Aquafil Spa · MIL:ECNL
Aquafil Spa — Q1 2021 Earnings Presentation
29 slides from Aquafil Spa's earnings presentation, May 13, 2021
Slide 1: Aquafil Group 1Q2021 Financial Results
Aquafil Group 1Q2021 Financial Results 13rd May 2021
Slide 2: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 2
Slide 3: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 3
Slide 4: 1Q2021 confirmed Group expectation
1Q2021 confirmed Group expectation REVENUES EBITDA NET PROFIT NFP 2020 2021 ∆% 2020 2021 ∆% 2020 2021 ∆% 2020 2021 ∆% 1QUARTER 140.7 130.6 (7.2%) 1QUARTER 18.2 18.3 0.6% 1QUARTER 4.1 3.5 (14.3%) (218.8) (208.3) (4.8%) % on net s a l es 12.9% 14.0% % on net s a l es 2.9% 2.7% SALES EBITDA NET PROFIT
Slide 5: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 5
Slide 6: Revenues – Again positive volume, still negative price impact
Revenues – Again positive volume, still negative price impact • 1Q2021: positive volume trend confirmed – Volume : an increase of 2% compared to a 1Q2020 limited impacted by pandemic (1) – Price: even if with a still negative impact, raw material price influence is partially softening o 2020 versus
Slide 7: Revenues – Polymers offsetting negative comparison effect
Revenues – Polymers offsetting negative comparison effect • 1Q2021: Polymers the best product line – EMEA: “polymers” are compensating contract BCF weakness and Group decision to focus NTF production on high end final application – North America: “contract” BCF weakness only mitigated by “home” NTF
Slide 8: Revenues – Polymers reached 10% of sales
Revenues – Polymers reached 10% of sales REVENUES BREAKDOWN by PRODUCT LINE 120% 100% 7.5% 10.6% 6.9% 80% 23.6% 22.5% 7.3% 7.7% 21.4% 60% 22.1% 40% 68.9% 66.9% 20% 73% 71.7% 0% 1Q2020 1Q2021 BCF NTF Polymers REVENUES BREAKDOWN by MACRO AREA 120% 100% 15.0% 19.7% 80% 24.1% 21.2% 60% 40% 60.9% 59.1% 2
Slide 9: Revenues – ECONYL® – NTF ongoing strong performance
Revenues – ECONYL® – NTF ongoing strong performance • 1Q2021: tough comparison effect for a strong 1Q2020 – 2020 business lines trend confirmed: ▪ NTF up by almost 15% ▪ BCF down by around 27% due to “contract” BCF ECONYL® DETAILS – INCIDENCE ON REVENUES (1) 120% 100% 80% 37.9% 32.5% 46,2% 60% 37.4%
Slide 10: Revenues – Still negative impact of price adjustment
Revenues – Still negative impact of price adjustment 1 QUARTER BCF NTF POLYMERS TOTAL 2021 2020 ∆ ∆% 2021 2020 ∆ ∆% 2021 2020 ∆ ∆% 2021 2020 ∆ ∆% EMEA 43.4 52.4 (9.0) (17.2%) 21.3 24.9 (3.6) (14.5%) 12.5 8.4 4.1 48.3% 77.2 85.7 (8.6) (10.0%) North America 19.3 24.9 (5.6) (22.5%) 7.2 6.9 0.3 4.1% 1.2
Slide 11: P&L – Strong operating results
P&L – Strong operating results 1Q • EBITDA: strong Polymers results and ongoing efficiencies actions 2020 2021 ∆% REVENUES 140.7 130.6 (7.2%) • EBIT: slightly higher depreciation but lower one-off costs EBITDA 18.2 18.3 0.6% % on net sales 12.9% 14.0% • NET RESULTS: impact of currency items EBIT 5.2
Slide 12: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 12
Slide 13: NFP – Additional 5% improvement
NFP – Additional 5% improvement 400 NFP HISTORICAL EVOLUTION 300 200 250 242 250 157 100 219 208 112 0 2019 2020 1Q2021 NFP EVOLUTION CASH GENERATION: € 10 Data in € milion 13
Slide 14: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 14
Slide 15: 2021 Outlook – Trading updating – April YTD above 2019
2021 Outlook – Trading updating – April YTD above 2019 • April data are not meaningful due to the peak of the pandemic outbreak in 2Q2020 ‒ April YTD volume are up by around 17% compared to 2020 and by 4% compared to 2019 • Despite the difficult comparison, for the next months some trends are clear
Slide 16: 2021 Outlook – 2021 Group expectation supported
2021 Outlook – 2021 Group expectation supported • Despite the still ongoing restrictive measures across several countries where Aquafil is present and the fact that some product lines applications are still impacted by the pandemic, the Group expects the market to gradually normalize throughout the
