Interim Financial Report at 30 June 2025
Interim Financial Report at 30 June 2025
Zignago Vetro SpA
Registered office: Fossalta di Portogruaro (VE), Via Ita Marzotto 8 Share capital Euro 8,932,000.00, subscribed and paid-in for Euro 8,931,999.60
Tax and Venice Company Register No.: 00717800247
https://www.zignagovetro.com
Zignago Vetro Group Structure 5
Company Bodies 6
Directors' Report 7
The Zignago Vetro Group 8
Significant events after 30 June 2025 36
Outlook 36
Condensed Interim Consolidated Financial Statements 37
Statement of financial position 38
Income Statement 39
Statement of Comprehensive Income 40
Statement of Cash Flow 41
Statement of changes in Equity 42
Notes to the financial statements 43
Statement as per Article 81-ter, CONSOB Regulation No. 11971/1999 85
Review report on the interim condensed consolidated financial statements as at June 30, 2025 87
Zignago Vetro Group StructureAT 24 JULY 2025
ACTIVITIES AND SHAREHOLDINGS
100%
50%
30%
100%
100%
51%
100%
100%
40%
100%
100%
100%
SALE OF HOLLOW GLASS
CONTAINERS
GENERAL VETRI SPA
PRODUCTION AND REGENERATION OF MOULDS FOR HOLLOW GLASS
CONTAINERS
ITALIAN GLASS MOULDS SRL
PRODUCTION AND REGENERATION OF
MOULDS FOR GLASSMAKERS
NRG GLASS MOULDS SRL
TREATMENT AND SALE OF RECYCLED
GLASS
JULIA VITRUM SPA
SALE OF HOLLOW GLASS
CONTAINERS
VERRERIES DU SUD EST SARL
SALES PROMOTION OF GLASS
BOTTLES
ZIGNAGO GLASS USA Inc.
TREATMENT AND SALE OF RECYCLED
GLASS
VETRO REVET SRL
SALE OF HOLLOW GLASS
CONTAINERS
TRE-VE SRL
PRODUCTION AND SALE OF
HOLLOW GLASS CONTAINERS
ZIGNAGO VETRO POLSKA SA
TREATMENT AND SALE OF RECYCLED
GLASS
VETRECO SRL
PRODUCTION AND DISTRIBUTION OF
SPECIALITY HOLLOW GLASS CONTAINERS
VETRI SPECIALI SpA
PRODUCTION AND SALE OF GLASS
CONTAINERS FOR LUXURY FRAGRANCES
ZIGNAGO VETRO FRANCE SAS
PRODUCTION AND SALE OF HOLLOW GLASS CONTAINERS
ZIGNAGO VETRO SpA
Company BodiesBoard of Directors Board of Statutory Auditors
in office for the three-year period 2025 - 2027 in office for the three-year period 2025 - 2027
chairperson statutory auditors
Nicolò Marzotto Anna Maria Allievi - chairperson Carlo Pesce
vice chairperson Andrea Manetti
Franco Moscetti
alternate auditors
chief executive officer Laura Faresin
Biagio Costantini Cecilia Andreoli
directors
Alessia Antonelli Supervisory Board
Giacomo Marzotto
Luca Marzotto Alessandro Bentsik - chairperson
Stefano Marzotto Massimiliano Agnetti
Gaia Melloni Nicola Campana
Barbara Ravera Angelica Ruggeri Emanuele Sacchetti Chiara Venezia
Independent Auditors Control & Risks & Sustainability Committee for the 2025 - 2033 period
EY SpA
Alessia Antonelli Luca Marzotto Gaia Melloni
Whistleblowing Reports Management Management Committee
Anna Maria Allievi Group Chief Financial Officer
Angelica Ruggeri Cristiano Bonetto
Remuneration Committee
Franco Moscetti Group Technical Manager
Marzotto Stefano Roberto Bassarelli Chiara Venezia
Committee for Transactions Group sales directors
with Related Parties Stefano Bortoli Andrea Pianca
Alessia Antonelli Barbara Ravera Angelica Ruggeri
Lead Independent Director
Barbara Ravera
Directors' Report The Zignago Vetro GroupThe Zignago Vetro Group operates in the production and marketing of high quality hollow glass containers prevalently for the Food and Beverage, Cosmetics and Perfumery and "Specialty Glass" sectors (highly customised glass containers in small batches, typically used for wine, liquors and oils).
The Zignago Vetro Group operates in the market with a business-to-business model, supplying containers to its clients, which are then used in their respective industrial activities. Specifically, in the Italian market, the Group is one of the leading producers and distributors of glass containers for the food and beverage sector, while at international level it has a strong market share in the cosmetics and perfumery and specialty glass sectors.
* * *
The Annual and Condensed Interim Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union in accordance with Regulation No. 1606/2002 ("IFRS").
In particular, the condensed interim consolidated financial statements of the Group at 30 June 2025 (hereafter the "Condensed Interim Financial Statements") are prepared in accordance with IAS 34 "Interim Reporting" and Article 154-ter of the CFA, following the summary form permitted under the standard. The Condensed Interim Financial Statements therefore do not include all the information published in the annual report and must be read together with the financial statements at 31 December 2024 for full and complete disclosure of the Group financial position, results of operations and cash flow.
The accounting policies adopted for the preparation of the Condensed Interim Financial Statements are the same as those utilised for the consolidated financial statements of the Zignago Vetro Group for the year ended 31 December 2024, except for the adoption of the new standards, amendments and interpretations approved by the IASB and endorsed for adoption in Europe and obligatory for accounting periods beginning 1 January 2025.
We recall that IFRS 11 - Joint arrangements, applicable for the Group from 1 January 2014, replaces IAS 31 Interests in Joint Ventures and SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers, and identifies, on the basis of the rights and obligations of the participants, two types of agreements - joint operations and joint ventures - and governs the consequent accounting treatment to be adopted for recognition in the financial statements, removing the option to consolidate jointly controlled companies proportionally and requiring jointly controlled companies defined as joint ventures to be recognised using the equity method.
In the condensed interim consolidated financial statements of the Group at 30 June 2025, and the comparative financial statements at 30 June 2024 and the financial statements at 31 December 2024, the Group recognised the investments held in Vetri Speciali, Vetreco and Julia Vitrum, which are classified as joint venture under the equity method.
However, in the Directors' Report the figures (and the subsequent comments) are based on the "management view of the Group business", which provides for the proportional consolidation of joint ventures. These figures however must not be considered as an alternative to those provided for by IFRS, but rather exclusively for supplementary disclosure and reflective of management's view of the business.
For this purpose, a reconciliation of the Statement of Financial Position and of the Income Statement, prepared according to IFRS in force from 1 January 2025 and those consistent with management's view of the business, with the proportional consolidation of the joint ventures in Vetri Speciali, Vetreco and Julia Vitrum, is provided in the Directors' Report.
