TenCate Annual Report 2013

Royal Ten Cate
Annual report 2013
PROTECTING PEOPLE

Organisation
Sectors and market groups
Royal Ten Cate
ADVANCED TEXTILES
& COMPOSITES SECTOR
GEOSYNTHETICS
& GRASS SECTOR
OTHER ACTIVITIES
SECTOR
PROTECTIVE FABRICS GEOSYNTHETICS INKJET TECHNOLOGY
Protective and safety fabrics and multi-risk
solutions for firefighting and defence,
industry and services.
Synthetic fabrics, non-wovens, grids
and systems for use in infrastructure,
civil engineering, water management,
the environmental sector, agriculture
and horticulture.
Digital inkjet technologies for industrial
production processes.
OUTDOOR FABRICS GRASS TECHNICAL COMPONENTS
Protective fabrics for outdoor applications,
such as the camping and awning market.
Synthetic turf components and integrated
synthetic turf systems for top-flight sports,
recreation and landscaping.
Technical rollers and components,
particularly for printers, copiers,
fax machines, postal sorting machines
and ATMs.
ADVANCED COMPOSITES HOLDING & SERVICES
Advanced composites, compounds and
systems for the space and aerospace
industry and industrial applications,
including automotive, industrial
components and energy generation.
Holding company activities, including
finance, accounting, patent development
and management, investor relations,
business development, information
technology, human resources management
and insurance.
ADVANCED ARMOUR
Advanced composites, ceramics and
integrated systems for the active and
passive protection of police, army, air force,
navy and civilian service personnel, vehicles
and vessels.
. A legal overview of operating companies, associated companies and other interests can be found on the inside of the back flap.

Focus
From trends to solutions
WORLDWIDE TRENDS
SAFETY SUSTAINABILITY
PROTECTING PEOPLE
IN TRANSIT IN HABITATS AT WORK DURING LEISURE
Mobility continues to grow
apace. Increasing prosperity is
making people worldwide
more mobile and giving rise to
increased transportation of
goods and raw materials
within and between
continents, and even to
extraterrestrial destinations.
Making those transport
movements increasingly
efﬁcient, safe and sustainable
is a challenge in itself.
Urbanisation is increasing
steadily across all continents.
Urban areas are growing ever
larger and more complex.
Societies are changing into
compact networks of cities.
That requires a high degree of
organisation and logistics with
safe and sustainable
infrastructure.
The working environment of
personnel in industry and
services may be risky,
hazardous or even hostile.
Personal protection in the
workplace, on the road,
on-site or during the mission is
essential in order to work
professionally and safely.
Leisure time increases as
prosperity grows. In addition
to tourism and recreation,
people are enjoying sports
as amateurs or top-ﬂight
performers. Leisure activities
and sports must above all
be pursued responsibly.
That requires safe,
sustainable facilities.
END-MARKETS
MOBILITY INFRASTRUCTURE
WATER
MANAGEMENT
DEFENCE
PERSONAL
PROTECTION
SPORT AND
LEISURE
Composites for
vehicles, vessels,
aircraft,
helicopters and
mobility concepts
Geotextiles for
infrastructure
works;
composites
for structures;
synthetic turf for
landscaping
Geotextiles and
systems for water
management,
maritime projects
and dewatering
Materials for
protection
of military
personnel;
vehicle, vessel,
aircraft and
helicopter armour
Materials for
protection of
persons in their
working and living
environments
Synthetic turf for
sport; outdoor
fabrics;
composites for
sport applications

Royal Ten Cate
PROTECTING PEOPLE VISION
TenCate focuses on the growing demand for protection of people and
their living and working environments. The worldwide trends towards
‘safety and protection’ and ‘sustainability and the environment’ serve
as the focal points of the protective solutions which TenCate provides.
The four market themes are In transit, In habitats, At work and During
leisure. The end-markets in which TenCate operates are mobility,
infrastructure, water management, defence, personal protection,
sport and leisure.
TenCate’s vision is based on the development (‘buy & build’) of a broad,
advanced technological base. As a company in the technical textile
sector, TenCate occupies a broad and innovative technological position
worldwide (including patent positions). That enables the company to
develop materials which are an optimum match for individual market
requirements in the chosen market themes of safety and protection of
man and the environment.
MATERIALS ENGINEERING AND INNOVATION MISSION
TenCate is a multinational company which combines textile technology
with chemical process technology in the development and production of
functional materials, modules and systems which are an optimum match
for specific market requirements. It is also increasingly important to
reduce the ancillary costs of the chosen solution, since materials and
modules form part of a total system. The technological base determines
the high-grade applications (product-market-technology combinations)
which TenCate supplies in selected niche markets.
TenCate aims to maintain a leading position in the provision of
sustainable solutions for personal protection and protection of living
and working environments. Developing the right product portfolio,
tailored to specific market requirements, drawing attention to solutions
in an effective way and incorporating the control of safety risks in
specifications are key parts of the way in which TenCate fulfils its
mission.
TECHNICAL TEXTILES STRATEGY
TenCate is the world market leader in technical textiles. These
materials have specific characteristics which are usually defined and
qualified on the basis of functional specifications. TenCate maintains
an active portfolio policy and with its advanced technological base is
able to offer the widest range of functionalities in materials, modules
and systems. It does this independently or in co-operation with third
parties.
TenCate operates principally in six end-markets reflecting the global
trends of safety and sustainability.
TenCate’s materials are used in particular for:
■ Personal safety and protection of living and working environments
■ Modernisation of army, firefighting and police equipment
■ Aerospace
■ Water management, infrastructure and environmental solutions
■ Industrial applications
TenCate’s strategy is based on value-chain management. This business
model determines how TenCate – based on its position in the value
chain – creates value, establishes value in products and systems and
adds value to customer-focused system solutions. The end-user is
central in this process. The cornerstones of this policy are end-user
marketing, technological innovation, cost leadership and product
differentiation. The creation of network structures with partners in the
value chain adds a market-focused dimension to this business model.
The aim is to improve access to markets and strengthen the competitive
position, thereby giving fresh impetus to the growth of the company.
Profile
Material technology group

Organisation, Focus and Profile Inside cover
Key developments in 2013 2
Assessment of 2013 action plans 3
Key data 2013 4
Key figures 2013 6
The TenCate share 7
Foreword by the Chairman of the Executive Board 10
Protecting people in transit 14
Business overview 15
Vision, mission and strategy 16
Strategic objectives 17
Business model and value creation 18
Strategic objectives and progress 23
Indicators 24
Sectors 32
Corporate information 41
Business context 47
Business environment 48
Stakeholders 50
Materiality matrix 52
SWOT analysis 54
Risk management 56
Governance 59
Executive Board 60
Supervisory Board 61
Report of the Supervisory Board 62
Corporate governance 65
Performance 67
Report of the Executive Board 68
Sector revenues and results 72
Outlook 93
Outlook for 2014 94
Action plans for 2014 95
Corporate initiatives for 2014 96
Statement by the Executive Board 97
Financial statements 99
Financial statements 2013 100
Other information 151
Ten-year summary 154
Glossary 156
Means of communication 158
Colophon 160
List of subsidiaries, associated companies and other interests Inside cover
Contact Outside cover
Royal Ten Cate
Annual Report 2013
.. A summary of this annual report is
available as a printed Annual Review
through royal@tencate.com
.. An interactive digital version
of this report is available at
www.tencateannualreports.com
A legal overview of operating
companies, associated companies
and other interests can be found on
the inside of the back flap.

2 | TenCate annual report 2013 | Key developments in 2013
Decrease in results of Geosynthetics & Grass sector
■■ EBITA of the Geosynthetics & Grass sector declined by 11% to
€ 27.9 million, mainly due to a weak performance in the TenCate
Geosynthetics market group in Asia and high initial marketing costs
and volatile raw material costs in the Grass group.
Strong improvement in profitability of Other Activities
■■ EBITA of Other Activities (Xennia Technology, TenCate Enbi and
Holding & Services) improved to –€ 0.5 million (2012: –€ 4.9 million).
The improved profitability was mainly attributable to lower costs at
Xennia Technology combined with a higher gross margin as a result
of the strategic reorientation.
Revenues declined by 4% to € 1,012 million
■■ The decline in revenues was once again concentrated in the
American and European defence markets. This was mainly due to
the tightening of defence policy in the United States, with US
troops being withdrawn from foreign war zones at an accelerated
pace.
■■ Revenues outside government-related markets grew positively.
The proportion of revenues generated in the private market
increased to 53% (2012: 47%).
Operating result before amortisation (EBITA) € 48.7 million
(2012: € 50.1 million); net profit € 19.0 million (2012: € 20.9 million)
■■ The decrease in revenues in the defence market had a major effect
on the operating result before amortisation (EBITA). Cost control
measures mitigated the decline in profit somewhat, as a result of
which the organic decline in EBITA compared to 2012 was limited
to 3%.
■■ Non-recurring costs had less impact than in the previous year.
Non-recurring costs amounted to € 5.9 million (2012: € 8.0 million),
mainly due to writedowns of inventories in TenCate Protective
Fabrics, which took place predominantly in the second half of the
year.
■■ The normalised operating result (EBITA) in 2013 amounted to € 54.6
million (–6% compared to 2012).
■■ EBIT remained unchanged compared to 2012 at € 35.6 million.
■■ The 2013 net profit amounted to € 19.0 million (2012: € 20.9 million).
■■ Net interest-bearing debt decreased by € 41 million in 2013 to
€ 189 million, with a debt ratio of 2.27 (2012: 2.55).
Lower revenues in defence market affect profitability of
Advanced Textiles & Composites sector
■■ EBITA of the Advanced Textiles & Composites sector declined by
9% to € 21.3 million due to the sharp fall (–40%) in defence-related
revenues.
Key developments in 2013

