Earnings Release • Aug 30, 2022
Earnings Release
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| Informazione Regolamentata n. 1938-84-2022 |
Data/Ora Ricezione 30 Agosto 2022 17:32:17 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | AQUAFIL | |
| Identificativo Informazione Regolamentata |
: | 166429 | |
| Nome utilizzatore | : | AQUAFILNSS02 - Tonelli | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 30 Agosto 2022 17:32:17 | |
| Data/Ora Inizio Diffusione presunta |
: | 30 Agosto 2022 17:32:19 | |
| Oggetto | : | approved the Company's consolidated 2022 |
The Board of Directors of Aquafil S.p.A. operating and financial results at June 30, |
| Testo del comunicato |
Vedi allegato.
Arco, August 30, 2022 — The Board of Directors of Aquafil S.p.A. [ECNL:IM] approved the Company's consolidated operating and financial results at June 30, 2022.
"This was yet another half-year of extreme volatility, which was nonetheless highly satisfactory. I am very satisfied with the work done by all our personnel.
We increased revenues and EBITDA by around 30% on the same period of 2021, achieving our best result of all time.
1 EBITDA is calculated as per the tables in Appendix 2 to this press release.
The performances of our target markets differed greatly during these first six months. In EMEA, fiber demand was in line with that of 2021. Demand for polymer, which last year had reached truly exceptional levels, was less strong. In addition, the cost of raw materials and energy continued to rise sharply, but we were able to recover it almost in full.
In Asia as well, demand was also less robust than in 2021. There were two reasons for this: the volumes sold in the residential sector in Oceania declined and the Chinese lockdown slowed domestic demand. By contrast, growth on the Japanese market remained robust.
An excellent performance was achieved in the United States, where demand rose considerably due to the withdrawal of a direct competitor from the textile flooring fibers market.
Important results were also achieved by ECONYL® branded products. The volumes sold in the half-year set a new record, up nearly 64% on the same period of 2021 and accounting for 42% of revenues generated by fibers.
I am also very pleased to announce two new projects, both of which are important to continuing the constant growth of ECONYL® branded products.
The first is the incorporation of Aquafil Chile, founded to increase availability of raw materials for the ECONYL® regeneration process and which will also handle the recovery of fishing nets.
The second is the foundation of Bluloop, a benefit company whose main purpose is to sell ECONYL® branded products to end consumers through e-commerce channels.
As for the future, given the current international scenario, the evolution of each of the various geographical areas needs to be analyzed separately.
In EMEA, costs — and in particular those of raw materials and energy — continue to rise sharply. As in the first half of the year, we are now continuing to implement selling price adjustment measures to recover costs and protect unit margins. However, this cost level is having its effects, resulting in a slowdown in end demand.
In the other two geographical areas, energy costs are not at all following the same trend as in Europe.
In Asia Oceania, the market is showing sound demand levels, due to the excellent performance of the Japanese market, and a partial recovery of the residential market. In the United States, volume growth remained strong in the first half of the year.
We therefore expect a second half of the year with less brilliant results than in the one that just come to an end. In any case, profitability expectations for 2022 remain good, exceeding those of 2021. All this is due to the competitive advantage that the market attributes to ECONYL® branded products, as well as to the different geographical distribution of the Group's markets."
Revenues amounted to €351.0 million at June 30, 2022, of which €179.8 million in Q2 2022, with a 27.8% and 24.8% increase, respectively, compared to the same periods of the previous year. Said change is attributable to both higher average selling prices, which offset the sharp increase in the prices of raw materials and most of goods and services, and to a better sales mix. Volumes sold decreased by about 7% in H1 2022 and by 10% in Q2 2022 compared to the same periods of the previous year, fully due to the decline reported by the Polymers product line, which had posted extraordinary results in H1 2021. In detail, sales performance by geographical area and product line is reported below:
1) in the first half of 2022:
| 1H | BCF (fiber for carpet) | NTF (fiber for fabric) | Polymers | Total | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €/mil | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | % 22 | % 21 |
| EMEA | 117,8 | 90,6 | 27,2 | 30,0 % | 57,9 | 41,6 | 16,2 | 39,0 % | 28,8 | 35,1 | (6,3) | (18,0)% | 204,5 | 167,3 | 37,1 | 22,2 % 58,3 % 60,9 % | ||
| North America | 76,3 | 41,0 | 35,3 | 86,2 % | 16,6 | 13,9 | 2,8 | 20,0 % | 1,5 | 3,3 | (1,8) | (54,6)% | 94,4 | 58,1 | 36,3 | 62,5 % 26,9 % 21,2 % | ||
| Asia e Oceania | 48,1 | 45,8 | 2,3 | 5,1 % | 1,8 | 2,1 | (0,3) | (15,9)% | 0,5 | 0,4 | 0,2 | 0,0 % | 50,5 | 48,3 | 2,2 | 4,5 % 14,4 % 17,6 % | ||
| RoW | 0,3 | 0,2 | 0,1 | 74,3 % | 1,3 | 0,8 | 0,6 | 73,5 % | 0,0 | 0,0 | 0,0 | 0,0 % | 1,6 | 0,9 | 0,7 | 73,7 % 0,5 % 0,3 % | ||
| Total | 242,6 | 177,6 | 65,0 | 36,6 % | 77,6 | 58,4 | 19,2 | 33,0 % | 30,8 | 38,7 | (7,9) | (20,5)% | 351,0 | 274,7 | 76,3 | 27,8 % 100,0 % 100,0 % | ||
| % ToT | 69,1% 64,6% | 22,1% 21,3% | 8,8% 14,1% | 100,0% 100,0% |
| 2Q | BCF (fiber for carpet) | NTF (fiber for fabric) | Polymers | Total | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €/mil | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | 2022 | 2021 | Δ | Δ% | % 22 | % 21 |
| EMEA | 58,5 | 47,2 | 11,3 | 23,8 % | 29,4 | 20,3 | 9,1 | 45,0 % | 14,3 | 22,6 | (8,3) | (36,8)% | 102,2 | 90,1 | 12,1 | 13,4 % 56,8 % 62,6 % | ||
| North America | 42,4 | 21,7 | 20,7 | 95,5 % | 9,3 | 6,6 | 2,6 | 39,4 % | 1,2 | 2,1 | (0,8) | (40,1)% | 52,9 | 30,4 | 22,5 | 73,9 % 29,4 % 21,1 % | ||
| Asia e Oceania | 22,9 | 21,1 | 1,8 | 8,6 % | 0,8 | 1,6 | (0,8) | (48,1)% | 0,1 | 0,2 | (0,1) | (52,0)% | 23,9 | 23,0 | 0,9 | 3,9 % 13,3 % 15,9 % | ||
| RoW | 0,1 | 0,1 | 0,0 | 0,0 % | 0,7 | 0,4 | 0,3 | 0,0 % | (0,0) | 0,0 | (0,0) | 0,0 % | 0,9 | 0,5 | 0,3 | 62,9 % 0,5 % 0,4 % | ||
| Total | 123,9 | 90,1 | 33,8 | 37,5 % | 40,2 | 29,0 | 11,3 | 39,0 % | 15,7 | 25,0 | (9,3) | (37,2)% | 179,8 | 144,1 | 35,8 | 24,8 % 100,0 % 100,0 % | ||
| % ToT | 68,9% 62,6% | 22,4% 20,1% | 8,7% 17,3% | 100,0% 100,0% |
2The evolution of the Group's revenues from one reporting period to another may be influenced by the performance of raw materials' prices, which is reflected in final sales prices through predefined contractual mechanisms. Accordingly, to ensure a proper understanding of its results, the Group also presents its revenue performance in terms of change in first choice "volumes sold", which historically account for approximately 95% of the Group's revenues.
EMEA revenues amounted to €204.5 million at June 30, 2022, of which €102.2 million in Q2 2022, with a 22.2% and a 13.4% increase, respectively, compared to the same periods of the previous year. In terms of volumes sold, a decrease of 16.0% and of 24.4% was reported in the first half of 2022 and in the second quarter, respectively. An analysis by product line performance shows that:
In North America, revenues amounted to €94.4 million at June 30, 2022, of which €52.9 million in Q2 2022, with a 62.5% and a 73.9% increase, respectively, compared to the same periods of the previous year. In terms of volumes sold, an increase of approximately 21.4% and 29.2% was reported in the first semester and in the second quarter, respectively. An analysis by product line performance shows that:
In Asia and Oceania, revenues amounted to €50.5 million at June 30, 2022, of which €23.2 million in Q2 2022, with a 4.5% and a 3.9% increase, respectively, compared to the same periods of the previous year. In terms of volumes sold, the BCF product line dropped by about 10.5% in H1 2022 and by 2.2% in Q2 2022 compared to the same periods of the previous year, due to the performance of the residential sector and partly to the effects generated by the lockdowns imposed in China.
Revenues from ECONYL® branded products accounted for 42.2% of revenues generated from fibers in the first half of the year and for 42.3% in the second quarter. This item grew, in absolute terms, by 63.8% in the first semester and by 55.8% in the second quarter, as a result of both the recovery of the contract sector in the BCF product line and the steady robust growth of the NTF product line.
EBITDA stood at €51.5 million at June 30, 2022, of which €26.7 million in Q2 2022, with a 30.9% and a 27% increase, respectively, compared to the same periods of the previous year. EBITDA Margin at June 30, 2022 was 14.7% compared to 14.3% in the same period of the previous year, whereas in the second quarter it was 14.8% compared to 14.6% in Q2 2021.
The said increase was attributable to both the better sales mix, mainly linked to higher revenues from ECONYL® branded products and to the rise in selling prices, which allowed a nearly full alignment of the said increased prices to the unit consumption values of raw materials and other production costs.
EBIT amounted to €24.5 million at June 30, 2022, of which €12.1 million in Q2 2022, with a 74.6% and a 51.3% increase, respectively, compared to the same periods of the previous year. The change for the whole period was attributable to the increase in the EBITDA for the period.
Net financial charges amounted to €(0.4) million at June 30, 2022 compared to €(3.1) million for the same period of the previous year. The result reflected the €2.4 million increase in financial income compared to the same period of the previous year, mainly arising from the MTM evaluation of interest rate hedging instruments for the medium-term debt, as well as the value of exchange gains, amounting to €0.5 million compared to €0.3 million in the previous period, with a positive effect of €0.2 million.
Income taxes amounted to €6.5 million at June 30, 2022 compared to a €2.1 million in the same period of the previous year. The change reflected the increase in profit before taxes, which went from €11.0 million to €24.1 million.
Net profit amounted to €17.7 million at June 30, 2022 compared to €8.9 million in the same period of the previous year, increasing by 98.3%.
At June 30, 2022, net investments — excluding those recognized in application of IFRS 16 amounted to €16.3 million compared to €13.9 million in the same period of the previous year. Investments focused mainly on activities aimed at stepping up industrial efficiency and improving the existing plants in technological terms, in addition to strengthening the Group's production capacity.
Net working capital was €106.5 million at June 30, 2022, up €36.9 million compared to €69.6 million at December 31, 2021. Said change was chiefly attributable to the increase in the value of inventories (€61 million in H1 2022, of which €33 million in Q2 2022), mainly due to the rise in the unit prices of raw materials and in other cost components. The increase in trade receivables was modest, whereas the exposure to suppliers of raw materials, goods and services grew significantly (€31 million in H1 2022, of which €26 million in Q2 2022).
The Group's net financial position amounted to €202.2 million at June 30, 2022 compared to €179.3 million at December 31, 2021. Said change was due to the positive cash generated by operating activities for €48 million, which was however negatively impacted by the increase in net working capital for €36.7 million, net investments for €16.3 million, the payment of financial charges and taxes and the use of provisions for €1.2 million, the non-monetary change relating to the application of IFRS 16 for €6.2 million and the payment of dividends amounting to €6.0 million, as well as the purchase of treasury shares for €4.3 million.
At June 30, 2022, the NFP/LTM EBITDA ratio was x2.40, improving compared to x2.49 at December 31, 2021.
The current geographical scenario requires a distinct reading of the evolution of the various geographical areas in which the Group operates.
In EMEA, raw materials and energy costs continue to rise sharply. The Aquafil Group remains committed to implementing all price adjustment and cost containment measures that may allow unit margins to be maintained. The current cost level is already yielding a slowdown of end demand in all the various product areas.
In the other two geographical areas, energy costs are not following the same trend as in Europe. In Asia Oceania, the market is showing sound demand levels with a partial recovery of the residential market and an excellent performance by the Japanese market.
In the United States, demand continues to rise sharply, following on the increase in the first half of the year.
In this scenario, the Group expects less brilliant results in the second half of the year than in the first. In any event, profitability for full-year 2022 is expected to be higher than in 2021. All this is due to the competitive advantage that the market attributes to ECONYL® branded products, as well as to the different geographical distribution of the Group's markets.
On October 20, 2021, the Shareholders' Meeting authorized the buy-back and disposal of treasury shares, pursuant to Article 2357 of the Italian Civil Code, for a maximum period of eighteen months and with regard to a number of shares not exceeding 3% of the share capital. On that same date, the Board of Directors authorized a first plan for purchasing a total maximum amount of 512,000 treasury shares (equal to approximately 1% of the total share capital) to be implemented from October 25, 2021 to January 31, 2022 at a maximum price of €10.00 per share. On March 15, 2022, the Board of Directors resolved to execute a further plan for purchasing a total maximum amount of 512,000 treasury shares (equal to approximately 1% of the total share capital) to be carried out from March 21, 2022 to July 29, 2022 at a maximum price of €10.00 per share. At June 30, 2022, the Company held 969,090 treasury shares, equal to 1.8921% of share capital, for a total purchase value of €6,829,631, or €7.0475 per share.
On today's date, the Company's Board of Directors, with regard to the plan to purchase treasury shares authorized by the Shareholders' Meeting on October 20, 2021 pursuant to Article 144 bis of Consob Regulation No. 11971/1999, resolved to execute a third plan for purchasing a total maximum amount of 567,000 treasury shares (equal to approximately 1.1% of the total share capital) to be carried out from September 19, 2022 to January 31, 2023 on the electronic stock exchange (as of October 25, 2021 "Euronext Milan") organized and managed by Borsa Italiana S.p.A. (MTA/EM), at a maximum price of €10.00 per share. The Company will implement this purchasing program through a specialized intermediary, granting a specific assignment for this purpose to Intermonte. In particular, pursuant to Article 4, paragraph 2(b), of Commission Delegated Regulation (EU) No. 1052 of March 8, 2016, the intermediary in charge of coordinating and executing transactions in treasury shares will act with full independence, including in terms of the times at which to purchase the shares, in accordance with this mandate and the shareholders' resolution passed. Purchase transactions may be executed on the MTA/EM market, in one or more tranches, in accordance with the legal limits,
and on markets regulated according to the operating methods established by the organization and management regulations for such markets and agreed upon with Borsa Italiana S.p.A., which permit parity of treatment of shareholders, pursuant to Article 132 of Legislative Decree No. 58 of February 24, 1998 (as further amended and supplemented) and Article 144-bis, paragraph 1(b), of Consob Regulation No. 11971/1999, as well as in accordance with Regulation (EU) No. 596/2014 and related European and Italian implementing provisions, and, where applicable, admitted market practice in effect from time to time. The shares will be purchased at a price per share that will be set from time to time for each transaction, having regard to the method selected for undertaking the transaction and in accordance with any pro tempore applicable European and national regulatory provision.
At today's market closing, the Company held 969,090 treasury shares, equal to 1.8921% of share capital, for a total purchase value of €6,829,631.
Any subsequent changes to this plan will be promptly disclosed to the public. In addition, the details of any purchase transaction executed will be reported to the market in accordance with applicable legislation.
On the August 22 Aquafil S.p.A. signed a non-binding term sheet that provides for the possible acquisition of a majority share in the Indian company Gujarat Polyfilms Private Limited that produces nylon-6 polymer and textile fibers at its Surat plant in Gujarat, India. In the financial year ended March 31, 2022, Gujarat Polyfilms Private Limited reported revenues amounting to approximately € 55.0 million. The potential acquisition aims to ensure polymer production capacity in the Asian market, while also continuing the globalization process of fibers for fabrics. In addition, the geographical positioning and competitiveness of local cost factors will permit to plan further possible expansions of the Group's operations in Asia.
The newly formed company Aquafil Chile S.p.A., based in Santiago del Chile, was acquired on April 5. The company is a fully owned subsidiary of Aquafil SLO D.o.o. whose object is mainly to purchase fishing nets and other plastic waste materials, manage their storage, processing, transport and sale to third parties as raw material for reuse in subsequent ECONYL® recycling and regeneration processes.
Bluloop S.r.l., a benefit company fully owned by Aquafil S.p.A., was incorporated on July 22. Its main object is to sell to end consumers ECONYL® branded products via e-commerce channels. The company also pursues goals relating to communications, training and initiatives pertaining to environmental and social sustainability in the territories in which the Aquafil Group operates.
On April 29, 2022, the Ordinary Shareholders' Meeting of Aquafil S.p.A. resolved to distribute a total dividend of €6.1 million, which was paid on May 11, 2022.
The signing of a business alliance agreement, on a non-exclusive basis, with ITOCHU Corporation, based in Japan, to promote and expand the circular nylon business was disclosed on March 15, 2022.
* * *
Declaration of the appointed manager
"The Manager responsible for preparing the Company's financial reports, Sergio Calliari, declares, pursuant to Paragraph 2 of Article 154-bis of the Consolidated Finance Law, that the accounting information contained in this press release corresponds to the company's records, ledgers and accounting entries."
* * *
This press release contains forward-looking statements. These statements are based on the Aquafil Group's current expectations and projections regarding future events and are, by their very nature, subject to a number of risks and uncertainties. These statements refer to events and depend on circumstances that may or may not occur or take place in the future, and, as such, undue reliance should not be made on them. Actual performance could differ significantly from the contents of such statements due to a variety of factors, including constant volatility and a further deterioration of capital and financial markets, changes in macroeconomic conditions and economic growth and other changes in business conditions, changes in the law and institutional context (in Italy and internationally), and many other factors, most of which are beyond the Group's control.
* * *
Aquafil is a pioneer in the circular economy also thanks to the ECONYL® regeneration system, an innovative and sustainable process able to create new products from waste and give life to an endless cycle. The nylon waste is collected in locations all over the world and includes industrial waste but also products – such as fishing nets and rugs – that have reached the end of their useful life. Such waste is processed to obtain a raw material – caprolactam – with the same chemical and performance characteristics as those from fossil sources. The polymers produced from ECONYL® caprolactam are distributed to the Group's production plants, where they are transformed into yarn for rugs carpet flooring and for clothing.
Founded in 1965, Aquafil is one of the main producers of nylon in Italy and worldwide. The Group is present in seven countries and in three different continents, with over 2,800 employees at 19 production sites located in Italy, Slovenia, Unites States, China, Croatia, Scotland, Thailand and Japan.
Investors Contact Media Contact Karim Tonelli Barabino & Partners [email protected] Federico Vercellino mob: +39 348 6022.950 [email protected]
Barabino & Partners IR mob: +39 331 5745.17 T: +39 02 72.02.35.35 Stefania Bassi [email protected] mob: +39 335 6282.667
Agota Dozsa [email protected] mob: +39 338 7424.061
T: +39 02 72.02.35.35
| CONSOLIDATED INCOME STATEMENT | Half Year | of wich | Half Year | of wich | Second | of wich | Second | of wich |
|---|---|---|---|---|---|---|---|---|
| €/000 | 2022 | non | 2021 | non | Quarter 2022 | non | Quarter 2021 | non |
| Revenue | 351.009 | current 525 |
274.700 | current - |
179.849 | current 229 |
144.060 | current - |
| of which related parties | 26 | 27 | 13 | - | 14 | - | ||
| Other Revenue | 2.413 | 114 | 2.685 | 443 | 1.157 | 23 | 1.859 | 439 |
| Total Revenue and Other Revenue | 353.422 | 639 | 277.385 | 443 | 181.006 | 252 | 145.919 | 439 |
| Raw Material | (158.365) | (294) | (135.494) | - | (79.798) | (203) | (72.729) | - |
| Services | (81.957) | (738) | (50.100) | (305) | (43.097) | (384) | (25.785) | (232) |
| of which related parties | (230) | (212) | 296 | - | (103) | - | ||
| Personel | (64.898) | (811) | (55.805) | (582) | (33.511) | (464) | (28.490) | (471) |
| Other Operating Costs | (2.446) | (115) | (1.640) | (61) | (1.212) | (60) | (845) | (53) |
| of which related parties | (35) | (35) | (17) | - | (17) | - | ||
| Depreciation and Amorti zation | (23.756) | (23.312) | (12.838) | - | (11.984) | - | ||
| Doubtful debt prevision | 174 | (128) | 191 | - | (19) | - | ||
| Provisions for risks and charges | 26 | 77 | 1 | - | 70 | - | ||
| Capitalization of Internal Construction Costs | 2.347 | 3.077 | 1.343 | - | 1.852 | - | ||
| EBIT | 24.548 | (1.321) | 14.060 | (504) | 12.085 | (861) | 7.990 | (318) |
| Income (loss) from Investments | (70) | 0 | (70) | - | - | - | ||
| of which related parties | 90 | 90 | - | - | - | |||
| Other Financial Income | 2.987 | 491 | 1.293 | - | 254 | - | ||
| Interest Expenses | (3.862) | (3.822) | (1.991) | - | (1.790) | - | ||
| of which related parties | (64) | (79) | (33) | - | (33) | - | ||
| FX Gains and Losses | 528 | 260 | 912 | - | (174) | - | ||
| Profit Before Taxes | 24.131 | (1.321) | 10.989 | (504) | 12.229 | (861) | 6.280 | (318) |
| Income Taxes | (6.457) | (2.078) | (3.675) | - | (863) | - | ||
| Net Profit (Including Portion Attr. to Minority ) | 17.674 | (1.321) | 8.911 | (504) | 8.554 | (861) | 5.417 | (318) |
| Net Profit Attributable to Minority Interest | 0 | 0 | - | - | - | - | ||
| Net Profit Attributable to the Group | 17.674 | 8.911 | 8.554 | - | 5.417 | - |
| RECONCILIATION FROM NET PROFIT TO EBITDA €/000 |
Half Year 2022 |
Half Year 2021 |
Second Quarter 2022 |
Second Quarter 2021 |
|---|---|---|---|---|
| Net Profit (Including Portion Attr. to Minority ) | 17.674 | 8.911 | 8.554 | 5.417 |
| Income Taxes | 6.457 | 2.078 | 3.675 | 863 |
| Investment income and charges | 70 | 70 | - | |
| Amortisation & Depreciation | 23.756 | 23.312 | 12.838 | 11.984 |
| Write-downs & Write-backs of intangible and tangible assets | (200) | 51 | (191) | (51) |
| Financial items (*) | 2.435 | 4.485 | 893 | 2.483 |
| No recurring items (**) | 1.321 | 504 | 861 | 318 |
| EBITDA | 51.513 | 39.341 | 26.699 | 21.014 |
| Revenue | 351.009 | 274.700 | 179.849 | 144.060 |
| EBITDA Margin | 14,7% | 14,3% | 14,8% | 14,6% |
| RECONCILIATION FROM EBITDA TO | Half Year | Half Year | Second Quarter | Second Quarter |
| EBIT ADJUSTED €/000 |
2022 | 2021 | 2022 | 2021 |
| EBITDA | 51.513 | 39.341 | 26.699 | 21.014 |
| Amortisation & Depreciation | 23.756 | 23.312 | 12.838 | 11.984 |
| Write-downs & Write-backs of intangible and tangible assets | (200) | 51 | (191) | (51) |
| EBIT Adjusted | 27.957 | 15.977 | 14.053 | 9.080 |
(*) The financial items include: (i) financial income of Euro 3.0 million (ii) financial charges and other other bank charges of Euro 3.9 million, (iii) cash discounts of Euro 2.1 million, and (iv) exchange gains of Euro 0.5 million.
Revenue 351.009 274.700 179.849 144.060 EBIT Adjusted Margin 8,0% 5,8% 7,8% 6,3%
(**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.1) million, (ii) non-recurring charges reffering to Aquafil Carpet Collection and ACR2 for Euro (1) (deducted non-recurring revenues for euro (0.6) milion)(iii) other non-recurring of Euro (0.2) million.
| CONSOLIDATED BALANCE SHEET | At June 30, | At December 31, | ||
|---|---|---|---|---|
| €/000 | 2022 | 2021 | ||
| Intangible Assets | 22.118 | 23.551 | ||
| Goodwill | 16.067 | 14.735 | ||
| Tangible Assets | 247.878 | 240.489 | ||
| Financial Assets | 738 | 710 | ||
| of which related parties | 370 | 318 | ||
| Investments & Equity metod | 1.018 | 1.018 | ||
| Other Assets | 526 | 626 | ||
| Deferred Tax Assets | 13.533 | 12.269 | ||
| Total Non-Current Assets | 301.878 | 293.398 | ||
| Inventories | 237.890 | 177.243 | ||
| Trade Receivable | 41.416 | 31.233 | ||
| of which related parties | 38 | 71 | ||
| Financial Current Assets | 4.216 | 860 | ||
| Current Tax Receivables | 634 | 423 | ||
| Other Current Assets | 12.703 | 12.853 | ||
| of which related parties | 0 | 3.152 | ||
| Cash and Cash Equivalents | 136.941 | 152.656 | ||
| Asset held for sales | 0 | 0 | ||
| Total Current Assets | 433.800 | 375.268 | ||
| Total Current Assets | 735.678 | 668.666 | ||
| Share Capital | 49.722 | 49.722 | ||
| Reserves | 106.271 | 91.708 | ||
| Group Net Profit for the year | 17.674 | 10.670 | ||
| Group Shareholders Equity | 173.668 | 152.101 | ||
| Net Equity attributable to minority interest | 1 | 1 | ||
| Net Profit for the year attributable to minority interest | 0 | 0 | ||
| Total Sharholders Equity | 173.669 | 152.102 | ||
| Employee Benefits | 5.448 | 5.910 | ||
| Non-Current Financial Liabilities | 262.449 | 263.421 | ||
| of which related parties | 6.935 | 6.359 | ||
| Provisions for Risks and Charges | 1.492 | 1.929 | ||
| Deferred Tax Liabilities | 12.666 | 11.158 | ||
| Other Payables | 9.769 | 10.813 | ||
| Total Non-Current Liabilities | 291.824 | 293.230 | ||
| Current Financial Liabilities | 80.880 | 69.438 | ||
| of which related parties | 2.790 | 2.240 | ||
| Current Tax Payables | 3.164 | 1.721 | ||
| Trade Payables | 157.687 | 126.566 | ||
| of which related parties | 249 | 352 | ||
| Other Liabilities | 28.455 | 25.608 | ||
| of which related parties | 241 | 230 | ||
| Total Current Liabilities | 270.186 | 223.334 | ||
| Total Equity and Liabilities | 735.678 | 668.666 |
| CASH FLOW STATEMENT €/000 |
At June 30, 2022 |
At June 30, 2021 |
|---|---|---|
| Operation Activities | ||
| Net Profit (Including Portion Attr. to Minority ) | 17.674 | 8.911 |
| of which related parties | (213) | (299) |
| Income Taxes | 6.457 | 2.078 |
| Income (loss) from Investments | 70 | - |
| of which related parties | (90) | |
| Financial income | (2.987) | (491) |
| of which related parties | 0 | 0 |
| Financial charges | 3.862 | 3.822 |
| of which related parties | 64 | (79) |
| FX (Gains) and Losses | (528) | (260) |
| (Gain)/Loss on non - current asset Disposals | (74) | (77) |
| Provisions & write-downs | (174) | 128 |
| Write-downs of financial assets (receivables) | (26) | (77) |
| Amortisation, depreciation & write-downs | 23.757 | 23.312 |
| Cash Flow from Operating Activities Before Changes in NWC | 48.030 | 37.346 |
| Change in Inventories | (60.647) | (3.444) |
| Change in Trade and Other Payables | 31.120 | 28.041 |
| of which related parties | (103) | (67) |
| Change in Trade and Other Receivables | (10.157) | (8.892) |
| of which related parties | 33 | 37 |
| Change in Other Assets/Liabilities | 2.971 | 811 |
| of which related parties | 3.163 | (462) |
| Net Interest Expenses paid | (875) | (3.331) |
| Income Taxes paid | 896 | - |
| Change in Provisions for Risks and Charges | (1.317) | (464) |
| Cash Flow from Operating Activities (A) | 10.021 | 50.067 |
| Investing activities | ||
| Investment in Tangible Assets | -15.889 | -11.871 |
| Disposal of Tangible Assets | 1.077 | 162 |
| Investment in Intangible Assets | -1.316 | -2.166 |
| Disposal of Intangible Assets | 13 | |
| Investment of Financial Assets | (52) | |
| Dividends | 91 | |
| Disposal of Financial Assets | -160 | |
| Cash Flow used in Investing Activities (B) | -16.249 | -13.862 |
| Financing Activities | ||
| Increase in no current Loan and borrowing | 31.000 | 0 |
| Decrease in no current Loan and borrowing | -25.338 | -67.152 |
| Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16 | 1.427 | -9.993 |
| of which related parties | 1.126 | -1.571 |
| Net variation non-monetary increase IFRS16 | -6.246 | -2.159 |
| Dividends Distribution | -6.045 | 0 |
| Acquisition of treasury shares | (4.285) | |
| Cash Flow from Financing Activities ( C) | -9.487 | -79.304 |
| Net Cash Flow of the Year (A)+(B)+(C) | (15.715) | (43.100) |
| NET FINANCIAL DEBT | At June 30, | At December 31, | |
|---|---|---|---|
| €/000 | 2022 | 2021 | |
| A. Liquidity | 136.941 | 152.656 | |
| B. Cash and cash equivalents | |||
| C. Other current financial assets | 4.216 | 860 | |
| D. Liquidity (A + B + C) | 141.157 | 153.516 | |
| E. Current financial debt (including debt instruments but excluding the current | |||
| portion of non-current financial debt) | - | 3.602 - | 203 |
| F. Current portion of non-current financial debt | - | 77.279 - | 69.236 |
| G. Current financial debt (E + F) | - | 80.880 - | 69.438 |
| H. Net current financial debt (G - D) | 60.276 | 84.078 | |
| I. Non-current financial debt (excluding current portion and debt instruments) | - | 184.979 - | 180.185 |
| J. Debt instruments | - | 77.470 - | 83.210 |
| K. Trade payables and other non-current payables | |||
| L. Non-current financial debt (I + J + K) | - | 262.449 - | 263.396 |
| M. Total financial debt (H + L) | - | 202.173 - | 179.318 |
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