Slide 1: Annual Shareholders' Meeting
Annual Shareholders’ Meeting Ordinary General Meeting Extraordinary General Meeting Brussels – 25 May 2021 Johnny Thijs – Chairman of the Board of Directors Olivier Chapelle – Chief Executive Officer Jean-Pierre Mellen – Chief Financial Officer 1 Brussels – 25 May 2021 Recticel Ordinary and Extraord
Slide 2: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 3: Mitigated COVID Impact - Strong 2H 2020 - Key Strategic Moves – Strong 1Q 2021
Mitigated COVID Impact - Strong 2H 2020 - Key Strategic Moves – Strong 1Q 2021 1 2020 : like-for-like Sales €828.8m (-5.7%) | Adjusted EBITDA €58.8m (-16.8%) | Net Result €63.2m 2 Strong 2nd half 2020 : Sales +7.0% & Adj. Ebitda +10.0% -- Strong 1st quarter 2021 : Sales + 15.9% 3 Divestment of the 5
Slide 4: On 30 June 2020, Recticel completed two important divestment transactions
On 30 June 2020, Recticel completed two important divestment transactions On 1 July 2020, Recticel was pleased to announce the successful completion on 30 June 2020 of the divestment of its 50% stake in the Eurofoam Flexible Foams joint venture, and the two-step divestment of its Automotive Interior
Slide 5: On 26 February 2021, Recticel launched Bedding divestment process
On 26 February 2021, Recticel launched Bedding divestment process The Board of Directors has completed the strategic review of the Bedding business segment and decided to divest the segment in order to focus on the core segments Insulation and Engineered Foams. Recticel Bedding is a leading European
Slide 6: On 19 March 2021, Recticel confirmed growth of its Insulation business line
On 19 March 2021, Recticel confirmed the ambitious growth of its Insulation business line by the acquisition of the thermal insulation board business of Gór-Stal Recticel announces that it has entered into preliminary agreements with the owners of the private Polish company Gór-Stal Sp. z o.o. (“Gór
Slide 7: On 1 April 2021, Recticel completes the acquisition of FoamPartner
On 1 April 2021, Recticel completes the acquisition of FoamPartner Recticel is pleased to announce that on 31 March 2021, it successfully acquired FoamPartner, the Swiss-based global provider of high added-value technical foam. Olivier Chapelle (Chief Executive Officer): “The closing of the transact
Slide 8: Following FoamPartner, Gór-Stal acquisition reconfirms focus on two value-added activities
Following the transformational acquisition of FoamPartner, acquiring the insulation board business of Gór-Stal reconfirms our focus on two value-added activities 2021 2020 2019 ✓ Announcement 2018 acquisition Gór-Stal 2016 ✓ Divestment of (board business) 2015 ✓ Insulation Automotive ✓ Divestment pl
Slide 9: Competitiveness: refocus on highest value-added activities
With Innovation and Sustainable Development at the heart of its strategy, Recticel has refocussed on the highest value-added activities Launch Divestment Process Grow Grow Proseat and Automotive Interiors have been partially divested respectively in 2019 and 2020. Full exit is expected by March 20
Slide 10: Recticel JV TURVAC contributes to COVID-19 vaccines supply chain
Recticel JV TURVAC (74% participation) contributes to COVID-19 vaccines supply chain. • In order to ensure safe transport at ultra-low temperatures, TURVAC is Dry ice pod producing transport boxes made of Vaccine trays Vacuum Insulation Panels (VIP) Box for vaccine trays VIP box and lid • In combina
Slide 11: Since 2020, Recticel has been processing 1,059 Tons of end-of-life mattress foam
Collect End Of Life Shred PU foam Mix PU foam flakes PU mattress foam into flakes and fibres Since 2020, Recticel has been processing 1,059 Tons Of end-of-life mattress foam, transforming this valuable material into acoustic building insulation panels, by bonding PU foam flakes with fibres (FBF). Cu
Slide 12: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 13: Weak 1H2020 sales decreased by -17.5% → Strong 2H2020 sales increased by +7.0%
COVID-19 update: clear V-shape recovery of Net Sales (continuing activities) Weak 1H2020 sales decreased by -17.5% → Strong 2H2020 sales increased by +7.0% Group Net sales per month 500,00 40% 27,4% 450,00 20% 400,00 11,2% 8,2% 7,0% 3,3% 3,3% 3,2% 350,00 0,7% 0% 300,00 -4,0% -5,7% -9,3% 250,00 -15,2
Slide 14: Like-for-like Adjusted EBITDA decreased by 16.8%, strong recovery in 2H2020