3TenCate annual report 2013 | Assessment of 2013 action plans |
Developments in emerging geographic markets
■■ Revenue growth in new geographic markets slowed, partly due to
declining economic growth in the markets concerned. TenCate
continues to see opportunities in markets such as South America
and China.
■■ TenCate critically assesses partnerships in emerging markets.
Particular care is exercised in the protection of patents and process
knowledge.
■■ Further steps were taken in China in collaboration with aviation
industry research establishments for the promising development of
thermoplastic composites in the new aircraft by Caiga and Comac.
However, this is a long-term development. At the beginning of 2014
a marketing and development agreement was signed with
Shanghai Leadgo-tech to support the market for composites for the
Chinese aviation industry.
Further revenue growth in composites
■■ Amber Composites (UK) was acquired at the beginning of 2013,
giving TenCate accelerated access to the market for automotive
composites (thermoset).
■■ Although revenues in the automotive market are still not
significant, a number of interesting development projects
(demonstrators) were initiated. The first revenues were generated
in the Formula 1 and sports car market segment. Some of the
developments are of a long-term nature.
■■ Outside the space and aerospace market, materials were
developed with partners, including for the electronics and oil and
gas industries (pipelines).
Start of production based on digital inkjet technology
at TenCate Protective & Outdoor Fabrics
■■ The first production printer came off the line in mid-2013. This
process was developed specifically for the outdoor market. The
first production trials took place successfully. Customer-specific
products are being launched at the beginning of 2014. The primary
advantage of this new process technology is that customer-specific
production runs can be offered with very short lead times. It also
allows the manufacture of products which cannot be produced
industrially using analogue technology.
Assessment of 2013 action plans
Increased importance of marketing
■■ TenCate intensified its activities in the field of marketing and sales.
This was particularly the case in TenCate Grass. New synthetic turf
systems were successfully introduced. The creation of new
standards for quality and sustainability in global market
developments is immensely important. There was also increased
marketing and sales activity in the worldwide Water & Environment
business unit of the Geosynthetics group, which led to revenue
growth in this segment.
■■ Attention was devoted to upgrades of websites and the rollout of
digital media in various market groups.
Focus on successful market niches and partnerships
■■ Growth was achieved in the leading brands operated by TenCate
(TenCate Geotube®
, TenCate Tecasafe™
Plus, TenCate Cetex®
etc.).
TenCate gave greater focus to the product portfolio and adjusted
its marketing efforts accordingly.
■■ Partnerships, most of which are still in the initial phase, developed
positively. This had a strong impact on the desired positioning in
various markets, providing a positive basis for future revenue
growth.
■■ In September a long-term agreement was concluded with US Army
Research, Development and Engineering Command (RDECOM) for
collaboration and development of the TenCate ABDS™
active blast
countermeasure system.
Continuing profit recovery at TenCate Grass
■■ The ambitions in the Grass group were only partly fulfilled.
Component production (upstream) recorded growth in results,
while the downstream activities recorded a decrease, partly due to
a steep rise in marketing and promotion costs. The integration of
the downstream activities had a positive effect on the cost level.
■■ The market climate, with a continuing deterioration of profit
margins, provided no support for ambitions in this area. Profitability
is under continuing pressure across the entire sector, particularly in
geographic markets with low quality awareness.
Continuing focus on sustainable cost savings
■■ Control of costs and working capital proved effective. The number
of FTEs was reduced by 198 in 2013 in order to adapt the cost base
– of TenCate Protective Fabrics among others – to the decrease in
(defence-related) revenues. TenCate intends to keep the cost base
at a structurally low level. Cost control therefore remains high on
the agenda.

4 | TenCate annual report 2013 | Key data 2013
Key data 2013
1,200
900
600
300
0
2008 2009 2010 2011 2012 2013
– 4% € 1,012.0 mln
REVENUES
120
90
60
30
0
2008 2009 2010 2011 2012 2013
– 3% € 48.7 mln
EBITA
60
45
30
15
0
2008 2009 2010 2011 2012 2013
– 9% € 19.0 mln
NET RESULT
1.2
0.9
0.6
0.3
0
2008 2009 2010 2011 2012 2013
0% 0.50
DIVIDEND PER SHARE (IN € )
2.4
1.8
1.2
0.6
0
2008 2009 2010 2011 2012 2013
– 11% 0.72
NET EARNINGS PER SHARE (IN € )
– 7%
€ 517.8 mln
€ 66.4 mln
€ 427.8 mln
0%
– 5%
42%
51%
7%
Advanced Textiles
& Composites
Geosynthetics & Grass
Other activities
22%
3,320
936
78%
22%
78%Female
Male
BREAKDOWN OF EMPLOYEES
4,800
3,600
2,400
1,200
0
2008 2009 2010 2011 2012 2013
– 4% 4,256
EMPLOYEES
REVENUE BREAKDOWN BY SECTOR
– 9%
€ 27.9 mln
– € 0.5 mln
€ 21.3 mln
– 11%
44%
57%
–1%
Advanced Textiles
& Composites
Geosynthetics & Grass
Other activities
EBITA BY SECTOR

5TenCate annual report 2013 | Key data 2013 |
TenCate has its own production sites (■)
and sales offices (■) in the following
countries:
Americas
NORTH AMERICA
United States
Canada
SOUTH AMERICA
Brazil
EMEA
EUROPE
Austria Belgium
Czech Republic Denmark
France Germany
Hongary Ireland
Italy Netherlands
Poland Romania
Spain Switzerland
United Kingdom
AFRICA
Benin
South-Africa
MIDDLE EAST
Dubai
AsiaPacific
ASIA
China India
Malaysia Singapore
Thailand South Korea
OCEANIA
Australia
New Zealand
Production and Sales
Sales
Geographic spread of revenues in 2013
41%
44%
1,595
By destination
By origin
Employees
43%
47%
1,726
11%
7%
859
NORTH AMERICA
SOUTH AMERICA PACIFIC
EMEA ASIA
3%
0%
0
2%
2%
76

6 | TenCate annual report 2013 | Key data 2013
PROFIT AND LOSS ACCOUNT 2012*
2013
Revenues 1,049.0 1,012.0
Operating result before depreciation and amortisation (EBITDA) 87.2 83.5
Operating result before amortisation (EBITA) 50.1 48.7
Normalised operating result before amortisation (EBITA) 58.1 54.6
Operating result before amortisation as % of revenues 4.8% 4.8%
Operating result (EBIT) 35.6 35.6
Net result 20.9 19.0
Normalised net result 26.2 23.2
CONSOLIDATED BALANCE SHEET AND RETURN
Net invested capital (year-end) 750.5 708.4
Return (EBITA) on average net invested capital 6.2% 6.4%
Net interest-bearing debt (year-end) 229.9 189.2
CONSOLIDATED CASH FLOW
Cash flow from operating activities 101.8 75.1
Cash flow from investing activities – 33.4 – 32.5
Cash flow from operating and investing activities 68.4 42.6
DEBT RATIO
Net debt / EBITDA ratio 2.55 2.27
SHARES IN ISSUE (X 1,000)
Number of shares in issue at year-end 26,498 26,791
Weighted average number of shares in issue (before dilution) 25,895 26,225
Weighted average number of shares in issue (after dilution) 26,040 26,366
PER-SHARE DATA
Net result 0.81 0.72
Diluted net result 0.80 0.72
Dividend 0.50 0.50
Equity 17.25 17.70
EMPLOYEES
Number of staff years at year-end **
4,454 4,256
– of which in the Netherlands 795 774
*
Adjusted for accounting policy change pensions.
**
Excluding temporary personnel.
(in millions of euros unless stated otherwise)
Key figures 2013

7TenCate annual report 2013 | The TenCate share |
The decrease in the debt position and a rise in the results in the third
quarter of 2013 also had a positive effect on the share price.
The highest share price was recorded in November 2013, at € 23.95.
The TenCate share ended the year at a price of € 22.90, representing a
rise of 15% compared to the starting price of € 19.87. With the
inclusion of dividends, TenCate shareholders earned a return of 18% in
2013.
The total volume of trading in the share on NYSE Euronext Amsterdam
in 2013 was 8% lower than in 2012.
GENERAL INFORMATION
The TenCate share is listed on NYSE Euronext Amsterdam and forms
part of the Amsterdam AMX index. The weighting of the share in the
AMX index on 31 December 2013 amounted to 2.04%. TenCate has
been listed as an option fund on NYSE Life in Amsterdam since 2011.
The TenCate share is also traded on the Chi-X, Equiduct, Turqoise and
BATS alternative exchanges. In 2013 over 80% of the shares were
traded on NYSE Euronext Amsterdam. The share is followed by
analysts in leading banks and securities houses in the Netherlands and
Belgium.
SHARE PRICE PERFORMANCE IN 2013
The equity markets in Europe staged a recovery in 2013 due to an
easing of tensions in the eurozone. The TenCate share initially
underperformed the AMX and MSCI Europe indices due to TenCate’s
high proportion of government-related revenues and continuing cuts
by the US Ministry of Defence.
The recovery in the TenCate share price began in September after the
publication of a number of positive reports concerning, among other
things, the long-term CRADA contract with the US Army RDECOM for
the TenCate ABDS™
active blast countermeasure system and the
collaboration with various parties of strategic/commercial relevance.
The positive price performance was coupled with relatively high
trading volumes, with over two million shares traded in September,
equivalent to 9% of the total number of shares in issue.
The TenCate share
VOLUME OF TRADING IN TENCATE SHARES
0
650
1,300
1,950
2,600
January
2013
June December
number of shares x 1,000
AMX
MSCI Europe
KTC
30.0
22.5
15.0
7.5
0.0
–7.5
–15.0
January February March April May June July August September October November December
2013AMXKTC MSCI Europe
DATA PER SHARE; IN %
Source: NYSE Euronext ISIN code: NL 0000375731 Reuters code: NTCN.AS Bloomberg code: KTC.NA

8 | TenCate annual report 2013 | The TenCate share
.. The TenCate share
The majority of the institutional shareholders are based in the
Netherlands. The proportion of shares held in the United States and
the United Kingdom decreased compared to 2012.
COMMUNICATION POLICY
TenCate participated actively in roadshows and investor conferences
in Europe in 2013. Having regard to its transparency objective, TenCate
sets great store by intensive dialogue with analysts, shareholders and
potential shareholders. A Capital Markets Day was held in November
at the production site in Primarette, France. Analysts and shareholders
were informed in particular about the activities of TenCate Advanced
Armour EMEA and TenCate Grass EMEA.
Background information and details of the various strategic themes
are provided in TenCate’s txtures magazine, on the company’s website
and in the updated IR app.
DIVIDEND POLICY AND PROPOSED DIVIDEND
TenCate pursues a balanced dividend policy in which a decrease in
profit, such as that which occurred in 2013, is reflected to a somewhat
muted extent in the change in dividend. The dividend policy is based
on a distribution rate of 40%. An optional dividend is usually offered.
In 2013, 60% of shareholders opted to receive a cash dividend.
Having regard to the current results, a dividend pay-out ratio of 69% is
proposed. The dividend would therefore amount to € 0.50 per € 2.50
par value share, payable at shareholders’ discretion in shares as a
charge to the share premium reserve or in cash.
NUMBER OF SHARES IN ISSUE
Number of shares in issue on 31 December 2012 26,497,666
Increase in share capital as a result of
stock dividend 293,701
Number of shares in issue on 31 December 2013 26,791,367
CHANGES IN THE NUMBER OF SHARES
IN ISSUE 2012 2013
Par value € 2.50 € 2.50
Lowest price € 16.66 € 17.15
Highest price € 26.30 € 23.95
Average price € 20.81 € 19.74
Closing price € 19.87 € 22.90
Earnings per share € 0.81 € 0.72
Dividend per share € 0.50 € 0.50
DISCLOSURE OF MAJOR HOLDINGS IN LISTED
COMPANIES ACT
The register maintained by the Netherlands Authority for the Financial
Markets (AFM) in connection with the disclosure of major holdings in
listed companies contains details of the following investors with
interests of over 3%. There are no known holdings in the AFM register
of short positions.
Name Date of disclosure Percentage
Norges Bank 31 December 2013 3.07%
Allianz Global Investors Europe
GmbH 15 November 2013 4.99%
Delta Lloyd N.V. 6 May 2011 5.67%
Delta Lloyd Deelnemingen
Fonds N.V. 22 June 2010 10.16%
Kempen Oranje Participaties N.V. 1 January 2010 6.34%
GEOGRAPHIC SPREAD OF INSTITUTIONAL SHAREHOLDINGS
(Source: LionShare, 31 December 2013)
The Netherlands
Germany
United States
United Kingdom
Norway
Belgium
Switzerland
Other
1%3%
61%
7%
7%
11%
7%
3%
2013

