Aquafil Spa · MIL:ECNL
Aquafil Spa — Italian Excellences 2022
68 slides from Aquafil Spa's conference presentation, Nov 29, 2022
Slide 1: Investor Presentation Italian Excellences 2022
[ECNL:IM] – [ECNLF:OTCQX] Investor Presentation ITALIAN EXCELLENCES 2022 Milan, 29th November 2022
Slide 2: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 2
Slide 3: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 3
Slide 4: Aquafil at glance
Aquafil at glance A GLOBAL GROUP MARKET LEADER IN NYLON A SUCCESSFUL BUSINESS MODEL 19 plants in 3 continents and 8 Fiber for carpet (BCF) Proprietary technology with countries; continuous R&D innovation FY 2020 - ca 2.800 employees, Fiber for fabrics (NTF) Manufacturing and operational € 570m of re
Slide 5: Aquafil at glance – A global Group
Aquafil at glance – A global Group USA EUROPE ASIA PACIFIC Cartersville – Georgia ITALY CHINA Aquafil USA 1 & 2 Arco, Cares and Rovereto Jiaxing Aquafil Headquarter Aquafil Jiaxing Phoenix - Arizona Tessilquattro Aquafil Carpet Recycling ACR#1 JAPAN Aquafil Carpet Collection CROATIA Tokyo Oroslavje
Slide 6: Aquafil at glance – Market Leader in Nylon
Aquafil at glance – Market Leader in Nylon with: KEY APPLICATIONS % on 9M 2022 REVENUES Fiber for carpet flooring 71% BCF Product Fiber for fabric 20% NTF Product Industrial Molding Polymers EP Product 9% 6
Slide 7: Aquafil at glance – A successful Business model
Aquafil at glance – A successful Business model Raw Final Production Distribution Clients Material application BCF (fiber for capet) Flooring Solutions Selected Manufacturers Application Users Production and finishing of premium synthetic yarns, Contract principally Nylon 6, for Direct sale / Standa
Slide 8: Aquafil at glance – Key milestones
Aquafil at glance – 50 years of growth – Key milestones 1965 1988 1995 1999 2007 2010 Aquafil foundation Establishment of Acquisition of Establishment of Establishment of Establishment of Aquafil Engineering AquafilSLO Aquafil USA Aquafil Asia Pacific Aquafil China in Germany in Thailand 2011 2017 2
Slide 9: Fortune's 2019 Change the World List: Companies to Watch
Aquafil at glance – A Company to change the world MAGAZINE CHANGE THE WORLD Fortune’s 2019 Change the World List: Companies to Watch By Matthew Heimer and Erika Fry 19 August 2019 “Burberry and Prada both recently launched collections featuring ECONYL®, a recycled nylon that this Italian yarn manufa
Slide 10: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 10
Slide 11: Sustainability path – Driven by vision and business model
Sustainability path – Driven by vision and business model • Journey to circularity started with a deep business model review to prepare Group to next decades evolution based on cultural sensitiveness to environmental topics and Group R&D and technological strengths • Aquafil correctly identified fut
Slide 12: Sustainability path – Driven by vision and business model
Sustainability path – Driven by vision and business model 12
Slide 13: Sustainability path – A journey started in 1990
Sustainability path – A journey started in 1990 1990 1998 2007 2008 2011 2013 «Lactamic waters» Waste recovery The Eco Pledge® «Energy & ECONYL® «The Healthy Seas – A recovery from for techno polymers foundation Recycling» team: Regeneration System: journey from Waste to polymerization production de
Slide 14: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 14
Slide 15: The ECO PLEDGE®
The ECO PLEDGE® RETHINKING PRODUCTS IN A CIRCULAR PERSPECTIVE SUPPORT LOCAL Innovating products to make them more COMMUNITIES and more circular, giving new life to waste materials, in an infinite cycle. Grow in harmony with local communities, promoting a prosperous and respectful development of thei
