RECTICEL NV Making insulation smart and sustainable
2023 Annual Report
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
The FSC® certification provides an assurance that the wood and paper used for this Annual Report have been harvested in a socially and environmentally responsible manner. The FSC's Chain of Custody certification provides a way in which the material can be tracked from the certified initial source through the manufacturing process to the end user.
The European Single Electronic Format (ESEF) is the official version of this 2023 Annual Report, as stipulated in Art. 4 of the Transparency Directive 2004/109/EG.
Download the machine-readable iXBRL version of our 2023 Annual Report on https://www.recticel.com/investors/annual-half-year-reports.html
Credits images:
HGEsch (cover and page 78)
Buck Fotodesign / Jarosch Architecture, Rent Group (page 15)
Christoph Gruber (page 20)
Matej Hakár (page 24)
DAPh (page 37 and 155)
Emma Johnson (page 104)
Layout, concept and production: Vintage Productions, Belgium
Recticel Group - 2023 Annual Report 2
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
Recticel Group: the home of smart, sustainableinsulation
Recticel Group is a Belgian insulation company with a strong presence in Europe and the US. Our ambition is to accelerate the fight against climate change with smart insulation solutions that advance a carbon-free economy and a better quality of life.
Recticel Group offers a comprehensive portfolio of thermal and thermo-acoustic solutions through different divisions, which are all centres of excellence in their own specialities.
The Insulated Panels division provides PIR and mineral wool based solutions that enable the highest aesthetic standards, unleash architectural potential and make pre-fabrication easier and more cost-efficient. The Insulation Boards division includes energy-saving thermal and thermo-acoustic PIR boards, as well as ultra-efficient vacuum insulated panels suitable for buildings and to support cold chain activities in industries ranging from food to pharma. Dedicated to equipment manufacturers, the Acoustic Solutions division is a source of quality, tailored solutions for superior noise control.
Our construction solutions focus on light building materials, modular solutions and smarter building skins. To guarantee maximum performance - from our people and our solutions - we foster a diverse, stimulating and caring workplace. Our experts are proud to provide customer services and support that are second to none. We build valuable partnerships and collaborations with other companies, global organisations, customers and talents to take concrete action with tangible results.
Recticel Group - 2023 Annual Report 3
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
Financial indicators1
Net sales | Adjusted EBITDA | Total equity versus net financial debt/net cash |
EUR | 600 | 587.8 | EUR | 70 | 64.4 | EUR | 450 | 446.2 | 438.0 | ||
529.4 | |||||||||||
400 | |||||||||||
in million | 500 | in million | 60 | in million | |||||||
350 | |||||||||||
-9.9% | 50 | ||||||||||
400 | 39.2 | 300 | 250.0 | ||||||||
40 | 11.0% | 250 | |||||||||
300 | |||||||||||
30 | 200 | 161.9 | |||||||||
200 | 150 | ||||||||||
20 | 7.4% | ||||||||||
100 | |||||||||||
100 | 10 | ||||||||||
50 | |||||||||||
0 | 0 | 0 | |||||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
Net sales | Adjusted EBITDA | Total equity |
Annual growth rate | Adjusted EBITDA as % of net sales | Net financial debt |
Net cash position |
RECT
LISTED
EURONEXT
(Euronext™: RECT.BE - Reuters: RECT.BR - Bloomberg: RECT.BB) is listed on the Euronext ™ stock exchange in Brussels and is part of the BEL Mid® index.
Index weighting: 1.0% - situation 16 April 2024
- As announced in the press release of 14 June 2023, The Soundcoat Company Inc. (referred to as Soundcoat in this 2023 Annual Report) was not part of the divestment to Carpenter Co. and was transferred from Discontinued Operations to Continuing Operations as of 1 January 2022. The formerly published 2022 income statements, financial position and cash-flow statements have been restated. Trimo d.o.o. (Insulated Panels) is fully consolidated as of 1 May 2022.
