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- Recticel N.V./S.A. Business Report FY ended Dec. 2014
Recticel N.V./S.A. Business Report FY ended Dec. 2014
Financial Overview
|
(in million EUR) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Rate of change (%) |
Factors |
Overall |
Sales |
983.4 |
976.8 |
0.7 |
- |
EBITDA |
36.8 |
13.6 |
170.6 |
- |
Automotive |
Sales |
264.0 |
258.4 |
2.2 |
1) |
EBITDA |
12.5 |
10.4 |
20.2 |
- |
Factors
1) Automotive
-For the full year 2014, combined sales increased by 2.2% to EUR 264.0 million. Since October 2013, the automotive markets have improved, confirmed by new car registrations in the EU-28.
Sales structure of Automotive division
|
(%) |
Interiors |
41.2 |
Seating |
54.8 |
Exteriors |
4.0 |
-Sales in Interiors decreased by 2.0% to EUR 108.5 million. This drop was expected as some programs (e.g. Mercedes C Class) were phasing out In contrast, the volumes in China grew significantly compared to 2013, due to the start-up of the Beijing plant (Daimler) and higher volumes in the Shenyang plant (BMW).
-Sales in Seating (Proseat, the 51/49 joint venture between the Company and Woodbridge), more than compensated for the lower sales volumes in Interiors, increased by 5.5% to EUR 144.3 million.
-Full year 2014 sales in 'Exteriors' increased by 2.8% to EUR 11.2 million.
Flexible Foams - Inspection EC
-The Company announced that it reached a settlement of EUR 27 million with the European Commission in the context of the investigation in the Flexible Foams markets for alleged cartel activities.
Contracts
-Major contracts won in 2014
OEM |
Model |
Components |
Technology |
Parts manufacturing plant |
Contract period |
Estimated cumulative life time sales |
Scania |
A new truck |
Instrument panel trim parts |
"Colo-Sense" |
Czech Republic |
Multi-year |
Approximately EUR 7 million |
Renault |
New Scenic |
Door panel skin |
"Colo-Sense" |
Czech Republic |
- |
- |
Volkswagen |
Passat/Magotan (China) |
Instrument panel trim parts |
"Colo-Sense" |
Changchun, China |
Multi-year |
Approximately EUR 75 million |
Peugeot |
3008/5005 |
Interior trim parts |
"Colo-Sense" |
Czech Republic |
Multi-year |
Approximately EUR 51 million |
BMW |
X3 |
Interior trim parts |
"Colo-Sense" |
China, U.S. |
Multi-year |
Approximately EUR 84 million |
Volkswagen |
Tiguan |
Instrument panel parts |
"Colo-Sense" |
Czech Republic |
Multi-year |
Approximately EUR 20 million |
-Major interior contracts
OEM |
Model |
Start of production (New programs) |
Estimated end of production |
BMW |
1 Series |
|
2018 |
BMW |
1 Series Coupe/Cabriolet |
|
2020 |
BMW |
3 Series |
|
2019 |
BMW |
5 Series (New Europe) |
March 2017 |
2024 |
BMW |
5 Series (New China) |
May 2017 |
2024 |
BMW |
6 Series |
|
2017 |
Freightliner |
Freightliner (truck) |
|
2017 |
Daimler |
Mercedes-Benz C-Class |
|
2015 |
Daimler |
Mercedes-Benz E-Class |
|
2016 |
Daimler |
Mercedes-Benz E-Class (New Europe) |
November 2015 |
2022 |
Daimler |
Mercedes-Benz E-Class (New China) |
June 2016 |
2023 |
Daimler |
Mercedes-Benz E-Class Coupe/Cabriolet |
|
2017 |
Daimler |
Mercedes-Benz R-Class |
|
2017 |
Daimler |
Mercedes-Benz Viano/Vito |
|
2014 |
Opel |
Zafira |
|
2015 |
Peugeot |
508 |
|
2017 |
Porsche |
Macan |
November 2013 |
2020 |
Scania |
Cuite |
|
2017 |
Skoda |
Superb |
October 2014 |
2015 |
Volkswagen |
Golf Plus (New) |
October 2014 |
2021 |
Volkswagen |
Passat |
|
2014 |
Volkswagen |
Passat (New) |
May 2014 |
2021 |
Volvo |
S60/V60 |
|
2020 |
Volvo |
S80/V70 |
|
2016 |
Volvo |
XC60 |
|
2021 |
Volvo |
3 models |
|
- |
China Youngman Automobile |
Youngman |
|
2016 |
* As of December, 2013.
