Aquafil Group

3Q2020 Financial Results

13rd November 2020

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

Volume improvement enhanced Group actions

		REVENUES				EBITDA				NET PROFIT			NFP
	2019	2020	∆ %		2019	2020	∆ %		2019	2020	∆ %		31.12.2019 30.09.2020	∆ %
3QUARTER YTD	419.5	327.9	(21.8%)	3QUARTER YTD	54.9	40.1	(27.0%)	3QUARTER YTD	9.5	(2.9)	n.s.	249.6	246.8	(1.1%)
				% on net sales	13.1%	12.2%		% on net sales	2.3%	0.0%
3QUARTER	132.9	105.2	(20.8%)	3QUARTER	15.8	13.2	(16.7%)	3QUARTER	(1.1)	(1.0)	(14.0%)
					11.9%	12.5%			-0.8%

REVENUES			EBITDA			NET PROFIT			NFP


		% on net sales	13.1%	12.2%		% on net sales	2.3%	0.0%
105.2	(20.8%)	3QUARTER	15.8	13.2	(16.7%)	3QUARTER	(1.1)	(1.0)	(14.0%)
			11.9%	12.5%			-0.8%

11.9%	12.5%		-0.8%

	NIFP
31.12.2019 30.09.2020		A%
249.6	246.8	(1.1%)

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

Volumes improvement, higher prices adjustment

3Q volumes: improvement with different speed in the different regions
- Asia and North America recovery much stronger compared to Europe
3Q prices: BCF and Polymers product lines more impacted by prices adjustment
- in 2Q2020 caprolactam price decrease by around 20% (1)

(1) Source: Tecnon Orbichem, n° 486, 28 October 2020 – Caprolactam, West Europe price, new contract, molten, monthly average (2) Based on "First Grade Product" revenues – Index 100

Volumes: stronger recovery in Asia Oceania and N.A.

Asia Oceania: BCF volumes even above 2019 driven by automotive and residential
North America: closing the gap thanks to NTF application
Europe: the slowest restart due to contract weakness

Revenues: volumes improvement, higher prices adjustment

3QUARTER		BCF				NTF				POLYMERS				TOTAL
	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%
EMEA	46.6	33.3	(13.2)	(28.4%)	19.6	1 4	(5.7)	(28.9%)	8.0	6.2	(1.8)	(22.5%)	74.1	53.5	(20.7)	(27.9%)
North America	26.8	20.6	(6.1)	(22.9%)	7.1	7.8	0.7	10.2%	1.4	1.1	(0.3)	(21.2%)	35.3	29.5	(5.7)	(16.2%)
Asia & Oceania	22.3	21.2	(1.2)	(5.2%)	0.3	0.4	0.1	36.1%	0.1	0.0	(0.1)	(75.0%)	22.8	21.7	(1.1)	(5.0%)
ROW	0.1	0.2	0.2	n.s.	0.5	0.3	(0.2)	(36.5%)	0.0	0.0	0.0	n.s.	0.5	0.5	0.0	1.3%
TOTAL	95.8	75.4	(20.3)	% 21.2	27.5	22.5	(5.0)	(18.1%)	9.4	7.3	(2.2)	(26.5%)	132.7	105.2	(27.5)	(20.7%)

3QUARTER YTD	BCF			NTF			POLYMERS				TOTAL
	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%
EMEA	155.3	115.8	(39.5)	(25.4%)	68.4	51.3	(17.0)	(24.9%)	27.2	19.6	(7.5)	(27.8%)	250.8	186.7	(64.1)	(25.5%)
North America	82.5	62.6	(20.0)	(24.2%)	1 0	18.3	8.3	83.1%	4.7	4.4	(0.4)	(7.8%)	97.3	85.2	(12.0)	(12.4%)
Asia & Oceania	68.4	52.6	(15.8)	(23.1%)	1.6	2	0.4	26.7%	0.4	0.0	(0.3)	(87.2%)	70.4	54.7	(15.7)	(22.3%)
ROW	0.1	0.4	0.3	n.s.	0.9	0.9	0.0	(3.8%)	0.0	0.0	0.0	n.s.	1.0	1.2	0.2	17.6%
TOTAL	306.4	231.4	(75.0)	(24.5%)	80.9	72.5	(8.4)	(10.3%)	32.3	24.0	(8.3)	(25.5%)	419.5	327.8	(91.6)	(21.8%)

Revenues: stronger recovery in Asia Oceania and N.A.

