2009 - Jaarverslag

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Ten-year summaryIn millions of euros, unless stated otherwiseFigures based on IFRS Figures based on Dutch GAAP2009 2008 2007 2006 2005 2004 2003 2002 2001 2000CONSOLIDATED STATEMENTOF COMPREHENSIVE INCOMERevenues 842.1 1,032.6 886.0 770.5 686.5 641.0 569.6 602.1 620.0 620.2Changes in inventories of finished productsand work in progress 29.8 – 18.0 – 11.7 – 4.8 0.5 – 12.6 – 2.6 – 2.4 6.0 – 3.2Raw materials and manufacturing supplies 391.6 562.0 463.6 402.2 353.8 332.1 280.7 289.9 297.2 294.4Work contracted out and other external expenses 63.1 60.7 54.9 34.7 29.3 29.5 28.8 36.4 37.9 36.3Personnel costs 173.0 190.3 178.3 171.2 161.6 159.7 142.9 151.3 159.1 160.2Other operating costs 109.2 111.5 98.8 94.0 83.5 78.5 71.5 79.0 78.9 74.7Depreciation and impairment 33.9 30.7 29.1 22.1 18.6 18.9 18.5 22.9 25.0 25.2EBITA 41.5 95.4 73.0 51.1 39.2 34.9 29.8 25.0 15.9 32.6Amortisation 8.8 11.6 3.6 1.0 0.7 0.3 1.1 1.1 1.0 –OPERATING RESULT (EBIT) 32.7 83.8 69.4 50.1 38.5 34.6 28.7 23.9 14.9 32.6Net financial expenses – 12.7 – 13.7 – 11.3 – 8.0 – 4.6 – 6 . 8 – 7 . 0 – 12.0 – 12.9 – 10.6RESULT BEFORE PROFIT TAX 20.0 70.1 58.1 42.1 33.9 27.8 21.7 11.9 2.0 22.0Profit tax – 5.6 – 19.1 – 11.9 – 11.4 – 11.5 – 9 . 2 – 5.3 1.7 0.7 – 3.3RESULT AFTER TAX BUT BEFORE RESULTFROM PARTICIPATING INTERESTS 14.4 51.0 46.2 30.7 22.4 18.6 16.4 13.6 2.7 18.7Share in net income of associated companies 8.7 – 0.3 45.4 8.1 5 . 1 3 . 9 5.4 3.5 5.5RESULT AFTER TAX 23.1 51.0 46.5 76.1 30.5 23.7 20.3 19.0 6.2 24.2Extraordinary items after tax – – – – – – – 12.3 – 12.0 –RESULT AFTER TAX 23.1 51.0 46.5 76.1 30.5 23.7 20.3 31.3 – 5.8 24.2Minority interests 0.8 0.1 – 0.1 – 0.1 – – 0.1 – – 0.2 0.1 –NET INCOME 23.9 51.1 46.4 76.0 30.5 23.6 20.3 31.1 – 5.7 24.2Dividend 15.0 20.4 18.8 16.2 12.5 10.2 8.5 7.7 2.4 9.8EBITA in % of revenues 4.9% 9.2% 8.2% 6.6% 5.7% 5.4% 5.2% 4.2% 2.6% 5.3%Return on net capital employed * 5.7% 13.4% 13.1% 14.4% 15.3% 13.5% 11.7% 9.7% 5.9% 13.6%* Prior to 2007, based on net capital employed at year-end.150Royal Ten Cate Annual Report 2009
In millions of euros, unless stated otherwiseFigures based on IFRS Figures based on Dutch GAAP2009 2008 2007 2006 2005 2004 2003 2002 2001 2000CONSOLIDATED BALANCE SHEETIntangible fixed assets 203.8 212.1 136.8 12.4 13.8 12.1 10.6 12.8 14.7 –Tangible fixed assets 214.7 247.4 218.1 165.8 161.4 118.8 118.1 130.5 154.3 151.5Financial fixed assets 45.3 25.1 19.8 18.3 35.2 19.9 11.4 9.2 5 . 6 7.5Total fixed assets 463.8 484.6 374.7 196.5 210.4 150.8 140.1 152.5 174.6 159.0Inventories 155.0 211.5 176.2 157.7 157.5 138.6 110.0 117.4 124.6 134.6Receivables 116.9 187.7 166.2 128.2 125.0 98.8 91.7 89.8 109.7 107.0Securities and cash 12.8 5.4 4.8 6.7 4.6 2 . 7 5 . 8 2 . 9 0 . 1 0.4Total current assets 284.7 404.6 347.2 292.6 287.1 240.1 207.5 210.1 234.4 242.0TOTAL ASSETS 748.5 889.2 721.9 489.1 497.5 390.9 347.6 362.6 409.0 401.0Equity * 380.8 366.9 310.1 238.7 181.8 146.5 162.0 152.9 129.5 140.6Minority interests 4.1 5.1 0.3 0.2 – 0 . 1 0 . 1 0 . 2 0 . 1 0.4Group equity 384.9 372.0 310.4 238.9 181.8 146.6 162.1 153.1 129.6 141.0Provisions 40.5 43.5 40.8 43.8 56.1 52.1 15.6 15.1 14.4 11.2Long-term debts 192.0 316.2 222.3 63.5 130.2 74.1 82.9 107.0 77.7 83.1Banks and short term loans 16.3 20.3 12.9 30.4 27.1 24.6 13.9 8.9 99.7 67.4Other short-term debts 114.8 137.2 135.5 112.5 102.3 93.5 73.1 78.5 87.6 98.3TOTAL LIABILITIES 748.5 889.2 721.9 489.1 497.5 390.9 347.6 362.6 409.0 401.0*With effect from 2003 equity before appropriation of profit.Group capital/total capital 51% 42% 43% 49% 37% 38% 47% 42% 32% 35%Acquisitions /(de)consolidations 18.9 88.1 175.1 – 63.0 40.8 29.2 0.3 1.4 23.6 14.8Investments in tangible and intangiblefixed assets 17.3 48.0 62.9 43.0 26.2 12.0 16.9 17.0 28.5 29.5Depreciation and amortisation 42.7 42.3 32.7 23.1 19.3 19.2 19.6 24.0 26.0 25.2Number of staff years at year-end 3,805 4,437 4,020 3,532 3,578 3,634 3,245 3,278 3,625 3,585Number of shares outstandingat year-end (x 1,000) 25,068 23,967 23,556 21,063 20,784 20,472 20,096 19,192 18,872 18,872Net earnings per € 2.50 share 0.97 2.18 2.04 3.66 1.48 1.17 1.03 1.63 – 0.31 1.30Dividend per share in euro 0.60 0.85 0.80 0.70 0.60 0.50 0.43 0.40 0.13 0.52Closing price in euro 18.43 16.05 21.27 23.21 21.50 13.55 9.02 6.25 6.50 8.23Royal Ten Cate Annual Report 2009 151
