Aquafil

Investor Presentation • Mar 15, 2022

Aquafil Group

FY2021 Financial Results

15th March 2022

Index		Page
1.	KEY MESSAGES	4
2.	FINANCIAL RESULTS	6
3.	GROUP DEVELOPMENT	19
4.	SUSTAINABILITY PATH	23
5.	OUTLOOK	26
6.	APPENDIX	29

Index		Page
1.	KEY MESSAGES	4
2.	FINANCIAL RESULTS	6
3.	GROUP DEVELOPMENT	19
4.	SUSTAINABILITY PATH	23
5.	OUTLOOK	26
6.	APPENDIX	29

Key Messages

2021 RESULTS UP ON THE PREVIOUS YEAR

REVENUES AT +30.5% ON 2020 AND +3.8% ON 2019

VOLUMES SOLD AT +19.2% ON 2020 AND +4.8% ON 2019

EBITDA AT +23.5% ON 2020 AND +3.8% ON 2019

STRONG CASH GENERATION

NET FINANCIAL POSITION IMPROVED BY 18% ON 2020 AND BY 28.2% ON 2019

2025 ENVIRONMENTAL TARGETS SET:

60% OF REVENUES GENERATED BY FIBERS FROM ECONYL® BRANDED PRODUCTS¹

35,000 TONS OF POST-CONSUMER WASTE COLLECTED ANNUALLY

WATER CONSUMPTION REDUCED BY 30% COMPARED TO 2018

	Index		Page
1.	KEY MESSAGES		4
2.	FINANCIAL RESULTS		6
3.	GROUP DEVELOPMENT		19
4.	SUSTAINABILITY PATH		23
5.	OUTLOOK		26
6.	APPENDIX		29

3Q2021 Main Results

Revenues – by Components

• 4Q2021: volumes increase of ca 6% compared to 4Q19
  • Volume: ca +3% compared to 4Q20
  • Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation

• FY2021: volumes increase of ca 5% compared to FY19

• Volume: ca +19% compared to FY20
• Price & sales mix: positive impact thanks to selling price adjustment to raw material price variation

Revenues – Components – Quantity

EMEA: volumes ca +26% vs FY20 and ca+6% vs FY19 / ca+4% vs 4Q20 and +5% vs 4Q19

• BCF: recovery consolidation of "residential" and "automotive" market;
• NTF: ECONYL® branded products continues to grow;
• Polymers: best in class of growth in the region, with outstanding market demand

Revenues – Components – Quantity

USA: volumes ca +8% vs FY20 and ca+1% vs FY19 / ca+11% vs 4Q20 and +8% vs 4Q19

• BCF: in 4Q higher recovery of year thanks to "automotive" market;
• NTF: consolidates the growth

In BCF, especially in first part of 2019, Group benefitted from the withdrawal by a primary competitor on some types of product while NTF O'Mara acquisition was consolidated since June 2019

Revenues – Components – Quantity

ASIA PACIFIC: volumes ca +11% vs FY20 and ca+4% vs FY19 / ca+12% vs 4Q20 and +8% vs 4Q19

– BCF: in FY good performance of "residential", with a slow down in the 4Q in Oceania market.

Revenues – Breakdown by Product Line and Area

Revenues – ECONYL®

• Back to normality after the pandemic impact on ECONYL® demand in 2020
  • ‒ between 1Q and 2Q20 in BCF "contract" customers-built warehouse stocks to face possible production breakdown due to COVID restrictive measures.

Revenues – ECONYL® – BCF the support and NTF the accelerator

• ECONYL® has represented an accelerator driver for the Group growth both by strengthening relationship with consolidated customers and the attracting new ones
  • ‒ BCF sector historically drove ECONYL® development due to cultural sensitiveness on environmental topics of Aquafil and important carpet producer customers;
    • o ECONYL® allowed to protect and even increase market share, especially on high-end products
  • ‒ Later on in NTF sector, both ECONYL® application developments and an increasing awareness to a "circularity vision" allowed Group to attract brand new and different customers (e.g. fashion and luxury brands)

Example of BCF product: a tiles Example of NTF product: a fashion backpack

EBITDA – Strong recovery driven by volumes

• € 72,1 m in FY21 compared to € 58,4 m of FY20 and € 69,4 m of FY19
  • Strong impact of volumes increase;
  • During 4Q21 impact of higher utility costs (increase of price in Q122).

