Recticel SA · EURONEXT:RECT
Recticel SA — Shareholder Meeting (May 2014)
58 slides from Recticel SA's shareholder meeting presentation, May 27, 2014
Slide 1: Ordinary Annual General Shareholders' Meeting
RECTICEL ORDINARY ANNUAL GENERAL SHAREHOLDERS’ MEETING Brussels, 27 May 2014 27 May 2014 ANNUAL SHAREHOLDERS MEETING 1
Slide 2: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 2
Slide 3: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 3
Slide 4: Forenote
Forenote ► As announced in the press release of 04 October 2013, Recticel decided to adopt the new IFRS 11 Reporting Standard as of 01 January 2013. Consequently, the joint ventures, which were previously integrated by application of the proportionate consolidation method, are now consolidated on th
Slide 5: Consolidated Key Figures
Consolidated Key Figures ► Consolidated sales: from 1,035.1m€ to 976.8m€ (-5.6%, including -1.0% exchange rate impact) ► Consolidated EBITDA: from 66.0m€ 1 to 13.6m€, including European Commission fine (-27m€) , legal fees and restructuring charges ► Consolidated EBIT: from 33.0m€ 1 to -20.9m€ ► Res
Slide 6: Combined Key Figures
Combined Key Figures Weak European markets & non-recurring elements impacted 2013 results ► Combined sales: from 1,319.5m€ to 1,258.6m€ (-4.6%, incl. -0.9% exchange rate impact) ► Combined REBITDA: from 87.7m€1 to 72.8m€ (-16.9%) ► Combined REBIT: from 47.8m€ 1 to 33.2m€ (-30.5%) ► Non-recurring ele
Slide 7: The European economic context has been unfavourable in 2013
The European economic context has been unfavourable in 2013 • EU 27: difficult economic and financial situation leading to low consumer confidence • EU27 automotive market declined for 6 straight year to lowest level since 1990 • Construction has contracted by 2.7% in EU countries • Bedding heavily
Slide 8: Sales increased in 2010-2011, decreased in 2012-2013, now bottom out
Sales increased in 2010-2011, decreased in 2012-2013, now bottom out ... Quarterly net sales evolution in % Year/Year 27 May 2014 ANNUAL SHAREHOLDERS MEETING 8
Slide 9: Good relative top-line resilience in all segments
Good relative top-line resilience in all segments ► Flexible Foams (-0.8%) limited impact by its wide geographical and segment positioning, ► Bedding sales (+2.3%; like-for-like -5.5%) resisted well in depressed European market Beterbed -10% ► Building Insulation sales (+0.5%) stable in softer Eur
Slide 10: Combined REBITDA impacted by lower sales and unfavourable mix (1)
Combined REBITDA impacted by lower sales and unfavourable mix (1) ► REBITDA : from 87.7m€ 1 to 72.8m€ (-16.9%) 2012 figures included a 7.0m€ reversal of provisions for early retirement rights. Excluding this element, REBITDA decreased by -9.8% In a challenging environment, resulting in increased
Slide 11: Combined REBITDA impacted by lower sales and unfavourable mix (2)
Combined REBITDA impacted by lower sales and unfavourable mix (2) ► Flexible Foams has progressively improved its performance throughout the year. ► Bedding materialized significant improvements in 2H2013 as the Geltex® Inside product line was unfolded, helping to partially compensate for lower volu
Slide 12: REBIT evolves according to REBITDA
REBIT evolves according to REBITDA ► REBIT : from 47.8m€ 1 to 33.2m€ (-30.5%) 1 FY 2012 figures include a 7.0m€ reversal of provisions for early retirement rights in 2012 27 May 2014 ANNUAL SHAREHOLDERS MEETING 12
Slide 13: Non-recurring elements (on combined basis)
Non-recurring elements (on combined basis) 27 May 2014 ANNUAL SHAREHOLDERS MEETING 13
Slide 14: EBITDA & EBIT severely impacted by non-recurring elements
EBITDA & EBIT severely impacted by non-recurring elements ► EBITDA: from 78.2m€ to 27.7m€ ► EBIT: from 33.0m€ to -15.3m€ 27 May 2014 ANNUAL SHAREHOLDERS MEETING 14
