Financials

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.
  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 IFRS 16 applied since 1 January 2019.
  8 Excluding impact from hyperinflation in Türkiye.
 

 

 

Corporate Rating

Standard & Poor's

B-

stable

October 2022

Moody's

B3

stable

October 2023

 

 

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Annual report
Armacell Worldwide