Neodecortech Spa · MIL:NDT
Neodecortech Spa — Investor Presentation (September 2023)
55 slides from Neodecortech Spa's investor presentation, September 2023
Slide 1: Investor Presentation September 2023
INVESTOR PRESENTATION September 2023 Decors and surfaces for sustainable living.
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Neodecortech S.p.A. those results or developments may not be indicative of results or (“NEODECORTECH”) solely for use in connection with the presentation developments in future periods. of the Company to potential investors and shareholders and may not b
Slide 3: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 4: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 5: Neodecortech, a group 100% Made in Italy
1. Company overview 5 Neodecortech, a group 100% Made in Italy. 4 companies sharing the same vision and a clear industrial and ESG strategy: Providing the interior design industry with high-end decors and surfaces enhanced by distinctive Italian flair for a sustainable living
Slide 6: At a glance
1. Company overview 6 AT A GLANCE 75 YEARS OF EXPERIENCE Neodecortech is a top player in the niche of decorative surfaces design and manufacturing (mostly paper, plus plastic more recently) for the interior design and flooring industries. A HIGHLY SINERGISTIC BUSINESS MODEL The Group is built around
Slide 7: Group structure
1. Company overview 7 EFFECTIVE BUSINESS MODELS Group structure Neodecortech S.p.A. - 1947 (38% of FY22 revenue, 228 employees) Founded in 1947, is the parent company of the Group. Under the brand name Confalonieri, Plana and Texte it is specialized in paper printing, polymeric films printing, polym
Slide 8: Vertical integration benefits
1. Company overview 8 EFFECTIVE BUSINESS MODELS Vertical integration benefits KNOW HOW – R&D (Centralized R&D, co- development with the paper mill) Vertical integration brings competitive advantages in terms of: - flexibility; - competitive purchase prices; - maintaining control over R&D. Operating
Slide 9: Intercompany flows 2022: integration but also a lot of market
1. Company overview 9 INTERCOMPANY FLOWS 2022: integration but also a lot of market 100% Electricity 31% Steam 77% Bio-energy producer Paper mill Decor layer printing (steam and base, unicolor Impregnation 30% Electricity 17% electricity) and black paper Plastic film printing 100% Steam manifacturer
Slide 10: Intercompany flows 2022: a fully sustainable business model
1. Company overview 10 INTERCOMPANY FLOWS 2022: A FULLY SUSTAINABLE BUSINESS MODEL A model based on the circular economy approach (see more at section 4) CDG uses only FSC (Forest Stewardship Council) pulp that comes from sustainable certified forests (for a total consumption of 25k tons) Paper prod
Slide 11: Internal vertical integration across an integrated supply chain
1. Company overview 11 EFFECTIVE BUSINESS MODELS Internal vertical integration to serve across an integrate supply chain Energy producer (BEG) Decor paper producers NDT - Cartiera Printers NDT - Confalonieri Impregnators HPL/CLP, LPL/DPL NDT - Lamination on Plana e Texte wood substrates Furniture, L
Slide 12: Strategic positioning: competitive arenas
