Industrie Chimiche Forestali Spa · MIL:ICF
Industrie Chimiche Forestali Spa — Investor Presentation (May 2023)
22 slides from Industrie Chimiche Forestali Spa's investor presentation, May 2023
Slide 1: Industrie Chimiche Forestali S.p.A. Investor presentation May 2023
We are invisible! But we are everywhere! Industrie Chimiche Forestali S.p.A. Investor presentation May 2023
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: Why invest
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 2022 2022 2022 2022 Footwear c. 9% €7.8m Leather Goods €88.3m €7.8m Avg. last 3 years c. 1x leverage on End market Automoti
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 34% Packaging 9% East 9% Footwear - 66% 10% East Adhesives Eur
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 Czech Republic Hungary Portugal Sweden Austria Denmark Latvia Romania Switzerland Belarus Estonia Lithuania Serbia Turkey Benelux France Macedonia Slovakia UK Bulgari
Slide 9: Expansion mainly based on Export
9 Expansion mainly based on Export In the last 14 years Top Line doubled, export sales exceeded 60% with an average EBITDA margin ~10% 100 € million Marcello Taglietti 30% appointed as COO 90 Guido Cami and Massimo 25% 80 Rancilio appointed as CEO and CFO, respectively 70 20% 60 50 15% 40 10% 30 20
Slide 10: Material Free Cash Flow Generation – Consistently positive
10 Material Free Cash Flow Generation – Consistently positive Cumulative Free Cash Flow Generation above €44 over the last 11 years 1.4 1.2 3.6 Adjusted Free Cash Flow 6.5 2.0 generation 2.9 8.9 44.3 6.3 5.4 3.4 2.7 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total
Slide 11: 2022 EBITDA +50%
11 2022 EBITDA +50% Diversification and M&A supporting top line growth Back to double digit margin area 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 2021 2022 2021 2022 1. 1 In FY22 ICF recorded c. €88m in revenues, growing by 17%. All segme
Slide 12: ICF annual financial highlights
12 ICF annual financial highlights 2022 results improving across the board Income Statement (€m) 2020 2021 2022 1 1. In FY22 ICF recorded c. €88m in revenues, growing by 17% 1 Revenues 60.6 75.7 88.3 YoY growth (%) -15.4% 24.9% 17.0% 2. 2 Despite high inflation in raw materials and utilities EBITDA
Slide 13: ICF's major achievements since its listing in 2018
13 ICF’s major achievements since its listing in 2018 €13.0m of Free Cash Flow generation1 €7.5 m Cash distributed to shareholders: 1 - €5.5m of shares buy-back from May 2019 to December 2022 (around 900k shares or 12% of the initial capital) - €2.0m of cumulated dividends distributed since 2021 €2m
Slide 14: Acquisitions of Morel and Langè
14 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 15: Revenue mix evolution since 2018
15 ICF’s major achievements since its listing in 2018 (+) Footwear & Leather Goods (+) Packaging (-) Auto (=) more stable margins 2018 TODAY1 Automotive Automotive 22% 4% 38% 5% 13% 13% 22% 38% 18% c. €80m c. €97m1 8% 18% 5% 19% 8% 29% Packaging Footwear & 13% Footwear & Leather Goods Leather Goods
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 • UNI EN ISO 9001 - Quality Management System • GRS® – Global Recycle Standards; recycled materials certification certification since 1997 and compliance of environment and social criteria • UNI EN ISO 14001 - Environmenta
Slide 18: ESG – Environment
18 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 19: ESG – Social and Governance
19 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 20: Organizational Structure and Key Management
20 Organizational Structure and Key Management Organizational structure with 140(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 21: Appendix
INDUSTRIE CHIMICHE FORESTALI SINCE 1978
Slide 22: Industrie Chimiche Forestali S.p.A. contact
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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