Zignago Vetro SpA · MIL:ZV
Zignago Vetro SpA — Investor Presentation (October 2023)
37 slides from Zignago Vetro SpA's investor presentation, Oct 10, 2023
Slide 1: Zignago Vetro
ZIGNAGO VETRO
Slide 2: Company Presentation & Financial Results, October 2023
Company Presentation & Financial Results October 2023
Slide 3: Summary
Summary Zignago Vetro Financial results Annex organization 3 COMPANY STRUCTURE 10 BUSINESS MODEL 12 SALES AND PROFITABILITY TRACK RECORD 22 ESG APPROACH 13 FY22 REVENUES & 4 ZIGNAGO HOLDING 11 COMMERCIAL PRESENCE PROFITABILITY 14 FY22 REVENUES & 5 PROFITABILITY BY BU ZIGNAGO VETRO MILESTONES 16 1Q 2
Slide 4: Company structure
Company structure 64,1% 35,9% Zignago Holding S.p.A. FREE FLOAT on the ITALIAN (MARZOTTO FAMILY) STOCK EXCHANGE Zignago Vetro 356,4 mln€ ZV Group consolidated 2022 data 640,8 mln€ Vetro Revet 51% 13,6 mln€ (*) Zignago Vetro Brosse Zignago Vetro Polska Vetri Speciali Zignago Glass USA 57,7 mln€ 74,2
Slide 5: Zignago Holding
Zignago Holding Zignago Vetro is the parent company of a group of glassworks. It is part of Zignago Holding S.p.A, a dynamic organization located in North-East Italy, consisting of a diversified portfolio of businesses controlled and owned by the Marzotto Family. Others Glass Renewable Fine wines co
Slide 6: Zignago Vetro milestones
Zignago Vetro milestones Portogruaro Acquisition of 3 companies Acquisition of Acquisition of Acquisition of Plant: F&B + producing specialty Zignago Vetro Vetro Revet: Italian Glass C&P + Pharma containers, later merged Polska in Poland: recycling of glass Moulds: into Vetri Speciali C&P + F&B cull
Slide 7: Business Units
Business Units 2022 (€m) MARKET SEGMENTS PRODUCTS MAIN CHARACTERISTICS COMPETITIVE ADVANTAGE Flexibility, efficiency, and technical know- how are keys to success. Flexibility ZIGNAGO VETRO Food & Beverage Sales € 356,4 Cosmetics & Perfumery Focus on selected segments of food & Quality beverage a
Slide 8: International presence
International presence Trabki, Poland Viuex Rouen sur Bresle & Paris, France Pergine Valsugana, Gardolo Ormelle San Vito al Tagliamento Italy Portogruaro San Vito al Tagliamento, Italy Supino, Italy Miami, USA Empoli Fossalta di Portogruaro Italy Empoli, Italy Glass companies Sales office HQ Glass r
Slide 9: Our core business
Our core business Group 640,8 Mln € Zignago Vetro Group is among the leading producers of hollow glass containers in Italy and is one of the most important players on an international level. Our main markets 25,9 are: % - Food and Beverage 48,7 % - Cosmetics and Perfumery 23,8% - Specialty Container
Slide 10: Our identity
Our identity VALUES Quality Flexibility Innovation Efficiency Service Sustainability MISSION Ensuring and enhancing the best products, quality and service to our valued customers, keeping a particular focus on the sustainability aspects. STRATEGY We are a dynamic Group, with a strong international m
Slide 11: Business model
Business model PEOPLE An essential and distinctive element of the Group’s success. FLEXIBILITY AND EFFICIENCY Zignago Vetro Group offers products that differ greatly, ranging from standard to customized items, to those offering very significant innovations, up to the production of specialty containe
Slide 12: Commercial presence
Commercial presence Concentration rate of Customer loyalty the first 5 clients1 (revenues)2 Zignavo Vetro 16% 96% ZV Brosse 50% 99% ZV Polska 22% 97% Vetri Speciali 27% 92% 1 Net of intercompany sales 2 Revenues from customers present also in the previous 2 years 2023 COMPANY PRESENTATION FINANCIAL
Slide 13: Sales and profitability track record
Sales and profitability track record Sales and EBITDA (1988-2022) CAGR: +8,5% Euro (m) 700 641 600 493 500 407 421 400 376 337 319 323 302 291 299 292 300 265 257 241 230 CAGR: +8,4% 209 193 200 162 162 133 142 130 104 109 118 107 94 93 95 92 104 82 90 77 70 81 100 58 57 62 71 64 70 62 71 67 66 75 5