Pursuant to CONSOB communication DEM 6064293 of 28 July 2006 and ESMA/2015/1415 recommendations on alternative performance indicators utilised by the Parent - which although not specifically defined by IAS/IFRS are considered particularly useful to monitor the business performance -we provide the following information:
net financial debt is defined by the Company as the sum of current loans and borrowings and non-current loans and borrowings, net of cash and cash equivalents and current financial assets. It is also noted that the net financial debt, as defined by the Group, has the same structure as the net financial position as per the provisions of Guideline No. 39 issued on 4 March 2021 by the ESMA, applicable as of 5 May 2021, and with the Attention Call No. 5/2021 issued by Consob on 29 April 2021, which replaced the references to the CESR recommendations and those in Communication No. DEM/6064293 of 28 July 2006;
value of production: the Company defines this as the arithmetical sum of revenues, the change in finished products, semi-finished products, and work-in-progress and the internal work capitalised;
value added: the Company defines this as the difference between value of production and raw materials consumed (purchase costs plus or minus the change in raw materials and service costs);
EBITDA: the Company defines this as a difference between value added and personnel expense (including those of temporary workers), plus the effect of the measurement of joint ventures using the equity method. EBITDA is a measure utilised by the issuer to monitor and measure operating performance although it is not an accounting measure under IFRS. The measurement criteria of this indicator may not be in line with that utilised by other entities and therefore it may not be entirely comparable.
Within this context, the issuer utilised a calculation model in line with its core business which included the effects deriving from the application of IFRS 11. The Company considers the results deriving from its equity investments in joint ventures as operating items and non-financial items
of the Group's business, related to a clearly defined investment strategy and as such classified within the Group's half-year operating results;
EBIT: the Company defines this as the difference between Ebitda and depreciation & amortisation of property, plant and equipment and intangible assets and accruals to the provision for impairment;
operating profit: this performance measure is also contained in IFRS and is defined as the difference between EBIT and the net balance of non-recurring operating costs and income. We point out that this latter item includes incidental income and costs, capital gains and losses on sales of assets, insurance compensation and other minor positive and negative items;
free cash flow: the Company defines this as the sum of the cash flows from operating activities and cash flows from investing activities.
The figures reported in the Directors' Report and in the tables of the Notes are shown in thousands of Euro for greater clarity.
The amounts in the Directors' Report are expressed in millions of Euro, while those in the Notes are stated in thousands of Euro.
* * *The Zignago Vetro Group, according to management's view, operates through eight separate business units, most of which correspond to a similar number of legal entities. The information concerning the operating performance of the various business segments and geographical areas (segment reporting as per IFRS 8) is therefore included in the illustration of the financial reporting data for each company and is an integral part of this Directors' Report.
Segment reporting which coincides mainly with the various legal entities is provided below, independently of the respective consolidation method applied.
Disclosure by region is not considered appropriate for the Group. The operating segments ("Business Units") are identified as follows:
Zignago Vetro SpA: this business unit carries out the production of glass containers for food and beverages and for cosmetics and perfumery;
Zignago Vetro Polska SA: this business unit undertakes the production of a wide range of customised containers for cosmetic and perfumery containers and also for food and beverage niche markets worldwide;
Zignago Vetro France SAS: this business unit carries out the production of glass containers for perfumes;
Vetri Speciali SpA: this business unit includes the production of specialty containers, principally for wine, vinegar and olive oil;
Zignago Glass USA Inc.: this business unit is engaged in the sale of glass containers for food and beverages and for cosmetics and perfumery in North America;
Tre-Ve Srl, Verreries du Sud Est Sarl and General Vetri Spa: this business unit is engaged in the marketing of glass containers, mainly in Italy;
Vetreco Srl, Vetro Revet Srl and Julia Vitrum SpA: these business units are engaged in the processing of raw glass into the finished material ready for use by glassmakers;
NRG Glass Moulds Srl and Italian Glass Moulds Srl: this business unit is engaged in the marketing and regeneration of glass container moulds.
The consolidation scope of the Zignago Vetro Group at 30 June 2025 and at 31 December 2024 was unchanged and therefore was as follows:
Zignago Vetro SpA (parent)
The companies consolidated using the line-by-line method are as follows:
Zignago Vetro France SAS,
Zignago Vetro Polska S.A.,
Zignago Glass USA Inc.,
Vetro Revet Srl,
Italian Glass Moulds Srl.
The companies valued under the equity method are the following:
Vetri Speciali SpA and its subsidiaries Tre-Ve Srl, Verreries du Sud Est Sarl, NRG Glass Moulds Srl and General Vetri Spa;
Vetreco Srl;
Julia Vitrum SpA.
The basis of consolidation and measurement criteria, including the equity investments held by Zignago Vetro S.p.A. are outlined in the paragraph "accounting principles and measurement criteria" in the notes to the consolidated financial statements.
In the Directors' Report, as previously stated, the figures are based on the "management view of the Group business", which provides for the proportional consolidation of joint ventures, in continuity with the accounting policies adopted until 31 December 2013.
Legally-required auditThe appointment for the legally-required audit of the Annual Financial Statements and the review of the condensed interim financial statements was awarded to EY S.p.A. for the 2025-2033 period.
Significant events in the first half of 2025Investigation by the Competition Authority into the market
As outlined in the annual report in the previous year, we recall that in November 2023 the Italian Competition Authority (AGCM) opened an investigation for an alleged agreement restricting competition in the sale of glass bottles, against nine companies, including Zignago Vetro and Vetri Speciali.
The Company has provided the utmost support and cooperation to the Authorities in the course of these proceedings, while also promptly communicating that it has always operated in full compliance with applicable competition rules and regulations, restating that Zignago Vetro's conduct was influenced by the very significant and widespread cost increases for all production inputs, in particular energy and raw materials.
On 27 January 2025, the hearing of representatives of Zignago Vetro was held in the presence of the party's lawyers and consultants. At the hearing, the dynamics of the 2022 - 2023 - 2024 prices were described with regards to raw materials, energy and sales prices.
Although unable to predict the outcome of the proceedings initiated by the Authority, with a loss considered possible, the Directors, supported by their legal advisors, do not indicate, as of the preparation date of the half-year consolidated financial statements, any elements that would reasonably identify a contingent liability, except in an entirely unpredictable, arbitrary manner inconsistent with an analysis of the case. The maximum penalty that the Competition Authority may impose for antitrust violations is 10% of the consolidated revenues under investigation.
The closure of the proceedings, initially set by 31 December 2024, has been extended to 31 December 2025.
Distribution of dividends
The Shareholders' Meeting of Zignago Vetro SpA on 7 May 2025 approved the distribution of a dividend of Euro 0.45 per share, totalling Euro 39.7 million, with payment date of 14 May 2025.
