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    SO   IT0000076536

SOGEFI S.P.A.

(SO)
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Sogefi S p A : October 13, 2021 – Star Conference 2021 Fall Edition

10/13/2021 | 02:42am EST

2 0 2 1

Frederic SIPAHI - CEO

Yann ALBRAND - CFO

October 13th, 2021

1 I

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

4 I

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

5 I

This is an excerpt of the original content. To continue reading it, access the original document here.

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.


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Financials
Sales 2021 1 323 M 1 497 M 1 497 M
Net income 2021 -2,00 M -2,26 M -2,26 M
Net Debt 2021 334 M 378 M 378 M
P/E ratio 2021 -76,7x
Yield 2021 0,54%
Capitalization 146 M 166 M 166 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,33x
Nbr of Employees 6 026
Free-Float 42,6%
Chart SOGEFI S.P.A.
Duration : Period :
Sogefi S.p.A. Technical Analysis Chart | SO | IT0000076536 | MarketScreener
Technical analysis trends SOGEFI S.P.A.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Last Close Price 1,24 €
Average target price 1,83 €
Spread / Average Target 47,2%
EPS Revisions
Managers and Directors
Frederic Ozgur Sipahi Chief Executive Officer & Director
Yann Albrand Group Chief Financial Officer
Monica Mondardini Chairman
Roberta di Vieto Independent Director
Patrizia Canziani Independent Director
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