Zignago Vetro SpA · MIL:ZV
Zignago Vetro SpA — Italian Excellences 2022
39 slides from Zignago Vetro SpA's conference presentation, Oct 11, 2022
Slide 1: Zignago Vetro
ZIGNAGO VETRO
Slide 2: Company Presentation & Financial Results
Company Presentation & Financial Results Italian Excellences 2022 11 October 2022
Slide 3: Summary
Summary Zignago Vetro Financial results Annex organization SALES AND PROFITABILITY ESG APPROACH 3 COMPANY STRUCTURE 10 BUSINESS MODEL 12 TRACK RECORD 19 FY21 REVENUES & 4 ZIGNAGO HOLDING 11 COMMERCIAL PRESENCE 14 PROFITABILITY FY21 REVENUES & 5 ZIGNAGO VETRO MILESTONES 15 PROFITABILITY BY BU 6 BUSIN
Slide 4: Company structure
Company structure 65% 35% Zignago Holding S.p.A. FREE FLOAT on the ITALIAN (MARZOTTO FAMILY) STOCK EXCHANGE Zignago Vetro 272,8 mln€ ZV Group consolidated 2021 data 493,0 mln€ Vetro Revet 51% 9,4 mln€ (*) Zignago Vetro Brosse Zignago Vetro Polska Vetri Speciali Zignago Glass USA 46,2 mln€ 60,4 mln€
Slide 5: Zignago Holding
Zignago Holding Zignago Vetro is the parent company of a group of glassworks. It is part of Zignago Holding S.p.A, a dynamic organization located in North-East Italy, consisting of a diversified portfolio of businesses controlled and owned by the Marzotto Family. Others Glass containers Renewable Fi
Slide 6: Zignago Vetro milestones
Zignago Vetro milestones Portogruaro Acquisition of 3 companies Acquisition of Acquisition of Plant: F&B + producing specialty Zignago Vetro Vetro Revet: C&P + Pharma containers, later merged into Polska in Poland: recycling of glass Vetri Speciali C&P + F&B cullet. 1979 1987 1994 1995 2002 2004 200
Slide 7: Business Units
Business Units 2021 (€m) MARKET SEGMENTS PRODUCTS MAIN CHARACTERISTICS COMPETITIVE ADVANTAGE Flexibility, efficiency, and technical know-how are keys to success. Flexibility ZIGNAGO VETRO Food & Beverage Sales € 272,8 Cosmetics & Perfumery Focus on selected segments of food & beverage Quality an
Slide 8: International presence
International presence Trabki, Poland Viuex Rouen sur Bresle & Paris, France Pergine Valsugana, Gardolo Ormelle San Vito al Tagliamento Italy San Vito al Tagliamento, Italy Supino, Italy Miami, USA Empoli Fossalta di Portogruaro Italy Empoli, Italy Glass companies Sales office HQ Glass recycling 202
Slide 9: Our core business
Our core business Group 493,0 Mln € Zignago Vetro Group is among the leading producers of hollow glass containers in Italy and is one of the most important players on an international level. Our main markets are: 25% - Food and Beverage - Cosmetics and Perfumery 47% - Specialty Containers 24% 4% Tha
Slide 10: Our identity
Our identity VALUES Quality Flexibility Innovation Efficiency Service Sustainability MISSION Ensuring and enhancing the best products, quality and service to our valued customers, keeping a particular focus on the sustainability aspects. STRATEGY We are a dynamic Group, with a strong international m
Slide 11: Business model
Business model PEOPLE An essential and distinctive element of the Group’s success. FLEXIBILITY AND EFFICIENCY Zignago Vetro Group offers products that differ greatly, ranging from standard to customized items, to those offering very significant innovations, up to the production of specialty containe
Slide 12: Commercial presence
Commercial presence Concentration rate of Customer loyalty the first 5 clients1 (revenues)2 Zignavo Vetro 16% 96% ZV Brosse 43% 90% ZV Polska 22% 89% Vetri Speciali 27% 92% 1 Net of intercompany sales 2 Revenues from customers present also in the previous 2 years 2022 COMPANY PRESENTATION FINANCIAL
Slide 13: Sales and profitability track record
Sales and profitability track record Sales and EBITDA (1988-2021) CAGR: +7,9% Euro (m) 500 493 450 421 407 400 376 350 337 319 323 299 292 302 291 300 265 257 241 250 230 209 193 200 162 CAGR: +8,1% 142 150 133 130 104 109 118 107 90 94 93 95 92 104 100 82 77 81 71 70 71 70 75 62 64 62 67 66 58 57 5
Slide 14: Sales and profitability track record
Sales and profitability track record Revenues (€m) EBITDA (€m) 27,2% 27,7% 28,1% 26,4% 550 +21,2% 140 25,1% 26,2% 30% 500 -3,3% 130 +11,7% 120 25% 450 +11,7% 400 +4,4% 110 350 100 20% 90 300 80 15% 250 493,0 70 118,1 130,3 200 376,5 420,5 406,6 60 104,3 106,6 10% 150 322,9 337,0 50 80,9 91,6 100 40
