Recticel : first half-year 2023 report

RECTICEL

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS REPORT

PER 30 JUNE 2023

TABLE OF CONTENTS

1	INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	2
	1.1	Condensed consolidated financial statements	2
	1.1.1 Condensed consolidated income statement	2
	1.1.2	Earnings per share	3
	1.1.3 Condensed consolidated statement of comprehensive income	4
	1.1.4 Condensed consolidated statement of financial position	5
	1.1.5 Condensed consolidated cash flow statement	6
	1.1.6 Condensed statement of changes in shareholders' equity	7
	1.2	Notes to the condensed consolidated financial statements for the half-year ending 30 June 2023	8
	1.2.1 Summary of significant accounting policies	8
	1.2.2 Changes in scope of consolidation	9
	1.2.3 Condensed consolidated income statement	10
	1.2.4 Condensed consolidated statement of financial position	15
	1.2.5	Miscellaneous	17
2	MANAGEMENT REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS..	20
3	DECLARATION BY THE RESPONSIBLE OFFICERS	20
4	STATUTORY AUDITOR'S REPORT ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2023	21
5	GLOSSARY	22

Recticel Interim Condensed Consolidated Financial Statements per 30 June 2023

Page 1 of 22

1 Interim condensed consolidated financial statements

1.1 Condensed consolidated financial statements

The interim condensed consolidated financial statements have been authorised for issue by the Board of Directors on 30 August 2023. They have been prepared in accordance with IFRS accounting policies, details of which are given below.

1.1.1 Condensed consolidated income statement

			in thousand EUR
	1H2022 restated¹		1H2023
Sales	287,237		266,119
Cost of sales	(235,123)	(220,646)
Gross profit	52,114		45,473
General and administrative expenses	(14,628)	(24,104)
Sales and marketing expenses	(12,889)	(15,490)
Research and development expenses	(2,299)	(2,104)
Impairment of goodwill, intangible and tangible assets	(57)	(293)
Other operating revenues	1,233	2,470
Other operating expenses	(3,955)	(1,928)
Income from associates	0	0
Operating profit (loss)	19,519		4,024
Interest income	476	668
Interest expenses	(1,958)	(6,711)
Other financial income	4,821	2,142
Other financial expenses	(4,861)	(2,275)
Financial result	(1,521)		(6,176)
Income from other associates	(2,384)	(1,772)
Impairment other associates		(3,874)
Change in fair value of option structures	2,330	0
Result of the period before taxes	17,944		(7,798)
Income taxes	(5,007)	(3,076)
Result of the period after taxes - continuing operations	12,937		(10,874)
Result from discontinued operations	22,119	12,973
Result of the period after taxes - continuing and discontinued operations	35,056		2,100
of which share of the Group	34,618	2,209
of which non-controlling interests	438	(110)

* The accompanying notes are an integral part of this income statement.

1 As announced in the press release of 14 June 2023, The Soundcoat Company Inc. was not part of the divestment to Carpenter Co was transferred from Discontinued Operations to Continuing Operations as of 1 January 2022. The formerly published 2022 Condensed Consolidated Income Statement , Condensed Consolidated Statement Of Comprehensive Income , Condensed Consolidated Statement Of Financial Position , Condensed Consolidated Cash Flow Statement & Condensed Statement Of Changes In Shareholders' Equity have been restated accordingly.

Trimo d.o.o. (Insulated Panels) is fully consolidated as of 1 May 2022.

Income from other associates: income from associates not considered as being part of the Group's core business are not integrated in Operating profit (loss); i.e. TEMDA2 (Ascorium, formerly Automotive Interiors).

Recticel Interim Condensed Consolidated Financial Statements per 30 June 2023

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1.1.2 Earnings per share

			in EUR
	1H2022		1H2023
	restated¹
Number of shares outstanding (including treasury shares)	56,208,420	56,230,920
Weighted average number of shares outstanding (before dilution effect)	55,714,814	55,891,564
Weighted average number of shares outstanding (after dilution effect)	56,734,281	56,775,738
Earnings per share
Earnings per share - continuing operations	0.23	(0.19)
Earnings per shares - discontinued operations	0.40	0.23
Earnings per share of continuing and discontinued operations	0.63		0.04
Earnings per share from continuing operations
Earnings per share from continuing operations - Basic	0.23	(0.19)
Earnings per share from continuing operations - Diluted	0.23	(0.19)
Earnings per share from discontinued operations
Earnings per share from discontinued operations - Basic	0.40	0.23
Earnings per share from discontinued operations - Diluted	0.39	0.23
Net book value	7.43		7.78

The basic earnings per share are calculated on the basis of the weighted average number of shares outstanding during the period.

