Message from the CFO
2020 proved challenging. Our revenue went down by 3.1% like-for-like. Yet, Etex still recorded a 10.9% like-for-like REBITDA improvement, and the net recurring profit (Group share) increased by 15.1% to EUR 215 million.
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2020 was a challenging year from a financial performance perspective. The revenue of Etex went down by 3.1% year-on-year to EUR 2,616 million on a like-for-like basis, but the company still recorded a double-digit REBITDA improvement (+10.9% like-for-like) to reach EUR 484 million. As a result, the REBITDA margin reached 18.5% and the net recurring profit increased by 15.1% to EUR 215 million. The free cash flow before dividends, acquisitions and disposals of businesses reached, for the second year in a row, its highest historical level, at EUR 313 million. Combined with the successful disposal of non-core businesses, the net debt decreased to EUR 15 million, its lowest level ever.
Wordlwide results
- The COVID-19 pandemic impacted Etex’s revenue in 2020, with a decrease of 3.1% like-for-like. This decrease is lower than the global economic recession in 2020. The decline in revenue is due to severe lockdown measures which were taken in several geographies, mainly in the second quarter, resulting in market demand contraction and the temporary closure of several plants.
- Our REBITDA amounted to EUR 484 million: an increase of 10.9% like-for-like. This outstanding performance is mainly attributable to improved margins and contained overheads.
- Etex’s net recurring profit (Group share) was up by 15.1% to EUR 215 million in 2020, another record performance.
- Cash generation reached a record level of EUR 313 million before dividends, acquisitions and disposals of businesses, more than doubling the 2019 level.
- At the end of December 2020, Etex’s net financial debt decreased to EUR 15 million, a reduction of EUR 316 million compared to its level at the end of 2019 (EUR 331 million).
