Recticel SA · EURONEXT:RECT

Recticel SA — Shareholder Meeting (May 2015)

63 slides from Recticel SA's shareholder meeting presentation, May 26, 2015

  1. Slide 1: Ordinary Annual General Shareholders' Meeting

    RECTICEL ORDINARY ANNUAL GENERAL SHAREHOLDERS’ MEETING Brussels, 26 May 2015 Etienne Davignon Chairman Olivier Chapelle Chief Executive Officer Annual Ordinary Shareholders Meeting 1 26 May 2015

  2. Slide 2: Agenda

    Agenda 1 FY2014 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders

  3. Slide 3: Agenda

    Agenda 1 FY2014 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders

  4. Slide 4: Consolidated Key Figures

    Consolidated Key Figures ( joint-ventures consolidated by equity method) ► SALES: from 976.8m€ to 983.4m€ (+0.7%) ► EBITDA: from 13.6m€1 to 36.8m€, including -8.2m€ German Federal Cartel Office fine ► EBIT: from -20.9m€1 to 8.8m€ ► Result of the period (share of the Group): from -36.1m€1 to -9.7m€ ►

  5. Slide 5: Combined Key Figures

    Combined Key Figures (IFRS 8, joint ventures integated by proportionate consolidation method) ► SALES: from 1,258.6m€ to 1,280.1m€ (+1.7%) ► REBITDA: from 72.8m€ to 65.9m€ (-9.5%) ► EBITDA: from 27.7m€ to 49.3m€ (+78%) ► Non-recurring elements: -17.3m€, including -8.2m€ German Federal Cartel Office

  6. Slide 6: All segments have grown, with Insulation @ +3.2%

    All segments have grown, with Insulation @ +3.2% YTD DECEMBER in m€ 2014 2013 Variance in % Flexible foams external sales 528.72 520.16 101.6% Intersegment sales 64.25 63.26 101.6% FLEXIBLE FOAMS 592.97 583.42 101.6% Bedding external sales 260.97 260.59 100.1% Intersegment sales 20.67 22.40 92.3% BE

  7. Slide 7: Combined REBITDA impacted in 2H by higher raw material costs

    Combined REBITDA impacted in 2H by higher raw material costs and several operational issues in Flexible Foams ► REBITDA : from 72.8m€ to 65.9m€ (-9.5%)  Flexible Foams: improved product/market-mix, in particular with higher value-added sales in the Technical Foams. 2H2014 results severely affected

  8. Slide 8: Non-recurring elements result mainly from FCO fine and restructuring

    Non-recurring elements result mainly from FCO fine (€8.2m) and restructuring measures (€7.6m) in million EUR 2013 1H/2014 2H/2014 2014 Provision for settlement German Federal Cartel Office investigation 0.0 ( 8.2) 0.0 ( 8.2) Fine European Commission ( 27.0) 0.0 0.0 0.0 Restructuring charges and prov

  9. Slide 9: Bridge EBITDA 2013-2014

    Bridge EBITDA 2013 2014 Annual Ordinary Shareholders Meeting 9 26 May 2015

  10. Slide 10: 75% of the Net Debt increase due to EU and FCO settlements

    75% of the Net Debt increase of 32m€ due to cash-outs on the EU and FCO settlements ► On 31-Dec-14 the Group’s combined net financial debt amounted to 194.5m€, excluding the drawn amounts under off-balance non-recourse factoring/forfeiting programs of 62.7m€ compared to 165.1m€ and 59.7m€ on 31-Dec-

  11. Slide 11: Agenda Reminder

    Agenda 1 Reminder FY2014 Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders Meeti

  12. Slide 12: 1Q2015 Trading update

    1Q2015 Trading update ► Restated like-for-like1 1Q sales have increased by +4.2%: all business lines have grown during the quarter 1Q2014 (as NET SALES - in million EUR 1Q2014 (restated)1 (a) 1Q2015 (b) D 1Q (b)/(a)-1 published) Flexible Foams 156.1 156.1 158.5 1.6% Bedding 76.0 76.0 79.1 4.1% Insul

  13. Slide 13: Key market developments in 1Q2015

    Key market developments in 1Q2015 ► Tailwinds:  Depreciation of Euro vs other currencies  Oil price decrease improves purchasing power and reduces raw material prices ► Countries/regions  United Kingdom  strong  Spain  recovery tangible after 7 years of market decline  France  difficult  Sc

