Aquafil Group

[ECNL:IM] - [ECNLF: OTCQX]

1H 2024 Financial Results August 29, 2024

1. Key messages

ECONYL® BRANDED AND REGENERATED PRODUCTS INCREASED TO 52.8% OF REVENUES GENERATED FROM FIBERS
PROFITABILITY IMPROVEMENT (2Q2024 +77.7% vs. 2Q2023)
DECREASING TREND IN NET FINANCIAL POSITION
US FIBERS MARKET BELOW EXPECTATIONS
APPROVED THE NEW INDUSTRIAL PLAN 2024-26 OF THE COMPANY
PROPOSED CAPITAL INCREASE FOR UP TO € 40 MLN.
THE MAJOR SHAREHOLDER AQUAFIN HOLDING HAS EXPRESSED ITS INTENTION TO SUBSCRIBE ITS PRO-QUOTA SHARE OF THE CAPITAL INCREASE

2. Financial results

	Revenues			EBITDA		Net profit			NFP
	2024	2023	Δ%	2024	2023	Δ%	2024	2023	Δ%	30.06.24	31.12.23	Δ%
1H	288,1	311,1	(7,4)%	32,6	31,3	4,0 %	(6,1)	(4,1)	(48,3)%	(243,0)	(248,5)	(2,2)%
% on Revenues				11,3%	10,1%		(2,1)%	(1,3)%
2Q	140,6	144,3	(2,5)%	17,3	9,8	77,7 %	(3,0)	(7,4)	59,2 %
% on Revenues				12,3%	6,8%		(2,2)%	(5,1)%
		SALES			EBITDA			NET PROFIT			NFP
	VOLUME1 +10,7% compared to 1H23 +7,4% compared to 2Q23 EMEA and Asia Market in line with expectation USA Still weak market ECONYL® Ca. 53% of Fiber Revenues			Higher to 1H 2023 Due to Alignment of the unit cost of the raw materials stocked with the market price lower raw material and utilities personnel costs decrease			Lower to 1H 2023 Mainly due to Increase of net financial costs			Lower vs Dec. 23 NFP/EBITDA LTM x4,98 on 30th June 2024 x5,23 on 31st December 2023

(1) Based on "First Grade Product" revenues

2. Financial results - Revenues by components

Higher volumes of 10,7% compared to 1H 2023 and 7,4% compared to 2Q 2023

2. Financial results - Volumes

EMEA: volumes +20,8% vs 1H23 and +15,8% vs 2Q23:

Market recovery for BCF both in 1H and 2Q 2024
NTF still weak
Polymers and Engineering plastics continues to grow

USA: volumes ca (8,3)% vs 1H23 and (11,1)% vs 2Q23 :

– BCF and NTF: below expectations

Asia: volumes +13,8% vs 1H23 and +16,6% vs 2Q23:

– BCF: volumes increase both in 1H and 2Q 2024

2. Financial results – Revenues breakdown by Product Line and Area

2. Financial results – Revenues: ECONYL® products

ECONYL® products increased accounted for 52,8% in 1H 2024 and for 53,5% in 2Q 2024

2. Financial results - P&L: KPI

EMARKET SDIR
CERTIFIED

	1H			2Q
	2024	2023	Δ%	2024	2023	Δ%
Revenues	288,1	311,1	(7,4)%	140,6	144,3	(2,5)%

EBITDA	32,6	31,3	4,0 %	17,3	9,8	77,7 %
% on net Sales	11,3 %	10,1%		12,3%	6,8%
EBIT	3,1	4,1	(24,7)%	2,2	(3,9)	(158,0)%
% on net Sales	1,1%	1,3%		1,6 %	(2,7)%
EBT	(7,2)	(2,1)	244,2 %	(3,2)	(6,7)	(53,1)%
% on net Sales	(2,5)%	(0,7)%		(2,2)%	(4,7)%
NET RESULT	(6,1)	(4,1)	48,3 %	(3,0)	(7,4)	(59,2)%
% on net Sales	(2,1)%	(1,3)%		(2,2)%	(5,1)%

2. Financial results - NFP and NPF/EBITDA

• NFP on 30th June 2024 equal to 243,0 vs 248,5 €/mil on 31st December 2023

3. Outlook

In the first half of 2024, the Group's profitability margins were in line with expectations and previous years.