Sales: a decline of 31.3% in the quarter drove to a 19.9% reduction YTD
- Pandemic fully impact shifted to 3Q due to the end markets later reaction
% on net sales: 38.1% as of September end

3Q: EBITDA margin improvement, from 11.9% to 12.5%
- Impact of Group actions strengthened by better volume
- On going focus on "shift" management to maximise labour efficiency
- Persistent attention on discretionary spending

Depreciation material increase influenced net result

		QUARTER			3QUARTER YTD
	2019	2020	∆ %	2019	2020	∆ %
REVENUES	132.9	105.2	(20.8%)	419.5	327.9	(21.8%)
EBITDA	15.8	13.2	(16.7%)	54.9	40.1	(27.0%)
Margin %	11.9%	12.5%		13.1%	12.2%
EBIT	(0.2)	0.2	n.s.	17.0	0.2	n.s.
Margin %	(0.1%)	% 0.2		4.0%	0.0%
EBT	(1.0)	(1.4)	(34.4%)	13.2	(3.0)	n.s.
Margin %	(0.8%)	(1.3%)		3.2%	(0.9%)
NET RESULT	(1.1)	(1.0)	(14.0%)	9.5	(2.9)	n.s.
Margin %	(0.8%)	(0.9%)		2.3%	(0.9%)

• Depreciation: +€ 6.5m driven

by 2018-2019 CAPEX peak and O'Mara consolidation

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

Efficient inventories management and CAPEX discipline mitigated quarterly trend
- CAPEX: 48.8% to € 23.7m, focus on operating CAPEX (almost 90%)
2 new medium long-term for a total amount of € 25 million
- € 150.9m of liquidity as of 30 September

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

Volumes: recovery undergoing with ASIA BCF and North America NTF accelerating
Prices: most recent prices in line with 3Q end
Until now no significant impact from partial lockdowns in some European countries

(1) O'Mara included since 1st January 2020 – QTR/monthly variation

High attention on Europe where uncertainty and low visibility increased again
EBITDA: ready to enhance countermeasures to protect profitability
NFP: ongoing CAPEX discipline and NWC efficiency

2020 GUIDANCE (1)	SALES	20% reduction
	EBITDA 20% reduction (2)
	NFP	10% improvement

(1) FX assumptions: €/USD 1.12 and €/CNY 7.73 (FY2019 average FX) - O'Mara consolidate for 12 months in 2020

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	6
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX	19

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.

«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)

«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)

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS	5
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	7
4. OUTLOOK	16
5. APPENDIX – SECTOR DATA	21

Sector Data – Caprolactam price evolution

73,6%

Source: Tecnon Orbichem, n° 486, 28 October 2020 – Caprolactam, West Europe price, new contract, molten, monthly average – Only October 2010 still available

Index	Page
1. 3Q2020YTD FINANCIAL RESULTS - HIGHLIGHTS	3
2. 3Q2020YTD FINANCIAL RESULTS – P&L DETAILS
3. 3Q2020YTD FINANCIAL RESULTS – NFP DETAILS	14
4. OUTLOOK	16
5. APPENDIX – GROUP DATA	24

