ANNUAL REPORT 2021
WHEN IT MATTERS is the theme of our annual report. This pandemic has taught us at a personal level what really matters in life. In the world of business, it is no different. When it really matters, it is through planners, implementers and Armacell working together well that added value is created. By staying in close contact with our customers and focusing on their needs, we have once again been making a difference around the world.
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DELIVERING SUPERIOR PERFORMANCE
Energy saved, noise reduced, food kept fresh, more comfort and safety – that is what increasingly matters in life. Whether people are at work or play, home or leisure, their lives are constantly being enhanced by our products’ superior performance.
PRODUCTS & SOLUTIONS
Energy efficiency, urbanisation, acoustic comfort and vibration control, globalisation of the food supply chain, lightweighting, renewable energies and sustainability: megatrends are shaping everyday life around the world. Our high-performance products and solutions are delivering the value-enhancing answers markets are demanding. Answers we develop in close collaboration with our customers globally.
WHAT MATTERS FOR CLIMATE-FRIENDLY ENERGY
Climate change can only be mitigated by reducing our reliance on fossil fuels. Our rPET products made from recycled plastic bottles are used in sandwich constructions for the rotor blades of wind turbines. Over the years, they have helped to generate wind power equivalent to the output of around a hundred standard 500 MW coal power plants.
BEYOND BETTER IN PLANNING AND IMPLEMENTATION
Teamwork in practice: At Armacell we first listen to the differing needs of our customers in the various sectors. Then, we work closely with their specialists to develop and implement tailor-made solutions. In this, we employ our expertise to provide advice and prescribe system solutions that will achieve "Beyond Better" project performance.
LETTER FROM THE CEO
In 2021, our business was affected by challenging economic circumstances: significantly higher raw material costs, raw materials in short supply, sea freight fraught with difficulties. In this context, our historically high sales were remarkable. Once again, Armacell has confirmed the strength of its business model and demonstrated its resilience.
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.
Our corporate responsibility is expressed in our efforts to create sustainable value for our customers. We achieve this by placing sustainability at the heart of our business strategy, investment in innovation and product development. We work to ensure sustainability-related activities in core areas such as health and safety and environmental management are deeply integrated into our day-to-day operations.
FINANCIAL RESULTS 2021
- Net sales rose by 15% to €677 million by end of 2021
- Adjusted EBITDA at €117 million resulting in an adjusted EBITDA margin of 17.3%
- High level of investment to advance product portfolio and innovation
- Continued price increases and other mitigating actions to compensate for higher input costs
- Delivering positive adjusted free cash flow
- Volume growth in all divisions confirms the strength of the business model and proves Armacell’s resilience