9TenCate annual report 2013 | The TenCate share |
OPTION PLAN, SHAREHOLDINGS OF PERSONNEL
AND EXECUTIVE BOARD
Details of the option plan and the shareholdings of managers and
members of the Executive Board can be found on page 146 of this
report. The shares repurchased by the company relate to the hedging
of granted options.
IMPORTANT DATES IN 2014
Publication of 2013 full-year figures 27 February
Publication of 2013 annual report 5 March
Annual General Meeting of Shareholders 17 April
Ex-dividend date 23 April
Record date: determination of dividend
entitlements 25 April
Option period for cash or stock dividend 28 April to 9 May
Publication of trading update for first
quarter of 2014 28 April
Announcement of conversion ratio 12 May
Payment of dividend / delivery of shares (stock) 14 May
Publication of 2014 half-year figures 24 July
Publication of trading update for third
quarter of 2014 24 October
Capital Markets Day
TenCate held a Capital Markets Day at its production
site in Primarette, France, on 20 November.
Analysts and shareholders were informed in
particular about the activities of TenCate Advanced
Armour EMEA and TenCate Grass EMEA.
Presentations were given by Loek de Vries
(President and CEO of TenCate), Steen Tanderup
(Managing Director of TenCate Advanced Armour
EMEA and APAC) and Ton Raaphorst (Managing
Director of TenCate Grass EMEA). Visitors were
also given a tour of the production site, in which
composites and ceramics are produced for aerospace
armour applications and personal ballistic protection.

10 | TenCate annual report 2013 | Foreword by the Chairman of the Executive Board
Dear stakeholders,
As expected, 2013 was a challenging year for TenCate. Revenues and
results were under pressure throughout the year. The 2013 financial
year was marked by sluggish government markets due to tight budget
policies. This led to a decrease in market potential and uncertainty
surrounding government orders which were already in the pipeline.
This made it difficult to plan production and financing adequately. It
was inevitable that some revenue generation was postponed and
certain developments took longer than expected to materialise.
For many years, government-related markets such as defence and
infrastructure had developed in a reliable and fairly predictable way
for TenCate. That has changed in recent times. Situations widely
viewed as impossible, including a complete freeze and reduction of all
government spending, as occurred in the United States, had a major
impact on TenCate’s financial development in 2013.
In response to events in the markets in which TenCate operates, the
company maintained a restrained financial policy. This was
characterised by low investments in tangible fixed assets, cost control
and debt reduction aimed at keeping the risk profile as low as possible.
The intensification of internal and external collaboration announced in
2012 was further developed. Companies must adapt ever more rapidly
to market dynamics: not only to the new reality, but also to fast-
changing demands of markets and technological and other
developments which offer new opportunities. By working together it is
possible to share costs and mobilise knowledge faster.
DEVELOPMENTS IN THE DEFENCE MARKET
Measured over the last ten years, defence spending in Europe reached
a low point. Discussions in the United States on the government
budget had a paralysing effect on expenditure. The decline in
TenCate’s revenues was caused predominantly by the drop-off in
defence orders in the TenCate Protective Fabrics (TenCate Defender™
M) and TenCate Advanced Armour (vehicle armour) market groups.
Vehicle armour remains an attractive market for TenCate, in view of
the many specialisations which have been brought together within the
company. The development of the TenCate ABDS™
active blast
countermeasure system is also expected to give further impetus to
these and other activities of TenCate in the armour market in the
future.
NON-GOVERNMENT MARKETS
One of the most successful markets for TenCate is the aerospace
market. The synthetic turf businesses and other activities focused on
industrial end-markets also developed positively. TenCate is actively
pursuing the development of new markets, such as automotive
composites.
TenCate also endeavoured to develop the ‘Protecting People’ theme
outside the defence market. This aim is reflected in new concepts for
the police and other emergency services (law enforcement). Success
in these new markets, usually involving new materials, nevertheless
requires time.
SUSTAINABLE INNOVATION
TenCate’s innovation policy is focused on ground-breaking
technological developments which can create new standards. This
process usually takes a number of years. The intended result is that
TenCate develops a tenable technology position, usually supported by
patents, allowing long-term revenue growth.
The focal points in the development of new product-market-technology
combinations are:
■■ Digital printing and finishing technologies
■■ Innovative synthetic turf systems
■■ Automotive composites
■■ TenCate ABDS™
active blast countermeasure system
Major strides were made in all these developments in 2013. TenCate is
therefore developing dynamically, even amid less favourable market
conditions. Innovation is nevertheless a long-term process that is
focused on long-term growth.
Foreword by the Chairman of the Executive Board

11TenCate annual report 2013 | Foreword by the Chairman of the Executive Board |
REPORTING
For reporting and positioning purposes, a sharper focus was applied
both to the company’s identity (around the theme of Protecting People)
and to the market approach. The market is increasingly being
approached on the basis of geographic regions (continent-based
management). Continuing integration is also taking place in the
Advanced Textiles & Composites and Geosynthetics & Grass sectors.
The theme of sustainability is high on the agenda in TenCate’s
development, positioning and reporting. New materials often have
favourable environmental effects, such as a reduction in the CO2
footprint. In practice, this can be a key driver in demand for high-
quality functional materials. Good examples are automotive
composites and various geotextiles.
ORGANISATION AND EMPLOYEES
The current market dynamics and changing organisational approach
also require the necessary flexibility from employees. The more
market-oriented approach was also a factor in the demand for high-
calibre employees capable of thinking in terms of solutions and
prepared to collaborate both internally and externally and work in
teams.
I would like to thank all employees for the additional commitment they
have demonstrated in less favourable circumstances.
L. de Vries, President and CEO

12 | TenCate annual report 2013 | People Planet Profit
People Planet Profit
25%more training hours for
TenCate employees
100%recyclable GreenFields®
MX
woven synthetic turf system
53%composites in the Airbus A350,
including thousands of
TenCate Cetex®
clips
TenCate focuses on the sustainable protection of people and their working and living environments

13TenCate annual report 2013 | People Planet Profit |
14%less CO2
emitted by
TenCate than a year ago
9Highly Protected Risk
Awards from FM Global
for TenCate
15%weight reduction in
helicopter tailplane using
TenCate Cetex®
technology

14 | TenCate annual report 2013 | People Planet Profit
Protecting people in transit
As a textile technology group, TenCate focuses on ‘Protecting People’:
creating sustainable solutions to protect people in their working and
living environments. On the basis of the six end-markets in which
TenCate operates, four areas of application have been defined:
In Transit (mobility), In Habitats (infrastructure, water management),
At Work (personal protection, defence) and During Leisure (sport and
leisure). TenCate focuses particularly on the production of materials
intended to fulfil specific characteristics based on industry standards,
laws and regulations, safety standards and the requirements of
particular target groups. TenCate’s materials usually form an essential
part of an end-product or overall solution.
We live in a society that involves risk. The world has a growing need
for better and sustainable protection against numerous threats,
regardless of whether they have a natural or human origin. TenCate
aims to occupy a leading position in the development, production and
supply of sustainable protective solutions, for which the company has
a broad technological base. TenCate employees around the world
make the difference in the development and production of protective
solutions.
In addition to the core theme of personal safety and physical
protection, the features incorporated in the production of materials
are weight reduction, fuel conservation, noise reduction,
environmental protection, reuse and recyclability. TenCate’s
knowledge of material technology enables it to provide solutions
jointly with end-users and industry partners.
MOBILITY
In the field of mobility, the areas of application lie particularly in the
aerospace market. With its wide portfolio of composites, TenCate has
gained a strong position particularly in the aviation and space
industries. Composites are increasingly used in components of the
secondary structure and interiors of aircraft and helicopters. Safety is
essential in aerospace materials.
On the basis of the expertise and experience gained with composites,
TenCate has continued to develop this material. This has resulted in
composites for other applications, particularly armour, based on bullet-
and fragment-resistant plate material in army vehicles, aircraft,
helicopters and ships. This development has led to the establishment
of TenCate Advanced Armour as an independent market group within
the Advanced Textiles & Composites sector.
Within automotive composites TenCate focuses mainly on vehicle
components which affect the safety and structure. High demands are
made on these materials.
For applications in mobility (automotive industry), TenCate operates in
a number of innovation networks in which it contributes its own
specific knowledge, know-how and experience. The company also
collaborates with numerous universities, colleges and institutions. In
open innovation, TenCate works on primary structural components of
thermoplastic composites. Examples of knowledge networks are the
Thermoplastic Affordable Primary Aircraft Structures consortium
(TAPAS), the ThermoPlastic composite Research Centre (TPRC), the
Advanced Manufacturing Research Centre (AMRC) and the
Aachener Zentrum für Integrativen Leichtbau (AZL).
PROTECTING PEOPLE IN TRANSIT
Mobility continues to grow apace. Increasing prosperity is
making people worldwide more mobile and giving rise to
increased transportation of goods and raw materials within and
between continents, and even to extraterrestrial destinations.
Making those transport movements increasingly efficient,
safe and sustainable is a challenge in itself.
The use of advanced materials in areas such as aerospace,
the automotive industry, transport and infrastructure works
and structures offers protective and environmentally
conscious solutions for the long term.

