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 | 2015 | 2016 | 2017 | 2018 | 2019 |
in million EUR | Consolidated | ||||
Non-current assets | 383,4 | 391,3 | 384,6 | 392,1 | 501,9 |
Current assets | 293,2 | 301,7 | 345,6 | 345,0 | 300,6 |
TOTAL ASSETS | 676,7 | 693,0 | 730,2 | 737,1 | 802,5 |
Total Equity | 249,0 | 251,2 | 261,8 | 265,0 | 275,4 |
Non-current liabilities | 111,2 | 171,5 | 174,0 | 131,0 | 194,8 |
Current liabilities | 316,5 | 270,2 | 294,4 | 341,1 | 332,3 |
TOTAL LIABILITIES & TOTAL EQUITY | 676,7 | 693,0 | 730,2 | 737,1 | 802,5 |
Net working capital | 39,1 | 50,3 | 44,8 | 73,5 | 59,6 |
Market capitalisation (December 31st) | 300,9 | 358,4 | 423,4 | 352,9 | 460,4 |
Non-controlling interests | 0,0 | 0,0 | 0,0 | 0,0 | 0,7 |
Combined net financial debt | 123,0 | 126,0 | 122,9 | 100,2 | 180,4 |
ENTERPRISE VALUE | 423,9 | 484,4 | 546,3 | 453,1 | 641,5 |
Financial structure ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
Net financial debt / Total equity (including non-controlling interests) | 49% | 50,1% | 47% | 38% | 66% |
Total equity (including non-controlling interests) / Total assets | 37% | 36% | 36% | 36% | 34% |
Leverage (Combined net financial debt/Combined EBITDA) | 1,8 | 1,5 | 1,3 | 1,1 | 1,7 |
Current ratio | 0,9 | 1,1 | 1,2 | 1,0 | 0,9 |
Income statement
Combined income statement (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
Sales | 1.328,4 | 1.347,9 | 1.460,8 | 1.448,3 | 1.221,0 |
Adjusted EBITDA | 81,9 | 97,7 | 105,5 | 103,8 | 114,7 |
EBITDA | 67,8 | 85,4 | 94,1 | 93,4 | 105,6 |
Adjusted EBIT | 44,9 | 58,2 | 66,5 | 63,3 | 51,2 |
EBIT | 29,8 | 44,3 | 48,1 | 47,0 | 40,3 |
Result of the period after taxes | 4,5 | 16,3 | 23,9 | 28,8 | 24,7 |
Combined profitability ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
Adjusted EBITDA / Sales | 6,2% | 7,2% | 7,2% | 7,2% | 9,4% |
EBITDA / Sales | 5,1% | 6,3% | 6,4% | 6,4% | 8,7% |
Adjusted EBIT / Sales | 3,4% | 4,3% | 4,6% | 4,4% | 4,2% |
EBIT / Sales | 2,2% | 3,3% | 3,3% | 3,2% | 3,3% |
Result of the period after taxes (share of the Group) / Sales | 0,3% | 1,2% | 1,6% | 2,0% | 2,0% |
Annual growth rates (combined) | 2015 | 2016 | 2017 | 2018 | 2019 |
Sales | 3,8% | 1,5% | 8,4% | -0,9% | -15,7% |
Adjusted EBITDA | 24,2% | 19,3% | 8,0% | -1,6% | 10,5% |
EBITDA | 37,4% | 26,0% | 10,2% | -0,8% | 13,1% |
Adjusted EBIT | 46,5% | 29,6% | 14,2% | -4,8% | -19,2% |
EBIT | 122,4% | 48,6% | 8,6% | -2,2% | -14,3% |
Result of the period after taxes (share of the Group) | -146,6% | 259,5% | 46,4% | 20,6% | -14,3% |
Key figures Recticel Group
Combined sales & growth rates
Combined Adjusted EBITDA & Adjusted EBITDA margin
Combined earnings after taxes & EAT margin
Shareholders' equity (Group share)
Combined Gearing and Leverage
Combined net financial debt
* Proseat, which was partially divested in 2019, is integrated in the 2019 combined figures according to the ‘equity method’, i.o. previously on a proportionate basis. 2019 figures are also shown including impact of IFRS 16. Figures of previous years have not been restated accordingly.
