Aquafil

Investor Presentation • Jun 24, 2020

AQUAFIL

Corporate Presentation

Digital Italian Sustainability Week

29th - 30th June 2020

Disclaimer

This document has been prepared by Aquafil S.p.A. ("Aquafil" or "Company")solely to introduce the Company and its business.

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• 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 plantsin 3 continents and 7 countries
• almost 3.000 employees at end 2019;
• €549,0m of Revenues in FY2019
• €69,4m EBITDA in FY2019

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 AquafilSLOSenožeče

Štore AquafilSLOŠtore

Ajdovščina AquafilSLOAjdovščina

CHINA

Jiaxing Aquafil Jiaxing

THAILAND

Rayong Aquafil Asia Pacific

A

Fiber for carpet flooring - BCF Product

1

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

A

Product

Range

Co - development

Fiber for carpet flooring - BCF Product

• More than 20,000 SKUs, approximately 5,000 references renewedeach year

• The only supplier of 100% regenerated ECONYL® fiber
• Broad proprietary color range

• Specialty polymers

• Carpet development centers in each geography

• Production of more than 8,000 samples per year

Service

• The only player with production plants in 3 different continents
• Short delivery time: e.g. 2 weeks worldwide for the ECONYL® solution dyed fiber
• Consistent high quality across all geographies to serve consistent product to global clients

B

Fiber for Fabric - NTF Product

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 EuropeanNTF 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

B

Fiber for Fabric - NTF Product

Flexible & Competitive Asset Base

Partnership with Clients

Attractive Value Proposition

• 90% + utilization
• Low labor, energy and logistic cost

• High level of automation in state of the art plants

• Consolidated partnership with the two most established nylon users in Europe

• Successful client portfolio thanks to a wide, competitive and diversified product offering
• ECONYL®
• Dryarn®
• Microlon
• Recognized brands and sophisticated product offer to the swimwear and lingerie sector

B

Fiber for Fabric - NTF Product

ECONYL® RegeneratedFiber

• 100% regenerated& regenerable nylon fiber
• Fully recognized by a large and growing number of global sportswear and luxury brands (c. 700 license brand agreementsin place)
• Unique storyline channeled by brands onto final consumers
• Qualifies and opens doors to the entire Aquafil products offering

Dryarn®: a Successful High-performance Fiber

• Dryarn® is a niche, high-end fiber for sportswear and technical underwear applications
• Dryarn® has significantly superior properties than most common textile fibers (polyester, cotton, wool): better dryness (less moisture absorption), lightness, breathability and insulation capacity
• Established itself as THE brand of microfiber polypropylene high performance garments (military and civilservice included)

• 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.

The ACR#1, ARC#2, ARC#.. a new model for business…..

An unique technology for nylon 6 carpet regeneration, the AQUAFIL CARPET RECYCLING plant with capacity to collect and treat 16 k tons (each plant) of carpet per year

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.

19

Giulio BONAZZI Chairman Chief Executive Officer and President of BCF Area Asia Pacific

Fabrizio CALENTI Executive Director – President of NTF & ECONYL® Technology

Adriano VIVALDI Executive Director Chief Financial Officer

Stefano LORO President of BCF Area EMEA

Sergio CALLIARI Senior Vice President of Finance

Franco ROSSI Director President of BCF Area USA

Giuseppe CRIPPA Senior Vice President of Industrial Operations BCF

Revenues (€m)

Revenues by Product Line H119 are composed by (a) 72,9% of fiber for carpet (BCF) product, including Engineering activities, (b) 19,6% of fiber for fabric (NTF) product and (d) 7,5%of Polymers andarecarried outfor (i) 59,6%EMEA (ii) 23,3%NorthAmerica (iii) 16,8%AsiaandOceania

Sales of ECONYL®branded products aregrowth of 3,2%inFY 2019 compared to FY 2018 and representintheca37,5%offibersales.

EBITDA (€m), EBIT Adjusted (1) (€m) and Margin on Revenues (%)

Net Profit (€m) and Margin on Revenues (%)

Capex (€m)

Capex FY 2019 without consider effects of O'Mara Incorporated acquisition and of IFRS16 is mainly relating to (i) increase of ECONYL® caprolactam production capacity including by construction oftwo Carpet Recycling plants located in Phoenix and in Sacramento, (ii) expansion of fiber production capacity in China and in United States, (iii) production and logisticefficiency improvementprojects and (iv) upgrading and improvements of existing plants.