Slide 16: The ECO PLEDGE® – SDGs and GRI alignment
The ECO PLEDGE® – SDGs and GRI alignment SUSTAINABILITY PILLARS SUPPORTED SDGS SUPPORTED GRI RE THINKING PRODUCTS IN A Until now no GRI related CIRCULAR PERSPECTIVE to new material development PROTECTING THE ENVIRONMENT 302-1:2016 | 303-3:2018 303-4:2016 | 307-1:2016 ATTENTION TO THE WELL-BEING OF T
Slide 17: The ECO PLEDGE® - Sustainability plan and targets (1/2)
The ECO PLEDGE® - Sustainability plan and targets (1/2) SUSTAINABILITY PILLARS IMPROVEMENT AREAS PROJECT 2025 TARGET • Consolidating existing supply • Increasing the production of • ECONYL® accounting at 60% of chain products branded ECONYL® fibre revenues • Creating new sustainable • Increasing the
Slide 18: The ECO PLEDGE® - Sustainability plan and targets (2/2)
The ECO PLEDGE® - Sustainability plan and targets (2/2) SUSTAINABILITY PILLARS IMPROVEMENT AREAS PROJECT 2025 TARGET • Social Responsibility • ISO 8000 • All plants certified by 2028 SHARED • Implementing sustainability and • Participating in the UN Global RESPONSIBILITY social responsibility polici
Slide 19: The ECO PLEDGE® – Re-thinking products
The ECO PLEDGE® – Re-thinking products • Collaboration with the entire value chain is the crucial successful driver towards establishing new circular and sustainable business models MAMMUT NAPAPIJRI CORAL EYEWEAR Closing the loop in PA6 ropes Closing the loop in NTF Closing the loop in Polymers In c
Slide 20: The ECO PLEDGE® – Re-thinking products
The ECO PLEDGE® – Re-thinking products • Innovation to guide the continuous development of new technologies, processes and products • Eco-Design to create products with the “end in mind” which will become future resources, and not wastes Bio-caprolactam and bio-Nylon ECO-DESIGN RESEARCH, DEVELOPMENT
Slide 21: The ECO PLEDGE® – Protecting the environment
The ECO PLEDGE® – Protecting the environment • Aquafil is committed to respect the environment in each phase of its own production process 302-1:2016 | 303-3:2018 303- 4:2018 | 305-1:2016 305-2:2016 | 306-3:2020 • Therefore, activities and investments to reduce impacts and recover energy are constan
Slide 22: The ECO PLEDGE® – Supply chain share responsibility
The ECO PLEDGE® – Supply chain share responsibility • Aquafil establish solid relationships with its customers and suppliers, who share the commitment and desire to improve together towards a more 307-1:2016 | 308-1:2016 413- 1:2016 | 414-1:2016 sustainable supply chain, by leveraging on constant co
Slide 23: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 23
Slide 24: ECONYL®
ECONYL® ECONYL® regenerated nylon CA 37% 100% recycled yarn made of plastic waste such as fishing of 2021 Aquafil Fiber nets, industrial scraps and Revenues used carpets 24
Slide 25: ECONYL® – Steps
ECONYL® – Steps STEP1: Rescue STEP4: Reimagine The ECONYL® Regeneration Fashion brands and carpet System starts with rescuing producers use ECONYL® waste, like fishing nets, fabric regenerated nylon to create scraps, carpet flooring and brand new products industrial plastic from all over And that ny
Slide 26: ECONYL® – Drivers
ECONYL® – Drivers Innovative marketing R&D activities activities Creation of nylon Industrial waste reverse capacity increase logistic platform 26
Slide 27: ECONYL® – Drivers – R&D activities
ECONYL® – Drivers – R&D activities • Usual R&D activities shown us new opportunities in Group production process Recovery of the lactamic water 1990 Recovery of internal PA6 discard 1998 1998 Pre-consumer discard 2007 Post-consumer discard 2011 As reported in the EPD of the ECONYL(R) polymer (Revisi
