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Investor Presentation Mid & Small By Virgilio [ECNL:IM] [ECNLF: OTCQX] London, April 9, 2025
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70 % 8 % % on FY 2024 REVENUES Aquafil is Market Leader in Nylon Carpet yarn • Contract • Residential • Automotive Textile yarn • Apparel • Swimwear • Sportwear Polymers • Industrial Molding • Extrusion • Compounding 73% 16% 11% 2
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% on FY 2024 REVENUES And Market Leader Worldwide USA Europe Asia Pacific 29% 53% 18% 3
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Company Strengths A successful Business Model. Proprietary technology with continuous R&D innovation Approx. 2% of revenues in R&D Glocal. A Global Company with local productions 19 Plants in 8 Countries Pioneer of Circularity with the ECONYL® Regeneration System 55% of fiber turnover in FY24 4
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Focus on R&D and innovation Application of ECONYL® in 3D printing industry and cast nylon Digitalization: AI, predictive modelling and automation PET chemical recycling with demo-scale plant completed Next-generation “bio caprolactam” Approx. 2% of revenues invested in R&D 5 Separation of multilayer carpets and circularity of individual components Ecodesign projects (e.g. Born Regenerated to be Regenerable (R2R), CISUFLO, circular fishing nets) Collaboration for defining the international standardization (EN and ISO) in the fields of circularity, ecodesign, sustainability in the textile, fishing nets and accessories sectors. New technology for recycling multi fiber fabrics Valorization and recovery of raw materials from our waste (wastewater and depoly waste ) Special spinning technologies (i.e. One Step Technology)
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Infinitely Recyclable, Endless Possibilities 100% regenerated from pre- and post-consumer nylon waste. 100% regenerable nylon. Unique proprietary technology. Same quality and performance as standard nylon without using new resources. 6
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The ECONYL® Regeneration Systemstartswith rescuing waste otherwise polluting the Earth,like fishing nets,fabric scraps, carpet flooring and industrial plastic all over the world. That waste is then sorted and cleaned to recover all the nylon possible. 01 Rescue Fishing nets from aquaculture and from the oceans POST-CONSUMER Old carpets destined for landfills POST-CONSUMER Plastic Components PRE-CONSUMER Fabric Scraps PRE and POST- CONSUMER
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02Regenerate03 Remake 04 Reimagine Designersuse ECONYL®nylon to create new products without ever having to tap new resources. And that nylon hasthe potential to be recycled infinitely,without ever losing its quality. ECONYL® nylon is processed into yarns and polymersfor the automotive,fashion,furniture and interiorindustries. Through a radical regeneration and purification process, the nylon waste is recycled right back to its originalpurity. That means ECONYL® nylon is exactly the same as fossil-based nylon. 01Rescue 8
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Global and flexible footprint allowing higher proximity to the clients, efficient logistic platform, diversified currency exposures, shorter delivery time, lower production costs and lower exposure to import duties and tariffs
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EBITDA: 62,4 €/mln (+31% vs FY23) € 542,1 Million of Revenues 54,8% ECONYL® fiber turnover Volumes increased by 6,9% vs FY2023 Decreasing trend in NFP: 213,5€/mln on December 31, 2024 Key figures FY 2024 10
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Our Main ESG Targets Generate 60% of our fibers revenues from ECONYL® and other regenerated fibers Collect 35,000 tons of post-consumer waste 20% women in top and senior management positions within 3 years to assure gender equality Monitor Group’s key suppliers through audits and/or due diligence (in line with the European Supply Chain Act) Join the SBT initiative and set GHG reduction target 11
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Our Top ESG Achievements • Water Policy definition • Energy efficiency interventions • Biodiversity and climate Risk Assessment • New collaborations with clients on eco-design, including development of the first circular fishing net • 300 employees trained on DE&I • Certification for gender equality (UNI / PdR 125) in the Italian plants • Corporate climate survey in Slovenia and Croatia • Silver medal according to EcoVadis rating • EcoVadis project for ESG risk mapping on the value chain • Definition of a succession plan for our top management SOCIALENVIRONMENT GOVERNANCE Industry top rated according to Sustainalytics ESG Risk Rating and Silver Medal according to EcoVadis. 12
