191016 Presentazione 1H19 ottobre LOGO NEW .ppt · 2019-10-21 · Zignago Vetro is a Company listed...
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Company presentation October 2019
Transcript of 191016 Presentazione 1H19 ottobre LOGO NEW .ppt · 2019-10-21 · Zignago Vetro is a Company listed...
Company presentation
October 2019
65%Santa Margherita
Wine producer
35%
100%
Zignago Power
Electricity producer
100%
Zignago Vetro Brosse59,2 Mln €
Vetri Speciali166,4 Mln € (*)
100% 50%
51% Vetro Revet4,9 Mln € (*)
FREE FLOAT
on the
ITALIAN STOCK EXCHANGE
Zignago Vetro Polska43,1 Mln €
Zignago Vetro201,4 Mln €
100%
Others
Zignago Holding S.p.A.
(MARZOTTO FAMILY)
*100% of turnover
2018
ZV Group consolidated
376,5 Mln €
Vetreco15,3 Mln € (*)
Zignago Glass USA0,4 Mln €
30%
100%
Julia Vitrum(start up phase)
50%
Group Structure
Note: in 1H19 Verreries Brosse has been renamed as Zignago Vetro Brosse and Huta Szkała Czechy as Zignago Vetro Polska
20192017201320112007200420021995199419871979
Portogruaro plant:
F&B + C&P
Acquisition of Empoli
plant: F&B
Vetreco: cullet recyclingAcquisition of specialty containers production
plants, then merged into Vetri Speciali
Acquisition of VB in
France: luxury perfumeryListing on the Italian Stock
Exchange
Acquisition of HSC in
Poland: C&P + F&B
Acquisition of Revet: cullet
recycling
Milestones
A proven track record of successful acquisitions in and outside Italy across different Glass sectors
Julia Vitrum (start up):
cullet recycling
Competitive StrengthsMain FeaturesProducts2018 (€m)
� Personalization
� Small-run production
Vetri Speciali
Sales € 166,4m
Highly customized specialty glass
containers produced in very short
runs with strong focus on
efficiency
� Innovation
� QualityZignago Vetro Brosse
Sales € 59.2m
Extraordinary high-quality, tailor-
made product offering and
efficiency
Focus on high-end perfumery
market
� Flexibility
Flexibility, efficiency and
technical know-how key for
success
� Quality
Food &
Beverage
Cosmetics &
Perfumery
Luxury
Perfumery
Market Segment
� Personalization
� Small-run production
Zignago Vetro Polska
Sales € 43.1m
Wide range of personalised
products for niches of the global
market of glass containers for
cosmetics and perfumery, and for
food and beverages
Specialty
Containers
Food & Beverage
Cosmetics & Perf.
Zignago Vetro
Sales € 201.4m
Vetreco
Vetro Revet
Julia Vitrum
Cullet
Recycling� Located in a strategic
areas with strong
potential to grow
Forefront technology to reprocess
cullet to the highest standards of
color separation to yield the best
quality of finished cullet
Focus on selected segments
of food & beverage and
cosmetics & perfumery
Sales €15,3m
Sales €4,9m
Presence in Selected Business Segments
(start up)
Manufacturing LocationsGeographical Presence
Facility Location
Portogruaro,(Venice) Italy
Empoli(Florence) Italy
Vieux Rouen sur Bresle(Normandie)France
Trabki (Warsaw)Poland
(decoration facility located with glass manufacturing)
Ormelle (Treviso)Italy
Pergine Valsugana (Trento)
Gardolo (Trento) Italy
San Vito al Tagliamento(Pordenone) Italy
Vetreco
Revenues breakdown (2018 FY)
Vetro Revet
Cosmetics &
Perfumery
30%
Food &
Beverage
44%
Specialty
22%
Other
4%
Julia Vitrum
Manufacturing Facilities – international presence
International presence with manufacturing plants in strategic European areas.
Balanced revenues across the sectors focusing on niche areas and best mix opportunities
Production of glass containers dedicated to a broad spectrum of sectors/markets, with
a wide range of products: different colours, shapes and dimensions. High content of
product innovation and customization.
