Key financials

Key financials

 

Financial summary20212022Y-o-Y change
Revenue (€m)2,827.34,109.145.3%
Geographical split¹   
EMEA1,232.31,811.647.0%
Americas1,164.21,549.933.1%
APAC430.8747.573.5%
End-Market split   
Life Sciences1,758.92,474.640.7%
Industrial Chemicals1,068.41,634.553.0%
Gross Profit (€m)650.1960.747.8%
Gross Profit Margin (%)23.0%23.4%39 bp
Adjusted EBITDA² (€m)287.8484.768.4%
Adjusted EBITDA Margin (%)10.2%11.8%162 bp
Adjusted EBITA³ (€m)267.9456.970.5%
Adjusted EBITA Margin (%)9.5%11.1%164 bp
Conversion Margin4 (%)41.2%47.6%635 bp
Net Profit (€m)70.2218.9211.7%
Adjusted Net Profit5 (€m)98.2218.9122.9%
    
Cash flow from operating activities (€m)205.5458.9123.4%
Free Cash Flow6 (€m)181.6438.0141.2%
Free Cash Flow Conversion7 (%)67.1%94.8%2771 bp
    
Net Working Capital (€m)474.4608,328.2%
Net Working Capital/Revenue normalized for acquisitions815.3%13.8%  -152 bp
Net capital expenditures (€m)-18.3-18,4330.90%
Net debt9 (€m)870.71161,85633.40%
Net Leverage102.7x2.2x-0.5x
ROTIC11 (%)50.8%68.6%+17.8%
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1 Total financials of Azelis Group includes Group Holding & Other
2 Adjusted EBITDA = Operating profit or loss before amortization, depreciation and impairment of intangible assets and excluding adjustments
3 Adjusted EBITA = Operating profit or loss before amortization and impairment of intangible assets and excluding adjustments
4 Conversion Margin = Adjusted EBITA as percentage of Gross Profit
5 Adjusted for one-off cash and non-cash costs related to the IPO
6 Free Cash Flow = Adjusted EBITDA less lease payments, plus changes in Net Working Capital, plus changes in other assets, liabilities and provisions, less net capital expenditures
7 Free Cash Flow Conversion = Free Cash Flow divided by Adjusted EBITDA less lease payments
8 Net Working Capital/Revenue including those from acquisitions for the full period
9 Net debt = Net indebtedness = The notional amount of the Group's non-current and current loans and borrowings (including non-current and current lease obligations, and excluding interest accruals) plus bank overdrafts, less cash and cash equivalents

10 Net Leverage = Net debt divided by Financing EBITDA for the preceding twelve months. Financing EBITDA is Adjusted EBITDA further adjusted for (i) the earnings (before interest, taxation, depreciation and amortization) of businesses acquired by the Group during the relevant period from the first day of the relevant period to the relevant acquisition date; and (ii) anticipated cost savings, expense reductions and synergies expected to be realized within a set period following the calculation date.
11 ROTIC = Return on tangible invested capital = Adjusted EBITDA for a period (with Adjusted EBITA amounts for periods of less than one year being annualized) as a percentage of the Group's property, plant and equipment (excluding right-of-use assets) as at the end of such period plus Net Working Capital as at the end of such period. The calculation of ROTIC excludes goodwill and intangible assets.