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 2014 2015 2016 2017 2018
in million EUR Consolidated  
Non-current assets 378,2 383,4 391,3 384,6 392,1
Current assets 259,7 293,2 301,7 345,6 343,1
TOTAL ASSETS 637,8 676,7 693,0 730,2 735,2
Non-current liabilities 219,7 111,2 171,5 174,0 130,5
Current liabilities 251,9 316,5 270,2 294,4 339,8
TOTAL LIABILITIES & TOTAL EQUITY 637,8 676,7 693,0 730,2 735,2
   
Net working capital 32,6 39,1 50,3 44,8 73,5
   
Market capitalisation (December 31st) 152,8 300,9 358,4 423,4 352,9
Non-controlling interests 0,0 0,0 0,0 0,0 0,0
Combined net financial debt  194,5 123,0 126,0 122,9 100,2
ENTERPRISE VALUE 347,3 423,9 484,4 546,3 453,1

 

Financial structure ratios  2014 2015 2016 2017 2018
Net financial debt / Total equity (including non-controlling interests) 117% 49% 50,1% 47% 38%
Total equity (including non-controlling interests) / Total assets 26% 37% 36% 36% 36%
Leverage (Combined net financial debt/Combined EBITDA) 3,9 1,8 1,5 1,3 1,1
Current ratio 1,0 0,9 1,1 1,2 1,0

 

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Income statement

Combined income statement (in million EUR) 2014 2015 2016 2017 2018
Sales   1.280,1   1.328,4 1.347,9 1.460,8 1.448,3
Adjusted EBITDA    65,9    81,9 97,7 105,5 103,8
EBITDA    49,3    67,8 85,4 94,1 93,4
Adjusted EBIT     30,7    44,9 58,2 66,5 63,3
EBIT     13,4    29,8 44,3 48,1 47,0
Result of the period after taxes (9,7)    4,5 16,3 23,9 28,8

 

Combined profitability ratios 2014 2015 2016 2017 2018
Adjusted EBITDA / Sales 5,2% 6,2% 7,2% 7,2% 7,2%
EBITDA / Sales 3,9% 5,1% 6,3% 6,4% 6,4%
Adjusted EBIT / Sales 2,4% 3,4% 4,3% 4,6% 4,4%
EBIT / Sales 1,0% 2,2% 3,3% 3,3% 3,2%
Result of the period after taxes (share of the Group) / Sales -0,8% 0,3% 1,2% 1,6% 2,0%

 

Annual growth rates (combined) 2014 2015 2016 2017 2018
Sales 1,7% 3,8% 1,5% 8,4% -0,9%
Adjusted EBITDA -9,4% 24,2% 19,3% 8,0% -1,6%
EBITDA 77,9% 37,4% 26,0% 10,2% -0,8%
Adjusted EBIT  -7,6% 46,5% 29,6% 14,2% -4,8%
EBIT  nr 122,4% 48,6% 8,6% -2,2%
Result of the period after taxes (share of the Group) -73,0% -146,6% 259,5% 46,4% 20,6%

 

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Key figures Recticel Group

Shareholders' equity (Group share)

Diagram_2019_427x264_0000_Shareholders equity.jpg

Combined Gearing and Leverage

Diagram_2019_427x264_0001_Combined Gearing and leverage.jpg

Combined sales & growth rates

Diagram_2019_427x264_0002_Combined sales & growth rates.jpg

EBITDA & EBITDA margin

Diagram_2019_427x264_0003_Combined EBITDA & EBITDA margin.jpg

Combined EBIT & EBIT margin

Diagram_2019_427x264_0004_Combined EBIT & EBIT margin.jpg

Combined earnings after taxes & EAT margin

Diagram_2019_427x264_0005_Combined earnings after taxes & EAT margin.jpg

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Key figures per business line

Combined sales per business line (in million EUR) 2014 2015 2016 2017 2018
Flexible foams    593,0   602,3 607,2 626,1 621,5
growth rate 1,6% 1,6% 0,8% 3,1% -0,7%
Bedding   281,6   294,5 292,9 272,1 243,8
growth rate -0,5% 4,6% -0,5% -7,1% -10,4%
Insulation   227,0   229,4 234,1 272,3 271,2
growth rate 3,2% 1,1% 2,1% 16,3% -0,4%
Automotive    264,0   280,3 288,9 350,4 363,9
growth rate 2,2% 6,2% 3,1% 21,3% 3,9%
Eliminations (85,6) (78,1) (75,4) (60,1) (52,1)
Total sales  1.280,1  1.328,4 1.347,9 1.460,8 1.448,3
growth rate 1,7% 3,8% 1,5% 8,4% -0,9%