Standard
Customized
Innovative
Specialty
Business model
94%27%Vetri Speciali
93%53%ZV Brosse
92%15%Zignago Vetro
Customer loyalty1
(Revenues)
Concentration rate of first 5 clients 2
ZV Polska 26% 73%
1 Revenues from clients present also the 2 previous years
2 Net of intercompany sales
Commercial Presence and Customer Relationships
40 4349
58 57 6271
8290 94 93 95
104 109
133142
162
193
209
241
257
230
265
291299
292302
319 323
337
376
10 11 11 14 12 1118 23 27 26 25 24 23
29 33 35 4050 54
6470
6271
7770 67 66
7581
92104
0
50
100
150
200
250
300
350
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sales EBITDA
Sales and EBITDA (1988-2018)
Euro (m)
CAGR: +8,0%
CAGR: +7,7%
Zignago Vetro Group: Sales and Profitability Track Record
23,8 29,0 31,239,8 45,0
7,9%9,1% 9,7%
11,8% 12,0%
0
10
20
30
40
50
2014 2015 2016 2017 2018
0%
2%
4%
6%
8%
10%
12%
Net Results (€m) Margin (%)
Revenues (€m) EBITDA (€m)
EBIT (€m) Net Result (€m)
65,8 75,1 80,991,6
104,3
21,8%
27,7%
23,6%
27,2%25,1%
20
3040
5060
7080
90100
110
2014 2015 2016 2017 2018
0%
5%
10%
15%
20%
25%
30%
EBITDA (€m) Margin (%)
36,9 42,0 47,4 53,364,5
12,2%13,2%
14,7%15,8%
17,1%
0
10
20
30
40
50
60
70
2014 2015 2016 2017 2018
0%
5%
10%
15%
EBIT (€m) Margin (%)
322,9 337,0 376,5302,0 318,5
0
50
100
150
200
250
300
350
2014 2015 2016 2017 2018
+11.7%
+1.4%+5,5%
+4.4%
Financial Performance – Zignago Vetro Group
* IFRS 15 compliant
**
* *
**
**
189,9209,7
0
30
60
90
120
150
180
210
1H 2018 1H 2019
Revenues (€m) EBITDA (€m) Net Result (€m)
ZIGNAGO VETRO GROUP
51,456,3
27,1% 26,8%
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
1H 2018 1H 2019
EBITDA (€m) Margin (%)
20,022,4
10,5% 10,7%
0%
2%
4%
6%
8%
10%
12%
0
5
10
15
20
25
1H 2018 1H 2019
Net Results (€m) Margin (%)
+10.4%
1H 2019 Revenues & Profitability
Revenues (€m)
EBITDA (€m)
Revenues (€m)
EBITDA (€m)
ZIGNAGO VETRO ZIGNAGO VETRO BROSSE
1H 2019 Revenues & Profitability
109,9101,4
0
30
60
90
120
1H 2018 1H 2019
+8.4% 32,531,7
0
5
10
15
20
25
30
35
1H 2018 1H 2019
+2.6%
26,629,1
28,7%24,2%
0
10
20
30
1H 2018 1H 2019
0%
5%
10%
15%
20%
25%
30%
EBITDA (€m) Margin (%)
7,35,6
22,4%
17,6%
0
2
4
6
8
1H 2018 1H 2019
0%
5%
10%
15%
20%
25%
EBITDA (€m) Margin (%)
Revenues (€m)
EBITDA (€m)
Revenues (€m)
EBITDA (€m)
VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA
1H 2019 Revenues & Profitability
47,841,1
0
10
20
30
40
50
1H 2018 1H 2019
+16.2% 24,020,6
0
5
10
15
20
25
1H 2018 1H 2019
+16.7%
16,111,4
27,8%33,7%
0
5
10
15
20
1H 2018 1H 2019
0%5%
10%
15%
20%
25%
30%
35%
EBITDA (€m) Margin (%)
5,55,4
23,1%26,4%
0
2
4
6
1H 2018 1H 2019
0%
5%
10%
15%
20%
25%
30%
EBITDA (€m) Margin (%)
Net Capital Employed (€m) Net Working Capital (€m)
Net Equity (€m) Net Financial Debt (€m)
241,5 274,6 311,9372,5 417,2
466,8
0
50
100
150
200
250
300
350
400
450
500
2014 2015 2016 2017 2018 1H 2019
60,579,9 80,1
102,5 87,3121,2
20,0%
24,8%
30,4%
23,2%25,1%
0
20
40
60
80
100
120
140
2014 2015 2016 2017 2018 1H 2019
0%
5%
10%
15%
20%
25%
30%
Net working Capital (€m) on sales (%)
133,8 145,6 155,5177,5
200,1 191,3
0
40
80
120
160
200
2014 2015 2016 2017 2018 1H 2019
107,7 129,0 156,4195,5 217,1
275,7
0
40
80
120
160
200
240
280
2014 2015 2016 2017 2018 1H 2019
**
**
* IFRS 15 compliant
**
**
* *
* *
Zignago Vetro Group - Balance Sheet
Cash Flow from Operations (before capex) (€m) Capex (€m)
53,2 54,9 54,3
79,1
30,0
58,3
0
20
40
60
80
2014 2015 2016 2017 2018 1H 2019
49,3 45,9
72,066,0
94,3
38,4
0
20
40
60
80
100
2014 2015 2016 2017 2018 1H 2019
