Brussels, 29 April 2022 (17.45)


  • Sales: 25.2 M, at the top ten %
  • EBITDA: 6.3M, (24.8% Sales), multiplied by 6 compared to 2020
  • Net revenue: 2.1M, that is to say 8.1 % Sales
  • Net financial debt: 13% own funds to 31 Ofcembuh 2021
  • Medium-term carbon neutrality objectives

COIL, world leader in aluminum anodizing, publishes its annual results for the financial year 2021.

  • Highlights of the year

After a 2020 financial year strongly impacted by the global crisis linked to the COVID-19 pandemic, COIL recorded a significant improvement in its performance in 2021.

The aftermath of the health crisis continued to affect the Company’s activities.

Contract sales were hampered by long delivery times of anodized quality aluminum from European rolling mills due to very strong demand in other sectors. Export Sales of Package Products1 to Asia suffered from border closures and prolonged delivery delays, due to a lack of capacity in the aluminum supply chain and very high delivery costs.

In this context, toll sales are recovering (+24% compared to 2020), particularly in the second half with the continued recovery in demand in the construction and architecture end markets. Parcel sales decreased (-24%) due to a high comparison base in 2020, which included large orders delivered in China and could not be offset by the strong recovery in sales in Europe in 2021.

This shift in the product line to contract sales has resulted in a significant improvement in the company’s gross margin given much higher margins in contract sales than in parcel sales, which include metal.

From an industrial point of view, the Company continued to optimize its variable costs by relying on a rationalized production capacity. Growth and improved productivity have thus had a positive impact on the Company’s operations and profitability.

Revenue for the 2021 financial year was up 10% compared to the previous year, at €25.2 million, higher than the Company’s expectations, but benefiting from a favorable basis for comparison: the revenue in 2020 is down 23% compared to the previous year and had been deeply affected by the consequences of the health crisis.

EBITDA increased by €5.3 million to €6.3 million, i.e. 24.8% of revenue compared to 4.4% in 2020 and 21.0% in 2019. This favorable development is explained by i ) the increase in the gross margin due to the growth in turnover and the change in the product mix towards subcontracting, resulting in a lower weighting of metal in the turnover, and ii) the decrease in the costs of operations with the reduction in payroll and non-recurring items related to executive compensation and bonuses.

After a decrease in provisions and depreciation of €0.4 million, operating profit came to €2.8 million, compared to a loss of €(2.9) million in 2020 and a profit of €2.1 million in 2019.

Net income reached €2.1 million, up €5.4 million compared to 2020 and €1.1 million compared to 2019. It includes financial costs of €0.6 million.

(€m) 2019 2020 2021 2021 / 2019
Sales 29.8 23.0 25.2 – 15%
Toll sales 20.7 16.2 20.1 – 3%
Package sales2 9.0 6.8 5.1 – 43%
EBITDA 6.3 1.0 6.3 + 0%
% Sales 21.0% 4.4% 24.8% +3.8 dots
Operational results 2.1 (2.9) 2.8 + 32 %
% Sales 7.1% (12.5) % 11.1% + 4.0 points
result before taxes 1.1 (3.2) 2.2 + 102 %
Net revenue 1.0 (3.3) 2.1 + 107 %
% Sales 3.3% (14.1)% 8.1% +4.9 points

Given the increase in results, shareholders’ equity at December 31, 2021 amounted to €29.2 million, up €2.1 million compared to December 31, 2020. Net financial debt at December 31, 2021 increased amounted to €3.9 million, down €4.7 million compared to the previous year, and represented 13% of shareholders’ equity, compared to 32% at December 31, 2020 and 28% at December 31, 2019.

  • First-quarter 2022 revenue and outlook

Q1 2022 is in line with the trend observed in 2021. Sales amounted to €6.6 million, up 11.8% compared to the first quarter of 2021. Parcel sales (€1.2 million) were down 28.4%, while Toll Sales maintained their recovery (€5.4 million; +28.1%).

The company is confident in its outlook, barring a new major impact from the health crisis and the geopolitical context. However, the inflationary situation could weigh on the Company’s margins despite the increase in selling prices at the start of the year.

In a context of transition to new energy sources and reduction of fossil fuel consumption, the Company has been exploring for more than a year ways to accelerate the long-term purchase of new renewable energy sources. at attractive costs, especially in Germany. In collaboration with a specialized industrial partner, an action plan, to be implemented in 2022 and 2023, will enable the Company to achieve significant savings over the long term and improve its energy efficiency, with carbon neutrality objectives. for the Bernburg industrial site in Germany.

Despite a complex economic environment, the Company continues to invest in the profitable development of its activities. With a flexible and efficient industrial organization, a growing geographical footprint and a solid financial situation, the Company remains confident in its development prospects by capitalizing on its portfolio of premium, sustainable and carbon-free products to strengthen its global leadership.

The financial statements were approved by the Board of Directors on April 28, 2022. They are included in the 2021 consolidated annual accounts available on the Company’s financial website (

annual general meeting
First-half 2022 revenue
2022 half-year results and half-year financial report

About COIL

COIL is the world leader in anodizing in the construction and industrial sectors and trades under the ALOXIDE brand.

Anodizing is an electrochemical process that develops a natural, protective oxide layer on the surface of aluminum and can be colored in a range of UV resistant finishes. It gives the metal excellent resistance to corrosion and/or reinforces its functional qualities. Anodizing preserves all the natural and ecological properties of aluminium; it retains its great rigidity and its excellent resistance/weight ratio, its non-magnetic properties, its exceptional resistance to corrosion. The metal remains totally and repeatedly recyclable by simple remelting. Anodized aluminum is used in a wide variety of industries and applications: architecture, design, manufacturing and the automotive sector.

COIL deploys an industrial model that creates value based on its unique know-how, its operational excellence, the quality of its investments and the expertise of its people. COIL has approximately 120 employees in Belgium and Germany and achieved a turnover of €25.2 million in 2021.

Listed on Euronext Growth Paris | ISIN Code: BE0160342011 | Reuters: ALCOI.PA | Bloomberg: ALCOI: FP

For more information, visit


1 Package activity includes pre-anodized metal supplied directly to the end customer.
2 Anodizing and metal included

  • COILpressrelease29april2022_EN

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