Recticel Sa · EURONEXT:RECT
Recticel Sa — H1 2022 Earnings Presentation
15 slides from Recticel Sa's earnings presentation, Aug 26, 2022
Slide 1: First half-year 2022 Results – Analysts' meeting
RECTICEL First half-year 2022 Results Analysts’ meeting Brussels – August 26, 2022 Olivier Chapelle – Chief Executive Officer Dirk Verbruggen – Chief Financial Officer Michel De Smedt – Investor Relations Officer 1 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 2: Agenda
Agenda Key highlights first half-year 2022 First half-year 2022 results Financial position and Outlook 2 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 3: Highlights 1H2022 Results – IFRS 5 application on Engineered Foams
Highlights 1H2022 Results – IFRS 5 application on Engineered Foams 1 The Engineered Foams activities which are currently in process of being divested to the US-based Carpenter Company, have been accounted for as Discontinued Operations (IFRS 5). Net sales from €229.7m (restated) to €274.3m (+19.4%):
Slide 4: Agenda
Agenda Key highlights first half-year 2022 First half-year 2022 results Financial position and Outlook 4 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 5: Consolidated sales, adjusted EBITDA and result of the period
Consolidated sales : +19.4% | Adjusted EBITDA : +30.3% | Result of the period after taxes 1/2 1/2 1/2 €34.6m (+23.8%) Net financial debt of €254.9m (including IFRS16) following acquisition of Trimo 1H2021 in million EUR 1H2022 D% restated 1 (a) (b) (b)/(a)-1 Net sales increase from EUR 229.7 million
Slide 6: Crude oil and Naphtha prices back to price levels of 1Q2022
Crude oil and Naphtha prices back to price levels of 1Q2022 6 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 7: Further energy price increase: natural gas and electricity prices
Further energy price increase: - Natural Gas prices more than x5 vs 1H2021 - Electricity prices more than x6 vs 1H2021 7 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 8: Net Sales increased by 19.4% primarily due to pricing discipline and integration of Trimo
Net Sales increased by 19.4% primarily due to pricing discipline and integration of Trimo Underlying volumes remained steady, despite strong inflationary pressure on all input costs 8 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 9: Solid volumes, pricing discipline, and successful integration of Trimo
Solid volumes, pricing discipline, and successful integration of Trimo as from 01 May 2022 led to improved operational profitability, despite strong inflationary pressure on all input costs. Adjusted EBITDA: EUR 29.2 million compared to EUR 22.4 million in 1H2021 Adjusted EBITDA margin of 10.6% co
Slide 10: Financial result, income taxes, result from continuing operations
Financial result of €-1.5m | Income taxes of €-4.7m | Result from continuing operations €11.6m Financial result: €-1.5m (1H2021: €+.1m) • Net interest charges: €-1.4m (1H2021: €-0.9m) • ‘Other net financial income and expenses’: €-0.04m (1H2021: €+1.0m), mainly exchange rate differences (€-0.2m; 1
Slide 11: Significant result from discontinued operations
Significant result from discontinued operations Result from discontinued operations: €23.5m (1H2021: €12.9m) • The 1H2022 result from discontinued operations mainly represents: • the result of the period of the Engineered Foams activities which are currently in the process of being sold to the Car
Slide 12: Agenda
Agenda Key highlights first half-year 2022 First half-year 2022 results Financial position and Outlook 12 Brussels, August 26, 2022 Analysts’ Meeting – Recticel first half-year 2022 Results
Slide 13: Net financial debt increased following the acquisition of Trimo to €254.9m
Net financial debt increased following the acquisition of Trimo to €254.9m Gearing (61.0%) and Leverage (1.8x) ratios confirm solid balance sheet, even before divestment of Engineered Foams in million EUR 30 JUN 2021 30 SEP 2021 31 DEC 2021 31 MAR 2022 30 JUN 2022 TOTAL EQUITY 354.8 - 391.3 - 417.6
Slide 14: Outlook
Outlook Our Insulation business continues to perform well in difficult economic circumstances. However, the geopolitical turbulences, supply chain challenges and economic uncertainties prevent us from providing an outlook for the full year at this stage. 14 Brussels, August 26, 2022 Analysts’ Meetin
Slide 15: Contacts
Contacts Recticel International Headquarters Investor Relations Press 42, avenue du Bourget/Bourgetlaan 42 Michel De Smedt Olivier Chapelle, CEO B-1130 Brussels Email: [email protected] Email: [email protected] Tel: +32 (0)2 775 18 11 Tel: +32 (0)2 775 18 09 Tel: +32 (0)2 775 1