1. Company overview 12 STRATEGIC POSITIONING Competitive arenas Paper Producers Décor Paper Producers *Only Décor Paper (printers – impregnators) **Plastic business included high high Surteco (GER)** Technocell (GER) 654 Schattdecor 1007 (GER) Qifeng (CN) Toppan Kingdecor (CN) (Toppan JAP + Interpri
Slide 13: Strategic positioning
1. Company overview 13 STRATEGIC POSITIONING High price – design products Neodecortech Small niche producers Big diversified groups Limited product range Wide product range Chinese Producers Low price – retail market Source: Company information
Slide 14: Strong brand portfolio for a complete Made in Italy offer
1. Company overview 14 STRONG BRAND PORTFOLIO FOR A COMPLETE MADE IN ITALY OFFER - Base paper - Unicolors - Balancing paper - Printed decorative papers (DEC) - Melamine-impregnated papers (MEL) - Finish-foils mainly for the furniture, laminate flooring and camper/caravan segments (FINISH) Paper-base
Slide 15: Superior market offering 1/3
1. Company overview 15 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 1/3 NDT recently launched EOS, the innovative line of supermatt anti-fingerprint products for the high- end surfaces market. Now the over 900 designs are divided in 7 families: Décor Papers Decorative printed pa
Slide 16: Superior market offering 2/3
1. Company overview 16 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 2/3 PPF & PPLF for LVT EOSTP EOSLAM IN ATO Laminates Printed plastic films that offer the A thin unicolor or printed plastic Thanks to a specific technology, Decorative Laminates are same high resemblance to fil
Slide 17: Superior market offering 3/3
1. Company overview 17 SUPERIOR MARKET OFFERING Over 900 designs divided into 7 families 3 /3 Micro Top Finish Foil Laminate EOSLAMINATO Melamine Paper Décor Paper Melamine Film EOSTP Luxury Vinyl Tiles
Slide 18: 2022 Sales Mix
1. Company overview 18 2022 SALES MIX End Users Geography* 0,6% Middle East 0,7% Africa 11,1% Americas 1,1% Asia 21% Flooring Furniture 79% 40,6% Italy Europe 45,9% * Excluded Energy turnover
Slide 19: Experienced Management Team
1. Company overview 19 EXPERIENCED MANAGEMENT TEAM LUCA PELI – Chairman, 2022 LUIGI COLOGNI – CEO, 2005 - 58, Degree in Business Administration, MBA from - 69, Degree in Electrical Engineering; Bocconi University; -1979, Established HS Elettronica Progetti S.p.A., specialized in - Previous banking e
Slide 20: Key Financials & Numbers – 2022
1. Company overview 20 KEY FINANCIALS & NUMBERS – 2022 196,5 M 59,4% 16,0 M Revenues (€ M) Export * EBITDA (€ M) 8.1% 30,7 M 400 EBITDA Margin NFP (€ M) Employees * Excluded Energy turnover
Slide 21: Shareholders and Market Data
1. Company overview 21 SHAREHOLDERS AND MARKET DATA Shareholding structure - updated at 27 April 2023 PRIVATE COMPANY 26-09-2017 25-05-2020 15-03-2021 Azimut Investments SA 5,3% Market Data Finanziaria Valentini Spa 58,6% Share Price Jan 7th 2022 4,39€/share Market (including Share Price Mar 14th ,
Slide 22: Shareholders and Market Data 2/2
1. Company overview 22 SHAREHOLDERS AND MARKET DATA 2/2 Performance since IPO Analyst Coverage Company Name / Date Target price €/share Websim Intermonte – Sept. 11, 2023 4.8 (previous 4.8) MidCap – Sept. 8, 2023 4.7 (previous 4.7)
