Recticel, The passion for Comfort

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Financial concepts
Appropriated capitalNet intangible fixed assets + goodwill + tangible fixed assets + working capital.
Average = [Appropriated capital at the end of last year + Appropriated capital at the end of the last period] / 2.
Appropriated capital, AverageHalf yearly: average appropriated capital at the beginning and at the end of the period.
Average = [Appropriated capital at the end of last year + Appropriated capital at the end of the last period] / 2.
For the full year: average of the half yearly averages.
Associated companies Entities in which Recticel has a significant influence and that are processed using the equity-method.
CGU Is short for Cash Generating Unit or cash flow generating unit.
Combined figuresFigures including Recticel's pro rata share in the joint ventures, after elimination of intercompany transactions, in accordance with the proportional consolidation method.
Consolidated figuresFigures following the application of IFRS 11, whereby Recticel's joint ventures are integrated on the basis of the equity method.
Earnings per share, baseNet result for the period (Group share) / Average outstanding shares over the period.
Earnings per share, dilutedNet result for the period (Group share) / [Average number of outstanding shares over the period - own shares + (number of possible new shares that have to be issued within the framework of the existing outstanding stock option plans x dilution effect of the stock option plans)].
EBIT Operating results + profit or loss from equities.
EBITDA EBIT + depreciation and additional impairments/increases on assets.
Equity capital Total equity, including minority interests.
Gearing ratioNet financial debt / Total equity (including shares of external parties).
InvestmentsCapitalized investments in tangible and intangible assets.
Joint ventures Entities that are controlled jointly and that are consolidated proportionately. Following the early adaption of IFRS 11 since 2013, these participations are consolidated following the equity method.
Market capitalizationClosing price x total number of outstanding shares.
Net financial debtInterest bearing financial debts at more than one year + interest bearing financial debts within maximum one year - cash and cash equivalents - Available for sale investments + Net marked-to-market value position of hedging derivative instruments.
Non-recurring elementsNon-recurring elements include operating revenues, expenses and provisions that pertain to restructuring programmes (redundancy payments, closure & clean-up costs, relocation costs,...), reorganisation charges and onereous contracts, impairments on assets ((in)tangible assets and goodwill), revaluation gains or losses on investment property, gains or losses on divestments of non-operational investment property, and on the liquidation of investments in affiliated companies, gains or losses on discontinued operations, revenues or charges due to important (inter)national legal issues.
Recurring EBIT(DA) or REBIT(DA)EBIT(DA) before non-recurring elements.
Return on Capital EmployedEBIT / average appropriated capital.
Return on Equity (ROE)Net result for the period (share of the Group) / Average total equity over the period (the Groupís share).
ROCERepresents Return on Capital Employed.
Subsidiaries Fully consolidated entities under Recticel control.
Working capital Inventories + trade receivables + other receivables + recoverable taxes - trade payables - payable taxes - other commitments.

General conceptsExplanation
Blowing agentCarbon dioxide is produced from the reaction of isocyanate and water. This gas functions as blowing agent in the production of flexible foam.
CatalystAccelerates the reaction process and ensures the balance in the polymerization and the blowing. Catalysts determine the foaming speed of the process.
DodecahedronA regular dodecahedron or a spatial figure with 12 pentagonal faces, 20 end points and 30 edges. This is one of the five regular polyhedra in three dimensions
Colo-fast®Aliphatic polyurethane that is distinguished by its colour fastness (light-stable)
Colo-sense®Variation of Colo-fast®
Frequency rate of accidentsNumber of time costing accidents per million working hours
IDCInternational Development Centre, the international research and development department of the Recticel Group
IsocyanateHighly reactive substance that easily combines with other substances (such as alcohols). The structure of these alcohols determines the hardness of the PU-foam.
LambdaExpression of the thermal conductivity of thermal insulation
MDIMethylene Diphenyl diIsocyanate
PolyisocyanurateImproved version of polyurethane. PIR-foam has an improved dimensional stability, excellent mechanical properties such as compressive strain and is a much stronger fire retardant. PIR is mainly used as thermal insulation
PolyolSynonym for PU polyalcohol, which is acquired from propylene oxide
PolyurethaneRepresents an important group of products within the large family of polymers or plastics. Polyurethane is a generic term for a wide range of foam types.
PU or PURAbbreviation for polyurethane
REACHSystem for Registration, Evaluation and Authorization of Chemical substances that are produced or imported in the European Union. This regulation came into force on 01 June 2007.
StabilizersProvide the homogeneous structure and the stabilization of the cellular network up to the complete rise of the foam in the reaction process
Severity index of accidentsNumber of calendar days lost per thousand working hours
TDIToluene DiIsocyanate