Zignago Vetro SpA · MIL:ZV
Zignago Vetro SpA — Mid & Small London 2024
34 slides from Zignago Vetro SpA's conference presentation, Apr 16, 2024
Slide 1: Zignago Vetro
ZIGNAGO VETRO
Slide 2: Company Presentation & Financial Results Mid & Small London 2024
Company Presentation & Financial Results Mid & Small London 2024 April 16th, 2024
Slide 3: Summary
Summary Zignago Vetro Financial results Annex organization 3 COMPANY STRUCTURE 10 BUSINESS MODEL 12 SALES AND PROFITABILITY TRACK RECORD 19 ESG APPROACH 13 FY23 REVENUES & 4 ZIGNAGO HOLDING 11 COMMERCIAL PRESENCE PROFITABILITY 14 FY23 REVENUES & 5 PROFITABILITY BY BU ZIGNAGO VETRO MILESTONES 16 ZV G
Slide 4: Company structure
Company structure 64,0% 36,0% Zignago Holding S.p.A. FREE FLOAT on the ITALIAN 2023 data (MARZOTTO FAMILY) STOCK EXCHANGE Zignago Vetro 387,8 mln€ ZV Group consolidated 699,4 mln€ Vetro Revet 51% 18,9 mln€ (*) Zignago Vetro France Zignago Vetro Polska Vetri Speciali Zignago Glass USA 73,9 mln€ 92,5
Slide 5: Zignago Holding
Zignago Holding Zignago Vetro is the parent company of a group of glassworks. It is part of Zignago Holding S.p.A, a dynamic organization located in North-East Italy, consisting of a diversified portfolio of businesses controlled and owned by the Marzotto Family. Others Glass Renewable Fine wines co
Slide 6: Zignago Vetro milestones
Zignago Vetro milestones Portogruaro Acquisition of 3 companies Acquisition of Acquisition of Acquisition of Plant: F&B + producing specialty Zignago Vetro Vetro Revet: Italian Glass C&P + Pharma containers, later merged Polska in Poland: recycling of glass Moulds: into Vetri Speciali C&P + F&B cull
Slide 7: Business Units
Business Units 2023 (€m) MARKET SEGMENTS PRODUCTS MAIN CHARACTERISTICS COMPETITIVE ADVANTAGE Flexibility, efficiency, and technical know- how are keys to success. Flexibility ZIGNAGO VETRO Food & Beverage Sales € 387,8 Cosmetics & Perfumery Focus on selected segments of food & Quality beverage a
Slide 8: International presence
International presence Trabki, Poland Viuex Rouen sur Bresle & Paris, France Pergine Valsugana, Gardolo Ormelle San Vito al Tagliamento Italy Portogruaro San Vito al Tagliamento, Italy Supino, Italy Miami, USA Empoli Fossalta di Portogruaro Italy Empoli, Italy Glass companies Sales office HQ Glass r
Slide 9: Our core business
Our core business Group 699,4 Mln € Zignago Vetro Group is among the leading producers of hollow glass containers in Italy and is one of the most important players on an international level. Our main markets 21,5% are: 25,2% - Food and Beverage 10,6% - Cosmetics and Perfumery - Specialty Containers
Slide 10: Our identity
Our identity VALUES Quality and reliability VISION To give form to ideas and substance to creativity. Identity and Flexibility sense of and belonging efficiency MISSION To give a future to the tradition of glass by creating innovative and sustainable products that improve people’s everyday lives, wh
Slide 11: Business model
Business model PEOPLE An essential and distinctive element of the Group’s success. FLEXIBILITY AND EFFICIENCY Zignago Vetro Group offers products that differ greatly, ranging from standard to customized items, to those offering very significant innovations, up to the production of specialty containe
Slide 12: Commercial presence
Commercial presence Concentration rate of Customer loyalty the first 5 clients1 (revenues)2 Zignavo Vetro 19% 92% ZV France 49% 92% ZV Polska 20% 91% Vetri Speciali 27% 92% 1 Net of intercompany sales 2 Revenues from customers present also in the previous 2 years (net of intercompany sales) COMPANY