Treasury shares
On 7 May 2025, the Shareholders' Meeting of Zignago Vetro SpA revoked, for the part not executed, the resolution granted in favour of the Board of Directors to purchase and sell treasury shares, as approved by the Shareholders' Meeting of 29 April 2024 and authorised the Board of Directors to purchase and sell treasury shares for a maximum number not exceeding the total nominal amount, including any shares held by subsidiaries, corresponding to one-fifth of the share capital. The new authorisation is proposed for a period of 18 months, commencing from 7 May 2025. The minimum purchase price shall not be less than 20%, and the maximum price not more than 20%, of the share price registered on the trading day prior to each transaction; the sale price shall not be 20% higher or lower than the share price registered on the trading day prior to each transaction. These price limits will not be applied where the sale of shares is to
employees, including management, executive directors and consultants of Zignago Vetro and its subsidiaries in relation to incentive stock option and stock grant plans.
In the first six months of 2025, no treasury shares were purchased.
In addition, on 7 May 2025 Zignago Vetro S.p.A's share portfolio reduced by 14,785 shares as a result of the allocation to the beneficiaries of the "2022-2024 Performance Share Plan", and thus totalled 1,054,708 shares at the reporting date, corresponding to 1.1808% of the share capital, the purchase price of which was Euro 10.4 million.
Share-based payments
The fair value at the grant date of the incentives recognised in equity-settled share-based payments granted to employees is usually recognised as a cost, with a corresponding increase in equity, over the period during which employees obtain the right to the incentives. The amount recognised as an expense is adjusted to reflect the actual number of incentives for which the conditions for remaining in service have matured and consequentially non-market results, so that the final amount recognised as an expense is based on the number of incentives that meet the above conditions on the vesting date. In the case of incentives recognised in share-based payments whose conditions are not to be considered as vesting, the fair value at the grant date of the share-based payment is measured to reflect these conditions. With reference to the non vesting conditions, any differences between the assumptions at the grant date and the effective date will not produce any impact in the financial statements.
The Share incentive plan (approved by the Shareholders' Meeting of 28 July 2022) concluded on 31 December 2024, called the "2022-2024 Performance Shares Plan", reserved for the Chief Executive Officer and the senior executives of the company, based on the free granting of options to receive shares of the company, subject to the achievement of specific operating result and sustainability targets. This Plan overall concerned 109,500 ordinary shares of the company and has a vesting period from 1.1.2022 to 31.12.2024. As outlined above, on 7 May 2025, the final allocation was made to the beneficiaries for the portion of objectives achieved for a total of 14,785 shares.
At the date of this report, the Shareholders' Meeting approved an additional plan, called the "2025-2027 Performance Shares Plan", reserved for the Chief Executive Officer and the senior executives of the company, based on the free granting of options to receive shares of the company, subject to the achievement of specific operating result and sustainability targets. This Plan overall concerned 202,500 ordinary shares of the company and has a vesting period from 1.1.2025 to 31.12.2027.
Operating performance
The first half of 2025 featured recovering Beverage and Food container demand, confirming the Q1 trend at levels in excess of H1 2024. The destocking emerging in previous periods and across the supply chains has substantially concluded in most of the market segments in which our Companies operate.
In an environment shaped by ever-changing geopolitical and economic factors, the Group has successfully converted the opportunities to recover sales volumes within its highly-competitive target markets.
In contrast, demand for Cosmetic and Perfumery containers continues to be affected by destocking, the changeability of sell-in and sell-out dynamics and the global market turbulence. In this competitive marketplace, the Group therefore reported reduced sales volumes in H1 on the same period of the previous year, with average prices also declining, mainly due to the mix.
During the first half, due to the geopolitical tensions and speculation, a number of production inputs -particularly energy - suffered from an initial spike which has not yet normalised. This generated an initial contraction in operating margins, with a gradual recovery in the second quarter.
Consolidated revenues in the first half of 2025, according to management's view, amounted to Euro 308.5 million, down 6.2% on the same period in the previous year (Euro 329 million).
Materials and external services in H1 2025, including changes in inventories and internal production, amounted to Euro 201.5 million, compared to Euro 197.1 million in the first half of 2024 (+2.2%). As a percentage on revenues, these costs increased from 59.9% to 65.3%.
The consolidated added value in the first half of 2025 was Euro 107 million, compared to Euro 131.8 million in the same period of the previous year (-18.9%). The margin was 34.7%, compared to 40.1%. The decrease in added value in H1 2025 is mainly due to the increase in direct production costs, which emerged at the end of the previous year and has been partly absorbed by final inventories. These costs, against slowing demand and significant competitive pressure, were only partially transferred to sales prices, resulting in an increase in their percentage of revenues and a consequent reduction in the operating margin.
Personnel expense in the first half of 2025 amounted to Euro 55.6 million, compared to Euro 58 million in the first half of 2025 (-4%). They accounted for 18% of revenues in H1 2025 (compared to 17.6% in H1 2024).
Consolidated EBITDA in the first half year of 2025 was Euro 51.3 million, compared to Euro 73.8 million in the same period of 2024 (-30.5%), a 16.6% revenue margin (22.4% in H1 2024).
Consolidated EBIT in H1 2025 totalled Euro 16.1 million, compared to Euro 38.4 million in the first half of 2024. The EBIT margin was 5.2% (11.7% in the first half of 2024).
The consolidated operating profit in the first half of 2025 decreased on the same period in the previous year (respectively Euro 17.2 million and Euro 38.6 million). The revenue margin was 5.6% in the first half of 2025, compared to 11.7% in H1 2024.
The consolidated profit before tax for the period was Euro 10.7 million, compared to Euro 33.6 million in the same period of the previous year. The revenue margin was 3.5% in the first six months of 2025, compared to 10.2% in H1 2024.
The tax rate in the period was 20%, compared to 22.3% in H1 2024.
The consolidated net profit in H1 2025 was Euro 8.8 million, compared to Euro 26.3 million in the same period of the previous year. The revenue margin was 2.9%, compared to 8.0% in 2024.
The cash flow generated from the profit and amortisation/depreciation in H1 2025 amounted to Euro 43.5 million, decreasing Euro 17.3 million on Euro 60.8 million in the first half of the previous year. For further details on cash flows, reference should be made to the table at page 20 of this report.
The key data of the Zignago Vetro Group reclassified consolidated income statement in H1 2025, compared to the first half of the pervious year, according to management's view as described previously, are shown below.