Slide 23: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 24: Financial Results: 2019–2022 and H1 2023
2. Results 24 FINANCIAL RESULTS: 2019 – 2022 and H1 2023 (in € milions) 2019 2020 2021 2022 (in € milions) H1 2022 H1 2023 Net Sales 133,0 127,8 176,4 196,5 Net Sales 99,2 86,4 % change -3,9% 38,0% 11,4% % change -12,9% Ebitda 16,0 14,6 18,1 16,0 Ebitda 10,9 9,2 (1) Ebitda Margin % 12,0% 11,4% 10,3%
Slide 25: Net Sales - €M
2. Results 25 Net SALES - €M 2019 – 2022 Net Sales (€/M) H1 2022 – H1 2023 Net Sales (€/M) 25 0,0 15 0,0 + 20,1 M 196,5 20 0,0 176,4 + 11,4% + 48,5 M 12 0,0 - 5,1 M 43,8 99,2 133,0 -12,8 M + 37,9% 15 0,0 127,9 38,3 - 3,8 % - 12,9 % 86,4 (*) 90 ,0 14,0 29,5 75,4 15,7 32,0 10 0,0 76,9 60 ,0 42,9 56,5
Slide 26: EBITDA & EBITDA Margin - €M
2. Results 26 EBITDA & EBITDA MARGIN (*) - €M 2019 – 2022 EBITDA(€/M) H1 2022 – H1 2023 EBITDA (€/M) Ebi td a 12 3 0 , % Ebi td a Margi n 10,9 11 -1,7 M 20 ,0 30 % 18,1 -2,1 M 10 - 15,6% 2 5 ,0 % 18 ,0 9,2 + 3,5 M - 11,6% 16,0 - 1,4 M 16,0 25 % 9 16 ,0 + 24,0% 14,6 - 8,8 % 8 2 0 , % 14 ,0 20 % 7 12
Slide 27: EBITDA & EBITDA Margin without Bioenergia Guarcino
2. Results 27 EBITDA & EBITDA MARGIN (*) - €M Without Bioenergia Guarcino 2019 – 2022 EBITDA(€/M) H1 2022 – H1 2023 EBITDA (€/M) 20 Ebitda Ebitda Margin 30 % Ebitda Ebitda Margin 18 10 ,0 9,3 30 % 15,3 25 % 9,0 16 25 % 8,0 14 20 % 6,8 11,8 7,0 12 11,3 20 % 10,8 6,0 10 15 % 11,3% 5,0 15 % 10,9% 11,1%
Slide 28: Net Income - €M
2. Results 28 NET INCOME - €M 2019 – 2022 Net Income (€/M) H1 2022 – H1 2023 Net Income (€/M) 9,0 1 5 ,0 % 8,4 8,0 + 1,7 M 1 3 ,0 % + 25,4% 7,0 6,7 9 8,6 2 0 , % 1 1 ,0 % 8 1 8 ,0 % 6,0 9 ,0 % 7 1 6 ,0 % + 3,2 M 5,0 5,6(*) + 91,4% 1 4 ,0 % 7 ,0 % 6 4,0 - 0,5 M 4,0 1 2 ,0 % 3,5 5 - 12,5 % 4,30% 1 0 ,
Slide 29: Net Working Capital - €M
2. Results 29 NET WORKING CAPITAL - €M (*) 2019 – 2022 Net Working Capital (€/M) H1 2022 – H1 2023 Net Working Capital (€/M) 0,8 30.4 27.0 33,7 40,7 27.4 80 ,0 0,6 33,4 19,2 19,3 23,8 26,6 60 ,0 29,2 22,8 0,4 40 ,0 0,2 39,1 36,7 43,6 40,6 46,4 20 ,0 42,9 0 0,0 -31,3 -25,6 -33,7 -32,3 -0,2 -39,8 -20
Slide 30: 2022 Cash Flow Analysis - €M
2. Results 30 2022 CASH FLOW ANALYSIS - €/M 30,0 25,0 20,0 -9,1 15,0 13,5 -2,0 12,0 16,5 -9,3 4,6 -2,2 10,0 5,0 - Ca sh Opera ti ona l Cash NWC Ch ang es Ca pex Ban ks D ebts and Di vide nds Oth er Ca sh 31 /1 2/202 1 flow Le asin g Payme nt Ch ang es 31 /1 2/202 2
Slide 31: H1 2023 Cash Flow Analysis - €M
2. Results 31 H1 2023 CASH FLOW ANALYSIS - €/M 30,0 25,0 9,2 20,0 -4,2 15,0 12,0 -3,4 10,0 -2,9 -2,0 7,7 -1,0 5,0 - Ca sh Opera ti ona l Cash NWC Ch ang es Ca pex Ban ks D ebts and Di vide nds Oth er Ca sh 31 /1 2/202 2 flow Le asin g Payme nt Ch ang es 30 /0 6/202 3 At Q2 2023 the Group not yet col
Slide 32: Net Financial Position - €M
2. Results 32 NET FINANCIAL POSITION - €M 2019 - 2022 Net financial position (€/M) H1 2022 – H1 2023 Net financial position (€/M) 45 ,0 (0.6) 40,5 39,9 40 ,0 45 ,0 (10.6) 40 ,0 35 ,0 34,3 2,2 1,4 30,7 29,3 35 ,0 32,1 30 ,0 23,1 30 ,0 25 ,0 28,8 15,0 25 ,0 20 ,0 22,1 20 ,0 23,2 25,6 15 ,0 15 ,0 10 ,0
Slide 33: Consolidated Debt Maturity at 31 December 2022
2. Results 33 CONSOLIDATED DEBT MATURITY at 31 December 2022 Debt Repayment plan (€/ M) One covenants on CDG long term debts 5,0 4,5 4,4 4 4,0 3,0 2,8 2,0 1 1,0 0,0 2023 2024 2025 2026 2027
