INVESTOR PRESENTATION 7 November 2019
DISCLAIMER This document has been prepared by Neodecortech S.p.A. tained in this presentation, those results or developments may not (“NEODECORTECH”) solely for use in connection with the pres- be indicative of results or developments in future periods. entation of the Company to potential investors and shareholders NEODECORTECH expressly disclaims any obligation or undertak- and may not be used for any other purposes. ing to disseminate any updates or revisions to any forward-looking The information contained in this document has not been inde- statements contained herein to reflect any change in NEODE- pendently verified and no representation or warranty express or CORTECH expectations with regard thereto or any change in implied is made as to, and no reliance should be placed on the events conditions or circumstances on which any such statement fairness, accuracy, completeness or correctness of the information is based. or opinions contained herein. The information and opinions contained in this document are Certain information contained in this presentation may contain provided as at the date of this presentation and are subject to forward - looking statements which involve risks and uncertainties change without notice. The recipient will be solely responsible for and are subject to change. Actual results may differ materially from conducting its own assessment of the information set out in this those contained in any forward-looking statement due to a number presentation and for any underlying business decision. NEODE- of significant risks and future events which are outside NEODE- CORTECH has not made an independent evaluation or appraisal of CORTECH’s control and cannot be estimated in advance such as its own shares, assets or liabilities (contingent or otherwise). the future economic environment and the actions of competitors None of NEODECORTECH, its shareholders, or any of their respec- and others involved on the market. These forward-looking state- tive affiliates, advisers or representatives shall have any liability ments speak only as at the date of this presentation. whatsoever (in negligence or otherwise) for any loss howsoever NEODECORTECH cautions you that forward looking-statements arising from any use of this document or its contents or otherwise are not guarantees of future performance and that its actual arising in connection with this document. financial position, business strategy, plans and objectives of The information contained in this presentation may constitute inside management for future operations may differ materially from those information pursuant to EU Regulation n. 596/2014, therefore the made in or suggested by the forward-looking statements contained recipient undertakes to comply with the applicable regulations and, in this presentation. in particular, to not disclose them (i.e. by transmitting, circulating or In addition, even if NEODECORTECH’s financial position, publishing) in any way. business strategy, plans and objectives of management for future By accepting this presentation, you acknowledge and agree operations are consistent with the forward-looking statements con to be bound by the foregoing limitations and restrictions.
TABLE OF CONTENTS 1. Neodecortech at a glance 3. Financials - The Vision - Consolidated revenues - Group structure - Revenues breakdown - Confalonieri, Plana, Texte - Costs breakdown - Cartiere di Guarcino S.p.A. - P&L EBITDA analysis - Bio Energia Guarcino S.r.l. - NET INCOME - analysis - Plants and Operations - NWC & cash flow analysis - Vertical integration benefits - Cash flow analysis - Intercompany flows - Net financial position - Product lines - Debt maturity - Group figures 2018 - Income statement - Revenues 2018 breakdown by SBU - Balance sheet statement - Management Team - Company Governance 4. Growth strategy - Shareholders - Neodecortech: main historical milestones - Key investment highlights - Investment Opportunities - Offer structure and remedy shares - sept. 2017 2. Market 5. Appendix - Total paper and paperboard market - Mission - Values of the Group - Focus on selected niches - The stakeholders - Décor paper market - Certificates - Global supply and demand of décor paper - Key contacts - Neodecortech: geographical reach - Strategic positioning
1. NEODECORTECH AT A GLANCE
8 1. Neodecortech at a glance THE VISION Neodecortech, a new group 100% Made in Italy. 3 companies sharing the same vision and a clear industrial strategy: “Providing the interior design industry with high-end products enhanced by distinctive Italian flair”
9 1. Neodecortech at a glance GROUP STRUCTURE Neodecortech PI L Printing and Bergamo impregnation + 100% owned Cartiere di Guarcino S.p.A. PM Lamination Casoli di Atri Energy plant + Guarcino Paper mill + 100% owned Bio Energia Guarcino S.r.l. EP Neodecortech is an industrial holding
10 1. Neodecortech at a glance CONFALONIERI - PLANA - TEXTE Printing, impregnation, lamination units PI L Neodecortech, founded in 1947, is the parent company of the Group; under the brand name Confalonieri, it ranks as the top player in the niche of decorative surfaces design and manufacturing (mostly paper, plus plastic more recently) for the interior design and flooring industries. Neodecortech is the Italian leader in the production of decorative paper for laminated panels and flooring used for interior design. The Group’s business revolves around the production of complete and cutting-edge solutions for interior design projects, covering every stage of the production process of decorative paper, from raw material management, through surface finishing and impregnation, to the finished product and management of end-of-line logistics. Thanks to ongoing creative research, the Group offers almost 1000 types of decorations representing different natural materials such as wood and stone, surfaces such as metal and cement, as well as textures of textile inspiration and abstracts. The Group provides 51 products divided into 6 categories: - décor papers; - decorative printings; - finish foil; - melamine film; - Plastic printed film & Plastic printed laminated film; - laminates.
