Recticel SA · EURONEXT:RECT
Recticel SA — FY2011 Earnings Presentation
33 slides from Recticel SA's earnings presentation, Mar 2, 2012
Slide 1: FY2011 Results - Financial Analysts' Meeting
RECTICEL - FY2011 Results FINANCIAL ANALYSTS’ MEETING Speakers: Olivier Chapelle, CEO Jean-Pierre Mellen, CFO Brussels, 02 March 2012 www.recticel.com -1-
Slide 2: Agenda
Agenda 1. Highlights 2. FY2011 consolidated results 3. FY2011 comments per business line 4. Financial situation 5. Miscellaneous 6. Outlook FY2012 7. Q&A 8. Annexes www.recticel.com -2-
Slide 3: 1. Highlights
1. Highlights Recticel on track in the execution of its plans Progressive reduction of economical activity throughout 2011 Increasing raw material prices to record levels during H1 Construction of Bourges insulation plant Production start-up Oct 12 Restructuring plan 2011 realised On tim
Slide 4: 2. FY2011 Consolidated results
2. FY2011 Consolidated results Net Sales: from EUR 1,348.4M to EUR 1,378.1M (+2.2%) 1HY11: from EUR 670.4M to EUR 699.8M (+4.4%) 2HY11: from EUR 678.1M to EUR 678.4M (+0.0%) y/y: 0.0% Automotive 23% Flexible Foams y/y: -1.1% 41% Insulation 16% y/y: +19.0% Bedding 20% y/y: -0.4% Impact exchange
Slide 5: 2. FY2011 Consolidated results: Net Sales
2. FY2011 Consolidated results Net Sales YTD DECEMBER in m€ 2011 2010 Variance in % vs. LY Comfort 365,8 385,8 95% Technical foams 207,5 191,1 109% Composite foams 22,8 25,8 88% FLEXIBLE FOAMS 596,2 602,7 99% BEDDING 292,2 293,3 100% Interiors 164,1 170,2 96% Seating 147,0 136,6 108% Exteriors 13,
Slide 6: 2. FY2011 Consolidated results: Sales per quarter
2. FY2011 Consolidated results Sales per quarter PER QUARTER in m€ Q4/11 Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10 Comfort 92,2 92,1 82,4 99,1 101,6 94,5 90,3 99,4 Technical foams 49,4 49,3 54,0 54,9 49,7 45,6 49,7 46,1 Composite foams 5,0 6,0 5,9 5,9 5,5 7,2 6,9 6,3 FLEXIBLE FOAMS 146,6 147,3 142
Slide 7: REBITDA: from EUR 104.0M to EUR 88.6M
REBITDA: from EUR 104.0M to EUR 88.6M (- 14.8%) After record levels in June 2011, raw material prices stabilized in 3Q/2011 and decreased in 4Q/2011 Higher raw materials cost (EUR 36.5M more than in 2010) FY2010 comprised a one-off compensation received in the US Interior’s 2H/2010 2H/2011 s
Slide 8: Raw material price evolution
Raw material price evolution www.recticel.com -8-
Slide 9: REBIT: from EUR 58.9M to EUR 47.1M
REBIT: from EUR 58.9M to EUR 47.1M (- 20.0%) Same comments as for REBITDA Depreciation & Amortization: EUR 41.5M (FY2010: EUR 2H/2010 2H/2011 2H in million EUR FY2010 FY2011 FY 45.1M) 5,2 3,7 -29,1% Flexible Foams 15,7 10,4 -34,1% 9,7 6,5 -33,5% Bedding 14,6 11,2 -23,6% 16,4 19,4 18,5% Ins
Slide 10: Non-recurring elements: from EUR –31.3M to EUR –5.1M
Non-recurring elements: from EUR –31.3M to EUR –5.1M Impairments on fixed assets in Flexible Foams (Turkey) and in Automotive – Interiors (cfr SAAB) Incurred costs and net provisions for restructuring programs and related onerous contracts in Flexible Foams (The Netherlands and UK), in Automot
Slide 11: EBITDA and EBIT
EBITDA: from EUR 83.5M to EUR 88.8M (+6.3%) 2H/2010 2H/2011 2H in million EUR FY2010 FY2011 FY 4,3 8,7 100,3% Flexible Foams 22,2 22,6 1,9% 10,6 9,2 -13,6% Bedding 17,3 16,6 -3,6% 18,1 21,3 17,5% Insulation 35,5 39,5 11,2% 7,5 8,7 15,8% Automotive (1) 26,9 24,4 -9,2% ( 10,2) ( 6,1) -40,1% Co
Slide 12: Financial result: from EUR –17.1M to EUR –16.7M
