Recticel — Interim / Quarterly Report 2011

Aug 30, 2011

RECTICEL CONDENSED FINANCIAL STATEMENTS PER 30 JUNE 2011

TABLE OF CONTENTS

• I. FINANCIAL STATEMENTS
• I.1. CONDENSED CONSOLIDATED INCOME STATEMENT
• I.2. EARNINGS PER SHARE
• I.3. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
• I.4. CONDENSED CONSOLIDATED BALANCE SHEET
• I.5. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
• I.6. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
• II. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDING 30 JUNE 2011
• II.1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
• II.2. CHANGES IN SCOPE OF CONSOLIDATION
• II.3. OPERATING SEGMENTS AND GEOGRAPHICAL INFORMATION
• II.4. INCOME STATEMENT
• II.5. BALANCE SHEET
• II.6. MISCELLANEOUS
• III. DECLARATION BY THE RESPONSIBLE PERSONS
• IV. AUDITORS' REPORT ON THE CONDENSED CONSOLIDATED STATEMENTS FOR THE HALF YEAR ENDING 30 JUNE 2011
• V. LEXICON

I. FINANCIAL STATEMENTS

The condensed consolidated financial statements have been authorised for issue by the Board of Directors on 29 August 2011.

I.1. CONDENSED CONSOLIDATED INCOME STATEMENT

Group Recticel in thousand EUR	Notes *	1H/2011	1H/2010
Sales	II.3.	699 770	670 370
Distribution costs		( 32 287)	( 31 792)
Cost of sales		( 561 156)	( 523 729)
Gross profit		106 327	114 849
General and administrative expenses		( 42 130)	( 40 053)
Sales and marketing expenses		( 37 902)	( 37 909)
Research and development expenses		( 6 853)	( 7 703)
Impairments		( 99)	( 3 519)
Other operating revenues (1)	II.4.1.	7 084	8 006
Other operating expenses (2)	II.4.1.	( 1 416)	( 6 694)
Total other operating revenues/(expenses) (1)+(2)		5 668	1 312
Income from associates		793	713
Income from investments		0	69
EBIT		25 804	27 759
Interest income		202	371
Interest expenses		( 6 193)	( 6 307)
Other financial income and expenses		( 1 829)	( 555)
Financial result	II.4.2.	( 7 820)	( 6 491)
Result of the period before taxes		17 984	21 268
Income taxes		( 5 681)	( 8 089)
Result of the period after taxes		12 303	13 179
of which attributable to non-controlling interests		0	17
of which share of the Group		12 303	13 196

* The accompanying notes are an integral part of this income statement.

I.2. EARNINGS PER SHARE

Group Recticel in EUR	Notes	1H/2011	1H/2010
Basic earnings per share		0,425	0,456
Diluted earnings per share		0,383	0,425

I.3. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Group Recticel in thousand EUR	Notes	1H/2011	1H/2010
Result of the period after taxes		12 303	13 179
Other comprehensive income
Hedging reserves		1 300	( 3 880)
Currency translation difference		( 571)	875
Deferred taxes on hedging		( 500)	887
Other comprehensive income net of tax		229	( 2 118)
Total comprehensive income for the period		12 532	11 061
of which share of the Group		12 532	11 078
of which attributable to non-controlling interests		0	( 17)

I.4. CONDENSED CONSOLIDATED BALANCE SHEET

Group Recticel in thousand EUR	Notes *	30 Jun 2011	31 Dec 2010
Intangible assets		12 681	13 307
Goodwill		34 341	34 365
Property, plant & equipment	II.5.1.	263 851	270 979
Investment property		557	896
Investments in associates		15 798	15 451
Other financial investments		1 518	1 151
Available for sale investments		17	86
Non-currrent receivables		9 677	10 070
Deferred tax		51 395	55 739
Non-currrent assets		389 835	402 044
Inventories and contracts in progress		128 529	113 671
Trade receivables		150 248	141 783
Other receivables		43 986	62 285
Income tax receivables		4 416	3 552
Available for sale investments		180	181
Cash and cash equivalents		32 155	53 938
Current assets		359 514	375 410
Total assets		749 349	777 454

* The accompanying notes are an integral part of this balance sheet.

Group Recticel in thousand EUR	Notes *	30 Jun 2011	31 Dec 2010
Capital		72 329	72 329
Share premium		107 013	107 013
Share capital		179 342	179 342
Retained earnings		79 852	75 179
Hedging and translation reserves		( 12 624)	( 12 853)
Equity (share of the Group)		246 570	241 668
Equity attributable to non-controlling interests		0	0
Total equity		246 570	241 668
Pensions and similar obligations	II.5.2.	35 015	34 988
Provisions	II.5.3.	15 826	24 452
Deferred tax		9 005	8 800
Bonds and notes		24 344	39 780
Financial leases		12 194	13 285
Bank loans		108 218	111 977
Other loans		1 991	2 082
Interest-bearing borrowings	II.5.4.	146 747	167 124
Other amounts payable		440	510
Non-current liabilities		207 033	235 874
Pensions and similar obligations	II.5.2.	2 976	3 846
Provisions	II.5.3.	7 668	14 480
Interest-bearing borrowings	II.5.4.	69 814	45 691
Trade payables		120 684	141 887
Income tax payables		5 695	7 542
Other amounts payable		88 909	86 466
Current liabilities		295 746	299 912
Total liabilities and equity		749 349	777 454

* The accompanying notes are an integral part of this balance sheet.

I.5. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

Group Recticel in thousand EUR	1H/2011	1H/2010
Earnings before interest and taxes (EBIT)	25 804	27 759
Depreciation and amortisation	21 220	21 911
Impairment losses on assets	99	3 519
Write-offs on assets	720	107
Changes in provisions	( 17 922)	( 8 677)
(Gains) / Losses on disposals of assets	( 1 515)	1 583
Income from associates	( 793)	( 713)
GROSS OPERATING CASH FLOW	27 613	45 489
Changes in working capital	( 25 570)	( 14 257)
CASH FLOW GENERATED BY OPERATIONS	2 043	31 232
Income taxes paid	( 4 283)	( 2 502)
NET CASH FLOW FROM OPERATING ACTIVITIES	( 2 240)	28 730
Interests received	479	530
Dividends received	576	340
New investments and subscriptions to capital increases	( 1 174)	0
(Increase) / Decrease of loans and receivables	( 373)	( 447)
Investments in intangible assets	( 1 434)	( 2 286)
Investments in property, plant and equipment	( 10 756)	( 9 108)
Acquisition of subsidiaries	0	0
Disposals of intangible assets	142	22
Disposals of property, plant and equipment	2 759	1 229
Disposals of financial investments (Increase) / Decrease of investments available for sale	0 2	702 0
NET CASH FLOW FROM INVESTMENT ACTIVITIES	( 9 779)	( 9 018)
Interest paid	( 4 939)	( 4 196)
Dividends paid	( 7 661)	( 7 248)
Increase of financial debt	23 825	11 486
Decrease of financial debt	( 18 668)	( 22 880)
CASH FLOW FROM FINANCING ACTIVITIES	( 7 443)	( 22 838)
Effect of exchange rate changes	( 2 046)	( 2 370)
Effect of changes in scope of consolidation	( 275)	370
CHANGES IN CASH AND CASH EQUIVALENTS	( 21 783)	( 5 126)
Net cash position opening balance	53 938	41 388
Net cash position closing balance	32 155	36 262
	( 21 783)	( 5 126)

* For the investment and disposal activities, only the cash payments and cash receipts have been reported as stipulated under IAS7.

Comments on the condensed consolidated statement cash flow

The gross operating cash flow before working capital movements is lower than the same period of last year, mainly due to (i) a lower operating profitability and (ii) the utilisation of provisions for reorganisation costs.

The net cash flow from the operating activities is EUR 31.0 million lower than last year. This negative variance is the result of the above-mentioned elements and a higher working capital need (EUR -25.6 million versus EUR –14.3 million in end-June 2010) which is mainly explained by (i) the impact of higher raw material prices and (ii) the seasonal working capital effect, amplified this year by stock build-up in Insulation in anticipation of capacity constraints. This increase was further accentuated by a decrease in trade payables, partly offset by an increase of the other payables. Besides, income taxes paid were also higher (EUR –4.3 million versus EUR –2.5 million in 1H/2010).

The net cash flow from investing activities amounted EUR –9.8 million, versus EUR –9.0 million in 1H/2010.

The net operational free cash flow resulting from (i) the net cash from the operating activities (EUR - 2.2 million), (ii) the net cash flow from the investment activities (EUR –9.8 million) and (iii) interests paid (EUR –4.9 million) amounts to EUR –17.0 million, compared to EUR +15.5 million in 1H/2010.

The cash flow from financing activities came out at EUR –7.4 million versus EUR –22.8 million in 1H/2010. Interests and dividends paid were respectively EUR 0.7 million and 0.4 million higher than in 1H/2010. Gross financial debt was further increased by a net amount of EUR 5.1 million in 1H/2011, compared to a net reduction in 1H/2010 (EUR –11.4 million).