15TenCate annual report 2013 | Business overview |
Business overview provides a detailed explanation of why TenCate does what it does, how it does it and what it does
Business overview 16
Strategic objectives 17
Business model and value creation 18
Strategic objectives and progress 23
Indicators 24
Sectors 32
Corporate information 41
BUSINESS OVERVIEW

16 | TenCate annual report 2013 | Business overview
TenCate is a multinational company that combines textile technology
with chemical process technology in the development and production
of high-quality materials, modules and systems. TenCate specialises in
materials engineering and is a world market leader in the field of
technical textiles. TenCate increasingly offers total solutions,
independently or in co-operation with partners. The company is
subdivided into two main sectors: Advanced Textiles & Composites
and Geosynthetics & Grass.
VISION
TenCate’s vision is based on the development (‘buy & build’) of an
extensive and progressive technological base. As a company in the
technical textile sector, TenCate’s worldwide technology position
(including patents) has unparalleled breadth and innovative capacity.
That enables the company to develop materials that cater optimally to
the individual market requirements in the chosen market themes of
safety and protection of man and the environment.
MISSION
TenCate strives for leadership in solutions for personal protection and
protection of working and living environments: Protecting People with
textile technology-based materials which make the difference. Safety
and protection of people and their working and living environments are
worldwide growth markets. Developing the right product portfolio,
tailored to specific market requirements, drawing attention to
solutions in an effective way and incorporating the control of safety
risks in specifications are key parts of the way in which TenCate fulfils
its mission.
TenCate operates principally within six end-markets which have been
derived from the worldwide trends of safety and sustainability. These
end-markets are personal protection, defence, mobility, infrastructure,
water management and sport & leisure. The materials, modules and
systems developed on the basis of these end-markets have specific
characteristics. These characteristics are usually defined and qualified
on the basis of functional specifications.
STRATEGY
TenCate’s strategy is based on value chain management. The
cornerstones of this business model are end-user marketing,
technological innovation, cost leadership and product differentiation
(see page 20). This model determines how TenCate – based on its
position in the value chain – creates value, establishes value in
products and systems and adds value to customer-focused system
solutions. The end-user is central in this process. TenCate focuses
primarily on markets requiring products that meet high functional
demands.
The use of network structures with partners in the value chain adds a
new dimension to the business model. The aim is to improve access to
markets and strengthen the competitive position.
Business overview
DURING LEISURE IN TRANSIT
AT WORK
IN HABITATS
PROTECTING PEOPLE

Strategic objectives
Quantitative strategic objectives are:
■■ The net invested capital must generate a sufficient return. The
operating result before amortisation as a percentage of average
net invested capital must be at least 15%.
■■ The financial position must be sufficiently solid. The ratio of net
interest-bearing debt to the operating result before depreciation
and amortisation (EBITDA) must be structurally lower than 2.5.
■■ The target of 10% annual profit growth is based on EBITA
(operating result before amortisation). This target has not been met
in the last few years. The objective nevertheless remains to
achieve long-term profit growth averaging 10% per year. To this
end, the buy & build strategy will be pursued. An increase in added
value and efficiency is also necessary, since the organic growth of
the current core activities is expected to average less than 10% in
the years ahead.
■■ An adequate profit margin must be generated. The consolidated
EBITA margin must rise to at least 10%.
TenCate works to maintain its position as a developer and producer of
materials within the chain. Forward or backward integration has a
direct impact on the company’s positioning and immediately influences
the competitive position and relationships with direct customers.
STRATEGIC OBJECTIVES
Qualitative strategic objectives are:
■■ Creation of value for stakeholders through profitable growth based
on knowledge, expertise and internal synergy.
■■ Achievement of critical mass in product-market-technology
combinations by occupying leading positions in worldwide market
niches.
■■ Achievement of a healthy financial position with sufficient strength
for acquisitions.
■■ Management of a balanced portfolio of activities, in which product-
market-technology combinations differ in terms of growth
opportunities and risk profile.
■■ Stimulation of an open, creative and enterprising culture for change
and progress.
■■ Management of a global commercial organisation which thinks in
terms of customer-centric (system) solutions within the overall
value chain.
■■ Acceleration of growth of the company through partnerships.
SAFETY SUSTAINABILITY
HIGH END
SPECIFICATIONS
TEXTILE TECHNOLOGY
BASED MATERIALS

INPUT
Business model and value creation
Customerspeci
fic solutions

Cost-efficien
tproduction
End-userex
perience
Disruptive and su
stainingtechnologies
HUMAN
4,500 employees
10% management
1% corporate
FINANCIAL
Assets
Liabilities
PRODUCTION
Solutions
Services
DIGITAL
Data
SOCIAL
Customers
End-users
Suppliers
Joint ventures
TECHNICAL
Techniques
Technologies
Processes
Qualification
INTELLECTUAL
Intellectual property
Branding
Corporate identity
NATURE
Natural sources
Synthetic sources
Other sources
CAPITAL VALUE DRIVERS
END-USER MARKETING
■■ Reduction in total cost of ownership of
end-users
■■ Problem-solving capability
■■ System approach
■■ Best in class: price-performance ratio
■■ Co-creation: development with customers
■■ Reliability: TenCate brand stands for
quality
PRODUCT DIFFERENTIATION
■■ Product portfolio: linked to specific
customer requirements
■■ Time to market
■■ Best in class: price-performance-
quality-service
■■ Flexibility: fast adaptation to changing
demands
TECHNOLOGICAL INNOVATION
■■ Broad technological base
■■ Open innovation networks Knowledge
networks
■■ Patents and intellectual property Market-
driven innovation and
■■ problem-solving capability
COST LEADERSHIP
■■ Economies of scale
■■ Purchasing advantages
■■ Availability of raw materials
■■ Geographic spread of production
■■ Logistical advantages: close to customers
■■ Recyclability

OUTPUT
IN TRANSIT
Aerospace
Automotive
Transport
Naval
Etc.
IN HABITATS
Infrastructure
Water management
Agriculture/Horticulture
Structures
Etc.
AT WORK
Personal protection
Armour
Medical
Etc.
DURING LEISURE
Sport
Recreation
Holidays
Etc.
MATERIALS THAT MAKE A DIFFERENCE PROTECTING PEOPLE
SUSTAINABILITY
AND
ENVIRONMENT
Characteristics:
Lightweight
Long life
100% recyclable
Reusable
Etc.
SAFETY AND
PROTECTION
Characteristics:
Fire-resistant
Flame-retardant
Bullet-proof
Fragment-proof
Etc.
PROTECTIVE FABRICS
THERMOPLASTIC
COMPOSITES
ANTIBALLISTIC
PROTECTION
MATERIALS
GEOTEXTILES
OUTDOOR FABRIC
THERMOSET
COMPOSITES
SURVIVAL SYSTEMS
SYNTHETIC TURF

.. Business model and value creation
Innovations at TenCate usually have a technological background, as in
the development of thermoplastic composite technology (TenCate
Cetex®
) or process innovation through the use of digital inkjet
technology. Innovations also result from combinations of existing
technologies, as in the case of TenCate Defender™
M and TenCate
GeoDetect®
. Technological innovations are necessary to secure the
future. It is also important to develop existing products by
incorporating new technologies. TenCate strives for continuous
progress in order to accommodate or initiate new regulations and
standards.
Innovation also gives rise to development costs associated with
specifications and qualifications of materials. These costs are not
usually reported separately. Acquisitions with a technological
background also form part of the innovation process. TenCate conducts
an active intellectual property policy and now has more than 670
patents. An up-to-date list of patents can be found on the corporate
website under Company profile.
The main value drivers for innovation are:
■■ Broad technological base
■■ Links to universities, colleges and knowledge networks
■■ Membership of open innovation networks
■■ Internal co-operation and exchanges of knowledge between
market groups (social innovation)
■■ Knowledge positions and intellectual property
■■ Market-driven (applied) innovation aimed at problem-solving.
COST LEADERSHIP
Although products must have the right technical and functional
specifications, the cost aspect remains very important. In the current
economic climate in particular, with declining government budgets,
there is also high cost-awareness on the demand side.
That compels the company to remain very alert to costs, but also to
cost-efficient production, margin policy, process optimisation,
organisation of logistics flows, reduced environmental costs, etc., and
to the use of scarce resources and raw materials. TenCate also
conducts an active portfolio policy whereby the portfolio is kept
constantly under review and the product life cycle is assessed against
market requirements. By manufacturing globally and accessing
commodity markets worldwide, TenCate in principle has a good cost
VALUE CHAIN MANAGEMENT
TenCate operates a business model based on value chain management.
TenCate’s business model determines how the company creates value,
establishes value in products and systems and adds value to customer-
focused system solutions. The end-user is central in this process. The
cornerstones of the business model are end-user marketing,
technological innovation, cost leadership and product differentiation.
END-USER MARKETING
Every new product which TenCate develops must be linked with
prevailing customer demand or new national or international standards
and laws and regulations. The specifications are agreed or developed
with the customer and/or end-user at an early stage. Specific customer
demand and changing specifications can be accommodated thanks to
the acquired expertise and technological base. This is an important
competitive advantage. Higher standards can be set and progress
made by flexibly adapting decision-making units to end-markets to
take account of new technological possibilities, which can then be
included in new standards. TenCate’s products and solutions provide
functional added value in almost all cases. In some cases they can be
life-saving.
In some cases, for example in tenders, TenCate operates through its
customers. In some end-markets, therefore, its image and brand
awareness can only be assessed indirectly.
The main value drivers for end-user marketing are:
■■ Problem-solving capability: responding to functional requirements
of the end-user
■■ System approach: components/materials form part of an integrated
system
■■ Differentiation of the product portfolio to meet local needs,
standards and rules
■■ Best in class: price-performance ratio
■■ Innovation: co-creation; developing specifications jointly with
customers
■■ Reliability: the TenCate brand stands for quality and functionality
■■ Creation of standards: with its positioning as a specialist in its core
markets and its very broad technological base, TenCate aims to be
a foremost solution provider, partly on the strength of leading
market positions.

VALUE PROPOSITION
TenCate operates in markets in which it is important to draw attention
to the distinctive features of the product range on the basis of the
value proposition. An important target group comprises institutions
such as purchasing organisations which play a decisive role in drawing
up standards and specifications which materials must fulfil. In addition
to functionality, requirements may be specified in areas such as
sustainability, CO2
footprint, costs during economic service life and
warranties. It is also important to be able to respond rapidly to new
market requirements.
The setting of specifications and standards is generally a dynamic
process to which TenCate must respond appropriately. That requires a
flexible and innovative organisation.
base and operates in close proximity to most end-markets. The
company also benefits from economies of scale because it occupies
leading positions in most core markets.
Technological innovation involving new production methods can have
a positive impact on the cost structure.
The main value drivers for cost leadership are:
■■ Constant focus on process innovation
■■ Market leadership and associated economies of scale
■■ Purchasing advantages due to global coverage of commodity
markets
■■ Availability of raw materials (TenCate is a key customer)
■■ Geographic spread of production
■■ Proximity of end-users; logistical advantages.
TenCate aims to develop an appropriate product portfolio offering
dependable solutions tailored to specific market and/or customer
requirements.
Because product life cycles are becoming shorter, TenCate has to bring
a steady flow of new products and solutions to the market. TenCate is
guided by evolving markets in which demands are ever higher, laws
change and standards become more exacting. The company adapts
characteristics or incorporates them in materials in order to create
customer-specific products and specialties.
Product differentiation must increasingly be linked to end-user
marketing in order to position the overall value proposition correctly.
Greater significance is therefore being attributed to marketing. The
sustainability aspect is of growing importance, partly because public-
sector bodies, which constitute TenCate’s principal customer groups,
usually set greater store by sustainability.
The main value drivers for product differentiation are:
■■ Broad product portfolio: a good fit for specific customer
requirements
■■ Relatively large number of recently developed products
■■ Best in class: price / performance
■■ Relatively short time to market: ability to respond rapidly to market
demands
■■ Long-term experience: material specifications, databases,
qualifications, etc.
VALUE PROPOSITION FOR DIGITAL TECHNOLOGY
Individualisation is a characteristic of contemporary market
requirements. Manufacturers are increasingly facing declining
production runs, make-to-order products, etc. This will lead to
an increase in the product range and will pose fresh logistical
challenges for market participants throughout the value chain.
The rise of digital media, with individual customers buying their
products on demand, will increasingly be seen as the standard.
Digitisation of production processes is on the rise in many
industries. This is also a new challenge for TenCate, which
is a leader in this regard as a producer of technical textiles.
The advantages for TenCate’s direct (business-to-business)
customers is that reaction times to market trends can be
shortened considerably and inventory levels can be reduced
throughout the value chain. On this basis market participants
can anticipate individual customer requirements with much
greater immediacy. New characteristics can also be added
to materials, opening up new markets.