  14. Slide 14: Key events 2015

    Key events 2015 ► 18 February 2015: Sale for EUR 8,5 million (entreprise value) of 50% participation in the joint venture company Kingspan Tarec Industrial Insulation (KTII) to joint venture partner Kingspan Group plc. ► February 2015: Proseat, the 51/49 joint venture between Recticel and Woodbridge

  15. Slide 15: Agenda Reminder

    Agenda 1 Reminder FY2014 Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders Meeti

  16. Slide 16: Outlook and Dividend

    Outlook and Dividend ► OUTLOOK 2015 In the first quarter of 2015 the company experienced the first signs of a more supportive business environment which leads it to expect an increase in combined sales for the full year 2015, despite the divestment of its 50% participation in Kingspan Tarec Industri

  17. Slide 17: Agenda Reminder

    Agenda 1 Reminder FY2014 Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders Meeti

  18. Slide 18: Strategy focused on being the leading provider of high value added solutions

    Strategy focused on being the leading provider of high value added solutions in its core markets… ► The building blocks of the Group’s strategy are illustrated as follows: Business Line Strategy Innovation Simplification International Expansion Sustainability ► Overall group wide strategic prioritie

  19. Slide 19: Thorough business line assessment and differentiated strategies

    …implemented through a thorough business line Business Line Strategy International Innovation Simplification Expansion assessment… and differentiated strategies… Sustainability Improve profitability ► The strategic plan prioritizes resource allocation through efficiency + based on the relative attra

  20. Slide 20: Recent innovations and product launches in Insulation

    Business Line Strategy Large number of recent innovations and product Innovation Simplification International Expansion Sustainability launches in the Insulation business line ► Product line Home® (all-in-one isolation ► Iso-finish® (external insulation concept) system for DIY) ► Lambda-21 Eurowall

  21. Slide 21: Launch of GELTEX inside in Bedding

    Business Line Strategy Launch of GELTEX® inside, the largest and most Innovation Simplification International Expansion Sustainability important innovation of the last decade in Bedding ► GELTEX® combines optimal pressure distribution, ideal support and maximum permeability/climate control propertie

  22. Slide 22: New generation of foams in Flexible Foams

    Business Line Strategy New generation of foams launched within the Innovation Simplification International Expansion Sustainability Flexible Foams business line ► New acoustic foams leading to new contracts ► Development of new comfort foams: for Boeing and SpaceX GELTEX® and angelpearl® for the bed

  23. Slide 23: Launch of Colo-sense Lite in Automotive

    Business Line Strategy Launch of Colo-sense® Lite, a new high Innovation Simplification International Expansion Sustainability performance skin, in the automotive business line ► Colo-sense® Lite high performance skin allows for a 25% weight reduction, responding to the OEM’s constant search for lig

  24. Slide 24: Overall simplification of the Group

    Business Line Strategy Overall simplification of the Group leading to Innovation Simplification International Expansion Sustainability increased efficiency and reduced fixed costs Realized streamlining 2010-2014 Future actions 2015-2017 ► # Locations: ► The Group is committed to continue its efforts

  25. Slide 25: Prudent international expansion strategy

    Business Line Strategy Prudent international expansion strategy Innovation Simplification International Expansion backed by strong market positions in Europe Sustainability ► Recticel is a true international group pursuing further growth through international expansion inside and outside Europe Rece

  26. Slide 26: Embracing sustainability to create value for all stakeholders

    Business Line Strategy Embracing sustainability to create value Innovation Simplification International Expansion Sustainability for all stakeholders Embracing sustainability creates a significant competitive edge, reduces cost, fosters innovation and thus creates value for all stakeholders ► Priori

  27. Slide 27: Agenda Reminder

    Agenda 1 Reminder FY2014 Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Roadshow Presentation – April-May

  28. Slide 28: General Meeting Resolutions: Approval of accounts

    ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la première résolution : Résolution n° 1.1: Approbation des comptes sociaux au 31 décembre 2014. Voorstellen die het voorwerp van het eerste besluit uitmaken: Besluit nr 1.1: Goedkeuring van de vennootschappelijke jaarrekening per

