Regulated information
Brussels, 27 February 2017 - 07:00 CET
ANNUAL RESULTS 2016
RECTICEL DELIVERS FURTHER STRUCTURAL PROFIT GROWTH- Combinedasales growth of +1.5%, including adverse currency impact of -2.2%
- Combined REBITDA increased by +19.3%
- Result of the period (share of the Group): EUR 16.3 million
- Combined net financial debt: EUR 126.0 million (31-Dec-2015: EUR 123.0 million)
- Proposal to pay a gross dividend of EUR 0.18 per share
Olivier Chapelle (CEO): "We are satisfied with 2016, another year of sales and profit growth, and an important milestone in our aim to make Recticel a reliable value creation company.
Combined sales grew by +1.5%, based upon solid volume growth, despite adverse currency effects of
-2.2%. Our combined REBITDA increased by +19.3%, supported by volume growth and by efficiency
& mix improvements which beat our 2016 targets, and more than offset volatile and adverse currency and raw material prices evolutions. Our total combined net financial debt (including the off balance sheet financing) has reached a historically low level at EUR 178.2 million.
The supply market for isocyanates turned short over the last 9 months of 2016, leading to significant raw materials price increases. In addition, a force majeure at one of our key suppliers in October in combination with production issues at several suppliers' factories, further aggravated the situation. This force majeure has now been lifted.
We expanded our Insulation business by acquiring the Innortex activities in France (acoustic solutions) and the creation of the Turvac joint venture in Slovenia (Vacuum Insulation Panels).
Going forward we will remain focused on raising our performance by building the foundation for stronger sales growth, further streamlining and strengthening of our product portfolio, improving productivity and cost structures, and strengthening our organization and culture."
OUTLOOKFor the full year 2017, the Group expects continued growth of its combined sales, and to increase its combined REBITDA thanks to a combination of volume growth, improved mix and efficiency gains.
All comparisons are made with the comparable period of 2015, unless mentioned otherwise.
a For the definition of other used terminology, see glossary at the end of this press release.
KEY FIGURES-
CONSOLIDATED DATA
- Sales: from EUR 1,033.8 million to EUR 1,048.3 million (+1.4%) including currency impact of -2.3%
- EBITDA: from EUR 52.9 million to EUR 72.7 million (+37.5%)
- EBIT: from EUR 23.2 million to EUR 39.2 million (+68.8%)
- Result of the period (share of the Group): from EUR 4.5 million to EUR 16.3 million
- Net financial debt1: EUR 108.4 million (31 December 2015: EUR 98.5 million; 30 September 2016: EUR 108.5 million)
in million EUR
2015
(a)
2016
(b)
2016/2015
(b)/(a)-1
Sales
1 033,8
1 048,3
1,4%
Gross profit
194,4
201,1
3,4%
as % of sales
18,8%
19,2%
EBITDA
52,9
72,7
37,5%
as % of sales
5,1%
6,9%
EBIT
23,2
39,2
68,8%
as % of sales
2,2%
3,7%
Result of the period (share of the Group)
4,5
16,3
259,5%
Result of the period (share of the Group) - base (per share, in EUR)
0,10
0,31
199,0%
Gross dividend per share (in EUR)
0,14
0,18
28,6%
Total Equity 249,0
Net financial debt 198,5
Gearing ratio 39,6%
251,2
108,4
43,1%
0,9%
10,0%
1 Excluding the drawn amounts under non-recourse factoring/forfeiting programs: EUR 51.7 million per 31 December 2016
(EUR 53.7 million per 31 December 2015, and EUR 54.7 million per 30 September 2016).
- COMBINED DATA
- Sales: from EUR 1,328.4 million to EUR 1,347.9 million (+1.5%), including currency effects of -2.2%
- REBITDA: from EUR 81.9 million to EUR 97.7 million (+19.3%)
- EBITDA: from EUR 67.8 million to EUR 85.4 million (+26.0%)
- REBIT: from EUR 44.9 million to EUR 58.2 million (+29.6%)
- EBIT: from EUR 29.8 million to EUR 44.3 million (+48.6%)
- Result of the period (share of the Group): from EUR 4.5 million to EUR 16.3 million
- Net financial debt1: EUR 126.0 million (31 December 2015: EUR 123.0 million; 30 September 2016: EUR 131.9 million)
in million EUR | 1H15 | 2H15 | FY15 | 1H16 | 2H16 | FY16 | 1H | 2H | FY |
Sales | 667,5 | 661,0 | 1 328,4 | 686,0 | 661,9 | 1 347,9 | 2,8% | 0,1% | 1,5% |
Gross profit | 119,8 | 113,1 | 232,9 | 133,4 | 112,1 | 245,5 | 11,4% | -0,9% | 5,4% |
as % of sales | 17,9% | 17,1% | 17,5% | 19,4% | 16,9% | 18,2% | |||
REBITDA | 42,9 | 39,0 | 81,9 | 54,8 | 42,9 | 97,7 | 27,9% | 9,8% | 19,3% |
as % of sales | 6,4% | 5,9% | 6,2% | 8,0% | 6,5% | 7,2% | |||
EBITDA | 38,8 | 29,0 | 67,8 | 47,9 | 37,6 | 85,4 | 23,3% | 29,6% | 26,0% |
as % of sales | 5,8% | 4,4% | 5,1% | 7,0% | 5,7% | 6,3% | |||
REBIT | 24,8 | 20,1 | 44,9 | 35,6 | 22,6 | 58,2 | 43,5% | 12,4% | 29,6% |
as % of sales | 3,7% | 3,0% | 3,4% | 5,2% | 3,4% | 4,3% | |||
EBIT | 20,0 | 9,8 | 29,8 | 27,6 | 16,6 | 44,3 | 38,5% | 69,2% | 48,6% |
as % of sales | 3,0% | 1,5% | 2,2% | 4,0% | 2,5% | 3,3% |
30 Jun 15 31 Dec 15 | 30 Jun 16 31 Dec 16 | ||||||||
Total Equity | 249,5 | 249,0 | 249,0 | 245,6 | 251,2 | 251,2 | -1,6% | 0,9% | 0,9% |
Net financial debt 1 | 137,5 | 123,0 | 123,0 | 132,9 | 126,0 | 126,0 | -3,3% | 2,4% | 2,4% |
Gearing ratio | 55,1% | 49,4% | 49,4% | 54,1% | 50,1% | 50,1% |
1 Excluding the drawn amounts under non-recourse factoring/forfeiting programs: EUR 52.2 million per 31 December 2016
(EUR 60.4 million per 31 December 2015, and EUR 60.4 million per 30 September 2016).
