Aquafil

Investor Presentation • Sep 11, 2020

AQUAFIL

Corporate Presentation

Industrial Day

14th September 2020

• Pioneers of circularity with ECONYL®:

• An unique Regeneration System to produce sustainable fiber and polymers from nylon 6 waste;
• High barriers to entry for technology and reverse supply chain;
• Turnover of product branded ECONYL® equal to ca 38% of fiber turnover
• significant environmental advantage;
• reduction of greenhouse gas emissions by as much as 80%
• Market Leader in Nylon (PA):
• Fiber for Carpet flooring (BCF Product);
• Fiber for Fabrics (NTF Product);
• Polymers for engineering plastics;
• A successful business model based on
• Proprietary technology with continuous innovation;
• R&D focus for a uniquely diversified commercial offer;
• Manufacturing and operational excellence;
• Focus on high-end segments for a premium positioning;
• A Global footprint with proximity to Clients
• 16 plants in 3 continents and 7 countries
• almost 3.000 employees at end 2019;
• €549,0m of Revenues in FY2019
• €69,4m EBITDA in FY2019

Index

1.	AQUAFIL AT A GLANCE	4
2.	AQUAFIL MARKET	10
3.	ECONYL®	14
4.	2020 OUTLOOKS AND 1° HALF 2020 FINANCIAL RESULTS	20
5.	ANNEXES	24

AQUAFIL AT A GLANCE

Aquafil's Value Chain

Global Footprint with proximity to Clients

AQUAFIL WORLDWIDE

USA

Cartersville (Georgia) Aquafil USA 1 & 2

Phoenix (Arizona) Aquafil Carpet Recycling ACR#1

Sacramento (California) Aquafil Carpet Recycling ACR#2

Rutherford College (North Carolina) Aquafil O'Mara

UK Kilbirnie Aquafil UK

ITALY

Arco (TN) Aquafil (Headquarter)

Cares (TN) Rovereto (TN) Tessilquattro

CROATIA Oroslavje

Aquafil CRO

SLOVENIA

Ljubljana AquafilSLO

Senožeče AquafilSLO Senožeče

Štore AquafilSLO Štore

Ajdovščina AquafilSLO Ajdovščina

CHINA

Jiaxing Aquafil Jiaxing

THAILAND

Rayong Aquafil Asia Pacific

More than 50 Years of Growth Key Milestones

Revenues (€m)

EBITDA (€m) and Margin on Revenues (%)

(1) Defined as EBITDA minus D&A, impairments and provisions.

AQUAFIL MARKET

2018 PA Market Shares

1

(1) Aquafil on Wood Mackenzie market data - Based on volume

B

Textile mass production is in APAC, with Europe's core focus is on high-end production. Fast fashion needs lead to growing production out of Turkey, which can be served by European NTF players

A leading player with limited competition. Only 3 suppliers capable of offering products starting from monomer and intermediate handling. APAC moving slowly towards highend production

1

ECONYL®

• 100% regenerated & regenerable nylon • Unique proprietary technology • Ca 38 % of Aquafil Fiber 2019 Revenues

WWW.ECONYL.COM

STEP 1: RESCUE

The ECONYL® Regeneration System starts with rescuing waste, like fishing nets, fabric scraps, carpet flooring and industrial plastic from landfills and oceans all over the world. That waste is then sorted and cleaned to recover all of the nylon possible.

STEP 2: REGENERATE

Through a radical regeneration and purification process, the nylon waste is recycled right back to its original purity. That means ECONYL® regenerated nylon is exactly the same as virgin nylon.

STEP 3: REMAKE ECONYL® regenerated nylon is processed into carpet yarn and textile yarn for the fashion and interior industries.

