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Summary
Zignago Vetro organization
Financial results
3
4
5
6
7
8
10
17
18
19
COMPANY STRUCTURE
ZIGNAGO HOLDING
OUR CORE BUSINESS
INTERNATIONAL PRESENCE
BUSINESS UNITS
ZIGNAGO VETRO MILESTONES
ZV GROUP – BALANCE SHEET
ZV GROUP – CASH FLOW FROM OPERATION & CAPEX
FINANCIAL STRUCTURE, EPS & DIVIDENDS
BUSINESS MODEL
COMMERCIAL PRESENCE
2021 COMPANY PRESENTATIONFINANCIAL RESULTS 2
9 OUR IDENTITY
11
Annex
20 ESG APPROACH12
SALES AND PROFITABILITY TRACK RECORD
141Q 2021 REVENUES & PROFITABILITY
15 1Q 2021 REVENUES & PROFITABILITY BY BU
Company structure
3
Zignago Vetro
238,6 mln€
65%
Zignago Holding S.p.A.(MARZOTTO FAMILY)
35%
FREE FLOAT on the ITALIAN STOCK EXCHANGE
100%
Zignago Vetro Brosse
34,0 mln€ Zignago Vetro Polska
48,0 mln€
100%
Vetri Speciali
192,0 mln€ (*)
50%
Zignago Glass USA
1,0 mln€
100%
51%
30%
Vetro Revet
7,5 mln€ (*)
Vetreco
17,8 mln€ (*)
Julia Vitrum
(start up)
ZV Group consolidated
406,6 mln€ 2020 data
*100% of turnover** since September 2020
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
40%
70%
Tre.Ve. (**)
Nuova Ro-Co /
Garbellini(**)
70%
Zignago Holding
Zignago Vetro is the parent company of a group of glassworks. It is part of Zignago Holding S.p.A, a dynamic organization located in North-East Italy, consisting of a diversified portfolio of businesses controlled and owned by the Marzotto Family.
4
Glass
containersRenewable
energyFine wines Fashion/retail
Others
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
Zignago Vetro milestones
5
1979 1987 1994 1995 2002 2004 2007 2011 2013 2017 2019
PortogruaroPlant: F&B + C&P + Pharma
Acquisition of the Empoliplant: F&B
Acquisition of 3 companies producing specialty containers, later merged into Vetri Speciali
Acquisition of Zignago VetroBrosse in France: luxury perfumery & spirits
Listed on the Italian Stock Exchange
Acquisition of Zignago VetroPolska in Poland: C&P + F&B
Vetreco: recycling of glass cullet
Acquisition of Vetro Revet: recycling of glass cullet.
Julia Vitrum(start-up): recycling of glass cullet
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
Business Units
6
2020 (€m) MARKET SEGMENTS PRODUCTS MAIN CHARACTERISTICS COMPETITIVE ADVANTAGE
ZIGNAGO VETROSales € 238,6
Food & BeverageCosmetics & Perfumery
Flexibility, efficiency, and technical know-how are keys to success.
Focus on selected segments of food & beverage and cosmetics & perfumery.
Flexibility
Quality
ZIGNAGO VETRO BROSSESales € 34,0
Luxury Perfumery
Extraordinary catalogue of high-quality and efficient products.
Focus on the luxury perfumes market.
Quality
Innovation
ZIGNAGO VETRO POLSKASales € 48,0
Food & BeverageCosmetics & Perfumery
Wide range of personalized productsfor niches of the global glass containers
market for cosmetics & perfumery and for food & beverage.
Personalization
Production of small lots
VETRI SPECIALISales € 192,0
Special containersHighly personalized special glass containers,
produced in very small lotswith the utmost attention to efficiency.
Personalization
Production of small lots
VETRECOSales € 17,8
VETRO REVETSales € 7,5
JULIA VITRUMSales € n.a.
Glass cullet recycling
Cutting-edge technology for processing cullet according to the highest standards of
color separation to produce the best quality of finished
cullet.
Located in strategic areas with a strong growth
potential
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
Glass companies Sales office HQ Glass recycling
International presence
7
Trabki, Poland
Empoli
Empoli, Italy
Viuex Rouen sur Bresle & Paris, France
Pergine Valsugana, GardoloOrmelleSan Vito al Tagliamento
Italy
San Vito al Tagliamento, Italy
Supino, Italy
Miami, USA
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
Fossalta di Portogruaro
Italy
Zignago Vetro Group is among the leading producers of hollow glass containers in Italy and is one of the most important players on an international level. Our main markets are:
- Food and Beverage
- Cosmetics and Perfumery
- Specialty Containers
Thanks to our know-how and flexibility, we are uniquely positioned to produce a broad spectrum of products, standard & customized, with different colours, shapes and dimensions, for these markets.