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

Net financial position amounted to €249.6 million at December 31, 2019 compared to €273.2 million at September 30, 2019. Excluding the effect of the application ofIFRS16 and the acquisition of O' Mara Incorporated, Net financial position would have amounted to €189.2 million compared to €207.3 million at September 30, 2019 and change is mainly attributable to the following cash flows (in euro million): (a) +55.2 from operation activities; (b) -55.9 from investments; (c) -5.1 from change in net working capital; (d) -12.3 from dividend payment; (e) -9.0 from interest and taxes paid.

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

Note: (1) LTM EBITDA is used for Half Period (2) Cash return defined as period Cash Flow from Operating Activities / EBITDA

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 December2018:

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

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 plansforinvestment, control and assessment of results.

Bettina Solimando Statutory Auditor

Note: (1) Director who has declared that he satisfies the independence requirements pursuant to Articles 147-ter, pa ragraph 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

APPENDIX

FY 2019 – CONSOLIDATED FINANCIAL STATEMENT

RECONCILIATION FROM NET PROFIT TO EBITDA	December	December	Forth Quarter	Forth Quarter
€/000	2019	2018	2019	2018
Net Profit (Including Portion Attr. to Minority )	9.005	30.097	(529)	5.742
Income Taxes	1.519	6.986	(2.195)	784
Amortisation & Depreciation	37.765	26.361	11.793	7.438
Write-downs & Write-backs of intangible and tangible assets	555	285	318	(1.148)
Financial items (*)	10.108	7.793	3.916	1.187
No recurring items (**)	10.457	6.373	1.192	3.004
EBITDA	69.408	77.896	14.497	17.008
Revenue	548.955	555.220	129.418	124.288
EBITDA Margin	12,6%	14,0%	11,2%	13,7%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	December 2019	December 2018	Forth Quarter 2019	Forth Quarter 2018
EBITDA	69.408	77.896	14.497	17.008
Amortisation & Depreciation	37.765	26.361	11.793	7.438
Write-downs & Write-backs of intangible and tangible assets	555	285	318	(1.148)
EBIT Adjusted	31.088	51.250	2.385	10.718
Revenue	548.955	555.220	129.418	124.288
EBIT Adjusted Margin	5,7%	9,2%	1,8%	8,6%

(*) The financial itemsinclude: (i) non-recurring financial income of Euro 1.1 million in the period ending December 31, 2019 (ii) financial charges of Euro 7.5 million and Euro 5.8 million respectively in the periods ending December 31, 2019 and December 31, 2018, (iii) cash discounts of Euro 3.2 million end Euro 3.7 million respectively in the periods ending December 31, 2019 and December 31, 2018, and (iv) exchange loss of Euro 0.5 million and exchange gains of Euro 1.7 million respectively in the periods ending December 31, 2019 and December 31, 2018.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group and other corporate transactions for Euro 4.5 million and 3.0 million respectively in the periods ending December 31, 2019 and December 31, 2018, (ii) non-recurring industrial charghes of Euro 1.0 million for the period ending December 31, 2019, (iii) costsfor restructuring for Euro 4.3 million and Euro 2.8 million respectively in the periods ending December 31, 2019 and December 31, 2018 and (iv) other non-recurring charges of Euro 0.6 million and Euro 0.6 million respectively in the periods ending December 31, 2019 and December 31, 2018.

