In a year which was marked by a global pandemic, our highest priority was to protect our employees and customers whilst ensuring that we keep on servicing our customers successfully. Our full year performance has been positive with net revenue growing by 3.4%, mainly driven by organic growth (+2.1%). Our normalized EBITDA increased by €25 million (+9.6%) to €285 million (+40 bps), mainly fuelled by organic growth.
With many of our markets across Europe impacted by government measures related to the COVID-19 pandemic, the group benefitted from its well diversified portfolio.
The acquisition of the Detering Group – a family owned SHAP business – has strengthened our position in the north west of Germany. This bolt-on acquisition which we completed in July has also contributed to the improvement of our operational results.
The full year normalized operating cashflow improved with €24 million to €177 million supporting the improved financial position of our Group. This is the result of a strong operating result combined with effective working capital management.
“With these results, we can look back on a successful first full year after the carve-out from CRH Plc. It affirms our confidence in realizing our growth ambition for the coming years” says Group CEO, Remco Teulings.
Our Group’s continued organic growth strategy is focused on implementing operational excellence initiatives to enhance our returns across five pillars, namely: Commercial Excellence, Procurement, Supply Chain, Format & Footprint & Real Estate and Organizational Efficiency. This is supported by selective inorganic growth via acquisitions in our fragmented markets.
On 5 January 2021, we announced that we have entered exclusive negotiations with Saint-Gobain, preparing the acquisition of Saint-Gobain Building Distribution Netherlands, a business which is active in the distribution of building materials, tiles, sanitary ware, and interior finishing materials with consolidated sales of €522 million in 2019. This transaction is subject to approval by the European Commission and to information of and consultation with the trade unions, respectively the works councils, of the relevant Dutch entities and we expect to close over the course of 2021.
On 8 April 2021, we announced the completion of the divestment of twelve assets in Switzerland with gross proceeds of CHF94.5 million.
On 12 April 2021, we announced that we reached an agreement to acquire Mahler Group, expanding our footprint to the South of Germany. This transaction is subject to approval by the relevant Competition Authorities and is expected to close over the course of 2021.
Highlights of full year 2020 financial results (versus 2019):
• Revenue increased by +3.4% to €3,887 million
• Normalized EBITDA increased by +9.6% to €285 million
• Normalized EBITDA margin increased by +40 bps to 7.3% of sales
• Normalized Operating Cash Flow increased by 15.5% to €177 million
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