Slide 34: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 35: Investment Opportunities 2021–2023
3. Growth strategy 35 INVESTMENT OPPORTUNITIES 2021 – 2023 (€/M) 35,0 28,6 30,0 25,0 + 49 % 9,6 19,2 20,0 2021 Investments € 9,9 m 15,0 6,9 2022 investments € 9,2 m 8,3 10,0 4,3 5,0 10,7 8,0 0,0 2018-2020 2021-2023 New machinery Efficiency recovery Productivity
Slide 36: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 37: A Fully Sustainable Business Model: Circular Economy
4. Neodecortech’s Sustainability Approach 37 A FULLY SUSTAINABLE BUSINESS MODEL Circular economy CDG uses only FSC (Forest Stewardship Council) pulp that comes from sustainable certified forests (for a total consumption of 25k tons) Paper production Thermoplastic film production Circular Economy 92%
Slide 38: 2022 Group carbon emissions scope 1 + 2
4. Neodecortech’s Sustainability Approach 38 A FULLY SUSTAINABLE BUSINESS MODEL 2022 Group carbon emissions scope 1 + 2
Slide 39: 2023 Carbon neutrality scope 1 + 2
4. Neodecortech’s Sustainability Approach 39 A FULLY SUSTAINABLE BUSINESS MODEL 2023 Group carbon emission = Carbon neutrality scope 1 + 2
Slide 40: Fully Committed to ESG Agenda 1/3
4. Neodecortech’s Sustainability Approach 40 FULLY COMMITTED TO ESG AGENDA 1/3 Environment & Circular Economy: 2021-2022 Fuel used by the BEG power plant was derived from certified tallow and other by products of animal origin (ABPs). CDG uses only FSC (Forest Stewardship Council) pulp FSC for a tot
Slide 41: Fully Committed to ESG Agenda 2/3
4. Neodecortech’s Sustainability Approach 41 FULLY COMMITTED TO ESG AGENDA 2/3 Social 2021 – 2022 projects 10,480 hours of training delivered (of which 4,024 in 2022), 16 hours per capita 10 Scholarship program for employees’ children (of which 4 in 2022) New policy on diversity issued. 2021 and 202
Slide 42: Fully Committed to ESG Agenda 3/3
4. Neodecortech’s Sustainability Approach 42 FULLY COMMITTED TO ESG AGENDA 3/3 Governance and reporting: Organizational model in place pursuant to Legislative Decree 231/2001 adopted in all companies Code of Ethics adopted in all companies Code of Conduct of Borsa Italiana: comply or explain Board o
Slide 43: Sustainable Development Goals
4. Neodecortech’s Sustainability Approach 43 SUSTAINABLE DEVELOPMENT GOALS The 2030 Agenda for Sustainable Development set by the United Nations in 2015 expresses the global plan of action for sustainable development, by tackling issues of universal concern such as poverty, hunger, lack of education
Slide 44: Sustainability Strategy
4. Neodecortech’s Sustainability Approach 44 SUSTAINABILITY STRATEGY For years, the Group has been committed to responsible business management, which is not merely a matter of regulatory compliance and the containment of negative externalities, but focuses rather on promoting a corporate culture or
Slide 45: Index
Investor Presentation INDEX 1. Company overview 4. ESG approach At a glance Circular economy Group structure 2022 Group emissions Vertical integration benefits 2023 carbon neutrality scope 1 + 2 Intercompany flows: economics Fully commited ESG agenda circular economy Sustainable development goals In