Slide 14: FY 2022 revenues & profitability
FY 2022 revenues & profitability Revenues (€m) EBITDA (€m) 27,2% 27,7% 28,1% 25,3% 700 +30,0% 180 25,1% 26,2% 26,4% 30% 160 600 +21,2% 25% -3,3% 140 500 +11,7% 120 20% +11,7% 400 +4,4% 100 15% 300 640,8 80 162,2 493,0 60 130,3 10% 200 337,0 376,5 420,5 406,6 91,6 104,3 118,1 106,6 322,9 40 80,9 5% 1
Slide 15: FY 2022 revenues & profitability by BU
FY 2022 revenues & profitability by BU ZIGNAGO VETRO ZIGNAGO VETRO BROSSE Revenues (€m) Revenues (€m) 400 +30,6% 70 350 60 +24,9% 300 50 250 40 200 150 356,4 30 57,7 272,8 20 46,2 100 50 10 0 0 FY 2021 FY 2022 FY 2021 FY 2022 EBITDA (€m) EBITDA (€m) 12,6% 25,8% 7 14% 90 22,0% 80 25% 6 12% 9,7% 70 20
Slide 16: FY 2022 revenues & profitability by BU
FY 2022 revenues & profitability by BU VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA Revenues (€m) Revenues (€m) 200 +32,7% 80 +22,8% 150 60 100 40 74,2 166,1 60,4 50 125,2 20 0 0 FY 2021 FY 2022 FY 2021 FY 2022 EBITDA (€m) EBITDA (€m) 36,0% 70 40% 18 26,4% 30% 60 28,3% 35% 16 20,6% 25% 30% 14 50 12 20%
Slide 17: 1H 2023 revenues & profitability
1H 2023 revenues & profitability ZIGNAGO VETRO GROUP Revenues (€m) EBITDA (€m) Net Result (€m) 31,3% 19,4% 400 +29,8% 140 80 21% 30% 350 120 70 18% 300 25% 60 100 15% 250 20% 50 10,4% 80 12% 200 21,4% 40 363,5 60 120,4 15% 74,6 9% 150 279,9 30 40 10% 6% 100 64,1 20 20 5% 31,1 3% 50 10 0 0 0% 0 0% 1H
Slide 18: 1H 2023 revenues & profitability by BU
1H 2023 revenues & profitability by BU ZIGNAGO VETRO ZIGNAGO VETRO BROSSE Revenues (€m) Revenues (€m) 250 +29,4% 45 40 +53,4% 200 35 30 150 25 100 213,9 20 39,8 164,2 15 10 25,9 50 5 0 0 1H 2022 1H 2023 1H 2022 1H 2023 EBITDA (€m) EBITDA (€m) 30,2% 70 2,5 13,6% 2,5 16% 30% 60 2,0 3,7 25% 12% 50 16,4
Slide 19: 1H 2023 revenues & profitability by BU
1H 2023 revenues & profitability by BU VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA Revenues (€m) Revenues (€m) 100 60 +3,9% +21,3% 80 50 40 60 94,9 30 40 78,2 48,2 20 36,1 20 10 0 0 1H 2022 1H 2023 1H 2022 1H 2023 EBITDA (€m) EBITDA (€m) 38,0% 31,7% 40 40% 18 35% 31,8% 16 35 35% 30% 30 30% 14 20,0% 25
Slide 20: ZV Group – Balance sheet
ZV Group – Balance sheet Net Capital Employed (€m) Net Working Capital (€m) 200 30,4% 31,3% 35% 29,0% 27,9% 600 180 30% 160 23,2% 21,3% 500 140 25% 400 120 178,6 20% 100 188,2 300 602,5 603,9 80 15% 473,3 487,2 512,1 127,3 200 372,5 417,2 60 102,5 122,0 104,9 10% 40 87,3 100 20 5% 0 0 0% 2017 2018 2
Slide 21: ZV Group – Cash flow from operation & capex
ZV Group – Cash flow from operation & capex Cash Flow from Operations (before capex) (€m) Capex (€m) 140 24,3% 26% 100 22,9% 21,0% 120 19,6% 21% 17,4% 80 100 13,6% 16% 60 80 11% 94,3 60 120,0 40 83,8 81,6 102,6 6% 93,2 87,4 66,0 66,1 40 79,1 82,6 58,3 20 42,7 20 1% 23,6 0 -4% 0 2017 2018 2019 2020 2
Slide 22: Financial structure, EPS & dividends
Financial structure, EPS & dividends Key financial structure ratios EPS and Dividend distribution (Euro) 2,41 1,70 80% 2,50 71% 73% 73% 70% 70% 71% 70% 70% 69% 2,13 2,08 2,13 1,50 70% 1,93 1,92 59% 62% 2,00 1,75 1,30 1,72 60% 1,58 1,64 1,10 0,98 50% 1,50 1,31 0,90 0,68 40% 0,70 0,60 1,00 1,13 0,51 0
Slide 23: Annex: ESG Approach
Annex ESG Approach October 2023
Slide 24: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Our Mission: Produce and market glass containers for the Food & Beverage and the Cosmetics & Perfumery sector, with a particular focus on sustainability and with the aim of providing our customers with safe and high-quality products, while ensuring continuous va
Slide 25: ESG (Environment, Social, Governance)
ESG (Environment, Social, Governance) Aware of its role for the sustainable development, Zignago Vetro has linked its activities to the 2030 Agenda of the United Nations, focusing mainly on the subsequent 13 Goals that are connected to 3 main pillars: Environment Social Governance PILLARS Environmen
