Aquafil

Investor Presentation • Apr 8, 2025

Investor Presentation Mid & Small By Virgilio [ECNL:IM] [ECNLF: OTCQX] London, April 9, 2025

Aquafil is Market Leader in Nylon

% on FY 2024 REVENUES

Carpet yarn

• Contract

2

• Residential
• Automotive

Textile yarn

• Apparel

70 % 8 %

• Swimwear

• Sportwear

Polymers

• Industrial Molding 73% 16% 11%
  • Extrusion

  • Compounding

And Market Leader Worldwide

% on FY 2024 REVENUES

Company Strengths

A successful Business Model. Proprietary technology with continuous R&D innovation

Pioneer of Circularity with the ECONYL® Regeneration System

Glocal. A Global Company with local productions

Approx. 2% of revenues in R&D 55% of fiber turnover in FY24

19 Plants in 8 Countries

Focus on R&D and innovation

Approx. 2% of revenues invested in R&D

Ecodesign projects (e.g. Born Regenerated to be Regenerable (R2R), CISUFLO, circular fishing nets)

Special spinning technologies (i.e. One Step Technology)

New technology for recycling multi fiber fabrics

Application of ECONYL® in 3D printing industry and cast nylon

Separation of multilayer carpets and circularity of individual components

Digitalization: AI, predictive modelling and automation

Next-generation "bio caprolactam"

Valorization and recovery of raw materials from our waste (wastewater and depoly waste )

PET chemical recycling with demo-scale plant completed

Collaboration for defining the international standardization (EN and ISO) in the fields of circularity, ecodesign, sustainability in the textile, fishing nets and accessories sectors.

Infinitely Recyclable, Endless Possibilities

100% regenerated from pre - and post -consumer nylon waste.

100% regenerable nylon .

Unique proprietary technology .

Same quality and performance as standard nylon without using new resources .

The ECONYL ® Regeneration System starts with rescuing waste otherwise polluting the Earth, like fishing nets,fabric scraps, carpet flooring and industrial plastic all over the world.

01Resc

u e

That waste is then sorted and cleaned to recover all the nylon possible.

Designers use ECONYL®nylon to create new products without ever having to tap new resources . And that nylon has the potentialto be recycled infinitely, without ever losing its quality.

yarns and polymers for the automotive, fashion, furniture

.

and interior industries

into

Through a radical regeneration and purification process , the nylon waste is recycled right back to its original purity .

That means ECONYL® nylon is exactly the same as fossil -based nylon . 8

Global and flexible footprint

allowing higher proximity to the clients, efficient logistic platform, diversified currency exposures, shorter delivery time, lower production costs and lower exposure to import duties and tariffs

Key figures FY 2024

EBITDA: 62,4 €/mln (+31% vs FY23)

€ 542,1 Million of Revenues

54,8% ECONYL® fiber turnover

Volumes increased by 6,9% vs FY2023

Decreasing trend in NFP: 213,5€/mln on December 31, 2024

Our Main ESG Targets

Generate 60% of our fibers revenues from ECONYL® and other regenerated fibers

Collect 35,000 tons of post-consumer waste

Join the SBT initiative and set GHG reduction target

Monitor Group's key suppliers through audits and/or due diligence (in line with the European Supply Chain Act)

20% women in top and senior management positions within 3 years to assure gender equality

Our Top ESG Achievements

Industry top rated according to Sustainalytics ESG Risk Rating

and

Silver Medal according to EcoVadis.

• •Water Policy definition
• Energy efficiency interventions
• Biodiversity and climate Risk Assessment
• •New collaborations with clients on eco-design, including development of the first circular fishing net

• 300 employees trained on DE&I
• Certification for gender equality (UNI / PdR 125) in the Italian plants
• Corporate climate survey in Slovenia and Croatia

• Silver medal according to EcoVadis rating
• EcoVadis project for ESG risk mapping on the value chain
• •Definition of a succession plan for our top management

Ownership Structure

The capital is structured with 2 type of shares:

• a) Ordinary shares;
• a) Class B shares: dedicated to Bonazzi's family with the same economic right of the ordinary shares but with 3 voting right for any share.

Ownership Structure by shares

Ownership Structure by Voting Rights

Chair (1) (3) Corporate Governance

• (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) Member and President of Audit, Risk and Sustainability Committee;
• (3) Member of Audit, Risk and Sustainability Committee;
• (4) Member and President of Appointment and Remuneration Committee;
• (5) Member of Appointment and Remuneration Committee.