I.6. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ending 30 June 2011

Re ice l Gr t ou p c in ho d E U R t us an	Ca i l ta p	S ha iu re p re m m	Re ine d ta ing ea rn s	Tr la ion t an s d i f fe re nc es re se rv es	He dg ing re se rv es	Eq i ( ha ty u s re f he Gr ) t o ou p	Eq i ty a u i bu b le t tr ta to l l ing tro no n- co n in te ts re s	To l e i ta ty q u
A 3 1 De be 2 0 1 0 t ce m r	7 2 3 2	1 0 7 0 1	7 5 1 7	( 6 9 5 4 )	( 5 8 9 9 )	2 4 1 6 6 8		2 4 1 6 6
Re l fe d ts tra to su ns rre res erv es	9 0	3 0	9 0	0	0	0	0 0	8 0
D iv i de ds n	0	0	( 8 1 1 ) 7	0		( 8 1 1 ) 7		( 8 1 1 ) 7
O he ( I F R S 2 - S k o ion ) t toc t r p s	0	0	1 8 1	0	0 0	1 8 1	0 0	1 8 1
S ha ho l de ' m ts re rs ov em en	0	0	( ) 7 6 3 0	0	0	( ) 7 6 3 0	0	( ) 7 6 3 0
Pr f i los f he io d t o t o r s o p er	0	0	1 2 3 0 3	0	0	1 2 3 0 3	0	1 2 3 0 3
Ga ins ( los ) h f low he dg se s on ca s e	0	0	0	0	1 4 2 7	1 4 2 7	0	1 4 2 7
De fe d tax rre es	0	0	0	0	( 0 0 ) 5	( 0 0 ) 5	0	( 0 0 ) 5
Tr la ion d i f fe t an s ren ce s	0	0	0	( ) 5 7 1	( ) 1 7 2	( ) 7 4 3	0	( ) 7 4 3
O he he ive inc t r c om p re ns om e	0	0	0	( ) 5 7 1	8 0 0	2 2 9	0	2 2 9
Co he ive inc m p re ns om e	0	0	1 2 3 0 3	( 5 7 1 )	8 0 0	1 2 5 3 2	0	1 2 5 3 2
C ha in f c l i da ion t ng es sc op e o on so	0	0	0	0	0	0	0	0
A 3 0 Ju 2 0 1 1 t ne	7 2 3 2 9	1 0 7 0 1 3	7 9 8 5 2	( ) 7 5 2 5	( ) 5 0 9 9	2 4 6 5 7 0	0	2 4 6 5 7 0

For the half year ending 30 June 2010

Gr Re ice l t ou p c in ho d E U R t us an	Ca i l ta p	S ha iu re p re m m	Re ine d ta ing ea rn s	Tr la ion t an s d i f fe re nc es re se rv es	He dg ing re se rv es	Eq i ( ha ty u s re f ) t he Gr o ou p	Eq i ty a u i bu b le t tr ta to ing tro l l no n- co n in te ts re s	To l e i ta ty q u
A 3 1 De be 2 0 0 9 t ce m r	2 3 2 7	1 0 0 1 7	6 5 8 7	( 1 6 2 1 ) 7	( 4 6 4 ) 7	2 2 5 5 2 9	4 2	2 2 5 9 5
Re l fe d ts tra to su ns rre res erv es	9 0	3 0	2 0	0	0	0	9 0	8 0
D iv i de ds n	0	0	( ) 7 2 3 4	0	0	( ) 7 2 3 4	0	( ) 7 2 3 4
O he ( I F R S S k o ion ) 2 - t toc t r p s	0	0	1 9 7	0	0	1 9 7	0	1 9 7
S ha ho l de ' m ts re rs ov em en	0	0	( ) 7 0 3 7	0	0	( ) 7 0 3 7	0	( ) 7 0 3 7
Pr f i los f he io d t o t o r s o p er	0	0	1 3 1 9 6	0	0	1 3 1 9 6	( 1 ) 7	1 3 1 9 7
Ga ins ( los ) h f low he dg se s on ca s e	0	0	0	0	( ) 2 6 0 8	( ) 2 6 0 8	0	( ) 2 6 0 8
fe De d tax rre es	0	0	0	0	8 8 7	8 8 7	0	8 8 7
f fe Tr la ion d i t an s ren ce s	0	0	0	8 7 5	( ) 1 2 7 2	( ) 3 9 7	0	( ) 3 9 7
O he he ive inc t r c om p re ns om e	0	0	0	8 5 7	( 2 9 9 3 )	( 2 1 1 8 )	0	( 2 1 1 8 )
Co he ive inc m p re ns om e	0	0	1 3 1 9 6	5 8 7	( ) 2 9 9 3	1 1 0 7 8	( ) 1 7	1 1 0 6 1
C f c ha in l i da ion t ng es sc op e o on so	0	0	0	1 0 2	0	1 0 2	( ) 6 8 7	( ) 5 8 5
A 3 0 Ju 2 0 1 0 t ne	2 3 2 9 7	1 0 0 1 3 7	3 4 1 7 7	( 1 5 4 4 ) 7	( 6 6 ) 7 7	2 2 9 6 2 7	( 2 5 ) 7	2 2 9 3 9 7

II. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDING 30 JUNE 2011

II.1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

II.1.1. STATEMENT OF COMPLIANCE - BASIS OF PREPARATION

These condensed consolidated financial statements for the six months ended 30 June 2011 have been prepared in accordance with IAS 34 Interim Financial Reporting, as endorsed by the European Union. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2010.

These condensed consolidated interim financial statements have been authorised for issue by the Board of Directors on 29 August 2011.

II.1.2. GENERAL PRINCIPLES – SIGNIFICANT ACCOUNTING POLICIES

In accordance with the consolidated annual report as of 31 December 2010, the following new Standards and Interpretations became effective in the current period; however, the initial application did not have any significant impact on the financial position and results of the Group:

• Improvements to IFRS (2009-2010) (normally applicable for annual periods beginning on or after 1 January 2011)
• Amendment to IFRS 1 First Time Adoption of International Financial Reporting Standards IFRS 7 exemptions (applicable for annual periods beginning on or after 1 July 2010)
• Amendment to IAS 24 Related Party Disclosures (applicable for annual periods beginning on or after 1 January 2011). This Standard supersedes IAS 24 Related Party Disclosures as issued in 2003.
• Amendments to IAS 32 Financial Instruments: Presentation Classification of Rights Issues (applicable for annual periods beginning on or after 1 February 2010)
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (applicable for annual periods beginning on or after 1 July 2010)
• Amendment to IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction – Prepayments of a Minimum Funding Requirement (applicable for annual periods beginning on or after 1 January 2011)

The Group has elected not to adopt in the current period any standards or interpretations issues but not yet effective before their effective date:

• IFRS 9 Financial Instruments (applicable for annual periods beginning on or after 1 January 2013)
• IFRS 10 Consolidated Financial Statements (applicable for annual periods beginning on or after 1 January 2013)
• IFRS 11 Joint Arrangements (applicable for annual periods beginning on or after 1 January 2013)
• IFRS 12 Disclosures of Interests in Other Entities (applicable for annual periods beginning on or after 1 January 2013)
• IFRS 13 Fair Value Measurement (applicable for annual periods beginning on or after 1 January 2013)

• Amendment to IFRS 1 First Time Adoption of International Financial Reporting Standards Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (applicable for annual periods beginning on or after 1 July 2011)

• Amendment to IFRS 7 Financial Instruments: Disclosures Derecognition (applicable for annual periods beginning on or after 1 July 2011)

• Amendment to IAS 1 Presentation of Financial Statements Presentation of Items of Other Comprehensive Income (applicable for annual periods beginning on or after 1 July 2012)
• Amendment to IAS 12 Income Taxes Deferred Tax: Recovery of Underlying Assets (applicable for annual periods beginning on or after 1 January 2012)
• Amendments to IAS 19 Employee Benefits (applicable for annual periods beginning on or after 1 January 2013)

II.2. CHANGES IN SCOPE OF CONSOLIDATION

In the first half of 2011 no significant transactions took place regarding the scope of consolidation.

However, to be able to compare the 1H/2011 figures with those of 1H/2010, it is necessary to take into account the fact that with effect as from 1 July 2010 the Group sold its "slat base" activities (Bedding) in Masevaux (France).

With the same scope of consolidation, sales would have increased by EUR 26.1 million (+3.9%). Exchange differences had a positive impact of EUR 5.2 million (+0.8%). The change in the scope of consolidation resulted in a net drop in sales of EUR 1.9 million (-0.3%).

II.3. OPERATING SEGMENTS AND GEOGRAPHICAL INFORMATION

II.3.1. OPERATING SEGMENTS

The Group has adopted IFRS 8 with effect from 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. As a result, following the adoption of IFRS 8, the identification of the Group's reportable segments has not changed. Indeed, information reported to the Group's chief operating decision maker for the purposes of resource allocation and assessment of segment performance is more specifically focussed on the direct sales, EBITDA and EBIT per category of market for each type of goods. The principal categories of market for these goods are the four operating segments: Flexible Foams, Bedding, Insulation, Automotive, and Corporate. For more details on these segments, reference is made to the press release of 30 August 2011 (1H/2011 results). Information regarding the Group's reportable segments is presented below. Inter-segment sales are made at prevailing market conditions.

Segment information about these businesses is presented below.

