Earnings Release • Aug 30, 2012
Earnings Release
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Regulated information issued by the Board of Directors
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Brussels, 30 August 2012 – 07:00 am CET www.recticel.com
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 699,8 | 680,2 | -2,8% |
| Gross profit | 106,3 | 113,0 | 6,3% |
| as % of sales | 15,2% | 16,6% | |
| REBITDA (1) | 47,5 | 48,5 | 2,0% |
| as % of sales | 6,8% | 7,1% | |
| EBITDA (2) | 47,1 | 44,1 | -6,4% |
| as % of sales | 6,7% | 6,5% | |
| REBIT (1) | 26,3 | 28,8 | 9,5% |
| as % of sales | 3,8% | 4,2% | |
| EBIT | 25,8 | 24,0 | -7,1% |
| as % of sales | 3,7% | 3,5% | |
| Result of the period (share of the Group) Result of the period (share of the Group) - |
12,3 | 12,0 | -2,5% |
| base (per share, in EUR) | 0,43 | 0,41 | -2,5% |
| Total Equity | 246,6 | 255,0 | 3,4% |
| Net financial debt (5) | 184,2 | 179,0 | -2,8% |
| Gearing ratio | 74,8% | 70,2% | |
| Average capital employed (3) | 413,2 | 404,0 | -2,2% |
| ROCE = Return on capital employed (4) | 12,5% | 11,9% | |
| ROE = Return on equity (4) | 10,1% | 9,5% |
(1) REBITDA = EBITDA before non-recurring elements; REBIT = EBIT before non-recurring elements. Non-recurring elements comprise operating income, expenses or provisions that are related to restructuring programs, impairments on assets, capital gains or losses on divestments and on the liquidation of affiliated companies, and other events or transactions that are clearly distinct from the ordinary activities of the Group.
(2) EBITDA = EBIT + depreciation, amortisation and impairment on assets.
(3) Capital Employed = net intangible assets + goodwill + net property, plant & equipment + working capital.
Working capital = current assets (without cash deposits) - non-financial current liabilities.
(4) Half-yearly average = [Capital employed at the end of the previous period + Capital employed at the end of the current period] / 2. For Return on Equity (ROE), the same based on Equity (share of the Group). The annual averages are calculated as the mean of the half-yearly figures.
(5) Net financial debt = Interest-bearing borrowings – Cash and cash equivalents – Available for sale investments. The interest-bearing borrowings do not include the drawn amounts (at 30/06/2012: EUR 49.4 million compared to EUR 49.6 million at 30/06/2011 and EUR 45.5 million at 31/12/2011) under non-recourse factoring/forfeiting programs.
Sales: from EUR 699.8 million to EUR 680.2 million (-2.8%)
Before exchange rate differences (accounting for +0.3%) and net changes in the scope of consolidation (+0.1%) sales dropped by 3.2%.
Changes in the scope of consolidation in 1H/2012 related to:
| in million EUR | 1Q/2011 | 2Q/2011 | 1H/2011 | 1Q/2012 | 2Q/2012 | 1H/2012 | D 1H |
|---|---|---|---|---|---|---|---|
| Flexible Foams | 159,8 | 142,4 | 302,2 | 157,4 | 146,1 | 303,5 | 0,4% |
| Bedding | 78,9 | 62,7 | 141,6 | 73,6 | 60,0 | 133,6 | -5,6% |
| Insulation | 48,4 | 60,3 | 108,6 | 53,0 | 56,5 | 109,5 | 0,8% |
| Automotive | 88,1 | 87,0 | 175,1 | 82,4 | 78,9 | 161,3 | -7,9% |
| Eliminations | ( 15,6) | ( 12,2) | ( 27,8) | ( 15,4) | ( 12,4) | ( 27,8) | 0,0% |
| Total | 359,6 | 340,1 | 699,8 | 351,1 | 329,1 | 680,2 | -2,8% |
The weakening sales trend observed in 1Q/2012 (-2.4%) was confirmed in 2Q/2012 (-3.2%) and is explained by an overall softer demand in most end-use markets.
Automotive and Bedding were most impacted with respectively –7.9% and –5.6% sales turnover reduction compared to 1H/ 2011.