Slide 15: Lower consolidated financial result and lower consolidated income taxes
Lower consolidated financial result and lower consolidated income taxes ► Consolidated financial result: from -11.6m€ (restated) to -11.3m€ Net interest charges stable from -9.3m€ to -9.4m€. This is primarily attributable to improved cost of funding, whereas interest-bearing debt, including the us
Slide 16: Net financial debt remains stable
Net financial debt remains stable ► Combined net financial debt versus Consolidated net financial debt 27 May 2014 ANNUAL SHAREHOLDERS MEETING 16
Slide 17: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 17
Slide 18: Trading update 1Q2014
Trading update 1Q2014 ► Combined sales increased by 4.9% from EUR 317.9m to EUR 333.4m ► Improved recurring profitability is well in line with market consensus ► Combined net financial debt of EUR 170.5m, linked to the seasonal working capital build-up and higher sales level 27 May 2014 ANNUAL SHARE
Slide 19: Update on European Commission and Bundeskartellamt investigations
Update on European Commission and Bundeskartellamt investigations Inspection by the Directorate for Competition of the EC • On 29 January 2014, Recticel announced that it reached a settlement of EUR 27 million with the European Commission in the context of the investigation in the Flexible Foams m
Slide 20: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 20
Slide 21: Dividend and Outlook
Dividend and Outlook ► The Board of Directors proposes to the Annual General Meeting of 27 May 2014 the payment of a gross dividend of EUR 0.20 per share (2012: EUR 0.29). ► OUTLOOK The markets in which Recticel is active remain volatile, but with an overall more positive trend. While remaining prud
Slide 22: Resources allocated per 9-box grid segment strategy
In line with 2015 Strategy, we allocate resources as per our 9-box grid segment strategy Our Segment Strategy means resource are prioritised inside our segment portfolio: - Insulation: growth with priority on capex and human resources allocation - Flexible Foams & Bedding: to improve efficiency - Au
Slide 23: In line with 2015 Strategy, we simplify the company
In line with 2015 Strategy, we simplify the company Rationalisation and overall complexity reduction is being further implemented In the last 4 years o # Plants: 28 facilities closed or sold 100 sites remain end 2013 o # Employees: reduced by more than 2,000 ~7,700 employees end 2013 o # Joint V
Slide 24: In line with 2015 Strategy, we expand outside Europe
In line with 2015 Strategy, we expand outside Europe Geographic Diversification to progressively reduce 94% exposure on EU and leverage markets outside Europe : ► Done o Opening of Shengyang (China) (Interiors-’12) and Mumbai (India) (Flexible Foams-’12) o Expansion of Istanbul (Turkey) (Flexible Fo
Slide 25: In line with 2015 Strategy, we accelerate innovation
In line with 2015 Strategy, we accelerate innovation Differentiating Innovations introduced in all business segments, and R&D re-organized to increase the pull effect by Business Lines : Insulation: 5 important innovations at Batibouw 2014 - Eurowall 21 (ld: 0,021 W/mK) - Eurofloor 300 - Powerroof M
Slide 26: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 26
Slide 27: Ordinary General Meeting Resolutions: statutory accounts
ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la première résolution : Résolution n° 1.1: Approbation des comptes sociaux au 31 décembre 2013. Voorstellen die het voorwerp van het eerste besluit uitmaken: Besluit nr 1.1: Goedkeuring van de vennootschappelijke jaarrekening per
Slide 28: Resolution 1.2: Appropriation of the 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.: in EUR Bénéfice de l’exercice Winst va