* IFRS 15 compliant
* ** * **
Zignago Vetro Group - Cash Flow From Operations and Capex
Financial structure, EPS and dividends
Key financial structure ratios EPS and Dividend distribution (Euro)
0,32
0,38 0,40
0,35
0,300,27
0,330,35
0,45 0,51
70% 71% 71% 72%74% 74%
71% 71% 71%70%
0,221
0,273 0,2820,250
0,2200,200
0,2350,252
0,320
0,360
30%
40%
50%
60%
70%
80%
,000
,100
,200
,300
,400
,500
,600
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EPS Div per share Pay out %
Pay out guidance: 70% of net group result
Annex
Zignago Vetro’s Sustainability Program
• Shareholders
• Board of Directors
• Internal Control and
Risk Management
System
• Labor Management
• Health and Safety
• Community
Zignago Vetro’s Sustainability Program
Main topics:
Environment Social Governance
Zignago Vetro is a Company listed in the STAR segment of Borsa Italiana
The Board of Directors of Zignago Vetro has appointed an Internal Committee for the Corporate Social Responsibility, which is
composed of 7 top managers of the ZV Group.
• Resources
Consumptions
• Carbon Emissions
• Waste Management
Environment: Resources Consumptions
37,70%
40,80%
42,93%
34%
36%
38%
40%
42%
44%
2016 2017 2018
Use of cullet (glass scraps from recycling)Raw materials
Improve the use of glass scraps from recycling (cullet) and decrease consumptions of raw materials
Energies
Decrease of energy consumption is driven by the improvement of cullet utilization and the efficiency through state-of-the-art plants and machineries.
100,00
93,99 93,73
90
92
94
96
98
100
102
2016 2017 2018
Use of energy per kg of glass melted
(2016 base = 100)
37%
28%31%
0%
10%
20%
30%
40%
50%
2016 2017 2018
Use of electricity from renewable
sources
5,0%4,3% 4,0%
0%1%2%3%4%5%6%7%8%9%
10%
2016 2017 2018
Use of electricity from solar panels
Improving use of electricity from renewable sources.
Environment: Water, Carbon Emissions and Waste Disposal
Water
Water consumptions significantly decreased since 2016 thanks to capex and controls. Steady decrease of specific consumptions.
100,0
80,3 84,2
50556065707580859095
100105
2016 2017 2018
Water consumption
CO2 Emissions
ZV Group is actively committed in decreasing the CO2 emissions, particularly through reduction of raw materials consumptions and improve of use of cullet.
Between 2017 and 2018 CO2 emissions per ton produced decreased by -3%.Other initiatives: improvement of transports by railway.
100,0
92,7 95,1
50556065707580859095
100105110
2016 2017 2018
CO2 emissions (in tons - 2016 =100)
Waste management
Data starting from 2017 include the glass recycling activity operated through Vetro Revet.
2.185
9.856 6.992 7.008
40.645 43.398
1.0006.000
11.00016.00021.00026.00031.00036.00041.00046.000
2016 2017 2018
Waste produced/managed by destination (in tons)
disposed
recovery and recycling
Environment: Good performance evaluation according to certified entities
We’ve improved our score from 50 to 55(Glass sector range from 30 to 60)
Score confirmation : “B”
Social: Labor management
Training
ZV Group is actively engaged in improving personnel skills, at all levels and areas
Headcount
ZV Group steadily continues to represent a point of working opportunities
1.000
1.200
1.400
1.600
1.800
2016 2017 2018
Employee headcount (n. persons)
10.00012.00014.00016.00018.00020.000
2016 2017 2018
Training hours
100200300400500600700800900
1.0001.1001.200
2016 2017 2018
Employee by gender
men
women
Equal opportunities
ZV Group assures equal opportunities.
