Slide 1: Aquafil Group FY2021 Financial Results
Aquafil Group FY2021 Financial Results 15th March 2022
Slide 2: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 2
Slide 3: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 3
Slide 4: Key Messages
Key Messages 2021 RESULTS UP ON THE PREVIOUS YEAR REVENUES AT +30.5% ON 2020 AND +3.8% ON 2019 2025 ENVIRONMENTAL TARGETS SET: VOLUMES SOLD AT +19.2% ON 2020 60% OF REVENUES GENERATED BY AND +4.8% ON 2019 FIBERS FROM ECONYL® BRANDED PRODUCTS1 EBITDA AT +23.5% ON 2020 AND +3.8% ON 2019 35,000 TONS OF
Slide 5: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 5
Slide 6: Main Results
3Q2021 Main Results REVENUES EBITDA NET PROFIT NFP 2021 2020 Δ% 2021 2020 Δ% 2021 2020 Δ% 31.12.21 31.12.20 Δ% FY 569,7 436,6 30,5% FY 72,1 58,4 23,5% FY 10,7 0,6 - FY (179,3) (218,7) 18,0% % on Revenues 12,7% 13,4% % on Revenues 1,9% 0,1% 4Q 150,4 108,7 38,4% 4Q 12,5 18,3 -31,7% 4Q (3,6) 3,5 - % on
Slide 7: Revenues – by Components
Revenues – by Components • 4Q2021: volumes increase of ca 6% compared to 4Q19 – Volume: ca +3% compared to 4Q20 – Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation • FY2021: volumes increase of ca 5% compared to FY19 – Volume: ca +19% compared to F
Slide 8: Revenues – Components – Quantity (EMEA)
Revenues – Components – Quantity EMEA: volumes ca +26% vs FY20 and ca+6% vs FY19 / ca+4% vs 4Q20 and +5% vs 4Q19 – BCF: recovery consolidation of “residential” and “automotive” market; – NTF: ECONYL® branded products continues to grow; – Polymers: best in class of growth in the region, with outstand
Slide 9: Revenues – Components – Quantity (USA)
Revenues – Components – Quantity USA: volumes ca +8% vs FY20 and ca+1% vs FY19 / ca+11% vs 4Q20 and +8% vs 4Q19 – BCF: in 4Q higher recovery of year thanks to “automotive” market; – NTF: consolidates the growth 9 In BCF, especially in first part of 2019, Group benefitted from the withdrawal by a pri
Slide 10: Revenues – Components – Quantity (Asia Pacific)
Revenues – Components – Quantity ASIA PACIFIC: volumes ca +11% vs FY20 and ca+4% vs FY19 / ca+12% vs 4Q20 and +8% vs 4Q19 – BCF: in FY good performance of “residential”, with a slow down in the 4Q in Oceania market. 10 In BCF, especially in first part of 2019, Group benefitted from the withdrawal by
Slide 11: Revenues – Breakdown by Product Line and Area
Revenues – Breakdown by Product Line and Area (1) O’Mara Incorporated consolidated since 31st May 2019 (2) Rest of World not included 11
Slide 12: Revenues – ECONYL®
Revenues – ECONYL® • Back to normality after the pandemic impact on ECONYL® demand in 2020 ‒ between 1Q and 2Q20 in BCF “contract” customers-built warehouse stocks to face possible production breakdown due to COVID restrictive measures. 46,2% 37.4% 53,8% 62.9% 12
Slide 13: Revenues – ECONYL® – BCF the support and NTF the accelerator
Revenues – ECONYL® – BCF the support and NTF the accelerator • ECONYL® has represented an accelerator driver for the Group growth both by strengthening relationship with consolidated customers and the attracting new ones ‒ BCF sector historically drove ECONYL® development due to cultural sensitivene
Slide 14: EBITDA – Strong recovery driven by volumes
EBITDA – Strong recovery driven by volumes • € 72,1 m in FY21 compared to € 58,4 m of FY20 and € 69,4 m of FY19 – Strong impact of volumes increase; – During 4Q21 impact of higher utility costs (increase of price in Q122). 14
Slide 15: P&L – KPI