Recticel Group - 2023 Annual Report 4
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
Recticel share price evolution versus BEL 20, BEL Mid, BEL Small (period 01.01.2023-12.04.2024)
20%
10%
0%
-10%-20%-30%-40%
-50%
-60%
JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | JAN | FEB | MAR | APR |
-25.0% | Recticel | 2.6% | BEL20 | 7.7% BELM | -19.7% | BELS |
Gross dividend per share (5 years)
0.50 | |||||
0.40 | |||||
0.30 | 0.26 | 0.29 | 0.31 | 0.314 | |
0.24 | |||||
0.20 | |||||
0.10 | |||||
0.05 | |||||
0 | |||||
2019 | 2020 | 2021 | 2022 | 2023 | |
Gross dividend per share |
4 Subject to approval of the profit appropriation by the General Meeting of |
28 May 2024, a dividend of EUR 0.31 gross will be paid per ordinary share, |
or EUR 0.217 net (-30% withholding tax). This dividend will be payable from |
3 June 2024. KBC Bank acts as paying agent. Payments for the registered |
shares will take place via bank transfer to the shareholders' bank accounts. |
Gearing and leverage ratio2
60% | 56.0% | 3.0 | |
50% | 2.50 | ||
2.2 | |||
40% | 2.0 | ||
30% | 1.50 | ||
20% | 1.0 | ||
10% | 0.50 | ||
0% | 0 | ||
2022 | 2023: N/A3 |
Gearing Leverage
3 Not applicable as net cash position in 2023
- Incl. IFRS 16 - gearing: net financial debt / total equity; leverage: net financial debt / EBITDA
The pro forma leverage ratio = Net financial debt (after application of IFRS 5) divided by the sum of (a) EBITDA (last 12 months) (before application of IFRS 5) and (b) EBITDA (last 12 months) of the acquired company Trimo d.o.o. This pro forma leverage ratio is a better comparable.
For more information, see Chapter 7.2.6.10.
Recticel Group - 2023 Annual Report 5
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
Sustainability indicators
2023 CLIMATE ACTION PLAN5
TONET | ||||||||||||
OUR | ||||||||||||
RACE | ||||||||||||
ZERO | scope 1+2 GHG emissions | scope 1 GHG emissions | scope 2 GHG emissions | |||||||||
EMISSIONS | (market based) | |||||||||||
Base year 2021 | ||||||||||||
10,861 tCO2e | ||||||||||||
2022 result | tCO2e | -22.8% | tCO2e | -30.1% | ||||||||
5,746 | 5,115 | |||||||||||
9,753 tCO2e | ||||||||||||
5,270 | ||||||||||||
tCO2e | 4,483 | |||||||||||
2030 | tCO2e | 3,575 | ||||||||||
4,437 | tCO2e | |||||||||||
SBTi target | ||||||||||||
tCO2e | ||||||||||||
-90% vs base year | 2023 result | |||||||||||
8,012 tCO2e | ||||||||||||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 |
scope 3 GHG emissions6 | 3.1 purchased goods & services | 3.12 end-of-life treatment of sold products | ||||||||||||||
Base year 2021 | ||||||||||||||||
758,083 tCO2e | ||||||||||||||||
215,960 | ||||||||||||||||
tCO2e | -11.6 % | tCO2e | -8.4 % | |||||||||||||
476,664 | 214,629 | tCO2e | ||||||||||||||
2022 result | 445,072 | |||||||||||||||
tCO2e | 196,550 | |||||||||||||||
737,136 tCO2e | tCO2e | |||||||||||||||
2030 | 413,480 | |||||||||||||||
tCO2e | ||||||||||||||||
SBTi target* | ||||||||||||||||
-25% vs base year | ||||||||||||||||
2023 result | ||||||||||||||||
683,894 tCO2e | ||||||||||||||||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 |
6 incl. Cat. 3.15, Investments
5 Recticel's scope 1, scope 2 and scope 3 carbon footprints are subject to limited assurance by PwC. See Chapter 8.1 for their assurance report. Due to a major methodology change resulting from obtaining more granular data from key suppliers, we restated the previous years, including the SBTi base year. This restatement is also due to the inclusion of Soundcoat in our scope 1, 2 & 3 calculations.
