1994 - TenCate

Transcription

1994 - TenCate

Royal Nijverdal-Ten Cate nv
Annual Report 1994
Egbert Gorterstraat 3, 7607 GB Almelo, Netherlands
P.O. Box 58, 7600 GD Almelo, Netherlands
Telephone +31 546 544911
Fax +31 546 814145
Telex 36615
Public Relations Department,
telephone +31 546 544313
Investor Relations Department,
telephone +31 546 544456
This is an English translation of the Dutch Annual
Report 1994 of Royal Nijverdal-Ten Cate nv.
The Dutch text will be the official version.
Royal Nijverdal-Ten Cate nv Organization Chart 1
Organization Chart as at 1 March 1995
Executive Board
Services
Textiles
Staff Services
Plastics
Rubber
Advanced Textiles Group
Packaging Group
Rollers Group
Ten Cate Protect
Permess
Ten Cate Technical Fabrics (25%)
Plasticum
Bandringa
Ten Cate Mouldings
ENBI International
Industrial Fabrics Group Europe
Pipe Systems and Trade
Group
Nicolon
TtC Polyolefins
Ten Cate Advanced Composites
(25%)
Viplex
Schinkel Schouten
Bosta
Polystyrene Products Group
Industrial Fabrics Group USA
Nicolon Corporation
– Baycor
– Nicolon/Mirafi
National Fire Hose
Denim Group
Atlantic Mills (50%)
Hellenic Fabrics (50%)
EMAE (50%)
Ilios-Ten Cate (50%)
Iliotex (42%)
Synbra (50%)
Contents
Annual Report 1994
5 Royal Nijverdal-Ten Cate nv
financial highlights
Annual accounts 1994
30 Consolidated balance sheet
32 Consolidated profit and loss account
6 Corporate statement
7 Report of the Supervisory Board to the
shareholders
8 Report of the Executive Board
8 General
9 Outlook
11 Financial review
13 Changes in the group structure
14 Personnel and Organization
16 Quality
16 Environment
17 Technology
33 Notes
33 Accounting Principles
35 Notes to the consolidated balance sheet
38 Notes to the consolidated profit and loss account
39 Cash flow summary
40 Company balance sheet
42 Company profit and loss account
43 Notes to the company balance sheet
Additional data
19 Financial highlights per sector
47 Auditor’s Report
21 Review of operations
21 Advanced Textiles Group
21 Industrial Fabrics Group - Europe
23 Industrial Fabrics Group - USA
23 Denim Group
25 Packaging Group
25 Pipe Systems and Trade Group
27 Rollers Group
27 Polystyrene Products Group
28 Services
48 Trustee’s Report
49 Royal Nijverdal-Ten Cate Preference Shares
Trust
50 Provisions of the articles of association
relating to distribution of profits
51 Proposed distribution of profits
52 Minority Interest Disclosure Act
1
The Boards
2
Supervisory Board
R.J. Nelissen (63) Chairman
J.J.C. Alberdingk Thijm (65) Vice-chairman
C.J.A.J.M. van Gestel (56)
H.H. van den Kroonenberg (61)
J.D. van der Velde (69)
F.J. de Wit (55)
J.B. Wolters (44)
Executive Board
F.H. Schreve (53) Chairman
H.J. Hesselink (59) (steps down on 1 April 1995)
J.H.P.L. van de Sanden (55)
Annual Report 1994
Nicolon Corporation, Jefferson (USA): non-wovens factory/distribution centre (completion March 1995)
3
Royal Nijverdal - Ten Cate nv Annual Report 1994
4
1050
105
70
900
90
60
750
75
50
600
60
40
450
45
30
300
30
20
150
15
10
0
0
0
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
Net turnover
Cash flow
Operating results
Net depreciation
Net profits
70
105
1050
60
90
900
50
75
750
40
60
600
30
45
450
20
30
300
10
15
150
0
0
0
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
Results
Net depreciation and
investments
Financing structure
Net profits
Extraordinary items
Net depreciation
Investments
Group equity
Subordinated conv. debenture loan
Equalization fund and provisions
Long-term loan capital
Short-term loan capital
Royal Nijverdal-Ten Cate nv financial highlights
5
In millions of guilders, unless otherwise stated
1994
1993
1992
1991
1990
1,109.6
51.5
30.1
15.1
8.3
1,085.8
48.5
26.2
10.2
8.1
1,110.8
70.1
40.1
33.6
15.9
1,031.3
73.2
44.2
44.2
16.6
949.3
55.2
40.1
40.1
15.1
Ratios
Increase in turnover
Operating results as % of turnover
Return on equity ²
Return on total capital ³
2.2%
4.6%
4.3%
7.0%
- 2.3%
4.5%
2.9%
6.7%
7.7%
6.3%
9.9%
9.5%
8.6%
7.1%
13.1%
10.9%
9.0%
5.8%
11.8%
9.7%
Equity
Issued share capital
Equity
Guarantee capital/total capital
83.1
351.7
54%
81.3
350.8
57%
79.4
351.0
56%
75.5
329.0
42%
71.9
345.3
51%
10.6
66.2
59.6
74.7
66.6
57.9
68.1
11.1
91.7
56.8
90.4
105.7
69.2
51.2
95.4
36.4
57.9
42.9
83.0
3,900
3,806
4,160
4,032
4,307
4,179
4,185
4,071
3,813
3,679
84.60
79.00
18.09
7.28
3.65
2.00
86.30
96.20
16.87
6.48
2.53
2.00
88.44
69.00
23.12
10.26
8.59
4.00
87.15
88.60
25.51
11.83
11.83
4.40
96.09
77.00
23.17
11.21
11.21
4.20
4,157
852
4,065
845
3,968
836
3,775
54
3,593
58
Profit and loss account
Net turnover
Operating results
Net profits before extraordinary items
Net profits
Dividend ¹
Acquisitions
Investments
Net depreciation
Cash flow
Staff
Number of employees at year end
Number of staff-years at year end
–
–
–
–
–
–
Per NLG 20.00 share ⁴
equity
price at year end
cash flow
net profits before extraordinary items
net profits
dividend ¹
Number of shares (x 1,000)
Maximum increase from conversion
1
2
3
4
In the case of full cash dividend.
1994: proposed dividend.
Net profits/average equity.
Operating results + earnings from holdings/average balance sheet total.
Cash flow and net profits in previous years adjusted for capital changes in accordance with the new reporting guidelines.
Corporate statement
6
Royal Nijverdal-Ten Cate (Ten Cate) is involved in
high-grade textiles and the processing of plastics and
rubber. Industrial ingenuity, leading to economically
and technically sound solutions for lasting and genuine
needs in society, is the key element of our
organization.
Corporate activities - development, manufacture,
purchasing and sales - are carried out by operating
companies. For operational and strategic reasons,
the operating companies have been formed into groups
according to the nature of the product, market,
technology and/or raw material. The operating
companies and groups all contribute to the
establishment of Ten Cate’s name and identity.
The majority of our customers are manufacturers of
consumer or professional products. They are to be
found in various branches of industry, including
garment and carpet manufacturing, construction and
civil engineering, the office machines industry,
the food industry and the agricultural sector.
The products are noted for their functionality and
their excellent value for money. Product and process
development are crucial for the future,
as is international industrial marketing.
The organization promotes know-how, creativity and
initiative in its people and encourages them to take
responsibility. Top performance and dynamism are
achieved by younger employees working together with
older colleagues who have a great deal of skill and
experience inside and outside the group.
Ten Cate operates worldwide. The maintenance and
creation of jobs in the Netherlands and in other
countries, where this is justified structurally and in
terms of return, are promoted inside and outside the
organization.
Good financial results, measured in the short and
medium term, are a precondition for future
investments and hence for continuity.
Report from the Supervisory Board to the shareholders
7
Pursuant to the provisions of article 25 of the articles
of association, we hereby present to you the 1994
annual accounts, drawn up by the Executive Board
and verified by us. Net profits in 1994 amounted to
 15.1 million.
The annual accounts have been examined by Coopers
& Lybrand Accountants. Their report, as referred to
in article 26 paragraph 3 of the articles of association,
is to be found on page 47. We propose that you
approve the annual accounts for 1994 in accordance
with the documents presented to you, whereby the
Executive Board is discharged of responsibility in
respect of its management and the Supervisory Board
for its supervision.
The allocation of profits contained on page 51 of this
annual report has our approval. We advise you to
accept the Executive Board’s proposal. The proposal
reads: payment of a dividend of  2.00 per ordinary
share or the option of an amount in ordinary shares,
to be charged to the tax-free premium reserve or to
the other reserves if so desired. The amount of the
optional dividend will be announced by 6 April 1995
at the latest.
On 10 March 1994 the Supervisory Board decided to
appoint Mr. F.H. Schreve as chairman of the
Executive Board, effective 1 January 1995.
Mr. Schreve has worked for the company as a member
of the Executive Board since 1 May 1994.
Mr. G.A. Reudink stepped down as a member and
as the chairman of the Executive Board on
1 January 1995. Mr. Reudink was a member of the
Executive Board for thirteen years and held the post
of chairman for eleven years. The Supervisory Board
greatly appreciates everything that has been achieved
during this time.
Under Mr. Reudink’s leadership, Royal NijverdalTen Cate nv’s operations have undergone significant
change and this has strengthened the organization.
The Supervisory Board thanks him for the knowledge,
dedication and effort he has put into the concern.
Mr. H.J. Hesselink has let it be known that he wishes
to step down as a member of the Executive Board as of
1 April 1995. He will continue to be associated with
the company in an advisory capacity until the end of
1995. The Supervisory Board is indebted to him for
his contributions to and involvement with the
company for almost nine years.
