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

 

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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%

 

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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%

 

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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

 

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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%

 

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