CONSOLIDATED INCOME STATEMENT	December	of wich	December	of wich	Forth Quarter	of wich	Forth Quarter	of wich
€/000	2019	non-current	2018	non-current	2019	non-current	2018	non-current
Revenue	548.955		555.220		129.418		124.288	-
of which related parties	58		218		29		13	-
Other Revenue	2.555	229	2.591	856	963	117	2.172	437
Total Revenue and Other Revenue	551.509	229	557.811	856	130.380	117	126.461	437
Raw Material	(282.841)	(124)	(282.266)	(118)	(65.634)	(8)	(58.136)	93
Services	(100.412)	(3.584)	(100.935)	(2.918)	(24.825)	(201)	(27.296)	(637)
of which related parties	(491)		(3.586)		(148)		(901)
Personel	(113.281)	(5.849)	(106.410)	(3.983)	(28.540)	(703)	(29.174)	(2.800)
Other Operating Costs	(4.194)	(1.129)	(2.438)	(211)	(1.491)	(396)	(720)	(97)
of which related parties	(70)		(70)		(32)		(18)
Depreciation and Amorti zation	(37.765)		(26.361)		(11.793)		(7.438)
Doubtful debt prevision	(325)		(93)		(196)		701
Provisions for risks and charges	(230)		(192)		(123)		449
Capitalization of Internal Construction Costs	4.927		2.071		2.643		1.948
EBIT	17.389	(10.457)	41.187	(6.373)	422	(1.192)	6.794	(3.005)
Other Financial Income	1.195	1.082	45		75		14
Interest Expenses	(7.573)		(5.816)		(1.337)		(1.547)
of which related parties	(252)				(120)		-
FX Gains and Losses	(488)		1.668		(1.884)		1.267
Profit Before Taxes	10.524	(9.375)	37.084	(6.373)	(2.723)	(1.192)	6.528	(3.005)
Income Taxes	(1.519)	750	(6.986)		2.195	750	(785)
Net Profit (Including Portion Attr. to Minority )	9.005	(8.625)	30.097	(6.373)	(528)	(442)	5.743	(3.005)
Net Profit Attributable to Minority Interest	0		-		0		-
Net Profit Attributable to the Group	9.005		30.097		2.958		9.787
Basic earnings per share	0,18		0,59		(0,01)		0,11
Diluted earnings per share	0,18		0,59		(0,01)		0,11

CONSOLIDATED BALANCE SHEET	At December 31,	At December 31,
€/000	2019	2018
Intangible Assets	21.101	15.992
Goodwill	13.029	-
Tangible Assets	251.492	189.661
Financial Assets	765	404
of which related parties	313	79
Other Assets	2.189	2.189
Deferred Tax Assets	13.636	7.841
Total Non-Current Assets	302.212	216.087
Inventories	184.931	189.678
Trade Receivable	24.960	34.046
of which related parties	69	66
Financial Current Assets	1.637	2.878
Current Tax Receivables	1.639	451
Other Current Assets	12.126	14.297
of which related parties	2.231	1.859
Cash and Cash Equivalents	90.400	103.277
Asset held for sales	428
Total Current Assets	316.120	344.627
Total Current Assets	618.332	560.714
Share Capital	49.722	49.722
Reserves	81.813	62.969
Group Net Profit for the year	10.799	31.119
Group Shareholders Equity	142.335	143.810
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	-	0
Total Sharholders Equity	142.336	143.811
Employee Benefits	5.721	5.702
Non-Current Financial Liabilities	286.970	224.345
of which related parties	9.624	-
Provisions for Risks and Charges	1.508	1.169
Deferred Tax Liabilities	10.915	3.582
Other Payables	15.383	11.833
Total Non-Current Liabilities	320.497	246.631
Current Financial Liabilities	54.733	39.090
of which related parties	3.572	-
Current Tax Payables	1.127	2.270
Trade Payables	76.089	106.895
of which related parties	127	762
Other Liabilities	23.551	22.017
of which related parties	236	230
Total Current Liabilities	155.499	170.272
Total Equity and Liabilities	618.332	560.714

CASH FLOW STATEMENT	At December 31,	At December 31,
€/000	2019	2018
Operation Activities
Net Profit (Including Portion Attr. to Minority )	9.005	30.097
of which related parties	(755)	(3.438)
Income Taxes	1.519	6.986
Other Financial Income	(1.195)	(45)
Interest Expenses	7.573	5.816
of which related parties	(252)	-
FX (Gains) and Losses	488	(1.668)
(Gain)/Loss on non - current asset Disposals	(476)	(303)
Provisions & write-downs	556	285
Amortisation, depreciation & write-downs	37.770	26.361
Cash Flow from Operating Activities Before Changes in NWC	55.238	67.531
Change in Inventories	10.177	(36.179)
Change in Trade and Other Receivables	(32.905)	12.418
of which related parties	(635)	46
Change in Trade and Other Payables	12.975	633
of which related parties	(3)	50
Change in Other Assets/Liabilities	5.440	3.617
of which related parties	(366)	(398)
Net Interest Expenses paid	(6.377)	(5.025)
Income Taxes paid	(2.548)	(6.335)
Change in Provisions for Risks and Charges	(830)	(1.271)
Cash Flow from Operating Activities (A)	41.169	35.389
Investing activities
Investment in Tangible Assets	(48.196)	(60.881)
Disposal of Tangible Assets	1.017	2.708
Investment in Intangible Assets	(7.876)	(10.834)
Disposal of Intangible Assets	2	13
Investment in Right of Use	(5.794)	-
Disposal in Right of Use	4.893	-
Business Purchases Aquafil O'Mara	(36.076)	-
of which Asset	(18.687)	-
of which Goodwill	(13.029)	-
of which cash	116	-
of which other assets and liabilities	(4.476)	-
Cash Flow used in Investing Activities (B)	-92.031	-68.994
Financing Activities Increase in no current Loan and borrowing	103.000	120.000
Decrease in no current Loan and borrowing	(45.425)	(67.833)
Net variation in current fiancial Assets and Liability	(7.317)	(1.516)
of which related parties	1.275	-
Dividends Distribution of which related parties	(12.273) (7.316)	(12.241) (7.369)
Increase (decrease) Share Capital	-	(600)
Merger contribution	-	50
Cash Flow from Financing Activities ( C)	37.985	37.860
Net Cash Flow of the Year (A)+(B)+(C)	-12.877	4.255