.. Business model and value creation
CORPORATE VALUES
TenCate has a royal hallmark, recognising not only the company’s
exceptional history as one of the oldest enterprises in the Netherlands,
but also the way in which it does business around the world. TenCate
is assiduous in imparting its ten principal corporate values to its
employees:
■■ The customer is central: Protecting People
■■ Effective: doing the right things
■■ Efficient: doing things well
■■ Creative: seeking solutions and creating systems
■■ Flexible: the ‘living organisation’, adapting to external developments,
new demands and trends
■■ Enterprising: identifying and optimising opportunities
■■ Innovative: thinking ‘outside the box’
■■ Reliable: doing business on the basis of trust; ensuring that
TenCate is seen as a reliable partner
■■ Commitment: dedication to the work which the company stands for
■■ Co-operation: working with colleagues and in teams.
Employees are TenCate’s human capital and are selected, rewarded
and appraised partly on the basis of the above values. They are
expected to be proactive, dedicated and open to change.

Strategic objectives and progress
0 Strategic objectives 2013 target 2013 progress 2014 target Priorities
PEOPLE
TenCate aims for a male-female
ratio at management level
(and in management bodies) that
is comparable to that of the rest
of the workforce (75%-25%), as
an indicator of equal opportunities.
The target for the male-female ratio
at management level in 2013 was
80%-20% (2012: 80%-20%).
The male-female ratio at
management level in 2013 was
82%-18%.
The target for the male-female ratio
at management level in 2014 is
80%-20% (2013: 82%-18%).
Where equally suitable, female
candidates will be proposed for
appointment to management
bodies, management posts and
the rest of the workforce.
TenCate aims to increase the
number of training hours.
The target in 2013 was for the
number of training hours to rise
to 16 (2012: 14 hours).
The number of training hours
in 2013 was 16.
The target in 2014 is for the number
of training hours to rise to 17
(2013: 16 hours).
Achieving more training hours,
partly through executive policies
of training experts and
HR departments.
TenCate aims for optimum
occupational health and safety
targeted at permanent prevention
of fatal and non-fatal industrial
accidents and safety incidents.
The target for the number of fatal
industrial accidents in 2013 was
zero. The aim was for the ratio of
days of absence due to non-fatal
industrial accidents to fall to
35.0 per 100 FTEs in 2013
(2012: 48.9 per 100 FTEs).
The number of fatal industrial
accidents in 2013 was zero.
There were 33.0 days of absence
due to non-fatal industrial
accidents per hundred FTEs
in 2013.
The target for the number of fatal
industrial accidents in 2014 is zero.
The aim is for the ratio of days
of absence due to non-fatal
industrial accidents to fall to
25.0 per 100 FTEs in 2014
(2013: 33.0 per 100 FTEs).
Increase of at least 3 in the
number of TenCate production
facilities having received the
Highly Protected Risk Award
from FM Global (2013: 9 sites).
PLANET
TenCate aims to increase the
proportion of renewable electricity
worldwide.
The target in 2013 was to raise the
by 3% (2012: 2.6%).
The proportion of renewable
electricity rose by 15.2% in 2013.
The target in 2014 is to raise the
by 3% (2013: 15.2%).
Increased use of renewable
electricity at production sites
worldwide.
TenCate aims to increase energy
efficiency worldwide, leading to
a steady fall in CO2
emissions.
The target in 2013 was to increase
the energy efficiency of production
sites by 1% (2012: 1%).
Energy efficiency worldwide rose
by 1% in 2013. In the Netherlands,
the rise in energy efficiency in 2013
was 2%.
The target in 2014 is to increase the
energy efficiency of production sites
by 1% (2013: 1%).
Pursuit of energy-saving measures
at production sites worldwide.
Buying more energy- efficient
plant and equipment at times
of replacement.
TenCate aims to reduce or at least
maintain the existing level of total
water consumption (on like-for-like
revenues).
The target in 2013 was to
reduce water consumption at
production sites to 2.9 million m3
(2012: 3.5 million m3
).
Water consumption worldwide
in 2013 was 2.9 million m3
.
The target in 2014 is for water
consumption at production sites
to be at or below 3.0 million m3
(2013: 2.9 million m3
).
Increase in digital finishing and
printing of outdoor fabrics (UV
curing) and any other substrates.
Implementation of existing water
conservation programmes.
TenCate aims for a worldwide
reduction in the amount of waste
released during production
processes (on like-for-like
revenues).
The target in 2013 was for the
amount of waste from production
processes to fall to 13 kilotons
(2012: 14 kilotons).
The amount of waste in 2013 was
13 kilotons.
The target in 2014 is an amount
of waste from production
processes of 13 kilotons or less
(2013: 13 kilotons).
Introduction of the 5S methodology
at a number of production sites
worldwide. More internal recycling
of scrap.
PROFIT
TenCate aims to maintain a
sufficiently solid financial position.
TenCate aims for a ratio of net
interest-bearing debt to EBITDA
of less than 2.5 over the long term
(2012: 2.55).
The debt ratio at the end of 2013
was 2.27.
TenCate aims for a ratio of net
interest-bearing debt to EBITDA
of less than 2.5 over the long term
(2013: 2.27).
TenCate will control the risk profile
by pursuing a restrained financial
policy.
TenCate aims for a sufficient return
on net invested capital.
TenCate aims for EBITA as a
percentage of average net invested
capital of at least 15% over the
long term (2012: 6.2%).
EBITA as a percentage of average
net invested capital was 6.4%
in 2013.
TenCate aims for EBITA as a
percentage of average net invested
capital of at least 15% over
the long term (2013: 6.4%).
High-quality / innovative
technological development
and internal synergy.
Management of a balanced
portfolio of activities with
product-market-technology
combinations in different phases
of the production life cycle.
Acceleration of growth of the
company through partnerships.
Attaining critical mass in product-
market-technology combinations
by occupying leading positions
in global market niches.
TenCate aims for sustainable profit
growth.
TenCate aims for average EBITA
growth of 10% per year over the
long term.
Reported EBITA declined by 3%
in 2013.
TenCate aims for average EBITA
growth of 10% per year over the
long term.
TenCate aims for an adequate profit
margin.
TenCate aims for an EBITA margin
of at least 10% over the long term
(2012: 4.8%).
The consolidated EBITA margin
in 2013 was 4.8%.
TenCate aims for an EBITA margin
of at least 10% over the long term
(2013: 4.8%).

Indicators
COST LEADERSHIP
The principal indicators include:
■■ Production
■■ Costs per unit/hour
■■ Turnaround time in days
■■ First-time-right percentage
■■ Use of raw materials, water and energy
■■ Number of defects
■■ Downtime
■■ Rejects and waste
■■ CO2
emissions
■■ Storage-inventory-delivery
■■ Inventory level
■■ Inventory turnover rate
■■ Percentage of products delivered on time
■■ Percentage of products delivered correctly
■■ Human resources
■■ Personnel costs
■■ Turnover
■■ Absenteeism
■■ Number of new product-market-technology combinations
■■ Quantitative and qualitative portfolio growth
■■ Net present value of the product portfolio
■■ Number of extensions of product life cycles
Key performance indicators (KPIs) are the factors and aspects of
business operations that affect the performance and hence the value
of the company.
TenCate draws a distinction between general and specific indicators.
A number of general indicators are periodically assessed against the
cornerstones of TenCate’s business model. Specific corporate social
responsibility indicators have been defined at corporate level on the
basis of the guidelines of the Global Reporting Initiative (GRI). These
KPIs indicate TenCate’s worldwide position with regard to social,
ecological and economic aspects of corporate social responsibility.
Brief details of a number of key indicators are provided below. The
indicators collectively contribute to the company’s value chain
management.
GENERAL INDICATORS
END-USER MARKETING
Important indicators include:
■■ Customer satisfaction
■■ Market share
■■ Sale volume
■■ Customer retention (share of wallet)
■■ Number of complaints and complaint handling
■■ Brand recognition and image
■■ Number of patents
■■ Number of trademark registrations and countries of registration
■■ Completion of process innovation projects
■■ Creation of new standards in niche markets
■■ Number of innovation networks in which TenCate operates
TenCate business model © TenCate
VALUE CHAIN MANAGEMENT INTERNALEXTERNAL
portfolio
management
process
management
market
management
END-USER MARKETING
market
product
technology
process
DIFFERENTIATION
INNOVATION
COST LEADER
business
development