STEP 4: REIMAGINE Fashion brands and carpet producers use ECONYL® regenerated nylon to create brand

2020 OUTLOOKS AND 1° HALF 2020 FINANCIAL RESULTS

STRONG GROUP REACTION

EXTRAORDINARY EFFORTS OF ALL OF US

BUSINESS CONTINUITY, 2019 SAVINGS PLAN AND PROMPLY ADOMPTED COUNTERMISURES MINIMISED FLOW THROUGH

NFP IMPROVED AND FINANCIAL SOLIDITY ENHANCED

RECOVERY IN SUMMER

2020 GUIDANCE

CONFIDENT IN GROUP FUTURE

CLEAR PATH AHEAD

"CIRCULARITY" IN OUR DNA IN OUR STRATEGY AND DRIVING OUR FUTURE

LEVERAGE OUR PEOPLE OUR PRODUCTS AND OUR TECHNOLOGIES

STRONG FOCUS ON VALUE CHAINS AND PARTHENRSHIP

• Asia and Oceania driving recovery thanks to "Fiber for carpet" (BCF)
• NTF demand stronger than last year in North America
• ECONYL® demand recovering gradually

Assuming no COVID-19 resurge and no further lockdowns in 2H2020:

• Revenues: summer trend substantially confirmed
• EBITDA: on-going benefits from 2019 savings plan, COVID-19 countermeasures (1) and moreover a positive evolution of sales mix both in term of regions and product lines
• NFP: reduction driven by CAPEX and NWC

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

(1) Possible PPP loan positive impacts of \$ 5.5m not included

(2) 2020 FX assumptions: €/USD 1.12 and €/CNY 7.73 (FY2019 average FX) - O'Mara consolidate for 12 months in 2020

1° HALF 2020 FINANCIAL RESULTS

Effectively minimising negative flow through

		REVENUES				EBITDA				NET PROFIT
	2019	2020	∆%		2019	2020	∆%		2019	2020	∆%
HALF	286,8	222,7	(22,3%)	HALF	39,1	26,9	(31,2%)	HALF	10,7	(1,9)	n.s.
				% on net sales	13,6%	12,1%		% on net sales	3,7%	n.s.
QUARTER	141,3	82,0	(42,0%)	QUARTER	20,0	8,7	(56,6%)	QUARTER	3,0	(6,0)	n.s.
					14,1%	10,6%			2,1%	n.s.

	NFP
FY2019	1H2020	∆%
249,6	242,2	(2,90%)

SALES Excluding O'Mara: (25,3%) in 1H and (43,2%) in 2Q Sever impact of Covid-19 across all regions and products lines Limited influence of raw material price pass trough ECONYL®: (14,7)% in 1H and (28)% in 2Q Reference markets impacted later in the period		EDITDA Excluding O'Mara: (31,4%) in 1H and (52%) in 2Q 2019 savings plan on track: € 6.6m generated in 1H Exceptional countermeasures: € 7m from strong focus on fix costs management Potential benefit of US government support initiatives (\$ 5,6m)		NET PROFIT Impacted by EBITDA reduction and higher depreciation Depreciation increase connected to 2018-2019 CAPEX program	NFP Positive cash generation despite tough environment thanks to CAPEX reduction New medium-term bank loan facilities Liquidity to € 132,8m

All region and product lines severely impacted

HALF		BCF				NTF				POLYMERS				TOTAL
	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%
EMEA	108,7	82,4	(26,3)	(24,2%)	48,7	37,4	(11,4)	(23,3%)	19,2	13,5	(5,8)	(29,9%)	176,7	133,3	(43,4)	(24,6%)
North America	55,8	41,9	(13,8)	(24,8%)	2,9	10,4	7,6	n.a.	3,4	3,3	(0,1)	(2,4%)	6 2	55,7	(6,3)	(10,2%)
Asia & Oceania	46,1	31,5	(14,5)	(31,7%)	1,3	1,6	0,3	24,3%	0,2	0,0	(0,2)	(94,1%)	47,6	33,1	(14,5)	(30,5%)
ROW	0,1	0,1	0,0	63,6%	0,5	0,6	0,1	29,0%	0,0	0,0	0,0	n.s.	0,5	0,7	0,2	33,6%
TOTAL	210,6	155,9	(54,7)	(26,0%)	53,4	50,0	(3,4)	% 6,3	22,8	16,8	(6,0)	(26,5%)	286,8	222,7	(64,1)	(22,3%)

