Investor relations

Financials

Recticel's key figures for 2020 - 2021 are displayed below. Click on the links to go directly to a specific topic.

 

Balance sheet

Balance sheet (in million EUR) 2020 2021
Non-current assets 356,1 520,9
Current assets 333,7 534,9
TOTAL ASSETS 698,8 1.055,7
Total Equity 334,8 391,3
Non-current liabilities 153,9 305,9
Current liabilities 210,0 358,5
TOTAL LIABILITIES  698,8

1.055,7

   
Net working capital 163,1 83,4
   
Market capitalisation (December 31st) 597,6 980,5
Non-controlling interests 0,7 1,5
Combined net financial debt  4,6 147,8
ENTERPRISE VALUE 602,9 1.129,8

 

Financial structure ratios  2020 2021
Net financial debt / Total equity (including non-controlling interests) 1% 38%
Total equity (including non-controlling interests) / Total assets 48% 37%
Current ratio (3) 1,59 1,49

 

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Income statement

Consolidated income statement (in million EUR) 2020 restated 2021

Sales

Gross profit

616,9

106,7

1.032,8

187,4

Adjusted EBITDA

EBITDA

44,4

38,3

109,2

89,7

Adjusted Operating profit (loss) 

Operating profit (loss) 

16,6

9,1

66,1

46,5

Financial result

Income from other associates

(  3,6)

(  10,2)

(  4,5)

(  6,9)

Result of the period before taxes (  4,7) 35,1
Income taxes (  3,5) 14,3
Result of the period after taxes - continuing operations (  8,2) 49,5
Result of the period after taxes - discontinued operations 71,3 4,9
Result of the period after taxes - continuing and discontinued operations 63,2 54,3

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

63,2

0,8

53,5

 

Profitability ratios 2020 2021
Gross profit / Sales 17,3% 18,1%

Adjusted EBITDA / Sales

EBITDA / Sales

7,2%

6,2%

10,6%

8,7%

Adjusted Operating profit (loss) / Sales

Operating profit (loss) / Sales

2,7%

1,5%

6,4%

4,5%

Result of the period after taxes (share of the Group) / Sales 10,2% 5,2%
ROE = Result of the period after taxes (share of the Group) / Total equity (Group share) (1) 23,0% 16,0%

 

Annual growth rates 2020 2021
Sales -40,6% 67,4%
EBITDA -59,8% 134,4%
Operating profit (loss) -75,5% 411,0%
Result of the period after taxes (share of the Group) 155,5% -14,0%

 

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Key figures Recticel Group

 

Key figures per business line

Sales per segment (in million EUR) 2020 restated 2021

Engineered Foams 

growth rate

318,5

 

583,6

83,2%

Insulation

growth rate

249,2

 

390,6

56,7%

Corporate/Eliminations 49,1 58,7

Total sales

growth rate

616,9

 

1.032,8

67,4%

 

Adjusted EBITDA per segment (in million EUR) 2020 restated 2021

Engineered Foams

as % of sales

31,9

10,0%

63,3

10,8%

Insulation

as % of sales

27,7

11,1%

62,6

16,0%

Corporate (  15,1) (  16,6)

Total EBITDA

as % of sales

44,4

7,2%

109,2

10,6%

 

EBITDA per segment (in million EUR) 2020 restated 2021

Engineered Foams

as % of sales

30,7

9,6%

55,5

9,5%

Insulation

as % of sales

27,5

11,0%

62,4

16,0%

Corporate (  19,9) (  28,2)

Total EBITDA

as % of sales

38,3

6,2%

89,7

8,7%

 

Adjusted operating profit (loss) per segment (in million EUR) 2020 restated 2021

Engineered Foams

as % of sales

17,3

5,4%

33,0

5,6%

Insulation

as % of sales

17,1

6,9%

51,6

13,2%

Corporate (  17,8) (  18,5)

Total Adjusted operating profit (loss)

as % of sales

16,6

2,7%

66,1

6,4%

 

Operating profit (loss) per segment (in million EUR) 2020 restated 2021

Flexible foams

as % of sales

14,8

4,7%

25,2

4,3%

Insulation

as % of sales

16,9

6,8%

51,4

13,2%

Corporate

(  22,6)

(  30,1)

Total operating profit (loss)

as % of sales

9,1

1,5%

46,5

4,5%

 

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Key figures per share

Key figures per share 2020 restated 2021
Number of shares (31 December) 55.742.920 55.963.420
Weighted average number of shares outstanding (before dilution) 55.174.425 55.519.330
Weighted average number of shares outstanding (after dilution) 55.381.032 56.282.863
     
in EUR 2020 restated 2021

Adjusted EBITDA

EBITDA

0,81

0,69

1,97

1,62

Adjusted operating profit (loss)

Operating profit (loss)

0,30

0,17

1,19

0,84

Earnings per share - continuing operations

Earnings per share - discontinued operations

-0,15

1,29

0,89

0,09

Earnings per share of continuing and discontinued operations - Basic (1)

Earnings per share of continuing and discontinued operations - Diluted

1,14

1,14

0,98

0,97

     

Gross dividend

Pay-out ratio

0,26

23%

0,29

30%

     

Net book value (share of the group)

Price / Earnings ratio (2)

6,01

9,5

6,99

17,9

(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)  2020 restated 2021
share price on 31 December 10,72 17,52
lowest share price of the year 4,45 10,50
highest share price of the year 11,78 18,30
average daily volume traded (units) 77.831 97.093

 

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Ratios

 

Financial structure ratios  2020 2021
Net financial debt / Total equity  1% 38%
Total equity / Total assets 48% 37%
     
Current ratio (3) 1,59 1,49

(3) current assets / current liabilities

 

Valuation ratios 2020 2021
Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (share of the Group))(4) 9,5 18,3
Enterprise value / Operating profit (loss) 15,7 12,6
Price / Book value (=Market capitalisation/Book value (share of the Group)) 1,8 2,5

(4) based on the share price of December 31st.  Earnings = result of the period (share of the Group) per share

 

Investments versus Amortisation/Depreciation (in million EUR) 2020 2021
Investments in intangible and tangible fixed assets 16,2 15,0
Amortisation, depreciation and impairments
(excluding amortisation on goodwill, including impairment)
29,2 43,2
Investments / Sales 2,6% 1,5%

 

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