TARGETS
Corporate social responsibility is implemented by the line management
within the stated policy frameworks. This is actively co-ordinated and
supported at corporate level through the provision of tools that enable
these activities to be maintained, measured and presented as
transparently as possible.
Once again in 2013, all market groups within TenCate received detailed
feedback on reporting business units worldwide by means of CSR fact
sheets, for both full-year 2012 and the first half of 2013. This combined
information indicates the performance relative to comparable business
units within the Group and provides a basis on which the local
management can formulate CSR improvement plans and any corporate
and other targets for the current financial year.
Since 2012, the market group units which were certified in accordance
with the CSR Performance Ladder (level 3) have already formulated
their own, similar or related targets, including for the nine reported
KPIs.
TenCate took major steps in 2013 aimed at the further development
and measurability of corporate social responsibility. This process will
continue in the years ahead, partly through the definition and
adjustment of new and existing CSR targets.
SPECIFIC INDICATORS (CSR)
The principal and most material CSR themes were determined and key
performance indicators (KPIs) were defined at corporate level at the
beginning of 2012, on the basis of the guidelines of Global Reporting
Initiative 3. These KPIs reflect TenCate’s performance with regard to
social, ecological and economic aspects of corporate social
responsibility. Worldwide CSR data have been gathered, validated,
aggregated and analysed at corporate level every six months since
2012. The CSR data for 2011 are included here as a baseline. This
section reports on the specific indicators relating to the 2013 reporting
year. As in the case of the 2012 data, these comply with TenCate’s
accuracy criteria. The data quality and relevant processes were further
improved in 2013. A corporate CSR controller has joined the corporate
CSR team in order to continue the gathering, analysis, aggregation and
validation of the CSR data and deepen or broaden the data as
necessary. The business units in the downstream activities of TenCate
Grass (very limited in-house production) and the activities of TenCate
Enbi and Xennia Technology have not been included in the
measurements. Data for the Thailand business unit also ceased to be
included in the CSR figures for 2013, because it was closed during the
reporting year. The CSR information for Amber Composites, which was
acquired at the beginning of 2013, was also excluded from the CSR
analyses for the past year, with the exception of employee data.
2012 2013
North and
South America
EMEA
Asia Paciﬁc
39%
20%
41%
38%
24%
38%
1 · ANALYSIS OF EMPLOYEES BY REGION IN 2012 AND 2013
2012 2013
90%
2%
8%
89%
2%
9%
Permanent
contract
Temporary
contract
Agency
contract
2 · ANALYSIS OF EMPLOYEES BY CONTRACT TYPE IN 2012 AND 2013
Male
Female
78%
22%
76%
24%
2012 2013
3 · ANALYSIS OF EMPLOYEES BY GENDER IN 2012 AND 2013
Male
Female
82%
18%
80%
20%
2012 2013
4 · ANALYSIS OF MANAGEMENT BY GENDER IN 2012 AND 2013

.. Indicators
PERSONNEL BREAKDOWN
As a multinational company, TenCate has a worldwide presence.
Production sites are located on various continents. Figure 1 shows the
geographic breakdown of TenCate employees (headcount) by continent
at the end of 2013. Figure 2 shows the breakdown of employees by
contract type at the end of 2013, i.e. between permanent, temporary
and agency contracts. The breakdown of employees by region has
changed somewhat compared to 2012 as a result of the integration of
the TenCate Protective Fabrics activities in Thailand into the Dutch
production site. The workforces on the continents of America and
EMEA are now of equal number, partly as a result of the acquisition of
Amber Composites. The proportion of employees with agency
contracts has decreased by 1% compared to 2012 due to more cost-
effective use of production organisations.
Despite its technical character, TenCate is committed to being a
company that offers sufficient scope for diversity among employees.
Figure 3 shows the composition of the workforce by gender. Almost
78% of the total number of employees are male and over 22% female.
Figure 4 shows the composition of the management of TenCate. Eight
out of 10 management personnel are male and two out of ten are
female. Both sets of percentages have changed fractionally compared
to 2012. TenCate aims to achieve a comparable male-female ratio in its
management as in the rest of its workforce, as an indicator of equal
opportunities. In the years ahead, TenCate will aim to achieve a
75%-25% male-female ratio for both its management and overall
workforce.
OCCUPATIONAL SAFETY AND WELFARE
The safety and protection of employees and their working environment
at TenCate’s production sites are a central focus of the company’s
policy. Table 5 provides an overview of occupational safety and
welfare, expressed in ratios of industrial accidents, fatal industrial
accidents, absence due to industrial accidents in days/working days,
occupational diseases and sickness absence. There were no notable
incidents in 2013.
SOCIAL ASPECTS
TenCate believes that the conduct of a sustainable personnel policy
focused on the interests of the people which make up TenCate is the
most important aspect of the social dimension of enterprise. Within
this policy the following themes are the most material:
■■ Personnel diversity and equal opportunities
■■ Occupational safety and welfare
■■ Education and training
SUSTAINABLE PERSONNEL POLICY
As a technology group, TenCate is a knowledge-intensive company.
The safety, health and knowledge of the employees are paramount.
Social innovation through investments in this human capital benefits
the company. The safety policy is implemented at production and
operating sites worldwide to promote optimum occupational health
and safety and keep safety incidents and industrial accidents to an
absolute minimum. Protecting people right through to the shop floor.
GreenSource™
The Sustainable Water Fund of the Ministry of
Economic Affairs commissioned Pentair, TenCate and
Wavin jointly to produce 20 sustainable drinking
water systems in South Africa. TenCate is supplying
the high-quality synthetic turf and geotextiles for this
project. This innovation is being supported by the
Advanced Materials Manufacturing Oost-Nederland
(AMMON) foundation.

TenCate aims to continue deepening and broadening its package of
technical and management training courses. The company intends to
increase the number of training hours by at least 5% annually in the
years ahead.
ECOLOGICAL ASPECTS
TenCate considers the conduct of an integrated sustainability policy
focused on biodiversity and the company’s natural environment to be
the most important aspect of the ecological dimension of enterprise.
Within this policy the following themes are the most material:
■■ Energy consumption and CO2
emissions
■■ Water consumption and wastewater
■■ Rejects and waste
SUSTAINABLE ENERGY POLICY
Energy consumption is an issue that demands greater attention
worldwide. TenCate has a sense of responsibility in this regard and
sees it as an opportunity for cost reduction and process optimisation.
Through its actions, investments and technological innovations, it
contributes to the reduction and maximum efficiency of energy
consumption. In the process, the CO2
footprint of the company is
reduced. An increase in the share of ‘green energy’ is part of the
prevailing energy policy.
ENERGY CONSUMPTION
Total energy consumption in 2013 amounted to approximately 1,752
terajoules (TJ). This represents a decrease of 11% compared to 2012,
which was due in part to the closure of the TenCate Protective Fabrics
site in Thailand. Among TenCate’s production processes, it is
particularly fabric production and the extrusion of synthetic fibres that
are the most energy-intensive. Since the beginning of 2013, over 15%
of energy consumed has come from sustainable sources, such as green
electricity. Biogas is produced at the company’s own wastewater
5 · OCCUPATIONAL SAFETY
AND WELFARE 2011 2012 2013
Industrial accidents*
1.8 2.4 1.9
Fatal industrial accidents*
0 0 0
Absence due to industrial
accidents in days/working days*
22.1 48.9 33.0
Occupational diseases*
0.03 0.00 0.15
Sickness absence*
2.1% 2.7% 3.0%
*
Ratio per hundred FTEs.
These figures show that industrial accidents and days of absence
decreased in 2013, returning almost to a level comparable to 2011. The
temporary rise in these figures in 2012 resulted from the setting up of
a new production process during that year at the TenCate Advanced
Armour site in Newark in the United States, where a number of minor
safety incidents occurred. Immediate remedial action was taken,
which is reflected in the 2013 figures. The slightly higher sickness
absence in 2013 was due in particular to the TenCate Protective
Fabrics production site in Nijverdal. Measures were taken to counter
this incidental rise in sickness absence.
TenCate has focused its occupational safety and welfare policy on the
structural prevention of safety incidents and fatal or non-fatal
industrial accidents. It aims to reduce the ratio of days/working days
of absence due to industrial accidents to 20.0 in the years ahead.
EDUCATION AND TRAINING
TenCate invests in the quality and skills of its employees. Education
and training are crucial for the optimum development and maintenance
of the company’s knowledge resources – and hence its competitive
strength. The company uses both external and internal on-the-job
training. In 2013, 860 employees took part in technical training courses
while 265 attended management training. Both figures represent a rise
compared to the previous year. The number of training hours per
employee has also risen by two. Figure 6 shows the ratio of internal to
external training hours. The total number of training hours increased
by 22% in 2013 compared to 2012. A training expert was appointed for
the four market groups in Nijverdal at the beginning of 2013 and is
making a substantial contribution to the knowledge qualification
process.
Internal
training hours
External
training hours
79%
21%
81%
19%
2012 2013
6 · INTERNAL AND EXTERNAL TRAINING HOURS IN 2012 AND 2013

.. Indicators
treatment plant and is used to produce steam for processes. Figure 7
shows the percentage breakdown of energy consumption into the
main energy sources for 2011, 2012 and 2013.
7 · ENERGY CONSUMPTION
BY ENERGY SOURCE 2011 2012 2013
Renewable electricity 2.7% 2.6% 15.2%
Non-renewable electricity 51.0% 51.1% 45.2%
Biogas 0.0% 0.1% 0.1%
Natural gas 33.0% 33.3% 25.8%
Steam 12.6% 12.1% 13.0%
Other sources 0.7% 0.8% 0.7%
The increase in the consumption of sustainably generated electricity
was achieved by switching the Nijverdal production sites to green
electricity from 2013. TenCate Geosynthetics in Linz, Austria, also
proactively increased the proportion of green electricity consumed in
2013. TenCate is aims to bring about a further increase the proportion
of renewable electricity consumed worldwide. It intends to raise this
proportion by 3% per year over the next three years.
TenCate production sites worldwide have also set a target of
improving energy efficiency by 1% per year by taking numerous
energy-saving measures. TenCate’s Dutch production sites even have
an energy efficiency improvement target of approximately 2% per
year, in line with the Multi-Year Energy Efficiency Agreement of the
Ministry of Economic Affairs and the Modint industry organisation on
the more effective and efficient use of energy and processes in the
textile and technical textile industry.
CO2
FOOTPRINT POLICY
CO2
emissions are coupled with energy consumption. The increase in
CO2
in the atmosphere increases the greenhouse effect on earth and
contributes to climate change. TenCate is mindful of this and directs
its policy towards reducing CO2
emissions. By determining its level of
CO2
emissions, TenCate gains insight into the total greenhouse gas
emissions caused by its operations. A better understanding of CO2
footprints and how to reduce them can be obtained by identifying and
then categorising emissions. At the same time, energy conservation
helps to increase energy efficiency and reduce both fossil fuel
consumption and CO2
footprints in order to cut process costs.
TenCate’s CO2
footprint is made up of the various emission sources,
such as electricity, natural gas and steam. TenCate’s climate policy is
aimed primarily at reducing energy consumption through efficiency
measures, based on process management and cost leadership as part
of the TenCate business model. This is supported by the objective of a
gradual switch to renewable, sustainable energy.
CO2
EMISSIONS
In 2013 TenCate’s total CO2
emissions worldwide amounted to
approximately 152 kilotonnes. That represents a reduction of almost
22% compared to 2012. This decrease is due partly to the closure of
the TenCate Protective Fabrics production site in Thailand and partly
to the substantial rise in the proportion of green electricity in the
Netherlands in particular. Figure 8 shows a breakdown of CO2
emissions by energy source in 2011, 2012 and 2013. The data show
that approximately 73% of TenCate’s CO2
footprint is due to electricity
consumption. Sustainable sources, such as wind power,
hydroelectricity or solar energy now account for over 15% of electricity
consumption. This portion is therefore CO2
-neutral. The bulk of CO2
emissions are attributable to the energy-intensive market groups,
namely TenCate Protective Outdoor Fabrics and TenCate Grass.
8 · CO2
EMISSIONS BY
ENERGY SOURCE 2011 2012 2013
Electricity 70.3% 71.0% 73.3%
Natural gas 19.1% 18.4% 16.6%
Steam 8.4% 7.9% 6.9%
Flights 0.4% 0.6% 0.8%
Car travel 0.7% 0.8% 1.2%
Other Activities 1.1% 1.3% 1.2%
SUSTAINABLE WATER AND WASTEWATER POLICY
Water consumption is a growing issue worldwide. TenCate is mindful
of this and implements measures, investments and technical
innovations aimed at reducing and optimising the efficiency of water
consumption. Water consumption is broken down by water source.
Waste processing is broken down by destination. TenCate’s water
treatment plants are an integral part of the water and wastewater
policies of the respective sites worldwide.

