Financials

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

  • Net sales rose by 15% to EUR €677 million by the end of 2021
  • Adjusted EBITDA of €117 million resulting in an adjusted EBITDA margin of 17.3%
  • Volume growth in all divisions confirms the strength of the business model and proves Armacell's resilience

Net sales in € million

Net Sales by business division

Net sales by region

 

Five-year financial overview

in €m 2017 8 2018 2019 9 2020 2021
Income statement 1  
Net sales 600.3 610.3 644.4 590.5 676.6
Adjusted EBITDA 2 103.8 106.0 133.5 119.6 116.8
Adjusted EBITDA margin 17.3% 17.4% 20.7 % 20.2% 17.3%
Adjusted EBITA 3 84.8 86.4 102.7 87.5 80.9
Adjusted EBITA margin 14.1% 14.2% 15.9% 14.8% 12.0%
Adjusted EBIT 4 49.6 48.2 65.8 48.6 42.1
Cash flow 1  
Adjusted cash flow from operating activities 5 83.9 94.3 129.1 100.6 70.8
Investments (excluding acquisitions) 41.0 46.0 44.3 44.2 41.4
Adjusted free cash flow 6 43.4 48.9 85.6 57.9 30.5
Balance sheet 1  
Current assets 210.5 252.8 265.2 268.4 286.5
Non-current assets 966.0 978.9 1,020.6 1,437.4 1,347.1
Current liabilities  132.4 184.6 1,272.7 185.3 214.7
Non-current liabilities and equity 1,044.1 1,047.1 13.1 1,520.5 1,418.9
Net debt - excluding shareholder loans 1  
Economic equity 7 276.4 253.4 249.5 530.1 455.2
Net debt 603.5 623.3 621.4 736.2 752.5

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 impairment loss on goodwill in 2021.   5 Adjusted for non-recurring items, depreciation and interest expenses on lease in 2019.
  6 Adjusted for depreciation and lease interest expenses in 2019.
  7 Includes shareholder loans.
  8 Adjusted for expenses related to closure of operation.
  9 IFRS 16 applied since 1 January 2019.

 

 

Corporate Rating

Standard & Poor's

B

negative

April 2020

Moody's

B3

stable

September 2020

 

 

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Annual report
Armacell Worldwide