Sales in Flexible Foams remained stable.
Sales in Insulation grew by 1% versus 1H/2011, which had been an extremely strong halfyear. Sales growth has reduced, impacted by a decrease of 2 to 7% of the residential construction markets, and by a 4 to 6% reduction in the renovation markets in which the Group operates. Weather conditions in some countries during the semester, cold in February and rain in 2Q have also moved business into the second half of the year.
Despite the lower sales level and the currently very challenging economic environment, Recticel has improved its overall profitability.
During the first half-year of 2012, raw material market prices have again increased and reached new record high levels, slightly above those of the first half-year of 2011. The combination of the pass-through of raw material costs into the selling prices, of the restructuring and efficiency improvement measures and of the purchasing performance have contributed to the improved recurrent profitability.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Flexible Foams | 13,5 | 17,2 | 27,4% |
| Bedding | 7,7 | 4,6 | -39,9% |
| Insulation | 18,2 | 18,8 | 3,4% |
| Automotive | 16,3 | 15,8 | -3,0% |
| Corporate | ( 8,2) | ( 8,0) | -2,3% |
| Total | 47,5 | 48,5 | 2,0% |
EBITDA includes non-recurring elements for a net amount of EUR –4.4 million (compared to EUR –0.4 million in 1H/2011). These elements relate mainly to:(i) restructuring charges in Flexible Foams (Eurofoam Germany and UK), in Bedding (Austria and Germany) and in Automotive Interiors (Germany and Belgium) and (ii) additional legal fees with respect to the on-going EU Commission inspection.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Flexible Foams | 14,0 | 14,8 | 5,8% |
| Bedding | 7,5 | 4,0 | -46,5% |
| Insulation | 18,2 | 18,8 | 3,4% |
| Automotive | 15,7 | 14,3 | -8,9% |
| Corporate | ( 8,2) | ( 7,8) | -5,2% |
| Total | 47,1 | 44,1 | -6,4% |
REBIT: from EUR 26.3 million to EUR 28.8 million (+9.5%)
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Flexible Foams | 6,7 | 10,6 | 59,1% |
| Bedding | 4,7 | 1,9 | -60,2% |
| Insulation | 16,4 | 16,8 | 2,3% |
| Automotive | 7,0 | 7,8 | 12,4% |
| Corporate | ( 8,5) | ( 8,3) | -1,8% |
| Total | 26,3 | 28,8 | 9,5% |
EBIT: from EUR 25.8 million to EUR 24.0 million (-7.1%)
EBIT includes EUR –4.9 million of net non-recurring elements (EUR –0.5 million in 1H/2011). These comprise the above-mentioned non-recurring elements in EBITDA, as well as an impairment of EUR -0.5 million (EUR -0.1 million in 1H/2011) relating to equipment becoming idle following the restructuring of Eurofoam's German operations.
Despite these non-recurring elements, all segments contributed positively to the EBIT result of 1H/2012.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Flexible Foams | 7,1 | 7,7 | 7,9% |
| Bedding | 4,5 | 1,2 | -72,4% |
| Insulation | 16,4 | 16,8 | 2,3% |
| Automotive | 6,3 | 6,3 | 1,1% |
| Corporate | ( 8,5) | ( 8,1) | -4,6% |
| Total | 25,8 | 24,0 | -7,1% |
Financial result: from EUR –7.8 million to EUR –7.1 million (-9.3%).
Net interest charges remained stable at EUR –6.0 million, in line with the average outstanding debt which, including the usage of off-balance sheet factoring/forfeiting programs, amounted to EUR 224.6 million (1H/2011: EUR 226.8 million).
'Other net financial income and expenses' (EUR –1.1 million, compared to EUR –1.8 million in 1H/2011) comprise mainly interest capitalisation costs under provisions for pension liabilities (EUR –0.9 million) and negative exchange rate differences (EUR –0.1 million).
Income taxes and deferred taxes: from EUR -5.7 million to EUR –4.9 million:
Result of the period (share of the Group): from EUR 12.3 million to EUR 12.0 million (-2.5%).
