Investor relations
Financials
Recticel's key figures for 2016 - 2020 are displayed below. Click on the links to go directly to a specific topic.
Balance sheet
| Balance sheet | 2016 | 2017 | 2018 | 2019 | 2020 |
| in million EUR | Consolidated | ||||
| Non-current assets | 391,3 | 384,6 | 392,1 | 501,9 | 356,1 |
| Current assets | 301,7 | 345,6 | 345,0 | 300,6 | 333,7 |
| TOTAL ASSETS | 693,0 | 730,2 | 737,1 | 802,5 | 698,8 |
| Total Equity | 251,2 | 261,8 | 265,0 | 275,4 | 334,8 |
| Non-current liabilities | 171,5 | 174,0 | 131,0 | 194,8 | 153,9 |
| Current liabilities | 270,2 | 294,4 | 341,1 | 332,3 | 210,0 |
| TOTAL LIABILITIES | 693,0 | 730,2 | 737,1 | 802,5 | 698,8 |
| Net working capital | 50,3 | 44,8 | 73,5 | 59,6 | 74,3 |
| Market capitalisation (December 31st) | 358,4 | 423,4 | 352,9 | 460,4 | 597,6 |
| Non-controlling interests | 0,0 | 0,0 | 0,0 | 0,7 | 0,7 |
| Combined net financial debt | 126,0 | 122,9 | 100,2 | 180,4 | (4,6) |
| ENTERPRISE VALUE | 484,4 | 546,3 | 453,1 | 641,5 | 593,7 |
| Financial structure ratios | 2016 | 2017 | 2018 | 2019 | 2020 |
| Net financial debt / Total equity (including non-controlling interests) | 50,1% | 47% | 38% | 66% | -1% |
| Total equity (including non-controlling interests) / Total assets | 36% | 36% | 36% | 34% | 48% |
| Current ratio (3) | 1,1 | 1,2 | 1,0 | 0,9 | 1,59 |
Income statement
| Consolidated income statement (in million EUR) | 2016 | 2017 | 2018 | 2019 | 2020 |
|
Sales Gross profit |
1.048,3 201,1 |
1.135,4 183,5 |
1.117,7 201,6 |
1.038,5 191,1 |
828,8 157,0 |
|
Adjusted EBITDA EBITDA |
- 72,7 |
- 82,8 |
- 80,4 |
- 95,3 |
58,8 51,6 |
|
Adjusted Operating profit (loss) Operating profit (loss) |
- 39,2 |
- 44,9 |
- 42,9 |
- 37,1 |
23,5 13,9 |
|
Financial result Income from other associates |
( 11,7) 0,0 |
( 4,7) 0,0 |
( 3,9) 0,0 |
( 8,2) 0,0 |
( 5,1) ( 10,2) |
| Result of the period before taxes | 27,5 | 40,1 | 39,1 | 28,9 | ( 1,5) |
| Income taxes | ( 11,2) | ( 16,2) | ( 10,2) | ( 4,2) | ( 4,0) |
| Result of the period after taxes - continuing operations | 16,3 | 23,9 | 28,8 | 24,7 | 63,2 |
| Result of the period after taxes - discontinued operations | 0,0 | 0,0 | 0,0 | 0,0 | 68,7 |
| Result of the period after taxes - continuing and discontinued operations | 16,3 | 23,9 | 28,8 | 24,7 | 63,2 |
|
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 16,3 |
0,0 23,9 |
0,0 28,8 |
( 0,0) 24,8 |
0,0 63,2 |
| Profitability ratios | 2016 | 2017 | 2018 | 2019 | 2020 |
| Gross profit / Sales | 19,2% | 16,2% | 18,0% | 18,4% | 18,9% |
|
Adjusted EBITDA / Sales EBITDA / Sales |
- 6,9% |
- 7,3% |
- 7,2% |
- 9,2% |
7,1% 6,2% |
|
Adjusted Operating profit (loss) / Sales Operating profit (loss) / Sales |
- 3,7% |
