
Annual Report
Armacell has a long track record of growth, superior profitability and cash generation.
Net sales in € million
Net Sales by business division
Net sales by region
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. |
Standard & Poor's |
B |
negative |
April 2020 |
Moody's |
B3 |
stable |
June 2019 |