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Frederic SIPAHI - CEO

Yann ALBRAND - CFO

October 13th, 2021

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AGENDA

H1 2021 RESULTS

A SUSTAINABLE TRANSFORMATION

PERSPECTIVES

2 I

H1 2021 Results

3 I

Revenues at €682.5m

vs 750.2m in H1 2019

EBITDA at € 110.0m

vs €87.9m in H1 2019

EBIT at € 48.9m

vs €27.9m in H1 2019

Net Income at € 21.4

vs € +6.9m in H1 2019

FCF1 at € 32.5m

vs €-3.3m in H1 2019

Net debt1 at € 261.4

vs € 267.3m end June 2019

H1 2021 Highlights

Up 34.9% on a reported basis (+38.5% at constant exchange rate) outperforming the market in all areas. H1 2021 still behind H1 2019 (-9.0%)

  • EBITDA: 16.1% vs 10.3% in H1 2020 and 11.7% in H1 2019. EBITDA adjusted by excluding non recurring and non operating items at 14.5% vs 12.3% in H1 2019
  • Gross fixed costs down by € 22.3m vs H1 2019 (-16.0% )
  • EBIT: 7.2% vs -2.4% in H1 2020 and 3.7% in H1 2019
  • EBIT adjusted at 5.5% vs 4.3% in H1 2019

Net income at € 21.4m vs € -28.8m in H1 2020 and € 6.9m in H1 2019

Free Cash Flow positive at € 32.5m (-€70.8m in H1 2020 and € -3.3m in H1 2019) thanks to higher EBITDA margin and favorable working capital

Net debt of € 261.4m versus vs € 291.3m end of 2020 and € 327.0m end June 2020

Figures with IFRS 5 -"Non-current assets held for sale and discontinued operations" (Filtration Brazilian/Spanish subsidiaries sold in December 2020/January 2021)

1. FCF and Net debt excluding IFRS 16

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H1 2021 Main Takeaways

  • Sales performance vs Market in first semester 2021 vs 2019:
    • Market down by -12.6%, of which -23.5% in Europe, -19.7% in Nafta
    • Sogefi at constant -4.5%, of which -11.5% in Europe, -3.5% in Nafta
    • A&C and Filtration performed better than the market with sales substantially in line with 2019 (+2.8% for Filtration, -0.7% for A&C) thanks to new business start, IAM & OES resilience and balanced customer portfolio / geographical mix.
    • Suspension decreased by -13.7% due to customer portfolio and geographical mix
  • Raw material market prices are booming with issues to get right quantities at right time:
    • Steel prices have increased by 50% vs January 2019 and doubled for tubes
    • Plastics and media are following same trend with an increase by 30% vs January 2019
    • In first semester thanks to strong defensive, Sogefi Group has been able to contain impact on purchasing prices, keeping prices lower than 2019 and 2020

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Disclaimer

Sogefi S.p.A. published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2021 06:41:07 UTC.