RECTICEL NV 2.4 Financial report
2.4.1 Consolidated financial statements
The consolidated financial statements have been authorised for issue by the Board of Directors on 27 April 2022. They have been prepared in accordance with IFRS accounting policies, details of which are given below.
2.4.1.1 Consolidated income statement
in thousand EUR
Group Recticel | Notes* | 2021 | 2020 restated | ¹ |
Sales | 2.4.2.3. | 1,032,795 | 616,883 | |
Cost of sales | (845,405) | (510,223) | ||
Gross profit | 2.4.2.4.1. | 187,390 | 106,660 | |
General and administrative expenses | 2.4.2.4.2. | (66,733) | (44,230) | |
Sales and marketing expenses | 2.4.2.4.2. | (44,892) | (32,408) | |
Research and development expenses | 2.4.2.4.2. | (9,186) | (7,927) | |
Impairment of goodwill, intangible and tangible assets | 2.4.2.3. | (27) | (2,352) | |
Other operating revenues | 2.4.2.4.3. | 20,121 | 19,043 | |
Other operating expenses | 2.4.2.4.3. | (40,512) | (30,383) | |
Income from associates | 2.4.2.5.5. | 371 | 703 | ² |
Operating profit (loss) | 2.4.2.4.4. | 46,532 | 9,106 | |
Interest income | 1,065 | 908 | ||
Interest expenses | (6,838) | (3,384) | ||
Other financial income | 7,136 | 3,106 | ||
Other financial expenses | (5,901) | (4,218) | ||
Financial result | 2.4.2.4.5. | (4,538) | (3,588) | |
Income from other associates | 451 | (5,790) | ² | |
Impairment other associates | 0 | (5,525) | ||
Change in fair value of option structures | (7,315) | 1,103 | ||
Result of the period before taxes | 35,130 | (4,694) | ||
Income taxes | 2.4.2.4.6. | 14,335 | (3,470) | |
Result of the period after taxes - continuing operations | 49,465 | (8,164) | ||
Result from discontinued operations | 2.4.2.4.7. | 4,876 | 71,319 | |
Result of the period after taxes - continuing and discontinued operations | 54,341 | 63,155 | ||
of which share of the Group | 53,522 | 63,151 | ||
of which non-controlling interests | 819 | 4 | ||
* The accompanying notes are an integral part of this income statement. |
1 As announced in the press release of 15 February 2022, the Bedding activities which are currently in the process of being divested to the Aquinos Group, have been accounted for as Discontinued Operations (IFRS 5).
The Bedding activities that will not be transferred to Aquinos Group are incorporated in the Engineered Foams segment.
For comparison purposes, the formerly published 2020 income statements and cash flow statements have been restated accordingly.
2 A distinction has been made between Income from associates - included in operating profit (loss) - and Income from other associates - excluded from operating profit (loss). Income from associates: income from associates considered as being part of the Group's core business are integrated in Operating profit (loss); i.e. Orsafoam
Income from other associates: income from associates not considered as being part of the Group's core business are not integrated in Operating profit (loss); i.e. Proseat and TEMDA2 (Ascorium, formerly Automotive Interiors)
2.4.1.2 Earnings per share
in EUR
Group Recticel | Notes* | 2021 | 2020 restated |
55,742,920
Number of shares outstanding (including treasury shares)
Weighted average number of shares outstanding (before dilution effect)
Weighted average number of shares outstanding (after dilution effect)
Earnings per share
Earnings per share - continuing operations Earnings per shares - discontinued operations
Earnings per share of continuing and discontinued operations
2.4.1.3 Consolidated statement of comprehensive income
in thousand EUR
55,963,420
55,519,330
55,174,425
Group Recticel | Notes* | 2021 | 2020 |
Result for the period after taxes | 54,341 | 63,155 |
Other comprehensive income
56,282,863
55,381,032
Actuarial gains (losses) on employee benefits recognized in equity Deferred taxes on actuarial gains (losses) on employee benefits
Currency translation differences that will not subsequently be recycled to profit and loss
0.89
(0.15)
0.09 0.98
1.29 1.14
Share in other comprehensive income in joint ventures & associates that will not subsequently be recycled to profit and loss
Items that will not subsequently be recycled to profit and loss
7,351 (1,469)
420 0
(274)
161
2.4.2.5.5.
0
(262)
5,608
319
Earnings per share from continuing operations
Earnings per share from continuing operations - Basic Earnings per share from continuing operations - Diluted
Earnings per share from discontinued operations
Earnings per share from discontinued operations - Basic Earnings per share from discontinued operations - Diluted
Hedging reserves
2.4.2.4.9. 2.4.2.4.10.
0.89 0.88
(0.15) (0.15)
Currency translation differences that subsequently may be recycled to profit and loss
Foreign currency translation reserve difference recycled in the income statement Deferred taxes on retained earnings
2.4.2.4.9. 2.4.2.4.10.
0.09 0.09
1.29 1.29
Share in other comprehensive income in joint ventures & associates that subsequently may be recycled to profit and loss
Items that subsequently may be recycled to profit and loss
0
(70)
10,795 0 0
(9,227)
18,311 (113)
2.4.2.5.5.
0
(2,098)
10,795
6,803
Net book value
6.99
6.01
Other comprehensive income net of tax
16,403
7,122
The basic earnings per share are calculated on the basis of the weighted average number of shares outstanding during the period.
The diluted earnings per share are calculated on the basis of the weighted average number of shares outstanding during the period, adjusted for dilutive subscription rights.
