Armacell has a long track record of growth, superior profitability and cash generation.
- 2018 net sales and adjusted EBITDA at all time high
- Adjusted EBITDA margin of 17.4%
- 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 | 2014 | 2015 | 2016 | 2017 6 | 2018 |
|---|---|---|---|---|---|
| Income statement 1 | |||||
| Net sales | 452.2 | 540.2 | 558.6 | 600.3 | 610.3 |
| Adjusted EBITDA 2 | 71.2 | 95.5 | 100.4 | 103.8 | 106.0 |
| Adjusted EBITDA margin | 15.7% | 17.7% | 18.0% | 17.3% | 17.4% |
| Adjusted EBITA 3 | 56.1 | 78.8 | 82.4 | 84.8 | 86.4 |
| Adjusted EBITA margin | 12.4% | 14.6% | 14.8% | 14.1% | 14.2% |
| Non-recurring items | 12.5 | 12.4 | 11.9 | 5.8 | 19.6 |
| EBIT | 21.7 | 40.7 | 37.4 | 43.8 | 28.6 |
| Cash flow 1 | |||||
| Adjusted cash flow from operating activities 4 | 56.3 | 73.1 | 83.7 | 83.9 | 94.3 |
| Investments (excluding acquisitions and license agreement) | 20.6 | 28.4 | 25.7 | 41.0 | 46.0 |
| Adjusted free cash flow | 33.2 | 45.5 | 58.0 | 43.4 | 48.9 |
| Balance sheet 1 | |||||
| Current assets | 159.1 | 187.6 | 191.0 | 210.5 | 252.8 |
| Non-current assets | 514.4 | 564.8 | 981.3 | 966.0 | 978.9 |
| Current liabilities | 118.3 | 106.4 | 145.8 | 132.4 | 184.6 |
| Non-current liabilities and equity | 555.1 | 646.0 | 1,206.5 | 1,044.1 | 1,047.1 |
| Net debt - excluding shareholder loans 1 | |||||
| Economic equity 5 | 93.1 | 96.7 | 306.5 | 276.4 | 253.4 |
| Net debt | 321.5 | 391.6 | 552.6 | 603.5 | 623.3 |
Notes1 With the sale of Armacell to private equity funds managed by Blackstone and KIRKBI in February 2016, consolidated financial statements were prepared for Armacell Holdco and included ten months of Armacell Group activities in 2016. To provide comparable numbers, the income statement and cash flow relate to Armacell International S.A. while the balance sheet is based on consolidated Armacell Holdco financials to reflect the full financing at Group level. |
Corporate Rating
|
Standard & Poor's |
B |
stable |
August 2018 |
|
Moody's |
B3 |
stable |
June 2019 |