8
Our core business
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
Group429,6 Mln €
F&B C&P Specialty Other
2020 data
50%
4%
23%
23%
MISSIONEnsuring and enhancing the best products, quality and service to our valued customers, keeping a particular focus on the sustainability aspects.
STRATEGYWe are a dynamic Group, with a strong international mindset.
TRADITIONCombining business goals with social and ethical vision, by focusing on sustainability.
9
Our identity
VALUES
Quality Flexibility Innovation Efficiency Service Sustainability
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
PEOPLE
Business model
PEOPLEAn essential and distinctive element of the Group’s success.
FLEXIBILITY AND EFFICIENCYZignago Vetro Group offers products that differ greatly, ranging from standard to customized items, to those offering very significant innovations, up to the production of specialty containers featuring shapes, colors, dimensions, and production lots that are extremely far from the conventional ones.
INNOVATIONWe pay a high attention in both product and process innovation, with the aim to realize our products in the best possible way.
QUALITYIntended as an added value that is expressed through flexibility in responding to changing market demands, after-sales assistance, and a transparent and collaborative approach.
102021 COMPANY PRESENTATIONFINANCIAL RESULTS
Commercial presence
11
Concentration rate of
the first 5 clients1
Customer loyalty
(revenues)2
Zignavo Vetro 17% 96%
ZV Brosse 45% 90%
ZV Polska 25% 89%
Vetri Speciali 27% 92%
1 Net of intercompany sales2 Revenues from customers present also in the previous 2 years
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
12
Sales and profitability track record
40 4349
58 57 6271
8290 94 93 95
104 109
133142
162
193
209
241
257
230
265
291299
292302
319 323337
376
421407
10 11 11 14 12 1118 23 27 26 25 24 23 29 33 35 40
50 5464 70
6271 77
70 67 6675 81
92 104118 107
0
50
100
150
200
250
300
350
400
450
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 2019 2020
Sales EBITDA
CAGR: +7,5%Sales and EBITDA (1988-2020)
CAGR: +7,5%
Euro (m)
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
13
Sales and profitability track record
31,239,8 45,0
53,145,6
9,7%
11,8% 12,0% 12,6%11,2%
0%
2%
4%
6%
8%
10%
12%
14%
0
10
20
30
40
50
60
2016 2017 2018 2019 2020
Net Results (€m) Margin (%)
Revenues (€m) EBITDA (€m)
EBIT (€m) Net Result (€m)
80,9 91,6104,3
118,1106,6
25,1%27,2% 27,7% 28,1%
26,2%
0%
5%
10%
15%
20%
25%
30%
2030405060708090
100110120130
2016 2017 2018 2019 2020
EBITDA (€m) Margin (%)
47,4 53,364,5 69,2
53,8
14,7%15,8%
17,1% 16,4%
13,2%
0%
5%
10%
15%
0
10
20
30
40
50
60
70
2016 2017 2018 2019 2020
EBIT (€m) Margin (%)
322,9 337,0 376,5 420,5 406,6
050
100150200250300350400450
2016 2017 2018 2019 2020
-3.3%+11.7%
+11.7%+4.4%
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
1Q 2021 revenues & profitability
14
Revenues (€m) EBITDA (€m) Net Result (€m)
ZIGNAGO VETRO GROUP
26,5 28,4
24,4%25,8%
0%
5%
10%
15%
20%
25%
30%
0
5
10
15
20
25
30
35
1Q 2020 1Q 2021
EBITDA (€m) Margin (%)
7,5
11,5
6,9%
10,4%
0%
2%
4%
6%
8%
10%
12%
0
5
10
15
1Q 2020 1Q 2021
Net Results (€m)
109,0 110,2
0
20
40
60
80
100
120
1Q 2020 1Q 2021
+1.1%
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
1Q 2021 revenues & profitability by BU
15
Revenues (€m)
EBITDA (€m)
Revenues (€m)
EBITDA (€m)
ZIGNAGO VETRO ZIGNAGO VETRO BROSSE
12,010,6
0
2
4
6
8
10
12
1Q 2020 1Q 2021
-11.7%
15,6 15,3
24,4% 24,6%
0%
5%
10%
15%
20%
25%
30%
0
5
10
15
20
1Q 2020 1Q 2021
EBITDA (€m) Margin (%)
-0,4
0,9
-3,4%
8,4%
-5%
0%
5%
10%
-0,5
0,0
0,5
1,0
