Aquafil Spa · MIL:ECNL
Aquafil Spa — Q1 2023 Earnings Presentation
27 slides from Aquafil Spa's earnings presentation, May 11, 2023
Slide 1: Aquafil Group 1 Quarter 2023 Financial Result
Aquafil Group 1 Quarter 2023 Financial Result 11th May 2023
Slide 2: Index Page
Index Page Key Message 3 Financial Result 5 Outlook 14 Appendix 16 2
Slide 3: Key Message
AGUA a Key Message
Slide 4: Key Messages
Key Messages GLOBAL MARKET CONTINUED CHARACTERIZED BY GROWTH FOR VOLATILITY CARPET FIBRES IN WITH LIMITED THE UNITED STATES VISIBILITY ECONYL® BRANDED RATIO OF ECONYL® PRODUCTS UP 11.2% BRANDED PRODUCTS COMPARED TO THE TO REVENUES FIRST QUARTER OF GENERATED BY 2022 FIBERS AT 46.9% 4 ECONYL® branded
Slide 5: Financial Result
AGUA a Financial Result
Slide 6: 1Q 2023 Main Result
1Q 2023 Main Result REVENUES EBITDA NET PROFIT NFP 2022 2021 Δ% 2022 2021 Δ% 2022 2021 Δ 31.03.23 31.12.22 Δ 1Q 166,8 171,2 -2,5% 1Q 21,6 24,8 -13,1% 1Q 3,3 9,1 (5,8) 1Q (246,8) (247,9) 1,1 % on Revenues 12,9% 14,5% % on Revenues 2,0% 5,3% SALES EBITDA NET PROFIT NET FINANCIAL POSITION LOWER VOLUME1
Slide 7: Revenues – by Components
Revenues – by Components • Lower volumes of ca 9% compared to 1Q 2022 – Volume: lower sales in EMEA – Price & sales mix: positive impact thanks to selling price adjustment. 7
Slide 8: Revenues – Quantity
Revenues – Quantity EMEA: volumes ca -20% vs 1Q 2022: – BCF, NTF and Polymers: lower quantity due to slow market demand; USA: volumes ca +10% vs 1Q 2022: – BCF: higher quantity due market demand; – NTF: lower quantity due to slow market demand; Asia: in line with 1Q 2022; 8
Slide 9: Revenues – Breakdown by Product Line and Area
Revenues – Breakdown by Product Line and Area 9
Slide 10: Revenues – ECONYL®
Revenues – ECONYL® • +11,2% compared to 1Q 2022 due to higher price Revenues includes both ECONYL® branded and regenerated products. 10
Slide 11: P&L - KPI
P&L - KPI €/mil First Quarter 2023 2022 ∆ REVENUES 166,8 171,2 (4,3) EBITDA 21,6 24,8 (3,2) % on net sales 12,9% 14,5% EBIT 8,0 12,5 (4,5) % on net sales 4,8% 7,3% EBT 4,6 11,9 (7,3) % on net sales 2,8% 7,0% NET RESULT 3,3 9,1 (5,8) 11
Slide 12: NFP – NFP/EBITDA LTM
NFP – NFP/EBITDA LTM • NFP on 31st March 2023 equal to (246,8) better of 1,1 €/mil compared to 31st December 2022; • Ratio NFP/EBITDA LTM at x2,77 12
Slide 13: NFP Bridge
A@UASIL 7§ NFP BRIDGE synthetic fibres and polymers 0,0 (50,0) (100,0) (150,0) (200,0) (250,0) (300,0) (247,9) NFP 31.12.2022 = Cash Flow from Operating Activities hh mf (6,0) (0,6) (3,3) ANWC NFP Evolution - €/mil IFRS16 impact Other Cash Cost Treasury Shares Capex (246,8) NFP 31.03.2023 13
Slide 14: Outlook
Outlook 14
Slide 15: Outlook
Outlook In terms of margins, the first quarter of 2023 ended in line with Group’s expectations and the different geographical areas confirmed the trend reported during the fourth quarter of the previous year. In terms of volumes sold compared to the first quarter of 2022, the United States confirmed
Slide 16: Appendix
AGUA a Appendix 16
Slide 17: 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 18: Definition