- 4,0% |
- 3,8% |
- 3,6% |
2,8% 1,7% |
| Result of the period after taxes (share of the Group) / Sales | 1,6% | 2,1% | 2,6% | 2,4% | 7,6% |
| ROE = Result of the period after taxes (share of the Group) / Total equity (Group share) (1) | 6,6% | 9,0% | 10,5% | 7,4% | 23,0% |
| Annual growth rates | 2016 | 2017 | 2018 | 2019 | 2020 |
| Sales | 1,4% | 8,3% | -1,6% | -7,1% | -20,2% |
| EBITDA | 37,5% | 13,9% | -2,9% | 18,5% | -45,8% |
| Operating profit (loss) | 68,8% | 14,4% | -4,3% | -13,5% | -62,7% |
| Result of the period after taxes (share of the Group) | 259,5% | 46,4% | 20,6% | -14,3% | 155,5% |
Key figures Recticel Group
Key figures per business line
| Sales per segment (in million EUR) | 2016 | 2017 | 2018 |
2019 restated |
2020 |
|
Flexible foams growth rate |
- - |
- - |
- - |
361,1 - |
322,0 -10,8% |
|
Insulation growth rate |
- - |
- - |
- - |
247,2 - |
249,2 0,8% |
|
Bedding growth rate |
- - |
- - |
- - |
242,3 - |
241,8 -0,2% |
| Corporate/Eliminations | - | - | - | 28,0 | 15,8 |
|
Total sales growth rate |
1.048,3 1,4% |
1.135,4 8,3% |
1.117,7 -1,6% |
878,5 - |
828,7 -5,7% |
| Adjusted EBITDA per segment (in million EUR) | 2016 | 2017 | 2018 |
2019 restated |
2020 |
|
Flexible foams as % of sales |
- | - | - |
37,2 10,3% |
28,6 8,9% |
|
Insulation as % of sales |
- | - | - |
31,6 12,8% |
27,7 11,1% |
|
Bedding as % of sales |
- | - | - |
16,9 7,0% |
18,2 7,5% |
| Corporate/Eliminations | - | - | - | ( 14,9) | ( 15,6) |
|
Total EBITDA as % of sales |
- | - | - |
71,0 8,1% |
59,1 7,1% |
| EBITDA per segment (in million EUR) | 2016 | 2017 | 2018 |
2019 restated |
2020 |
|
Flexible foams as % of sales |
- | - | - |
34,1 9,5% |
27,4 8,5% |
|
Insulation as % of sales |
- | - | - |
31,4 12,7% |
27,5 11,0% |
|
Bedding as % of sales |
- | - | - |
16,0 6,6% |
17,1 7,1% |
| Corporate/Eliminations | - | - | - | ( 20,9) | ( 20,4) |
|
Total EBITDA as % of sales |
72,7 6,9% |
82,8 7,3% |
80,4 7,2% |
61,0 6,9% |
51,9 6,3% |
| Adjusted operating profit (loss) per segment (in million EUR) | 2016 | 2017 | 2018 |
2019 restated |
2020 |
|
Flexible foams as % of sales |
- | - | - |
23,1 6,4% |
14,4 4,5% |
|
Insulation as % of sales |
- | - | - |
20,9 8,4% |
17,1 16,9% |
|
Bedding as % of sales |
- | - | - |
8,2 3,4% |
10,2 4,2% |
| Corporate/Eliminations | - | - | - | ( 17,2) | ( 18,2) |
|
Total Adjusted operating profit (loss) as % of sales |
- |
- |
- |
35,0 4,0% |
23,7 2,9% |
| Operating profit (loss) per segment (in million EUR) | 2016 | 2017 | 2018 |
2019 restated |
2020 |
|
Flexible foams as % of sales |
- | - | - |
20,0 5,5% |
11,9 3,7% |
|
Insulation as % of sales |
- | - | - |
20,7 8,4% |
16,9 6,8% |
|
Bedding as % of sales |
- | - | - |
7,0 2,9% |
8,1 3,3% |