NET FINANCIAL DEBT	At December 31, At December 31,
€/000	2019	2018
A. Cash	90.400	103.277
B. Other cash equivalents	-	-
C. Securities held-for-trading	-	-
D. Liquidity ( A + B + C)	90.400	103.277
E Current financial receivables	1.637	2.878
F. Current bank loans and borrowing	(129)	(96)
G. Current portion of non-current loans and borrowing	(46.056)	(35.496)
H. Other current loans and borrowing	(8.547)	(3.498)
I Current financial debt ( F G H ) + +	(54.733)	(39.090)
J. Net current financial debt (I + E+ D)	37.304	67.066
K. Non-current bank loans and borrowing	(169.796)	(159.492)
L. Bonds issued	(90.458)	(53.578)
M. Other non-current loans and borrowing	(26.619)	(11.274)
N. Non-current financial debt ( K + L + M )	(286.874)	(224.344)
O. Net financial debt (J+N)	(249.570)	(157.279)

Q1 2020 – FINANCIAL RESULTS

REVENUES (€/mil)	EBITDA (€/mil)	NET PROFIT ADJUSTED1 (€/mil)	N.F.P. (€/mil)
Q120	Q120	Q120
Act192 140,7	Act193 18,2	Act19 5,1	Mar20 250,2
Act18 145,3	Act18 19,1	Act18 7,7	Dec19 249,6
% Var -3,2% 19 to 18	% Var -4,7% 19 to 18	% Var -34,2% 19 to 18
REVENUES	EBITDA	NET PROFIT ADJUSTED	NET FINANCIAL POSITION
Area EMEA -6,0% due to market slowdown for	-4,7% (-0,9 €/mil) on a like for like	- 34,2% (-1,6 €/mil) mainly due	250,2 €/mil at Mar 20 249,6 €/mil at Dec 19
economic trends	basis4	to	Mar20
Area Asia Pacific	-10,8% (-2,1 €/mil)	- EBITDA Decrease	vs Dec 19
-11,8% due to market slowdown for economic trends	mainly due to	- Higher Depreciation - 2,8 €/mil	+15,3 €/mil from Op Activities
Area USA	Lower Quantities Sold	- Higher Financial Cost - 0,6 €/mil	-9,3 €/mil from Investing Activities -4,5 from NWC changes
+10,4% on a like for like basis4 -12,1% slowdown of automotive sector	partially compensated by	- Higher exchange profit +1,7 €/mil	-2,1 from Interest expenses
Revenues of ECONYL® Branded Products -1,9% 37,9% of Fiber Revenues	effects of scheduled saving measures		CASH at 31 Mar 2020 100,4 €/mil

34 (1) Equal to Net Profit plus no recurring items less related tax effects - (2) Including Aquafil O'Mara revenues of 7,4 €/mil – (3) including Aquafil O'Mara EBITDA of 1,2 €/mil – (4)Without considering O'Mara contribution

Revenues broken down by Line of Product and Geographical Area on First Quarter 2020 to same period of 2019 are:

