Aquafil Spa · MIL:ECNL
Aquafil Spa — Q1 2024 Earnings Presentation
23 slides from Aquafil Spa's earnings presentation, May 14, 2024
Slide 1: Aquafil Group 1Q 2024 Financial Results
Aquafil Group [ECNL:IM] - [ECNLF: OTCQX] 1Q 2024 Financial Results May 14, 2024
Slide 2: Key messages
1. Key messages ECONYL® BRANDED AND REGENERATED EMEA AND ASIA IN LINE WITH PRODUCTS ACCOUNTED FOR 52.1% EXPECTATIONS, OF REVENUES WEAKER MARKET IN THE US GENERATED FROM FIBERS NET FINANCIAL POSITION SUBSTANTIALLY UNCHANGED 2
Slide 3: Financial results
2. Financial results Revenues EBITDA Net profit NFP 2024 2023 Δ% 2024 2023 Δ% 2024 2023 Δ% 31.03.24 31.12.23 Δ% 1Q 147,5 166,8 (11,6)% 15,2 21,6 (29,6)% (3,1) 3,3 (193,9)% 250,3 248,5 0,7% % on Revenues 10,3% 12,9% (2,1)% 2,0% SALES EBITDA NET PROFIT NFP In line vs Dec. 23 VOLUME1 Lower to 1Q 2023 1
Slide 4: Financial results - Revenues by components
2. Financial results - Revenues by components Higher volumes of 13,8% compared to 1Q 2023 4
Slide 5: Financial results - Volumes
2. Financial results - Volumes EMEA: volumes +25,3% vs 1Q23: – Market recovery for BCF in 1Q 2024 – NTF lower volumes – Polymers and Engineering plastics continues to grow USA: volumes ca (5,64)% vs 1Q23: – BCF and NTF: weaker market Asia: volumes +11,2% vs 1Q23: – BCF: slight increase in quantity v
Slide 6: Revenues breakdown by Product Line and Area
2. Financial results – Revenues breakdown by Product Line and Area % Revenues by Geographical Area % Revenues by Product Line 13,6% 7,5% 16,8% 14,8% 16,0% 20,9% 27,0% 30,0% 70,4% 71,6% 55,7% 54,9% 2024 2023 2024 2023 EMEA North America Asia e Oceania BCF (fiber for carpet) NTF (fibre for textile) Po
Slide 7: Revenues: ECONYL products
2. Financial results – Revenues: ECONYL® products ECONYL® products increased by 52,1% in 1Q 2024 46,2% 37.4% 53,8% 62.9% 7
Slide 8: Financial results - P&L: KPI
2. Financial results - P&L: KPI 1Q 2024 2023 Δ% Revenues 147,5 166,8 (11,6)% EBITDA 15,2 21,6 (29,6)% % on net Sales 10,3 % 12,9% EBIT 0,8 8,0 (89,4)% % on net Sales 0,6 % 4,8% EBT (4,0) 4,6 (186,1)% % on net Sales (2,7)% 2,8% NET RESULT (3,1) 3,3 (193,9)% % on net Sales (2,1)% 2,0% Data in € millio
Slide 9: NFP and NPF/EBITDA
2. Financial results - NFP and NPF/EBITDA • NFP on 31st March 2024 equal to 250,3 vs 248,5 €/mil on 31st December 2023 • Ratio NPF/EBITDA LTM at x6,08 NFP Evolution - €/mil NFP/LTM EBITDA 6,08 5,23 250,3 248,5 31-mar-24 31-dic-23 31-mar-24 31-dic-23 242 157 112 9
Slide 10: Outlook
3. Outlook In the first quarter of 2024, margins were essentially in line with expectations, confirming the recovery path towards the achievement of the plan targets. The context of reference has not stabilized yet, but an uptrend is expected in the second half of the year. The comparison with the s
Slide 11: Appendix
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Slide 12: 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 13: Definitions
Appendix - Definitions “First choice revenues” are revenues generated by the sale of fibers and polymers, gross of any adjustments (for example, «FIRST CHOICE discounts and allowances), but excluding revenues generated by “non-first choice products”, revenues generated by REVENUES» Aquafil Engineeri
Slide 14: Sector Data – Caprolactam price evolution
Appendix - Sector Data – Caprolactam price evolution 14
Slide 15: Consolidated Income Statement
Appendix - Consolidated Income Statement CONSOLIDATED INCOME STATEMENT First Quarter of wich non- First Quarter of wich non- €/000 2024 current 2023 current Revenue 147.500 - 166.820 - of which related parties 83 - 76 - Other Revenue 1.639 33 2.717 2 Total Revenue and Other Revenue 149.139 33 169.53
Slide 16: Consolidated Income Statement – Revenues 1Q
Appendix - Consolidated Income Statement – Revenues 1Q Q1 BCF (fiber for carpet) NTF (fibre for textile) Polymers TOTAL €/mln 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% %24 %23 EMEA 49,4 54,3 (4,9) (9,0)% 15,7 26,3 (10,6) (40,3)% 17,1 10,9 6,2 56,9 % 82,2 91,5 (9,3) (10,1)% 55,7% 54
Slide 17: EBITDA and Adjusted Operating Results
Appendix - EBITDA and Adjusted Operating Results RECONCILIATION FROM NET PROFIT TO EBITDA First Quarter First Quarter €/000 2024 2023 Net Profit (Including Portion Attr. to Minority ) (3.104) 3.291 Income Taxes (898) 1.352 Amortisation & Depreciation 13.405 11.828 Write-downs & Write-backs of intang
Slide 18: Consolidated Balance Sheet (1/2)
Appendix - Consolidated Balance Sheet (1/2) CONSOLIDATED BALANCE SHEET At March 31, At December 31, €/000 2024 2023 Intangible Assets 17.959 19.080 Goodwill 15.437 15.103 Tangible Assets 245.525 251.604 Financial Assets 583 534 of which related parties 107 79 Investments & Equity metod 1.113 1.023 O
Slide 19: Consolidated Balance Sheet (2/2)
Appendix - Consolidated Balance Sheet (2/2) CONSOLIDATED BALANCE SHEET At March 31, At December 31, €/000 2024 2023 Share Capital 49.722 49.722 Reserves 78.487 101.379 Group Net Profit for the year (3.104) (25.849) Group Shareholders Equity 125.105 125.252 Net Equity attributable to minority interes
Slide 20: Net Financial Position
Appendix - Net Financial Position NET FINANCIAL DEBT At March 31, At December 31, €/000 2024 2023 A. Liquidity 146.004 157.662 B. Cash and cash equivalents - - C. Other current financial assets 6.509 5.703 D. Liquidity (A + B + C) 152.513 163.364 E. Current financial debt (including debt instruments
Slide 21: Consolidated Cash Flow Statement (1/2)
Appendix - Consolidated Cash Flow Statement (1/2) CASH FLOW STATEMENT At March 31, At March 31, €/000 2024 2023 Operation Activities Net Profit (Including Portion Attr. to Minority ) (3.104) 3.291 of which related parties (118) (111) Income Taxes (898) 1.352 Income (loss) from Investments - - of whi
Slide 22: Consolidated Cash Flow Statement (2/2)
Appendix - Consolidated Cash Flow Statement (2/2) CASH FLOW STATEMENT At March 31, At March 31, €/000 2024 2023 Investing activities Investment in Tangible Assets (3.354) (7.858) Disposal of Tangible Assets 156 304 Investment in Intangible Assets (524) (771) Disposal of Intangible Assets - - Investm
Slide 23: www.aquafil.com www.econyl.com www.dryarn.com
www.aquafil.com www.econyl.com www.dryarn.com