"2017 has been another successful year for Recticel, despite significant headwinds and unforeseen impactful incidents. In that context, the Recticel organisation has displayed resolve and reactivity to improve its profitability, and generate a historically high net result.

In a supportive macro-economic environment, Recticel has indeed grown its sales by 8.4%, has increased its REBITDA by 8.0% and, generated record EUR 23.9 million earnings after taxes. But in 2017, our Group has faced adverse currency effects, unprecedented raw material price increases, an MDI supply shortage affecting our Insulation division, a serious fire incident in our Automotive factory in Most (Czech Republic), and a significant pollution issue due to TDI supplied by BASF. The potential consequences of these situations have indeed all been mitigated during the year.

That has not prevented Recticel to pursue the development of growth initiatives based upon geographic expansion projects and substantial innovations which are expected to contribute to sales growth as from 2019.

Last, Recticel has prepared the divestment case of its Automotive activity and has appointed an external advisor in order to proceed with the divestment in 2018."

MR. JOHNNY THIJS
Chairman of the Board of Directors

MR. OLIVIER CHAPELLE
Chief Executive Officer

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