VAA-VISTA ALEGRE ATLANTIS, SGPS, SA

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VAA Vista Alegre Atlantis SGPS : informs about Income Statement 2021

03/30/2022 | 01:05pm EDT

RESULTS

FOR THE YEAR 2021

Announcement Results of the year 2021 30th of March 2022

Income Statement 2021

Highlights

>> Turnover reached 117 million euros, an increase of 6.0% compared to the previous year;

>> EBITDA of 22.7 million euros represents an increase of 41.7% compared to the analogous period in 2020;

>> The consolidated gross debt decreased by 7.3 million euros in 2021 compared to 2020;

>> Accumulated consolidated net income went into positive territory and reached 1.6 million positive euros;

>> Markets in Spain, the USA and Brazil were the biggest contributors to the sales of own-brand products, with a growth of 69% compared to 2020 and a growth of 50% compared to 2019 (pre-pandemic);

2/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2021 30th of March 2022

Activity

In December 2020 Grupo Vista Alegre recorded a turnover of 117 million euros and an EBITDA of 22.7 million euros. Foreign markets represented 75.1% of Vista Alegre's turnover, with 87.8 million euros of sales.

During the second half of 2021, economic activity in Portugal and worldwide was slowly recovering from the crisis created by the spread of the SARS-CoV-2 virus and renewed pandemic containment measures at the beginning of the year. The different measures taken by authorities aimed at mitigating the negative effects of the pandemic had a positive effect on the economic climate, as can be seen in the recovery of retail activity, with a visible impact on results.

Branded products, namely in Vista Alegre Porcelain and Bordallo Pinheiro Earthenware sectors, contributed most to the growth in turnover during 2021. Porcelain revenues reached 42.5 million euros, representing a 42.7% increase compared to the previous year, and the Earthenware revenues amounted to 12.4 million euros representing a 53.2% growth compared to 2020.

T €

Segments

31-12-2021

31-12-2020

Variation (%)

Porcelain and related products

42.5

29.8

42.7%

Earthenware

12.4

8.1

53.2%

Stoneware

50.4

60.8

-17.1%

Crystal and Glass

11.7

11.7

-0.1%

Total

117.0

110.4

6.0%

Excluding the hotel industry, the turnover generated by the sale of own-brand products, via physical and online retail channels, at the national and international level, grew

3/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2021 30th of March 2022

36.7% compared to 2020 and grew 11% compared to 2019 (pre-pandemic) which clearly attests to the excellent performance and growing recognition of our brands globally.

Internationally, it's worth noting that the markets of Spain, the USA and Brazil were the biggest contributors to the sales of own-brand products, with a growth of 69% compared to 2020 and a growth of 50% compared to 2019 (pre-pandemic).

The Ria Stone factory, which produces for Ikea, also delivered excellent performance in 2021, growing 14% compared to 2020 and 10% above 2019 sales.

Results

Despite the severe confinement which marked the first half of the year, with retail stores closed for most of this period, Grupo Vista Alegre's consolidated results during 2021 showed excellent performance, well above what had been recorded during the same period of the previous year. Turnover reached 117 million euros (6% higher compared to the same period in 2020) and EBITDA amounted to 22.7 million euros (representing an improvement of 42% compared to the EBITDA achieved in the same period of 2020). The EBITDA Margin also recovered during the last quarter, standing at 19.4%, or 4.9 pp above what was recorded in 2020.

Consolidated Results

M€

Headings

31-12-2021

31-12-2020

Turnover 117.0 110.4

Variation Amount % 6.6 6%

E B I T D A 22.7 16.0 6.7 42%

EBITDA Margin 19.4% 14.5%

Operating Income 9.3 2.5 6.9 281%

Operating Margin

8.0% 2.2%

Income before taxes 3.6 -2.2 5.8 260%

Income tax -2.0 -0.3 -1.7

Net income 1.6 -2.5 4.1 164%

4/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results of the year 2021 30th of March 2022

The Grupo recorded a positive operating result of 9.3 million euros (exceeding the operating result of the same period the year before by 281%) and a positive net result of 1.6 million euros, contrasting with the negative result recorded in 2020 in the same period.

Debt

As a result of the Grupo's good operational performance, consolidated net debt fell by around 7.3 million euros compared to 2020, with the Company maintaining a high level of cash and cash equivalents, thereby indicating a solid treasury position:

T€

2021

Financial debt (bank loans, bond and leasings)

2020

Operating debt (exports, confirming and factoring)

Operating lease (IFRS 16)

88,585 84,566 8,612 13,588 7,898 7,640

Consolidated debt 105,095 105,794

Availabilities

Consolidated net debt

EBITDA

-24,060 81,035 22,699

Net debt / EBITDA

3.57x

-17,501 88,293 16,012 5.51x

Consolidated net debt

81,035 88,293

Grants to be converted

-5,704 -8,470

Consolidated net debt after converted prizes

75,331 79,822

Net debt after converted premiums / EBITDA

3.32x

22,699 16,012 4.99x

EBITDA

Investments

Investments made amounted to approximately 7.3 million euros, including the purchase of equipment for the Porcelain, Crystal and Glass and Ovenware segments, enhancing operational efficiency, reducing costs and reinforcing the positioning of Vista Alegre as the operator of the most technologically advanced factories in the world within the ceramic, crystal and glass market segments.

5/7

Vista Alegre Atlantis, SGPS, S.A. * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

with the Commercial Registry of Ílhavo * Taxpayer no 500 978 654 * Share capital 134,120,048.00 Euros

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VAA - Vista Alegre Atlantis SGPS SA published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 17:04:25 UTC.


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Sales 2022 135 M 137 M 137 M
Net income 2022 6,00 M 6,08 M 6,08 M
Net Debt 2022 73,5 M 74,5 M 74,5 M
P/E ratio 2022 22,1x
Yield 2022 -
Capitalization 130 M 130 M 132 M
EV / Sales 2022 1,51x
EV / Sales 2023 1,36x
Nbr of Employees 2 540
Free-Float 14,4%
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Nuno Miguel Rodrigues Terras Marques Independent Chairman
Jorge Paulo Sacadura de Almeida Coelho Independent Non-Executive Director
Nuno Maria Pinto de Magalhães Fernandes Thomaz Lead Independent Non-Executive Director
Mário Godinho de Matos Independent Non-Executive Director
Alda Alexandra Abrantes Costa Director
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