PRESS RELEASEIn accordance with Consob Resolution 11971/99 and subsequent
amendments and supplements

ZIGNAGO VETRO S.P.A.

Board of Directors of Zignago Vetro S.p.A. approves2021 First Quarter Report

Revenues up and earnings accelerate, despite the impacts of the ongoing
COVID-19 pandemic.
Decrease in net financial debt compared to 31.12.2020 (-Euro 7.7 million).
 Zignago Vetro Group revenues of Euro 110.2 million (+1.1% on 2020);
export revenues of Euro 32.2 million (-10.6%), 29.2% of total revenues.
 EBITDA of Euro 28.4 million (25.8% margin, +6.9%).
 EBIT of Euro 14.7 million (13.4% margin, + 17.7%).
 Profit of Euro 11.5 million (10.4% margin, +53.2%).

Cash generation, before investments, of Euro 16.6 million (Euro 24.5 million
in Q1 2020).
Net debt of Euro 249.4 million (Euro 257.2 million at 31 December 2020, -3,0%).

Zignago Vetro Group Key Financial Highlights (*)

First
Quarter
2021(in Euro millions)
Revenues
EBITDAEBIT
Operating Profit
Profit before taxes
Group Profit

110.2
28.4
14.7
15.0
14.5
11.5

First
Quarter
2020(in Euro millions)
109.0
26.5
12.5
12.5
9.5
7.5

Cge.%

+ 1.1%+ 6.9%+ 17.7%+ 19.3%+ 52.7%+ 53.2%

1

Net capital expenditure
Free cash flow
 after investments
 before investments

31.03.2021

31.03.2020

31.12.2020(in Euro millions)(in Euro millions)(in Euro millions)

7.0

4.7

42.7

8.0
16.6

15.0
24.5

49.8
93.2

(304.6)55.2(249.4)(287.9)50.0(237.9)(308.7)51.5(257.2)(further details on page 3)

Financial debt
Liquidity
Net financial debt(*)

The figures (and the subsequent comments concerning the consolidated figures) were based on the
management view of the Group business, which provides for the proportional consolidation of the joint
venture, in continuity with the accounting policies adopted until 31 December 2013, exclusively to fulfil
additional disclosure requirements. Following the entry into force of the new “IFRS 11 – Joint
Arrangements” and “IAS 28 – Interests in associates and joint ventures” the accounting policies changed
for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from 1 January 2014
the joint ventures in Vetri Speciali SpA, held 50%, and Vetreco Srl, held 50%, may not be consolidated
under the proportional method and should be recognised in the consolidated financial statements at
equity.
The income statement, the statement of comprehensive income, the statement of financial position andthe statement of cash flows of the Zignago Vetro Group at 31 March 2021 and 2020 and at 31 December
2020, prepared according to international accounting standards in force from 1 January 2014, are reported
respectively at attachments 3, 4, 5, 6 and 7 of this press release.

Fossalta di Portogruaro, 27 April 2021 – The Board of Directors of Zignago Vetro
S.p.A – a company listed on the STAR segment of the Italian Stock Exchange - ina meeting held today chaired by Paolo Giacobbo approved the 2021 First Quarter
Report.
Company profile
The Zignago Vetro Group companies produce high quality glass containers for
the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glassbottles for wines and spirits, for the domestic and international markets.
Zignago Vetro Group operating performance
In the first quarter of the year, the markets continued on the path to recovery
initiated in the second half of 2020, following the dramatic impact that the COVID19 pandemic had in 2020 on global markets - and even more so on people’s
lifestyles.
This trend is however still uneven among the various market sectors in which theGroup operates. In fact, while demand linked to the food and beverages markets
generally grew, particularly for products linked to large-scale retail distribution,
recovery on those segments most directly affected by continued reduced mobility
is still uncertain. Signs have also emerged however of growing confidence in theforthcoming reopening of these product segments - particularly perfumery andcosmetics - and the gradual recovery of normal conditions, with a consequent reawakening of demand.