H1 2025 | H1 2024 | Changes | |||
Euro thou. | % | Euro thou. | % | % | |
Revenues | 308,476 | 100.0% | 328,966 | 100.0% | (6.2)% |
Changes in finished and semi-finished products and work in progress | (19,192) | (6.2)% | (5,134) | (1.5)% | n.a. |
Internal production of fixed assets | 1,595 | 0.5% | 2,272 | 0.7% | (29.8)% |
Value of production | 290,879 | 94.3% | 326,104 | 99.1% | (10.8)% |
Cost of goods and services | (183,909) | (59.6)% | (194,285) | (59.1)% | (5.3)% |
Value added | 106,970 | 34.7% | 131,819 | 40.1% | (18.9)% |
Personnel expense | (55,646) | (18.0)% | (57,977) | (17.6)% | (4.0)% |
EBITDA | 51,324 | 16.6% | 73,842 | 22.4% | (30.5)% |
Amortisation & depreciation | (34,690) | (11.2)% | (34,467) | (10.5)% | 0.6% |
Accruals to provisions | (446) | (0.1)% | (966) | (0.3)% | (53.8)% |
EBIT | 16,188 | 5.2% | 38,409 | 11.7% | (57.9)% |
Non-operating recurring income (charges) | 924 | 0.3% | 1,282 | 0.4% | (27.9)% |
Non-recurring income (charges) | 85 | 0.0% | (1,087) | (0.3)% | (107.8)% |
Operating Profit | 17,197 | 5.6% | 38,604 | 11.7% | (55.5)% |
Net financial expense | (6,087) | (2.0)% | (5,163) | (1.6)% | 17.9% |
Net exchange rate gains/(losses) | (413) | (0.1)% | 165 | 0.1% | (350.3)% |
Profit before taxes | 10,697 | 3.5% | 33,606 | 10.2% | (68.2)% |
Income taxes | (2,135) | (0.7)% | (7,505) | (2.2)% | (71.6)% |
(Tax-rate 2025: 20%) | |||||
(Tax-rate 2024: 22.3%) | |||||
(Profit) Loss non-con. int. | 250 | 0.1% | 195 | 0.1% | n.a. |
Group Net Profit | 8,812 | 2.9% | 26,296 | 8.0% | (66.5)% |
Consolidated net revenues for H1 2025 and 2024 were as follows:
(Euro thousands) | H1 2025 | H1 2024 | Change % |
Zignago Vetro SpA | 171,320 | 170,547 | 0.5% |
Zignago Vetro France S.a.s. | 25,445 | 37,018 | (31.3)% |
Vetri Speciali SpA and its subsidiaries (*) | 77,937 | 80,618 | (3.3)% |
Zignago Vetro Polska S.a. | 42,318 | 46,345 | (8.7)% |
Zignago Glass USA Inc. | 2,021 | 1,988 | 1.7% |
Vetro Revet Srl | 4,898 | 9,538 | (48.6)% |
Vetreco Srl (*) | 3,879 | 5,521 | (29.7)% |
Julia Vitrum SpA (*) | 5,097 | 6,690 | (23.8)% |
Italian Glass Moulds Srl | 2,031 | 2,253 | (9.9)% |
Total aggregate | 334,946 | 360,518 | (7.1)% |
Elimination of inter-company revenues | (26,470) | (31,552) | (16.1)% |
Total consolidated | 308,476 | 328,966 | (6.2)% |
* For Group share |
Consolidated revenues by geographic segment outside of Italy for the first half of 2025 and 2024 were broken down as follows:
(Euro thousands) | H1 2025 | H1 2024 | Change % |
E.U. | 73,702 | 95,706 | (23.0)% |
Other countries | 20,720 | 16,872 | 22.8% |
Total | 94,422 | 112,578 | (16.1)% |
Consolidated revenues outside Italy for the first half 2025 amounted to Euro 94.4 million, compared to Euro 112.6 million in the first half of 2024 (-16.1%) and account for 30.6% of total revenues (34.2% in the first half of 2024). The breakdown by Company was as follows:
(Euro thousands) | H1 2025 | H1 2024 | Change % |
Zignago Vetro SpA | 29,207 | 30,033 | (2.8)% |
Zignago Vetro France S.a.s. | 22,987 | 36,786 | (37.5)% |
Zignago Vetro Polska S.a. | 26,787 | 28,344 | (5.5)% |
Zignago Glass USA Inc. | 1,373 | 1,665 | (17.5)% |
Italian Glass Moulds Srl | 427 | 617 | n.a. |
Vetri Speciali SpA and its subsidiaries (*) | 13,641 | 15,123 | (9.8)% |
Julia Vitrum (**) | 0 | 10 | n.a. |
Total | 94,422 | 112,578 | (16.1)% |
% of total revenues | 30.6% | 34.2% | |
* For Group share |
The EBITDA of the Individual companies for H1 2025 and H1 2024 is presented below:
(Euro thousands) | H1 2025 | H1 2024 | Change % |
Zignago Vetro SpA | 25,809 | 31,813 | (18.9)% |
Zignago Vetro France Sas | 531 | 4,392 | (87.9)% |
Vetri Speciali SpA and its subsidiaries (*) | 16,476 | 22,433 | (26.6)% |
Zignago Vetro Polska Sa | 8,171 | 13,320 | (38.7)% |
Zignago Glass USA Inc. | 150 | 413 | (63.7)% |
Vetro Revet Srl | (135) | (186) | (27.4)% |
Vetreco Srl (*) | 169 | 197 | (14.2)% |
Julia Vitrum Spa (*) | 290 | 638 | (54.5)% |
Italian Glass Moulds Srl | (188) | 85 | n.a. |
Total aggregate | 51,273 | 73,105 | (29.9)% |
Consolidation adjustments | 51 | 737 | |
Group EBITDA | 51,324 | 73,842 | (30.5)% |
* For Group share |
TheOperating Profit of the Individual companies for H1 2025 and H1 2024 is presented below:
(Euro thousands) | H1 2025 | H1 2024 | Change % |
Zignago Vetro SpA | 7,063 | 12,215 | (42.2)% |
Zignago Vetro France Sas | (1,847) | 1,306 | n.a. |
Vetri Speciali SpA and its subsidiaries (*) | 10,263 | 16,796 | (38.9)% |
Zignago Vetro Polska Sa | 2,908 | 7,721 | (62.3)% |
Zignago Glass USA Inc. | 147 | 410 | (64.1)% |
Vetro Revet Srl | (372) | (356) | 4.5% |
Vetreco Srl (*) | (79) | (62) | 27.4% |
Julia Vitrum Spa (*) | (92) | 178 | n.a. |
Italian Glass Moulds Srl | (774) | (286) | 170.6% |
Total aggregate | 17,217 | 37,922 | (54.6)% |
Consolidation adjustments | (20) | 682 | n.a. |
Group operating profit | 17,197 | 38,604 | (55.5)% |
* For Group share |
The contribution to the consolidated profit for the first half of 2025 and 2024 of each of the Companies included in the consolidation scope was as follows:
(Euro thousands) H1 2025 H1 2024 Change %
Zignago Vetro SpA | 18,248 | 36,834 | (50.5)% |
Zignago Vetro France Sas | (1,746) | 757 | n.a. |
Vetri Speciali SpA and its subsidiaries (*) | 6,325 | 12,226 | (48.3)% |
Zignago Vetro Polska Sa | 2,258 | 6,086 | (62.9)% |
Zignago Glass USA Inc. | 99 | 306 | (67.6)% |
Vetro Revet Srl | (511) | (397) | 28.7% |
Vetreco Srl (*) | (162) | (161) | 0.6% |
Julia Vitrum Spa (*) | (182) | (40) | 355.0% |
Italian Glass Moulds Srl (660) (320) 106.3% Total aggregate 23,669 55,291 (57.2)%
Consolidation adjustments (14,857) (28,995) (48.8)%
Group Profit 8,812 26,296 (66.5)%
* For Group share
The consolidation adjustments relate principally to the elimination of the Vetri Speciali SpA dividends (Euro 15 million in 2025, Euro 29.7 million in 2024).
