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. |
Corporate Rating
|
Standard & Poor's |
B |
negative |
April 2020 |
|
Moody's |
B3 |
stable |
June 2019 |