Viscofan, S.A. · BME:VIS

Viscofan — Q1 2019 Earnings Presentation

12 slides from Viscofan's earnings presentation, May 7, 2019

  1. Slide 1: Results May 2019

    Results 7 May 2019 ) The casing company — March 2019 Visc) ra) © =) Cc © =

  2. Slide 2: 1Q19. Main financial figures (€ million)

    1Q19. Main financial figures (€ million) Recurring ' ___ Reported % y-o- 1Q19_%y-0-y ticki 1Q19 _%y-o-y Revenue 201.2 +7.2% +4.3% 201.2 +7.2% EBITDA 45.9 -0.8% -8.3% 45.9 -15.8% EBITDA margin 22.8% -1.8 p.p. -2.9 p.p. 22.8% -6.2p.p. Operating profit 28.1 -10.2% 28.1 -28.9% Net profit 22.8 -11.6% 22.

  3. Slide 3: Revenue growth driven by price, forex and Globus acquisition

    Vise)fan Revenue growth driven by price, forex and Globus acquisition REVENUE. Growth contribution (€ million) +7.2% 1Q19 vs. 1Q18 45.4MN +8.6MN a -0.6 MN ( 1878 Wi46 p.p. -0.3p.p. 42.9 pp. Like-for-like 1 casings Co-generation Forex 1Q18 1 Like-for-like: For comparative purposes, like-for-like grow

  4. Slide 4: Growth in all reporting areas, highlighting the strength in Latam and North America

    Growth in all reporting areas, highlighting the strength in Latam and North America croup +7.2% 7.43.9 vs.1018 —_Like-for-like? REVENUE 1Q19. Breakdown by geographical area ' (€ million) © EUROPE AND ASIA QO NORTH AMERICA 551% LATAM _#2.5% GY 410.6%, 2.9.9 +19.1% 7.19.6. Vs.1Q18 _Like-for-like? vs.

  5. Slide 5: Growth led by casings sales compared with a lower co-generation revenue

    Growth led by casings sales compared with a lower co-generation revenue REVENUE. Viscofan Group (€ million) ) CASING SALES (€ million) 2018 #2019 Vise)fan 1Q 2Q 197.0 eile. 186.8 _ 180.3 20 3Q 4Q CO-GENERATION REVENUE (€ million) 19 11 ps 11.2 10.5 49 r M2 2018 2019 January-March 2019 Results

  6. Slide 6: Revenue growth against a backdrop of higher energy costs and wage inflation

    Revenue growth against a backdrop of higher energy costs and wage inflation P&L 1Q19. % year-on-year change (Energy costs and CO2 emission] allowances (+18% vs. 1918 ) _. + Globus incorporation +18.6% +14.3% 47.2% +8.5% -0.8% 8.3% ° -10.2% Revenue Revenue Cost of Personnel Other operating Recurring?

  7. Slide 7: Costs headwinds partially offset by forex tailwinds.

    Costs headwinds partially offset by forex tailwinds. EBITDA 1Q19. y-o-y bridge (€ million) -0.8% -3-8MN +3.4MN -8.3 p.p. +75 p.p. Like-for-like Casings Forex 1Q18 1Q19 recurring 2 -1.8 pop. Margin 24.6% 22.8% vs. 1918 1 like-for-like: For comparative purposes, like-for-like growth excludes the impac

  8. Slide 8: Lower debt and lower capex requirements.

    Lower debt and lower capex requirements. NET BANK DEBT ' (€ million) CAPEX 1919 (€ million) vs. 1018 vs. 1018 79.7 iY 70.0 __ 134 76 — : Net bank debt Net bank debt 1Q18 1Q19 Dec’'18 Mar’19 ~ ~ 1Net bank debt = Non-current bank borrowings + Current bank borrowings — Cash and equivalents. Vise)fan Ja

  9. Slide 9: New products at IFFA trade fair 2019

    NEW PRODUCTS AT IFFA TRADE FAIR 2019. The highest product portfolio to meet new demands from the market FIBROUS TITANIUM The next generation of fibrous casing VISCOFAN VEGGIE CASING ; A natural, edible choice NATUR: NEW CASINGS FOR FRESH SAUSAGES Casings with extra glossy appearance and superior pro

  10. Slide 10: To wrap-up

    To wrap-up ¥ Growth in all reporting areas, highlighting the strength in Latam and North America, but with lower growth in Europe and Asia. ¥ Positive forex environment. v Sharp increase in energy costs, and wage inflation. ¥ The investment plan and the start-up of the new technology are performing

  11. Slide 11: Appendix. Alternative Performance Measures

    Appendix. Alternative Performance Measures The Alternative Performance Measures included in this report are as follows: Vise)fan The EBITDA, or operating profit before depreciation and amortisation, is calculated excluding depreciation and amortisation costs from the operating profit. The EBITDA is

  12. Slide 12: Appendix. Disclaimer

    Vise)fan Appendix. Disclaimer Free translation from the original in Spanish, in event of discrepancy, the Spanish- language version prevails. This document may include statements about intentions, expectations or forecasts of the Company additional to the mandatory financial reporting whose sole pur

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