P&L – KPI

		4Q		FY
	2021	2020	∆%	2021	2020	∆%
REVENUES	150,4	108,7	38,4%	569,7	436,6	30,5%
EBITDA	12,5	18,3	-31,7%	72,1	58,4	23,5%
% on net sales	8,3%	16,8%		12,7%	13,4%
EBIT	(0,9)	5,8		21,5	5,9	-
% on net sales	-0,6%	5,3%		3,8%	1,4%
EBT	(3,4)	3,0		14,6	0,1	-
% on net sales	-2,2%	2,8%		2,6%	0,0%
NET RESULT	(3,6)	3,5	-	10,7	0,6	-
% on net sales	-2,4%	3,2%		1,9%	0,1%

Q4: difficult comparison in Q4 due to (a) PPP Loan¹ conversion into grant in the fourth quarter 2020 and (b) high utility cost in 2021

Data in € million

1) Reference is made to the supporting measures promoted by the US Government known as "Paycheck Protection Program (PPP Loan) amounting to USD 5.6 million (€4.7 million), which had been initially issued, pursuant to applicable regulations, in the form of a loan and then transformed into an outright grant by the Group in the fourth quarter

NFP – NPF/EBITDA

• NFP on 31st December 2021 equal to 179,3 €/mil, improved by 18,0% compared to 31st December 2020
• Ratio NPF/EBITDA LTM at 2,488x

NFP – Focus on NWC and CAPEX

• CAPEX equal to € 40,2m mainly related to the capacity and technological improvements including EP investments.
• The focus on NWC allowed cash generation despite impact on both turnover growth and raw material price increase

Index		Page
1.	KEY MESSAGES	4
2.	FINANCIAL RESULTS	6
3.	GROUP DEVELOPMENT	19
4.	SUSTAINABILITY PATH	23
5.	OUTLOOK	26
6.	APPENDIX	29

Group development – Development in Japan

• In February important development steps were taken to expand Group presence in Japan
  • At BCF product line level: establishment of Aquafil Japan Co., Ltd., based in Tokyo, 100% owned by Aquafil S.p.A.: the subsidiary will transform and market polymers and synthetic fibers on the Japanese market
  • At Group level: create strong partnership with important local partners to expand circularity under the ECONYL® brand
• BCF Group reference market in Japan is estimated at around 18.000ton (equal to € 80-90m) (1) and is characterised by both important historical features and more recent trends
  • ‒ Historical features
    • o Demand of high quality products (e.g., tiles and mats) and high standard services;
    • o Distributors play a crucial role in market development,
      • with a 3-year collection rhythm

Strong attention for high quality and service is perfectly in line

with Aquafil proposition

Example of high-end tiles

Group development – Development in Japan

• ‒ More recent trends
  • o Strong cultural sensitiveness to environmental and sustainability topics
    • extremely positive recognition for ECONYL®
  • o Some signs of primary competitor withdrawal
• Group is focusing its activities to built relationship with important carpet manufactures and distributors through
  • ‒ Establishment of a local organisational and commercial structure
  • ‒ Partnership with a local manufacturer with reprocessing yarn facilities
  • ‒ Creation of a combined global team which can offer Group best practices
    • o Technological and production support from Chinese operations
    • o Design and marketing advocacy from headquarter carpet centre
• Group target is to increase reputation and visibility on the market and therefore enter in the 2022-2024 distributors collection

Group development – Acquisition of ca 32% in NOFIR

• ‒ Nofir: based in Bodø, Norway, is a leading European player in the collection and processing of fishing and aquaculture nets at the end of their life cycles. Since 2011, Nofir has collected over 48,000 tons of nets in 20 countries on five continents using an advanced system for collecting and tracing discarded nets from the fishing and aquaculture industry. The company collaborates actively with Healthy Seas®, a foundation created by Aquafil and other partners whose main mission is raising awareness among consumers of the problem of fishing nets lost or abandoned in our oceans
• ‒ Target: Coverage of procurement and efficiency gains in the nylon waste recovery industry
• ‒ After the acquisition of Planet Recycling (Aquafil Carpet Collection) in December 2020 —important asset in increasing the circularity of our processes — the investment in Nofir further strengthens the approach for control over the procurement chain;

Index		Page
1.	KEY MESSAGES	4
2.	FINANCIAL RESULTS	6
3.	GROUP DEVELOPMENT	19
4.	SUSTAINABILITY PATH	23
5.	OUTLOOK	26
6.	APPENDIX	29

