Aquafil Group
[ECNL:IM] - [ECNLF: OTCQX]
1Q 2024 Financial Results
May 14, 2024
1. Key messages
ECONYL® BRANDED AND
REGENERATED
PRODUCTS ACCOUNTED FOR 52.1%
OF REVENUES
GENERATED FROM FIBERS
EMEA AND ASIA IN LINE WITH
EXPECTATIONS,
WEAKER MARKET IN THE US
NET FINANCIAL POSITION
SUBSTANTIALLY UNCHANGED
2
2. Financial results
1Q
% on Revenues
Revenues | EBITDA | Net profit | NFP | ||||||||
2024 | 2023 | Δ% | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% | 31.03.24 | 31.12.23 | Δ% |
147,5 | 166,8 | (11,6)% | 15,2 | 21,6 | (29,6)% | (3,1) | 3,3 | (193,9)% | 250,3 | 248,5 | 0,7% |
10,3% | 12,9% | (2,1)% | 2,0% | ||||||||
SALES
VOLUME1
13,8% compared to 1Q23
EMEA and Asia
Market in line with
expectation
USA
Weaker market
ECONYL®
ca 52,1% of Fiber Revenues
EBITDA
Lower to 1Q 2023
Due to
lower sales price to be
aligned to the raw material
and
different mix
NET PROFIT
Lower to 1Q 2023
Strong decrease
Due to
EBITDA decrease
and
Increase of net financial
costs
NFP
In line vs Dec. 23
NFP/EBITDA LTM
x6,08
on 31st March 2024
X5,23
on 31st December 2023
- Based on "First Grade Product" revenues
3
2. Financial results - Revenues by components
Higher volumes of 13,8% compared to 1Q 2023
4
2. Financial results - Volumes
EMEA: volumes +25,3% vs 1Q23:
- Market recovery for BCF in 1Q 2024
- NTF lower volumes
- Polymers and Engineering plastics continues to grow
USA: volumes ca (5,64)% vs 1Q23:
- BCF and NTF: weaker market
Asia: volumes +11,2% vs 1Q23:
- BCF: slight increase in quantity vs 1Q 2023
5
2. Financial results - Revenues breakdown by Product Line and Area
% Revenues by Geographical Area
16,8%14,8%
27,0%30,0%
55,7%54,9%
2024 | 2023 | ||||
EMEA | North America | Asia e Oceania | |||
% Revenues by Product Line
13,6%7,5%
16,0%20,9%
70,4%71,6%
2024 | 2023 | |||
BCF (fiber for carpet) | NTF (fibre for textile) | Polymers | ||
(1) Rest of World not included
6
2. Financial results - Revenues: ECONYL® products
ECONYL® products increased by 52,1% in 1Q 2024
46,2%
37.4%
53,8% | 62.9% |
7
2. Financial results - P&L: KPI
1Q | ||
2024 | 2023 | |
Revenues | 147,5 | 166,8 |
EBITDA | 15,2 | 21,6 |
% on net Sales | 10,3 % | 12,9% |
EBIT | 0,8 | 8,0 |
% on net Sales | 0,6 % | 4,8% |
Δ%
(11,6)%
(29,6)%
(89,4)%
EBT | (4,0) | 4,6 | (186,1)% |
% on net Sales | (2,7)% | 2,8% | |
NET RESULT | (3,1) | 3,3 | (193,9)% |
% on net Sales | (2,1)% | 2,0% |
Data in € million | 8 |
2. Financial results - NFP and NPF/EBITDA
- NFP on 31st March 2024 equal to 250,3 vs 248,5 €/mil on 31st December 2023
- Ratio NPF/EBITDA LTM at x6,08
NFP Evolution - €/mil
250,3 248,5
31-mar-24 | 31-dic-23 | |
242
157
112
NFP/LTM EBITDA
6,08
5,23
31-mar-2431-dic-23
9
3. Outlook
In the first quarter of 2024, margins were essentially in line with expectations, confirming the recovery path towards the achievement of the plan targets.
The context of reference has not stabilized yet, but an uptrend is expected in the second half of the year.
The comparison with the same period of the previous year in terms of economic performances is unfavorable. From a market point of view, overall volumes were up compared to the last quarters of 2023. The geographical areas witnessed two different trends: volumes increased in EMEA and Asia and declined slightly in the United States.
The Group continued its activities aimed at rationalizing personnel costs, optimizing working capital and containing investments in order to reduce its debt.
For the rest of the year, the Group expects a recovery in the market of fibers for garments in EMEA and in the United States following the sharp reduction witnessed in 2023. It also expects a gradual recovery in the market of fibers for carpets in the United States. In the Asian area, forecasts call for a constant growth in the market of fibers for carpets.
The Company confirms and is committed to achieving the targets it set for the 2024-2025two-year period.
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Aquafil S.p.A. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 15:15:06 UTC.