ANNUAL REPORT 2020
PERFORMING BEYOND THE EXPECTED is the theme of our report and demonstrates how our products and system solutions are going beyond the expected in adding value to people’s lives. Our innovative and reliable products optimise energy efficiency, enhance safety and create long-lasting value that translates into an attractive offering for the users of our systems.
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Energy saved, noise reduced, food kept fresh, more comfort and safety: our products improve the quality of life for people everywhere.
We rejuvenated our brand portfolio to create a simpler and more efficient brand architecture with ten family-brands. Family-branding creates brand equity, enhances product marketability and simplifies customer interaction.
We partner with our customers to develop tailored products and solutions to meet their specific requirements and improve people’s lives. Over the past three years, Armacell has invested around €30 million in research to expand our product portfolio and go beyond the expected.
A practical test in Arctic Greenland of how to make space liveable for future travellers – in the LUNARK Habitat built with Armacell materials. Designed to handle temperatures of and winds of up to 90 km/h, while maintaining
LETTER FROM THE CEO
2020 has been a year like no other. In a complex and challenging environment our business model again proved resilient. With our global reach and multi-segment activity, we ended the year in relatively good shape. We took the appropriate measures to navigate changing circumstances and ensure we come out of the pandemic stronger than before. Our utmost priority was always to protect our employees, maintain operations and continuously support our customers.
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.
COMMITTED TO ESG
The triple bottom line of our environmental, social and governance (ESG) responsibility is People – Planet – Profit. We see this as a strategic management tool that is focused on our four areas of commitment: driving growth, putting employees first, protecting our planet and fostering local communities. This enables us to make a sustainable difference around the world and progress to our goal of reporting to international ESG standards.
FINANCIAL RESULTS 2020
- Net sales of EUR 591 million
- Adjusted EBITDA of EUR 120 million
- Adjusted EBITDA margin of 20.2%
- Business model proves resilient in a challenging year
- Delivering positive adjusted free cash flow
- Significant strategic investments into production site upgrades, product portfolio extensions and innovation
- PAI Partners and KIRKBI committed to Armacell’s ongoing growth strategy