• Sales: reduction of 14,7% in 1H2020 and of 28% in 2Q2020
• end markets impacted later in the period
• % on net sales: 40,9% in 1H2020
• 2Q incidence peak influenced by demand evolution

Prompt and effective actions to mitigate Covid-19

PROFITABILITY	BUSINESS CONTINUITY	Sites: prompt adoption stricter safety measures, including new sites protocol and working practice HQs progressive adoption of remote working Customers: on-going support and services
	LABOUR	Activation of Government social schemes and other employment support tools Precise and flexible "shift" management
	OTHER COST	Cancelling all discretionally spending

Business continuity and labour efficiency

• Delivery of 2019 saving plans almost in line with expectations
• Group strong efforts to minimize sales decline are paying off
• Business continuity
• Exceptional effort in labour efficiency

Net Result influenced by depreciation too

		QUARTER		HALF
	2019	2020	∆ %	2019	2020	∆ %
REVENUES	141,3	82,0	(42%)	286,8	222,7	(22%)
EBITDA	20,0	8,7	(57%)	39,1	26,9	(31%)
Margin %	14,1%	10,6%		13,6%	12,1%
EBIT	8,1	-5,3	n.s.	17,1	(0,1)	n.s.
Margin %	5,7%	n.s.		6,0%	0,0%
EBT	4,7	(7,2)	n.s.	14,3	(1,6)	n.s.
Margin %	3,3%	n.s.		5,0%	n.s.
NET RESULTS	3,0	(6,0)	n.s.	10,7	(1,9)	n.s.
Margin %	2,1%	n.s.		3,7%	n.s.

• Depreciation: +€ 5,2m driven by 2018-2019 CAPEX peak and O'Mara consolidation

Prompt and effective actions to mitigate Covid-19

	NWC	Proactive and efficient inventories management
CASH GENERATION	CAPEX	Focus on operating CAPEX
	M&A	Temporary suspension of M&A process
	NEW LOANS	€ 40 million new medium-long term loans
FINANCIAL	DEBT MATURITY	Extension of all medium-long term facilities
SOLIDITY	COVENANTS HOLIDAY	«Covenant holiday» agreement on 30 June 2020 test (1)
	DIVIDENDS	2019 profit entirely allocated to retained earnings

(1) Agreement entered with Prudential Financial and Cassa Depositi e Prestiti on PFN/EBITDA LTM covenants

Further enhancement of liquidity

• 2 new medium long-term for a total amount of € 40 million
• Further increase of liquidity
• Extended all medium-term facilities
• "Covenant holiday" on 30 June 2020

133

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)

CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE

A capital structure with 3 type of Shares (a) Ordinary Share, (b) share B: dedicated to Giulio Bonazzi family with the same economic right of ordinary share but with 3 voting right for any share and (c) share C: no transferable, no economic and voting right but at certain conditions convertible in ordinary share at a ratio of 4,5 ordinary share for 1 Share C. At 31st December 2018:

Main Aquafil's shareholders is Aquafin Holding S.p.A. (holding of Giulio Bonazzi Family) and also Managers are involved::

Corporate Governance

Board of Statutory Auditors

Stefano Poggi Longostrevi Chairman

Board of Directors defines the Group's global strategies by developing actions for growth, launching new activities in various sectors and implementing plans for investment, control and assessment of results.

Fabio Buttignon Statutory Auditor

Bettina Solimando Statutory Auditor

Auditors Firm

Note: (1) Director who has declared that he satisfies the independence requirements pursuant to Articles 147-ter, paragraph 4 of the Consolidating Law on Finance, as well as Article 3 of the Code of Self-Governance (2) Lead Independent Director (3) Member and President of Audit and Risk Committee (4) Member of Audit and Risk Committee (5) Member and President of Appointment and Remuneration Committee (6) Member of Appointment and Remuneration Committee

HISTORICAL CASH FLOW, CAPEX AND NET FINANCIAL POSITION

Cash Flow from Operating Activities (€m) and Cash Return(2) (%)

