Investor relations
Financials
Recticel's key figures for 2014 - 2018 are displayed below. Click on the links to go directly to a specific topic.
Balance sheet
| Balance sheet | 2015 | 2016 | 2017 | 2018 | 2019 |
| in million EUR | Consolidated | ||||
| Non-current assets | 383,4 | 391,3 | 384,6 | 392,1 | 501,9 |
| Current assets | 293,2 | 301,7 | 345,6 | 345,0 | 300,6 |
| TOTAL ASSETS | 676,7 | 693,0 | 730,2 | 737,1 | 802,5 |
| Total Equity | 249,0 | 251,2 | 261,8 | 265,0 | 275,4 |
| Non-current liabilities | 111,2 | 171,5 | 174,0 | 131,0 | 194,8 |
| Current liabilities | 316,5 | 270,2 | 294,4 | 341,1 | 332,3 |
| TOTAL LIABILITIES & TOTAL EQUITY | 676,7 | 693,0 | 730,2 | 737,1 | 802,5 |
| Net working capital | 39,1 | 50,3 | 44,8 | 73,5 | 59,6 |
| Market capitalisation (December 31st) | 300,9 | 358,4 | 423,4 | 352,9 | 460,4 |
| Non-controlling interests | 0,0 | 0,0 | 0,0 | 0,0 | 0,7 |
| Combined net financial debt | 123,0 | 126,0 | 122,9 | 100,2 | 180,4 |
| ENTERPRISE VALUE | 423,9 | 484,4 | 546,3 | 453,1 | 641,5 |
| Financial structure ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
| Net financial debt / Total equity (including non-controlling interests) | 49% | 50,1% | 47% | 38% | 66% |
| Total equity (including non-controlling interests) / Total assets | 37% | 36% | 36% | 36% | 34% |
| Leverage (Combined net financial debt/Combined EBITDA) | 1,8 | 1,5 | 1,3 | 1,1 | 1,7 |
| Current ratio | 0,9 | 1,1 | 1,2 | 1,0 | 0,9 |
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Income statement
| Combined income statement (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Sales | 1.328,4 | 1.347,9 | 1.460,8 | 1.448,3 | 1.221,0 |
| Adjusted EBITDA | 81,9 | 97,7 | 105,5 | 103,8 | 114,7 |
| EBITDA | 67,8 | 85,4 | 94,1 | 93,4 | 105,6 |
| Adjusted EBIT | 44,9 | 58,2 | 66,5 | 63,3 | 51,2 |
| EBIT | 29,8 | 44,3 | 48,1 | 47,0 | 40,3 |
| Result of the period after taxes | 4,5 | 16,3 | 23,9 | 28,8 | 24,7 |
| Combined profitability ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
| Adjusted EBITDA / Sales | 6,2% | 7,2% | 7,2% | 7,2% | 9,4% |
| EBITDA / Sales | 5,1% | 6,3% | 6,4% | 6,4% | 8,7% |
| Adjusted EBIT / Sales | 3,4% | 4,3% | 4,6% | 4,4% | 4,2% |
| EBIT / Sales | 2,2% | 3,3% | 3,3% | 3,2% | 3,3% |
| Result of the period after taxes (share of the Group) / Sales | 0,3% | 1,2% | 1,6% | 2,0% | 2,0% |
| Annual growth rates (combined) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Sales | 3,8% | 1,5% | 8,4% | -0,9% | -15,7% |
| Adjusted EBITDA | 24,2% | 19,3% | 8,0% | -1,6% | 10,5% |
| EBITDA | 37,4% | 26,0% | 10,2% | -0,8% | 13,1% |
| Adjusted EBIT | 46,5% | 29,6% | 14,2% | -4,8% | -19,2% |
| EBIT | 122,4% | 48,6% | 8,6% | -2,2% | -14,3% |
| Result of the period after taxes (share of the Group) | -146,6% | 259,5% | 46,4% | 20,6% | -14,3% |
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Key figures Recticel Group
Combined sales & growth rates
Combined Adjusted EBITDA & Adjusted EBITDA margin
Combined earnings after taxes & EAT margin
Shareholders' equity (Group share)
Combined Gearing and Leverage
Combined net financial debt
* Proseat, which was partially divested in 2019, is integrated in the 2019 combined figures according to the ‘equity method’, i.o. previously on a proportionate basis. 2019 figures are also shown including impact of IFRS 16. Figures of previous years have not been restated accordingly.
