HALF YEAR REPORT 2022

2022 – Sales in H1 2022 rose by 21.0% to reach a new record of € 488.7m, mainly driven by price increases to mitigate the effect
of higher raw material prices and other cost inflation.

The Adj. EBITDA for the first half year increased to € 56.8m +11.2% vs H1 2021.

The Adj. EBITDA-margin in H1 2022 was 11.6%, which is 1.0 percentage point lower than in H1 2021 12.6%, but 0.8 percentage points higher than the Adj. EBITDA-margin of 10.8% in H2 2021.

The drivers for this (partial) margin recovery (vs H2 2021) are a catch up of price increases to compensate for increased raw materials prices and inflation and improved productivity in the US. Supply chain issues, such as shortages of black foils, lack of metal containers to transport our PVC-profiles to our customers and the still tight labour market, have continued to weigh on our operational efficiency, curbing further margin recovery.

Adj. EBITDA-items (difference between EBITDA and Adj. EBITDA) amount to € 3.0m (vs € 2.7m in H1 2021) and include mainly costs related to the transition to Elegant. The financial result improved from € (5.2)m in H1 2021 to € (4.2)m in H1 2022 mainly thanks to one-off FX-gains. Depreciations and amortizations increased from € 19.1m in H1 2021 to € 26.4m in H1 2022, mainly as a result of the impairment of property, plant and equipment in Russia for an amount of € 7.5m. Despite lower Earnings before taxes, Income taxes have risen from € (3.5)m in H1 2021 to € (4.9)m in H1 2022.

The main reason for the higher Net Financial Debt is inflationary pressure on working capital: higher raw material prices have increased inventory value while higher selling prices have increased outstanding receivables. In addition, inventory levels in Europe are higher than normal because of the transition to Elegant. As a result of the foregoing, working capital on sales has increased from 15.9% on 30 June 2021 to 17.4% on 30 June 2022

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