Slide 28: ECONYL® – Drivers – Nylon waste reverse logistic platform
ECONYL® – Drivers – Nylon waste reverse logistic platform • Group was able to built a nylon “reverse” supply chain to collect raw materials for ECONYL® to create a stable and competitive quantity of nylon waste to be supplied to the regeneration plant in Slovenia – Pre consumer waste – Carpets: Dece
Slide 29: ECONYL® – Drivers – Industrial capacity increase
ECONYL® – Drivers – Industrial capacity increase • Circularity is one of the milestones of Group CAPEX process – Support development and environmental KPI targets achievements • The capability to increase ECONYL® capacity, allowed to consistently follow demand growth • Actual industrial capacity – i
Slide 30: ECONYL® – Drivers – Innovating marketing activities
ECONYL® – Drivers – Innovating marketing activities • Aquafil products are ingredients incorporated into final client products and therefore are not visible to end consumer • Since its launch, ECONYL® ingredient proved to be the perfect fit for a different marketing strategy: a strong ingredient bra
Slide 31: ECONYL® – Drivers – Innovating marketing activities
ECONYL® – Drivers – Innovating marketing activities • “Traditional” marketing strategies ‒ B2B strategy: building marketing towards chain next link through a narrow and single-sided customer- supplier relationship – Multilevel Ingredient strategy (“pull strategy”): product demand is created at diffe
Slide 32: ECONYL® – Drivers – Innovating marketing activities
ECONYL® – Drivers – Innovating marketing activities • ECONYL® branding strategies ‒ Targeted only on the final brand, this approach surpasses limitations and dangers of a too narrow and single-sided customer-supplier relationship ‒ Selling process is based on partnerships and direct communication wi
Slide 33: ECONYL® – To consumer…..
ECONYL® – To consumer….. • Partner sharing same “circularity” vision were attracted by ECONYL® value proposition 33
Slide 34: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 34
Slide 35: 9M 2022 – KEY MESSAGE
9M 2022 – KEY MESSAGE REVENUES 9M 2022 OF RESULTS ECONYL® SHARPLY INCREASING BRANDED COMPARED TO PRODUCTS 9M 2021 UP BY 64.5% VS 9M21 REVENUES +26,4% VS 9M21 43.5% OF REVENUES EBITDA +23% VS 9M21 GENERATED BY FIBERS 35
Slide 36: 9M 2022 Main Results
9M 2022 Main Results REVENUES EBITDA NET PROFIT NFP 2022 2021 Δ% 2022 2021 Δ% 2022 2021 Δ% 30.06.22 31.12.21 Δ% 9M 529,9 419,3 26,4% 9M 73,2 59,6 22,9% 9M 26,1 14,3 83,3% 9M (231,5) (179,3) -29,1% % on Revenues 13,8% 14,2% % on Revenues 0,0 0,0 3Q 178,9 144,6 23,7% 3Q 21,7 20,2 7,2% 3Q 8,5 5,3 58,3%
Slide 37: Revenues – by Components
Revenues – by Components • Lower volumes of ca 8% compared to 9M2021 and 11% compared to 3Q21 – Volume: lower sales in EMEA – Price & sales mix: positive impact thanks to better mix and selling price adjustment. 37
Slide 38: Revenues – Quantity
Revenues – Quantity EMEA: volumes ca -20% vs 9M21 and -28% vs 3Q21: – BCF, NTF and Polymers: lower quantity due to slow market demand; USA: volumes ca +21% vs 9M21 and +22% in 3Q21: – BCF: higher quantity (+47%) due to increase of BCF fiber for contract and competitor withdrawal – NTF: lower quantit
Slide 39: Revenues – Breakdown by Product Line and Area
Revenues – Breakdown by Product Line and Area (1) Rest of World not included in Asia & Oceania 39
Slide 40: Revenues – ECONYL®
Revenues – ECONYL® • Strong growth +65% vs 9M22 due to price increase and higher quantities driven by: ‒ BCF fiber: higher demand in contract sector ‒ NTF: higher demand from fashion brands 46,2% 37.4% 53,8% 62.9% 40