Capex (€m)

Net Financial Debt (€m) and Net Financial Debt / EBITDA(1)

ST HALF 2020 – FINANCIAL RESULTS

Consolidate Income Statement

E-MARKET SDIR
CERTIFIED

CONSOLIDATED INCOME STATEMENT	Half Year	of wich	Half Year	of wich	Second	of wich	Second	of wich
€/000	2020	non	2019	non	Quarter 2020	non	Quarter 2019	non
Revenue	222.733	current -	286.667	current -	82.019	current 166	141.339	current -
of which related parties	27		29	-	-	-	12	-
Other Revenue	3.371	226	1.181	95	2.889	42	580	20
Total Revenue and Other Revenue	226.104	226	287.848	9 5	84.909	209	141.919	2 0
Raw Material	(109.477)	(58)	(148.225)	(119)	(36.746)	(46)	(71.071)	(19)
Services	(42.296)	(1.036)	(51.191)	(2.340)	(17.194)	(410)	(26.410)	(1.537)
of which related parties	(211)	-	(219)	-	(102)	-	(116)	-
Personel	(51.635)	(1.168)	(54.060)	(739)	(23.817)	(544)	(27.348)	(600)
Other Operating Costs	(2.582)	(716)	(1.311)	(293)	(1.436)	(587)	(717)	(174)
of which related parties	(35)	-	(38)	-	(17)	-	(23)	-
Depreciation and Amorti zation	(21.754)	-	(16.574)	-	(10.921)	-	(8.536)	-
Doubtful debt prevision	(1.084)	-	(117)	-	(1.070)	-	(103)	-
Provisions for risks and charges	(3)	-	(107)	-	(3)	-	(86)	-
Capitalization of Internal Construction Costs	2.666	-	886	-	1.028	-	415	-
EBIT	(62)	(2.751)	17.148	(3.396)	(5.250)	(1.378)	8.063	(2.310)
Other Financial Income	197	-	1.100	1.082	151	-	9	-
Interest Expenses	(4.241)	-	(3.717)	-	(2.035)	-	(2.156)	-
of which related parties	(123)	-	(132)	-	(94)	-	(68)	-
FX Gains and Losses	2.541	-	(241)	-	(78)	-	(1.202)	-
Profit Before Taxes	(1.564)	(2.751)	14.291	(2.314)	(7.213)	(1.378)	4.714	(2.310)
Income Taxes	(371)	-	(3.637)	-	1.201	-	(1.757)	-
Net Profit (Including Portion Attr. to Minority )	(1.935)	(2.751)	10.654	(2.314)	(6.012)	(1.378)	2.958	(2.310)
Net Profit Attributable to Minority Interest	0		-		0		0
Net Profit Attributable to the Group	(1.935)		10.654		(6.012)		2.958

Consolidate Income Statement – Sales details – 2Q

2QUARTER		BCF			NTF				POLYMERS				TOTAL
	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%	2019	2020	∆	∆%
EMEA	53,9	3 0	(23,9)	(44,3%)	22,5	12,4	(10,1)	(44,7%)	9,1	5,1	(4,0)	(44,1%)	85,5	47,5	(38,0)	(44,4%)
North America	26,3	17,1	(9,2)	(35,0%)	2,9	3,5	0,6	22,1%	2,1	1,2	(1,0)	(45,1%)	31,3	21,8	(9,5)	(30,5%)
Asia & Oceania	23,8	11,9	(11,8)	(49,8)%	0,5	0,7	0,1	25,3%	0,1	0,0	(0,1)	(85,8%)	24,4	12,6	(11,8)	(48,3%)
ROW	(0,0)	0,0	0,0	n.a	0,3	0,1	(0,2)	(60,2%)	0,0	0,0	0,0	n.s.	0,29	0,1	(0,2)	(6 0 , 0 %)
TOTAL	104,0	59,0	(45,0)	(43,2%)	26,2	16,7	(9,5)	(36,2%)	11,3	6,3	(5,0)	(44,6%)	141,3	82,0	(59,3)	(42,0%)

