Financials

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

  • Net sales of €591 million in 2020
  • Adjusted EBITDA of €120 million with an 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

 

Net sales in € million

Net Sales by business division

Net sales by region

 

Five-year financial overview

in €m 2016 2017 7 2018 2019 8 2020
Income statement 1
Net sales 558.6 600.3 610.3 644.4 590.5
Adjusted EBITDA 2 100.4 103.8 106.0 133.5 119.6
Adjusted EBITDA margin 18.0% 17.3% 17.4% 20.7 % 20.2%
Adjusted EBITA 3 82.4 84.8 86.4 102.7 87.5
Adjusted EBITA margin 14.8% 14.1% 14.2% 15.9% 14.8%
EBIT 37.4 43.8 28.6 56.0 28.8
Cash flow 1
Adjusted cash flow from operating activities 4 83.7 83.9 94.3 129.1 100.6
Investments (excluding acquisitions) 25.7 41.0 46.0 44.3 44.2
Adjusted free cash flow 5 58.0 43.4 48.9 85.6 57.9
Balance sheet 1
Current assets 191.0 210.5 252.8 265.2 268.4
Non-current assets 981.3 966.0 978.9 1,020.6 1,437.4
Current liabilities  145.8 132.4 184.6 1,272.7 185.3
Non-current liabilities and equity 1,206.5 1,044.1 1,047.1 13.1 1,520.5
Net debt - excluding shareholder loans 1
Economic equity 6 306.5 276.4 253.4 249.5 530.1
Net debt 552.6 603.5 623.3 621.4 736.2

Notes

  1 Consolidated financial statements for 2020 were prepared for Neptune Holdco and included ten months of Armacell Group activities in 2020.
  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 in 2019.
  5 Adjusted for depreciation and lease interest expenses in 2019.
  6 Includes shareholder loans.
  7 Adjusted for expenses related to closure of operation.
  8 IFRS 16 applied since 1 January 2019.

 

 

Corporate Rating

Standard & Poor's

B

negative

April 2020

Moody's

B3

stable

June 2019

 

 

Relevant disclosure is provided to our investors on an ongoing basis. Creditors of Armacell's 2020 credit facility have access to selected confidential information. Please register and login to make this exclusive investor information available on this page.

Login Register

Annual Report
Armacell Worldwide