First half-year 2018 results
• Combined sales growth of +4.0% despite an adverse currency impact of -1.2%
• Combined REBITDA: EUR 56.2 million (+12.1%)
• Result of the period (share of the Group): from EUR 14.3 million to EUR 18.7 million (+30.7%)
• Combined net financial debt: EUR 138.7 million
Olivier Chapelle (CEO): We are satisfied with the overall 4.0% sales growth generated during the 1st half of 2018, amid challenging market conditions in the comfort and bedding markets, and despite a -1.2% adverse currency environment.
Our combined REBITDA margin further improves from 6.9% to 7.4%, thanks to the dedication of our teams to mitigate the effects of historically high raw material prices during 1st quarter and of adverse currency evolutions.
Going forward, we remain concentrated on three axes to create the conditions for future growth:
(i) Geographic expansion: the converting units for Technical Foams in China and Morocco have started up during the 2nd quarter, and the new Insulation production plant in Finland will start up as planned at the beginning of the 4th quarter.
(ii) Product innovations are being introduced in Bedding, Automotive Interiors and Technical Foams.
(iii) External growth opportunities, mainly focussed on Insulation.
Regarding our decision to divest our Automotive divisions, we confirm that the processes engaged during the 1st quarter are on-going, and so far progressing according to plan.
For the full-year 2018 the Group expects continued growth of its combined sales and REBITDA thanks to a combination of volume growth, improved mix and efficiency gains.