This document presents an analysis of financial ratios for Recticel, a Belgian chemicals company. It calculates and compares Recticel's current ratio, quick ratio, EBITDA, and profit margin to benchmarks like Tessenderlo from 2009-2012. The current ratio is above 1, indicating Recticel is liquid, but the quick ratio is below 1, suggesting it may not be liquid in theory. EBITDA has increased steadily each year. Profit margin comparisons show Recticel performs well against competitors like Tessenderlo, Solvay, and Ter beke. The conclusion is that Recticel is a stable company, but there may be better investment options.

1. RECTICEL
Matthias De Mey
2AF 01
Presentation

2. CONTENT
 Introduction
 Ratios
Current ratio
Quick ratio
EBITDA
Profit margin
 Conclusion

3. INTRO
Location: Wetteren
Chemical sector
Products:
 Beddings
 Flexible foams
 Isolation

4. CURRENT RATIO
 Current ratio > 1
 Calculation:
 Result: positive  liquid company

5. CURRENT RATIO
1.75
1.5
1.25
1
Recticel
Tessenderlo
0.75
0.5
0.25
0
2009
2010
Year
2011
2012

6. QUICK RATIO
 Quick ratio > 1
 Calculation:
 Result: negative  not liquid (In theory)

7. QUICK RATIO
1
0.75
0.5
Recticel
Tessenderlo
0.25
0
2009
2010
2011
Year
2012

8. EBITDA
 EBITDA= Earnings before interests, taxes, depreciation and
amorization.
In million euro
150
130
110
90
70
50
30
2009
2010
2011
Year
2012

9. NET PROFIT MARGIN
 Most interesting ratio
Recticel
Tessenderlo
Solvay
Ter beke
1,33%
-10,89
4,20%
1,91
6
4
2
0
-2
-4
-6
-8
-10
-12
Recticel
tessenderlo
solvay
ter beke

10. CONCLUSION
 Stable company
 Better options

11. THANK YOU !

12. SOURCES
 http://www.vfb.be/Vfb/Media/Default/images/Tessenderlo%2
012_2012.pdf
 http://www.vfb.be/Vfb/Media/Default/images/Recticel%201
2_2012.pdf
 http://www.recticel.be/index.php/investor relations/financials/balance -sheet
 http://nl.wikipedia.org/wiki/Winstmarge
 http://markets.ft.com/research/Markets/Tearsheets/Financia
ls?s=REC:BRU