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 302,2 | 303,5 | 0,4% |
| REBITDA | 13,5 | 17,2 | 27,4% |
| as % of sales | 4,5% | 5,7% | |
| EBITDA | 14,0 | 14,8 | 5,8% |
| as % of sales | 4,6% | 4,9% | |
| REBIT | 6,7 | 10,6 | 59,1% |
| as % of sales | 2,2% | 3,5% | |
| EBIT | 7,1 | 7,7 | 7,9% |
| as % of sales | 2,4% | 2,5% |
Sales in Flexible Foams increased by 0.4% from EUR 302.2 million to EUR 303.5 million, as a result of slightly higher volumes in the 'Comfort' segment; which compensated for lower sales recorded in the 'Technical foams' and 'Composite Foams' segments.
The 'Comfort' segment reported higher sales (EUR 184.7 million; +1.8%). Most markets recorded higher sales, with the exception of Belgium, Scandinavia and Spain.
The 'Technical foams' segment (EUR 107.6 million, -1.2%) suffered from the lower demand from the various industrial and automotive markets, especially in Spain, France and Italy.
The 'Composite foams' segment (EUR 11.2 million, -5.3%) sales were negatively influenced by low volumes of bonded foam products to markets depending on public spending levels.
EBITDA improved by 5.8% to EUR 14.8 million. This positive evolution is explained by a combination of (i) slightly higher overall sales; (ii) the effect of the various cost saving measures and (iii) the benefits of the implemented reorganisation plans.
Net non-recurring elements amounted to EUR –2.5 million (compared to EUR +0.4 million in 1H/2011) and relate mainly to restructuring charges in Eurofoam Germany and in the UK, and to additional legal fees with respect to the on-going EU inspection.
In line with its intention to reduce complexity and to adjust the industrial footprint in its Flexible Foams activities, the Group completed the closure of its production site in Bladel (The Netherlands) by mid-2012. The Group joint venture company Eurofoam is closing its production site in Bexbach (Germany).
In addition, the Group has declared its intention to close the "Gwalia" comfort foam converting plant in Gwent Vale (UK) before the end of 2012. This restructuring plan will lead to the collective redundancy of 42 employees on a total of 474 people employed in the Flexible Foams' activities in the United Kingdom. The cost has been estimated at EUR 0.5 million and will be accounted for in 2H/2012.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 141,6 | 133,6 | -5,6% |
| REBITDA | 7,7 | 4,6 | -39,9% |
| as % of sales | 5,4% | 3,5% | |
| EBITDA | 7,5 | 4,0 | -46,5% |
| as % of sales | 5,3% | 3,0% | |
| REBIT | 4,7 | 1,9 | -60,2% |
| as % of sales | 3,3% | 1,4% | |
| EBIT | 4,5 | 1,2 | -72,4% |
| as % of sales | 3,2% | 0,9% |
Sales in Bedding decreased by 5.6% from EUR 141.6 to EUR 133.6 million.
Sales of the 'Brand' segment (EUR 73.2 million; -5.9%) were lower in all countries, especially in Austria and Germany.
Sales in the 'Private Label'' segment (EUR 60.4 million; -5.3%) also suffered from the drop in consumer confidence in Western Europe.
EBITDA decreased by 46.5% to EUR 4.0 million.
Lowering demand has put the profit margins under pressure. However, the negative variance with 1H/2011 is mitigated by the fact that in 1H/2011 EBITDA included a capital gain (EUR 1.3 million) realised upon the sale of a building in Switzerland. Not taking into account this capital gain, EBITDA dropped by 35.2%.
Over 1H/2012 the Group decided to further reduce costs and consequently EBITDA was impacted by non-recurring restructuring charges in Austria and Germany for a total amount of EUR -0.6 million (1H/2011: EUR -0.26 million).
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 108,6 | 109,5 | 0,8% |
| REBITDA | 18,2 | 18,8 | 3,4% |
| as % of sales | 16,7% | 17,2% | |
| EBITDA | 18,2 | 18,8 | 3,4% |
| as % of sales | 16,7% | 17,2% | |
| REBIT | 16,4 | 16,8 | 2,3% |
| as % of sales | 15,1% | 15,3% | |
| EBIT | 16,4 | 16,8 | 2,3% |
| as % of sales | 15,1% | 15,3% |
Sales in Insulation increased by 0.8% from EUR 108.6 million to EUR 109.5 million.