Slide 41: P&L – KPI
P&L – KPI 9M 3Q 2022 2021 ∆% 2022 2021 ∆% REVENUES 529,9 419,3 26,4% 178,9 144,6 23,7% EBITDA 73,2 59,6 22,9% 21,7 20,2 7,2% % on net sales 13,8% 14,2% 12,1% 14,0% EBIT 32,4 22,3 45,1% 7,9 8,3 -5,1% % on net sales 6,1% 5,3% 4,4% 5,7% EBT 33,0 18,0 83,6% 8,9 7,0 26,8% % on net sales 6,2% 4,3% 4,9% 4,
Slide 42: NFP – NPF/EBITDA
NFP – NPF/EBITDA • NFP on 30th September 2022 equal to 231,5 €/mil, higher of ca 29% compared to 31st December 2021 • Ratio NPF/EBITDA LTM at 2,70x 242 157 112 42
Slide 43: NFP – Increase of NWC mainly driven by inventory
NFP – Increase of NWC mainly driven by inventory • NWC growth driven by increase of inventory value due to ❖ higher unitary cost of raw material and ❖ increase of raw material quantities; 46,2% 37.4% 7 5 17 39 7 27 43
Slide 44: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 44
Slide 45: 2022 Outlook
2022 Outlook As a result of the different global political and macroeconomic contexts, it is appropriate to analyze the Group’s performance separately in the different geographical areas where it operates in order to provide a more comprehensively information on its performance. EMEA is showing the
Slide 46: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 46
Slide 47: Projects updating – Bio based nylon project
Projects updating – Bio based nylon project • A pillar of Group “The ECO PLEDGE®” and one of the most relevant initiatives in which the Group takes part – 2 complementary and synergic paths: Genomatica and project EFFECTIVE • Genomatica – Joint technological development to produce the first ever bio
Slide 48: Projects updating – Bio based nylon project
Projects updating – Bio based nylon project • Project EFFECTIVE – Extending Aquafil - Genomatica initiative to the whole supply chain by validating bio-based polyamides and bio-based polyesters from renewable raw materials into large-consumer products o Polymers’ versatility allows application in a
Slide 49: 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 50: 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 competitors withdrawal • Group is focusing its activities to built relationship with important
Slide 51: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 51
Slide 52: Ownership Structure & Governance – Ownership Structure
Ownership Structure & Governance – Ownership Structure • A capital structure with 3 type of Shares ‒ Ordinary Share ‒ Share B: dedicated to Giulio Bonazzi family with the same economic right of ordinary share but with 3 voting right for any share ‒ Share C: no transferable, no economic and voting ri
Slide 53: Ownership Structure & Governance – Ownership Structure
Ownership Structure & Governance – Ownership Structure • Main Aquafil’s shareholders is Aquafin Holding S.p.A., holding of Giulio Bonazzi Family 53
Slide 54: Ownership Structure & Governance – Governance
Ownership Structure & Governance – Governance BOARD OF DIRECTORS BOARD OF DIRECTORS Giulio Bonazzi Chairman and CEO a) Diversity: 44,4% women Stefano Loro Executive Director Attilio Annoni and 55,6% man Executive Director Silvana Bonazzi Franco Rossi b) Independent Directors: Director Director 44,4%
Slide 55: Index Page
Index Page 1. AQUAFIL AT GLANCE 4 2. SUSTAINABILITY PATH 11 2.1. The ECO PLEDGE® 15 2.2. ECONYL® 24 3. 9M 22 RESULT & 2022 OUTLOOK 35 3.1. 9M 2022 KEY FINDING & RESULTS 35 3.2. 2022 OULOOK 45 5. PROJECTS UPDATE 47 4. CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE 52 5. ANNEXES 56 55
Slide 56: Disclaimer
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 any offer t
Slide 57: Definitions
