Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Non-Deal Roadshow (September 2011)
23 slides from Frigoglass S.a.i.c's roadshow presentation, Sep 8, 2011
Slide 1: Investor Presentation First Half 2011 Financial Results
www.frigoglass.com Investor Presentation First Half 2011 Financial Results 6th Annual Greek Roadshow September 8&9, London
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 presence Cool operations Production Plant: Sales offices: Glass operations Production Plant:
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: First Half 2011 Highlights
www.frigoglass.com 6 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 7: First Half 2011 & 2Q Financial Highlights
www.frigoglass.com 7 Investor presentation First Half 2011 & 2Q 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% 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 12.5% Operational Expenses 27.4 35.1 28.2% 14.7 1
Slide 8: Balance Sheet
www.frigoglass.com 8 Investor presentation Balance Sheet (in €m) 1H10 1H11 Fixed Assets 212.4 234.6 Deferred Tax Assets & Other LT Receivables 13.3 12.2 Inventories 120.0 156.9 Trade & Other Debtors 142.7 232.0 Cash at bank & in hand 98.9 74.8 TOTAL ASSETS 587.4 710.5 Deferred Tax Liabilities 13.5 1
Slide 9: Cash Flow
www.frigoglass.com 9 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 Divide
Slide 10: Cool Operations
www.frigoglass.com Investor presentation Cool Operations
Slide 11: Cool Operations (Ice-cold merchandisers)
www.frigoglass.com 11 Investor presentation Cool Operations (Ice-cold merchandisers) ICMs facilitate beverage companies Immediate Consumption sales across different trade channels
Slide 12: Cool Operations First Half 2011 Highlights
www.frigoglass.com 12 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 13: Cool Operations Revenue Breakdown
www.frigoglass.com 13 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 14: Cool Operations First Half 2011 & 2Q Financial Highlights
www.frigoglass.com 14 Investor presentation Cool Operations First Half 2011 &2Q 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 15: Greenovation: working together with our customers
www.frigoglass.com 15 Investor presentation Ecocool The first >30% of complete range European of sales in environmentally e2011 friendly coolers Efficient Eco-Life Natural Design Eco- Energy Cycle Refrigerants Energy- Production Mgmt Compatibility Hydrocarbons efficient HFC-free System up with & Car
Slide 16: Glass Operations
www.frigoglass.com Investor presentation Glass Operations
Slide 17: Glass Operations
www.frigoglass.com 17 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 18: Glass Operations First Half 2011 & 2Q Financial Highlights
www.frigoglass.com 18 Investor presentation Glass Operations First Half 2011 &2Q 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. Sa
Slide 19: Jebel Ali Acquisition: Leading to…
www.frigoglass.com 19 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 20: Jebel Ali Acquisition
www.frigoglass.com 20 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 21: Outlook
www.frigoglass.com 21 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 22: Our Strategy
www.frigoglass.com 22 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 23: Thank You
www.frigoglass.com 23 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