Segment information for the first half year 2011

Gr Re ice l t ou p c in ho d E U R t us an	S F L E X I B L E F O A M	B E D D I N G	A U T O M O T I V E	S I N U L A T I O N	S E L I M I N A T I O N	C S O N O L I D A T E D
S S A L E
Ex l s les te rna a In les te t s r-s eg me n a To l s les ta a	2 4 9 7 5 5 2 2 4 6 7 3 0 2 2 0 1	1 4 1 3 1 8 2 7 5 1 4 1 5 9 3	1 4 8 0 4 7 2 9 2 1 5 0 9 6 7	1 0 8 6 2 3 2 0 1 0 8 6 4 3	0 ( 2 6 3 ) 7 7 ( 2 6 3 ) 7 7	6 9 9 0 0 7 0 7 6 9 9 0 7 7
S S E A R N I N G B E F O R E I N T E R E T A N Se l t r t g me n es u Un l loc d c te te	S ( ) D T A X E E B I T 7 1 2 6	4 4 6 3	6 2 5 8	1 6 4 2 7	0	3 4 2 7 4 8 4 0 7
a a or p ora ex p en se s E B I T F ina ia l re l t nc su Re l fo he io d be fo t t ta su r p er re xe s Inc tax om e es fo f Re l he io d a t t te ta su r p er r xe s	1 2 6 7	4 4 6 3	6 2 5 8	1 6 4 2 7	0	( ) 2 5 8 0 4 ( ) 7 8 2 0 1 7 9 8 4 ( ) 5 6 8 1 1 2 3 0 3
A i bu b le l l ing in t t ta to tro te ts no n-c on res S ha f he Gr t re o ou p						0 1 2 3 0 3

Other segment information first half year 2011

Gr Re ice l t ou p c in ho d E U R t us an	F L E X I B L E F O A M S	B E D D I N G	A U T O M O T I V E	I N S U L A T I O N	C O R P O R A T E	C O N S O L I D A T E D
De ia ion d a isa ion t t t p rec a n mo r	6 8 4 1	2 9 9 5	9 3 5 7	1 8 7 5	2 6 9	2 1 2 2 0
Im irm los ise d in f i t t p a en se s r ec og n p ro d los an s	( ) 1 2	0	1 1 1	0	0	9 9
E B I T D A	1 3 9 5 5	4 8 7 5	1 2 6 5 7	1 8 1 8 5	( 8 2 0 1 )	4 7 1 2 3
Ca i l a d d i ion ta t p s	4 7 4 6	1 1 9 9	3 7 4 9	3 7 4 3	1 8 6 3	5 1 3 0 0

Balance sheet information per segment at 30 June 2011

Gr Re ice l t ou p c in ho d E U R t us an	S F L E X I B L E F O A M	B E D D I N G	A U T O M O T I V E	S I N U L A T I O N	S E L I M I N A T I O N	C S O N O L I D A T E D
S S S A E T
Se t a ts g me n ss e	3 3 3 0 7 5	1 0 6 3 0 9	1 9 2 0 5 0	9 5 6 4 1	( ) 1 2 3 5 9 5	6 0 3 4 8 0
Inv in ia tm t tes es en as so c	1 3 1 5 9	0	3 1 1 3	0	0	1 6 2 7 2
Inv in ia l loc d tm ts tes t a te es en as so c no a -						( 4 9 ) 7
Un l loc d c te te ts a a or p ora as se						1 3 0 0 6 7
To l c l i da d a ta te ts on so ss e						7 4 9 3 4 9
S L I A B I L I T I E Se l ia b i l i ies t t g me n Un l loc d c l ia b i l i ies te te t a a or p ora To l c l i da d l ia b i l i ies ( lu d ing ta te t on so ex c	1 3 7 8 7 6 i ) ty eq u	4 7 0 4 7	9 2 1 6 8	4 5 0 8 3	( ) 1 2 3 5 9 5	1 9 8 5 7 9 3 0 4 2 0 0 5 0 2 7 7 9

The unallocated assets which amount to EUR 130.1 million include mainly the following items:

• Other receivables for EUR 46.5 million,
• Deferred tax assets for EUR 51.4 million
• Cash & cash equivalent for EUR 32.2 million.

The unallocated liabilities which amounts to EUR 304.2 million (equity excluded) includes mainly the following items:

• Provisions for EUR 70.5 million
• Financial liabilities for EUR 216.6 million

Condensed segment information for the first half year 2010

ice Gr Re t l ou p c in ho d E U R t us an	F L E X I B L E F O A M S	B E D D I N G	( 1) A U T O M O T I V E	I N S U L A T I O N	E L I M I N A T I O N S	C O N S O L I D A T E D
S A L E S
Ex l s les te rna a	2 7 1 7 8 5	1 4 2 4 4 3	1 6 7 7 4 1	8 8 4 0 1	0	6 7 0 3 7 0
In les te t s r-s eg me n a	2 6 8 9 2	2 7 7	2 5 6	3 4	( ) 2 7 4 5 9	0
To l s les ta a	2 9 8 6 7 7	1 4 2 7 2 0	1 6 7 9 9 7	8 8 4 3 5	( ) 2 7 4 5 9	6 7 0 3 7 0
E A R N I N G S B E F O R E I N T E R E S T A N D	T A X E S ( E B I T )
Se l t r t g me n es u	9 9 8 7	3 8 4 7	6 4 7 4	1 5 7 6 5	0	3 6 0 7 3
Un l loc d c te te a a or p ora ex p en se s						( ) 8 3 1 4
E B I T	9 9 8 8	3 8 4 7	6 4 7 4	1 5 7 6 6	0	2 7 7 5 9
F ina ia l re l t nc su						( 6 4 9 1 )
Re l fo he io d be fo t t ta su r p er re xe s						2 1 2 6 8
Inc tax om e es						( 8 0 8 9 )
Re l fo he io d a f t t te ta su r p er r xe s						1 3 1 9 7
A i bu b le l l ing in t t ta to tro te ts no n-c on res						1 7
S ha f he Gr t re o ou p						1 3 1 9 6

(1) The external sales and EBIT reported under Automotive (Interior solutions) include a compensation of USD 5.7 million relating to the 2009 activities in the USA. This compensation was obtained through an agreement, as a result of which two US subsidiaries could emerge from Chapter 11 in April 2010.

Other segment information first half year 2010

Re ice l Gr t ou p c in ho d E U R t us an	F L E X I B L E F O A M S	B E D D I N G	A U T O M O T I V E	I N S U L A T I O N	C O R P O R A T E	C O N S O L I D A T E D
De ia ion d a isa ion t t t p rec a n mo r	6 7 7 5	2 6 8 0	9 6 0 5	1 6 2 3	2 0 2	2 1 9 1 1
Im irm los ise d in f i t t p a en se s r ec og n p ro d los an s	1 4 0	1 1 5	3 2 6 4	0	0	3 5 1 9
E B I T D A	1 8 8 3 7	6 6 4 2	1 9 3 8 8	1 3 8 8 7	( 8 1 1 2 )	5 3 1 8 9
Ca i l a d d i ion ta t p s	3 3 4 3	1 7 4 9	4 7 9 7	7 6 5	1 4 1 7	1 2 0 7 1

Balance sheet information per segment at 30 June 2010

Gr Re ice l t ou p c in ho d E U R t us an	S F L E X I B L E F O A M	B E D D I N G	A U T O M O T I V E	S I N U L A T I O N	S E L I M I N A T I O N	C S O N O L I D A T E D
S S S A E T
Se t a ts g me n ss e	3 4 5 7 3 3	8 8 9 6 9	2 1 3 6 7 9	8 0 1 1 0	( ) 1 1 3 2 8 7	6 1 5 2 0 4
Inv in ia tm t tes es en as so c	1 2 8 9 7	0	2 8 8 4	0	0	1 5 7 8 1
Inv in ia l loc d tm ts tes t a te es en as so c no a -						( 4 7 9 )
Un l loc d c te te ts a a or p ora as se						1 3 2 4 9 2
To l c l i da d a ta te ts on so ss e						6 2 9 9 8 7
S L I A B I L I T I E Se l ia b i l i ies t t g me n Un l loc d c l ia b i l i ies te te t a a or p ora To l c l i da d l ia b i l i ies ( lu d ing ta te t on so ex c	1 4 0 3 6 5 i ) ty eq u	4 8 4 2 7	9 8 0 5 5	3 8 1 2 0	( ) 1 1 3 2 8 7	2 1 1 6 8 0 3 2 1 9 2 1 5 3 3 6 0 1

The unallocated assets which amount to EUR 132.5 million include mainly the following items:

• Other receivables for EUR 56.1 million,
• Deferred tax assets for EUR 39.9 million
• Cash & cash equivalent for EUR 36.3 million.

The unallocated liabilities which amounts to EUR 321.9 million (equity excluded) includes mainly the following items:

• Provisions for EUR 73.3 million
• Financial liabilities for EUR 236.6 million

Non-recurring elements in the operating result per segment

S F L E X I B L E F O A M	B E D D I N G	A U T O M O T I V E	S I N U L A T I O N	C N O T A L L O A T E D	C S O N O L I D A T E D
1 2	0	1 1 1		0	( 9 9 )
1 0 8 1	4 8	3 6 8		0	6 6 5
4 6 6	2 0 7	4 1 7		0	( 1 0 9 0 )
6 2 7	2 5 5	8 9 6			( ) 5 2 4
	( )	( ) ( )	( ) ( ) ( )		0 0 0 ( ) ( ) 0 0

• Impairment charges relate mainly to Proseat activities in Germany (EUR 0,1 million).

