RECTICEL NV RECTICEL
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PER 30 JUNE 2021
TABLE OF CONTENTS
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
I.1. CONDENSED CONSOLIDATED INCOME STATEMENT
I.2. EARNINGS PER SHARE
I.3. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
I.4. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
I.5. CONDENSED CONSOLIDATED CASH FLOW STATEMENT
I.6. CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
I.7. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDING 30 JUNE 2021
I.7.1. SUMMARY OF SIGNIFICANTACCOUNTING POLICIES
I.7.2. CHANGES IN SIGNIFICANTACCOUNTING POLICIES
I.7.3. POTENTIAL IMPACT OF NEW STANDARDS WHICH ARE YET NOT APPLICABLE I.7.4. CRITICAL ACCOUNTING ASSESSMENTS AND PRINCIPAL SOURCES OF
UNCERTAINTY
I.7.5. CHANGES IN SCOPE OF CONSOLIDATION I.7.6. BUSINESS SEGMENTS
I.7.7. CONDENSED INCOME STATEMENT I.7.8. CONENSED BALANCE SHEET I.7.9. MISCELLANEOUS
- MANAGEMENT REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
- DECLARATION BY THE RESPONSIBLE OFFICERS
IV.
- GLOSSARY
Recticel - Interim Condensed Consolidated Financial Statements per 30 June 2021 | - 1 - |
- INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated financial statements have been authorised for issue by the Board of Directors on 26 August 2021.
I.1. CONDENSED CONSOLIDATED INCOME STATEMENT
Group Recticel | Notes * | 1H2021 | 1H2020 |
in thousand EUR | |||
Sales | I.7.6. | 596 162 | 374 262 |
Distribution costs | ( 31 951) | ( 25 620) | |
Cost of sales | ( 454 808) | ( 283 299) | |
Gross profit | 109 403 | 65 343 | |
General and administrative expenses | ( 37 704) | ( 28 589) | |
Sales and marketing expenses | ( 34 571) | ( 29 881) | |
Research and development expenses | ( 4 940) | ( 4 901) | |
Impairment of goodwill, intangible and tangible assets | 0 | ( 2 083) | |
Other operating revenues | 1.7.7.1 | 2 755 | 3 640 |
Other operating expenses | 1.7.7.1 | ( 11 917) | ( 6 834) |
Income from associates 2 | 547 | 420 | |
Operating profit (loss) | I.7.6. | 23 573 | ( 2 885) |
Interest income | 306 | 589 | |
Interest expenses | ( 3 191) | ( 2 330) | |
Other financial income | 3 223 | 3 568 | |
Other financial expenses | ( 2 147) | ( 4 378) | |
Financial result | I.7.7.2. | ( 1 809) | ( 2 551) |
Income from other associates 2 | 572 | ( 2 954) | |
Change in fair value of option structures | ( 4 865) | 1 702 | |
Result of the period before taxes | 17 471 | ( 6 688) | |
Income taxes | 9 485 | ( 2 045) | |
Result of the period after taxes - continuing operations | 26 956 | ( 8 733) | |
Result from discontinued operations | 1.7.7.4. | 1 287 | 68 812 |
Result of the period after taxes - continuing and discontinued | 28 243 | 60 079 | |
operations | |||
of which non-controlling interests | 289 | ( 31) | |
of which share of the Group | 27 954 | 60 110 | |
* The accompanying notes are an integral part of this income statement.
-
Following the partial divestment from Automotive Interiors on 30 June 2020 (see press release of 01 July 2020), Automotive Interiors is integrated in the consolidated accounts according to the 'equity method'.
To facilitate comparisons and understanding of the Group's underlying performance, all comments in this document on developments in revenue or results are made on a like -for-like basis unless otherwise indicated. - 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 (formerly Automotive Interiors)
Recticel - Interim Condensed Consolidated Financial Statements per 30 June 2021 | - 2 - |
I.2. EARNINGS PER SHARE
in EUR | 1H2021 | 1H2020 |
Number of shares outstanding (including treasury shares) | 55 893 420 | 55 397 439 |
Weighted average number of shares outstanding (before dilution effect) | 55 461 573 | 54 959 861 |
Weighted average number of shares outstanding (after dilution effect) | 56 162 796 | 55 154 501 |
Earnings per share - continuing operations | 0.49 | ( 0.16) |
Earnings per shares - discontinued operations | 0.02 | 1.25 |
Earnings per share of continuing and discontinued operations | 0.51 | 1.09 |
Earnings per share from continuing operations | ||
Basic | 0.49 | ( 0.16) |
Diluted | 0.48 | ( 0.16) |
Earnings per share from discontinued operations | ||
Basic | 0.02 | 1.25 |
Diluted | 0.02 | 1.25 |
Net book value | 6.35 | 5.98 |
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, increased for the warrants in-the-money.
