Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q2 2011 Earnings Presentation
24 slides from Frigoglass S.a.i.c's earnings presentation, 2011
Slide 1: Investor Presentation Second Quarter 2011 Financial Results
www.frigoglass.com Investor Presentation Second Quarter 2011 Financial Results
Slide 2: What we do
www.frigoglass.com 2 Investor presentation What we do Ice-Cold Merchandisers First Half 2011: Sales €276 million (85.6% of total revenues) Glass Operations First Half 2011: Sales €46.5 million (14.4% of total revenues)
Slide 3: Global presence
www.frigoglass.com 3 Investor presentation Global Cool operations Cool operations Cool operations Cool operations Cool operations Glass operations presence North America Western Europe Eastern Europe Asia Pacific Africa/Middle Africa/Middle East East Production Production Production Production Produ
Slide 4: Our History and Our Investment Proposition
www.frigoglass.com 4 Investor presentation Our History 1996 1999 2001 2007 Frigoglass is established Acquisition of Norcool; Acquisition of Husky in Greenfield plant at Frigoglass listed on the South Africa Guangzhou, China Athens Stock Exchange 2008 2009 2011 Acquisition of SFA in Acquisition of Un
Slide 5: ICM Key Industry Features
www.frigoglass.com 5 Investor presentation ICM Key Industry Features Market Immediate Geographical Environment Tailwinds Consumption Diversification • Population increase • Most profitable channel for • Expanded global • GDP growth Beverage Companies footprint, accommodating • Key industry priority
Slide 6: Second Quarter 2011 Highlights
www.frigoglass.com 6 Investor presentation Second Quarter 2011 Highlights • Sales increased by 31.4% y-o-y in Q2 to €187.7 million, driven by Cool Operations. • Sales at Cool Operations advanced by 37.3% in Q2, reflecting sales growth acceleration in Eastern Europe (+93.1%) and continuing momentum i
Slide 7: First Half 2011 Highlights
www.frigoglass.com 7 Investor presentation First Half 2011 Highlights • Consolidated Sales increased by 36.7% y-o-y in H1 to €322.5 million, driven by both Cool and Glass Operations. • Sales at Cool Operations advanced by 38.5% in H1, reflecting sales growth acceleration in Eastern Europe (+88.4%) a
Slide 8: First Half 2011 Financial Highlights
www.frigoglass.com 8 Investor presentation First Half 2011 Financial Highlights (in €m) 1H10 1H11 Y-o-Y % 2Q10 2Q11 Y-o-Y % Sales 236.0 322.5 36.7% 142.8 187.7 31.4% Comparable Sales 236.0 320.6 35.8% 142.8 185.7 30.1% COGS 179.8 251.8 40.1% 108.3 148.9 37.5% Gross Profit 56.2 70.7 25.7% 34.5 38.8 1
Slide 9: Balance Sheet
www.frigoglass.com 9 Investor presentation Balance Sheet (in €m) 1H10 1H11 Fixed Assets 212.4 234.6 Deferred Tax Assets 12.4 11.2 Other Long Term Receivables 0.9 1.0 Inventories 120.0 156.9 Trade Debtors 111.2 193.3 Other Debtors 31.5 38.7 Cash at bank & in hand 98.9 74.8 TOTAL ASSETS 587.4 710.5 De
Slide 10: Cash Flow
www.frigoglass.com 10 Investor presentation Cash Flow (in €m) 1H10 1H11 Cash Generated 35.7 43.2 +21.3% Working Capital Movement -34.1 -113.0 Net Cash Flow from Operations 1.6 -69.8 Net Cash Flow from Investment -12.3 -15.0 Activities Free Cash Flow -10.7 -84.8 Increase in Bank Loans 61.6 72.5 Divid
Slide 11: Cool Operations
www.frigoglass.com Investor presentation Cool Operations
Slide 12: Cool Operations (Ice-cold merchandisers)
www.frigoglass.com 12 Investor presentation Cool Operations (Ice-cold merchandisers) ICMs facilitate beverage companies Immediate Consumption sales across different trade channels
Slide 13: Cool Operations First Half 2011 Highlights