Aquafil sustainability path – 2 important steps in 2020

• In 2020 Aquafil undertook two important steps in its sustainability path
  • ‒ Reflect Group Corporate Governance sustainability DNA
    • o Expansion and integration of the activities of the "Control and Risks" Committee entrusting it with sustainability issues: the committee became "Control, Risks and Sustainability Committee"
  • ‒ Alignment of Group sustainability milestones – The ECO PLEDGE ® – to GRI's

Aquafil sustainability path – 2 further steps in 2021

• Introduction of sustainability KPI in the new remuneration policy (1)
  • Senior Executives remuneration is structured to focus management on company results and value creation
  • It is composed of a fixed part, a short term-term variable component and some fringe benefits
    • o Short term variable component includes as reference parameters the NFP/EBITDA ratio and moreover, for the first time, sustainability KPI
• ECONYL® digital platform launch
  • 360° information source about sustainability and circularity to strengthen brand and consumer knowledge
  • a wide range of global brand products for final consumers from apparel to shoes and bags which can be sorted by their sustainability values

(1) For further details see please 2020 Remuneration Policy and Report available on Group web site

Index Page

• 1. KEY MESSAGES
• 1. FINANCIAL RESULTS
• 1. GROUP DEVELOPMENT
• 1. SUSTAINABILITY PATH
• 1. OUTLOOK
• 1. APPENDIX

Outlook

• The Group remains firmly convinced of the need to steer production in all sectors towards sustainability and manufacturing design aimed at the circularity of products and materials, focusing its efforts in both the short and long term on the growth of ECONYL® branded product solutions.
• In 2022, global vaccination strategies will continue to stem the spread of the COVID-19 pandemic, with expected positive effects for the entire economic system. On the other hand, the recent conflict between Russia and Ukraine resulted in the levying of international sanctions, which will undoubtedly have negative consequences on global economic growth and financial markets.
• The development of the conflict cannot be predicted, but continuing hostilities could bring further inflationary pressures to Europe, probably of a temporary nature, with additional increases in commodity and energy prices, which will have an impact — as for most sectors of European manufacturing — on the demand and margins of the Group, which is nonetheless already committed to recouping them.

• 1. KEY MESSAGES
• 1. FINANCIAL RESULTS
• 1. GROUP DEVELOPMENT
• 1. SUSTAINABILITY PATH
• 1. OUTLOOK
• 1. APPENDIX

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 any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, ore be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever.

The Presentation contains forward-looking statements regarding future events and the future results of Aquafil that are based on current expectations, estimates, forecasts, and projections about the industries in which Aquafil operates and the belief and assumptions of the management of Aquafil. In particular, among other statements, certain statements with regards to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Aquafil's actual result may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and regulatory developments in Italy and internationally. Any forward-looking statements made by or on behalf of Aquafil speak only as of the date they are made. Aquafil does not undertake to update forward-looking statements to reflect any changes in Aquafil's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

No reliance may be placed for any purposes whatsoever on the information contained in the Presentation, or any other material discussed in the context of the presentation of such material, or on its completeness, accuracy or fairness. The information contained in the Presentation might not be independently verified and no representation or warranty, express or implied, is made or given or on behalf of the Company or any of its members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed in the context of the presentation of the Presentation. None of the Company, nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of the Presentation or its contents or otherwise arising in connection therewith.

Mr. Sergio Calliari, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to Article 154-bis, paragraph 2, of the Legislative Decree No. 58 dated February 24, 1998, the accounting information contained in the Presentation correspond to document results, books and accounting records.

The reader should, however, consult any further disclosure Aquafil may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

Appendix - Definitions

«FIRST CHOICE REVENUES»	"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 "other revenues". On the basis of the 2019 figures, these revenues accounted for more than 95% of the Group's consolidated revenues
EBITDA	This is an alternative performance indicator not defined under IFRS but used by company management to monitor and assess the operating performance as not impacted by the effects of differing criteria in determining taxable income, the amount and types of capital employed, in addition to the amortisation and depreciation policies. This indicator is defined by the Aquafil Group as the net result for the year adjusted by the following components: income taxes, investment income and charges, amortisation, depreciation and write-downs of tangible and intangible assets, provisions and write-downs, financial income and charges, non-recurring items.
NFP	This was calculated as per Consob Communication of July 28, 2006 and the ESMA/2013/319 Recommendations: A. Cash B. Other liquid assets C. Other current financial assets D. Liquidity (A+B+C) E. Current financial receivables F. Current bank payables G. Current portion of non-current debt H. Other current financial payables I. Current financial debt (F+G+H) J. Net current financial debt (I-D-E) K. Non-current bank payables L. Bonds issued M. Other non-current payables N. Non-current financial debt (K+L+M) O. Net financial debt (J+N)