Key figures per business line
Combined sales per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
Flexible foams | 602,3 | 607,2 | 626,1 | 621,5 | 549,1 |
growth rate | 1,6% | 0,8% | 3,1% | -0,7% | -11,7% |
Bedding | 294,5 | 292,9 | 272,1 | 243,8 | 242,3 |
growth rate | 4,6% | -0,5% | -7,1% | -10,4% | -0,6% |
Insulation | 229,4 | 234,1 | 272,3 | 271,2 | 247,2 |
growth rate | 1,1% | 2,1% | 16,3% | -0,4% | -8,9% |
Automotive | 280,3 | 288,9 | 350,4 | 363,9 | 223,7 |
growth rate | 6,2% | 3,1% | 21,3% | 3,9% | -38,5% |
Eliminations | (78,1) | (75,4) | (60,1) | (52,1) | (41,2) |
Total sales | 1.328,4 | 1.347,9 | 1.460,8 | 1.448,3 | 1.220,9 |
growth rate | 3,8% | 1,5% | 8,4% | -0,9% | -15,7% |
Combined EBITDA per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
Flexible foams | 34,0 | 39,6 | 30,6 | 33,0 | 54,1 |
as % of sales | 5,6% | 6,5% | 4,9% | 5,3% | 9,9% |
Bedding | 9,5 | 12,1 | 14,3 | 2,0 | 16,0 |
as % of sales | 3,2% | 4,1% | 5,3% | 0,8% | 6,6% |
Insulation | 33,4 | 32,9 | 40,1 | 44,7 | 31,4 |
as % of sales | 14,6% | 14,0% | 14,7% | 16,5% | 12,7% |
Automotive | 9,9 | 18,3 | 25,0 | 30,5 | 24.8 |
as % of sales | 3,5% | 6,3% | 7,1% | 8,4% | 11,1% |
Corporate | (19,1) | (17,4) | (16,0) | (16,8) | (20,8) |
Total EBITDA | 67,8 | 85,4 | 94,1 | 93,4 | 105,6 |
as % of sales | 5,1% | 6,3% | 6,4% | 6,4% | 8,6% |
Combined EBIT per business line (in million EUR) | 2015 | 2016 | 2017 | 2018 | 2019 |
Flexible foams | 21,1 | 26,5 | 17,7 | 15,6 | 32,7 |
as % of sales | 3,5% | 4,4% | 2,8% | 2,5% | 6,0% |
Bedding | 3,2 | 5,8 | 9,6 | (2,1) | 7,0 |
as % of sales | 1,1% | 2,0% | 3,6% | -0,8% | 2,9% |
Insulation | 27,5 | 26,6 | 33,5 | 38,1 | 20,7 |
as % of sales | 12,0% | 11,4% | 12,3% | 14,1% | 8,4% |
Automotive | (1,9) | 4,0 | 4,1 | 12,9 | 3,0 |
as % of sales | -0,7% | 1,4% | 1,2% | 3,5% | 1,3% |
Corporate | (20,0) | (18,6) | (16,8) | (17,5) | (23,1) |
Total EBIT | 29,8 | 44,3 | 48,1 | 47,0 | 40,3 |
as % of sales | 2,2% | 3,3% | 3,3% | 3,2% | 3,3% |
Key figures per share
Key figures per share | 2015 | 2016 | 2017 | 2018 | 2019 |
Number of shares (31 December) | 53.731.608 | 54.062.520 | 54.776.357 | 55.227.012 | 55.397.439 |
Weighted average number of shares outstanding (before dilution) | 44.510.623 | 53.504.432 | 54.110.396 | 54.659.774 | 54.959.861 |
Weighted average number of shares outstanding (after dilution) | 44.704.483 | 59.643.102 | 57.941.701 | 55.093.295 | 55.154.501 |
in EUR | 2015 | 2016 | 2017 | 2018 | 2019 |
Combined REBITDA | 1,84 | 1,83 | 1,95 | 1,90 | 2,09 |
Combined EBITDA | 1,52 | 1,60 | 1,74 | 1,71 | 1,92 |
Combined Adjusted EBIT | 1,01 | 1,09 | 1,23 | 1,16 | 0,93 |
Combined EBIT | 0,67 | 0,83 | 0,89 | 0,86 | 0,73 |
Result of the period (share of the Group) - Basic (1) | 0,10 | 0,31 | 0,44 | 0,53 | 0,45 |
Result of the period (share of the Group) - Diluted | 0,10 | 0,30 | 0,43 | 0,52 | 0.00 |
Gross dividend | 0,14 | 0,18 | 0,22 | 0,24 | 0,24 |
Pay-out ratio | 137% | 59% | 50% | 45% | 53% |
Net book value (Group share) | 4,63 | 4,65 | 4,78 | 4,80 | 4,96 |
Price / Earnings ratio (2) | 66,2 | 21,9 | 17,7 | 12,2 | 18,6 |
(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) | 2015 | 2016 | 2017 | 2018 | 2019 |
on 31 December | 5,60 | 6,63 | 7,73 | 6,39 | 8,31 |
lowest of the year | 3,88 | 4,57 | 6,43 | 6,06 | 6,11 |
highest of the year | 5,64 | 6,63 | 8,75 | 10,54 | 9,40 |
average daily volume traded (units) | 83.737 | 51,513 | 70,435 | 65.089 | 88.871 |
Ratios
Financial structure ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
Net financial debt / Total equity (including non-controlling interests) | 49% | 50% | 47% | 38% | 66% |
Total equity (including non-controlling interests) / Total assets | 37% | 36% | 36% | 36% | 34% |
Leverage (Combined net financial debt/Combined EBITDA) | 1,8 | 1,5 | 1,3 | 1,1 | 1,7 |
Current ratio | 0,9 | 1,1 | 1,2 | 1,0 | 0,9 |
Valuation ratios | 2015 | 2016 | 2017 | 2018 | 2019 |
Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (Group share)) | 66,2 | 21,9 | 17,7 | 12,2 | 18,6 |
Enterprise value / EBITDA | 6,3 | 5,7 | 5,8 | 4,9 | 6,1 |
Price / Book value (=Market capitalisation/Book value (share of the Group)) | 1,21 | 1,43 | 1,62 | 1,33 | 1,68 |