11 1. Neodecortech at a glance CARTIERE DI GUARCINO S.P .A. Paper mill PM Cartiere di Guarcino S.p.A. is located in Italy, in the town of Guarcino (FR), and occupies an area of 144,000 m 2 (of which 21,000 m 2 covered). The Company employs 130 resources and has a production capacity of 50,000 tons/year. It manufactures decorative papers for high and low pressure lamination as well as for flooring. Cartiere di Guarcino is a continuously developing company of world renown. Over the past few years, it has gained a solid foothold on the European, American, Asian and East European markets. The Company offers its customers a wide range of “decor papers”: print base papers, backer papers, underlay papers, edge banding papers and unicolour papers. An innovative and trendy catalogue has been dedicated to the latter, named “Let’s colour”. Cartiere di Guarcino has always been innovation oriented, paying the utmost attention to environmental protection. For this reason, through its stake in B.E.G. S.r.l., it has built an electrical and thermal energy cogeneration plant powered by vegetable oils (biomass). The Company strives for customer satisfaction through skilled assistance and consulting. Cartiere di Guarcino offers 3 product categories: - base decorative papers; - unicolors; - backer papers.
12 1. Neodecortech at a glance BIO ENERGIA GUARCINO S.R.L. Energy plant EP Bio Energia Guarcino is totally owned by Cartiere di Guarcino; the Company is the owner of the cogeneration plant that produces electrical and thermal energy through three endotherm diesel engines powered by tallow oil with zero emissions of CO 2 . It has a production capacity of nine steam tons and 20 MWh.
13 1. Neodecortech at a glance PLANTS AND OPERATIONS The whole plants and machines are fully owned by the Group Total reconstruction value of plants ≈ €228mln* vs a NBV of €71mln GUARCINO EP PM ENERGY PLANT PAPER MILL Total Area 9.000 sqm Total Area 136.000 sqm Covered Area 1.000 sqm Covered Area 25.000 sqm Reconstruction Value ¤ 30 mln Reconstruction Value* ¤ 94 mln Fixed Assets (Net Book Value) ¤ 15 mln Fixed Assets (Net Book Value) ¤ 33 mln Number of Employees 2 Number of Employees 166 Number of shifts 3-7/24 Number of shifts 3-7/24 Production SBU Cartiere di Guarcino 42.000 ton BERGAMO PI CASOLI DI ATRI L PRINTING AND IMPREGNATION LAMINATION Total Area 100.000 sqm Total Area 18.000 sqm Covered Area 39.000 sqm Covered Area 6.000 sqm Reconstruction Value* ¤ 104 mln Reconstruction Value ¤ 21 mln Fixed Assets (Net Book Value) ¤ 23 mln Fixed Assets (Net Book Value) ¤ 2 mln Number of Employees 156 Number of Employees 33 Number of shifts 3-5/24 Number of shifts 3-5/24 Impregnation SBU 2.550 ton Production 1.400 ton Printing SBU 7.750 ton *As per Insurance appraisal report OTA Srl 2017 data
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