Like-for-like1 Adjusted EBITDA decreased by 16.8%, but strong recovery in 2H2020 Lower contribution from all segments, except in Bedding, due to COVID-19 crisis impact during 2Q2020. 1H2020 negative volume impact mitigated to a great extent by cost saving measures and temporary unemployment. 2
Slide 15: Consolidated sales -5.7% | Adjusted EBITDA -16.8% | EAT €63.2m
Consolidated sales: -5.7% | Adjusted EBITDA: -16.8% | EAT €63.2m Net financial debt reduced to €4.6m (including IFRS16) FY2019 FY2019 in million EUR FY2020 D% as published restated 1 (a) (b) (b)/(a)-1 Sales 1 038.5 878.5 828.8 -5.7% Gross profit 191.1 168.7 157.0 -6.9% as % of sales 18.4% 19.2% 18.9
Slide 16: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 17: Trading update 1Q2021: sales increase by a solid 15.9%
Trading update 1Q2021 : sales increase by a solid 15.9% On a like-for-like basis, sales increased by 15.9% from EUR 221.5 million to EUR 256.7 million, including a currency impact of -0.4%. in million EUR 1Q2020 1Q2021 D Engineered Foams 89.4 103.6 15.9% Bedding 65.2 55.7 -14.5% Insulation 60.7 86
Slide 18: Outlook 2021 (27 April 2021)
Outlook 2021 (27 April 2021) Our underlying end-use markets remain difficult to predict in the context of the COVID-19 pandemic. Regardless of these uncertainties, our Group confirms its expectation to realize in 2021 a substantial increase in sales, and at least a 30% increase of its Adjusted EBITD
Slide 19: Stock price benefited from supportive analyst reports
Stock price benefited of supportive analyst reports, following the FoamPartner announcement and the initiation of a strategic positioning review of Bedding. ING Degroof Petercam Berenberg KBCS Kepler Cheuvreux Analyst reports 11/05/2021 18/05/2021 28/04/2021 19/05/2021 29/04/2021 Recommendation Buy
Slide 20: Recticel revises its full-year 2021 guidance following integration of FoamPartner
Recticel revises its full-year 2021 guidance following the integration of FoamPartner (19 May 2021) • Net sales YTD April 2021: from EUR 258.6 million to EUR 366.5 million (+41.7%) • April 2021 net sales include for the first time the FoamPartner Group sales • Profit margins are at or above expectat
Slide 21: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 22: Strong Cash flow in 2H2020 leading to net cash position by end of 2020
Strong Cash flow in 2H2020 leading to net cash position of €-47.9m by the end of 2020 At the end of 1Q 2021, the net debt increased following the acquisition of FoamPartner in million EUR 31 DEC 2019 31 MAR 2020 30 JUN 2020 30 SEP 2020 31 DEC 2020 31 MAR 2021 TOTAL EQUITY 276.6 - 331.5 - 334.8 - Net
Slide 23: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 24: Dividend
Dividend The Board of Directors will propose to the Annual General Meeting of 25 May 2021 the payment of a gross dividend of EUR 0.26 per share on 55.7 million shares or a total dividend pay-out of EUR 14.5 million (2019: respectively EUR 0.24 per share and EUR 13.3 million in total). 24 Brussels –
Slide 25: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 26: Recticel Annual report 2020, including Sustainability report, published 30 April 2021
Recticel Annual report 2020, including Sustainability report, published on 30 April 2021 26 Brussels – 25 May 2021 Recticel Ordinary and Extraordinary General Meeting
Slide 27: Committed to sustainability
Committed to sustainability Over the lifetime of their use, the insulation products we sold in 2020 will offset 46 times our carbon footprint for the year Our promise Transition to a circular economy Innovation at our core We will raise this climate-positive multiple ratio from 46 to 5,000 tonnes 80
Slide 28: Sustainability strategy 2021 - 2025
Sustainability strategy 2021 - 2025 Three ESG rating agencies are targeted: has rated Recticel @ A in 2018 28 Brussels – 25 May 2021 Recticel Ordinary and Extraordinary General Meeting
Slide 29: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 30: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the first resolution Resolution 1.1 Approval of the statutory annual accounts as on 31 December 2020. Voorstellen die het voorwerp van het eerste besluit uitmaken Besluit 1.1 Goedkeuring van de vennootschappelij
Slide 31: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 1.2 Approval of the appropriation of the result, i.e. Besluit 1.2 Goedkeuring van de verrichte aanwending van het resultaat, te weten Résolution 1.2 Approbation de l’affectation du résultat, à savoir in EUR Profit (loss) for the fi