2

In this environment, thanks above all to its tenacity and flexibility, the Group posted
a strong increase in business volumes in the first quarter compared to the last quarterof 2020.
Glass continues to prove to be an ever-more appreciated material among thecustomers and consumers for its features of healthiness, sturdiness, conservability
and recyclability.
Again in Q1 2021, all Group companies continued to operate as normal, with results
improving.
All appropriate prevention and protection measures against the ongoing emergency
remain in place. Furthermore, in the first quarter there were no significant impacts
from the COVID-19 outbreak.
Consolidated revenues in the first quarter of 2021 amounted to Euro 110.2 million,
compared to Euro 109.0 million in the same period of the previous year (+1.1%).
Export revenue totalled Euro 32.2 million (Euro 36.0 million in Q1 2020; -10.6%),
comprising 29.2% of revenues (33.1% in Q1 2020).
Consolidated EBITDA in the first quarter of 2021 amounted to Euro 28.4 million,
up 6.9% on Q1 2020 (Euro 26.5 million), with a 25.7% revenue margin (24.4% in
Q1 2020).
The consolidated EBIT was Euro 14.7 million (up 17.7% compared to Euro 12.5
million in Q1 2020), with a margin of 13.4% (11.5% in Q1 2020).
The consolidated Operating profit was Euro 15.0 million in Q1 2021, comparedto Euro 12.5 million in Q1 2020 (+19.3%), with a 13.6% revenue margin (comparedto 11.5%).
The consolidated net profit was Euro 14.5 million in Q1 2021 (Euro 9.5 million in
Q1 2020), with a margin of 13.1% (compared to 8.7%).
Consolidated Net Profit in the first quarter of 2021 amounted to Euro 11.5 million,
compared to Euro 7.5 million in Q1 2020 (+53.2%) – a margin of 10.4% (6.9% in
Q1 2020).
Zignago Vetro Group statement of financial position
Capital expenditure in the first quarter of 2021 by Group companies totalled Euro
7.0 million (Euro 4.7 million in the same period of 2020). Payments on fixed assets
amounted to Euro 8.7 million in Q1 2021, compared to Euro 9.5 million in Q1 2020.
The Group generated Free cash flow in Q1 2021, before payments on fixed assets,of Euro 16.6 million (Euro 24.5 million in the first quarter of 2020). After payments
on fixed assets, cash of Euro 8.0 million was generated, compared to Euro 15.0
million in Q1 2020.

3

The Group net financial debt at 31 March 2021 was Euro 249.4 million, following
payments on investments in the quarter of Euro 8.7 million, compared to Euro 257.2
million at 31 December 2020 and Euro 239.9 million at 31 March 2020.
Group liquidity totalled Euro 55.2 million at 31 March 2021, compared to Euro
51.5 million at the end of 2020 and Euro 50.0 million at 31 March 2020.

Outlook
Although the pandemic has not yet concluded and it continues to impact lifestyles,
consumption and markets, it is expected that the situation is gradually easing andwill continue to do so throughout the year. Consequently, the demand recovery is
expected to gain pace across all the sectors in which the Group operates, with areflection on results.

Subsequent events

There were no significant events after 31 March 2021.

***********************
Declaration
The Executive Responsible for Financial Reporting, Mr. Roberto Celot, declares inaccordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, thatthe accounting information contained in this press release corresponds to theunderlying accounting documents, records and accounting entries.
***********************
2021 First Quarter Report
The 2021 First Quarter Report will be made available to the public as soon as
available and in accordance with law at the registered office of the company and on
the company website www.zignagovetro.com***********************
This press release is available on the website: www.zignagovetro.com
For further information:
Roberto Celot
Chief Financial Officer &Investor Relations Manager
Zignago Vetro S.p.A.
0421-246111
r.celot@zignagovetro.com
4All the figures in the Consolidated Reclassified Income Statement and Statement of Financial
Position (attachments 1 and 2) reported below were prepared on the basis of management’s viewwhich considers the proportional consolidation of joint ventures appropriate, in line with theapproach taken until December 31, 2013. Following the entry into force of the new “IFRS 11 – Joint
Arrangements” and “IAS 28 – Interests in associates and joint ventures” the accounting policies
changed for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from
1 January 2014 the joint ventures in Vetri Speciali SpA and Vetreco Srl may not be consolidated
under the proportional method and should be recognised in the consolidated financial statements at
equity.
The statement of financial position, the income statement, the statement of comprehensive income
and the statement of cash flows of the Zignago Vetro Group at 31 March 2021 and 31 December
and 31 March 2020 and the statement of changes in Equity, prepared in accordance with theaccounting standards in force from 1 January 2014, are reported respectively in the subsequentattachments 3, 4, 5, 6 and 7.
ATTACHMENT 1