Appendix - Sector Data – Caprolactam price evolution

Appendix - Consolidate Income Statements

CONSOLIDATED INCOME STATEMENT	December	of wich non	December	of wich non	Fourth	of wich non	Fourth	of wich non
€/000	2021	current	2020	current	Quarter 2021	current	Quarter 2020	current
Revenue	569.701	784	436.602	458	150.391	197	108.672	171
of which related parties	52		53		12		(27)
Other Revenue	4.612	751	10.265	213	87	79	5.943	131
Total Revenue and Other Revenue	574.313	1.535	446.867	671	150.478	276	114.615	303
Raw Material	(283.622)	(150)	(209.825)	(101)	(75.066)	41	(50.345)	(37)
Services	(112.567)	(1.820)	(86.067)	(2.087)	(34.463)	(741)	(22.559)	(394)
of which related parties	(414)		(446)		(111)		(127)
Personel	(114.228)	(1.700)	(101.867)	(3.056)	(30.815)	(287)	(26.103)	(1.200)
Other Operating Costs	(3.420)	(354)	(4.430)	(828)	(932)	(168)	(1.048)	(38)
of which related parties	(70)		(70)		(18)		(17)
Depreciation and Amorti zation	(44.964)		(43.600)		(11.583)		(11.094)
Doubtful debt prevision	(254)		(632)		(110)		462
Provisions for risks and charges	125		(346)		47		108
Capitalization of Internal Construction Costs	6.099		5.830		1.593		1.731
EBIT	21.482	(2.489)	5.929	(5.402)	(852)	(879)	5.768	(1.367)
Other Financial Income	915		352		222		(1)
Interest Expenses	(7.550)		(7.982)		(1.892)		(1.845)
of which related parties	(159)		(226)		(35)		(49)
FX Gains and Losses	(243)		1.780		(841)		(876)
Profit Before Taxes	14.604	(2.489)	79	(5.402)	(3.363)	(879)	3.046	(1.367)
Income Taxes	(3.934)		517		(224)		449
Net Profit (Including Portion Attr. to Minority )	10.670	(2.489)	595	(5.402)	(3.588)	(879)	3.494	(1.367)
Net Profit Attributable to Minority Interest	0		0				-
Net Profit Attributable to the Group	10.670		595		(3.588)		3.494	-

Appendix - Consolidate Income Statements – Revenues FY

2021			BCF (fiber for carpet)				NTF (fiber for fabric)			Polymers			Total
€/mil	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	% 21	% 20
EMEA	186,3	150,9	35,4	23,5 %	90,2	67,2	23,0	34,2 %	68,8	29,8	39,0	130,9 %	345,4	247,9	97,4	39,3 %	60,6 %	56,8 %
North America	91,6	80,6	11,0	13,7 %	28,9	25,2	3,7	14,5 %	7,7	5,4	2,3	42,3 %	128,3	111,3	17,0	15,2 %	22,5 %	25,5 %
Asia e Oceania	87,4	72,8	14,6	20,0 %	5,1	2,7	2,4	89,3 %	0,8	0,2	0,6	0,0 %	93,3	75,7	17,6	23,3 %	16,4 %	17,3 %
RoW	0,2	0,5	(0,3)	(57,8)%	2,2	1,3	0,9	70,9 %	0,4	0,0	0,4	0,0 %	2,8	1,8	1,0	56,0 %	0,5 %	0,4 %
Total	365,5	304,9	60,7	19,9 %	126,4	96,4	30,0	31,1 %	77,8	35,4	42,4	119,7 %	569,7	436,7	133,0	30,5 %	100,0 %	100,0 %
% ToT	64,2%	69,8%			22,2%	22,1%			13,6%	8,1%			100,0%	100,0%