Slide 32: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposal forming the subject of the second resolution Resolution 2 Discharge to be given to the Directors for the performance of their duties during the financial year ended 31 December 2020. Voorstel dat het voorwerp van het tweede besluit uit
Slide 33: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposal forming the subject of the third resolution Resolution 3 Discharge to be given to the Statutory auditor for the performance of his duties during the financial year ended 31 December 2020. Voorstel dat het voorwerp van het derde besluit
Slide 34: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the fourth resolution Resolution 4.1 Renewal of the mandate of THIJS JOHNNY BV, permanently represented by Mr. Johnny THIJS, as non-executive and independent director for a new term of one year ending after the Or
Slide 35: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 4.2 Renewal of the mandate of COMPAGNIE DU BOIS SAUVAGE SERVICES NV, permanently represented by Mr. Benoit DECKERS, as a non-executive director for a new term of three years ending after the Ordinary General Meeting of 2024. Besluit 4.2
Slide 36: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 4.3 Renewal of the mandate of COMPAGNIE DU BOIS SAUVAGE SA, permanently represented by Mr. Frédéric VAN GANSBERGHE, as non-executive director for a new term of three years ending after the Ordinary General Meeting of 2024. Besluit 4.3 He
Slide 37: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 4.4 Renewal of the mandate of LUBIS BV, permanently represented by Mr. Luc MISSORTEN, as non-executive and independent director for a new term of three years ending after the Ordinary General Meeting of 2024. Besluit 4.4 Hernieuwing van
Slide 38: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 4.5 Renewal of the mandate of CARPE VALOREM BV, permanently represented by Mr. Kurt PIERLOOT, as non- executive and independent director for a new term of three years ending after the Ordinary General Meeting of 2024. Besluit 4.5 Hernieu
Slide 39: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the fifth resolution Resolution 5.1 Confirmation as independent director of THIJS JOHNNY BV, permanently represented by Mr. Johnny THIJS within the meaning of article 7:87 of the Companies and Associations Code. B
Slide 40: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 5.2 Confirmation as independent director of LUBIS BV, permanently represented by Mr. Luc MISSORTEN within the meaning of article 7:87 of the Companies and Associations Code. Both Mr. Luc MISSORTEN and LUBIS BV meet all the criteria as st
Slide 41: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 5.3 Confirmation as independent director of CARPE VALOREM BV, permanently represented by Mr. Kurt PIERLOOT, within the meaning of article 7:87 of the Companies and Associations Code. Both Mr. Kurt PIERLOOT and CARPE VALOREM BV meet all t
Slide 42: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the sixth resolution Resolution 6.1 Approval of the remuneration report 2019. Acknowledgment and acceptance of the resignation of the Statutory Auditor DELOITTE Bedrijfsrevisoren, received by letter dated January
Slide 43: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 6.2 Appointment as statutory auditor, on proposal of the audit committee, for a period of three years ending after the Ordinary General Meeting of 2024, of the civil company in the form of a cooperative company with limited liability “PW
Slide 44: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the seventh resolution Resolution 7.1 Approval of the remuneration report 2020. Voorstellen die het voorwerp van het zevende besluit uitmaken Besluit 7.1 Goedkeuring van het remuneratieverslag 2020. Propositio
Slide 45: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 7.2 Fixing and approval of the Directors’ emoluments for 2021, i.e.: − A single fixed indemnity for Directors of € 15,000 a year and for the Chairman of the Board of Directors of € 30,000 a year; − Directors’ fees of € 2,500 per meeting
Slide 46: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 7.3 Fixing of the amount of fees for the members of the Audit Committee for 2021 at € 2,500 per meeting and for the Chairman of the Audit Committee at € 5,000 per meeting. Besluit 7.3 Bepaling van de zitpenningen van de leden van het Aud
