Investor relations
Financials
Recticel's key figures for 2013 - 2017 are displayed below. Click on the links to go directly to a specific topic.
Balance sheet
| Balance sheet | 2013 | 2014 | 2015 | 2016 | 2017 |
| in million EUR | Consolidated | ||||
| Non-current assets | 377,4 | 378,2 | 383,4 | 391,3 | 384,6 |
| Current assets | 235,0 | 259,7 | 293,2 | 301,7 | 345,6 |
| TOTAL ASSETS | 612,4 | 637,8 | 676,7 | 693,0 | 730,2 |
| Non-current liabilities | 160,2 | 219,7 | 111,2 | 171,5 | 174,0 |
| Current liabilities | 265,5 | 251,9 | 316,5 | 270,2 | 294,4 |
| TOTAL LIABILITIES | 612,4 | 637,8 | 676,7 | 693,0 | 730,2 |
| Net working capital | 18,0 | 32,6 | 39,1 | 50,3 | 44,8 |
| Market capitalisation (December 31st) | 163,0 | 152,8 | 300,9 | 358,4 | 423,4 |
| Non-controlling interests | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Combined net financial debt | 165,1 | 194,5 | 123,0 | 126,0 | 122,9 |
| ENTERPRISE VALUE | 328,1 | 347,3 | 423,9 | 484,4 | 546,3 |
| Financial structure ratios | 2013 | 2014 | 2015 | 2016 | 2017 |
| Net financial debt / Total equity (including non-controlling interests) | 88% | 117% | 49% | 50,1% | 47% |
| Total equity (including non-controlling interests) / Total assets | 30% | 26% | 37% | 36% | 36% |
| Leverage (Combined net financial debt/Combined EBITDA) | 6,0 | 3,9 | 1,8 | 1,5 | 1,3 |
| Current ratio | 0,9 | 1,0 | 0,9 | 1,1 | 1,2 |
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Income statement
| Combined income statement (in million EUR) | 2013 | 2014 | 2015 | 2016 | 2017 |
| Sales | 1.258,6 | 1.280,1 | 1.328,4 | 1.347,9 | 1.460,8 |
| REBITDA | 72,8 | 65,9 | 81,9 | 97,7 | 105,5 |
| EBITDA | 27,7 | 49,3 | 67,8 | 85,4 | 94,1 |
| REBIT | 33,2 | 30,7 | 44,9 | 58,2 | 66,5 |
| EBIT | (15,4) | 13,4 | 29,8 | 44,3 | 48,1 |
| Result of the period after taxes | (36,1) | (9,7) | 4,5 | 16,3 | 23,9 |
| Combined profitability ratios | 2013 | 2014 | 2015 | 2016 | 2017 |
| REBITDA / Sales | 5,8% | 5,2% | 6,2% | 7,2% | 7,2% |
| EBITDA / Sales | 2,2% | 3,9% | 5,1% | 6,3% | 6,4% |
| REBIT / Sales | 2,6% | 2,4% | 3,4% | 4,3% | 4,6% |
| EBIT / Sales | -1,2% | 1,0% | 2,2% | 3,3% | 3,3% |
| Result of the period after taxes (share of the Group) / Sales | -2,9% | -0,8% | 0,3% | 1,2% | 1,6% |
| Annual growth rates (combined) | 2013 | 2014 | 2015 | 2016 | 2017 |
| Sales | -4,6% | 1,7% | 3,8% | 1,5% | 8,4% |
| REBITDA | -17,0% | -9,4% | 24,2% | 19,3% | 8,0% |
| EBITDA | -64,5% | 77,9% | 37,4% | 26,0% | 10,2% |
| REBIT | -30,6% | -7,6% | 46,5% | 29,6% | 14,2% |
| EBIT | -141,8% | nr | 122,4% | 48,6% | 8,6% |
| Result of the period after taxes (share of the Group) | -336,2% | -73,0% | -146,6% | 259,5% | 46,4% |
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Key figures Recticel Group
Shareholders' equity (Group share)
Combined Gearing and Leverage
Average net working capital as percentage of gross sales
Frequency index - Severity index Industrial accidents
Combined sales & growth rates
Combined EBITDA & EBITDA margin
Combined EBIT & EBIT margin
Combined earnings after taxes & EAT margin
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Key figures per business line
| Combined sales per business line (in million EUR) | 2013 | 2014 | 2015 | 2016 | 2017 |
| Flexible foams | 583,4 | 593,0 | 602,3 | 607,2 | 626,1 |
| growth rate | -0,8% | 1,6% | 1,6% | 0,8% | 3,1% |
| Bedding | 283,0 | 281,6 | 294,5 | 292,9 | 272,1 |
| growth rate | 2,3% | -0,5% | 4,6% | -0,5% | -7,1% |
| Insulation | 220,0 | 227,0 | 229,4 | 234,1 | 272,3 |
| growth rate | -0,3% | 3,2% | 1,1% | 2,1% | 16,3% |
| Automotive | 258,4 | 264,0 | 280,3 | 288,9 | 350,4 |
| growth rate | -10,8% | 2,2% | 6,2% | 3,1% | 21,3% |
| Eliminations | (86,2) | (85,6) | (78,1) | (75,4) | (60,1) |
| Total sales | 1.258,6 | 1.280,1 | 1.328,4 | 1.347,9 | 1.460,8 |
| growth rate | -4,6% | 1,7% | 3,8% | 1,5% | 8,4% |
| Combined EBITDA per business line (in million EUR) | 2013 | 2014 | 2015 | 2016 | 2017 |