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Ownership Structure The capital is structured with 2 type of shares: a) Ordinary shares; a) Class B shares: dedicated to Bonazzi’s family with the same economic right of the ordinary shares but with 3 voting right for any share. Aquafin Holding 58,9% Treasury shares 1,5% Market 39,6% Ownership Structure by shares Aquafin Holding 69,1% Treasury shares 1,1% Market 29,8% Ownership Structure by Voting Rights 13
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Franco Rossi Director Stefano Loro Director Giulio Bonazzi CEO Silvana Bonazzi Director Patrizia Riva Director (1) (2) (5) Roberto Siagri Director (1) (3) (4) Ilaria Maria Dalla Riva Director (1) (5) Chiara Mio Chair (1) (3) Corporate Governance (1) Director who has declared that he satisfies the independence requirements pursuant to Articles 147-ter, paragraph 4 of the Consolidating Law on Finance, as well as Article 3 of the Code of Self- Governance; (2) Member and President of Audit, Risk and Sustainability Committee; (3) Member of Audit, Risk and Sustainability Committee; (4) Member and President of Appointment and Remuneration Committee; (5) Member of Appointment and Remuneration Committee. Diversity: 44% women Independent Directors: 44% Francesco Bonazzi Director
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The capital increase has been subscribed for approx. 40 €mln. 100% of the new shares subscribed: No. 30,269,432 new ordinary shares and No. 6,048,008 new class B Shares Successfully completed the share capital increase with rights issue Ordinary shares; 83,6% Class B shares; 16,4% Total shares No. 87.536.234 15
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Financial Results and expectations
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Sharp profitability growth (FY24 +31% vs FY2023) Volumes increased compared to FY23 ECONYL® branded and regenerated products increased to 55% of fibers revenues Capital increase with option rights successfully completed (raised approx. €40 mln.) FY24 Key Messages 17 US market slower than expected ✓ ✓ ✓ ✓ ✓ Reduction in personnel costs ✓
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Higher to FY 2023 Mainly due to EBITDA increase Lower vs Dec. 23 NFP/EBITDA LTM x5,11* on 31st December 2023 x3,42 on 31st December 2024 Higher to FY 2023 Due to personnel costs decrease and lower raw material and utilities costs EMEA and Asia Market in line with expectation USA Slower market ECONYL® Ca. 55% of Fiber Revenues *Including restatement 2024 2023 Δ% 2024 2023 Δ% 2024 2023 Δ% 31.12.24 31.12.23* Δ% FY 542,1 571,8 (5,2)% 62,4 47,5 31,3 % (16,3) (25,8) 36,9 % 213,5 242,8 (12,0)% % on Revenues 11,5% 8,3% (3,0)% (4,5)% 4Q 126,1 129,6 (2,7)% 14,3 10,5 36,0 % (7,5) (8,8) 14,2 % % on Revenues 11,3% 8,1% (6,0)% (6,8)% Revenues Net profitEBITDA NFP Financial Results 18
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*Including restatement Financial Results | NFP evolution €/mln. 19
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Industrial plan 2024–2026 Volumes by business lines BCF - Carpet yarn NTF - Textile yarn Polymers From +7% to +9% From +15% to +18% From +45% to +55%‘25Exp vs ’24A From +2% to +4% From +4% to +7% From 1% to +2% 20 ‘26Exp vs ‘25Exp Substantially stable Substantially stable 40% +1% -12% +45%’24A vs ’23A ‘24Exp. vs ‘23
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Industrial plan 2024–2026 Capex (excluding IFRS 16 effects) 21 2024A 2025 Exp. 2026 Exp. Ordinary Development and expansion 25 33 - 37 33 - 37 In the three-year period 2024-2026 • €30-35 mln. for ordinary investments • €60-65 mln. aimed at increasing and/or optimizing production capacity or for the development of new product innovations
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Expected results 2025 • EBITDA: 80 – 87 €/mln • NFP*: 185 – 195 €/mln Expected results 2024 vs Actual 2024 • EBITDA: target ca. 65 €/mln vs Act. 62 €/mln • NFP*: target ca. 207 €/mln vs Act. 213 €/mln Industrial plan 2024 – 2026 - Key indicators Expected results 2026 • EBITDA: 90 – 96 €/mln • NFP*: 157 – 167 €/mln * Positive means debt and includes the IFRS 16 effects
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23 Appendix
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24 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.