Having reached the retirement age laid down in the
articles of association, Mr. J.D. van der Velde will
retire from the Supervisory Board at the end of the
Annual General Meeting of Shareholders to be held on
6 April 1995. The Supervisory Board wishes to express
its gratitude to him for the knowledge and experience
he has put at the service of the company over the past
eighteen years and more.
The Supervisory Board has decided not to appoint a
new member at this time.
In addition to incidental contacts with the Executive
Board, the Supervisory Board met five times in 1994.
Aside from the usual subjects, the Board also
considered the composition of the Executive Board,
the progress of reorganizations, and acquisitions and
disinvestments. An Audit Committee and a
Remuneration Committee were formed from among
the members of the Supervisory Board. The Audit
Committee discussed a number of topics including the
half year figures, the annual accounts and the auditor’s
report.
We should like to express our thanks to the Executive
Board and the staff for their efforts throughout the
past year. We have every confidence in the future
growth of the concern.
Supervisory Board
R.J. Nelissen Chairman
J.J.C. Alberdingk Thijm Vice-chairman
C.J.A.J.M. van Gestel
H.H. van den Kroonenberg
J.D. van der Velde
F.J. de Wit
J.B. Wolters
Almelo, 2 March 1995
Report of the Executive Board
8
General
In many respects 1994 was a year of transition for
Royal Nijverdal-Ten Cate nv. The economies of the
Netherlands and other countries in the European
Union were recovering from the recession of the
previous years. However the effect on the results of the
group’s operations remained limited, and a number of
operating companies had not yet completed the
implementation of the restructuring plans.
Mr. G.A. Reudink’s resignation from the Executive
Board marks the end of an era under his leadership.
The present Executive Board has started to map out
the new course for the future on the basis of current
circumstances and new insights.
The net profit made by Royal Nijverdal-Ten Cate
amounted to  15 million (1993:  10 million).
This works out at a 4.3% return on equity, which is
highly unsatisfactory.
The after-tax result from normal operations improved
to  30 million in comparison with NLG 26 million
in 1993. This reflects improvements that are becoming
apparent in the operating companies.
A few remaining reorganizations and the discontinuing
of a number of activities that are not part of the core
business require provisions charged against 1994
operations to the amount of  15 million
(1993:  16 million).
Consolidated turnover amounted to  1,110
million (1993:  1,086 million), a 2.2% rise.
Disinvestments and acquisitions of operating
companies were responsible for an overall drop of 4%
in group turnover. Autonomous growth in turnover
exceeded 6%. This increase came about solely as a
result of a rise in volume. Despite the sharp rise in the
cost of raw materials, it was only possible to raise
prices to a modest extent in 1994.
The unforeseen steep rise in raw materials prices is
primarily hitting the plastics sector, although cotton
prices recently started to be similarly affected.
After the extremely difficult time in 1993, it is
encouraging to note that the results of the textile
companies, which have also included the industrial
fabrics since the beginning of the year under review,
have improved significantly and moved into profit.
The operating companies involved in plastics and
rubber also made a positive contribution to the result.
As in previous years, more was invested than written
off in 1994. In consequence, the means of production
are generally modern and in good condition.
In 1994 investments totalled  66 million unchanged from 1993. The largest investment was in
the construction of a non-wovens factory in Jefferson,
Georgia (USA). This factory will come on line in the
spring of 1995.
The balance sheet ratios remained healthy.
Guarantee capital amounts to 54% of the balance
sheet total.
Restructuring in the Netherlands meant that the
workforce was reduced by 482. Around half of the
employees work outside the Netherlands. The staff
have made a tremendous effort to achieve these results
and the Executive Board would like to take this
opportunity of expressing its gratitude to them.
The profit per share in 1994 amounts to  3.65
(1993:  2.53). The Executive Board proposes the
payment of a dividend of  2.00 per ordinary share,
or the option of an amount in ordinary shares charged
to the tax-free premium reserve or to other reserves if
so desired.
The amount of the optional dividend will be
announced by 6 April 1995 at the latest.
(1993: likewise  2.00 per ordinary share,
or the option of a nominal  0.50 in ordinary shares
charged to said reserves.)
Taken over a number of years, the aim of the dividend
policy will be to pay out about 40% of net profits in
the form of dividends.
Outlook
The economic recovery in Europe has so far had only
limited volume effects in the markets that are
important to us - clothing, construction,
the agricultural sector, packaging and office
machinery. Nevertheless, on the basis of our
competitive position we expect to achieve an increase
in turnover/volume in 1995. Investments in durable
means of production are expected to amount to
 75 million; they can be financed out of the cash
flow. We also remain open to the possibility of making
acquisitions that will strengthen our existing
operations.
In 1995 we will be concentrating on significant
improvements in trading results in all our operating
companies. Particular attention will be devoted to
product development, cost price reduction and
reinforcement of our international marketing effort in
order to improve competitiveness in the medium term.
We expect to be able to cover the costs arising out of
the remaining reorganizations and planned
discontinuations from the available provisions.
The number of employees will remain more or less
constant.
The extent of further price increases for raw materials
(plastics and cotton), which will probably continue,
will be an important factor in the coming year.
Our operating companies are endeavouring to pass
these price rises on to their customers, but a certain
time-lag is inevitable.
Barring unforeseen circumstances, we believe that the
result from normal operations in 1995 will show
further improvement. Since extraordinary expenditure
of the order of that in 1993 and 1994 is not forecast,
we expect to see a considerable improvement in net
profits.
9
10
Geographical spread of turnover and production in the Ten Cate companies in 1994
Percentages
Netherlands
Belgium
Germany
United Kingdom
Ireland
France
Switzerland
Italy
Rest of Europe
United States
Rest of the world
Turnover
Production
29.0
6.1
12.7
8.9
–
7.8
–
2.7
4.8
23.6
4.4
––
100.0
55.2
–
5.3
2.9
6.7
4.6
1.5
–
1.3
22.5
–
––
100.0
Rest of the world, mainly Asia
Rest of Europe
Turnover
Production
DM/kg
NLG/kg
1,8
6
1,6
5
1,4
4
1,2
3
1,0
2
December 1993
January 1995
December 1993
Plastics prices
Textile yarn prices
PP
HDPE
LDPE
PVC
Cotton element Liverpool index
Cotton yarns
Source: Kunststoff Information, Bad Homburg, Germany
January 1995
Financial review
11
Turnover
Turnover rose 2.2% to  1,110 million.
Disinvestments and acquisitions of operating
companies were responsible for an overall drop of 4%
in group turnover, which means that the autonomous
growth in turnover amounted to more than 6%.
This increase came about solely as a result of a rise in
volume. As a consequence of overcapacity in the
supply industry it was very difficult if not impossible
to raise prices in 1994 despite the sharp rise in the cost
of raw materials. In 1994, as in 1993, the foreign
companies’ turnover rose much more than that of the
Dutch operating companies:
autonomous
growth in turnover
home-based
operating companies
foreign
operating companies
+
(last year)
4.6%
(- 9.5%)
+ 10.0%
––
+ 6.5%
(+ 11.5%)
––
(- 1.8%)
The difference in the rates of growth can be explained
on the one hand by the fact that economic recovery in
the United States is ahead of the recovery in Europe,
and on the other that the American operating
companies, unlike the companies in Europe, are still in
the growth phase. The Dutch companies account for
55% of Ten Cate’s production, but only 29% of
output is sold in the Dutch market. This illustrates the
fact that exports and the ability to compete
internationally are crucial to the group.
Raw materials prices
The long period of relatively low prices for plastic
granulate came to an abrupt end in 1994. July saw the
start of a wave of price increases which had reached
levels of between 20 to 60%, depending on the type of
plastic, by the end of December 1994.
The economic recovery appears in the first instance to
have benefitted primarily the suppliers of raw
materials.
Cotton prices had already risen slightly during the
fourth quarter of 1993. This trend continued in 1994
and accelerated at the end of the year.
Results
Despite the slow economic recovery and the steep rise
in the prices of raw materials, the operational result
improved from  26 to  30 million.
The operating companies that were restructured in
1993 made a significant contribution to this recovery.
TtC Polyolefins, Ten Cate Protect, Viplex and
Ten Cate Technical Fabrics (75% of which has been
sold) all achieved significantly better results.
The efforts and sacrifices made in 1993 and 1994
appear not to have been in vain.
The margins of the other companies have come under
pressure, however. This is partly due to rising prices of
raw materials on the one hand and static or decreasing
earnings on the other.
Industrial customers are themselves being confronted
with ever fiercer international competition and are
passing on the pressure on prices to their suppliers.
In 1993 the foreign operating companies achieved
better results than their Dutch counterparts.
Following the restructuring processes, however,
a better balance has been achieved in the year under
review. On balance, the profits earned by Ten Cate are
more evenly spread among the various operating
companies than in the previous year.
12
Net turnover
Purchases
Value added
Personnel costs
Other costs
Operating results
Interest
Earnings from normal operations before tax
Tax
Earnings of holdings
Net profits from normal operations
Extraordinary items
Net profits
Personnel costs fell as a result of the restructuring
measures taken in the Netherlands. Interest costs were
down because liquidity for the greater part of the year
was significantly better as a result of the disinvestments
at the beginning of 1994.
The burden of taxation, expressed as a percentage of
profits from normal operations before tax, remained
constant at 31.4%.
The result from holdings was virtually unchanged at
 5.7 million.
An extraordinary item of  15 million was taken for
a number of reorganizations and closures of operating
companies and holdings. This relates to measures
taken at National Fire Hose, Atlantic Mills and
Plasticum, and to the closure/sale of Multistiq UK,
Macedonian Plastics, Plexaco, Ten Cate Consultants
and Alexander Fashions.