The key data of the reclassified consolidated income statement of the Zignago Vetro Group in H1 2025, compared with the same period of the previous year, based on the application of international accounting standards, and therefore IFRS 11, are illustrated below.
H1 2025 | H1 2024 | Changes | ||||
Euro thou. | % | Euro thou. | % | % | ||
Revenues | 227,599 | 100.0% | 242,639 | 100.0% | (6.2)% | |
Changes in finished and | semi-finished | |||||
products and work in progress | (13,235) | (5.8)% | (6,816) | (2.8)% | n.a. | |
Internal production of fixed assets | 0 | 2,272 | 0.9% | (100.0)% | ||
Value of production | 214,364 | 94.2% | 238,095 | 98.1% | (10.0)% | |
Cost of goods and services | (137,244) | (60.3)% | (142,717) | (58.8)% | (3.8)% | |
Value added | 77,120 | 33.9% | 95,378 | 39.3% | (19.1)% | |
Personnel expense | (42,530) | (18.7)% | (44,429) | (18.3)% | (4.3)% | |
Equity-accounted Joint Ventures | 5,981 | 2.6% | 12,025 | 5.0% | (50.3)% | |
EBITDA | 40,571 | 17.8% | 62,974 | 25.9% | (35.6)% | |
Amortisation & depreciation | (27,505) | (12.1)% | (27,992) | (11.5)% | (1.7)% | |
Accruals to provisions | (231) | (0.1)% | (659) | (0.3)% | n.a. | |
EBIT | 12,835 | 5.6% | 34,323 | 14.1% | (62.6)% | |
Other income (charges) | 251 | 0.1% | (606) | (0.2)% | n.a. | |
Operating Profit | 13,086 | 5.7% | 33,717 | 13.9% | (61.2)% | |
Net financial expense | (4,119) | (1.8)% | (4,150) | (1.7)% | (0.7)% | |
Net exchange rate gains/(losses) | (338) | (0.1)% | 149 | 0.1% | (326.8)% | |
Profit before taxes | 8,629 | 3.8% | 29,716 | 12.2% | (71.0)% | |
Income taxes | (67) | (0.1)% | (3,615) | (1.5)% | (98.1)% | |
(Tax-rate 2025: 0.8%) (Tax-rate 2024: 12.2%) | ||||||
(Profit) Loss non-con. int. | 250 | 0.1% | 195 | 0.1% | n.a. | |
Group Profit for the period | 8,812 | 3.9% | 26,296 | 10.8% | (66.5)% | |
For a better understanding of the performances for H1 2025, stated in accordance with management's view, a reconciliation is provided below of the reclassified income from joint ventures measured using the equity method and that utilising the proportional consolidation criteria, as adopted by the Group until 31 December 2013.
Proportional consolidation
2025 IAS/ IFRS | Vetri Speciali SpA and its subsidiari es | Vetreco Srl | Julia Vitrum Spa | Adjustm ent to Parent principle s | Neutralis ation JV using the equity criteria | 2025 pre-IFRS 11 (manage ment view) | ||
Euro | Euro | Euro | Euro | Euro | Euro | Euro | ||
thou. | thou. | thou. | thou. | thou. | thou. | thou. | ||
Revenues | 227,599 | 77,937 | 3,879 | 5,097 | (6,036) | 0 | 308,476 | |
Changes in finished and semi-finished products and work in progress | (13,242) | (5,989) | 40 | (1) | 0 | 0 | (19,192) | |
Internal production of fixed assets | 1,595 | 0 | 0 | 0 | 0 | 0 | 1,595 | |
Value of production | 215,952 | 71,948 | 3,919 | 5,096 | (6,036) | 0 | 290,879 | |
Cost of goods and services | (139,033) | (42,987) | (3,461) | (4,464) | 6,036 | 0 | (183,909 | |
Value added | 76,919 | 28,961 | 458 | 632 | 0 | 0 | 106,970 | |
Personnel expense | (42,530) | (12,485) | (289) | (342) | 0 | 0 | (55,646) | |
Equity-accounted Joint Ventures | 5,981 | 0 | 0 | 0 | 0 | (5,981) | 0 | |
EBITDA | 40,370 | 16,476 | 169 | 290 | 0 | (5,981) | 51,324 | |
Amortisation & depreciation | (27,505) | (6,478) | (246) | (461) | 0 | 0 | (34,690) | |
Accruals to provisions | (231) | (213) | (2) | 0 | 0 | 0 | (446) | |
EBIT | 12,634 | 9,785 | (79) | (171) | 0 | (5,981) | 16,188 | |
Other income (charges) | 452 | 478 | 0 | 79 | 0 | 0 | 1,009 | |
Operating Profit | 13,086 | 10,263 | (79) | (92) | 0 | (5,981) | 17,197 | |
Net financial expense | (4,119) | (1,735) | (68) | (165) | 0 | 0 | (6,087) | |
Net exchange rate gains/(losses) | (338) | (75) | 0 | 0 | 0 | 0 | (413) | |
Profit before taxes | 8,629 | 8,453 | (147) | (257) | 0 | (5,981) | 10,697 | |
Income taxes | (67) | (2,128) | (15) | 75 | 0 | 0 | (2,135) | |
Consolidated profit/(loss) | 8,562 | 6,325 | (162) | (182) | 0 | (5,981) | 8,562 | |
(Profit) loss non-con. int. | 250 | 0 | 0 | 0 | 0 | 0 | 250 | |
Group Profit/(loss) for the period | 8,812 | 6,325 | (162) | (182) | 0 | (5,981) | 8,812 | |
Statement of financial position
The reclassified statement of financial position of the Zignago Vetro Group at 30 June 2025, prepared according to management's view as described previously, is presented in condensed form and compared with 31 December and 30 June 2024.