  29. Slide 29: General Meeting Resolutions: Appropriation of result

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 1.2: Approbation de l’affectation du résultat, à savoir: Besluit nr 1.2: Goedkeuring van de verrichte aanwending van het resultaat, te weten: Resolution # 1.2: Approval of the appropriation of the result, i.e.: Bénéfice (Perte) de l’exercice Winst (

  30. Slide 30: General Meeting Resolutions: Discharge to Directors

    ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la deuxième résolution: Résolution n° 2: Décharge à accorder aux Administrateurs pour l’exécution de leur mandat au cours de l’exercice social clôturé au 31 décembre 2014. Voorstel dat het voorwerp van het tweede besluit uitmaakt: B

  31. Slide 31: General Meeting Resolutions: Discharge to Auditor

    ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la troisième résolution: Résolution n° 3: Décharge à accorder au Commissaire pour l’exécution de son mandat au cours de l’exercice social clôturé au 31 décembre 2014. Voorstel dat het voorwerp van het derde besluit uitmaakt: Besluit

  32. Slide 32: General Meeting Resolutions: Resignation of Chairman

    ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la quatrième résolution: Résolution n° 4.1: Acceptation de la démission de Monsieur Etienne DAVIGNON, comme administrateur non-exécutif et président du Conseil d’Administration, avec effet immédiat après l’assemblée générale du 26

  33. Slide 33: General Meeting Resolutions: Resignation of André Bergen

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.2: Acceptation de la démission de la société ANDRÉ BERGEN Comm.V., représentée par Monsieur André BERGEN, administrateur indépendant et président du Comité d’Audit, avec effet immédiat après l’assemblée générale du 26 mai 2015. Besluit nr 4.2: Aan

  34. Slide 34: General Meeting Resolutions: Election of Thijs Johnny

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.3: En remplacement de Monsieur Etienne DAVIGNON, élection de THIJS JOHNNY SPRL, représentée par Monsieur Johnny THIJS, comme administrateur non-exécutif et indépendant, dont le siège social est situé à 8300 Knokke-Heist, Zegemeerpad 3, et portant

  35. Slide 35: General Meeting Resolutions: Election of Revalue

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.4: En remplacement de la société ANDRE BERGEN Comm.V., élection de la société REVALUE SPRL, représentée par Monsieur Luc MISSORTEN, comme administrateur non-exécutif et indépendant, dont le siège social est situé à 3212 Pellenberg, Slijkstraat 67,

  36. Slide 36: General Meeting Resolutions: Election of Kurt Pierloot

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.5: En remplacement de Monsieur Pierre-Alain DE SMEDT, dont le mandat prend fin à la présente assemblée, élection de Monsieur Kurt PIERLOOT, domicilié à 8670 Oostduinkerke, Pisonlaan 6, comme administrateur non-exécutif et indépendant, pour une pér

  37. Slide 37: General Meeting Resolutions: Renewal of Bois Sauvage mandate

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.6: Renouvellement du mandat d’administrateur de la COMPAGNIE DU BOIS SAUVAGE SERVICES SA, représentée par Monsieur Benoit DECKERS pour une période de trois ans qui expirera à l’issue de l’Assemblée Générale de 2018. Besluit nr 4.6: Hernieuwing van

  38. Slide 38: General Meeting Resolutions: Independence of Patrick Van Craen

    ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la cinqième résolution: Résolution n° 5.1: Confirmation that Mr. Patrick VAN CRAEN does not meet the independence criteria in the sense of articles 524 §2 and 526bis §2 of the Companies Code, with effect of 20 June 2014. Voorstelle

  39. Slide 39: General Meeting Resolutions: Independent director Thijs Johnny

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.2: Election de la SPRL THIJS JOHNNY, représentée par Monsieur Johnny THIJS comme administrateur indépendant de la Société, au sens des articles 524 §2 et 526bis §2 du Code des Sociétés. Monsieur Johnny THIJS répond à tous les critères énoncés à l’

  40. Slide 40: General Meeting Resolutions: Independent director Revalue

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.3: Election de la SPRL REVALUE, représentée par Monsieur Luc MISSORTEN, comme administrateur indépendant de la Société, au sens des articles 524 §2 et 526bis §2 du Code des Sociétés. Monsieur Luc MISSORTEN répond à tous les critères énoncés à l’ar

