Key financials

Key financials

Financial summary20192020Y-o-Y change
Revenue (€m)2,095.02,222.96.1%
Geographical split¹   
EMEA942.91,034.29.7%
Americas915.8952.64.0%
APAC237.0237.70.3%
End-Market split   
Life Sciences1,192.81,383.216.0%
雷竞技newbee-主赞助商 902.2839.7(6.9)%
Gross Profit (€m)444.7486.19.3%
Gross Profit Margin (%)21.2%21.9%64 bp
Adjusted EBITDA² (€m)178.5207.216.1%
Adjusted EBITDA Margin (%)8.5%9.3%80 bp
Adjusted EBITA³ (€m)163.3189.616.0%
Adjusted EBITA Margin (%)7.8%8.5%73 bp
Conversion Margin4 (%)36.7%39.0%227 bp
Net Profit (€m)48.071.048.0%
    
Cash flow from operating activities (€m)150.6205.336.3%
Free Cash Flow5 (€m)137.2188.337.2%
Free Cash Flow Conversion6 (%)82.8%98.4%1,557 bp
    
Net Working Capital (€m)235.4250.4

6.4%

Net Working Capital/Revenue (%)11.2%11.3%3 bp
Net capital expenditures (€m)(12,3)(12,1)(1,8%)
Net debt7 (€m)1,106.11,1214.51.7%
Net Leverage86.0x5.3x(0.6)x
ROTIC9 (%)61.5%67.1%556 bp
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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
6 Free Cash Flow Conversion = Free Cash Flow divided by Adjusted EBITDA less lease payments
7 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
8 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.
9 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