| Flexible foams | (2,4) | 25,1 | 34,0 | 39,6 | 30,6 |
| as % of sales | -0,4% | 4,2% | 5,6% | 6,5% | 4,9% |
| Bedding | 10,4 | 2,9 | 9,5 | 12,1 | 14,3 |
| as % of sales | 3,7% | 1,0% | 3,2% | 4,1% | 5,3% |
| Insulation | 27,6 | 27,1 | 33,4 | 32,9 | 40,1 |
| as % of sales | 12,5% | 11,9% | 14,6% | 14,0% | 14,7% |
| Automotive | 10,4 | 12,5 | 9,9 | 18,3 | 25,0 |
| as % of sales | 4,0% | 4,7% | 3,5% | 6,3% | 7,1% |
| Corporate | (18,3) | (18,2) | (19,1) | (17,4) | (16,0) |
| Total EBITDA | 27,7 | 49,3 | 67,8 | 85,4 | 94,1 |
| as % of sales | 2,2% | 3,9% | 5,1% | 6,3% | 6,4% |
| Combined EBIT per business line (in million EUR) | 2013 | 2014 | 2015 | 2016 | 2017 |
| Flexible foams | (16,4) | 13,2 | 21,1 | 26,5 | 17,7 |
| as % of sales | -2,8% | 2,2% | 3,5% | 4,4% | 2,8% |
| Bedding | 3,8 | (3,5) | 3,2 | 5,8 | 9,6 |
| as % of sales | 1,4% | -1,2% | 1,1% | 2,0% | 3,6% |
| Insulation | 21,9 | 21,1 | 27,5 | 26,6 | 33,5 |
| as % of sales | 10,0% | 9,3% | 12,0% | 11,4% | 12,3% |
| Automotive | (5,3) | 1,8 | (1,9) | 4,0 | 4,1 |
| as % of sales | -2,1% | 0,7% | -0,7% | 1,4% | 1,2% |
| Corporate | (19,4) | (19,2) | (20,0) | (18,6) | (16,8) |
| Total EBIT | (15,4) | 13,4 | 29,8 | 44,3 | 48,1 |
| as % of sales | -1,2% | 1,0% | 2,2% | 3,3% | 3,3% |
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Key figures per share
| Key figures per share | 2013 | 2014 | 2015 | 2016 | 2017 |
| Number of shares (31 December) | 28.947.356 | 29.664.256 | 53.731.608 | 54.062.520 | 54.776.357 |
| Weighted average number of shares outstanding (before dilution) | 28.498.521 | 28.953.478 | 44.510.623 | 53.504.432 | 54.110.396 |
| Weighted average number of shares outstanding (after dilution) | 28.498.521 | 28.953.478 | 44.704.483 | 59.643.102 | 57.941.701 |
| in EUR | 2013 | 2014 | 2015 | 2016 | 2017 |
| Combined REBITDA | 2,55 | 2,28 | 1,84 | 1,83 | 1,95 |
| Combined EBITDA | 0,97 | 1,70 | 1,52 | 1,60 | 1,74 |
| REBIT | 1,16 | 1,06 | 1,01 | 1,09 | 1,23 |
| EBIT | -0,54 | 0,46 | 0,67 | 0,83 | 0,89 |
| Result of the period (share of the Group) - Basic (1) | -1,27 | -0,34 | 0,10 | 0,31 | 0,44 |
| Result of the period (share of the Group) - Diluted | -1,27 | -0,34 | 0,10 | 0,30 | 0,43 |
| Gross dividend | 0,20 | 0,20 | 0,14 | 0,18 | 0,22 |
| Pay-out ratio | n.r. | n.r. | 137% | 59% | 50% |
| Net book value (Group share) | 6,45 | 5,60 | 4,63 | 4,65 | 4,78 |
| Price / Earnings ratio (2) | n.r. | n.r. | 66,2 | 21,9 | 17,7 |
(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) | 2013 | 2014 | 2015 | 2016 | 2017 |
| on 31 December | 5,63 | 5,15 | 5,60 | 6,63 | 7,73 |
| lowest of the year | 4,63 | 4,90 | 3,88 | 4,57 | 6,43 |
| highest of the year | 6,82 | 7,98 | 5,64 | 6,63 | 8,75 |
| average daily volume traded (units) | 36.049 | 43.974 | 83.737 | 51,513 | 70,435 |
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Ratios
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Market capitalisation (December 31st) | 163,0 | 152,8 | 300,9 | 358,4 | 423,4 |
| Non-controlling interests | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| Combined net financial debt | 165,1 | 194,5 | 123,0 | 126,0 | 122,9 |
| ENTERPRISE VALUE | 328,1 | 347,3 | 423,9 | 484,4 | 546,3 |
| Financial structure ratios | 2013 | 2014 | 2015 | 2016 | 2017 |
| Net financial debt / Total equity (including non-controlling interests) | 88% | 117% | 49% | 50% | 47% |
| Total equity (including non-controlling interests) / Total assets | 30% | 26% | 37% | 36% | 36% |
| Leverage (Combined net financial debt/Combined EBITDA) | 6,0 | 3,9 | 1,8 | 1,5 | 1,3 |
| Current ratio | 0,9 | 1,0 | 0,9 | 1,1 | 1,2 |
| Valuation ratios | 2013 | 2014 | 2015 | 2016 | 2017 |
| Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (Group share)) | n.r. | n.r. | 66,2 | 21,9 | 17,7 |
| Enterprise value / EBITDA | 11,8 | 7,0 | 6,3 | 5,7 | 5,8 |
| Price / Book value (=Market capitalisation/Book value (share of the Group)) | 0,87 | 0,92 | 1,21 | 1,43 | 1,62 |
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