At market level, in the first half of the year overall volumes increased compared to the same period of the previous year.

The general market context has not yet fully stabilized; therefore, a more limited volume increase is expected in H2 2024 compared to H1 2024, with a substantial recovery in the following year.

The geographical areas had been characterized by different trends in the first half of the year: EMEA and Asia Pacific showed an increase in volumes, while the US market continued to be characterized by a contraction in volumes.

For the remainder of the year, in EMEA the market of the fibers for garments is expected to recover, while volumes of fibers for carpets are anticipated to remain substantially stable compared to H1 2024. Polymers are expected to continue their announced growth trend.

The United States are expected to witness a slight improvement in both product lines in H2 2024 compared to the first semester.

In Asia Pacific, volumes are expected to be aligned to current year budget estimates.

HIGHLIGHTS INDUSTRIAL PLAN 2024 - 2026

Expected volumes by business lines 2024 - 2026

	BCF - Carpet yarn	NTF - Textile yarn	Polymers
'24E vs '23E	Substantially stable	Substantially stable	40%
'25E vs '24E	From +7% to +9%	From +15% to +18%	From +45% to +55%

'26E vs '25E	From +2% to +4%	From +4% to +7%	From 1% to +2%

All the expected results include the effects of the proposed capital increase of €40 mln.

Expected volumes by business lines

		BCF - Carpet yarn	NTF - Textile yarn	Polymers
Previous guidance	'24E vs '23E	From +3% to +6%	From +13% to +16%	From +6% to +9%
	'25E vs '24E	From +4% to +7%	From +8% to +11%	From +14% to +17%
New	'24E vs '23E	Substantially stable	Substantially stable	40%
BP	'25E vs '24E	From +7% to +9%	From +15% to +18%	From +45% to +55%

All the expected results of the new BP include the effects of the proposed capital increase of €40 mln.

Industrial Plan 2024 – 2026 Key indicators

Expected results 2024

EBITDA target: ca. 65 €/mln (old guidance 76 – 82 €/mln )
NFP*: ca. 207 €/mln (old guidance 225 – 235 €/mln )

Expected results 2025

EBITDA target: 80 87 €/mln (old guidance 84 – 92 €/mln )
NFP*: 185 195 €/mln (old guidance 190 – 200 €/mln )

Expected results 2026

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

The expected results include the effects of the proposed capital increase of €40 mln. and IFRS 16 impact Old guidance doesn't include the effect of IFRS 16 impact

* Positive means debt

Industrial Plan 2024 – 2026 Presentation event

Details of the Plan will be presented to the financial community and shareholders at a dedicated event on September 12, 2024, in virtual mode.

The relevant details will be available on the Company's website in the "Investor Relations" section.

4. Appendix 1H 2024 results

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)

