Full-year 2020 highlights
- Full-year 2020 results were negatively impacted by the challenging environment created by the COVID-19 pandemic
- Revenue for the total business amounted to 832.9 mEUR, corresponding to reported growth of -13.8% compared with the previous year
- Organic growth for the total business was -11.5%. After a significant drop in revenue in the second quarter, demand improved quarter over quarter in the second half of the year
- In the branded professional business organic growth across geographies was -13.7% with a faster demand recovery in EMEA and the
Americas and slower demand recovery in APAC. Organic growth for Consumer was 15.7% driven by changed patterns in household spending and solid commercial execution, and organic growth for Private label was -11.3% - EBITDA before special items amounted to 100.5 mEUR, down by 17.2 mEUR driven by the decrease in revenue
- Because of disciplined cost control measures and a successful execution of our restructuring program to lower the structural cost base, the EBITDA margin before special items remained stable at 12.1%
- Special items were significantly lower versus previous year at 10.8 mEUR and are mainly related to redundancy costs
- Proactive cash management and CAPEX reduction and prioritization contributed to free cash flow generation of 73.5 mEUR, compared to 35.3 mEUR in the previous year
Outlook for 2021
We come from a situation where we have seen demand improving quarter over quarter
in the second half of 2020, however, moving into 2021, there has been an increase in lockdowns and restrictions across markets as a result of the continued outbreak of
COVID-19.
With the roll-out of vaccines across markets we expect a more normalized environment during the second half of the year, but we see, however, continued uncertainty for market conditions in the year.
- We expect the total business in 2021 to generate organic growth of 5% to 10% compared to 2020, based on the market demands trends that we are experiencing and on the overall expected economic recovery
- With our continued focus on cost discipline and revenue growth as described above, we expect EBITDA margin before special items to stay in the range of 12.5%-14.5%
CEO comment
Commenting on the results,
“The year 2020 was a year nobody could have foreseen, and at
Key figures
FY 2020 | FY 2019 | Q4 2020 | Q4 2019 | |
Revenue (mEUR) | 832.9 | 966.5 | 220.2 | 233.8 |
Organic growth | -11.5% | -4.1% | -2.1% | -6.3% |
Gross margin | 41.6% | 42.1% | 42.4% | 40.1% |
EBITDA before special items (mEUR) | 100.5 | 117.7 | 30.9 | 25.2 |
EBITDA margin before special items | 12.1% | 12.2% | 14.0% | 10.8% |
EBIT before special items (mEUR) | 32.9 | 49.8 | 12.1 | 7.2 |
EBIT margin before special items | 4.0% | 5.2% | 5.5% | 3.1% |
Conference call
To dial in, please use the following numbers:
Denmark : +45 8233 3194UK : +44 333 300 9269- US: +1 833 526-8395
Link to webcast: https://streams.eventcdn.net/nilfisk/annual-result-2020/
Contact
Investor Relations
Head of Investor Relations
T: +45 2220 1218
Media Relations
Global Media Relations
T: +45 2222 8577
Attachments
- Nilfisk-Annual-Report_2020
- Nilfisk_CSR-report_2020
- 03 Announcement_03032021_Annual Results 2020
© OMX, source