Recticel Group - 2023 Annual Report 6
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
scope 1+2+3 GHG emissions7 | carbon intensity per sales volume | energy intensity per sales volume | ||||
scope 1+2 | ||||||
Base year 2021 | ||||||
768,944 tCO2e | 2022 result | 18.2 kW/m³ | 16.7 kW/m³ | 15.6 kW/m³ | ||
746,889 tCO2e | tCO2e | -20.1% | ||||
3.4 | ||||||
2023 result | ||||||
691,905 tCO2e | 3.0 | |||||
tCO2e | -14.0 % | |||||
2050 | 2.7 | |||||
tCO2e | vs. base | |||||
SBTi target* | year 2021 | |||||
-90% vs base year | ||||||
2021 | 2022 | 2023 |
2021 2022 2023
7 incl. Cat. 3.15, Investments
avoided emissions8 | Overall Net-Zero target |
Recticel commits to reach net-zero greenhouse gas emissions across | |
the value chain by 2050 from a 2021 base year. |
-4.5% | Near-Term targets | |||
Recticel commits to reduce absolute scope 1+2 GHG emissions 90% by 2030 from a 2021 base year. | ||||
25,931,764 tCO2e | x 35.6 | x 34.0 | 22,897,740 tCO2e | Recticel also commits to reduce absolute scope 3 GHG emissions 25% within the same timeframe. |
Avoided emissions: | Avoided emissions: | |||
Long-Term targets | ||||
Recticel commits to maintain at least 90% absolute scope 1+2 GHG emissions reductions from 2030 through | ||||
2050 from a 2021 base year. | ||||
Recticel also commits to reduce absolute scope 3 GHG emissions 90% by 2050 from a 2021 base year. | ||||
Recticel | Recticel | Date of approval: 14 February 2024 | ||
727,567 tCO2e | 673,575 tCO2e | |||
scope 1+2+39: | scope 1+2+39: | |||
2022 | 2023 | Recticel chose operational control as the consolidation approach and all divisions have been accounted | ||
8 estimated from all our building insulation | ||||
for in the inventory boundary. All targets have been assessed against the absolute contraction approach. | ||||
products over their lifetime | ||||
The proposed reduction in scope 1+2 is aligned with a rate of decarbonisation consistent with the goal | ||||
9 excl. Cat. 3.15, Investments | ||||
of keeping global temperature increase to 1.5°C compared to pre-industrial temperatures. |
Recticel Group - 2023 Annual Report 7
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
PEOPLE & SOLUTIONS PLAN
OURMAX
RACE
TOSafety10POSITIVE
PERFORMANCE
Frequency 1
Number of Lost Time Accidents x 1,000,000 / number of hours performed
14
Frequency 2
Number of [Lost Time Accidents + Restricted Work Cases + Medical Treatment Cases] x 1,000,000 / number of hours performed
12 | 12.53 | ||
11.68 | |||
10 | |||
10.14 |
8 | 8.88 |
6 | |
4 | 4.82 |
2 | target 2030 | ||||||
1.95 | ≤ 2 | ||||||
0 | |||||||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 |
target 2030
≤ 5
Gender diversity10
% women in senior management positions11
35%
30% | target 2030 | |||
25% | ||||
25% | ||||
20% | ||||
18% | 17% | |||
15% |
scope 2021: Recticel Insulation, Recticel Bedding, Recticel Engineered Foams
scope 2022: Recticel Insulation
scope 2023: Recticel Group
In 2021, 2022, HQ and Shared Services were included in the reporting results of Recticel Insulation.