Lastly, the provision is intended for the streamlining of
head office functions. Some service tasks will be
contracted out or discontinued.
1994
%
1993
%
1,110
567
––
543
100.0
51.1
––
48.9
1,086
539
––
547
100.0
49.6
––
50.4
281
211
––
51
25.3
19.0
––
4.6
295
204
––
48
27.2
18.8
––
4.4
16
––
35
11
6
––
30
15
––
15
19
––
29
9
6
––
26
16
––
10
Investments
Investments amounting to  66 million were made
in 1994;  6 million more than the depreciation
level ( 60 million).
Major investment projects included:
– Nicolon bv: extrusion coating machine;
– TtC Polyolefins bv: flat film extrusion line;
– Nicolon Corporation: factory/distribution centre
in Jefferson, Georgia (completion March 1995).
Financing
The group’s financing requirement increased by
 26 million to  186 million in 1994.
Our bank facilities are more than enough to cover any
further rise.
See pages 37 and 39 of this report for a more detailed
overview of the debt position and cash flows.
Changes in the structure of the group
Financial position
Equity increased fractionally to  352 million
(1993:  351 million).
This corresponds to 42% of the balance sheet total
(1993: 44%)
On the one hand equity fell as a result of currency
changes which led to a lower net worth for our foreign
companies ( 8 million) and the writing-off of
goodwill ( 4 million). On the other hand capital
increased through the retained earnings reserve
( 4 million), the stock dividend for 1993
( 7 million) and the proposed retained profits in
1994 ( 2 million).
Disinvestments
The following companies were sold in 1994:
Effect of currency fluctuations
Changes in the rates of exchange of foreign currencies
affect the results in two ways. Firstly, part of the
turnover is generated in foreign currencies.
Although this risk is covered as far as possible by
means of options or forward contracts, a prolonged
reduction in value will inevitably mean a loss of
income.
A 10 cent drop in the value of the US dollar can in the
long term mean  1.5 million in lost income.
Secondly, the net profits of foreign operating
companies are translated into guilders. This is done at
average rates:
The consolidated turnover of these companies
amounted to  75 million in 1993.
US dollar
Irish punt
Greek drachma
1994
1993
1.82
2.72
0.75
1.86
2.72
0.81
These currency changes have had a negligible effect on
net profits this year.
End of year exchange rates are used in the balance
sheet (see page 33).
These rate differences have meant that an amount of
 8 million has been charged to the equity.
– 1-1-1994 Perfect Foil bv, plastic film.
– 1-1-1994 Ten Cate Technical Fabrics bv (75%),
canvas and awning fabric.
The buyer has the right to purchase the remaining
25% before the end of 1997.
– 15-3-1994 Stoneville Enterprises bv (25%),
household textiles.
– 1-6-1994 Ten Cate Rotomoulding bv (65%),
rotary moulded products.
– 31-12-1994 Multistiq UK ltd, plastic film.
Proposed sale after the balance sheet date:
– Ten Cate Advanced Composites bv (75%),
components for the aircraft industry and others.
Acquisition or establishment
– 1-1-1994 Isobox Technologies sa, France,
bought by Synbra bv (50%).
– 1-1-1994 Bosta UK ltd, England, wholesalers in
water dosing systems.
– 31-12-1994 Prodireg sarl, France, dealers in
geotextiles (from 65 to 84%).
13
14
Personnel & Organization
Year end 1994 Year end 1993
Employment trends
Number of employees
Netherlands
United States
Other countries
2,039
1,037
824
––
3,900
2,521
957
682
––
4,160
The number of employees in the Dutch companies fell
by 482. This was caused by the reorganizations started
in 1993 and by the disposal of the operating
companies Ten Cate Technical Fabrics bv and
Ten Cate Rotomoulding bv.
The workforce in the United States rose by 80.
The increase in the number of employees in other
countries is largely accounted for by the holding
Synbra bv.
Conditions of employment
The Collective Labour Agreement (CLA) for the
Textile Industry, which covers most of the employees
in the Dutch companies, runs from 1-7-1994 to
1-7-1996.
General wage increases, each of 0.5%, have been
agreed for 1-10-1995, 1-1-1996 and 1-4-1996.
The CLA for the Rubber and Plastics Industry has
been extended until 1- 7-1995. A general increase of
0.75% as of 1-1-1994 has been agreed.
The employees’ share in the profits for 1993, paid out
in 1994, amounted to 1.55% of the annual salary.
Use was also made of the new statutory save-as-youearn scheme.
Representative consultation
Consultations with the local works councils,
the Central Works Council and the trade unions were
held in a frank and constructive atmosphere.
During these consultations, particular attention was
devoted to the sale of a number of operating
companies, the design of a package of terms and
conditions of employment specifically tailored for one
of the plastics companies, and the change of Ten Cate
Nederland’s position into that of a company which has
opted out of the state sickness benefit scheme
() and has become its own insurer in this
regard. For this reason the company has also joined
the regional  (working conditions) service.
The learning organization
In this age of rapid change, the qualities of the
employees in general and the management in
particular are more crucial than ever.
The management must be able to approach problems
integrally and respond flexibly to change.
The group is endeavouring to become a learning
organization, in other words an organization with
people who are capable of constant adjustment to
relatively rapidly changing circumstances. In this
learning organization, the best possible utilization of
human potential will be increasingly stressed as a
strategic success factor. High quality, mobility and
flexibility are fundamental concepts in this context.
15
Management Development (MD) scan
The key question is whether Ten Cate has the
necessary quality in house to be able to operate
successfully. The MD scan is an important tool in
answering this question. The MD scan is a method we
have developed for examining the organization.
It sheds light on issues in strategic, organizational and
management development.
Problem areas in terms of organization and succession
are more clearly defined by this scan.
Since the results of the MD scan play an important
role, human resource management is fully embedded
in planning for the future. This means that the
learning organization is not simply an ideal,
but becomes an objective that can actually be achieved.
Performance Appraisal and Career
Development (PACD) system
The PACD system was continued in 1994. Both the
appraisers and those being appraised indicated a need
for better guidelines in order to arrive at clear and
unambiguous standards for agreed result areas.
Staff are constantly being asked to meet more and
higher demands and the need for clarity about the
performance expected of them is increasing
accordingly. The PACD system is currently being
tightened up with tools for better standardization,
so that agreements about performance can be more
clearly quantified. In addition to this, the method of
appraisal and remuneration is being assessed with the
aid of Human Resource Accounting.
New management assimilation programme
New managers in the group must learn their way
about quickly and efficiently, and an assimilation
programme has been developed for this purpose.
The objective of the programme is to promote the
development of a strong, positive working relationship
between a new manager and his staff by means of a
series of discussions. The programme is also designed
for managers who are transferred or appointed within
the group.
Meetings were again organized for young managers in
the year under review. The first round dealt with the
theme of financial management, and the second with
strategic management. The active participation of
those taking part was sought and obtained by setting
assignments.
16
Quality
Ten Cate has been working on the introduction of
integral quality management for some years.
In the operating companies, integral quality
management is expressed in the quality policy and the
quality action plan.
Integral quality management goes beyond certification;
it means not only that the quality of the products is
good and that the processes are controlled, but also
that the organization as a whole is in balance and
focused on quality.
The quality of products and management has again
been improved in the past year. Not only because
customers attach value to high quality products,
but also because increasing international competition
has made it inconceivable that a good quality product
could come from a company that does not set itself
quality standards. In the year under review a great
many Ten Cate companies have put in place a quality
system that has subsequently been certificated.
Environment
Under the terms of the Dutch National Environmental
Policy Plan, companies have an individual
responsibility for implementing environmental policy.
This responsibility is usually laid down in covenants
and reflected in individual environmental protection
systems.
The operating companies are also involved in the
energy covenant between industry and the Dutch
government. The covenant states that by the year 2000
a reduction of 20% in energy intensity relative to 1989
will have been achieved.
The plastic processing companies in the packaging
sector have endorsed the packaging covenant.
The survey of the state of the soil on all Ten Cate’s
sites has largely been completed and remediation
measures have been taken in many places.
Several companies have already introduced an
environmental protection system, while in the rest
work on similar systems is at an advanced stage.
The environmental protection systems and a policy of
prevention should ensure that the environmental
impact remains controllable and that the companies
make an individual contribution to the quality of the
environment.
Technology
1994 again saw important advances in modern
production methods and new production
technologies. Improved coordination between design,
production and sales also helped to increase
productivity.
The redesign of the manufacturing process has been a
key area of attention in many of the operating
companies. Ten Cate does not do any fundamental
research. In developing new products and processes the
group works with customers, subcontractors,
raw materials suppliers, research institutions,
innovation centres and design consultants.
Although productivity in our operating companies is
high, competitiveness in the Netherlands is still under
pressure because of the high hourly labour costs.
The reduction in the number of hours worked in the
past decade and the rise in wage costs over the last few
years are the principal causes.
Improved competitiveness can only be achieved by
reducing the hourly labour costs and cutting down on
the number of people deployed; in many cases this can
be achieved by redesigning processes.
Executive Board
F.H. Schreve Chairman
H.J. Hesselink
J.H.P.L. van de Sanden
17
18
1050
105
5250
900
90
4500
750
75
3750
600
60
3000
450
45
2250
300
30
1500
150
15
750
0
0
0
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
Net turnover
Investments
Number of employees
Textiles + misc.
Plastics
Rubber
Textiles
Misc.
Plastics
Rubber
Textiles
Misc.
