interest bearing debt / EBITDA 2,8
Half-yearly results TenCate 2013
First half-year 2013 Summary
6
CORPORATE
512
434
455 59
2
540
514
521
408 53
0 546
509
0
200
400
600
800
1000
1200 20
08
2009
2010
2011
2012
2013
Revenues and EBITA development Royal Ten Cate
7 Half-yearly results TenCate 2013
Revenues (€ m) 45
21 38
56
31
29
50
21
47
46
19
0
20
40
60
80
100
120
1H 2H
EBITA (€m)
CORPORATE
Revenues by end-market Indicative
Half-yearly results TenCate 2013 8
20%
15%
21%9%
29%
6%
1H12
22%
9%
23%11%
28%
7%
1H13
Personal protection
Defence
Sports & Leisure
Aerospace & Automotive
Infra & Environment
Other
CORPORATE
2009 2010 2011 2012 2013
Defense-revenues* Protecting People – at work
Half-yearly results TenCate 2013 9
Index 2009 = 100 1H
1H
2H
Defense-revenues decreased by 40% compared to 2012
* Protective Fabrics for defense / armour composites
CORPORATE
Other financial information
• Reduction fte’s circa 470 since June 2012, corrected for acquisitions
• Operational cash flow: € 29 million (+56% compared to H1 2012) • Investments: € 4.8 million (H1 2012: € 9.6 million)
• Investments in acquisitions € 22 million
• Net interest bearing debt: € 238 million (H1 2012: € 312 million) • Decrease net interest bearing debt position by € 74 million despite acquisition of Amber
Composites • Net interest bearing debt/ EBITDA ratio H1 2013: 2.8 (well within the covenant: 3.5)
Half-yearly results TenCate 2013 10
PROTECTIVE FABRICS
Developments per sector Sector Advanced Textiles & Composites
Half-yearly results TenCate 2013 11
CORPORATE
248
215
193 29
0
241
228
233
182
255
249
220
0
100
200
300
400
500
600 20
08
2009
2010
2011
2012
2013
Revenues and EBITA developments Advanced Textiles & Composites
12 Half-yearly results TenCate 2013
Revenues (€ m) 31
20
16
41
19
14
31
11 28
29
5
0 10 20 30 40 50 60 70 80
1H 2H
EBITA (€ m)
Protective fabrics • Army and special (police) forces
• Industry and emergency response
• Outdoor
Aerospace and space composites • Commercial aircraft, military aircraft, satellites
• Radomes
Armour composites • Vehicles, airplanes, missiles
• Personal protection
Industrial composites • Automotive, energy etc.
• Parts & components
CORPORATE
Course of events first half-year 2013
• Decrease revenues and results TenCate Protective Fabrics due to decreased deliveries to US army • Revenue growth TenCate Tecasafe™ partly compensates drop TenCate Defender™ M
• Revenues TenCate Advanced Composites increase further
• Revenue increase space and aerospace composites in USA; temporary delay Airbus A380 and A350
• Acquisition Amber Composites supports entrance automotive market
• TenCate Advanced Armour suffers from low government spending • Revenues USA recover in second quarter with well-filled orderbook • TenCate ABDS™ active blast countermeasure system in qualification phase USA government
organisations
Sector Advanced Textiles & Composites
Half-yearly results TenCate 2013 13
TenCate Protective Fabrics
TenCate Advanced Composites
TenCate Advanced Armour
H1 2013 H1 2012
Indicative revenue breakdown sector Advanced Textiles & Composites
CORPORATE Half-yearly results TenCate 2013 14
Market group TenCate Protective & Outdoor Fabrics
CORPORATE
• Revenues TenCate Defender™ M below last year • Improvement supplies to US army did not progress in second
quarter • Dozens of armies globally conducting wearing-trials
• Strong growth (>20%) of TenCate Tecasafe™ offers partly compensation • Margins outside defense market are at lower levels
• Introduction inkjet machine protective and outdoor fabrics
TenCate Protective Fabrics
Half-yearly results TenCate 2013 15
Main developments per market group
CORPORATE
CLIP TenCate Outdoor Fabrics Development digital inkjettechnology
Half-yearly results TenCate 2013 16
CORPORATE Half-yearly results TenCate 2013 17
Market group TenCate Advanced Composites and TenCate Advanced Armour
CORPORATE
• Growth TenCate Advanced Composites • Revenues space and aerospace composites USA increased • Programs Airbus A380 en A350 below expectations
• Long term outlook unchanged
• TenCate Armor USA recovers in second quarter • Revenue growth in first half-year 2013
• Delayed orders for aerospace armour • European defense spendings are at 10-year low
• Development TenCate ABDS ™ active blast countermeasure
system entered official qualification phase of US government organisations
TenCate Advanced Composites and TenCate Advanced Armour
Half-yearly results TenCate 2013 18
Main developments per market group
CORPORATE
• Strategic focus on components and structural parts
• One stop shop: thermoset and thermoplastic composites
• Optimalisation of choice of materials (broad productportfolio)
• Total solution for OEM by combining knowledge of materials,
process knowledge and design
• Co-operation with OEM and other partners within the
production chain
• Amber Composites offers support to growth ambitions
• Partnerships with BASF and Owens Corning develop
according plan • From October 2013 BASF offers an integral approach for
