Armacell has a long track record of growth, superior profitability and cash generation.
- Net sales rose by 19% to €806 million by end of 2022
- Adjusted EBITDA at €121 million resulting in an adjusted EBITDA margin of 15%
- High level of investment to advance product portfolio and manufacturing performance
- Price increases and other mitigating actions to compensate for inflation
- Continued M&A activity in APAC and EMEA regions
Net sales in € million
Net Sales by business division
Net sales by region
Five-year financial overview
| in €m |
2018 |
2019 7 | 2020 | 2021 | 2022 8 |
|---|---|---|---|---|---|
| Income statement 1 | |||||
| Net sales | 610.3 | 644.4 | 590.5 | 676.6 | 806.0 |
| Adjusted EBITDA 2 | 106.0 | 133.5 | 119.6 | 116.8 | 120.7 |
| Adjusted EBITDA margin | 17.4% | 20.7 % | 20.2% | 17.3% | 15.0% |
| Adjusted EBITA 3 | 86.4 | 102.7 | 87.5 | 80.9 | 77.0 |
| Adjusted EBITA margin | 14.2% | 15.9% | 14.8% | 12.0% | 9.6% |
| Adjusted EBIT 4 | 48.2 | 65.8 | 48.6 | 42.1 | 35.5 |
| Adjusted EBIT margin | 7.9% | 10.2% | 8.2% | 6.2% | 4.4% |
| Cash flow 1 | |||||
| Adjusted cash flow from operating activities 5 | 94.3 | 129.1 | 100.6 | 70.8 | 131.1 |
| Investments (excluding acquisitions) | 46.0 | 44.3 | 44.2 | 41.4 | 41.5 |
| Adjusted free cash flow 6 | 48.9 | 85.6 | 57.9 | 30.5 | 91.2 |
| Balance sheet 1 | |||||
| Current assets | 252.8 | 265.2 | 268.4 | 286.5 | 316.8 |
| Non-current assets | 978.9 | 1,020.6 | 1,437.4 | 1,347.1 | 1,219.1 |
| Current liabilities | 184.6 | 1,272.7 | 185.3 | 214.7 | 298.3 |
| Non-current liabilities and equity | 1,047.1 | 13.1 | 1,520.5 | 1,418.9 | 1,237.7 |
| Net debt - excluding shareholder loans 1 | |||||
| Equity (including shareholder loans) | 253.4 | 249.5 | 530.1 | 455.2 | 286.8 |
| Net debt | 623.3 | 621.4 | 736.2 | 752.5 | 792.8 |
Notes 1 Consolidated financial statements for 2020 were prepared for Neptune Holdco and included ten months of Armacell Group activities in 2020. 5 Adjusted for non-recurring items, depreciation and interest expenses on lease in 2019. |
Corporate Rating
|
Standard & Poor's |
B- |
stable |
October 2022 |
|
Moody's |
B3 |
negative |
September 2022 |