Recticel Group: Recticel Insulation, Trimo, Soundcoat, Turvac (74% joint venture), HQ, Shared Services
10%
5%
0%
14%
2021 | 2022 | 2023 |
- 2023 limited assurance by PwC, see Chapter 8.1.
- Recticel Hay grade 18 and above
Recticel Group - 2023 Annual Report 8
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
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Appendix
E-learning participation
Governance programme | ||||||||||||||
Data protection | Ethics policy | Basics of contract law | ||||||||||||
99% | 99% | 99% | ||||||||||||
98% | 98% | 98% | ||||||||||||
97% | 97% | 97% | ||||||||||||
96% | 96% | 96% | ||||||||||||
96% | 96% | 96% | ||||||||||||
target | target | target | ||||||||||||
95% | 95% | 95% | ||||||||||||
95% | 95% completion | 95% completion | 95% completion | |||||||||||
94% | 94% | 94% | ||||||||||||
94% | 94% | |||||||||||||
94% | 94% | 94% | ||||||||||||
93% | 93% | 93% | ||||||||||||
92% | 92% | 92% | ||||||||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |||||||||
2021 | 2021 | 2021 |
Cybersecurity
DIGIWIZZ
99%
98%
97%
96% | ||
96% | ||
95% | target | |
95% | 95% completion | |
94% | ||
93% | 93% | |
92% | ||
2021 | 2022 | 2023 |
scope 2021: White-collar employees, Recticel Insulation, Recticel Bedding, Recticel Engineered Foams
scope 2022: White-collar employees, Recticel Insulation
scope 2023: White-collar employees, Recticel Group, excl. Trimo and Turvac (74% joint venture)
In 2021, 2022, HQ and Shared Services were included in the reporting results of Recticel Insulation. Recticel Group: Recticel Insulation, Trimo, Soundcoat, Turvac (74% joint venture), HQ, Shared Services
Recticel Group - 2023 Annual Report 9
Introduction | About Recticel |
Group | |
Our commitment to sustainability
Our value
creation model
Business
performance
Risk and
opportunity
Sustainability
report
Financial
report
Appendix
Highlights of 2023 and early 2024
04
APRIL 2023
First Captains of Industry event held at Autoworld Museum in Brussels
Recticel Insulation organises a highly attended information event with Belgium's construction industry leaders to talk about sustainability, circularity and approaches to energy performance in non-residential buildings.
05
MAY 2023
2023 Insulation Barometer launched
With its annual Insulation Barometer, Recticel Insulation has established a tradition and positioned itself as an opinion leader in the insulation market. The 2023 white paper focuses on non-residential buildings and examines the influence of thermal insulation and energy-efficient techniques on the new EPC NR (Energy Performance Certificate for non-residential units).
06
JUNE 2023
Recticel becomes a dedicated insulation specialist Recticel starts its new journey as a pure insulation player, having completed the divestment of its Engineered Foams activities to US-basedCarpenter Co.
07
JULY 2023
Recticel Insulation launches IMPACT, a new range of bio-circular insulation solutions
Recticel introduces a new range of polyurethane insulation boards containing 25% bio-circular raw materials, calculated in accordance with the mass balance principle. The products reduce CO2 emissions by an average of 43% compared to standard boards while offering equivalent technical insulation performance12
12 Internal LCA calculation according to EN15804+A2 standard, for modules A1 - A3 (cradle to gate), based on the mass balance method.
09
SEPTEMBER 2023
Jan Vergote appointed new
CEO of Recticel Group
11
NOVEMBER 2023
Trimo receives the Best Development and Engineering Team of the Year award in Slovenia Every year, the Časnik Finance newspaper recognises the technological progress of manufacturing companies in Slovenia with
the Factory of the Year award. The associated Engineering and Development Team of the Year award recognises the achievements of a team that is outstanding in the production field.
Recticel Group - 2023 Annual Report 10
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Recticel SA published this content on 05 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2024 14:32:06 UTC.
