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Recticel sales dip 5.6% in 2013


Recticel sales dip 5.6% in 2013

(Belgium)

As announced in the press release of 04 October 2013, Recticel decided to adopt the new IFRS 11 Reporting Standard as of 01 January 2013. Consequently, the joint ventures, which were previously integrated by application of the proportionate consolidation method, are now consolidated on the basis of the equity method. Hereafter, all references to “Consolidated” data refer to the official data after adoption of IFRS 11.

However, in order to allow continuity in the information on underlying operational performance, and in line with IFRS 8, the financial data per segment are provided on a “Combined” basis, i.e. including Recticel’s pro rata share in the joint ventures, after intercompany eliminations, in accordance with the proportionate consolidation method.

The 2012 figures have been restated for the application of the amended standard IAS19 - Employee Benefits (cfr. also press release dd 30 August 2013 on 1H2013 results). The application of IAS 19 results in a restatement of the 2012 net pension liabilities.

The "corridor" method, which allowed to defer the recognition of the expenses over multiple accounting periods, will no longer be used. The new IAS 19 standard has an impact on the total equity per 31 December 2012 of EUR -19.5 million from EUR 260.6 million to EUR 241.1 million, and on the result of the period after taxes of EUR -2.2 million.  

CONSOLIDATED KEY FIGURES
-Consolidated sales: from EUR 1,035.1 million to EUR 976.8 million (-5.6%)
-Consolidated EBITDA: from EUR 66.0 million 1 to EUR 13.6 million, including EUR 27 million European Commission fine, legal fees and restructuring charges
-Consolidated EBIT: from EUR 33.0 million 1 to EUR -20.9 million
-Consolidated result of the period (share of the Group) from EUR 15.4 million to EUR -36.1 million
-Consolidated net financial debt 3 amounted to EUR 138.2 million, compared to EUR 137.7 million per 31 December 2012
-Proposal to pay a gross dividend of EUR 0.20 per share

COMBINED KEY FIGURES
-Combined sales: from EUR 1,319.5 million to EUR 1.258.6 million (-4.6%)
-Combined REBITDA of EUR 72.8 million and REBIT of EUR 33.2 million
-Non-recurring elements: EUR -48.6 million (i.e. EUR 27 million EC fine, legal fees, restructuring charges and impairments)
-Combined EBITDA of EUR 27.7 million and EBIT of EUR -15.3 million
-Combined net financial debt 3 amounted to EUR 165.1 million, compared to EUR 172.6 million per 31 December 2012

Recticel

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Middle East Textile Journal

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