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)

Shareholders equity.jpg

Combined Gearing and Leverage

Combined Gearing and leverage.jpg

Average net working capital as percentage of gross sales

Average net working capital.jpg

Frequency index - Severity index Industrial accidents

Diagram_Frequency index - Severity index.jpg

Combined sales & growth rates

Combined sales & growth rates.jpg

Combined EBITDA & EBITDA margin

Combined EBITDA & EBITDA margin.jpg

Combined EBIT & EBIT margin

Combined EBIT & EBIT margin.jpg

Combined earnings after taxes & EAT margin

Combined earnings after taxes & EAT margin.jpg

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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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