EQS Group-Ad-hoc: Arbonia AG / Key word(s): Annual Results 
Arbonia increases profit by over 70% and sets a course for the future 
02-March-2021 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 KR 
The issuer is solely responsible for the content of this announcement. 
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Annual results 2020 (continuing and discontinued operations) 
  . Currency-adjusted revenue growth of 2.1% 
  . Revenue decrease in Swiss francs of 1.4% 
  . EBITDA^1: +25.9% from CHF 125.4 million to CHF 157.8 million. 
  . EBIT: +84.6% from CHF 39.7 million to CHF 73.3 million. 
  . Group result: +71.4% from CHF 26.2 million to CHF 44.9 million. 
  . Combined dividend payment for the financial years 2019 and 2020 of CHF 0.47 (CHF 0.22 for 2019 and CHF 0.25 for 
    2020) 
 
Strategic pillars and a trend-setting organisation as of July 2021 
 1. Integration of the Sanitary Equipment Division into the Doors Division: focus on wood and glass solutions 
 2. Change of leadership in the HVAC Division: Ulrich Bornkessel steps down as CEO of the HVAC Division and member of 
    Arbonia Group Management due to age and, as planned, hands over to the Division's long-standing COO, Alexander 
    Kaiss 
 3. From summer 2021, the new Arbonia will consist of two similarly large, focused divisions and a lean group 
    management 
 4. New holding structure and governance as of April 2022: Alexander von Witzleben steps down as CEO as planned at the 
    2022 Annual General Meeting and is simultaneously proposed to the General Meeting as Executive Chairman of the 
    Board of Directors 
 5. Expanded focus on sustainability: First publication of a GRI-compliant sustainability report as an integral part of 
    the 2020 annual report 
Arbon, 2 March 2021 - For the financial year 2020, currency-adjusted revenue growth of 2.1% and in Swiss francs a 
decline of -1.4% from CHF 1416.0 million to CHF 1396.3 million resulted for the continuing and discontinued operations. 
The measures for a targeted increase in profitability ensured that EBITDA increased by 25.9%, compared to the previous 
year, to CHF 157.8 million (previous year: CHF 125.4 million, with one-time effects mainly from closures and ramping up 
of production plants). This corresponds to an EBITDA margin of 11.3% compared to 8.9% in the previous year. EBIT 
benefited disproportionally from this positive development and increased by 84.6% to CHF 73.3 million (previous year: 
CHF 39.7 million). Despite a lower financial result due to the appreciation of the Swiss franc and a higher tax burden 
due to the better pre-tax result, Arbonia was able to increase its group result by 71.4% to CHF 44.9 million (previous 
year: CHF 26.2 million). 
Derived from these earnings figures, cash flow from operating activities increased by 26.4% from CHF 111.8 million to 
CHF 141.3 million and the free cash flow by 527.3% from CHF 8.4 million to CHF 52.5 million. 
*** 
Explanations, definitions, and reconciliations for the alternative performance key figures are found in the annual 
report 2020 on pages 209 - 214. 
^1 As a comparison for analyst consensus: 
- EBITDA without one-time effects: +18.1% from CHF 134.8 million to CHF 159.2 million. 
- EBIT without one-time effects: +44.5% from CHF 52.3 million to CHF 75.6 million. 
- Group results without one-time effects: +28.0% from CHF 36.5 million to CHF 46.7 million. 
*** 
At the beginning of January 2021, Arbonia announced that it would sell the Windows Division, subject to the required 
approval by the responsible competition authorities, to the Danish DOVISTA Group. Excluding this non-continuing 
operation, the Arbonia Group's key figures for the 2020 reporting year are as follows: 
Currency-adjusted revenue grew by 2.0% and revenue in Swiss francs decreased by -1.8% from CHF 1057.8 million to CHF 
1038.4 million. EBITDA without one-time effects increased by 6.3% over the previous year from CHF 107.7 million to CHF 
114.5 million. EBITDA with one-time effects came to CHF 116.3 million, 15.5% above the previous year (CHF 100.7 
million). EBIT without one-time effects reached CHF 52.1 million (previous year CHF 49.1 million, +5.9%), while EBIT 
with one-time effects came to CHF 53.9 million (previous year CHF 40.1 million, +34.4%). The group result without 
one-time effects fell slightly by -6.6% from CHF 30.1 million to CHF 28.1 million; with one-time effects, it reached 
CHF 29.7 million (previous year CHF 22.5 million, +31.9%). 