Slide 13: Sales and profitability track record
Sales and profitability track record Sales and EBITDA (1988-2023) Euro (m) 700 699 CAGR: +8,5% 641 600 493 500 407 421 400 376 337 319 323 291 299 292 302 300 265 257 241 230 209 219 193 CAGR: +9,1% 200 162 162 133 142 130 94 93 95 104 109 118107 82 90 77 70 67 81 92 104 100 71 70 62 71 66 75 58 57
Slide 14: FY 2023 revenues & profitability
FY 2023 revenues & profitability Revenues (€m) EBITDA (€m) 31,4% 800 +9,1% 250 35% 27,2% 27,7% 28,1% 700 +30,0% 26,2% 26,4% 25,3% 30% 200 600 -3,3% +21,2% 25% 500 +11,7% +11,7% 150 20% 400 640,8 699,4 100 219,4 15% 300 493,0 162,2 10% 200 337,0 376,5 420,5 406,6 50 91,6 104,3 118,1 106,6 130,3 100 5
Slide 15: FY 2023 revenues & profitability by BU
FY 2023 revenues & profitability by BU ZIGNAGO VETRO ZIGNAGO VETRO FRANCE Revenues (€m) Revenues (€m) 500 +8,8% 80 70 +28,1% 400 60 300 50 40 73,9 200 387,8 30 57,7 356,4 100 20 10 0 0 FY 2022 FY 2023 FY 2022 FY 2023 EBITDA (€m) EBITDA (€m) 10,5% 140 30,1% 35% 9 11% 8 10% 120 30% 22,0% 7 9,7% 100 25
Slide 16: FY 2023 revenues & profitability by BU
FY 2023 revenues & profitability by BU VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA Revenues (€m) Revenues (€m) 200 100 +24,7% +0,6% 150 80 60 100 92,5 166,1 167,1 40 74,2 50 20 0 0 FY 2022 FY 2023 FY 2022 FY 2023 EBITDA (€m) EBITDA (€m) 35,5% 70 36,0% 40% 35 34,2% 40% 60 35% 30 35% 50 30% 25 30% 25% 2
Slide 17: ZV Group – Balance sheet
ZV Group – Balance sheet Net Capital Employed (€m) Net Working Capital (€m) 30,4% 31,3% 29,0% 27,9% 26,3% 200 32% 600 180 23,2% 21,3% 27% 160 500 140 22% 400 120 178,6 17% 100 300 602,5 617,3 184,1 12% 80 473,3 487,2 512,1 127,3 200 372,5 417,2 60 102,5 122,0 104,9 7% 40 87,3 100 20 2% 0 0 -3% 2017
Slide 18: ZV Group – Cash flow from operation & capex
ZV Group – Cash flow from operation & capex Cash Flow from Operations (before capex) (€m) Capex (€m) 200 30% 100 26,0% 180 24,3% 90 22,9% 25% 160 21,0% 80 19,6% 140 70 17,4% 20% 120 60 13,6% 100 15% 50 181,9 94,3 80 40 83,8 81,6 10% 71,9 60 120,0 30 66,0 66,1 40 82,6 93,2 87,4 42,7 79,1 5% 20 58,3 2
Slide 19: Financial structure, EPS & dividends
Financial structure, EPS & dividends Key financial structure ratios EPS and Dividend distribution (Euro) 2,41 80% 2,50 73% 73% 1,60 70% 70% 71% 70% 70% 69% 2,13 2,08 2,13 1,383 70% 1,93 1,92 1,40 59% 62% 2,00 1,75 1,72 60% 1,58 1,64 1,20 0,976 54% 50% 1,50 1,00 1,04 0,678 40% 0,80 0,605 1,00 1,13 30
Slide 20: Annex: ESG Approach
Annex ESG Approach Mid & Small London 2024 April 16th, 2024
Slide 21: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Our Mission: To give a future to the tradition of glass by creating innovative and sustainable products that improve people’s everyday lives, while taking care of our communities and the environment. ANNEX ESG APPROACH 20
Slide 22: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Aware of its role for the sustainable development, Zignago Vetro has linked its activities to the 2030 Agenda of the United Nations, focusing mainly on the subsequent 13 Goals that are connected to 3 main pillars: Environment Social Governance PILLARS Environmen
Slide 23: ESG - Environment
ESG - Environment 2023 main Environmental achievements vs 2022: – specific water consumption per ton of melted – the % of PCR used on total glass produced has glass has significantly decreased by -24,4% (-51,8% decreased by -9,0% (-2,0% vs 2021); vs 2021); – CO2 specific emissions (Scope 1 and 2) ha
Slide 24: ESG - Environment