1Q 2020 1Q 2021
EBITDA (€m) Margin (%)
63,9 62,3
0
20
40
60
80
1Q 2020 1Q 2021
-2.6%
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
1Q 2021 revenues & profitability by BU
16
Revenues (€m)
EBITDA (€m)
Revenues (€m)
EBITDA (€m)
VETRI SPECIALI (50%) ZIGNAGO VETRO POLSKA
22,727,6
0
5
10
15
20
25
30
1Q 2020 1Q 2021
+21.8%
11,7 12,4
0
5
10
15
1Q 2020 1Q 2021
+6.3%
7,2 7,9
31,8%28,6%
0%
5%
10%
15%
20%
25%
30%
35%
0
2
4
6
8
10
1Q 2020 1Q 2021
EBITDA (€m) Margin (%)
3,5 3,6
29,8% 28,8%
0%
5%
10%
15%
20%
25%
30%
35%
0
1
2
3
4
5
1Q 2020 1Q 2021
EBITDA (€m) Margin (%)
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
372,5 417,2473,3 487,2 490,7
0
100
200
300
400
500
2017 2018 2019 2020 1Q 2021
195,5 217,1251,4 257,2 249,4
0
40
80
120
160
200
240
280
2017 2018 2019 2020 1Q 2021
177,5 200,1 221,9 230,0 241,2
0
50
100
150
200
250
2017 2018 2019 2020 1Q 2021
ZV Group – Balance sheet
17
Net Capital Employed (€m) Net Working Capital (€m)
Net Equity (€m) Net Financial Debt (€m)
102,587,3
122,0 127,3 138,1
30,4%
23,2%
29,0%31,3%
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
140
2017 2018 2019 2020 1Q 2021
Net working Capital (€m) on sales (%)
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
ZV Group – Cash flow from operation & capex
18
Cash Flow from Operations (before capex) (€m) Capex (€m)
66,0
94,3
66,1
42,7
7,00
20
40
60
80
100
2017 2018 2019 2020 1Q 2021
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
58,3
79,1 82,693,2
16,6
17,4%
21,0%
19,6%
22,9%
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
2017 2018 2019 2020 1Q 2021
CF OPERATIONS on sales (%)
Financial structure, EPS & dividends
19
Key financial structure ratios EPS and Dividend distribution (Euro)
Pay out guidance: 69,2% of net group result
0,98
1,31
1,58 1,641,72
1,93
2,13 2,08 2,13
2,41
0,640,73
0,82 0,810,89
1,011,10 1,08 1,13 1,12
0,00
0,50
1,00
1,50
2,00
2,50
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Indeb. Fin. Netto / EBITDA
Indeb. Fin. Netto / Patr. Netto
2021 COMPANY PRESENTATIONFINANCIAL RESULTS
0,40
0,35
0,300,27
0,330,35
0,45
0,51
0,60
0,52
0,2820,250
0,220 0,2000,235
0,252
0,3200,360
0,422
0,360
71% 72%74% 74%
71% 71% 71% 70% 70% 69,2%
30%
40%
50%
60%
70%
0,10
0,20
0,30
0,40
0,50
0,60
0,70
0,80
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
EPS Div per share Pay out %
21
ESG (Environment, Social, Governance)
ANNEXESG APPROACH
Produce and market glass containers for the
Food & Beverage and the Cosmetics &
Perfumery sector, with a particular focus on
sustainability and with the aim of providing our
customers with safe and high-quality products,
while ensuring continuous value creation for
our shareholders and stakeholders.
Our Mission:
22
ESG (Environment, Social, Governance)
Aware of its role for the sustainable development, Zignago Vetro has linked its activities to the 2030 Agenda of the United Nations,
focusing mainly on the subsequent 13 Goals that are connected to 3 main pillars:
PILLARS
Environment
Social Governance
Environment Social Governance
The entire analysis and defined KPIs are available on the Sustainability Report (https://zignagovetro.com/esg-kpi-e-reports/).
ANNEXESG APPROACH
23
2020 main Environmental achievements vs 2019:
– the % of PCR used on total glass produced has increased
by +14,6%;
– CO2 specific emissions (Scope 1 and 2) have decreased
by -6,2%;
– the energy consumption per ton of glass produced have
decreased by -2,1%;
– the % of electricity from renewable resources has
increased by +9,1%;
ESG - Environment
During 2020, the use of electricity from renewable
resources has saved 47.000 ton of CO2 emissions.