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Key figures per business line
| Combined sales per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Flexible foams | 602,3 | 607,2 | 626,1 | 621,5 | 549,1 |
| growth rate | 1,6% | 0,8% | 3,1% | -0,7% | -11,7% |
| Bedding | 294,5 | 292,9 | 272,1 | 243,8 | 242,3 |
| growth rate | 4,6% | -0,5% | -7,1% | -10,4% | -0,6% |
| Insulation | 229,4 | 234,1 | 272,3 | 271,2 | 247,2 |
| growth rate | 1,1% | 2,1% | 16,3% | -0,4% | -8,9% |
| Automotive | 280,3 | 288,9 | 350,4 | 363,9 | 223,7 |
| growth rate | 6,2% | 3,1% | 21,3% | 3,9% | -38,5% |
| Eliminations | (78,1) | (75,4) | (60,1) | (52,1) | (41,2) |
| Total sales | 1.328,4 | 1.347,9 | 1.460,8 | 1.448,3 | 1.220,9 |
| growth rate | 3,8% | 1,5% | 8,4% | -0,9% | -15,7% |
| Combined EBITDA per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Flexible foams | 34,0 | 39,6 | 30,6 | 33,0 | 54,1 |
| as % of sales | 5,6% | 6,5% | 4,9% | 5,3% | 9,9% |
| Bedding | 9,5 | 12,1 | 14,3 | 2,0 | 16,0 |
| as % of sales | 3,2% | 4,1% | 5,3% | 0,8% | 6,6% |
| Insulation | 33,4 | 32,9 | 40,1 | 44,7 | 31,4 |
| as % of sales | 14,6% | 14,0% | 14,7% | 16,5% | 12,7% |
| Automotive | 9,9 | 18,3 | 25,0 | 30,5 | 24.8 |
| as % of sales | 3,5% | 6,3% | 7,1% | 8,4% | 11,1% |
| Corporate | (19,1) | (17,4) | (16,0) | (16,8) | (20,8) |
| Total EBITDA | 67,8 | 85,4 | 94,1 | 93,4 | 105,6 |
| as % of sales | 5,1% | 6,3% | 6,4% | 6,4% | 8,6% |
| Combined EBIT per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
| Flexible foams | 21,1 | 26,5 | 17,7 | 15,6 | 32,7 |
| as % of sales | 3,5% | 4,4% | 2,8% | 2,5% | 6,0% |
| Bedding | 3,2 | 5,8 | 9,6 | (2,1) | 7,0 |
| as % of sales | 1,1% | 2,0% | 3,6% | -0,8% | 2,9% |
| Insulation | 27,5 | 26,6 | 33,5 | 38,1 | 20,7 |
| as % of sales | 12,0% | 11,4% | 12,3% | 14,1% | 8,4% |
| Automotive | (1,9) | 4,0 | 4,1 | 12,9 | 3,0 |
| as % of sales | -0,7% | 1,4% | 1,2% | 3,5% | 1,3% |
| Corporate | (20,0) | (18,6) | (16,8) | (17,5) | (23,1) |
| Total EBIT | 29,8 | 44,3 | 48,1 | 47,0 | 40,3 |
| as % of sales | 2,2% | 3,3% | 3,3% | 3,2% | 3,3% |
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Key figures per share
| Key figures per share | 2015 | 2016 | 2017 | 2018 | 2019 |
| Number of shares (31 December) | 53.731.608 | 54.062.520 | 54.776.357 | 55.227.012 | 55.397.439 |
| Weighted average number of shares outstanding (before dilution) | 44.510.623 | 53.504.432 | 54.110.396 | 54.659.774 | 54.959.861 |
| Weighted average number of shares outstanding (after dilution) | 44.704.483 | 59.643.102 | 57.941.701 | 55.093.295 | 55.154.501 |
| in EUR | 2015 | 2016 | 2017 | 2018 | 2019 |
| Combined REBITDA | 1,84 | 1,83 | 1,95 | 1,90 | 2,09 |
| Combined EBITDA | 1,52 | 1,60 | 1,74 | 1,71 | 1,92 |
| Combined Adjusted EBIT | 1,01 | 1,09 | 1,23 | 1,16 | 0,93 |
| Combined EBIT | 0,67 | 0,83 | 0,89 | 0,86 | 0,73 |
| Result of the period (share of the Group) - Basic (1) | 0,10 | 0,31 | 0,44 | 0,53 | 0,45 |
| Result of the period (share of the Group) - Diluted | 0,10 | 0,30 | 0,43 | 0,52 | 0.00 |
| Gross dividend | 0,14 | 0,18 | 0,22 | 0,24 | 0,24 |
| Pay-out ratio | 137% | 59% | 50% | 45% | 53% |
| Net book value (Group share) | 4,63 | 4,65 | 4,78 | 4,80 | 4,96 |
| Price / Earnings ratio (2) | 66,2 | 21,9 | 17,7 | 12,2 | 18,6 |
(1) calculated on the basis of the weigthed average number of shares outstanding (before dilution effect)
(2) based on the share price of 31 December. Earnings = Result of the period (share of the Group) per share
| Share prices (in EUR) (Ordinary share) | 2015 | 2016 | 2017 | 2018 | 2019 |
| on 31 December | 5,60 | 6,63 | 7,73 | 6,39 | 8,31 |
| lowest of the year | 3,88 | 4,57 | 6,43 | 6,06 | 6,11 |
| highest of the year | 5,64 | 6,63 | 8,75 | 10,54 | 9,40 |
| average daily volume traded (units) | 83.737 | 51,513 | 70,435 | 65.089 | 88.871 |
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Ratios
| Financial structure ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
| Net financial debt / Total equity (including non-controlling interests) | 49% | 50% | 47% | 38% | 66% |
| Total equity (including non-controlling interests) / Total assets | 37% | 36% | 36% | 36% | 34% |
| Leverage (Combined net financial debt/Combined EBITDA) | 1,8 | 1,5 | 1,3 | 1,1 | 1,7 |
| Current ratio | 0,9 | 1,1 | 1,2 | 1,0 | 0,9 |
| Valuation ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
| Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (Group share)) | 66,2 | 21,9 | 17,7 | 12,2 | 18,6 |
| Enterprise value / EBITDA | 6,3 | 5,7 | 5,8 | 4,9 | 6,1 |
| Price / Book value (=Market capitalisation/Book value (share of the Group)) | 1,21 | 1,43 | 1,62 | 1,33 | 1,68 |
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