			BCF (fiber for carpet)			NTF (fibre for fabrics) Polymers							TOTAL	% on TOTAL
	Q120	Q119	Δ	Δ%	Q120	Q119	Δ	Δ%	Q120	Q119	Δ	Δ%	Q120	Q119	Δ	Δ%	Q120	Q119
EMEA	52,4	54,8	(2,4)	(4,4)%	24,9	26,2	(1,3)	(5,0)%	8,4	10,2	(1,8)	(17,2)%	85,7	91,2	(5,5)	(6,0)%	60,9%	62,8%
North America	24,9	29,5	(4,6)	(15,6)%	6,9	0,0	6,9	N.A.	2,1	1,3	0,9	70,1 %	33,9	30,7	3,2	10,4 %	24,1%	21,1%
Asia e Oceania	19,5	22,3	(2,8)	(12,4)%	0,9	0,8	0,2	23,6 %	0,0	0,1	(0,1)	N.A.	20,5	23,2	(2,7)	(11,8)%	14,5%	16,0%
RoW	0,1	0,1	0,0	59,1 %	0,5	0,2	0,3	N.A.	0,0	0,0	(0,0)	N.A.	0,6	0,2	0,4	N.A.	0,4%	0,2%
TOTAL	96,9	106,6	(9,7)	(9,1)%	33,3	27,1	6,1	22,5 %	10,5	11,5	(1,0)	(8,7)%	140,7	145,3	(4,6)	(3,2)%	100,0%	100,0%
% on TOTAL	68,9%	73,4%			23,6%	18,7%			7,5%	7,9%			100,0%	100,0%

• (a) revenues generated in EMEA declined by 6.0% (€5.5 million) at March 31, 2020, in detail (a) the BCF Product Line (fiber for carpets) fell by 4.4% (€2.4 million) chiefly due to lower volumes sold as a result of the slowdown of the final market, as well as a sales price declined attributable to lower raw material cost; (b) the NTF Product Line (fiber for fabrics) dropped by 5.0% (€1.3 million) fully due to the downtrend in the market of reference occurred late in March; (c) the Polymers Product Line decreased by 17.2% (€1.8 million), chiefly due to sales price decline attributable to lower raw material cost, as well as lower volumes sold as a result of the slowdown of the end market;
• (b) revenues generated in North America grew by 10.4% (€3.2 million) at March 31, 2020. On a like-for-like consolidation basis, revenues would have decreased by 12.1% (€3.7 million), in detail: (a) the BCF Product Line (fiber for carpets) declined by 15.6% (€4.6 million) chiefly due to lower volumes sold as a result of the difficult comparison with January 2019, the slowdown of the automotive market in late March, and a decline in sales prices attributable to lower raw material cost; (b) the Polymers Product Line grew by 70.1% (€0.9 million) thanks to higher volumes sold;
• (c) revenues generated in Asia and Oceania decreased by 11.8% (€2.7 million), entirely attributable to the BCF Product Line (fiber for carpets) as a result of the slowdown of the end market of reference, chiefly due to lower volumes sold as a result of the slowdown of the end market of reference, as well as a sales price declined attributable to lowerrawmaterial cost.

The Group's revenues of ECONYL® branded products decrease of 1,9% in Q1 2020 compared to Q1 2019.

The Group's revenues of ECONYL® branded products in Full Year 2019 are equal to the 37,9% of total fiber revenues.

The Income Statement Key Performance Indicatorsrelated to first quarter 2020 compared with same period of 2019 are:

Income Statement KPI (€/mil)
	Q1 20	Q1 19	Δ%
REVENUES	140,7	145,3	(3,2)%
EBITDA	18,2	19,1	(4,7)%
Margin %	12,9%	13,2%
EBIT Adjusted	7,4	11,0	(33,3)%
Margin %	5,2%	7,6%
EBIT	5,2	9,1	(42,9)%
Margin %	3,7%	6,3%
EBT	5,6	9,6	(41,0)%
Margin %	4,0%	6,6%
Net Result	4,1	7,7	(47,0)%
Margin %	2,9%	5,3%
Net Result Adj	5,1	7,7	(34,2)%
Margin %	3,6%	5,3%

• a) Revenues: trend has been described in Revenues by Geographical Area and Product Line section of report;
• b) EBITDA: decreases notwithstanding positive effects of O'Mara EBITDA for 1,1 €/mil. Without considering this effect EBITDA would have been of 17,1 €/mil. EBITDA. Changes in EBITDA are attributable to lower volumes sold, partially offset by the effects arising from the planning and implementation of savings measures.
• c) EBIT Adjusted: decrease as a result of EBITDA reduction and higher D&A of period.
• d) EBIT: decrease as a result of EBIT Adjusted reduction;
• e) EBT: decrease as a result of EBIT reduction, increase of financial cost and higher exchange profit of period;
• f) Net Result: decrease as a result of EBT reduction partially mitigated by a lower income taxes.
• g) Net Result Adjusted: is determined as Net Profit plus no recurring items corrected by related tax effect.

