Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — 9M 2012 Earnings Presentation
18 slides from Frigoglass S.a.i.c's earnings presentation, 2012
Slide 1: Investor Presentation: Third Quarter & Nine Months 2012 Financial Results
What we do Ice-Cold Merchandisers xxx Investor Presentation Third Quarter & Nine Months 2012 Financial Results Glass Operations xxx
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which are based on current expectations and assumptions about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forwa
Slide 3: What we do
What we do Cool Operations (Ice-Cold Merchandisers) 9M12 Sales: €356 million (81% of total sales) Glass Operations 9M12 Sales: €82.9 million (19% of total sales) 3
Slide 4: 3Q12 highlights
3Q12 highlights • Group sales declined by 13.3% on weak performance in Cool Operations. • Continued sales growth in Asia/Oceania, Africa/Middle East and North America more than offset by lower sales in Europe. • In a recessionary market environment in Europe, key customers significantly reduced inve
Slide 5: 9M12 highlights
9M12 highlights • Group sales flat year-on-year; Organic sales declined by 2.1%. • Business outside Europe accounted for 56% of nine months sales, highlighting the increasing importance of these markets. • Cool Operations’ sales declined by 2.4%, driven by weak performance in Eastern and Western Eur
Slide 6: P&L Highlights
P&L Highlights (in €m) 9M12 9M11 Y-o-Y % 3Q12 3Q11 Y-o-Y % Sales 438.9 438.6 0.1% 100.7 116.1 -13.3% COGS 358.8 347.9 3.1% 88.8 96.1 -7.6% Gross Profit 80.1 90.6 -11.6% 11.9 19.9 -40.5% Operating Expenses 49.3 48.5 1.6% 15.2 13.4 13.8% Operating Profit (EBIT) 31.6 44.2 -28.6% -3.6 7.8 n.m. Profit Be
Slide 7: Balance Sheet
Balance Sheet (in €m) 9M12 9M11 Fixed Assets 262.8 242.3 Deferred Tax & Other LT Assets 14.7 14.5 Total Non-Current Assets 277.5 256.8 Inventories 176.2 162.8 Trade & Other Receivables 172.1 171.0 Cash & Cash Equivalents 27.6 57.9 Total Current Assets 375.9 391.7 TOTAL ASSETS 653.4 648.5 Long Term B
Slide 8: Cash Flow
Cash Flow (in €m) 9M12 9M11 Cash Generated 56.7 66.8 Change in Working Capital -62.2 -116.7 Net Cash Flow from Operations -5.5 -49.9 Net Cash Flow from Investment Activities -24.8 -23.8 Free Cash Flow -30.3 -73.6 Increase in Bank Loans -9.8 58.7 Interest Paid -16.4 -12.3 Net Increase/(Decrease) in C
Slide 9: Cool Operations
Cool Operations www. frigoglass.com
Slide 10: Cool Operations 9M12 Highlights
Cool Operations│9M12 Highlights • Sales declined by 2.4%, with trends in 3Q deteriorating on weak demand in Europe – all other regions continued to grow. • Sales in Eastern Europe declined by 13.3% - lower sales in Russia more than offset incremental sales contributions in Ukraine, Slovakia and the
Slide 11: Cool Operations Revenue breakdown
Cool Operations│Revenue breakdown Revenue by Geography Revenue by Customer Group (in €m) 9M12 9M11 Y-o-Y % (in €m) 9M12 9M11 Y-o-Y % Eastern Europe 129.6 149.4 -13.3% Coca-Cola Hellenic 80.0 100.5 -20.4% Western Europe 62.9 87.4 -28.0% Coca-Cola Bottlers 117.3 102.3 14.7% Africa/Middle East 66.0 51.
Slide 12: Cool Operations P&L highlights
Cool Operations│P&L highlights (in €m) 9M12 9M11 Y-o-Y % 3Q12 3Q11 Y-o-Y % Sales 356.0 364.6 -2.4% 67.4 88.6 -23.9% Operating Profit (EBIT) 22.7 30.7 -26.2% -7.4 3.4 n.m. Net Profit 3.9 13.7 -71.7% -11.4 -1.6 n.m. EBITDA 36.0 43.4 -17.1% -3.1 7.5 n.m. • 3Q12 operating performance reflects lower volu
Slide 13: Glass Operation
13 Glass Operation www.frigogiass.com
Slide 14: Glass Operations P&L highlights
Glass Operations│P&L highlights Revenue Mix by Operations 9M12 • Sales increased by 12.1% in 9M12; Organic sales declined by 1%. 16% Glass • Sales increased by 21% in 3Q12, partly recovering after a soft performance in Nigerian operations in 1H12. • 3Q12 was positively impacted from project deferral
Slide 15: New Operating Structure
New Operating Structure • New structure to better respond to the specific market dynamics of the mature markets in Europe & North America and the growth markets of Asia, Africa and Middle East. • Organized around three business units and five central functions. • Business units have dedicated manage
Slide 16: Frigoglass Organizational Structure
Frigoglass Organizational Structure 16
Slide 17: Outlook
Outlook • 4Q12 sales to be above prior years’ levels - driven by strong sales in Africa/Middle East and Asia/Oceania. • New operating structure to better capture the potential of these regions. • Nigerian Glass to deliver sales growth in 4Q; Jebel Ali to remain weak in 4Q • Capacity utilisation rate
Slide 18: For further information on Frigoglass please visit our website
For further information on Frigoglass please visit our website at: www.frigoglass.com or contact our Investor Relations Department John Stamatakos, Investor Relations Manager jstamatakos@frigoglass.com +30 210 61 65 700 18