Zignago Vetro Group
Reclassified Consolidated Income Statement (unaudited)(management point of view, based on accounting standards in force at 31 December 2013)

Q1 2021

Q1 2020

ChangesEuro thou.

%

Euro thou.

%%

110,193

100.0%

108,965

100.0%

1.1%

Changes in finished and semi-finishedproducts and work in progress

601

0.5%

(2,167)(2.0%)

n.s

Internal production of fixed assets

181

0.2%

194

0.2%

(6.7%)

110,975

100.7%

106,992

98.2%

3.7%

(59,470)(54.0%)(56,862)(52.2%)

4.6%

51,505

46.7%

50,130

46.0%

2.7%

(23,130)(20.9%)(23,588)(21.6%)(1.9%)

Revenues

Value of production
Cost of goods and services
Value added
Personnel expense
EBITDA
Amortisation & depreciation
Accruals to provisions
EBIT
Net recurring non-operating income

28,37525.8%

26,542

24.4%

6.9%

(13,393)(12.2%)(13,606)(12.5%)(1.6%)(240)(0.2%)(407)(0.4%)(41.0%)

14,742

13.4%

12,529

11.5%

17.7%

219

0.2%

12

---

n.s.

14,961

13.6%

12,541

11.5%

19.3%

Net financial expense(259)(0.3%)(606)(0.6%)(57.3%)Net exchange rate gains/(losses)(216)(0.2%)(2,447)(2.2%)

n.s.

14,486

13.1%

9,488

8.7%

52.7%

(3,057)(2.8%)(2,076)(1.9%)

47.3%

23

---

65

0.1%

(64.6%)

11,452

10.4%

7,477

6.9%

53.2%

Operating Profit

Profit before taxes
Income taxes(Tax-rate Q1 2021: 21.1%)(Tax-rate Q1 2020: 21.9%)(Profit) loss non-con. int.

Profit for the period

5ATTACHMENT 2

Zignago Vetro Group
Reclassified Consolidated Statement of Financial Position (unaudited)(management point of view, based on accounting standards in force at 31 December 2013)31.03.2021
Euro thou.
Trade receivables

31.03.2020%

104,291

Euro thou.

31.12.2020%

102,831Euro thou.

%

97,966

Other receivables

21,044

18,697

19,038Inventories

120,059

107,439

119,063

Current non-financial payables(98,040)(98,849)(97,911)

Payables on fixed assets
A) Working capital

138,145

Net tangible and intangible assets

312,652

308,860

319,029

Goodwill

52,29643,18252,280

Other equity investments and non-current
assets

7,472

5,772

9,014

Non-current provisions and non-financial
payables(19,850)(15,410)(20,392)

B) Net fixed capital

352,57071.8%

342,404

73.5%

359,931

73.9%

A+B= Net capital employed

490,715100.0%

465,768

100.0%

487,213100.0%(9,209)(6,754)28.2%

123,364(10,874)
26.5%

127,282

26.1%

Financed by:Current loans and borrowings

123,916

145,747

129,738

Cash and cash equivalents
Current net debt

(55,187)
68,72914.0%(50,006)
95,741

20.6%(51,459)
78,27916.1%

Non-current loans and borrowings

180,72036.8%

142,17430.5%

178,91436.7%C) Net financial debt

249,44950.8%

237,91551.1%

257,19352.8%

Opening equity

229,976

Dividends

221,946

221,946------(37,005)

Other equity changes(183)(1,441)(592)