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Royal Ten CateAnnual Report 2009Con
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COMMERCIAL OVERVIEWas at 1 January
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Annual Report 2009Royal Ten CatePro
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Financial highlights inmillions of
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Corporate technology3D weavingThe T
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Vision, mission, strategy and objec
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TenCate technology overviewEND-USER
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The TenCate shareLISTINGThe TenCate
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ConnectedTenCate is a producer of m
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Report of the Supervisory BoardANNU
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REPORT OF THE SUPERVISORY BOARD◾
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ADVANCED ARMOURIn Europe demand has
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The Boards (as at 1 January 2010)EX
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PROTECTIVE FABRICSIn 2009 TenCate P
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REPORT OF THE EXECUTIVE BOARDAnalys
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REPORT OF THE EXECUTIVE BOARDOPERAT
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REPORT OF THE EXECUTIVE BOARDPOST B
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PROTECTIVE FABRICSProtective clothi
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REPORT OF THE EXECUTIVE BOARD > Adv
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AEROSPACE COMPOSITESIn March 2009 A
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ADVANCED ARMOURPeace operations are
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GEOSYNTHETICSIn 2009 TenCate Geosyn
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REPORT OF THE EXECUTIVE BOARD > Geo
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innovative inkjet solutionsAs globa
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Corporate informationCORPORATE GOVE
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CORPORATE INFORMATIONSWOT ANALYSIST
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GRASSThe 100th Cruyff Court was ope
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CORPORATE INFORMATIONbodies, in par
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CORPORATE INFORMATIONWith regard to
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CORPORATE INFORMATIONCentral manage
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CORPORATE INFORMATIONthe reduction
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CORPORATE INFORMATIONSAFETYOur empl
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CORPORATE INFORMATIONResearch and d
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CORPORATE INFORMATIONSUSTAINABILITY
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SPACE COMPOSITESGalileo is the firs
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Corporate communicationIn October 2
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24 Share capital 10125 Pension liab
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Consolidated statement of comprehen
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Consolidated balance sheetin millio
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Consolidated cash flow statementFor
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2009 - Jaarverslag

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