thermoplastic composites solutions; TenCate is supplier of a portfolio of thermoplastic composites
TenCate Advanced Composites
Half-yearly results TenCate 2013 19
Development automotive composites
CORPORATE
Developments automotive composites
CLIP automotive composites
Half-yearly results TenCate 2013 20
CORPORATE
Developments survivability solutions TenCate ABDS™ active blast countermeasure system
Half-yearly results TenCate 2013 21
CORPORATE
Development survivability solutions
Half-yearly results TenCate 2013 22
TenCate ABDS ™ active blast countermeasure system Te
chno
logy
dev
elop
men
t
Evolve concept to product
Eval
uatio
n Introduce capabilities & assess applications C
omm
erci
aliz
atio
n Enter volume production
Serv
ice
and
enha
nce
Maintenance sustainment and product line expansion
2011 – 2013 2013 – 2016 2016 – 2020
PROTECTIVE FABRICS
Developments per sector Sector Geosynthetics & Grass
Half-yearly results TenCate 2013 23
CORPORATE
237
193
227
268
262
250
261
199 24
3 258
257
0
100
200
300
400
500
600 20
08
2009
2010
2011
2012
2013
Revenues and EBITA development Geosynthetics & Grass
24 Half-yearly results TenCate 2013
Revenues (€ m) 17
5
19
14
16
15
21
12
13
12 16
0 5
10 15 20 25 30 35 40
1H 2H
EBITA (€ m)
Geosynthetics • Infrastructure, agribusiness
• Environmental and water management
Synthetic turf • Sports and landscaping
• Infrastructure
CORPORATE
Course of events first half-year 2013
• Late start of revenue development TenCate Geosynthetics in first half year: • Europe (more specific Eastern Europe) and the USA recovered during the second quarter • Revenues from Asia lagged behind
• Sales organisation within TenCate Geosynthetics reinforced with focus on water management and environmental solutions
• TenCate Grass benefited from improved utilisation rate and lower cost base
Sector Geosynthetics & Grass
Half-yearly results TenCate 2013 25
Geosynthetics
Grass Upstream
Grass Downstream
Indicative revenue breakdown sector Geosynthetics & Grass
H1 2013 H1 2012
CORPORATE Half-yearly results TenCate 2013 26
Market group TenCate Geosynthetics
CORPORATE
• Revenues and results TenCate Geosynthetics in first half-year lower than in 2012
• Revenue growth TenCate Geotube® systems 20 percent • Adverse weather circumstances resulted in delay for
infrastructural projects • Recovery in Europe and USA during second quarter
• Focus is on growth of the private sector • Water & Environment and Mining • Oil & gas exploration
TenCate Geosynthetics Main developments per market group
Half-yearly results TenCate 2013 27
Asia
Public Private
Americas Europe
CORPORATE
TenCate Geotube® in Brazil
CLIP Canal do Fundão en Lagunar de Barra in Rio de Janeiro
Half-yearly results TenCate 2013 28
CORPORATE Half-yearly results TenCate 2013 29
Market group TenCate Grass
CORPORATE
• Revenue decrease TenCate Grass due to late start of the season in downstream; revenue growth in upstream
• Utilisation rate production first half-year gradually increased; • Improved integration upstream activities and downstream
activities
• TenCate Grass will supply a number of clubs in Dutch first division with synthetic turf pitches; a breakthrough for the professional football sport • Positive for exposure synthetic turf in professional football • Successfull introduction of GreenFields™ MX, woven
synthetic turf pitch
TenCate Grass
Half-yearly results TenCate 2013 30
Main developments per market group
CORPORATE
CLIP GreenFields™ MX Developments integrated synthetic turf systems
Half-yearly results TenCate 2013 31
CORPORATE
Traffic Circle with synthetic turf near Riyadh in Saudi-Arabia Developments landscaping synthetic turf
Half-yearly results TenCate 2013 32
PROTECTIVE FABRICS
Developments per sector Sector Other
Half-yearly results TenCate 2013 33
CORPORATE
• Strategic review Xennia Technology • Reorganisation started in fourth quarter of 2012 finalised
• Emphasis on commercialisation of developed products, knowledge and capabilities
• Result improves despite lower revenues (business focus)
• TenCate Enbi • Improvement of revenues as well as results
TenCate Enbi and Xennia Technology
Half-yearly results TenCate 2013 34
Main developments per market group
CORPORATE
Outlook 2013
Half-yearly results TenCate 2013 35
CORPORATE
Outlook 2013
• Market circumstances remain challenging for the rest of the year • TenCate has confidence in the second half of the year of 2013
• Increased order positions
• More positive picture in respect of sector Advanced Textiles & Composites for second half of the year • Revenue growth in protective fabrics for global industrial markets will continue • Supply TenCate Defender™ M to US army remains at current low level • Revenues aerospace composites for Airbus A380 and A350 increase
• Outlook revenue development sector Geosynthetics & Grass favourable • Increased utilisation rate and cost savings in TenCate Grass will positively contribute to further
profit recovery
Royal Ten Cate NV
Half-yearly results TenCate 2013 36
Protecting people