  41. Slide 41: General Meeting Resolutions: Independent director Kurt Pierloot

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.4: Election de Monsieur Kurt PIERLOOT comme administrateur indépendant de la Société, au sens des articles 524 §2 et 526bis §2 du Code des Sociétés. Monsieur Kurt PIERLOOT répond à tous les critères énoncés à l’article 526ter du Code des Sociétés

  42. Slide 42: General Meeting Resolutions: Independent director Jacqueline Zoete

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.5: Election de Madame Jacqueline ZOETE comme administrateur indépendant de la Société, au sens des articles 524 §2 et 526bis §2 du Code des Sociétés. Lors de sa première nomination en 2010, Madame ZOETE ne répondait pas à toutes les conditions éta

  43. Slide 43: General Meeting Resolutions: Auditor representative

    ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la sixième résolution: Résolution n° 6: Approbation de la nomination de Monsieur Kurt DEHOORNE comme représentant du commissaire de la Société, à savoir la société civile sous forme de société coopérative à responsabilité limitée «

  44. Slide 44: General Meeting Resolutions: Remuneration report

    ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la septième résolution: Examen du rapport de rémunération relatif à l’exercice 2013, dont question dans la déclaration de gouvernement d’entreprise. Résolution n° 7.1: Approbation du rapport de rémunération. Voorstellen die het voo

  45. Slide 45: General Meeting Resolutions: Directors' emoluments

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 7.2: Fixation et approbation des émoluments des Administrateurs, à savoir : - Une indemnité fixe unique pour les Administrateurs de € 9.000 par an et pour le Président du Conseil d'Administration de € 18.000 par an ; - Des jetons de présence pour le

  46. Slide 46: General Meeting Resolutions: Audit Committee fees

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 7.3: Fixation du montant des jetons de présence pour les membres du Comité d'Audit à € 2.500 par réunion et pour le Président du Comité d'Audit à € 3.750 par réunion. Besluit nr 7.3: Bepaling van de zitpenningen van de leden van het Auditcomité op €

  47. Slide 47: General Meeting Resolutions: Remuneration Committee fees

    ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 7.4: Fixation du montant de la rémunération des membres du Comité de Rémunération et de Nomination à € 2.500 par an et pour le Président du Comité de Rémunération et de Nomination à € 3.750 par an. Besluit nr 7.4: Bepaling van de bezoldiging van de

  48. Slide 48: General Meeting Resolutions: New stock option plan

    ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la huitème résolution: Résolution n° 8: Nouvelle édition du Plan d’Options sur Actions du Groupe Recticel. Le Conseil d’Administration a l’intention de publier à la fin de l’année, dans le cadre du capital autorisé, une nouvelle édi

  49. Slide 49: Agenda Reminder

    Agenda 1 Reminder FY2014 Combined Results O. Chapelle 2 Presentation 1Q2015 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2015 O. Chapelle 4 Update on Strategy O. Chapelle 5 Resolutions on the Agenda of the Annual General Meeting E. Davignon 6 Appendix Annual Ordinary Shareholders Meeti

  50. Slide 50: Flexible Foams: Key events 2014

    ► Key events 2014  Combined sales from 583.4m€ to 593.0m€ (+1.6%) • 1Q2014: from 151.5m€ to 156.1m€ (+3.0%) • 2Q2014: from 145.8m€ to 144.0m€ (-1.2%) • 3Q2014: from 139.6m€ to 144.1m€ (+3.3%) • 4Q2014: from 146.6m€ to 148.8m€ (+1.5%) Combined Sales Flexible Foams (2011-2014) ► FY2014 sales: EUR 593

  51. Slide 51: Bedding: Key events 2014

    ► Key events 2014  Combined sales from 283.0m€ to 281.6m€ (-0.5%)(external sales: 261.0m€; +0.2%) • 1Q2014: from 75.5m€ to 76.0m€ (+0.6%) (external sales: +1.5%) • 2Q2014: from 64.5m€ to 59.4m€ (-7.9%) (external sales: -6.6%) • 3Q2014: from 67.1m€ to 67.5m€ (+0.5%) (external sales: +0.3%) • 4Q2014:

