ANNUAL REPORT 2022
FOCUSING ON THE NEW NORM is the theme of our annual report. In 2022, we saw a new norm emerging in our business environment and private lives. In changing times, we know how important it is to ramp up our resilience and focus on new opportunities for us and our customers. Our commitment to enhancing energy efficiency around the world remains unchanged and Armacell products are required more than ever – for our customers and end users.
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Our technical know-how is based on decades of experience in the flexible insulation market and the multi-disciplined expertise of our highly qualified global workforce. It finds its expression in the broad portfolio of products, services and system solutions we offer in a wide range of fields. The way we work is how we apply our expertise to deliver added value to our customers and end-users all over the world.
The ArmaLive centre in Singapore has transformed the APAC regional head office into a hub of customer-centric activity housing an interactive customer experience centre with a dedicated training facility and the Arma CS Solutions fabrication workshop. Moving closer to customers’ needs in Japan we acquired the engineering business of SpiderPlus, strengthening our position in the construction and HVAC sectors.
The acquisition of two leading European players in the pre-insulated pipe market – IZOLIR in July 2022 and Austroflex in October 2022 – has extended Armacell’s product portfolio, expertise and manufacturing capabilities to serve the fast-growing flexible pre-insulated pipe market.
PRODUCTS & SOLUTIONS
Ever since the invention of ArmaFlex® the world’s first flexible elastomeric foam for equipment insulation, we have been expanding our portfolio of thermal, acoustic and mechanical solutions. Categorised into ten family brands, they comprise insulation materials for technical equipment, high-performance foams for high-tech and lightweight applications, next-generation aerogel blanket technology, and passive fire protection systems.
LETTER FROM THE CEO
2022 was a year when saving energy became the number one objective in many countries. At Armacell, we exist to enable energy efficiency and our energy-saving solutions for technical equipment have become more important than ever. For us, it was a year of exciting acquisitions and innovative product launches that have broadened our portfolio and taken us into new, fast-growing markets.
At Armacell, we continuously invest in strategic projects and focus on creating sustainable value for our highly diversified global customer base. 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.
Sustainability lies at the heart of our business strategy and innovation efforts. In addition, key Environmental, Social and Governance (ESG) goals are embedded in our operations and everyday work, allowing us to create sustainable value and long-lasting solutions for our diverse customer base.
FINANCIAL RESULTS 2022
- Net sales rose by 19% to €806 million by end of 2022
- Adjusted EBITDA at €121 million, resulting in an adjusted EBITDA margin of 15%
- High level of investment to advance product portfolio and manufacturing performance
- Price increases and other mitigating actions to compensate for inflation
- Continued M&A activity in APAC and EMEA regions