Annual Report 2019
CREATING VALUE FOR EVERYONE EVERYWHERE is the theme of our report and summarises the benefits our technical equipment insulation and engineered foams products and solutions bring to people around the world. As a technology leader, we are committed to create value for our global customer base and develop value-generating solutions delivering practical benefits in many areas of people’s everyday lives.
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ARMACELL IS EVERYWHERE
Everywhere you are – at work or play, home or leisure – Armacell is there with you. With solutions that conserve energy, reduce noise levels, keep food fresh or add comfort and safety. Armacell products improve the quality life for people everywhere.
Armacell is the inventor of flexible elastomeric foams for equipment insulation. We are proud of our recent innovations and successful new product launches. ArmaFlex Ultra, with FlameDefense technology, and ArmaGel DT, our new flexible aerogel blanket for cryogenic and dual-temperature applications, are the latest additions to our extensive technical insulation portfolio.
Across six destination end markets – commercial equipment, residential equipment energy, industrial, transportation and sports & leisure – our products and solutions are creating value for our stakeholders, using resources more sustainability and improving the quality of life for people around the world. The ingenuity and passion of our employees ensure the highest quality standards, drives our technologies forward and builds our growth story year after year.
LETTER FROM THE CEO
2019 was a record year for Armacell. Our strong financial performance was a result of meticulous and strategic work. We continued to focus on operational excellence and are proud of our achievements in a year of profitable growth. A key milestone, for example, was the surpassing of one billion recycled PET bottles – plastic waste that is reused to manufacture our industry leading rPET foam products.
At Armacell, we continuously invest in the expansion of our production capacities and focus on creating sustainable value for our highly diversified global customer base. Our vision is to be the global leader in providing innovative; technical insulation solutions and components to save energy and make a difference around the world. We have a long track record of growth, superior profitability and cash generation orchestrated by a proven management team who have positioned Armacell as the trusted partner in the energy conservation market.
Dedicated, highly qualified and professionally minded employees are our most valuable resource. We motivate them, develop their talents and further their skills through training opportunities. As a global company, we strive to create and maintain a positive, healthy and safe working environment. Our employees, for their part, are encouraged to cultivate a performance-oriented climate of mutual respect, trust and reliability
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HEALTH, SAFETY AND OUR ENVIRONMENT
At Armacell, the health and safety of our employees comes first. We promote a zero accident mindset. In line with our corporate value of Commitment, we do all we can to ensure our people go home to their family and friends as fit and well as they arrive at work. To this end, we strive for adherence to all applicable occupational health and safety standards in the countries we do business in. A key aspect of our corporate philosophy and business strategy is our commitment to environmental protection, which ties in with our corporate value Sustainability. We measure our success by the added value our innovative solutions deliver to a wide range of industries – benefits of societal and ecological significance.
OUR ESG COMMITMENT
Our environmental, social and governance (ESG) commitment is linked to the strategic sustainability concept of the triple bottom line: People-Planet-Profit. In 2019, we focused on four areas of commitment: driving growth, putting employees first, protecting our planet and fostering local communities. As a result, we were able to make a sustainable difference around the world and took an important step towards our goal of reporting in line with international ESG standards.
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Financial results 2019
- Net sales and adjusted EBITDA at all-time high
- Adjusted EBITDA margin reached a record 20.7%
- Significant strategic investments over the past years contributed positively to 2019 financial results
- Expansion of the Group’s competitive position across all regions, confirming position as technology leader
- Multi-material and multi-product company with diversified and resilient global business model
- Rating agencies confirmed corporate and instrument ratings post acquisition by PAI Partners and KIRKBI
- 2019 characterised by record cash flow and substantial reduction of leverage