30.06.2025 | 31.12.2024 | 30.06.2024 | ||||
Euro thou. | % | Euro thou. | % | Euro thou. | % | |
Trade receivables | 152,897 | 139,384 | 164,331 | |||
Other receivables | 25,186 | 40,679 | 29,969 | |||
Inventories | 174,950 | 196,980 | 189,003 | |||
Current non-financial payables | (154,332) | (150,077) | (168,192) | |||
Payables on fixed assets | (7,864) | (9,059) | (8,954) | |||
A) Working capital | 190,837 | 29.8% | 217,907 | 32.4% | 206,157 | 31.9% |
Net tangible and intangible assets | 400,668 | 408,742 | 400,747 | |||
Goodwill | 53,484 | 53,479 | 53,473 | |||
Other eq. invest. & non-current assets | 15,285 | 13,497 | 14,625 | |||
Non-current provisions and non-financial payables | (19,894) | (21,617) | (28,793) | |||
B) Net fixed capital | 449,543 | 70.2% | 454,101 | 67.6% | 440,052 | 68.1% |
A+B= Net capital employed | 640,380 | 100.0% | 672,008 | 100.0% | 646,209 | 100.0% |
Financed by: | ||||||
Current loans and borrowings | 164,909 | 135,404 | 133,587 | |||
Cash and cash equivalents | (96,246) | (55,218) | (68,454) | |||
Current net debt | 68,663 | 10.6% | 80,186 | 11.8% | 65,133 | 10.1% |
Non-current loans and borrowings | 231,707 | 36.2% | 221,134 | 32.9% | 232,446 | 36.0% |
C) Net financial debt | 300,370 | 46.9% | 301,320 | 44.8% | 297,579 | 46.0% |
Opening Group equity | 370,289 | 388,708 | 388,708 | |||
Dividends paid | (39,719) | (66,376) | (66,376) | |||
Other equity changes | 479 | (3,914) | (514) | |||
Group Profit for the period | 8,812 | 51,871 | 26,296 | |||
D) Closing equity | 339,861 | 53.1% | 370,289 | 55.1% | 348,114 | 54.0% |
E) Non-controlling interest equity | 149 | 0.0% | 399 | 0.1% | 516 | 0.1% |
D+E = Group Equity | 340,010 | 53.1% | 370,688 | 55.2% | 348,630 | 54.0% |
C+D+E = Total financial debt and equity | 640,380 | 100.0% | 672,008 | 100.0% | 646,209 | 100.0% |
Working capital at 30 June 2025 decreased overall by Euro 27 million on 31 December 2024. The movement in working capital in H1 2025 was mainly due to inventory management, which decreased by Euro 22 million. We in addition consider the decrease in other receivables of Euro 15.4 million, mainly due to the settlement of the receivable from the parent Zignago Holding for the 2024 tax consolidation, the
movement in receivables for advances paid on income taxes and the VAT settlement in the period. These impacts were partially offset by trade receivable movements (+Euro 13.5 million) and of trade payables (-Euro 3.1 million).
Net fixed capital at 30 June 2025 decreased on 31 December 2024 by Euro 4.6 million. In particular, in the period investments (Euro 26.6 million), net of disposals, were lower than depreciation charges accrued (Euro 34.7 million).
Capital expenditure in the first half of 2025 amounted to Euro 26.6 million (Euro 46.7 million in H1 2024) and concerns:
Zignago Vetro SpA for Euro 10.2 million, due to: the replacement of photovoltaic equipment, the replacement and maintenance of plant, machinery and equipment, including the purchase of moulds;
Zignago Vetro France SAS for Euro 1.1 million (Euro 1.6 million in the first half of 2024), principally for plant and industrial equipment, including the purchase of moulds;
Vetri Speciali SpA and its subsidiaries for Euro 11.3 million (Euro 23.5 million in H1 2024), mainly for the construction of Kiln 6 at Gardolo and the purchase of moulds;
Zignago Vetro Polska for Euro 3.1 million (net of the currency effect of Euro 0.5 million) for new plant, in addition to equipment and moulds (Euro 10.5 million in H1 2024 for plant upgrading);
Raw glass treatment business unit: Euro 0.2 million for new plant and equipment.
Italian Glass Moulds Srl Euro 0.1 million for new machinery and equipment.
At 30 June 2025, the Zignago Vetro Group had 2,719 employees. At 31 December 2024, they numbered 2,807. The employees of Vetri Speciali SpA, Julia Vitrum and Vetreco have been fully incorporated.
The composition of Group personnel at 30 June 2025 is shown in the table below.
Composition | Executives | White-collars | Blue-collars |
Workforce | 33 | 585 | 2,101 |
Average age | 53 | 41 | 42 |
Years of service in Group Companies | 14 | 15 | 15 |
Consolidated equity amounted to Euro 340 million at 30 June 2025 (at 31 December 2024: Euro 370.7 million; at 30 June 2024: Euro 348.1 million). The decrease on 31 December 2024 is principally due to the distribution of dividends (-Euro 39.7 million), the profit for the period (+Euro 8.8 million) and other minor changes.
The consolidated net financial debt, according to management's view, at 30 June 2025 was Euro 300.4 million (31 December 2024: Euro 301.3 million; at 30 June 2024: Euro 297.6 million).
A portion of the Group's long-term financial debt is subject to compliance with specific covenants, mainly regarding the parent company Zignago Vetro S.p.A. At June 30, 2025, these requirements had been met.
The movements in net financial debt are outlined in the following paragraphs.
The reclassified statement of financial position of the Individual companies of the Zignago Vetro Group at 30 June 2025 and 2024 follows.
30.06.2025 | Zignago Vetro SpA | Zignago Vetro France Sas | Vetri Speciali SpA and its subsidiaries (*) | Zignago Vetro Polska Sa | Zignago Glass USA Inc. | Vetro Revet Srl | Vetreco Srl (*) | Julia Vitrum Spa (*) | Italian Glass Moulds Srl | |||||||||
(Euro thousands) | ||||||||||||||||||
Working capital | 108,980 | 17,121 | 38,931 | 25,139 | (20) | (254) | (856) | 1,640 | 243 | |||||||||
Net fixed capital | 211,995 | 13,467 | 179,758 | 60,943 | 51 | 8,342 | 4,448 | 10,210 | 5,642 | |||||||||
Total Assets | 320,975 | 30,588 | 218,689 | 86,082 | 31 | 8,088 | 3,592 | 11,850 | 5,885 | |||||||||
Net financial debt | 153,521 | 11,566 | 98,854 | 12,142 | (216) | 7,043 | 2,121 | 9,437 | 5,815 | |||||||||
Equity | 167,454 | 19,022 | 119,835 | 73,940 | 247 | 1,045 | 1,471 | 2,413 | 70 | |||||||||
Total Liabilities | 320,975 | 30,588 | 218,689 | 86,082 | 31 | 8,088 | 3,592 | 11,850 | 5,885 | |||||||||
30.06.2024 | Zignago Vetro SpA | Zignago Vetro France Sas | Vetri Speciali SpA and its subsidiaries (*) | Zignago Vetro Polska Sa | Zignago Glass USA Inc. | Vetro Revet Srl | Vetreco Srl (*) | Julia Vitrum Spa (*) | Italian Glass Moulds Srl | |||||||||
(Euro thousands) | ||||||||||||||||||
Working capital | 126,531 | 20,754 | 30,674 | 24,451 | 163 | 1,031 | (33) | 1,517 | 1,251 | |||||||||
Net fixed capital | 225,726 | 14,780 | 154,892 | 57,872 | 79 | 8,184 | 4,833 | 11,014 | 6,394 | |||||||||
Total Assets | 352,257 | 35,534 | 185,566 | 82,323 | 242 | 9,215 | 4,800 | 12,531 | 7,645 | |||||||||
Net financial debt | 171,911 | 14,831 | 66,078 | 16,120 | (7) | 7,419 | 2,466 | 10,716 | 7,860 | |||||||||
Equity | 180,346 | 20,703 | 119,488 | 66,203 | 249 | 1,796 | 2,334 | 1,815 | (215) | |||||||||
Total Liabilities | 352,257 | 35,534 | 185,566 | 82,323 | 242 | 9,215 | 4,800 | 12,531 | 7,645 | |||||||||
