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Recticel Q3 sales down 2.7%

October 31, 2013 (Belgium)

Recticel announces results of third quarter of 2013 for different segments.

Combined sales decreased from EUR 316.4 million in 3Q2012 to EUR 307.9 million in 3Q2013 (-2.7%). Over the first nine months, combined sales decreased by 5.6% from EUR 996.6 million to EUR 940.5 million.

Highlights:

- Consolidated 3Q sales: from EUR 251.9 million to EUR 239.1 million.

- Consolidated year-to-date sales: from EUR 784.0 million to EUR 733.8 million.

- Net financial debt amounted to EUR 140.3 million, compared to EUR 143.8 million per 30 September 2012 and to EUR 123.7 million per 30 June 2013.

The negative sales trend observed in 1Q2013 (-9.5%) and in 2Q2013 (-4.4%) has further softened during 3Q2013 (-2.7%).

The persisting weak and very volatile economic environment in Europe (accounting for 94% of total net sales) together with a low consumer confidence, continues to weigh on the Group’s end-use markets. These end-use markets are all geared towards slow moving consumer goods and investment goods. The first signs of a progressive stabilization became noticeable during 3Q2013.

Sales in all Business Lines were broadly stable versus last year, with the exception of Bedding, where external sales decreased by 9.1% in a very depressed market.

Flexible Foams

Combined sales decreased from EUR 140.1 million in 3Q2012 to EUR 139.6 million in 3Q2013 (-0.4%). Over the first nine months, combined sales decreased by 1.5% from EUR 443.7 million to EUR 436.9 million.

Sales in the Comfort sub-segment decreased by -2.1% in 3Q2013, whereas sales in the Technical foams sub-segment increased by +2.7% impacted by higher sales in Eastern Europe and in the non-European markets.

In August 2013, Recticel started its first acoustic solutions’ deliveries to Boeing.

In September 2013, Recticel Ibérica announced its decision to streamline its Flexible Foams activities in Spain.

Recticel Ibérica will close its comfort foaming factory in La Eliana before the end of 2013, with activities being transferred to the Catarroja plant (Valencia province), and a total of 16 jobs being eliminated with related costs to be charged in 2H2013.

In addition, Recticel Ibérica has divested its IPF engineering activities (12 jobs), with a nonmaterial loss to be charged in 2H2013.

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Recticel
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