The Building Insulation segment stabilised its sales at EUR 101.2 million (+0.1%). The overall activity level has been impacted by decreasing residential construction markets, which were further aggravated by bad weather conditions over the period.
Nonetheless, structural demand for high performing polyurethane building insulation products is expected to continue to grow on the long term as a result of stricter insulation standards and regulations, higher energy prices and ever growing awareness of the need for more and better insulation.
The new factory for thermal insulation boards in Bourges (France) is expected to be operational as from October 2012.
The 'Industrial Insulation' segment recorded higher sales (EUR 8.3 million; +10.0%) generated by additional export projects.
EBITDA improved by 3.4% to EUR 18.8 million thanks to positive product-mix developments. Recticel will continue to privilege margins over volumes.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 175,1 | 161,3 | -7,9% |
| REBITDA | 16,3 | 15,8 | -3,0% |
| as % of sales | 9,3% | 9,8% | |
| EBITDA | 15,7 | 14,3 | -8,9% |
| as % of sales | 9,0% | 8,9% | |
| REBIT | 7,0 | 7,8 | 12,4% |
| as % of sales | 4,0% | 4,9% | |
| EBIT | 6,3 | 6,3 | 1,1% |
| as % of sales | 3,6% | 3,9% |
Automotive sales decreased by 7.9% from EUR 175.1 million to EUR 161.3 million driven by decreasing European market resulting in reduced car production.
Sales in Interiors decreased by -11.8% to EUR 80.0 million as a result of the anticipated phase-out of some contracts, mainly in the United States. But except for that, the Interiors sub-segment resisted better than the market, because it mainly supplies the premium car segment which remained very strong thanks to the German and Asian demand.
Sales in Seating (Proseat, the 51/49 joint venture between Recticel and Woodbridge) decreased by 3.7% to EUR 75.2 million. Also this business resisted better than the European market thanks to its high exposure to German OEM's.
Sales in 'Exteriors' decreased by 12.5% to EUR 6.1 million. Since the sale of the compounding activities to BASF in 2008, sales are limited to compounds produced for the account of BASF under a toll agreement.
In line with the lower sales, the EBITDA generated by Automotive decreased by 8.9% to EUR 14.3 million, including net non-recurring elements of EUR –1.5 million (1H/2011: EUR –0.6 million) which relate mainly to cost adaptation measures in the Interiors operations.
During 1H/2012, Interiors has completed the shutdown of its German factory in Unterriexingen, as well as implemented further staff reductions.
At 30 June 2012, Recticel net financial debt amounted to EUR 179.0 million excluding the drawn amounts under off-balance non-recourse factoring/forfeiting programs of EUR 49.4 million compared to respectively EUR 184.4 million and EUR 49.6 million on 30 June 2011 and to EUR 150.1 million and EUR 45.5 million on 31 December 2011. The increase is mainly attributable to (i) the traditional seasonal working capital effect and (ii) the pay-out of restructuring costs.
This results in a 'net debt to equity' ratio of 70.2%, compared to 74.8% at the end of June 2011 (60.3% at year-end 2011).
The Group financial situation has significantly improved over the last years, and its financing is assured until December 2016.
In July 2012 Recticel Limited (UK) decided that, in line with Group strategy, it will rationalise its Flexible Foams converting activities in the United Kingdom by closing its "Gwalia" comfort foam converting factory located in Ebbw Vale (Gwent) before the end of 2012.
This restructuring plan will lead to the collective redundancy of 42 employees on a total of 474 people employed in the Flexible Foams' activities in the United Kingdom. The total closure costs will be booked in the second half of 2012.
No further developments to be reported.
No further developments to be reported.
Given the challenging and uncertain environment in the economies in which Recticel operates, the Board of Directors reiterates that it is not in a position to assess the growth potential for the remainder of 2012.
In this environment the Group has taken many decisions over the last two years in order to streamline operations and reduce complexity. These actions are generating the expected contribution to recurring results.
The Group will continue to focus on the execution of its strategic plan 2010-2015 and the realization of its corporate objective, which remain unchanged.