Consolidate Income Statement – EBITDA Adjusted

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	Half Year 2020	Half Year 2019	Second Quarter 2020	Second Quarter 2019
Net Profit (Including Portion Attr. to Minority )	(1.935)	10.654	(6.012)	2.958
Income Taxes	371	3.637	(1.201)	1.757
Amortisation & Depreciation	21.754	16.574	10.921	8.536
Write-downs & Write-backs of intangible and tangible assets	1.087	224	1.073	189
Financial items (*)	2.848	4.587	2.501	4.208
No recurring items (**)	2.751	3.396	1.378	2.310
EBITDA	26.876	39.070	8.660	19.957
Revenue	222.733	286.667	82.019	141.339
EBITDA Margin	12,1%	13,6%	10,6%	14,1%

RECONCILIATION FROM EBITDA TO	Half Year	Half Year	Second	Second
EBIT ADJUSTED €/000	2020	2019	Quarter 2020	Quarter 2019
EBITDA	26.876	39.070	8.660	19.957
Amortisation & Depreciation	21.754	16.574	10.921	8.536
Write-downs & Write-backs of intangible and tangible assets	1.087	224	1.073	189
EBIT Adjusted	4.036	22.273	(3.334)	11.232
Revenue	222.733	286.667	82.019	141.339
EBIT Adjusted Margin	1,8%	7,8%	-4,1%	7,9%

(*) The financial items include: (i) financial income of Euro 0.2 million and Euro 1.1 million respectively in the periods ending June 30, 2020 and June 30, 2019 (ii) financial charges of Euro 4.2 million and Euro 3.7 million respectively in the periods ending June 30, 2020 and June 30, 2019, (iii) cash discounts of Euro 1.3 million end Euro 1.7 million respectively in the periods ending June 30, 2020 and June 30, 2019, and (iv) exchange gains of Euro 2.5 million and exchange losses of Euro 0.2 million respectively in the periods ending June 30, 2020 and June 30, 2019. (**) This includes (i) non-recurring charges related t o the expansion of the Aquafil Group and other corporate transactions for Euro 1.7 million and 2.3

million respectively in the periods ending June 30, 2020 and June 30, 2019, (ii) non-recurring industrial charghes of Euro 0.6 million for the period ending June 30, 2019, (iii) costs for restructuring for Euro 0.5 million and Euro 0.1 million respectively in the periods ending June 30, 2020 and June 30, 2019 and (iv) other non-recurring charges of Euro 0.5 million and Euro 0.4 million respectively in the periods ending June 30, 2020 and June 30, 2019.

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2020	2019
Intangible Assets	22.265	21.101
Goodwill	13.071	13.029
Tangible Assets	244.154	251.492
Financial Assets	677	765
of which related parties	313	313
Other Assets	1.336	2.189
Deferred Tax Assets	10.577	13.636
Total Non-Current Assets	292.081	302.212
Inventories	168.360	184.931
Trade Receivable	22.426	24.960
of which related parties	98	69
Financial Current Assets	853	1.637
Current Tax Receivables	1.987	1.639
Other Current Assets	13.096	12.126
of which related parties	2.416	2.231
Cash and Cash Equivalents	132.774	90.400
Asset held for sales	-	428
Total Current Assets	339.496	316.120
Total Current Assets	631.577	618.332
Share Capital	49.722	49.722
Reserves	92.377	81.813
Group Net Profit for the year	(5.490)	10.799
Group Shareholders Equity	136.609	142.335
Net Equity attributable to minority interest	1	1
Total Sharholders Equity	136.610	142.336
Employee Benefits	5.729	5.721
Non-Current Financial Liabilities	341.414	286.970
of which related parties	7.241	9.624
Provisions for Risks and Charges	1.963	1.508
Deferred Tax Liabilities	8.997	10.915
Other Payables	13.600	15.383
Total Non-Current Liabilities	371.704	320.497
Current Financial Liabilities	34.462	54.733
of which related parties	3.556	3.572
Current Tax Payables	655	1.127
Trade Payables	64.801	76.089
of which related parties	406	127
Other Liabilities	23.345	23.551
of which related parties	230	236
Total Current Liabilities	123.263	155.499
Total Equity and Liabilities	631.577	618.332