P&L – KPI 4Q FY 2021 2020 ∆% 2021 2020 ∆% REVENUES 150,4 108,7 38,4% 569,7 436,6 30,5% EBITDA 12,5 18,3 -31,7% 72,1 58,4 23,5% % on net sales 8,3% 16,8% 12,7% 13,4% EBIT (0,9) 5,8 21,5 5,9 - % on net sales -0,6% 5,3% 3,8% 1,4% EBT (3,4) 3,0 14,6 0,1 - % on net sales -2,2% 2,8% 2,6% 0,0% NET RESULT (
Slide 16: NFP – NPF/EBITDA
NFP – NPF/EBITDA • NFP on 31st December 2021 equal to 179,3 €/mil, improved by 18,0% compared to 31st December 2020 • Ratio NPF/EBITDA LTM at 2,488x 242 157 112 16
Slide 17: NFP – Focus on NWC and CAPEX
NFP – Focus on NWC and CAPEX • CAPEX equal to € 40,2m mainly related to the capacity and technological improvements including EP investments. • The focus on NWC allowed cash generation despite impact on both turnover growth and raw material price increase 46,2% 37.4% 7 5 17 39 7 27 (1) Net CAPEX, IF
Slide 18: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 18
Slide 19: Group development – Development in Japan
Group development – Development in Japan • In February important development steps were taken to expand Group presence in Japan – At BCF product line level: establishment of Aquafil Japan Co., Ltd., based in Tokyo, 100% owned by Aquafil S.p.A.: the subsidiary will transform and market polymers and s
Slide 20: Group development – Development in Japan
Group development – Development in Japan ‒ More recent trends o Strong cultural sensitiveness to environmental and sustainability topics ▪ extremely positive recognition for ECONYL® o Some signs of primary competitor withdrawal • Group is focusing its activities to built relationship with important
Slide 21: Group development – Acquisition of ca 32% in NOFIR
Group development – Acquisition of ca 32% in NOFIR ‒ Nofir: based in Bodø, Norway, is a leading European player in the collection and processing of fishing and aquaculture nets at the end of their life cycles. Since 2011, Nofir has collected over 48,000 tons of nets in 20 countries on five continent
Slide 22: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 22
Slide 23: Aquafil sustainability path – important steps in 2020
Aquafil sustainability path – 2 important steps in 2020 • In 2020 Aquafil undertook two important steps in its sustainability path ‒ Reflect Group Corporate Governance sustainability DNA o Expansion and integration of the activities of the "Control and Risks" Committee entrusting it with sustainabil
Slide 24: Aquafil sustainability path – further steps in 2021
Aquafil sustainability path – 2 further steps in 2021 • Introduction of sustainability KPI in the new remuneration policy (1) – Senior Executives remuneration is structured to focus management on company results and value creation – It is composed of a fixed part, a short term-term variable componen
Slide 25: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 25
Slide 26: Outlook
Outlook • The Group remains firmly convinced of the need to steer production in all sectors towards sustainability and manufacturing design aimed at the circularity of products and materials, focusing its efforts in both the short and long term on the growth of ECONYL® branded product solutions. • I
Slide 27: Index Page
Index Page 1. KEY MESSAGES 4 2. FINANCIAL RESULTS 6 3. GROUP DEVELOPMENT 19 4. SUSTAINABILITY PATH 23 5. OUTLOOK 26 6. APPENDIX 29 27
Slide 28: Appendix - Disclaimer
Appendix - Disclaimer This presentation and any material distributed in connection herewith (together, the “Presentation”) prepared by Aquafil S.p.A. (“Aquafil” or “Company”) do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of
Slide 29: Appendix - Definitions