| Corporate/Eliminations | - | - | - |
7,0 2,9% |
8,1 3,3% |
|
Total operating profit (loss) as % of sales |
39,2 3,7% |
44,9 4,0% |
42,9 3,8% |
24,5 2,8% |
14,0 1,7% |
Key figures per share
| Key figures per share | 2016 | 2017 | 2018 | 2019 | 2020 |
| Number of shares (31 December) | 54.062.520 | 54.776.357 | 55.227.012 | 55.397.439 | 55.742.920 |
| Weighted average number of shares outstanding (before dilution) | 53.504.432 | 54.110.396 | 54.659.774 | 54.959.861 | 55.174.425 |
| Weighted average number of shares outstanding (after dilution) | 59.643.102 | 57.941.701 | 55.093.295 | 55.154.501 | 55.381.032 |
| in EUR | 2016 | 2017 | 2018 | 2019 | 2020 |
|
Adjusted EBITDA EBITDA |
- 1,36 |
- 1,53 |
- 1,47 |
- 1,73 |
1,07 0,94 |
|
Adjusted operating profit (loss) Operating profit (loss) |
- 0,73 |
- 0,83 |
- 0,79 |
- 0,68 |
0,43 0,25 |
| Result of the period before taxes0,51 | 0,51 | 0,74 | 0,71 | 0,53 | -0,03 |
|
Result of the period (share of the Group) - Basic (1) Result of the period (share of the Group) - Diluted |
0,31 0,27 |
0,44 0,41 |
0,53 0,52 |
0,45 0,45 |
1,14 1,14 |
|
Gross dividend Pay-out ratio |
0,18 59% |
0,22 50% |
0,24 45% |
0,24 53% |
0,26 23% |
|
Net book value (share of the group) Price / Earnings ratio (2) |
4,65 21,9 |
4,78 17,7 |
4,80 12,2 |
4,96 18,6 |
5,99 9,5 |
(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) | 2016 | 2017 | 2018 | 2019 | 2020 |
| share price on 31 December | 6,63 | 7,73 | 6,39 | 8,31 | 10,72 |
| lowest share price of the year | 4,57 | 6,43 | 6,06 | 6,11 | 4,45 |
| highest share price of the year | 6,63 | 8,75 | 10,54 | 9,40 | 11,78 |
| average daily volume traded (units) | 51.513 | 70.435 | 65.089 | 88.871 | 77.831 |
Ratios
| Financial structure ratios | 2016 | 2017 | 2018 | 2019 | 2020 |
| Net financial debt / Total equity | 50% | 47% | 38% | 66% | -1% |
| Total equity / Total assets | 36% | 36% | 36% | 34% | 48% |
| Current ratio | 1,12 | 1,17 | 1,01 | 0,91 | 1,59 |
| Valuation ratios | 2016 | 2017 | 2018 | 2019 | 2020 |
| Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (share of the Group))(4) | 21,9 | 17,7 | 12,2 | 18,6 | 9,5 |
| Enterprise value / Operating profit (loss) | 6,7 | 6,6 | 5,6 | 6,7 | 11,5 |
| Price / Book value (=Market capitalisation/Book value (share of the Group)) | 1,4 | 1,6 | 1,3 | 1,7 | 1,8 |
| Investments versus Amortisation/Depreciation (in million EUR) | 2016 | 2017 | 2018 | 2019 | 2020 |
| Investments in intangible and tangible fixed assets | 53,9 | 68,3 | 52,4 | 55,0 | 20,4 |
| Amortisation, depreciation and impairments (excluding amortisation on goodwill, including impairment) |
33,5 | 37,9 | 37,5 | 58,1 | 37,8 |
| Investments / Sales | 5,1% | 6,0% | 4,7% | 5,3% | 2,5% |
