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Recticel's Bedding segment records slightly lower figures
17
May '11
Recticel announced Trading update for first quarter 2011.

Trading Report

Total consolidated sales increased from EUR 334.7 million to EUR 359.6 million (+7.4%). During the first quarter 2011, trading conditions were positive in all business lines, with the exception of Bedding. As expected, the polyurethane market has been subject to further significant raw material price increases. The profitability has been slightly impacted by the necessary lead time to pass the increases on to customers in most business lines.

Breakdown of sales by business line (unaudited)

Flexible Foams
Flexible Foams' sales increased by 5.3% to EUR 159.8 million. This was attributable to higher volumes in the division 'Technical Foams' which continues to benefit from the activity increase in all industrial markets.

Bedding
Bedding sales decreased by 2.3% to EUR 78.9 million. Both the 'Brand' and the 'Non-brand' segment recorded slightly lower figures. The Group's business performance was particularly under pressure in Austria and Switzerland.

Automotive
Automotive sales increased by 12.9% to EUR 88.1 million. Volumes improved in Interiors by +17.6% and in Proseat (the 51/49 joint venture between Recticel and Canadian group Woodbridge) by +12.2%. Interiors mainly supplies the premium car segment, which remained strong (both in Europe and the USA), and was further pulled by the demand in emerging economies.

Financial Situation

On 31 March 2011, net financial debt (excluding non-recourse factoring/forfeiting programs) amounted to EUR 215.2 million (compared to EUR 158.7 million at 31 December 2010). The net financial debt has been mainly influenced by a seasonal working capital build-up. In addition the inventory build-up to cover a seasonal lack of capacity in Insulation and the impact of the raw material price cycle on receivables and inventories explain this increase.

Outlook

Recticel confirms the guidance, given in March, for the current financial year. The Group expects its overall sales to further increase in 2011, and intends to compensate additional raw material price increases in 2011 through a combination of improved activity levels, adequate pricing policies and cost reduction measures.

Recticel is a Belgian Group with a strong European dimension, but also operates in the rest of the world. Recticel has 110 establishments in 27 countries.

Recticel is the Group behind well-known bedding brands (Beka, Lattoflex, Literie Bultex, Schlaraffia, Sembella, Swissflex, Superba, Ubica, etc.). Within the Insulation division high-quality thermal insulation products are marketed under the well-known brands Eurowall, Powerroof, Powerdeck and Powerwall.

Recticel


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