Diversity: 44% women

Independent Directors: 44%

Chiara Mio

Franco Rossi Director

Roberto Siagri Director (1) (3) (4)

Giulio Bonazzi CEO

Silvana Bonazzi

Patrizia Riva Director (1) (2) (5)

Director

Stefano Loro Director

Francesco Bonazzi Director

Ilaria Maria Dalla Riva Director (1) (5)

Successfully completed the share capital increase with rights issue

• The capital increase has been subscribed for approx. 40 €mln.
• 100% of the new shares subscribed:
  • No. 30,269,432 new ordinary shares and
  • No. 6,048,008 new class B Shares

Total shares No. 87.536.234

Financial Results and expectations

FY24 Key Messages

Sharp profitability growth (FY24 +31% vs FY2023)

Reduction in personnel costs ✓

Volumes increased compared to FY23

ECONYL® branded and regenerated products increased to 55% of fibers revenues

US market slower than expected

Capital increase with option rights successfully completed (raised approx. €40 mln.)

Financial Results

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CERTIFIED

Revenues				EBITDA			Net profit		NFP
2024	2023	Δ%	2024	2023	Δ%	2024	2023	Δ%	31.12.24	31.12.23*	Δ%
542,1	571,8	(5,2)%	62,4	47,5	31,3 %	(16,3)	(25,8)	36,9 %	213,5	242,8	(12,0)%
			11,5%	8,3%		(3,0)%	(4,5)%
126,1	129,6	(2,7)%	14,3	10,5	36,0 %	(7,5)	(8,8)	14,2 %
			11,3%	8,1%		(6,0)%	(6,8)%
	EMEA and Asia Market in line with expectation USA Slower market ECONYL® Ca. 55% of Fiber Revenues		lower	Higher to FY 2023 Due to personnel costs decrease and raw material and utilities costs			Higher to FY 2023 Mainly due to EBITDA increase		on 31st on 31st	Lower vs Dec. 23 NFP/EBITDA LTM x5,11* December 2023 x3,42 December 2024

Financial Results | NFP evolution €/mln.

Industrial plan 2024–2026 Volumes by business lines

	BCF - Carpet yarn	NTF - Textile yarn	Polymers
'24Exp. vs '23	Substantially stable	Substantially stable	40%
'24A vs '23A	+1%	-12%	+45%
'25Exp '24A vs	From +7% to +9%	From +15% to +18%	From +45% to +55%
'26Exp '25Exp vs	From +2% to +4%	From +4% to +7%	From 1% to +2%

Industrial plan 2024–2026

Capex (excluding IFRS 16 effects)

In the three-year period 2024-2026

• €30-35 mln. for ordinary investments
• €60-65 mln. aimed at increasing and/or optimizing production capacity or for the development of new product innovations

Industrial plan 2024 – 2026 - Key indicators

Expected results 2024 vs Actual 2024

• EBITDA: target ca. 65 €/mln vs Act. 62 €/mln
• NFP*: target ca. 207 €/mln vs Act. 213 €/mln

Expected results 2025

• EBITDA: 80 87 €/mln
• NFP*: 185 195 €/mln

Expected results 2026

• EBITDA: 90 96 €/mln
• NFP*: 157 167 €/mln

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.

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	On April 29, 2021, Consob issued "Call to attention No. 5/21" in which it highlighted that the new "ESMA Guidelines" of March 4, 2021 replaced on May 5, 2021 those of preceding Consob communications. In guideline No. 39 requires that financial statement disclosure includes the following definition of net financial debt: A. Liquidity B. Other liquidity C. Other current financial assets D. Liquidity (A+B+C) E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) F. Current portion of non-current financial debt G. Current financial debt (E + F) H. Net current financial debt (G - D) I. Non-current financial debt (excluding current portion and debt instruments) J. Debt instruments K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) M. Total financial debt (H + L)

Appendix - Sector Data – Caprolactam price evolution €/ton

Source: Tecnon OrbiChem, a ResourceWise company

Appendix - Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	December	of wich non	December	of wich non	Fourth	of wich non	Fourth	of wich non
€/000	2024	current	2023	current	Quarter 2024	current	Quarter 2023	current
Revenue	542.135	0	571.806	209	126.060	0	129.577	208
of which related parties	9		283		( 9)		56
Other Revenue	8.908	42	8.902	676	2.290	10	1.352	51
of which related parties	325		0		99		0
Total Revenue and Other Revenue	551.043	42	580.708	885	128.350	10	130.928	259
Raw Material	( 250.433)	0	( 291.620)	( 269)	( 54.242)	0	( 61.451)	146
of which related parties	0		0		0		0
Services	( 122.784)	( 253)	( 126.907)	( 2.065)	( 30.125)	232	( 30.919)	( 802)
of which related parties	( 650)		( 524)		( 119)		( 136)
Personel	( 121.641)	( 1.641)	( 125.034)	( 3.004)	( 30.999)	( 424)	( 30.814)	( 659)
of which related parties	0		0		0		0
Other Operating Costs	( 3.290)	( 244)	( 3.644)	( 493)	( 879)	( 121)	( 926)	( 312)
of which related parties	( 70)		( 70)		( 17)		( 17)
Depreciation and Amorti zation	( 54.100)		( 49.635)		( 13.893)		( 13.653)
Provisions&Write-downs	91		1.002		118		785
Capitalization of Internal Construction Costs	4.435		6.271		1.094		1.584
EBIT	3.321	( 2.096)	( 8.858)	( 4.946)	( 575)	( 305)	( 4.466)	( 1.368)
Income (loss) from Investments	184		90		74		( 0)
of which related parties	184		90		74		( 0)
Other Financial Income	1.370		1.022		310		401
of which related parties	2		0		1		0
Interest Expenses	( 21.007)		( 19.042)		( 4.870)		( 7.134)
of which related parties	( 116)		( 146)		( 46)		( 31)
FX Gains and Losses	( 1.472)		796		( 2.213)		98
Profit Before Taxes	( 17.604)	( 2.096)	( 25.992)	( 4.946)	( 7.274)	( 305)	( 11.101)	( 1.368)
Income Taxes	1.291		143		( 260)		2.320
Net Profit (Including Portion Attr. to Minority )	( 16.313)	( 2.096)	( 25.849)	( 4.946)	( 7.534)	( 305)	( 8.781)	( 1.368)
Net Profit Attributable to Minority Interest	0		0		0		0
Net Profit Attributable to the Group	( 16.313)	( 2.096)	( 25.849)	( 4.946)	( 7.534)	( 305)	( 8.781)	( 1.368)

Appendix - Consolidated Income Statement – Revenues FY

FY BCF (fiber for carpet)				NTF (fibre for fabrics)				Polymers						TOTAL
€/mil	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	%24	%23
EMEA	181,3	184,6	(3,4)	(1,8)%	57,5	71,4	(13,8)	(19,4)%	49,7	39,2	10,5	26,7 %	288,4	295,2	(6,7)	(2,3)%	53,2%	51,6%
North America	125,3	148,1	(22,9)	(15,4)%	24,3	29,7	(5,4)	(18,1)%	7,8	4,9	3,0	61,0 %	157,4	182,7	(25,2)	(13,8)%	29,0%	31,9%
Asia e Oceania	88,3	87,0	1,3	1,5 %	3,1	4,2	(1,1)	(26,3)%	2,2	0,8	1,4	N.A.	93,6	92,0	1,6	1,7 %	17,3%	16,1%
RoW	0,7	0,8	(0,1)	(15,8)%	2,0	1,2	0,8	73,3 %	0,0	0,0	(0,0)	N.A.	2,7	2,0	0,7	36,3 %	0,5%	0,3%
TOTAL	395,5	420,6	(25,0)	(6,0)%	86,9	106,4	(19,5)	(18,3)%	59,7	44,8	14,8	33,1 %	542,1	571,8	(29,7)	(5,2)%	100,0%	100,0%
%	73,0%	73,6%			16,0%	18,6%			11,0%	7,8%			100,0%	100,0%

FY - % Revenues by Geographical Area

FY - % Revenues by Product Line

Appendix - Consolidated Income Statement – Revenues 4Q

4Q				BCF (fiber for carpet)				NTF (fibre for fabrics)				Polymers						TOTAL
€/mil	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	2024	2023	Δ	Δ%	%24	%23
EMEA	44,1	44,0	0,1	0,3 %	12,7	13,5	(0,8)	(5,8)%	10,4	9,4	1,1	11,4 %	67,2	66,8	0,4	0,6 %	53,3%	51,6%
North America	30,5	32,8	(2,3)	(6,9)%	5,7	6,7	(1,0)	(14,4)%	1,5	0,9	0,6	71,7 %	37,8	40,4	(2,6)	(6,5)%	29,9%	31,1%
Asia e Oceania	19,4	20,5	(1,1)	(5,3)%	0,7	1,1	(0,4)	(37,7)%	0,3	0,3	(0,0)	(2,3)%	20,3	21,8	(1,5)	(6,8)%	16,1%	16,9%
RoW	0,1	0,2	(0,1)	(50,9)%	0,6	0,3	0,3	85,9 %	0,0	0,0	(0,0)	N.A.	0,7	0,5	0,2	34,2 %	0,6%	0,4%
TOTAL	94,1	97,5	(3,3)	(3,4)%	19,7	21,6	(1,9)	(8,6)%	12,2	10,5	1,7	16,1 %	126,1	129,6	(3,5)	(2,7)%	100,0%	100,0%
%	74,7%	75,2%			15,6%	16,6%			9,7%	8,1%			100,0%	100,0%

4Q - % Revenues by Geographical Area

4Q - % Revenues by Product Line

Appendix - EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	December	December	Fourth	Fourth
	2024	2023	Quarter 2024	Quarter 2023
Net Profit (Including Portion Attr. to Minority )	( 16.313)	( 25.849)	( 7.534)	( 8.781)
Income Taxes	( 1.291)	( 143)	260	( 2.320)
Investment income and charges	( 184)	( 90)	( 74)	( 0)
Amortisation & Depreciation	54.100	49.635	13.893	13.653
Write-downs & Write-backs of intangible and tangible assets	( 91)	( 1.002)	( 118)	( 785)
Financial items (*)	24.036	20.002	7.550	7.364
No recurring items (**)	2.096	4.946	305	1.368
EBITDA	62.353	47.500	14.281	10.499
Revenue	542.135	571.806	126.060	129.577
EBITDA Margin	11,5%	8,3%	11,3%	8,1%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	December 2024	December 2023	Fourth Quarter 2024	Fourth Quarter 2023
EBITDA	62.353	47.500	14.281	10.499
Amortisation & Depreciation	54.100	49.635	13.893	13.653
Write-downs & Write-backs of intangible and tangible assets	( 91)	( 1.002)	( 118)	( 785)
EBIT Adjusted	8.344	( 1.133)	507	( 2.369)
Revenue	542.135	571.806	126.060	129.577
EBIT Adjusted Margin	1,5%	-0,2%	0,4%	-1,8%

(*) The financial items include: (i) financial income of Euro 1.4 million (ii) financial charges and other bank charges of Euro (21.0) million, (iii) cash discounts of Euro (2.9) million, and (iv) exchange gains/(loss) of Euro(1.5) million.

(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.2) million, (ii) restructuring costs for Euro (1.6)million, (iii)other non-recurring revenues/(costs) for Euro (0.3) million.

Appendix - Consolidated Balance Sheet (1/2)

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CONSOLIDATED BALANCE SHEET	At December 31,	At December 31, 2023
€/000	2024
Intangible Assets	15.168	19.080
Goodwill	16.064	15.103
Tangible Assets	233.900	245.838
Financial Assets	969	534
of which related parties	270	79
Investments & Equity metod	1.113	1.023
Deferred Tax Assets	29.231	18.545
Total Non-Current Assets	296.445	300.123
Inventories	197.535	189.493
Trade Receivable	20.370	26.206
of which related parties	97	351
Financial Current Assets	980	5.703
of which related parties	2	0
Current Tax Receivables	1.529	1.619
Other Current Assets	8.033	14.644
of which related parties	0	5.854
Cash and Cash Equivalents	130.366	157.662
Asset held for sales	0	0
Total Current Assets	358.813	395.327
Total Current Assets	655.258	695.450

Appendix - Consolidated Balance Sheet (2/2)

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CONSOLIDATED BALANCE SHEET	At December 31,	At December 31,
€/000	2024	2023
Share Capital	53.354	49.722
Reserves	121.311	101.379
Group Net Profit for the year	( 16.313)	( 25.849)
Group Shareholders Equity	158.352	125.252
Net Equity attributable to minority interest	0	1
Net Profit for the year attributable to minority interest	0	0
Total Sharholders Equity	158.352	125.253
Employee Benefits	4.627	5.104
Non-Current Financial Liabilities	241.535	303.551
of which related parties	3.902	3.217
Provisions for Risks and Charges	1.611	1.710
Deferred Tax Liabilities	12.808	13.324
Other Payables	4.053	5.852
of which related parties	0	0
Total Non-Current Liabilities	264.634	329.541
Current Financial Liabilities	103.208	102.585
of which related parties	4.146	1.872
Current Tax Payables	242	1.219
Trade Payables	109.178	116.006
of which related parties	396	551
Other Liabilities	19.644	20.846
of which related parties	0	0
Total Current Liabilities	232.271	240.656
Total Equity and Liabilities	655.258	695.450

Appendix - Net Financial Position

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NET FINANCIAL DEBT	At December 31,	At December 31,
€/000	2024	2023
A. Liquidity	130.366	157.662
B. Cash and cash equivalents
C. Other current financial assets	980	5.703
D. Liquidity (A + B + C)	131.346	163.364
E. Current financial debt (including debt instruments but excluding the current
portion of non-current financial debt)	( 4.082)	( 2.438)
F. Current portion of non-current financial debt	( 99.125)	( 100.147)
G. Current financial debt (E + F)	( 103.208)	( 102.585)
H. Net current financial debt (G - D)	28.138	60.780
I. Non-current financial debt (excluding current portion and debt instruments)	( 197.199)	( 246.160)
J. Debt instruments	( 44.481)	( 57.391)
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	( 241.681)	( 303.551)
M. Total financial debt (H + L)	( 213.542)	( 242.771)

Appendix - Consolidated Cash Flow Statement (1/2)

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CASH FLOW STATEMENT	At December 31,	At December 31,
€/000	2024	2023
Operation Activities
Net Profit (Including Portion Attr. to Minority)	(16.313)	(25.849)
of which related parties	(318)	(367)
Income Taxes	(1.291)	(143)
Income (loss) from equity Investments	(184)	(90)
of which related parties	(184)	(90)
Financial income	(1.371)	(1.022)
of which related parties	-	-
Financial charges	21.007	19.041
of which related parties	116	146
FX (Gains) and Losses	1.472	(796)
(Gain)/Loss on non - current asset disposals	(172)	(177)
Provisions & write-downs	(91)	(1.002)
Amortisation, depreciation & write-downs	54.100	49.635
Cash Flow from Operating Activities Before Changes in NWC	57.158	39.597
Change in Inventories	(4.304)	67.426
Change in Trade and Other Receivables	6.693	1.981
of which related parties	254	25
Change in Trade and Other Payables	(8.150)	(9.547)
of which related parties	(154)	281
Change in Other Assets/Liabilities	(3.809)	(1.246)
of which related parties	5.852	(5.837)
Employees Benefit	(550)	(275)
Change in Provisions for Risks and Charges	(87)	(155)
Income tax paid	(5.202)	(9.637)
Net Interest Expenses	(18.493)	(15.311)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	23.255	72.833

Appendix - Consolidated Cash Flow Statement (2/2)

CASH FLOW STATEMENT €/000	At December 31, 2024	At December 31, 2023
Investing activities
Investment in Tangible Assets	(21.781)	(29.157)
Disposal of Tangible Assets	975	608
Investment in Intangible Assets	(3.291)	(4.620)
Disposal of Intangible Assets	(1)	13
Dividends	184	90
of which related parties	184	90
Investment of Financial Assets	(113)	(149)
TOTAL CASH FLOW FROM INVESTING ACTIVITIES	(24.026)	(33.215)
Changes in Equity
Capital Increase	38.334	-
Effect of exchange rate changes	3.566	(3.212)
Acquisition of treasury shares	-	(598)
Other changes in equity	(89)	(8)
Dividends Distribution	-	(11.992)
of which related parties	-	(7.169)
Financing Activities
Increase in no current Loan and borrowing	29.500	100.049
Decrease in no current Loan and borrowing	(78.001)	(58.157)
Repayment of bond loan	(12.866)	(12.760)
Derivatives	-	-
Net variation in current and not current fiancial Assets and Liability	3.140	2.291
of which related parties	(193)	234
Net variation in RoU fiancial assets and liability	(10.109)	(8.252)
of which related parties	(2.785)	(3.129)
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	(26.525)	7.362
NET CASH FLOW OF THE YEAR	(27.296)	46.980

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