Appendix - Consolidate Income Statements – Revenues 4Q

IV Quarter			BCF (fiber for carpet)				NTF (fiber for fabric)			Polymers			Total
€/mil	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	2021	2020	Δ	Δ%	% 21	% 20
EMEA	48,9	35,1	13,8	39,2 %	28,0	15,9	12,1	76,1 %	13,3	10,2	3,2	31,1 %	90,2	61,2	29,0	47,5 %	60,0 %	56,3 %
North America	26,2	18,0	8,1	45,1 %	7,4	7,0	0,4	6,0 %	2,6	1,1	1,5	139,8 %	36,1	26,1	10,0	38,5 %	24,0 %	24,0 %
Asia e Oceania	22,0	20,2	1,8	8,8 %	0,9	0,6	0,3	41,2 %	0,3	0,1	0,2	166,5 %	23,2	21,0	2,2	10,6 %	15,4 %	19,3 %
RoW	(0,2)	0,2	(0,3)	0,0 %	0,7	0,4	0,3	0,0 %	0,4	0,0	0,4	0,0 %	0,9	0,5	0,3	59,7 %	0,6 %	0,5 %
Total	96,8	73,5	23,3	31,7 %	37,0	23,9	13,1	54,6 %	16,6	11,3	5,2	46,1 %	150,4	108,8	41,6	38,3 %	100,0 %	100,0 %
% ToT	64,4%	67,6%			24,6%	22,0%			11,0%	10,4%			100,0%	100,0%

Appendix - Consolidate Income Statements – EBITDA & EBITD Adj

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	December	December	Fourth Quarter	Fourth Quarter
	2021	2020	2021	2020
Net Profit (Including Portion Attr. to Minority )	10.670	595	(3.588)	3.494
Income Taxes	3.934	(517)	224	(449)
Amortisation & Depreciation	44.964	43.600	11.583	11.094
Write-downs & Write-backs of intangible and tangible assets	129	978	63	(570)
Financial items (*)	9.890	8.297	3.333	3.344
No recurring items (**)	2.489	5.402	879	1.367
EBITDA	72.075	58.356	12.494	18.281
Revenue	569.701	436.602	150.391	108.672
EBITDA Margin	12,7%	13,4%	8,3%	16,8%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	December 2021	December 2020	Fourth Quarter 2021	Fourth Quarter 2020
EBITDA	72.075	58.356	12.494	18.281
Amortisation & Depreciation	44.964	43.600	11.583	11.094
Write-downs & Write-backs of intangible and tangible assets	129	978	63	(570)
EBIT Adjusted	26.983	13.778	849	7.757
Revenue	569.701	436.602	150.391	108.672
EBIT Adjusted Margin	4,7%	3,2%	0,6%	7,1%

(*) The financial items include: (i) financial income of Euro 0.9 million and Euro 0.4 million respectively in the periods ending December 31, 2021 and December 31, 2020 (ii) financial charges and other other bank charges of Euro 7.6 million and Euro 8.0 million respectively in the periods ending December 31, 2021 and December 31, 2020, (iii) cash discounts of Euro 3.0 million end Euro 2.5 million respectively in the periods ending December 31, 2021 and December 31, 2020, and (iv) exchange loss of Euro 0.2 million and exchange gains of Euro 1.8 million respectively in the periods ending December 31, 2021 and December 31, 2020.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro 0.3 million and Euro 0.4 million respectively in the periods ending December 31, 2021 and December 31, 2020, (ii) non-recurring ECONYL* development charges of Euro 1.6 million and Euro 2.4 million respectively in the period ending December 31, 2021 and December 31, 2020 (iii) restructuring charges of Euro 0.5 million and Euro 1.9 million respectively in the periods ending December 31, 2021 and December 31, 2020, (iv) other non-recurring charges of Euro 0.2 million and Euro 0.7 million respectively in the periods ending December 31, 2021 and December 31, 2020, (v) income from equity investments of Euro 0.4 million in the periods ending December 31, 2021 and (vi) expensive for tax litigation Euro 0.3 milion in the periods ending December 31, 2021

Appendix - Consolidate Balance Sheet(1)

CONSOLIDATED BALANCE SHEET		At December 31,
€/000	At December 31, 2021	2020
Intangible Assets	23.551	23.578
Goodwill	14.735	13.600
Tangible Assets	240.489	229.495
Financial Assets	710	650
of which related parties	318	318
Investments & Equity metod	1.018
Other Assets	626	1.336
Deferred Tax Assets	12.269	14.563
Total Non-Current Assets	293.398	283.223
Inventories	177.243	150.920
Trade Receivable	31.233	22.015
of which related parties	71	66
Financial Current Assets	860	834
Current Tax Receivables	423	1.772
Other Current Assets	12.853	11.981
of which related parties	3.152	3.187
Cash and Cash Equivalents	152.656	208.954
Asset held for sales	0	0
Total Current Assets	375.268	396.475
Total Current Assets	668.666	679.698

Appendix - Consolidate Balance Sheet(2)