Plastics
Rubber
70
700
35
60
600
30
50
500
25
40
400
20
30
300
15
20
200
10
10
100
5
0
0
0
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
’90 ’91 ’92 ’93 ’94
Operating result
Invested capital
Return on capital
Textiles
Plastics
Rubber
Textiles
Plastics
Rubber
Textiles
Plastics
Rubber
Financial highlights per sector
19
1994
1993
1992
1991
1990
598.2
0.1
629.4
8.7
633.4
25.0
655.5
28.9
27.5
20.3
19.8
22.5
31.0
22.8
24.5
24.2
22.7
23.3
Invested capital
Number of employees (year end)
Return on total capital ¹
409.7
1,956
4.8
396.8
2,300
0.2
430.6
2,445
2.8
449.0
2,459
6.9
455.7
2,841
7.6
Plastics
Net turnover
Operating result
395.3
28.4
341.2
30.0
346.9
43.1
322.5
44.5
281.5
32.7
23.0
25.2
24.0
21.4
37.1
18.6
33.5
16.2
24.1
12.2
Invested capital
226.6
1,050
11.2
207.4
1,000
12.5
204.1
1,029
22.2
184.0
917
26.0
153.1
765
24.1
Rubber ²
Net turnover
Operating result
145.0
15.0
136.3
20.1
122.2
22.3
59.9
9.9
-
12.2
9.5
18.1
8.9
18.3
7.7
4.4
3.1
-
113.6
753
13.4
110.5
711
19.8
93.0
627
26.0
78.5
604
25.2
-
(excluding Services and head office)
Textiles
Net turnover
Operating result
Investments
Depreciation
Investments
Depreciation
Investments
Depreciation
Invested capital
1
2
556.4
16.3
-
Operating result + earnings of holdings/average balance sheet total.
Date of commencement 1-7-1991.
See the organization chart inside the front cover for a breakdown of the sectors referred to above.
20
Nicolon bv: new extrusion-coating machine
Review of operations
Industrial Fabrics Group - Europe
Ten Cate Protect bv: protective fabrics
Nicolon bv, synthetic fabrics for road-building,
civil engineering, the agricultural market and
packaging
After a very difficult year in 1993, the recovery in the
European textile and clothing industry slowly gained
momentum. Ten Cate Protect have increased their
market share (turnover 5% higher). As a result of the
restructuring measures taken in 1993, particularly in
the area of personnel costs, the loss in 1994 was
significantly reduced.
The company’s strong market position in the safety
sector (Nomex, Proban, Tecasafe) and in health care
(OK fabric, Tecadry) will be expanded by means of
product innovation.
Permess bv: adhesive interlinings for the clothing
industry, coated material for graphics applications
Continued concentration on Permess’s core business
led to the sale of Perfect Foil bv and Multistiq UK ltd,
both of which operate in the plastic film sector.
Permess’s sales office in Brussels was closed.
The market for interlinings is still subject to
worldwide overcapacity.
The tight management of working capital and margins
enabled Permess to get back into profit in 1994.
Sales to China through the Hong Kong branch were
depressed by the imposition of import duties.
The branches in England and Italy increased their
sales. The restructuring of Multistiq bv, which was
started in 1993, took shape in the year under review.
Better quality products and rapid product innovations
resulted in increased turnover.
Ten Cate Technical Fabrics bv (25%): canvas and
awning fabric
75% of the shares in Ten Cate Technical Fabrics were
sold to an investment group at the beginning of 1994.
A streamlined organization, drastically reduced costs
and a successful expansion of operations have meant
that Ten Cate Technical Fabrics made a profit.
Uncertainties in the construction market and high
water levels at the beginning of 1994 led to the
postponement of many infrastructural projects in
Northwestern Europe. However, catch-up demand
started to make itself felt after the summer vacation.
The Far East is becoming an increasingly important
market for geotextiles.
Sales of products for civil engineering and the
agricultural market have improved, whereas the
demand for packaging products has remained
constant.
The operations of Ten Cate Medical were integrated
into Nicolon in the fall of 1994. A new extrusioncoating machine (investment  4 million) came on
line - likewise in the fall.
The holding in the French sales office Prodireg sarl
was increased from 65 to 84% at the end of 1994.
TtC Polyolefins bv: polypropylene carpet backing and
yarns for artificial turf
After the radical restructuring in 1993,
TtC Polyolefins achieved an impressive turnaround
from loss to a satisfactory profit in 1994.
The success of the new flat film carpet backing, strong
growth in the demand for artificial turf and the cost
reductions put in hand in 1993 all contributed to this
change.
The very much improved quality in conjunction with
the reasonable price of the new flat film carpet backing
has meant that it is in great demand in the carpet
industry.
The third flat film extrusion line became operational
in November 1994.
Ten Cate Advanced Composites bv: fabrics and panels
for the aircraft industry and other sectors
The situation in the aircraft industry remains gloomy
and Ten Cate Advanced Composites consequently
again made a loss. Further cutbacks are therefore
inevitable. Sales of bullet-proof products, such as
armoured car plating, helmets and vests increased.
At the end of 1994 agreement in principle was reached
on the sale of 75% of Ten Cate Advanced Composites.
This transaction had not, however, been completed at
the time of writing this annual report.
21
22
Hellenic Fabrics sa/Atlantic Mills ltd: denim fabrics
Industrial Fabrics Group - USA
Nicolon Corporation: industrial fabrics for the
construction, leisure and agricultural markets
In the first quarter of 1994 Nicolon Corporation was
greatly hampered by the severe wintry conditions in
the Central and Eastern United States. This was
followed by a strong catch-up demand, boosted by the
economic recovery.
Turnover rose sharply and manufacturing capacity was
unable to cope. After in-depth preliminary studies,
in the spring of 1994 it was decided to build a
combined non-wovens factory and distribution centre
in Jefferson, fifty kilometres to the northeast of Atlanta
and close to the existing factories in Cornelia and
Elberton. The new factory is scheduled to open in
March 1995. The project involved a total investment
of $20 million, $8 million of which will be leased.
The steep rise in the price of raw materials and a
number of liability claims put pressure on profits in
the second half of 1994; they nonetheless remained
very satisfactory.
So that the rapid growth of the company can be better
managed, Nicolon Corporation has been split up into
two units:
– Baycor Products, producing trampoline fabric,
swimming pool covers, tennis screens and fabrics
for the agricultural market;
– Nicolon/Mirafi, producing fabrics and non-wovens
for the construction industry and geotextile
applications.
National Fire Hose inc: high-pressure water hoses
National Fire Hose again made a loss in 1994. In the
light of the persistently poor situation in the market,
the factories in Canada and Columbus, Ohio,
were closed down in April 1994. The number of staff
fell by more than forty.
The transfer of production from Ohio to California
proved to be a complex operation and it was not until
the end of 1994 that the factory in Compton,
Los Angeles, was running smoothly. In part as a
consequence of this, the delivery schedule encountered
some difficulties.
A significant provision has been charged to the 1994
result.
Far-reaching measures to limit the continuing losses
are being considered.
Denim Group
Atlantic Mills ltd (50%): denim fabrics
The demand for denim tends to go in cycles. From the
end of 1992 until mid-1994 there was a satisfactory
demand for denim fabrics. During this period Atlantic
Mills made satisfactory profits, partly as a result of
cost-cutting exercises and the devaluation of the Irish
punt in February 1993. In the top segment of the
market there was a growing demand for denim made
from ring-spun yarns, so an investment was made in a
small spinning mill in 1993. In the summer of 1994
there was a turnaround in the market. The demand for
denim manufactured from open-end yarns dropped off
and prices came under pressure. In the second half of
1994 Atlantic Mills introduced short-time working for
a period of three weeks in order to prevent undesirable
stockpiling.
It has been decided to restructure the organization,
which will mean the shedding of a hundred jobs.
A provision was made for this at the end of 1994.
Despite these concerns, good results from normal
operations were achieved in 1994.
Hellenic Fabrics sa (49.9%): denim fabrics
Hellenic Fabrics uses primarily ring-spun yarns,
which produce a type of denim that is currently in
great demand.
Hellenic Fabrics was floated on the Athens stock
exchange on 25 October. The issue, in which 25%
additional share capital was put on the market,
was heavily oversubscribed and a great success.
The proceeds amounted to  22.5 million, and this
sum directly benefitted the company itself.
The consequence of this floatation was that Ten Cate’s
share was reduced to 40%, albeit in a company
considerably stronger in financial terms.
Hellenic Fabrics’ structurally strong market position
led to the desire to increase the holding in the
company again. In this connection, shares were bought
on the stock exchange until a percentage of 49.9% had
been acquired by the end of 1994.
The results achieved by the spinning mills Ilios-Ten Cate
sa (50%) and Iliotex sa (41.7%) were good, with Iliotex
making great strides thanks to a modernized factory.
EMAE sa (50%), where raw cotton is processed,
again made a profit.
The clothing operations Tops sa (50%) and Alexander
Fashions sa (50%), including its subsidiary C17 sa,
made a loss. Alexander Fashions has meanwhile been
closed down, C17 sa has been completely restructured.
A decision about the future of Tops will be taken
shortly.
23
24
Plasticum bv, plastic holders for air fresheners
Packaging Group
Plasticum bv: aerosol caps and seals
A combination of sharply rising raw materials prices
and falling returns meant that Plasticum in Tilburg
made a loss in 1994.
It was decided to carry out a reorganization, involving
among other things the discontinuation of some
custom moulding work, a reduction in the workforce
and cost cutting.
Plasticum UK ltd, which has a better ratio of earnings to
costs, achieved a good result. A major factory
expansion was completed in 1994.
Bandringa Plastics bv was faced with a downturn in
sales as a result of cutbacks by a number of major
customers. The result remained positive as a result of
reductions in the cost price and improvements in the
manufacturing process.