The Cash Flow and Net Financial Debt of first quarter 2020:

• a) Cash Flow from Operating Activities Before Changes in NWC: are equal to 15,3 €/mil and are calculated as Net Profit ± Income Tax ± Interest Expenses ± FX Gains or Losses ± Amortisation, depreciation & write-downs ± the no-monetary IFRS16 increase;
• b) Cash Flow used in Investing Activities: are equal to (9,3) €/mil and and chiefly referred to projects aimed at maintaining and improving the production efficiency of the existing plants;
• c) Change in Net Working Capital: are equal to (4,5) €/mil mainly as a result of the increased turnover reported in Q1 2020 compared to Q1 2019;
• d) Cash at 31 Mar 2020 equal to 100,4 €/mil.

RECONCILIATION FROM NET PROFIT TO EBITDA	First Quarter	First Quarter
€/000	2020	2019
Net Profit (Including Portion Attr. to Minority )	4.076	7.696
Income Taxes	1.572	1.880
Amortisation & Depreciation	10.833	8.038
Write-downs & Write-backs of intangible and tangible assets	14	34
Financial items (*)	347	379
No recurring items (**)	1.373	1.086
EBITDA	18.216	19.113
Revenue	140.714	145.328
EBITDA Margin	12,9%	13,2%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	First Quarter 2020	First Quarter 2019
EBITDA	18.216	19.113
Amortisation & Depreciation	10.833	8.038
Write-downs & Write-backs of intangible and tangible assets	14	34
EBIT Adjusted	7.369	11.041
Revenue	140.714	145.328
EBIT Adjusted Margin	5,2%	7,6%

(*) The financial itemsinclude: (i) financial income of Euro 1.1 million at the end of March 2019 (ii) financial charges of Euro 2.2 million at the end of March 2020, compared to Euro 1.6 million at the end of March 2019, (iii) cash discounts of Euro 0.8 million at the end of March 2020, compared to Euro 0.9 million atthe end of March2019, and (iv) exchange gainsof Euro 2.6 million atthe end of March 2020, compared to Euro 1.0 million at the end of March 2019.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group and other corporate transactions for Euro 1.1 million and 0.5 million respectively in the periods ending March 31, 2020 and March 31, 2019, (ii) other non-recurring charges of Euro 0.3 million and Euro 0.6 million respectively in the periods ending March31, 2020 and March 31, 2019.

CONSOLIDATED INCOME STATEMENT	First Quarter	of wich	First Quarter	of wich
€/000	2020	non-current	2019	non-current
Revenue	140.714	-	145.328
of which related parties	305	-	17
Other Revenue	481	17	601	76
Total and Other Revenue Revenue	141.195	17	145.929	76
Raw Material	(72.732)	(12)	(77.154)	(100)
Services	(25.102)	(626)	(24.781)	(803)
of which related parties	(108)	-	(103)	-
Personel	(27.818)	(624)	(26.712)	(139)
Other Operating Costs	(1.146)	(129)	(595)	(119)
of which related parties	(17)	-	(18)	-
Depreciation and Amorti zation	(10.833)	-	(8.038)	-
Doubtful debt prevision	(14)	-	(14)	-
Provisions for risks and charges	0	-	(20)	-
Capitalization of Internal Construction Costs	1.638	-	471	-
EBIT	5.188	(1.373)	9.086	(1.086)
Other Financial Income	46	-	1.091	1.082
Interest Expenses	(2.206)	-	(1.562)	-
of which related parties	(29)	-	(66)	-
FX Gains and Losses	2.619	-	961	-
Profit Before Taxes	5.649	(1.373)	9.576	(4)
Income Taxes	(1.572)	-	(1.880)
Net Profit (Including Portion Attr. to Minority )	4.076	(1.373)	7.696	(4)
Net Profit Attributable to Minority Interest	0		0
Net Profit Attributable to the Group	4.076		7.696