Slide 29: Resolution 2: 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 2013. Voorstel dat het voorwerp van het tweede besluit uitmaakt: B
Slide 30: Resolution 3: Discharge to the 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 2013. Voorstel dat het voorwerp van het derde besluit uitmaakt: Besluit
Slide 31: Resolution 4.1: Director ratification
ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la quatrième résolution: Résolution n° 4.1: Conformément à l’article 18 des statuts, ratification de la résolution adoptée par le Conseil d’Administration du 6 mai 2013 et remplacement définitif comme administrateur de Madame Ingri
Slide 32: Resolution 4.2: Director ratification
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.2: Conformément à l’article 18 des statuts, ratification de la résolution adoptée par le Conseil d’Administration du 17 juin 2013 et remplacement définitif comme administrateur de Madame Marion DEBRUYNE par « MARION DEBRUYNE SPRL » représentée par
Slide 33: Resolution 4.3: Director ratification
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.3: Conformément à l'article 18 des statuts, ratification de la cooptation et remplacement définitif comme administrateur de Monsieur Guy PAQUOT, démissionnaire, par ENTREPRISES ET CHEMINS DE FER EN CHINE SA, représentée par Monsieur Frédéric VAN G
Slide 34: Resolution 4.4: Election of director
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 4.4: Election comme administrateur de COMPAGNIE DU BOIS SAUVAGE SA, représentée par Monsieur Pierre-Yves de Laminne de Bex, représentant permanent, pour une période se terminant à l'issue de l'assemblée générale ordinaire de 2018. Besluit nr 4.4: Be
Slide 35: Resolution 5.1: Remuneration report
ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la cinqième résolution: Examen du rapport de rémunération relatif à l’exercice 2013, dont question dans la déclaration de gouvernement d’entreprise. Résolution n° 5.1: Approbation du rapport de rémunération. Voorstellen die het voo
Slide 36: Gross remuneration of directors
ORDINARY GENERAL MEETING RESOLUTIONS Rémunérations brutes des administrateurs Bruto bezoldigingen van de bestuurders Gross remuneration of directors in EUR ATTENDENCE AUDIT REMUNERATION REMUNERATION DIRECTOR'S TOTAL NAME FEES BOARD COMMITTEE AND NOMINATION FOR SPECIAL FEES 2013 (GROSS) 2013 2013 COM
Slide 37: Gross remuneration of the Management Committee
ORDINARY GENERAL MEETING RESOLUTIONS Rémunérations brutes du Comité de Management Bruto bezoldigingen van het Managementcomité Gross remuneration of the Management Committee in EUR OLIVIER CHAPELLE SPRL OTHER MEMBERS OF TOTAL COST FOR THE REPRESENTED BY THE MANAGEMENT TOTAL COMPANY OLIVIER CHAPELLE
Slide 38: Resolution 5.2: Directors' emoluments
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.2: 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
Slide 39: Resolution 5.3: Audit Committee fees
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.3: 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 5.3: Bepaling van de zitpenningen van de leden van het Auditcomité op €
Slide 40: Resolution 5.4: Remuneration Committee fees
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.4: 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. Par rapport aux dispositions prescrites par l’artic
Slide 41: Resolution 5.4 (Dutch)
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.4: … Besluit nr 5.4: Bepaling van de bezoldiging van de leden van het Remuneratie- en Benoemingscomité op € 2.500 per jaar en die van de Voorzitter van het Remuneratie- en Benoemingscomité op € 3.750 per jaar. Met betrekking tot de bepalingen voor
Slide 42: Resolution 5.4 (English)