Slide 47: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 7.4 Fixing of the amount of fees for the members of the Remuneration and Nomination Committee for 2021 at € 2,500 per meeting and for the Chairman of the Remuneration and Nomination Committee at € 5,000 per meeting. Besluit 7.4 Bepaling
Slide 48: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Resolution 7.5 Approval of the deviation from the principle of a spread over three years and to allow, given the cyclical nature of the business, the full payment of the variable remuneration within a shorter period for the benefit of the Managing
Slide 49: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the eighth resolution Resolution 8.1 The Meeting approves the Board of Directors to issue, if appropriate, a new edition of the Recticel Group Stock Option Plan for the benefit of the senior executives of the Rect
Slide 50: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the nineth resolution Resolution 9.1 Following the issue by the Board of Directors of the Recticel Group Stock Option Plan March 2020 (Warrant plan March 2020), approval in accordance with article 7: 151 of the Co
Slide 51: Resolutions Ordinary General Meeting of 25 May 2021
Resolutions Ordinary General Meeting of 25 May 2021 Proposals forming the subject of the tenth resolution Resolution 10.1 Approval of clause 10.2. (Mandatory prepayment-Change of control) and clause 25.10 (Ownership of the Obligors) in the Facilities Agreement. Voorstellen die het voorwerp van h
Slide 52: Agenda
Agenda Key highlights O. Chapelle (CEO) 2020 Results O. Chapelle (CEO) Trading update 1Q2021 O. Chapelle (CEO) Financial position O. Chapelle (CEO) Dividend proposal – Outlook 2021 O. Chapelle (CEO) Renewed sustainability ambition 2025 O. Chapelle (CEO) Resolutions on the Agenda of the
Slide 53: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 1. Renewal of the powers granted to the Board of Directors in the context of the authorized share capital. Proposal forming the subject of the first resolution : Special report of the Board of Directors prepared in accordance with Article 7:
Slide 54: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 Proposal forming the subject of the second resolution : Decision to create a new authorized capital, equal to five (5) percent of the issued capital on the date of this resolution, for a period of validity of five years from the date on which
Slide 55: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 Proposal forming the subject of the third resolution : Decision to create a new authorized capital, equal to twenty (20) percent of the issued capital on the date of this resolution, with a validity of five years from the date on which the res
Slide 56: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 Proposal forming the subject of the fourth resolution : Decision to restate in the articles of association the new authorised capital and to rephrase Article 6 and to add the date of the resolution and the amount of the first and second author
Slide 57: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 2. Amendments to the articles of association to bring them further into line with the new Companies and Associations Code and to align the French text. Proposal forming the subject of the fifth resolution : Decision to replace the words "Cod
Slide 58: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 Proposal forming the subject of the sixth resolution : Resolves to refer to article 181 et seq. Of the Companies Code in article 43 of the Dutch version of the articles of association. to be replaced by a reference to Article 2:71 of the Compa
Slide 59: Resolutions Extraordinary General Meeting of 25 May 2021
Resolutions Extraordinary General Meeting of 25 May 2021 Proposal forming the subject of the seventh resolution: Decision to delete the word "social" in the French version of article 45 of the articles of association after the word "siège" and to replace it with "of the company". Voorstel dat het vo
Slide 60: Thank you for your attention!
Thank you for your attention! 60 Brussels – 25 May 2021 Recticel Ordinary and Extraordinary General Meeting
Slide 61: Contacts
Contacts Recticel International Headquarters Investor Relations Press Bourgetlaan 42 Avenue du Bourget Michel De Smedt Olivier Chapelle, CEO B-1130 Brussels Email: desmedt.michel@recticel.com Email: chapelle.olivier@recticel.com Tel: +32 (0)2 775 18 11 Tel: +32 (0)2 775 18 09 Tel: +32 (0)2 775 18 01