Preparations were made in 1994 for the marketing of
a non-refillable closure for bottles.
Ten Cate Mouldings bv: plastic containers up to
35 litres
Thanks in part to the high utilization rate of its
production equipment, Ten Cate Mouldings again
achieved a good result despite the pressure on margins
that was felt throughout the packaging industry.
It was decided to start production in England on
a small scale.
Pipe Systems and Trade Group
Viplex Groep bv: plastic pipe systems
1994 has been the turnaround year for Viplex.
After a radical reorganization, in which the number of
employees was considerably reduced, Viplex returned
to profit in 1994. The recovery in the construction
market means that sales are growing strongly.
Part of the steep rise in the prices of raw materials can
be passed on in the selling prices.
Schinkel Schouten bv: wholesalers in outlet systems for
water and air
Thanks to the increased demand for building and
installation materials, Schinkel Schouten was able to
increase sales and improve profits.
Bosta bv: international wholesalers specializing in
water dosing systems for the agricultural market and
industry
The very wet weather in the first half of 1994 brought
about a significant downturn in sales in the first six
months. After the weather changed at the beginning of
July, however, demand picked up again so that overall
growth was achieved in 1994.
The German subsidiary Bevo GmbH in Vlotho has been
able to expand its operations significantly thanks in
part to the recovery in the construction industry in the
east of Germany. The second branch, in Langenau
(Bavaria), opened at the beginning of 1995.
The situation in the French market (Bosta France sa)
continues to give cause for concern, but in England
the newly-formed Bosta UK ltd got off to a flying start.
The Greek plastics companies Macedonian Plastics sa
(29.7%) and Plexaco sa (46.1%) again made losses in
1994. In view of the unsatisfactory trends in both
companies, the possibility of reducing the holdings in
them is under consideration. A provision has been
charged in 1994 to cover this and the interest has been
written down in its entirety.
25
26
Isobox Technologies sa: packaging material for the food industry
Rollers Group
ENBI group: rubber and plastic components and
precision spindles for the transport of paper and toner
in copiers, fax machines and printers; rubber rings for
sealing pipe systems
Synbra bv (50%): building insulation, packaging and
horticultural products made mainly from expanded
polystyrene foam
The office machinery market has changed; growth is
currently tending to concentrate in the cheaper faxes
and printers segment. This places great pressure on the
costs and efficiency of both manufacturers and
suppliers. Since a growing share of world production is
now taking place in the Far East, it was decided in
1994 to open a new ENBI branch in Singapore.
Initially it will concentrate on the stock function,
but production and assembly will commence in the
course of 1995.
ENBI supply their customers not just with
components but to an increasing extent with complete
sub-systems too, where the customer has the back-up
of production technology. This reinforces ENBI’s
position as a co-developer and main supplier to major
manufacturers of office machines. ENBI’s presence
with manufacturing and development capacity in
Europe, the United States and Asia is an important
factor in this. The businesses involved with rubber
seals for water drainage systems are particularly
successful in the United Kingdom and Germany.
Despite the sharp rise in raw materials prices and the
pressure on selling prices Synbra again achieved a good
result.
Sales of building materials rose again, primarily thanks
to product innovations in expanded polystyrene foam
which strengthened the company’s market position.
There was an increase in volume on the German
market as a result of the growth in construction work
in the east of Germany, although prices are under
pressure. In the year under review expanded
polystyrene foam again confirmed its strong position
as an insulation material in the construction industry,
despite competition from products based on mineral
fibres.
In the horticultural and packaging sectors,
where volume remained satisfactory, the steep rise in
the price of raw materials can only be passed on in the
selling prices after a significant time-lag.
The French packaging company Isobox Technologies sa,
a leader in food packaging in France, was taken over in
March 1994.
A great deal of effort went into a range of
environmental aspects, with the emphasis on the
reprocessing of plastics.
27
28
Services
Ten Cate Infoservice bv (information technology)
Ten Cate Consultants bv (training and consultancy)
Ten Cate Assurantiën bv (insurance)
and
are independent staff organizations with profit
responsibility.
The Gebouwen Exploitatie Maatschappijen
(Property Management Companies) manage
a significant proportion of the property used by
the group in the east of the Netherlands.
A study is being carried out in respect of the services
needed in the future.
Annual accounts 1994
ENBI Corporation, West Henrietta/Rochester (New York), USA: manufacture of precision spindles for office machines
29
Consolidated balance sheet as at 31 December 1994
after distribution of profits
30
In thousands of guilders
1994
1993
Fixed assets
Tangible fixed assets
Land and buildings
Plant and equipment
Other operating assets
163,724
146,818
37,725
––
169,238
156,759
39,436
––
348,267
Financial fixed assets
Holdings
Receivables on holdings
Other receivables
60,559
11,790
5,584
––
Total fixed assets
365,433
36,656
7,211
1,210
––
77,933
––
426,200
45,077
––
410,510
189,047
189,985
Current assets
Inventories
Receivables
Trade accounts
Holdings
Other receivables
Prepaid assets
Securities
Cash
Total current assets
171,559
1,031
43,792
7,365
––
158,280
3,982
21,837
8,772
––
223,747
192,871
185
261
365
––
413,344
2,709
––
385,826
––
839,544
––
796,336
Consolidated balance sheet as at 31 December 1994 after distribution of profits
31
1994
Equity
Issued share capital
Share premium
Revaluation reserve
Legal reserves: retained earnings of holdings
Other reserves
Undistributed dividend balance
Equity
Minority shareholders’ interest
83,149
43,772
8,914
58,664
157,157
74
––
351,730
186
––
Group equity
Investment premium equalization fund
Provisions
Long-term debts
6.75% subordinated convertible debenture loan ¹
Others
1993
81,301
45,444
17,165
55,114
151,675
117
––
350,816
152
––
351,916
350,968
4,184
6,697
46,865
41,238
100,000
127,051
––
100,000
136,459
––
227,051
Short-term debts
Banks and short-term loans
Accounts and taxes payable
Distribution of profits
1
Forms part of the guarantee capital.
59,327
141,851
8,350
––
236,459
25,993
126,814
8,167
––
209,528
160,974
––
839,544
––
796,336
Consolidated profit and loss account 1994
32
Net turnover
Changes in inventories of finished
products and work in progress
Total operating revenues
Raw and auxiliary materials
Work contracted out and other external expenses
Personnel costs
Depreciation
Other operating costs
Earnings from normal operations before tax
Taxes
Earnings from normal operations after tax
Share in net earnings of holdings
Net group profits from normal operations
Net profits
1,109,558
1,085,808
13,715
––
1,123,273
- 8,123
––
1,077,685
456,984
74,075
294,451
57,910
145,778
––
1,071,795
––
51,478
- 16,007
––
35,471
- 11,093
––
24,378
5,673
––
30,051
Operating results
Interest
Net group profits after extraordinary items
Minority shareholders’ interests
1993
498,954
81,539
281,237
59,610
150,455
––
Total operating expenses
Extraordinary items
Tax on extraordinary items
1994
- 20,000
5,000
––
1,029,198
––
48,487
- 19,208
––
29,279
- 9,189
––
20,090
5,832
––
25,922
- 22,000
6,000
––
- 15,000
––
15,051
4
––
15,055
- 16,000
––
9,922
271
––
10,193
Notes
Accounting principles
33
Consolidation
The consolidated annual accounts relate to those
companies in which the concern has a direct or
indirect interest of more than 50%. The data relating
to these companies are included in full; the share of
third parties in group assets and group profits is
reported separately.
The joint ventures Synbra bv and Atlantic Mills ltd
(both 50%) have been proportionally consolidated.
A summary of the most important companies for
which the annual data have been incorporated in the
group annual accounts is presented in the list
Operating companies and holdings as at 31-12-1994,
which is given separately in this annual report on the
inside back cover.
The accounting principles applied to the valuation of
the balance sheet and to the determination of the
earnings of the operating companies are the same as
those used for the parent company.
Changes in the structure of the group
The structure of the group changed again in 1994.
The companies that have been sold are listed on page
13, to which we refer.
Foreign exchange
Transactions in foreign currencies will be converted at
the rate of exchange prevailing on the date of the
transaction. Assets and liabilities in foreign currencies
will be entered at the rates prevailing on the balance
sheet date or at the rate of exchange of the concluded
currency contracts. The annual accounts of group
companies drawn up in foreign currencies have been
converted at the average rate for the year. The balance
sheet has been converted at the rates prevailing on the
balance sheet date, with the exception of the results.
Differences in intrinsic value arising out of this
conversion have been incorporated in the equity.
currency
US dollar
German mark
British pound
French franc
Irish punt
Greek drachma
(100)
Goodwill
Goodwill paid for companies acquired, in other words
the amount by which the purchase price paid upon
acquisition of a holding exceeds the intrinsic value,
is charged directly to equity.
In the case of disinvestments within a few years,
the profit is used in the first instance to supplement
equity capital with the goodwill charged against it at
the time of purchase. That which remains is deemed to
be earnings.
Tangible fixed assets have been valued at acquisition
value less depreciation. The book value of plant and
equipment as at 31 December 1994 corresponds
approximately to the actual value of these assets.
The tangible fixed assets not employed in the
manufacturing process relate to disused land, buildings
and equipment. These are included at most at a value
equivalent to their estimated realizable value. Subsidies
and premiums acquired on investments are
incorporated in the annual accounts through an
equalization fund.
The valuation of the associated undertakings (from 20
to 50%), in so far as they are not proportionally
consolidated, is based on the net assets value of these
companies, less any provisions deemed necessary.
The participating interests under 20% are valued at
acquisition value, but not at more than the assessed or
stock exchange value.
Inventories
The inventories are valued at the historical cost or
lower market value. The manufacturing costs have
been valued according to the stage of processing.
balance
sheet
1994 1993
profit & loss
account
1994 1993
Receivables
Receivables are included at nominal value less
provisions deemed necessary in connection with bad
debts.
1.74
1.12
2.71
0.32
2.68
1.94
1.12
2.87
0.33
2.74
1.82
1.12
2.78
0.33
2.72
1.86
1.12
2.79
0.33
2.72
Securities
Securities are included at acquisition value or at the
stock exchange value on the balance sheet date if this is
lower.
0.72
0.78
0.75
0.81
Royal Nijverdal-Ten Cate nv Annual Accounts 1994
34
Revaluation reserve
The following are entered in this reserve:
– changes in the intrinsic value of operating
companies and associated companies abroad
resulting from changes in the rates of exchange;
– other changes in the values of holdings not arising
from earnings.
Retained earnings of holdings
This reserve is created for the joint ventures and
holdings, where free disposal of retained earnings is
subject to restrictions.
The amounts to be written off under the terms of the
Investment Premium Act (WIR) have been added to
the equalization fund and will be added to the
calculation of earnings in ten years.
Other subsidies relating to investments are released in
the same period in which they are written off.
Provisions
The provision for deferred taxes relates to the
difference between the economic value of the assets in
the annual accounts and the fiscal value thereof.
It is calculated on the basis of the applicable tax rate
in the country concerned. The provision for
reconstructions covers the costs arising out of
(proposed) reorganization projects. The other
provisions are intended to cover risks resulting from
(possible) claims on the company by third parties.
Net turnover
The net turnover is the revenue from goods and
services supplied to third parties, less discounts and
any taxes due.
Consumption of raw materials
The consumption of raw and auxiliary materials is
calculated on the basis of historical cost.
Depreciation of tangible fixed assets
The depreciation of tangible fixed assets is based on
the acquisition value and the expected economic life of
the asset (as shown below).
– Buildings to a maximum of 33 years.
– Plant and equipment depending on the economic
life, to a maximum of 10 years.
Investment premiums released are deducted from the
depreciation.
Taxation of earnings from normal
operations
In principle the tax payable on the earnings from
ordinary operations and the deferred taxes at the
current tax rate in the country concerned are entered
under this heading.
Ten Cate’s share in the net earnings of
non-consolidated 20 to 50% associated undertakings
is included in the net earnings. Possible adjustments in
the valuation of these associated undertakings have
been taken into account. Dividends and other
proceeds from the participations of less than 20% in
the year under review are included in the earnings.
The share of the profits of operating companies
payable to third parties is entered under this heading.
Notes
Notes to the consolidated balance sheet
35
In thousands of guilders, unless otherwise stated
Land,
buildings
and
dwellings
Plant
and
equipment
Other
fixed
assets
Prepayments
Tangible
fixed
assets
not
employed
Total
169,238
156,759
30,725
8,627
84
365,433
6,162
40,484
––
191,081
- 581
10,453
––
40,597
1,322
4,060
––
14,009
––
84
-
1,718
- 991
-
-
-
- 3,365
––
172,824
- 9,100
––
- 4,824
––
184,539
- 37,721
––
- 759
––
38,847
- 14,497
––
696
––
13,313
––
––
84
22
––
- 9,644
––
409,607
- 61,340
––
163,724
146,818
24,350
13,313
62
348,267
Book value as at
1 January 1994
Changes resulting from new
and discontinued
consolidations
822
Investments
11,220
––
179,636
Disinvestments
Currency exchange rate
adjustments for operating
companies abroad
Depreciation (gross)
Book value as at
31 December 1994
-
3,447
-
-
6,243
66,217
––
425,407
6,156
The acquisition value and accumulated depreciation of these tangible fixed assets at the end of 1994 are:
Acquisition value
Cumulative depreciation
Book value
261,459
- 97,735
––
163,724
523,570
- 376,752
––
146,818
103,446
- 79,096
––
24,350
13,313
––
13,313
2,707
- 2,645
––
62
904,495
- 556,228
––
348,267
Investments in other fixed assets ( 10.5 million) relate to moulds, means of internal transport, computers and
software.
As an indication of the current value of land, buildings and dwellings, it should be stated that these may be valued at
approximately  205 million.
Basis:
Netherlands: property tax rating;
elsewhere: own assessments.
36
year end 1994 year end 1993
The non-proportionally consolidated holdings have
been entered under this heading. The interest in
Gamma Holding nv was reduced from 0.7% to nil.
The balance sheet value of the item Holdings may be
broken down as follows:
Associated undertakings
from 20 to 50%
Participating interests
under 20%
60,559
35,677
––
60,559
979
––
36,656
Changes in respect of the 20 to 50% holdings
Net capital value as of
1 January
Disinvestments
Acquired holdings after
deduction of goodwill or
expansion
Earnings
Dividend payments
Various changes in equity
Net capital value as of
31 December
-
35,677
1,000
47,767
-
11,433
1,818
- 2,258
14,889
––
- 6,231
- 3,097
- 2,403
359
––
60,559
35,677
The increase in holdings relates to the shares in
Hellenic Fabrics bought after floatation on the stock
exchange.
The various capital transactions result from the
implementation of provisions made in the past for the
reconstruction of some holdings.
Inventories
Raw and auxiliary materials
Semi-manufactures
Finished goods
Total inventories
36,143
45,046
107,858
––
189,047
37,699
39,835
112,451
––
189,985
Equity
See the notes to the company balance sheet on page 44
for the specification of the equity.
This item refers to the minority shareholders’ interests
in a number of smaller holdings.
Balance as of 1 January
6,697
9,153
Changes in the portfolio
608
13
Other changes
175
59
––
––
5,914
9,081
Available and added
to earnings
- 1,730
- 2,384
––
––
Balance as at 31 December
4,184
6,697
Provisions
Deferred tax liabilities
Restructuring
Pension liabilities
Other provisions
3,835
26,858
11,103
5,069
––
46,865
3,047
24,443
7,067
6,681
––
41,238
In 1994 restructuring costs to the amount of
 17.6 million have been charged to this provision.
These costs relate to redundancies, restructuring
and disinvestment of companies. An amount of
 20.0 million before tax has subsequently been
added to this provision:  5.8 million to cover the
costs of redundancies and  14.2 million for
restructuring or disposing of companies.
The pension claims of most of the Dutch employees
have been placed with the company’s pension fund
‘Stichting Pensioenfonds Koninklijke NijverdalTen Cate’ or with the ‘Bedrijfspensioenfonds voor de
Textielindustrie’.
Notes
37
Subordinated convertible debenture loan
(6.75%)
100,000
100,000
The 6.8% loan was taken out with the Algemene Bank
Nederland nv and the Amsterdam-Rotterdam Bank nv
on 1 June 1988. The interest rate was adjusted in
1993 and will remain fixed until the end of the term
in 1998. Repayments are due on 1 December of the
years 1989 through 1998 in 10 consecutive annual
instalments.
Dutch operating companies have taken out mortgages
in the amount of  2.2 million as surety. The loans
in Irish pounds (Atlantic Mills ltd) have been
guaranteed by the two shareholders, DMC and
Nijverdal-Ten Cate, each for 50%. The loans abroad
by the operating companies are part of an international
arrangement the group concluded with the bank.
On 28 April 1992 a 6.75% subordinated convertible
debenture loan with a nominal value of
 100 million was issued. Conversion into
Royal Nijverdal-Ten Cate ordinary shares will be
possible as of 1 January 1993. The conversion price
has now been set at  123.40 per ordinary share
of  20.- nominal value. The conversion price will
be subject to adjustments as stipulated in the trust
deed.
The loan may be redeemed at face value in six almost
equal terms to fall due on 28 April in the years 1997
up to and including 2002. As of 28 April 1997 Royal
Nijverdal-Ten Cate is at all times entitled to redeem
the loan in full or in part at a rate which will fall by
1% per annum from 104% (after 28 April 1997) to
100% (after 28 April 2001).
Annual payment of interest will be due on 28 April.
The cost of placing the loan will be charged to the
earnings proportionally to the term of the loan,
taking into account conversion or early repayment.
Other long-term debts
6.8% loan KNTC
 40 million, term 1998
7.1% loan Royal Ten Cate
 39 million, term 1999
6.0% loan Atlantic Mills
 1.5 million, term 1996
4.2% loan ENBI Rochester
 9.8 million, term 2018
6.6% loan, ENBI Indiana
 7.7 million, term 2004
5.75% loan ENBI Bevaix
 3.1 million, term 2019
Other loans
Rental and lease obligations
Total
12,000
16,000
67,860
64,990
4,020
4,110
17,052
13,192
13,441
20,671
4,035
8,284
359
––
127,051
4,399
9,690
3,407
––
136,459
The repayment commitments for 1995, amounting to
 9.8 million have been entered under Short-term
debts.
Short-term debts
Composition of bank debts and short-term loans:
Bank credits
49,541
14,071
Repayment in 1995 and
1994 of long-term loans
9,786
11,922
––
––
Total
59,327
25,993
For short-term loans collateral security has been
provided to the amount of  0.1 million.
Composition of accounts payable and taxes due:
Accounts payable
141,730
114,045
Pension fund
310
10,584
Taxes
189
2,185
––
––
141,851
126,814
Other financial commitments
– In respect of negotiated bills: at the end of 1994
bills have been negotiated, with recourse,
to the amount of  0.4 million.
– In respect of tangible fixed assets: at the end of
1994 tangible fixed assets are on order to the
amount of  32.3 million, of which
 13.3 million has been paid in advance.
38
Notes to the consolidated profit and loss account
1994
1993
General
The profit and loss account of the parent company has
been included in the consolidated profit and loss
account.
Personnel costs
Specified as follows:
Salaries
Social security contributions
Total
222,802
58,435
––
281,237
234,607
59,844
––
294,451
The social security contributions include an amount of
 10.4 million in pension fund costs. The premium
discount of the NTC Pension fund amounted to
50.0% in 1994 (1993: 62.5%).
Interest
Interest received
Interest paid
Total
3,348
- 19,355
––
- 16,007
2,758
- 21,966
––
- 19,208
Taxation
The tax burden of  11.1 million
(1993:  9.2 million) increased as a result of higher
earnings before taxes. The percentage of the tax
burden has not changed.
Associated undertakings
20 to 50% (not consolidated)
1,818
- 3,097
Participating interests
under 20%
3,855
8,929
––
––
Total
5,673
5,832
Earnings in the participating interests under 20% refer
in particular to the sale of shares in Gamma Holding.
1994
1993
Turnover by sector
The net turnover is broken down as follows:
in millions of guilders
Textiles
Plastics
Rubber
Services
Net turnover
557
395
145
13
––
1,110
598
341
137
10
––
1,086
Turnover by sales area
The turnover by sales area is specified as follows:
in %
Netherlands
Other EC countries
Non-EC Europe
United States
Other areas
29
40
3
24
4
––
100
29
41
3
23
4
––
100
Number of employees
Per core business in staff-years:
Textiles
1,908
Plastics
1,033
Rubber
740
Services
125
––
3,806
2,226
977
696
133
––
4,032
Remuneration of the Executive Board and
Supervisory Board
The remuneration (including pension costs) of the
Executive Board amounted to 2,768 (1993: 2,451).
The remuneration of the Supervisory Board amounted
to 235 (1993: 276).
Cash flow summary
39
1994
1993
Cash flow from operational activities
Net profits
Depreciation
15,055
59,610
––
Cash flow
Change in working capital:
Increase/decrease in receivables
Increase/decrease in inventories
Increase/decrease in short-term debts
10,193
57,910
––
74,665
- 46,392
- 20,668
17,858
––
68,103
16,218
6,332
- 13,055
––
- 49,202
––
25,463
Other changes in the cash flow
Share in the earnings of non-consolidated interests
Dividend received
Dividend paid
Changes in provisions
Other changes
-
1,818
2,258
775
5,968
217
––
9,495
––
77,598
3,097
2,371
- 9,713
16,039
330
––
5,416
––
30,879
Cash flow from operational activities
11,464
––
89,062
Cash flow from investment activities
Acquisitions and/or deconsolidations
Investments in tangible fixed assets
Disinvestments in tangible fixed assets
Disinvestments in financial fixed assets
- 13,579
- 66,217
6,156
979
––
Cash flow from investment activities
- 4,453
- 66,626
5,102
2,391
––
- 72,661
- 63,586
Cash flow from financing activities
Revenue from long-term debts
Redemption of long-term debts
Revenue from long-term receivables
Payments long-term receivables
Revenue from shares issue
Cash flow from financing activities
Net cash flow
Exchange rate and conversion differences
relating to funds
Increase in funds
24,396
- 19,618
4,190
- 3,768
––
20,870
- 28,014
6,806
- 3,462
311
––
5,200
––
- 36,582
- 3,489
––
21,987
828
––
- 35,754
729
––
21,258
Notes:
The funds in the cash flow summary are composed of banks and short-term loans, cash and securities.
The cash flow summary has been drawn up according to the indirect method.
Company balance sheet as at 31 December 1994
after distribution of profits
40
1994
1993
Fixed assets
Consolidated companies
Receivables on consolidated companies
Other holdings
Receivables on other holdings
Other receivables
2,113
2,729
241,778
113,941
59,597
9,375
3,350
––
271,169
128,877
35,378
3,465
––
Total fixed assets
430,154
441,618
Current assets
Receivables
Consolidated companies
Other holdings
Other receivables
Prepaid assets
Cash
Total current assets
4,425
26,373
1,262
3,535
688
20,003
1,795
5,218
––
28,104
––
37,278
––
54,125
––
467,432
495,743
Company balance sheet as at 31 December 1994 after distribution of profits
41
1994
Equity
Issued capital
Share premium
Revaluation reserve
Legal reserves: retained earnings of holdings
Other reserves
Undistributed dividend balance
83,149
43,772
8,914
58,664
157,157
74
––
Provisions
Other provisions
1993
81,301
45,444
17,165
55,114
151,675
117
––
351,730
350,816
60
122
157
––
1,157
––
157
Long-term debts
6.75% subordinated convertible debenture loan ¹
Others
100,000
2,258
––
1,157
100,000
30,265
––
102,258
Short-term debts
Accounts and taxes payable
Distribution of profits
4,877
8,350
––
5,216
8,167
––
13,227
––
467,432
1
Forms part of the guarantee capital.
130,265
13,383
––
495,743
Company profit and loss account 1994
42
Earnings of holdings
Other earnings
1994
1993
15,310
255
––
15,055
10,823
630
––
10,193
Notes to the company balance sheet
43
Book value as at 1 January 1994
Investments
Book value of disinvestments
Depreciations
Book value as at 31 December 1994
Land,
buildings
and
dwellings
Plant
and
equipment
Other
fixed
assets
Total
2,004
252
––
1,752
408
88
––
320
317
25
301
––
41
2,729
25
641
––
2,113
The acquisition value and accumulated depreciation of these tangible fixed assets at year end 1994 are:
Acquisition value
Cumulative depreciation
Book value
3,170
- 1,418
––
1,752
Equity tied up in consolidated companies:
Intrinsic value
Receivables
Total as at 31 December
3,560
- 3,519
––
41
1994
241,778
113,941
––
Current assets
Receivables
Liabilities
Long-term
Short-term
1,548
- 1,228
––
320
8,278
- 6,165
––
2,113
1993
271,169
128,877
––
355,719
400,046
4,425
––
360,144
3,535
––
403,581
-
2,258
––
- 30,265
––
- 2,258
––
357,886
- 30,265
––
373,316
44
1994
1993
The changes in the intrinsic value of the consolidated
companies are specified as follows:
Balance as at 1 January
271,169
282,547
Acquisitions,
capital contributions and
goodwill paid by
operating companies
9,103
625
Disinvestments
- 11,495
Revaluations
- 1,090
Changes in the exchange
rates of foreign currencies
- 5,610
1,352
Earnings
12,781
5,444
Dividend paid
- 34,170
- 16,459
––
––
241,778
271,169
Equity capital
The nominal capital amounts to  240 million,
divided into 6,000,000 ordinary shares with a nominal
value of  20,- and 6,000,000 preference shares
with a nominal value of  20,-. The issued share
capital as at 31 December 1994 amounts to 4,157,429
ordinary shares with a nominal value of  20,-.
81,301
1,848
––
83,149
79,365
1,846
90
––
81,301
Option rights
Options on ordinary shares in Royal Nijverdal Ten Cate with an option term of five years have been
given to a limited number of senior staff.
option term ending
t/m 24-04-1995
t/m 11-04-1996
t/m 09-04-1997
t/m 04-01-1998
t/m 03-01-1999
1993
45,444
-1,672
––
43,772
46,884
-1,661
221
––
45,444
This share premium is payable tax-free.
Revaluation reserve
The revaluation reserve refers only to financial fixed
assets.
8,914
17,165
The decrease of this provision reflects a decreased value
of our operating companies and associated
undertakings abroad due to the lower value of
US dollar, the Irish punt and the Greek drachma.
Cash
The cash balance is incorporated in an interest
compensation agreement with the bank.
Stock dividend
Staff options
Share premium
Stock dividend
Staff options
1994
issued
options
exercise
price
6,500
7,500
9,750
7,000
11,000
––
41,750
102.80
90.50
104.50
69.00
96.40
––
93.63
(average)
Legal reserves: retained earnings of
holdings
55,114
53,968
Adjustments for changes in
exchange rates of foreign
currencies
-1,198
-1,943
Share in earnings of holdings,
less dividends received
4,748
3,089
––
––
58,664
55,114
Other reserves
151,675
Plus:
– Stock dividend
7,216
– Addition from profits
2,000
– Transfer from revaluation
reserves
Less:
– Writing off goodwill
paid
- 3,734
– Withdrawal for dividend
payment
––
157,157
149,403
6,091
6,552
-
9,371
- 1,000
––
151,675
Notes to the company balance sheet
45
Other disclosures
The company deposited a declaration of liability in
accordance with article 403, paragraph 1, clause f of
Book 2 of the Dutch Civil Code on behalf of its
operating companies in the Netherlands.
Declarations of guarantee
The company has issued letters of guarantee in the
amount of  1.6 million on behalf of the Dutch
operating companies as security for these companies’
payment commitments on the balance sheet date;
an additional  8.5 million has been given in
specific guarantees for consolidated companies abroad.
Supervisory Board
R.J. Nelissen Chairman
J.J.C. Alberdingk Thijm Vice-chairman
C.J.A.J.M. van Gestel
H.H. van den Kroonenberg
J.D. van der Velde
F.J. de Wit
J.B. Wolters
Executive Board
F.H. Schreve Chairman
H.J. Hesselink
J.H.P.L. van de Sanden
Royal Nijverdal Ten-Cate nv
46
Additional data
MultiSTiQ bv: multi-printable self-adhesive and thermally adhesive materials for the graphics industry and others.
Auditor’s Report
47
We have audited the financial statements of Royal
Nijverdal-Ten Cate nv in Almelo for the year 1994.
We have conducted our audit in accordance with
auditing standards generally accepted in the
Netherlands.