Definitions “First choice revenues” are revenues generated by the sale of fiber 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 Engineering GmbH and
Slide 58: Appendix - Sector Data – Caprolactam price evolution
Appendix - Sector Data – Caprolactam price evolution 58
Slide 59: Appendix - Consolidate Income Statements
Appendix - Consolidate Income Statements CONSOLIDATED INCOME STATEMENT September of wich non- September of wich non- Third Quarter of wich non- Third Quarter of wich non- €/000 2022 current 2021 current 2022 current 2021 current Revenue 529.905 849 419.310 587 178.896 324 144.610 587 of which relate
Slide 60: Appendix - Consolidate Income Statements – Revenues 9M
Appendix - Consolidate Income Statements – Revenues 9M 9M BCF (fiber for carpet) NTF (fiber for fabric) Polymers Total €/mil 2022 2021 Δ Δ% 2022 2021 Δ Δ% 2022 2021 Δ Δ% 2022 2021 Δ Δ% % 22 % 21 EMEA 171,9 137,4 34,5 25,1 % 79,2 62,2 17,0 27,2 % 42,2 55,5 (13,3) (24,0)% 293,2 255,1 38,1 14,9 % 55,3
Slide 61: Appendix - Consolidate Income Statements – Revenues 3Q
Appendix - Consolidate Income Statements – Revenues 3Q 3Q BCF (fiber for carpet) NTF (fiber for fabric) Polymers Total €/mil 2022 2021 Δ Δ% 2022 2021 Δ Δ% 2022 2021 Δ Δ% 2022 2021 Δ Δ% % 22 % 21 EMEA 54,0 46,8 7,2 15,5 % 21,3 20,6 0,7 3,4 % 13,4 20,4 (7,0) (34,4)% 88,7 87,8 0,9 1,1 % 49,6 % 60,7 % N
Slide 62: Appendix - Consolidate Income Statements – EBITDA & EBITD Adj
Appendix - Consolidate Income Statements – EBITDA & EBITD Adj RECONCILIATION FROM NET PROFIT TO EBITDA €/000 September September Third Quarter Third Quarter 2022 2021 2022 2021 Net Profit (Including Portion Attr. to Minority ) 26.137 14.258 8.463 5.346 Income Taxes 6.846 3.710 389 1.632 Investment i
Slide 63: Appendix - Consolidate Balance Sheet(1)
Appendix - Consolidate Balance Sheet(1) CONSOLIDATED BALANCE SHEET At September 30, At December 31, €/000 2022 2021 Intangible Assets 22.458 23.551 Goodwill 17.121 14.735 Tangible Assets 251.353 240.489 Financial Assets 765 710 of which related parties 318 318 Investments & Equity metod 1.018 1.018
Slide 64: Appendix - Consolidate Balance Sheet(2)
Appendix - Consolidate Balance Sheet(2) CONSOLIDATED BALANCE SHEET At September 30, At December 31, €/000 2022 2021 Share Capital 49.722 49.722 Reserves 115.353 91.708 Group Net Profit for the year 26.136 10.670 Group Shareholders Equity 191.212 152.101 Net Equity attributable to minority interest 1
Slide 65: Appendix - Net Financial Position
Appendix - Net Financial Position NET FINANCIAL DEBT At September 30, At December 31, €/000 2022 2021 A. Liquidity 136.634 152.656 B. Cash and cash equivalents C. Other current financial assets 4.544 860 D. Liquidity (A + B + C) 141.178 153.516 E. Current financial debt (including debt instruments b
Slide 66: Appendix - Consolidated Cash Flow Statement (1)
Appendix - Consolidated Cash Flow Statement (1) CASH FLOW STATEMENT At September 30, At September 30, €/000 2022 2021 Operation Activities Net Profit (Including Portion Attr. to Minority ) 26.137 14.258 of which related parties -358 -141 Income Taxes 6.846 3.710 Income (loss) from Investments 70 0 o
Slide 67: Appendix - Consolidated Cash Flow Statement (2)
Appendix - Consolidated Cash Flow Statement (2) CASH FLOW STATEMENT At September 30, At September 30, €/000 2022 2021 Investing activities Investment in Tangible Assets -24.566 -20.547 Disposal of Tangible Assets 406 291 Investment in Intangible Assets -3.213 -3.640 Disposal of Intangible Assets 22
Slide 68: Investors Contact
Investors Contact: Karim Tonelli CPO & Investor Relator karim.tonelli@aquafil.com Mob: +39 3486022950 68