• Restructuring charges are mainly related to the Flexible Foams activities in Spain and Belgium (reversal of provisions for reorganisation), compensated by new restructuring charges in Finland. In Automotive new provisions for restructuring were mainly recognised in (i) Seating (Proseat): in Germany and (ii) Interiors: in the USA and Germany, compensated by a reversal of excess provisions in Belgium.

• Other non-recurring elements relate mainly to (i) additional legal fees in relation with the ongoing EU investigation (Flexible Foams) (EUR -0,5 million), (ii) residual costs (EUR 0,2 million) in relation with the liquidation of LeBed (France) (Bedding) in July 2010 and sale of Cofel in July 2009) and (iii) the impact of the liquidation of the activities of Proseat (Automotive - Seating) in Russia (EUR -0,7 million).

Gr Re t ice l ou p c in ho d E U R t us an	F L E X I B L E F O A M S	B E D D I N G	A U T O M O T I V E	I N S U L A T I O N	N O T A L L O C A T E D	C O N S O L I D A T E D
F irs ha l f y 2 0 1 0 t ea r
Im irm t p a en	( ) 1 4 0	( ) 1 1 5	( ) 3 2 6 4	0	0	( 3 5 1 9 )
Re ing ha tru tur s c c rg es	0	( ) 2 4 4	( ) 1 7 5 4	0	0	( ) 1 9 9 8
O he t r	( 4 1 4 )	( 8 2 6 )	( 7 5 5 )	0	0	( ) 1 9 9 5
T O T A L	( ) 5 5 4	( ) 1 1 8 5	( ) 5 7 7 3	0	0	( ) 7 5 1 2

• Impairment charges relate mainly to Interior solutions' activities in Germany (EUR 3,3 million).

• Restructuring charges are mainly related to the activities in Germany

• Other non-recurring elements relate mainly to the loss on the disposal of (i) Wenfoam (Flexible foams) and (ii) the slat base activities of LeBed (France) (Bedding) (asset deal (signed in July 2010) which generated a loss of EUR 662K (contribution in sales of LeBed SAS: EUR 1,9 million)).

II.3.2. GEOGRAPHICAL INFORMATION

The Group's operations are mainly located in the European Union.

The following table provides an analysis of the Group's sales and fixed assets by geographical market.

SALES

Group Recticel in thousand EUR	1H/2011	1H/2010
European Union	616 687	593 915
of which Belgium	79 758	73 918
of which France	79 894	78 984
of which Germany	157 641	154 667
of which other European Union countries	299 394	286 346
Other	83 083	76 455
Total	699 770	670 370

INTANGIBLE ASSETS – PROPERTY, PLANT & EQUIPMENT – INVESTMENT PROPERTY

Group Recticel in thousand EUR			Acquisitions, including own production
	30 Jun 2011	30 Jun 2010	1H/2011	1H/2010
European Union	264 271	276 092	14 693	11 217
of which Belgium	65 629	63 242	4 767	2 937
of which France	20 864	19 152	2 270	193
of which Germany	52 215	52 771	3 454	3 090
of which other European Union countries	125 563	140 927	4 202	4 997
Other	12 819	16 150	606	855
Total	277 090	292 242	15 299	12 071

II.4. INCOME STATEMENT

II.4.1. OTHER OPERATING REVENUES AND EXPENSES

1H/2011	1H/2010
	( 1 998)
	336
( 212)	( 1 764)
3 518	4 738
5 668	1 312
	665 1 697

Comments on first half year results 2011

Restructuring

Restructuring charges are mainly related to the Flexible Foams activities in Spain and Belgium (reversal of provisions for reorganisation), compensated by new restructuring charges in Finland. In Automotive new provisions for restructuring were mainly recognised in (i) Seating (Proseat): in Germany and (ii) Interiors: in the USA and Germany, compensated by a reversal of excess provisions in Belgium.

Gain (Loss) on disposal of intangible and tangible assets

In 1H/2011 this item relates to a capital gain on the sale of (i) an office building in Switzerland (Bedding) (EUR 1.3 million) and (ii) land in Belgium (EUR 0.3 million).

Gain (Loss) on disposal of business assets and of associates

In 1H/2011 this item relates to the remaining cost of liquidation of LeBed SAS and Cofel (Bedding – France).

Other operating revenues and expenses

Other operating revenues during the first half year of 2011 comprised, a.o.

• (i) the impact of the liquidation of the activities of Proseat (Automotive Seating) in Russia (EUR 0,7 million).
• (ii) additional legal fees in relation with the ongoing EU investigation (Flexible Foams) (EUR -0,5 million),
• (iii) grants for research and development in Flexible Foams in France (EUR +0.7 million)
• (iv) damage indemnity from insurance companies (EUR 0.5 million)
• (v) the reversal accrual provisions for rebates in bedding activity (EUR +1.0 million)
• (vi) a reversal of a provision for pension liabilities (EUR 1.5 million)
• (vii) the reinvoicing of services and goods, and rental income (EUR +0.3 million).
• (viii) the compensation for various projects which were prematurely terminated (EUR +0.3 million)

Comments on first half year results 2010

Restructuring

In the course of the first half of 2010, new provisions were recognised for the business line Automotive in Germany.

Gain (Loss) on disposal of business assets and of associates

In 1H/2010 this item relates to (i) the asset deal with LeBed SAS (Bedding – France), (ii) the repurchase of minority interest in the joint venture JR Interiors GmbH & Co. KG (Automotive – Germany) and (iii) the disposal of the interest in Wenfoam (Flexible foams – Estonia).

Other operating revenues and expenses

Other operating revenues during the first half year of 2010 comprised, a.o.

• (i) the reversal accrual provisions for rebates in bedding activity (EUR +0.9 million)
• (ii) the regularisation of professional tax ("taxe professionelle") in France (EUR +0.7 million)
• (iii) the compensation for various projects which were prematurely terminated (EUR +0.6 million)
• (iv) the reinvoicing of services and goods, and rental income (EUR +0.6 million).
• (v) a reversal of a provision for pension liabilities in relation to the Splifar GMS (Automotive) transaction of 2009 (EUR 0.5 million)

These other operating revenues where, however, compensated by an additional provision for environmental risks in Tertre (Belgium) (EUR –0.5 million).

II.4.2. FINANCIAL RESULT

Group Recticel in thousand EUR	1H/2011	1H/2010
Interest charges on bonds & notes	(1 034)	(1 040)
Interest on financial lease	( 452)	( 609)
Interest on bank loans	(4 108)	(3 831)
Other financial interest expenses	( 174)	( 132)
Amortisation premiums & issues expenses	( 224)	( 449)
Total borrowing cost	(5 992)	(6 061)
Interest income from bank deposits	64	63
Interest income from financial receivables	138	304
Interest income from financial receivables and cash	202	367
Interest charges on other debts	( 209)	( 265)
Interest income from other financial receivables	8	23
Total other interest	( 201)	( 242)
Interest income and expenses	(5 991)	(5 936)
Exchange differences	( 786)	657
Result on financial instruments	( 28)	( 59)
Interest on provisions for employee benefits and other debt	(1 157)	(1 192)
Other financial result	141	39
Financial result	(7 821)	(6 491)

During the first half year of 2011, the other financial result has mainly been impacted by a negative exchange result (EUR -0.8 million) resulting from (i) unrealized economic hedges in CZK and SEK and partially hedged / partially opened GBP positions and (ii) the weakness of the Chinese Yuan and Turkish Lira.

II.4.2 DIVIDENDS

The Board of Directors' proposal to distribute a gross dividend of EUR 0.27 per share or EUR 7.7 million for the year 2010 was approved by the shareholders at the Annual General Meeting of 10 May 2011. The payment of this dividend took place on 31 May 2011, and is thus reflected in the financial statements for the first half of 2011.

II.5.BALANCE SHEET

II.5.1. PROPERTY, PLANT & EQUIPMENT

For the half year ending 30 June 2011:

Gr Re ice l t ou p c in ho d E U R t us an	La d a d n n bu i l d ing s	P lan t, h ine & ma c ry ip t eq u me n	Fu i d tu rn re an h ic les ve	Le d as es a n im i lar ig h ts s r	O he i b le t ta r ng ts as se	As ts de se un r ion tru t co ns c d a dv an an ce ts p ay me n	T O T A L
f ing io A t t he d o t he d d e n p re ce p er
Gr lue os s v a	2 0 9 2 4 1	6 2 3 7 3 0	3 3 8 2 2	2 7 5 6 0	3 6 1 1	2 1 2 3 9	9 1 9 2 0 3
Ac la d de ia ion te t cu mu p rec	( ) 1 1 3 0 8 5	( ) 4 5 7 8 0 7	( ) 3 0 2 7 3	( ) 1 1 3 7 5	( ) 2 9 8 0	7 2	( ) 6 1 5 4 4 8
Ac la d im irm te t cu mu p a en	( 3 0 1 9 )	( 2 9 0 4 9 )	( 6 5 )	( 3 7 1 )	( 5 )	( 2 6 7 )	( 3 2 7 7 6 )
Ne bo k v lue ing t t o o a a p en	9 3 1 3 7	1 3 6 8 4 7	3 4 8 4	1 5 8 1 4	6 2 6	2 1 0 4 4	2 0 9 9 7 7
Mo du ing he io d ts t ve me n r p er
C ha in f c l i da ion t ng es sc op e o on so	0	0	( ) 2	0	0	0	( ) 2
Ac is i ion inc lu d ing du ion t t q u s, ow n p ro c	8 0 6	1 6 0 5	1 1 3 3	2 9	1 1 2	9 8 6 7	1 3 6 1 5
Im irm ts p a en	0	1 2	0	0	0	( ) 1 1 1	( ) 9 9
Ex d de ia ion t p en se p rec	( ) 2 9 7 9	( ) 1 4 0 8 1	( ) 8 5 5	( ) 8 2 9	( ) 7 8	0	( ) 1 8 8 2 2
Sa les d s d an cra p p e	( ) 4 7 2	( ) 1 1	( ) 3 7	0	0	( ) 3 9 8	( ) 9 1 8
fe fro Tr he d ing he to t an s rs m on e a an o r	4 1 3	7 3 5 9	3 7 1	( ) 9 8	3 5 8 4	( ) 1 2 1 1 4	( ) 4 8 5
Ex ha d i f fe c ng e ren ce s	( 1 5 8 )	( 1 6 0 )	( 7 )	( 2 )	( 1 )	( 3 5 )	( 3 6 3 )
A ha l f y d t ea r-e n	9 0 4 7 7	1 3 1 5 9 8	4 0 8 7	1 4 9 1 4	4 2 4 3	1 8 2 6 2	2 6 3 8 5 1
Gr lue os s v a	2 0 1 8 1 9	6 1 9 0 6 7	3 4 6 0 1	2 3 1 8 7	2 9 7 7	1 8 4 4 8	9 0 9 1 1 7
Ac la d de ia ion te t cu mu p rec	( ) 1 1 0 1 6 5	( ) 4 6 3 5 6 6	( ) 3 0 4 4 9	( ) 1 2 0 6 2	( ) 3 0 3 1	8 7	( ) 6 1 9 1 8 6
Ac la d im irm te t cu mu p a en	( ) 9 0 7	( ) 2 4 5 4 2	( ) 6 5	( ) 3 4 2	( ) 5	( ) 2 7 3	( ) 2 6 1 3 4
(1) Ne bo k v lue ha l f y d t t o a a ea r-e n	9 0 7 4 7	1 3 1 5 9 8	4 0 8 7	1 4 9 1 4	4 2 4 3	1 8 2 6 2	2 6 3 8 5 1

(1) Due to the uncertainty related to the restart of the production (Automotive - Interiors) for SAAB in the Czech Republic, the Group has a risk for a potential impairment of an asset value for EUR 4,0 million, if any possible reassignment of these assets could not be effective through the nomination for new projects in the coming months. The management will re-assess the situation by year end.

For the year ending 31 December 2010:

Gr Re ice l t ou p c in ho d E U R t us an	La d a d n n bu i l d ing s	P lan t, h ine & ma c ry ip t eq me n u	Fu i d tu rn re an h ic les ve	Le d as es a n im i lar ig h ts s r	O he i b le t ta r ng ts as se	As de ts se un r ion tru t co ns c d a dv an an ce ts p ay me n	T T A L O
A he d f he d ing io d t t t e n o p re ce p er
Gr lue os s v a	2 0 4 1 1 8	9 2 0 0 1 5	3 3 1 1 4	3 1 3 1 4	4 0 0 7	2 4 8 8 2	8 9 0 1 2 9
Ac la d de ia ion te t cu mu p rec	( ) 1 0 3 9 3 7	( ) 4 1 7 2 3 6	( ) 2 9 8 6 2	( ) 1 2 1 6 0	( ) 3 7 7 8	( ) 3 1 2 2	( ) 5 7 0 0 9 5
Ac la d im irm te t cu mu p a en	( ) 6 0 1	( ) 2 8 1 9 2	( ) 1 3 6	( ) 4 2 9	0	( ) 3 8 8 7	( ) 3 3 2 4 5
Ne bo k v lue ing t t o o a a p en	9 9 5 8 0	1 4 6 5 7 3	3 1 1 6	1 8 7 2 5	9 2 2	1 7 8 7 3	2 8 6 7 8 9
Mo du ing he io d ts t ve me n r p er
C ha in f c l i da ion t ng es sc op e o on so	0	( ) 1 5 5	2 2	0	0	0	( ) 1 3 3
Ac is i ion inc lu d ing du ion t t q s, ow n p ro c u	3 1 9	7 5 0 3	1 0 5 1	1 2 1	2 0 4	2 2 7 9 4	3 1 9 9 2
Im irm ts p a en	( ) 2 8 3 5	( ) 7 7 0 8	( ) 5	0	( ) 5	( ) 1 5 6	( ) 1 0 7 0 9
Ex d de ia ion t p en se p rec	( ) 6 1 6 9	( ) 3 0 4 3 6	( ) 1 2 9 3	( ) 1 7 9 5	( ) 8 3	( ) 4	( ) 3 9 7 8 0
Sa les d s d a n cra p p e	( ) 3	( ) 4 5 0	( ) 1 1	( ) 1 0 7 2		( ) 6 5	( ) 1 6 0 1
Tr fe fro he d ing he to t an s rs m on e a an o r	1 3 9 3	1 8 4 2 3	4 5	( 1 7 5	( 4 2 2	( 1 9 1 0 ) 7	3 5
Ex ha d i f fe c ng e ren ce s	8 2 5	3 1 2 4	6 0	1 0	1 0	3 1	4 3 6 8
A ha l f y d t ea r-e n	9 3 1 3 7	1 3 6 8 7 4	3 4 8 4	5 1 8 1 4	6 2 6	2 1 0 4 4	2 7 0 9 7 9
Gr lue os s v a	2 0 9 2 4	6 2 3 7 3	3 3 8 2	2 7 5 6	3 6 1	2 1 2 3	9 1 9 2 0 3
Ac la d de ia ion te t cu mu p rec	( 1 1 3 0 8 5	( 4 5 7 8 0 7	( 3 0 2 7 3	( 1 1 3 7 5	( ) 2 9 8 0	7	( ) 6 1 5 4 4 8
Ac la d im irm te t cu mu p a en	( 3 0 1 9 )	( 2 9 0 4 9	( 6 5	( 3 1 7	( 5	( 2 6 7	( 3 2 6 ) 7 7
Ne bo k v lue ha l f y d t t o a a ea r-e n	9 3 1 3	1 3 6 8 7	3 4 8	5 1 8 1 4	6 2	2 1 0 4	2 7 0 9 7 9
	1 ) 7	0 ) ) 4	4 2 ) ) 4	) 0 ) )	0 ) 1 ) 6	2 9 2 ) 4

Total acquisitions of tangible assets amount to EUR 13.6 million in the first half of 2011, compared to EUR 32.0 million during the full year 2010.

In February 2008, Recticel sa/nv and Recticel International Services sa/nv concluded a joint credit facility agreement ('club deal') amounting to EUR 230 million. Under this club deal, Recticel sa/nv and/or its affiliates have renewed the existing mandates to mortgage on production sites in Belgium, Germany, France, the Netherlands and Sweden in favour of the banks up to a maximum amount of EUR 230 million plus interest and related costs.

At 30 June 2011, the Group has entered into contractual commitments for the acquisition of property, plant & equipment amounting to EUR 9.2 million.

At 31 December 2010, the Group had entered into contractual commitments for the acquisition of property, plant & equipment amounting to EUR 3.7 million.

II.5.2. PENSIONS AND SIMILAR OBLIGATIONS

Retirement benefit schemes

Several Recticel companies operate defined benefit and/or defined contribution plans. The main defined benefit plans, which typically provide retirement benefits related to remuneration and period of service, are located in Belgium, France, Germany, the Netherlands and the UK.

The funded plans' assets are invested in mixed portfolios of shares and bonds or insurance contracts.

II.5.3. PROVISIONS

For the half year ending 30 June 2011:

Gr Re ice l t ou p c in ho d E U R t us an	Ta l i ig ion t t x a	O he l i ig ion t t t r a	Pr du t l o c ia b i l i ty	En iro l ta v nm en is ks r	Re isa ion t or g an	O he is ks t r r	F ina ia l r is ks nc d isp l on os a i iar ies bs d su	T O T A L
A 3 1 De be 2 0 1 0 t ce m r	1 4 1	3 7 0	3 2 4 8	6 6 5 3	2 7 2 4 9	9 7 1	3 0 0	3 8 9 3 2
Mo du ing he ha l f y ts t ve me n r ea r
C ha in he f c l i da ion t t ng es sc op e o on so	0	0	0	0	0	0	0	0
Ac l isa ion tua t	0	0	0	0	1 2 9	0	0	1 2 9
Inc rea se s	0	0	8 2	0	3 8 0	2 5	0	4 8 7
U i l isa ion t t s	0	( 1 2 )	( 9 4 )	( 1 4 1 )	( 1 2 8 8 0 )	0	( 3 0 0 )	( 1 3 4 2 7 )
Re l ve rsa	0	( 1 )	( 4 9 ) 5	( 1 1 )	( 1 8 3 6 )	( 1 1 ) 7	0	( 2 4 8 ) 7
Re las i f ica ion he l d fo le t to c s r s a	0	0	0	0	0	0	0	0
Tr fe an s rs	0	0	3 6	0	0	( ) 9	0	2 7
Ex ha d i f fe c ng e ren ce s	0	2	7	0	( ) 1 9 5	1 0	0	( ) 1 7 6
							0
A 3 0 Ju 2 0 1 1 t ne	1 4 1	3 5 9	2 8 2 0	6 5 0 1	1 2 8 4 7	8 2 6	0	2 3 4 9 4
No is ion ( ha ) t p t n-c ur ren rov s mo re n o ne y ea r	0	2 6 7	2 6 3 3	6 2 0 9	9 8 4 5	2 4 7	0	5 1 8 2 6
Cu ( ) is ion les ha t p t rre n rov s s n o ne y ea r	1 4 1	8 3	1 8 7	2 9 2	6 8 6 3	1 0 2	0	7 6 6 8
To l ta	1 4 1	3 5 9	2 8 2 0	6 5 0 1	1 2 8 4 7	8 2 6	0	2 3 4 9 4