WATER CONSUMPTION
Total water consumption in 2013 amounted to approximately 2.9
million cubic metres. This represents a 15.1% reduction overall
compared to 2012. This decrease is largely due to the closure of the
TenCate Protective Fabrics production site in Thailand. As in 2012,
groundwater and drinking water consumption decreased in 2013, while
surface water consumption rose slightly. Figure 9 shows the
consumption of water by source.
The underlying data show that the dominant consumer of water is the
TenCate Protective Outdoor Fabrics market group, with a combined
share of water consumption of around 42%. This percentage can be
explained by the current analogue finishing process used for technical
textiles in the water-intensive processes in this market group. As a
result of the introduction of digital printing and finishing for TenCate
outdoor fabrics in mid-2013, a decrease in water consumption can be
expected for this market group.
TenCate is aiming for a further reduction in water consumed in
production processes worldwide. For the next three years, TenCate
aims to stabilise water consumption at less than 3 million cubic metres
with a comparable level of revenues.
WASTEWATER
The total volume of waste water was 2.6 million cubic metres in 2013.
This represents a decrease of 15.7% compared to 2012. This decrease
is largely due to the closure of the TenCate Protective Fabrics
production site in Thailand. Figure 10 provides an overview of total
waste water by destination. Since part of the water drawn evaporates
during production or is absorbed by products, the volume of discharged
water is by definition lower than the volume of water drawn.
Groundwater
Drinking water
Surface water
37.1%
19.7%
43.2%
28.9%
18.3%
52.8%
2012 2013
9 · WATER CONSUMPTION BY SOURCE IN 2012 AND 2013
Synthetic turf system for Kyocera Stadium
In the space of two weeks the synthetic turf supplier
GreenFields, the synthetic turf manufacturer TenCate
and the construction company Heijmans completed
a brand-new synthetic turf system at the Kyocera
Stadium, the home venue of Dutch Premier League
side ADO Den Haag. The synthetic turf system based
on TenCate Evolution™
fibre was laid in just two
weeks. The installation was completed swiftly and
efficiently thanks to excellent collaboration between
the three companies, the municipality of The Hague
and ADO Den Haag. The construction of a roof over
the pitch means that games can also be played at
night and in poor weather. The synthetic turf system
was approved by the KNVB (Royal Netherlands
Football Association) on Monday 21 October and
delivered on Wednesday 23 October. After the
2013-2014 football season GreenFields, TenCate and
Heijmans will install a GreenFields®
TX synthetic turf
system in the Kyocera Stadium and in the adjacent
temporary GreenFields Stadium for the 2014 Hockey
World Cup.
Surface water
Sewage
Other
50.4%
31.8%
17.8%
40.3%
38.0%
21.7%
2012 2013
10 · WASTEWATER BY DESTINATION IN 2012 AND 2013

.. Indicators
Since 2013 TenCate has also added the volume of textile waste to the
waste separation categories. The resulting figures will appear for the
first time in the reporting for 2014.
TenCate is endeavouring to reduce the volume of waste released
during production processes worldwide. In the next three years,
TenCate aims to stabilise the volume of waste from production
processes at less than 13 kilotonnes per year with a comparable level
of revenues.
ECONOMIC ASPECTS
The economic indicators relating to TenCate’s financial performance
can be found in the other parts of the annual report and in the financial
statements for 2013. In this section TenCate reports on the critical
performance indicators with regard to sponsorship and donations
during the reporting year.
SUSTAINABLE SOCIAL POLICY
TenCate has a strong commitment to society through sponsorship and
donations. Employees worldwide are actively involved in numerous
initiatives and projects. TenCate feels closely involved in the local
communities in which it operates. Every year, TenCate sponsors
various initiatives, both financially and in kind by providing materials
which the company produces. Market groups and employees also
make time or resources available for local or regional social activities.
The sponsorship and donations policy and activities in 2013 are
detailed at www.tencateannualreports.com.
SPONSORSHIP AND DONATIONS
In 2013 the contribution to social projects totalled approximately
0.15% of revenues, which represents a considerable increase
compared to 2012. This was achieved in particular through the greatly
increased involvement of TenCate Grass in the Coöperatie Eerste
Divisie for professional football in the Netherlands and the partnership
with the Royal Netherlands Hockey Association in preparation for the
2014 Hockey World Cup. Material sponsorship also increased strongly.
Among other beneficiaries, TenCate Advanced Composites sponsored
Solar Team Twente of the University of Twente and Saxion University
of Applied Sciences. This team secured third place in the World Solar
Challenge 2013, the highest place in its history, with its RED Engine
weighing just 139 kilograms. Figure 14 provides an overview of
investments through sponsorship or donations in 2012 and 2013.
The main sponsorship in 2013 was once again Heracles Almelo.
SUSTAINABLE WASTE POLICY
TenCate uses raw materials as efficiently as possible. A lower volume
of waste materials by definition means better utilisation of scarce raw
materials. Unavoidable waste materials are separated in an
environmentally conscious way and processed by recognised waste-
processing organisations.
WASTE FLOWS
Almost 13 kilotonnes of waste were released in TenCate’s production
processes in 2013, representing a decrease of nearly 8% compared to
2012. Over 10 kilotonnes were recycled during the reporting year and
over 2.9 kilotonnes were processed externally (a decrease of 5%
compared to 2012), 830 tonnes were incinerated by the waste
processor and the remainder was sent to landfill. Figures 11, 12 and 13
provide an overview of waste by waste stream, type of waste
separation, type of recycling and method of waste processing.
Non-hazardous
waste
Hazardous waste
97.5%
2.5%
97.6%
2.4%
2012 2013
11 · WASTE BY TYPE IN 2012 AND 2013
Paper waste
Plastic waste
Wood waste
Organic waste
13.4%
66.5%
12.4%
7.7%
15.0%
74.9%
9.9%
0.2%
2012 2013
12 · WASTE SEPARATION BY TYPE IN 2012 AND 2013
External recycling
Landﬁll
Incineration
Internal recycling
49.3%
17.9%
5.0%
27.8%
35.3%
6.4%
16.2%
42.1%
2012 2013
13 · WASTE RECYCLING AND WASTE PROCESSING IN 2012 AND 2013

TRANSPARENCY BENCHMARK
TenCate is assessed annually as part of the transparency benchmark
of the Netherlands Ministry of Economic Affairs. The aim of this
annual examination is to assess and improve the content and quality of
social reporting by Dutch companies. For the 2013 Annual Report,
TenCate intends to consolidate the position it achieved that year in the
top 100, in the knowledge that the criteria have been tightened.
TenCate’s long-term aim is to secure a position in the top 50.
Transparency Benchmark of the Ministry of Economic Affairs
Year Annual Report Participants TenCate’s position TenCate’s points
2013 2012 460 82 149
2012 2011 472 141 89
2011 2010 468 150 61
2010 2009 462 146 41
2009 2008 172 78 26
In past years the company has achieved the following scores and positions in the transparency benchmark:
Sponsorship
in cash
Sponsorship
in kind
Donations
85.3%
9.8%
4.9%
85.6%
11%
3.4%
2012 2013
14 · SPONSORSHIP AND DONATIONS IN 2012 AND 2013

(VALUE ADDED)
RESELLERS
PROTECTIVE FABRICS
• RD
• Spinning
• Weaving
• Knitting
• Pre-treatment
• Dyeing
• Finishing
• Laminating
• Quality control
• Packaging Logistics
• Marketing Sales
PROTECTIVE FABRICS
• Garment makers
• Distributors
PROTECTIVE FABRICS
• Industrial safety
• Emergency response
• Military Police
• Services Industries
PROTECTIVE FABRICS
• Chemical suppliers
• Polymer suppliers
• Fibre suppliers
PROTECTIVE FABRICS
• Chemicals
• Polymers
OUTDOOR FABRICS
• RD
• Spinning
• Weaving
• Pre-treatment
• Dyeing
• Finishing
• Quality control
• Marketing Sales
OUTDOOR FABRICS
• Confectioners
OUTDOOR FABRICS
• Distributors
• Dealers
OUTDOOR FABRICS
• Leisure
• Home Terrace
• Emergency response
• Refugee response
• Military
ISO9001
FMHPR(G,USA)
ISO14001(NL)/MVOPL(NL)
OUTDOOR FABRICS
• Fibre suppliers
• Fabric suppliers
OUTDOOR FABRICS
• Chemicals
• Polymers
END-USER MARKETS CUSTOMERS SUPPLIERS RAW MATERIALS
ISO9001
PROTECTIVE FABRICS
• Distributors
• PPE-dealers
• Laundries
MVOPL(NL)
AEROSPACE COMPOSITES
• RD
• Weaving
• Pre-treatment
• Chemical finishing
• Calandering
• Impregnation
• Consolidation
• Moulding
• Quality control
• Marketing Sales
• Original Equipment
Manufacturers (OEM)
- Prime contractors
• Tier 1 Tier 2
- Suppliers of integrated
structures and assemblies
• Tier 3
- Subcontracted part
manufacturers
• Aviation
- Interior
- Exterior
• Radomes Antennas
• Space
• Military
• Fibre suppliers
• Chemicals
• Polymers
• Glass
ISO9001|AS/EN9100
INDUSTRIAL COMPOSITES
• RD
• Weaving
• Pre-treatment
• Chemical finishing
• Calandering
• Impregnation
• Consolidation
• Moulding
• Quality control
• Marketing Sales
Manufacturers (OEM)
• Automotive
• Oil Gas
• Commercial Industrial
• Sports Leisure
• Medical
• Fibre suppliers
• Chemicals
• Polymers
• Glass
ISO9001
ADVANCED ARMOUR
• RD
• Designing Testing
• Production Construction
- Spall-liners
- Add-on-Armour
- Structural composites
- Body armour inserts
- Ready to fit solutions
- Survivability packages
• Quality control
• Marketing Sales
ADVANCED ARMOUR
Manufacturers (OEM)
- Vehicle manufacturers
- Shipyards
- Aircraft manufacturers
- Body armour
manufacturers
- Helmet manufacturers
- Cash-in-transit vehicle
converters
ADVANCED ARMOUR
• Military
- Land forces
- Naval forces
- Air forces
- Special forces
• Law enforcement
• Personal protection
• Cash-in-transit
ADVANCED ARMOUR
• Fibre suppliers
• Ceramic suppliers
• Ballistic metal supplliers
ADVANCED ARMOUR
• Chemicals
• Polymers
• Ceramics
• Metals
• Glass
ISO9001|AS/EN/JISQ9100(FR)
ISO14001(DK)/MVOPL(NL)
FMHPR(FR)
MVOPL(NL)
FMHPR(C,USA)
Sectors