New Plant
-A new EPP (Expanded Poly Propylene) production facility has been decided and set up by the Company, co-located in the Schwarzheide site (Germany) of our supplier BASF, in order to provide light weight solutions to its automotive seating clients. Production has started in February 2015.
-After the opening of a first site in Taloja, Navi (Mumbai) in November 2011, the Company expands its presence in India with the inauguration of a second Flexible Foams converting plant in Neelamangala, at 30 kilometers from Bangalore (India). With this new 3,500-square-meter site, the Company wants to further increase its position in one of the fastest growing economies. Both Indian converting plants are focusing on the transformation of reticulated foam blocks for air filters, which are used as highend air filter foams in the rapidly growing regional motorcycle and automotive sector.
-A new Automotive Interior facility is planned to be started up in the second quarter of 2015 in Changchun, China, to supply VW and Volvo.
Plant Restructuring
-The Company closed its Flexible Foam facility in Wijchen, the Netherlands.
-Recticel Automobilsysteme GmbH, a fully owned subsidiary of the Company, announced its intention to close down the remainder of its production operations in Rheinbreitbach (Germany). The Automotive Interiors division had not been nominated for the production of interior components for the new Mercedes C-class, hence the need for the initial restructuring.
-Proseat announced the closure of its Rüsselsheim operations (Germany), to take place by June 2015.
R&D Expenditure
|
(in million EUR) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Overall |
13.1 |
13.0 |
% of Sales |
1.3 |
1.3 |
R&D Structure
-The Company has an International Development Center (IDC) in Wetteren, Belgium.
Product Development
Interior skin
-The Colo-Sense Lite, a high performance skin marketed as from 2013, enables a weight reduction of 25% with the same quality of soft and pleasant feeling as its predecessor. The new product appears to be a success on the market resulting in more than EUR 500 million new contracts. This innovation got a nomination for the Essenscia innovation award (the Belgian Federation for Chemistry & Life Sciences Industries).
Capital Expenditure
|
(in million EUR) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Overall |
26,1 |
23.4 |
Automotive |
13.0 |
9.3 |
Data
Number of employees by Geographic area
|
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Western-Europe |
4,775 |
5,188 |
5,291 |
Eastern-Europe |
2,237 |
2,051 |
2,010 |
Rest of the World |
567 |
519 |
542 |
Total |
7,578 |
7,758 |
7,842 |
Sales by Division
|
(in million EUR) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Flexible Foams |
593.0 |
583.4 |
Bedding |
281.6 |
283.0 |
Insulation |
227.0 |
220.0 |
Automotive |
264.0 |
258.4 |
Eliminations |
(85.6) |
(86.2) |
Sub-total |
1,280.1 |
1,258.6 |
Contribution JV proportionally consolidated in segment reporting |
(296.7) |
(281.8) |
Total |
983.4 |
976.8 |
Sales by Geographic Area
|
(in million EUR) |
|
FY ended Dec. 31, 2014 |
FY ended Dec. 31, 2013 |
Belgium |
125.8 |
126.1 |
France |
130.1 |
126.8 |
Germany |
187.3 |
195.4 |
Other EU countries |
408.6 |
392.1 |
Europe Union Total |
851.8 |
840.4 |
Others |
131.6 |
136.3 |
Grand Total |
983.4 |
976.8 |
>>>Financial Data