Appendix - Definitions “First choice revenues” are revenues generated by the sale of fibers and polymers, gross of any adjustments «FIRST CHOICE (for example, discounts and allowances), but excluding revenues generated by “non-first choice products”, REVENUES» revenues generated by Aquafil Engineeri
Slide 30: Appendix - Sector Data – Caprolactam price evolution
Appendix - Sector Data – Caprolactam price evolution 30
Slide 31: Appendix - Consolidate Income Statements
Appendix - Consolidate Income Statements CONSOLIDATED INCOME STATEMENT December of wich non- December of wich non- Fourth of wich non- Fourth of wich non- €/000 2021 current 2020 current Quarter 2021 current Quarter 2020 current Revenue 569.701 784 436.602 458 150.391 197 108.672 171 of which relate
Slide 32: Appendix - Consolidate Income Statements – Revenues FY
Appendix - Consolidate Income Statements – Revenues FY 2021 BCF (fiber for carpet) NTF (fiber for fabric) Polymers Total €/mil 2021 2020 Δ Δ% 2021 2020 Δ Δ% 2021 2020 Δ Δ% 2021 2020 Δ Δ% % 21 % 20 EMEA 186,3 150,9 35,4 23,5 % 90,2 67,2 23,0 34,2 % 68,8 29,8 39,0 130,9 % 345,4 247,9 97,4 39,3 % 60,6
Slide 33: Appendix - Consolidate Income Statements – Revenues 4Q
Appendix - Consolidate Income Statements – Revenues 4Q IV Quarter BCF (fiber for carpet) NTF (fiber for fabric) Polymers Total €/mil 2021 2020 Δ Δ% 2021 2020 Δ Δ% 2021 2020 Δ Δ% 2021 2020 Δ Δ% % 21 % 20 EMEA 48,9 35,1 13,8 39,2 % 28,0 15,9 12,1 76,1 % 13,3 10,2 3,2 31,1 % 90,2 61,2 29,0 47,5 % 60,0
Slide 34: Appendix - Consolidate Income Statements – EBITDA & EBITD Adj
Appendix - Consolidate Income Statements – EBITDA & EBITD Adj RECONCILIATION FROM NET PROFIT TO EBITDA €/000 December December Fourth Quarter Fourth Quarter 2021 2020 2021 2020 Net Profit (Including Portion Attr. to Minority ) 10.670 595 (3.588) 3.494 Income Taxes 3.934 (517) 224 (449) Amortisation
Slide 35: Appendix - Consolidate Balance Sheet(1)
Appendix - Consolidate Balance Sheet(1) CONSOLIDATED BALANCE SHEET At December 31, €/000 At December 31, 2021 2020 Intangible Assets 23.551 23.578 Goodwill 14.735 13.600 Tangible Assets 240.489 229.495 Financial Assets 710 650 of which related parties 318 318 Investments & Equity metod 1.018 Other A
Slide 36: Appendix - Consolidate Balance Sheet(2)
Appendix - Consolidate Balance Sheet(2) CONSOLIDATED BALANCE SHEET At December 31, €/000 At December 31, 2021 2020 Share Capital 49.722 49.722 Reserves 91.708 76.579 Group Net Profit for the year 10.670 595 Group Shareholders Equity 152.101 126.896 Net Equity attributable to minority interest 1 1 Ne
Slide 37: Appendix - Net Financial Position
Appendix - Net Financial Position NET FINANCIAL DEBT At December 31, At December 31, €/000 2021 2020 A. Liquidity 152.656 208.954 B. Cash and cash equivalents - - C. Other current financial assets 860 834 D. Liquidity (A + B + C) 153.516 209.787 E. Current financial debt (including debt instruments
Slide 38: Appendix - Consolidated Cash Flow Statement (1)
Appendix - Consolidated Cash Flow Statement (1) CASH FLOW STATEMENT At December 31, At December 31, €/000 2021 2020 Operation Activities Net Profit (Including Portion Attr. to Minority ) 10.670 595 of which related parties (591) (689) Income Taxes 3.934 (517) Financial income (914) (352) Financial c
Slide 39: Appendix - Consolidated Cash Flow Statement (2)
Appendix - Consolidated Cash Flow Statement (2) CASH FLOW STATEMENT At December 31, At December 31, €/000 2021 2020 Investing activities Investment in Tangible Assets (34.632) (21.851) Disposal of Tangible Assets 353 1.121 Investment in Intangible Assets (4.977) (6.020) Disposal of Intangible Assets