ADVANCED TEXTILES COMPOSITES
The principal end-markets for the Advanced Textiles Composites
sector are:
■■ Personal protection
■■ Defence
■■ Mobility
■■ Sport and leisure
The products’ main areas of application are the protection of military
personnel, police and process workers (heat- and flame-resistant
protection and ballistic protection), protection of personnel in industry
(process industry, oil and gas extraction) and protection of fire
brigades and police forces. TenCate is also the European market leader
in high-quality outdoor fabrics for the outdoor market.
TenCate is the market leader in the field of protective fabrics and one
of the pre-eminent suppliers of aerospace composites. Applications in
the automotive sector and other industrial sectors are also expected
to emerge over time. In both markets the strong growth in demand is
being driven mainly by the need to save fuel costs (lower emissions)
and reduce weight.
The armouring of army and other vehicles concerns land, sea and air
vehicles. The armouring of helicopters is a growing activity. TenCate
operates in this field in the European market as a supplier of the
end-product: an entirely customised, ready-to-install set of armour
components, including fixing materials. In 2013 TenCate expanded its
portfolio to include products for personal protection for the law
enforcement market.
Materials are increasingly required to meet specific demands. TenCate
usually benefits when markets specify higher standards and demand is
differentiated on the basis of specific customer requirements.
TECHNOLOGY
The Advanced Textiles Composites sector is concentrated around
impregnation and coating technologies for the application and
processing of functional characteristics in and on textiles. The
products in this sector mainly comprise protective fabrics and
composite materials. TenCate occupies a unique position in the
composites market because it has both thermoset and thermoplastic
composites in its portfolio. TenCate has a leading position in
thermoplastic composites technology in the aircraft industry.
The automotive industry is also increasingly discovering the
advantages of thermoplastic composites. Broad application on an
industrial scale will nevertheless be a long-term development.
The raw materials used in the Advanced Textiles Composites sector
are mainly synthetic fibres such as para- and meta-aramids, glass fibre
fabrics and carbon and aramid fibres.
MARKET GROUPS
The Advanced Textiles Composites sector consists of four market
groups and one business unit:
■■ TenCate Protective Fabrics
■■ TenCate Outdoor Fabrics
Protective and safety fabrics for a wide range of professional groups
and protective fabrics for outdoor applications.
The activities in the TenCate Protective Fabrics market group are
concentrated around the production sites in the Netherlands and the
United States. In the Netherlands, safety fabrics are produced using
finished substrates (cotton blends as well as synthetic products). In
the United States products are manufactured with a combination of
inherently protective (artificial) fibres. TenCate therefore has a wide
range of product types for highly varied applications, each with
specific product characteristics.
■■ TenCate Advanced Composites
■■ TenCate Industrial Composites
■■ TenCate Advanced Armour
Composites for aerospace and industrial applications; antiballistic
materials for personal protection, survivability solutions and vehicle
armour.
The TenCate Advanced Composites market group and the TenCate
Industrial Composites business unit are concentrated around
production sites in the United States, the United Kingdom and China
(mainly thermosets) and in the Netherlands (mainly thermoplastics).
The company has a strong qualification base with a complementary
product range, as a result of close internal co-operation. For larger
customers, TenCate can be a dependable partner in the value chain by
providing a one-stop shop service.

.. Sectors
TenCate Advanced Armour has European manufacturing sites in
France, the United Kingdom and Denmark and operates as a
manufacturer in the United States. TenCate has both strong design
TENCATE PROTECTIVE OUTDOOR FABRICS BUSINESS MODEL
END-USER MARKETING
■■ Value proposition focused on specific target groups and standards
■■ Increased market awareness
■■ Risk awareness / safe society
■■ Partnerships
■■ Digital inkjet technology / ‘sustainable factory of the future’
■■ Smart textiles
■■ Effective use of internal knowledge (social innovation)
■■ Patents
■■ Global market position, with local product adaptations for local
specifications
■■ Fabrics based on fibre blends and coated / finished fabrics (product
champions: distinctive in quality-performance ratio and costs)
■■ Co-makership, products tailored to specific needs
COST LEADERSHIP
■■ Internal production combined with outsourcing delivers flexibility
■■ Process innovation
■■ Cost control
TENCATE ADVANCED COMPOSITES, TENCATE INDUSTRIAL COMPOSITES AND
TENCATE ADVANCED ARMOUR BUSINESS MODEL
END-USER MARKETING
■■ Access to market participants and partnerships with
OEM relationships in market phase of the TenCate ABDS™
■■ Solution-focused approach due to independence from fibre
suppliers
■■ Reputation and qualifications of renowned market participants
■■ TenCate ABDS™
■■ Innovation via networks and partnerships (TAPAS, TPRC,
AMRC, eTAC)
■■ Qualifications for future programmes
■■ Industrialisation of processes, focused on volume production
■■ Development of new areas of application
■■ Developments in unidirectional (UD) tape technology
■■ Development of the non-aerospace product portfolio
■■ Development of the value chain particularly in automotive
applications for thermoplastic composites
COST LEADERSHIP
■■ Increased efficiency in production
■■ Outsourcing and partnerships
■■ Development of low-cost solutions (industrial markets)
capabilities and a wide range of protective (fibre-reinforced)
composites. The market group supplies complete solutions for vehicle
programmes.

STRATEGY
The strategy of the sector is derived from the group strategy, which is
based on TenCate’s business model for value chain management. This
strategy continued to be implemented in 2013. In all activities, growth
can be achieved by broadening the geographic spread (new markets)
and further developing the product portfolio (new applications). This
can be implemented in individual areas as follows.

PROTECTIVE FABRICS
TenCate operates particularly in the upper segment of the safety
clothing market. As a global player, TenCate has access to the
worldwide commodity markets. Optimum functional characteristics
can be achieved in materials through intelligent combinations of
characteristics of fibres from different providers. A good example of
this strategy is the success of the TenCate Defender™
M and the
TenCate Tecasafe®
portfolio. By effectively mobilising internal
knowledge and collaborating with third parties, the aim is to
accelerate access to new geographic and other markets.
In all end-markets TenCate seeks to maintain direct contact with
end-users and industry organisations so as to respond effectively to
customer requirements and ensure that TenCate products are well-
positioned among end-customers. TenCate applies an own-brand
strategy based on the specific functional aspects and qualities which
end-users demand. TenCate works closely with market operators,
suppliers of the complete range of industrial clothing and professional
wear, which occupy leading positions in certain markets. This
collaboration usually results in co-development, joint branding and
marketing support.
COMPOSITES
The focus of the Group-wide growth strategy is on composite
activities, where TenCate currently occupies a unique technology
position. After an initial focus on aerospace applications, further
growth is being pursued in industrial markets, such as tooling (die
construction), the automotive industry, the electronics industry and oil
and gas extraction (transport pipes). The combination of thermoset
and thermoplastic composite technology offers TenCate good growth
opportunities in these markets.
The strategy is also focused on good collaboration with operators
along the entire value chain. TenCate has close relationships with fibre
producers, the processing industry and end-customers (OEMs). In the
case of both TenCate Protective Fabrics and the two market groups in
the composites segment, it is essential to maintain good relationships
with raw material suppliers, particularly fibre producers and chemical
companies. Many orders are project-driven. Delivery reliability along
the entire chain is vital. As a result of its leading market positions,
TenCate is usually one of the largest buyers of fibres in the specific
market segment. Long-term co-operation agreements have been
entered into with a number of fibre producers.
VALUE PROPOSITION
TenCate is the global market leader in the field of protective fabrics
and one of the pre-eminent suppliers of composites. Good internal
collaboration is also essential with regard to the value proposition.
The aerospace background of the subsidiary TenCate Advanced
Composites also gives TenCate a strong base in aerospace armour.
The operation of different business units in, for example, the defence
market strengthens the overall value proposition in the market.
TenCate positions itself as a specialist in the field of personal
protection. The various activities in the market are mutually
reinforcing.
With its broad technological background, TenCate is well able to
anticipate specific market requirements. These usually result from
laws or regulations, industrial and safety standards which specify the
technical characteristics of materials. In the markets in which TenCate
operates, supplier reliability and commitment with regard to the
performance of materials and operation as a development partner are
essential. The requirements in terms of functional aspects of materials
evolve constantly and TenCate has the necessary knowledge and
flexibility to respond effectively.

(VALUE ADDED)
RESELLERS
GEOSYNTHETICS
• RD
• Weaving
• Non-woven
• Knitting
• Grids
• Pre-treatment
• Finishing
• Quality control
• Marketing Sales
GEOSYNTHETICS
• Distributors
• Contractors
• Retailers
GEOSYNTHETICS
• Dealers
• Subcontractors
GEOSYNTHETICS
• Civil work
• Water Environment
• Industrial
• Oil Gas
• Renewable energy
GEOSYNTHETICS
• Yarn suppliers
GEOSYNTHETICS
• Chemicals
• Polymers
ISO9001
FMHPR(G,USA)
ISO14001(F,AU,NL)/MVOPL(NL)
(VALUE ADDED)
RESELLERS
GRASS
• RD
• Spinning yarns
• Weaving backing
• Finishing yarns
• Finishing backing
• Quality control
• Marketing Sales
GRASS
• Tufters
• Weavers
GRASS
• Installers
• Marketing organisations
GRASS
• Soccer
• American Football
• Hockey
• Tennis
• Golf
• Padel
• Multisport
• Landscaping
GRASS
GRASS
• Chemicals
• Polymers
ISO9001
FMHPR(T,USA)
.. Sectors
SAFETY
SUSTAINABILITY
QUALITY
Safety guarantee refers to:
■■ Highly Protected Risk (HPR) status determined by FM Global
Sustainability guarantee refers to:
■■ ISO 14001 environmental management systems
■■ CSR Performance Ladder (CSR PL), CSR management system for corporate social responsibility
Quality guarantee refers to:
■■ ISO 9001 general quality management systems
■■ AS 9001 (US), EN 9100 (Europe), JISQ (Asia) aviation quality management systems

TenCate Annual Report 2013

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