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. |
Corporate Rating
|
Standard & Poor's |
B |
negative |
April 2020 |
|
Moody's |
B3 |
negative |
September 2022 |