Recticel, The passion for comfort. A confident belief in careful stabilization

Key figures

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in million EUR (except ratios)

Consolidated income statement 2009 2008 2007 2006 2005
Sales 1 276.7 1 555.4 1 611.8 1 474.4 1 391.6
EBITDA 1 102.3 108.8 122.0 106.0 82.1
REBITDA 1 106.9 86.8 123.4 138.0 94.1
Operating result 46.2 41.1 63.2 16.0 11.1
EBIT 2 46.2 41.4 65.2 16.3 8.8
REBIT 2 61.2 31.7 67.9 49.9 12.5
Financial result (13.8) (26.4) (28.7) (25.0) (27.9)
Result before taxes 32.4 15.0 36.5 (8.7) (19.1)
Result for the period after taxes (share of the Group) 20.7 11.5 21.5 (21.2) (28.0)
Profitability ratios 2009 2008 2007 2006 2005
EBITDA / Sales 8.0% 7.0% 7.6% 7.2% 5.9%
Operating result / Sales 3.6% 2.6% 3.9% 1.1% 0.8%
EBIT / Sales 3.6% 2.7% 4.0% 1.1% 0.6%
Result for the period after taxes (share of the Group) / Sales 1.6% 0.7% 1.3% -1.4% -2.0%
ROE = Result of the period after taxes (share of the Group) / Total Equity (Group share) 3 9.5% 5.4% 10.6% -10.6% -12.3%
ROCE = Return on Capital Employed 5 9.9% 8.0% 12.3% 3.0% 1.5%
Consolidated balance sheet 2009 2008 2007 2006 2005
Non-current assets 406.0 479.0 482.7 490.8 544.0
Current assets 351.9 419.8 407.9 428.5 402.5
TOTAL ASSETS 757.9 898.8 890.7 919.3 946.5
 
Equity - Minority Interests included 226.0 233.7 248.3 228.4 251.2
Provisions and Deferred Taxes 68.4 67.5 72.5 77.7 66.6
Long Term Interest-bearing Borrowings 185.8 268.1 161.6 227.7 273.7
Short Term Interest-bearing Borrowings 47.7 68.9 150.8 99.5 69.9
Other Payables and Short Term Liabilities 230.1 260.6 257.5 286.0 285.1
TOTAL LIABILITIES 757.9 898.8 890.7 919.3 946.5
 
Net Working Capital 8 92.8 105.7 119.1 130.9 100.4
Market Capitalisation (Dec 31st) 145.5 118.0 289.3 274.8 212.5
Non-controlling Interests 0.4 23.1 32.5 38.2 39.8
Net Financial Debt 5 192.0 268.6 270.9 301.9 317.5
ENTERPRISE VALUE 337.9 409.7 592.7 615.0 569.8
 
Average Capital Employed 6 465.3 514.5 531.6 547.1 584.2
Financial structure ratios 2009 2008 2007 2006 2005
Net Financial Debt / Equity 7 85.0% 115.0% 109.0% 132.2% 126.4%
Equity / Total Assets 7 29.8% 26.0% 27.9% 24.8% 26.5%
Current ratio 9 1.27 1.28 1.00 1.12 1.14
Valuation ratios 2009 2008 2007 2006 2005
Price / Earnings (Market Capitalisation (Dec 31st) / Result for the period (Group share)) 10 7.0 10.2 13.4 n.r. n.r.
Enterprise Value / EBITDA 3.3 3.8 4.9 5.8 6.9
Price / Book Value (=Market Capitalisation/Book Value (Group share)) 0.6 0.6 1.3 1.4 1.0
Investments versus depreciation 2009 2008 2007 2006 2005
Investments in intangible and tangible fixed assets 24.1 48.7 45.6 44.9 49.2
Depreciation (excluding amortisation on goodwill, including impairment) 56.1 67.4 56.8 89.7 73.3
Investments / Sales 1.9% 3.1% 2.8% 3.0% 3.5%
Consolidated sales per business line 2009 2008 2007 2006 2005
Flexible Foams 570.6 645.6 665.6 632.8 526.6
Bedding 312.6 349.5 396.4 375.1 366.8
Insulation 166.5 156.4 139.7 109.7 101.6
Automotive 289.4 474.2 490.4 426.9 461.9
Eliminations (62.4) (70.3) (80.2) (70.1) (65.3)
TOTAL SALES 1 276.7 1 555.4 1 611.8 1 474.4 1 391.6
 
EBITDA per business line 2009 2008 2007 2006 2005
Flexible Foams 45.1 31.2 41.8 42.9 34.7
Bedding 41.1 16.9 26.9 25.0 24.9
Insulation 40.3 27.3 24.6 14.8 11.6
Automotive -6.9 50.1 40.6 26.0 21.0
Corporate (17.3) (16.7) (11.8) (2.8) (10.0)
TOTAL EBITDA 102.3 108.8 122.0 106.0 82.1
 
EBITDA margin per business line 2009 2008 2007 2006 2005
Flexible Foams 7.9% 4.8% 6.3% 6.8% 6.6%
Bedding 13.1% 4.8% 6.8% 6.7% 6.8%
Insulation 24.2% 17.4% 17.6% 13.5% 11.4%
Automotive (2.4) 10.6% 8.3% 6.1% 4.5%
1 EBIT DA = operating result + income from investments + depreciation, amortisation and impairment on assets; REBITDA = EBITDA minus non-recurring elements
2 EBIT = operating result + income from investments REBIT = EBIT minus non-recurring elements
3 annual average of equity (Group share). Average = [Equity (Group share) at the end of the previous period + Equity (Group share) at the end of the current period] / 2
4 EBIT / average capital employed
5 financial debt less cash and cash equivalents
6 capital employed = net intangible assets + goodwill + net property, plant & equipment + working capital. Average = [Capital employed at the end of the previous period + Capital employed at the end of the current period] / 2
7 shareholdersÂ’ equity including minority interests
8 current assets (less cash investments) - non-financial current liabilities
9 current assets / current liabilities
10 based on the share price of December 31st Earnings = result of the period (share of the Group) per share

NEWS & PRESS

  • 2010 July 19th

    "Notification by JPMorgan Asset Management (UK) Limited - Amended investments (less than 3 per cent) in shares with voting rights."

    + More info.

  • 2010 July 5th

    "Recticel sells its "slat base" activities in Masevaux (France) to Alsace Meubles SASU"

    + More info.

  • 2010 June 24th

    "Notification by JPMorgan Asset Management (UK) Limited - Amended investments (>3%) in shares with voting rights. "

    + More info.

WHAT'S RECTICEL?

Under the motto The passion for comfort, Recticel, as a manufacturer of polyurethane foam products, strives to make a real difference to daily comfort for all.
The Group, as a unique whole, concentrates on four selected fields of application: Flexible foams, Bedding, Insulation and Automotive.

+ More info.

Flexible foams

Bedding

Insulation

Automotive

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