Financials

Armacell has a long track record of growth, superior profitability and cash generation.

  • 2019 net sales and adjusted EBITDA at all time high
  • Adjusted EBITDA margin of 20.7%
  • Significant strategic investments made to fuel future growth and profitability
  • Expansion of the Group’s market position across all regions, confirming position as technology leader
  • Diversified global presence as a multi-material and multi-product company
  • Resilient, capital-efficient and customer-focused business model

 

Net sales in € million

Net Sales by business division

Net sales by region

 

Five-year financial overview

in €m 2015 2016 2017 9 2018 2019 10
Income statement 1
Net sales 540.2 558.6 600.3 610.3 644.4
Adjusted EBITDA 2 95.5 100.4 103.8 106.0 133.5
Adjusted EBITDA margin 17.7% 18.0% 17.3% 17.4% 20.7 %
Adjusted EBITA 3 78.8 82.4 84.8 86.4 102.7
Adjusted EBITA margin 14.6% 14.8% 14.1% 14.2% 15.9%
Non-recurring items 12.4 11.9 5.8 19.6 9.8
EBIT 40.7 37.4 43.8 28.6 56.0
Cash flow 1
Adjusted cash flow from operating activities 4 73.1 83.7 83.9 94.3 129.1
Investments (excluding acquisitions and license agreement) 28.4 25.7 41.0 46.0 44.3
Adjusted free cash flow 5 45.5 58.0 43.4 48.9 85.6
Balance sheet 1
Current assets 187.6 191.0 210.5 252.8 265.2
Non-current assets 564.8 981.3 966.0 978.9 1,020.6
Current liabilities 6 106.4 145.8 132.4 184.6 1,272.7
Non-current liabilities and equity 7 646.0 1,206.5 1,044.1 1,047.1 13.1
Net debt - excluding shareholder loans 1
Economic equity 8 96.7 306.5 276.4 253.4 249.5
Net debt 391.6 552.6 603.5 623.3 621.4

Notes

  1 Consolidated financial statements for 2016 were prepared for Armacell Holdco and included ten months of Armacell Group activities in 2016.
  2 Adjusted for non-recurring items.
  3 Adjusted for non-recurring items and asset impairments.
  4 Adjusted for non-recurring items, depreciation and interest expenses on lease.
  5 Adjusted for depreciation and lease interest expenses.
  6 Includes borrowings and liabilities due to shareholder due in short notice following the change of Group ownership.
  7 Non-current liabilities decreased following the change of presentation of borrowings and liabilities due to shareholders (see also note 8).
  8 Includes shareholder loans.
  9 Adjusted for expenses related to closure of operation.
10 IFRS 16 applied since 1 January 2019.

 

 

Corporate Rating

Standard & Poor's

B

negative

April 2020

Moody's

B3

stable

June 2019

 

 

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Armacell Worldwide