Profit for the period

11,452

7,477

45,627D) Closing equity

241,245

E) Non-controlling interest equity

49.2%

227,98248.9%

229,976

21

(129)

44

D+E Group Equity

241,266

227,853

230,020

C+D +E= Total financial debt
debt & equity

490,715100.0%

465,768

100.0%

487,2136

47.2%

100.0%

ATTACHMENT 3

Zignago Vetro Group
Consolidated Statement of Financial Position (unaudited)(IFRS 11)
(Euro thousands)

31.03.2021

31.03.2020

31.12.2020

ASSETS
Non-current assets
Property, plant and equipment

224,697

232,207232,262

Goodwill

2,678

2,692

2,691

Intangible assets

2,329

2,246

2,533

Equity-accounted Joint Ventures

94,23186,89989,763Equity investments

389

389

389

Other non-current assets
Deferred tax assets

1,945
4,481

384
4,384

1,951
5,828

Total non-current assets
Current assets

330,750

329,201

335,417

Inventories
Trade receivables

97,43982,13187,452
81,206

95,77775,695

Other current assets
Tax Assets

9,506
7,372

11,467

8,903
6,199

Cash and cash equivalents

4,740

46,84848,31650,154

Total current assets

243,296

233,181236,728

TOTAL ASSETS

574,046

562,382

572,145

EQUITY & LIABILITIESEQUITY
Share capital
Reserves

8,800
41,0048,800
40,7158,800
40,742

Treasury share purchases(1,093)(1,093)(1,093)Retained earnings

181,082

172,083

135,900

Group profit

11,452

7,477

45,627241,24521
241,266

227,982(129)
227,853

229,97644
230,020

Provisions for risks and charges

3,528

3,981

3,468

Post-employment benefit provisionNon-current loans and borrowings
Other non-current liabilities
Deferred tax liabilities

4,099
143,892
1,624
2,058

4,353
120,177
1,876
2,214

4,127
146,049
1,624
2,061

Total non-current liabilities

155,201

132,601

157,329

Current liabilities
Bank loans and borrowings
current portion
Trade and other payables
Other current liabilities
Current tax payables
Total current liabilities

96,822
57,56921,670
1,518
177,579

120,50357,601
21,3692,455
201,928

104,015
60,29220,016
473
184,796

TOTAL LIABILITIESTOTAL EQUITY AND LIABILITIES

332,780
574,046

334,529562,382

342,125
572,145TOTAL EQUITY OWNERS OF THE PARENTNON-CONTROLLING INT. EQUITYTOTAL EQUITY
LIABILITIES
Non-current liabilities.

7

ATTACHMENT 4

Zignago Vetro Group
Consolidated Income Statement (unaudited)(IFRS 11)

(Euro thousands)

Revenues

Q1 2021

Q1 2020

2020

81,41185,017306,713(15,405)(27,752)(17,429)(10,916)(1,029)197(17,809)(29,075)(18,431)(11,154)(1,193)65(58,073)(108,937)(67,096)(41,971)(5,282)
3,327

4,437

3,864

19,016

13,514

11,28547,697

199

124

341

(352)
(235)

(633)
(2,448)(2,649)(3,044)

Profit before taxes

13,126

8,328

42,345

Income taxes(1,697)

(916)

3,390

Profit for the period

11,4297,412

45,735

23

65

(108)

11,452

7,477

45,627

0.130

0.085

0.520

Raw material, ancillary,consumables and goods
Service costs
Personnel expense
Amortisation & Depreciation
Other operating costs
Other operating income
Equity-accounted
joint ventures
Operating Profit
Financial income
Financial expenses
Net exchange rate gains/(losses)

Non-controlling interests profit (loss)
Group Profit

Earnings per share:
Basic earnings (and diluted) per share

8

ATTACHMENT 5

Zignago Vetro Group
Consolidated Statement of Comprehensive Income (unaudited)(IFRS 11)
Q1 2021

Q1 2020

2020

11,452

7,477

45,627(595)(1,703)(1,746)

---

---

---

(595)

(1,703)(1,746)

Actuarial gains/(losses) on defined benefit plans

---

---

138

Tax effect

---

---

(33)