Slide 15: FY 2021 revenues & profitability by BU
FY 2021 revenues & profitability by BU ZIGNAGO VETRO ZIGNAGO VETRO BROSSE Revenues (€m) Revenues (€m) 280 +14,3% 50 240 45 +35,9% 40 200 35 160 30 272,8 25 46,2 120 238,6 20 80 15 34,0 10 40 5 0 0 31.12.2020 31.12.2021 31.12.2020 31.12.2021 EBITDA (€m) EBITDA (€m) 12,6% 80 25,8% 30% 7 14% 24,8% 12%
Slide 16: FY 2021 revenues & profitability by BU
FY 2021 revenues & profitability by BU VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA Revenues (€m) Revenues (€m) 140 +30,4% 80 +25,8% 120 100 60 80 40 60 125,2 60,4 96,0 48,0 40 20 20 0 0 31.12.2020 31.12.2021 31.12.2020 31.12.2021 EBITDA (€m) EBITDA (€m) 40 33,6% 28,3% 40% 18 29,7% 35% 35 35% 16 26,4%
Slide 17: 1H 2022 revenues & profitability
1H 2022 revenues & profitability ZIGNAGO VETRO GROUP Revenues (€m) EBITDA (€m) Net Result (€m) 12,3% 350 +28,6% 65 21,4% 30% 32 10,4% 13% 26,6% 300 64 31 12% 25% 250 64 31 12% 63 20% 30 200 11% 63 15% 30 150 299,6 64,1 31,1 11% 62 10% 29 100 233,0 10% 62 29 50 61,9 5% 28,7 10% 61 28 0 61 0% 28 9% 1H
Slide 18: 1H 2022 revenues & profitability by BU
1H 2022 revenues & profitability by BU ZIGNAGO VETRO ZIGNAGO VETRO BROSSE Revenues (€m) Revenues (€m) 200 30 +26,5% +23,9% 25 150 20 100 15 165,2 27,0 130,6 10 21,8 50 5 0 0 1H 2021 1H 2022 1H 2021 1H 2022 EBITDA (€m) EBITDA (€m) 24,7% 4 13,6% 14% 35 30% 4 13,5% 14% 30 16,1% 25% 3 14% 25 20% 14% 3 3
Slide 19: 1H 2022 revenues & profitability by BU
1H 2022 revenues & profitability by BU VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA Revenues (€m) Revenues (€m) 100 +27,4% 40 +31,8% 80 30 60 20 36,1 40 78,2 27,4 61,4 10 20 0 0 1H 2021 1H 2022 1H 2021 1H 2022 EBITDA (€m) EBITDA (€m) 31,8% 28,2% 30 28,8% 35% 9 20,0% 30% 30% 8 25 25% 7 20 25% 6 20% 20%
Slide 20: ZV Group – Balance sheet
ZV Group – Balance sheet Net Capital Employed (€m) Net Working Capital (€m) 140 30,4% 31,3% 35% 29,0% 500 120 21,2% 30% 23,2% 400 100 25% 80 20% 300 512,1 552,8 60 122,0 127,3 127,3 15% 473,3 487,2 102,5 104,3 200 372,5 417,2 87,3 40 10% 100 20 5% 0 0 0% 2017 2018 2019 2020 2021 1H 2022 2017 2018 20
Slide 21: ZV Group – Cash flow from operation & capex
ZV Group – Cash flow from operation & capex Cash Flow from Operations (before capex) (€m) Capex (€m) 140 30% 100 24,3% 120 22,9% 25% 21,0% 80 100 19,6% 17,4% 20% 60 80 15% 94,3 60 120,0 83,8 40 93,2 10% 66,0 66,1 40 79,1 82,6 58,3 20 42,7 44,6 20 48,3 5% 0 0% 0 2017 2018 2019 2020 2021 1H 2022 2017
Slide 22: Financial structure, EPS & dividends
Financial structure, EPS & dividends Key financial structure ratios EPS and Dividend distribution (Euro) 74,1% 73,8% 2,41 71,1% 72,1% 71,2% 71,1% 70,8% 70,4% 69,8% 2,50 1,00 69,2% 75% 2,13 2,08 2,13 0,90 58,8% 65% 1,93 1,92 2,00 0,80 1,72 55% 1,64 0,68 1,58 0,70 0,60 1,50 1,31 0,60 0,52 45% 0,51 0,5
Slide 23: Annex – ESG Approach
Annex ESG Approach Italian Excellences 11 October 2022
Slide 24: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Our Mission: Produce and market glass containers for the Food & Beverage and the Cosmetics & Perfumery sector, with a particular focus on sustainability and with the aim of providing our customers with safe and high-quality products, while ensuring continuous va
Slide 25: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Aware of its role for the sustainable development, Zignago Vetro has linked its activities to the 2030 Agenda of the United Nations, focusing mainly on the subsequent 13 Goals that are connected to 3 main pillars: Environment Social Governance PILLARS Environmen
Slide 26: ESG - Environment
ESG - Environment 2021 main Environmental achievements vs 2020: – the % of PCR used on total glass produced has increased by +3,3%; – specific water consumption per ton of glass produced – CO2 specific emissions (Scope 1 and 2) have decreased by has significantly decreased by -32,8%; -2,3%; – ordina
Slide 27: ESG - Environment