In our opinion, these financial statements give a true
and fair view of the company’s financial position at
31 December 1994 and of the result for the year then
ended and also comply with the other Dutch legal
requirements for financial statements.
Coopers & Lybrand Accountants
Hengelo, 2 March 1995
Trustee’s Report
48
To the holders of debentures, convertible into
ordinary shares, of the 6 3/4% subordinated
convertible debenture loan 1992, per 1997/2002
originally nominal  100,000,000.- chargeable to
Royal Nijverdal-Ten Cate nv.
In conformity with the provisions of article 11,
paragraph 2 of the trust deed of 28 April 1992,
we report on our work in the financial year ending
31 December 1994.
1. The trust deed of this debenture loan was executed
on 29 April 1992 before the notary N.M.J. Damen
in Amsterdam.
2. The conversion price per ordinary share of
 20.- nominal value amounted to  123.40
as at 31 December 1994.
3. In the course of the year under review,
no debentures were offered for conversion.
4. The outstanding amount of the loan as at
31 December 1994 amounted to
 100,000,000.Nederlandsche Trust-Maatschappij bv
O.B. Linker
A.Th.J.M. Eltink
Amsterdam, 12 January 1995
Stichting Preferente Aandelen Koninklijke Nijverdal-Ten Cate
49
In 1988 the company concluded an agreement with
the ‘Stichting Preferente Aandelen Koninklijke
Nijverdal-Ten Cate’ to issue a number of preference
shares such that the ‘Stichting’, having taken said
shares, will be the holder of half of the (increased)
share capital.
The board of the ‘Stichting’ which decides on
exercising the voting rights with regard to the
preference shares, is now composed as follows:
A.G. van Leersum Chairman
J.J.C. Alberdingk Thijm
I.A.C. van Haren
C.A. Smal
J.D. Visser
In the opinion of the company and of the board of the
‘Stichting’, the ‘Stichting’ is independent of the
company as referred to in Appendix X of the securities
regulations.
Provisions of the articles of association relating
to distribution of profits
50
Article 28
2 With the approval of the Supervisory Board,
the Executive Board is authorized to determine
the part of the profit that will be reserved.
3 From the sum remaining, after reserves as referred
to in paragraph 2 of this article have been reserved,
a dividend will be paid, if possible, to the
preference shareholders at a rate of one and a half
percent above the average renewal rate fixed by the
Vereniging voor de Effectenhandel during the
previous year.
The dividend is calculated over the paid-up part of
the nominal sum.
4 Thereafter, if possible, a primary dividend of five
percent of the issued ordinary share capital will be
paid to the holders of ordinary shares.
5 The sum then remaining, less the share in the
profit allocated to the Supervisory Board, is at the
disposal of the annual general meeting of
shareholders, with the proviso that the preference
shareholders shall not receive any payment from
this sum.
6 Distribution of profits may only take place in as far
as the equity of the company exceeds the amount
of the paid-up and called-in part of the issued
capital plus the legal reserves.
Proposed distribution of profits
51
Net profit
Withdrawn from or added to the other reserves in accordance with
article 28, paragraphs 6 and 2 respectively of the articles of association
Added on balance to the reserve for retained earnings of holdings
Payment of 5% dividend to holders of ordinary shares in accordance with
article 28, paragraph 4 of the articles of association ¹
Supervisory Board’s share in the profits in accordance with article 23,
paragraph 9 of the articles of association
Undistributed dividend balance A˚P˚
5% dividend to holders of ordinary shares in accordance with article 28,
paragraph 5 of the articles of association (1993: 5% dividend) ¹
Undistributed dividend balance at year end, transferred to the relevant account
1
1993: in the case of full dividend taken in cash.
1994
1993
15,055
10,193
- 2,000
––
13,055
1,000
––
11,193
- 4,748
––
8,307
- 3,089
––
8,104
- 4,157
––
4,150
- 4,065
––
4,039
35
––
4,115
117
––
4,232
37
––
4,002
180
––
4,182
- 4,158
––
74
- 4,065
––
117
Minority Interest Disclosure Act
52
The disclosure, known to Royal Nijverdal-Ten Cate nv
on 10 March 1994, pursuant to Minority Interest
Disclosure Act, relates to:
Aegon Securities nv 8.52%
Operating companies and holdings as at 31 December 1994
Textiles
Ten Cate Protect bv Nijverdal
Fabrics for work clothing, uniforms and safety
clothing
Permess bv Goor
Permess UK ltd Prudhoe, England
Permess Italia spa Florence, Italy
Permess Interlinings Hong Kong ltd
Interlinings for the clothing industry
MultiSTiQ International Coating bv Goor
Self-adhesive and thermo-adhesive materials for the
graphics industry
Ten Cate Technical Fabrics bv (25%)
Nijverdal
Canvas, cloth for awnings; commissioned finishing
Denim Group
Atlantic Mills ltd (50%) Longford, Ireland
Denim fabrics
Hellenic Fabrics sa (49.9%) Thessaloniki,
Greece
Denim fabrics
EMAE sa (50%) Thessaloniki, Greece
Raw cotton processing
Ilios-Ten Cate sa (50%) Thessaloniki, Greece
Ring-spun yarns
Iliotex sa (41.7%) Thessaloniki, Greece
Ring-spun, combed and twisted yarns
Tops sa (50%) Thessaloniki, Greece
Manufacture and printing of tricot shirts
Evrotex sa (50%) Thessaloniki, Greece
Trading company
Industrial Fabrics Group - Europe
Nicolon bv Almelo
Fabrics for civil engineering, agriculture, horticulture
and industrial applications
Prodireg sarl (84%) Chambéry, France
Trading company in geotextiles
TtC Polyolefins bv Nijverdal
Polypropylene fabrics for the carpet industry;
artificial turf yarns
Ten Cate Advanced Composites bv Nijverdal
Components for aircraft manufacture, sporting goods
and industrial applications
Industrial Fabrics Group - USA
Royal Ten Cate USA inc Delaware, Maryland
Subsidiary holding company for the USA
Nicolon Corporation Atlanta, Georgia
Baycor Cornelia, Georgia
Fabrics for horticulture and for the recreational market
Nicolon/Mirafi inc Atlanta, Georgia
Civil engineering fabrics and non-wovens
National Fire Hose inc Los Angeles, California
Fire hoses and hoses for industrial use
The companies listed in this review have been consolidated
in the annual accounts. The joint ventures Synbra Unie and
Atlantic Mills have been partially consolidated.
Some holdings of minor importance to the overall picture
have been omitted from this review, in accordance with
article 379, paragraph 3, Book 2 of the Dutch Civil Code.
The companies are wholly-owned, unless otherwise stated.
Plastics
Rubber
Packaging Group
Rollers Group
Plasticum bv Tilburg
Aerosol caps
Plasticum UK Derby, England
Aerosol caps
Combi Plastic bv Rijen
Plastic packaging
Bandringa Plastics bv Ede
Plastic injection moulded products for the packaging
industry and for technical purposes
Noreco bv i.o. (50%) Deventer
Non-refillable closures
Ten Cate Mouldings bv Oldenzaal
Blow-moulded containers
Pipe Systems and Trade Group
Viplex Groep bv Nijverdal
Plastic pipe systems, fittings for outdoor lighting
Agubat sa (49%) Lille, France
Trading and production/assembly company
Schinkel Schouten bv Waddinxveen
Technical trading company for industry and
construction
Bosta bv Veghel
Technical trading company for industry, agriculture
and horticulture
Bevo GmbH Vlotho, Germany
and horticulture
Bosta France sa Nantes, France
and horticulture
Bosta UK ltd Wisbech Cambs, United Kingdom
and horticulture
Macedonian Plastics sa (29.8%) Thessaloniki
Greece
Plastic pipe systems
Plexaco sa (46.1%) Athens, Greece
Reinforced flexible plastic hoses
Synbra bv (50%) Wijchen
Building panels, insulation and packaging material,
primarily of rigid polystyrene foam
ENBI International bv Nuth
Subsidiary holding company for the ENBI group
ENBI Nuth bv Nuth
ENBI Corporation West Henrietta/Rochester,
New York, USA
ENBI Indiana inc Shelbyville, Indiana, USA
ENBI sa Bevaix, Switzerland
ENBI Singapore pte ltd Singapore
Components for office equipment
ENBI Ireland ltd Portlaoise, Ireland
Seals for plastic pipe systems
Ermex Tools bv Reuver
Moulds for rubber and plastics
Services
Property Management Company
Almelo Centrum bv Almelo
Doldebleek bv Nijverdal
Finigoor bv Goor
Gebemca bv Almelo
Gelderold bv Oldenzaal
Meijwint bv Winterswijk
Nijverdal Noord bv Nijverdal
Sluytersveld bv Almelo
Spabor bv Borne
Twedam bv Ootmarsum
Ten Cate Consultants bv Almelo
Consultancy for developing countries, etc.
Ten Cate Infoservice bv Almelo
Information technology
Ten Cate Assurantiën bv Almelo
Insurance services
CEC Technoservice bv (25%) Almelo
Installations
Ten Cate Nederland bv Almelo
Subsidiary holding company for the Dutch holdings
Colofon
2 Operating Companies and Holdings
Design:
Vormgeversmaatschap Harsta, Crouwel. bNO. Almelo.
Cover photograph:
SmitSet, Almelo.
Printing:
Lochemdruk, Lochem.
Lithography:
Scan 4, Enschede.
Photographs in the Netherlands:
SmitSet, Almelo.
Translation:
Gerner TextTeam, Huizen
Royal Nijverdal-Ten Cate nv Annual Report 1994

1994 - TenCate

Transcription

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