Recticel - Interim Condensed Consolidated Financial Statements per 30 June 2021 | - 3 - |
I.3. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Group Recticel
in thousand EUR
Result for the period after taxes
Other comprehensive income
Items that will not subsequently be recycled to profit and loss
Actuarial gains (losses) on employee benefits recognized in equity Deferred taxes on actuarial gains (losses) on employee benefits Currency translation differences
Joint ventures & associates
1H2021 1H2020
28 243 | 60 080 |
3 819 | 2 100 | ||
( | 457) | ( | 452) |
( | 132) | 195 | |
0 | ( | 246) |
Total | 3 230 | 1 597 |
Items that subsequently may be recycled to profit and loss | ||
Hedging reserves | 29 | 0 |
Currency translation differences | 2 913 | ( 13 816) |
Foreign currency translation reserve difference recycled in the income statement | 0 | 18 345 |
Deferred taxes on retained earnings | 288 | ( 1) |
Joint ventures & associates | 0 | 2 003 |
Total | 3 230 | 6 532 |
Other comprehensive income net of tax | 6 460 | 8 129 |
Total comprehensive income for the period | 34 703 | 68 209 |
Total comprehensive income for the period | 34 703 | 68 209 |
of which attributable to the owners of the parent | 34 414 | 68 239 |
of which attributable to non-controlling interests | 289 | ( 31) |
Recticel - Interim Condensed Consolidated Financial Statements per 30 June 2021 | - 4 - |
I.4. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
in thousand EUR | |||
Group Recticel | Notes* | 30 JUN 2021 | 31 DEC 2020 |
Intangible assets | 44 070 | 14 806 | |
Goodwill | I.7.8.1. | 34 578 | 24 139 |
Property, plant & equipment | 327 525 | 173 000 | |
Right-of-use assets | 84 178 | 75 377 | |
Investment property | 5 331 | 3 331 | |
Investments in associates | 12 885 | 12 351 | |
Investments in other associates | 11 731 | 11 030 | |
Non-current receivables | 21 463 | 25 760 | |
Deferred tax assets | 37 909 | 25 298 | |
Prepaid for defined benefit plans | 1 897 | 0 | |
Non-currrent assets | 581 567 | 365 092 | |
Inventories | 152 330 | 90 833 | |
Trade receivables | 168 426 | 102 726 | |
Other receivables and other financial assets | 36 268 | 57 929 | |
Income tax receivables | 2 390 | 1 452 | |
Other investments | 170 | 170 | |
Cash and cash equivalents | 87 597 | 79 255 | |
Assets held for sale | 1 300 | 1 300 | |
Current assets | 448 481 | 333 665 | |
TOTAL ASSETS | 1 030 048 | 698 757 | |
Capital | 139 734 | 139 357 | |
Share premium | 131 780 | 131 267 | |
Share capital | 271 514 | 270 624 | |
Treasury shares | ( 1 450) | ( 1 450) | |
Other reserves | ( 18 747) | ( 22 487) | |
Retained earnings | 110 968 | 98 760 | |
Hedging and translation reserves | ( 8 431) | ( 11 372) | |
Equity (share of the Group) | 353 854 | 334 075 | |
Equity attributable to non-controlling interests | 994 | 705 | |
Total equity | 354 848 | 334 780 | |
Employee benefit liabilities | 50 897 | 52 342 | |
Provisions | 19 263 | 18 979 | |
Deferred tax liabilities | 32 794 | 12 173 | |
Financial liabilities | I.7.8.3. | 284 493 | 70 426 |
Other amounts payable | 76 | 26 | |
Non-current liabilities | 387 523 | 153 946 | |
Provisions | 5 991 | 1 598 | |
Financial liabilities | I.7.8.3. | 9 877 | 14 403 |
Deferred payable for share investment | 18 196 | 0 | |
Trade payables | 125 676 | 88 923 | |
Current contract liabilities | 18 067 | 15 183 | |
Income tax payables | 3 414 | 1 045 | |
Other amounts payable | 106 456 | 88 879 | |
Current liabilities | 287 677 | 210 031 | |
TOTAL EQUITY AND LIABILITIES | 1 030 048 | 698 757 | |
- The accompanying notes are an integral part of this statement of financial position. See also note I.7.7.3. on Business combinations and I.7.7.4. Discontinued operations.
Recticel - Interim Condensed Consolidated Financial Statements per 30 June 2021 | - 5 - |
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Recticel SA published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 06:20:08 UTC.