ESG - Environment The Group provides full disclosure on the management of its packaging materials: % of recycled % of recycled % of recycled packaging in packaging in packaging in 2019 2020 2021 Pallets 62,6% 66,2% 70,3% Layer pads 64,6% 79,6% 78,9% % recycled % recycled % recycled materials in mate
Slide 28: ESG - Environment
ESG - Environment In January 2020 we’ve started a special project dedicated to the reduction of CO2 emissions. The aim is to improve our performance and get significant reduction of CO2 emissions, by focusing on those of Scope 2 and Scope 3. Fuel and energy Upstream and downstream related activities
Slide 29: Certifications
Certifications The Group has elaborated a strategic program for the achievement of various certifications in the next 4 years: Zignago Vetro Zignago Vetro Zignago Vetro Zignago Vetro Vetro Revet Italy (Fossalta) Italy (Empoli) Brosse Polska ISO 9001 (Product quality) ISO 14001 Within 2022 (Environme
Slide 30: ESG certifications
ESG certifications Sustainalytics Morningstar Gaïa MSCI Ecovadis CDP (since 2021) (since 2021) (since 2020) (since 2020) 83/100 Regional Top- 2021 B 11,9 77/100 BB Platinum Rated Badge 62/100 2020 B - - 62/100 BB Silver 59/100 2019 B - - - - Silver 55/100 2018 B - - - - Silver 50/100 2017 B - - - -
Slide 31: ESG - Social
ESG - Social 2021 main Social achievements vs 2020: - the outgoing employees’ turnover has decreased by -4,0%; - whereas the female workforce has increased, representing the 9,1% of the total workforce; - Corporate Welfare Plan implemented in ZV Italy; - insurance policy extended for situations outs
Slide 32: Social: Covid-19 measures
Social: Covid-19 measures Given the emergency situation caused by Covid-19, Zignago Vetro has implemented numerous actions to protect the health & safety of its employees and all its stakeholders: Solidarity program: - 1 Million Euros has been donated by Zignago Group to the town hospital to build a
Slide 33: Governance: Board of Directors
Governance: Board of Directors The structure of Board of Directors is characterized by gender and independency balance: Executive Not executive Independent Directors Non-Independent Directors Name and last name Independent Minority list Nicolò Marzotto E Roberto Cardini E Gaetano Marzotto 50% 2022 5
Slide 34: Governance: risk management system & fiscal transparency
Governance: risk management system & fiscal transparency The Group’s governance has an Internal Control and Risk Management System, aimed at identifying, measuring and monitoring the principal risks. The main bodies are: - the Board of Directors; - the Director in charge of the Internal Control and
Slide 35: Governance: ESG Framework
Governance: ESG Framework Since 2019 Zignago Vetro has implemented a complete ESG FRAMEWORK, which is structured as follows: - ESG POLICY - ESG ORGANIZATIONAL STRUCTURE: - ESG COMMITTEE - ESG COORDINATOR - ESG CONSULTANTS - ESG GOVERNANCE: - ESG STRATEGY - ESG POLICIES - ESG’S OBJECTIVES SYSTEM & ME
Slide 36: Environment: KPIs and Goals
Environment: KPIs and Goals TOPIC KPIs 2020 2021 2030 Achieved Goal Achieved Goal Strategic Goal Raw materials % of PCR used on total glass 48,0% 49,6% 70,0% management produced % of recycled packaging or Packaging packaging containing recycled Increased Increased Keep Increasing management material
Slide 37: Social: KPIs and Goals
Social: KPIs and Goals TOPIC KPIs 2020 2021 2030 Achieved Goal Achieved Goal Strategic Goal Outgoing turnover Δ%: -4,3% Δ%: -4,1% n.a. Human Resources Work-life balance initiatives Implemented Ongoing Ongoing management To be extended in other Corporate Welfare plan Implemented in Italy Implemented
Slide 38: Governance: KPIs and Goals
Governance: KPIs and Goals 2020 2021 2030 TOPIC KPIs Achieved Goal Achieved Goal Strategic Goal Fiscal transparency Corruption cases 0 0 0 Operative structure and committees able to guarantee Governance structure Achieved Achieved Ongoing achievement proper level of management quality Component of i
Slide 39: Contacts
Contacts: Roberto Celot CFO & IR r.celot@zignagovetro.com Zignago Vetro S.p.A. Via Ita Marzotto 8, 30025 Fossalta di Portogruaro (VE) – Italy Tel (+39) 0421 246111 - info@zignagovetro.com