Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q2 2010 Earnings Presentation
17 slides from Frigoglass S.a.i.c's earnings presentation, 2010
Slide 1: Frigoglass Presentation Second Quarter 2010 Results
Frigoglass Presentation Second Quarter 2010 Results
Slide 2: Company overview: Our core business
Company overview Our core business Ice cold merchandising / Cool Operations Ice-cold Glass/ Nigeria Operations Global Presence: ICM’s support beverage Regional/Africa: Manufacture of glass companies' sales by creating cold drink availability and containers for beverage, pharmaceutical and stimulatin
Slide 3: Our History and Investment Proposition
Our History 1982 1996 1999 2001 2007 2008 2009 Acquisition Inception of of Norcool; Acquisition Greenfield Acquisition the Acquisition of SFA in Frigoglass Frigoglass plant at of Universal industrial of Husky in Turkey formed as a listed on the Guangzhou Nolin LLC in division of spin-off Athens S. A
Slide 4: Core Business
Core Business First Half 2010 Sales €199.4 m Contribution 84% First Half 2010 Sales €36.6 m Contribution 16%
Slide 5: Q2 2010 Highlights
Q2 2010 Highlights Q2 continued the positive momentum seen during the first part of 2010, with sales increasing 32 3% 32.3%. Cool led the way, driven by ongoing strong momentum in Asia and recovery in Eastern Europe; Western Europe was broadly flat, while Africa/Middle East grew significantly du
Slide 6: H1 2010 Highlights
H1 2010 Highlights Strong increase in sales up by 30% during the first half of 2010. Cool led the way up by 36.6%, driven by ongoing strong momentum in Asia and recovery in Eastern E Europe; W Western Europe E was broadly b dl flat, fl while hil Af Africa/Middle i /Middl E East grew ffor the h p
Slide 7: Financial Highlights
Financial Highlights (in €m) 1st half 2009 1st half 2010 Y-o-Y % Sales 181 5 181.5 235 9 235.9 30 0% 30.0% COGS 142.2 179.8 26.4% Gross Profit 39.3 56.2 43.0% Operational Expenses 23.6 27.4 16.1% EBIT 18.0 29.8 65.0% Profit Before Tax 11.2 22.8 103.1% Taxes 2.7 6.1 122.8% Net Profit 6.3 14.8 136.9%
Slide 8: Cash Flow Statement
Cash Flow Statement (in €m) 1st Half 2010 1st Half 2009 Cash Generated 35.7 20.3 Working Capital Movement -34.1 -26.0 Net Cash Flow from Operations 1.6 -5.7 Net Cash Flow from Investing Activities -12.3 -2.1 Free Cash Flow -10.7 -7.9 Increase in Bank Loans 61.6 22.5 Dividends p paid 0.02 Purchase of
Slide 9: Cool Operations
Cool Operations ICM’s are an integral part of a beverage company’s strategy for growing Sales across Immediate Consumption Channels
Slide 10: H1 2010 Highlights
H1 2010 Highlights Cool Revenue increased 36.6% to €199.4 million, with a 28% increase in volume Main driver was Asia / Oceania Sales up 64.9% to €60.7 million, driven by significant incremental contributions t ib ti f from I d Indonesia, i China, Chi Phili i Philippines and d India. I di Th reg
Slide 11: Cool Operations First Half 2010
Cool Operations First Half 2010 Revenue by Geography Y-o-Y% Growth: 36.6% Eastern Europe 60.4% Western Europe -1.3% Africa/Middle East 12.5% Asia/Oceania 64.9% Revenue by Customer Y Y% G Y-o-Y% Growth: th 36.6% 36 6% CCH 10.0% CC Bottlers 33.5% Breweries 17.3% All Others 113.7%
Slide 12: Financial Highlights
Financial Highlights (in €m) H1 2010 H1 2009 Y 0 Y% Y-0-Y% Sales 199.4 145.9 36.6% EBIT 23.0 9.5 141.4% Net Profit 10.9 2.0 449.3% 17.2 EBITDA 30.9 79.2%
Slide 13: Glass Operations
Glass Operations Glass bottles are the most important packaging form in Western Africa and beverage companies require additionally Metal Crowns and Plastic Crates
Slide 14: H1 2010 Highlights
H1 2010 Highlights Nigeria Operations Sales increased by 2.7% in Euro to €36.6 million, cycling strong growth of 19.6% in the prior year period Sales improved sequentially in the second quarter (up 19.6%) improving over th first the fi t quarter t performance f which hi h was impacted i t d by b
Slide 15: 2010 Outlook
2010 Outlook Positive momentum seen in last quarter of 2009 continued into first half of 2010 Timingg and ppace of economic recoveryy continues to varyy byy region g Continue to focus on cost control and cash generation Continue to invest for growth, through Innovation in ICM and enhanced ef
Slide 16: Strategic Platform for Growth
Strategic Platform for Growth ICM Geographic Creating optimum Working Capital Innovation: Environment: Sustain growth portfolio tf li platform for future and d Tax T Planning Pl i Develop D l N New Be recognized B i d as andd efficiency ffi i expansion growth Bespoke products the industry leader imp
Slide 17: Thank You
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 Polina Atmatsiadi, Investors Relations patmatsiadi@frigoglass.com (+) 30.210.61.65