– specific water consumption per ton of glass
produced has significantly decreased by -20,3%;
– ordinary waste per ton of glass produced has
increased by +13,8%* (due to a normal fluctuation
on waste production and to an increase in
cleaning and sanitization of the working areas).
– total absence of environmental accidents in all
the sites of the Group.
ANNEXESG APPROACH
24
For the first time, in 2020, the Group provides full disclosure on the management of its packaging materials:
% of recycled
packaging in 2019
% of recycled
packaging in 2020
Pallets 62,6% 66,2%
Layer pads 64,6% 79,6%
% recycled materials
in the packaging used
in 2019
% recycled materials
in the packaging used
in 2020
Shrink wrap 25,9% 26,1%
Box and
cardboard64,8% 72,8%
Layer pads 41,2% 42,3%
ESG - Environment
ANNEXESG APPROACH
25
In January 2020 we’ve started a special project dedicated to the reduction of CO2 emissions. The aim is to improve our
performance and get significant reduction of CO2 emissions, by focusing on those of Scope 2 and Scope 3.
ESG - Environment
Electricity purchased from the network
Fuel and energy related activities
Employees commuting
Wastes
Business travel
Upstream and downstream transportation and distribution
End-of-life treatment of sold
products
Purchased goods and services
ANNEXESG APPROACH
26
Certifications
Zignago Vetro Italy
(Fossalta)
Zignago Vetro Italy
(Empoli)Zignago Vetro Brosse Zignago Vetro Polska
ISO 9001(Product quality)
Within 2021
ISO 14001(Environment)
Within 2022
ISO 50001(Energy)
Within 2023 Within 2023 - Within 2021
ISO 45001(Workplace safety)
Within 2024 Within 2023 - Within 2025
FSSC 22000(Food safety)
Within 2022 - Within 2023
UNI EN 15593(Food safety)
- -
The Group has elaborated a strategic program for the achievement of various certifications in the next 5 years:
In 2021, Zignago Vetro Italy (Empoli) has achieved the FSSC
22000.
ANNEXESG APPROACH
27
ESG - Social
2020 main Social achievements vs 2019:
- the outgoing employees’ turnover has decreased by -4%; whereas the female workforce has increased,
representing the 31% of the total workforce;
- Corporate Welfare Plan implemented in ZV Itlay;
- insurance policy extended for situations outside of work;
- smart-working implemented in all the compatible business functions;
- starting of a social inclusion project with Futura Social Cooperative;
- the accidents’ trend has decreased by -2,2%;
- the number of training hours has increased by +11,9%;
- implementation of the supplier’s Code of Conduct: subscribed by the 74% of suppliers;
ANNEXESG APPROACH
Workplace measures:
- all plants have been equipped with protection measures and policy to guarantee the health and safety of our employees;
- smart-working options have been implemented in all the compatible business functions;
- a specific insurance policy coverage for Covid-19 has been activated for all the employees;
- babysitting service has been granted to some key job positions, in order to guarantee the possibility to work;
- specific agreements have been signed with trade unions to safeguard our employees.
28
Social: Covid-19 measures
Given the emergency situation caused by Covid-19, Zignago Vetro has implemented numerous actions to protect the health & safety of its
employees and all its stakeholders:
Solidarity program:
- 1 Million Euros has been donated by Zignago Group to the town hospital to build a
Recovery Room in the intensive care unit;
- Zignago Vetro has also made donations in support of the Veneto and Tuscany
regions (25.000 euros each);
- 10.000 fabric masks have been produced thanks to the 1.000 meters of washable
fabric donated by Zignago Holding;
- glass bottles have been donated to a local pharmacy, to be filled with hand
sanitizers;
- masks and hand sanitizers have been offered also to the city-hall, in order to promote
the local school opening.
ANNEXESG APPROACH
29
Governance: Board of Directors
ANNEXESG APPROACH
The structure of Board of Directors is characterized by gender and independency balance:
Name and last name
ExecutiveNot executiveIndependent
Minority list
Paolo Giacobbo E
Roberto Cardini E
Gaetano Marzotto NE
Stefano Marzotto E
Nicolò Marzotto NE
Luca Marzotto NE
Ferdinando Businaro NE
Alessia Antonelli NE, I
Giorgina Gallo NE, I
Daniela Manzoni NE, I
Franco Moscetti NE, I
Manuela Romei NE, I
Barbara Ravera NE, I, LM
Independent Directors
Non-IndependentDirectors
Female
Male
Also, starting from November 1st , 2020, we’ve separated the Chairman’s position from the CEO’s one.
