Financials

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

  • 2018 net sales and adjusted EBITDA at all time high
  • Adjusted EBITDA margin of 17.4%
  • Significant strategic investments made to fuel future growth and profitability
  • Expansion of the Group’s market position across all regions, confirming position as technology leader
  • Diversified global presence as a multi-material and multi-product company
  • Resilient, capital-efficient and customer-focused business model

 

Net sales in € million

Net Sales by business division

Net sales by region

 

Five-year financial overview

in €m 2014 2015 2016 2017 6 2018
Income statement 1
Net sales 452.2 540.2 558.6 600.3 610.3
Adjusted EBITDA 2 71.2 95.5 100.4 103.8 106.0
Adjusted EBITDA margin 15.7% 17.7% 18.0% 17.3% 17.4%
Adjusted EBITA 3 56.1 78.8 82.4 84.8 86.4
Adjusted EBITA margin 12.4% 14.6% 14.8% 14.1% 14.2%
Non-recurring items 12.5 12.4 11.9 5.8 19.6
EBIT 21.7 40.7 37.4 43.8 28.6
Cash flow 1
Adjusted cash flow from operating activities 4 56.3 73.1 83.7 83.9 94.3
Investments (excluding acquisitions and license agreement) 20.6 28.4 25.7 41.0 46.0
Adjusted free cash flow 33.2 45.5 58.0 43.4 48.9
Balance sheet 1
Current assets 159.1 187.6 191.0 210.5 252.8
Non-current assets 514.4 564.8 981.3 966.0 978.9
Current liabilities 118.3 106.4 145.8 132.4 184.6
Non-current liabilities and equity 555.1 646.0 1,206.5 1,044.1 1,047.1
Net debt - excluding shareholder loans 1
Economic equity 5 93.1 96.7 306.5 276.4 253.4
Net debt 321.5 391.6 552.6 603.5 623.3

Notes

1 With the sale of Armacell to private equity funds managed by Blackstone and KIRKBI in February 2016, consolidated financial statements were prepared for Armacell Holdco and included ten months of Armacell Group activities in 2016. To provide comparable numbers, the income statement and cash flow relate to Armacell International S.A. while the balance sheet is based on consolidated Armacell Holdco financials to reflect the full financing at Group level.
2 Adjusted EBITDA is the result before amortisation, depreciation, interest and taxes adjusted by non-recurring items.
3 Adjusted EBITA is the result before amortisation, interest and taxes adjusted by non-recurring items and asset impairments.
4 Cash flow from operating activities adjusted for non-recurring items.
5 Economic equity includes shareholder loans.
6 2017 is adjusted for discontinued operations.

 

 

Corporate Rating

Standard & Poor's

B

stable

August 2018

Moody's

B3

stable

June 2019

 

 

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