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25 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)
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Appendix - Sector Data – Caprolactam price evolution €/ton 26 Source: Tecnon OrbiChem, a ResourceWise company
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Appendix - Consolidated Income Statement 27 CONSOLIDATED INCOME STATEMENT €/000 December 2024 of wich non- current December 2023 of wich non- current Fourth Quarter 2024 of wich non- current Fourth Quarter 2023 of wich non- current Revenue 542.135 0 571.806 209 126.060 0 129.577 208 of which related parties 9 283 ( 9) 56 Other Revenue 8.908 42 8.902 676 2.290 10 1.352 51 of which related parties 325 0 99 0 Total Revenue and Other Revenue 551.043 42 580.708 885 128.350 10 130.928 259 Raw Material ( 250.433) 0 ( 291.620) ( 269) ( 54.242) 0 ( 61.451) 146 of which related parties 0 0 0 0 Services ( 122.784) ( 253) ( 126.907) ( 2.065) ( 30.125) 232 ( 30.919) ( 802) of which related parties ( 650) ( 524) ( 119) ( 136) Personel ( 121.641) ( 1.641) ( 125.034) ( 3.004) ( 30.999) ( 424) ( 30.814) ( 659) of which related parties 0 0 0 0 Other Operating Costs ( 3.290) ( 244) ( 3.644) ( 493) ( 879) ( 121) ( 926) ( 312) of which related parties ( 70) ( 70) ( 17) ( 17) Depreciation and Amorti zation ( 54.100) ( 49.635) ( 13.893) ( 13.653) Provisions&Write-downs 91 1.002 118 785 Capitalization of Internal Construction Costs 4.435 6.271 1.094 1.584 EBIT 3.321 ( 2.096) ( 8.858) ( 4.946) ( 575) ( 305) ( 4.466) ( 1.368) Income (loss) from Investments 184 90 74 ( 0) of which related parties 184 90 74 ( 0) Other Financial Income 1.370 1.022 310 401 of which related parties 2 0 1 0 Interest Expenses ( 21.007) ( 19.042) ( 4.870) ( 7.134) of which related parties ( 116) ( 146) ( 46) ( 31) FX Gains and Losses ( 1.472) 796 ( 2.213) 98 Profit Before Taxes ( 17.604) ( 2.096) ( 25.992) ( 4.946) ( 7.274) ( 305) ( 11.101) ( 1.368) Income Taxes 1.291 143 ( 260) 2.320 Net Profit (Including Portion Attr. to Minority ) ( 16.313) ( 2.096) ( 25.849) ( 4.946) ( 7.534) ( 305) ( 8.781) ( 1.368) Net Profit Attributable to Minority Interest 0 0 0 0 Net Profit Attributable to the Group ( 16.313) ( 2.096) ( 25.849) ( 4.946) ( 7.534) ( 305) ( 8.781) ( 1.368)
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Appendix - Consolidated Income Statement – Revenues FY 28 73,0% 73,6% 16,0% 18,6% 11,0% 7,8% 2024 2023 FY - % Revenues by Product Line BCF (fiber for carpet) NTF (fibre for fabrics) Polymers 53,2% 51,6% 29,0% 31,9% 17,3% 16,1% 2024 2023 FY - % Revenues by Geographical Area EMEA North America Asia e Oceania FY €/mil 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% %24 %23 EMEA 181,3 184,6 (3,4) (1,8)% 57,5 71,4 (13,8) (19,4)% 49,7 39,2 10,5 26,7 % 288,4 295,2 (6,7) (2,3)% 53,2% 51,6% North America 125,3 148,1 (22,9) (15,4)% 24,3 29,7 (5,4) (18,1)% 7,8 4,9 3,0 61,0 % 157,4 182,7 (25,2) (13,8)% 29,0% 31,9% Asia e Oceania 88,3 87,0 1,3 1,5 % 3,1 4,2 (1,1) (26,3)% 2,2 0,8 1,4 N.A. 93,6 92,0 1,6 1,7 % 17,3% 16,1% RoW 0,7 0,8 (0,1) (15,8)% 2,0 1,2 0,8 73,3 % 0,0 0,0 (0,0) N.A. 2,7 2,0 0,7 36,3 % 0,5% 0,3% TOTAL 395,5 420,6 (25,0) (6,0)% 86,9 106,4 (19,5) (18,3)% 59,7 44,8 14,8 33,1 % 542,1 571,8 (29,7) (5,2)% 100,0% 100,0% % 73,0% 73,6% 16,0% 18,6% 11,0% 7,8% 100,0% 100,0% BCF (fiber for carpet) NTF (fibre for fabrics) Polymers TOTAL