The diluted earnings per share are calculated on the basis of the weighted average number of shares outstanding during the period, adjusted for dilutive subscription rights.

Recticel Interim Condensed Consolidated Financial Statements per 30 June 2023

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1.1.3 Condensed consolidated statement of comprehensive income

in thousand EUR

		1H2022		1H2023
		restated¹
	Result for the period after taxes	35,056		2,100
	Other comprehensive income
	Actuarial gains (losses) on employee benefits recognized in equity	2,874	(803)
	Deferred taxes on actuarial gains (losses) on employee benefits	(136)	106
	Currency translation differences that will not subsequently be recycled to profit and loss	10	(99)
	Share in other comprehensive income in joint ventures & associates that will not subsequently be recycled to profit	0	0
	and loss
	Items that will not subsequently be recycled to profit and loss	2,748	(796)
	Hedging reserves	0	0
	Currency translation differences that subsequently may be recycled to profit and loss	1,986	(980)
	Foreign currency translation reserve difference recycled in the income statement	(642)	0
	Deferred taxes on retained earnings	162	91
	Share in other comprehensive income in joint ventures & associates that subsequently may be recycled to profit and	0	0
	loss
	Items that subsequently may be recycled to profit and loss	1,506	(889)
	Other comprehensive income net of tax	4,255		(1,684)
	Total comprehensive income for the period	39,310		415
	Total comprehensive income for the period	39,310	415
	Total comprehensive income for the period attributable to the owners of the parent	38,872	525
	Total comprehensive income for the period attributable to non-controlling interests	438	(110)
	Total comprehensive income for the period attributable to the owners of the parent	38,872	525
	Total comprehensive income for the period attributable to the owners of the parent - Continuing operations	29,903	(10,874)
	Total comprehensive income for the period attributable to the owners of the parent - Discontinued operations	8,969	11,399

The accompanying notes are an integral part of this statement of comprehensive income.

Recticel Interim Condensed Consolidated Financial Statements per 30 June 2023

Page 4 of 22

1.1.4 Condensed consolidated statement of financial position

			in thousand EUR
	31 DEC 2022 restated¹		30 JUN 2023
Intangible assets	77,357	72,488
Goodwill	63,218	62,409
Property, plant & equipment	111,491	114,626
Right-of-use assets	27,742	25,664
Investment property	113	113
Investments in associates	0	0
Investments in other associates	9,520	3,874
Non-current receivables	15,477	14,947
Deferred tax assets	23,508	22,494
Non-current assets	328,426		316,616
Inventories	57,346	53,114
Trade receivables	67,716	91,183
Deferred receivable for share investments/divestment	25,286	21,200
Other receivables and other financial assets	9,754	11,707
Income tax receivables	2,332	2,830
Cash and cash equivalents	39,782	172,070
Assets classified as held for sale	544,236	7,150
Current assets	746,452		359,254
TOTAL ASSETS	1,074,878		675,870
Capital	140,521	140,577
Share premium	133,596	133,729
Share capital	274,117		274,307
Treasury shares	(1,450)	(1,450)
Other reserves	(354)	(4,416)
Retained earnings	132,461	173,229
Hedging and translation reserves	(1,752)	(900)
Elements of comprehensive income of discontinued operations	41,284	(5,188)
Equity (share of the Group)	444,305		435,582
Equity attributable to non-controlling interests	1,850	1,741
Total equity	446,155		437,322
Employee benefit liabilities	13,207	13,443
Provisions	17,992	34,257
Deferred tax liabilities	21,704	21,339
Financial liabilities	196,763	24,742
Other amounts payable	1,016	996
Non-current liabilities	250,681		94,777
Provisions	256	0
Financial liabilities	93,824	5,033
Trade payables	75,638	73,580
Current contract liabilities	7,587	11,320
Income tax payables	4,444	2,585
Deferred payables for share investments	0	0
Other amounts payable	29,964	51,253
Liabilities directly associated with assets classified as held for sale	166,329	0
Current liabilities	378,042		143,771
TOTAL EQUITY AND LIABILITIES	1,074,878		675,870

The accompanying notes are an integral part of this statement of financial position.

Recticel Interim Condensed Consolidated Financial Statements per 30 June 2023

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