Investor relations

Financials

Recticel's key figures for 2012 - 2016 are displayed below. Click on the links to go directly to a specific topic.

 

Balance sheet

Balance sheet 2012 2013 2014 2015 2016
in million EUR Consolidated
Non-current assets 389,0 377,4 378,2 383,4 391,3
Current assets 248,2 235,0 259,7 293,2 301,7
TOTAL ASSETS 637,3 612,4 637,8 676,7 693,0
Non-current liabilities 182,4 160,2 219,7 111,2 171,5
Current liabilities 213,8 265,5 251,9 316,5 270,2
TOTAL LIABILITIES 637,3 612,4 637,8 676,7 693,0
 
Net working capital 55,0 18,0 32,6 39,1 50,3
 
Market capitalisation (December 31st) 152,5 163,0 152,8 300,9 358,4
Non-controlling interests 0,0 0,0 0,0 0,0 0,0
Combined net financial debt  172,6 165,1 194,5 123,0 126,0
ENTERPRISE VALUE 325,1 328,1 347,3 423,9 484,4

 

Financial structure ratios  2012 2013 2014 2015 2016
Net financial debt / Total equity (including non-controlling interests) 72% 88% 117% 49% 50%
Total equity (including non-controlling interests) / Total assets 38% 30% 26% 37% 36%
Leverage (Combined net financial debt/Combined EBITDA) 2,2 6,0 3,9 1,8 1,5
Current ratio 1,2 0,9 1,0 0,9 1,1

 

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Income statement

Combined income statement (in million EUR) 2012 2013 2014 2015 2016
Sales   1.319,5   1.258,6   1.280,1   1.328,4 1.347,9
REBITDA    87,7    72,8    65,9    81,9 97,7
EBITDA    78,2    27,7    49,3    67,8 85,4
REBIT     47,8    33,2    30,7    44,9 58,2
EBIT     36,8 (15,4)    13,4    29,8 44,3
Result of the period after taxes    15,3 (36,1) (9,7)    4,5 16,3

 

Combined profitability ratios 2012 2013 2014 2015 2016
REBITDA / Sales 6,6% 5,8% 5,2% 6,2% 7,2%
EBITDA / Sales 5,9% 2,2% 3,9% 5,1% 6,3%
REBIT / Sales 3,6% 2,6% 2,4% 3,4% 4,3%
EBIT / Sales 2,8% -1,2% 1,0% 2,2% 3,3%
Result of the period after taxes (share of the Group) / Sales 1,2% -2,9% -0,8% 0,3% 1,2%

 

Annual growth rates (combined) 2012 2013 2014 2015 2016
Sales -4,3% -4,6% 1,7% 3,8% 1,5%
REBITDA -1,1% -17,0% -9,4% 24,2% 19,3%
EBITDA -12,0% -64,5% 77,9% 37,4% 26,0%
REBIT  1,5% -30,6% -7,6% 46,5% 29,6%
EBIT  -12,5% -141,8% nr 122,4% 48,6%
Result of the period after taxes (share of the Group) -12,2% -336,2% -73,0% -146,6% 259,5%

 

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Key figures Recticel Group

Shareholders' equity (Group share)

Diagram_Shareholders equity.jpg

Combined Gearing and Leverage

Diagram_Combined Gearing and leverage.jpg

Average net working capital as percentage of gross sales

Diagram_Average net working capital.jpg

Frequency index - Severity index Industrial accidents

Diagram_Frequency index - Severity index.jpg

Combined sales & growth rates

Diagram_Combined sales & growth rates.jpg

Combined EBITDA & EBITDA margin

Diagram_Combined EBITDA & EBITDA margin.jpg

Combined EBIT & EBIT margin

Diagram_Combined EBIT & EBIT margin.jpg

Combined earnings after taxes & EAT margin

Diagram_Combined earnings after taxes & EAT margin.jpg

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Key figures per business line

Combined sales per business line (in million EUR) 2012 2013 2014 2015 2016
Flexible foams    588,3   583,4   593,0   602,3 607,2
growth rate -1,3% -0,8% 1,6% 1,6% 0,8%
Bedding   276,5   283,0   281,6   294,5 292,9
growth rate -5,3% 2,3% -0,5% 4,6% -0,5%
Insulation   220,7   220,0   227,0   229,4 234,1
growth rate -1,1% -0,3% 3,2% 1,1% 2,1%
Automotive    289,7   258,4   264,0   280,3 288,9
growth rate -10,8% -10,8% 2,2% 6,2% 3,1%
Eliminations (55,7) (86,2) (85,6) (78,1) (75,4)
Total sales  1.319,5  1.258,6  1.280,1  1.328,4 1.347,9
growth rate -4,3% -4,6% 1,7% 3,8% 1,5%

