Recticel Sa · EURONEXT:RECT
Recticel Sa — FY2022 Earnings Presentation
25 slides from Recticel Sa's earnings presentation, Feb 28, 2023
Slide 1: Full year 2022 results – Analysts' meeting
RECTICEL Full year 2022 results Analysts’ meeting Brussels – February 28, 2023 Olivier Chapelle – Chief Executive Officer Dirk Verbruggen – Chief Financial & Legal Officer 1 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 2: Agenda
Agenda Key highlights 2022 Full Year 2022 results Financial position Dividend proposal – Outlook 2023 Sustainability 2 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 3: Highlights 2022
Highlights 2022 1 Sales €561.5m (+25.0%) | Adjusted EBITDA €62.2m (+28.4%) | Net result (share of the group) €63.2m (+18.0%) 2 Closing of the divestment of Engineered Foams expected at the end of 1Q2023 3 European construction market increasingly challenging due to inflation and growing economic unc
Slide 4: Agenda
Agenda Key highlights 2022 Full Year 2022 results Financial position Dividend proposal – Outlook 2023 Sustainability 4 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 5: Engineered Foams divestment to Carpenter
Engineered Foams divestment to Carpenter The divestment of Engineered Foams is expected to close at the end of the first quarter of 2023. It follows the decision on 26 January 2023 by the Competition and Markets Authority in the UK, to approve the Final Undertakings, which execution is now entering
Slide 6: Consolidated Income Statement (IFRS5)
Consolidated Income Statement (IFRS5) : Sales @ €561.5m, Adj. Ebitda @ €62.2m, EAT @ €63.2m in million EUR 2021 restated 2022 % Sales 449.2 561.5 25.0% Gross profit 84.9 104.7 23.3% as % of sales 18.9% 18.7% Adjusted EBITDA 48.4 62.2 28.4% as % of sales 10.8% 11.1% EBITDA 50.3 55.0 9.4% as % of sale
Slide 7: Crude oil & Naphtha prices stabilizing at high level
Crude oil & Naphtha prices stabilizing at high level, relatively weak markets counterbalanced by OPEC+ support. 7 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 8: Abrupt energy price correction after August 2022 peaks
Abrupt energy price correction after the August 2022 peaks, gas & electricity now at Jan 2022 level. Still at a multiple of Jan 2021 levels…. With gas @ 2.5x and electricity @ 3.0x 8 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 9: 2022 Net sales supported by strong performance
2022 Net sales supported by strong performance Group Sales Group Sales 4Q 2022 FY 2022 €133.7m €561.5m +19.4% +25.0% Comparison to prior Q4 2021: Comparison to FY 2021: €+39.0m from the Trimo acquisition €+129.2m Trimo contribution €-9.0m chemicals sales to divested €-48.9m chemicals sales t
Slide 10: 2022 Results
2022 Results Adjusted EBITDA Adjusted Operating result FY 2022 FY 2022 €62.2m €43.1m +28.4% +21.0% 11.1% margin 7.7% margin Slightly higher volumes €-8.2m Adjustments on continuing operations in 2022: Pricing discipline €-1.3m restructuring costs Successful integration Trimo (1 May 2022) led
Slide 11: Financial result of €-9.9m | Income taxes of €-15.4m
Financial result of €-9.9m | Income taxes of €-15.4m Financial result: €-9.9m (2021: €-1.9m) • Net interest charges: €-5.2m (2021: €-3.0m) • Other net financial income and expenses: €-4.7m (2021: €+1.2m), mainly exchange rate differences (€-4.9m; 2021: €+1.1m) including €-6.2m reversal of historic
Slide 12: Result from discontinued operations
Result from discontinued operations Result from discontinued operations: €52.8m (2021: €20.4m) • The 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 Carpenter Co. (€32.8m) •
Slide 13: Agenda
Agenda Key highlights 2022 Full Year 2022 results Financial position Dividend proposal – Outlook 2023 Sustainability 13 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 14: Net financial debt @ €261.7m
Net financial debt @ €261.7m in million EUR 31 DEC 2021 31 MAR 2022 30 JUN 2022 30 SEP 2022 31 DEC 2022 Total equity 391.3 - 417.6 - 446.9 Net financial debt excluding factoring 103.8 92.4 247.6 253.2 242.2 + Lease debt (IFRS 16) 44.0 37.2 7.3 7.2 6.3 Net financial debt 147.8 129.5 254.9 260.4 248.4
Slide 15: Agenda
Agenda Key highlights 2022 Full Year 2022 results Financial position Dividend proposal – Outlook 2023 Sustainability 15 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 16: Dividend Outlook 2023
Dividend The Board of Directors will propose to the Annual General Meeting of 30 May 2023 the payment of an increased gross dividend of €0.31 per share on 56,208,420 shares. This represents a total dividend pay-out of €17.4 million (2021: respectively €0.29 per share and €16.2 million in total). The
Slide 17: Stock price comparison to Rockwool and Kingspan
Stock price comparison to Rockwool and Kingspan: most building material companies have seen substantial stock price decline, including in Insulation. Source: www.rockwool.com 17 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 18: Stock price outperformed all Belgian indexes since 2015
Stock price outperformed all Belgian indexes since 2015. Relative performance in 2022 above Belgian indexes. Analyst recommendations stable, target prices slightly adapted leading to avg. ~20€/share. 30/01/2023 31/10/2022 01/11/2022 26/08/2022 01/11/2022 Recommendation Buy Buy Buy Accumulate Buy Tar
Slide 19: Analyst consensus (January 2023)
Analyst consensus (January 2023) 2021 2022 2 2022 2023 2024 2025 restated 1 (in million EUR) Consensus Consensus Consensus Consensus Actual Actual Jan-23 Jan-23 Jan-23 Jan-23 Net Sales 449.2 576.5 561.5 584.9 610.4 634.2 annual growth rate - 28.3% 25.0% 1.4% 4.4% 3.9% Adjusted EBITDA 48.5 62.1 62.1
Slide 20: Agenda
Agenda Key highlights 2022 Full Year 2022 results Financial position Dividend proposal – Outlook 2023 Sustainability 20 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 21: The GHG protocol sets the world's most widely used standards
The GHG protocol sets the world’s most widely used standards for companies and organisations to measure and manage their emissions 21 Brussels, February 28, 2023 Analysts’ meeting – Recticel FY2022 results
Slide 22: Our climate commitment
Our climate commitment is a clear statement that we fight climate change and consciously preserve our precious natural resources SCOPE 1 SCOPE 2 Direct emissions from Indirect emissions from owned or controlled purchased electricity, resources steam, heating and cooling for own use As a company we
Slide 23: Good progress on scope 1 & 2 emissions reduction
In 2022, good progress on scope 1 & 2 emissions reduction, on track to reach our commitment to be net zero by 2030. Change 2022 compared to tCO2e emissions per scope 2021 (baseline SBTi) Scope 1 + 2 11.2% reduction Scope 3 0.0% Renewable Energy Indicator Photo Voltaic Energy (own production) 309% in
Slide 24: 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 ESG risk mitigations & long term value creation Focus on reduction GHG em
Slide 25: Contacts
Contacts Media & Investor Relations Investor Relations Recticel NV Olivier Chapelle Dirk Verbruggen Avenue du Bourget/Bourgetlaan 42 Chief Executive Officer Chief Financial & Legal Officer 1130 Brussels - Belgium [email protected] [email protected] +32 (0)2 775 18 01 +32 (0)2