For the year ending 31 December 2010:

Gr Re ice l t ou p c in ho d E U R t us an	i ig ion Ta l t t a x	i ig ion O t he l t t r a	Pr du t l o c ia b i l i ty	En iro l ta nm en v is ks r	isa ion Re t or g an	is O t he ks r r	F ina ia l r is ks nc isp d l on os a bs i d iar ies su	T O T A L
A 3 1 De be 2 0 0 9 t ce m r	0	3 8 8	3 9 3 9	6 1 2 1	1 8 2 4 4	1 0 4 1	1 5 8 7	3 1 3 2 0
ing f y Mo ts du t he ha l ve me n r ea r
C ha in he f c l i da ion t t ng es sc op e o on so	0	0	0	0	( ) 2 8 5	0	0	( ) 2 8 5
Inc rea se s	1 4 0	1 9 5	5 3 1	5 6 7	2 1 0 0 2	1 9 7	3 0 0	2 2 9 3 2
U i l isa ion t t s	0	( ) 1 3 1	( ) 3 5 1	( ) 4 2	( ) 7 5 9 6	( ) 1 3 4	0	( 8 2 5 4 )
Re l ve rsa	0	( 8 2 )	( 9 3 4 )	0	( 4 3 3 ) 5	( 1 3 ) 7	( 1 8 ) 5 7	( ) 7 1 2 9
Re las i f ica ion he l d fo le t to c s r s a	0	0	0	0	0	0	0	0
Tr fe fro he d ing he to t an s rs m on e a an o r	0	0	0	7	0	0	0	7
f fe Ex ha d i c ng e ren ce s	1	0	6 3	0	2 3 7	4 0	0	3 4 1
							0
A 3 1 De be 2 0 1 0 t ce m r	1 4 1	3 0 7	3 2 4 8	6 6 5 3	2 2 4 9 7	9 1 7	3 0 0	3 8 9 3 2
No is ion ( ha ) t p t n-c ur ren rov s mo re n o ne ea r y	0	2 7 7	3 0 6 0	6 3 5 9	1 3 6 4 9	8 0 7	3 0 0	2 4 4 5 2
Cu ( ) is ion les ha t p t rre n rov s s n o ne y ea r	1 4 1	9 3	1 8 8	2 9 4	1 3 6 0 0	1 6 4	0	1 4 4 8 0
To l ta	1 4 1	3 7 0	3 2 4 8	6 6 5 3	2 7 2 4 9	9 7 1	3 0 0	3 8 9 3 2

II.5.4. INTEREST-BEARING BORROWINGS

II.5.4.1. FINANCIAL LIABILITIES CARRIED AT AMORTISED COST

Group Recticel in thousand EUR	Non-current liabilities used		Current liabilities used
	30 Jun 2011	31 Dec 2010	30 Jun 2011	31 Dec 2010
SECURED
Financial leases	12 194	13 285	2 048	2 063
Bank loans	107 196	110 516	12 500	12 500
Bank loans - factoring without
recourse not yet reimbursed	0	0	1 468	1 159
Discounted bills of exchange	0	0	1 311	1 987
Total secured	119 390	123 801	17 327	17 709
UNSECURED
Bonds & notes	24 344	39 780	14 500	0
Bank loans	1 022	1 461	5 226	5 243
Other loans	1 988	2 082	334	334
Bank loans	0	0	8 946	3 071
Bank loans - forfeiting	0	0	582	1 513
Bank overdraft	0	0	14 668	9 515
Other financial debts	0	0	8 231	8 306
Total unsecured	27 354	43 323	52 487	27 982
Total liabilities carried at
amortised cost	146 744	167 124	69 814	45 691

As of June 30, 2011, the gross interest bearing borrowings of the group amounted to EUR 216.6 million compared to EUR 212.8 million at the end of December 2010 (EUR +3.8 million).

The average outstanding debt was at a slightly lower level throughout the first half of 2011 compared to the same period in 2010.

As of June 2011, the weighted lifetime of the debt payables after one year was at 2.56 years.

Besides the drawn amounts under the Syndicated loan (EUR 119.7 million) of which EUR 12.5 million are maturing within one year, long term loan commitments are available up to EUR 61.6 million of which EUR 7.6 are maturing within one year. On top of this, the Group also has access to EUR 101.7 million undrawn short term credit lines.

This compares to the situation as of December 31, 2010, where the drawn amounts under the Syndicated loan amounted to EUR 123 million of which EUR 12.5 million maturing within one year; where the other long term commitments amounted to EUR 64.2 million of which EUR 7.7 million maturing within one year. The undrawn short term commitments amounted to EUR 94.4 million.

The bonds and financial leases are at fixed rates.

Other interest bearing borrowings payable after one year are mostly at floating interest rate. Their fair value therefore approximates to the nominal value. The interest cost for these Group borrowings ranges from 2.471% to 2.87 % in EUR and 1.49475% in USD.

As of June 30, 2011, the total outstanding borrowings (concluded either directly or synthetically through currency swaps) were split as follows: in EUR for 71.71 %, in USD for 2.77 %, in CHF for 3.37%, in GBP for 9%, in SEK for 2.59%, in PLN for 6% and in various other currencies for 3.18%.

The majority of the Group's financial debt is centrally contracted and managed through Recticel International Services, which acts as the Group's internal bank.

The Syndicated loan is subject to bank covenants based on the EBITDA, the net financial debt position and a minimum equity requirement. At end of June 2011, Recticel complied with all its bank covenants.

A convertible bond was issued in July 2007 for a nominal amount of 57.5 million, of which the Group bought back EUR 11.2 million in 2008, EUR 17.3 million in 2009 and EUR 1.35 million in 2011. Out of the remaining balance of EUR 27.65 million, EUR 24.3 million is recorded under financial debt and the remaining balance is entered in a specific capital account. The bond has a 10 year term with a put option for investors after 7 years. The coupon amounts to 5% and is payable annually. The bond is convertible in shares from September 3, 2007 until July 16, 2017 into ordinary shares at the then prevailing conversion price.

II.5.4.2. FINANCIAL DEBT OVERVIEW TABEL BY MATURITY

For the half year ending 30 June 2011

Gr Re ice l t ou p c in ho d E U R t us an	ing Ma tu r i h in t on e y ea r w	Ma ing tu r be 1 a d tw ee n n 5 y ea rs	ing f Ma tu te r a r 5 y ea rs	T O T A L L O N G T E R M	Fu tu re f ina ia l nc ha c rg es	Pr lue t v es en a f t he o in im m um ts p ay me n
Bo ds d n tes n a n o	1 6 5 7 5	4 5 7 7	2 8 5 7 5	4 8 1 3 4	( 9 2 9 0 )	3 8 8 4 4
F ina ia l lea nc se s	2 7 7 7	1 0 6 8 5	3 6 7 7	1 7 2 0 2	( 2 9 6 0 )	1 4 2 4 2
Ba k loa n ns	2 0 6 5 8	1 1 0 8 0 4	0	1 3 1 4 6 2	( ) 5 5 1 8	1 2 5 9 4 4
O he loa t r ns	3 3 4	9 2 0	1 6 5 4	2 9 0 8	( ) 5 8 6	2 3 2 2
To l in be ing bo ing lon ta te t- te re s ar rro w s - g rm	4 0 3 4 4	1 2 8 1 5 6	3 1 2 0 6	1 9 9 0 6 7	( 1 8 3 5 4 )	1 8 1 3 5 2
Ba k loa n ns	8 9 4 6
Ba k loa fac ing i ho to t t r n ns r w u ec ou rse -	1 4 6 8
Ba k loa fo fe i ing t n ns r -	8 2 5
D isc d b i l ls f e ha te ou n o xc ng e	1 3 1 1
Ba k o dr f t n ve r a	1 4 6 6 8
O he f ina ia l de b t t r nc	2 6 6
Cu & h p l ing t a ts rre n cc ou n ca s oo	1 5 7 4
f Ac d l ia b i l i ies ina ia l s ho t t te cru e nc r rm -	1 0 6
in ing ing To ta l te t- be bo ho t te re s ar rro s - s r rm w	2 8 9 2 1
In te t r te res a sw ap s	4 0 8 0
Tr d ing /ec ic he dg a on om e	5 3 5
Cu ion l ler t rre nc op s - se y	1
De iva ive ins fa ir v lue t tru ts t r me n a a	4 6 1 6
f ina ia i in Gr d to ta l l de b t du t h an nc e w on e y ea r	7 3 8 8 1