All figures and tables contained in these annexes have been compiled in accordance with the IFRS accounting and valuation principles, as adopted within the European Union. The applied valuation principles, as published in the latest available annual report at 31 December 2011, were consistently applied for the figures included in this press release.
The analysis of the risk management is described in the annual report which is/will be available from www.recticel.com.
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Sales | 699,8 | 680,2 | -2,8% |
| Gross profit | 106,3 | 113,0 | 6,3% |
| as % of sales | 15,2% | 16,6% | |
| EBITDA | 47,1 | 44,1 | -6,4% |
| as % of sales | 6,7% | 6,5% | |
| of which Income from associates | 0,8 | ( 0,0) | -101,9% |
| of which Income from investments | 0,0 | 0,0 | - |
| EBIT | 25,8 | 24,0 | -7,1% |
| as % of sales | 3,7% | 3,5% | |
| Interest income | 0,2 | 0,3 | 51,5% |
| Interest expenses | ( 6,2) | ( 6,3) | 1,9% |
| Other financial income & expenses | ( 1,8) | ( 1,1) | -40,5% |
| Financial result | ( 7,8) | ( 7,1) | -9,3% |
| Result for the period before taxes | 18,0 | 16,9 | -6,1% |
| as % of sales | 2,6% | 2,5% | |
| Income taxes | ( 5,7) | ( 4,9) | -14,0% |
| Result for the period after taxes | 12,3 | 12,0 | -2,5% |
| as % of sales | 1,8% | 1,8% | |
| Result attributable to non-controlling interests | 0,0 | 0,0 | - |
| Result attributable to the owners of the parent | 12,3 | 12,0 | -2,5% |
| as % of sales | 1,8% | 1,8% | |
| Result for the period after taxes | 12,3 | 12,0 | |
| Other comprehensive income | |||
| Hedging reserves | 1,3 | ( 0,7) | |
| Currency translation differences | ( 0,6) | 2,6 | |
| Deferred taxes on hedging | ( 0,5) | 0,2 | |
| Other comprehensive income net of tax | 0,2 | 2,1 | |
| Total comprehensive income for the period | 12,5 | 14,1 | |
| Total comprehensive income for the period | 12,5 | 14,1 | |
| of which attributable to non-controlling interests of which attributable to the owners of the parent |
0,0 12,5 |
0,0 14,1 |
|
| in EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| Number of shares outstanding | 28 931 456 | 28 931 456 | 0,0% |
| Weighted average number of shares outstanding (before dilution effect) | 28 931 456 | 28 931 456 | 0,0% |
| Weighted average number of shares outstanding (after dilution effect) | 33 735 156 | 33 727 610 | -0,02% |
| EBITDA | 1,63 | 1,52 | -6,4% |
| EBIT | 0,89 | 0,83 | -7,1% |
| Result for the period before taxes | 0,62 | 0,58 | -6,1% |
| Result for the period after taxes | 0,43 | 0,41 | -2,5% |
| Result for the period (share of the Group) - basic | 0,425 | 0,415 | -2,5% |
| Result for the period (share of the Group) - diluted | 0,383 | 0,374 | -2,3% |
| Net book value | 8,52 | 8,81 | 2,5% |
| in million EUR | 31-dec-11 | 30-jun-12 | D |
|---|---|---|---|
| Intangible assets | 12,6 | 13,0 | 3,5% |
| Goodwill | 34,7 | 35,0 | 1,0% |
| Property, plant & equipment | 255,3 | 248,6 | -2,6% |
| Investment property | 3,3 | 3,3 | 0,0% |
| Interest in associates | 13,0 | 12,5 | -3,5% |
| Other financial investments and available for sale investments | 3,5 | 2,6 | -25,6% |
| Non-current receivables | 8,3 | 9,0 | 7,9% |
| Deferred tax | 50,3 | 47,6 | -5,4% |
| Non-current assets | 381,0 | 371,7 | -2,5% |
| Inventories and contracts in progress | 116,0 | 127,0 | 9,5% |
| Trade receivables | 132,9 | 149,6 | 12,5% |
| Other current assets | 43,4 | 47,3 | 9,0% |