«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

Appendix - Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT	Half Year 2024 of wich non		Half Year 2023 of wich non		Second	of wich non	Second	of wich non
€/000		current		current	Quarter 2024	current	Quarter 2023	current
Revenue	288.133	-	311.117	-	140.633	-	144.297	-
of which related parties	158	-	151	-	75	-	76	-
Other Revenue	3.285	37	4.947	3	1.646	5	2.230	1
Total Revenue and Other Revenue	291.418	37	316.064	3	142.279	5	146.527	1
Raw Material	(137.791)	-	(158.938)	-	(64.346)		(76.754)
Services	(61.701)	(148)	(67.864)	(1.018)	(31.059)	(74)	(31.622)	(215)
of which related parties	(329)	-	(264)	-	(173)		(139)
Personel	(62.175)	(830)	(63.019)	(515)	(31.209)	(577)	(30.985)	(197)
Other Operating Costs	(1.659)	(109)	(1.764)	(114)	(893)	(105)	(901)	(111)
of which related parties	(35)	-	(35)	-	(17)	-	(17)	-
Depreciation and Amorti zation	(26.987)	-	(24.287)	-	(13.582)	-	(12.458)	-
Provisions & Write-downs/(releases)	11	-	178	-	(1)	-	28	-
Capitalization of Internal Construction Costs	1.976	-	3.736	-	1.059	-	2.286	-
EBIT	3.092	(1.049)	4.106	(1.645)	2.249	(751)	(3.880)	(522)
Income (loss) from Investments	-	-	-	-	0	-	0	-
Other Financial Income	641	-	339	-	(34)	-	224	-
Interest Expenses	(10.531)	-	(7.505)	-	(5.093)	-	(4.225)	-
of which related parties	(49)	-	(87)	-	(21)	-	(42)	-
FX Gains and Losses	(356)	-	983	-	(272)	-	1.159	-
Profit Before Taxes	(7.153)	(1.049)	(2.078)	(1.645)	(3.151)	(751)	(6.721)	(522)
Income Taxes	1.020	-	(2.058)	-	122		(706)
Net Profit (Including Portion Attr. to Minority )	(6.133)	(1.049)	(4.136)	(1.645)	(3.029)	(751)	(7.427)	(522)
Net Profit Attributable to Minority Interest	-	-	-	-	-	-	-	-
Net Profit Attributable to the Group	(6.133)		(4.136)		(3.029)	(751)	(7.427)	(522)

1H - % Revenues by Product Line

Appendix - Consolidated Income Statement – Revenues 1H

	Appendix - Consolidated Income Statement – Revenues 1H
1H		BCF (fiber for carpet)				NTF (fibre for fabrics)			Polymers							TOTAL
	2024	2023 Δ	Δ %	2024	2023	Δ Δ %	2024	2023	Δ	Δ %	2024	2023	Δ	Δ %	%24	%23
EMEA	96,9	99,0 (2,1)	(2,1)%	31,9	46,3 (14,4)	(31,1)%	28,9	19,8	9,1	45,9 %	157,7	165,1	(7,4)	(4,5)%	54,7%	53,1%
North America	62,3	80,0 (17,7)	(22,2)%	12,5	15,6 (3,1)	(19,8)%	4,3	2,8	1,5	52,8 %	79,1	98,4	(19,3)	(19,7)%	27,4%	31,6%
Asia e Oceania	47,1	44,2 2,9	6,6 %	1,5	2,0 (0,5)	(23,4)%	1,3	0,4	0,9	N.A.	50,0	46,6	3,4	7,3 %	17,3%	15,0%
RoW	0,5	0,5 (0,0)	(3,2)%	1,0	0,6 0,4	58,3 %	0,0	0,0	0,0	N.A.	1,4	1,1	0,3	31,2 %	0,5%	0,3%
TOTALE	206,7	223,6 (16,9)	(7,6)%	46,9	64,5 (17,6)	(27,3)%	34,5	23,0	11,5	50,1 %	288,1	311,1	(23,0)	(7,4)%	100,0%	100,0%
%	71,8%	71,9%		16,3%	20,7%		12,0%	7,4%			100,0%	100,0%

1H - % Revenues by Geographical Area

Appendix - Consolidated Income Statement – Revenues 2Q

		Appendix -			Consolidated Income Statement – Revenues 2Q
2Q				BCF (fiber for carpet)				NTF (fibre for fabrics)				Polymers						TOTAL
	2024	2023	Δ	Δ %	2024	2023	Δ	Δ %	2024	2023	Δ	Δ %	2024	2023	Δ	Δ %	%24	%23
EMEA	47,5	44,7	2,8	6,3 %	16,2	20,0	(3,8)	(19,0)%	11,8	8,9	2,9	32,4 %	75,5	73,6	1,9	2,6 %	53,7%	51,0%
North America	31,1	38,6	(7,5)	(19,4)%	6,3	8,4	(2,2)	(25,6)%	1,9	1,3	0,5	40,3 %	39,3	48,4	(9,1)	(18,8)%	27,9%	33,5%
Asia e Oceania	24,1	20,7	3,5	16,8 %	0,3	1,0	(0,7)	(68,5)%	0,7	0,1	0,6	N.A.	25,2	21,8	3,3	15,3 %	17,9%	15,1%
RoW	0,2	0,3	(0,1)	(38,6)%	0,6	0,3	0,3	N.A.	0,0	0,0	0,0	N.A.	0,7	0,5	0,2	38,0 %	0,5%	0,4%
TOTALE	102,9	104,2	(1,3)	(1,3)%	23,4	29,7	(6,4)	(21,4)%	14,4	10,4	4,0	38,5 %	140,6	144,3	(3,7)	(2,5)%	100,0%	100,0%
%	73,2%	72,2%			16,6%	20,6%			10,2%	7,2%			100,0%	100,0%

2Q - % Revenues by Geographical Area

2Q - % Revenues by Product Line

Appendix - EBITDA and Adjusted Operating Results

RECONCILIATION FROM NET PROFIT TO EBITDA €/000	Half Year 2024	Half Year 2023	Second Quarter 2024	Second Quarter 2023
Net Profit (Including Portion Attr. to Minority )	(6.133)	(4.136)	(3.029)	(7.427)
Income Taxes	(1.020)	2.058	(122)	706
Amortisation & Depreciation	26.987	24.287	13.582	12.458
Write-downs & Write-backs of intangible and tangible assets	(11)	(178)	1	(28)
Financial items (*)	11.709	7.651	6.157	3.524
No recurring items (**)	1.049	1.645	750	522
EBITDA	32.581	31.327	17.339	9.755
Revenue	288.133	311.117	140.633	144.297
EBITDA Margin	11,3%	10,1%	12,3%	6,8%

RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000	Half Year 2024	Half Year 2023	Second Quarter 2024	Second Quarter 2023
EBITDA	32.581	31.327	17.339	9.755
Amortisation & Depreciation	26.987	24.287	13.582	12.458
Write-downs & Write-backs of intangible and tangible assets	(11)	(178)	1	(28)
EBIT Adjusted	5.606	7.218	3.757	(2.675)
Revenue	288.133	311.117	140.633	144.297
EBIT Adjusted Margin	1,9%	2,3%	2,7%	-1,9%

(*) The financial items include: (i) financial charges and other bank charges of Euro (10.4) million, (ii) cash discounts of Euro (1.5) million, (iii) financial income of Euro 0.6, and (iv) exchange loss of Euro (0.4) million. (**) This mainly includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.11) million, (ii) extraordinary legal and administrative consulting costs for Euro(0,04) million (iii) restructuring costs for Euro (0.83)million, and (iv) other non-recurring charges and revenues for Euro (0.07) million.

Appendix - Consolidated Balance Sheet (1/2)

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2024	2023
Intangible Assets	16.978	19.080
Goodwill	15.590	15.103
Tangible Assets	239.835	251.604
Financial Assets	616	534
of which related parties	188	79
Investments & Equity metod	1.113	1.023
Deferred Tax Assets	21.531	18.545
Total Non-Current Assets	295.664	305.889
Inventories	187.338	189.493
Trade Receivable	27.536	26.206
of which related parties	154	351
Financial Current Assets	6.012	5.703
Current Tax Receivables	1.590	1.619
Other Current Assets	17.507	14.644
of which related parties	6.780	5.854
Cash and Cash Equivalents	140.139	157.662
Total Current Assets	380.121	395.327
Total Current Assets	675.785	701.216

Appendix - Consolidated Balance Sheet (2/2)

CONSOLIDATED BALANCE SHEET	At June 30,	At December 31,
€/000	2024	2023
Share Capital	49.722	49.722
Reserves	80.149	101.379
Group Net Profit for the year	(6.133)	(25.849)
Group Shareholders Equity	123.738	125.252
Net Equity attributable to minority interest	1	1
Net Profit for the year attributable to minority interest	-	-
Total Sharholders Equity	123.739	125.253
Employee Benefits	4.800	5.104
Non-Current Financial Liabilities	283.741	308.741
of which related parties	2.985	3.217
Provisions for Risks and Charges	1.714	1.710
Deferred Tax Liabilities	14.450	13.324
Other Payables	4.877	5.852
Total Non-Current Liabilities	309.582	334.731
Current Financial Liabilities	105.390	103.161
of which related parties	1.477	1.872
Current Tax Payables	1.827	1.219
Trade Payables	113.992	116.006
of which related parties	225	551
Other Liabilities	21.255	20.846
Total Current Liabilities	242.464	241.232
Total Equity and Liabilities	675.785	701.216

Appendix - Net Financial Position

NET FINANCIAL DEBT	At June 30,	At December 31,
€/000	2024	2023
A. Liquidity	140.139	157.662
B. Cash and cash equivalents
C. Other current financial assets	6.012	5.703
D. Liquidity (A + B + C)	146.151	163.364
E. Current financial debt (including debt instruments but excluding the current
portion of non-current financial debt)	( 4.237)	( 2.438)
F. Current portion of non-current financial debt	( 101.154)	( 100.723)
G. Current financial debt (E + F)	( 105.390)	( 103.161)
H. Net current financial debt (G - D)	40.761	60.204
I. Non-current financial debt (excluding current portion and debt instruments)	( 232.090)	( 251.350)
J. Debt instruments	( 51.651)	( 57.391)
K. Trade payables and other non-current payables
L. Non-current financial debt (I + J + K)	( 283.741)	( 308.741)
M. Total financial debt (H + L)	( 242.980)	( 248.537)

Appendix - Consolidated Cash Flow Statement (1/2)

CASH FLOW STATEMENT	At June 30,	At June 30,
€/000	2024	2023
Operation Activities
Net Profit (Including Portion Attr. to Minority )	(6.133)	(4.136)
of which related parties	(255)	(234)
Income Taxes	(1.020)	2.058
Income (loss) from Investments	-	-
Financial income	(642)	(339)
Financial charges	10.531	7.505
of which related parties	49	87
FX (Gains) and Losses	356	(983)
(Gain)/Loss on non - current asset Disposals	(92)	(172)
Provisions & Write-downs/(releases)	(11)	(178)
Amortisation, depreciation & write-downs of tangible and intangible assets	26.987	24.287
Cash Flow from Operating Activities Before Changes in NWC	29.976	28.043
Change in Inventories	2.155	42.846
Change in Trade and Other Payables	(2.015)	(21.805)
of which related parties	(326)	80
Change in Trade and Other Receivables	(1.289)	1.466
of which related parties	197	213
Change in Other Assets/Liabilities	(517)	(4.644)
	(926)	(3.497)
of which related parties	(9.843)	(6.570)
Net Interest Expenses	(1.189)	(5.639)
Income Taxes paid	(408)	(971)
Change in Provisions for Risks and Charges
Cash Flow from Operating Activities (A)	16.871	32.726

Appendix - Consolidated Cash Flow Statement (2/2)

CASH FLOW STATEMENT	At June 30,	At June 30,
€/000	2024	2023
Investing activities
Investment in Tangible Assets	(7.989)	(16.273)
Disposal of Tangible Assets	180	533
Investment in Intangible Assets	(1.247)	(2.500)
Disposal of Intangible Assets	2	-
Investment of Financial Assets	(113)	(151)
Dividends	-	-
Cash Flow used in Investing Activities (B)	(9.168)	(18.390)

Financing Activities
Increase in no current Loan and borrowing	20.000	35.000
Decrease in no current Loan and borrowing	(41.400)	(35.821)
Net variation in current and not current fiancial Assets and Liability inclueded IFRS 16	(3.825)	(571)
of which related parties	(736)	(1.163)
Dividends Distribution	-	(12.027)
Acquisition of treasury shares	-	(598)
Cash Flow from Financing Activities ( C)	(25.225)	(14.016)
Net Cash Flow of the Year (A)+(B)+(C)	(17.523)	319

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