Continuous dividend policy 
Based on the positive result for the reporting year, the Board of Directors of Arbonia proposes to the shareholders to 
distribute a dividend of CHF 0.25 per dividend-bearing share for the 2020 financial year. The Board of Directors will 
also propose to them to distribute the deferred dividend of CHF 0.22 per dividend-bearing share for the 2019 financial 
year as well. In total, a combined dividend payment of CHF 0.47 per dividend-bearing share will therefore be 
distributed to the shareholders after the General Meeting on 23 April 2021. Half of this amount, i.e. CHF 0.235, will 
be paid as a dividend from retained earnings and CHF 0.235 from capital contributions. As announced, Arbonia thus 
continues to increase dividend payments by around 10% starting in the 2018 financial year (CHF 0.20). 
High shareholders' equity and reduction of net debt 
The total assets of Arbonia as of 31 December 2020 decreased only negligibly to CHF 1515.2 million compared to the 
previous year (CHF 1534.4 million). This is mostly due to the exchange rate conversions of assets and liabilities held 
in foreign currencies as of the balance sheet date. However, despite negative exchange rate effects, shareholders' 
equity increased to CHF 893.2 million (previous year: CHF 873.3 million), which is due to the net profit and the 
deferred dividend for the 2019 financial year. Consequently, the equity ratio also increased from 56.9% to a very solid 
59.0% at the end of the year. 
The net debt decreased as per 31 December 2020 by around CHF 40 million to CHF -140.6 million (previous year CHF -180.6 
million). The leverage ratio (net debt/EBITDA) fell to -0.9x (previous year: -1.4x), which is well below the defined 
value of the covenant, so that Arbonia has sufficient strategic and financial leeway. In addition, Arbonia renewed the 
syndicated loan of CHF 350 million, which expires in 2021, ahead of schedule in November 2020. The firmly committed 
syndicated loan facility now amounts to CHF 250 million and thereby reflects the improved and solid financial situation 
of Arbonia, which is reflected in more advantageous terms and conditions. 
Developments of the Arbonia Group in 2020 
In the reporting year, Arbonia continued to focus on the relevant drivers of energy efficiency, urbanisation, 
digitisation, as well as automation. It also continued to push the expansion and modernisation/digitisation of its 
production capacities at all locations. 
In the reporting year, the HVAC Division achieved revenue amounting to CHF 529.1 million. This represents a decrease of 
-4.6% in comparison to the previous year (CHF 554.7 million). Adjusted for currency effects, however, the revenue 
closed at -0.4%, just slightly below the previous year as well. However, as a result of immediately implemented 
cost-cutting measures and a variable cost structure, the division succeeded in improving the EBITDA margin to >11%. 
EBITDA without one-time effects amounted to CHF 59.6 million and was thus 1.0% above the figure for the previous year 
(CHF 59.0 million). EBITDA with one-time effects amounted to CHF 59.2 million, which corresponds to an increase of 
14.8% (previous year: CHF 51.6 million). EBIT without one-time effects was CHF 30.0 million, -6.5% below the previous 
year's figure of CHF 32.1 million, but EBIT with one-time effects, however, closed with CHF 29.6 million, 30.3% above 
the previous year (CHF 22.7 million). 
The climate packages of the European countries provide for tax depreciation and subsidies for the modernisation of 
houses and especially heating systems in order to reduce CO[2] emissions. For several years now as well as in the 
reporting year, the HVAC Division has consistently pursued its strategy of being an innovative provider of holistic 
heating systems and their components: from modern heat generation and optimum heat exchange to energy storage for all 
types of buildings and application areas, both for the new construction and renovation markets. 
The business development of the Sanitary Equipment Division was gratifyingly positive in the reporting year. Revenue 
increased from CHF 143.8 million in the previous year to CHF 145.0 million, which corresponds to a growth of 0.8%. When 
adjusted for currency, this resulted in a revenue growth of 4.0%. At CHF 17.0 million, EBITDA without one-time effects 
was 12.2% above that of the previous year (CHF 15.1 million). There were no one-time effects in the reporting year. In 
the previous year, EBITDA with one-time effects amounted to CHF 14.7 million and EBIT with one-time effects amounted to 
CHF 9.0 million. EBIT without one-time effects was CHF 11.0 million in the reporting year and was thus 16.1% above the 
previous year (CHF 9.5 million). 
In the reporting year, the Windows Division achieved a net revenue of CHF 357.9 million, which represents a decrease of 
-0.1% in comparison to the previous year (CHF 358.2 million). When adjusted for currency effects, this resulted in 
growth of 2.2%. Without one-time effects, EBITDA grew 65.0% from CHF 27.1 million in the previous year to CHF 44.8 
million. EBITDA with one-time effects improved 71.9% from CHF 24.7 million in the previous year to CHF 42.4 million. 
EBIT without one-time effects changed from CHF 3.2 million in the previous year to CHF 23.6 million (+636.5%). With 
one-time effects, EBIT increased from CHF -0.4 million in the previous year to CHF 20.3 million in the reporting year.

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