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29 53,3% 51,6% 29,9% 31,1% 16,1% 16,9% 2024 2023 4Q - % Revenues by Geographical Area Asia e Oceania North America EMEA 74,7% 75,2% 15,6% 16,6% 9,7% 8,1% 2024 2023 4Q - % Revenues by Product Line BCF (fiber for carpet) NTF (fibre for fabrics) Polymers 4Q €/mil 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% 2024 2023 Δ Δ% %24 %23 EMEA 44,1 44,0 0,1 0,3 % 12,7 13,5 (0,8) (5,8)% 10,4 9,4 1,1 11,4 % 67,2 66,8 0,4 0,6 % 53,3% 51,6% North America 30,5 32,8 (2,3) (6,9)% 5,7 6,7 (1,0) (14,4)% 1,5 0,9 0,6 71,7 % 37,8 40,4 (2,6) (6,5)% 29,9% 31,1% Asia e Oceania 19,4 20,5 (1,1) (5,3)% 0,7 1,1 (0,4) (37,7)% 0,3 0,3 (0,0) (2,3)% 20,3 21,8 (1,5) (6,8)% 16,1% 16,9% RoW 0,1 0,2 (0,1) (50,9)% 0,6 0,3 0,3 85,9 % 0,0 0,0 (0,0) N.A. 0,7 0,5 0,2 34,2 % 0,6% 0,4% TOTAL 94,1 97,5 (3,3) (3,4)% 19,7 21,6 (1,9) (8,6)% 12,2 10,5 1,7 16,1 % 126,1 129,6 (3,5) (2,7)% 100,0% 100,0% % 74,7% 75,2% 15,6% 16,6% 9,7% 8,1% 100,0% 100,0% BCF (fiber for carpet) NTF (fibre for fabrics) Polymers TOTAL Appendix - Consolidated Income Statement – Revenues 4Q
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Appendix - EBITDA and Adjusted Operating Results (*) The financial items include: (i) financial income of Euro 1.4 million (ii) financial charges and other bank charges of Euro (21.0) million, (iii) cash discounts of Euro (2.9) million, and (iv) exchange gains/(loss) of Euro(1.5) million. (**) This includes (i) non-recurring charges related to the expansion of the Aquafil Group for Euro (0.2) million, (ii) restructuring costs for Euro (1.6)million, (iii)other non-recurring revenues/(costs) for Euro (0.3) million. 30 RECONCILIATION FROM NET PROFIT TO EBITDA €/000 December 2024 December 2023 Fourth Quarter 2024 Fourth Quarter 2023 Net Profit (Including Portion Attr. to Minority ) ( 16.313) ( 25.849) ( 7.534) ( 8.781) Income Taxes ( 1.291) ( 143) 260 ( 2.320) Investment income and charges ( 184) ( 90) ( 74) ( 0) Amortisation & Depreciation 54.100 49.635 13.893 13.653 Write-downs & Write-backs of intangible and tangible assets ( 91) ( 1.002) ( 118) ( 785) Financial items (*) 24.036 20.002 7.550 7.364 No recurring items (**) 2.096 4.946 305 1.368 EBITDA 62.353 47.500 14.281 10.499 Revenue 542.135 571.806 126.060 129.577 EBITDA Margin 11,5% 8,3% 11,3% 8,1% RECONCILIATION FROM EBITDA TO EBIT ADJUSTED €/000 December 2024 December 2023 Fourth Quarter 2024 Fourth Quarter 2023 EBITDA 62.353 47.500 14.281 10.499 Amortisation & Depreciation 54.100 49.635 13.893 13.653 Write-downs & Write-backs of intangible and tangible assets ( 91) ( 1.002) ( 118) ( 785) EBIT Adjusted 8.344 ( 1.133) 507 ( 2.369) Revenue 542.135 571.806 126.060 129.577 EBIT Adjusted Margin 1,5% -0,2% 0,4% -1,8%
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Appendix - Consolidated Balance Sheet (1/2) 31 CONSOLIDATED BALANCE SHEET €/000 At December 31, 2024 At December 31, 2023 Intangible Assets 15.168 19.080 Goodwill 16.064 15.103 Tangible Assets 233.900 245.838 Financial Assets 969 534 of which related parties 270 79 Investments & Equity metod 1.113 1.023 Deferred Tax Assets 29.231 18.545 Total Non-Current Assets 296.445 300.123 Inventories 197.535 189.493 Trade Receivable 20.370 26.206 of which related parties 97 351 Financial Current Assets 980 5.703 of which related parties 2 0 Current Tax Receivables 1.529 1.619 Other Current Assets 8.033 14.644 of which related parties 0 5.854 Cash and Cash Equivalents 130.366 157.662 Asset held for sales 0 0 Total Current Assets 358.813 395.327 Total Current Assets 655.258 695.450
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Appendix - Consolidated Balance Sheet (2/2) 32 CONSOLIDATED BALANCE SHEET €/000 At December 31, 2024 At December 31, 2023 Share Capital 53.354 49.722 Reserves 121.311 101.379 Group Net Profit for the year ( 16.313) ( 25.849) Group Shareholders Equity 158.352 125.252 Net Equity attributable to minority interest 0 1 Net Profit for the year attributable to minority interest 0 0 Total Sharholders Equity 158.352 125.253 Employee Benefits 4.627 5.104 Non-Current Financial Liabilities 241.535 303.551 of which related parties 3.902 3.217 Provisions for Risks and Charges 1.611 1.710 Deferred Tax Liabilities 12.808 13.324 Other Payables 4.053 5.852 of which related parties 0 0 Total Non-Current Liabilities 264.634 329.541 Current Financial Liabilities 103.208 102.585 of which related parties 4.146 1.872 Current Tax Payables 242 1.219 Trade Payables 109.178 116.006 of which related parties 396 551 Other Liabilities 19.644 20.846 of which related parties 0 0 Total Current Liabilities 232.271 240.656 Total Equity and Liabilities 655.258 695.450