Total comprehensive income for the period
Total comprehensive income for the period
Total comprehensive income for the period attributable to the owners of the parent
Total comprehensive income for the period attributable to non-controlling interests
70,744
70,277
70,744
70,277
69,926
70,273
819
4
Total comprehensive income for the period attributable to the owners of the parent
Total comprehensive income for the period attributable to the owners of the parent - Continuing operations
Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations
* The accompanying notes are an integral part of this statement of comprehensive income.
69,926
70,273
63,889
(9,662)
6,037
79,935
2.4.1.4 Consolidated statement of financial position
in thousand EUR
Group Recticel | Notes* | 31 Dec 2021 | 31 Dec 2020 |
34,945
Intangible assets Goodwill
Property, plant & equipment Right-of-use assets Investment property Investments in associates Investments in other associates Non-current receivables Deferred tax assets
Non-current assets
Inventories
Trade receivables
Other receivables and other financial assets Income tax receivables
Other investments
Cash and cash equivalents Assets classified as held for sale
Current assets
TOTAL ASSETS
2.4.2.5.1. 2.4.2.3.1.
13,721
2.4.2.5.2. 2.4.2.5.3.
313,406
62,603
2.4.2.5.4. 2.4.2.5.5.
7,564 12,709
10,361
2.4.2.5.6.
18,730
2.4.2.4.6.
46,845
520,884
2.4.2.5.7.
112,897
2.4.2.5.9. 2.4.2.5.9.
141,596 15,869 4,660
2.4.2.5.10. 2.4.2.5.11.
0 118,367 141,466
534,855
1,055,739
24,139
14,806
Group Recticel | Notes* | 31 Dec 2021 | 31 Dec 2020 |
139,909 132,087
Capital
Share premium
173,000
Share capital
75,377
12,351
3,331
Treasury shares Other reserves Retained earnings
11,030
Hedging and translation reserves
25,760
Elements of comprehensive income of discontinued operations
25,298
Equity (share of the Group)
Equity attributable to non-controlling interests
365,092
TOTAL EQUITY
90,833
102,726 57,929 1,452
Employee benefit liabilities Provisions
170
Deferred tax liabilities Financial liabilities Other amounts payable
79,255 1,300
Non-current liabilities
Provisions
333,665
698,757
Financial liabilities Trade payables
Current contract liabilities Income tax payables
Deferred payables for share investments Other amounts payable
Liabilities directly associated with assets classified as held for sale
Current liabilities
TOTAL EQUITY AND LIABILITIES
2.4.2.5.12.
in thousand EUR
271,996
(1,450)
(13,037)
129,176
(4,270)
7,367 389,782 1,524
2.4.2.5.13. 2.4.2.5.14. 2.4.2.4.6. 2.4.2.5.15.
391,306 39,135 21,993 36,229
208,505 25 305,887
2.4.2.5.14. 2.4.2.5.15. 2.4.2.5.16. 2.4.2.5.8.
3,386
59,064
120,247
9,081
4,466
2.4.2.5.16.
18,749 66,885
2.4.2.5.16.
139,357 131,267
270,624
(1,450)
(22,487) 98,760 (11,372)
0
334,075 705
334,780
52,342 18,979 12,173
70,426 26 153,946
1,598
14,403
88,923
15,183
1,045
0
88,879
76,668 358,546 1,055,739
0
210,031 698,757
* The accompanying notes are an integral part of this statement of financial position. See also note 2.4.2.4.7. on Discontinued operations and 2.4.2.4.8. on Business combinations.
2.4.1.5 Consolidated cash flow statement
in thousand EUR
Group Recticel | Notes* | 2021 | 2020 restated |
Operating profit (loss) | 2.4.2.4.4. | 46,532 | 9,106 |
2.4.2.5.1. 2.4.2.5.2. 2.4.2.5.1. 2.4.2.5.2.
Amortisation of intangible assets Depreciation of tangible assets
(Reversal) Impairment losses on intangible assets (Reversal) Impairment losses on tangible assets (Write-back)/Write-offs on assets
Changes in provisions
(Gains) / Losses on disposals of intangible and tangible assets Income from associates
Other non-cash elements
GROSS OPERATING CASH FLOW BEFORE WORKING CAPITAL MOVEMENTS
Inventories
Trade receivables Other receivables Trade payables Other payables
Changes in working capital
Trade & Other long term debts maturing within 1 year Tax credit (non-current receivables)
Income taxes paid
Cash flow from operating activities (discontinued operations)
NET CASH FLOW FROM OPERATING ACTIVITIES
Interests received
Dividends received
(a)
Acquisition FoamPartner, net of cash acquired Investments in and subscriptions to capital increases Increase of loans and receivables
Decrease of loans and receivables Investments in intangible assets
Investments in property, plant and equipment Disposals of intangible assets
Disposals of property, plant and equipment Proceeds from affiliates and joint ventures disposals Disposals of investments held for sale
4,790
1,543
38,082
25,828
0
9
0
2,254
(20)
1,325
(5,376)
8,210
(2,614)
(130)
(371)
(704)
(3,448)
77,576
606 48,048
(12,900)
(16,338) 44,948 32,772 (9,036)
(4,753) (60,869)
(1,074) 30,310 19,440
39,446 11 7 (8,112) 3,796
(16,946)
16 74 (3,445) (24,603)
112,724
3,146
49
166
25
229
(219,901)
0
0
(973)
(670)
(26,099)
320
40,066
2.4.2.5.1. 2.4.2.5.2. 2.4.2.5.1. 2.4.2.5.2.
(1,865)
(4,214)
(11,542)
(18,942)
36
0
5,500
4,388
0
176,303
17
1,967
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Recticel SA published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 16:07:03 UTC.