Financial result: from EUR –17.1M to EUR – 16.7M Net interest charges increased from EUR –11.8M to EUR – 13.3M Average outstanding debt, including off-balance sheet factoring/forfeiting, increased from EUR 220.8M to EUR 229.9M Recognition of the unamortized arrangement fees of the 2008 ‘club
Slide 13: Income taxes & deferred taxes
Income taxes & deferred taxes: from EUR +4.1M to EUR –7.9M Current income taxes: EUR –1.6M (EUR –7.7M in FY2010) (i.e. subsidiaries in Eastern Europe, Germany and Scandinavia) Deferred taxes: EUR –6.4M (EUR +11.8M in FY2010) Result of the period (share of the Group): From EUR 14.4M to EUR
Slide 14: Key events FY2011: Flexible Foams sales
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 304,1 294,0 -3,3% 602,7 596,2 -1,1% REBITDA 12,3 10,1 -18,3% 30,6 23,6 -22,9% as % of sales 4,1% 3,4% 5,1% 4,0% EBITDA 4,3 8,7 100,3% 22,2 22,6 1,9% as % of sales 1,4% 3,0% 3,7% 3,8% REBIT 5,2 3,7 -29,1% 15,7 10,4 -34,1% as % of sales 1,7% 1,3
Slide 15: Key events FY2011: Flexible Foams EBITDA
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 304,1 294,0 -3,3% 602,7 596,2 -1,1% REBITDA 12,3 10,1 -18,3% 30,6 23,6 -22,9% as % of sales 4,1% 3,4% 5,1% 4,0% EBITDA 4,3 8,7 100,3% 22,2 22,6 1,9% as % of sales 1,4% 3,0% 3,7% 3,8% REBIT 5,2 3,7 -29,1% 15,7 10,4 -34,1% as % of sales 1,7% 1,3
Slide 16: Key events FY2011: Bedding sales
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 150,6 150,6 0,0% 293,3 292,2 -0,4% REBITDA 12,7 9,2 -27,8% 20,3 16,9 -16,8% as % of sales 8,5% 6,1% 6,9% 5,8% EBITDA 10,6 9,2 -13,6% 17,3 16,6 -3,6% as % of sales 7,1% 6,1% 5,9% 5,7% REBIT 9,7 6,5 -33,5% 14,6 11,2 -23,6% as % of sales 6,5% 4,3
Slide 17: Key events FY2011: Bedding EBITDA
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 150,6 150,6 0,0% 293,3 292,2 -0,4% REBITDA 12,7 9,2 -27,8% 20,3 16,9 -16,8% as % of sales 8,5% 6,1% 6,9% 5,8% EBITDA 10,6 9,2 -13,6% 17,3 16,6 -3,6% as % of sales 7,1% 6,1% 5,9% 5,7% REBIT 9,7 6,5 -33,5% 14,6 11,2 -23,6% as % of sales 6,5% 4,3
Slide 18: Key events FY2011: Insulation sales
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 99,0 114,4 15,6% 187,4 223,1 19,0% REBITDA 18,1 21,3 17,5% 35,5 39,5 11,2% as % of sales 18,3% 18,6% 18,9% 17,7% EBITDA 18,1 21,3 17,6% 35,5 39,5 11,2% as % of sales 18,3% 18,6% 18,9% 17,7% REBIT 16,4 19,4 18,5% 32,1 35,8 11,5% as % of sales 1
Slide 19: Key events FY2011: Insulation EBITDA
in million EUR 2H/2010 2H/2011 2H 2010 2011 FY Sales 99,0 114,4 15,6% 187,4 223,1 19,0% REBITDA 18,1 21,3 17,5% 35,5 39,5 11,2% as % of sales 18,3% 18,6% 18,9% 17,7% EBITDA 18,1 21,3 17,6% 35,5 39,5 11,2% as % of sales 18,3% 18,6% 18,9% 17,7% REBIT 16,4 19,4 18,5% 32,1 35,8 11,5% as % of sales 1
Slide 20: Key events FY2011: Automotive sales
in million EUR 2H/2010 2H/2011 2H 2010 (1) 2011 FY Sales 156,9 149,7 -4,6% 324,9 324,8 0,0% REBITDA 11,8 8,9 -24,4% 33,7 25,3 -25,1% as % of sales 7,5% 6,0% 10,4% 7,8% EBITDA 7,5 8,7 15,8% 26,9 24,4 -9,2% as % of sales 4,8% 5,8% 8,3% 7,5% REBIT 0,8 0,0 -95,7% 13,0 7,0 -46,3% as % of sales 0,5% 0
Slide 21: Key events FY2011: Automotive EBITDA
in million EUR 2H/2010 2H/2011 2H 2010 (1) 2011 FY Sales 156,9 149,7 -4,6% 324,9 324,8 0,0% REBITDA 11,8 8,9 -24,4% 33,7 25,3 -25,1% as % of sales 7,5% 6,0% 10,4% 7,8% EBITDA 7,5 8,7 15,8% 26,9 24,4 -9,2% as % of sales 4,8% 5,8% 8,3% 7,5% REBIT 0,8 0,0 -95,7% 13,0 7,0 -46,3% as % of sales 0,5% 0
Slide 22: Agenda
Agenda Highlights FY2011 consolidated results FY2011 comments per business line Financial situation Miscellaneous Outlook FY2011 Q&A www.recticel.com - 22 -