Since 2017 female presence has improved.
Special project started in June 2018: employment of people with
disabilities for the selection and re-packaging of glass containers
in Zignago Vetro
Zignago Academy program to foster training and talent
Social: Labor management
Social inclusion: cooperation
with small companies in a
region with high unemployment
rate
Extensive Welfare program for all the employees
Community: Social Projects
Participation in the educational program “Surfing
Glass”, during the school year 2018-2019
Participation in the 2019 project
“Insieme Per La Montagna Veneta”
Leader of a special project for the families of
Meyer Tuscany Hospital for children.
Economics support accomplishments for local communities in each
plant with social, cultural and educational aims: elementary school
maintenance; neighbourhood driveability arrangement; other
municipality maintenance initiatives.
Social: Health and safety
Accidents - Frequency
ZG Group is focused in preventing accidents.
Number of casualties has steadily decreased.
0
5
10
15
20
25
30
2016 2017 2018
Accidents – Frequency (index)
Accidents - Gravity
0
2
4
6
8
10
2016 2017 2018
Accidents – Gravity (index)
Strong focus on safety to reduce the gravity of accidents.
Gravity of casualties has significantly decreased.
Governance: Shareholders
Shareholders structure
Shareholders holding more than 5% of share capital:
- Zignago Holding: 65%
Shares with special rights
Shares are nominative, freely transferable and indivisible and each has a right to one vote at the ordinary
and extraordinary Shareholders’ Meeting.
No shares with special rights.
Since April 2015, the Company introduced the possibility to have shares with increased voting rights (loyalty
shares), according to Leg. Decree 91/2014.
35%
65%
ZIGNAGO VETRO’S SHAREHOLDERS STRUCTURE
Free Float
Zignago Holding
Governance: Board of Directors
Paolo Giacobbo President and CEO Executive
Nicolò Marzotto Vice-President
Alessia Antonelli Board member Independent
Ferdinando Businaro Board member
Roberto Cardini Board member Executive
Giorgina Gallo Board member Independent
Daniela Manzoni Board member Independent
Gaetano Marzotto Board member
Luca Marzotto Board member
Stefano Marzotto Board member Executive
Franco Moscetti Board member Independent
Barbara Ravera Board member Independent
Manuela Romei Board member Independent
- Independency: ar. 45% of Board Members
- Gender: Women ar. 40% - Men ar. 60%
- Board Committees / Bodies: a. Appointments and Remuneration
Committee
b. Controls and Risks Committee
c. Related Parties Transactions
Committee
d. Lead Independent Director
e. Director in charge of the internal
control and risk management
system
Zignago Vetro has adopted a Self-Discipline Code promoted by Borsa Italiana and its rules
Governance: Internal Control and Risk Management System
ICRMS is integrated into the organization and corporate governance of the Company. It
- ensures an adequate management of the company’s risk exposure,
- ensures the correct management of the business,
- ensures the achievement of the strategic objectives identified.
- oversees the propriety of corporate operations,
- promotes efficiency and efficacy of processes,
- ensures the reliability of financial information, compliance with law and regulations, in addition to the by-laws and the internal procedures,
- guarantees and safeguards the capital base and the value generated by operations.
Main bodies/parties of the ICRMS:
The Board of Directors, The Director in charge of the Internal Control and Risk Management System, The Control and Risks Committee, The
Internal Audit Manager, the Board of Statutory Auditors, The Supervisory Board, which guarantees the adequacy of the Organization and
Management Model as per Legislative Decree 231/2001.
The main elements upon which the internal control system of the Company is based are as follows:
• The Ethics Code
• Organizational structure
• Powers and delegations
Governance: Internal Control and Risk Management System
The principal conditions adopted for achieving the strategic and operational objectives, as well as the monitoring of the efficacy and
efficiency of the activities and the safeguarding of the company’s assets, are as follows:
• Drawing up of objectives, budgets, reporting and management control
• Internal communication system
• System of operational procedures – ISO procedures
• Information Systems
The principal guides for the achievement of conformity with law and applicable regulations (compliance) and for correct and transparent
disclosure to the market are the following:
• Organizational model as per legislative decree 231/01
• Model of accounting control as per law 262/2005 in relation to financial disclosure
• Security, environment and quality
• Confidential information (procedural system for internal management and external communication of confidential information)
