Annual Report 2020
Considering the global nature of the COVID-19 shock, our performance during the year was strong. While sales declined overall, we achieved a robust level of profitability by adjusting production and keeping costs down.
Net sales declined 3.7 percent (in local currencies) compared to last year but recovered strongly in Q4. The EBIT margin was 13 percent, down 0.5 percentage points from 2019. Profit for the year was EUR 251 million, down 12 percent from 2019, a satisfactory result considering the impact of the pandemic.
In 2021, we expect a double-digit EBIT margin of around 11 percent, down slightly compared to 2020 when adjusting for additional depreciation and start-up costs for the new factories.
The 2021 investment level will be around EUR 370 million excluding acquisitions, with the West Virginia factory and the relocation of one of the Chinese factories as the main additions within insulation. We will also invest in additional Rockfon and Grodan capacity as well as make additional investments supporting our sustainability and decarbonisation goals.