(Euro thousands)
Profit for the period

Items that will subsequently be reclassified to profit
or loss
Translation difference for foreign operations
Tax effectTotal items that will be subsequently reclassified to
profit or loss

A)

Items that will not subsequently be reclassified to
profit or loss

Total items that will not subsequently be reclassified
to profit or loss

B)

---

---

105

Total other comprehensive income statement items,
net of taxes

A+B)

(595)

(1,703)(1,641)

10,857

5,774

43,986

Total comprehensive income for the period

9ATTACHMENT 6

Zignago Vetro Group
Consolidated Statement of Cash Flows (unaudited)(IFRS 11)

Q1 2021

Q1 2020

2020

13,126

8,328

45,627

11,251
(3)
(93)
235
(199)
352
(481)
(4,437)

11,444
54
(148)
2,448
(124)
633
401
(3,864)

41,97164(1,137)
3,044
(341)
2,649
(3,721)(19,016)--

12,377(6,311)(603)(1,662)
(966)
1,654
(256)
(1,519)(2,964)
3,238
2,309
657
424
103
14,611

2,797
5,802(6,016)(832)(929)(2,780)33,932

11,60722,93979,55913(4,112)

46(5,032)(886)(35,197)(1,757)(3,061)

1,119

3

740

822

(5,853)(7,307)(34,142)(241)
389(7,193)(2,157)
---

385
136
(10,214)(731)---(1,782)92
33,543(33,650)(37,005)(C)(9,202)(10,424)(38,802)(D)

142(1,697)(1,266)(A+B+C+D)(3,306)

3,511

5,349

Cash & cash equivalents at beginning of the period

50,15444,80544,805

Cash & cash equivalents at end of the period

46,84848,31650,154(Euro thousands)

CASH FLOW FROM OPERATING ACTIVITIES:Profit before taxes
Adjustments to reconcile net profit with cash flow generated
from operating activities:
Amortisation & depreciation
Losses/(gains) on sale of property, plant & equipment
Provision adjustments
Net exchange rate gains/(losses)
Financial income
Financial expenses
Income taxes
Measurement of investments at Equity
Dividends distributed by equity-accounted joint ventures
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables
Decrease/(increase) in other current assets
Decrease/(increase) in inventories
Increase/(decrease) in trade & other payables
Increase (decrease) in current liabilities
Change in other non-current assets and liabilities
Total adjustments and changes
Net Cash Flows from operating activities(A)

CASH FLOW FROM INVESTING ACTIVITIES:Gross investments in intangible assets
Gross investments in property, plant and equipment
Increase/(decrease) in payables for purchases of non-current assets
Sales price of property, plant and equipment
Net cash flow used ininvesting activities(B)

CASH FLOWS FROM FINANCING ACTIVITIES:Interest paid in the period
Interest received in the period
Increase in bank payables
Decrease in bank payables
Distribution of dividends
Net cash flow used in financing activities
Change in assets and liabilities items due to translation effect
Net change in cash and cash equivalents

10ATTACHMENT 7

Zignago Vetro GroupStatement of Changes in Equity (unaudited)

Share capital

Legal reserve

Revaluation
reserve

Other reserves

Translation reserve

Capital paid-in

Treasury shares

Actuarial profit/(loss) on
ind. defined benefit plans

Retained earnings

Net result

Total Owners of parent
EquityTotal Non-controllinginterest Equity

Total consolidated equity(IFRS 11)

8,800
---

1,760
---

27,334---

11,838
---

(944)
---

157
---

(1,093)---(1,188)---135,476---

53,0537,477

221,946
7,477

(64)
(65)

221,8827,412(Euro thousands)

31 December
2019
Consolidated profit
Other profits/(losses),
net of tax effect

---

---

---

---

(1,703)

---

---

---

---

---

(1,703)---(1,703)

Total comprehensive
income (expense)

---

---

---

---

(1,703)

---

---

---

---

7,477

5,774

(65)

5,709

Allocation of result

---

---

---

---

---

---

---

---

7,477

(7,477)

---

---

---

Other changes
Allocation of noncontrolling interests eq.

