“2019 has been a pivotal year for Recticel in a highly uncertain economic and geopolitical context.

Recticel has transformed deeply its business perimeter thanks to three major strategic transactions. The first transaction was closed in February 2019, concerning the 2-step divestment to Sekisui Plastics Co. of its 51% participation in Proseat. The second transaction related to the 2-step divestment of its Automotive Interiors division to Admetos, which has been signed early April 2020. The third transaction related to the sale of its 50% participation in the Eurofoam JV to Greiner AG, which has also been signed early April 2020. These three major strategic milestones will enable to simplify and focus the Group on its core and high value-added activities.

In a year of softening end-use markets and deflationary raw material prices, sales have decreased by 7.2% on a comparable basis, leading to an Adjusted Ebitda of €114.7m. Net Financial Debt reached a new historical low, while earnings after taxes reached their second historical best at €24.4m, leading the Board of Directors to propose a stable dividend of €0.24 per share.

Whilst the Group has taken substantial measures to optimize its cost structure by further streamlining its industrial footprint, it has also invested in important Sustainable Innovation programs and in Digitalisation initiatives that will position our Group at the forefront of its sector.

Last but not least, the reactivity, collaborative spirit, transparency and agility displayed by our global teams in the context of the Covid-19 pandemic, have enabled the Group to promptly take drastic measures to protect its employees and minimize economic consequences.”

Mr. Olivier Chapelle
Chief Executive Officer

Mr. Johnny Thijs
Chairman of the Board of Directors

Download the Annual Report