CONSOLIDATED BALANCE SHEET		At December 31,
€/000	At December 31, 2021	2020
Share Capital	49.722	49.722
Reserves	91.708	76.579
Group Net Profit for the year	10.670	595
Group Shareholders Equity	152.101	126.896
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	152.102	126.897
Employee Benefits	5.910	5.969
Non-Current Financial Liabilities	263.421	352.560
of which related parties	6.359	5.406
Provisions for Risks and Charges	1.929	1.506
Deferred Tax Liabilities	11.158	11.761
Other Payables	10.813	11.848
Total Non-Current Liabilities	293.230	383.644
Current Financial Liabilities	69.438	75.964
of which related parties	2.240	3.361
Current Tax Payables	1.721	1.189
Trade Payables	126.566	69.168
of which related parties	352	403
Other Liabilities	25.608	22.835
of which related parties	230	230
Total Current Liabilities	223.334	169.157
Total Equity and Liabilities	668.666	679.698

Appendix - Net Financial Position

NET FINANCIAL DEBT	At December 31,	At December 31,
€/000	2021	2020
A. Liquidity	152.656	208.954
B. Cash and cash equivalents	-	-
C. Other current financial assets	860	834
D. Liquidity (A + B + C)	153.516	209.787
E. Current financial debt (including debt instruments but excluding the current portion of	(203)	(131)
non-current financial debt)
F. Current portion of non-current financial debt	(69.236)	(75.833)
G. Current financial debt (E + F)	(69.438)	(75.964)
H. Net current financial debt (G - D)	84.078	133.824
I. Non-current financial debt (excluding current portion and debt instruments)	(180.185)	(262.154)
J. Debt instruments	(83.210)	(90.406)
K. Trade payables and other non-current payables	-	-
L. Non-current financial debt (I + J + K)	(263.396)	(352.560)
M. Total financial debt (H + L)	(179.318)	(218.736)

Appendix - Consolidated Cash Flow Statement (1)

CASH FLOW STATEMENT	At December 31,	At December 31,
€/000	2021	2020
Operation Activities
Net Profit (Including Portion Attr. to Minority )	10.670	595
of which related parties	(591)	(689)
Income Taxes	3.934	(517)
Financial income	(914)	(352)
Financial charges	7.550	7.982
of which related parties	(159)	(226)
FX (Gains) and Losses	243	(1.780)
(Gain)/Loss on non - current asset Disposals	(210)	(162)
Provisions & write-downs	128	978
Amortisation, depreciation & write-downs	44.975	43.600
Cash Flow from Operating Activities Before Changes in NWC	66.376	50.344
Change in Inventories	(26.323)	34.187
Change in Trade and Other Payables	57.398	(6.920)
of which related parties	(51)	276
Change in Trade and Other Receivables	(9.092)	2.599
of which related parties	(5)	3
Change in Other Assets/Liabilities	8.149	(7.510)
of which related parties	35	(1.076)
Net Interest Expenses paid	(6.636)	(7.631)
Income Taxes paid	(237)	(326)
Change in Provisions for Risks and Charges	(587)	(945)
Cash Flow from Operating Activities (A)	89.048	63.798

Appendix - Consolidated Cash Flow Statement (2)

CASH FLOW STATEMENT €/000	At December 31, 2021	At December 31, 2020
Investing activities
Investment in Tangible Assets	(34.632)	(21.851)
Disposal of Tangible Assets	353	1.121
Investment in Intangible Assets	(4.977)	(6.020)
Disposal of Intangible Assets	28	80
Business Purchases	-	(2.771)
of which Asset	-	(922)
of which Goodwill	-	(1.673)
of which cash	-	-
of which other assets and liabilities	-	(176)
Disposal of Financial Assets	(1.018)	(5)
Cash Flow used in Investing Activities (B)	(40.246)	(29.445)
Financing Activities
Increase in no current Loan and borrowing	30.000	105.000
Decrease in no current Loan and borrowing	(123.457)	(12.485)
Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16	(2.295)	(4.774)
of which related parties	(168)	(4.428)
Net variation non-monetary increase IFRS16	(6.803)	(3.541)
of which related parties	(3.095)
Dividends Distribution	-	-
of which related parties	-	-
Increase (decrease) Share Capital	(2.545)	-
Share Buy-Back	-	-
Cash Flow from Financing Activities ( C)	-105.100	84.200
Net Cash Flow of the Year (A)+(B)+(C)	-56.298	118.554