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Appendix - Net Financial Position 33 NET FINANCIAL DEBT €/000 At December 31, 2024 At December 31, 2023 A. Liquidity 130.366 157.662 B. Cash and cash equivalents C. Other current financial assets 980 5.703 D. Liquidity (A + B + C) 131.346 163.364 E. Current financial debt (including debt instruments but excluding the current portion of non-current financial debt) ( 4.082) ( 2.438) F. Current portion of non-current financial debt ( 99.125) ( 100.147) G. Current financial debt (E + F) ( 103.208) ( 102.585) H. Net current financial debt (G - D) 28.138 60.780 I. Non-current financial debt (excluding current portion and debt instruments) ( 197.199) ( 246.160) J. Debt instruments ( 44.481) ( 57.391) K. Trade payables and other non-current payables L. Non-current financial debt (I + J + K) ( 241.681) ( 303.551) M. Total financial debt (H + L) ( 213.542) ( 242.771)
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34 Appendix - Consolidated Cash Flow Statement (1/2) CASH FLOW STATEMENT €/000 At December 31, 2024 At December 31, 2023 Operation Activities Net Profit (Including Portion Attr. to Minority) (16.313) (25.849) of which related parties (318) (367) Income Taxes (1.291) (143) Income (loss) from equity Investments (184) (90) of which related parties (184) (90) Financial income (1.371) (1.022) of which related parties - - Financial charges 21.007 19.041 of which related parties 116 146 FX (Gains) and Losses 1.472 (796) (Gain)/Loss on non - current asset disposals (172) (177) Provisions & write-downs (91) (1.002) Amortisation, depreciation & write-downs 54.100 49.635 Cash Flow from Operating Activities Before Changes in NWC 57.158 39.597 Change in Inventories (4.304) 67.426 Change in Trade and Other Receivables 6.693 1.981 of which related parties 254 25 Change in Trade and Other Payables (8.150) (9.547) of which related parties (154) 281 Change in Other Assets/Liabilities (3.809) (1.246) of which related parties 5.852 (5.837) Employees Benefit (550) (275) Change in Provisions for Risks and Charges (87) (155) Income tax paid (5.202) (9.637) Net Interest Expenses (18.493) (15.311) TOTAL CASH FLOW FROM OPERATING ACTIVITIES 23.255 72.833
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35 Appendix - Consolidated Cash Flow Statement (2/2) CASH FLOW STATEMENT €/000 At December 31, 2024 At December 31, 2023 Investing activities Investment in Tangible Assets (21.781) (29.157) Disposal of Tangible Assets 975 608 Investment in Intangible Assets (3.291) (4.620) Disposal of Intangible Assets (1) 13 Dividends 184 90 of which related parties 184 90 Investment of Financial Assets (113) (149) TOTAL CASH FLOW FROM INVESTING ACTIVITIES (24.026) (33.215) Changes in Equity Capital Increase 38.334 - Effect of exchange rate changes 3.566 (3.212) Acquisition of treasury shares - (598) Other changes in equity (89) (8) Dividends Distribution - (11.992) of which related parties - (7.169) Financing Activities Increase in no current Loan and borrowing 29.500 100.049 Decrease in no current Loan and borrowing (78.001) (58.157) Repayment of bond loan (12.866) (12.760) Derivatives - - Net variation in current and not current fiancial Assets and Liability 3.140 2.291 of which related parties (193) 234 Net variation in RoU fiancial assets and liability (10.109) (8.252) of which related parties (2.785) (3.129) TOTAL CASH FLOW FROM FINANCING ACTIVITIES (26.525) 7.362 NET CASH FLOW OF THE YEAR (27.296) 46.980
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