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.4: … Besluit nr 5.4: … Resolution # 5.4: Fixing of the amount of fees for the members of the Remuneration and Nomination Committee at € 2,500 a year and for the Chairman of the Remuneration and Nomination Committee at € 3,750 a year. In respect of
Slide 43: Resolution 5.5: Deviation from three-year deferral
ORDINARY GENERAL MEETING RESOLUTIONS Résolution n° 5.5: Approbation de la proposition de renoncer au principe de report de paiement sur une période de trois ans et de permettre le paiement complet, dans l’année, de la rémunération variable en faveur de l’Administrateur Délégué et CEO, OLIVIER CHAPEL
Slide 44: Resolution 6: New Stock Option Plan
ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la sixième résolution: Résolution n° 6: 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
Slide 45: Resolution 6: New Stock Option Plan (Dutch)
ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la sixième résolution: Résolution n° 6: … Voorstel dat het voorwerp van het zesde besluit uitmaakt: Besluit nr 6: Nieuwe editie van het Recticel Group Stock Option Plan. De Raad van Bestuur heeft de intentie om op het einde van het
Slide 46: Resolution 6: New Stock Option Plan (English)
ORDINARY GENERAL MEETING RESOLUTIONS Proposition faisant l'objet de la sixième résolution: Résolution n° 6: … Voorstel dat het voorwerp van het zesde besluit uitmaakt: Besluit nr 6: ... Proposal forming the subject of the sixth resolution: Resolution # 6: New edition of the Stock Option Plan of the
Slide 47: Resolution 7.1: Remuneration report
ORDINARY GENERAL MEETING RESOLUTIONS Propositions faisant l'objet de la septième résolution: Résolution n° 7.1: Approbation du rapport de rémunération. Voorstellen die het voorwerp van het zevende besluit uitmaken: Besluit nr 7.1: Goedkeuring van het remuneratieverslag. Proposals forming the subject
Slide 48: Agenda
Agenda 1 Presentation FY2013 Consolidated & Combined Results O. Chapelle 2 Presentation 1Q2014 Trading Update O. Chapelle 3 Dividend proposal & Outlook FY2014 O. Chapelle 4 Resolutions on the Agenda of the Annual General Meeting E. Davignon 5 Annexes 27 May 2014 ANNUAL SHAREHOLDERS MEETING 48
Slide 49: ANNEXES – Consolidated Income Statement
ANNEXES – Consolidated Income Statement 27 May 2014 ANNUAL SHAREHOLDERS MEETING 49
Slide 50: ANNEXES – Consolidated Comprehensive Income
ANNEXES – Consolidated Comprehensive Income 27 May 2014 ANNUAL SHAREHOLDERS MEETING 50
Slide 51: ANNEXES – Consolidated Balance Sheet
ANNEXES – Consolidated Balance Sheet in million EUR 31 DEC 2012 1 31 DEC 13 D Intangible assets 11,1 12,0 7,2% Goodwill 25,1 24,6 -2,0% Property, plant & equipment 219,2 204,6 -6,6% Investment property 4,5 3,3 -25,2% Interest in joint ventures & associates 69,1 72,5 4,9% Other financial investments
Slide 52: ANNEXES – Consolidated Statement of Cash Flow
ANNEXES – Consolidated Statement of Cash Flow 27 May 2014 ANNUAL SHAREHOLDERS MEETING 52
Slide 53: ANNEXES – Statement of Changes in Equity
ANNEXES – Statement of Changes in Equity 27 May 2014 ANNUAL SHAREHOLDERS MEETING 53
Slide 54: ANNEXES – Data per share
ANNEXES – Data per share 27 May 2014 ANNUAL SHAREHOLDERS MEETING 54
Slide 55: ANNEXES – Reconciliation
ANNEXES – Reconciliation Combined figures with Consolidated figures 27 May 2014 ANNUAL SHAREHOLDERS MEETING 55
Slide 56: ANNEXES – Reconciliation
ANNEXES – Reconciliation Combined figures with Consolidated figures 27 May 2014 ANNUAL SHAREHOLDERS MEETING 56
Slide 57: Recticel share price evolution in last 4 years up to Q1 2014
Recticel share price evolution in last 4 years up to Q1 2014 better than Bel 20, better than Bel Mid, but under Bel Small Q1 trading EU update EU BKA Crisis Automotive contracts 27 May 2014 ANNUAL SHAREHOLDERS MEETING 57
Slide 58: 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