Industrie Chimiche Forestali Spa · MIL:ICF
Industrie Chimiche Forestali Spa — Investor Presentation (October 2022)
21 slides from Industrie Chimiche Forestali Spa's investor presentation, October 2022
Slide 1: Industrie Chimiche Forestali Investor presentation October 2022
We are invisible! But we are everywhere! Industrie Chimiche Forestali S.p.A. Investor presentation October 2022
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» Toe puff Insole Footwear & • Solvent-free 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 World
6 Industrie Chimiche Forestali: a Leading Player in the Technical Adhesive World ICF in numbers(1) Manufacturing of Core activity adhesives and technical fabrics Revenues EBITDA EBITDA Margin NFP 2021 2021 2021 2021 Footwear 6.9% €7.4m Leather Goods €75.7m €5.2m Avg. last 3 years 1.4x leverage on En
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 40% Division America Middle Packaging 10% Footwear - 60% 12% East 12% Adhesives East 22
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 Russia Turkey Benelux France Macedonia Serbia UK Bulgaria
Slide 9: Expansion mainly based on Export
9 Expansion mainly based on Export In the last 13 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
10 Material Free Cash Flow Generation Cumulative Free Cash Flow Generation above €42.9 over the last 10 years 1.2 3.6 Adjusted Free Cash Flow 6.5 2.0 generation 2.9 8.9 42.9 6.3 5.4 3.4 2.7 1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total Comment Over the last 10 years, ICF generated a cumu
Slide 11: ICF's major achievements since its listing in 2018
11 ICF’s major achievements since its listing in 2018 €14m of Free Cash Flow generation* destined to deleverage, cash to shareholders, M&A and extra investments: €5m of shares buy-back completed from May 2019 to January 2022. Around 850k shares bought** 1 €1.0m distributed in dividends in 2021*** 2
Slide 12: FY 2021 financial highlights ICF
12 FY 2021 financial highlights ICF Diversification supporting top line growth. Back to double digit margin area in Q2. €m Q1 2021 Q1 2022 Q2 2021 Q2 2022 1H2021 1H2022 Revenues 18.4 21.0 19.1 24.0 37.5 45.0 1 YoY growth % 14.1 25.7 20.0 2 EBITDA 1.9 1.2 1.4 2.3 3.3 3.5 Margin (%) 6.8% 5.7% 7.3% 9.6
Slide 13: Acquisition of MOREL
13 Acquisition of MOREL In July 2021, ICF completed the acquisition of the company branch of MOREL, historical Italian brand, leader in components (toe-puffs and counters) for high-end footwear and leather goods MOREL, founded in 1926 in Milan, designs and manufactures toe-puffs and counters for the
Slide 14: Sustainability at ICF
14 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 15: ESG – Environment
15 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. The Company is in fact compliant with system certifications such as: UNI EN ISO 9001 UNI ISO 45001 EMAS
Slide 16: ESG – Social and Governance
16 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 AIM segment of Borsa Italiana: • ICF is a public company with the market being the dominant ICF Board of Directors sharehold
Slide 17: Organizational Structure and Key Management
17 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 18: Appendix
Appendix INDUSTRIE CHIMICHE FORESTALI SINGE 1018
Slide 19: FY 2021 ICF financial highlights
19 FY 2021 ICF financial highlights Income Statement (€m) 2020 2021 Revenues 60.6 75.7 YoY growth (%) -15.4% 24.9% Gross margin 24.0 23.2 margin (%) 39.6% 30.7% EBITDA 7.1 5.2 margin (%) 11.8% 6.9% Net Income 2.2 2.3 margin (%) 3.7% 3.0% Adjusted Net Income 3.3 2.2 margin (%) 5.5% 2.9% Balance Sheet
Slide 20: 1H22 ICF financial highlights
20 1H22 ICF financial highlights The diversification of the operating activities allows ICF to grow despite adverse conditions Ability to defend margins with an acceleration to double digit area in Q2 INCOME STATEMENT (€ MN) 1H 2022 1H 2021 Var. Revenues 44.9 37.4 20.0% EBITDA 3.5 3.3 7.1% Ebitda Ma
Slide 21: 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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