1. COMMENTS ON THE GROUP RESULTSDetailed comments on the sales and results of the different segments are given in chapter 5 on the basis of the combined figures (joint ventures integrated following the proportionate consolidation method).
Combined Sales: from EUR 1,328.4 million toEUR 1,347.9 million (+1.5%), including a negative currency effect of -2.2%; primarily due to the depreciation of the Pound Sterling and the Polish Zloty.
On an annual basis, all segments reported higher sales, except Bedding which contracted slightly (-0.5%). The overall progress is mainly explained by (i) successful growth initiatives in Insulation and Flexible Foams, and (ii) the start-up of scheduled new programs in Automotive Interiors as well as strong volumes in the automotive market.
Breakdown of the combined sales by segment
in million EUR | 1Q2016 | 2Q2016 | 3Q2016 | 4Q2016 |
Flexible Foams Bedding Insulation Automotive Eliminations | 156,1 79,0 55,5 73,9 ( 18,9) | 154,2 69,1 62,7 73,0 ( 18,4) | 141,3 70,1 59,0 64,2 ( 16,7) | 155,7 74,7 57,0 77,8 ( 21,4) |
TOTAL COMBINED SALES | 345,5 | 340,5 | 318,1 | 343,8 |
Adjustment for joint ventures by application of IFRS 11 | ( 75,9) | ( 75,6) | ( 68,0) | ( 80,0) |
TOTAL CONSOLIDATED SALES | 269,6 | 264,9 | 250,1 | 263,8 |
2H2015 | 2H2016 | 2H | in million EUR | FY2015 | FY2016 | FY |
296,4 | 297,0 | 0,2% | Flexible Foams | 602,3 | 607,2 | 0,8% |
151,1 | 144,9 | -4,1% | Bedding | 294,5 | 292,9 | -0,5% |
116,1 | 116,0 | -0,1% | Insulation | 229,4 | 234,1 | 2,1% |
137,4 | 142,0 | 3,3% | Automotive | 280,3 | 288,9 | 3,1% |
( 40,1) | ( 38,0) | -5,2% | Eliminations | ( 78,1) | ( 75,4) | -3,5% |
661,0 | 661,9 | 0,1% | TOTAL COMBINED SALES | 1 328,4 | 1 347,9 | 1,5% |
3Q2015 | 3Q2016 | 3Q | in million EUR | 4Q2015 | 4Q2016 | 4Q |
145,0 | 141,3 | -2,5% | Flexible Foams | 151,5 | 155,7 | 2,8% |
73,1 | 70,1 | -4,1% | Bedding | 77,9 | 74,7 | -4,1% |
60,3 | 59,0 | -2,1% | Insulation | 55,8 | 57,0 | 2,0% |
65,1 | 64,2 | -1,3% | Automotive | 72,4 | 77,8 | 7,5% |
( 20,1) | ( 16,7) | -17,1% | Eliminations | ( 20,0) | ( 21,4) | 6,9% |
323,4 | 318,1 | -1,6% | TOTAL COMBINED SALES | 337,6 | 343,8 | 1,8% |
After two quarters of positive sales growth (1Q2016: +0.6% and 2Q2016: +5.1%) and a weaker 3Q2016 sales (-1.6%), combined sales increased from EUR 337.6 million to EUR
343.8 million in4Q2016 (+1.8%). This positive development was achieved despite a negative currency effect of -2.9% in the fourth quarter, mainly from the Pound Sterling and Polish Zloty. Strong volumes in a supportive market environment have more than offset the negative currency impacts and some price erosion.
Recticel SA published this content on 27 February 2017 and is solely responsible for the information contained herein.
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