NET FINANCIAL DEBT	At June 30,	At December 31,
€/000	2020	2019
A. Cash	132.774	90.400
B. Other cash equivalents	-	-
C. Securities held-for-trading	-	-
D. Liquidity ( A + B + C)	132.774	90.400
E. Current financial receivables	853	1.637
F. Current bank loans and borrowing	(72)	(129)
G. Current portion of non-current loans and borrowing	(26.066)	(46.056)
H. Other current loans and borrowing	(8.324)	(8.547)
I. Current financial debt ( F + G + H )	(34.462)	(54.733)
J. Net current financial debt (I + E+ D)	99.165	37.304
K. Non-current bank loans and borrowing	(226.800)	(169.796)
L. Bonds issued	(90.432)	(90.458)
M. Other non-current loans and borrowing	(24.182)	(26.619)
N. Non-current financial debt ( K + L + M )	(341.414)	(286.874)
O. Net financial debt (J+N)	(242.249)	(249.570)

Data in € million - 49 (1) Excluding lease liabilities

Additional financial information

BORROWINGS - 30 June 2020	ISSUE DATE	CURRENCY	COUPON ( 1 )	MATURITY		AMOUT		(1) COVENANTS ( 2 )
					Total	Drawn	Undrawn	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
								Net Debt / Net Equity
Medium-long term loans - fixed rate	2016-2020	EUR	1,25%	2021-2027	109	109	0	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	0,08%	2021	9	9	0	N.A.
TOTAL					486	352	134

CASH FLOW STATEMENT	At June 30,	At June 30,
€/000	2020	2019
Operation Activities
Net Profit (Including Portion Attr. to Minority )	-1.935	10.654
of which related parties	-342	-360
Income Taxes	371	3.637
Income (loss) from Investments	-197	-1.100
Other Financial Income	4.241	3.717
of which related parties	123	132
FX (Gains) and Losses	-2.541	241
(Gain)/Loss on non - current asset Disposals	-72	-148
Provisions & write-downs	1.087	224
Amortisation, depreciation & write-downs	21.761	16.572
Net variation non-monetary increase IFRS16	-1.206	-2.976
Cash Flow from Operating Activities Before Changes in NWC	21.508	30.820
Change in Inventories	16.571	1.313
Change in Trade and Other Receivables	-11.287	-19.584
of which related parties	279	-611
Change in Trade and Other Payables	2.531	-4.966
of which related parties	-29	36
Change in Other Assets/Liabilities	-3.640	402
of which related parties	-191	681
Net Interest Expenses paid	-4.044	-1.593
Income Taxes paid	610	-713
Change in Provisions for Risks and Charges	-571	-58
Cash Flow from Operating Activities (A)	21.678	5.621
Investing activities Investment in Tangible Assets
Disposal of Tangible Assets	-12.120	-30.421
Investment in Intangible Assets	584	183
Disposal of Intangible Assets	-2.979	-2.319
Business Purchases Aquafil O'Mara	167 0	7 -35.618
of which Asset	0	-15.060
of which Goodwill	0	-14.040
of which cash	0	112
of which other assets and liabilities	0	-6.630
Cash Flow used in Investing Activities (B)	(14.348)	(68.168)
Financing Activities
Increase in no current Loan and borrowing	45.059	73.000
Decrease in no current Loan and borrowing	-7.991	-11.320
Net variation in current fiancial Assets and Liability	-2.024	-1.105
of which related parties	-2.400	2.030
Dividends Distribution	0	-12.273
of which related parties	0	-7.316
Cash Flow from Financing Activities ( C)	35.044	48.301
Net Cash Flow of the Year (A)+(B)+(C)	42.374	(14.245)

Investors Contact:

Karim Tonelli Investor Relations & Performance Management Director karim.tonelli@aquafil.com Mob: +39 348 60 22 950