CONSOLIDATED BALANCE SHEET

	At March 31,	At December 31,
€/000	2020	2019
Intangible Assets	21.832	21.101
Goodwill	13.360	13.029
Tangible Assets	252.295	251.492
Financial Assets	722	765
of which related parties	313	313
Other Assets	2.189	2.189
Deferred Tax Assets	12.828	13.636
Total Non-Current Assets	303.226	302.212
Inventories	169.733	184.931
Trade Receivable	32.285	24.960
of which related parties	84	69
Financial Current Assets	1.947	1.637
Current Tax Receivables	1.767	1.639
Other Current Assets	12.783	12.126
of which related parties	2.203	2.231
Cash and Cash Equivalents	100.423	90.400
Asset held for sales	-	428
Total Current Assets	318.938	316.120
Total Current Assets	622.164	618.332
Share Capital	49.722	49.722
Reserves	92.612	81.813
Group Net Profit for the year	4.033	10.799
Group Shareholders Equity	146.367	142.335
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	0	-
Total Sharholders Equity	146.368	142.336
Employee Benefits	5.637	5.721
Non-Current Financial Liabilities	308.182	286.970
of which related parties	8.319	9.624
Provisions for Risks and Charges	1.512	1.508
Deferred Tax Liabilities	11.155	10.915
Other Payables	14.746	15.383
Total Non-Current Liabilities	341.232	320.497
Current Financial Liabilities	44.433	54.733
of which related parties	3.446	3.572
Current Tax Payables	1.228	1.127
Trade Payables	66.702	76.089
of which related parties	301	127
Other Liabilities	22.201	23.551
of which related parties	230	236
Total Current Liabilities	134.564	155.499
Total Equity and Liabilities	622.164	618.332

CASH FLOW STATEMENT	At March 31,	At March 31,
€/000 Operation Activities	2020	2019
Net Profit (Including Portion Attr. to Minority )	4.076	7.696
of which related parties	151	(170)
Income Taxes	1.572	1.880
Other Financial Income	(46)	(1.091)
Interest Expenses	2.206	1.562
of which related parties	29	66
FX (Gains) and Losses	(2.619)	(961)
(Gain)/Loss on non - current asset Disposals	(15)	(249)
Provisions & write-downs	14	34
Amortisation, depreciation & write-downs	10.836	8.038
Non-monetary increase IFRS16	(712)	(28.802)
Cash Flow from Operating Activities Before Changes in NWC	15.312	(11.893)
Change in Inventories	15.198	597
Change in Trade and Other Receivables	(9.386)	(14.429)
of which related parties	174	(337)
Change in Trade and Other Payables	(7.325)	(9.898)
of which related parties	(15)	12
Change in Other Assets/Liabilities	(2.848)	(1.193)
of which related parties	28	26
Net Interest Expenses paid	(2.159)	(703)
Income Taxes paid	-	(31)
Change in Provisions for Risks and Charges	(111)	(212)
Cash Flow from Operating Activities (A)	8.680	(37.762)
Investing activities
Investment in Tangible Assets	(8.124)	(17.350)
Disposal of Tangible Assets	310	280
Investment in Intangible Assets	(1.498)	(997)
Disposal of Intangible Assets	11	-
Cash Flow used in Investing Activities (B)	(9.300)	(18.067)
Financing Activities
Increase in no current Loan and borrowing	20.000	-
Decrease in no current Loan and borrowing	(7.966)	(4.413)
Net variation in current fiancial Assets and Liability	(1.391)	27.432
of which related parties	(1.431)	12.049
Cash Flow from Financing Activities ( C)	10.643	23.019
Net Cash Flow of the Year (A)+(B)+(C)	10.023	(32.810)

NET FINANCIAL DEBT	At March 31, At December 31,
€/000	2020	2019
A. Cash	100.423	90.400
B. Other cash equivalents	-	-
C. Securities held-for-trading	-	-
D. Liquidity ( A + B + C)	100.423	90.400
Current financial receivables E	1.947	1.637
F. Current bank loans and borrowing	(117)	(129)
G. Current portion of non-current loans and borrowing	(36.081)	(46.056)
H. Other current loans and borrowing	(8.235)	(8.547)
debt I Current financial ( F G H ) + +	(44.433)	(54.733)
J. Net current financial debt (I + E+ D)	57.936	37.304
K. Non-current bank loans and borrowing	(191.858)	(169.796)
L. Bonds issued	(90.406)	(90.458)
M. Other non-current loans and borrowing	(25.876)	(26.619)
N. Non-current financial debt ( K + L + M )	(308.140)	(286.874)
O. Net financial debt (J+N)	(250.204)	(249.570)

Investors Contact:

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