30
Governance: risk management system & fiscal transparency
ANNEXESG APPROACH
The Group’s governance has an Internal Control and Risk Management System, aimed at identifying, measuring and
monitoring the principal risks. The main bodies are:
- 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.
The main elements upon which the Internal Control System is based are as follows:
- The Ethics Code;
- Organizational structure;
- Powers and delegations.
The Group's operations are based on the maximum levels of fiscal accuracy:
- the Group has registered 0 cases of corruption;
- the financial data are subject to a double control by the auditing company and the
fiscal advisors used by the Group’s companies.
31
Governance: ESG Framework
ANNEXESG APPROACH
Since 2019 Zignago Vetro has implemented a complete ESG FRAMEWORK, which is structured as follows:
- ESG POLICY
- ESG ORGANIZATIONAL STRUCTURE:
- ESG COMMITTEE
- ESG COORDINATOR
- ESG CONSULTANTS
- ESG GOVERNANCE:
- ESG STRATEGY
- ESG POLICIES
- ESG’S OBJECTIVES SYSTEM & MEASUREMENT OF THEIR ACHIEVEMENT
ESG PERFORMANCE-RELATED PAY:
from 2020, the company has linked a significant component of performance-related pay remuneration to the
achievement of specific ESG objectives.
The results achieved in 2020 have satisfied 97% of the objectives.
32
Environment: KPIs and Goals
TOPIC KPIs 2020
Achieved Goal
2021
Goal
2026
Strategic Goal
Raw materials
management
% of PCR used on total glass produced
48,0% 52,0% 57,0%
Packaging
management
% of recycled packaging or packaging containing
recycled materialIncreased Keep Increasing Keep Increasing
Energy efficiency
Energy consumption per ton of glass produced
∆%: -2,1% ∆%: -0,6% ∆%: -9,6%
% of electricity from renewable resources
44,3% 46% 81%
Water managementSpecific water consumption per ton of glass produced
∆%: -20,3% ∆%: -25,4% ∆%: -40,8%
Emissions
CO2 specific emissions (Scope 1 and 2)
∆%: -6,2% ∆%: -1,2% ∆%: -25,9%
Sustainable logisticsMultimodal transport
systemKeep implementing Keep implementing
Waste ManagementOrdinary waste per ton of glass
produced ∆%: +13,8% n.a. n.a.
Biodiversity # of environmental accidents 0 0 0
Environment-related
projects Supported initiatives 10+ supported projects
0,25% of the consolidated annual
result dedicated to these initiatives
0,25% of the consolidated annual result dedicated to
these initiatives
ANNEXESG APPROACH
33
Social: KPIs and Goals
TOPIC KPIs 2020
Achieved Goal
2021
Goal
2026
Strategic Goal
Human Resources
management
Outgoing turnover ∆%: -4% n.a. n.a.
Work-life balance initiatives Implemented Ongoing Ongoing
Corporate Welfare plan Implemented in Italy To be extended in other
plantsTo be extended in
other plants
Health and safety in the
workplaceAccidents’ trend ∆%: -2,2% Keep lowering Keep lowering
Consumers’ Health &
Safety
Defective products affecting consumers’ H&S
0 cases 0 cases 0 cases
Personnel training N. of training hours 18.884 Improve the n. of hours Improve the n. of hours
Protection of diversity,
equal opportunities and
non-discrimination
Social inclusion policiesSocial inclusion project
in ItalyImprove social inclusion
policiesImprove social inclusion
policies
Suppliers’ management
Favoring local suppliers & implementation of the
Suppliers’ Code of ConductAchieved Ongoing Ongoing
Social-related projects Supported initiatives 10+ supported projects
0,25% of the consolidated annual result dedicated to
these initiatives
0,25% of the consolidated annual result dedicated to
these initiatives
ANNEXESG APPROACH
34
Governance: KPIs and Goals
TOPIC KPIs2020
Achieved Goal
2021
Goal
2026
Strategic Goal
Fiscal transparency Corruption cases 0 0 0
Governance structure
Operative structure and committees able to
guarantee proper level of management quality
Achieved Ongoing achievement Ongoing achievement
Remuneration system
Component of incentive remuneration linked to ESG
targets achievementImplemented
Ongoing implementation
Ongoing implementation
Internal Control and Risk
Management System
Operative structure and committees able to
guarantee proper risk management
Achieved Ongoing achievement Ongoing achievement
ANNEXESG APPROACH
Zignago Vetro S.p.A.Via Ita Marzotto 8, 30025 Fossalta di Portogruaro (VE) – Italy
Tel (+39) 0421 246111 - [email protected]
Contacts:
Roberto CelotCFO & IR