VAA Vista Alegre Atlantis SGPS: informs on the 2021 income statement

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FOR THE YEAR 2021

Announcement Results for the year 2021 30and from March 2022

2021 income statement

Strong points

>> Turnover reached 117 million eurosan augmentation of 6.0% compared to the previous year;

>> EBITDA of €22.7 million represents an increase of 41.7% compared to the analogous period in 2020;

>> The consolidated gross debt decreased by 7.3 million euros in 2021 compared to 2020;

>> The cumulative consolidated net income moved into positive territory and reached 1.6 million euros positive;

>> The markets of Spain, the United States and Brazil were the main contributors to sales of own-brand products, with a growth of 69% compared to 2020 and a growth of 50% compared to 2019 (pre-pandemic);

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Vista Alegre Atlantis, SGPS, SA * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

in the Commercial Register of Ílhavo * Taxpayer n° 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results for the year 2021 30and from March 2022

Activity

In December 2020, Grupo Vista Alegre achieved a turnover of 117 million euros and an EBITDA of €22.7 million. Foreign markets represented 75.1% of Vista Alegre’s revenue, with €87.8 million Sales.

During the second half of 2021, economic activity in Portugal and around the world slowly recovered from the crisis created by the spread of the SARS-CoV-2 virus and the renewal of pandemic containment measures at the beginning of the year. ‘year. The various measures taken by the authorities aimed at mitigating the negative effects of the pandemic have had a positive effect on the economic climate, as evidenced by the resumption of commercial activity, with a visible impact on results.

Branded products, particularly in the Vista Alegre porcelain and Bordallo Pinheiro earthenware sectors, contributed the most to revenue growth in 2021. Porcelain revenue reached €42.5 millionrepresenting a 42.7% increase compared to the previous year, and Earthenware sales amounted to €12.4 million representing a 53.2% growth compared to 2020.

T€

segments

31-12-2021

31-12-2020

Change (%)

Porcelain and related products

42.5

29.8

42.7%

Earthenware

12.4

8.1

53.2%

Sandstone

50.4

60.8

-17.1%

Crystal and Glass

11.7

11.7

-0.1%

Total

117.0

110.4

6.0%

Excluding hotels, revenue generated by the sale of own-brand products, via physical and online distribution channels, nationally and internationally, grown up

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Vista Alegre Atlantis, SGPS, SA * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

in the Commercial Register of Ílhavo * Taxpayer n° 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results for the year 2021 30and from March 2022

36.7% compared to 2020 and increased by 11% compared to 2019 (pre-pandemic) which clearly attests to the excellent performance and growing recognition of our brands globally.

Internationally, it should be noted that the markets of Spain, the USA and Brazil were the biggest contributors to sales of own-brand products, with a 69% growth compared to 2020 and a 50% growth compared to 2019 (pre-pandemic).

The Ria Stone factory, which produces for Ikea, also performed very well in 2021, up 14% compared to 2020 and ten% above 2019 sales.

Results

Despite the severe confinement that marked the first half of the year, with retail stores closed for most of this period, the consolidated results of Grupo Vista Alegre in 2021 showed excellent performance, well above what had been registered during the same period of the previous year. Turnover reached 117 million euros (6% higher compared to the same period in 2020) and EBITDA amounted to €22.7 million (representing an improvement of 42% compared to the EBITDA realized during the same period of 2020). The EBITDA margin also recovered during the last quarter, standing at 19.4%Where 4.9pp above what was recorded in 2020.

Consolidated results

€m

Headings

31-12-2021

31-12-2020

Turnover 117.0 110.4

Change Amount % 6.6 6%

EBITDA 22.7 16.0 6.7 42%

EBITDA margin 19.4% 14.5%

Operating result 9.3 2.5 6.9 281%

Operating margin

8.0% 2.2%

Profit before tax 3.6 -2.2 5.8 260%

Income tax -2.0 -0.3 -1.7

Net income 1.6 -2.5 4.1 164%

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Vista Alegre Atlantis, SGPS, SA * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

in the Commercial Register of Ílhavo * Taxpayer n° 500 978 654 * Share capital 134,120,048.00 Euros

Announcement Results for the year 2021 30and from March 2022

The Grupo recorded a positive operating result of 9.3 million euros (exceeding the operating result for the same period of the previous year by 281%) and a positive net result of 1.6 million euros, contrasting with the negative result recorded in 2020 during the same period.

Debt

Thanks to the good operating performance of the Grupo, consolidated net debt decreased by around 7.3 million euros compared to 2020the Company maintaining a high level of cash and cash equivalents, indicating a strong cash position:

Financial debts (bank loans, bonds and leases)

Operating payables (exports, confirmation and factoring)

Operating lease (IFRS 16)

88,585 84,566 8,612 13,588 7,898 7,640

Consolidated debt 105,095 105,794

Availability

Consolidated net debt

EBITDA

-24,060 81,035 22,699

-17,501 88,293 16,012 5.51x

Consolidated net debt

81 035 88 293

Grants to convert

-5,704 -8,470

Consolidated net debt after converted gains

75,331 79,822

Net debt after converted premiums / EBITDA

3.32x

22,699 16,012 4.99x

EBITDA

Investments

The investments made amounted to approximately 7.3 million eurosincluding the purchase of equipment for the Porcelain, Crystal and Glass and Tableware segments, improving operational efficiency, reducing costs and strengthening Vista Alegre’s positioning as the operator of the world’s most technologically advanced factories in the ceramic, crystal and glass market segments.

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Vista Alegre Atlantis, SGPS, SA * Public company * Head office: Lugar da Vista Alegre, Ílhavo * Registered

in the Commercial Register of Ílhavo * Taxpayer n° 500 978 654 * Share capital 134,120,048.00 Euros


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