For the year ending 31 December 2010

Re ice l Gr t ou p c in ho d E U R t us an	Ma ing tu r i h in t w on e y ea r	Ma ing tu r be 1 a d tw ee n n 5 y ea rs	Ma ing f tu te r a r 5 y ea rs	T O T A L L O N G T E R M	Fu tu re f ina ia l nc ha c rg es	Pr lue t v es en a f he t o in im m um ts p ay me n
Bo ds d n tes n a n o	2 0 3 4	2 0 7 3 4	3 5 5 3 8	5 8 3 0 6	( ) 1 8 5 2 6	3 9 7 8 0
F ina ia l lea nc se s	2 9 5 7	1 0 9 1 5	5 1 0 3	1 8 9 7 5	( ) 3 6 2 7	1 5 3 4 8
Ba k loa n ns	1 8 4 2 4	1 1 4 5 5 7	0	1 3 2 9 8 1	( ) 3 2 6 1	1 2 9 7 2 0
O he loa t r ns	3 3 7	9 2 0	1 8 0 7	3 0 6 4	( ) 6 4 8	2 4 1 6
To l in be ing bo ing lon ta te t- te re s ar rro s - g rm w	2 3 7 5 2	1 4 7 1 2 6	4 2 4 4 8	2 1 3 3 2 6	( 2 6 0 6 2 )	1 8 7 2 6 4
Ba k loa n ns	3 0 1 7
Ba k loa fac ing i ho to t t r n ns r ec ou rse w u -	1 5 1 3
Ba k loa fac ing i h r to t n ns r ec ou rse w -	1 1 5 9
D isc d b i l ls f e ha te ou n o xc ng e	1 9 8 7
Ba k o dr f t n ve r a	9 1 5 5
O f he ina ia l de b t t r nc	2 0 4
Cu & h p l ing t a ts rre n cc ou n ca s oo	2 3 4
Ac d l ia b i l i ies f ina ia l s ho t t te cru e nc r rm -	1 8 0
To l in be ing bo ing ho ta te t- t te re s ar rro w s - s r rm	1 7 8 6 3
In te t r te res a sw ap s	5 5 4 5
He dg ing tra ts co n c	0
Tr d ing /ec ic he dg a on om e	1 0 4 5
Cu ion l ler t rre nc y op s - se	1 8
De iva ive ins fa ir lue t tru ts t r me n a va	6 6 1 7
Gr d l f ina ia l de b du i h in to ta t t an nc e w on e y ea r	4 8 2 3 2

II.5.5. WORKING CAPITAL NEED

Compared to the same period last year, the net working capital need deteriorated as a result of higher raw material prices which impacted the inventories and indirectly the trade receivables. At mid-year the net working capital need is influenced by the normal seasonal build-up of working capital in the Bedding and Insulation activities.

II.6. MISCELLANEOUS

II.6.1. EVENTS AFTER THE BALANCE SHEET DATE

• Closing of Carobel converting plant in North Shields (United Kingdom)

On 11 August 2011, the Group made public that Recticel Limited (UK) will rationalise, in line with Group strategy, its Flexible Foams converting activities in the United Kingdom by closing its "Carobel" comfort foam converting factory located in North Shields (North East England) before the end of 2011.

This restructuring plan will lead to the collective redundancy of 52 employees on a total of 521 people employed in the Flexible Foams' activities in the United Kingdom. The total closure costs, estimated at around £200,000, will be booked in the second half of 2011.

• Inspection by the German Federal Cartel Office ("Bundeskartellamt")

On August 2th, the German Federal Cartel Office ("Bundeskartellamt") started up an investigation covering the sector of mattress manufacturers and dealers in Germany. As stated by the Federal Cartel Office, certain mattress manufacturers, distributors and purchasing organisations are suspected of having participated in restrictive vertical practices to maintain fixed minimum prices for the resale of mattresses. The Federal Cartel Office added that the investigation does not mean that the companies involved have effectively breached competition regulations and that the presumption of innocence prevails as long as the investigation is not concluded. Recticel's Bedding affiliate, Recticel Schlafkomfort GmbH in Bochum (Germany), is included in this FCO investigation. The representatives of the Federal Cartel Office requested certain information and Recticel Schlafkomfort GmbH is cooperating fully with the investigation.

II.6.2. JOINT VENTURES

The share of joint venture companies in the consolidated financial statements is as follows:

in thousand EUR	30 Jun 2011	31 Dec 2010
ASSETS
Intangible assets	2 450	2 872
Goodwill	9 906	9 898
Plant, property & equipment	52 311	54 402
Investment property	491	0
Other financial investments	175	290
Available for sale investments	10	10
Non-current receivables	1 746	2 488
Deferred tax	332	292
Non-current assets	67 421	70 252
Inventories and contracts in progress	27 983	25 294
Trade receivables	48 355	44 878
Other current receivables	5 482	4 976
Current tax receivables	251	106
Deferred tax	68	77
Trading investments	0	2
Cash and cash equivalents	4 210	10 646
Current assets	86 349	85 979
Total assets	153 770	156 231

in thousand EUR	30 Jun 2011	31 Dec 2010
LIABILITIES
Hedging and translation reserves	( 8 788)	( 8 729)
Consolidated reserves	65 326	70 507
Equity, minority interests included	56 538	61 778
Non-current pensions provisions and similar obligations	5 895	6 046
Provisions	425	592
Deferred tax liabilities	2 561	2 485
Interest-bearing borrowings	30 844	41 717
Non-current liabilities	39 725	50 840
Current pensions provisions and similar obligations	170	173
Provisions	1 550	5 714
Interest-bearing borrowings	21 751	5 561
Trade payables	22 126	22 008
Income tax payables	568	2 479
Other amounts payable	11 342	7 678
Current liabilities	57 507	43 613
Total liabilities	153 770	156 231

in thousand EUR	1H/2011	1H/2010
INCOME STATEMENT
Sales	159 886	153 169
Distribution costs	( 5 412)	( 5 597)
Cost of sales	( 125 707)	( 117 775)
Gross profit	28 767	29 797
General and administrative expenses	( 7 329)	( 7 576)
Sales and marketing expenses	( 4 421)	( 5 102)
Research and development expenses	( 892)	( 1 244)
Other operating revenues and expenses	( 11 443)	( 7 277)
Result from investments available for sale	0	65
EBIT	4 682	8 663
Interest income	66	194
Interest expenses	( 1 325)	( 1 170)
Other financial income and expenses	( 162)	( 504)
Financial result	( 1 421)	( 1 480)
Result of the period before taxes	3 261	7 183
Income taxes	( 950)	( 1 980)
Result of the period after taxes	2 311	5 203
Foreign currency translation reserves	( 59)	( 290)
Comprehensive income	2 252	4 913

II.6.3. RELATED PARTY TRANSACTIONS

Compared to December 2010 there are no significant changes in the related party transactions.

II.6.4. EXCHANGE RATES

in EUR	Closing rate		Average rate
	30 JUN 11	31 DEC 10	1H/2011	1H/2010
Bulgarian Lev	0,511300	0,511300	0,511300	0,511300
Canadian Dollar	0,716795	0,750638	0,729606	0,728940
Swiss Franc	0,828432	0,799744	0,787754	0,696422
Yuan Renminbi	0,107048	0,113353	0,108986	0,110415
Czech Crown	0,041076	0,039903	0,041069	0,038866
Pound Sterling	1,107972	1,161778	1,151830	1,149432
Forint	0,003758	0,003598	0,003711	0,003681
Indian Rupee	0,015489	0,016734	0,015837	-
Yen	0,008602	0,009204	0,008698	0,008243
Lithuanian Litas	0,289620	0,289620	0,289620	0,289620
Moroccan Dirham	0,088149	0,089568	0,088460	0,089754
Moldova Lei	0,059498	0,061967	0,059917	0,059891
Norwegian Krone	0,128411	0,128205	0,127800	0,124912
Zloty	0,250608	0,251572	0,252990	0,249874
Leu	0,000027	0,000027	0,000025	0,000025
Romanian Leu (new)	0,235655	0,234632	0,239246	0,240997
Serbian Dinar	0,009919	0,009486	0,009859	0,009927
Russian Rouble	0,024752	0,024498	0,024916	0,025071
Swedish Krona	0,109005	0,111539	0,111868	0,102157
Turkish Lira (new)	0,425532	0,483232	0,452877	0,494724
Ukrainian Hryvnia	0,086600	0,094607	0,088561	0,095798
US Dollar	0,691898	0,748391	0,712634	0,753676

II.6.5. CONTINGENT ASSETS AND LIABILITIES

The contingent assets and liabilities as communicated in the annual report 2010 (section III.6.11.) encountered the following developments:

TERTRE

1. Carbochimique, which was progressively integrated into Recticel in the 1980s and early 1990s, owned the Tertre industrial site, where various carbon chemistry activities in particular had been carried on since 1928. These activities were gradually spun off and are now carried on by different industrial interests including Grow-How (formerly Kemira) and Erachem (Eramet group). Finapal, a Recticel subsidiary, retained ownership of some plots on the site, chiefly old settling basins that have now been drained.