Consolidate Income Statement

CONSOLIDATED INCOME STATEMENT	September	of wich	September	of wich	Third	of wich	Third	of wich
€/000	2020	non	2019	non	Quarter 2020	non	Quarter 2020	non
Revenue	327,930	current 287	419,537	current	105,197	current 120	132,870	current
of which related parties	8 0		2 9		5 3		-
Other Revenue	4,322	8 2	1,592	112	951	2 2	411	1 7
Total Revenue and Other Revenue	332,252	368	421,129	112	106,148	142	133,281	1 7
Raw Material	(159,480)	(64)	(217,206)	(116)	(50,003)	(6)	(68,981)	3
Services	(63,509)	(1,693)	(75,587)	(3,383)	(21,213)	(658)	(24,396)	(1,043)
of which related parties	(319)		(343)		(108)	-	(124)
Personel	(75,764)	(1,856)	(84,741)	(5,146)	(24,129)	(688)	(30,680)	(4,407)
Other Operating Costs	(3,382)	(790)	(2,703)	(733)	(800)	(74)	(1,392)	(440)
of which related parties	(52)		(38)	-	(17)	-	-	-
Depreciation and Amorti zation	(32,506)		(25,972)	-	(10,752)	-	(9,398)
Doubtful debt prevision	(1,094)		(118)	-	(10)	-	(12)	-
Provisions for risks and charges	(454)		(118)	-	(451)	-	-	-
Capitalization of Internal Construction Costs	4,099		2,283	-	1,433	-	1,398	-
EBIT	161	(4,035)	16,966	(9,265)	223	(1,284)	(182)	(5,869)
Other Financial Income	353		1,120	1,082	156	-	2 0
Interest Expenses	(6,137)		(6,236)	-	(1,896)	-	(2,518)
of which related parties	(177)		(132)	-	(54)	-	-
FX Gains and Losses	2,656		1,396	-	115	-	1,636	-
Profit Before Taxes	(2,966)	(4,035)	13,248	(8,183)	(1,403)	(1,284)	(1,043)	(5,869)
Income Taxes	6 8	-	(3,714)	-	439	-	(77)	-
Net Profit (Including Portion Attr. to Minority )	(2,899)	(4,035)	9,533	(8,183)	(964)	(1,284)	(1,120)	(5,869)
Net Profit Attributable to Minority Interest	0		0		-		-
Net Profit Attributable to the Group	(2,899)		9,533		(964)		(1,120)

Consolidate Income Statement – EBITDA Adjusted

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	September 2020	September 2019	Third Quarter 2020	Third Quarter 2019
Net Profit (Including Portion Attr. to Minority )	(2,899)	9,533	(964)	(1,120)
Income Taxes	(68)	3,714	(439)	7 7
Amortisation & Depreciation	32,506	25,972	10,752	9,398
Write-downs & Write-backs of intangible and tangible assets	1,548	236	461	1 2
Financial items (*)	4,953	6,191	2,105	1,605
No recurring items (**)	4,035	9,265	1,284	5,869
EBITDA	40,075	54,911	13,199	15,841
Revenue	327,930	419,537	105,197	132,870
EBITDA Margin	12.2%	13.1%	12.5%	11.9%

RECONCILIATION FROM EBITDA TO	September	September	Third Quarter	Third Quarter
EBIT ADJUSTED €/000	2020	2019	2020	2019
EBITDA	40,075	54,911	13,199	15,841
Amortisation & Depreciation	32,506	25,972	10,752	9,398
Write-downs & Write-backs of intangible and tangible assets	1,548	236	461	1 2
EBIT Adjusted	6,021	28,703	1,986	6,431
Revenue	327,930	419,537	105,197	132,870
EBIT Adjusted Margin	1.8%	6.8%	1.9%	4.8%

(*) The financial items include: (i) financial income of Euro 0.4 million and Euro 1.1 million respectively i n the periods ending September 30,
2020 and September 30, 2019 (ii) financial charges of Euro 6.1 million and Euro 6.2 million respectively in the periods ending September 30,

