Recticel SA · EURONEXT:RECT
Recticel SA — H1 2023 Earnings Presentation
20 slides from Recticel SA's earnings presentation, Aug 31, 2023
Slide 1: First half-year 2023 results – Analysts' meeting
RECTICEL First half-year 2023 results Analysts’ meeting Brussels – August 31, 2023 Johnny Thijs – Chairman of the Board Jan Vergote – Chief Executive Officer Dirk Verbruggen – Chief Financial & Legal Officer 1 Brussels, August 31, 2023 Analysts’ meeting – Recticel 1H2023 results
Slide 2: Recticel announces departure of CEO and appoints Jan Vergote
Recticel announces the departure of Olivier Chapelle as CEO and appoints Jan Vergote as new CEO (press release 31/08/2023) After the finalisation of the transformation of Recticel in a pure insulation player, the Board of Directors and Olivier Chapelle have agreed that after 13 years at the helm of
Slide 3: Highlights 1H2023: Recticel repositioned as Pure Insulation Player
Highlights 1H2023: Recticel repositioned as Pure Insulation Player, with strong Balance Sheet. 1 Sales € 266.1m (-7.4%) | Adjusted EBITDA € 18.2m (-42.6%) | Net result (share of the group) € 2.2m 2 Recticel is a pure insulation player since divestment of Engineered Foams, completed on 12 and 13 June
Slide 4: Recticel, now a pure insulation player as of June 2023
Recticel, now a pure insulation player as of 30 June 2023. 647.9 * * pro-forma 2022 sales with 12 months Insulated Panels (Trimo) 4 Brussels, August 31, 2023 Analysts’ meeting – Recticel 1H2023 results
Slide 5: Recticel's market presence at a glance (sales FY 2022)
Recticel’s market presence at a glance (sales FY 2022) Drivers Geographic regions Sector End market 5 Brussels, August 31, 2023 Analysts’ meeting – Recticel 1H2023 results
Slide 6: Taxonomy: 90.7% of 2022 revenues meet eligibility criteria
Taxonomy: 90.7% of Recticel’s 2022 revenues meet the eligibility criteria (PwC audited), thanks to our climate mitigation insulation products*, reducing global GHG emissions. Thermal insulation Thermo-acoustic Insulated panels Acoustic insulation Vacuum insulation panels boards boards Recticel has c
Slide 7: Recticel production sites and products
Wevelgem (BEL) Mäntsälä (FIN) Thermal insulation boards (PIR) Thermal insulation boards (PIR) Burntwood (GBR) Thermal insulation boards Flat and tapered roofs Stoke-on-Trent (GBR) Thermal insulation boards (PIR) Recticel Headquarters Angers (FRA) Thermo-acoustic boards Bourges (FRA) Irvine (USA) The
Slide 8: A brief look at Soundcoat: Acoustic Insulation
A brief look at Soundcoat: Acoustic Insulation At Soundcoat, we provide the optimal noise-reducing and thermal treatment solutions for equipment by combining different materials to match customer design parameters. We provide adaptable sound absorption materials, tuned vibration damping treatments a
Slide 9: 2023 Innovations and market introductions
2023 Innovations and market introductions Impact product line ECO light product line New range thermal insulation boards containing New range insulated panels with low material consumption 25% bio-circular raw materials, reducing CO2 emissions by for needed performance in targeted market segments av
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Slide 11: Consolidated Income Statement (IFRS5)
Consolidated Income Statement (IFRS5): Sales € 266.1m, Adj. EBITDA € 18.2m, EAT € 2.2m Net cash position at € 142.3m in million EUR 1H2022 restated¹ 1H2023 % Sales 287.2 266.1 -7.4% Gross profit 52.1 45.5 -12.7% as % of sales 18.1% 17.1% Adjusted EBITDA 31.7 18.2 -42.6% as % of sales 11.0% 6.8% EBIT
Slide 12: 1H2023 Sales: topline under pressure
1H2023 Sales : topline under pressure through combination of soft volumes and decreasing prices. Group Sales Group Sales 2Q 2023 1H 2023 € 160.4m € 266.1m -13.7% vs 1Q2022* -7.4% vs 1H2022* 2Q2023 volumes improving Progressively improving demand sequentially vs 1Q2023 by 5% and and strong orderb
Slide 13: 1H 2023 Results under pressure – Adj. EBITDA down to €18.2 million
1H 2023 Results under pressure – Adj. Ebitda down to €18.2 million Adjusted EBITDA 1H2023 € 18.2m -42.6% vs 1H2022* 6.8% margin on sales Raw material costs decreased, compensating partially negative volume, price effects, and all inflation impacts (salaries, energy, transportation, …) * Including
Slide 14: Financial result of €-6.2m | Income taxes of €-3.1m
Financial result of € -6.2m | Income taxes of € -3.1m Financial result: € -6.2m (1H2022: € -1.5m) • Net interest charges: € -6.0m (1H2022: € -1.5m) as a result of higher debt following Trimo acquisition in 2Q2023 and gradually increasing interest rates, in absence of hedging as it was expected to
Slide 15: Results from continued and discontinued operations
Results from continued and discontinued operations Result from continued operations: € -11.5m (1H2022: € 12.9m) Result from discontinued operations: € 13.0m (1H2022: € 22.1m) • Result from discontinued operations in 1H2023 mainly represents: • result until 12 June 2023 of the Engineered Foams ac
Slide 16: On 30 June 2023, Recticel had a net cash position of €142.3m
On 30 June 2023, Recticel had a net cash position of € 142.3m in million EUR 30 JUN 2022 30 SEP 2022 31 DEC 2022 31 MAR 2023 30 JUN 2023 restated¹ restated¹ restated¹ Total equity 411.7 - 446.2 - 437.3 Net financial debt excluding factoring 249.5 254.5 241.1 252.0 (150.0) + Lease debt (IFRS 16) 6.8
Slide 17: Subsequent event – Orsa Foam divestment
Subsequent event – Orsa Foam divestment Following the closing of the sale of Engineered Foams to Carpenter, Recticel has now reached an agreement in principle to divest its 33% participation in Italian foam company Orsa Foam srl to its joint venture partner Orsa srl. The purchase price amounts to €
Slide 18: Outlook 2023
Outlook 2023 Input costs of chemicals, steel, and to a lesser extent mineral wool have decreased, which should create the conditions for volume growth going forward. Although still volatile, we see improvements in the demand, particularly in Insulated Panels. In this context, we expect our full year
Slide 19: ESG ratings currently available
ESG ratings currently available, providing transparency and clarity to our stakeholders as well as identifying the areas where we can continue to improve. Benchmarking peers will change with the new scope of Recticel. Focus on reduction GHG emissions, safeguarding water resources Focus on ESG risk m
Slide 20: Contacts
Contacts Investor Relations Recticel NV Dirk Verbruggen Avenue du Bourget/Bourgetlaan 42 Chief Financial & Legal Officer 1130 Brussels - Belgium verbruggen.dirk@recticel.com +32 (0)2 775 18 01 Financial calendar Third quarter 2023 trading update 27.10.2023 (at 07:00 AM CET) For more product informat