Appendix - Definition «FIRST CHOICE “First choice revenues” are revenues generated by the sale of fibers and polymers, gross of any adjustments (for example, discounts and allowances), but excluding revenues generated by “non-first choice products”, revenues generated by Aquafil Engineering GmbH and
Slide 19: Sector Data – Caprolactam Price Evolution
Appendix – Sector Data – Caprolactam Price Evolution 19
Slide 20: Consolidated Income Statements
Appendix - Consolidated Income Statements CONSOLIDATED INCOME STATEMENT First Quarter of wich non- First Quarter of wich non- €/000 2023 current 2022 current Revenue 166.820 171.160 296 of which related parties 76 13 Other Revenue 2.717 2 1.256 91 Total Revenue and Other Revenue 169.537 2 172.416 38
Slide 21: Consolidated Income Statements – Revenues 1Q
Appendix - Consolidated Income Statements – Revenues 1Q 1Q 2023 BCF (fiber for carpet) NTF (fiber for fabric) Polymers Total €/mil 2023 2022 Δ Δ% 2023 2022 Δ Δ% 2023 2022 Δ Δ% 2023 2022 Δ Δ% % 23 % 22 EMEA 54,3 59,4 34,5 58,0 % 26,3 28,4 17,0 59,6 % 10,9 14,5 (13,3) (92,2)% 91,5 102,3 38,1 37,2 % 54
Slide 22: Consolidated Income Statements – EBITDA & EBIT Adjusted
Appendix - Consolidated Income Statements – EBITDA & EBITD Adj RECONCILIATION FROM NET PROFIT TO EBITDA First Quarter First Quarter €/000 2023 2022 Net Profit (Including Portion Attr. to Minority ) 3.291 9.120 Income Taxes 1.352 2.782 Amortisation & Depreciation 11.828 10.919 Write-downs & Write-bac
Slide 23: Consolidated Balance Sheet (1/2)
Appendix - Consolidated Balance Sheet (1/2) CONSOLIDATED BALANCE SHEET At March 31, At December 31, €/000 2023 2022 Intangible Assets 20.852 21.596 Goodwill 15.346 15.647 Tangible Assets 243.959 247.469 Financial Assets 643 831 of which related parties 318 318 Investments & Equity metod 1.018 1.018
Slide 24: Consolidated Balance Sheet (2/2)
Appendix - Consolidated Balance Sheet (2/2) CONSOLIDATED BALANCE SHEET At March 31, At December 31, €/000 2023 2022 Share Capital 49.722 49.722 Reserves 121.113 96.528 Group Net Profit for the year 3.291 29.151 Group Shareholders Equity 174.127 175.401 Net Equity attributable to minority interest 1
Slide 25: Consolidated Cash Flow Statement (1/2)
Appendix - Consolidated Cash Flow Statement (1/2) CASH FLOW STATEMENT At March 31, At March 31, €/000 2023 2022 Operation Activities Net Profit (Including Portion Attr. to Minority ) 3.291 9.120 of which related parties (111) (561) Income Taxes 1.352 2.782 Financial income (114) (1.694) Financial ch
Slide 26: Consolidated Cash Flow Statement (2/2)
Appendix - Consolidated Cash Flow Statement (2/2) CASH FLOW STATEMENT At March 31, At March 31, €/000 2023 2022 Investing activities Investment in Tangible Assets (7.858) (7.226) Disposal of Tangible Assets 304 76 Investment in Intangible Assets (771) (550) Disposal of Intangible Assets Cash Flow us
Slide 27: Net Financial Position
Appendix - Net Financial Position NET FINANCIAL DEBT At March 31, At December 31, €/000 2023 2022 A. Liquidity 122.817 110.682 B. Cash and cash equivalents C. Other current financial assets 5.632 9.964 D. Liquidity (A + B + C) 128.450 120.646 E. Current financial debt (including debt instruments but