2020 and September 30, 2019 (ii) financial charges of Euro 6.1 million and Euro 6.2 million respectively in the periods ending September 30, ²⁰²⁰ and September 30, 2019, (iii) cash discounts of Euro 1.8 million end Euro 2.5 million respectively i n the periods ending September 30, ²⁰²⁰ and September 30, 2019, and (iv) exchange gains of Euro 2.6 million and Euro 1.4 million respectively i n the periods ending September 30, 2020 and September 30, 2019.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group and other corporate transactions for Euro 2.3 million and 3.7 million respectively i n the periods ending September 30, ²⁰²⁰ and September 30, 2019, (ii) non-recurring industrial charghes of Euro 1.0 million for the period ending September 30, 2019, (iii) costs for restructuring for Euro 1.1 million and Euro 4.1 million respectively i n the periods ending September 30, ²⁰²⁰ and September 30, ²⁰¹⁹ and (iv) other non-recurring charges of Euro 0.6 million and Euro 0.5 million respectively in the periods ending September 30, 2020 and September 30, 2019.

Consolidate Balance Sheet

CONSOLIDATED BALANCE SHEET	At September 30,	At December 31,
€/000	2020	2019
Intangible Assets	22,551	21,101
Goodwill	12,502	13,029
Tangible Assets	237,559	251,492
Financial Assets	630	765
of which related parties	318	313
Other Assets	1,336	2,189
Deferred Tax Assets	11,538	13,636
Total Non-Current Assets	286,115	302,212
Inventories	157,565	184,931
Trade Receivable	25,889	24,960
of which related parties	109	69
Financial Current Assets	844	1,637
Current Tax Receivables	1,871	1,639
Other Current Assets	12,510	12,126
of which related parties	2,527	2,231
Cash and Cash Equivalents	150,921	90,400
Asset held for sales	-	428
Total Current Assets	349,600	316,120
Total Current Assets	635,715	618,332
Share Capital	49,722	49,722
Reserves	92,391	81,813
Group Net Profit for the year	(12,678)	10,799
Group Shareholders Equity	129,435	142,335
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	-
Total Sharholders Equity	129,436	142,336
Employee Benefits	5,638	5,721
Non-Current Financial Liabilities	353,505	286,970
of which related parties	6,284	9,624
Provisions for Risks and Charges	1,979	1,508
Deferred Tax Liabilities	8,837	10,915
Other Payables	12,175	15,383
Total Non-Current Liabilities	382,135	320,497
Current Financial Liabilities	45,075	54,733
of which related parties	3,525	3,572
Current Tax Payables	1,072	1,127
Trade Payables	56,314	76,089
of which related parties	590	127
Other Liabilities	21,683	23,551
of which related parties	230	236
Total Current Liabilities	124,145	155,499
Total Equity and Liabilities	635,715	618,332

Debt overview – Outstanding gross debt

		AMOUT ( 1 )				COVENANTS ( 2 )
BORROWINGS - 30 June 2020	ISSUE DATE	CURRENCY	COUPON	MATURITY	Total	Drawn	Undrawn	(1) Parameters	Reference Check
Private Placement B	Sept 2018	EUR	4.70%	Sept 2028	5 0	5 0	0	EBITDA / Net financial charges > 3.5
Private Placement C	May 2019	EUR	2.87%	May 2029	4 0	4 0	0	Net Debt / EBITDA < 3.75 Minimum NET Equity threshold levels	Group	Half-yearly
Shelf facilities	Sept 2018	EUR	Floating at use	Sept 2028	5 0	0	5 0	To be defined at use
US Private Placement					140	9 0	5 0
Medium-long term loans - fixed rate	2016-2020	EUR	1.25%	2021-2027	109	109	0	Net Debt / Net Equity Net Debt / EBITDA	Group
Medium-long term loans - variable rate	2018-2020	EUR	0.62%	2021-2026	139	139	0	EBITDA / Financial charges
USD PPL	June 2019	USD	1.00%	2021	5	5	0	N.A.
Medium-long term loans					253	253	0
Short term credit lines	N.A.	EUR	Floating at use	Revocable	8 4	0	8 4	N.A.
Leasing	2007	EURO	0.00%	2021	9	9	0	N.A.
TOTAL					486	352	134