 

Combined EBITDA per business line (in million EUR) 2012 2013 2014 2015 2016
Flexible foams  24,3 (2,4) 25,1 34,0 39,6
as % of sales 4,1% -0,4% 4,2% 5,6% 6,5%
Bedding 12,8 10,4 2,9 9,5 12,1
as % of sales 4,6% 3,7% 1,0% 3,2% 4,1%
Insulation 36,1 27,6 27,1 33,4 32,9
as % of sales 16,4% 12,5% 11,9% 14,6% 14,0%
Automotive  22,5 10,4 12,5 9,9 18,3
as % of sales 7,8% 4,0% 4,7% 3,5% 6,3%
Corporate (14,5) (18,3) (18,2) (19,1) (17,4)
Total EBITDA 81,1 27,7 49,3 67,8 85,4
as % of sales 6,1% 2,2% 3,9% 5,1% 6,3%

 

Combined EBIT per business line (in million EUR) 2012 2013 2014 2015 2016
Flexible foams  9,8 (16,4) 13,2 21,1 26,5
as % of sales 1,7% -2,8% 2,2% 3,5% 4,4%
Bedding 7,3 3,8 (3,5) 3,2 5,8
as % of sales 2,6% 1,4% -1,2% 1,1% 2,0%
Insulation 32,1 21,9 21,1 27,5 26,6
as % of sales 14,6% 10,0% 9,3% 12,0% 11,4%
Automotive  5,9 (5,3) 1,8 (1,9) 4,0
as % of sales 2,0% -2,1% 0,7% -0,7% 1,4%
Corporate (15,3) (19,4) (19,2) (20,0) (18,6)
Total EBIT 39,7 (15,4) 13,4 29,8 44,3
as % of sales 3,0% -1,2% 1,0% 2,2% 3,3%

 

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Key figures per share

Key figures per share 2012 2013 2014 2015 2016
Number of shares (31 December) 28.931.456 28.947.356 29.664.256 53.731.608 54.062.520
Weighted average number of shares outstanding (before dilution) 28.931.456 28.498.521 28.953.478 44.510.623 53.504.432
Weighted average number of shares outstanding (after dilution) 33.990.837 28.498.521 28.953.478 44.704.483 59.643.102
 
in EUR 2012 2013 2014 2015 2016
Combined REBITDA 3,03  2,55  2,28  1,84  1,83
Combined EBITDA 2,70  0,97  1,70  1,52  1,60
REBIT 1,65  1,16  1,06  1,01  1,09
EBIT  1,27  -0,54  0,46  0,67  0,83
Result of the period (share of the Group) - Basic (1) 0,53  -1,27  -0,34  0,10  0,31
Result of the period (share of the Group) - Diluted 0,49  -1,27  -0,34  0,10  0,30
 
Gross dividend 0,29  0,20  0,20  0,14  0,18
Pay-out ratio 55% n.r. n.r. 137% 59%
 
Net book value (Group share) 8,33  6,45  5,60  4,63  4,65
 
Price / Earnings ratio (2) 10,0 n.r. n.r. 66,2 21,9

(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) (Ordinary share) 2012 2013 2014 2015 2016
on 31 December 5,27  5,63  5,15  5,60  6,63
lowest of the year 4,26  4,63  4,90  3,88  4,57
highest of the year 6,25  6,82  7,98  5,64  6,63
average daily volume traded (units)  19.748  36.049  43.974  83.737 51,513

 

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Ratios

  2012 2013 2014 2015 2016
Market capitalisation (December 31st) 152,5 163,0 152,8 300,9 358,4
Non-controlling interests 0,0 0,0 0,0 0,0 0,0
Combined net financial debt  172,6 165,1 194,5 123,0 126,0
ENTERPRISE VALUE 325,1 328,1 347,3 423,9 484,4

 

Financial structure ratios  2012 2013 2014 2015 2016
Net financial debt / Total equity (including non-controlling interests) 72% 88% 117% 49% 50%
Total equity (including non-controlling interests) / Total assets 38% 30% 26% 37% 36%
Leverage (Combined net financial debt/Combined EBITDA) 2,2 6,0 3,9 1,8 1,5
 
Current ratio 1,2 0,9 1,0 0,9 1,1

 

Valuation ratios 2012 2013 2014 2015 2016
Price / Earnings (Market capitalisation (Dec 31st) / Result of the period (Group share)) 10,0 n.r. n.r. 66,2 21,9
Enterprise value / EBITDA 4,2 11,8 7,0 6,3 5,7
Price / Book value (=Market capitalisation/Book value (share of the Group)) 0,63  0,87  0,92  1,21  1,43

 

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