Slide 17: Index Page
Index Page 1. 1Q2021 RESULTS – KEY MESSAGES 4 2. 1Q2021 RESULTS – P&L DETAILS 6 3. 1Q2021 RESULTS – NFP DETAILS 13 4. OUTLOOK 15 5. APPENDIX 18 17
Slide 18: Disclaimer
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 any offer t
Slide 19: Definitions
Definitions “First choice revenues” are revenues generated by the sale of fibers and polymers, gross of any adjustments «FIRST CHOICE (for example, discounts and allowances), but excluding revenues generated by “non-first choice products”, REVENUES» revenues generated by Aquafil Engineering GmbH and
Slide 20: Sector Data – Caprolactam price evolution
Sector Data – Caprolactam price evolution (1) 2018-2020 QUARTERLY PRICE EVOLUTION 2,500 2,000 1,500 1,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 (1) €/ton - Source: Tecnon Orbichem - Caprolactam, West Europe price, new contract, molten, monthly average 20
Slide 21: Consolidate Income Statements
Consolidate Income Statements CONSOLIDATED INCOME STATEMENT First Quarter of wich First Quarter of wich €/000 2021 non- 2020 non- Revenue 130,640 current 140,714 current of which related parties 13 305 Other Revenue 826 5 481 17 Total Revenue and Other Revenue 131,466 5 141,195 17 Raw Material (62,7
Slide 22: Consolidate Income Statements – EBITDA details
Consolidate Income Statements – EBITDA details First Quarter First Quarter RECONCILIATION FROM NET PROFIT TO EBITDA €/000 2021 2020 Net Profit (Including Portion Attr. to Minority ) 3,494 4,076 Income Taxes 1,215 1,572 Amortisation & Depreciation 11,328 10,833 Write-downs & Write-backs of intangible
Slide 23: Consolidate Balance Sheet
Consolidate Balance Sheet CONSOLIDATED BALANCE SHEET At March 31, At December 31, €/000 2021 2020 Intangible Assets 23,814 23,578 Goodwill 14,234 13,600 Tangible Assets 229,104 229,495 Financial Assets 653 650 of which related parties 318 318 Other Assets 1,686 1,336 Deferred Tax Assets 14,442 14,56
Slide 24: Consolidate Balance Sheet – Gross debt details
Consolidate Balance Sheet – Gross debt details AMOUT COVENANTS ( 2 ) BORROWINGS - 31 March 2021 ISSUE DATE CURRENCY COUPON ( 1 ) MATURITY Total Drawn Undrawn Parameters Reference Check Private Placement B Sept 2018 EUR 4.70% Sept 2028 50 50 0 EBITDA / Net financial charges > 3.5 Net Debt / EBITDA <
Slide 25: Net Financial Position
Net Financial Position NET FINANCIAL DEBT At March 31, At December 31, €/000 2021 2020 A. Cash 187,397 208,954 B. Other cash equivalents - - C. Securities held-for-trading - - D. Liquidity ( A + B + C) 187,397 208,954 E. Current financial receivables 843 834 F. Current bank loans and borrowing (23)
Slide 26: Net Financial Position – Evolution and details
Net Financial Position – Evolution and details 400 NFP EVOLUTION 300 200 250 100 219 208 0 2019 2020 1Q2021 BREAKDOWN by CURRENCY (1) BREAKDOWN by COUPON (1) 45.2% 54.3% 100% Euro USD Fixed Floating Data in € million - (1) Excluding lease liabilities and liquidity 26
Slide 27: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement CASH FLOW STATEMENT At March 31, 2021 At March 31, 2020 €/000 Operation Activities Net Profit (Including Portion Attr. to Minority ) 3,497 4,076 of which related parties -158 151 Income Taxes 1,215 1,572 Financial income -57 -46 Financial charges 2,032 2,206 of which
Slide 28: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement CASH FLOW STATEMENT At March 31, 2021 At March 31, 2020 €/000 Operation Activities Net Profit (Including Portion Attr. to Minority ) 3,497 4,076 of which related parties -158 151 Income Taxes 1,215 1,572 Financial income -57 -46 Financial charges 2,032 2,206 of which
Slide 29: Investors Contact
Investors Contact: Karim Tonelli Investor Relations & Performance Management Director karim.tonelli@aquafil.com Mob: +39 348 60 22 950 29