2009 - Jaarverslag

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CORPORATE INFORMATIONWith regard to currencies, Ten Cate draws a distinction betweencompetition, transaction and translation risk.The competition risk concerns the changing competitive position vis-àviscompetitors in areas with a different currency. This risk is hedgedover the subsequent six months by means of options. Thereafter apermanent answer must be found to the new situation.Transactions in foreign currencies are immediately hedged by meansof futures or options. These are mainly transactions by Europeanoperating companies denominated in US dollars and British pounds.The translation risk arises when operating companies outside theeurozone make a substantial profit contribution, while their currencyweakens against the euro. This occurs regularly in the case of theAmerican operating companies. These translation risks are hedged bymeans of options. They are also offset by means of opposite positionswith regard to competitive risk. In the latter case, significant savingsare made in premium costs. In such cases any decrease in the dollarhas a very limited impact on the group result.Pension provisionsTenCate has placed the pension provision for Dutch employees withStichting Pensioenfonds Koninklijke TenCate. This average salaryscheme is designated as ‘defined benefit’ in accordance with IFRSreporting rules. A sharp fall in prices on international securitiesexchanges could lead to a decrease in the value of the pension fund’sinvestments. In the event of a decrease in interest rates, the presentvalue of the liabilities increases. In such situations the cover ratio mayfall sharply. That happened in 2008 and <strong>2009</strong>, as a result of which thecompany had to pay € 2.3 million in additional pension contributions.The result of this and of interest rate developments may be that theprovision for pension liabilities on the Royal Ten Cate balance sheetincreases under the new IFRS guidelines. The pension fund has takenmeasures itself within its investment policy, partly as a result of theFinancial Assessment Framework (including interest rate riskmanagement), involving a reduction in the risk profile.The company has concluded an implementation contract with StichtingPensioenfonds Koninklijke TenCate, under which the financialcontribution remains limited to an average contribution. This moveswithin an agreed range depending on the financial situation of thefund.In the other countries there are defined contribution schemesin the vast majority of cases.RISK MANAGEMENT AND CONTROL SYSTEMThe overall risk management and control measures are based on anumber of key elements.CultureThe company strives for a culture of openness, integrity,professionalism, enthusiasm, efficiency and respect. Core values areentrepreneurship, innovation and a focus on results. Every employee ismade aware of these cultural elements and the obligation to complywith all applicable legislation and regulations.The Integrity Code and the Confidential Adviser Scheme set out thegeneral rules of conduct with which employees must comply.OrganisationTenCate’s organisational structure is based on providing support fora co-operation structure in which each person’s responsibilities areclearly defined and performances are measurable. This is reflected ina group structure in which groups and operating companies bearresponsibility for results. The group managements determine the groupstrategy, promote consistency and synergy and are responsible forexploiting the market positions in the value chain.64Royal Ten Cate
OUTDOOR FABRICSAn increasing need for protection isone of the worldwide themes to whichTenCate is responding, based on itsbusiness model. By listening carefullyto the requirements of the marketplace,new products can be developed usingexisting or new technologies. In view ofthe success of flame-resistant fabrics inneighbouring markets, TenCate OutdoorFabrics has been able to switch toproducts for the outdoor market.At the end of <strong>2009</strong> TenCate OutdoorFabrics launched an innovativefabric with inherently fire-resistantcharacteristics. The fibres in thistent cloth ensure extra safety andprotection. The fabric is for exampleresistant to scorching, smoulderingand sparks. Textile material that isflame-resistant inhibits flames andfires from starting and delays theirspreading.The market for group tents in particularis showing great interest in this newproduct, which satisfies numerousquality criteria and standards. Inaddition to scouting, internationalaid organizations and tour operatorsare also interested in TenCateCampshield fabric.Connected to product differentiation
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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
Page 18 and 19: ConnectedTenCate is a producer of m
Page 20 and 21: Report of the Supervisory BoardANNU
Page 22 and 23: REPORT OF THE SUPERVISORY BOARD◾
Page 24 and 25: ADVANCED ARMOURIn Europe demand has
Page 26 and 27: The Boards (as at 1 January 2010)EX
Page 28 and 29: PROTECTIVE FABRICSIn 2009 TenCate P
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Page 36 and 37: PROTECTIVE FABRICSProtective clothi
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Page 42 and 43: AEROSPACE COMPOSITESIn March 2009 A
Page 44 and 45: ADVANCED ARMOURPeace operations are
Page 46 and 47: GEOSYNTHETICSIn 2009 TenCate Geosyn
Page 48 and 49: REPORT OF THE EXECUTIVE BOARD > Geo
Page 54 and 55: innovative inkjet solutionsAs globa
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Page 58 and 59: GEOSYNTHETICSTenCate GeoDetect ® i
Page 60 and 61: Corporate informationCORPORATE GOVE
Page 62 and 63: CORPORATE INFORMATIONSWOT ANALYSIST
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Page 70 and 71: CORPORATE INFORMATIONCentral manage
Page 72 and 73: CORPORATE INFORMATIONthe reduction
Page 74 and 75: CORPORATE INFORMATIONSAFETYOur empl
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Page 78 and 79: CORPORATE INFORMATIONSUSTAINABILITY
Page 80 and 81: SPACE COMPOSITESGalileo is the firs
Page 82 and 83: Corporate communicationIn October 2
Page 84 and 85: 24 Share capital 10125 Pension liab
Page 86 and 87: Consolidated statement of comprehen
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NOTES TO THE CONSOLIDATED BALANCE S
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OTHER INFORMATIONThe term of the fi
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OTHER INFORMATION51.3 Interest rate
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OTHER INFORMATION51.5 Hedge account
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OTHER INFORMATIONThe effect of a ge
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OTHER INFORMATION56.2 Directors’
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Company financial statements58 COMP
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NOTES TO THE COMPANY FINANCIAL STAT
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Other informationTo the General Mee
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OTHER INFORMATIONSUBSEQUENT EVENTSA
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Ten-year summaryIn millions of euro
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152 Royal Ten Cate Annual Report 20
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OTHER ACTIVITIESNON-CONSOLIDATED CO
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Royal Ten Cateinvestor relations &
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2009 - Jaarverslag

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