 

Combined EBITDA per business line (in million EUR) 2014 2015 2016 2017 2018
Flexible foams  25,1 34,0 39,6 30,6 33,0
as % of sales 4,2% 5,6% 6,5% 4,9% 5,3%
Bedding 2,9 9,5 12,1 14,3 2,0
as % of sales 1,0% 3,2% 4,1% 5,3% 0,8%
Insulation 27,1 33,4 32,9 40,1 44,7
as % of sales 11,9% 14,6% 14,0% 14,7% 16,5%
Automotive  12,5 9,9 18,3 25,0 30,5
as % of sales 4,7% 3,5% 6,3% 7,1% 8,4%
Corporate (18,2) (19,1) (17,4) (16,0) (16,8)
Total EBITDA 49,3 67,8 85,4 94,1 93,4
as % of sales 3,9% 5,1% 6,3% 6,4% 6,4%

 

Combined EBIT per business line (in million EUR) 2014 2015 2016 2017 2018
Flexible foams  13,2 21,1 26,5 17,7 15,6
as % of sales 2,2% 3,5% 4,4% 2,8% 2,5%
Bedding (3,5) 3,2 5,8 9,6 (2,1)
as % of sales -1,2% 1,1% 2,0% 3,6% -0,8%
Insulation 21,1 27,5 26,6 33,5 38,1
as % of sales 9,3% 12,0% 11,4% 12,3% 14,1%
Automotive  1,8 (1,9) 4,0 4,1 12,9
as % of sales 0,7% -0,7% 1,4% 1,2% 3,5%
Corporate (19,2) (20,0) (18,6) (16,8) (17,5)
Total EBIT 13,4 29,8 44,3 48,1 47,0
as % of sales 1,0% 2,2% 3,3% 3,3% 3,2%

 

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Key figures per share

Key figures per share 2014 2015 2016 2017 2018
Number of shares (31 December) 29.664.256 53.731.608 54.062.520 54.776.357 55.227.012
Weighted average number of shares outstanding (before dilution) 28.953.478 44.510.623 53.504.432 54.110.396 54.659.774
Weighted average number of shares outstanding (after dilution) 28.953.478 44.704.483 59.643.102 57.941.701 55.093.295
   
in EUR 2014 2015 2016 2017 2018
Combined Adjusted EBITDA 2,28  1,84  1,83 1,95 1,90
Combined EBITDA 1,70  1,52  1,60 1,74 1,71
Adjusted EBIT 1,06  1,01  1,09 1,23 1,16
EBIT  0,46  0,67  0,83 0,89 0,86
Result of the period (share of the Group) - Basic (1) -0,34  0,10  0,31 0,44 0,53
Result of the period (share of the Group) - Diluted -0,34  0,10  0,30 0,43 0,52
   
Gross dividend 0,20  0,14  0,18 0,22 0,24
Pay-out ratio n.r. 137% 59% 50% 45%
   
Net book value (Group share) 5,60  4,63  4,65 4,78 4,80
   
Price / Earnings ratio (2) n.r. 66,2 21,9 17,7 12,2

(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) 2014 2015 2016 2017 2018
on 31 December 5,15  5,60  6,63 7,73 6,39
lowest of the year 4,90  3,88  4,57 6,43 6,06
highest of the year 7,98  5,64  6,63 8,75 10,54
average daily volume traded (units)  43.974  83.737 51,513 70,435 65.089

 

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Ratios

  2014 2015 2016 2017 2018
Market capitalisation (December 31st) 152,8 300,9 358,4 423,4 352,9
Non-controlling interests 0,0 0,0 0,0 0,0 0,0
Combined net financial debt  194,5 123,0 126,0 122,9 100,2
ENTERPRISE VALUE 347,3 423,9 484,4 546,3 453,1

 

Financial structure ratios  2014 2015 2016 2017 2018
Net financial debt / Total equity (including non-controlling interests) 117% 49% 50% 47% 38%
Total equity (including non-controlling interests) / Total assets 26% 37% 36% 36% 36%
Leverage (Combined net financial debt/Combined EBITDA) 3,9 1,8 1,5 1,3 1,1
   
Current ratio 1,0 0,9 1,1 1,2 1,0

 

Valuation ratios 2014 2015 2016 2017 2018
Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (Group share)) n.r. 66,2 21,9 17,7 12,2
Enterprise value / EBITDA 7,0 6,3 5,7 5,8 4,9
Price / Book value (=Market capitalisation/Book value (share of the Group)) 0,92  1,21  1,43 1,62 1,33

 

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