Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Q3 2010 Earnings Presentation
21 slides from Frigoglass S.a.i.c's earnings presentation, 2010
Slide 1: Investor Presentation: Third Quarter 2010 Financial Results
Investor Presentation Third Quarter 2010 Financial Results
Slide 2: Company Overview: Our core business
Company Overview Our core business Ice-cold merchandising / Cool Operations Glass Operations Global Presence: ICM’s support beverage Regional / Africa: Manufacturer of glass companies' sales by creating cold drink availability and containers for beverage, pharmaceutical and stimulating consumer purc
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: What we do
83% of What we do total Revenue 9 Months 2010: Sales €287.1 million 17% of total Revenue 9 Months 2010: Sales €59.5 million 4
Slide 5: Key Industry Features
Key Industry Features Market tailwinds: • Population Increase • GDP growth • More People in Urban areas Demand for Ready-to-Drink will further increase Immediate Consumption : • Most profitable channel for Beverage Companies • Further growth opportunities in per capita consumption • Low equipment pe
Slide 6: Third Quarter 2010 Highlights
Third Quarter 2010 Highlights Q3 Sales increased by 55.3%, resulting in our strongest ever third quarter results Cool Operations was the main driver with sales increasing by 62.5% in Q3, mainly due to strong momentum in Eastern (+160%) and Western Europe (+50.8%) and continuation of growth in Af
Slide 7: Nine Months 2010 Highlights
Nine Months 2010 Highlights Strong increase in Sales, up by 37.1% during the first nine months of 2010, reaching €346.6 million Cool led the way, increasing 43.6% to €287.1 million, driven by Eastern Europe and Asia / Oceania Glass operations sales up by 12.5% in Euro terms, driven by glass, p
Slide 8: Financial Highlights
Financial Highlights Nine Months Nine Months Y-o-Y % (in €m) 2010 2009 Sales 346.6 252.8 37.1% COGS 265.3 197.9 34.0% Margin +180 bp at Gross Profit 81.3 54.8 48.2% 23.5% Operational Expenses 42.2 35.4 19.3% EBIT 40.6 22.6 79.6% Profit Before Tax 30.1 12.7 137.1% Taxes 7.8 2.9 171.6% Net Profit 19.0
Slide 9: Balance Sheet
Balance Sheet (in €m) Nine Months 2010 Nine Months 2009 Fixed Assets 201.5 185.0 Deferred tax assets 12.8 9.8 Other long term receivables 0.8 0.7 Inventories 113.1 97.0 Trade Debtors 124.4 86.9 Other Debtors 32.0 29.3 Cash at banks & in hand 45.0 37.2 TOTAL ASSETS 529.6 445.9 Deferred tax liabilitie
Slide 10: Cash Flow Statement
Cash Flow Statement (in €m) Nine Months 2010 Nine Months 2009 Cash Generated 50.2 27.2 Working Capital Movement -88.4 -24.2 Net Cash Flow from Operations -38.2 2.9 Net Cash Flow from Investing Activities -17.3 -4.5 Free Cash Flow -55.5 -1.6 Increase in Bank Loans 69.4 4.5 Dividends paid -4.0 -0.02 P
Slide 11: Cool Operations (Ice Cold Merchandisers)
Cool Operations (Ice Cold Merchandisers) ICMs are an integral part of beverage companies’ strategy to increase Immediate Consumption across different trade channels 11
Slide 12: Nine Months 2010 Highlights
Nine Months 2010 Highlights Cool Operations Revenue increased 43.6% to €287.1 million, with a 34.7% increase in volume Sales in Eastern Europe continued to accelerate in Q3, and increased by 87.2% in the first nine months to €99.9 million, driven by Russia, Serbia and Ukraine Sales in Western
Slide 13: Cool Operations Nine Months 2010
Cool Operations Nine Months 2010 9M 2009 9M 2010 Total €199.9m Total €287.1m Revenue by Geography 2% 26% Y-o-Y% Growth: 43.6% 26% 27% Eastern Europe 87.2% Western Europe 12.6% 35% Africa/Middle East 13.5% 20% Asia/Oceania 47.1% 16% 28% 22% East Europe West Europe East Europe West Europe Af rica/Midd
Slide 14: Cool Operations Financial Highlights
Cool Operations Financial Highlights Nine Nine (in €m) Months Months Y-o-Y% Q3 2010 Q3 2009 Y-o-Y% 2010 2009 Sales 287.1 199.9 43.6% 87.7 54.0 62.5% EBIT 28.8 11.3 154.1% 5.8 1.8 219.8% Net Profit 12.9 1.5 788.4% 2.0 -0.5 484.5% EBITDA 40.5 22.5 79.9% 9.6 5.3 81.8% 14
Slide 15: Global Projects and Eco-Production
Natural Refrigerants R134a : 1300 - Hydrocarbons (HC) HC : 3 - Carbon Dioxide (CO2) Global Projects CO2 :1 Complete HFC-free cassette range Develop main models with 50% reduced Efficient Design energy consumption Energy-efficient compressors, fan motors, LEDs, Glasses Eco -Production HFC-fr
Slide 16: Recent Developments
Recent Developments Frigoglass & Coca-Cola Recycling LLC are joining forces to give used plastic beverage bottles a new life through recycling and re-use October 4 Atlanta, US 16
Slide 17: Glass Operations
Glass Operations Glass bottles are the most important packaging form in Western Africa. Frigoglass offers a complete solution with the production of Metal Crowns and Plastic Crates 17
Slide 18: Nine Months 2010 Highlights
Nine Months 2010 Highlights 9M 2010 Nigeria Operations Sales increased by 12.5% in Euro terms to €59.5 million Total €59.5m Sales improved sequentially in the third quarter (up 32.6% in Euro terms), improving over the first half performance which was impacted by the planned 17% closure of a furn
Slide 19: 2010 Outlook
2010 Outlook Strong momentum witnessed in the first half of the year accelerated further, with the strength of orders altering the trading pattern of the seasonally quieter third quarter Going into the fourth quarter, we would expect continued positive momentum, though we will be cycling a more
Slide 20: Strategic Platform for Growth
Strategic Platform for Growth ICM Geographic Creating optimum Working Capital Innovation: Environment: Sustain growth portfolio platform for future and Tax Planning Develop New Be recognised as and efficiency expansion growth Bespoke products the industry leader improvements in Cost optimisation: th
Slide 21: 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 John Stamatakos,