* For Group share |
The cash flow movements in the consolidated net financial debt, according to management's view, at 30 June 2025 and at 31 December and 30 June 2024 were as follows:
(Euro thousands) | H1 2025 | 2024 | H1 2024 |
Net financial debt at 1 January | (301,320) | (227,905) | (227,905) |
Self-financing: | |||
- Group profit for the period | 8,812 | 51,871 | 26,296 |
- amortisation & depreciation | 34,690 | 67,712 | 34,467 |
- net change in provisions | (1,723) | (1,997) | 161 |
- Net (gains) losses from sale of property, plant and equipment | (49) | 6 | (98) |
41,730 | 117,592 | 60,826 | |
(Increase)/decrease in working capital | 28,265 | (33,853) | (16,843) |
Net investments in property, plant and equipment | (27,811) | (91,337) | (52,005) |
Net investments in intangible assets | (5) | (26) | (20) |
Decrease (increase) of other medium/long term assets | (1,788) | 6,474 | 5,346 |
Sales prices of property, plant and equipment | 49 | 105 | 107 |
(1,290) | (118,637) | (63,415) | |
Free cash flow | 40,440 | (1,045) | (2,589) |
Distribution of dividends | (39,719) | (66,376) | (66,376) |
IFRS 16 | (1,768) | ||
Acquisition of treasury shares | 0 | (3,087) | (457) |
Effect on equity of translation of foreign currency financial statements and other changes | 229 | (1,139) | (252) |
(39,490) | (72,370) | (67,085) | |
Increase of net financial debt | 950 | (73,415) | (69,674) |
Net debt at end of period | (300,370) | (301,320) | (297,579) |
The reclassified statement of financial position of the Zignago Vetro Group at 30 June 2025, according to the IFRS in force at 30 June 2025, including the effects from IFRS 11, compared with 31 December and 30 June 2024, is reported below:
30.06.2025 | 31.12.2024 | 30.06.2024 | ||||
Euro thou. | % | Euro thou. | % | Euro thou. | % | |
Trade receivables | 116,401 | 107,110 | 125,829 | |||
Other receivables | 14,390 | 27,201 | 19,236 | |||
Inventories | 145,010 | 161,434 | 152,554 | |||
Current non-financial payables | (118,131) | (108,249) | (116,312) | |||
Payables on fixed assets | (6,548) | (8,341) | (7,308) | |||
A) Working capital | 151,122 | 28.5% | 179,155 | 31.1% | 173,999 | 30.7% |
Net tangible and intangible assets | 254,984 | 267,291 | 271,567 | |||
Goodwill | 2,741 | 2,736 | 2,730 | |||
Equity investments measured using the equity method | 123,719 | 132,943 | 123,637 | |||
Other eq. invest. & non-current assets | 10,191 | 8,164 | 9,782 | |||
Non-current provisions and non-financial payables | (12,789) | (13,809) | (14,766) | |||
B) Net fixed capital | 378,846 | 71.5% | 397,325 | 68.9% | 392,950 | 69.3% |
A+B= Net capital employed | 529,968 | 100.0% | 576,480 | 100.0% | 566,949 | 100.0% |
Financed by: Current loans and borrowings and derivative | 114,027 | 91,403 | 105,397 | |||
Cash and cash equivalents | (78,009) | (48,614) | (47,207) | |||
Current net debt | 36,018 | 6.8% | 42,789 | 7.4% | 58,190 | 10.3% |
Non-current loans and borrowings | 153,940 | 29.1% | 163,003 | 28.3% | 160,129 | 28.2% |
C) Net financial debt | 189,958 | 35.8% | 205,792 | 35.7% | 218,319 | 38.4% |
Opening Group equity | 370,289 | 388,708 | 388,708 | |||
Dividends paid | (39,719) | (66,376) | (66,376) | |||
Other equity changes | 479 | (3,914) | (514) | |||
Group Profit for the period | 8,812 | 51,871 | 26,296 | |||
D) Closing equity | 339,861 | 64.1% | 370,289 | 64.2% | 348,114 | 61.5% |
E) Non-controlling interest equity | 149 | 0.0% | 399 | 0.1% | 516 | 0.1% |
D)+E) Group Equity | 340,010 | 64.2% | 370,688 | 64.3% | 348,630 | 61.6% |
C+D+E = Total financial debt and equity | 529,968 | 100.0% | 576,480 | 100.0% | 566,949 | 100.0% |
For a better understanding of the statement of financial position at 30 June 2025, stated in accordance with management's view, a reconciliation is provided below of the financial position of joint ventures measured using the equity method and that utilising the proportional consolidation method, as adopted by the Group until 31 December 2013.
Prop. cons. | |||||||
30.6.2025 | Vetri | Vetreco Srl | Julia | Adjustment | Neutralisati | 30.6.2025 | |
IAS/IFRS | Speciali SpA and its | Vitrum Spa | to Parent principles | on JV using the equity | pre-IFRS 11 | ||
subsidiaries | criteria | (manageme | |||||
nt view) | |||||||
Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | Euro thou. | |
Trade receivables | 116,401 | 35,648 | 852 | 2,746 | (2,750) | 0 | 152,897 |
Other receivables | 14,390 | 9,542 | 675 | 579 | 0 | 0 | 25,186 |
Inventories | 145,010 | 27,896 | 1,174 | 870 | 0 | 0 | 174,950 |
Current non-financial payables | (118,131) | (33,018) | (3,539) | (2,392) | 2,750 | 0 | (154,330) |
Payables on fixed assets | (6,548) | (1,137) | (18) | (163) | 0 | 0 | (7,866) |
A) Working capital | 151,122 | 38,931 | (856) | 1,640 | 0 | 0 | 190,837 |
Net tangible and intangible assets | 254,984 | 130,825 | 4,096 | 10,763 | 0 | 0 | 400,668 |
Goodwill | 2,741 | 50,743 | 0 | 0 | 0 | 0 | 53,484 |
Equity investments measured using the equity method | 123,719 | 0 | 0 | 0 | 0 | (123,719) | 0 |
Other eq. invest. & non-current assets | 10,191 | 3,828 | 385 | 881 | 0 | 0 | 15,285 |
Non-current provisions and non-financial payables | (12,789) | (5,638) | (33) | (1,434) | 0 | 0 | (19,894) |
B) Net fixed capital | 378,846 | 179,758 | 4,448 | 10,210 | 0 | (123,719) | 449,543 |
A+B= Net capital employed | 529,968 | 218,689 | 3,592 | 11,850 | 0 | (123,719) | 640,380 |
Financed by: | |||||||
Current loans & bor. & derivative instruments | 114,027 | 48,064 | 2,039 | 1,779 | 0 | 0 | 165,909 |
Cash and cash equivalents | (78,009) | (18,639) | 82 | (680) | 0 | 0 | (97,246) |
Current net debt | 36,018 | 29,425 | 2,121 | 1,099 | 0 | 0 | 68,663 |
Non-current loans and borrowings | 153,940 | 69,429 | 0 | 8,338 | 0 | 0 | 231,707 |
C) Net financial debt | 189,958 | 98,854 | 2,121 | 9,437 | 0 | 0 | 300,370 |
Opening equity | 370,289 | 128,715 | 1,633 | 2,595 | 0 | (132,943) | 370,289 |
Dividends | (39,719) | (15,094) | 0 | 0 | 0 | 15,094 | (39,719) |
Other equity changes | 479 | (111) | 0 | 0 | 0 | 111 | 479 |
Profit/(loss) for the period | 8,812 | 6,325 | (162) | (182) | 0 | (5,981) | 8,812 |
D) Closing equity | 339,861 | 119,835 | 1,471 | 2,413 | 0 | (123,719) | 339,861 |
E) Non-controlling interest equity | 149 | 0 | 0 | 0 | 0 | 0 | 149 |
D)+E) Group Equity | 340,010 | 119,835 | 1,471 | 2,413 | 0 | (123,719) | 340,010 |
C+D+E = Total financial debt and equity | 529,968 | 218,689 | 3,592 | 11,850 | 0 | (123,719) | 640,380 |
Research, development and advertising costs
The companies of the Group undertook research and development focused on plant, process and product innovation which resulted in, among other developments, the use of new materials, the introduction of new products and the application of new technical-production solutions for the "food and beverages", "cosmetics and perfumery" and "special containers" sectors.