ESG - Environment In January 2020 we’ve started a special project dedicated to the reduction of CO2 emissions. The aim is to improve our performance and get significant reduction of CO2 emissions, by focusing on those of Scope 2 and Scope 3. Fuel and energy Upstream and downstream related activities
Slide 25: Certifications
Certifications The Group has elaborated a strategic program for the achievement of various certifications in the next 4 years: Zignago Vetro Zignago Vetro Zignago Vetro Zignago Vetro Italian Glass Vetro Revet Italy (Fossalta) Italy (Empoli) France Polska Moulds ISO 9001 (Product quality) ISO 14001 W
Slide 26: ESG certifications
ESG certifications CDP CDP Sustainalytics Morningstar Gaïa Moody’s MSCI Ecovadis Climate Water (since 2021) (since 2021) (since 2020) (since 2019) (since 2020) Change Security 85/100 Regional Top- 2023 A- A- 11,6 64/100 50/100 BBB Platinum Rated Badge 85/100 Regional Top- 2022 B A- 12,2 64/100 50/10
Slide 27: ESG - Social
ESG - Social 2023 main Social achievements vs 2022: - total workforce has increased by +1,8% (+3,9% vs 2021); - whereas the female workforce represents 34,7% of the total workforce; - Corporate Welfare Plan implemented in ZV Italy; - insurance policy extended for situations outside of work; - smart-
Slide 28: Governance: Board of Directors (as of March 20th, 2024)
Governance: Board of Directors (as of March 20th, 2024) The structure of Board of Directors is characterized by gender and independency balance: Executive Not executive Independent Directors Non-Independent Directors Name and last name Independent Minority list Nicolò Marzotto NE Biagio Costantini E
Slide 29: Governance: risk management system & fiscal transparency
Governance: risk management system & fiscal transparency The Group’s governance has an Internal Control and Risk Management System, aimed at identifying, measuring and monitoring the principal risks. The main bodies are: - the Board of Directors; - the Director in charge of the Internal Control and
Slide 30: Governance: ESG Framework
Governance: ESG Framework Since 2019 Zignago Vetro has implemented a complete ESG FRAMEWORK, which is structured as follows: - ESG POLICY - ESG ORGANIZATIONAL STRUCTURE: - ESG COMMITTEE - ESG COORDINATOR - ESG CONSULTANTS - ESG GOVERNANCE: - ESG STRATEGY - ESG POLICIES - ESG’S OBJECTIVES SYSTEM & ME
Slide 31: Environment: KPIs and Goals
Environment: KPIs and Goals TOPIC KPIs 2021 2022 2023 2030 Achieved Goal Achieved Goal Achieved Goal Strategic Goal Raw materials % of PCR used on total 49,6% 53,4% 48,6% 70,0% management glass produced % of recycled packaging Packaging or packaging containing Increased Decreased Decreased Keep Incr
Slide 32: Social: KPIs and Goals
Social: KPIs and Goals TOPIC KPIs 2021 2022 2023 2030 Achieved Goal Achieved Goal Achieved Goal Strategic Goal Outgoing turnover 4,1% 7,4% 8,0% n.a. Human Resources Work-life balance Ongoing Ongoing Ongoing Ongoing management initiatives Implemented in To be extended in Corporate Welfare plan Implem
Slide 33: Governance: KPIs and Goals
Governance: KPIs and Goals 2021 2022 2023 2030 TOPIC KPIs Achieved Goal Achieved Goal Achieved Goal Strategic Goal Fiscal transparency Corruption cases 0 0 0 0 Operative structure and committees able to Ongoing Governance structure Achieved Achieved Achieved guarantee proper level achievement of man
Slide 34: Contacts
Contacts: Roberto Celot Corporate Director, Corporate Affairs and IR Group r.celot@zignagovetro.com Zignago Vetro S.p.A. Via Ita Marzotto 8, 30025 Fossalta di Portogruaro (VE) – Italy Tel (+39) 0421 246111 - info@zignagovetro.com