Key financials

Key financials

 

Financial summary20232022Y-o-Y change
Revenue (€m)4,152.24,109.11%
Geographical split¹   
EMEA1,793.91,811.6-1%
Americas1,454.31,549.9-6%
APAC904.0747.521%
End-Market split   
Life Sciences2,565.52,474.64%
Industrial Chemicals1,586.71,634.5-3%
Gross Profit (€m)984.1960.72%
Gross Profit Margin (%)23.7%23.4%32 bp
Adjusted EBITDA² (€m)500.6484.73%
Adjusted EBITDA Margin (%)12.111.8%26 bp
Adjusted EBITA³ (€m)466.3456.92%
Adjusted EBITA Margin (%)11.2%11.1%11 bp
Conversion Margin4 (%)47.4%47.6%-18bp
Net Profit (€m)189.3218.9-14%
    
Cash flow from operating activities (€m)617.6458.935%
Free Cash Flow5 (€m)601.2438.037%
Free Cash Flow Conversion6 (%)127.4%94.8%3258 bp
    
Net Working Capital (€m)573.6608,3-6%
Net Working Capital/Revenue normalized for acquisitions713.4%13.8%  -38 bp
Net capital expenditures (€m)-15.5-18,4-16%
Net debt8 (€m)1,275.41,161.910%
Net Leverage92.5x2.2x+0.3x
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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 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
Free Cash Flow Conversion = Free Cash Flow divided by Adjusted EBITDA less lease payments
Net Working Capital/Revenue including those from acquisitions for the full period
8 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

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.