Slide 23: 4. Financial situation
4. Financial situation End 2011, net financial debt amounted to EUR 150.1M (excluding the drawn amounts under off-balance non-recourse factoring/forfeiting programs: EUR 45.5M) compared to respectively EUR 158.7M and EUR 19.7M on 31 December 2010. This results in an improved ‘net debt to equity’
Slide 24: 5. Miscellaneous
5. Miscellaneous Inspection by the Directorate for Competition of the EC and Inspection by the German Federal Cartel Office (“Bundeskartellamt”) Concerning the ongoing European Commission and Bundeskartellamt investigations, additional data were requested by the Commission. No other additional e
Slide 25: 6. Outlook 2012
6. Outlook 2012 Given the continuing uncertainty in the growth forecasts made by national and international institutions in the economies in which Recticel is active, the Board of Directors is not in a position to assess growth potential in 2012. In 2012, the Group will continue to introduce new inn
Slide 26: 7. Focus 2012
7. Focus 2012 Prioritise resource allocation as per Strategic Plan EUR 60M CAPEX plan in 2012 (EUR 33M in 2011) including a 50% capacity increase in Insulation Continue to introduce new innovative products on key markets Continuous upgrade of teams, people and competences Keep the focus on
Slide 27: Thank you for your attention! Questions & Answers
Thank you for your attention ! Questions & Answers www.recticel.com - 27 -
Slide 28: ANNEXES – Consolidated Income Statement
ANNEXES – Consolidated Income Statement Sales in million EUR 2010 1 348,4 1H/2011 699,8 2H/2011 678,4 2011 1 378,1 11/10 2,2% Gross profit 216,9 106,3 105,0 211,3 -2,6% as % of sales 16,1% 15,2% 15,5% 15,3% EBITDA 83,5 47,1 41,7 88,8 6,3% as % of sales 6,2% 6,7% 6,1% 6,4% of which Income from asso
Slide 29: ANNEXES – Consolidated Balance Sheet
ANNEXES – Consolidated Balance Sheet in million EUR 31 DEC 10 31 DEC 11 -5,5% Intangible assets 13,3 12,6 Goodwill 34,4 34,7 0,9% Property, plant & equipment 271,0 255,3 -5,8% Investment property 0,9 3,3 271,8% Interest in associates 15,5 13,0 -16,1% Other financial investments and available for
Slide 30: ANNEXES – Consolidated Statement of Cash Flow
ANNEXES – Consolidated Statement of Cash Flow in million EUR 2010 2011 EBIT 27,6 42,0 52,2% Depreciation, amortisation and impairment losses on assets 55,9 46,8 -16,4% Other non-cash elements 4,1 ( 28,9) nr Gross operating cash flow 87,7 59,9 -31,6% Changes in working capital ( 6,0) ( 7,8) 31,2%
Slide 31: ANNEXES – Statement of Changes in Equity
ANNEXES – Statement of Changes in Equity Total Translation Total Non- equity, non- Share Retained Hedging in million EUR Capital differences shareholders' controlling controlling premium earnings reserves reserves equity interests interests included At the end of the 72,3 107,0 75,2 ( 7,0) ( 5,9) 24
Slide 32: ANNEXES – Data per share
ANNEXES – Data per share in EUR 2010 2011 Number of shares outstanding 28 931 456 28 931 456 0,0% Weighted average number of shares outstanding (before dilution effect) 28 931 456 28 931 456 0,0% Weighted average number of shares outstanding (after dilution effect) 29 329 026 33 769 050 15,1% EBI
Slide 33: Contacts
Contacts Investor Relations Michel De Smedt Press Jan De Moor Email: Email: demoor.jan@recticel.com desmedt.michel@recticel.com Recticel International Headquarters 2, avenue des Olympiades/Olympiadenlaan, 2 Tel: +32 (0)2 775 18 95 Tel: +32 (0)2 775 18 09 B-1140 Brussels Mob: +2 (0) 475 42 78 26 Mob: