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Zignago Vetro — Earnings Release 2023
Nov 7, 2023
4402_rns_2023-11-07_c7267957-9b21-4096-8a9b-db0193e0c869.pdf
Earnings Release
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PRESS RELEASE
In accordance with Consob Resolution 11971/99 and subsequent amendments and supplements
ZIGNAGO VETRO S.P.A.
Board of Directors of Zignago Vetro S.p.A. approves the 2023 Third Quarter Report and appoints Mr. Biagio Costantini as Director General
Revenues up significantly in the first nine months (+17.6%), with good margins. Strong cash generation also in the third quarter, despite contracting volumes.
- Revenues of Euro 545.9 million (+17.6% on 2022), of which exports account for 31.7%. Q3 23 revenues decrease slightly on Q3 22 (-2.2%).
- EBITDA of Euro 168.5 million (30.9% margin, +73.1%). In Q3 23 totalling Euro 48.1 million (29.9% margin, +44.8% on Q3 22).
- EBIT of Euro 116 million (21.3% margin, + 123.5%). In Q3 23 totalling Euro 30.4 million (18.9% margin, +70% on Q3 22).
- Group Net Profit of Euro 95.6 million (17.5% margin, +116.7%). In Q3 23 totalling Euro 21 million (13% margin, +60.9% on Q3 22).
Cash generation, before investments, of Euro 158.1 million (29% of revenues). In Q3 23 totalling Euro 55.5 million (34.5% of revenues).
Net financial debt of Euro 224.7 million (Euro 281.3 million at 30 September 2022), following settlement of dividends of Euro 53.3 million and capex of Euro 46 million.
Sustainability indicators (ESG) generally improving and close to the targets set for 2023.
Zignago Vetro Group 9M Key Financial Highlights (*)
| 9M 2023 (in Euro millions) |
9M 2022 (in Euro millions) |
Cge. % |
|
|---|---|---|---|
| Revenues | 545.9 | 464.3 | +17.6% |
| EBITDA | 168.5 | 97.3 | +73.1% |
| EBIT | 116.0 | 51.9 | 123.5% |
| Operating Profit | 117.9 | 54.1 | 117.8% |
| Profit before taxes | 110.7 | 59.6 | +85.8% |
| Group Net Profit | 95.6 | 44.1 | +116.7% |
| 9M 2023 (in Euro millions) |
9M 2022 (in Euro millions) |
|
|---|---|---|
| Free cash flow (before investments) | 158.1 | 73.6 |
| Payments on investments | (46) | (70.8) |
| Free cash flow net (further details on page 4) |
112.2 | 2.8 |
| 30.09.2023 (in Euro millions) |
30.09.2022 (in Euro millions) |
|
| Financial debt | (331.0) | (383.8) |
| Liquidity | 106.3 | 102.5 |
| Net financial debt | (224.7) | (281.3) |
(*) The figures and the subsequent comments concerning the consolidated figures were based on the management view of the Group business, which provides for the proportional consolidation of the joint venture, in continuity with the accounting policies adopted until 31 December 2013. Following the entry into force of the new "IFRS 11 – Joint Arrangements" and "IAS 28 – Interests in associates and joint ventures" the accounting policies changed for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from 1 January 2014 the joint ventures in Vetri Speciali SpA and Vetreco Srl may not be consolidated under the proportional method, as is the case for Julia Vitrum SpA from 31 December 2019, and should be recognised in the consolidated financial statements at equity. The income statement, the statement of comprehensive income, the statement of financial position, the statement of cash flows and the statement of changes in equity of the Zignago Vetro Group at 30 September 2023 and 2022 and at 31 December 2022, prepared according to international accounting standards in force from 1 January 2014, are reported respectively at attachments 4, 5, 6, 7 and 8 of this press release.
Fossalta di Portogruaro, 7 November 2023 – The Board of Directors of Zignago Vetro S.p.A – a company listed on the Euronext STAR Milan market - in a meeting held today chaired by Mr. Nicolò Marzotto approved the 2023 Third Quarter Report.
Company profile
The Zignago Vetro Group companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets. The Group is also engaged in other sectors offering synergies with its core business particularly the collection and treatment of raw glass for subsequent reuse and the construction of moulds for container production.
9M 2023 Zignago Vetro Group Operating Performance
Against a backdrop of general economic uncertainty, the third quarter of the year featured a weakening in demand for Beverage and Food glass containers, stemming from slowing end consumption and a general reduction of inventories along the supply chain by manufacturers and distributors, and particularly among the large retailers. The comparison against the high levels of the previous year is also very challenging.
Cosmetics and Perfumery global market demand remained at good levels, in particular that related to the major cosmetics and premium perfumery brands. Signs of contraction were apparent among the lower-end segments, due to both contracting end consumption and high inventory levels. New product development within the higher-end segments however remains vibrant, as does the sector growth rate.
We consider that the above outlined glass container market dynamic reflects the normal fluctuations evident at times of increased economic uncertainty, while the market's medium to long-term growth characteristics and the strong prospects for the use of glass as a packaging material that is increasingly appreciated, both by users and consumers, remain absolutely unchanged.
Although operating against this backdrop of slowing demand, in the third quarter the Zignago Vetro Group was able to maintain strong results and growth compared to the previous year, thanks in part to the specific nature and strengths of its business model. In addition, free cash flow generation was particularly strong in the third quarter.
Consolidated Revenues in the first nine months of 2023 amounted to Euro 545.9 million, compared to Euro 464.3 million in the same period of the previous year (+17.6%). Export sales in the January-September 2023 period amounted to Euro 172.9 million, 31.7% of Revenues (+22.3% on Euro 141.4 million in the first nine months of 2022: 30.4% of revenues).
Consolidated EBITDA in 9M 2023 amounted to Euro 168.5 million, up 73.1% on 9M 2022 (Euro 97.3 million), with a margin of 30.9% (21% in 9M 2022).
Consolidated EBIT in the first nine months was Euro 116 million (up 123.5% compared to Euro 51.9 million in 2022), with a margin of 21.3% (11.2% in 9M 2022).
The Group profit in the first nine months of 2023 was Euro 95.6 million, compared to Euro 44.1 million in the first nine months of 2022 (+116.7%) – a margin of 17.5% (9.5% in 9M 2022).
Net capital expenditure in the first nine months 2023 by Group companies totalled Euro 41.2 million (Euro 58.6 million in 9M 2022). Payments on fixed assets totalled Euro 46 million in 9M 2023, compared to Euro 70.8 million in 9M 2022.
The Group generated Free cash flow in the period, before payments on fixed assets, of Euro 158.1 million (Euro 73.6 million in the first nine months of 2022); after payments on fixed assets for Euro 46 million and dividends of Euro 53.3 million, the free cash flow was +Euro 112.2 million, compared to +Euro 2.8 million at 30 September 2022.
The Group net financial debt at 30 September 2023 was Euro 224.7 million, compared to Euro 284 million at 31 December 2022 (Euro 281.3 million at 30 September 2022). The net debt reduced Euro 36.5 million in the third quarter of 2023.
Group liquidity at 30 September 2023 was Euro 106.3 million, unchanged on 31 December 2022 and Euro 102.5 million at 30 September 2022.
***********************
Zignago Vetro Group Q3 Key Financial Highlights
| Q3 2023 (in Euro millions) |
Q3 2022 (in Euro millions) |
Cge. $\frac{6}{6}$ |
|
|---|---|---|---|
| Revenues | 161.1 | 164.6 | $-2.2\%$ |
| EBITDA | 48.1 | 33.2 | $+44.8%$ |
| EBIT | 30.4 | 17.9 | $+70.0\%$ |
| Operating Profit | 30.8 | 18.0 | $+70.5\%$ |
| Profit before taxes | 27.5 | 18.2 | $+51.2\%$ |
| Group Net Profit | 21.0 | 13.0 | $+60.9\%$ |
Consolidated revenues in the third quarter of 2023 amounted to Euro 161.1 million, -2.2% compared to Euro 164.6 million in the same period of the previous year. Export sales amounted to Euro 50.1 million (Euro 49.6 million in 2022: +1.1%).
Consolidated EBITDA in the third quarter of 2023 totalled Euro 48.1 million, up 44.8% on the same period in the previous year (Euro 33.2 million). The EBITDA margin was 29.9% (20.2% in the third quarter of 2022).
Consolidated EBIT amounted to Euro 30.4 million (+70% compared to Euro 17.9 million in the third quarter of 2022), with a margin of 18.9% (10.9%).
The Net Profit in the quarter was Euro 21 million, up 60.9% on Euro 13 million in Q3 2022.
***********************
Appointment of General Director
Zignago Vetro informs that the Board of Directors appointed Mr. Biagio Costantini as General Director effective from today. The decision would allow to the strengthening of the Management team and organizational structure, where the contribution from Mr. Costantini will be extremely important. Mr. Biagio Costantini will report to the Zignago Vetro CEO, Mr. Roberto Cardini.
***********************
Outlook
According to our findings and the information available, glass container demand is again expected to stabilize over the coming months, substantially across all of the main Group company sectors.
The Group companies are therefore focused on undertaking all actions to contain the impact of inflationary factors as much as possible, also through modernising and upgrading production capacity, seeking to supply greater product quantities against the strong levels of container demand and to further streamline industrial operations, and particularly from an energy viewpoint.
The medium/long-term glass container sector outlook, and of the Group in particular, remains unaltered and positive, confirming the consolidated development trajectory that the glass container market has historically shown and that appears increasingly robust due to the growing appreciation of glass among users and consumers.
The Company purchased in October an additional 53,597 treasury shares, bringing its portfolio to a total of 676,582 shares.
No other significant events after 30 September 2023 occurred.
There were no atypical and/or unusual transactions for the period ended 30 September 2023 as defined by Consob Communication DEM/6064293.
***********************
In addition, the Board of Directors today approved the review of the Whistleblowing Policy and the Related Party Transactions Policy. Both policies are available to the public on the website www.zignagovetro.com.
***********************
Declaration
The Executive Responsible for Financial Reporting, Mr. Roberto Celot, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.
***********************
Interim Financial Report at September 30, 2023
The Interim Financial Report at 30 September 2023 will be made available to the public as soon as available and in accordance with law at the registered office of the company and on the company website www.zignagovetro.com
***********************
This press release is available on the website: www.zignagovetro.com
For further information: Roberto Celot Group Chief Financial Officer Investor relations manager Zignago Vetro S.p.A. 0421-246111 [email protected]
All the figures in the Consolidated Reclassified Income Statement and Statement of Financial Position (attachments 1, 2 and 3) reported below were prepared on the basis of management's view which considers the proportional consolidation of joint ventures appropriate, in line with the approach taken until 31 December 2013. Following the entry into force of the new "IFRS 11 – Joint Arrangements" and "IAS 28 – Interests in associates and joint ventures" the accounting policies changed for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from 1 January 2014 the joint ventures in Vetri Speciali SpA and Vetreco Srl may not be consolidated under the proportional method, as is the case from 1 January 2020 for Julia Vitrum SpA, and should be recognised in the consolidated financial statements at equity.
The statement of financial position, the income statement, the statement of comprehensive income, the statement of cash flows and the statement of changes in equity of the Zignago Vetro Group at 30 September 2023 and 31 December and 30 September 2022, prepared in accordance with the accounting standards in force from 1 January 2014, are reported respectively in the subsequent attachments 4, 5, 6, 7 and 8.
Zignago Vetro Group
ATTACHMENT 1
Reclassified Consolidated Income Statement (*)
(Management's view based on the accounting standards in force from 31 December 2013)
| 9M 2023 | 9M 2022 | Changes | |||
|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | |
| Revenues | 545,854 | 100.0% | 464,266 | 100.0% | 17.6% |
| Changes in finished and semi-finished products | |||||
| and work in progress | 28,255 | 5.2% | 987 | 0.2% | n.a. |
| Internal production of fixed assets | 1,737 | 0.3% | 2,391 | 0.5% | (27.4%) |
| Value of production | 575,846 | 105.5% | 467,644 | 100.7% | 23.1% |
| Cost of goods and services | (324,085) | (59.4%) | (295,415) | (63.6%) | 9.7% |
| Value added | 251,761 | 46.1% | 172,229 | 37.1% | 46.2% |
| Personnel expense | (83,290) | (15.3%) | (74,895) | (16.1%) | 11.2% |
| EBITDA | 168,471 | 30.9% | 97,334 | 21.0% | 73.1% |
| Amortisation & Depreciation | (51,422) | (9.4%) | (44,812) | (9.7%) | 14.8% |
| Accruals to provisions | (1,024) | (0.2%) | (599) | (0.1%) | 71.0% |
| EBIT | 116,025 | 21.3% | 51,923 | 11.2% | 123.5% |
| Net recurring non-operating income | 1,638 | 0.3% | 2,044 | 0.4% | (19.9%) |
| Net non-recurring income | 230 | 0.0% | 150 | (0.1%) | 53.3% |
| Operating Profit | 117,893 | 21.6% | 54,117 | 11.7% | 117.8% |
| Net financial expense | (8,042) | (1.5%) | 6,398 | 1.4% | n.a. |
| Net exchange rate gains/(losses) | 894 | 0.2% | (907) | (0.2%) | n.a. |
| Profit before taxes | 110,745 | 20.3% | 59,608 | 12.9% | 85.8% |
| Income taxes | (14,765) | (2.7%) | (15,040) | (3.2%) | (1.8%) |
| (Tax-rate 2023: 13.3%) | |||||
| (Tax-rate 2022: 25.2%) | |||||
| (Profit) Loss non-con. int. | (361) | (0.1%) | (441) | (0.2%) | (18.1%) |
| Group Profit for the period | 95,619 | 17.5% | 44,127 | 9.5% | 116.7% |
Zignago Vetro Group
Reclassified Consolidated Income Statement (*)
(Management's view based on the accounting standards in force from 31 December 2013)
| Q3 2023 | Q3 2022 | Changes | ||||
|---|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | % | ||
| Revenues | 161,094 | 100.0% | 164,637 | 100.0% | (2.2%) | |
| Changes in finished and semi-finished products and work in progress |
17,762 | 11.0% | 2,639 | 1.6% | n.a. | |
| Internal production of fixed assets | 517 | 0.3% | 558 | 0.3% | (7.3%) | |
| Value of production | 179,373 | 111.3% | 167,834 | 101.9% | 6.9% | |
| Cost of goods and services | (104,995) | (65.2%) | (110,335) | (67.0%) | (4.8%) | |
| Value added | 74,378 | 46.2% | 57,499 | 34.9% | 29.4% | |
| Personnel expense | (26,265) | (16.3%) | (24,266) | (14.7%) | 8.2% | |
| EBITDA | 48,113 | 29.9% | 33,233 | 20.2% | 44.8% | |
| Amortisation & Depreciation | (17,542) | (10.9%) | (15,188) | (9.2%) | 15.5% | |
| Accruals to provisions | (179) | (0.1%) | (166) | (0.1%) | 7.8% | |
| EBIT | 30,392 | 18.9% | 17,879 | 10.9% | 70.0% | |
| Net recurring non-operating income | 291 | 0.2% | 54 | 0.0% | 438.9% | |
| Net non-recurring income | 80 | 0 | 111 | 0.1% | (27.9%) | |
| Operating Profit | 30,763 | 19.1% | 18,044 | 11.0% | 70.5% | |
| Net financial expense | (2,786) | (1.7%) | 771 | 0.4% | n.a. | |
| Net exchange rate gains/(losses) | (477) | (0.3%) | (629) | (0.4%) | n.a. | |
| Profit before taxes | 27,500 | 17.1% | 18,186 | 11.0% | 51.2% | |
| Income taxes | (6,341) | (3.9%) | (4,860) | (3.0%) | 30.5% | |
| (Tax-rate 2023: 26.2%) | ||||||
| (Tax-rate 2022: 26.7%) | ||||||
| (Profit) Loss non-con. int. | (176) | (0.1%) | (287) | (0.1%) | (38.7%) | |
| Group Profit for the period | 20,983 | 13.0% | 13,039 | 7.9% | 60.9% | |
Zignago Vetro Group
Reclassified Consolidated Statement of Financial Position(*)
(Management's view based on the accounting standards in force from 31 December 2013)
| 30.09.2023 | 30.06.2023 | 31.12.2022 | 30.09.2022 | |||||
|---|---|---|---|---|---|---|---|---|
| Euro thou. | % | Euro thou. | % | Euro thou. | % | Euro thou. | % | |
| Trade receivables | 155,071 | 182,069 | 172,721 | 152,299 | ||||
| Other receivables | 20,050 | 30,131 | 38,742 | 30,016 | ||||
| Inventories | 172,162 | 152,019 | 137,161 | 120,728 | ||||
| Current non-financial payables | (171,507) | (166,828) | (155,442) | (155,770) | ||||
| Payables on fixed assets | (9,797) | (9,235) | (14,585) | (11,154) | ||||
| A) Working capital | 165,979 | 28.3% | 188,156 | 31.2% | 178,597 | 29.6% | 136,119 | 24.4% |
| Net tangible and intangible assets | 371,455 | 371,448 | 381,332 | 377,094 | ||||
| Goodwill | 53,409 | 53,437 | 53,402 | 53,379 | ||||
| Other equity investments and non-current assets |
24,977 | 20,280 | 18,832 | 15,736 | ||||
| Non-current provisions and non-financial payables |
(29,547) | (29,465) | (29,693) | (25,339) | ||||
| B) Net fixed capital | 420,294 | 71.7% | 415,700 | 68.8% | 423,873 | 70.4% | 420,870 | 75.6% |
| A+B= Net capital employed | 586,273 | 100.0% | 603,856 | 100.0% | 602,470 | 100.0% | 556,989 | 100.0% |
| Financed by: | ||||||||
| Current loans and borrowings | 99,178 | 105,551 | 128,326 | 122,342 | ||||
| Cash and cash equivalents | (106,275) | (97,142) | (106,329) | (102,471) | ||||
| Current net debt | (7,097) | (1.3%) | 8,409 | 1.3% | 21,997 | 3.6% | 19,871 | 3.6% |
| Non-current loans and borrowings | 231,790 | 39.5% | 252,748 | 41.9% | 262,000 | 43.5% | 261,383 | 46.9% |
| C) Net financial debt | 224,693 | 38.3% | 261,157 | 43.2% | 283,997 | 47.1% | 281,254 | 50.5% |
| Dividends paid | (53,261) | (53,261) | (35,497) | (35,497) | ||||
| Other equity changes | 388 | 2,666 | 5,555 | 5,140 | ||||
| Group Profit for the period | 95,619 | 74,636 | 86,596 | 44,127 | ||||
| D) Closing equity | 360,696 | 61.6% | 341,991 | 56.7% | 317,950 | 52.8% | 275,066 | 49.4% |
| E) Non-controlling interest equity | 884 | 0.2% | 708 | 0.1% | 523 | 0.1% | 669 | 0.1% |
| D+E = Group Equity | 361,580 | 61.7% | 342,699 | 56.8% | 318,473 | 52.9% | 275,735 | 49.5% |
| C+D+E = Total financial debt and equity | 586,273 | 100.0% | 603,856 | 100.0% | 602,470 | 100.0% | 556,989 | 100.0% |
Zignago Vetro Group
Consolidated Income Statement (*)
(based on IAS in force from 1 January 2014)
| (Euro thousands) | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
|---|---|---|---|---|
| Revenues | 119,849 | 120,494 | 406,390 | 340,298 |
| Raw materials, ancillaries, consumables and | ||||
| goods | (16,234) | (27,763) | (77,665) | (80,728) |
| Service costs | (47,341) | (54,910) | (145,202) | (145,839) |
| Personnel expense | (20,295) | (18,377) | (63,997) | (56,517) |
| Amortisation & depreciation | (14,106) | (11,952) | (42,105) | (35,798) |
| Impairment of fixed assets | --- | --- | --- | --- |
| Other operating expenses | (1,612) | (1,333) | (3,766) | (3,238) |
| Other operating income | 751 | 423 | 2,916 | 4,049 |
| Equity-accounted | ||||
| joint | ||||
| ventures | 6,862 | 5,789 | 38,249 | 21,156 |
| Operating Profit | 27,874 | 12,371 | 114,820 | 43,383 |
| Financial income | 424 | 4,046 | 863 | 10,919 |
| Financial expenses | (2,486) | (593) | (7,420) | (1,585) |
| Net exchange rate gains/(losses) | (498) | (659) | 857 | (954) |
| Profit before taxes | 25,314 | 15,165 | 109,120 | 51,763 |
| Income taxes | (4,155) | (1,839) | (13,140) | (7,195) |
| Net Profit for the period | 21,159 | 13,326 | 95,980 | 44,568 |
| Non-controlling interests loss (profit) | (176) | (287) | (361) | (441) |
| Group Profit | 20,983 | 13,039 | 95,619 | 44,127 |
| Earnings per share: | ||||
| Basic earnings per share | 0.237 | 0.147 | 1.078 | 0.499 |
| Diluted earnings per share | 0.235 | 0.147 | 1.071 | 0.496 |
Zignago Vetro Group
Consolidated Statement of Comprehensive Income (*)
(based on IAS in force from 1 January 2014)
| Total comprehensive income for the period | 19,038 | 11,929 | 96,001 | 42,313 | |
|---|---|---|---|---|---|
| Total other comprehensive income statement items, net of taxes |
A+B) | (2,121) | (1,110) | 21 | (1,814) |
| Total items that will not be subsequently reclassified to profit or loss |
B) | --- | --- | --- | --- |
| Items that will not be subsequently reclassified to profit or loss Actuarial gains/(losses) on defined benefit plans Tax effect |
--- --- |
--- --- |
--- --- |
--- --- |
|
| Total items that will be subsequently reclassified to profit or loss |
A) | (2,121) | (1,110) | 21 | (1,814) |
| Translation difference for foreign operations Tax effect Share of profits/losses recognised to equity by equity-accounted companies |
(2,121) --- --- |
(1,110) --- --- |
277 --- (256) |
(1,814) --- --- |
|
| Items that will be subsequently reclassified to profit or loss |
|||||
| Net Profit for the period | 21,159 | 13,039 | 95,980 | 44,127 | |
| (Euro thousands) | Q3 2023 | Q3 2022 | 9M 2023 | 9M 2022 |
Zignago Vetro Group
Consolidated Statement of Financial Position (*)
(based on IAS in force from 1 January 2014)
| (Euro thousands) | 30.09.2023 | 30.06.2023 | 31.12.2022 | 30.09.2022 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Property, plant and equipment | 268,520 | 273,934 | 285,938 | 284,346 |
| Goodwill | 2,681 | 2,709 | 2,674 | 2,651 |
| Intangible assets | 1,623 | 1,969 | 2,641 | 1,854 |
| Equity investments measured using the equity method | 134,747 | 127,885 | 119,394 | 106,610 |
| Equity investments | 389 | 388 | 389 | 388 |
| Other non-current assets | 8,215 | 6,283 | 6,188 | 4,767 |
| Deferred tax assets | 7,242 | 6,971 | 5,834 | 3,444 |
| Total non-current assets | 423,417 | 420,139 | 423,058 | 404,060 |
| Current assets | ||||
| Inventories | 138,437 | 121,839 | 112,443 | 97,941 |
| Trade receivables | 121,659 | 140,416 | 130,529 | 114,864 |
| Other current assets | 11,671 | 11,358 | 13,913 | 13,526 |
| Current tax receivables | 1,755 | 8,864 | 18,706 | 10,509 |
| Other current financial assets | 14,995 | 16,438 | 11,391 | --- |
| Cash and cash equivalents | 85,752 | 69,524 | 91,435 | 82,158 |
| Total current assets | 374,269 | 368,439 | 378,417 | 318,998 |
| TOTAL ASSETS | 797,686 | 788,578 | 801,475 | 723,058 |
| EQUITY & LIABILITIES | ||||
| EQUITY | ||||
| Share capital | 8,929 | 8,926 | 8,895 | 8,890 |
| Reserves | 49,637 | 49,331 | 46,887 | 46,011 |
| Acquisition of treasury shares | (5,283) | (4,825) | (2,819) | (2,425) |
| Retained earnings | 211,794 | 213,923 | 178,391 | 178,463 |
| Group Profit | 95,619 | 74,636 | 86,596 | 44,127 |
| TOTAL GROUP EQUITY | 360,696 | 341,991 | 317,950 | 275,066 |
| NON-CONTROLLING INT. EQUITY | 884 | 708 | 523 | 669 |
| TOTAL EQUITY | 361,580 | 342,699 | 318,473 | 275,735 |
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Provisions for risks and charges | 2,479 | 2,422 | 2,455 | 2,707 |
| Post-employment benefit provision | 4,136 | 4,216 | 4,215 | 3,930 |
| Other non-current liabilities | 5,635 | 5,635 | 6,246 | 1,255 |
| Deferred tax liabilities | 2,224 | 2,395 | 2,245 | 2,059 |
| Total non-current liabilities | 202,359 | 220,238 | 241,485 | 233,070 |
| Current liabilities | ||||
| Bank loans & borrowings and current portion of non current loans & borrowings |
96,291 | 92,222 | 110,461 | 86,465 |
| Trade and other payables | 103,919 | 99,319 | 105,977 | 102,984 |
| Other current liabilities | 31,025 | 32,194 | 24,556 | 24,648 |
| Current tax payables | 2,512 | 1,906 | 523 | 156 |
| Total current liabilities | 233,747 | 225,641 | 241,517 | 214,253 |
| TOTAL LIABILITIES | 436,106 | 445,879 | 483,002 | 447,323 |
| TOTAL EQUITY AND LIABILITIES | 797,686 | 788,578 | 801,475 | 723,058 |
Zignago Vetro Group
Consolidated Statement of Cash Flows (*)
(based on IAS in force from 1 January 2014)
| (Euro thousands) | 9M 2023 | H1 2023 | 12 months 2022 |
9M 2022 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES: | |||||
| Net Profit for the period | 95,980 | 74,821 | 86,891 | 31,242 | |
| Adjustments to reconcile net profit with cash flow generated from operating activities |
|||||
| Amortisation & depreciation | 42,105 | 27,999 | 48,836 | 23,840 | |
| Impairment of property, plant and machinery | --- | --- | 5,757 | --- | |
| Losses/(gains) on sale of property, plant & equipment | (48) | (40) | (392) | (405) | |
| Share-based payment settled with equity instruments | 339 | 226 | 795 | (605) | |
| Provision adjustments | 24 | (33) | (720) | 590 | |
| Financial income | (863) | (439) | (11,893) | (6,346) | |
| Financial expenses | 7,420 | 4,934 | 2,599 | 465 | |
| Net exchange rate gains/(losses) | (857) | (1,355) | 380 | 295 | |
| Income taxes | 13,140 | 8,985 | 4,736 | (2,710) | |
| Equity-accounted joint ventures | (38,249) | (31,387) | (35,069) | (15,367) | |
| Changes in operating assets and liabilities: | |||||
| Decrease/(increase) in trade receivables | 8,870 | (9,887) | (35,740) | (17,928) | |
| Decrease/(increase) in other current assets | 2,242 | 2,555 | (23,007) | (2,737) | |
| Decrease/(increase) in inventories | (25,994) | (9,396) | (18,609) | (1,608) | |
| Increase/(decrease) in trade & other payables | 2,679 | (988) | 29,061 | 19,203 | |
| Increase (decrease) in other current liabilities | 6,469 | 7,638 | 2,338 | 2,794 | |
| Change in other non-current assets and liabilities | 1,654 | 549 | 4,035 | 1,144 | |
| Total adjustments and changes | 18,931 | (639) | (26,893) | 625 | |
| Dividends distributed by equity-accounted joint ventures | 22,640 | 22,640 | 13,685 | 13,685 | |
| Interest paid in the period | --- | --- | (9,597) | --- | |
| Net Cash Flows from operating activities | (A) | 137,551 | 96,822 | 64,086 | 45,552 |
| CASH FLOW FROM INVESTING ACTIVITIES: | |||||
| Gross investments in intangible assets | --- | (35) | (1,437) | (73) | |
| Gross investments in property, plant and equipment | (23,162) | (13,207) | (66,353) | (46,225) | |
| Increase/(decrease) in payables for purchases of non-current assets | (4,737) | (5,670) | (5,253) | (5,328) | |
| Sales price of property, plant and equipment | 48 | 40 | 2,456 | 2,424 | |
| Investments in financial assets | (3,604) | (6,784) | --- | --- | |
| Acquisition of subsidiaries, net of liquidity acquired | --- | --- | (85) | --- | |
| Net cash flow used in | |||||
| investing activities | (B) | (31,455) | (25,656) | (70,672) | (49,202) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Acquisition of treasury shares | (2,464) | (2,006) | (1,726) | (714) | |
| Proceeds from the exercise of stock options | 2,463 | 2,267 | 6,922 | 6,522 | |
| Interest paid in the period | (4,114) | (4,713) | (1,819) | (598) | |
| Interest received in the period | 305 | 305 | 216 | 8 | |
| New financing | 28,472 | 28,472 | 97,000 | 37,682 | |
| Decrease in bank payables | (81,016) | (63,830) | (79,844) | (33,385) | |
| Repayment leases liabilities | (2,813) | (1,985) | (4,317) | (1,845) | |
| Dividends distribution | (53,261) | (53,261) | (35,497) | (35,427) | |
| Net cash flow from financing activities | (C) | (112,428) | (94,751) | (19,065) | (27,757) |
| Change in assets and liabilities items due to translation effect | (D) | 649 | 1,674 | (450) | 237 |
| Net change in cash and cash equivalents | (A+B+C+D) | (5,683) | (21,911) | (26,101) | (31,170) |
| Cash & cash equivalents at beginning of period | 91,435 | 91,435 | 117,536 | 117,536 | |
| Cash & cash equivalents at end of period | 85,752 | 69,524 | 91,435 | 86,366 |
Zignago Vetro Group
Statement of changes in Equity (*)
(based on IAS in force from 1 January 2014)
| Share capital | reserve Legal: |
Revaluation reserve |
Other reserves | paid-in Capital |
shares Treasury |
Translation reserve | Actuarial gains/(losses) on deferred benefit plans |
Retained eamings | Profit | Total Group equity | non-controlling interest equity $\operatorname{\mathsf{Total}}$ |
Total consolidated equity | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 30 June 2022 |
8,890 | 1,760 | 27,334 | 24,195 | 157 | (1, 807) | (3, 631) | (1, 173) | 176,857 | 31,088 | 263,670 | 382 | 264,052 |
| Profit (Loss) Profit (loss) recognised directly to e quity |
- - - $- - -$ |
$- - -$ |
$- - -$ | . $- - -$ |
. $- - -$ |
. $- - -$ |
$\overline{\phantom{a}}$ (1, 113) |
$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ |
$\sim$ $\sim$ $- - -$ |
13,039 $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ |
13,039 (1, 113) |
287 $\cdots$ |
13,326 (1, 113) |
| TotalComp. Income $(\cos s)$ |
$- - -$ | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | (1, 113) | $- - -$ | $\sim$ $\sim$ $\sim$ | 13,039 | Р 11,926 |
287 | 12,213 |
| Acquisition of treasury shares | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $- - -$ | (618) | $\sim$ $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | $- - -$ | $\sim$ $\sim$ $\sim$ | (618) | $- - -$ | (618) |
| IFRS 2 | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | 72 | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | $\sim$ $\sim$ $\sim$ | 72 | $\sim$ $\sim$ $\sim$ | 72 |
| Otherchanges | $- - -$ | $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | 16 | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | $- - -$ | 16 | $\sim$ $\sim$ $\sim$ | 16 |
| Balance at 30 September 2022 |
8,890 | 1,760 | 27,334 | 24,283 | 157 | (2, 425) | (4, 744) | (1, 173) | 176,857 | 44,127 | 275,066 | 669 | 275,735 |
| Profit (Loss) $Profit (loss)$ $re$ $c$ $o$ $gn$ $is$ $ed$ $d$ $ire$ $ct$ $by$ to e quity |
$\sim$ $\sim$ $\sim$ $- - -$ |
$- - -$ --- |
$- - -$ $- - -$ |
$- - -$ (1,089) |
$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ |
$- - -$ $- - -$ |
$\sim$ $\sim$ 1,195 |
$\sim$ $\sim$ $\sim$ 183 |
$- - -$ $- - -$ |
42,469 $- - -$ |
42,469 289 |
(146) $- - -$ |
42,323 289 |
| TotalComp. Income $(\cos s)$ |
$- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | (1,089) | $\frac{1}{2}$ | $- - -$ | 1,195 | 183 | $\sim$ $\sim$ $\sim$ | 42,469 | Г 42,758 |
(146) | 42,612 |
| Acquisition of treasury shares | . | --- | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | $\sim$ $\sim$ $\sim$ | (394) | $\ddotsc$ | $- - -$ | $\sim$ $\sim$ | $- - -$ | (394) | $\sim$ $\sim$ $\sim$ | (394) | |
| IFRS 2 | $- - -$ | --- | $- - -$ | (2, 599) | $- - -$ | $- - -$ | $- - -$ | $- - -$ | 2,732 | $\sim$ $\sim$ $\sim$ | 133 | $\cdots$ | 133 |
| Otherchanges | $- - -$ | $- - -$ | $- - -$ | (13) | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | (13) | $\sim$ $\sim$ $\sim$ | (13) |
| Share issue | $\sqrt{5}$ | $- - -$ | $\sim$ $\sim$ $\sim$ | 395 | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | 400 | $\sim$ $\sim$ $\sim$ | 400 |
| Balance at 31 December 2022 |
20,977 | (2, 819) | (3, 549) | ||||||||||
| Profit (Loss) | 8,895 $- - -$ |
1,760 $- - -$ |
27,334 $ -$ |
$- - -$ | 157 $- - -$ |
$- - -$ | $- - -$ | (990) $- - -$ |
179,589 $- - -$ |
86,596 74,636 |
317,950 74,636 |
523 185 |
318,473 74,821 |
| Profit (loss) recognised directly to equity |
$- - -$ | $- - -$ | $- - -$ | (256) | $- - -$ | $- - -$ | 2,398 | $\sim$ $\sim$ $\sim$ | $- - -$ | $\sim$ $\sim$ $\sim$ | 2,142 | $\sim$ $\sim$ $\sim$ | 2,142 |
| TotalComp. Income $(\cos s)$ |
|||||||||||||
| Allocation of result | --- | --- | $\sim$ $\sim$ $\sim$ | (256) | $\sim$ $\sim$ $\sim$ | $- - -$ | 2,398 | $- - -$ | $- - -$ | 74,636 | 76,778 | 185 | 76,963 |
| Acquisition of treasury shares | . | $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | $- - -$ | $\ddotsc$ | $- - -$ | 86,596 | (86, 596) | $\sim$ $\sim$ $\sim$ | $\cdots$ | $\sim$ $\sim$ $\sim$ | ||
| IFRS 2 | $- - -$ $- - -$ |
$- - -$ $- - -$ |
$\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ $\sim$ $\sim$ $\sim$ |
$- - -$ 226 |
$- - -$ $\sim$ $\sim$ $\sim$ |
(2,006) $\sim$ $\sim$ |
$- - -$ $- - -$ |
$- - -$ $- - -$ |
$- - -$ $- - -$ |
$\frac{1}{2}$ $\sim$ $\sim$ $\sim$ |
(2,006) 226 |
$\cdots$ $- - -$ |
(2,006) 226 |
| Otherchanges | $- - -$ | $- - -$ | $- - -$ | 37 | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | 37 | $\sim$ $\sim$ $\sim$ | 37 |
| Share issue | 31 | $- - -$ | $\sim$ $\sim$ $\sim$ | 2,236 | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | 2,267 | $\cdots$ | 2,267 |
| Distribution dividends | $\overline{\phantom{a}}$ | $- - -$ | $ -$ | $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | $\sim$ $\sim$ | $\sim$ $\sim$ | $\sim$ $\sim$ $\sim$ | (53, 261) | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | (53, 261) | $\sim$ $\sim$ $\sim$ | (53, 261) |
| Balance at | |||||||||||||
| 30 June 2023 | 8,926 | 1,760 | 27,334 | 23,220 | 157 | (4, 825) | (1, 151) | (990) | 212,924 | 74,636 | 341,991 | 708 | 342,699 |
| Profit (Loss) Profit (loss) recognised directly |
$- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | $- - -$ | $- - -$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $- - -$ | 20,983 | 20,983 | 176 | 21,159 |
| to e quity TotalComp. Income |
- - - | . | (2, 121) | $\sim$ $\sim$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | (2, 121) | $\sim$ $\sim$ $\sim$ | (2, 121) | |||||
| $(\cos s)$ | (2, 121) | --- | --- | 20,983 | 18,862 | 176 | 19,038 | ||||||
| Allocation of result | . | $- - -$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | $- - -$ | $- - -$ | $- - -$ | --- | $\cdots$ | 86,596 | (86, 596) | $\sim$ $\sim$ $\sim$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | $- - -$ |
| Acquisition of treasury shares | . | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | $- - -$ | $- - -$ | (458) | $\ddotsc$ | $- - -$ | $\sim$ $\sim$ $\sim$ | $\cdots$ | (458) | $\cdots$ | (458) | |
| IFRS 2 | . | $- - -$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | 113 | $- - -$ | $- - -$ | $\ddotsc$ | $- - -$ | $- - -$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | 113 | $\cdots$ | 113 |
| Otherchanges | . | $\frac{1}{2}$ | (8) | $\sim$ $\sim$ $\sim$ | $- - -$ | $\sim$ $\sim$ | $- - -$ | $- - -$ | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | (8) | $- - -$ | (8) | |
| Share issue | 3 | 25 | $\frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{1}{2} \frac{$ | 168 | $- - -$ | $\sim$ $\sim$ | $\ddotsc$ | $ -$ | $- - -$ | $- - -$ | 196 | $\cdots$ | 196 |
| Balance at 30 September 2023 |
8,929 | 1,785 | 27,334 | 23,493 | 157 | (5, 283) | (3, 272) | (990) | 299,520 | 9,023 | 360,696 | 884 | 361,580 |
Zignago Vetro Group ATTACHMENT 9
ESG: main indicators and KPI's (*)
| KPIs | 2022 | 2023 | 30/09/2023 | 2030 |
|---|---|---|---|---|
| actual | Targets | actual (**) | Strategic objectives | |
| % of recycled glass of external origin on total glass produced |
53.4% | 55.0% | 49.7% | 70.0% |
| Energy consumption per kilogram of molten glass (KWh/Kg) |
1.889 | 1.870 | 1.846 | 1.646 |
| % of electricity from renewable sources |
44.6% | 46.0% | 45.1% | 100.0% |
| Specific water consumption per ton of molten glass (m 3 /ton) |
1.23 | 1.10 | 0.94 | 0.80 |
| Scope 1 and 2 specific CO2 emissions on molten glass (tonCO2/ton) |
0.533 | 0.529 | 0.498 | 0.351 |
| Sustainable logistics | In development phase |
In development phase | In development phase | In development phase |
| Ordinary waste per ton of molten glass (kg/ton) |
7.83% | 7.77% | n.a. | 5.50% |
| Adopted FSSC 22000 in Fossalta |
FSSC 22000 at Zignago Vetro Polska |
in progress | Maintain current certifications | |
| ISO 5000ssalta and Empoli |
completed | Adopt following new certifications: ● ISO 45001 in Empoli, in Fossalta and in Vetro Revet by 2024, in Poland by 2025, in |
||
| Group certifications | France by 2026 ● ISO 14001 in France by 2025 |
|||
| Ecovadis: Platinum rating (85/100) |
Ecovadis: maintain rating |
n.a. | Improve Ecovadis and CDP | |
| CDP climate Change B Water Security A-score B |
CDP improvement score |
n.a. | scores | |
| Social / environmental initiatives |
0.25% of annual consolidated result to social and environmental initiatives |
0.25% of annual consolidated result to social and environmental initiatives |
0.25% of annual consolidated result to social and environmental initiatives |
0.25% of annual consolidated result to social and environmental initiatives |
(*) 2023 data not audited