The Parent also carried out research and development for the design and introduction of new information management systems, including improvements to the process IT set up, in order to create more efficient and effective operating instruments.
Therefore, the Company availed of the tax credit under Law 190/2014, establishing this amount according to the methodologies communicated in the Tax Agency Circular.
Environmental information
In the first half of 2025, the commitment of the Zignago Vetro Group continued in the protection of the environment with the continual improvement of the policies of territorial protection and management of environmental issues with actions aimed to reduce atmospheric emissions and energy consumption in the utilisation of natural resources and the optimisation of the production cycle, while remaining continually attentive to new and future technology developed internationally.
Risks related to personnel, safety and management
The Companies of the Zignago Vetro Group implement plant management policies to minimise the risk of accidents ensuring high levels of security in line with best industrial practices, utilising insurance to guarantee an extensive degree of protection for company structures, third party risks and interruptions in production activity. The company trains and motivates the workforce to guarantee efficiency and normal operational continuity.
Personal data security and protection
With regards to the obligations under Regulation (EU) 679/2016 (European General Data Protection ("GDPR")), the Group companies adopted the technical and organisational measures necessary to ensure the confidentiality and protection of processed data as set out in Article 32 of the Regulation.
In relation to Directive 2022/2555, also known as NIS2 ("Securing Networks and Information Systems"), it is noted that the Group Companies have taken the necessary measures to meet the legal obligations by the stipulated deadlines.
Financial instruments: Group objectives & policies and description of risks
The main financial instruments used by the Zignago Vetro Group consist of trade receivables and payables, cash & cash equivalents, bank borrowing and interest rate swap contracts.
As regards the Group's financial management, the cash flow from operating activities are considered to be consistent with objectives for repayment of existing debt and such as to assure appropriate financial balance and adequate return on equity via dividend flows.
At 30 June 2025 the Zignago Vetro SpA Group had undertaken 12 interest rate swaps in order to hedge the interest rate risk on non-current loans undertaken by the parent Zignago Vetro SpA and by Zignago Vetro Polska. At the same date, we also indicate that Zignago Vetro SpA had in place commodity swap contracts to hedge against fluctuations in energy factors and currency hedging contracts (USD) to hedge against currency fluctuation risks. The mark-to-market of these derivatives at 30 June 2025 were as follows (in Euro):
Company Underlying Notional Expiry Market at the value at
reporting date 30.06.2025
Zignago Vetro SpA | Loan hedges - IRS | 80,663,235 | Beyond 12 months | 381,512 |
Zignago Vetro SpA | Loan hedges - IRS | 11,500,000 | Within 12 months | 158,515 |
Zignago Vetro SpA | Commodity hedges | 8,150,253 | Within 12 months | 39,224 |
Zignago Vetro Polska | Foreign currency hedges | 2,250,000 | Within 12 months | (2,655) |
Zignago Vetro Polska | Loan hedges - IRS | 560,048 | Within 12 months | 6,593 |
Total | 583,189 |
The above-mentioned transactions were undertaken for hedging purposes. However these transactions do not comply with all the requirements of IFRS to qualify for hedge accounting. For these transactions Zignago Vetro SpA does not use the so-called hedge accounting method and records the economic effects of hedging directly to profit or loss.
We consider that the Zignago Vetro Group is not exposed to credit risk any higher than the industry average, given that most receivables relate to customers of well-established commercial reliability. In addition, a significant portion of these receivables are backed by default risk insurance coverage, taken out with a leading company specialising in trade receivables insurance, recognised for its solidity and reliability internationally.
At an accounting level however, adequate doubtful debt provisions have been set aside. We specify that such allowances were made in the period and in previous periods, mainly against specific positions involved in procedures and/or with longer past-due status than the Group companies' average collection times.
In relation to the currency risk, we report that the Group generally, in accordance with the Group policy up to the present moment, did not undertake currency hedging instruments; the only exception is a currency forward contract in view of contingent and temporary requirements. Therefore, the Group remains exposed to the currency risk on the assets and liabilities in foreign currencies at period-end, which are currently not considered significant against the Group's overall key balance sheet figures.
A number of Group subsidiaries are located in countries not within the Eurozone: The United States and Poland. As the Group's functional currency is the Euro, the income statements of these companies are translated into Euro at the average exchange rate and, on like-for-like basis for revenues and profit in the local currency, changes in the exchange rate may impact the value in Euro of revenues, costs and profit (loss). Similarly, statement of financial position items related to entities operating in the United States and Poland are also converted at the spot exchange rate at period-end, resulting in changes to the statement of financial position that are reflected in the change in the translation reserve.
The Group is exposed to fluctuations in some commodity prices, in particular those relating to energy factors, such as oil, gas and electricity utilised in the production process. In order to neutralise the price effect, as these fluctuations may significantly impact production costs, the Company undertakes hedging operations through the use of derivative financial instruments.
The Group's present reference market does not include areas possibly requiring country-risk management. Commercial operations substantially take place in western countries, primarily in the Euro and USD areas.
* * *
Pursuant to the Bank of Italy/ Consob /Isvap document No. 2 of 6 February 2009 and IAS 1.25-26, it is considered, based on the Group's strong profitability, solid financial position and in spite of the current economic environment, that there are no uncertainties or risks on the going concern of the business.