  52. Slide 52: Insulation: Key events 2014

    ► Key events 2014  Combined sales from 220.0m€ to 227.0m€ (+3.2%) • 1Q2014: from 49.9m€ to 55.5m€ (+11.2%) • 2Q2014: from 59.6m€ to 55.3m€ (-7.3%) • 3Q2014: from 57.6m€ to 59.9m€ (+3.9%) New plant Bourges • 4Q2014: from 52.8m€ to 56.4m€ (+6.7%) Combined sales Insulation (2011-2014) ► Building Insul

  53. Slide 53: Automotive: Key events 2014

    ► Key events 2014  Combined sales from 258.4m€ to 264.0m€ (+2.2%) • 1Q2014: from 63.5m€ to 68.7m€ (+8.2%) • 2Q2014: from 66.2m€ to 71.9m€ (+8.6%) • 3Q2014: from 64.0m€ to 59.9m€ (-6.5%) • 4Q2014: from 64.7m€ to 63.6m€ (-1.7%) Combined sales Automotive (2011-2014) ► Interiors (108.5m€; -2.0%) 100 Co

  54. Slide 54: ANNEXES - Consolidated Key Figures

    ANNEXES - Consolidated Key Figures ► Sales: from 976.8m€ to 983.4m€ (+0.7%) ► EBITDA: from 13.6m€1 to 36.8m€, including -8.2m€ German Federal Cartel Office fine ► EBIT: from -20.9m€1 to 8.8m€ ► Result of the period (share of the Group): from -36.1m€1 to -9.7m€ ► Net financial debt2: from 138.2m€ (31

  55. Slide 55: ANNEXES – Consolidated Income Statement

    ANNEXES – Consolidated Income Statement Annual Ordinary Shareholders Meeting 55 26 May 2015

  56. Slide 56: ANNEXES – Consolidated Comprehensive Income

    ANNEXES – Consolidated Comprehensive Income Annual Ordinary Shareholders Meeting 56 26 May 2015

  57. Slide 57: ANNEXES - Consolidated financial result and taxes

    ANNEXES - Consolidated financial result and taxes ► Consolidated financial result: from -11.3m€ to -12.8m€  Net interest charges increased from -9.4m€ to -10.0m€. This is primarily attributable to higher credit margins and higher average interest-bearing debt, including the usage of ‘off-balance’ f

  58. Slide 58: ANNEXES - Balance Sheet - Assets

    ANNEXES - Balance Sheet - Assets M€ A 31/12/2014 LY 31/12/2013 A 31/12/2014 LY 31/12/2013 Consolidated Consolidated Combined Combined Non Current Assets 386.7 377.4 380.1 378.5 Intangible Assets 12.4 12.0 15.0 14.1 Goodwill 24.9 24.6 34.8 34.5 Property, plant and equipment 204.2 204.6 255.7 255.2 In

  59. Slide 59: ANNEXES - Balance Sheet - Liabilities

    ANNEXES - Balance Sheet - Liabilities M€ A 31/12/2014 LY 31/12/2013 A 31/12/2014 LY 31/12/2013 Consolidated Consolidated Combined Combined Equity (incl. Minority) 166.2 186.8 166.2 186.8 Equity (Share of the Group) 166.2 186.8 166.2 186.8 Non-controlling interest - - - - Non Current Liabilities 219.

  60. Slide 60: ANNEXES – Consolidated Statement of Cash Flow

    ANNEXES – Consolidated Statement of Cash Flow Annual Ordinary Shareholders Meeting 60 26 May 2015

  61. Slide 61: ANNEXES – Statement of Changes in Equity

    ANNEXES – Statement of Changes in Equity Annual Ordinary Shareholders Meeting 61 26 May 2015

  62. Slide 62: ANNEXES – Data per share

    ANNEXES – Data per share Annual Ordinary Shareholders Meeting 62 26 May 2015

  63. Slide 63: Contacts

    CONTACTS Investor Relations Michel De Smedt Press Olivier Chapelle Recticel International Headquarters Email: desmedt.michel@recticel.com Email: chapelle.olivier@recticel.com 2, avenue des Olympiades/Olympiadenlaan, 2 Tel: +32 (0)2 775 18 09 Tel: +32 (0)2 775 18 01 B-1140 Brussels Mob: +2 (0) 479 91

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