2009 - Jaarverslag

ADVANCED TEXTILES & COMPOSITESKey figuresAdvanced Textiles & Composites 2009 2008 2007 2006 2005in millions of euros unless stated otherwiseRevenues 397.3 481.0 350.3 279.7 285.6Operating result before amortisation (EBITA) 31.7 61.5 40.2 21.3 16.8EBITA margin (%) 8.0 12.8 11.5 7.6 5.9Operating result (EBIT) 27.0 52.9 38.7 20.9 16.5Investments 4.2 11.7 17.0 11.7 13.2Depreciation and amortisation 14.2 17.6 10.8 6.1 6.2Net assets 234.0 286.4 197.6 124.9 124.2Staff years at year-end 1,340 1,651 1,238 1,203 1,171EBITA as percentage of average net capital employed 12.0 22.9 22.6 17.1 13.5ACTIVITIESThe Advanced Textiles & Composites sector consists of the followingmarket groups◾ TenCate Protective Fabrics and TenCate Outdoor FabricsHigh-grade protective and safety fabrics for the defence andprofessional wear market, and for the high-grade segmentof the outdoor market.◾ TenCate Advanced Armour andTenCate Space & Aerospace CompositesComposites for the (aero)space industry (Space & Aerospacemarket group) and special industrial applications and for personalprotection and vehicle armour (Armour market group), includingcomposite materials with bullet-, fragment-, knife- and needleproofcharacteristics.REVENUES AND RESULTSThe Advanced Textiles & Composites sector showed an organicdecrease of 20% in revenues in 2009 (currency effect + 3%) to€ 397.3 million (2008: € 481.0 million).The decline in revenues was due primarily to developments inthe TenCate Advanced Armour and TenCate Space & AerospaceComposites market groups and related to inventory reductions inthe aviation sector, delays in the introduction of new aircraft andthe absence of major projects in the US armour market. In this regard,2008 was an exceptionally good year, characterised by very large USdefence projects. The project-based nature of sales is an inherentfeature of this market.BUSINESS MODEL PROTECTIVE FABRICSBUSINESS MODEL COMPOSITESEND-USER MARKETINGINNOVATIONEND-USER MARKETINGINNOVATION▪ End user marketing through business unitDefense & Tactical▪ Importance of brand awareness▪ More focus on industrial sectors(oil and gas extraction, utilities)▪ I mplement inkjet technology in the(future) business▪ Effective use of internal and external IP▪ Design capabilities; solutions▪ Alignment with OEM’s▪ Global footprint▪ Open innovation centers▪ New qualifications supportfuture revenue growth▪ Create new product champions besidesTenCate Defender M▪ Product development by means of inkjettechnology▪ Rationalize Dutch operation▪ Improve operational performance▪ Outsourcing (make or buy)▪ UD technology creates newPMT-combinations▪ Increased applications for thermoplasticsthrough business developmentand TPRC▪ Rationalize Dutch production▪ Outsourcing (make or buy)▪ Create economies of scaleDIFFERENTIATIONCOST LEADERDIFFERENTIATIONCOST LEADERAnnual Report 2009 33