---

---

---

262

---

---

---

---

---

---

262

---

262

---

---

---

---

---

---

---

---

---

---

---

---

8,800

1,760

27,334

12,100(2,647)157(1,093)(1,188)142,953

53,053

227,982(129)

227,853

Consolidated profit
Other profits/(losses),
net of tax effectTotal comprehensive
income (expense)

---

---

---

---

---

---

---

---

---

38,15038,150173

38,323

---

---

---

---

(43)

---

---

105

---

---

62

---

62

---

---

---

---

(43)

---

---

105

---

38,15038,212

173

38,385

Allocation of result

---

---

---

---

---

---

---

---

38,150(38,150)

---

---

---

Sale of treasury shares

---

---

---

---

---

---

---

---

---

---

---

---

---

IFRS 2

---

---

---

---

---

---

---

---

---

---

---

---

---

Distribution dividends

---

---

---

---

---

---

---

---

(37,005)---(37,005)---(37,005)

Other changes
Allocation of noncontrolling interests eq.

---

---

---

787

---

---

---

---

---

---

787

---

787

---

---

---

---

---

---

---

---

---

---

---

8,800

1,760

27,334

12,887(2,690)157(1,093)(1,083)144,098

45,627229,97644

230,020

Consolidated profit

---

---

---

---

---

---

---

---

---

11,452

11,452(23)

11,429Other profits/(losses),
net of tax effect

---

---

---

---

(595)

---

---

---

---

---

(595)

---

(595)

Total comprehensive
income (expense)

---

---

---

---

(595)

---

---

---

---

11,452

10,857(23)

10,834

Allocation of result

---

---

---

---

---

---

---

---

---

---

---

---

---

Other changes
Allocation of noncontrolling interests eq.

---

---

---

412

---

---

---

---

---

---

412

---

412

---

---

---

---

---

---

---

---

---

---

---

---

---

8,800

1,760

27,334

13,299(3,285)157(1,093)(1,083)144,098

57,079241,24521

241,266

31 March
2020

31 December
2020

31 March
2021

11

ATTACHMENT 8

ESG: main indicators and KPI’s (*)
Topic

KPIs

Raw materials
management

Energy efficiency

Water resource
management

Emissions2020
actual2021
Objectives

31/03/2021
actual2026
Strategic objectives% of recycled glass ofexternal origin on total
glass produced

48.0%

52.0%

48.0%

57.0%

Energy consumption per
tonne of glass produced(kWh/ton)

2.355

2.340

2.378

2.130

% of electricity fromrenewable sources

44.3%

46%

45.6%

81.0%

3.38

2.52

2.38

2.00

0.607

0.600

0.626

0.450

Multi-modal transportsystemIn development phase

In development phase

In development phase

12.12

n.a. (recorded
annually)

n.a. (recorded
annually)

n.a. (recorded annually)

Specific water consumption
per tonne of glass produced(m 3 /ton)Specific Scope 1 & 2 CO2emissions (tonCO2/ton)

Sustainable logistics

Waste management

Ordinary waste per tonne ofglass produced (kg/ton)

FSSC 22000 underway
in Empoli, expected by
mid-2021

Adopted FSSC 22000
in Empoli in March
2021
Maintain current certifications

adoption ISO 14001 in
PolandGroup certifications
ISO 9001 in France
underway and expectedby 2021

In progress

Ecovadis: Silver rating

Ecovadis: obtain GoldratingEcovadis: Silver rating

CDP score B

CDP improvement score

CDP score B

over euro 590,000(includes COVID-19
emergency aid)

0.25% of annual
consolidated result tosocial andenvironmental
initiatives

in progress

Other

Social / environmental
initiatives

Adopt following newcertifications:● ISO 45001 in Empoli by 2023,
in Fossalta by 2024, and in
Poland by 2025
● ISO 50001 in Poland by 2021,
in Empoli and Fossalta by 2023
● FSSC 22000 in Poland by 2023

Improve Ecovadis and CDP
scores

0.25% of annual consolidated
result to social andenvironmental initiatives(*) 2021 data not audited12