Slide 46: Income Statement 2022–2021
Appendix 46 INCOME STATEMENT 2022– 2021 (Euro thousands) 31 Dec 31 Dec 2022 % 2021 % Change Change % Revenue from sales and services 196.474 100,0% 176.429 100,0% 20.045 11,4% Changes in work in progress, semi-finished and 3.044 255 2.789 finished products 1,5% 0,1% 1093,7% Other revenue 7.822 4,0%
Slide 47: Income Statement H1 2023 – H1 2022
Appendix 47 INCOME STATEMENT H1 2023 – H1 2022 (Euro thousands) 30 June 30 June 2023 % 2022 % Change Change % Revenue from sales and services 86.422 100,0% 99.229 100,0% (12.807) (12,9%) Changes in work in progress, semi-finished and 4.537 6.358 (1.821) finished products 5,2% 6,4% (28,6%) Other reve
Slide 48: Balance Sheet Statement 2022–2021
Appendix 48 BALANCE SHEET STATEMENT 2022 – 2021 Assets 31 December 31 December (Euro thousands) 2022 % 2021 % Change Change % Intangible assets 827 0,5% 1.551 0,9% (724) (46,7%) Tangible assets 78.617 46,6% 78.561 46,5% 56 0,1% Equity investments 100 0,1% - 0,0% 100 - Other non-current assets 528 0,
Slide 49: Balance Sheet Statement H1 2023 – FY 2022
Appendix 49 BALANCE SHEET STATEMENT H1 2023 – FY 2022 Assets 30 June 31 December (Euro thousands) 2023 % 2022 % Change Change % (119) Intangible assets 708 0,4% 827 0,5% (14,4%) Tangible assets 77.613 46,4% 78.617 46,6% (1.004) (1,3%) Equity investments 0 0,0% 100 0,1% (100) (100,0%) Other non-curre
Slide 50: Net Financial Position FY 2022 – FY 2021
Appendix 50 NET FINANCIAL POSITION FY 2022 – FY 2021 (Euro thousands) 31 December 31 December Change 2022 2021 A. Cash funds (12.043) (13.491) 1.448 B. Cash and cash equivalents 0 0 0 C. Other current financial assets 0 0 0 D. Cash (A+ B + C) (12.043) (13.491) 1.448 E. Current financial debt 13.489
Slide 51: Net Financial Position H1 2023 – H1 2022
Appendix 51 NET FINANCIAL POSITION H1 2023 – H1 2022 (Euro thousands) 30 June 30 June Change 2023 2022 A. Cash funds (7.732) (3.478) (4.254) B. Cash and cash equivalents 0 0 0 C. Other current financial assets 0 (4) 4 D. Cash (A+ B + C) (7.732) (3.483) (4.249) E. Current financial debt 8.625 16.737
Slide 52: Certifications
Appendix 52 CERTIFICATIONS The Group certifications are the tangible proof of its focus toward sustainable production. All Group companies have the following in place: Code of Ethics Organisational Model Pursuant to Legislative Decree 231/2001 QHSE Policy Quality, Health, Safety and Environmental 10
Slide 53: Certifications History
Appendix 53 CERTIFICATIONS HISTORY UNI EN ISO UNI EN ISO FSC®-CHAIN OHSAS 100% SUSTAINABILTY ISO UNI ISO NON FINANCIAL 14001 9001 OF CUSTODY 18001 MADE IN ITALY REPORT 50001 45001 REPORT 2007 2009 2010 2011 2015 2016 2017 2020 2021 FSC®-CHAIN PEFC UNI EN ISO ISO UNI ISO UNI ISO OF CUSTODY 9001 50001
Slide 54: Key Contacts
Appendix 54 KEY CONTACTS ISSUER INVESTOR RELATIONS SPECIALIST CORPORATE BROKING Luigi Cologni – CEO & Investor relator Lorenzo Edmondo Bondi Chiara Tavazzi Email: l.cologni@neodecortech.it Email: lorenzoedmondo.bondi@bper.it Email: chiara.tavazzi@intermonte.it Marina Fumagalli - CFO Email: m.fumagal
Slide 55: mmm
4+A0Z mmm ANO OR H Decors and surfaces for sustainable living.
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