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

 

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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%

 

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Key figures Recticel Group

Combined sales & growth rates

Diagram_2020_427x264_0003_Combined sales & growth rates.jpg

Combined Adjusted EBITDA & Adjusted EBITDA margin

Diagram_2020_427x264_0004_Combined Adjusted EBITDA & Adjusted EBITDA margin.jpg

Combined earnings after taxes & EAT margin

Diagram_2020_427x264_0005_Combined earnings after taxes & EAT margin.jpg

Shareholders' equity (Group share)

Diagram_2020_427x264_0001_Shareholders equity.jpg

Combined Gearing and Leverage

Diagram_2020_427x264_0002_Combined Gearing and leverage.jpg

Combined net financial debt

Diagram_2020_427x264_0000_Combined net financial debt.jpg

* 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.

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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%

 

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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

 

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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

 

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