Data in € million – (1) Actual coupon

(2) Please see 1H2020 Explanatory Notes to the Financial Statements for details on each medium-long term loans and short term credit credit lines (3) Excluding lease liabilities and "right of use"

Debt overview – Net financial position

NET FINANCIAL DEBT	At September 30,	At December 31,
€/000	2020	2019
A. Cash	150,921	90,400
B. Other cash equivalents		-
C. Securities held-for-trading		-
D. Liquidity ( A + B + C)	150,921	90,400
E. Current financial receivables	844	1,637
F. Current bank loans and borrowing	(32)	(129)
G. Current portion of non-current loans and borrowing	(36,711)	(46,056)
H. Other current loans and borrowing	(8,332)	(8,547)
I. Current financial debt ( F + G + H )	(45,075)	(54,733)
J. Net current financial debt (I + E+ D)	106,689	37,304
K. Non-current bank loans and borrowing	(240,567)	(169,796)
L. Bonds issued	(90,419)	(90,458)
M. Other non-current loans and borrowing	(22,520)	(26,619)
N. Non-current financial debt ( K + L + M )	(353,505)	(286,874)
O. Net financial debt (J+N)	(246,816)	(249,570)

400

Debt overview – Net financial position – Details

Data in € million - (1) Excluding lease liabilities

Cash Flow Statements

CASH FLOW STATEMENT	At September 30,	At September 30,
€/000	2020	2019
Operation Activities
Net Profit (Including Portion Attr. to Minority )	-2,899	9,533
of which related parties	-468	-484
Income Taxes	-68	3,714
Income (loss) from Investments	-353	-1,120
of which related parties
Other Financial Income	6,137	6,236
of which related parties	-177	-132
FX (Gains) and Losses	-2,656	-1,396
(Gain)/Loss on non - current asset Disposals	-86	-192
Provisions & write-downs	1,094	118
Amortisation, depreciation & write-downs	454	118
Net variation non-monetary increase IFRS16	32,516	25,963
Non-monetary decrease IFRS 16	-2,119	-4,614
Cash Flow from Operating Activities Before Changes in NWC	32,019	38,359
Change in Inventories	27,366	-1,531
Change in Trade and Other Receivables	-19,774	-34,222
of which related parties	463	-524
Change in Trade and Other Payables	-1,383	4,710
of which related parties	-40	20
Change in Other Assets/Liabilities	-7,105	5,594
of which related parties	-302	200
Net Interest Expenses paid	-5,784	-4,166
Income Taxes paid	-271	-821
Change in Provisions for Risks and Charges	-773	-473
Cash Flow from Operating Activities (A)	24,294	7,451

Investing activities
Investment in Tangible Assets	-18,398	-38,963
Disposal of Tangible Assets	762	277
Investment in Intangible Assets	-4,019	-3,421
Disposal of Intangible Assets	80	9
Business Purchases Aquafil O'Mara	0	-37,225
of which Asset	0	-15,715
of which Goodwill	0	-14,673
of which cash	0	150
of which other assets and liabilities	0	-6,988
Disposal of Financial Assets	-5	0
Cash Flow used in Investing Activities (B)	(21,581)	(79,324)
Financing Activities
Increase in no current Loan and borrowing	69,956	103,000
Decrease in no current Loan and borrowing	-8,161	-31,255
Net variation in current fiancial Assets and Liability	-3,986	-1,367
of which related parties	-3,392	3,184
Dividends Distribution	0	-12,273
of which related parties	0	-7,316
Cash Flow from Financing Activities ( C)	57,808	58,104
Net Cash Flow of the Year (A)+(B)+(C)	60,521	(13,769)