| Cash, cash equivalents and available for sale investments | 54,6 | 19,4 | -64,4% |
| Disposal group held for sale | 0,2 | 0,2 | 0,0% |
| Current assets | 347,1 | 343,5 | -1,0% |
| TOTAL ASSETS | 728,1 | 715,1 | -1,8% |
| in million EUR | 31-dec-11 | 30-jun-12 | D |
| Equity (share of the Group) | 248,8 | 255,0 | 2,5% |
| Non-controlling interests | 0,0 | 0,0 | - |
| Total equity | 248,8 | 255,0 | 2,5% |
| Pensions and other provisions | 48,3 | 47,1 | -2,3% |
| Deferred tax | 9,1 | 9,7 | 5,7% |
| Interest-bearing borrowings | 137,2 | 139,5 | 1,7% |
| Other amounts payable | 0,4 | 0,4 | 8,5% |
| Non-current liabilities | 195,0 | 196,7 | 0,9% |
| Pensions and other provisions | 9,5 | 4,1 | -56,5% |
| Interest-bearing borrowings | 67,7 | 59,1 | -12,7% |
| Trade payables | 119,3 | 109,8 | -7,9% |
| Income tax payables | 4,0 | 2,9 | -26,6% |
| Other amounts payable | 84,0 | 87,5 | 4,1% |
| Current liabilities | 284,4 | 263,4 | -7,4% |
| TOTAL LIABILITIES | 728,1 | 715,1 | -1,8% |
| in million EUR | 30-dec-11 | 30-jun-12 | D |
| Net financial debt | 150,1 | 179,0 | 19,3% |
| Net financial debt / Equity (non-controlling interests included) Equity (non-controlling interests included) / Total assets |
60,3% 34,2% |
70,2% 35,7% |
| in million EUR | 1H/2011 | 1H/2012 | D |
|---|---|---|---|
| EBIT | 25,8 | 24,0 | -7,1% |
| Depreciation, amortisation and impairment losses on assets | 21,3 | 20,1 | -5,5% |
| Other non-cash elements | ( 19,5) | ( 7,3) | -62,5% |
| Gross operating cash flow | 27,6 | 36,8 | 33,2% |
| Changes in working capital | ( 25,6) | ( 36,6) | 43,1% |
| Operating cash flow | 2,0 | 0,2 | -90,2% |
| Income taxes paid | ( 4,3) | ( 3,4) | -19,9% |
| Net operating cash flow (a) | ( 2,2) | ( 3,2) | 44,2% |
| Net cash flow from investment activities (b) | ( 9,8) | ( 9,4) | -4,4% |
| Paid interest charges (1) | ( 4,9) | ( 4,8) | -3,5% |
| FREE CASH FLOW | ( 17,0) | ( 17,3) | 2,3% |
| Paid dividends (2) | ( 7,7) | ( 8,1) | 6,0% |
| Increase (Decrease) of financial liabilities (3) | 5,2 | ( 9,5) | nr |
| Other (4) | 0,0 | 0,0 | - |
| Net cash flow from financing activities (c)= (1)+(2)+(3)+(4) | ( 7,4) | ( 22,4) | 200,5% |
| Effect of exchange rate changes (d) | ( 2,0) | ( 0,7) | -64,3% |
| Effect of change in scope of consolidation (e) | ( 0,3) | 0,5 | nr |
| Changes in cash and cash equivalents (a)+(b)+(c)+(d)+(e) | ( 21,8) | ( 35,2) | 61,5% |
| in million EUR | Capital | Share premium |
IFRS 2 Other capital reserves |
Retained earnings |
Translation differences reserves |
Hedging reserves |
Total shareholders' equity |
Non controlling interests |
Total equity, non controlling interests included |
|---|---|---|---|---|---|---|---|---|---|
| At the end of the preceding period |
72,3 | 107,0 | 2,2 | 83,0 | ( 8,9) | ( 6,8) | 248,8 | 0,0 | 248,8 |
| Dividends | 0,0 | 0,0 | 0,0 | ( 8,1) | 0,0 | 0,0 | ( 8,1) | 0,0 | ( 8,1) |
| Stock options (IFRS 2) | 0,0 | 0,0 | 0,1 | 0,0 | 0,0 | 0,0 | 0,1 | 0,0 | 0,1 |
| Shareholders' movements |
0,0 | 0,0 | 0,1 | ( 8,1) | 0,0 | 0,0 | ( 8,0) | 0,0 | ( 8,0) |
| Profit or loss of the period (1) |
0,0 | 0,0 | 0,0 | 12,0 | 0,0 | 0,0 | 12,0 | 0,0 | 12,0 |
| Gains (Losses) on cash flow hedge |
0,0 | 0,0 | 0,0 | 0,0 | 0,0 | ( 0,7) | ( 0,7) | 0,0 | ( 0,7) |
| Deferred taxes | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,2 | 0,2 | 0,0 | 0,2 |
| Translation differences | 0,0 | 0,0 | 0,0 | 0,0 | 2,6 | ( 0,1) | 2,6 | 0,0 | 2,6 |