Slide 26: ESG - Environment
ESG - Environment 2022 main Environmental achievements vs 2021: – specific water consumption per ton of glass – the % of PCR used on total glass produced has increased produced has significantly decreased by -36,3% by +7,7% vs 2021 (+11,2% vs 2020); (-57,1% vs 2020); – CO2 specific emissions (Scope
Slide 27: ESG - Environment
ESG - Environment In January 2020 we’ve started a special project dedicated to the reduction of CO2 emissions. The aim is to improve our performance and get significant reduction of CO2 emissions, by focusing on those of Scope 2 and Scope 3. Fuel and energy Upstream and downstream related activities
Slide 28: Certifications
Certifications The Group has elaborated a strategic program for the achievement of various certifications in the next 4 years: Zignago Vetro Zignago Vetro Zignago Vetro Zignago Vetro Vetro Revet Italy (Fossalta) Italy (Empoli) Brosse Polska ISO 9001 (Product quality) ISO 14001 Within 2025 (Environme
Slide 29: ESG certifications
ESG certifications CDP CDP Sustainalytics Morningstar Gaïa Moody’s MSCI Ecovadis Climate Water (since 2021) (since 2021) (since 2020) (since 2019) (since 2020) Change Security 85/100 2022 B A- 12,2 ** 64/100 50/100 BB Platinum 83/100 Regional Top- 2021 B* B* 11,9 61/100 42/100 BB Platinum Rated Badg
Slide 30: ESG - Social
ESG - Social 2022 main Social achievements vs 2020: - total workforce has increased by +2,7% (+7,5% vs 2020); - whereas the female workforce represents 29,4% of the total workforce; - Corporate Welfare Plan implemented in ZV Italy; - insurance policy extended for situations outside of work; - smart-
Slide 31: Governance: Board of Directors
Governance: Board of Directors The structure of Board of Directors is characterized by gender and independency balance: Executive Not executive Independent Directors Non-Independent Directors Name and last name Independent Minority list Nicolò Marzotto NE Roberto Cardini E 50% 2022 50% Gaetano Marzo
Slide 32: Governance: risk management system & fiscal transparency
Governance: risk management system & fiscal transparency The Group’s governance has an Internal Control and Risk Management System, aimed at identifying, measuring and monitoring the principal risks. The main bodies are: - the Board of Directors; - the Director in charge of the Internal Control and
Slide 33: Governance: ESG Framework
Governance: ESG Framework Since 2019 Zignago Vetro has implemented a complete ESG FRAMEWORK, which is structured as follows: - ESG POLICY - ESG ORGANIZATIONAL STRUCTURE: - ESG COMMITTEE - ESG COORDINATOR - ESG CONSULTANTS - ESG GOVERNANCE: - ESG STRATEGY - ESG POLICIES - ESG’S OBJECTIVES SYSTEM & ME
Slide 34: Environment: KPIs and Goals
Environment: KPIs and Goals TOPIC KPIs 2020 2021 2022 2030 Achieved Goal Achieved Goal Achieved Goal Strategic Goal Raw materials % of PCR used on total 48,0% 49,6% 53,4% 70,0% management glass produced % of recycled packaging Packaging or packaging containing Increased Increased Decreased Keep Incr
Slide 35: Social: KPIs and Goals
Social: KPIs and Goals TOPIC KPIs 2020 2021 2022 2030 Achieved Goal Achieved Goal Achieved Goal Strategic Goal Outgoing turnover 4,3% 4,1% 7,4% n.a. Human Resources Work-life balance Implemented Ongoing Ongoing Ongoing management initiatives Implemented in To be extended in Corporate Welfare plan Im
Slide 36: Governance: KPIs and Goals
Governance: KPIs and Goals 2020 2021 2022 2030 TOPIC KPIs Achieved Goal Achieved Goal Achieved Goal Strategic Goal Fiscal transparency Corruption cases 0 0 0 0 Operative structure and committees able to Ongoing Governance structure Achieved Achieved Achieved guarantee proper level achievement of man
Slide 37: Contacts
Contacts: Roberto Celot Group CFO & IR [email protected] Zignago Vetro S.p.A. Via Ita Marzotto 8, 30025 Fossalta di Portogruaro (VE) – Italy Tel (+39) 0421 246111 - [email protected]