www.frigoglass.com 13 Investor presentation Cool Operations First Half 2011 Highlights • Sales at Cool Operations increased by 38.5% to €276 million, driven by good growth in Eastern and Western Europe. • Sales in Eastern Europe increased by 88.4% to €118 million, driven primarily by Russia, Ukraine
Slide 14: Cool Operations Revenue Breakdown
www.frigoglass.com 14 Investor presentation Cool Operations Revenue Breakdown Revenue by Geography Revenue by Customer 1H11 1H10 Y-o-Y % 1H11 1H10 Y-o-Y % Eastern Europe 118.0 62.6 88.4% Coca-Cola Hellenic 83.5 27.2 207.4% Western Europe 64.6 39.5 63.2% Coca-Cola Bottlers 78.7 85.6 -8.0% Africa / Mi
Slide 15: Cool Operations First Half 2011 Financial Highlights
www.frigoglass.com 15 Investor presentation Cool Operations First Half 2011 Financial Highlights (in €m) 1H10 1H11 Y-o-Y % 2Q10 2Q11 Y-o-Y % Sales 199.4 276.0 38.5% 121.0 166.2 37.3% EBIT 23.0 27.3 18.7% 16.1 15.4 -3.9% Net Profit 10.9 15.3 40.7% 7.9 8.5 8.1% EBITDA 30.9 35.9 16.2% 20.1 20.2 0.6%
Slide 16: Greenovation: working together with our customers
www.frigoglass.com 16 Investor presentation Ecocool The first 25% of complete range European of sales in environmentally 2010 friendly coolers Efficient Eco-Life Natural Design Eco- Energy Cycle Refrigerants Energy- Production Mgmt Compatibility Hydrocarbons efficient HFC-free System up with & Carbo
Slide 17: Glass Operations
www.frigoglass.com Investor presentation Glass Operations
Slide 18: Glass Operations
www.frigoglass.com 18 Investor presentation Glass Operations Frigoglass is one of the leading Glass Container manufacturers in West Africa and Middle East. The production of Metal Crowns and Plastic Crates offers a complete packaging solution.
Slide 19: Glass Operations First Half 2011 Financial Highlights
www.frigoglass.com 19 Investor presentation Glass Operations First Half 2011 Financial Highlights • Sales increased 26.8% to €46.5 million, with Jebel Ali's one month contribution accounting for €1.9 million. • Sales relating to Glass increased by 31.5% (excluding Jebel Ali) to €29.3 million. Sales
Slide 20: Jebel Ali Acquisition: Leading to…
www.frigoglass.com 20 Jebel Ali Acquisition In May 2011 Frigoglass acquired 80% of Jebel Ali Container Glass Factory (Dubai) Leading to… • 2nd Largest Glass capacity in Frigoglass continental Africa (3 Furnaces, 600 tons per day) 4 Furnaces, production Nigeria • Concurrent Flint, Green & Amber cap
Slide 21: Jebel Ali Acquisition
www.frigoglass.com 21 Jebel Ali Acquisition Based in Jebel Ali Free Zone (Dubai) Easy Ability to Access to serve 4 Port continents Facilities Europe Asia Competitive Proximity to Cost Key Africa Structure Customers Oceania
Slide 22: Outlook
www.frigoglass.com 22 Investor presentation 2011 Outlook • The effect of positive volume leverage has been dampened by high input cost inflation across the core commodities of steel, copper, aluminium and oil as well as the stronger than anticipated demand in the second quarter that led to the sourc
Slide 23: Our Strategy
www.frigoglass.com 23 Investor presentation Our Strategy Sustainability Creating Sustain selective ICM geographic integration in optimum Innovation growth of Glass expansion corporate platform for Operations strategy future growth Development of new bespoke products that drive customers’ Sales and P
Slide 24: Thank You
www.frigoglass.com 24 Investor presentation Thank You For further information on Frigoglass please visit our website at: www.frigoglass.com or contact our Investor Relations Department Lillian Phillips, Head of Corporate Communications lphillips@frigoglass.com John Stamatakos, Investor Relations Man