| Other comprehensive income (2) |
0,0 | 0,0 | 0,0 | 0,0 | 2,6 | ( 0,5) | 2,1 | 0,0 | 2,1 |
| Comprehensive income' (1)+(2) |
0,0 | 0,0 | 0,0 | 12,0 | 2,6 | ( 0,5) | 14,1 | 0,0 | 14,1 |
| Change in scope | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| At the end of the period |
72,3 | 107,0 | 2,4 | 86,9 | -6,3 | -7,3 | 255,0 | 0,0 | 255,0 |
The auditor's limited review report on the consolidated half-year financial information for the six month period ended 30 June 2012 contains an unqualified conclusion with an explanatory paragraph. a
a For a complete version of the limited review report we refer the reader to the half-year consolidated financial statements on our website www.recticel.com under the heading Investor Relations > Annual and half-year Reports > Condensed financial statements per 30 June 2012 (available as from 30 August 2012 onwards).
This press report contains forecasts that entail risks and uncertainties, including with regard to statements concerning plans, objectives, expectations and/or intentions of the Recticel Group and its subsidiaries. Readers are informed that such forecasts entail known and unknown risks and/or may be subject to considerable business, macroeconomic and competition uncertainties and unforeseen circumstances that largely lie outside the control of the Recticel Group. Should one or more of these risks, uncertainties or unforeseen or unexpected circumstances arise or if the underlying assumptions were to prove to be incorrect, the final financial results of the Group may possibly differ significantly from the assumed, expected, estimated or extrapolated results. Consequently, neither Recticel nor any other person assumes any responsibility for the accuracy of these forecasts.
Annual General Meeting 28.05.2013 (at 10:00 AM CET)
First half year results 2012 30.08.2012 (before opening of the stock exchange) Third quarter trading update 2012 09.11.2012 (before opening of the stock exchange) Annual results 2012 01.03.2013 (before opening of the stock exchange) First quarter 2013 trading update 07.05.2013 (before opening of the stock exchange) First half-year 2013 results 30.08.2013 (before opening of the stock exchange)
RECTICEL - Olympiadenlaan 2, B-1140 Brussels (Evere)
Mr Jan De Moor Mr Michel De Smedt Tel: +32 2 775 18 95
PRESS INVESTOR RELATIONS
Mobile: +32 475 42 78 26 Mobile: +32 479 91 11 38
[email protected] [email protected]
Recticel is a Belgian Group with a strong European dimension, but also operates in the rest of the world. Recticel has 110 establishments in 27 countries.
Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications.
Recticel is the Group behind well-known bedding brands (Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Swissflex®, Superba®, Ubica®, etc.). Within the Insulation sub-segment high-quality thermal insulation products are marketed under the well-known brands Eurowall®, Powerroof®, Powerdeck® and Powerwall®.
Recticel is driven by technological progress and innovation, which has led to a revolutionary breakthrough at the biggest names in the car industry.
Recticel achieved sales of EUR 1.38 billion in 2011.
Recticel (NYSE Euronext: REC – Reuters: RECTt.BR – Bloomberg: REC:BB) is listed on NYSE Euronext in Brussels.
The press release is available in English, Dutch and French on the website www.recticel.com
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