Investor relations
Financials
Recticel's key figures for 2020 - 2021 are displayed below. Click on the links to go directly to a specific topic.
Balance sheet
| Balance sheet (in million EUR) | 2020 | 2021 |
| Non-current assets | 356,1 | 520,9 |
| Current assets | 333,7 | 534,9 |
| TOTAL ASSETS | 698,8 | 1.055,7 |
| Total Equity | 334,8 | 391,3 |
| Non-current liabilities | 153,9 | 305,9 |
| Current liabilities | 210,0 | 358,5 |
| TOTAL LIABILITIES | 698,8 |
1.055,7 |
| Net working capital | 163,1 | 83,4 |
| Market capitalisation (December 31st) | 597,6 | 980,5 |
| Non-controlling interests | 0,7 | 1,5 |
| Combined net financial debt | 4,6 | 147,8 |
| ENTERPRISE VALUE | 602,9 | 1.129,8 |
| Financial structure ratios | 2020 | 2021 |
| Net financial debt / Total equity (including non-controlling interests) | 1% | 38% |
| Total equity (including non-controlling interests) / Total assets | 48% | 37% |
| Current ratio (3) | 1,59 | 1,49 |
Income statement
| Consolidated income statement (in million EUR) | 2020 restated | 2021 |
|
Sales Gross profit |
616,9 106,7 |
1.032,8 187,4 |
|
Adjusted EBITDA EBITDA |
44,4 38,3 |
109,2 89,7 |
|
Adjusted Operating profit (loss) Operating profit (loss) |
16,6 9,1 |
66,1 46,5 |
|
Financial result Income from other associates |
( 3,6) ( 10,2) |
( 4,5) ( 6,9) |
| Result of the period before taxes | ( 4,7) | 35,1 |
| Income taxes | ( 3,5) | 14,3 |
| Result of the period after taxes - continuing operations | ( 8,2) | 49,5 |
| Result of the period after taxes - discontinued operations | 71,3 | 4,9 |
| Result of the period after taxes - continuing and discontinued operations | 63,2 | 54,3 |
|
of which Result of the period after taxes (share of non-controlling interests) of which Result of the period after taxes (share of the Group) |
0,0 63,2 |
0,8 53,5 |
| Profitability ratios | 2020 | 2021 |
| Gross profit / Sales | 17,3% | 18,1% |
|
Adjusted EBITDA / Sales EBITDA / Sales |
7,2% 6,2% |
10,6% 8,7% |
|
Adjusted Operating profit (loss) / Sales Operating profit (loss) / Sales |
2,7% 1,5% |
6,4% 4,5% |
| Result of the period after taxes (share of the Group) / Sales | 10,2% | 5,2% |
| ROE = Result of the period after taxes (share of the Group) / Total equity (Group share) (1) | 23,0% | 16,0% |
| Annual growth rates | 2020 | 2021 |
| Sales | -40,6% | 67,4% |
| EBITDA | -59,8% | 134,4% |
| Operating profit (loss) | -75,5% | 411,0% |
| Result of the period after taxes (share of the Group) | 155,5% | -14,0% |
Key figures Recticel Group
Key figures per business line
| Sales per segment (in million EUR) | 2020 restated | 2021 |
|
Engineered Foams growth rate |
318,5
|
583,6 83,2% |
|
Insulation growth rate |
249,2
|
390,6 56,7% |
| Corporate/Eliminations | 49,1 | 58,7 |
|
Total sales growth rate |
616,9
|
1.032,8 67,4% |
| Adjusted EBITDA per segment (in million EUR) | 2020 restated | 2021 |
|
Engineered Foams as % of sales |
31,9 10,0% |
63,3 10,8% |
|
Insulation as % of sales |
27,7 11,1% |
62,6 16,0% |
| Corporate | ( 15,1) | ( 16,6) |
|
Total EBITDA as % of sales |
44,4 7,2% |
109,2 10,6% |
| EBITDA per segment (in million EUR) | 2020 restated | 2021 |
|
Engineered Foams as % of sales |
30,7 9,6% |
55,5 9,5% |
|
Insulation as % of sales |
27,5 11,0% |
62,4 16,0% |
| Corporate | ( 19,9) | ( 28,2) |
|
Total EBITDA as % of sales |
38,3 6,2% |
89,7 8,7% |
| Adjusted operating profit (loss) per segment (in million EUR) | 2020 restated | 2021 |
|
Engineered Foams as % of sales |
17,3 5,4% |
33,0 5,6% |
|
Insulation as % of sales |
17,1 6,9% |
51,6 13,2% |
| Corporate | ( 17,8) | ( 18,5) |
|
Total Adjusted operating profit (loss) as % of sales |
16,6 2,7% |
66,1 6,4% |
| Operating profit (loss) per segment (in million EUR) | 2020 restated | 2021 |
|
Flexible foams as % of sales |
14,8 4,7% |
25,2 4,3% |
|
Insulation as % of sales |
16,9 6,8% |
51,4 13,2% |
| Corporate |
( 22,6) |
( 30,1) |
|
Total operating profit (loss) as % of sales |
9,1 1,5% |
46,5 4,5% |
Key figures per share
| Key figures per share | 2020 restated | 2021 |
| Number of shares (31 December) | 55.742.920 | 55.963.420 |
| Weighted average number of shares outstanding (before dilution) | 55.174.425 | 55.519.330 |
| Weighted average number of shares outstanding (after dilution) | 55.381.032 | 56.282.863 |
| in EUR | 2020 restated | 2021 |
|
Adjusted EBITDA EBITDA |
0,81 0,69 |
1,97 1,62 |
|
Adjusted operating profit (loss) Operating profit (loss) |
0,30 0,17 |
1,19 0,84 |
|
Earnings per share - continuing operations Earnings per share - discontinued operations |
-0,15 1,29 |
0,89 0,09 |
|
Earnings per share of continuing and discontinued operations - Basic (1) Earnings per share of continuing and discontinued operations - Diluted |
1,14 1,14 |
0,98 0,97 |
|
Gross dividend Pay-out ratio |
0,26 23% |
0,29 30% |
|
Net book value (share of the group) Price / Earnings ratio (2) |
6,01 9,5 |
6,99 17,9 |
(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) | 2020 restated | 2021 |
| share price on 31 December | 10,72 | 17,52 |
| lowest share price of the year | 4,45 | 10,50 |
| highest share price of the year | 11,78 | 18,30 |
| average daily volume traded (units) | 77.831 | 97.093 |
Ratios
| Financial structure ratios | 2020 | 2021 |
| Net financial debt / Total equity | 1% | 38% |
| Total equity / Total assets | 48% | 37% |
| Current ratio (3) | 1,59 | 1,49 |
(3) current assets / current liabilities
| Valuation ratios | 2020 | 2021 |
| Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (share of the Group))(4) | 9,5 | 18,3 |
| Enterprise value / Operating profit (loss) | 15,7 | 12,6 |
| Price / Book value (=Market capitalisation/Book value (share of the Group)) | 1,8 | 2,5 |
(4) based on the share price of December 31st. Earnings = result of the period (share of the Group) per share
| Investments versus Amortisation/Depreciation (in million EUR) | 2020 | 2021 |
| Investments in intangible and tangible fixed assets | 16,2 | 15,0 |
| Amortisation, depreciation and impairments (excluding amortisation on goodwill, including impairment) |
29,2 | 43,2 |
| Investments / Sales | 2,6% | 1,5% |
