Industrie Chimiche Forestali Spa · MIL:ICF
Industrie Chimiche Forestali Spa — Investor Presentation (October 2024)
23 slides from Industrie Chimiche Forestali Spa's investor presentation, October 2024
Slide 1: We are invisible! But we are everywhere!
We are invisible! But we are everywhere! Industrie Chimiche Forestali S.p.A. Investor presentation October 2024
Slide 2: Disclaimer
2 Disclaimer This document has been prepared by Industrie Chimiche Forestali S.p.A. (“ICF”). This document does not constitute or form part of any offer or invitation to sell, or any solicitation to purchase any shares or any other kind of financial instruments issued or to be issued by ICF. Not all
Slide 3: Industrie Chimiche Forestali
3 Industrie Chimiche Forestali ICF is a leading player in the technical adhesive and fabric business with the mission to pursue organic expansion of its operations while acting as an aggregator of companies operating in complementary businesses exploiting the robust Free Cash Flow generation Why inv
Slide 4: Industrie Chimiche Forestali: a 100-year History
4 Industrie Chimiche Forestali: a 100-year History The production of The production of special formaldehyde as a derivative ICF stops producing basic chemicals impregnated fabrics for the of pyroligneous begins and focuses on the upstream footwear industry starts segment of the footwear industry ‘20
Slide 5: The «Invisible Power»
5 The «Invisible Power» Counter Adhesives: The • Solvent-based Upper «Invisible Power» Footwear & • Solvent-free Toe puff Insole Leather • Water-based Sole Unit Goods Technical fabric is used in the Technical fabric goes Adhesive is used Technical fabrics: toe puffs and counters of the to reinforce
Slide 6: A leading Player in the Technical Adhesive and Fabric World
6 A leading Player in the Technical Adhesive and Fabric World ICF in numbers (1) Manufacturing of Core activity adhesives and technical fabrics Revenues EBITDA EBITDA Margin NFP 2023 2023 2023 2023 Footwear €10.9m 10,5% Leather Goods €80.0m €8.4m c. 1,3x leverage End market Automotive on 2023 EBITDA
Slide 7: A Balanced Portfolio with a Global Exposure
7 A Balanced Portfolio with a Global Exposure The company is export-oriented, with a balanced exposure to the Automotive, Footwear and Packaging sectors Geographic Area Business Line ABC Division Forestali Africa Division Americas Middle 32% Packaging 6% 9% 68% East Footwear - 9% East Adhesives Euro
Slide 8: From Italy to the rest of the world
8 From Italy to the rest of the world From the headquarter of Marcallo con Casone ICF reaches 80 countries all over the world Albania Croatia Greece Norway Slovenia Armenia Czech Rep. Hungary Poland Spain Austria Denmark Latvia Portugal Sweden Belarus Estonia Lithuania Romania Switzerland Benelux Fi
Slide 9: Expansion mainly based on Export
9 Expansion mainly based on Export In the last 14 years Top Line doubled, export sales approximately 60% with an average EBITDA margin ~10% € million Marcello Taglietti Guido Cami and Massimo appointed as COO 100 Rancilio appointed as CEO 30% and CFO, respectively 90 25% 80 70 20% 60 50 15% 40 10% 3
Slide 10: Material Free Cash Flow Generation – Consistently positive
10 Material Free Cash Flow Generation – Consistently positive Cumulative Free Cash Flow Generation above €50 over the last 12 years Adjusted Free Cash Flow 1,4 6,1 1,2 3,6 generation 6,5 2,0 2,9 50,4 8,9 6,3 5,4 3,4 2,7 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Total
Slide 11: 2024 Quarterly revenues and EBITDA margin
11 2024 EBITDA Quarterly revenues Quarterly EBITDA margin 25,0 15,0% 10,0% 20,0 5,0% 15,0 0,0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2022 2023 2024
Slide 12: ICF annual financial highlights
12 ICF annual financial highlights Note: (*) As of 31/12/2023; **Adjusted mainly from amortisation of PPA and variation of warrant value
Slide 13: ICF’s major achievements since its listing in 2018
13 ICF’s major achievements since its listing in 2018 €22,4m of Free Cash Flow generation1 €10.4 m Cash distributed to shareholders: 1 - €5.8m of shares buy-back from May 2019 to June 2024 (around 1m shares or 13% of the initial capital) - €4.6m of cumulated dividends distributed since 2021 2 €2m in
Slide 14: FY 2024 financial highlights ICF
14 FY 2024 financial highlights ICF 1 2 3
Slide 15: ICF’s major achievements since its listing in 2018: Acquisitions of Morel and Langè
15 ICF’s major achievements since its listing in 2018 Acquisitions of Morel and Langè Morel, founded in 1926 in Milan, designs and manufactures toe-puffs and Rationale counters for the footwear market, with focus on the luxury segment. The brand has acquired a position of absolute relevance in its r
Slide 16: Sustainability at ICF
16 Sustainability at ICF – www.investors.forestali.it/sostenibilità Sustainability and social and environmental issues have been part of ICF’s culture ever since 1998, when we joined the “Responsible Care” program, promoting the Sustainable Development of the Chemical Industry worldwide according to
Slide 17: ESG – Certifications
17 ESG – Certifications Management System Certification Product Certification • GRS® – Global Recycle Standards; recycled materials certification and compliance of • UNI EN ISO 9001 - Quality Management System environment and social criteria. certification since 1997 • FSC® - Forest Stewardship Coun
Slide 18: ESG – Reports
18 ESG –Reports Sustainability Report 5th Edition of ICF’s voluntary Sustainability Report in accordance with the Global Initiative Sustainability Reporting Standards (GRI Standards) Manifesto of Sustainability 1st Edition of ICF’s voluntary Manifesto of Sustainability, which represents the ethical
Slide 19: ESG – Environment
19 ESG – Environment ICF’s commitment towards environmental issues goes beyond system certifications and includes its daily operations, its supply chain and its overall impact on the environment. Environmental • Compliance with the European REACH regulation(1) • Water-based and solvent-free adhesive
Slide 20: ESG – Social and Governance
20 ESG – Social and Governance – www.investors.forestali.it Governance ICF governance model is investor friendly and quite unique among companies of similar size listed on the Euronext Growth Milan segment of Borsa Italiana: • ICF is a public company with the market being the dominant ICF Board of D
Slide 21: Organizational Structure and Key Management
21 Organizational Structure and Key Management Organizational structure with 156(1) people coordinated …an experienced management by… Guido Cami Chief Executive Officer CEO • Graduated in Management Engineering at Politecnico di Milano Guido Cami • Vice Chairman of the Adhesive and Sealant division
Slide 22: Appendix
INDUSTRIE CHIMICHE FORESTALI SINCE 1978
Slide 23: Industrie Chimiche Forestali S.p.A.
Industrie Chimiche Forestali S.p.A. www.forestali.it Headquarter in Marcallo con Casone Via Fratelli Kennedy, n. 75 Investor relations: Massimo Rancilio, CFO & Investor Relations Manager m.rancilio@forestali.it Please visit www.forestali.it/#ambiente to download your copy of ICF Environmental or Sus
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