In 1986, Recticel sold its 'fertiliser' division, which included the Tertre site activities, to Kemira, currently Yara. As part of the deal, Recticel contracted to put an old settling basin that had been transferred to Kemira, currently Yara, into compliance with environmental regulations. It has not yet been possible to fulfil this obligation because of the inseparability of the environmental situations on the Tertre site, and so a provision has been raised for it. In order to protect its rights, Kemira, currently Yara, issued a writ of summons against Recticel pursuant to this obligation in July 2003. Kemira's demand also relates to other environmental issues, which Recticel disputes because it believes these are out of the scope of the sale agreement of 1986.

The Trade Court pronounced its decision in the first half of 2010. The Trade Court has confirmed the obligation relative to the old settling basins and has appointed an expert for the examination of two additional requirements. The other demands raised by the company Yara have been rejected. Yara appealed of the decision.

1. As a result of the sale of Sadacem to the French Comilog group, now part of the Eramet group, Recticel undertook to share the costs of cleaning up an old industrial waste dump on the Erachem site. The carrying-out of this is being studied with Erachem and a provision has been raised for it in the Recticel Group accounts. The proposed plan which was submitted to the Office Wallon des Déchets in April 2009 has been approved by the Walloon authorities.

INSPECTION BY THE DIRECTORATE GENERAL FOR COMPETITION OF THE EUROPEAN COMMISSION

On July 27 and 28, 2010, officials from the European Commission and various national antitrust authorities conducted unannounced inspections at Recticel's offices in Brussels, Wetteren, and Alfreton, as well as the office of Eurofoam in Kremsmünster, Austria. The purpose of these inspections was to collect information relating to allegedly unlawful conduct believed to have taken place in the European Economic Area polyurethane foam sector.

Investigations were also carried out in the United States as part of a coordinated investigation. It is to be noted that The Recticel Group has had no foaming activities in the United States since December 1991, and has not been visited or contacted by the antitrust regulators there. The Group's activities in the United States are limited to specialized foam converting (acoustical applications) and Automotive Interiors. Recticel has had no indication that these business areas are a focus of the competition investigations.

Recticel decided then to cooperate with the European Commission. The Commission has authorized Recticel to communicate the fact that this cooperation is done in the frame of the Leniency Program, as set forth in the "Commission notice on immunity from fines and reduction of fines in cartel cases", published in the Official Journal C 298, 8.12.2006, p.17.

At this time, Recticel has not received any formal objections from the European Commission.

The Group's potential exposure is summarized as follows:

At the EU level. The Commission has given Recticel no indications regarding its findings. At this stage, therefore, the Group is not in a position to predict what the position of the Commission in relation with the case will be, and hence currently is unable to assess its possible financial consequences.

At the national levels. As a rule, national authorities will not take up a case which is treated by the Commission. Recticel is aware that the national authorities in Spain and Portugal opened investigations into the polyurethane foam sector in February 2011. Recticel has received a request for information from the Spanish authority, but Recticel premises in Spain were not visited by the authority.

INSPECTION BY THE GERMAN FEDERAL CARTEL OFFICE ("BUNDESKARTELLAMT")

On 05 August 2011 the Group made public that the German Federal Cartel Office ("Bundeskartellamt") has started up an investigation covering the sector of mattress and slatbase manufacturers in Germany.

Recticel's Bedding affiliate, Recticel Schlafkomfort GmbH in Bochum (Germany), is included in this investigation.

The representatives of the Federal Cartel Office requested certain information, which is being provided to them. Recticel Schlafkomfort GmbH is cooperating fully with the Federal Cartel Office's investigation.

At this stage, therefore, the Group is not in a position to predict what the position of the German Federal Cartel Office in relation with the case will be, and hence currently is unable to assess its possible financial consequences.

III. DECLARATION BY THE RESPONSIBLE PERSONS

Mr Etienne Davignon (Chairman of the Board of Directors), Mr Olivier Chapelle (Chief Executive Officer) and Mr Jean-Pierre Mellen (Chief Financial Officer), certify in the name and on behalf of Recticel, that to the best of their knowledge:

• a) the summary financial information, prepared in conformity with applicable accounting standards, reflects the faithful image of the financial situation and results of the Recticel Group
• b) the intermediate report contains a faithful presentation of significant events occurring over the first six months of 2011, and their impact on the summary financial information
• c) there are no material related parties' transactions nor conflicts of interest to be disclosed, other than those reported in the 2010 Annual Report
• d) there have been no material changes to the risks and uncertainties for the Group as outlined in the 2010 Annual Report. However, with due reference to the statement under III.6.1., these risks and uncertainties remain applicable for the remainder of 2011.

* * *

IV. STATUTORY AUDITOR'S REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDING 30 JUNE 2011

Recticel NV Limited review report on the consolidated half-year financial information for the six-month period ended 30 June 2011

To the board of directors

We have performed a limited review of the accompanying consolidated condensed balance sheet, condensed income statement, condensed statement of comprehensive income, condensed statement of cash flow, condensed statement of changes in equity and selective notes II.1 to II.6 (jointly the "interim financial information") of Recticel NV ("the company") and its subsidiaries (jointly "the group") for the six-month period ended 30 June 2011. The board of directors of the company is responsible for the preparation and fair presentation of this interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.

The interim financial information has been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU.

Our limited review of the interim financial information was conducted in accordance with the recommended auditing standards on limited reviews applicable in Belgium, as issued by the "Institut des Réviseurs d'Entreprises/Instituut van de Bedrijfsrevisoren". A limited review consists of making inquiries of group management and applying analytical and other review procedures to the interim financial information and underlying financial data. A limited review is substantially less in scope than an audit performed in accordance with the auditing standards on consolidated annual accounts as issued by the "Institut des Réviseurs d'Entreprises/Instituut van de Bedrijfsrevisoren". Accordingly, we do not express an audit opinion.

The interim financial information of several entities included in the scope of consolidation have been subject to a limited review by other auditors. Our conclusion on the accompanying interim financial information, insofar as it relates to the amounts contributed by those entities; is based solely upon the reports of those other auditors.

Based on our limited review and based, to the extent necessary upon the reports of other auditors, nothing has come to our attention that causes us to believe that the interim financial information for the six-month period ended 30 June 2011 is not prepared, in all material respects, in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU.

Without prejudice to the conclusion issued above, we draw attention to the note II.6.5 of the interim financial information, where is stated that the group is subject to an inspection by the directorate for competition of the European Commission and indicated that the group is cooperating in the frame of the Leniency Program as set forth in the "Commission notice on immunity for fines and reduction of fines in cartel cases". Furthermore the group is subject to an investigation by the German Federal Cartel Office in the framework of an investigation covering the sector of mattress manufacturers and dealers in Germany. At this stage the group is not in a position to predict what the position of the Commission or the German Federal Cartel Office in relation with the cases will be and hence, the group is unable to assess its possible financial consequences. No provision has been recognized in the consolidated financial statements. Kortrijk, 29 August 2011

The statutory auditor

DELOITTE Bedrijfsrevisoren / Reviseurs d'Entreprises

BV o.v.v.e. CVBA / SC s.f.d. SCRL Represented by Kurt Dehoorne

V. LEXICON

Appropriated capital	Net intangible fixed assets + goodwill + tangible fixed assets + working capital.
	Average = [Appropriated capital at the end of last year +
	Appropriated capital at the end of the last period] / 2
Appropriated capital, Average	Half yearly: average appropriated capital at the beginning and at
	the end of the period.
	Average = [Appropriated capital at the end of last year +
	Appropriated capital at the end of the last period] / 2
	For the full year: average of the half yearly averages.
Associated companies	Entities in which Recticel has a significant influence and that are
	processed using the equity-method.
CGU	Is short for "Cash Generating Unit" or cash flow generating unit
Earnings per share, base	Net result for the period (Group share) / Average outstanding
	shares over the period
Earnings per share, diluted	Net result for the period (Group share) / [Average number of
	outstanding shares over the period – own shares + (number of
	possible new shares that have to be issued within the
	framework of the existing outstanding stock option plans x
	dilution effect of the stock option plans)]
EBIT	Operating results + profit or loss from equities.
EBITDA	EBIT + depreciation and additional impairments/increases on
	assets.
Equity capital	Total equity, including minority interests.
Gearing ratio	Net financial debt / Total equity (including shares of external
	parties)
Investments	Capitalized investments in tangible and intangible assets
Joint ventures	Entities that are controlled jointly and that are consolidated
	proportionately.
Market capitalization	Closing price x total number of outstanding shares.
Net financial debt	Interest bearing financial debts at more than one year + interest
	bearing financial debts within maximum one year – cash flows
	and cash equivalents
Non-recurring elements	Non-recurring elements include operating revenues, expenses
	and provisions that pertain to restructuring programmes,
	impairments on assets, gain or loss on divestments and on
	liquidations of affiliated companies, as well as other events or
	transactions that clearly deviate from the normal activities of the
	Group.
	Recurring EBIT(DA) or REBIT(DA) EBIT(DA) for non-recurring elements
Return on Capital Employed	EBIT / average appropriated capital
Return on Equity (ROE)	Net result for the period (share of the Group) / Average total
	equity over the period (the Group's share)
ROCE	Represents "Return on Capital Employed"
Subsidiaries	Fully consolidated entities under Recticel control.
Working capital	Inventories + trade receivables + other receivables +
	recoverable taxes - trade payables - payable taxes - other
	commitments.
VVPR	Is short for Reduced Tax / Précompte Réduit
VVPR-strip	Gives the holder the right to collect a dividend with a reduced
	withholding tax of 15% (instead of 25%)